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 811-06161

Allianz Funds

(Exact name of registrant as specified in charter)

1345 Avenue of the Americas, New York, New York 10105

(Address of principal executive offices) (Zip code)

Lawrence G. Altadonna 1345 Avenue of the Americas, New York, New York 10105

(Name and address of agent for service)

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

Date of fiscal year end: June 30, 2010

Date of reporting period: December 31, 2009

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

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

1. Report to Shareholders

Allianz Funds Semiannual Report

DECEMBER 31, 2009

Domestic Stock Funds

Share Classes

	Institutional
	Administrative

VALUE STOCK FUNDS

Allianz NFJ Large-Cap Value Fund

Allianz NFJ Dividend Value Fund

Allianz NFJ Mid-Cap Value Fund

Allianz NFJ All-Cap Value Fund

Allianz NFJ Small-Cap Value Fund

INCOME & EQUITY FUNDS

Allianz NACM Income and Growth Fund

GROWTH STOCK FUNDS

Allianz CCM Focused Growth Fund

Allianz RCM Large-Cap Growth Fund

Allianz RCM Strategic Growth Fund

Allianz OCC Growth Fund

Allianz NACM Growth Fund

Allianz CCM Capital

Appreciation Fund

Allianz CCM Mid-Cap Fund

Allianz RCM Mid-Cap Fund

Allianz OCC Target Fund

Allianz NACM Mid-Cap Growth Fund

Allianz OCC Opportunity Fund

Allianz CCM Emerging Companies Fund

Receive this report electronically and eliminate paper mailings.

To enroll, go to www.allianzinvestors.com/edelivery.

This material is authorized for use only when preceded or accompanied by the current Allianz 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’ prospectus. Please read the prospectus carefully before you invest or send money.

Table of Contents

		Page
President’s Letter		3
Important Information About the Funds		40
Benchmark Descriptions		42
Schedule of Investments		44
Statements of Assets and Liabilities		72
Statements of Operations		78
Statements of Changes in Net Assets		82
Financial Highlights		88
Notes to Financial Statements		142
FUND	Fund Summary	Schedule of Investments
Allianz CCM Capital Appreciation Fund	4	44
Allianz CCM Emerging Companies Fund	6	45
Allianz CCM Focused Growth Fund	8	47
Allianz CCM Mid-Cap Fund	10	48
Allianz NACM Growth Fund	12	49
Allianz NACM Income and Growth Fund	14	50
Allianz NACM Mid-Cap Growth Fund	16	54
Allianz NFJ All-Cap Value Fund	18	55
Allianz NFJ Dividend Value Fund	20	56
Allianz NFJ Large-Cap Value Fund	22	57
Allianz NFJ Mid-Cap Value Fund	24	58
Allianz NFJ Small-Cap Value Fund	26	59
Allianz OCC Growth Fund	28	61
Allianz OCC Opportunity Fund	30	62
Allianz OCC Target Fund	32	63
Allianz RCM Large-Cap Growth Fund	34	64
Allianz RCM Mid-Cap Fund	36	66
Allianz RCM Strategic Growth Fund	38	68

A Word About Risk: Investment products may be subject to various risks as described in the 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. Please refer to the Fund’s prospectus for complete details.

2 Allianz Funds

President’s Letter

Dear Shareholder:

Please find enclosed the semiannual report for Allianz Funds for the fiscal six-month period ended December 31, 2009.

U.S. stocks advanced steadily through the six-month reporting period continuing a solid rally that began in March and led to double-digit gains for most classes of stocks for 2009. Growth and value stocks, large-caps and small-caps, and stock averages in every sector advanced as government-supplied liquidity worldwide restored financial markets and contributed to a widespread recovery in the prices of financial assets. The Standard & Poor’s 500 Index of U.S. stocks returned 22.59% for the six-month reporting period. The Russell 1000 Growth Index, which serves as a benchmark measure of performance for U.S. large company growth stocks, returned 23.03%. Its counterpart, the Russell 1000 Value Index, posted a 23.23% return. Small-cap stocks, as represented by the Russell 2000 Index, returned 23.90% during the six-month period ended December 31, 2009.

The Federal Reserve held benchmark interest rates to a low target range of 0% to 0.25% and pursued other initiatives designed to inject liquidity into the financial system. Under its policy of “quantitative easing,” the U.S. monetary authority purchased large amounts of securities (such as mortgage-backed securities and U.S. Treasuries) from commercial banks to encourage lending to consumers and businesses.

For specific information on the Funds and their performance, please review the following pages. If you have any questions regarding the information provided, we encourage you to contact your financial advisor or call us at 1-800-426-0107 (Class A, B, C, D and R shares) or 1-800-498-5413 (Institutional, Administrative and Class P shares). In addition, a wide range of information and resources is available on our Website at: www.allianzinvestors.com.

Thank you for the confidence you have placed in us. We look forward to continuing to serve your investment needs.

Sincerely,

E. Blake Moore, Jr.

President & CEO

February 18, 2010

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

Semiannual Report December 31, 2009 3

Allianz CCM Capital Appreciation Fund

(Unaudited)

Portfolio Insights

• Allianz CCM Capital Appreciation Fund seeks growth of capital by normally investing at least 65% of its assets in common stocks of companies with market capitalizations of $3 billion or more that have improving fundamentals (based on growth criteria) and whose stock the portfolio management team believes to be reasonably valued by the market (based on value criteria). • The Fund advanced strongly during the reporting period, yet underperformed its benchmark, the Russell 1000 Growth Index. In absolute terms, the Fund’s holdings in the technology and consumer discretionary sectors fueled gains. Relative to its benchmark, an underweight position and stock selection decisions in the financials sector contributed to underperformance as did selections among healthcare and consumer staples companies. Stock picks in the technology, consumer discretionary and materials sectors contributed positively to relative performance. • U.S. stocks advanced through the reporting period, extending a rally that began in March 2009 and brought an 18-month bear market to an end. Government-supplied liquidity served to buoy prices of financial assets and among large-cap growth stocks. Rebounding technology stocks led the market advance. • Among financials, shares of financial holding company Northern Trust fell on disappointing quarterly reports. Shares of insurance and 401(k) specialist Principal Financial fell on forecasts of 2010 profits that would fall below analyst expectations. • Among healthcare stocks, uncertainty resulting from public debate over the provision of health services in the U.S. suppressed returns. Shares of medical laboratory operator Quest Diagnostics declined during the reporting period on concerns of slowing profit growth and expectations that lab operators may get lower prices for their services next year due to an expected cut in Medicare payment rates. In this environment, the Fund’s positions in health benefits provider Wellpoint and medical devices maker Boston Scientific also declined. • In the consumer discretionary sector, specialty coffee maker Starbucks lifted its fiscal 2010 earnings outlook on improving same-store sales trends and cost-savings efforts. In light of the slowdown in consumer spending, the coffee retailer shut hundreds of stores over the past year, overhauled its food menu, rolled out its own brand of instant coffee and fine-tuned prices in specific markets. • In technology, shares of semiconductor developers Marvell Technology and Micron Technology rose during the reporting period on reports of surging demand for chips. Marvell reported higher sales in multiple end markets and twice raised its revenue guidance above analysts’ estimates.

Average Annual Total Return for the period ended December 31, 2009

	6 Months*	1 Year	5 Year	10 Year	Fund Inception† (03/08/91)
Allianz CCM Capital Appreciation Fund Class A	20.90%	22.44%	–0.95%	–0.52%	8.45%
Allianz CCM Capital Appreciation Fund Class A (adjusted)	14.25%	15.71%	–2.06%	–1.08%	8.12%
Allianz CCM Capital Appreciation Fund Class B	20.39%	21.52%	–1.69%	–1.04%	8.14%
Allianz CCM Capital Appreciation Fund Class B (adjusted)	15.39%	16.52%	–2.03%	–1.04%	8.14%
Allianz CCM Capital Appreciation Fund Class C	20.43%	21.56%	–1.68%	–1.26%	7.64%
Allianz CCM Capital Appreciation Fund Class C (adjusted)	19.43%	20.56%	–1.68%	–1.26%	7.64%
Allianz CCM Capital Appreciation Fund Class D	20.96%	22.52%	–0.94%	–0.52%	8.45%
Allianz CCM Capital Appreciation Fund Class R	20.76%	22.09%	–1.20%	–0.83%	8.07%
Allianz CCM Capital Appreciation Fund Class P	21.09%	22.78%	–0.66%	–0.24%	8.74%
Allianz CCM Capital Appreciation Fund Institutional Class	21.14%	22.93%	–0.55%	–0.13%	8.85%
Allianz CCM Capital Appreciation Fund Administrative Class	21.07%	22.71%	–0.79%	–0.34%	8.60%
Russell 1000 Growth Index	23.03%	37.21%	1.63%	–3.99%	7.09%
S&P 500 Index	22.59%	26.46%	0.42%	–0.95%	8.11%
Lipper Multi-Cap Growth Funds Average	22.96%	38.12%	1.59%	–1.91%	8.54%

† The Fund commenced operations on 03/08/91. Lipper comparisons began on 02/28/91.

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. Please see pages 40 and 41 for more information. The Fund’s gross expense ratios are 1.11% for Class A shares, 1.86% for Class B shares, 1.86% for Class C shares, 1.11% for Class D shares, 1.36% for Class R shares, 0.84% for Class P shares, 0.77% for Institutional Class shares and 1.02% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated 11/01/09, and as supplemented to date.

* Cumulative return

4 Allianz Funds

Allianz CCM Capital Appreciation Fund (Cont.)

(Unaudited)

Cumulative Returns Through December 31, 2009

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

Industry/Sectors*

Computers & Peripherals	10.2%
Software	6.2%
Semiconductors & Semiconductor Equipment	5.2%
Life Sciences Tools & Services	4.6%
Capital Markets	4.4%
Health Care Providers & Services	3.6%
Biotechnology	3.6%
Communications Equipment	3.6%
Other	55.8%
Cash & Equivalents — Net	2.8%

* % of net assets as of December 31, 2009

Shareholder Expense Example	Actual Performance
	Class A		Class B		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (07/01/09)	$	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 (12/31/09)	$	1,209.00	$	1,203.90	$	1,204.30	$	1,209.60	$	1,207.60	$	1,210.90	$	1,211.40	$	1,210.70
Expenses Paid During Period	$	6.12	$	10.28	$	10.28	$	6.13	$	7.51	$	4.57	$	3.90	$	5.29
	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 (07/01/09)	$	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 (12/31/09)	$	1,019.66	$	1,015.88	$	1,015.88	$	1,019.66	$	1,018.40	$	1,021.07	$	1,021.68	$	1,020.42
Expenses Paid During Period	$	5.60	$	9.40	$	9.40	$	5.60	$	6.87	$	4.18	$	3.57	$	4.84

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.10% for Class A, 1.85% for Class B, 1.85% for Class C, 1.10% for Class D, 1.35% for Class R, 0.82% for Class P, 0.70% for Institutional Class and 0.95% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report December 31, 2009 5

Allianz CCM Emerging Companies Fund

(Unaudited)

Portfolio Insights

• Allianz CCM Emerging Companies Fund seeks long-term growth of capital by normally investing at least 65% of its assets in common stocks of U.S. companies with smaller market capitalizations (which the portfolio management team currently defines as companies with market capitalizations of at least $100 million and at or below the highest market capitalization of companies represented in the Russell 2000 Index) that have improving fundamentals (based on growth criteria) and whose stock the portfolio management team believes to be reasonably valued by the market (based on value criteria). • The Fund advanced strongly during the reporting period, yet underperformed its benchmark, the Russell 2000 Growth Index. In absolute terms, the Fund’s holdings in the technology and consumer discretionary sectors fueled gains. Stock selection decisions among energy and consumer discretionary companies contributed to the Fund’s underperformance of its benchmark. Stock selections in the materials and telecommunications sectors benefited performance compared to its benchmark. • U.S. stocks advanced through the reporting period, extending a rally that began in March 2009 and brought an 18-month bear market to an end. Government-supplied liquidity served to buoy prices of financial assets and among small-cap growth stocks rebounding technology stocks led the market advance. • In the energy sector, shares of Geokinetics fell as the company reported disappointing earnings from weak demand in several key markets. The company provides seismic data services to exploration and production companies in the oil and natural gas business. Improved operating efficiencies enabled the company to work through its 2009 order backlog faster than expected, creating a lull in activity in the closing periods. Matrix Services saw its stock price decline during the reporting period as the company reported a decline in net income from lower sales. The company provides maintenance services to companies in energy industries. • In the consumer discretionary sector, shares of Youbet.com fell after the online horse racing and betting company reported a decline in earnings, missing analysts’ expectations. Analysts said the company’s results provided another indication the gambling industry may still be hurting from lower consumer spending during the recession. The Fund’s positions in media companies CKX and Dolan Media weakened with reductions in advertising and promotional spending as a result of the global recession. • Among materials holdings, Omnova Solutions, a chemicals company that makes wall coverings and polymers, rose on reports of continued strong year-over-year earnings. Shares of paper packaging products maker Boise Inc. rose on the company’s moderating costs as well as strong demand in its core office papers and agricultural-based packaging products. • In the telecommunications sector, shares of iPCS Wireless rose during the reporting period with the announcement by Sprint Nextel that it had received the regulatory approvals necessary to complete its acquisition of the wireless company.

Average Annual Total Return for the period ended December 31, 2009

	6 months*	1 Year	5 Year	10 Year	Fund Inception† (06/25/93)
Allianz CCM Emerging Companies Fund Institutional Class	17.93%	29.02%	–2.89%	5.07%	9.62%
Allianz CCM Emerging Companies Fund Administrative Class	17.66%	28.64%	–3.15%	4.81%	9.35%
Russell 2000 Growth Index	20.75%	34.47%	0.87%	–1.37%	5.23%
Lipper Small-Cap Growth Funds Average	22.04%	36.20%	0.23%	–0.18%	7.03%

† The Fund commenced operations on 06/25/93. Lipper comparisons began on 06/30/93.

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. Please see pages 40 and 41 for more information. The Fund’s gross expense ratios are 1.57% for Institutional Class shares and 1.82% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated 11/01/09, and as supplemented to date.

* Cumulative return

6 Allianz Funds

Allianz CCM Emerging Companies Fund (Cont.)

(Unaudited)

Cumulative Returns Through December 31, 2009

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

Industry/Sectors*

Software	7.0%
Health Care Providers & Services	6.3%
Health Care Equipment & Supplies	5.4%
Communications Equipment	5.1%
Biotechnology	5.1%
Semiconductors & Semiconductor Equipment	4.6%
Food Products	4.1%
Electrical Equipment	4.0%
Other	58.5%
Cash & Equivalents — Net	(0.1)%

* % of net assets as of December 31, 2009

Shareholder Expense Example	Actual Performance
	Institutional Class		Administrative Class
Beginning Account Value (07/01/09)	$	1,000.00	$	1,000.00
Ending Account Value (12/31/09)	$	1,179.30	$	1,176.60
Expenses Paid During Period	$	7.80	$	9.16
	Hypothetical Performance
	(5% return before expenses)
	Institutional Class		Administrative Class
Beginning Account Value (07/01/09)	$	1,000.00	$	1,000.00
Ending Account Value (12/31/09)	$	1,018.05	$	1,016.79
Expenses Paid During Period	$	7.22	$	8.49

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.42% for Institutional Class and 1.67% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report December 31, 2009 7

Allianz CCM Focused Growth Fund

(Unaudited)

Portfolio Insights

• Allianz CCM Focused Growth Fund seeks long-term growth of capital by normally investing at least 80% of its assets in the common stock of companies in the Russell 1000 Growth Index with a market capitalization of at least $100 million at the time of investment. • The Fund delivered strong results during the reporting period, yet underperformed its benchmark the Russell 1000 Growth Index. In absolute terms, the Fund’s holdings in the technology and consumer discretionary sectors fueled gains. Selection decisions among industrials and technology companies detracted from performance relative to its benchmark. Stock selections in the consumer discretionary and energy sectors benefited returns compared to its benchmark. • U.S. stocks advanced through the reporting period, extending a rally that began in March 2009 and brought an 18-month bear market to an end. Government supplied liquidity served to buoy prices of financial assets and among large-cap growth stocks. Rebounding technology stocks led the market advance. • Among industrials, the Fund’s positions in the engineering company Fluor and the mining products company Joy Global detracted from returns. Fluor, the largest publicly traded U.S. engineering firm, announced slumping earnings and cut its full-year earnings forecast during the reporting period. • In technology, shares of computer chip developer Marvell Technologies and computer storage company EMC helped fuel overall gains. However, holdings in the online auction site eBay detracted from performance compared to its benchmark as the companies underperformed sector leaders in software, data processing and online search services. Shares of eBay weakened during the reporting period when the company’s margins compressed as a result of acquisitions, dollar weakness and shifts in the company’s business to faster-growing but lower-margin markets. • In the consumer discretionary sector, investors looked favorably on companies that adopted effective recession-combating measures. Shares of Polo Ralph Lauren advanced as the company beat earnings expectations on higher growth in international markets and the introductions of new product categories. Shares of luxury retailer Nordstrom advanced as the company appeared poised to weather a changing retail climate better than competitors. Nordstrom introduced a wide assortment of brands and product lines at a variety of price points. Specialty coffee maker Starbucks lifted its fiscal 2010 earnings outlook on improving same store sales and cost-savings efforts.

Average Annual Total Return for the period ended December 31, 2009

	6 Months*	1 Year	5 Year	10 Year	Fund Inception† (08/31/99)
Allianz CCM Focused Growth Fund Class A	18.73%	26.60%	0.70%	–3.37%	–1.23%
Allianz CCM Focused Growth Fund Class A (adjusted)	12.20%	19.64%	–0.43%	–3.92%	–1.77%
Allianz CCM Focused Growth Fund Class C	18.33%	25.73%	–0.03%	–4.07%	–1.94%
Allianz CCM Focused Growth Fund Class C (adjusted)	17.33%	24.73%	–0.03%	–4.07%	–1.94%
Allianz CCM Focused Growth Fund Class D	18.77%	26.65%	0.70%	–3.37%	–1.22%
Allianz CCM Focused Growth Fund Class P	19.01%	26.88%	0.98%	–3.10%	–0.94%
Allianz CCM Focused Growth Fund Institutional Class	18.92%	27.14%	1.10%	–2.99%	–0.83%
Allianz CCM Focused Growth Fund Administrative Class	18.97%	26.83%	0.87%	–3.22%	–1.07%
Russell 1000 Growth Index	23.03%	37.21%	1.63%	–3.99%	–1.95%
Lipper Large-Cap Growth Funds Average	22.04%	35.08%	0.92%	–2.90%	–0.67%

† The Fund commenced operations on 08/31/99. Lipper comparisons began on 08/31/99.

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 and 1% contingent deferred sales charge (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. Please see pages 40 and 41 for more information. The Fund’s gross expense ratios are 1.11% for Class A shares, 1.86% for Class C shares, 1.11% for Class D shares, 0.85% for Class P shares, 0.76% for Institutional Class shares and 1.01% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated 11/01/09, and as supplemented to date.

* Cumulative return

8 Allianz Funds

Allianz CCM Focused Growth Fund (Cont.)

(Unaudited)

Cumulative Returns Through December 31, 2009

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

Industry/Sectors*

Computers & Peripherals	10.7%
Software	7.8%
Semiconductors & Semiconductor Equipment	5.2%
Pharmaceuticals	5.1%
Hotels, Restaurants & Leisure	5.1%
Health Care Providers & Services	5.0%
Internet Software & Services	5.0%
Capital Markets	4.8%
Other	48.7%
Cash & Equivalents — Net	2.6%

* % of net assets as of December 31, 2009

Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class P		Institutional Class		Administrative Class
Beginning Account Value (07/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/09)	$	1,187.30	$	1,183.30	$	1,187.70	$	1,190.10	$	1,189.20	$	1,189.70
Expenses Paid During Period	$	6.12	$	10.24	$	6.12	$	4.58	$	3.97	$	5.41
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class P		Institutional Class		Administrative Class
Beginning Account Value (07/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/09)	$	1,019.61	$	1,015.83	$	1,019.61	$	1,021.02	$	1,021.58	$	1,020.27
Expenses Paid During Period	$	5.65	$	9.45	$	5.65	$	4.23	$	3.67	$	4.99

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.11% for Class A, 1.86% for Class C, 1.11% for Class D, 0.83% for Class P, 0.72% for Institutional Class and 0.98% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report December 31, 2009 9

Allianz CCM Mid-Cap Fund

(Unaudited)

Portfolio Insights

•Allianz CCM Mid-Cap Fund seeks growth of capital by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks of companies with medium market capitalizations. The Fund currently defines medium market capitalization companies as those with a market capitalization within the market capitalization range of the companies represented in the Russell Midcap Index. •The Fund advanced strongly during the reporting period, yet underperformed its benchmark, the Russell Midcap Growth Index. In absolute terms, the Fund’s holdings in the technology and consumer discretionary sectors fueled gains. Relative to its benchmark, stock selection decisions in the industrials and technology sectors contributed most significantly to underperformance. Selections among consumer discretionary and energy sectors benefited returns compared to its benchmark. •U.S. stocks advanced through the reporting period, extending a rally that began in March 2009 and brought an 18-month bear market to an end. Government supplied liquidity served to buoy prices of financial assets and among mid-cap growth stocks. Rebounding technology stocks led the market advance. •In industrials, shares of General Cable Corp fell after the manufacturer of copper, aluminum and fiber-optic ware for communications and power transmission lowered its earnings forecasts and fundamentals weakened. As U.S. and European construction industries continued to stagnate and metals prices remained high, freight logistics company Con-way also lowered earnings guidance due to economic conditions that threatened earnings. •Among technology stocks, shares of computer chip developer Marvell Technologies and the specialized data management company Salesforce.com helped fuel overall gains. The Fund’s holdings in ATM kiosk-maker NCR and Chinese Internet company Sohu weakened in soft economic conditions and detracted from performance compared to its benchmark. •In the consumer discretionary sector, shares of companies that took recession-beating measures benefited the Fund. Shares of Guess rose as the company controlled costs and inventories tightly to protect profitability, resulting in record third quarter earnings and a significant improvement in cash flows. Shares of décor and housewares maker Williams Sonoma rose as the company lowered prices and costs, and reduced its workforce.

Average Annual Total Return for the period ended December 31, 2009

	6 Months*	1 Year	5 Year	10 Year	Fund Inception† (08/26/91)
Allianz CCM Mid-Cap Fund Class A	20.62%	25.20%	–0.27%	2.23%	8.75%
Allianz CCM Mid-Cap Fund Class A (adjusted)	13.98%	18.31%	–1.40%	1.65%	8.42%
Allianz CCM Mid-Cap Fund Class B	20.13%	24.33%	–1.03%	1.69%	8.45%
Allianz CCM Mid-Cap Fund Class B (adjusted)	15.13%	19.33%	–1.34%	1.69%	8.45%
Allianz CCM Mid-Cap Fund Class C	20.20%	24.31%	–1.02%	1.47%	7.94%
Allianz CCM Mid-Cap Fund Class C (adjusted)	19.20%	23.31%	–1.02%	1.47%	7.94%
Allianz CCM Mid-Cap Fund Class D	20.59%	25.21%	–0.27%	2.24%	8.78%
Allianz CCM Mid-Cap Fund Class R	20.43%	24.92%	–0.52%	1.91%	8.40%
Allianz CCM Mid-Cap Fund Class P	20.83%	25.65%	0.03%	2.54%	9.08%
Allianz CCM Mid-Cap Fund Institutional Class	20.80%	25.70%	0.12%	2.63%	9.18%
Allianz CCM Mid-Cap Fund Administrative Class	20.65%	25.39%	–0.12%	2.37%	8.91%
Russell Midcap Growth Index	25.45%	46.29%	2.40%	–0.52%	8.31%
Lipper Mid-Cap Growth Funds Average	24.22%	40.40%	1.63%	0.11%	8.03%

† The Fund commenced operations on 08/26/91. Lipper comparisons began on 08/31/91.

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. Please see pages 40 and 41 for more information. The Fund’s gross expense ratios are 1.11% for Class A shares, 1.86% for Class B shares, 1.86% for Class C shares, 1.11% for Class D shares, 1.36% for Class R shares, 0.84% for Class P shares, 0.77% for Institutional Class shares and 1.02% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated 11/01/09, and as supplemented to date.

* Cumulative return

10 Allianz Funds

Allianz CCM Mid-Cap Fund (Cont.)

(Unaudited)

Cumulative Returns Through December 31, 2009

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

Industry/Sectors*

Software	7.7%
Specialty Retail	6.9%
Health Care Providers & Services	6.2%
Semiconductors & Semiconductor Equipment	5.0%
Electronic Equipment, Instruments & Components	4.8%
Capital Markets	4.2%
Energy Equipment & Services	3.8%
Life Sciences Tools & Services	3.6%
Other	55.7%
Cash & Equivalents — Net	2.1%

* % of net assets as of December 31, 2009

Shareholder Expense Example	Actual Performance
	Class A		Class B		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (07/01/09)	$	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 (12/31/09)	$	1,206.20	$	1,201.30	$	1,202.00	$	1,205.90	$	1,204.30	$	1,208.30	$	1,208.00	$	1,206.50
Expenses Paid During Period	$	6.12	$	10.26	$	10.27	$	6.17	$	7.50	$	4.56	$	3.90	$	5.28
	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 (07/01/09)	$	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 (12/31/09)	$	1,019.66	$	1,015.88	$	1,015.88	$	1,019.61	$	1,018.40	$	1,021.07	$	1,021.68	$	1,020.42
Expenses Paid During Period	$	5.60	$	9.40	$	9.40	$	5.65	$	6.87	$	4.18	$	3.57	$	4.84

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.10% for Class A, 1.85% for Class B, 1.85% for Class C, 1.11% for Class D, 1.35% for Class R, 0.82% for Class P, 0.70% for Institutional Class and 0.95% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report December 31, 2009 11

Allianz NACM Growth Fund

(Unaudited)

Portfolio Insights

•Allianz NACM Growth Fund seeks to achieve long-term capital appreciation by normally investing at least 80% of its assets in equity securities in the Russell 1000 Growth Index. The Fund normally invests primarily in large capitalization equity securities, which it defines as equity securities of companies with market capitalizations of at least $5 billion at the time of purchase.	•The rally in the U.S. equity market that began in March 2009 continued throughout the last six months of the year. Stock prices surged in response to mounting evidence that massive fiscal and monetary stimulus was helping to pull the economy out of recession. Better-than-expected corporate earnings, albeit off low expectations, contributed to positive investor sentiment.	•Overall, the Fund’s holdings in the consumer staples sector generated a double-digit gain but trailed their counterparts in the benchmark. Lagging stocks included Dean Foods, a dairy processor that faced the potential of rising input costs, and Walgreens, a drugstore chain that indicated its cost-saving efforts might not yield the results investors were anticipating.
•Both the Fund and its benchmark, the Russell 1000 Growth Index, posted substantial gains during the reporting period. Consistent with the Fund’s bottom-up investment process, performance compared to its benchmark was mainly a function of stock selection. Stock selection in the industrials, consumer staples and healthcare sectors had the biggest impact on relative results.	•Stock selection in the industrials sector detracted from the Fund performance compared to its benchmark. One of the biggest detractors in the Fund was URS Corporation, an engineering firm that lowered its 2009 revenue outlook. Defense contractor Lockheed Martin was another weak industrials name. The stock was hurt by expectations of higher pensions costs and margin pressure in the company’s aeronautics division.	•Stock selection in the healthcare sector benefited performance compared to its benchmark. An underweight position in Gilead Sciences, a biopharmaceutical company, was especially positive. Gilead halted development of a blood pressure drug, which heightened concerns about the company’s long-term growth prospects.

Average Annual Total Return for the period ended December 31, 2009

	6 Months*	1 Year	5 Year	Fund Inception† (07/19/02)
Allianz NACM Growth Fund Class A	21.28%	29.55%	1.19%	4.83%
Allianz NACM Growth Fund Class A (adjusted)	14.61%	22.43%	0.05%	4.04%
Allianz NACM Growth Fund Class B	20.67%	28.39%	0.40%	4.03%
Allianz NACM Growth Fund Class B (adjusted)	15.67%	23.39%	0.05%	4.03%
Allianz NACM Growth Fund Class C	20.78%	28.51%	0.44%	4.04%
Allianz NACM Growth Fund Class C (adjusted)	19.78%	27.51%	0.44%	4.04%
Allianz NACM Growth Fund Class D	21.23%	29.36%	1.16%	4.80%
Allianz NACM Growth Fund Class P	21.48%	29.81%	1.48%	5.15%
Allianz NACM Growth Fund Institutional Class	21.51%	29.97%	1.57%	5.25%
Allianz NACM Growth Fund Administrative Class	21.39%	29.72%	1.33%	5.00%
Russell 1000 Growth Index	23.03%	37.21%	1.63%	6.19%
Lipper Large-Cap Growth Funds Average	22.04%	35.08%	0.92%	4.37%

† The Fund commenced operations on 07/19/02. Lipper comparisons began on 07/31/02.

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. Please see pages 40 and 41 for more information. The Fund’s gross expense ratios are 1.18% for Class A shares, 1.93% for Class B shares, 1.93% for Class C shares, 1.18% for Class D shares, 0.93% for Class P shares, 0.83% for Institutional Class shares and 1.07% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated 11/01/09, and as supplemented to date.

* Cumulative return

12 Allianz Funds

Allianz NACM Growth Fund (Cont.)

(Unaudited)

Cumulative Returns Through December 31, 2009

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

Industry/Sectors*

Computers & Peripherals	15.2%
Pharmaceuticals	8.5%
Semiconductors & Semiconductor Equipment	6.0%
Internet Software & Services	5.2%
Oil, Gas & Consumable Fuels	5.1%
Software	4.6%
Media	4.5%
Communications Equipment	4.1%
Other	45.8%
Cash & Equivalents — Net	1.0%

* % of net assets as of December 31, 2009

Shareholder Expense Example	Actual Performance
	Class A		Class B		Class C		Class D		Class P		Institutional Class		Administrative Class
Beginning Account Value (07/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/09)	$	1,212.80	$	1,206.70	$	1,207.80	$	1,212.30	$	1,214.80	$	1,215.10	$	1,213.90
Expenses Paid During Period	$	6.47	$	10.62	$	10.63	$	6.47	$	4.91	$	4.35	$	5.75
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class B		Class C		Class D		Class P		Institutional Class		Administrative Class
Beginning Account Value (07/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/09)	$	1,019.36	$	1,015.58	$	1,015.58	$	1,019.36	$	1,020.77	$	1,021.27	$	1,020.01
Expenses Paid During Period	$	5.90	$	9.70	$	9.70	$	5.90	$	4.48	$	3.97	$	5.24

For each class of the Fund, expenses are equal to the expense ratio for the class (1.16% for Class A, 1.91% for Class B, 1.91% for Class C, 1.16% for Class D, 0.88% for Class P, 0.78% for Institutional Class and 1.03% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report December 31, 2009 13

Allianz NACM Income and Growth Fund

(Unaudited)

Portfolio Insights

• Allianz NACM Income and Growth Fund seeks total return comprised of current income, current gains and capital appreciation by normally investing in a combination of common stocks and other equity securities, debt securities and convertible securities. • The Fund and the Russell 1000 Growth Index, Bank of America Merrill Lynch All Qualities Convertible Index and Bank of America Merrill Lynch U.S. High Yield Master II Index registered double-digit gains during the six-month period ended December 31, 2009. • The risks associated with the financial industry and corporate viability in late 2008 and early 2009 never materialized. The economy, as measured by many of the government statistics, turned positive by mid-year in 2009. • In early 2009, access to capital was assumed to be cut off for all seekers. However, during the last six months, nearly every company looking for debt financing in the corporate bond market achieved its goal. Combine these factors among others, and the result was significantly less risk system wide and a commensurate rise in bond prices. • In addition to broad economic statistics and technical factors such as access to capital, corporate profits have taken center stage. Quarterly earnings reports were generally better than expected for the last two quarters. As the year progressed, we saw real demand emerge and more prevalent guidance for increases in revenue for 2010. • Our disciplined approach of focusing on companies that were exceeding expectations and improving their credit statistics was rewarded as those companies differentiated themselves from their peer group. • The Fund’s performance benefited from equity holdings in the health care and basic materials sectors, and also benefited from convertible holdings in technology and Real Estate Investment Trusts (“REITs”). High-yield holdings in energy and retail also contributed positively to Fund performance.

Average Annual Total Return for the period ended December 31, 2009

	6 Months*	1 Year	Fund Inception† (02/28/07)
Allianz NACM Income and Growth Fund Class A	21.91%	48.29%	2.44%
Allianz NACM Income and Growth Fund Class A (adjusted)	15.20%	40.14%	0.42%
Allianz NACM Income and Growth Fund Class C	21.35%	47.23%	1.67%
Allianz NACM Income and Growth Fund Class C (adjusted)	20.35%	46.23%	1.67%
Allianz NACM Income and Growth Fund Class D	21.78%	48.13%	2.42%
Allianz NACM Income and Growth Fund Class P	22.09%	48.83%	2.76%
Allianz NACM Income and Growth Fund Institutional Class	22.13%	48.94%	2.85%
Barclays Capital U.S. Aggregate Index	3.95%	5.93%	5.85%
S&P 500 Index	22.59%	26.46%	–5.79%
Lipper Flexible Portfolio Funds Average	13.66%	22.16%	–0.30%

† The Fund commenced operations on 02/28/07. Lipper comparisons began on 02/28/07.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at www.allianzinvestors.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1% contingent deferred sales charge (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. Please see pages 40 and 41 for more information. The Fund’s gross expense ratios are 1.31% for Class A shares, 2.06% for Class C shares, 1.29% for Class D shares, 1.06% for Class P shares and 0.97% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated 11/01/09, and as supplemented to date.

* Cumulative return

14 Allianz Funds

Allianz NACM Income and Growth Fund (Cont.)

(Unaudited)

Cumulative Returns Through December 31, 2009

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

Industry/ Sectors*

Technology	6.0%
Telecommunications	5.8%
Oil & Gas	4.5%
Pharmaceuticals	4.4%
Financial Services	3.7%
Machinery	3.1%
Multi-Media	2.6%
Communications	2.5%
Other	61.3%
Cash & Equivalents — Net	6.1%

* % of net assets as of December 31, 2009

Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (07/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/09)	$	1,219.10	$	1,213.50	$	1,217.80	$	1,220.90	$	1,221.30
Expenses Paid During Period	$	7.38	$	11.49	$	7.38	$	5.82	$	5.26
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (07/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/09)	$	1,018.55	$	1,014.82	$	1,018.55	$	1,019.96	$	1,020.47
Expenses Paid During Period	$	6.72	$	10.46	$	6.72	$	5.30	$	4.79

For each class of the Fund, expenses are equal to the expense ratio for the class (1.32% for Class A, 2.06% for Class C, 1.32% for Class D, 1.04% for Class P, and 0.94% for Institutional Class), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report December 31, 2009 15

Allianz NACM Mid-Cap Growth Fund

(Unaudited)

Portfolio Insights

• Allianz NACM Mid-Cap Growth Fund seeks to achieve maximum long-term capital appreciation by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks of companies with medium market capitalizations. The Fund currently defines medium market capitalization companies as those companies with market capitalizations comparable to the companies included in the Russell Midcap Growth Index. • Both the Fund and its benchmark, the Russell Midcap Growth Index, generated substantial gains during the reporting period. Stock selection in the consumer discretionary, healthcare, energy and industrials sectors were key drivers of the Fund’s performance compared to its benchmark. Sector exposures also had a meaningful impact on relative results. • During the second half of 2009, U.S. equities continued to rebound off of multi-year lows set in March. The economy grew 2.20% in the third quarter of 2009 as measured by the gross domestic product (“GDP”), the first increase in output in more than a year and the biggest since the recession began. Corporate earnings declined but were better than expected, supported by cost-cutting measures. • Stock selection in the Fund was strongest in the consumer discretionary and healthcare sectors. Top-performing holdings included Limited Brands, an apparel retailer that reported record sales for the day after Thanksgiving, and Human Genome Sciences, a biotechnology firm whose new lupus medicine moved closer to receiving approval from the U.S. Food and Drug Administration. • Stock selection in the energy and industrials sectors detracted from Fund performance compared to its benchmark. Two major detractors were Frontier Oil, an oil refiner that was hurt by weak industry fundamentals, and Navistar International, a manufacturer of commercial and military vehicles that reported disappointing results in its truck division. • The Fund’s sector allocations positively impacted relative performance. An underweight position in utilities added value, since investors favored more economically sensitive groups amid signs the economy was recovering. An underweight position in healthcare was another plus, as uncertainty about healthcare reform was a headwind for the sector.

Average Annual Total Return for the period ended December 31, 2009

	6 Months*	1 Year	5 Year	Fund Inception† (02/27/04)
Allianz NACM Mid-Cap Growth Fund Class A	24.60%	40.64%	3.39%	4.23%
Allianz NACM Mid-Cap Growth Fund Class A (adjusted)	17.74%	32.90%	2.23%	3.23%
Allianz NACM Mid-Cap Growth Fund Class C	24.24%	39.54%	2.67%	3.50%
Allianz NACM Mid-Cap Growth Fund Class C (adjusted)	23.24%	38.54%	2.67%	3.50%
Allianz NACM Mid-Cap Growth Fund Class D	24.57%	40.61%	3.39%	4.23%
Allianz NACM Mid-Cap Growth Fund Class P	24.75%	40.90%	3.67%	4.51%
Allianz NACM Mid-Cap Growth Fund Institutional Class	24.78%	41.10%	3.77%	4.62%
Russell Midcap Growth Index	25.45%	46.29%	2.40%	3.72%
Lipper Mid-Cap Core Funds Average	24.94%	36.58%	1.57%	1.62%

† The Fund commenced operations on 02/27/04. Lipper comparisons began on 02/28/04.

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 and 1% contingent deferred sales charge (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. Please see pages 40 and 41 for more information. The Fund’s gross expense ratios are 1.36% for Class A shares, 2.12% for Class C shares, 1.35% for Class D shares, 1.13% for Class P shares and 1.02% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated 11/01/09, and as supplemented to date.

* Cumulative return

16 Allianz Funds

Allianz NACM Mid-Cap Growth Fund (Cont.)

(Unaudited)

Cumulative Returns Through December 31, 2009

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

Industry/Sectors*

Software	7.4%
Specialty Retail	6.7%
Semiconductors & Semiconductor Equipment	5.7%
Media	5.5%
IT Services	5.3%
Electronic Equipment, Instruments & Components	4.0%
Computers & Peripherals	3.8%
Textiles, Apparel & Luxury Goods	3.7%
Other	56.2%
Cash & Equivalents — Net	1.7%

* % of net assets as of December 31, 2009

Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (07/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/09)	$	1,246.00	$	1,242.40	$	1,245.70	$	1,247.50	$	1,247.80
Expenses Paid During Period	$	7.59	$	11.76	$	7.47	$	5.95	$	5.44
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (07/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/09)	$	1,018.45	$	1,014.72	$	1,018.55	$	1,019.91	$	1,020.37
Expenses Paid During Period	$	6.82	$	10.56	$	6.72	$	5.35	$	4.89

For each class of the Fund, expenses are equal to the expense ratio for the class (1.34% for Class A, 2.08% for Class C, 1.32% for Class D, 1.05% for Class P and 0.96% for Institutional Class), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report December 31, 2009 17

Allianz NFJ All-Cap Value Fund

(Unaudited)

Portfolio Insights

• Allianz NFJ All-Cap Value Fund seeks to achieve long-term growth of capital and income by normally investing in common stocks and other equity securities of companies representing a broad range of market capitalizations (i.e., a blend of small, medium and large capitalization companies). • The Fund delivered strong results during the reporting period, outperforming its benchmark, the Russell 3000 Value Index. Stock selection decisions in the energy, consumer discretionary and financials sectors contributed to strong returns and outperformance of its benchmark. Stock selections among consumer staples and materials companies detracted from relative returns. • U.S. stocks advanced through the reporting period, extending a rally that began in March 2009 and brought an 18-month bear market to an end. Government-supplied liquidity served to buoy prices of financial assets and among value stocks. Rebounding energy and industrials stocks led the market advance. • Firming energy prices improved the outlook for oil and gas exploration and production companies and for oilfield services firms. A declining dollar, along with an outlook for increased demand due to a strengthening global economy and the onset of the winter heating season, combined to send energy companies’ share prices higher. Independent oil and gas producer Cimarex saw shares rise on favorable analyst coverage and strong technical indicators despite decreased revenues. Valuations of Apache Corp.’s reserve base compared favorably to other energy companies. Analysts also expressed a preference for the company’s mix between oil and gas, international and domestic and its exposure to the growth market for liquid natural gas. An underweighting position in integrated oil companies also benefited relative returns. • In the consumer discretionary sector, better-than-expected sales and profits for select companies reflected both a surge in inventories and improving consumer confidence, albeit from historical low levels. Shares of CBS, the nation’s most-watched television network, rose on increases in auto advertising spending, which is the network’s top source of revenue. Although Harley-Davidson continued to cut production, its announcement of plans to enter the market in India, was well received by analysts and investors leading to the stock’s outperformance during the reporting period. In India, two-wheeled transportation far outnumbers cars. • Fund holdings in grocery and food stocks turned in weak returns in the consumer staples sector. Grocery chain SuperValu reported a significant decline in earnings during the reporting period and lowered guidance for the full year as shoppers cut back on purchases. A prominent analyst downgraded the company, saying the company remains a long way from recovery.

Average Annual Total Return for the period ended December 31, 2009

	6 Months*	1 Year	5 Year	Fund Inception† (07/19/02)
Allianz NFJ All-Cap Value Fund Class A	30.41%	26.95%	–2.96%	6.19%
Allianz NFJ All-Cap Value Fund Class A (adjusted)	23.24%	19.97%	–4.05%	5.39%
Allianz NFJ All-Cap Value Fund Class B	30.05%	25.94%	–3.68%	5.40%
Allianz NFJ All-Cap Value Fund Class B (adjusted)	25.05%	20.94%	–3.93%	5.40%
Allianz NFJ All-Cap Value Fund Class C	29.95%	25.99%	–3.70%	5.38%
Allianz NFJ All-Cap Value Fund Class C (adjusted)	28.95%	24.99%	–3.70%	5.38%
Allianz NFJ All-Cap Value Fund Class D	30.53%	26.93%	–2.96%	6.20%
Allianz NFJ All-Cap Value Fund Class P	30.50%	27.28%	–2.67%	6.52%
Allianz NFJ All-Cap Value Fund Institutional Class	30.76%	27.58%	–2.55%	6.65%
Allianz NFJ All-Cap Value Fund Administrative Class	30.50%	27.14%	–2.80%	6.37%
Russell 3000 Value Index	23.53%	19.76%	–0.24%	6.26%
Lipper Multi-Cap Value Funds Average	23.25%	28.96%	–0.35%	5.28%

† The Fund commenced operations on 07/19/02. Lipper comparisons began on 07/31/02.

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. Please see pages 40 and 41 for more information. The Fund’s gross expense ratios are 1.33% for Class A shares, 2.08% for Class B shares, 2.08% for Class C shares, 1.33% for Class D shares, 1.04% for Class P shares, 0.98% for Institutional Class shares and 1.23% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated 11/01/09, and as supplemented to date.

* Cumulative return

18 Allianz Funds

Allianz NFJ All-Cap Value Fund (Cont.)

(Unaudited)

Cumulative Returns Through December 31, 2009

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

Industry/Sectors*

Oil, Gas & Consumable Fuels	17.9%
Insurance	9.0%
Pharmaceuticals	6.9%
Diversified Telecommunication Services	5.2%
Metals & Mining	5.1%
Real Estate Investment Trust	4.8%
Gas Utilities	4.2%
Machinery	2.9%
Other	40.8%
Cash & Equivalents — Net	3.2%

* % of net assets as of December 31, 2009

Shareholder Expense Example	Actual Performance
	Class A		Class B		Class C		Class D		Class P		Institutional Class		Administrative Class
Beginning Account Value (07/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/09)	$	1,304.10	$	1,300.50	$	1,299.50	$	1,305.30	$	1,305.00	$	1,307.60	$	1,305.00
Expenses Paid During Period	$	7.67	$	12.00	$	12.00	$	7.67	$	6.04	$	5.47	$	6.91
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class B		Class C		Class D		Class P		Institutional Class		Administrative Class
Beginning Account Value (07/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/09)	$	1,018.55	$	1,014.77	$	1,014.77	$	1,018.55	$	1,019.96	$	1,020.47	$	1,019.21
Expenses Paid During Period	$	6.72	$	10.51	$	10.51	$	6.72	$	5.30	$	4.79	$	6.06

For each class of the Fund, expenses are equal to the expense ratio for the class (1.32% for Class A, 2.07% for Class B, 2.07% for Class C, 1.32% for Class D, 1.04% for Class P, 0.94% for Institutional Class and 1.19% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report December 31, 2009 19

Allianz NFJ Dividend Value Fund

(Unaudited)

Portfolio Insights

• Allianz NFJ Dividend Value Fund seeks long-term growth of capital and income by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in equity securities of companies that pay or are expected to pay dividends. • The Fund delivered strong results during the reporting period, in line with its benchmark, the Russell 1000 Value Index. In absolute terms, the Fund’s exposure to companies in the industrials, energy and financials sectors fueled gains. Stock selection decisions among technology, consumer staples and industrials sectors contributed positively to relative returns. An underweight position in the materials sector and stock selection decisions in the consumer discretionary, healthcare and energy sectors detracted from returns compared to its benchmark. • U.S. stocks advanced through the reporting period, extending a rally that began in March 2009 and brought an 18-month bear market to an end. Government-supplied liquidity served to buoy prices of financial assets and among large-cap value stocks. Rebounding financials and industrials stocks led the market advance. • The Fund’s technology holdings performed well, in part due to optimism that the IT spending environment for 2010 will improve. Harris Corp. shares advanced as the company raised 2010 guidance in light of a significant increase in defense contracts. Xerox, a leader in managed print services, announced higher revenues from print outsourcing services, a rare bright spot in an otherwise sluggish printing industry. • Among consumer staples stocks, large tobacco companies overcame steep U.S. excise tax increases and shrinking sales volumes to improve earnings. Shares of Fund holdings Reynolds and Altria, advanced on the announcement of improved full-year earnings guidance based on market-share gains and higher productivity. The companies make Camel and Marlboro-brand cigarettes, respectively. • In the consumer discretionary sector, an underweight position in rebounding media and consumer durables companies detracted from performance. The Fund’s position in academic and technical publisher McGraw Hill advanced but underperformed the sector return. The company’s shares fell early during the reporting period on continued weakness in educational and media operations as well as a ruling that its financial information subsidiary, Standard & Poor’s, must face fraud charges over certain security ratings.

Average Annual Total Return for the period ended December 31, 2009

	6 Months*	1 Year	5 Year	Fund Inception† (05/08/00)
Allianz NFJ Dividend Value Fund Class A	22.72%	12.91%	0.75%	6.00%
Allianz NFJ Dividend Value Fund Class A (adjusted)	15.97%	6.70%	–0.38%	5.38%
Allianz NFJ Dividend Value Fund Class B	22.24%	12.01%	–0.02%	5.43%
Allianz NFJ Dividend Value Fund Class B (adjusted)	17.24%	7.01%	–0.34%	5.43%
Allianz NFJ Dividend Value Fund Class C	22.24%	12.13%	0.00%	5.21%
Allianz NFJ Dividend Value Fund Class C (adjusted)	21.24%	11.13%	0.00%	5.21%
Allianz NFJ Dividend Value Fund Class D	22.72%	12.95%	0.75%	5.99%
Allianz NFJ Dividend Value Fund Class R	22.52%	12.70%	0.49%	5.73%
Allianz NFJ Dividend Value Fund Class P	22.88%	13.19%	1.04%	6.36%
Allianz NFJ Dividend Value Fund Institutional Class	22.86%	13.33%	1.12%	6.46%
Allianz NFJ Dividend Value Fund Administrative Class	22.77%	13.02%	0.87%	6.18%
Russell 1000 Value Index	23.23%	19.69%	–0.25%	2.71%
Lipper Equity Income Funds Average	21.56%	22.86%	1.10%	2.93%

† The Fund commenced operations on 05/08/00. Lipper comparisons began on 04/30/00.

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. Please see pages 40 and 41 for more information. The Fund’s gross expense ratios are 1.06% for Class A shares, 1.81% for Class B shares, 1.81% for Class C shares, 1.06% for Class D shares, 1.31% for Class R shares, 0.82% for Class P shares, 0.73% for Institutional Class shares and 0.98% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated 11/01/09, and as supplemented to date.

* Cumulative return

20 Allianz Funds

Allianz NFJ Dividend Value Fund (Cont.)

(Unaudited)

Cumulative Returns Through December 31, 2009

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

Industry/Sectors*

Oil, Gas & Consumable Fuels	16.1%
Pharmaceuticals	9.6%
Diversified Telecommunication Services	7.9%
Tobacco	6.3%
Insurance	5.9%
Thrifts & Mortgage Finance	4.6%
Energy Equipment & Services	4.3%
Aerospace & Defense	4.3%
Other	40.5%
Cash & Equivalents — Net	0.5%

* % of net assets as of December 31, 2009

Shareholder Expense Example	Actual Performance
	Class A		Class B		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (07/01/09)	$	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 (12/31/09)	$	1,227.20	$	1,222.40	$	1,222.40	$	1,227.20	$	1,225.20	$	1,228.80	$	1,228.60	$	1,227.70
Expenses Paid During Period	$	5.89	$	10.08	$	10.08	$	5.89	$	7.28	$	4.38	$	3.82	$	5.22
	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 (07/01/09)	$	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 (12/31/09)	$	1,019.91	$	1,016.13	$	1,016.13	$	1,019.91	$	1,018.66	$	1,025.21	$	1,021.78	$	1,020.52
Expenses Paid During Period	$	5.35	$	9.15	$	9.15	$	5.35	$	6.61	$	3.98	$	3.47	$	4.74

For each class of the Fund, expenses are equal to the expense ratio for the class (1.05% for Class A, 1.80% for Class B, 1.80% for Class C, 1.05% for Class D, 1.30% for Class R, 0.78% for Class P, 0.68% for Institutional Class and 0.93% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report December 31, 2009 21

Allianz NFJ Large-Cap Value Fund

(Unaudited)

Portfolio Insights

•Allianz NFJ Large-Cap Value Fund seeks to provide long-term growth of capital and income. The Fund normally invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of companies with large market capitalizations. The Fund currently considers a company’s market capitalization to be large if it equals or exceeds the market capitalization of the 300th largest company represented in the Russell 1000 Index (i.e., a market capitalization of at least $7.4 billion as of September 30, 2009). •The Fund delivered strong results during the reporting period, outperforming its benchmark, the Russell Top 200 Value Index. Stock selection in the energy and financials sectors contributed positively to relative returns as did an underweighting of financials stocks. Stock selection decisions in the materials and consumer staples sectors detracted from relative returns. •U.S. stocks advanced through the period, extending a rally that began in March 2009 and brought an 18-month bear market to an end. Government-supplied liquidity served to buoy prices of financial assets and among large-cap value stocks. Rebounding financials and energy stocks led the market advance. •Among energy stocks, higher oil prices triggered share price increases for the Fund’s holdings in oilfield services and exploration and production companies. In this environment, the Fund’s positions in oil and gas producer Apache and services companies Diamond Offshore Drilling and Halliburton advanced and an underweighting position in integrated oil companies also benefited relative returns. Although gas prices have not rebounded to the extent oil has, Apache’s long-term record of boosting production through acquisitions and efficient operations is seen as an advantage in the current market. •In the financials sector, the Fund’s position in an outperforming shopping mall property operator and its underweighting position in money center banks benefited relative returns during the reporting period. The Fund’s position in Simon Properties, the nation’s largest owner of retail malls, rose when the company raised the lower end of its full year 2009 guidance. The company’s geographic diversity, including international sites, insulates it from market volatility and provides a steady source of income. •In the consumer staples sector, the Fund’s positions in retailers CVS Caremark and Safeway underperformed the benchmark’s consumer products companies in the foods, soft drinks and soaps categories. CVS Caremark shares fell after the company announced losses on the Caremark side of the company. For many investors, the news seemed to undermine the rationale for combining CVS’s retail drugstore operations with Caremark’s pharmacy benefits management (PBM) business.

Average Annual Total Return for the period ended December 31, 2009

	6 Months*	1 Year	5 Year	Fund Inception† (05/08/00)
Allianz NFJ Large-Cap Value Fund Class A	21.94%	15.76%	–1.23%	4.61%
Allianz NFJ Large-Cap Value Fund Class A (adjusted)	15.23%	9.40%	–2.34%	4.00%
Allianz NFJ Large-Cap Value Fund Class B	21.51%	14.91%	–1.96%	3.96%
Allianz NFJ Large-Cap Value Fund Class B (adjusted)	16.51%	9.91%	–2.32%	3.96%
Allianz NFJ Large-Cap Value Fund Class C	21.41%	14.88%	–1.97%	3.83%
Allianz NFJ Large-Cap Value Fund Class C (adjusted)	20.41%	13.88%	–1.97%	3.83%
Allianz NFJ Large-Cap Value Fund Class D	21.91%	15.78%	–1.23%	4.60%
Allianz NFJ Large-Cap Value Fund Class R	21.82%	15.45%	–1.47%	4.40%
Allianz NFJ Large-Cap Value Fund Class P	22.10%	16.14%	–0.90%	4.98%
Allianz NFJ Large-Cap Value Fund Institutional Class	22.25%	16.19%	–0.83%	5.07%
Allianz NFJ Large-Cap Value Fund Administrative Class	21.96%	15.90%	–1.11%	4.80%
Russell Top 200 Value Index	20.65%	14.59%	–1.14%	0.67%
Lipper Large-Cap Value Funds Average	21.54%	23.10%	–0.25%	2.17%

† The Fund commenced operations on 05/08/00. Lipper comparisons began on 04/30/00.

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. Please see pages 40 and 41 for more information. The Fund’s gross expense ratios are 1.12% for Class A shares, 1.87% for Class B shares, 1.87% for Class C shares, 1.12% for Class D shares, 1.36% for Class R shares, 0.84% for Class P shares, 0.77% for Institutional Class shares and 1.03% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated 11/01/09, and as supplemented to date.

* Cumulative return

22 Allianz Funds

Allianz NFJ Large-Cap Value Fund (Cont.)

(Unaudited)

Cumulative Returns Through December 31, 2009

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

Industry/Sectors*

Oil, Gas & Consumable Fuels	15.6%
Insurance	9.3%
Pharmaceuticals	8.9%
Diversified Telecommunication Services	6.9%
Energy Equipment & Services	3.9%
Real Estate Investment Trust	3.9%
Food & Drug Retailing	3.6%
Health Care Providers & Services	3.3%
Other	42.5%
Cash & Equivalents — Net	2.1%

* % of net assets as of December 31, 2009

Shareholder Expense Example	Actual Performance
	Class A		Class B		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (07/01/09)	$	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 (12/31/09)	$	1,219.40	$	1,215.10	$	1,214.10	$	1,219.10	$	1,218.20	$	1,221.00	$	1,222.50	$	1,219.60
Expenses Paid During Period	$	6.15	$	10.33	$	10.32	$	6.15	$	7.55	$	4.53	$	3.98	$	5.37
	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 (07/01/09)	$	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 (12/31/09)	$	1,019.66	$	1,015.88	$	1,015.88	$	1,019.66	$	1,018.40	$	1,021.12	$	1,021.63	$	1,020.37
Expenses Paid During Period	$	5.60	$	9.40	$	9.40	$	5.60	$	6.87	$	4.13	$	3.62	$	4.89

For each class of the Fund, expenses are equal to the expense ratio for the class (1.10% for Class A, 1.85% for Class B, 1.85% for Class C, 1.10% for Class D, 1.35% for Class R, 0.81% for Class P, 0.71% for Institutional Class and 0.96% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report December 31, 2009 23

Allianz NFJ Mid-Cap Value Fund

(Unaudited)

Portfolio Insights

•Allianz NFJ Mid-Cap Value Fund seeks long-term growth of capital and income by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of companies with medium market capitalizations. •The Fund delivered strong results during the reporting period, outperforming its benchmark, the Russell Midcap Value Index. Stock selections decisions in the technology, industrials and consumer discretionary sectors contributed to the Fund’s outperformance of its benchmark. Stock selection decisions among materials and health care companies and an overweighting position in consumer staples sector detracted from relative returns. •U.S. stocks advanced through the reporting period, extending a rally that began in March 2009 and brought an 18-month bear market to an end. Government-supplied liquidity served to buoy prices of financial assets and among mid-cap value stocks. Rebounding financials and consumer discretionary stocks led the market advance. •The technology sector advanced on anticipation of a stronger IT spending environment in 2010. Shares of contract manufacturer Jabil Circuits rose after the electronics company reported strong quarterly earnings and provided an upbeat outlook for strengthening demand. Xerox, a leader in managed print services, announced higher revenues from print outsourcing services, a rare bright spot in an otherwise sluggish printing industry. •Signs of a nascent economic recovery and an upturn in demand served to boost share prices for companies in the industrials sector, which had been extremely hard hit by recession. The Fund’s positions in printer RR Donnelly and transport giant Ryder Systems significantly outperformed the market and the sector during the reporting period. RR Donnelly, the nation’s largest printer, saw share prices advance despite reports of lower profits. The company’s cost-cutting initiatives have improved liquidity and cash flow and have enabled RR Donnelley to reduce debt. Ryder shares advanced on optimism that a rebounding economy will boost demand for trucks. Ryder is the largest retailer of used trucks in the United States. •In the materials sector, the Fund’s position in United States Steel advanced during the reporting period but underperformed the rally in paper and chemical companies, detracting from returns compared to its benchmark. Economic growth and a weakening dollar combined to boost commodity prices during the reporting period, bolstering the earnings outlook for materials producers.

Average Annual Total Return for the period ended December 31, 2009

	6 Months*	1 Year	Fund Inception† (08/21/06)
Allianz NFJ Mid-Cap Value Fund Class A	33.55%	30.87%	–3.90%
Allianz NFJ Mid-Cap Value Fund Class A (adjusted)	26.19%	23.69%	–5.49%
Allianz NFJ Mid-Cap Value Fund Class C	33.14%	29.90%	–4.62%
Allianz NFJ Mid-Cap Value Fund Class C (adjusted)	32.14%	28.90%	–4.62%
Allianz NFJ Mid-Cap Value Fund Class D	33.59%	30.78%	–3.91%
Allianz NFJ Mid-Cap Value Fund Class P	33.80%	31.35%	–3.61%
Allianz NFJ Mid-Cap Value Fund Institutional Class	33.99%	31.47%	–3.52%
Russell Midcap Value Index	30.05%	34.21%	–2.87%
Lipper Mid-Cap Value Funds Average	27.33%	37.29%	–2.06%

† The Fund commenced operations on 08/21/06. Lipper comparisons began on 08/31/06.

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 and 1% contingent deferred sales charge (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. Please see pages 40 and 41 for more information. The Fund’s gross expense ratios are 1.27% for Class A shares, 2.02% for Class C shares, 1.27% for Class D shares, 0.99% for Class P shares and 0.92% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated 11/01/09, and as supplemented to date.

* Cumulative return

24 Allianz Funds

Allianz NFJ Mid-Cap Value Fund (Cont.)

(Unaudited)

Cumulative Returns Through December 31, 2009

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

Industry/Sectors*

Insurance	9.7%
Oil, Gas & Consumable Fuels	7.7%
Real Estate Investment Trust	7.5%
Specialty Retail	5.5%
Commercial Services & Supplies	5.4%
Gas Utilities	5.0%
Multi-Utilities	4.9%
Diversified Telecommunication Services	4.9%
Other	47.6%
Cash & Equivalents — Net	1.8%

* % of net assets as of December 31, 2009

Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (07/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/09)	$	1,335.50	$	1,331.40	$	1,335.90	$	1,338.00	$	1,339.90
Expenses Paid During Period	$	7.54	$	11.93	$	7.54	$	5.89	$	5.31
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (07/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/09)	$	1,018.75	$	1,014.97	$	1,018.75	$	1,020.16	$	1,020.67
Expenses Paid During Period	$	6.51	$	10.31	$	6.51	$	5.09	$	4.58

For each class of the Fund, expenses are equal to the expense ratio for the class (1.28% for Class A, 2.03% for Class C, 1.28% for Class D, 1.00% for Class P, and 0.90% for Institutional Class), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report December 31, 2009 25

Allianz NFJ Small-Cap Value Fund

(Unaudited)

Portfolio Insights

•Allianz NFJ Small-Cap Value Fund seeks long-term growth of capital and income by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in companies with smaller market capitalizations. The Fund currently considers smaller market capitalization companies to be companies with market capitalizations of between $100 million and $3.5 billion. •The Fund delivered strong results during the reporting period, underperforming its benchmark, the Russell 2000 Value Index. On an absolute basis, the Fund’s holdings in the materials and energy sectors figured prominently in gains during the period. Relative to its benchmark, an underweighting position in consumer discretionary companies, along with stock selection decisions in that sector, contributed to underperformance. Stock selections among materials and industrials companies also detracted from relative returns. An underweight position in the financials sector and stock selection decisions among financials and technology companies benefited relative returns. •U.S. stocks advanced through the reporting period, extending a rally that began in March 2009 and brought an 18-month bear market to an end. Government-supplied liquidity served to buoy prices of financial assets and among small-cap value stocks, Rebounding financials and industrials stocks led the market advance. •In the consumer discretionary sector, the Fund’s underweighting position in auto parts company stocks and overweighting position in specialty retail and firearms makers contributed to underperformance. •Among industrials, the Fund’s holdings in defense, security and specialty metals treatment companies underperformed as uncertainty over U.S. Defense Department budgets and the magnitude of economic recovery clouded the outlook for near-term earnings. •Among financials, the Fund benefited from holdings of healthcare-focused Real Estate Investment Trusts (“REITs”) and from stock selection decisions among regional banking companies. Health care REITs weathered the economic downturn relatively well and continued to generate steady income streams. The Fund’s financial holdings outperformed its benchmark’s financials constituents, which included troubled capital markets, trading and mortgage firms as well as local and regional banks.

Average Annual Total Return for the period ended December 31, 2009

	6 Months*	1 Year	5 Year	10 Year	Fund Inception† (10/01/91)
Allianz NFJ Small-Cap Value Fund Class A	22.78%	23.94%	4.81%	11.57%	11.55%
Allianz NFJ Small-Cap Value Fund Class A (adjusted)	16.03%	17.13%	3.63%	10.94%	11.21%
Allianz NFJ Small-Cap Value Fund Class B	22.33%	22.99%	4.03%	10.99%	11.23%
Allianz NFJ Small-Cap Value Fund Class B (adjusted)	17.33%	17.99%	3.75%	10.99%	11.23%
Allianz NFJ Small-Cap Value Fund Class C	22.37%	23.04%	4.03%	10.74%	10.72%
Allianz NFJ Small-Cap Value Fund Class C (adjusted)	21.37%	22.04%	4.03%	10.74%	10.72%
Allianz NFJ Small-Cap Value Fund Class D	22.81%	23.94%	4.81%	11.58%	11.56%
Allianz NFJ Small-Cap Value Fund Class R	22.68%	23.69%	4.55%	11.26%	11.21%
Allianz NFJ Small-Cap Value Fund Class P	23.00%	24.30%	5.12%	11.92%	11.90%
Allianz NFJ Small-Cap Value Fund Institutional Class	23.05%	24.47%	5.24%	12.04%	12.01%
Allianz NFJ Small-Cap Value Fund Administrative Class	22.89%	24.12%	4.97%	11.64%	11.66%
Russell 2000 Value Index	27.15%	20.58%	–0.01%	8.27%	10.96%
Lipper Small-Cap Core Funds Average	24.03%	31.90%	0.65%	5.86%	9.73%

† The Fund commenced operations on 10/01/91. Lipper comparisons began on 09/30/91.

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. Please see pages 40 and 41 for more information. The Fund’s gross expense ratios are 1.24% for Class A shares, 1.99% for Class B shares, 1.99% for Class C shares, 1.24% for Class D shares, 1.49% for Class R shares, 0.97% for Class P shares, 0.89% for Institutional Class shares and 1.14% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated 11/01/09, and as supplemented to date.

* Cumulative return

26 Allianz Funds

Allianz NFJ Small-Cap Value Fund (Cont.)

(Unaudited)

Cumulative Returns Through December 31, 2009

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

Industry/Sectors*

Oil, Gas & Consumable Fuels	12.5%
Gas Utilities	7.8%
Chemicals	6.7%
Real Estate Investment Trust	6.2%
Metals & Mining	5.4%
Health Care Equipment & Supplies	5.2%
Machinery	5.2%
Food Products	3.8%
Other	42.2%
Cash & Equivalents — Net	5.0%

* % of net assets as of December 31, 2009

Shareholder Expense Example	Actual Performance
	Class A		Class B		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (07/01/09)	$	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 (12/31/09)	$	1,227.80	$	1,223.30	$	1,223.70	$	1,228.10	$	1,226.80	$	1,230.00	$	1,230.50	$	1,228.90
Expenses Paid During Period	$	6.74	$	10.93	$	10.93	$	6.74	$	8.14	$	5.17	$	4.50	$	5.90
	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 (07/01/09)	$	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 (12/31/09)	$	1,019.16	$	1,015.38	$	1,015.38	$	1,019.16	$	1,017.90	$	1,020.57	$	1,021.17	$	1,019.91
Expenses Paid During Period	$	6.11	$	9.91	$	9.91	$	6.11	$	7.37	$	4.69	$	4.08	$	5.35

For each class of the Fund, expenses are equal to the expense ratio for the class (1.20% for Class A, 1.95% for Class B, 1.95% for Class C, 1.20% for Class D, 1.45% for Class R, 0.92% for Class P, 0.80% for Institutional Class and 1.05% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report December 31, 2009 27

Allianz OCC Growth Fund

(Unaudited)

Portfolio Insights

•Allianz OCC Growth Fund seeks long-term growth of capital by normally investing at least 65% of its assets in common stocks of growth companies with market capitalizations of at least $5 billion at the time of investment. •The Fund advanced strongly during the reporting period, underperforming its benchmark, the Russell 1000 Growth Index. In absolute terms, the Fund’s exposure to technology and healthcare companies fueled gains. However, relative to its benchmark, stock selections in those sectors, along with picks in the consumer discretionary sector, contributed to underperformance. Stock selections among materials and energy companies benefited returns compared to its benchmark. •U.S. stocks advanced through the reporting period, extending a rally that began in March 2009 and brought an 18-month bear market to an end. Government-supplied liquidity served to buoy prices of financial assets and among large-cap growth stocks. Rebounding technology stocks led the market advance. •In technology, shares of wireless telecommunications products and services provider Qualcomm and enterprise software maker Oracle contributed to the Fund’s underperformance of its benchmark as technology investors favored specific personal computing and networking stocks. Qualcomm shares delivered relatively flat performance as the company announced earnings below analyst expectations. •In the consumer discretionary sector, underweight positions in the retailers who were most favored by investors for their recession-combating efforts detracted from performance relative to its benchmark. The Fund’s position in apparel company Gap declined after analysts expressed concern over mid-December 2009 discount sales promotions in the company’s stores. •In the materials sector, metals companies advanced and the Fund’s position in international mining and natural resources company Cliffs Natural Resources registered solid gains. The company reported a marked improvement in business conditions and an improved outlook compared with the first half of 2009 based on improving demand from the company’s North American iron ore and metallurgical coal customers. Shares of copper miner Rio Tinto also rose due to the prospect of continued growth in demand from China and India. The surge has boosted iron ore spot prices.

Average Annual Total Return for the period ended December 31, 2009

	6 Months*	1 Year	5 Year	10 Year	Fund Inception† (02/24/84)
Allianz OCC Growth Fund Class A	19.41%	33.27%	3.78%	–3.36%	10.44%
Allianz OCC Growth Fund Class A (adjusted)	12.85%	25.95%	2.61%	–3.90%	10.20%
Allianz OCC Growth Fund Class B	18.95%	32.25%	3.01%	–3.87%	10.22%
Allianz OCC Growth Fund Class B (adjusted)	13.95%	27.25%	2.65%	–3.87%	10.22%
Allianz OCC Growth Fund Class C	18.95%	32.25%	2.99%	–4.08%	9.62%
Allianz OCC Growth Fund Class C (adjusted)	17.95%	31.25%	2.99%	–4.08%	9.62%
Allianz OCC Growth Fund Class D	19.42%	33.25%	3.78%	–3.36%	10.43%
Allianz OCC Growth Fund Class R	19.29%	32.92%	3.51%	–3.64%	10.08%
Allianz OCC Growth Fund Class P	19.60%	33.66%	4.09%	–3.05%	10.76%
Allianz OCC Growth Fund Institutional Class	19.61%	33.72%	4.18%	–2.95%	10.87%
Allianz OCC Growth Fund Administrative Class	19.47%	33.41%	3.93%	–3.23%	10.58%
Russell 1000 Growth Index	23.03%	37.21%	1.63%	–3.99%	9.85%
Lipper Large-Cap Growth Funds Average	22.04%	35.08%	0.92%	–2.90%	9.13%

† The Fund commenced operations on 02/24/84. Lipper comparisons began on 02/28/84.

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. Please see pages 40 and 41 for more information. The Fund’s gross expense ratios are 1.17% for Class A shares, 1.92% for Class B shares, 1.92% for Class C shares, 1.17% for Class D shares, 1.41% for Class R shares, 0.90% for Class P shares, 0.82% for Institutional Class shares and 1.07% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated 11/01/09, and as supplemented to date.

* Cumulative return

28 Allianz Funds

Allianz OCC Growth Fund (Cont.)

(Unaudited)

Cumulative Returns Through December 31, 2009

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

Industry/Sectors*

Semiconductors & Semiconductor Equipment	9.7%
Computers & Peripherals	9.3%
Pharmaceuticals	7.4%
Communications Equipment	6.9%
Oil, Gas & Consumable Fuels	6.6%
Biotechnology	6.2%
Internet Software & Services	4.7%
Health Care Providers & Services	4.5%
Other	41.6%
Cash & Equivalents — Net	3.1%

* % of net assets as of December 31, 2009

Shareholder Expense Example	Actual Performance
	Class A		Class B		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (07/01/09)	$	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 (12/31/09)	$	1,194.10	$	1,189.50	$	1,189.50	$	1,194.20	$	1,192.90	$	1,196.00	$	1,196.10	$	1,194.70
Expenses Paid During Period	$	6.42	$	10.54	$	10.54	$	6.42	$	7.79	$	4.87	$	4.32	$	5.70
	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 (07/01/09)	$	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 (12/31/09)	$	1,019.36	$	1,015.58	$	1,015.58	$	1,019.36	$	1,018.10	$	1,020.77	$	1,021.27	$	1,020.01
Expenses Paid During Period	$	5.90	$	9.70	$	9.70	$	5.90	$	7.17	$	4.48	$	3.97	$	5.24

For each class of the Fund, expenses are equal to the expense ratio for the class (1.16% for Class A, 1.91% for Class B, 1.91% for Class C, 1.16% for Class D, 1.41% for Class R, 0.88% for Class P, 0.78% for Institutional Class and 1.03% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report December 31, 2009 29

Allianz OCC Opportunity Fund

(Unaudited)

Portfolio Insights

•Allianz OCC Opportunity Fund seeks capital appreciation by normally investing at least 65% of its assets in common stocks of growth companies with market capitalizations of less than $2 billion. •The Fund delivered strong returns during the reporting period, outperforming its benchmark, the Russell 2000 Growth Index. Stock selection decisions in the technology and industrials sectors contributed to the Fund’s gains during the reporting period and to its outperformance of its benchmark. An underweighting position in energy stocks also benefited relative returns. Stock selection decisions among healthcare and consumer staples companies detracted from relative returns. •U.S. stocks advanced through the reporting period, extending a rally that began in March 2009 and brought an 18-month bear market to an end. Government-supplied liquidity served to buoy prices of financial assets and among small-cap growth stocks. Rebounding technology stocks led the market advance. •The Fund’s technology holdings performed well during the quarter, in part due to optimism that the IT spending environment for 2010 will likely improve. Shares of semiconductor company Teradyne rose on upgrades by analysts who cited the company’s significantly expanded market opportunity and reduced cost structure. One analyst reported that Teradyne is one of the best-positioned smaller semiconductor companies for the current upturn. Shares of Web analytic company Omniture rose sharply during the period on the announcement it would be purchased by Adobe, which makes graphic design software such as Flash, Acrobat and Photoshop. The acquisition is expected to create a one-stop shop for software services that can display ads and collect data from them. •Among industrials, shares of transportation companies advanced on the outlook for improved economic growth. Aegean Marine Petroleum Network, which sells boat fuel and lubricants to ships in port and at sea, saw its stock rise as quarterly profits increased on improving profit margins. Fund holdings in Atlas Air Worldwide, an air freight equipment and services company, and Continental Airlines also registered gains. •In the healthcare sector, uncertainty from public debate over the provision of health services in the U.S. suppressed returns. In this environment, surgical device company NuVasive saw its share price fall during the reporting period despite the company’s predictions for higher sales and profits for the fiscal year. Shares of Amag Pharmaceuticals, a biopharmaceutical company with proprietary nanoparticle technology, weakened as the company reported losses in revenues from decreased license-fee revenues and product sales.

Average Annual Total Return for the period ended December 31, 2009

	6 Months*	1 Year	5 Year	10 Year	Fund Inception† (02/24/84)
Allianz OCC Opportunity Fund Class A	20.69%	58.54%	2.80%	0.39%	11.88%
Allianz OCC Opportunity Fund Class A (adjusted)	14.05%	49.82%	1.64%	–0.18%	11.64%
Allianz OCC Opportunity Fund Class B	20.23%	57.32%	2.03%	–0.14%	11.65%
Allianz OCC Opportunity Fund Class B (adjusted)	15.23%	52.32%	1.68%	–0.14%	11.65%
Allianz OCC Opportunity Fund Class C	20.24%	57.37%	2.03%	–0.37%	11.06%
Allianz OCC Opportunity Fund Class C (adjusted)	19.24%	56.37%	2.03%	–0.37%	11.06%
Allianz OCC Opportunity Fund Class D	20.67%	58.53%	2.82%	0.40%	11.92%
Allianz OCC Opportunity Fund Class R	20.44%	58.17%	2.58%	0.13%	11.62%
Allianz OCC Opportunity Fund Class P	20.87%	59.00%	3.10%	0.64%	12.18%
Allianz OCC Opportunity Fund Institutional Class	20.89%	59.23%	3.21%	0.74%	12.29%
Allianz OCC Opportunity Fund Administrative Class	20.75%	58.80%	2.95%	0.54%	12.03%
Russell 2000 Growth Index	20.75%	34.47%	0.87%	–1.37%	6.53%
Lipper Small-Cap Growth Funds Average	22.04%	36.20%	0.23%	-0.18%	9.39%

† The Fund commenced operations on 02/24/84. Lipper comparisons began on 02/29/84.

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. Please see pages 40 and 41 for more information. The Fund’s gross expense ratios are 1.32% for Class A shares, 2.07% for Class B shares, 2.07% for Class C shares, 1.32% for Class D shares, 1.57% for Class R shares, 1.05% for Class P shares, 0.97% for Institutional Class shares and 1.22% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated 11/01/09, and as supplemented to date.

* Cumulative return

30 Allianz Funds

Allianz OCC Opportunity Fund (Cont.)

(Unaudited)

Cumulative Returns Through December 31, 2009

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

Industry/Sectors*

Oil, Gas & Consumable Fuels	11.4%
Semiconductors & Semiconductor Equipment	10.9%
Software	8.8%
Hotels, Restaurants & Leisure	6.8%
Biotechnology	6.5%
Health Care Equipment & Supplies	6.0%
Pharmaceuticals	4.3%
Professional Services	3.8%
Other	41.3%
Cash & Equivalents — Net	0.2%

* % of net assets as of December 31, 2009

Shareholder Expense Example	Actual Performance
	Class A		Class B		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (07/01/09)*	$	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 (12/31/09)	$	1,206.90	$	1,202.30	$	1,202.40	$	1,206.70	$	1,139.90	$	1,208.70	$	1,208.90	$	1,207.50
Expenses Paid During Period	$	7.29	$	11.44	$	11.44	$	7.29	$	2.70	$	5.73	$	5.18	$	6.57
	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 (07/01/09)*	$	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 (12/31/09)	$	1,018.60	$	1,014.82	$	1,014.82	$	1,018.60	$	1,017.34	$	1,020.01	$	1,020.52	$	1,019.26
Expenses Paid During Period	$	6.67	$	10.46	$	10.46	$	6.67	$	7.93	$	5.24	$	4.74	$	6.01

*Class R commenced operations on November 2, 2009. The Actual expense example for Class R is based on the period since inception (59 days); the Hypothetical expense is based on the half-year period beginning July 1, 2009 (184 days).

For each class of the Fund, expenses are equal to the expense ratio for the class (1.31% for Class A, 2.06% for Class B, 2.06% for Class C, 1.31% for Class D, 1.56% for Class R, 1.03% for Class P, 0.93% for Institutional Class and 1.18% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period, except for Class R as described above).

Semiannual Report December 31, 2009 31

Allianz OCC Target Fund

(Unaudited)

Portfolio Insights

•Allianz OCC Target Fund seeks capital appreciation by normally investing at least 65% of its assets in equity securities of “growth” companies with market capitalizations of at least $1 billion, although it may invest in companies of any size. •The Fund delivered strong returns during the reporting period, outperforming its benchmark, the Russell Midcap Growth Index. In absolute terms, the Fund’s exposure to technology stocks contributed most to gains. Stock selection decisions in the industrials and consumer discretionary sectors contributed to the Fund’s outperformance of its benchmark while selections among healthcare and energy stocks detracted from relative returns. •U.S. stocks advanced through the reporting period, extending a rally that began in March 2009 and brought an 18-month bear market to an end. Government-supplied liquidity served to buoy prices of financial assets and among mid-cap growth stocks. Rebounding technology stocks led the market advance. •Among industrials, shares of Textron, a multi-industry company with a network of aircraft, defense, industrial and finance businesses, contributed to gains as the company saw signs of stabilization in the business-jet market and reported modest improvement in new orders of Cessna business jets, its largest source of revenue. Shares of Aegean Marine Petroleum Network advanced as the company, which sells boat fuel and lubricants to ships in port and at sea, reported third-quarter profits that beat analyst estimates. •In the consumer discretionary sector entertainment and retail stocks advanced with an improving economic outlook. Shares of Las Vegas Sands rose as analysts raised share-price targets for the stock. The casino operator should stand to gain from gaming growth and business developments in the Chinese enclave of Macau, the only place in China where gambling is legal. •In healthcare, while shares of St. Jude Medical, producer of cardiovascular medical devices recovered in the latter part of the year, shares during the reporting period were down on news that the company and a competitor reported weakening demand for heart implants. Later in the period, yet another competitor reported increased sales which helped lift stock prices.

Average Annual Total Return for the period ended December 31, 2009

	6 Months*	1 Year	5 Year	10 Year	Fund Inception† (12/17/92)
Allianz OCC Target Fund Class A	28.13%	51.45%	1.12%	–0.92%	9.11%
Allianz OCC Target Fund Class A (adjusted)	21.08%	43.12%	–0.02%	–1.48%	8.75%
Allianz OCC Target Fund Class B	27.70%	50.30%	0.38%	–1.39%	8.77%
Allianz OCC Target Fund Class B (adjusted)	22.70%	45.30%	0.08%	–1.39%	8.77%
Allianz OCC Target Fund Class C	27.70%	50.49%	0.38%	–1.61%	8.33%
Allianz OCC Target Fund Class C (adjusted)	26.70%	49.49%	0.38%	–1.61%	8.33%
Allianz OCC Target Fund Class D	28.22%	51.56%	1.13%	–0.91%	9.11%
Allianz OCC Target Fund Class P	28.40%	52.01%	1.43%	–0.66%	9.42%
Allianz OCC Target Fund Institutional Class	28.41%	52.08%	1.53%	–0.56%	9.53%
Allianz OCC Target Fund Administrative Class	28.15%	51.67%	1.27%	–0.72%	9.33%
Russell Midcap Growth Index	25.45%	46.29%	2.40%	–0.52%	7.74%
Lipper Multi-Cap Growth Funds Average	22.96%	38.12%	1.59%	–1.91%	7.70%

† The Fund commenced operations on 12/17/92. Lipper comparisons began on 12/31/92.

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. Please see pages 40 and 41 for more information. The Fund’s gross expense ratios are 1.22% for Class A shares, 1.97% for Class B shares, 1.97% for Class C shares, 1.22% for Class D shares, 0.95% for Class P shares, 0.87% for Institutional Class shares and 1.12% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated 11/01/09, and as supplemented to date.

* Cumulative return

32 Allianz Funds

Allianz OCC Target Fund (Cont.)

(Unaudited)

Cumulative Returns Through December 31, 2009

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

Industry/Sectors*

Semiconductors & Semiconductor Equipment	8.3%
Oil, Gas & Consumable Fuels	8.2%
Communications Equipment	5.6%
Health Care Providers & Services	5.5%
Biotechnology	5.3%
Aerospace & Defense	4.0%
Machinery	3.7%
Media	3.7%
Other	55.7%
Cash & Equivalents — Net	0.0%	**

* % of net assets as of December 31, 2009

** Less than 0.05%

Shareholder Expense Example	Actual Performance
	Class A		Class B		Class C		Class D		Class P		Institutional Class		Administrative Class
Beginning Account Value (07/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/09)	$	1,281.30	$	1,277.00	$	1,277.00	$	1,282.20	$	1,284.00	$	1,284.10	$	1,281.50
Expenses Paid During Period	$	6.96	$	11.25	$	11.25	$	6.96	$	5.35	$	4.78	$	6.21
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class B		Class C		Class D		Class P		Institutional Class		Administrative Class
Beginning Account Value (07/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/09)	$	1,019.11	$	1,015.32	$	1,015.32	$	1,019.11	$	1,020.52	$	1,021.02	$	1,019.76
Expenses Paid During Period	$	6.16	$	9.96	$	9.96	$	6.16	$	4.74	$	4.23	$	5.50

For each class of the Fund, expenses are equal to the expense ratio for the class (1.21% for Class A, 1.96% for Class B, 1.96% for Class C, 1.21% for Class D, 0.93% for Class P, 0.83% for Institutional Class and 1.08% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period, except for Class R as described above).

Semiannual Report December 31, 2009 33

Allianz RCM Large-Cap Growth Fund

(Unaudited)

Portfolio Insights

• Allianz RCM Large-Cap Growth Fund seeks long-term capital appreciation by normally investing at least 80% of its net assets in stocks of U.S. companies with market capitalizations of at least $5 billion. • While stock selection drove the Fund’s outperformance relative to its benchmark, the Russell 1000 Growth Index, sector allocation also contributed positively during the reporting period. • U.S. equities appreciated amid a strengthening economy and healthier corporate profits, capping a powerful rally that began in March 2009 as the government rolled out aggressive programs to help revive the economy. The Russell 1000 Growth Index gained 23% during the second half of 2009. • Stock selection in industrials and an underweight position in the consumer staples sector contributed positively to the Fund’s relative returns while stock selection in financials and health care detracted during the reporting period. • Industrials holdings FedEx and Burlington Northern Santa Fe contributed positively to the Fund’s relative returns. Railroad stock Burlington Northern appreciated on news Berkshire Hathaway agreed to purchase the shares it did not already own for $100 per share, a 31% premium to the prior day’s closing price. The Fund trimmed Burlington Northern after the announcement and invested the majority of the proceeds in other industrials holdings. • Conversely, energy holding Weatherford International declined as company’s third quarter operating earnings fell short of expectations. Lower than expected operating margins in Latin American and the Middle East/Asia accounted for the majority of the shortfall. Uncertainty regarding drilling plans in Mexico also weighed on the shares. Healthcare holding Gilead Sciences also detracted from relative returns.

Average Annual Total Return for the period ended December 31, 2009

	6 Months*	1 Year	5 Year	10 Year	Fund Inception† (12/31/96)
Allianz RCM Large-Cap Growth Fund Class A	20.45%	38.46%	2.46%	–2.53%	5.89%
Allianz RCM Large-Cap Growth Fund Class A (adjusted)	13.83%	30.85%	1.31%	–3.08%	5.43%
Allianz RCM Large-Cap Growth Fund Class B	19.99%	37.44%	1.70%	–3.12%	5.40%
Allianz RCM Large-Cap Growth Fund Class B (adjusted)	14.99%	32.44%	1.35%	–3.12%	5.40%
Allianz RCM Large-Cap Growth Fund Class C	20.06%	37.48%	1.71%	–3.25%	5.11%
Allianz RCM Large-Cap Growth Fund Class C (adjusted)	19.06%	36.48%	1.71%	–3.25%	5.11%
Allianz RCM Large-Cap Growth Fund Class D	20.46%	38.48%	2.47%	–2.47%	6.00%
Allianz RCM Large-Cap Growth Fund Class R	20.37%	38.10%	2.21%	–2.78%	5.62%
Allianz RCM Large-Cap Growth Fund Class P	20.67%	38.86%	2.79%	–2.21%	6.24%
Allianz RCM Large-Cap Growth Fund Institutional Class	20.72%	39.01%	2.89%	–2.11%	6.34%
Allianz RCM Large-Cap Growth Fund Administrative Class	20.68%	38.72%	2.64%	–2.34%	6.09%
Russell 1000 Growth Index	23.03%	37.21%	1.63%	–3.99%	3.71%
S&P 500 Index	22.59%	26.46%	0.42%	–0.95%	5.00%
Lipper Large-Cap Growth Funds Average	22.04%	35.08%	0.92%	–2.90%	4.11%

† The Fund commenced operations on 12/31/96. Lipper comparisons began on 12/31/96.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at www.allianzinvestors.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum 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. Please see pages 40 and 41 for more information. The Fund’s gross expense ratios are 1.12% for Class A shares, 1.87% for Class B shares, 1.87% for Class C shares, 1.12% for Class D shares, 1.37% for Class R shares, 0.86% for Class P shares, 0.77% for Institutional Class shares and 1.02% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated 11/01/09, and as supplemented to date.

* Cumulative return

34 Allianz Funds

Allianz RCM Large-Cap Growth Fund (Cont.)

(Unaudited)

Cumulative Returns Through December 31, 2009

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

Industry/Sectors*

Computers & Peripherals	8.9%
Software	8.6%
Biotechnology	5.6%
Internet Software & Services	5.1%
Capital Markets	4.9%
Communications Equipment	4.8%
Oil, Gas & Consumable Fuels	4.1%
Energy Equipment & Services	4.0%
Other	51.4%
Cash & Equivalents — and options written	2.6%

* % of net assets as of December 31, 2009

Shareholder Expense Example	Actual Performance
	Class A		Class B		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (07/01/09)	$	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 (12/31/09)	$	1,204.50	$	1,199.90	$	1,200.60	$	1,204.60	$	1,203.70	$	1,206.70	$	1,207.20	$	1,206.80
Expenses Paid During Period	$	6.17	$	10.31	$	10.32	$	6.17	$	7.55	$	4.62	$	4.06	$	5.45
	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 (07/01/09)	$	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 (12/31/09)	$	1,019.61	$	1,015.83	$	1,015.83	$	1,019.61	$	1,018.35	$	1,021.02	$	1,021.53	$	1,020.27
Expenses Paid During Period	$	5.65	$	9.45	$	9.45	$	5.65	$	6.92	$	4.23	$	3.72	$	4.99

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.11% for Class A, 1.86% for Class B, 1.86% for Class C, 1.11% for Class D, 1.36% for Class R, 0.83% for Class P, 0.73% for Institutional Class and 0.98% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report December 31, 2009 35

Allianz RCM Mid-Cap Fund

(Unaudited)

Portfolio Insights

• Allianz RCM Mid-Cap Fund seeks long-term capital appreciation by normally investing at least 80% of its net assets in equity securities of medium-sized U.S. companies with market capitalizations comparable to those companies included in the Russell Midcap Growth Index. • The Fund’s outperformance relative to its benchmark, the Russell Midcap Growth Index, was attributable to positive stock selection and sector allocation during the reporting period. • Mid-cap stocks ended the second half of 2009 higher amid a strengthening economy and healthier corporate profits. The gains capped a powerful rally that began in March 2009 as the government rolled out aggressive programs to help revive the economy. • The Russell Midcap Growth Index gained 25.45% during the second half of 2009 and 46.29% for the full year. Mid-cap equities were the best performing size-segment this year, outperforming small-caps and large-caps by a wide margin. • Stock selection in consumer discretionary and materials sectors contributed positively to the relative returns. This was offset by stock selection in technology, energy, and industrials that detracted during the reporting period. • Consumer holdings Starbucks and Guess along with lupus drug developer Human Genome Sciences sharply appreciated during the period, making them top contributors to relative returns. • Conversely, smartphone maker Palm and energy services holding Weatherford International declined during the period, detracting from relative returns. Video game publisher Activision Blizzard also detracted during the reporting period.

Average Annual Total Return for the period ended December 31, 2009

	6 Months*	1 Year	5 Year	10 Year	Fund Inception† (11/06/79)
Allianz RCM Mid-Cap Fund Class A	24.62%	47.28%	2.66%	–0.95%	13.07%
Allianz RCM Mid-Cap Fund Class A (adjusted)	17.76%	39.18%	1.50%	–1.51%	12.86%
Allianz RCM Mid-Cap Fund Class B	24.20%	47.15%	1.99%	–1.39%	12.86%
Allianz RCM Mid-Cap Fund Class B (adjusted)	19.20%	42.15%	1.66%	–1.39%	12.86%
Allianz RCM Mid-Cap Fund Class C	24.33%	46.51%	1.92%	–1.57%	12.32%
Allianz RCM Mid-Cap Fund Class C (adjusted)	23.33%	45.51%	1.92%	–1.57%	12.32%
Allianz RCM Mid-Cap Fund Class D	24.85%	48.02%	2.81%	–0.72%	13.35%
Allianz RCM Mid-Cap Fund Class R	24.48%	46.84%	2.49%	–0.99%	12.91%
Allianz RCM Mid-Cap Fund Institutional Class	24.80%	48.47%	3.12%	–0.33%	13.68%
Allianz RCM Mid-Cap Fund Administrative Class	24.90%	48.55%	2.85%	–0.62%	13.38%
Russell Midcap Index	27.76%	40.48%	2.43%	4.98%	12.96%
Russell Midcap Growth Index	25.45%	46.29%	2.40%	–0.52%	11.85%
Lipper Mid-Cap Growth Funds Average	24.22%	40.40%	1.63%	0.11%	10.71%

† The Fund commenced operations on 11/06/79. Lipper comparisons began on 10/31/79.

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. Please see pages 40 and 41 for more information. The Fund’s gross expense ratios are 1.14% for Class A shares, 1.89% for Class B shares, 1.89% for Class C shares, 1.14% for Class D shares, 1.39% for Class R shares, 0.79% for Institutional Class shares and 1.04% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated 11/01/09, and as supplemented to date.

* Cumulative return

36 Allianz Funds

Allianz RCM Mid-Cap Fund (Cont.)

(Unaudited)

Cumulative Returns Through December 31, 2009

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

Industry/Sectors*

Semiconductors & Semiconductor Equipment	8.0%
Software	6.3%
Specialty Retail	5.7%
Capital Markets	5.2%
Electrical Equipment	5.0%
Hotels, Restaurants & Leisure	4.5%
Energy Equipment & Services	4.0%
Communications Equipment	3.8%
Other	57.0%
Cash & Equivalents — Net	0.5%

* % of net assets as of December 31, 2009

Shareholder Expense Example	Actual Performance
	Class A		Class B		Class C		Class D		Class R		Institutional Class		Administrative Class
Beginning Account Value (07/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/09)	$	1,246.20	$	1,242.00	$	1,243.30	$	1,248.50	$	1,244.80	$	1,248.00	$	1,249.00
Expenses Paid During Period	$	6.45	$	10.74	$	10.74	$	6.52	$	7.92	$	4.36	$	5.78
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class B		Class C		Class D		Class R		Institutional Class		Administrative Class
Beginning Account Value (07/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/09)	$	1,019.46	$	1,015.63	$	1,015.63	$	1,019.41	$	1,018.15	$	1,021.32	$	1,020.06
Expenses Paid During Period	$	5.80	$	9.65	$	9.65	$	5.85	$	7.12	$	3.92	$	5.19

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.14% for Class A, 1.90% for Class B, 1.90% for Class C, 1.15% for Class D, 1.40% for Class R, 0.77% for Institutional Class and 1.02% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report December 31, 2009 37

Allianz RCM Strategic Growth Fund

(Unaudited)

Portfolio Insights

• Allianz RCM Strategic Growth Fund seeks capital appreciation by normally investing primarily in equity and equity-related instruments of companies of all market capitalizations. • Positive stock selection and sector allocation contributed to the Fund’s outperformance relative to its benchmark, the Russell 3000 Growth Index, during the reporting period. • U.S. equities appreciated amid a strengthening economy and healthier corporate profits, capping a powerful rally that began in March 2009 as the government rolled out aggressive programs to help revive the economy. The Russell 3000 Growth Index, a broad market growth yardstick, gained 23% during the second half of 2009, lifting its gain to 37% for the year. • Stock selection in healthcare and technology, along with a relative underweight position in healthcare and overweight position in technology, contributed positively to the relative returns. • Top performers in the Fund include chipmaker Marvell Technology and storage computer maker NetApp. Computer and mobile phone chipmaker Marvell reported third quarter earnings and revenues that came in well ahead of analyst estimates and the company’s own recently boosted guidance. Order trends improved across all of Marvell’s businesses. • Conversely, stock selection in the financials and industrials sectors detracted from relative returns during the reporting period. • State Street bank and engineering and construction company Quanta Services earnings declined during the reporting period. In October 2009, custodial bank State Street reduced its 2009 earning forecast. While in the third quarter operating earnings topped expectations, weak securities lending revenues also weighed on the shares. On a positive note, State Street won a $300 billion custody contract and announced it would purchase Italian bank Intesa Sanpaolo’s securities servicing business, gaining an additional $500 billion in custody assets.

Average Annual Total Return for the period ended December 31, 2009

	6 Months*	1 Year	Fund Inception† (03/31/06)
Allianz RCM Strategic Growth Fund Class A	19.45%	39.85%	0.30%
Allianz RCM Strategic Growth Fund Class A (adjusted)	12.88%	32.16%	–1.20%
Allianz RCM Strategic Growth Fund Class C	18.94%	38.89%	–0.46%
Allianz RCM Strategic Growth Fund Class C (adjusted)	17.94%	37.89%	–0.46%
Allianz RCM Strategic Growth Fund Class D	19.38%	39.79%	0.26%
Allianz RCM Strategic Growth Fund Class P	19.55%	40.09%	0.56%
Allianz RCM Strategic Growth Fund Institutional Class	19.70%	40.38%	0.67%
Allianz RCM Strategic Growth Fund Administrative Class	19.53%	39.98%	0.43%
Russell 3000 Growth Index	22.85%	37.01%	–0.32%
Russell 1000 Growth Index	23.03%	37.21%	–0.02%
Lipper Multi-Cap Growth Funds Average	22.96%	38.12%	–1.88%

† The Fund commenced operations on 03/31/06. Lipper comparisons began on 03/31/06.

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 and 1% contingent deferred sales charge (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. Please see pages 40 and 41 for more information. The Fund’s gross expense ratios are 1.71% for Class A shares, 2.47% for Class C shares, 1.70% for Class D shares, 1.46% for Class P shares, 1.36% for Institutional Class shares and 1.61% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated 11/01/09, and as supplemented to date.

* Cumulative return

38 Allianz Funds

Allianz RCM Strategic Growth Fund (Cont.)

(Unaudited)

Cumulative Returns Through December 31, 2009

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

Industry/Sectors*

Semiconductors & Semiconductor Equipment	9.1%
Software	8.5%
Computers & Peripherals	7.6%
Communications Equipment	7.6%
Capital Markets	5.2%
Specialty Retail	4.7%
Oil, Gas & Consumable Fuels	4.4%
Internet Software & Services	4.3%
Other	47.5%
Cash & Equivalents and Options Written & Securities Sold Short	1.1%

* % of net assets as of December 31, 2009

Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class P		Institutional Class		Administrative Class
Beginning Account Value (07/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/09)	$	1,194.50	$	1,189.40	$	1,193.80	$	1,195.50	$	1,197.00	$	1,195.30
Expenses Paid During Period	$	9.40	$	13.47	$	9.40	$	7.91	$	7.31	$	8.69
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class P		Institutional Class		Administrative Class
Beginning Account Value (07/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/09)	$	1,016.64	$	1,012.91	$	1,016.64	$	1,018.00	$	1,018.55	$	1,017.29
Expenses Paid During Period	$	8.64	$	12.38	$	8.64	$	7.27	$	6.72	$	7.98

For each class of the Fund, expenses are equal to the expense ratio for the class (1.70% for Class A, 2.44% for Class C, 1.70% for Class D, 1.43% for Class P, 1.32% for Institutional Class and 1.57% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report December 31, 2009 39

Important Information About the Funds

Share Class (A/B/C)

The inception date on each Fund Summary page is the inception date of the Fund’s oldest share class or classes. Unless otherwise indicated, the noted A, B, or C share class is one of the Fund’s oldest share classes. The oldest share class for the following Funds is the Institutional share class, and the A, B and/or C shares were first offered in the month/year indicated in parenthesis after each Fund name: CCM Capital Appreciation (1/97), CCM Focused Growth (7/06), CCM Mid-Cap (1/97), NFJ Dividend Value (10/01), NFJ Large-Cap Value (7/02), NFJ Small-Cap Value (1/97), RCM Large-Cap Growth (2/02), and RCM Mid-Cap (2/02). The oldest share classes for OCC Target are A and C, and the B shares were first offered in 5/95. The oldest share class for the following funds is C, and the A and B shares were first offered in: OCC Growth (A in 10/90, B in 5/95) and OCC Opportunity (A in 12/90, B in 3/99).

Class A shares are subject to an initial sales charge. Class B shares are subject to a contingent deferred sales charge (CDSC) which declines from 5% in the first year to 0% at the beginning of the seventh year. Class C shares are subject to a 1% CDSC for shares redeemed in the first year.

Share Class (D)

The inception date on each Fund Summary page is the inception date of the Fund’s oldest share class or classes. Unless otherwise indicated, the noted D share class is one of the Fund’s oldest share classes. The oldest share class for the following Funds is the Institutional shares, and the D shares were first offered in the month/year indicated in parenthesis after each Fund name: CCM Capital Appreciation (4/98), CCM Focused Growth (7/06), CCM Mid-Cap (4/98), NFJ Dividend Value (10/01), NFJ Large-Cap Value (7/02), NFJ Small-Cap Value (6/02), RCM Large-Cap Growth (3/99) and RCM Mid-Cap (12/00). The oldest share class for OCC Target is the A shares, and the D shares were first offered in 6/00. The oldest share class for the following Funds is the C shares, and the D shares were first offered in (month/year): OCC Growth (1/00).

Share Class (R)

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 are (Fund/share class): CCM Capital Appreciation/Institutional, CCM Mid-Cap/Institutional, NACM Global/A, NFJ Dividend Value/Institutional and Administrative, NFJ Small-Cap Value/Institutional, OCC Growth/C, RCM Large-Cap Growth/Institutional and RCM Mid-Cap/Institutional. R shares for these Funds were first offered in 12/02. The oldest share class for NACM International and NFJ Large-Cap Value is the Institutional share class, and NACM International R shares class was first offered in 1/06. The oldest share class for NFJ International Value is the Institutional share class and for OCC Opportunity is Class C, and each first offered Class R shares class in 11/09.

Share Class (P)

Class P shares were launched on July 7, 2008.

Share Class (Institutional/Administrative)

The inception date on each Fund Summary page is the inception date of the Fund’s oldest share class or classes. Unless otherwise indicated, the noted Institutional or Administrative share class is one of the Fund’s oldest share classes. The oldest share class for OCC Target is the A class and the Institutional and Administrative shares were first offered in 3/99. The oldest share class for the following Funds is the C shares, and the Institutional and Administrative shares were first offered in the month/year indicated in parenthesis after each Fund name: OCC Growth (3/99) and OCC Opportunity (3/99). The oldest share class for the following Funds is the Institutional class and the Administrative shares were first offered in the month/year indicated in parenthesis after each Fund name: CCM Capital Appreciation (7/96), CCM Emerging Companies (4/96), CCM Focused Growth (9/06), CCM Mid-Cap (11/94), NFJ Large-Cap Value (9/06) and NFJ Small-Cap Value (11/95).

The oldest share class for the following funds is the Institutional class, and the Administrative shares were first offered on the month/year indicated in parenthesis after each Fund name: RCM Disciplined International Equity (formerly RCM International Growth Equity) (2/02), RCM Large-Cap Growth (2/02), RCM Mid-Cap (2/02) and RCM Technology (3/05).

Returns measure performance from the inception of the oldest share class to the present, therefore some returns predate the inception of the noted 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.

As of November 1, 2009, Class B shares of Allianz Funds were no longer available for purchase, except through exchanges and dividend reinvestment.

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 Average Annual Total Return 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 dividend 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.

40 Allianz Funds

Proxy Voting

The Funds’ Adviser 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 (the “Trust”) as the policies and procedures that the Sub-Adviser will use when voting proxies on behalf of the Funds. Copies of the written Proxy Policy, the factors that the Sub-Adviser 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 provided without charge, upon request, by calling the Trust at 1-888-877-4626, 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 the fiscal year; such filings are available on the SEC’s Web site at http://www.sec.gov. A copy of the Funds’ Form N-Q, when available, will be provided without charge, upon request, by calling the Fund at 1-888-877-4626. In addition, the Funds’ 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.

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

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs; and (2) ongoing costs, including investment management fees; distribution and/or service (12b-1) fees and other Fund expenses. The Shareholder Expense Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 July 1, 2009 through December 31, 2009.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = $8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Accounts with a balance of $2,500.00 or less may be charged an additional fee at an annual rate of $16.00.

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 the 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 the Fund to those of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the 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, such as sales charges. 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 may have been higher.

Expense ratios may vary from period to period because of various factors such as increases in expenses not covered by advisory and administrative fees (for example, expenses of the trustees and their counsel or litigation expenses) and/or because of reductions in the administrative fees resulting from the size of the fund.

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

Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY, 10105, www.allianzinvestors.com, 1-888-877-4626.

Semiannual Report December 31, 2009 41

Benchmark Descriptions

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

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

Index	Description
48% Russell 3000 Index, 12% MSCI All Country World Index Ex-US, 40% Barclays Capital U.S. Aggregate Index	The Blended Index represents the blended performance of a hypothetical index developed by the Adviser made up of 48% Russell 3000 Index, 12% MSCI All Country World ex-U.S. Index and 40% Barclays Capital U.S. Aggregate Index. The Russell 3000 Index and the Barclays Capital U.S. Aggregate Index are described below. The MSCI All Country World ex-U.S. Index is an unmanaged index of stocks representing both developed and emerging markets but excluding the United States. The Barclays Capital U.S. Aggregate Index is an unmanaged index of investment grade, U.S. dollar-denominated fixed-income securities of domestic issuers having a maturity greater than one year. The Russell 3000 Index is an unmanaged index of the 3,000 largest U.S. companies based on total market capitalization.
Barclays Capital U.S. Aggregate Index	The Barclays Capital U.S. Aggregate Index is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, and Asset-Backed Securities Index. It is generally considered to be representative of the domestic, investment-grade, fixed-rate, taxable bond market.
MSCI All Country World Ex US Index	The Morgan Stanley Capital International All Country World ex-US Index (MSCI ACWI ex-US) is a market capitalization weighted index composed of approximately 2000 companies. It is representative of the market structure of 21 developed countries in North America, Europe, and the Pacific Rim, and excludes securities of United States’ issuers.
MSCI All Country World Index	The Morgan Stanley Capital International All Country World Index (MSCI ACWI) is a market capitalization weighted index composed of over 2000 companies. It is representative of the market structure of 22 developed countries in North America, Europe, and the Pacific Rim.
MSCI EAFE Growth Index	The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East Growth Index (EAFE Growth) is an unmanaged index consisting of 50% of the MSCI EAFE with the highest Price/Book Value ratio. Index weightings represent the relative capitalizations of the major overseas markets included in the index on a U.S. dollar adjusted basis.
MSCI EAFE Index	The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East Index (EAFE) is an unmanaged index of over 900 companies, and is a generally accepted benchmark for major overseas markets. Index weightings represent the relative capitalizations of those markets included in the index on a U.S. dollar adjusted basis.
MSCI Emerging Markets Index	The Morgan Stanley Capital International (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 Pacific Index	The Morgan Stanley Capital International (MSCI) Pacific Index is a market capitalization weighted index composed of over 700 companies. It is representative of the market structure of five developed market countries in the Pacific Basin: Australia, Hong Kong, Japan, New Zealand, and Singapore.
MSCI World Healthcare and Consumer Blended Index	The benchmark is a blend of 70% MSCI World Healthcare Index, 15% MSCI World Consumer Discretionary Index and 15% MSCI World Consumer Staples Index. The Morgan Stanley Capital International (MSCI) World Index is an unmanaged market-weighted index that consists of over 1,200 securities traded in 23 of the worlds most developed countries. Securities are listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand, and the Far East. The World Healthcare and Consumer Blended Benchmark represents the performance of a hypothetical index developed by the Adviser.
MSCI World Index	The Morgan Stanley Capital International (MSCI) World Index is a free float-adjusted market capitalization index that is designed to measure global developed-market equity performance.

42 Allianz Funds

Benchmark Descriptions (Cont.)

Index	Description
MSCI World Small-Cap Index	The Morgan Stanley Capital International (MSCI) World Small-Cap Index is a free float-adjusted market capitalization index that is designed to measure small-cap equity performance in the global developed markets. The index targets 40% of the eligible small-cap universe within each industry group, within each country. MSCI defines the small-cap universe as all listed securities with a market capitalization in the range of USD 200-1,500 million.
NASDAQ Composite Index	The NASDAQ Composite Index is a market-value-weighted, technology-oriented index composed of approximately 5,000 domestic and foreign securities.
Russell 1000 Index	The Russell 1000 Index is an unmanaged index that consists of the 1,000 largest companies in the Russell 3000 Index and represents approximately 90% of the total market capitalization of the Russell 3000 Index. It is highly correlated with the S&P 500 Index.
Russell 1000 Growth Index	The Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.
Russell 1000 Value Index	The Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.
Russell 2000 Index	The Russell 2000 Index is an unmanaged index that consists of the 2,000 smallest companies in the Russell 3000 Index and represents approximately 10% of the total market capitalization of the Russell 3000. It is generally considered representative of the small-cap market.
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 Value Index	The Russell 2000 Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.
Russell 3000 Growth Index	The Russell 3000 Growth Index is an unmanaged index composed of those Russell 3000 companies with higher price-to-book ratios and higher forecasted growth values.
Russell 3000 Index	The Russell 3000 Index is an unmanaged index generally representative of the U.S. market for large domestic stocks, as determined by total market capitalization, and which represents approximately 98% of the investable U.S. equity market.
Russell 3000 Value Index	The Russell 3000 Value Index is an unmanaged index that measures the performance of companies in the Russell 1000 and Russell 2000 Indexes that are considered to have less than average growth orientation.
Russell Midcap Index	The Russell Midcap Index is an unmanaged index that represents the smallest, by market capitalization, 800 companies in the Russell 1000 Index.
Russell Midcap Growth Index	Russell Midcap Growth Index is an unmanaged index that measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth Index.
Russell Midcap Value Index	The Russell Midcap Value Index is an unmanaged index that measures the performance of medium capitalization companies in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000 Value Index.
Russell Top 200 Value Index	The Russell Top 200 Value Index measures the performance of those Russell Top 200 companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000 Value index.
S&P 500 Index	The Standard & Poor’s 500 Composite Index is an unmanaged market index that is generally representative of the U.S. stock market.
S&P North American Technology Sector Index™ (formerly S&P GSTI Composite Index)	The S&P North American Technology-Internet Sector Index™ is a modified capitalization-weighted index of companies involved in the internet-related sector of the technology industry.

Semiannual Report December 31, 2009 43

Schedule of Investments

CCM Capital Appreciation Fund

December 31, 2009 (unaudited)

	Shares	Value (000s)
COMMON STOCK—97.2%
Aerospace & Defense—2.2%
Goodrich Corp.	157,940	$10,147
Raytheon Co.	227,110	11,701
		21,848
Air Freight & Logistics—1.2%
United Parcel Service, Inc., Class B	200,570	11,507
Auto Components—1.3%
Johnson Controls, Inc.	457,260	12,456
Beverages—1.1%
Molson Coors Brewing Co., Class B	232,240	10,488
Biotechnology—3.6%
Amgen, Inc. (a)	205,050	11,600
Biogen Idec, Inc. (a)	257,700	13,787
Gilead Sciences, Inc. (a)	232,740	10,073
		35,460
Building Products—1.2%
Owens Corning (a)	479,680	12,299
Capital Markets—4.4%
BlackRock, Inc.	49,410	11,473
Goldman Sachs Group, Inc.	66,600	11,245
Lazard Ltd., Class A	269,860	10,246
Northern Trust Corp.	208,930	10,948
		43,912
Chemicals—2.4%
CF Industries Holdings, Inc.	132,370	12,016
RPM International, Inc.	591,340	12,022
		24,038
Commercial Banks—1.2%
Wells Fargo & Co.	423,990	11,443
Communications Equipment—3.6%
Cisco Systems, Inc. (a)	954,260	22,845
QUALCOMM, Inc.	271,040	12,538
		35,383
Computers & Peripherals—10.2%
Apple, Inc. (a)	132,250	27,886
EMC Corp. (a)	690,910	12,070
Hewlett-Packard Co.	324,730	16,727
International Business Machines Corp.	150,500	19,701
NetApp, Inc. (a)	316,820	10,895
Seagate Technology	775,110	14,099
		101,378
Consumer Finance—1.2%
Capital One Financial Corp.	316,060	12,118
Containers & Packaging—1.1%
Crown Holdings, Inc. (a)	416,760	10,661
Diversified Consumer Services—1.1%
Apollo Group, Inc., Class A (a)	177,850	10,774
Electrical Equipment—1.2%
Cooper Industries PLC	291,080	12,412
Energy Equipment & Services—2.5%
Cameron International Corp. (a)	321,630	13,444
Diamond Offshore Drilling, Inc.	114,250	11,245
		24,689

	Shares	Value (000s)
Food & Staples Retailing—2.7%
Walgreen Co.	283,930	$10,426
Wal-Mart Stores, Inc.	311,720	16,661
		27,087
Food Products—2.6%
Archer-Daniels-Midland Co.	395,240	12,375
General Mills, Inc.	184,590	13,071
		25,446
Health Care Equipment & Supplies—2.2%
Beckman Coulter, Inc.	161,730	10,584
Hospira, Inc. (a)	222,970	11,371
		21,955
Health Care Providers & Services—3.6%
AmerisourceBergen Corp.	464,230	12,103
McKesson Corp.	208,180	13,011
Medco Health Solutions, Inc. (a)	168,690	10,781
		35,895
Hotels, Restaurants & Leisure—2.6%
McDonald‘s Corp.	206,880	12,918
Starbucks Corp. (a)	566,480	13,063
		25,981
Household Durables—2.1%
Leggett & Platt, Inc.	557,430	11,371
NVR, Inc. (a)	13,220	9,396
		20,767
Household Products—1.1%
Kimberly-Clark Corp.	178,210	11,354
Industrial Conglomerates—1.3%
3M Co.	150,600	12,450
Insurance—1.2%
Prudential Financial, Inc.	243,070	12,095
Internet Software & Services—2.7%
eBay, Inc. (a)	533,580	12,561
Google, Inc., Class A (a)	23,580	14,619
		27,180
IT Services—0.9%
Lender Processing Services, Inc.	229,500	9,331
Life Sciences Tools & Services—4.6%
Life Technologies Corp. (a)	233,970	12,220
Millipore Corp. (a)	137,830	9,972
Thermo Fisher Scientific, Inc. (a)	241,160	11,501
Waters Corp. (a)	187,520	11,619
		45,312
Machinery—2.1%
Dover Corp.	284,090	11,821
Joy Global, Inc.	170,472	8,795
		20,616
Media—1.2%
Comcast Corp., Class A	724,010	12,207
Metals & Mining—1.2%
Cliffs Natural Resources, Inc.	249,630	11,505
Multiline Retail—1.4%
Nordstrom, Inc.	379,620	14,266
Oil, Gas & Consumable Fuels—1.2%
Occidental Petroleum Corp.	143,940	11,710
Pharmaceuticals—2.4%
Bristol-Myers Squibb Co.	483,940	12,220
Merck & Co, Inc.	318,235	11,628
		23,848

	Shares	Value (000s)
Road & Rail—1.3%
Norfolk Southern Corp.	241,060	$12,636
Semiconductors & Semiconductor Equipment—5.2%
Broadcom Corp., Class A (a)	392,030	12,329
Marvell Technology Group Ltd. (a)	663,010	13,757
Micron Technology, Inc. (a)	1,230,360	12,993
Texas Instruments, Inc.	476,320	12,413
		51,492
Software—6.2%
BMC Software, Inc. (a)	272,470	10,926
CA, Inc.	600,950	13,498
Microsoft Corp.	655,070	19,973
Oracle Corp.	675,150	16,568
		60,965
Specialty Retail—3.4%
Bed Bath & Beyond, Inc. (a)	303,120	11,710
Gap, Inc.	512,330	10,733
Home Depot, Inc.	396,860	11,481
		33,924
Textiles, Apparel & Luxury Goods—2.0%
Coach, Inc.	277,560	10,139
Polo Ralph Lauren Corp.	115,680	9,368
		19,507
Tobacco—1.3%
Philip Morris International, Inc.	266,550	12,845
Trading Companies & Distributors—1.2%
W.W. Grainger, Inc.	125,860	12,187
Total Common Stock (cost—$802,071)		963,427
	Principal Amount (000s)
Repurchase Agreement—2.7%
State Street Bank & Trust Co., dated 12/31/09, 0.005%, due 1/4/10, proceeds $26,478; collateralized by Freddie Mac, 6.875%, due 9/15/10, valued at $27,008 including accrued interest (cost—$26,478)	$26,478	26,478
Total Investments (cost—$828,549)—99.9%		989,905
Other assets less liabilities—0.1%		950
Net Assets—100.0%		$990,855
Notes to Schedule of Investments:
(a) Non-income producing.

44 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

Schedule of Investments

CCM Emerging Companies Fund

December 31, 2009 (unaudited)

	Shares	Value (000s)
COMMON STOCK—100.1%
Aerospace & Defense—0.7%
Applied Signal Technology, Inc.	25,660	$495
Airlines—0.7%
Hawaiian Holdings, Inc. (a)	73,280	513
Auto Components—2.0%
China Automotive Systems, Inc. (a)	33,617	629
Dorman Products, Inc. (a)	58,490	916
		1,545
Beverages—1.1%
National Beverage Corp. (a)	62,930	872
Biotechnology—5.1%
Arqule, Inc. (a)	107,920	398
Emergent Biosolutions, Inc. (a)	21,790	296
Immunomedics, Inc. (a)	185,400	595
Micromet, Inc. (a)	74,950	499
Momenta Pharmaceuticals, Inc. (a)	45,580	575
NeurogesX, Inc. (a)	50,030	386
Orexigen Therapeutics, Inc. (a)	86,460	643
Sangamo Biosciences, Inc. (a)	74,890	444
		3,836
Capital Markets—2.3%
Evercore Partners, Inc., Class A	28,740	874
Pzena Investment Management, Inc., Class A (a)	104,470	850
		1,724
Chemicals—1.9%
Innophos Holdings, Inc.	32,740	753
Omnova Solutions, Inc. (a)	111,390	683
		1,436
Commercial Banks—1.0%
Nara Bancorp, Inc. (a)	70,160	796
Commercial Services & Supplies—0.9%
North American Galvanizing &
Coating, Inc. (a)	140,220	680
Communications Equipment—5.1%
Acme Packet, Inc. (a)	75,990	836
Anaren, Inc. (a)	58,490	880
Cogo Group, Inc. (a)	129,620	955
Oplink Communications, Inc. (a)	71,970	1,180
		3,851
Computers & Peripherals—1.0%
Super Micro Computer, Inc. (a)	69,510	773
Construction & Engineering—1.0%
Orion Marine Group, Inc. (a)	34,070	717
Containers & Packaging—1.5%
Boise, Inc. (a)	68,120	362
Bway Holding Co. (a)	39,350	756
		1,118
Distributors—1.2%
Core-Mark Holding Co., Inc. (a)	28,570	942
Diversified Consumer Services—0.5%
Carriage Services, Inc. (a)	89,080	350
Diversified Financial Services—1.0%
Marlin Business Services Corp. (a)	94,100	746
Electrical Equipment—4.0%
AZZ, Inc. (a)	18,710	612
Harbin Electric, Inc. (a)	43,250	888

	Shares	Value (000s)
Powell Industries, Inc. (a)	14,670	$463
Power-One, Inc. (a)	244,610	1,064
		3,027
Electronic Equipment, Instruments & Components—2.7%
Cogent, Inc. (a)	86,140	895
PC Mall, Inc. (a)	62,230	325
TTM Technologies, Inc. (a)	73,310	845
		2,065
Energy Equipment & Services—3.0%
Geokinetics, Inc. (a)	78,520	755
Matrix Service Co. (a)	58,800	626
Willbros Group, Inc. (a)	50,790	857
		2,238
Food & Staples Retailing—0.8%
Pricesmart, Inc.	30,420	622
Food Products—4.1%
B&G Foods, Inc., Class A	68,660	630
Calavo Growers, Inc.	31,560	537
Diamond Foods, Inc.	27,050	961
J&J Snack Foods Corp.	23,380	934
		3,062
Health Care Equipment & Supplies—5.4%
ICU Medical, Inc. (a)	20,670	753
Medical Action Industries, Inc. (a)	57,040	916
Micrus Endovascular Corp (a)	59,100	887
Natus Medical, Inc. (a)	67,810	1,003
Young Innovations, Inc.	21,070	522
		4,081
Health Care Providers & Services—6.3%
America Service Group, Inc.	57,540	913
American Dental Partners, Inc. (a)	70,190	905
BioScrip, Inc. (a)	162,080	1,355
Health Fitness Corp. (a)	97,120	743
U.S. Physical Therapy, Inc. (a)	48,070	814
		4,730
Health Care Technology—2.3%
AMICAS, Inc. (a)	194,120	1,056
HealthStream, Inc. (a)	176,850	699
		1,755
Hotels, Restaurants & Leisure—3.5%
AFC Enterprises, Inc. (a)	93,030	759
Interval Leisure Group, Inc. (a)	53,060	662
Shuffle Master, Inc. (a)	102,000	840
Youbet.com, Inc. (a)	134,520	386
		2,647
Insurance—3.5%
American Physicians Capital, Inc.	30,916	937
Amerisafe, Inc. (a)	52,125	937
FBL Financial Group, Inc., Class A	41,080	761
		2,635
Internet & Catalog Retail—1.1%
PetMed Express, Inc.	45,140	796
Internet Software & Services—3.5%
Art Technology Group, Inc. (a)	194,010	875
LivePerson, Inc. (a)	142,850	996
Perficient, Inc. (a)	88,780	748
		2,619
IT Services—2.2%
RightNow Technologies, Inc. (a)	61,090	1,061
TNS, Inc. (a)	22,080	567
		1,628

	Shares	Value (000s)
Leisure Equipment & Products—1.0%
Leapfrog Enterprises, Inc. (a)	192,470	$753
Life Sciences Tools & Services—0.9%
Accelrys, Inc. (a)	124,200	712
Machinery—3.1%
Ampco-Pittsburgh Corp.	28,160	888
Graham Corp.	36,340	752
Tennant Co.	27,400	718
		2,358
Media—1.4%
CKX, Inc. (a)	95,830	505
Dolan Media Co. (a)	56,520	577
		1,082
Metals & Mining—0.6%
Synalloy Corp.	50,980	446
Oil, Gas & Consumable Fuels—2.1%
Gulfport Energy Corp. (a)	91,450	1,047
Vaalco Energy, Inc. (a)	120,010	546
		1,593
Personal Products—1.3%
Schiff Nutrition International, Inc.	121,180	948
Pharmaceuticals—1.1%
Cypress Bioscience, Inc. (a)	60,610	349
Vivus, Inc. (a)	53,400	491
		840
Professional Services—0.8%
ICF International, Inc. (a)	23,310	625
Real Estate Investment Trust—1.1%
Associated Estates Realty Corp.	76,810	866
Road & Rail—0.6%
Quality Distribution, Inc. (a)	122,231	483
Semiconductors & Semiconductor Equipment—4.6%
Integrated Silicon Solution, Inc. (a)	202,150	1,142
Monolithic Power Systems, Inc. (a)	34,160	819
NVE Corp. (a)	20,490	846
Semtech Corp. (a)	38,430	654
		3,461
Software—7.0%
Actuate Corp. (a)	153,250	656
American Software, Inc., Class A	116,070	696
Deltek, Inc. (a)	112,310	874
Interactive Intelligence, Inc. (a)	31,870	588
JDA Software Group, Inc. (a)	32,090	817
Netscout Systems, Inc. (a)	65,700	962
SonicWALL, Inc. (a)	93,390	711
		5,304
Specialty Retail—2.0%
Jo-Ann Stores, Inc. (a)	27,670	1,003
Rent-A-Center, Inc. (a)	28,420	503
		1,506
Trading Companies & Distributors—2.2%
DXP Enterprises, Inc. (a)	57,920	757
Textainer Group Holdings Ltd.	52,750	891
		1,648
Water Utilities—0.9%
Consolidated Water Co., Ltd.	47,600	680
Total Common Stock (cost—$65,132)		75,604

12.31.09 Allianz Funds Semiannual Report 45

Schedule of Investments (cont.)

CCM Emerging Companies Fund

December 31, 2009 (unaudited)

	Principal Amount (000s)	Value (000s)
Repurchase Agreement—0.3%
State Street Bank & Trust Co., dated 12/31/09, 0.005%, due 1/4/10, proceeds $238; collateralized by Federal Home Loan Bank, 0.95%, due 11/30/10, valued at $246 including accrued interest (cost—$238)	$238	$238
Total Investments (cost—$65,370)—100.4%		75,842
Liabilities in excess of other assets—(0.4)%		(339	)
Net Assets—100.0%		$75,503
Notes to Schedule of Investments:
(a) Non-income producing.

46 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

Schedule of Investments

CCM Focused Growth Fund

December 31, 2009 (unaudited)

	Shares	Value (000s)
COMMON STOCK—97.4%
Aerospace & Defense—2.5%
Raytheon Co.	22,960	$1,183
Air Freight & Logistics—2.3%
CH Robinson Worldwide, Inc.	18,980	1,115
Biotechnology—4.7%
Amgen, Inc. (a)	20,700	1,171
Gilead Sciences, Inc. (a)	24,640	1,066
		2,237
Building Products—2.0%
Masco Corp.	71,080	982
Capital Markets—4.8%
BlackRock, Inc.	4,990	1,159
Goldman Sachs Group, Inc.	6,730	1,136
		2,295
Chemicals—2.3%
Scotts Miracle-Gro Co., Class A	28,420	1,117
Communications Equipment—2.5%
Cisco Systems, Inc. (a)	49,670	1,189
Computers & Peripherals—10.7%
Apple, Inc. (a)	6,410	1,352
EMC Corp. (a)	66,470	1,161
Hewlett-Packard Co.	24,630	1,269
International Business Machines Corp.	10,080	1,319
		5,101
Containers & Packaging—2.2%
Owens-Illinois, Inc. (a)	31,550	1,037
Energy Equipment & Services—2.2%
Cameron International Corp. (a)	25,340	1,059
Food & Staples Retailing—4.1%
Walgreen Co.	27,960	1,027
Wal-Mart Stores, Inc.	17,460	933
		1,960
Health Care Providers & Services—5.0%
Lincare Holdings, Inc. (a)	34,210	1,270
McKesson Corp.	18,040	1,127
		2,397
Hotels, Restaurants & Leisure—5.1%
McDonald‘s Corp.	19,020	1,188
Starbucks Corp. (a)	53,520	1,234
		2,422
Household Products—2.5%
Kimberly-Clark Corp.	18,520	1,180
Industrial Conglomerates—2.6%
3M Co.	15,060	1,245
Insurance—2.5%
CNA Financial Corp. (a)	49,350	1,184
Internet Software & Services—5.0%
eBay, Inc. (a)	47,510	1,119
Google, Inc., Class A (a)	2,060	1,277
		2,396
Machinery—2.2%
Joy Global, Inc.	20,410	1,053
Media—2.6%
Comcast Corp., Class A	73,190	1,234
Multiline Retail—2.6%
Nordstrom, Inc.	33,460	1,258

	Shares	Value (000s)
Oil, Gas & Consumable Fuels—4.6%
Alpha Natural Resources, Inc. (a)	29,240	$1,269
Occidental Petroleum Corp.	11,700	951
		2,220
Pharmaceuticals—5.1%
Bristol-Myers Squibb Co.	49,150	1,241
Merck & Co, Inc.	32,628	1,192
		2,433
Semiconductors & Semiconductor Equipment—5.2%
Broadcom Corp., Class A (a)	41,160	1,295
Texas Instruments, Inc.	46,000	1,198
		2,493
Software—7.8%
BMC Software, Inc. (a)	30,580	1,226
Microsoft Corp.	39,990	1,220
Oracle Corp.	53,430	1,311
		3,757
Textiles, Apparel & Luxury Goods—2.1%
Polo Ralph Lauren Corp.	12,320	998
Tobacco—2.2%
Philip Morris International, Inc.	21,870	1,054
Total Common Stock (cost—$40,183)		46,599
	Principal Amount (000s)
Repurchase Agreement—2.5%
State Street Bank & Trust Co., dated 12/31/09, 0.005%, due 1/4/10, proceeds $1,188; collateralized by Federal Home Loan Bank, 0.95%, due 11/30/10, valued at $1,216 including accrued interest (cost—$1,188)	$1,188	1,188
Total Investments (cost—$41,371)—99.9%		47,787
Other assets less liabilities—0.1%		53
Net Assets—100.0%		$47,840
Notes to Schedule of Investments:
(a) Non-income producing.

See accompanying Notes to Financial Statements 12.31.09 Allianz Funds Semiannual Report 47

Schedule of Investments

CCM Mid-Cap Fund

December 31, 2009 (unaudited)

	Shares	Value (000s)
COMMON STOCK—97.9%
Air Freight & Logistics—2.4%
CH Robinson Worldwide, Inc.	161,000	$9,455
UTI Worldwide, Inc.	711,720	10,192
		19,647
Auto Components—1.9%
Gentex Corp.	367,730	6,564
WABCO Holdings, Inc.	325,960	8,406
		14,970
Automobiles—1.3%
Thor Industries, Inc.	335,160	10,524
Beverages—1.2%
Coca-Cola Enterprises, Inc.	454,240	9,630
Building Products—3.5%
Lennox International, Inc.	236,490	9,233
Masco Corp.	666,210	9,200
Owens Corning (a)	394,520	10,115
		28,548
Capital Markets—4.2%
Affiliated Managers Group, Inc. (a)	133,880	9,017
Ameriprise Financial, Inc.	206,520	8,017
Lazard Ltd., Class A	226,060	8,583
SEI Investments Co.	456,140	7,992
		33,609
Chemicals—3.4%
Ashland, Inc.	229,930	9,110
Scotts Miracle-Gro Co., Class A	213,860	8,407
Valspar Corp.	370,690	10,060
		27,577
Computers & Peripherals—2.8%
Seagate Technology	680,820	12,384
Teradata Corp. (a)	324,210	10,190
		22,574
Containers & Packaging—1.0%
Crown Holdings, Inc. (a)	323,890	8,285
Electrical Equipment—3.4%
Hubbell, Inc., Class B	204,890	9,691
Roper Industries, Inc.	169,900	8,898
Thomas & Betts Corp. (a)	245,780	8,796
		27,385
Electronic Equipment, Instruments & Components—4.8%
Amphenol Corp., Class A	181,907	8,400
Arrow Electronics, Inc. (a)	326,310	9,662
Dolby Laboratories, Inc., Class A (a)	217,970	10,404
Jabil Circuit, Inc.	565,730	9,827
		38,293
Energy Equipment & Services—3.8%
Diamond Offshore Drilling, Inc.	104,020	10,238
Dresser-Rand Group, Inc. (a)	344,930	10,903
Patterson-UTI Energy, Inc.	615,190	9,443
		30,584
Food & Staples Retailing—1.7%
BJ‘s Wholesale Club, Inc. (a)	216,553	7,083
Whole Foods Market, Inc. (a)	255,980	7,027
		14,110
Health Care Equipment & Supplies—1.5%
Hospira, Inc. (a)	238,120	12,144

	Shares	Value (000s)
Health Care Providers & Services—6.2%
AmerisourceBergen Corp.	387,230	$10,095
Coventry Health Care, Inc. (a)	471,370	11,450
Laboratory Corp. of America Holdings (a)	118,080	8,837
Lincare Holdings, Inc. (a)	275,080	10,211
Universal Health Services, Inc., Class B	306,600	9,351
		49,944
Hotels, Restaurants & Leisure—3.5%
Panera Bread Co., Class A (a)	142,200	9,523
WMS Industries, Inc. (a)	226,230	9,049
Wyndham Worldwide Corp.	474,560	9,572
		28,144
Household Durables—2.2%
Garmin Ltd.	261,910	8,041
Newell Rubbermaid, Inc.	628,400	9,432
		17,473
Household Products—1.1%
Church & Dwight Co., Inc.	146,330	8,846
Independent Power Producers & Energy Traders—1.0%
AES Corp. (a)	611,360	8,137
Insurance—3.2%
PartnerRe Ltd.	122,870	9,173
Reinsurance Group of America, Inc.	139,360	6,641
Transatlantic Holdings, Inc.	187,820	9,787
		25,601
Internet & Catalog Retail—0.6%
Priceline.com, Inc. (a)	23,430	5,120
IT Services—2.2%
Amdocs Ltd. (a)	354,170	10,104
Fidelity National Information Services, Inc.	329,375	7,721
		17,825
Life Sciences Tools & Services—3.6%
Bio-Rad Laboratories, Inc., Class A (a)	101,610	9,801
Life Technologies Corp. (a)	199,970	10,445
Millipore Corp. (a)	121,120	8,763
		29,009
Machinery—1.2%
Flowserve Corp.	105,012	9,927
Metals & Mining—1.4%
Walter Energy, Inc.	150,990	11,371
Oil, Gas & Consumable Fuels—1.5%
Alpha Natural Resources, Inc. (a)	270,670	11,742
Personal Products—2.3%
Herbalife Ltd.	198,870	8,068
NBTY, Inc. (a)	235,730	10,264
		18,332
Pharmaceuticals—2.4%
Mylan, Inc. (a)	542,410	9,997
Watson Pharmaceuticals, Inc. (a)	235,600	9,332
		19,329
Professional Services—1.2%
IHS, Inc., Class A (a)	172,170	9,437

	Shares	Value (000s)
Real Estate Investment Trust—2.5%
Digital Realty Trust, Inc.	212,430	$10,681
Public Storage	117,280	9,552
		20,233
Road & Rail—1.3%
Con-way, Inc.	293,170	10,235
Semiconductors & Semiconductor Equipment—5.0%
Analog Devices, Inc.	319,330	10,084
Marvell Technology Group Ltd. (a)	549,740	11,407
ON Semi-conductor Corp. (a)	953,200	8,398
Silicon Laboratories, Inc. (a)	207,780	10,044
		39,933
Software—7.7%
BMC Software, Inc. (a)	225,520	9,043
CA, Inc.	482,460	10,836
McAfee, Inc. (a)	221,500	8,986
Nuance Communications, Inc. (a)	635,940	9,883
Red Hat, Inc. (a)	423,710	13,093
Sybase, Inc. (a)	241,200	10,468
		62,309
Specialty Retail—6.9%
Carmax, Inc. (a)	401,130	9,727
Chico‘s FAS, Inc. (a)	581,520	8,170
Guess?, Inc.	248,670	10,519
Limited Brands, Inc.	506,250	9,740
Penske Auto Group, Inc. (a)	487,120	7,395
Williams-Sonoma, Inc.	470,260	9,772
		55,323
Textiles, Apparel & Luxury Goods—2.7%
Coach, Inc.	295,470	10,794
V.F. Corp.	147,190	10,780
		21,574
Trading Companies & Distributors—1.3%
MSC Industrial Direct Co., Class A	216,250	10,164
Total Common Stock (cost—$664,979)		787,888
	Principal Amount (000s)
Repurchase Agreement—2.6%
State Street Bank & Trust Co., dated 12/31/09, 0.005%, due 1/4/10, proceeds $20,584; collateralized by Federal Home Loan Bank, 0.95%, due 11/30/10, valued at $20,999 including accrued interest (cost—$20,584)	$20,584	20,584
Total Investments (cost—$685,563)—100.5%		808,472
Liabilities in excess of other assets—(0.5)%		(3,985	)
Net Assets—100.0%		$804,487
Notes to Schedule of Investments:
(a) Non-income producing.

48 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

Schedule of Investments

NACM Growth Fund

December 31, 2009 (unaudited)

	Shares	Value (000s)
COMMON STOCK—99.0%
Aerospace & Defense—1.1%
Raytheon Co.	8,500	$438
Auto Components—1.0%
TRW Automotive Holdings Corp. (a)	17,600	420
Automobiles—1.0%
Ford Motor Co. (a)	42,000	420
Beverages—2.0%
Coca-Cola Co.	7,900	450
PepsiCo, Inc.	6,400	389
		839
Capital Markets—0.9%
Goldman Sachs Group, Inc.	2,100	355
Chemicals—1.8%
Lubrizol Corp.	4,200	306
Nalco Holding Co.	17,600	449
		755
Commercial Services & Supplies—1.0%
Avery Dennison Corp.	11,300	412
Communications Equipment—4.1%
Cisco Systems, Inc. (a)	71,400	1,709
Computers & Peripherals—15.2%
Apple, Inc. (a)	8,300	1,750
EMC Corp. (a)	36,700	641
Hewlett-Packard Co.	23,200	1,195
International Business Machines Corp.	12,700	1,663
NetApp, Inc. (a)	13,000	447
Western Digital Corp. (a)	12,500	552
		6,248
Diversified Financial Services—0.8%
NASDAQ OMX Group, Inc. (a)	17,400	345
Diversified Telecommunication Services—2.3%
AT&T, Inc.	17,000	477
CenturyTel, Inc.	12,800	463
		940
Electronic Equipment, Instruments & Components—1.2%
Jabil Circuit, Inc.	28,200	490
Energy Equipment & Services—1.5%
Ensco International PLC ADR	5,300	211
National-Oilwell Varco, Inc.	9,000	397
		608
Food & Staples Retailing—3.7%
Walgreen Co.	17,700	650
Wal-Mart Stores, Inc.	16,200	866
		1,516
Food Products—0.8%
Archer-Daniels-Midland Co.	10,800	338
Health Care Equipment & Supplies—2.0%
Hospira, Inc. (a)	9,200	469
Medtronic, Inc.	8,500	374
		843
Health Care Providers & Services—3.7%
AmerisourceBergen Corp.	12,300	320
McKesson Corp.	6,300	394
Medco Health Solutions, Inc. (a)	7,000	447
UnitedHealth Group, Inc.	11,800	360
		1,521

	Shares	Value (000s)
Household Durables—2.0%
Jarden Corp.	14,100	$436
Whirlpool Corp.	4,900	395
		831
Household Products—3.9%
Kimberly-Clark Corp.	6,400	408
Procter & Gamble Co.	19,800	1,200
		1,608
Independent Power Producers & Energy Traders—1.0%
Constellation Energy Group, Inc.	11,800	415
Industrial Conglomerates—2.7%
3M Co.	10,600	876
General Electric Co.	16,600	251
		1,127
Insurance—0.9%
Prudential Financial, Inc.	7,800	388
Internet & Catalog Retail—1.3%
Expedia, Inc. (a)	8,200	211
Priceline.com, Inc. (a)	1,500	328
		539
Internet Software & Services—5.2%
eBay, Inc. (a)	16,900	398
Google, Inc., Class A (a)	2,800	1,736
		2,134
IT Services—3.5%
Amdocs Ltd. (a)	7,000	200
Cognizant Technology Solutions Corp., Class A (a)	9,600	435
Computer Sciences Corp. (a)	7,000	403
Lender Processing Services, Inc.	9,900	402
		1,440
Machinery—1.0%
Eaton Corp.	6,300	401
Media—4.5%
DISH Network Corp., Class A	10,700	222
Gannett Co., Inc.	19,400	288
Scripps Networks Interactive, Inc., Class A	10,600	440
Viacom, Inc., Class B (a)	19,900	592
Washington Post Co., Class B	700	308
		1,850
Metals & Mining—2.0%
Freeport-McMoRan Copper & Gold, Inc. (a)	6,800	546
Steel Dynamics, Inc.	15,300	271
		817
Multiline Retail—0.7%
Target Corp.	5,600	271
Oil, Gas & Consumable Fuels—5.1%
ConocoPhillips	8,400	429
Exxon Mobil Corp.	5,400	368
Peabody Energy Corp.	9,200	416
Southwestern Energy Co. (a)	9,700	468
Williams Cos., Inc.	20,400	430
		2,111
Personal Products—0.5%
Estee Lauder Cos., Inc., Class A	4,200	203
Pharmaceuticals—8.5%
Abbott Laboratories	19,000	1,026
Bristol-Myers Squibb Co.	30,500	770
Johnson & Johnson	15,500	998

	Shares	Value (000s)
Merck & Co, Inc.	13,840	$506
Mylan, Inc. (a)	12,000	221
		3,521
Semiconductors & Semiconductor Equipment—6.0%
Broadcom Corp., Class A (a)	9,900	311
Cree, Inc. (a)	9,200	519
Intel Corp.	26,900	549
Marvell Technology Group Ltd. (a)	21,800	452
Texas Instruments, Inc.	24,200	631
		2,462
Software—4.6%
BMC Software, Inc. (a)	6,800	273
Microsoft Corp.	52,800	1,610
		1,883
Specialty Retail—1.0%
Bed Bath & Beyond, Inc. (a)	11,000	425
Textiles, Apparel & Luxury Goods—0.5%
Phillips-Van Heusen Corp.	4,600	187
Total Common Stock (cost—$34,519)		40,810
	Principal Amount (000s)
Repurchase Agreement—1.1%
State Street Bank & Trust Co., dated 12/31/09, 0.005%, due 1/4/10, proceeds $470; collateralized by Fannie Mae, 6.625%, due 11/15/10, valued at $483 including accrued interest (cost—$470)	$470	470
Total Investments (cost—$34,989)—100.1%		41,280
Liabilities in excess of other assets—(0.1)%		(52	)
Net Assets—100.0%		$41,228
Notes to Schedule of Investments:
(a) Non-income producing.
Glossary:
ADR—American Depositary Receipt

See accompanying Notes to Financial Statements 12.31.09 Allianz Funds Semiannual Report 49

Schedule of Investments

NACM Income & Growth Fund

December 31, 2009 (unaudited)

	Shares	Value (000s)
COMMON STOCK—31.6%
Aerospace & Defense—0.8%
L-3 Communications Holdings, Inc.	6,900	$600
Auto Components—0.8%
Johnson Controls, Inc.	22,400	610
Beverages—2.2%
Coca-Cola Co.	10,207	582
Molson Coors Brewing Co., Class B	11,200	506
PepsiCo, Inc.	10,000	608
		1,696
Biotechnology—0.6%
Gilead Sciences, Inc. (e)	11,400	493
Communications Equipment—2.5%
Cisco Systems, Inc. (e)	27,100	649
Harris Corp.	14,300	680
QUALCOMM, Inc.	13,400	620
		1,949
Computers & Peripherals—2.4%
Apple, Inc. (e)	3,102	654
EMC Corp. (e)	37,700	659
International Business Machines Corp.	4,400	576
		1,889
Construction & Engineering—0.5%
Fluor Corp.	8,800	396
Diversified Telecommunication Services—0.8%
Verizon Communications, Inc.	18,600	616
Electronic Equipment, Instruments & Components—0.7%
Amphenol Corp., Class A	12,700	587
Energy Equipment & Services—2.4%
Diamond Offshore Drilling, Inc.	6,500	640
National-Oilwell Varco, Inc.	15,000	661
Schlumberger Ltd.	9,100	592
		1,893
Health Care Equipment & Supplies—1.6%
Baxter International, Inc.	10,300	605
Intuitive Surgical, Inc. (e)	2,150	652
		1,257
Health Care Providers & Services—1.5%
McKesson Corp.	9,600	600
Medco Health Solutions, Inc. (e)	9,600	614
		1,214
Hotels, Restaurants & Leisure—0.8%
McDonald‘s Corp.	9,600	599
Household Products—0.8%
Procter & Gamble Co.	9,700	588
Industrial Conglomerates—1.6%
General Electric Co.	39,222	593
Textron, Inc.	36,200	681
		1,274
Insurance—0.8%
Prudential Financial, Inc.	12,800	637
Internet Software & Services—0.7%
Google, Inc., Class A (e)	925	573

	Shares	Value (000s)
Machinery—2.5%
AGCO Corp. (e)	19,100	$618
Deere & Co.	11,900	644
Joy Global, Inc.	12,700	655
		1,917
Metals & Mining—0.9%
Freeport-McMoRan Copper & Gold, Inc. (e)	8,350	670
Multiline Retail—0.7%
Target Corp.	11,300	547
Oil, Gas & Consumable Fuels—1.5%
Occidental Petroleum Corp.	7,000	569
Peabody Energy Corp.	13,600	615
		1,184
Pharmaceuticals—1.3%
Abbott Laboratories	8,400	454
Bristol-Myers Squibb Co.	23,900	603
		1,057
Semiconductors & Semiconductor Equipment—1.6%
Intel Corp.	28,800	588
Texas Instruments, Inc.	25,300	659
		1,247
Software—1.6%
Microsoft Corp.	21,200	646
Oracle Corp.	26,300	646
		1,292
Total Common Stock (cost—$26,100)		24,785
CORPORATE BONDS & NOTES—30.5%

	Credit Rating (Moody‘s/ S&P)	Principal Amount (000s)
Aerospace & Defense—0.4%
BE Aerospace, Inc., 8.50%, 7/1/18	Ba3/BB	$300	319
Apparel & Textiles—0.8%
Levi Strauss & Co., 9.75%, 1/15/15	B2/B+	200	211
Oxford Industries, Inc., 11.375%, 7/15/15	B1/BB-	350	387
			598
Automotive—1.6%
American Axle & Manufacturing, Inc., 7.875%, 3/1/17	Caa3/CCC-	425	362
Exide Technologies, 10.50%, 3/15/13	B3/B-	350	356
Navistar International Corp., 8.25%, 11/1/21	B1/BB-	425	436
Tenneco, Inc., 8.625%, 11/15/14	Caa2/CCC	75	76
			1,230
Building/Construction—0.5%
K Hovnanian Enterprises, Inc. (a), 10.625%, 10/15/16	B1/CCC+	400	420

	Credit Rating (Moody‘s/ S&P)	Principal Amount (000s)	Value (000s)
Chemicals—0.4%
Terra Capital, Inc. (a), 7.75%, 11/1/19	B1/BB	$300	$323
Commercial Products—2.3%
Avis Budget Car Rental LLC, 7.75%, 5/15/16	Caa1/CCC	375	352
DI Finance, 9.50%, 2/15/13	B1/B+	375	382
Hertz Corp., 10.50%, 1/1/16	B3/CCC+	300	322
Iron Mountain, Inc., 8.375%, 8/15/21	B2/B+	350	363
RSC Equipment Rental, Inc., 9.50%, 12/1/14	Caa2/B-	400	402
			1,821
Commercial Services—1.7%
ARAMARK Corp., 8.50%, 2/1/15	B3/B	200	207
KAR Auction Services, Inc., 8.75%, 5/1/14	B3/CCC	200	207
National Money Mart Co. (a), 10.375%, 12/15/16	B2/B+	500	513
Trico Shipping AS (a), 11.875%, 11/1/14	B1/B-	400	418
			1,345
Communications—0.9%
Affinion Group, Inc., 11.50%, 10/15/15	Caa1/B-	350	368
Salem Communications Corp. (a), 9.625%, 12/15/16	B2/B	300	316
			684
Computer Services—0.6%
Stream Global Services, Inc. (a), 11.25%, 10/1/14	B1/B+	370	376
Unisys Corp. (a), 12.75%, 10/15/14	Ba3/BB-	99	115
			491
Consumer Products—0.4%
Jarden Corp., 7.50%, 5/1/17	B3/B-	300	301
Containers & Packaging—0.4%
BWAY Corp. (a), 10.00%, 4/15/14	B3/B-	300	319
Cosmetics—0.5%
Revlon Consumer Products Corp. (a), 9.75%, 11/15/15	B3/B-	405	420
Diversified Manufacturing—0.5%
Harland Clarke Holdings Corp., 9.50%, 5/15/15	Caa1/B-	400	374
Electronics—0.4%
Sanmina-SCI Corp., 8.125%, 3/1/16	B2/CCC	350	351
Energy—0.6%
Cloud Peak Energy Resources LLC (a), 8.25%, 12/15/17	B1/BB-	450	452

50 Allianz Funds Semiannual Report 12.31.09

Schedule of Investments (cont.)

NACM Income & Growth Fund

December 31, 2009 (unaudited)

	Credit Rating (Moody‘s/ S&P)	Principal Amount (000s)	Value (000s)
Financial Services—1.4%
CB Richard Ellis Services, Inc., 11.625%, 6/15/17	Ba3/B+	$300	$334
Ford Motor Credit Co. LLC, 7.00%, 10/1/13	B3/B-	250	250
8.125%, 1/15/20	B3/B-	150	148
GMAC, Inc. (a), 6.75%, 12/1/14	Ca/CCC	300	288
SLM Corp., 8.45%, 6/15/18	Ba1/BBB-	70	69
			1,089
Healthcare & Hospitals—1.2%
AMR HoldCo., Inc., 10.00%, 2/15/15	Ba3/B+	150	158
Apria Healthcare Group, Inc. (a), 11.25%, 11/1/14	Ba2/BB+	300	331
Community Health Systems, Inc., 8.875%, 7/15/15	B3/B	200	208
HCA, Inc., 9.25%, 11/15/16	B2/BB-	200	215
Sun Healthcare Group, Inc., 9.125%, 4/15/15	B3/CCC+	25	26
			938
Hotels/Gaming—1.0%
Harrahs Operating Escrow LLC (a), 11.25%, 6/1/17	Caa1/B-	380	399
MGM Mirage (a), 11.375%, 3/1/18	Caa2/CCC+	400	360
			759
Industrial—0.3%
Louisiana-Pacific Corp. (a), 13.00%, 3/15/17	Ba3/BBB-	228	245
Leisure—0.4%
NCL Corp Ltd. (a), 11.75%, 11/15/16	B3/B+	350	347
Machinery—0.6%
Baldor Electric Co., 8.625%, 2/15/17	B3/B	250	257
Terex Corp., 7.375%, 1/15/14	Ba3/BB-	200	203
			460
Multi-Media—1.1%
Cablevision Systems Corp. (a), 8.625%, 9/15/17	B1/B+	350	366
DISH DBS Corp., 7.125%, 2/1/16	Ba3/BB-	200	205
Mediacom Broadband LLC, 8.50%, 10/15/15	B3/B-	300	305
			876
Oil & Gas—2.9%
Allis-Chalmers Energy, Inc., 9.00%, 1/15/14	Caa1/B-	350	336
Chesapeake Energy Corp., 6.875%, 1/15/16	Ba3/BB	300	302

	Credit Rating (Moody‘s/ S&P)	Principal Amount (000s)	Value (000s)
Dynegy Holdings, Inc., 7.75%, 6/1/19	B3/B	$400	$349
El Paso Corp., 8.25%, 2/15/16	Ba3/BB-	300	322
OPTI Canada, Inc., 8.25%, 12/15/14	Caa3/B	350	290
PetroHawk Energy Corp., 7.875%, 6/1/15	B3/B	200	203
SandRidge Energy, Inc. (a), 8.00%, 6/1/18	B3/B+	450	444
			2,246
Paper/Paper Products—0.5%
NewPage Corp. (a), 11.375%, 12/31/14	B2/CCC+	350	355
Pharmaceuticals—0.4%
Valeant Pharmaceuticals International (a), 8.375%, 6/15/16	Ba3/B+	300	310
Printing/Publishing—0.3%
Cenveo Corp., 7.875%, 12/1/13	Caa1/B-	250	232
Retail—0.8%
GameStop Corp., 8.00%, 10/1/12	Ba1/BB+	400	417
Rite Aid Corp., 7.50%, 3/1/17	Caa2/B-	200	189
			606
Technology—2.4%
Advanced Micro Devices, Inc. (a), 8.125%, 12/15/17	B2/B-	500	500
Amkor Technology, Inc., 9.25%, 6/1/16	B2/B+	250	267
First Data Corp., 9.875%, 9/24/15	Caa1/B-	450	422
JDA Software Group, Inc. (a), 8.00%, 12/15/14	B1/BB-	345	354
Terremark Worldwide, Inc. (a), 12.00%, 6/15/17	B2/B-	300	333
			1,876
Telecommunications—4.3%
Cincinnati Bell, Inc., 8.375%, 1/15/14	B2/B-	200	205
DigitalGlobe, Inc. (a), 10.50%, 5/1/14	Ba3/BB	200	215
Hughes Network Systems LLC, 9.50%, 4/15/14	B1/B	400	415
Intelsat Jackson Holdings Ltd., 9.50%, 6/15/16	B3/B+	300	322
MasTec, Inc., 7.625%, 2/1/17	B1/B+	200	193
Millicom International Cellular S.A., 10.00%, 12/1/13	B1/NR	200	208
Nextel Communications, Inc., 7.375%, 8/1/15	Ba2/BB	300	293
NII Capital Corp. (a), 8.875%, 12/15/19	B1/BB-	430	421

	Credit Rating (Moody‘s/ S&P)	Principal Amount (000s)	Value (000s)
Sprint Capital Corp., 8.375%, 3/15/12	Ba3/BB	$300	$312
Time Warner Telecom Holdings, Inc., 9.25%, 2/15/14	B2/B-	300	311
West Corp., 11.00%, 10/15/16	Caa1/B-	200	210
Windstream Corp., 8.625%, 8/1/16	Ba3/BB-	250	256
			3,361
Utilities—0.3%
Edison Mission Energy, 7.00%, 5/15/17	B2/B	300	238
Wholesale—0.6%
Intcomex, Inc. (a), 13.25%, 12/15/14	B3/B-	500	488
Total Corporate Bonds & Notes (cost—$22,836)			23,874
CONVERTIBLE BONDS—18.7%
Aerospace & Defense—0.3%
Orbital Sciences Corp., 2.438%, 1/15/27	NR/BB-	275	262
Airlines—0.4%
Continental Airlines, Inc., 4.50%, 1/15/15	B3/CCC+	250	278
Apparel & Textiles—0.4%
Iconix Brand Group, Inc., 1.875%, 6/30/12	B2/B	325	292
Auto Components—0.6%
BorgWarner, Inc., 3.50%, 4/15/12	NR/BBB	350	443
Biotechnology—0.5%
Life Technologies Corp., 2.00%, 8/1/23	NR/BB+	275	425
Building/Construction—0.5%
DR Horton, Inc., 2.00%, 5/15/14	Ba3/BB-	375	417
Communications—1.6%
Equinix, Inc., 2.50%, 4/15/12	NR/B-	300	332
TeleCommunication Systems, Inc. (a), 4.50%, 11/1/14	NR/NR	375	450
VeriSign, Inc., 3.25%, 8/15/37	NR/NR	575	514
			1,296
Consumer Services—1.2%
Alliance Data Systems Corp., 1.75%, 8/1/13	NR/NR	460	471
Coinstar, Inc., 4.00%, 9/1/14	NR/BB	500	500
			971
Electrical Equipment—1.2%
EnerSys (d), 3.375%, 6/1/38	B2/BB	575	512
General Cable Corp., 0.875%, 11/15/13	Ba3/B+	515	452
			964

12.31.09 Allianz Funds Semiannual Report 51

Schedule of Investments (cont.)

NACM Income & Growth Fund

December 31, 2009 (unaudited)

	Credit Rating (Moody‘s/ S&P)	Principal Amount (000s)	Value (000s)
Energy—0.2%
Covanta Holding Corp., 1.00%, 2/1/27	Ba3/B	$175	$164
Financial Services—2.3%
Boston Properties L.P., 3.75%, 5/15/36	NR/A-	500	514
Developers Diversified Realty Corp., 3.00%, 3/15/12	NR/BB	415	382
Digital Realty Trust L.P. (a), 5.50%, 4/15/29	NR/NR	445	581
National City Corp., 4.00%, 2/1/11	A3/A	290	297
			1,774
Healthcare—0.6%
Inverness Medical Innovations, Inc., 3.00%, 5/15/16	NR/B-	412	475
Materials & Processing—0.6%
Steel Dynamics, Inc., 5.125%, 6/15/14	NR/BB+	375	477
Multi-Media—1.5%
International Game Technology (a), 3.25%, 5/1/14	Baa2/BBB	275	337
Liberty Media LLC, 3.125%, 3/30/23	B1/BB-	300	303
Macrovision Corp., 2.625%, 8/15/11	NR/B	410	509
			1,149
Oil & Gas—0.4%
Hornbeck Offshore Services, Inc., VRN, 1.625%, 11/15/26	NR/BB-	400	349
Pharmaceuticals—1.3%
Biovail Corp. (a), 5.375%, 8/1/14	NR/NR	475	554
Omnicare, Inc., 3.25%, 12/15/35	B3/B+	525	430
			984
Technology—3.6%
Advanced Micro Devices, Inc., 5.75%, 8/15/12	NR/B-	550	545
Maxtor Corp., 2.375%, 8/15/12	NR/B	450	533
Micron Technology, Inc., 4.25%, 10/15/13	NR/NR	300	660
Nuance Communications, Inc., 2.75%, 8/15/27	NR/B-	490	527
ON Semi-conductor Corp., zero coupon, 4/15/24	NR/B+	500	522
			2,787
Telecommunications—1.5%
Anixter International, Inc., 1.00%, 2/15/13	NR/BB-	320	309
Qwest Communications International, Inc., 3.50%, 11/15/25	B1/B+	275	287

	Credit Rating (Moody‘s/ S&P)	Principal Amount (000s)	Value (000s)
Time Warner Telecom, Inc., 2.375%, 4/1/26	B3/B-	$525	$581
			1,177
Total Convertible Bonds (cost—$13,530)			14,684
CONVERTIBLE PREFERRED STOCK—13.1%

	Shares
Chemicals—0.7%
Celanese Corp., 4.25%, 12/31/49	13,500	555
Commercial Banks—1.1%
Fifth Third Bancorp, 8.50%, 12/31/49	3,300	393
Wells Fargo & Co., Ser. L, 7.50%, 12/31/49	565	518
		911
Commercial Services & Supplies—0.6%
Avery Dennison Corp., 7.875%, 11/15/20	13,000	503
Consumer Finance—0.7%
SLM Corp., Ser. C, 7.25%, 12/15/10	850	515
Diversified Financial Services—1.6%
Bank of America Corp., Ser. L, 7.25%, 12/31/49	700	615
Citigroup, Inc., 7.5%, 12/15/12	6,200	647
		1,262
Financial Services—0.0%
Lehman Brothers Holdings, Inc., 6.00%, 10/12/10 (General Mills, Inc.) (b)(f)(g)	7,700	25
28.00%, 3/6/09 (Transocean, Inc.) (b)(f)(g)	1,350	18
		43
Food Products—1.3%
Archer-Daniels-Midland Co., 6.25%, 6/1/41	14,400	628
Bunge Ltd., 4.875%, 12/31/49	4,050	363
		991
Household Durables—1.5%
Newell Financial Trust I, 5.25%, 12/1/27 (Newell Rubbermaid, Inc.) (c)(f)	14,200	518
Stanley Works, FRN (e), 5.125%, 5/17/12	660	609
		1,127
Insurance—1.3%
Assured Guaranty Ltd., 8.50%, 6/1/12	6,300	577
XL Capital Ltd., 10.75%, 8/15/11	14,800	413
		990

	Shares	Value (000s)
Metals & Mining—0.4%
Vale Capital Ltd., 5.50%, 6/15/10 (Vale S.A. ADR) (f)	5,150	$279
Oil & Gas—1.2%
ATP Oil & Gas Corp. (a), 8.00%, 12/31/49	4,700	494
Chesapeake Energy Corp., 5.00%, 12/31/49	5,100	449
		943
Pharmaceuticals—1.4%
Merck & Co., Inc., 6.00%, 8/13/10	2,020	518
Mylan, Inc., 6.50%, 11/15/10	500	572
		1,090
Real Estate Investment Trust—0.7%
Simon Property Group, Inc., Ser. I (e) 6.00%, 12/31/49	8,400	571
Utilities—0.6%
FPL Group, Inc. 8.375%, 6/1/12	8,800	458
Total Convertible Preferred Stock (cost—$9,994)		10,238
	Principal Amount (000s)
Repurchase Agreement—5.2%
State Street Bank & Trust Co., dated 12/31/09, 0.005%, due 1/4/10, proceeds $4,087; collateralized by Federal Home Loan Bank, 0.95%, due 11/30/10, valued at $4,171 including accrued interest (cost—$4,087)	$4,087	4,087
Total Investments (cost—$76,547)—99.1%		77,668
Other assets less liabilities—0.9%		692
Net Assets—100.0%		$78,360
Notes to Schedule of Investments:
(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.
(b) In default.
(c) Perpetual maturity. Maturity date shown is the first call date. Interest rate is fixed until the first call date and variable thereafter.
(d) Step Bond—Coupon is a fixed rate for an initial period then resets at a specific date and rate.
(e) Non-income producing.
(f) Securities exchangeable or convertible into securities of an entity different than the issuer. Such entity is identified in the parenthetical.
(g) Fair-Valued security.

52 Allianz Funds Semiannual Report 12.31.09

Schedule of Investments (cont.)

NACM Income & Growth Fund

December 31, 2009 (unaudited)

Glossary:

ADR—American Depositary Receipt

FRN—Floating Rate Note. The interest rate disclosed reflects the rate in effect on December 31, 2009.

NR—Not Rated

VRN—Variable Rate Note. Instruments whose interest rates change on specified date (such as a coupon date or interest payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). The interest rate disclosed reflects the rate in effect on December 31, 2009.

See accompanying Notes to Financial Statements 12.31.09 Allianz Funds Semiannual Report 53

Schedule of Investments

NACM Mid-Cap Growth Fund

December 31, 2009 (unaudited)

	Shares	Value (000s)
COMMON STOCK—98.3%
Aerospace & Defense—1.7%
L-3 Communications Holdings, Inc.	1,100	$96
Beverages—1.5%
Coca-Cola Enterprises, Inc.	3,900	83
Biotechnology—1.4%
Dendreon Corp. (a)	1,100	29
Human Genome Sciences, Inc. (a)	1,600	49
		78
Chemicals—1.9%
International Flavors & Fragrances, Inc.	1,900	78
Valspar Corp.	1,000	27
		105
Commercial Services & Supplies—2.7%
Cintas Corp.	1,700	44
Rollins, Inc.	1,450	28
RR Donnelley & Sons Co.	3,600	80
		152
Communications Equipment—1.1%
Harris Corp.	1,300	62
Computers & Peripherals—3.8%
Teradata Corp. (a)	2,200	69
Western Digital Corp. (a)	3,300	146
		215
Construction & Engineering—1.2%
Quanta Services, Inc. (a)	1,200	25
URS Corp. (a)	1,000	45
		70
Containers & Packaging—3.2%
Bemis Co., Inc.	2,400	71
Owens-Illinois, Inc. (a)	1,100	36
Pactiv Corp. (a)	3,100	75
		182
Diversified Financial Services—1.4%
IntercontinentalExchange, Inc. (a)	700	79
Electrical Equipment—2.2%
Cooper Industries PLC	1,300	55
Thomas & Betts Corp. (a)	2,000	72
		127
Electronic Equipment, Instruments & Components—4.0%
Arrow Electronics, Inc. (a)	1,200	36
Avnet, Inc. (a)	2,800	84
Jabil Circuit, Inc.	1,900	33
Tech Data Corp. (a)	1,600	75
		228
Energy Equipment & Services—2.9%
Ensco International PLC ADR	1,800	72
Noble Corp.	2,200	89
		161
Food Products—0.5%
Del Monte Foods Co.	2,500	28
Health Care Equipment & Supplies—2.0%
Hospira, Inc. (a)	2,200	112
Health Care Providers & Services—1.5%
Coventry Health Care, Inc. (a)	1,200	29
Omnicare, Inc.	2,300	56
		85

	Shares	Value (000s)
Hotels, Restaurants & Leisure—1.3%
Starbucks Corp. (a)	3,100	$71
Household Durables—1.5%
Garmin Ltd.	2,800	86
Industrial Conglomerates—1.2%
Carlisle Cos., Inc.	2,000	68
Insurance—2.7%
Assurant, Inc.	1,100	32
Principal Financial Group, Inc.	2,500	60
Unum Group	1,500	29
Validus Holdings Ltd.	1,100	30
		151
Internet & Catalog Retail—1.3%
Expedia, Inc. (a)	1,100	28
Priceline.com, Inc. (a)	200	44
		72
Internet Software & Services—1.7%
Sohu.com, Inc. (a)	300	17
VeriSign, Inc. (a)	3,300	80
		97
IT Services—5.3%
Amdocs Ltd. (a)	2,500	71
Broadridge Financial Solutions, Inc.	3,400	77
Computer Sciences Corp. (a)	1,200	69
NeuStar, Inc., Class A (a)	1,200	28
SAIC, Inc. (a)	2,800	53
		298
Life Sciences Tools & Services—1.4%
Millipore Corp. (a)	1,100	80
Machinery—2.7%
Navistar International Corp. (a)	1,900	73
Oshkosh Corp.	2,100	78
		151
Media—5.5%
Gannett Co., Inc.	5,700	85
McGraw-Hill Cos., Inc.	3,000	100
Scripps Networks Interactive, Inc., Class A	2,000	83
Washington Post Co., Class B	100	44
		312
Metals & Mining—3.6%
Commercial Metals Co.	4,000	63
Reliance Steel & Aluminum Co.	1,600	69
Steel Dynamics, Inc.	4,000	71
		203
Multiline Retail—2.5%
Big Lots, Inc. (a)	900	26
Dollar Tree, Inc. (a)	1,800	87
Family Dollar Stores, Inc.	900	25
		138
Oil, Gas & Consumable Fuels—2.7%
EXCO Resources, Inc.	2,000	42
Linn Energy LLC, UNIT	2,700	75
Peabody Energy Corp.	700	32
		149
Paper & Forest Products—1.2%
International Paper Co.	2,600	70
Pharmaceuticals—3.3%
Forest Laboratories, Inc. (a)	1,700	55
Mylan, Inc. (a)	4,400	81

	Shares	Value (000s)
Valeant Pharmaceuticals International (a)	1,600	$51
		187
Real Estate Investment Trust—2.4%
Annaly Capital Management, Inc.	4,400	76
MFA Financial, Inc.	7,900	58
		134
Semiconductors & Semiconductor Equipment—5.7%
Cypress Semiconductor Corp. (a)	8,000	85
Marvell Technology Group Ltd. (a)	7,000	145
Xilinx, Inc.	3,600	90
		320
Software—7.4%
BMC Software, Inc. (a)	2,500	100
CA, Inc.	3,900	87
Compuware Corp. (a)	8,800	64
Red Hat, Inc. (a)	3,000	93
Rovi Corp. (a)	2,200	70
		414
Specialty Retail—6.7%
Advance Auto Parts, Inc.	700	28
Aeropostale, Inc. (a)	2,600	89
AutoNation, Inc. (a)	2,800	54
Bed Bath & Beyond, Inc. (a)	700	27
Limited Brands, Inc.	5,100	98
Ross Stores, Inc.	1,900	81
		377
Textiles, Apparel & Luxury Goods—3.7%
Coach, Inc.	3,800	139
Hanesbrands, Inc. (a)	3,000	72
		211
Trading Companies & Distributors—1.5%
MSC Industrial Direct Co., Class A	1,800	85
Total Investments (cost—$4,555)—98.3%		5,537
Other assets less liabilities—1.7%		98
Net Assets—100.0%		$5,635
Notes to Schedule of Investments:
(a) Non-income producing.
Glossary:
ADR—American Depositary Receipt
UNIT—More than one class of securities traded together.

54 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

Schedule of Investments

NFJ All-Cap Value Fund

December 31, 2009 (unaudited)

	Shares	Value (000s)
COMMON STOCK—96.8%
Aerospace & Defense—2.5%
Northrop Grumman Corp.	9,500	$531
Automobiles—2.1%
Harley-Davidson, Inc.	17,400	439
Capital Markets—2.2%
Federated Investors, Inc., Class B	17,100	470
Commercial Services & Supplies—2.7%
RR Donnelley & Sons Co.	25,700	572
Consumer Finance—1.3%
Cash America International, Inc.	7,600	266
Diversified Telecommunication Services—5.2%
CenturyTel, Inc.	14,000	507
Windstream Corp.	54,600	600
		1,107
Energy Equipment & Services—2.1%
Tidewater, Inc.	9,400	451
Food & Drug Retailing—1.9%
SUPERVALU, Inc.	32,200	409
Food Products—2.2%
Corn Products International, Inc.	15,900	465
Gas Utilities—4.2%
Atmos Energy Corp.	14,600	429
UGI Corp.	19,200	465
		894
Health Care Equipment & Supplies—1.3%
Medtronic, Inc.	6,300	277
Health Care Providers & Services—2.2%
Cardinal Health, Inc.	14,400	464
Household Products—2.5%
Kimberly-Clark Corp.	8,300	529
Industrial Conglomerates—2.9%
3M Co.	7,400	612
Insurance—9.0%
Reinsurance Group of America, Inc.	11,800	562
RenaissanceRe Holdings Ltd.	7,900	420
The Allstate Corp.	14,500	436
Unum Group	24,400	476
		1,894
Machinery—2.9%
Crane Co.	20,000	612
Media—2.4%
CBS Corp., Class B	36,300	510
Metals & Mining—5.1%
Reliance Steel & Aluminum Co.	12,400	536
Yamana Gold, Inc.	47,000	535
		1,071
Multi-Utilities—2.6%
Nisource, Inc.	35,800	551
Office Electronics—2.1%
Xerox Corp.	53,600	453
Oil, Gas & Consumable Fuels—17.9%
Apache Corp.	5,600	578
Chevron Corp.	5,800	446
Cimarex Energy Co.	11,800	625
ConocoPhillips	10,600	541

	Shares	Value (000s)
Energy Coal Resources, Inc. (a)(b)(d)	26,000	$—	(c)
Nexen, Inc.	22,900	548
Royal Dutch Shell PLC ADR, Class A	8,100	487
Total S.A. ADR	8,600	551
		3,776
Pharmaceuticals—6.9%
Biovail Corp.	31,500	440
GlaxoSmithKline PLC ADR	12,200	515
Pfizer, Inc.	27,200	495
		1,450
Real Estate Investment Trust—4.8%
Annaly Capital Management, Inc.	24,600	427
Hospitality Properties Trust	24,900	590
		1,017
Software—2.7%
Microsoft Corp.	18,600	567
Specialty Retail—2.5%
Limited Brands, Inc.	28,000	539
Textiles, Apparel & Luxury Goods—2.6%
V.F. Corp.	7,500	549
Total Common Stock (cost—$20,534)		20,475
PREFERRED STOCK—0.0%
Oil, Gas & Consumable Fuels—0.0%
Energy Coal Resources, Inc., Class A (a)(b)(d) (cost—$97)	4,131	—	(c)
	Principal Amount (000s)
Repurchase Agreement—2.3%
State Street Bank & Trust Co., dated 12/31/09, 0.005%, due 1/4/10, proceeds $476; collateralized by U.S. Treasury Bills, zero coupon, due 2/11/10, valued at $490 including accrued interest (cost—$476)	$476	476
Total Investments (cost—$21,107)—99.1%		20,951
Other assets less liabilities—0.9%		200
Net Assets—100.0%		$21,151
Notes to Schedule of Investments:
(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.
(b) Non-income producing.
(c) Amount less than $500.
(d) Fair-valued security.
Glossary:
ADR—American Depositary Receipt

See accompanying Notes to Financial Statements 12.31.09 Allianz Funds Semiannual Report 55

Schedule of Investments

NFJ Dividend Value Fund

December 31, 2009 (unaudited)

	Shares	Value (000s)
COMMON STOCK—99.5%
Aerospace & Defense—4.3%
Boeing Co.	2,673,700	$144,728
Northrop Grumman Corp.	2,673,900	149,337
		294,065
Capital Markets—2.1%
Goldman Sachs Group, Inc.	850,000	143,514
Commercial Services & Supplies—3.5%
RR Donnelley & Sons Co.	4,600,000	102,442
Waste Management, Inc.	4,000,000	135,240
		237,682
Communications Equipment—2.1%
Harris Corp.	3,000,000	142,650
Computers & Peripherals—1.9%
International Business Machines Corp.	975,000	127,627
Diversified Telecommunication Services—7.9%
AT&T, Inc.	4,776,100	133,874
CenturyTel, Inc.	3,425,000	124,019
Verizon Communications, Inc.	3,998,500	132,471
Windstream Corp.	13,500,000	148,365
		538,729
Electric Utilities—1.8%
Edison International	3,481,400	121,083
Energy Equipment & Services—4.3%
Diamond Offshore Drilling, Inc.	3,000,000	295,260
Food Products—1.7%
Kraft Foods, Inc., Class A	4,209,800	114,422
Health Care Equipment & Supplies—4.0%
Becton Dickinson & Co.	1,776,900	140,126
Medtronic, Inc.	3,000,000	131,940
		272,066
Household Products—1.9%
Kimberly-Clark Corp.	2,000,000	127,420
Industrial Conglomerates—2.0%
3M Co.	1,700,000	140,539
Insurance—5.9%
MetLife, Inc.	3,839,000	135,709
The Allstate Corp.	4,781,600	143,639
The Travelers Cos., Inc.	2,500,000	124,650
		403,998
Leisure Equipment & Products—1.9%
Mattel, Inc.	6,500,000	129,870
Media—2.2%
McGraw-Hill Cos., Inc.	4,407,600	147,699
Multi-Utilities—1.7%
Ameren Corp.	4,300,000	120,185
Office Electronics—1.9%
Xerox Corp.	15,400,000	130,284
Oil, Gas & Consumable Fuels—16.1%
Chesapeake Energy Corp.	5,238,500	135,572
Chevron Corp.	1,728,600	133,085
ConocoPhillips	4,912,100	250,861
Marathon Oil Corp.	5,000,000	156,100
Royal Dutch Shell PLC ADR, Class A	2,307,300	138,692

	Shares	Value (000s)
Total S.A. ADR	2,500,000	$160,100
Valero Energy Corp.	7,500,000	125,625
		1,100,035
Pharmaceuticals—9.6%
GlaxoSmithKline PLC ADR	6,404,000	270,569
Johnson & Johnson	1,900,000	122,379
Pfizer, Inc.	14,615,500	265,856
		658,804
Real Estate Investment Trust—3.8%
Annaly Capital Management, Inc.	14,932,600	259,081
Semiconductors & Semiconductor Equipment—2.0%
Intel Corp.	6,797,100	138,661
Software—2.0%
Microsoft Corp.	4,500,000	137,205
Specialty Retail—2.1%
Home Depot, Inc.	5,000,000	144,650
Textiles, Apparel & Luxury Goods—1.9%
V.F. Corp.	1,800,000	131,832
Thrifts & Mortgage Finance—4.6%
Hudson City Bancorp, Inc.	10,600,000	145,538
New York Community Bancorp, Inc.	11,500,000	166,865
		312,403
Tobacco—6.3%
Altria Group, Inc.	14,000,000	274,820
Reynolds American, Inc.	3,000,000	158,910
		433,730
Total Common Stock (cost—$7,084,177)		6,803,494
	Principal Amount (000s)
Repurchase Agreement—0.5%
State Street Bank & Trust Co., dated 12/31/09, 0.005%, due 1/4/10, proceeds $30,765; collateralized by Freddie Mac, 6.875%, due 9/15/10, valued at $31,386 including accrued interest (cost—$30,765)	$30,765	30,765
Total Investments (cost—$7,114,942)—100.0%		6,834,259
Other assets less liabilities—0.0%		2,202
Net Assets—100.0%		$6,836,461
Glossary:
ADR—American Depositary Receipt

56 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

Schedule of Investments

NFJ Large-Cap Value Fund

December 31, 2009 (unaudited)

	Shares	Value (000s)
COMMON STOCK—97.9%
Aerospace & Defense—2.8%
Northrop Grumman Corp.	654,600	$36,559
Air Freight & Couriers—1.3%
FedEx Corp.	198,600	16,573
Auto Components—0.9%
Johnson Controls, Inc.	450,800	12,280
Automobiles—1.1%
Harley-Davidson, Inc.	550,600	13,875
Beverages—0.9%
Molson Coors Brewing Co., Class B	256,200	11,570
Capital Markets—2.8%
Goldman Sachs Group, Inc.	72,000	12,157
Morgan Stanley	379,500	11,233
State Street Corp.	300,600	13,088
		36,478
Chemicals—1.1%
PPG Industries, Inc.	238,000	13,932
Computers & Peripherals—3.2%
Hewlett-Packard Co.	310,800	16,009
International Business Machines Corp.	194,000	25,395
		41,404
Diversified Financial Services—2.1%
JPMorgan Chase & Co.	657,600	27,402
Diversified Telecommunication Services—6.9%
AT&T, Inc.	1,271,700	35,646
CenturyTel, Inc.	724,400	26,231
Verizon Communications, Inc.	825,700	27,355
		89,232
Electric Utilities—2.7%
Edison International	1,003,900	34,916
Electrical Equipment—1.0%
Emerson Electric Co.	310,400	13,223
Energy Equipment & Services—3.9%
Diamond Offshore Drilling, Inc.	366,200	36,041
Halliburton Co.	500,000	15,045
		51,086
Food & Drug Retailing—3.6%
CVS Caremark Corp.	736,800	23,732
Safeway, Inc.	1,053,100	22,421
		46,153
Food Products—2.0%
ConAgra Foods, Inc.	1,129,600	26,037
Health Care Equipment & Supplies—1.2%
Medtronic, Inc.	346,100	15,221
Health Care Providers & Services—3.3%
Cardinal Health, Inc.	860,200	27,733
CIGNA Corp.	416,600	14,693
		42,426
Hotels, Restaurants & Leisure—1.0%
McDonald’s Corp.	207,000	12,925
Household Durables—0.9%
Fortune Brands, Inc.	275,200	11,889

	Shares	Value (000s)
Household Products—2.1%
Kimberly-Clark Corp.	420,400	$26,784
Industrial Conglomerates—1.3%
3M Co.	206,200	17,047
Insurance—9.3%
Loews Corp.	345,300	12,552
Marsh & McLennan Cos., Inc.	511,400	11,292
MetLife, Inc.	687,100	24,289
Prudential Financial, Inc.	504,300	25,094
The Allstate Corp.	759,900	22,827
The Travelers Cos., Inc.	486,600	24,262
		120,316
Media—2.7%
CBS Corp., Class B	870,700	12,233
Time Warner, Inc.	766,133	22,325
		34,558
Metals & Mining—1.9%
Freeport-McMoRan Copper & Gold, Inc. (a)	150,900	12,116
Nucor Corp.	271,500	12,665
		24,781
Multi-Utilities—1.1%
Dominion Resources, Inc.	365,000	14,206
Office Electronics—2.0%
Xerox Corp.	3,165,800	26,783
Oil, Gas & Consumable Fuels—15.6%
Apache Corp.	375,900	38,782
Chesapeake Energy Corp.	1,084,800	28,075
Chevron Corp.	605,600	46,625
ConocoPhillips	686,200	35,044
Marathon Oil Corp.	1,083,700	33,833
Valero Energy Corp.	1,186,500	19,874
		202,233
Pharmaceuticals—8.9%
Eli Lilly & Co.	699,400	24,976
Johnson & Johnson	409,900	26,402
Merck & Co, Inc.	743,600	27,171
Pfizer, Inc.	2,027,400	36,878
		115,427
Real Estate Investment Trust—3.9%
Annaly Capital Management, Inc.	1,924,600	33,392
Simon Property Group, Inc.	213,988	17,076
		50,468
Software—2.3%
Microsoft Corp.	975,600	29,746
Specialty Retail—2.0%
Gap, Inc.	623,200	13,056
Home Depot, Inc.	456,300	13,201
		26,257
Tobacco—2.1%
Altria Group, Inc.	1,367,400	26,842
Total Common Stock (cost—$1,271,658)		1,268,629

	Principal Amount (000s)	Value (000s)
Repurchase Agreement—2.5%
State Street Bank & Trust Co., dated 12/31/09, 0.005%, due 1/4/10, proceeds $32,238; collateralized by Freddie Mac, 6.875%, due 9/15/10, valued at $32,887 including accrued interest (cost—$32,238)	$32,238	$32,238
Total Investments (cost—$1,303,896)—100.4%		1,300,867
Liabilities in excess of other assets—(0.4)%		(5,216	)
Net Assets—100.0%		$1,295,651
Notes to Schedule of Investments:
(a) Non-income producing.

See accompanying Notes to Financial Statements 12.31.09 Allianz Funds Semiannual Report 57

Schedule of Investments

NFJ Mid-Cap Value Fund

December 31, 2009 (unaudited)

	Shares	Value (000s)
COMMON STOCK—98.2%
Aerospace & Defense—2.6%
L-3 Communications Holdings, Inc.	3,000	$261
Automobiles—2.4%
Harley-Davidson, Inc.	9,400	237
Capital Markets—2.5%
Federated Investors, Inc., Class B	9,100	250
Commercial Services & Supplies—5.4%
Avery Dennison Corp.	6,600	241
RR Donnelley & Sons Co.	13,300	296
		537
Construction & Engineering—2.1%
Fluor Corp.	4,600	207
Containers & Packaging—2.4%
Sonoco Products Co.	8,200	240
Diversified Telecommunication Services—4.9%
CenturyTel, Inc.	7,000	253
Windstream Corp.	21,100	232
		485
Electric Utilities—2.3%
Edison International	6,500	226
Electronic Equipment, Instruments & Components—3.2%
Jabil Circuit, Inc.	18,100	314
Energy Equipment & Services—2.5%
Tidewater, Inc.	5,200	249
Food & Drug Retailing—1.8%
SUPERVALU, Inc.	14,300	182
Food Products—3.6%
ConAgra Foods, Inc.	5,300	122
Corn Products International, Inc.	8,000	234
		356
Gas Utilities—5.0%
AGL Resources, Inc.	6,700	244
Atmos Energy Corp.	8,500	250
		494
Health Care Providers & Services—2.7%
McKesson Corp.	4,300	269
Household Durables—2.4%
Garmin Ltd.	7,800	240
Insurance—9.7%
Mercury General Corp.	6,300	247
Reinsurance Group of America, Inc.	5,100	243
RenaissanceRe Holdings Ltd.	4,400	234
Unum Group	12,200	238
		962
Leisure Equipment & Products—2.3%
Mattel, Inc.	11,300	226
Machinery—1.1%
Parker Hannifin Corp.	2,050	111
Metals & Mining—4.7%
Reliance Steel & Aluminum Co.	5,600	242
Yamana Gold, Inc.	19,600	223
		465
Multi-Utilities—4.9%
Nisource, Inc.	16,100	248
SCANA Corp.	6,500	245
		493

	Shares	Value (000s)
Office Electronics—2.2%
Xerox Corp.	26,200	$222
Oil, Gas & Consumable Fuels—7.7%
Cimarex Energy Co.	5,400	286
Nexen, Inc.	10,200	244
Southern Union Co.	10,500	238
		768
Pharmaceuticals—2.0%
Biovail Corp.	14,500	202
Real Estate Investment Trust—7.5%
Annaly Capital Management, Inc.	12,100	210
Duke Realty Corp.	19,300	235
Hospitality Properties Trust	12,700	301
		746
Specialty Retail—5.5%
Limited Brands, Inc.	14,200	273
RadioShack Corp.	13,800	269
		542
Textiles, Apparel & Luxury Goods—2.3%
V.F. Corp.	3,100	227
Tobacco—2.5%
Reynolds American, Inc.	4,700	249
Total Common Stock (cost—$9,124)		9,760
	Principal Amount (000s)
Repurchase Agreement—1.5%
State Street Bank & Trust Co., dated 12/31/09, 0.005%, due 1/4/10, proceeds $146; collateralized by Freddie Mac, 6.875%, due 9/15/10, valued at $149 including accrued interest (cost—$146)	$146	146
Total Investments (cost—$9,270)—99.7%		9,906
Other assets less liabilities—0.3%		36
Net Assets—100.0%		$9,942

58 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

Schedule of Investments

NFJ Small-Cap Value Fund

December 31, 2009 (unaudited)

	Shares	Value (000s)
COMMON STOCK—94.0%
Aerospace & Defense—1.5%
Curtiss-Wright Corp.	1,730,300	$54,193
Triumph Group, Inc.	820,800	39,604
		93,797
Airlines—0.6%
Skywest, Inc.	2,069,800	35,021
Beverages—0.6%
Embotelladora Andina S.A. ADR	1,805,700	36,836
Building Products—1.0%
Lennox International, Inc.	1,584,500	61,859
Capital Markets—1.8%
Federated Investors, Inc., Class B	2,401,300	66,036
Raymond James Financial, Inc.	1,730,000	41,122
		107,158
Chemicals—6.7%
Innophos Holdings, Inc.	907,800	20,870
International Flavors & Fragrances, Inc.	1,682,500	69,218
Lubrizol Corp.	1,212,200	88,430
Methanex Corp.	1,923,200	37,483
RPM International, Inc.	3,676,600	74,745
Sensient Technologies Corp.	2,154,700	56,669
Terra Industries, Inc.	1,903,400	61,271
		408,686
Commercial Banks—2.2%
Bank of Hawaii Corp.	1,498,900	70,538
Cullen/Frost Bankers, Inc.	1,263,100	63,155
		133,693
Commercial Services & Supplies—1.0%
American Ecology Corp.	467,400	7,964
Brink‘s Co.	1,955,600	47,599
Ennis, Inc.	273,300	4,589
		60,152
Computers & Peripherals—1.0%
Diebold, Inc.	2,042,800	58,118
Construction & Engineering—1.0%
KBR, Inc.	3,311,900	62,926
Consumer Finance—1.0%
Advance America Cash Advance
Centers, Inc.	2,230,900	12,404
Cash America International, Inc.	1,432,300	50,073
		62,477
Containers & Packaging—2.3%
Bemis Co., Inc.	2,368,600	70,229
Sonoco Products Co.	2,319,300	67,840
		138,069
Electric Utilities—2.2%
Cleco Corp.	2,373,500	64,868
Westar Energy, Inc.	3,174,000	68,939
		133,807
Electrical Equipment—1.7%
Acuity Brands, Inc.	1,734,000	61,800
Belden, Inc.	1,881,400	41,240
		103,040

	Shares	Value (000s)
Electronic Equipment, Instruments & Components—1.6%
Jabil Circuit, Inc.	4,773,700	$82,919
MTS Systems Corp.	540,200	15,526
		98,445
Energy Equipment & Services—1.1%
Tidewater, Inc.	1,352,200	64,838
Food & Drug Retailing—2.1%
Casey‘s General Stores, Inc.	2,048,000	65,372
Ruddick Corp.	2,103,900	54,133
Weis Markets, Inc.	249,200	9,061
		128,566
Food Products—3.8%
Cal-Maine Foods, Inc. (a)	1,123,200	38,278
Corn Products International, Inc.	2,231,300	65,221
Del Monte Foods Co.	6,324,600	71,721
JM Smucker Co.	898,700	55,495
		230,715
Gas Utilities—7.8%
AGL Resources, Inc.	1,768,400	64,493
Amerigas Partners L.P.	324,400	12,759
Atmos Energy Corp.	2,174,000	63,916
Energen Corp.	1,469,000	68,749
National Fuel Gas Co.	1,569,700	78,485
Southwest Gas Corp.	1,379,000	39,343
Suburban Propane Partners L.P.	683,600	32,184
UGI Corp.	2,300,200	55,642
WGL Holdings, Inc.	1,724,700	57,846
		473,417
Health Care Equipment & Supplies—5.2%
Cooper Cos., Inc.	2,097,800	79,968
Hill-Rom Holdings, Inc.	1,056,600	25,348
Invacare Corp.	1,383,000	34,492
STERIS Corp.	1,966,900	55,014
Teleflex, Inc.	1,292,500	69,653
West Pharmaceutical Services, Inc.	1,381,700	54,163
		318,638
Health Care Providers & Services—1.1%
Owens & Minor, Inc.	1,563,600	67,125
Hotels, Restaurants & Leisure—0.8%
Dover Downs Gaming & Entertainment, Inc.	660,600	2,497
International Speedway Corp., Class A (a)	1,615,700	45,967
		48,464
Household Products—0.1%
WD-40 Co.	211,500	6,844
Industrial Conglomerates—0.1%
Tomkins PLC ADR	447,300	5,591
Insurance—3.3%
American Equity Investment Life Holding Co.	1,613,300	12,003
American Financial Group, Inc.	2,798,000	69,810
American Physicians Capital, Inc.	496,933	15,067
Delphi Financial Group, Inc., Class A	2,266,000	50,691
Infinity Property & Casualty Corp.	370,500	15,057
RLI Corp.	722,200	38,457
		201,085

	Shares	Value (000s)
Internet & Catalog Retail—0.1%
PetMed Express, Inc.	386,000	$6,805
Leisure Equipment & Products—0.2%
Sturm Ruger & Co., Inc. (a)	1,145,600	11,112
Life Sciences Tools & Services—1.1%
PerkinElmer, Inc.	3,288,772	67,716
Machinery—5.2%
Barnes Group, Inc.	2,231,500	37,712
Bucyrus International, Inc.	1,570,300	88,518
Crane Co.	2,091,600	64,045
Harsco Corp.	1,998,000	64,395
Valmont Industries, Inc.	779,600	61,160
		315,830
Metals & Mining—5.4%
AMCOL International Corp.	830,900	23,614
Commercial Metals Co.	4,272,100	66,858
Compass Minerals International, Inc.	1,303,200	87,562
Iamgold Corp.	4,600,300	71,949
Royal Gold, Inc.	1,710,055	80,544
		330,527
Multi-Utilities—2.7%
Avista Corp.	1,643,300	35,479
OGE Energy Corp.	2,039,500	75,237
Vectren Corp.	2,220,100	54,792
		165,508
Oil, Gas & Consumable Fuels—12.5%
Alliance Resource Partners L.P.	319,200	13,844
Berry Petroleum Co., Class A	1,810,700	52,782
Buckeye Partners L.P.	965,700	52,582
Cimarex Energy Co.	1,723,900	91,315
El Paso Pipeline Partners L.P.	986,600	25,612
Frontier Oil Corp.	4,441,800	53,479
Holly Corp.	2,477,600	63,501
Linn Energy LLC, UNIT	3,057,600	85,246
Magellan Midstream Partners L.P.	1,450,900	62,867
NuStar Energy L.P.	938,600	52,646
Southern Union Co.	2,843,300	64,543
Sunoco Logistics Partners L.P.	325,600	21,779
TC Pipelines L.P.	318,400	11,730
Tsakos Energy Navigation Ltd.	1,133,200	16,613
Williams Partners L.P.	741,100	22,730
World Fuel Services Corp.	2,581,000	69,145
		760,414
Real Estate Investment Trust—6.2%
Chimera Investment Corp.	16,403,500	63,645
CreXus Investment Corp. (b)	837,800	11,696
Equity One, Inc.	2,010,800	32,515
Franklin Street Properties Corp.	3,083,100	45,044
Healthcare Realty Trust, Inc.	2,413,100	51,785
HRPT Properties Trust	4,717,000	30,519
Nationwide Health Properties, Inc.	1,995,000	70,184
PS Business Parks, Inc.	733,900	36,732
Sovran Self Storage, Inc.	971,000	34,694
		376,814

12.31.09 Allianz Funds Semiannual Report 59

Schedule of Investments (cont.)

NFJ Small-Cap Value Fund

December 31, 2009 (unaudited)

	Shares	Value (000s)
Semiconductors & Semiconductor Equipment—0.1%
Himax Technologies, Inc. ADR	2,103,100	$5,826
Specialized Consumer Services—0.4%
Hillenbrand, Inc.	1,226,600	23,109
Specialty Retail—2.8%
Aaron‘s, Inc. (a)	2,374,600	65,848
Buckle, Inc.	2,235,800	65,464
RadioShack Corp.	1,989,100	38,787
		170,099
Textiles, Apparel & Luxury Goods—2.4%
Phillips-Van Heusen Corp.	1,872,500	76,173
Unifirst Corp.	177,300	8,530
Wolverine World Wide, Inc.	2,371,900	64,563
		149,266
Tobacco—1.3%
Universal Corp. (a)	1,294,500	59,042
Vector Group Ltd.	1,421,805	19,905
		78,947
Trading Companies & Distributors—0.6%
Applied Industrial Tech, Inc.	1,692,100	37,345
Water Utilities—1.2%
American Water Works Co., Inc.	3,146,300	70,509
Wireless Telecommunication Services—0.2%
Partner Communications Co., Ltd. ADR	499,700	10,169
Total Common Stock (cost—$4,763,974)		5,719,363
MUTUAL FUND—1.0%
Central Fund of Canada Ltd., Class A (cost—$53,403)	4,451,300	61,339
	Principal Amount (000s)
Repurchase Agreement—5.2%
State Street Bank & Trust Co., dated 12/31/09, 0.005%, due 1/4/10, proceeds $313,372; collateralized by Fannie Mae, 6.625% due 11/15/10, valued at $32,386 including accrued interest and Federal Home Loan Bank Discount Notes, 0.424%, due 11/15/10, valued at $287,254 including accrued interest (cost—$313,372)	$313,372	313,372
Total Investments (cost—$5,130,749)—100.2%		6,094,074
Liabilities in excess of other assets—(0.2)%		(10,435	)
Net Assets—100.0%		$6,083,639

Notes to Schedule of Investments:

(a) Affiliated security.

(b) Non-income producing.

Glossary:

ADR—American Depositary Receipt

UNIT—More than one class of securities traded together.

60 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

Schedule of Investments

OCC Growth Fund

December 31, 2009 (unaudited)

	Shares	Value (000s)
COMMON STOCK—96.1%
Aerospace & Defense—1.7%
United Technologies Corp.	162,150	$11,255
Beverages—2.0%
PepsiCo, Inc.	229,840	13,974
Biotechnology—6.2%
Celgene Corp. (a)	307,840	17,141
Gilead Sciences, Inc. (a)	577,890	25,011
		42,152
Capital Markets—4.3%
BlackRock, Inc.	60,350	14,013
Charles Schwab Corp.	332,600	6,260
Morgan Stanley	307,700	9,108
		29,381
Chemicals—1.4%
Monsanto Co.	118,980	9,727
Communications Equipment—6.9%
Juniper Networks, Inc. (a)	501,750	13,381
QUALCOMM, Inc.	585,710	27,095
Research In Motion Ltd. (a)	104,750	7,075
		47,551
Computers & Peripherals—9.3%
Apple, Inc. (a)	165,230	34,841
EMC Corp. (a)	1,071,200	18,714
Hewlett-Packard Co.	201,850	10,397
		63,952
Diversified Financial Services—3.1%
Bank of America Corp.	893,200	13,452
CME Group, Inc.	22,100	7,424
		20,876
Energy Equipment & Services—1.0%
Smith International, Inc.	253,250	6,881
Food & Staples Retailing—0.8%
Costco Wholesale Corp.	89,650	5,304
Food Products—1.2%
Kraft Foods, Inc., Class A	293,850	7,987
Health Care Equipment & Supplies—2.6%
St. Jude Medical, Inc. (a)	488,200	17,956
Health Care Providers & Services—4.5%
CIGNA Corp.	473,650	16,705
Express Scripts, Inc. (a)	164,750	14,243
		30,948
Hotels, Restaurants & Leisure—1.2%
McDonald‘s Corp.	132,750	8,289
Industrial Conglomerates—2.0%
3M Co.	125,200	10,350
Tyco International Ltd.	94,195	3,361
		13,711
Internet Software & Services—4.7%
Google, Inc., Class A (a)	51,900	32,177
IT Services—4.4%
MasterCard, Inc., Class A	30,100	7,705
Visa, Inc., Class A	259,250	22,674
		30,379
Machinery—1.1%
Ingersoll-Rand PLC	202,200	7,227

	Shares	Value (000s)
Metals & Mining—2.7%
Cliffs Natural Resources, Inc.	238,100	$10,974
Rio Tinto PLC ADR	34,250	7,377
		18,351
Multiline Retail—0.9%
Kohl‘s Corp. (a)	118,350	6,383
Oil, Gas & Consumable Fuels—6.6%
Devon Energy Corp.	128,650	9,456
EOG Resources, Inc.	78,370	7,625
PetroHawk Energy Corp. (a)	393,830	9,448
Ultra Petroleum Corp. (a)	376,800	18,787
		45,316
Personal Products—1.8%
Avon Products, Inc.	386,350	12,170
Pharmaceuticals—7.4%
Abbott Laboratories	314,050	16,955
Merck & Co, Inc.	379,400	13,863
Teva Pharmaceutical Industries Ltd. ADR	353,500	19,860
		50,678
Road & Rail—2.2%
Union Pacific Corp.	235,760	15,065
Semiconductors & Semiconductor Equipment—9.7%
Broadcom Corp., Class A (a)	241,300	7,589
Intel Corp.	1,435,270	29,280
Lam Research Corp. (a)	184,850	7,248
Texas Instruments, Inc.	848,100	22,101
		66,218
Software—1.1%
Oracle Corp.	298,310	7,320
Specialty Retail—3.9%
Gap, Inc.	433,250	9,077
Staples, Inc.	427,000	10,500
TJX Cos., Inc.	201,410	7,361
		26,938
Tobacco—1.4%
Lorillard, Inc.	121,900	9,780
Total Common Stock (cost—$569,312)		657,946
CONVERTIBLE PREFERRED STOCK—0.8%
Diversified Financial Services—0.8%
Bank of America Corp., 10.00%, 12/31/49 (cost—$5,411)	360,250	5,375
	Principal Amount (000s)
Repurchase Agreement—18.0%
State Street Bank & Trust Co., dated 12/31/09, 0.005%, due 1/4/10, proceeds $123,523; collateralized by Freddie Mac, 1.45%, due 9/10/10, valued at $125,997 including accrued interest (cost—$123,523)	$123,523	123,523
Total Investments (cost—$698,246)—114.9%		786,844
Liabilities in excess of other assets—(14.9)%		(101,861	)
Net Assets—100.0%		$684,983

Notes to Schedule of Investments:

(a) Non-income producing.

Glossary:

ADR—American Depositary Receipt

See accompanying Notes to Financial Statements 12.31.09 Allianz Funds Semiannual Report 61

Schedule of Investments

OCC Opportunity Fund

December 31, 2009 (unaudited)

	Shares	Value (000s)
COMMON STOCK—99.8%
Aerospace & Defense—3.1%
AerCap Holdings NV (a)	579,242	$5,248
Aerovironment, Inc. (a)	90,422	2,629
		7,877
Air Freight & Logistics—1.6%
Atlas Air Worldwide Holdings, Inc. (a)	108,343	4,036
Airlines—2.8%
AirTran Holdings, Inc. (a)	956,167	4,991
Copa Holdings S.A., Class A	35,850	1,953
		6,944
Auto Components—0.9%
Federal Mogul Corp. (a)	126,681	2,192
Biotechnology—6.5%
AMAG Pharmaceuticals, Inc. (a)	156,937	5,968
BioMarin Pharmaceutical, Inc. (a)	414,244	7,792
United Therapeutics Corp. (a)	48,278	2,542
		16,302
Capital Markets—1.4%
Greenhill & Co., Inc.	43,760	3,511
Chemicals—0.8%
Intrepid Potash, Inc. (a)	71,613	2,089
Commercial Services & Supplies—2.2%
EnerNOC, Inc. (a)	74,475	2,263
Innerworkings, Inc. (a)	564,586	3,331
		5,594
Diversified Consumer Services—2.6%
American Public Education, Inc. (a)	190,800	6,556
Electronic Equipment, Instruments & Components—1.0%
DTS, Inc. (a)	74,454	2,547
Food Products—1.8%
Smart Balance, Inc. (a)	735,591	4,414
Health Care Equipment & Supplies—6.0%
Abaxis, Inc. (a)	87,772	2,242
Masimo Corp. (a)	164,025	4,990
NuVasive, Inc. (a)	131,115	4,193
Thoratec Corp. (a)	133,955	3,606
		15,031
Health Care Providers & Services—2.4%
Amedisys, Inc. (a)	78,375	3,806
IPC The Hospitalist Co., Inc. (a)	66,115	2,198
		6,004
Health Care Technology—1.3%
Phase Forward, Inc. (a)	209,275	3,212
Hotels, Restaurants & Leisure—6.8%
Buffalo Wild Wings, Inc. (a)	54,015	2,175
Life Time Fitness, Inc. (a)	204,722	5,104
Orient-Express Hotels Ltd., Class A (a)	400,871	4,065
Pinnacle Entertainment, Inc. (a)	393,620	3,535
Texas Roadhouse, Inc. (a)	183,275	2,058
		16,937

	Shares	Value (000s)
Household Durables—1.5%
Tempur-Pedic International, Inc. (a)	156,600	$3,700
Internet Software & Services—1.8%
Archipelago Learning, Inc. (a)	112,859	2,336
VistaPrint NV (a)	36,603	2,074
		4,410
IT Services—1.6%
Sapient Corp. (a)	499,641	4,132
Machinery—1.7%
Terex Corp. (a)	103,550	2,052
Titan International, Inc.	273,153	2,215
		4,267
Oil, Gas & Consumable Fuels—11.4%
Comstock Resources, Inc. (a)	102,965	4,177
GMX Resources, Inc. (a)	230,103	3,162
PetroHawk Energy Corp. (a)	326,742	7,839
Petroquest Energy, Inc. (a)	386,533	2,369
Quicksilver Resources, Inc. (a)	316,536	4,751
SandRidge Energy, Inc. (a)	671,842	6,336
		28,634
Pharmaceuticals—4.3%
Cardiome Pharma Corp. (a)	794,024	3,533
Durect Corp. (a)	1,008,719	2,491
Par Pharmaceutical Cos., Inc. (a)	77,300	2,092
POZEN, Inc. (a)	431,155	2,583
		10,699
Professional Services—3.8%
Corporate Executive Board Co.	99,604	2,273
FTI Consulting, Inc. (a)	109,975	5,186
Monster Worldwide, Inc. (a)	124,200	2,161
		9,620
Road & Rail—3.2%
Celadon Group, Inc. (a)	186,740	2,026
Genesee & Wyoming, Inc., Class A (a)	60,050	1,960
Old Dominion Freight Line, Inc. (a)	73,175	2,247
Vitran Corp., Inc. (a)	163,764	1,780
		8,013
Semiconductors & Semiconductor Equipment—10.9%
Advanced Energy Industries, Inc. (a)	249,675	3,765
Atheros Communications, Inc. (a)	90,631	3,103
FormFactor, Inc. (a)	208,180	4,530
Netlogic Microsystems, Inc. (a)	81,657	3,777
Teradyne, Inc. (a)	722,881	7,757
Verigy Ltd. (a)	341,808	4,399
		27,331
Software—8.8%
Ariba, Inc. (a)	242,869	3,041
Blackboard, Inc. (a)	43,050	1,954
Commvault Systems, Inc. (a)	87,675	2,077
MicroStrategy, Inc., Class A (a)	22,212	2,088
NetSuite, Inc. (a)	203,711	3,255
Rosetta Stone, Inc. (a)	163,947	2,943
SuccessFactors, Inc. (a)	127,050	2,107
Taleo Corp., Class A (a)	91,579	2,154
VanceInfo Technologies, Inc. ADR (a)	128,425	2,467
		22,086

	Shares	Value (000s)
Specialty Retail—0.9%
Ulta Salon Cosmetics & Fragrance, Inc. (a)	119,649	$2,173
Textiles, Apparel & Luxury Goods—3.2%
Iconix Brand Group, Inc. (a)	242,125	3,063
Lululemon Athletica, Inc. (a)	89,464	2,693
Under Armour, Inc., Class A (a)	87,875	2,396
		8,152
Thrifts & Mortgage Finance—2.4%
MGIC Investment Corp. (a)	1,020,775	5,900
Trading Companies & Distributors—0.8%
Titan Machinery, Inc. (a)	174,251	2,011
Transportation Infrastructure—2.3%
Aegean Marine Petroleum Network, Inc.	211,124	5,802
Total Common Stock (cost—$217,420)		250,176
	Principal Amount (000s)
Repurchase Agreement—0.3%
State Street Bank & Trust Co., dated 12/31/09, 0.005%, due 1/4/10, proceeds $833; collateralized by Freddie Mac, 6.875%, due 9/15/10, valued at $852 including accrued interest (cost—$833)	$833	833
Total Investments (cost—$218,253)—100.1%		251,009
Liabilities in excess of other assets—(0.1)%		(176	)
Net Assets—100.0%		$250,833
Notes to Schedule of Investments:
(a) Non-income producing.
Glossary:
ADR—American Depositary Receipt

62 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

Schedule of Investments

OCC Target Fund

December 31, 2009 (unaudited)

	Shares	Value (000s)
COMMON STOCK—100.0%
Aerospace & Defense—4.0%
AerCap Holdings NV (a)	500,000	$4,530
Precision Castparts Corp.	55,000	6,069
Rockwell Collins, Inc.	50,000	2,768
		13,367
Auto Components—0.8%
Goodyear Tire & Rubber Co. (a)	200,000	2,820
Beverages—2.5%
Coca-Cola Enterprises, Inc.	200,000	4,240
Molson Coors Brewing Co., Class B	90,000	4,064
		8,304
Biotechnology—5.3%
BioMarin Pharmaceutical, Inc. (a)	295,000	5,549
Celgene Corp. (a)	95,000	5,289
Myriad Genetics, Inc. (a)	136,000	3,550
United Therapeutics Corp. (a)	64,000	3,370
		17,758
Capital Markets—1.1%
Jefferies Group, Inc. (a)	150,000	3,559
Chemicals—1.2%
Ashland, Inc.	100,000	3,962
Commercial Banks—1.2%
CapitalSource, Inc. REIT	1,000,000	3,970
Commercial Services & Supplies—1.7%
Corrections Corp. of America (a)	225,000	5,524
Communications Equipment—5.6%
Brocade Communications Systems, Inc. (a)	440,000	3,357
F5 Networks, Inc. (a)	100,000	5,298
Juniper Networks, Inc. (a)	175,000	4,667
Polycom, Inc. (a)	120,000	2,997
Research In Motion Ltd. (a)	37,000	2,499
		18,818
Computers & Peripherals—3.0%
NetApp, Inc. (a)	180,000	6,190
QLogic Corp. (a)	200,000	3,774
		9,964
Construction & Engineering—0.9%
KBR, Inc.	150,000	2,850
Containers & Packaging—1.7%
Owens-Illinois, Inc. (a)	175,000	5,752
Diversified Financial Services—1.0%
IntercontinentalExchange, Inc. (a)	30,030	3,372
Energy Equipment & Services—0.8%
Smith International, Inc.	93,606	2,543
Health Care Equipment & Supplies—1.7%
St. Jude Medical, Inc. (a)	150,000	5,517
Health Care Providers & Services—5.5%
CIGNA Corp.	160,000	5,643
Express Scripts, Inc. (a)	67,000	5,792
Laboratory Corp. of America Holdings (a)	60,000	4,491
Psychiatric Solutions, Inc. (a)	110,000	2,325
		18,251

	Shares	Value (000s)
Health Care Technology—1.1%
MedAssets, Inc. (a)	173,320	$3,676
Hotels, Restaurants & Leisure—1.7%
Las Vegas Sands Corp. (a)	241,000	3,601
Orient-Express Hotels Ltd.,
Class A (a)	200,000	2,028
		5,629
Industrial Conglomerates—1.3%
Textron, Inc.	225,000	4,232
Insurance—1.1%
Assured Guaranty Ltd.	175,000	3,808
Internet & Catalog Retail—1.5%
Priceline.com, Inc. (a)	23,000	5,025
Internet Software & Services—1.6%
GSI Commerce, Inc. (a)	50,000	1,270
VistaPrint NV (a)	70,000	3,966
		5,236
IT Services—2.5%
Cognizant Technology Solutions
Corp., Class A (a)	114,000	5,164
Lender Processing Services, Inc.	80,000	3,253
		8,417
Life Sciences Tools & Services—1.6%
Life Technologies Corp. (a)	99,981	5,222
Machinery—3.7%
Bucyrus International, Inc.	111,000	6,257
Flowserve Corp.	65,000	6,145
		12,402
Media—3.7%
Discovery Communications, Inc.,
Class A (a)	125,000	3,834
Omnicom Group, Inc.	85,000	3,328
Viacom, Inc., Class B (a)	175,000	5,202
		12,364
Metals & Mining—1.5%
Walter Energy, Inc.	65,000	4,895
Multiline Retail—2.1%
Dollar Tree, Inc. (a)	80,000	3,864
Kohl‘s Corp. (a)	60,000	3,236
		7,100
Oil, Gas & Consumable Fuels—8.2%
Frontier Oil Corp.	225,000	2,709
PetroHawk Energy Corp. (a)	450,000	10,796
Plains Exploration & Production Co. (a)	125,000	3,457
Quicksilver Resources, Inc. (a)	407,775	6,121
SandRidge Energy, Inc. (a)	468,000	4,413
		27,496
Personal Products—1.8%
Avon Products, Inc.	140,000	4,410
Mead Johnson Nutrition Co., Class A	40,000	1,748
		6,158
Professional Services—3.2%
FTI Consulting, Inc. (a)	110,000	5,188
Monster Worldwide, Inc. (a)	100,000	1,740
Verisk Analytics, Inc., Class A (a)	120,000	3,633
		10,561

	Shares	Value (000s)
Real Estate Investment Trust—0.7%
Annaly Capital Management, Inc.	140,000	$2,429
Road & Rail—1.9%
Kansas City Southern (a)	195,000	6,492
Semiconductors & Semiconductor Equipment—8.3%
Broadcom Corp., Class A (a)	150,000	4,718
KLA-Tencor Corp.	150,000	5,424
Lam Research Corp. (a)	200,000	7,842
Marvell Technology Group Ltd. (a)	150,000	3,112
ON Semi-conductor Corp. (a)	750,000	6,608
		27,704
Software—3.5%
Citrix Systems, Inc. (a)	65,000	2,705
McAfee, Inc. (a)	90,000	3,651
Sybase, Inc. (a)	125,000	5,425
		11,781
Specialty Retail—3.5%
American Eagle Outfitters, Inc.	250,000	4,245
Tiffany & Co.	90,000	3,870
Urban Outfitters, Inc. (a)	100,000	3,499
		11,614
Textiles, Apparel & Luxury Goods—1.1%
V.F. Corp.	50,000	3,662
Thrifts & Mortgage Finance—1.4%
MGIC Investment Corp. (a)	800,000	4,624
Tobacco—1.3%
Lorillard, Inc.	55,000	4,413
Transportation Infrastructure—1.1%
Aegean Marine Petroleum Network, Inc.	128,025	3,518
Wireless Telecommunication Services—2.6%
American Tower Corp., Class A (a)	200,000	8,642
Total Common Stock (cost—$265,982)		333,431
	Principal Amount (000s)
Repurchase Agreement—0.7%
State Street Bank & Trust Co., dated 12/31/09, 0.005%, due 1/4/10, proceeds $2,364; collateralized by Fannie Mae, 6.625%, due 11/15/10, valued at $2,413 including accrued interest (cost—$2,364)	$2,364	2,364
Total Investments (cost—$268,346)—100.7%		335,795
Liabilities in excess of other assets—(0.7)%		(2,216	)
Net Assets—100.0%		$333,579
Notes to Schedule of Investments:
(a) Non-income producing.

See accompanying Notes to Financial Statements 12.31.09 Allianz Funds Semiannual Report 63

Schedule of Investments

RCM Large-Cap Growth Fund

December 31, 2009 (unaudited)

	Shares	Value (000s)
COMMON STOCK—97.4%
Aerospace & Defense—3.4%
General Dynamics Corp.	90,250	$6,152
United Technologies Corp.	112,535	7,811
		13,963
Air Freight & Logistics—2.0%
FedEx Corp.	97,850	8,165
Beverages—2.3%
Coca-Cola Co.	91,545	5,218
PepsiCo, Inc.	67,515	4,105
		9,323
Biotechnology—5.6%
Amgen, Inc. (a)(b)	91,915	5,200
Celgene Corp. (b)	109,410	6,092
Gilead Sciences, Inc. (b)	174,595	7,556
Human Genome Sciences, Inc. (b)	146,510	4,483
		23,331
Capital Markets—4.9%
Charles Schwab Corp.	278,654	5,244
Goldman Sachs Group, Inc.	35,200	5,943
Invesco Ltd.	216,180	5,078
State Street Corp.	90,430	3,938
		20,203
Chemicals—2.5%
Air Products & Chemicals, Inc.	79,215	6,421
Monsanto Co.	50,600	4,137
		10,558
Commercial Banks—1.1%
Wells Fargo & Co.	165,465	4,466
Communications Equipment—4.8%
Cisco Systems, Inc. (b)	490,695	11,747
QUALCOMM, Inc.	173,686	8,035
		19,782
Computers & Peripherals—8.9%
Apple, Inc. (b)	98,395	20,747
EMC Corp. (a)(b)	345,374	6,034
Hewlett-Packard Co.	187,171	9,641
NetApp, Inc. (b)	12,100	416
		36,838
Diversified Consumer Services—0.9%
DeVry, Inc.	67,525	3,831
Diversified Financial Services—0.9%
JPMorgan Chase & Co.	91,735	3,823
Energy Equipment & Services—4.0%
Schlumberger Ltd.	173,722	11,308
Weatherford International Ltd. (b)	298,345	5,343
		16,651
Food & Staples Retailing—1.5%
Wal-Mart Stores, Inc.	117,825	6,298
Food Products—1.0%
Kellogg Co.	77,365	4,116
Health Care Equipment & Supplies—2.4%
Alcon, Inc. (a)	36,597	6,015
Baxter International, Inc.	68,275	4,006
		10,021

	Shares	Value (000s)
Health Care Providers & Services—2.8%
Cardinal Health, Inc.	126,245	$4,070
Express Scripts, Inc. (b)	85,780	7,416
		11,486
Hotels, Restaurants & Leisure—2.8%
McDonald‘s Corp.	97,080	6,062
Starwood Hotels & Resorts
Worldwide, Inc.	151,652	5,546
		11,608
Household Products—1.7%
Colgate-Palmolive Co.	84,505	6,942
Internet & Catalog Retail—3.3%
Amazon.com, Inc. (a)(b)	101,755	13,688
Internet Software & Services—5.1%
Google, Inc., Class A (b)	24,875	15,422
Yahoo!, Inc. (b)	343,680	5,767
		21,189
IT Services—2.0%
Visa, Inc., Class A	94,495	8,264
Life Sciences Tools & Services—2.3%
Thermo Fisher Scientific, Inc. (a)(b)	195,700	9,333
Machinery—1.3%
Illinois Tool Works, Inc.	108,960	5,229
Media—1.9%
DIRECTV, Class A (b)	6,185	206
Walt Disney Co.	234,835	7,574
		7,780
Multiline Retail—3.6%
Kohl‘s Corp. (b)	140,545	7,580
Target Corp.	150,535	7,281
		14,861
Oil, Gas & Consumable Fuels—4.1%
Occidental Petroleum Corp.	48,325	3,931
Southwestern Energy Co. (b)	143,205	6,902
XTO Energy, Inc.	133,110	6,194
		17,027
Personal Products—1.1%
Avon Products, Inc.	139,865	4,406
Pharmaceuticals—3.8%
Abbott Laboratories	99,685	5,382
Allergan, Inc.	65,460	4,125
Teva Pharmaceutical Industries Ltd. ADR	110,575	6,212
		15,719
Road & Rail—0.7%
Burlington Northern Santa Fe Corp.	28,645	2,825
Semiconductors & Semiconductor Equipment—3.7%
Intel Corp.	47,975	979
Microchip Technology, Inc.	261,195	7,590
Texas Instruments, Inc.	257,755	6,717
		15,286
Software—8.6%
Activision Blizzard, Inc. (b)	370,754	4,119
Adobe Systems, Inc. (a)(b)	152,895	5,623
Microsoft Corp.	530,585	16,178
Oracle Corp.	399,560	9,805
		35,725

	Shares	Value (000s)
Specialty Retail—2.4%
Bed Bath & Beyond, Inc. (b)	165,295	$6,385
Lowe‘s Cos., Inc.	154,375	3,611
		9,996
Total Common Stock (cost—$346,969)		402,733
	Principal Amount (000s)
Repurchase Agreement—2.5%
State Street Bank & Trust Co., dated 12/31/09, 0.005%, due 1/4/10, proceeds $10,356; collateralized by Fannie Mae, 6.625% due 11/15/10, valued at $10,566 including accrued interest (cost—$10,356)	$10,356	10,356
OPTIONS PURCHASED (b)—1.3%
	Contracts
Call Options—1.3%
DIRECTV Group, Inc. (CBOE), strike price $22.50, expires 1/16/10	2,000	2,170
Intel Corp. (CBOE), strike price $22.50, expires 1/22/11	8,939	1,287
Netapp, Inc. (CBOE), strike price $24, expires 1/16/10	1,850	1,915
Total Options Purchased (cost—$2,785)		5,372
Total Investments before options written (cost—$360,110)—101.2%		418,461
OPTIONS WRITTEN (b)—(1.3)%
Call Options—(1.0)%
Adobe Systems, Inc. (CBOE), strike price $37.50, expires 1/16/10	1,528	(91	)
Amazon.com, Inc. (CBOE), strike price $100, expires 1/22/11	790	(3,625	)
Amgen, Inc. (CBOE), strike price $70, expires 1/16/10	778	(1	)
Intel Corp. (CBOE), strike price $30, expires 1/22/11	8,939	(170	)
Thermo Fisher Scientific, Inc. (CBOE), strike price $45, expires 3/20/10	652	(261	)
		(4,148	)
Put Options—(0.3)%
Amgen, Inc. (CBOE), strike price $45, expires 1/16/10	778	(4	)
DIRECTV Group, Inc. (CBOE), strike price $17.50, expires 1/16/10	2,298	(23	)
FedEx Corp. (CBOE), strike price $40, expires 1/16/10	407	(2	)
Hewlett Packard Co. (CBOE), strike price $30, expires 1/16/10	933	(1	)
Intel Corp. (CBOE), strike price $17.50, expires 1/22/11	8,939	(1,251	)

64 Allianz Funds Semiannual Report 12.31.09

Schedule of Investments (cont.)

RCM Large-Cap Growth Fund

December 31, 2009 (unaudited)

	Contracts	Value (000s)
IntercontinentalExchange, Inc. (CBOE), strike price $55, expires 1/16/10	545	$(5)
Juniper Networks, Inc. (CBOE), strike price $12.50, expires 1/16/10	4,560	(23	)
Lowe‘s Cos., Inc. (CBOE), strike price $15, expires 1/16/10	2,897	(9	)
Netapp, Inc. (CBOE), strike price $20, expires 1/16/10	1,850	(19	)
		(1,337	)
Total Options Written (premiums received—$8,014)		(5,485	)
Total Investments net of options written (cost—$352,096)—99.9%		412,976
Other assets less other liabilities—0.1%		594
Net Assets—100.0%		$413,570
Notes to Schedule of Investments:
(a) All or a partial amount segregated as collateral for options written.
(b) Non-income producing.
Glossary:
ADR—American Depositary Receipt
CBOE—Chicago Board Options Exchange

See accompanying Notes to Financial Statements 12.31.09 Allianz Funds Semiannual Report 65

Schedule of Investments

RCM Mid-Cap Fund

December 31, 2009 (unaudited)

	Shares	Value (000s)
COMMON STOCK—99.5%
Aerospace & Defense—2.0%
Goodrich Corp.	3,970	$255
Precision Castparts Corp.	7,407	817
		1,072
Air Freight & Logistics—1.1%
Expeditors International of Washington, Inc.	17,715	615
Beverages—2.1%
Coca-Cola Enterprises, Inc.	22,135	469
Hansen Natural Corp. (a)	16,768	644
		1,113
Biotechnology—3.8%
Human Genome Sciences, Inc. (a)	19,706	603
Onyx Pharmaceuticals, Inc. (a)	7,388	217
United Therapeutics Corp. (a)	9,657	508
Vertex Pharmaceuticals, Inc. (a)	16,147	692
		2,020
Capital Markets—5.2%
Artio Global Investors, Inc. (a)	18,070	461
Invesco Ltd.	19,160	450
Janus Capital Group, Inc.	33,753	454
Lazard Ltd., Class A	21,429	814
TD Ameritrade Holding Corp. (a)	32,950	638
		2,817
Chemicals—1.7%
Air Products & Chemicals, Inc.	3,507	284
Ecolab, Inc.	2,215	99
Intrepid Potash, Inc. (a)	18,131	529
		912
Commercial Banks—1.2%
Comerica, Inc.	3,790	112
SunTrust Banks, Inc.	6,972	141
Zions Bancorporation	29,345	377
		630
Commercial Services & Supplies—0.6%
Republic Services, Inc.	11,286	319
Communications Equipment—3.8%
Brocade Communications Systems, Inc. (a)	82,539	630
Juniper Networks, Inc. (a)	11,513	307
Polycom, Inc. (a)	22,724	567
Riverbed Technology, Inc. (a)	22,831	525
		2,029
Computers & Peripherals—2.3%
NCR Corp. (a)	34,863	388
NetApp, Inc. (a)	24,144	830
		1,218
Construction & Engineering—1.9%
Foster Wheeler AG (a)	19,184	565
Quanta Services, Inc. (a)	22,146	461
		1,026
Containers & Packaging—1.3%
Owens-Illinois, Inc. (a)	21,055	692
Diversified Consumer Services—0.7%
DeVry, Inc.	6,559	372
Diversified Financial Services—0.4%
IntercontinentalExchange, Inc. (a)	973	109
Moody‘s Corp.	4,200	113
		222

	Shares	Value (000s)
Electric Utilities—0.3%
PPL Corp.	5,256	$169
Electrical Equipment—5.0%
Ametek, Inc.	24,282	929
Cooper Industries PLC	13,238	564
Rockwell Automation, Inc.	11,537	542
Roper Industries, Inc.	12,212	640
		2,675
Electronic Equipment, Instruments & Components—1.0%
Tyco Electronics Ltd.	21,660	532
Energy Equipment & Services—4.0%
Cameron International Corp. (a)	21,202	886
Noble Corp.	11,390	464
Weatherford International Ltd. (a)	44,027	788
		2,138
Food Products—0.3%
Flowers Foods, Inc.	7,135	170
Health Care Equipment & Supplies—2.4%
Edwards Lifesciences Corp. (a)	6,260	544
Intuitive Surgical, Inc. (a)	307	93
NuVasive, Inc. (a)	8,170	261
Thoratec Corp. (a)	13,892	374
		1,272
Health Care Providers & Services—3.5%
Aetna, Inc.	13,275	421
Cardinal Health, Inc.	12,416	400
DaVita, Inc. (a)	3,340	196
McKesson Corp.	10,837	678
Psychiatric Solutions, Inc. (a)	8,279	175
		1,870
Hotels, Restaurants & Leisure—4.5%
International Game Technology	45,259	850
Las Vegas Sands Corp. (a)	10,565	158
Starbucks Corp. (a)	33,365	769
Starwood Hotels & Resorts Worldwide, Inc.	17,801	651
		2,428
Household Durables—0.6%
KB Home	23,915	327
Household Products—0.4%
Clorox Co.	3,546	216
Insurance—0.5%
Arch Capital Group Ltd. (a)	3,924	281
Internet & Catalog Retail—1.9%
Expedia, Inc. (a)	21,466	552
NetFlix, Inc. (a)	8,534	470
		1,022
Internet Software & Services—1.5%
Akamai Technologies, Inc. (a)	22,262	564
Yahoo!, Inc. (a)	14,980	251
		815
IT Services—1.5%
Alliance Data Systems Corp. (a)	2,665	172
Global Payments, Inc.	11,390	614
		786
Leisure Equipment & Products—1.2%
Hasbro, Inc.	20,354	653
Life Sciences Tools & Services—3.3%
ICON PLC ADR (a)	15,499	337
Life Technologies Corp. (a)	7,065	369

	Shares	Value (000s)
Mettler Toledo International, Inc. (a)	6,227	$653
Qiagen NV (a)	19,394	433
		1,792
Machinery—2.4%
Cummins, Inc.	4,805	220
Navistar International Corp. (a)	11,250	435
Terex Corp. (a)	30,729	609
		1,264
Media—1.9%
CBS Corp., Class B	38,351	539
Scripps Networks Interactive, Inc., Class A	11,933	495
		1,034
Metals & Mining—1.4%
Cliffs Natural Resources, Inc.	11,358	524
Steel Dynamics, Inc.	13,831	245
		769
Multiline Retail—1.6%
Dollar Tree, Inc. (a)	11,646	563
Macy‘s, Inc.	18,030	302
		865
Oil, Gas & Consumable Fuels—2.7%
Alpha Natural Resources, Inc. (a)	13,163	571
Noble Energy, Inc.	3,020	215
PetroHawk Energy Corp. (a)	27,895	669
		1,455
Paper & Forest Products—0.6%
International Paper Co.	12,868	345
Personal Products—2.1%
Avon Products, Inc.	25,836	814
Estee Lauder Cos., Inc., Class A	6,443	311
		1,125
Pharmaceuticals—1.6%
Allergan, Inc.	7,941	501
Shire PLC ADR	6,190	363
		864
Professional Services—0.7%
Manpower, Inc.	7,340	401
Real Estate Investment Trust—0.3%
Public Storage	2,000	163
Road & Rail—2.1%
J.B. Hunt Transport Services, Inc.	19,324	624
Knight Transportation, Inc.	26,911	519
		1,143
Semiconductors & Semiconductor Equipment—8.0%
Analog Devices, Inc.	25,033	791
Atmel Corp. (a)	32,380	149
Avago Technologies Ltd. (a)	27,313	500
Linear Technology Corp.	7,335	224
Marvell Technology Group Ltd. (a)	44,602	925
Maxim Integrated Products, Inc.	27,040	549
Microchip Technology, Inc.	21,710	631
ON Semi-conductor Corp. (a)	63,596	560
		4,329
Software—6.3%
Activision Blizzard, Inc. (a)	25,882	287
Autodesk, Inc. (a)	19,945	507
Check Point Software Technologies (a)	21,622	733
Citrix Systems, Inc. (a)	10,494	437

66 Allianz Funds Semiannual Report 12.31.09

Schedule of Investments (cont.)

RCM Mid-Cap Fund

December 31, 2009 (unaudited)

	Shares	Value (000s)
McAfee, Inc. (a)	5,428	$220
Salesforce.com, Inc. (a)	11,048	815
TiVo, Inc. (a)	41,070	418
		3,417
Specialty Retail—5.7%
Bed Bath & Beyond, Inc. (a)	21,454	829
Dick‘s Sporting Goods, Inc. (a)	19,807	493
Guess?, Inc.	17,834	754
Ross Stores, Inc.	9,261	396
Urban Outfitters, Inc. (a)	16,645	582
		3,054
Textiles, Apparel & Luxury Goods—0.7%
Polo Ralph Lauren Corp.	4,640	376
Wireless Telecommunication Services—1.4%
SBA Communications Corp., Class A (a)	21,643	739
Total Common Stock (cost—$43,918)		53,546
	Principal Amount (000s)
Repurchase Agreement—0.4%
State Street Bank & Trust Co., dated 12/31/09, 0.005%, due 1/4/10, proceeds $229; collateralized by Freddie Mac, 6.875%, due 9/15/10, valued at $234 including accrued interest (cost—$229)	$229	229
Total Investments (cost—$44,147)—99.9%		53,775
Other assets less liabilities—0.1%		67
Net Assets—100.0%		$53,842
Notes to Schedule of Investments:
(a) Non-income producing.
Glossary:
ADR—American Depositary Receipt

See accompanying Notes to Financial Statements 12.31.09 Allianz Funds Semiannual Report 67

Schedule of Investments

RCM Strategic Growth Fund

December 31, 2009 (unaudited)

	Shares	Value (000s)
COMMON STOCK—95.8%
Air Freight & Logistics—1.3%
FedEx Corp. (a)	1,581	$132
Biotechnology—3.8%
Amgen, Inc. (b)	1,046	59
Celgene Corp. (a)(b)	2,287	127
Gilead Sciences, Inc. (a)(b)	2,365	103
Human Genome Sciences, Inc. (b)	1,365	42
Onyx Pharmaceuticals, Inc. (b)	1,705	50
Vertex Pharmaceuticals, Inc. (b)	300	13
		394
Capital Markets—5.2%
Artio Global Investors, Inc. (b)	1,175	30
Charles Schwab Corp.	6,230	117
Goldman Sachs Group, Inc. (a)	943	159
Invesco Ltd. (a)	5,986	141
State Street Corp.	2,181	95
		542
Chemicals—2.1%
Air Products & Chemicals, Inc.	879	70
Monsanto Co. (a)	827	68
Mosaic Co. (a)	1,265	76
		214
Communications Equipment—7.6%
Cisco Systems, Inc. (a)(b)	7,585	182
Juniper Networks, Inc. (b)	3,592	96
Motorola, Inc. (a)(b)	15,195	118
Polycom, Inc. (a)(b)	6,000	150
QUALCOMM, Inc.	1,983	91
Research In Motion Ltd. (b)	1,750	118
Riverbed Technology, Inc. (b)	1,355	31
		786
Computers & Peripherals—7.6%
Apple, Inc. (a)(b)	1,832	386
EMC Corp. (b)	5,816	102
Hewlett-Packard Co. (a)	4,050	209
NetApp, Inc. (b)	970	33
Seagate Technology	3,412	62
		792
Construction & Engineering—1.4%
Fluor Corp.	681	31
Quanta Services, Inc. (b)	5,656	118
		149
Diversified Consumer Services—1.1%
Apollo Group, Inc., Class A (b)	1,101	67
DeVry, Inc.	855	48
		115
Electrical Equipment—1.3%
Ametek, Inc.	3,399	130
Electronic Equipment, Instruments & Components—1.9%
Corning, Inc.	6,003	116
Itron, Inc. (b)	1,232	83
		199
Energy Equipment & Services—3.4%
National-Oilwell Varco, Inc. (a)	1,051	46
Schlumberger Ltd. (a)	2,183	142
Transocean Ltd. (b)	391	32
Weatherford International Ltd. (b)	7,349	132
		352
Food & Staples Retailing—0.5%
Costco Wholesale Corp.	825	49
Health Care Equipment & Supplies—1.3%
Alcon, Inc.	834	137

	Shares	Value (000s)
Health Care Providers & Services—2.0%
Express Scripts, Inc. (a)(b)	1,723	$149
McKesson Corp.	981	61
		210
Hotels, Restaurants & Leisure—3.5%
Las Vegas Sands Corp. (a)(b)	11,450	171
McDonald‘s Corp. (a)	2,197	137
Starwood Hotels & Resorts Worldwide, Inc.	1,590	58
		366
Household Products—1.2%
Clorox Co.	818	50
Colgate-Palmolive Co.	880	72
		122
Internet & Catalog Retail—2.4%
Amazon.com, Inc. (a)(b)	1,845	248
Internet Software & Services—4.3%
Akamai Technologies, Inc. (b)	1,983	50
Google, Inc., Class A (a)(b)	533	331
Yahoo!, Inc. (b)	3,696	62
		443
Leisure Equipment & Products—0.4%
Hasbro, Inc.	1,300	42
Life Sciences Tools & Services—2.2%
Thermo Fisher Scientific, Inc. (a)(b)	4,671	223
Media—2.1%
DIRECTV, Class A (b)	2,294	75
Walt Disney Co.	4,461	145
		220
Metals & Mining—3.0%
Barrick Gold Corp.	1,106	44
Freeport-McMoRan Copper & Gold, Inc. (a)(b)	1,760	141
Nucor Corp.	1,115	52
U.S. Steel Corp.	1,407	78
		315
Multiline Retail—1.6%
Kohl‘s Corp. (b)	2,108	114
Nordstrom, Inc.	1,517	57
		171
Oil, Gas & Consumable Fuels—4.4%
Concho Resources, Inc. (b)	1,495	67
Devon Energy Corp. (a)	1,175	86
InterOil Corp. (b)	265	20
Occidental Petroleum Corp.	405	33
PetroHawk Energy Corp. (b)	2,530	61
SandRidge Energy, Inc. (b)	1,874	18
Southwestern Energy Co. (a)(b)	3,657	176
		461
Personal Products—1.6%
Avon Products, Inc. (a)	4,528	143
Estee Lauder Cos., Inc., Class A	540	26
		169
Pharmaceuticals—3.8%
Allergan, Inc.	1,963	124
Merck & Co, Inc.	1,289	47
Pharmaceutical HOLDRs Trust	725	48
Teva Pharmaceutical Industries Ltd. ADR (a)	3,130	176
		395
Real Estate Investment Trust—0.5%
Starwood Property Trust, Inc.	2,456	46

	Shares	Value (000s)
Semiconductors & Semiconductor Equipment—9.1%
Analog Devices, Inc.	1,708	$54
Broadcom Corp., Class A (a)(b)	4,460	140
FormFactor, Inc. (b)	2,615	57
Intel Corp. (a)	8,175	167
Marvell Technology Group Ltd. (a)(b)	7,967	165
Microchip Technology, Inc. (a)	5,722	166
NVIDIA Corp. (b)	645	12
ON Semi-conductor Corp. (b)	9,945	88
Texas Instruments, Inc.	3,806	99
		948
Software—8.5%
Activision Blizzard, Inc. (a)(b)	4,103	46
Adobe Systems, Inc. (b)	2,646	97
Autodesk, Inc. (a)(b)	5,310	135
Microsoft Corp. (a)	11,062	337
Oracle Corp. (a)	6,437	158
Rovi Corp. (b)	1,210	39
Salesforce.com, Inc. (a)(b)	924	68
		880
Specialty Retail—4.7%
Bed Bath & Beyond, Inc. (b)	405	16
Guess?, Inc.	2,263	96
Lowe‘s Cos., Inc.	4,153	97
O‘Reilly Automotive, Inc. (b)	992	38
Ross Stores, Inc.	1,080	46
Urban Outfitters, Inc. (a)(b)	5,590	195
		488
Wireless Telecommunication Services—2.0%
American Tower Corp., Class A (a)(b)	2,990	129
Crown Castle International Corp. (b)	2,071	81
		210
Total Common Stock (cost—$8,509)		9,948
EXCHANGE-TRADED FUND—0.2%
SPDR Gold Trust (b) (cost—$20)	211	23
SHORT-TERM INVESTMENTS—6.0%
	Principal Amount (000s)
Repurchase Agreement—4.0%
State Street Bank & Trust Co., dated 12/31/09, 0.005%, due 1/4/10, proceeds $416; collateralized by Freddie Mac, 4.125%, due 2/24/11, valued at $426 including accrued interest (cost—$416)	$416	416
U.S. Treasury Bill—2.0%
1.01%, 3/25/10 (cost—$210)	210	210
Total Short-Term Investments (cost—$626)		626
OPTIONS PURCHASED (b)—2.9%
	Contracts
Call Options—2.9%
Analog Devices, Inc. (CBOE), strike price $30, expires 1/16/10	19	3

68 Allianz Funds Semiannual Report 12.31.09

Schedule of Investments (cont.)

RCM Strategic Growth Fund

December 31, 2009 (unaudited)

	Contracts	Value (000s)
Brocade Communications Systems, Inc. (CBOE), strike price $10, expires 1/16/10	180	$—	(c)
Cisco Systems, Inc. (CBOE), strike price $25, expires 1/22/11	107	26
Dell, Inc. (CBOE), strike price $14, expires 1/16/10	8	1
DIRECTV Group, Inc. (CBOE), strike price $22.50, expires 1/16/10	32	35
Electronic Arts, Inc. (CBOE), strike price $60, expires 1/16/10	3	—	(c)
FTI Consulting, Inc. (CBOE), strike price $50, expires 1/22/11	13	7
Hewlett-Packard Co. (CBOE), strike price $37.50, expires 1/16/10	5	8
strike price $50, expires 1/22/11	67	46
Human Genome Sciences, Inc. (CBOE), strike price $30, expires 1/22/11	92	69
Intel Corp. (CBOE), strike price $15, expires 1/16/10	64	36
Microsoft Corp. (CBOE), strike price $27.50, expires 1/16/10	27	8
Motorola, Inc. (CBOE), strike price $9, expires 4/17/10	90	3
Netapp, Inc. (CBOE), strike price $24, expires 1/16/10	30	31
Vertex Pharmaceuticals, Inc. (CBOE), strike price $40, expires 1/16/10	7	2
strike price $40, expires 1/22/11	24	24
		299
Put Options—0.0%
SPDR Trust Ser. 1 (CBOE), strike price $105, expires 1/16/10	10	—	(c)
Total Options Purchased (cost—$225)		299
Total Investments before options written and securities sold short (cost—$9,380)—104.9%		10,896
OPTIONS WRITTEN (b)—(5.0)%
Call Options—(3.5)%
Adobe Systems, Inc. (CBOE), strike price $35, expires 4/17/10	19	(7	)
Amazon.com, Inc. (CBOE), strike price $100, expires 1/22/11	13	(60	)
Amgen, Inc. (CBOE), strike price $70, expires 1/16/10	5	—	(c)
Apple, Inc. (CBOE), strike price $160, expires 1/16/10	2	(10	)

	Contracts	Value (000s)
strike price $210, expires 1/16/10	9	$(5	)
Autodesk, Inc. (CBOE), strike price $20, expires 1/16/10	18	(10	)
strike price $30, expires 1/22/11	28	(6	)
Barrick Gold Corp. (CBOE), strike price $36, expires 1/16/10	9	(3	)
Broadcom Corp. (CBOE), strike price $33, expires 2/20/10	33	(4	)
Brocade Communications Systems, Inc. (CBOE), strike price $15, expires 1/22/11	180	(3	)
Cisco Systems, Inc. (CBOE), strike price $30, expires 1/22/11	107	(9	)
Corning, Inc. (CBOE), strike price $22, expires 8/21/10	18	(2	)
Freeport-McMoRan Copper & Gold, Inc. (CBOE), strike price $60, expires 1/22/11	3	(8	)
FTI Consulting, Inc. (CBOE), strike price $60, expires 1/22/11	13	(3	)
Guess?, Inc. (CBOE), strike price $45, expires 3/20/10	8	(2	)
Hewlett-Packard Co. (CBOE), strike price $60, expires 1/22/11	67	(18	)
Human Genome Sciences, Inc. (CBOE), strike price $45, expires 1/22/11	92	(21	)
Intel Corp. (CBOE), strike price $20, expires 1/16/10	64	(5	)
Juniper Networks, Inc. (CBOE), strike price $30, expires 1/16/10	6	—	(c)
Las Vegas Sands Corp. (CBOE), strike price $20, expires 1/22/11	107	(23	)
Micron Technology, Inc. (CBOE), strike price $8, expires 4/17/10	25	(7	)
Microsoft Corp. (CBOE), strike price $34, expires 7/17/10	52	(5	)
Monsanto Co. (CBOE), strike price $90, expires 1/16/10	8	—	(c)
NVIDIA Corp. (CBOE), strike price $7.50, expires 1/16/10	5	(6	)
Polycom, Inc. (CBOE), strike price $20, expires 1/22/11	60	(43	)
Qualcomm, Inc. (CBOE), strike price $45, expires 1/16/10	30	(5	)
Research In Motion Ltd. (CBOE), strike price $70, expires 6/19/10	19	(13	)
Ross Stores, Inc. (CBOE), strike price $55, expires 2/20/10	6	—	(c)

	Contracts	Value (000s)
Salesforce.com, Inc. (CBOE), strike price $60, expires 2/20/10	4	$(6	)
SandRidge Energy, Inc. (CBOE), strike price $10, expires 1/22/11	18	(4	)
Seagate Technology (CBOE), strike price $20, expires 6/19/10	34	(5	)
Thermo Fisher Scientific, Inc. (CBOE), strike price $45, expires 3/20/10	8	(3	)
Urban Outfitters, Inc. (CBOE), strike price $17.50, expires 1/22/11	19	(35	)
Vertex Pharmaceuticals, Inc. (CBOE), strike price $45, expires 1/16/10	7	—	(c)
strike price $50, expires 1/22/11	24	(13	)
Weatherford International Ltd. (CBOE), strike price $12.50, expires 1/22/11	29	(19	)
		(363	)
Put Options—(1.5)%
Alcon, Inc. (CBOE), strike price $110, expires 2/20/10	3	—	(c)
Amazon.com, Inc. (CBOE), strike price $115, expires 1/16/10	8	—	(c)
strike price $120, expires 1/22/11	4	(7	)
Amgen, Inc. (CBOE), strike price $45, expires 1/16/10	10	—	(c)
Analog Devices, Inc. (CBOE), strike price $25, expires 1/16/10	19	—	(c)
Apple, Inc. (CBOE), strike price $70, expires 1/16/10	8	—	(c)
strike price $140, expires 4/17/10	3	—	(c)
Autodesk, Inc. (CBOE), strike price $16, expires 1/16/10	17	—	(c)
Baidu.com, Inc. (CBOE), strike price $260, expires 6/19/10	3	(2	)
Barrick Gold Corp. (CBOE), strike price $29, expires 1/16/10	9	—	(c)
Bed Bath & Beyond, Inc. (CBOE), strike price $31, expires 1/16/10	30	—	(c)
Brocade Communications Systems, Inc. (CBOE), strike price $7.50, expires 1/16/10	180	(3	)
Cisco Systems, Inc. (CBOE), strike price $20, expires 1/22/11	107	(14	)
Dell, Inc. (CBOE), strike price $12.50, expires 1/16/10	8	—	(c)
DIRECTV Group, Inc. (CBOE), strike price $17.50, expires 1/16/10	32	(1	)

12.31.09 Allianz Funds Semiannual Report 69

Schedule of Investments (cont.)

RCM Strategic Growth Fund

December 31, 2009 (unaudited)

	Contracts	Value (000s)
FedEx Corp. (CBOE), strike price $40, expires 1/16/10	8	$—	(c)
strike price $75, expires 4/17/10	20	(5	)
First Solar, Inc. (CBOE), strike price $135, expires 1/16/10	4	(2	)
Freeport-McMoRan Copper & Gold, Inc. (CBOE), strike price $60, expires 1/22/11	7	(4	)
FTI Consulting, Inc. (CBOE), strike price $40, expires 1/22/11	13	(4	)
Goldman Sachs Group, Inc. (CBOE), strike price $165, expires 4/17/10	6	(6	)
Hewlett-Packard Co. (CBOE), strike price $30, expires 1/16/10	34	—	(c)
strike price $32.50, expires 1/16/10	10	—	(c)
strike price $40, expires 1/22/11	67	(14	)
Human Genome Sciences, Inc. (CBOE), strike price $15, expires 1/22/11	92	(11	)
strike price $20, expires 1/22/11	92	(22	)
Intel Corp. (CBOE), strike price $12.50, expires 1/16/10	64	—	(c)
IntercontinentalExchange, Inc. (CBOE), strike price $55, expires 1/16/10	11	—	(c)
strike price $95, expires 6/19/10	5	(3	)
Interoil Corp. (CBOE), strike price $45, expires 1/22/11	10	(5	)
Itron, Inc. (CBOE), strike price $40, expires 1/16/10	16	—	(c)
Juniper Networks, Inc. (CBOE), strike price $12.50, expires 1/16/10	63	—	(c)
strike price $25, expires 1/16/10	46	(1	)
KB Home (CBOE), strike price $12.50, expires 4/17/10	80	(8	)
Kohl‘s Corp. (CBOE), strike price $39, expires 1/16/10	16	—	(c)
Lowe‘s Cos., Inc. (CBOE), strike price $15, expires 1/16/10	41	—	(c)
Macrovision Solutions Corp. (CBOE), strike price $10, expires 1/16/10	13	—	(c)
Medco Health Solutions, Inc. (CBOE), strike price $60, expires 1/22/11	4	(2	)
Microchip Technology, Inc. (CBOE), strike price $20, expires 1/16/10	17	—	(c)

	Contracts	Value (000s)
Microsoft Corp. (CBOE), strike price $20, expires 1/16/10	27	$—	(c)
strike price $27, expires 7/17/10	19	(2	)
Motorola, Inc. (CBOE), strike price $7.50, expires 1/22/11	90	(11	)
Netapp, Inc. (CBOE), strike price $20, expires 1/16/10	30	(1	)
Netflix, Inc. (CBOE), strike price $45, expires 1/16/10	10	—	(c)
Research In Motion Ltd. (CBOE), strike price $35, expires 1/16/10	8	—	(c)
Ross Stores, Inc. (CBOE), strike price $37.50, expires 2/20/10	12	(1	)
Seagate Technology (CBOE), strike price $15, expires 6/19/10	34	(3	)
St. Jude Medical, Inc. (CBOE), strike price $30, expires 1/22/11	20	(4	)
Starwood Hotels & Resorts (CBOE), strike price $25, expires 1/22/11	40	(9	)
Texas Instruments, Inc. (CBOE), strike price $20, expires 1/22/11	43	(5	)
Vertex Pharmaceuticals, Inc. (CBOE) strike price $25, expires 1/16/10	7	—	(c)
strike price $25, expires 1/22/11	24	(4	)
Walt Disney Co. (CBOE), strike price $17.50, expires 1/16/10	16	—	(c)
Yahoo!, Inc. (CBOE), strike price $10, expires 1/16/10	11	—	(c)
strike price $15, expires 1/22/11	22	(3	)
Yum! Brands, Inc. (CBOE), strike price $31, expires 1/16/10	10	—	(c)
		(157	)
Total Options Written (premiums received—$651)		(520	)
SECURITIES SOLD SHORT—(1.7)%
	Shares
Exchange-Traded Funds—(1.7)%
Powershares QQQ Trust	1,665	(76	)
SPDR Trust, Ser. 1	880	(98	)
Total Securities Sold Short (proceeds—$164)		(174	)
Total Investments net of options written and securities sold short (cost—$8,565)—98.2%		10,202
Other assets less other liabilities—1.8%		184
Net Assets—100.0%		$10,386

Notes to Schedule of Investments:

(a) All or partial amount segregated as collateral for options written

(b) Non-income producing.

(c) Amount less than $500.

Glossary:

ADR—American Depositary Receipt

CBOE—Chicago Board Options Exchange

70 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

(THIS PAGE INTENTIONALLY LEFT BLANK)

12.31.09 Allianz Funds Semiannual Report 71

Statements of Assets and Liabilities

December 31, 2009 (Unaudited)
Amounts in thousands, except per share amounts	CCM Capital Appreciation Fund			CCM Emerging Companies Fund			CCM Focused Growth Fund
Assets:
Investments, at value	$	963,427		$	75,604		$	46,599
Repurchase agreements, at value		26,478			238			1,188
Cash		1			—			—
Receivable for investments sold		—			24			—
Receivable for Fund shares sold		1,922			50			165
Dividends and interest receivable (net of foreign taxes)		1,181			18			83
Investments in Affiliated Funds — Trustee Deferred Compensation Plan (see Note 4)		110			25			6
Total Assets		993,119			75,959			48,041
Liabilities:
Payable for investments purchased		—			220			—
Payable to custodian for cash overdraft		—			—			—
Payable for Fund shares redeemed		1,315			117			161
Investment advisory fees payable		376			75			18
Administration fees payable		264			16			13
Distribution fees payable		109			3			1
Servicing fees payable		90			—			2
Trustee Deferred Compensation Plan payable (see Note 4)		110			25			6
Total Liabilities		2,264			456			201
Net Assets	$	990,855		$	75,503		$	47,840
Net Assets Consist of:
Paid-in-capital	$	1,268,820		$	141,621		$	81,913
Undistributed (dividends in excess of) net investment income		598			(400	)		62
Accumulated net realized gain (loss)		(439,919	)		(76,190	)		(40,551	)
Net unrealized appreciation/depreciation of investments		161,356			10,472			6,416
Net Assets	$	990,855		$	75,503		$	47,840
Net Assets:
Class A	$	150,839		$	—		$	4,408
Class B		15,187			—			—
Class C		59,351			—			2,031
Class D		202,158			—			1,581
Class R		6,641			—			—
Class P		7,871			—			181
Institutional Class		289,019			59,997			39,630
Administrative Class		259,789			15,506			9
Shares Issued and Outstanding:
Class A		10,497			—			570
Class B		1,174			—			—
Class C		4,574			—			267
Class D		14,258			—			205
Class R		462			—			—
Class P		531			—			23
Institutional Class		19,422			4,091			5,073
Administrative Class		18,004			1,124			1
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Class A	$	14.37		$	—		$	7.73
Class B		12.93			—			—
Class C		12.97			—			7.62
Class D		14.18			—			7.73
Class R		14.37			—			—
Class P		14.83			—			7.74
Institutional Class		14.88			14.67			7.81
Administrative Class		14.43			13.79			7.77
Cost of Investments	$	802,071		$	65,132		$	40,183
Cost of Repurchase Agreements	$	26,478		$	238		$	1,188

72 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

CCM Mid-Cap Fund			NACM Growth Fund			NACM Income & Growth Fund			NACM Mid-Cap Growth Fund			NFJ All-Cap Value Fund			NFJ Dividend Value Fund			NFJ Large-Cap Value Fund
$	787,888		$	40,810		$	73,581		$	5,537		$	20,475		$	6,803,494		$	1,268,629
	20,584			470			4,087			—			476			30,765			32,238
	1			—			—			—			1			1			—
	—			196			—			98			—			5,969			—
	569			49			1,387			27			196			19,608			3,653
	395			37			611			8			63			31,691			3,664
	93			2			2			2			3			620			142
	809,530			41,564			79,668			5,672			21,214			6,892,148			1,308,326
	—			211			1,221			2			—			27,567			—
	—			—			—			28			—			—			—
	4,289			86			6			—			33			21,644			11,250
	304			17			39			3			11			2,613			498
	208			12			22			2			7			1,808			413
	85			5			8			—			5			680			154
	64			3			9			—			4			755			218
	93			2			3			2			3			620			142
	5,043			336			1,308			37			63			55,687			12,675
$	804,487		$	41,228		$	78,360		$	5,635		$	21,151		$	6,836,461		$	1,295,651
$	1,082,058		$	47,863		$	76,646		$	10,730		$	38,351		$	9,913,011		$	2,006,115
	(276	)		25			(27	)		3			36			20,643			2,669
	(400,204	)		(12,951	)		620			(6,080	)		(17,051	)		(2,816,519	)		(709,987	)
	122,909			6,291			1,121			982			(185	)		(280,674	)		(3,146	)
$	804,487		$	41,228		$	78,360		$	5,635		$	21,151		$	6,836,461		$	1,295,651
$	192,152		$	7,346		$	27,858		$	732		$	7,745		$	1,877,158		$	273,959
	18,037			3,767			—			—			2,005			118,203			80,163
	44,673			3,653			15,915			201			5,345			561,447			149,454
	15,804			661			2,316			308			2,261			782,691			513,121
	25,434			—			—			—			—			209,773			12,325
	3,554			27			812			9			845			223,036			12,329
	339,011			25,760			31,459			4,385			2,934			1,996,622			238,625
	165,822			14			—			—			16			1,067,531			15,675
	10,231			607			2,341			71			873			181,094			21,679
	1,079			329			—			—			233			11,322			6,354
	2,672			319			1,355			19			627			53,952			11,850
	835			55			194			30			252			75,347			40,691
	1,353			—			—			—			—			20,289			971
	179			2			68			1			93			21,369			961
	17,066			2,076			2,633			421			319			191,342			18,835
	8,653			1			—			—			2			101,935			1,235
$	18.78		$	12.10		$	11.90		$	10.33		$	8.87		$	10.37		$	12.64
	16.71			11.44			—			—			8.62			10.44			12.62
	16.72			11.45			11.75			10.20			8.53			10.41			12.61
	18.92			12.09			11.93			10.32			8.98			10.39			12.61
	18.80			—			—			—			—			10.34			12.69
	19.84			12.40			11.94			10.41			9.04			10.44			12.82
	19.86			12.41			11.95			10.42			9.19			10.43			12.67
	19.16			12.23			—			—			9.15			10.47			12.69
$	664,979		$	34,519		$	72,460		$	4,555		$	20,631		$	7,084,177		$	1,271,658
$	20,584		$	470		$	4,087		$	—		$	476		$	30,765		$	32,238

See accompanying Notes to Financial Statements 12.31.09 Allianz Funds Semiannual Report 73

Statements of Assets and Liabilities  (Cont.)

December 31, 2009 (Unaudited)
Amounts in thousands, except per share amounts	NFJ Mid-Cap Value Fund			NFJ Small-Cap Value Fund			OCC Growth Fund
Assets:
Investments, at value	$	9,760		$	5,560,455		$	663,321
Investments in Affiliates, at value		—			220,247			—
Repurchase agreements, at value		146			313,372			123,523
Cash		—			1			1
Receivable for investments sold		—			—			—
Receivable for Fund shares sold		29			9,273			2,156
Dividends and interest receivable (net of foreign taxes)		31			9,447			401
Dividends and interest receivable from Affiliates		—			43			—
Investments in Affiliated Funds — Trustee Deferred Compensation Plan (see Note 4)		1			331			41
Total Assets		9,967			6,113,169			789,443
Liabilities:
Payable for investments purchased		—			400			102,670
Payable for securities sold short		—			—			—
Options written, at value		—			—			—
Payable for Fund shares redeemed		12			23,255			1,053
Dividends payable		—			—			—
Investment advisory fees payable		5			2,932			248
Administration fees payable		3			1,446			192
Distribution fees payable		2			559			149
Servicing fees payable		2			607			107
Trustee Deferred Compensation Plan payable (see Note 4)		1			331			41
Total Liabilities		25			29,530			104,460
Net Assets	$	9,942		$	6,083,639		$	684,983
Net Assets Consist of:
Paid-in-capital	$	15,164		$	5,863,223		$	776,959
Undistributed (dividends in excess of) net investment income		21			27,708			(103	)
Accumulated net realized loss		(5,876	)		(764,211	)		(180,471	)
Net unrealized appreciation/depreciation of investments, options written, securities sold short and foreign currency transactions		633			956,919			88,598
Net Assets	$	9,942		$	6,083,639		$	684,983
Net Assets:
Class A	$	5,898		$	2,068,962		$	355,427
Class B		—			110,636			18,541
Class C		2,954			414,009			208,291
Class D		159			168,850			13,361
Class R		—			128,044			13,762
Class P		410			67,841			7,483
Institutional Class		521			2,088,922			57,540
Administrative Class		—			1,036,375			10,578
Shares Issued and Outstanding:
Class A		532			89,216			14,083
Class B		—			4,948			895
Class C		266			18,588			10,058
Class D		14			7,116			600
Class R		—			5,387			643
Class P		37			2,807			356
Institutional Class		47			86,188			2,456
Administrative Class		—			44,762			466

74 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

OCC Opportunity Fund			OCC Target Fund			RCM Large-Cap Growth Fund			RCM Mid-Cap Fund			RCM Strategic Growth Fund
$	250,176		$	333,431		$	408,105		$	53,546		$	10,480
	—			—			—			—			—
	833			2,364			10,356			229			416
	—			1			1			—			10
	1,247			—			3,555			211			347
	243			61			405			94			35
	2			220			431			26			5
	—			—			—			—			—
	18			44			37			6			—
	252,519			336,121			422,890			54,112			11,293
	833			347			3,287			213			198
	—			—			—			—			174
	—			—			5,485			—			520
	545			1,678			209			9			—
	—			—			—			—			1
	134			155			156			22			8
	75			112			112			15			3
	49			137			14			3			1
	32			69			20			2			2
	18			44			37			6			—
	1,686			2,542			9,320			270			907
$	250,833		$	333,579		$	413,570		$	53,842		$	10,386
$	280,687		$	424,468		$	405,298		$	65,337		$	10,288
	(1,224	)		(384	)		9			(71	)		(27	)
	(61,386	)		(156,678	)		(52,616	)		(21,052	)		(1,512	)
	32,756			66,173			60,879			9,628			1,637
$	250,833		$	333,579		$	413,570		$	53,842		$	10,386
$	75,925		$	109,554		$	49,620		$	4,646		$	4,381
	6,532			9,139			6,080			2,067			—
	72,715			207,959			8,754			2,895			1,997
	1,499			612			26,358			1,572			741
	12			—			4,839			128			—
	2,118			1,422			2,734			—			180
	91,585			4,835			291,318			42,520			3,077
	447			58			23,867			14			10
	3,337			7,332			4,104			1,908			297
	387			765			527			895			—
	4,310			17,423			757			1,259			140
	87			41			2,180			637			50
	1			—			400			52			—
	124			95			223			—			12
	4,738			309			23,672			16,478			206
	24			4			1,959			5			1

See accompanying Notes to Financial Statements 12.31.09 Allianz Funds Semiannual Report 75

Statements of Assets and Liabilities  (Cont.)

December 31, 2009 (Unaudited)
Amounts in thousands, except per share amounts	NFJ Mid-Cap Value Fund		NFJ Small-Cap Value Fund		OCC Growth Fund
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Class A	$	11.09	$	23.19	$	25.24
Class B		—		22.36		20.71
Class C		11.10		22.27		20.71
Class D		11.04		23.73		22.29
Class R		—		23.77		21.39
Class P		11.08		24.17		21.00
Institutional Class		11.11		24.24		23.43
Administrative Class		—		23.15		22.72
Cost of Investments	$	9,124	$	4,595,387	$	574,723
Cost of Investments in Affiliates	$	—	$	221,990	$	—
Cost of Repurchase Agreements	$	146	$	313,372	$	123,523
Premiums Received for Options Written	$	—	$	—	$	—
Proceeds on Securities Sold Short	$	—	$	—	$	—

76 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

OCC Opportunity Fund		OCC Target Fund		RCM Large-Cap Growth Fund		RCM Mid-Cap Fund		RCM Strategic Growth Fund
$	22.75	$	14.94	$	12.09	$	2.43	$	14.74
	16.88		11.94		11.53		2.31		—
	16.87		11.94		11.56		2.30		14.32
	17.28		14.95		12.09		2.47		14.72
	16.87		—		12.09		2.45		—
	17.14		15.01		12.27		—		14.92
	19.33		15.64		12.31		2.58		14.95
	18.85		15.34		12.19		2.51		14.81
$	217,420	$	265,982	$	349,754	$	43,918	$	8,964
$	—	$	—	$	—	$	—	$	—
$	833	$	2,364	$	10,356	$	229	$	416
$	—	$	—	$	8,014	$	—	$	651
$	—	$	—	$	—	$	—	$	164

See accompanying Notes to Financial Statements 12.31.09 Allianz Funds Semiannual Report 77

Statements of Operations

For the Six Months Ended December 31, 2009 (Unaudited)
Amounts in thousands	CCM Capital Appreciation Fund		CCM Emerging Companies Fund			CCM Focused Growth Fund
Investment Income:
Interest	$	8	$	1		$	1
Dividends, net of foreign withholding taxes		6,512		241			554
Miscellaneous income		—		—			—
Total Income		6,520		242			555
Expenses:
Investment management fees		2,116		530			192
Administration fees		1,432		106			117
Distribution fees — Class B		58		—			—
Distribution fees — Class C		222		—			8
Distribution fees — Class R		11		—			—
Servicing fees — Class A		195		—			6
Servicing fees — Class B		19		—			—
Servicing fees — Class C		74		—			3
Servicing fees — Class D		181		—			2
Servicing fees — Class R		11		—			—
Distribution and/or servicing fees — Administrative Class		313		19			—
Trustees’ fees		50		5			4
Interest expense		1		3			—
Tax expense		1		1			1
Miscellaneous expense		—		—			—
Total Expenses		4,684		664			333
Reimbursement from Adviser		—		(43	)		—
Net Expenses		4,684		621			333
Net Investment Income (Loss)		1,836		(379	)		222
Realized and Change in Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		6,490		8,982			10,909
Options written		—		—			—
Net change in unrealized appreciation/depreciation of:
Investments		165,581		4,979			4,239
Options written		—		—			—
Net Realized and Change in Unrealized Gain		172,071		13,961			15,148
Net Increase in Net Assets Resulting from Investment Operations	$	173,907	$	13,582		$	15,370

78 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

	CCM Mid-Cap Fund			NACM Growth Fund		NACM Income & Growth Fund			NACM Mid-Cap Growth Fund		NFJ All-Cap Value Fund		NFJ Dividend Value Fund		NFJ Large-Cap Value Fund
	$	3		$	—	$	1,190		$	—	$	—	$	23	$	12
		3,647			322		402			35		318		157,722		21,137
		2			—		6			—		—		—		—
		3,652			322		1,598			35		318		157,745		21,149
		1,772			95		196			16		64		15,131		2,744
		1,192			61		99			7		37		9,738		2,173
		69			14		—			—		7		464		308
		166			13		31			1		19		2,194		573
		42			—		—			—		—		267		16
		238			9		23			1		8		2,332		347
		23			5		—			—		2		155		103
		55			4		11			—		6		731		191
		25			1		2			—		3		895		513
		41			—		—			—		—		267		16
		186			—		—			—		—		1,235		34
		42			2		3			—		1		360		67
		—			—		—			—		—		—		—
		1			1		1			1		1		1		1
		—			—		2			—		—		3		—
		3,852			205		368			26		148		33,773		7,086
		—			—		—			—		—		—		—
		3,852			205		368			26		148		33,773		7,086
		(200	)		117		1,230			9		170		123,972		14,063
		53,425			807		2,153			262		77		15,220		(52,966	)
		—			—		155			—		—		—		—
\
		92,182			6,179		7,697			823		4,748		1,220,647		269,484
		—			—		(62	)		—		—		—		—
		145,607			6,986		9,943			1,085		4,825		1,235,867		216,518
	$	145,407		$	7,103	$	11,173		$	1,094	$	4,995	$	1,359,839	$	230,581

See accompanying Notes to Financial Statements 12.31.09 Allianz Funds Semiannual Report 79

Statements of Operations  (Cont.)

For the Six Months Ended December 31, 2009 (Unaudited)
Amounts in thousands	NFJ Mid-Cap Value Fund			NFJ Small-Cap Value Fund			OCC Growth Fund
Investment Income:
Interest	$	—		$	131		$	5
Dividends, net of foreign withholding taxes		165			103,384			4,040
Dividends from investments in Affiliates		—			2,074			—
Total Income		165			105,589			4,045
Expenses:
Investment advisory fees		27			17,073			1,329
Administration fees		17			8,438			1,019
Distribution fees — Class B		—			421			67
Distribution fees — Class C		10			1,526			752
Distribution fees — Class R		—			146			15
Servicing fees — Class A		6			2,501			268
Servicing fees — Class B		—			140			22
Servicing fees — Class C		4			509			251
Servicing fees — Class D		—			257			21
Servicing fees — Class R		—			146			16
Distribution and/or servicing fees — Administrative Class		—			1,193			12
Dividends on securities sold short		—			—			—
Trustees’ fees		1			318			29
Interest expense		—			—			—
Tax expense		1			6			1
Miscellaneous expense		—			3			—
Total Expenses		66			32,677			3,802
Net Investment Income (Loss)		99			72,912			243
Realized and Change in Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(97	)		(23,125	)		29,064
Investments in Affiliates		—			3,085			—
Options written		—			—			—
Securities sold short		—			—			—
Foreign currency transactions		—			3			7
Payments from Affiliates (see Note 10)		—			—			—
Net change in unrealized appreciation/depreciation of:
Investments		2,406			1,132,585			60,613
Investments in Affiliates		—			4,690			—
Options written		—			—			—
Securities sold short		—			—			—
Foreign currency transactions		—			—			(7	)
Net Realized and Change in Unrealized Gain		2,309			1,117,238			89,677
Net Increase in Net Assets Resulting from Investment Operations	$	2,408		$	1,190,150		$	89,920

* Less than $500.

80 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

OCC Opportunity Fund			OCC Target Fund			RCM Large-Cap Growth Fund			RCM Mid-Cap Fund			RCM Strategic Growth Fund
$	1		$	2		$	2		$	—		$	—
	430			1,164			2,137			188			37
	—			—			—			—			—
	431			1,166			2,139			188			37
	757			888			859			125			39
	409			643			569			79			14
	22			34			21			6			—
	259			754			28			10			4
	—			—			5			—			—
	88			133			56			8			4
	8			11			7			2			—
	86			251			10			3			1
	2			1			29			1			1
	—			—			5			—			—
	1			—			26			—			—
	—			—			—			—			1
	12			18			21			3			—
	—			—			1			5			—
	—			1			—			—			1
	—			—			—			—			—
	1,644			2,734			1,637			242			65
	(1,213	)		(1,568	)		502			(54	)		(28	)
	24,554			30,550			(3,587	)		4,185			66
	—			—			—			—			—
	—			—			(1,250	)		—			(45	)
	—			—			—			—			(26	)
	—			—			—			—			—
	—			—			24			—			—	*
	19,196			47,574			76,126			6,926			1,439
	—			—			(1,752	)		—			—
	—			—			—			—			(47	)
	—			—			—			—			(10	)
	—			—			—			—			—
	43,750			78,124			69,561			11,111			1,377
$	42,537		$	76,556		$	70,063		$	11,057		$	1,349

See accompanying Notes to Financial Statements 12.31.09 Allianz Funds Semiannual Report 81

Statements of Changes in Net Assets

Amounts in thousands	CCM Capital Appreciation Fund						CCM Emerging Companies Fund						CCM Focused Growth Fund
	Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009			Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009			Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income (loss)	$	1,836		$	3,967		$	(379	)	$	(910	)	$	222		$	615
Net realized gain (loss) on investments and options written		6,490			(438,090	)		8,982			(62,029	)		10,909			(44,721	)
Capital contribution from Affiliate (see Note 8)		—			9,848			—			—			—			—
Net change in unrealized appreciation/depreciation of investments, options written and contingent receivable from Letter of Credit		165,581			(88,156	)		4,979			(4,217	)		4,239			1,347
Net increase (decrease) resulting from investment operations		173,907			(512,431	)		13,582			(67,156	)		15,370			(42,759	)
Dividends and Distributions to Shareholders from:
Net investment income
Class A		(295	)		—			—			—			(51	)		—
Class B		—	**		—			—			—			—			—
Class C		—	**		—			—			—			(7	)		—
Class D		(1,114	)		(85	)		—			—			(20	)		—
Class P		(51	)		—			—			—			(3	)		—
Institutional Class		(1,806	)		(611	)		—			—			(485	)		(308	)
Administrative Class		(1,084	)		(171	)		—			—			—	**		—
Net realized gains
Class A		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class D		—			—			—			—			—			—
Class P		—			—			—			—			—			—
Institutional Class		—			—			—			—			—			—
Total Dividends and Distributions to Shareholders		(4,350	)		(867	)		—			—			(566	)		(308	)
Fund Share Transactions:
Net proceeds from the sale of shares		162,898			287,871			4,033			20,790			5,157			22,950
Issued in reinvestment of dividends and distributions		4,019			798			—			—			559			228
Cost of shares redeemed		(193,510	)		(435,731	)		(23,360	)		(102,643	)		(71,908	)		(15,691	)
Net increase (decrease) from Fund share transactions		(26,593	)		(147,062	)		(19,327	)		(81,853	)		(66,192	)		7,487
Fund Redemption Fees		—	**		31			—	**		1			—			1
Total Increase (Decrease) in Net Assets		142,964			(660,329	)		(5,745	)		(149,008	)		(51,388	)		(35,579	)
Net Assets:
Beginning of period		847,891			1,508,220			81,248			230,256			99,228			134,807
End of period*	$	990,855		$	847,891		$	75,503		$	81,248		$	47,840		$	99,228
* Including undistributed (dividends in excess of) net investment income of:	$	598		$	3,112		$	(400	)	$	(21	)	$	62		$	406

** Less than $500.

82 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

CCM Mid-Cap Fund						NACM Growth Fund						NACM Income & Growth Fund						NACM Mid-Cap Growth Fund						NFJ All-Cap Value Fund
Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009			Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009			Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009			Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009			Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009
$	(200	)	$	(825	)	$	117		$	215		$	1,230		$	1,261		$	9		$	20		$	170		$	615
	53,425			(457,229	)		807			(13,341	)		2,308			919			262			(5,017	)		77			(14,927	)
	—			10,539			—			—			—						—			—			—			—
	92,182			(87,577	)		6,179			258			7,635			(3,908	)		823			(771	)		4,748			3,211
	145,407			(535,092	)		7,103			(12,868	)		11,173			(1,728	)		1,094			(5,768	)		4,995			(11,101	)
	—			—			(32	)		(9	)		(333	)		(183	)		(3	)		—			(175	)		(355	)
	—			—			—	**		—			—			—			—			—			(35	)		(91	)
	—			—			—	**		—			(169	)		(133	)		—	**		—			(97	)		(240	)
	—			—			(3	)		—			(37	)		(3	)		(2	)		—			(58	)		(108	)
	—			—			—	**		—			(7	)		(1	)		—	**		—			(22	)		—
	—			—			(186	)		(78	)		(724	)		(1,593	)		(21	)		—			(79	)		(82	)
	—			—			—	**		—			—			—			—			—			—			(1	)
	—			—			—			—			(510	)		(142	)		—			—			—			—
	—			—			—			—			(248	)		(80	)		—			—			—			—
	—			—			—			—			(54	)		(5	)		—			—			—			—
	—			—			—			—			(14	)		—			—			—			—			—
	—			—			—			—			(758	)		(966	)		—			(1	)		—			—
	—			—			(221	)		(87	)		(2,854	)		(3,106	)		(26	)		(1	)		(466	)		(877	)
	87,184			233,936			5,972			33,355			35,373			31,282			1,194			2,120			3,064			10,459
	—			—			216			86			2,455			2,885			26			1			386			725
	(163,021	)		(385,299	)		(4,171	)		(12,690	)		(14,837	)		(4,904	)		(618	)		(9,609	)		(3,327	)		(16,290	)
	(75,837	)		(151,363	)		2,017			20,751			22,991			29,263			602			(7,488	)		123			(5,106	)
	1			8			—			—			—			—			—			—			—			2
	69,571			(686,447	)		8,899			7,796			31,310			24,429			1,670			(13,257	)		4,652			(17,082	)
	734,916			1,421,363			32,329			24,533			47,050			22,621			3,965			17,222			16,499			33,581
$	804,487		$	734,916		$	41,228		$	32,329		$	78,360		$	47,050		$	5,635		$	3,965		$	21,151		$	16,499
$	(276	)	$	(76	)	$	25		$	129		$	(27	)	$	13		$	3		$	20		$	36		$	332

See accompanying Notes to Financial Statements 12.31.09 Allianz Funds Semiannual Report 83

Statements of Changes in Net Assets  (Cont.)

Amounts in thousands	NFJ Dividend Value Fund						NFJ Large-Cap Value Fund						NFJ Mid-Cap Value Fund
	Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009			Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009			Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income (loss)	$	123,972		$	252,454		$	14,063		$	23,280		$	99		$	285
Net realized gain (loss) on investments, options written and foreign currency transactions		15,220			(2,881,259	)		(52,966	)		(401,825	)		(97	)		(5,437	)
Net realized gain (loss) on investments in Affiliates		—			—			—			—			—			—
Capital Contribution from Affiliates (see Note 8)		—			50,151			—			—			—			—
Payments from Affiliates (see Note 10)		—			2			—			—			—			—
Net change in unrealized appreciation/depreciation of investments, options written, foreign currency transactions and contingent receivable from Letter of Credit		1,220,647			(326,845	)		269,484			(3,353	)		2,406			864
Net change in unrealized appreciation/depreciation of investments in Affiliates		—			—			—			—			—			—
Net increase (decrease) resulting from investment operations		1,359,839			(2,905,497	)		230,581			(381,898	)		2,408			(4,288	)
Dividends and Distributions to Shareholders from:
Net investment income
Class A		(30,858	)		(84,835	)		(2,497	)		(6,794	)		(65	)		(159	)
Class B		(719	)		(5,035	)		(195	)		(1,032	)		—			—
Class C		(3,727	)		(22,328	)		(363	)		(2,177	)		(8	)		(72	)
Class D		(12,253	)		(23,875	)		(5,701	)		(4,371	)		(2	)		(7	)
Class R		(3,040	)		(6,908	)		(75	)		(240	)		—			—
Class P		(5,249	)		(4,933	)		(165	)		(197	)		(5	)		—
Institutional Class		(41,324	)		(69,631	)		(3,388	)		(6,854	)		(9	)		(41	)
Administrative Class		(19,528	)		(28,298	)		(236	)		(550	)		—			—
Net realized capital gains
Class A		—			(136,161	)		—			—			—			(159	)
Class B		—			(10,722	)		—			—			—			—
Class C		—			(46,503	)		—			—			—			(105	)
Class D		—			(30,705	)		—			—			—			(6	)
Class R		—			(10,988	)		—			—			—			—
Class P		—			(2,051	)		—			—			—			—
Institutional Class		—			(96,563	)		—			—			—			(39	)
Administrative Class		—			(39,134	)		—			—			—			—
Total Dividends and Distributions to Shareholders		(116,698	)		(618,670	)		(12,620	)		(22,215	)		(89	)		(588	)
Fund Share Transactions:
Net proceeds from the sale of shares		1,055,067			4,308,279			302,115			609,807			1,827			5,502
Issued in reorganization		—			—			—			350,086			—			—
Issued in reinvestment of dividends and distributions		104,976			532,964			11,518			18,910			70			457
Cost of shares redeemed		(1,668,971	)		(3,084,237	)		(263,754	)		(587,419	)		(1,277	)		(5,734	)
Net increase (decrease) from Fund share transactions		(508,928	)		1,757,006			49,879			391,384			620			225
Fund Redemption Fees		1			213			—	**		11			—			—
Total Increase (Decrease) in Net Assets		734,214			(1,766,948	)		267,840			(12,718	)		2,939			(4,651	)
Net Assets:
Beginning of period		6,102,247			7,869,195			1,027,811			1,040,529			7,003			11,654
End of period*	$	6,836,461		$	6,102,247		$	1,295,651		$	1,027,811		$	9,942		$	7,003
* Including undistributed (dividends in excess of) net investment income:	$	20,643		$	13,369		$	2,669		$	1,226		$	21		$	11

** Less than $500.

84 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

NFJ Small-Cap Value Fund						OCC Growth Fund						OCC Opportunity Fund						OCC Target Fund						RCM Large-Cap Growth Fund
Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009			Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009			Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009			Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009			Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009
$	72,912		$	96,998		$	243		$	(860	)	$	(1,213	)	$	(1,236	)	$	(1,568	)	$	(3,726	)	$	502		$	2,248
	(23,122	)		(694,482	)		29,071			(126,279	)		24,554			(67,940	)		30,550			(187,108	)		(4,837	)		(46,989	)
	3,085			(111,548	)		—			—			—			—			—			—			—			—
	—			50,433			—			1,715			—			4,008			—			5,160			—			—
	—			—			—			—			—			—			—			—			24			—
	1,132,585			(462,136	)		60,606			(11,643	)		19,196			13,858			47,574			(58,078	)		74,374			(46,709	)
	4,690			18,501			—			—			—			—			—			—			—			—
	1,190,150			(1,102,234	)		89,920			(137,067	)		42,537			(51,310	)		76,556			(243,752	)		70,063			(91,450	)
	(37,839	)		(26,946	)		(146	)		—			—			—			—			—			(157	)		(129	)
	(1,312	)		(533	)		—	**		—			—			—			—			—			(1	)		—
	(5,352	)		(3,018	)		—	**		—			—			—			—			—			(1	)		—
	(3,543	)		(1,672	)		(28	)		—			—			—			—			—			(87	)		(40	)
	(1,239	)		(844	)		(14	)		—			—			—			—			—			(3	)		—
	(1,444	)		—			(13	)		—			—			—			—			—			(16	)		—
	(43,914	)		(26,067	)		(99	)		—			—			—			—			—			(1,726	)		(1,698	)
	(21,319	)		(11,356	)		(12	)		—			—			—			—			—			(110	)		(75	)
	—			(154,361	)		—			—			—			—			—			(12,536	)		—			(847	)
	—			(13,239	)		—			—			—			—			—			(1,497	)		—			(117	)
	—			(38,497	)		—			—			—			—			—			(29,152	)		—			(144	)
	—			(6,584	)		—			—			—			—			—			(68	)		—			(471	)
	—			(5,369	)		—			—			—			—			—			—			—			(75	)
	—			(1	)		—			—			—			—			—			(1	)		—			—
	—			(121,856	)		—			—			—			—			—			(777	)		—			(5,032	)
	—			(60,906	)		—			—			—			—			—			(13	)		—			(328	)
	(115,962	)		(471,249	)		(312	)		—			—			—			—			(44,044	)		(2,101	)		(8,956	)
	885,181			3,677,404			199,289			147,158			44,709			53,706			6,078			32,050			51,968			95,643
	—			—			—			—			—			—			—			—			—			—
	101,035			386,790			279			—			—			—			—			34,767			2,072			8,684
	(1,177,876	)		(1,589,927	)		(58,142	)		(116,274	)		(33,726	)		(52,024	)		(31,891	)		(90,526	)		(41,878	)		(141,280	)
	(191,660	)		2,474,267			141,426			30,884			10,983			1,682			(25,813	)		(23,709	)		12,162			(36,953	)
	1			136			—	**		4			—			—			—			3			—			11
	882,529			900,920			231,034			(106,179	)		53,520			(49,628	)		50,743			(311,502	)		80,124			(137,348	)
	5,201,110			4,300,190			453,949			560,128			197,313			246,941			282,836			594,338			333,446			470,794
$	6,083,639		$	5,201,110		$	684,983		$	453,949		$	250,833		$	197,313		$	333,579		$	282,836		$	413,570		$	333,446
$	27,708		$	70,758		$	(103	)	$	(34	)	$	(1,224	)	$	(11	)	$	(384	)	$	1,184		$	9		$	1,608

See accompanying Notes to Financial Statements 12.31.09 Allianz Funds Semiannual Report 85

Statements of Changes in Net Assets  (Cont.)

Amounts in thousands	RCM Mid-Cap Fund						RCM Strategic Growth Fund
	Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009			Six Months Ended December 31, 2009 (Unaudited)			Year Ended June 30, 2009
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income (loss)	$	(54	)	$	52		$	(28	)	$	(15	)
Net realized loss on investments, options written and securities sold short		4,185			(20,413	)		(5	)		(1,299	)
Payments from Affiliates (see Note 10)		—			—			—	**		—
Net change in unrealized appreciation/depreciation of investments, options written and securities sold short		6,926			95			1,382			17
Net increase (decrease) resulting from investment operations		11,057			(20,266	)		1,349			(1,297	)
Dividends and Distributions to Shareholders from:
Net investment income
Class A		—	**		—			—			—
Class B		—	**		—			—			—
Class C		—	**		—			—			—
Class D		(2	)		—			—			—
Class R		—	**		—			—			—
Institutional Class		(57	)		—			—			—
Net realized capital gains
Class A		—			(9	)		—			—
Class B		—			(4	)		—			—
Class C		—			(5	)		—			—
Class D		—			(2	)		—			—
Institutional Class		—			(170	)		—			—
Administrative Class		—			—			—			—
Total Dividends and Distributions to Shareholders		(59	)		(190	)		—			—
Fund Share Transactions:
Net proceeds from the sale of shares		11,784			10,290			4,900			1,669
Issued in reinvestment of dividends and distributions		56			183			—			—
Cost of shares redeemed		(10,716	)		(22,597	)		(1,240	)		(1,089	)
Net increase (decrease) from Fund share transactions		1,124			(12,124	)		3,660			580
Fund Redemption Fees		—			—			—			—	**
Total Increase (Decrease) in Net Assets		12,122			(32,580	)		5,009			(717	)
Net Assets:
Beginning of period		41,720			74,300			5,377			6,094
End of period*	$	53,842		$	41,720		$	10,386		$	5,377
* Including undistributed (dividends in excess of) net investment income:	$	(71	)	$	42		$	(27	)	$	1

** Less than $500.

86 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

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12.31.09 Allianz Funds Semiannual Report 87

Financial Highlights

For a Share Outstanding for the Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss) (a)			Total from Investment Operations			Dividends from Net Investment Income			Distributions to Shareholders from Net Realized Gains
CCM Capital Appreciation Fund
Class A
12/31/2009+	$	11.91	$	0.02		$	2.47		$	2.49		$	(0.03	)	$	—
6/30/2009		18.14		0.04			(6.27	)		(6.23	)		—	(b)		—
6/30/2008		21.00		0.02			(0.92	)		(0.90	)		(0.06	)		(1.90	)
6/30/2007		19.71		0.04			2.64			2.68			(0.02	)		(1.37	)
6/30/2006		17.93		0.04			1.74			1.78			—	(b)		—
6/30/2005		16.28		0.08			1.64			1.72			(0.07	)		—
Class B
12/31/2009+	$	10.74	$	(0.03	)	$	2.22		$	2.19		$	—	(b)	$	—
6/30/2009		16.48		(0.06	)		(5.68	)		(5.74	)		—	(b)		—
6/30/2008		19.33		(0.12	)		(0.83	)		(0.95	)		—	(b)		(1.90	)
6/30/2007		18.35		(0.10	)		2.45			2.35			—	(b)		(1.37	)
6/30/2006		16.82		(0.10	)		1.63			1.53			—	(b)		—
6/30/2005		15.34		(0.04	)		1.53			1.49			(0.01	)		—
Class C
12/31/2009+	$	10.77	$	(0.03	)	$	2.23		$	2.20		$	—	(b)	$	—
6/30/2009		16.53		(0.06	)		(5.70	)		(5.76	)		—	(b)		—
6/30/2008		19.37		(0.12	)		(0.82	)		(0.94	)		—	(b)		(1.90	)
6/30/2007		18.39		(0.10	)		2.45			2.35			—	(b)		(1.37	)
6/30/2006		16.85		(0.10	)		1.64			1.54			—	(b)		—
6/30/2005		15.37		(0.04	)		1.54			1.50			(0.02	)		—
Class D
12/31/2009+	$	11.79	$	0.02		$	2.45		$	2.47		$	(0.08	)	$	—
6/30/2009		17.99		0.05			(6.23	)		(6.18	)		(0.02	)		—
6/30/2008		20.85		0.02			(0.91	)		(0.89	)		(0.07	)		(1.90	)
6/30/2007		19.58		0.04			2.63			2.67			(0.03	)		(1.37	)
6/30/2006		17.83		0.04			1.73			1.77			(0.02	)		—
6/30/2005		16.19		0.07			1.65			1.72			(0.08	)		—
Class R
12/31/2009+	$	11.90	$	—	(b)	$	2.47		$	2.47		$	—	(b)	$	—
6/30/2009		18.17		0.01			(6.28	)		(6.27	)		—	(b)		—
6/30/2008		21.04		(0.03	)		(0.93	)		(0.96	)		(0.01	)		(1.90	)
6/30/2007		19.79		(0.01	)		2.66			2.65			(0.03	)		(1.37	)
6/30/2006		18.07		(0.01	)		1.75			1.74			(0.02	)		—
6/30/2005		16.44		0.02			1.66			1.68			(0.05	)		—
Class P
12/31/2009+	$	12.33	$	0.04		$	2.56		$	2.60		$	(0.10	)	$	—
7/7/2008† - 6/30/2009		18.19		0.08			(5.91	)		(5.83	)		(0.03	)		—

+ Unaudited

* Annualized

† Commencement of operations.

(a) Calculated on average shares outstanding during the period.

(b) Less than $0.01 per share.

(c) Effective April 1, 2005, the Administration Fee was reduced by 0.10%.

(d) Capital contribution from Affiliate increased the end of year net asset value by $0.13 per share and the total return by 0.72%. If the Affiliate had not made these payments, end of year net asset value and total return would have been $11.78 and (35.06)%, respectively.

(e) Capital contribution from Affiliate increased the end of year net asset value by $0.12 per share and the total return by 0.73%. If the Affiliate had not made these payments, end of year net asset value and total return would have been $10.62 and (35.56)%, respectively.

(f) Capital contribution from Affiliate increased the end of year net asset value by $0.12 per share and the total return by 0.72%. If the Affiliate had not made these payments, end of year net asset value and total return would have been $10.65 and (35.53)%, respectively.

88 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

Total Dividends and Distributions			Fund Redemption Fees (a)			Net Asset Value End of Period			Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets with Waiver and Reimbursement		Ratio of Expenses to Average Net Assets without Waiver and Reimbursement		Ratio of Net Investment Income (Loss) to Average Net Assets		Portfolio Turnover Rate
$	(0.03	)	$	—	(b)	$	14.37		20.90	%	$	150,839	1.10	%*	1.10	%*	0.28	%*	49	%
	—	(b)		—	(b)		11.91	(d)	(34.34	)(d)		157,543	1.11		1.11		0.26		154
	(1.96	)		—	(b)		18.14		(5.43	)		399,869	1.09		1.09		0.08		134
	(1.39	)		—	(b)		21.00		14.18			448,379	1.08		1.08		0.21		150
	—	(b)		—	(b)		19.71		9.95			361,002	1.12		1.12		0.19		161
	(0.07	)		—			17.93		10.58			271,755	1.11		1.11		0.48		137
$	—	(b)	$	—	(b)	$	12.93		20.39	%	$	15,187	1.85	%*	1.85	%*	(0.47	)%*	49	%
	—	(b)		—	(b)		10.74	(e)	(34.83	)(e)		14,963	1.86		1.86		(0.49	)	154
	(1.90	)		—	(b)		16.48		(6.17	)		41,429	1.84		1.84		(0.66	)	134
	(1.37	)		—	(b)		19.33		13.36			60,862	1.83		1.83		(0.52	)	150
	—	(b)		—	(b)		18.35		9.10			75,309	1.87		1.87		(0.56	)	161
	(0.01	)		—			16.82		9.74			67,785	1.86		1.86		(0.24	)	137
$	—	(b)	$	—	(b)	$	12.97		20.43	%	$	59,351	1.85	%*	1.85	%*	(0.47	)%*	49	%
	—	(b)		—	(b)		10.77	(f)	(34.81	)(f)		55,445	1.86		1.86		(0.46	)	154
	(1.90	)		—	(b)		16.53		(6.16	)		113,744	1.84		1.84		(0.67	)	134
	(1.37	)		—	(b)		19.37		13.33			134,475	1.83		1.83		(0.53	)	150
	—	(b)		—	(b)		18.39		9.14			138,280	1.87		1.87		(0.56	)	161
	(0.02	)		—			16.85		9.74			111,461	1.86		1.86		(0.24	)	137
$	(0.08	)	$	—	(b)	$	14.18		20.96	%	$	202,158	1.10	%*	1.10	%*	0.31	%*	49	%
	(0.02	)		—	(b)		11.79	(g)	(34.36	)(g)		82,956	1.11		1.11		0.39		154
	(1.97	)		—	(b)		17.99		(5.44	)		37,601	1.09		1.09		0.08		134
	(1.40	)		—	(b)		20.85		14.18			38,714	1.08		1.08		0.22		150
	(0.02	)		—	(b)		19.58		9.91			34,210	1.12		1.12		0.20		161
	(0.08	)		—			17.83		10.65			16,394	1.11		1.11		0.43		137
$	—	(b)	$	—	(b)	$	14.37		20.76	%	$	6,641	1.35	%*	1.35	%*	0.01	%*	49	%
	—	(b)		—	(b)		11.90	(h)	(34.51	)(h)		10,553	1.36		1.36		0.06		154
	(1.91	)		—	(b)		18.17		(5.68	)		16,864	1.34		1.34		(0.16	)	134
	(1.40	)		—	(b)		21.04		13.92			18,552	1.33		1.33		(0.04	)	150
	(0.02	)		—	(b)		19.79		9.62			13,019	1.37		1.37		(0.05	)	161
	(0.05	)		—			18.07		10.24			4,151	1.41	(c)	1.41	(c)	0.12		137
$	(0.10	)	$	—	(b)	$	14.83		21.09	%	$	7,871	0.82	%*	0.82	%*	0.57	%*	49	%
	(0.03	)		—	(b)		12.33	(i)	(32.04	)(i)		4,308	0.79	*	0.79	*	0.67	*	154

(g) Capital contribution from Affiliate increased the end of year net asset value by $0.12 per share and the total return by 0.67%. If the Affiliate had not made these payments, end of year net asset value and total return would have been $11.67 and (35.03)%, respectively.

(h) Capital contribution from Affiliate increased the end of year net asset value by $0.13 per share and the total return by 0.71%. If the Affiliate had not made these payments, end of year net asset value and total return would have been $11.77 and (35.22)%, respectively.

(i) Capital contribution from Affiliate increased the end of year net asset value by $0.12 per share and the total return by 0.66%. If the Affiliate had not made these payments, end of year net asset value and total return would have been $12.21 and (32.70)%, respectively.

See accompanying Notes to Financial Statements 12.31.09 Allianz Funds Semiannual Report 89

Financial Highlights  (Cont.)

For a Share Outstanding for the Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (Loss) (a)		Net Realized and Change in Unrealized Gain (Loss) (a)			Total from Investment Operations			Dividends from Net Investment Income			Distributions to Shareholders from Net Realized Gains
CCM Capital Appreciation Fund (cont.)
Institutional Class
12/31/2009+	$	12.36	$	0.05	$	2.56		$	2.61		$	(0.09	)	$	—
6/30/2009		18.79		0.10		(6.51	)		(6.41	)		(0.02	)		—
6/30/2008		21.64		0.10		(0.95	)		(0.85	)		(0.10	)		(1.90	)
6/30/2007		20.22		0.12		2.73			2.85			(0.06	)		(1.37	)
6/30/2006		18.36		0.12		1.78			1.90			(0.04	)		—
6/30/2005		16.63		0.16		1.67			1.83			(0.10	)		—
Administrative Class
12/31/2009+	$	11.98	$	0.03	$	2.48		$	2.51		$	(0.06	)	$	—
6/30/2009		18.22		0.06		(6.29	)		(6.23	)		(0.01	)		—
6/30/2008		21.11		0.05		(0.92	)		(0.87	)		(0.12	)		(1.90	)
6/30/2007		19.78		0.07		2.66			2.73			(0.03	)		(1.37	)
6/30/2006		17.99		0.07		1.74			1.81			(0.02	)		—
6/30/2005		16.32		0.11		1.64			1.75			(0.08	)		—

+ Unaudited

* Annualized

(a) Calculated on average shares outstanding during the period.

(b) Less than $0.01 per share.

(c) Capital contribution from Affiliate increased the end of year net asset value by $0.13 per share and the total return by 0.70%. If the Affiliate had not made these payments, end of year net asset value and total return would have been $12.23 and (34.78)%, respectively.

(d) Capital contribution from Affiliate increased the end of year net asset value by $0.13 per share and the total return by 0.66%. If the Affiliate had not made these payments, end of year net asset value and total return would have been $11.85 and (34.92)%, respectively.

90 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

Total Dividends and Distributions			Fund Redemption Fees (a)			Net Asset Value End of Period			Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets with Waiver and Reimbursement		Ratio of Expenses to Average Net Assets without Waiver and Reimbursement		Ratio of Net Investment Income (Loss) to Average Net Assets		Portfolio Turnover Rate
$	(0.09	)	$	—	(b)	$	14.88		21.14	%	$	289,019	0.70	%*	0.70	%*	0.68	%*	49	%
	(0.02	)		—	(b)		12.36	(c)	(34.08	)(c)		276,437	0.71		0.71		0.71		154
	(2.00	)		—	(b)		18.79		(5.05	)		459,142	0.69		0.69		0.47		134
	(1.43	)		—	(b)		21.64		14.67			424,762	0.68		0.68		0.61		150
	(0.04	)		—	(b)		20.22		10.33			383,054	0.72		0.72		0.60		161
	(0.10	)		—			18.36		11.01			258,048	0.71		0.71		0.90		137
$	(0.06	)	$	—	(b)	$	14.43		21.07	%	$	259,789	0.95	%*	0.95	%*	0.43	%*	49	%
	(0.01	)		—	(b)		11.98	(d)	(34.26	)(d)		245,686	0.96		0.96		0.45		154
	(2.02	)		—	(b)		18.22		(5.32	)		439,571	0.93		0.93		0.24		134
	(1.40	)		—	(b)		21.11		14.37			518,562	0.93		0.93		0.37		150
	(0.02	)		—	(b)		19.78		10.09			459,715	0.97		0.97		0.35		161
	(0.08	)		—			17.99		10.75			287,845	0.96		0.96		0.66		137

See accompanying Notes to Financial Statements 12.31.09 Allianz Funds Semiannual Report 91

Financial Highlights  (Cont.)

For a Share Outstanding for the Period Ended:	Net Asset Value Beginning of Period		Net Investment Loss (a)			Net Realized and Change in Unrealized Gain (Loss) (a)			Total from Investment Operations			Distributions to Shareholders from Net Realized Gains
CCM Emerging Companies Fund
Institutional Class
12/31/2009+	$	12.44	$	(0.06	)	$	2.29		$	2.23		$	—
6/30/2009		17.28		(0.08	)		(4.76	)		(4.84	)		—
6/30/2008		23.21		(0.14	)		(3.04	)		(3.18	)		(2.75	)
6/30/2007		24.55		(0.11	)		1.14			1.03			(2.37	)
6/30/2006		23.27		(0.20	)		3.40			3.20			(1.92	)
6/30/2005		23.89		(0.18	)		1.73			1.55			(2.17	)
Administrative Class
12/31/2009+	$	11.72	$	(0.07	)	$	2.14		$	2.07		$	—
6/30/2009		16.32		(0.11	)		(4.49	)		(4.60	)		—
6/30/2008		22.12		(0.19	)		(2.86	)		(3.05	)		(2.75	)
6/30/2007		23.57		(0.16	)		1.08			0.92			(2.37	)
6/30/2006		22.46		(0.25	)		3.28			3.03			(1.92	)
6/30/2005		23.20		(0.23	)		1.66			1.43			(2.17	)

+ Unaudited

* Annualized

(a) Calculated on average shares outstanding during the period.

(b) Less than $0.01 per share.

92 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

Fund Redemption Fees (a)			Net Asset Value End of Period		Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets with Waiver and Reimbursement		Ratio of Expenses to Average Net Assets without Waiver and Reimbursement		Ratio of Net Investment Loss to Average Net Assets		Portfolio Turnover Rate
$	—	(b)	$	14.67	17.93	%	$	59,997	1.42	%*	1.52	%*	(0.85	)%*	64	%
	—	(b)		12.44	(28.01	)		67,382	1.42		1.42		(0.65	)	142
	—	(b)		17.28	(15.22	)		206,444	1.50		1.50		(0.69	)	140
	—	(b)		23.21	4.71			420,835	1.51		1.51		(0.49	)	188
	—	(b)		24.55	14.08			597,208	1.52		1.52		(0.81	)	155
	—			23.27	6.82			597,547	1.51		1.51		(0.79	)	144
$	—	(b)	$	13.79	17.66	%	$	15,506	1.67	%*	1.77	%*	(1.10	)%*	64	%
	—	(b)		11.72	(28.19	)		13,866	1.67		1.67		(0.91	)	142
	—	(b)		16.32	(15.43	)		23,812	1.75		1.75		(0.95	)	140
	—	(b)		22.12	4.47			54,701	1.76		1.76		(0.74	)	188
	—	(b)		23.57	13.82			62,776	1.77		1.77		(1.06	)	155
	—			22.46	6.49			50,854	1.76		1.76		(1.05	)	144

See accompanying Notes to Financial Statements 12.31.09 Allianz Funds Semiannual Report 93

Financial Highlights  (Cont.)

For a Share Outstanding for the Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss) (a)			Total from Investment Operations			Dividends from Net Investment Income			Distributions to Shareholders from Net Realized Gains
CCM Focused Growth Fund
Class A
12/31/2009+	$	6.59	$	0.01		$	1.22		$	1.23		$	(0.09	)	$	—
6/30/2009		9.67		0.02			(3.10	)		(3.08	)		—	(b)		—
6/30/2008		10.47		(0.01	)		(0.78	)		(0.79	)		(0.01	)		—	(b)
7/05/2006† - 6/30/2007		9.30		(0.02	)		1.36			1.34			(0.03	)		(0.14	)
Class C
12/31/2009+	$	6.46	$	(0.02	)	$	1.20		$	1.18		$	(0.02	)	$	—
6/30/2009		9.55		(0.03	)		(3.06	)		(3.09	)		—	(b)		—
6/30/2008		10.42		(0.09	)		(0.78	)		(0.87	)		—	(b)		—	(b)
7/05/2006† - 6/30/2007		9.30		(0.09	)		1.36			1.27			(0.01	)		(0.14	)
Class D
12/31/2009+	$	6.59	$	0.01		$	1.23		$	1.24		$	(0.10	)	$	—
6/30/2009		9.67		0.02			(3.10	)		(3.08	)		—	(b)		—
6/30/2008		10.47		(0.01	)		(0.79	)		(0.80	)		—	(b)		—	(b)
7/5/2006† - 6/30/2007		9.30		(0.01	)		1.36			1.35			(0.04	)		(0.14	)
Class P
12/31/2009+	$	6.61	$	0.02		$	1.23		$	1.25		$	(0.12	)	$	—
7/7/2008† - 6/30/2009		9.44		0.04			(2.83	)		(2.79	)		(0.04	)		—
Institutional Class
12/31/2009+	$	6.65	$	0.02		$	1.24		$	1.26		$	(0.10	)	$	—
6/30/2009		9.75		0.05			(3.13	)		(3.08	)		(0.02	)		—
6/30/2008		10.54		0.03			(0.80	)		(0.77	)		(0.02	)		—	(b)
6/30/2007		9.34		0.03			1.33			1.36			(0.02	)		(0.14	)
6/30/2006		7.82		0.04			1.50			1.54			(0.02	)		—
6/30/2005		6.94		0.02			0.86			0.88			—			—
Administrative Class
12/31/2009+	$	6.62	$	0.01		$	1.24		$	1.25		$	(0.10	)	$	—
6/30/2009		9.71		0.03			(3.12	)		(3.09	)		—	(b)		—
6/30/2008		10.50		—	(b)		(0.79	)		(0.79	)		—	(b)		—	(b)
9/15/2006† - 6/30/2007		9.14		0.01			1.52			1.53			(0.03	)		(0.14	)

+ Unaudited

* Annualized

† Commencement of operations

(a) Calculated on average shares outstanding during the period.

(b) Less than $0.01 per share.

(c) Less than 0.005%.

94 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

Total Dividends and Distributions			Fund Redemption Fees (a)			Net Asset Value End of Period		Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Portfolio Turnover Rate
$	(0.09	)	$	—		$	7.73	18.73	%	$	4,408	1.11	%*	0.22	%*	63	%
	—	(b)		—	(b)		6.59	(31.85	)		4,803	1.11		0.26		156
	(0.01	)		—	(b)		9.67	(7.55	)		7,418	1.12		(0.13	)	143
	(0.17	)		—			10.47	14.60			1,704	1.11	*	(0.23	)*	106
$	(0.02	)	$	—		$	7.62	18.33	%	$	2,031	1.86	%*	(0.53	)%*	63	%
	—	(b)		—	(b)		6.46	(32.34	)		2,343	1.86		(0.48	)	156
	—	(b)		—	(b)		9.55	(8.30	)		2,706	1.86		(0.89	)	143
	(0.15	)		—			10.42	13.81			1,351	1.86	*	(0.91	)*	106
$	(0.10	)	$	—		$	7.73	18.77	%	$	1,581	1.11	%*	0.25	%*	63	%
	—	(b)		—	(b)		6.59	(31.85	)		1,271	1.11		0.28		156
	—	(b)		—	(b)		9.67	(7.61	)		1,811	1.12		(0.13	)	143
	(0.18	)		—	(b)		10.47	14.16			1,225	1.11	*	(0.06	)*	106
$	(0.12	)	$	—		$	7.74	19.01	%	$	181	0.83	%*	0.55	%*	63	%
	(0.04	)		—	(b)		6.61	(29.52	)		82	0.80	*	0.53	*	156
$	(0.10	)	$	—		$	7.81	18.92	%	$	39,630	0.72	%*	0.58	%*	63	%
	(0.02	)		—	(b)		6.65	(31.54	)		90,722	0.71		0.67		156
	(0.02	)		—	(b)		9.75	(7.30	)		122,861	0.72		0.30		143
	(0.16	)		—			10.54	14.72			50,850	0.71		0.30		106
	(0.02	)		—	(b)		9.34	19.68			4,600	0.73		0.48		153
	—			—			7.82	12.79			3,457	0.71		0.24		123
$	(0.10	)	$	—		$	7.77	18.97	%	$	9	0.98	%*	0.37	%*	63	%
	—	(b)		—	(b)		6.62	(31.80	)		7	0.97		0.40		156
	—	(b)		—	(b)		9.71	(7.49	)		11	0.96		—	(c)	143
	(0.17	)		—			10.50	16.96			12	0.96	*	0.13	*	106

See accompanying Notes to Financial Statements 12.31.09 Allianz Funds Semiannual Report 95

Financial Highlights  (Cont.)

For a Share Outstanding for the Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss) (a)			Total from Investment Operations			Dividends from Net Investment Income		Distributions to Shareholders from Net Realized Gains
CCM Mid-Cap Fund
Class A
12/31/2009+	$	15.57	$	(0.02	)	$	3.23		$	3.21		$	—	$	—
6/30/2009		25.56		(0.03	)		(9.96	)		(9.99	)		—		—
6/30/2008		28.34		(0.07	)		0.36			0.29			—		(3.07	)
6/30/2007		27.57		(0.01	)		3.65			3.64			—		(2.87	)
6/30/2006		24.47		(0.02	)		3.12			3.10			—		—
6/30/2005		21.26		(0.02	)		3.23			3.21			—		—
Class B
12/31/2009+	$	13.91	$	(0.07	)	$	2.87		$	2.80		$	—	$	—
6/30/2009		23.00		(0.15	)		(8.94	)		(9.09	)		—		—
6/30/2008		25.97		(0.25	)		0.35			0.10			—		(3.07	)
6/30/2007		25.68		(0.19	)		3.35			3.16			—		(2.87	)
6/30/2006		22.96		(0.20	)		2.92			2.72			—		—
6/30/2005		20.10		(0.17	)		3.03			2.86			—		—
Class C
12/31/2009+	$	13.91	$	(0.07	)	$	2.88		$	2.81		$	—	$	—
6/30/2009		23.01		(0.15	)		(8.95	)		(9.10	)		—		—
6/30/2008		25.99		(0.25	)		0.34			0.09			—		(3.07	)
6/30/2007		25.69		(0.20	)		3.37			3.17			—		(2.87	)
6/30/2006		22.97		(0.20	)		2.92			2.72			—		—
6/30/2005		20.11		(0.17	)		3.03			2.86			—		—
Class D
12/31/2009+	$	15.69	$	(0.02	)	$	3.25		$	3.23		$	—	$	—
6/30/2009		25.75		(0.07	)		(9.99	)		(10.06	)		—		—
6/30/2008		28.53		(0.10	)		0.39			0.29			—		(3.07	)
6/30/2007		27.73		(0.01	)		3.68			3.67			—		(2.87	)
6/30/2006		24.61		(0.01	)		3.13			3.12			—		—
6/30/2005		21.38		(0.02	)		3.25			3.23			—		—
Class R
12/31/2009+	$	15.61	$	(0.04	)	$	3.23		$	3.19		$	—	$	—
6/30/2009		25.67		(0.07	)		(9.99	)		(10.06	)		—		—
6/30/2008		28.52		(0.14	)		0.36			0.22			—		(3.07	)
6/30/2007		27.79		(0.08	)		3.68			3.60			—		(2.87	)
6/30/2006		24.73		(0.08	)		3.14			3.06			—		—
6/30/2005		21.56		(0.08	)		3.25			3.17			—		—
Class P
12/31/2009+	$	16.42	$	0.01		$	3.41		$	3.42		$	—	$	—
7/7/2008† - 6/30/2009		25.53		0.02			(9.13	)		(9.11	)		—		—

+ Unaudited

* Annualized

† Commencement of operations

(a) Calculated on average shares outstanding during the period.

(b) Less than $0.01 per share.

(c) Effective April 1, 2005, the Administration Fee was reduced by 0.10%.

(d) Payments from Affiliates increased the end of period net asset value by $0.02 per share and the total return by 0.07%. If the Affiliates had not made these payments, the end of period net asset value and total return would have been $27.55 and 12.60%, respectively.

(e) Payments from Affiliates increased the end of period net asset value by $0.02 per share and the total return by 0.07%. If the Affiliates had not made these payments, the end of period net asset value and total return would have been $25.66 and 11.78%, respectively.

(f) Payments from Affiliates increased the end of period net asset value by $0.02 per share and the total return by 0.07%. If the Affiliates had not made these payments, the end of period net asset value and total return would have been $25.67 and 11.77%, respectively.

(g) Payments from Affiliates increased the end of period net asset value by $0.02 per share and the total return by 0.07%. If the Affiliates had not made these payments, the end of period net asset value and total return would have been $27.71 and 12.61%, respectively.

(h) Payments from Affiliates increased the end of period net asset value by $0.02 per share and the total return by 0.06%. If the Affiliates had not made these payments, the end of period net asset value and total return would have been $27.77 and 12.31%, respectively.

96 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

Total Dividends and Distributions			Fund Redemption Fees (a)			Net Asset Value End of Period			Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets with Waiver and Reimbursement		Ratio of Expenses to Average Net Assets without Waiver and Reimbursement		Ratio of Net Investment Income (Loss) to Average Net Assets		Portfolio Turnover Rate
$	—		$	—	(b)	$	18.78		20.62	%	$	192,152	1.10	%*	1.10	%*	(0.18	)%*	58	%
	—			—	(b)		15.57	(i)	(39.08	)(i)		175,461	1.11		1.11		(0.20	)	148
	(3.07	)		—	(b)		25.56		0.31			307,962	1.09		1.09		(0.28	)	149
	(2.87	)		—	(b)		28.34		14.52			334,271	1.09		1.09		(0.05	)	164
	—			—	(b)		27.57	(d)	12.67	(d)		353,019	1.11		1.11		(0.06	)	174
	—			—			24.47		15.10			209,885	1.11		1.11		(0.08	)	140
$	—		$	—	(b)	$	16.71		20.13	%	$	18,037	1.85	%*	1.85	%*	(0.93	)%*	58	%
	—			—	(b)		13.91	(j)	(39.52	)(j)		17,882	1.86		1.86		(0.98	)	148
	(3.07	)		—	(b)		23.00		(0.44	)		47,947	1.84		1.84		(1.02	)	149
	(2.87	)		—	(b)		25.97		13.67			64,763	1.84		1.84		(0.79	)	164
	—			—	(b)		25.68	(e)	11.85	(e)		85,023	1.86		1.86		(0.81	)	174
	—			—			22.96		14.23			61,076	1.86		1.86		(0.84	)	140
$	—		$	—	(b)	$	16.72		20.20	%	$	44,673	1.85	%*	1.85	%*	(0.93	)%*	58	%
	—			—	(b)		13.91	(k)	(39.55	)(k)		41,542	1.86		1.86		(0.96	)	148
	(3.07	)		—	(b)		23.01		(0.48	)		86,421	1.84		1.84		(1.02	)	149
	(2.87	)		—	(b)		25.99		13.71			102,361	1.84		1.84		(0.80	)	164
	—			—	(b)		25.69	(f)	11.84	(f)		122,217	1.86		1.86		(0.80	)	174
	—			—			22.97		14.22			88,789	1.86		1.86		(0.83	)	140
$	—		$	—	(b)	$	18.92		20.59	%	$	15,804	1.11	%*	1.11	%*	(0.20	)%*	58	%
	—			—	(b)		15.69	(l)	(39.07	)(l)		22,739	1.11		1.11		(0.34	)	148
	(3.07	)		—	(b)		25.75		0.31			193,222	1.09		1.09		(0.38	)	149
	(2.87	)		—	(b)		28.53		14.55			27,561	1.09		1.09		(0.05	)	164
	—			—	(b)		27.73	(g)	12.68	(g)		30,758	1.11		1.11		(0.04	)	174
	—			—			24.61		15.11			60,353	1.11		1.11		(0.07	)	140
$	—		$	—	(b)	$	18.80		20.43	%	$	25,434	1.35	%*	1.35	%*	(0.43	)%*	58	%
	—			—	(b)		15.61	(m)	(39.19	)(m)		32,069	1.36		1.36		(0.43	)	148
	(3.07	)		—	(b)		25.67		0.04			48,771	1.34		1.34		(0.52	)	149
	(2.87	)		—	(b)		28.52		14.25			47,308	1.34		1.34		(0.31	)	164
	—			—	(b)		27.79	(h)	12.37	(h)		40,579	1.36		1.36		(0.31	)	174
	—			—			24.73		14.70			17,826	1.42	(c)	1.42	(c)	(0.33	)	140
$	—		$	—	(b)	$	19.84		20.83	%	$	3,554	0.82	%*	0.82	%*	0.11	%*	58	%
	—			—	(b)		16.42	(n)	(35.68	)(n)		3,099	0.80	*	0.80	*	0.12	*	148

(i) Capital contribution from Affiliate increased the end of year net asset value by $0.21 per share and the total return by 0.83%. If the Affiliate had not made these payments, end of year net asset value and total return would have been $15.36 and (39.91)%, respectively.

(j) Capital contribution from Affiliate increased the end of year net asset value by $0.19 per share and the total return by 0.83%. If the Affiliate had not made these payments, end of year net asset value and total return would have been $13.72 and (40.35)%, respectively.

(k) Capital contribution from Affiliate increased the end of year net asset value by $0.19 per share and the total return by 0.82%. If the Affiliate had not made these payments, end of year net asset value and total return would have been $13.72 and (40.37)%, respectively.

(l) Capital contribution from Affiliate increased the end of year net asset value by $0.24 per share and the total return by 0.93%. If the Affiliate had not made these payments, end of year net asset value and total return would have been $15.45 and (40.00)%, respectively.

(m) Capital contribution from Affiliate increased the end of year net asset value by $0.21 per share and the total return by 0.82%. If the Affiliate had not made these payments, end of year net asset value and total return would have been $15.40 and (40.01)%, respectively.

(n) Capital contribution from Affiliate increased the end of year net asset value by $0.20 per share and the total return by 0.79%. If the Affiliate had not made these payments, end of year net asset value and total return would have been $16.22 and (36.47)%, respectively.

See accompanying Notes to Financial Statements 12.31.09 Allianz Funds Semiannual Report 97

Financial Highlights  (Cont.)

For a Share Outstanding for the Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss) (a)			Total from Investment Operations			Dividends from Net Investment Income		Distributions to Shareholders from Net Realized Gains
CCM Mid-Cap Fund (cont.)
Institutional Class
12/31/2009+	$	16.44	$	0.02		$	3.40		$	3.42		$	—	$	—
6/30/2009		26.87		0.04			(10.47	)		(10.43	)		—		—
6/30/2008		29.54		0.04			0.36			0.40			—		(3.07	)
6/30/2007		28.50		0.10			3.81			3.91			—		(2.87	)
6/30/2006		25.20		0.10			3.20			3.30			—		—
6/30/2005		21.80		0.07			3.33			3.40			—		—
Administrative Class
12/31/2009+	$	15.88	$	(—	)(b)	$	3.28		$	3.28		$	—	$	—
6/30/2009		26.02		(0.01	)		(10.13	)		(10.14	)		—		—
6/30/2008		28.76		(0.03	)		0.36			0.33			—		(3.07	)
6/30/2007		27.89		0.03			3.71			3.74			—		(2.87	)
6/30/2006		24.71		0.02			3.16			3.18			—		—
6/30/2005		21.44		0.02			3.25			3.27			—		—

+ Unaudited

* Annualized

(a) Calculated on average shares outstanding during the period.

(b) Less than $0.01 per share.

(c) Payments from Affiliates increased the end of period net asset value by $0.02 per share and the total return by 0.06%. If the Affiliates had not made these payments, the end of period net asset value and total return would have been $28.48 and 13.04%, respectively.

(d) Payments from Affiliates increased the end of period net asset value by $0.02 per share and the total return by 0.06%. If the Affiliates had not made these payments, the end of period net asset value and total return would have been $27.87 and 12.81%, respectively.

(e) Capital contribution from Affiliate increased the end of year net asset value by $0.22 per share and the total return by 0.82%. If the Affiliate had not made these payments, end of year net asset value and total return would have been $16.22 and (39.64)%, respectively.

(f) Capital contribution from Affiliate increased the end of year net asset value by $0.21 per share and the total return by 0.81%. If the Affiliate had not made these payments, end of year net asset value and total return would have been $15.67 and (39.78)%, respectively.

98 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

Total Dividends and Distributions			Fund Redemption Fees (a)			Net Asset Value End of Period			Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets with Waiver and Reimbursement		Ratio of Expenses to Average Net Assets without Waiver and Reimbursement		Ratio of Net Investment Income (Loss) to Average Net Assets		Portfolio Turnover Rate
$	—		$	—	(b)	$	19.86		20.80	%	$	339,011	0.70	%*	0.70	%*	0.22	%*	58	%
	—			—	(b)		16.44	(e)	(38.82	)(e)		312,484	0.71		0.71		0.21		148
	(3.07	)		—	(b)		26.87		0.69			522,366	0.69		0.69		0.12		149
	(2.87	)		—	(b)		29.54		15.02			482,027	0.69		0.69		0.35		164
	—			—	(b)		28.50	(c)	13.10	(c)		470,705	0.71		0.71		0.35		174
	—			—			25.20		15.60			271,735	0.71		0.71		0.31		140
$	—		$	—	(b)	$	19.16		20.65	%	$	165,822	0.95	%*	0.95	%*	(0.02	)%*	58	%
	—			—	(b)		15.88	(f)	(38.97	)(f)		129,640	0.96		0.96		(0.04	)	148
	(3.07	)		—	(b)		26.02		0.45			214,673	0.94		0.94		(0.11	)	149
	(2.87	)		—	(b)		28.76		14.73			278,073	0.94		0.94		0.11		164
	—			—	(b)		27.89	(d)	12.87	(d)		304,305	0.96		0.96		0.09		174
	—			—			24.71		15.25			260,340	0.96		0.96		0.07		140

See accompanying Notes to Financial Statements 12.31.09 Allianz Funds Semiannual Report 99

Financial Highlights  (Cont.)

For a Share Outstanding for the Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss) (a)			Total from Investment Operations			Dividends from Net Investment Income			Distributions to Shareholders from Net Realized Gains
NACM Growth Fund
Class A
12/31/2009+	$	10.02	$	0.03		$	2.10		$	2.13		$	(0.05	)	$	—
6/30/2009		14.09		0.07			(4.13	)		(4.06	)		(0.01	)		—	(b)
6/30/2008		15.20		—	(b)		(0.78	)		(0.78	)		—			(0.33	)
6/30/2007		12.89		0.02			2.63			2.65			—			(0.34	)
6/30/2006		12.72		0.01			1.17			1.18			—			(1.01	)
6/30/2005		11.94		0.01			1.06			1.07			—			(0.29	)
Class B
12/31/2009+	$	9.48	$	(0.01	)	$	1.97		$	1.96		$	—	(b)	$	—
6/30/2009		13.41		(0.01	)		(3.92	)		(3.93	)		—	(b)		—	(b)
6/30/2008		14.59		(0.10	)		(0.75	)		(0.85	)		—			(0.33	)
6/30/2007		12.47		(0.09	)		2.55			2.46			—			(0.34	)
6/30/2006		12.44		(0.09	)		1.13			1.04			—			(1.01	)
6/30/2005		11.76		(0.08	)		1.05			0.97			—			(0.29	)
Class C
12/31/2009+	$	9.48	$	(0.01	)	$	1.98		$	1.97		$	—	(b)	$	—
6/30/2009		13.41		(0.01	)		(3.92	)		(3.93	)		—	(b)		—	(b)
6/30/2008		14.58		(0.11	)		(0.73	)		(0.84	)		—			(0.33	)
6/30/2007		12.47		(0.10	)		2.55			2.45			—			(0.34	)
6/30/2006		12.43		(0.08	)		1.13			1.05			—			(1.01	)
6/30/2005		11.76		(0.08	)		1.04			0.96			—			(0.29	)
Class D
12/31/2009+	$	10.02	$	0.03		$	2.10		$	2.13		$	(0.06	)	$	—
6/30/2009		14.07		0.07			(4.12	)		(4.05	)		—	(b)		—	(b)
6/30/2008		15.18		—	(b)		(0.78	)		(0.78	)		—			(0.33	)
6/30/2007		12.88		0.02			2.62			2.64			—			(0.34	)
6/30/2006		12.72		0.01			1.16			1.17			—			(1.01	)
6/30/2005		11.93		0.01			1.07			1.08			—			(0.29	)
Class P
12/31/2009+	$	10.28	$	0.05		$	2.16		$	2.21		$	(0.09	)	$	—
7/7/2008† - 6/30/2009		14.23		0.11			(4.01	)		(3.90	)		(0.05	)		—	(b)
Institutional Class
12/31/2009+	$	10.29	$	0.05		$	2.16		$	2.21		$	(0.09	)	$	—
6/30/2009		14.47		0.11			(4.24	)		(4.13	)		(0.05	)		—	(b)
6/30/2008		15.54		0.07			(0.81	)		(0.74	)		—			(0.33	)
6/30/2007		13.12		0.07			2.69			2.76			—			(0.34	)
6/30/2006		12.89		0.06			1.18			1.24			—			(1.01	)
6/30/2005		12.04		0.07			1.07			1.14			—			(0.29	)
Administrative Class
12/31/2009+	$	10.13	$	0.04		$	2.13		$	2.17		$	(0.07	)	$	—
6/30/2009		14.24		0.08			(4.17	)		(4.09	)		(0.02	)		—	(b)
6/30/2008		15.33		0.03			(0.79	)		(0.76	)		—			(0.33	)
6/30/2007		12.98		0.04			2.65			2.69			—			(0.34	)
6/30/2006		12.79		0.03			1.17			1.20			—			(1.01	)
6/30/2005		11.98		0.04			1.06			1.10			—			(0.29	)

+ Unaudited

* Annualized

† Commencement of operations

(a) Calculated on average shares outstanding during the period.

(b) Less than $0.01 per share.

(c) Effective April 1, 2005, the Administration Fee was reduced by 0.10%.

100 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

Total Dividends and Distributions			Fund Redemption Fees (a)			Net Asset Value End of Period		Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Portfolio Turnover Rate
$	(0.05	)	$	—		$	12.10	21.28	%	$	7,346	1.16	%*	0.53	%*	67	%
	(0.01	)		—	(b)		10.02	(28.78	)		6,453	1.18		0.64		138
	(0.33	)		—	(b)		14.09	(5.41	)		9,115	1.17		0.03		105
	(0.34	)		—	(b)		15.20	20.79			9,411	1.17		0.12		168
	(1.01	)		—	(b)		12.89	9.46			945	1.16	(e)	0.07		152
	(0.29	)		—			12.72	8.95			587	1.23	(c)	0.10		274
$	—	(b)	$	—		$	11.44	20.67	%	$	3,767	1.91	%*	(0.23	)%*	67	%
	—	(b)		—	(b)		9.48	(29.30	)		3,481	1.93		(0.12	)	138
	(0.33	)		—	(b)		13.41	(6.12	)		7,634	1.92		(0.71	)	105
	(0.34	)		—	(b)		14.59	19.96			6,483	1.93		(0.65	)	168
	(1.01	)		—	(b)		12.47	8.50			1,560	1.91	(f)	(0.68	)	152
	(0.29	)		—			12.44	8.23			1,400	1.97	(c)	(0.64	)	274
$	—	(b)	$	—		$	11.45	20.78	%	$	3,653	1.91	%*	(0.23	)%*	67	%
	—	(b)		—	(b)		9.48	(29.30	)		3,257	1.93		(0.12	)	138
	(0.33	)		—	(b)		13.41	(6.05	)		6,161	1.92		(0.73	)	105
	(0.34	)		—	(b)		14.58	19.88			6,923	1.93		(0.69	)	168
	(1.01	)		—	(b)		12.47	8.60			918	1.91	(f)	(0.65	)	152
	(0.29	)		—			12.43	8.15			486	1.98	(c)	(0.66	)	274
$	(0.06	)	$	—		$	12.09	21.23	%	$	661	1.16	%*	0.53	%*	67	%
	—	(b)		—	(b)		10.02	(28.78	)		507	1.18		0.64		138
	(0.33	)		—	(b)		14.07	(5.41	)		910	1.17		0.03		105
	(0.34	)		—	(b)		15.18	20.73			1,019	1.17		0.12		168
	(1.01	)		—	(b)		12.88	9.37			17	1.16	(e)	0.09		152
	(0.29	)		—			12.72	9.05			13	1.23	(c)	0.12		274
$	(0.09	)	$	—		$	12.40	21.48	%	$	27	0.88	%*	0.78	%*	67	%
	(0.05	)		—	(b)		10.28	(27.37	)		24	0.88	*	1.01	*	138
$	(0.09	)	$	—		$	12.41	21.51	%	$	25,760	0.78	%*	0.92	%*	67	%
	(0.05	)		—	(b)		10.29	(28.50	)		18,595	0.78		1.04		138
	(0.33	)		—	(b)		14.47	(5.02	)		696	0.77		0.43		105
	(0.34	)		—	(b)		15.54	21.27			688	0.78		0.51		168
	(1.01	)		—	(b)		13.12	9.81			567	0.76	(g)	0.43		152
	(0.29	)		—			12.89	9.47			1,202	0.80	(d)	0.55		274
$	(0.07	)	$	—		$	12.23	21.39	%	$	14	1.03	%*	0.66	%*	67	%
	(0.02	)		—	(b)		10.13	(28.68	)		12	1.03		0.79		138
	(0.33	)		—	(b)		14.24	(5.23	)		17	1.01		0.18		105
	(0.34	)		—	(b)		15.33	20.96			18	1.03		0.26		168
	(1.01	)		—	(b)		12.98	9.56			15	1.01	(h)	0.22		152
	(0.29	)		—			12.79	9.18			13	1.05	(d)	0.30		274

(d) Effective April 1, 2005, the Administration Fee was reduced by 0.05%.

(e) If the Adviser did not reimburse expenses, the ratio of expenses to average net assets would have been 1.17%.

(f) If the Adviser did not reimburse expenses, the ratio of expenses to average net assets would have been 1.92%.

(g) If the Adviser did not reimburse expenses, the ratio of expenses to average net assets would have been 0.77%.

(h) If the Adviser did not reimburse expenses, the ratio of expenses to average net assets would have been 1.02%.

See accompanying Notes to Financial Statements 12.31.09 Allianz Funds Semiannual Report 101

Financial Highlights  (Cont.)

For a Share Outstanding for the Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss) (a)			Total from Investment Operations			Dividends from Net Investment Income			Distributions to Shareholders from Net Realized Gains
NACM Income & Growth Fund
Class A
12/31/2009+	$	10.22	$	0.23	$	1.62		$	1.85		$	(0.05	)	$	(0.12	)
6/30/2009		13.87		0.50		(2.71	)		(2.21	)		(0.88	)		(0.56	)
6/30/2008		15.54		0.74		(1.08	)		(0.34	)		(0.65	)		(0.68	)
2/28/2007† - 6/30/2007		15.00		0.28		0.51			0.79			(0.22	)		(0.03	)
Class C
12/31/2009+	$	10.14	$	0.18	$	1.63		$	1.81		$	(0.08	)	$	(0.12	)
6/30/2009		13.82		0.43		(2.73	)		(2.30	)		(0.82	)		(0.56	)
6/30/2008		15.51		0.63		(1.09	)		(0.46	)		(0.55	)		(0.68	)
2/28/2007† - 6/30/2007		15.00		0.27		0.48			0.75			(0.21	)		(0.03	)
Class D
12/31/2009+	$	10.27	$	0.23	$	1.64		$	1.87		$	(0.09	)	$	(0.12	)
6/30/2009		13.95		0.47		(2.71	)		(2.24	)		(0.88	)		(0.56	)
6/30/2008		15.55		0.72		(1.06	)		(0.34	)		(0.58	)		(0.68	)
2/28/2007† - 6/30/2007		15.00		0.23		0.55			0.78			(0.20	)		(0.03	)
Class P
12/31/2009+	$	10.27	$	0.24	$	1.64		$	1.88		$	(0.09	)	$	(0.12	)
7/7/2008† - 6/30/2009		13.73		0.58		(2.58	)		(2.00	)		(0.90	)		(0.56	)
Institutional Class
12/31/2009+	$	10.27	$	0.25	$	1.63		$	1.88		$	(0.08	)	$	(0.12	)
6/30/2009		13.93		0.58		(2.77	)		(2.19	)		(0.91	)		(0.56	)
6/30/2008		15.57		0.79		(1.08	)		(0.29	)		(0.67	)		(0.68	)
2/28/2007† - 6/30/2007		15.00		0.25		0.56			0.81			(0.21	)		(0.03	)

+ Unaudited

* Annualized

† Commencement of operations

(a) Calculated on average shares outstanding during the period.

(b) Less than $0.01 per share.

(c) If the Investment Manager did not reimburse expenses, the ratio of expenses to average net assets would have been 3.20%.

(d) If the Investment Manager did not reimburse expenses, the ratio of expenses to average net assets would have been 2.40%

102 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

Total Dividends and Distributions			Fund Redemption Fees (a)			Net Asset Value End of Period		Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	(0.17	)	$	—		$	11.90	21.91	%	$	27,858	1.32	%*	3.96	%*	98	%
	(1.44	)		—	(b)		10.22	(14.38	)		13,246	1.30		4.99		159
	(1.33	)		—			13.87	(2.46	)		1,176	1.31		4.97		152
	(0.25	)		—			15.54	5.19			246	1.33	*	5.40	*	127
$	(0.20	)	$	—		$	11.75	21.35	%	$	15,915	2.06	%*	3.24	%*	98	%
	(1.38	)		—	(b)		10.14	(14.97	)		4,416	2.05		4.47		159
	(1.23	)		—			13.82	(3.21	)		808	2.06		4.25		152
	(0.24	)		—			15.51	4.94			195	2.06	*	5.27	*	127
$	(0.21	)	$	—		$	11.93	21.78	%	$	2,316	1.32	%*	3.98	%*	98	%
	(1.44	)		—	(b)		10.27	(14.36	)		491	1.28		4.56		159
	(1.26	)		—			13.95	2.35			11	1.31		4.79		152
	(0.23	)		—	(b)		15.55	5.08			15	1.31	*(c)	4.52	*	127
$	(0.21	)	$	—		$	11.94	22.09	%	$	812	1.04	%*	4.17	%*	98	%
	(1.46	)		—			10.27	(12.86	)		44	1.01	*	5.73	*	159
$	(0.20	)	$	—		$	11.95	22.13	%	$	31,459	0.94	%*	4.37	%*	98	%
	(1.47	)		—	(b)		10.27	(14.03	)		28,853	0.92		5.68		159
	(1.35	)		—			13.93	(2.03	)		20,626	0.92		5.22		152
	(0.24	)		—			15.57	5.29			21,080	0.91	*(d)	4.94	*	127

See accompanying Notes to Financial Statements 12.31.09 Allianz Funds Semiannual Report 103

Financial Highlights  (Cont.)

For a Share Outstanding for the Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss) (a)			Total from Investment Operations			Dividends from Net Investment Income			Distributions to Shareholders from Net Realized Gains
NACM Mid-Cap Growth Fund
Class A
12/31/2009+	$	8.33	$	0.01		$	2.04		$	2.05		$	(0.05	)	$	—
6/30/2009		11.87		0.01			(3.55	)		(3.54	)		—			—	(b)
7/30/2007† - 06/30/2008		12.55		(0.03	)		(0.41	)		(0.44	)		—			(0.24	)
Class C
12/31/2009+	$	8.21	$	(0.04	)	$	2.03		$	1.99		$	—	(b)	$	—
6/30/2009		11.79		(0.05	)		(3.53	)		(3.58	)		—			—	(b)
7/30/2007† - 06/30/2008		12.55		(0.12	)		(0.40	)		(0.52	)		—			(0.24	)
Class D
12/31/2009+	$	8.33	$	0.01		$	2.04		$	2.05		$	(0.06	)	$	—
6/30/2009		11.87		0.02			(3.56	)		(3.54	)		—			—	(b)
7/30/2007† - 6/30/2008		12.55		(0.04	)		(0.40	)		(0.44	)		—			(0.24	)
Class P
12/31/2009+	$	8.38	$	0.01		$	2.06		$	2.07		$	(0.04	)	$	—
7/7/2008† - 6/30/2009		11.33		0.02			(2.97	)		(2.95	)		—			—	(b)
Institutional Class
12/31/2009+	$	8.39	$	0.02		$	2.06		$	2.08		$	(0.05	)	$	—
6/30/2009		11.91		0.02			(3.54	)		(3.52	)		—			—	(b)
7/30/2007† - 6/30/2008		14.37		0.01			(2.23	)		(2.22	)		—			(0.24	)

+ Unaudited

* Annualized

† Commencement of operations

(a) Calculated on average shares outstanding during the period.

(b) Less than $0.01 per share.

104 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value End of Period		Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Portfolio Turnover Rate
$	(0.05	)	$	10.33	24.60	%	$	732	1.34	%*	0.15	%*	63	%
	—	(b)		8.33	(29.81	)		237	1.36		0.12		127
	(0.24	)		11.87	(3.62	)		104	1.37	*	(0.27	)*	215
$	—	(b)	$	10.20	24.24	%	$	201	2.08	%*	(0.78	)%*	63	%
	—	(b)		8.21	(30.35	)		174	2.10		(0.65	)	127
	(0.24	)		11.79	(4.27	)		10	2.10	*	(1.08	)*	215
$	(0.06	)	$	10.32	24.57	%	$	308	1.32	%*	0.30	%*	63	%
	—	(b)		8.33	(29.81	)		38	1.34		0.24		127
	(0.24	)		11.87	(3.62	)		14	1.35	*	(0.32	)*	215
$	(0.04	)	$	10.41	24.75	%	$	9	1.05	%*	0.31	%*	63	%
	—	(b)		8.38	(26.03	)		7	1.08	*	0.29	*	127
$	(0.05	)	$	10.42	24.78	%	$	4,385	0.96	%*	0.40	%*	63	%
	—	(b)		8.39	(29.54	)		3,509	0.98		0.26		127
	(0.24	)		11.91	(5.94	)		17,094	1.09	*	0.05	*	215

See accompanying Notes to Financial Statements 12.31.09 Allianz Funds Semiannual Report 105

Financial Highlights  (Cont.)

For a Share Outstanding for the Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss) (a)			Total from Investment Operations			Dividends from Net Investment Income			Distributions to Shareholders from Net Realized Gains
NFJ All-Cap Value Fund
Class A
12/31/2009+	$	6.97	$	0.08		$	2.04		$	2.12		$	(0.22	)	$	—
6/30/2009		11.35		0.25			(4.20	)		(3.95	)		(0.43	)		—
6/30/2008		20.03		0.34			(4.19	)		(3.85	)		(0.31	)		(4.52	)
6/30/2007		17.36		0.26			2.97			3.23			(0.16	)		(0.40	)
6/30/2006		15.76		0.15			2.13			2.28			(0.03	)		(0.65	)
6/30/2005		15.24		0.10			1.23			1.33			—			(0.83	)
Class B
12/31/2009+	$	6.75	$	0.05		$	1.98		$	2.03		$	(0.16	)	$	—
6/30/2009		10.93		0.20			(4.05	)		(3.85	)		(0.33	)		—
6/30/2008		19.45		0.21			(4.06	)		(3.85	)		(0.15	)		(4.52	)
6/30/2007		16.90		0.11			2.89			3.00			(0.05	)		(0.40	)
6/30/2006		15.45		0.02			2.08			2.10			—	(b)		(0.65	)
6/30/2005		15.06		(0.01	)		1.21			1.20			—			(0.83	)
Class C
12/31/2009+	$	6.69	$	0.05		$	1.95		$	2.00		$	(0.16	)	$	—
6/30/2009		10.91		0.19			(4.04	)		(3.85	)		(0.37	)		—
6/30/2008		19.45		0.22			(4.05	)		(3.83	)		(0.19	)		(4.52	)
6/30/2007		16.90		0.11			2.89			3.00			(0.05	)		(0.40	)
6/30/2006		15.45		0.02			2.08			2.10			—	(b)		(0.65	)
6/30/2005		15.06		(0.01	)		1.21			1.20			—			(0.83	)
Class D
12/31/2009+	$	7.05	$	0.08		$	2.07		$	2.15		$	(0.22	)	$	—
6/30/2009		11.44		0.26			(4.23	)		(3.97	)		(0.42	)		—
6/30/2008		20.06		0.33			(4.20	)		(3.87	)		(0.23	)		(4.52	)
6/30/2007		17.41		0.25			2.98			3.23			(0.18	)		(0.40	)
6/30/2006		15.81		0.14			2.16			2.30			(0.05	)		(0.65	)
6/30/2005		15.29		0.09			1.24			1.33			—			(0.83	)
Class P
12/31/2009+	$	7.12	$	0.09		$	2.08		$	2.17		$	(0.25	)	$	—
7/7/2008† - 6/30/2009		11.23		0.40			(4.02	)		(3.62	)		(0.49	)		—
Institutional Class
12/31/2009+	$	7.22	$	0.10		$	2.12		$	2.22		$	(0.25	)	$	—
6/30/2009		11.62		0.30			(4.30	)		(4.00	)		(0.40	)		—
6/30/2008		20.32		0.42			(4.29	)		(3.87	)		(0.31	)		(4.52	)
6/30/2007		17.61		0.32			3.02			3.34			(0.23	)		(0.40	)
6/30/2006		15.97		0.22			2.16			2.38			(0.09	)		(0.65	)
6/30/2005		15.36		0.21			1.22			1.43			—			(0.83	)
Administrative Class
12/31/2009+	$	7.19	$	0.09		$	2.10		$	2.19		$	(0.23	)	$	—
6/30/2009		11.67		0.28			(4.32	)		(4.04	)		(0.44	)		—
6/30/2008		20.21		0.41			(4.31	)		(3.90	)		(0.12	)		(4.52	)
6/30/2007		17.52		0.28			3.00			3.28			(0.19	)		(0.40	)
6/30/2006		15.87		0.18			2.15			2.33			(0.03	)		(0.65	)
6/30/2005		15.31		0.13			1.25			1.38			—			(0.83	)

+ Unaudited

* Annualized

† Commencement of operations

(a) Calculated on average shares outstanding during the period.

(b) Less than $0.01 per share.

(c) Effective April 1, 2005, the Administration Fee was reduced by 0.10%.

106 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

Total Dividends and Distributions			Fund Redemption Fees (a)			Net Asset Value End of Period		Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Portfolio Turnover Rate
$	(0.22	)	$	—		$	8.87	30.41	%	$	7,745	1.32	%*	1.95	%*	13	%
	(0.43	)		—	(b)		6.97	(34.71	)		5,612	1.33		3.27		71
	(4.83	)		—	(b)		11.35	(22.71	)		9,301	1.31		2.31		47
	(0.56	)		—	(b)		20.03	18.76			8,636	1.33		1.36		122
	(0.68	)		—	(b)		17.36	14.70			4,452	1.32	(e)	0.90		55
	(0.83	)		0.02			15.76	8.77			2,696	1.38	(c)	0.61		150
$	(0.16	)	$	—		$	8.62	30.05	%	$	2,005	2.07	%*	1.17	%*	13	%
	(0.33	)		—	(b)		6.75	(35.18	)		1,682	2.08		2.54		71
	(4.67	)		—	(b)		10.93	(23.35	)		3,483	2.06		1.45		47
	(0.45	)		—	(b)		19.45	17.89			6,174	2.08		0.60		122
	(0.65	)		—	(b)		16.90	13.78			4,515	2.07	(f)	0.15		55
	(0.83	)		0.02			15.45	7.99			2,657	2.12	(c)	(0.07	)	150
$	(0.16	)	$	—		$	8.53	29.95	%	$	5,345	2.07	%*	1.16	%*	13	%
	(0.37	)		—	(b)		6.69	(35.26	)		4,366	2.08		2.57		71
	(4.71	)		—	(b)		10.91	(23.27	)		6,571	2.06		1.51		47
	(0.45	)		—	(b)		19.45	17.86			8,359	2.08		0.61		122
	(0.65	)		—	(b)		16.90	13.78			5,727	2.07	(f)	0.14		55
	(0.83	)		0.02			15.45	7.99			5,155	2.12	(c)	(0.08	)	150
$	(0.22	)	$	—		$	8.98	30.53	%	$	2,261	1.32	%*	1.94	%*	13	%
	(0.42	)		—	(b)		7.05	(34.71	)		1,794	1.33		3.26		71
	(4.75	)		—	(b)		11.44	(22.71	)		3,722	1.31		2.13		47
	(0.58	)		—	(b)		20.06	18.69			9,566	1.33		1.33		122
	(0.70	)		—	(b)		17.41	14.74			2,947	1.32	(e)	0.80		55
	(0.83	)		0.02			15.81	8.74			216	1.37	(c)	0.54		150
$	(0.25	)	$	—		$	9.04	30.50	%	$	845	1.04	%*	2.19	%*	13	%
	(0.49	)		—	(b)		7.12	(32.14	)		711	0.99	*	5.56	*	71
$	(0.25	)	$	—		$	9.19	30.76	%	$	2,934	0.94	%*	2.30	%*	13	%
	(0.40	)		—	(b)		7.22	(34.36	)		2,322	0.93		3.38		71
	(4.83	)		—	(b)		11.62	(22.41	)		10,486	0.91		2.73		47
	(0.63	)		—	(b)		20.32	19.14			11,196	0.92		1.69		122
	(0.74	)		—	(b)		17.61	15.13			32,059	0.91	(g)	1.29		55
	(0.83	)		0.01			15.97	9.30			29,288	0.91	(d)	1.34		150
$	(0.23	)	$	—		$	9.15	30.50	%	$	16	1.19	%*	2.07	%*	13	%
	(0.44	)		—	(b)		7.19	(34.53	)		12	1.18		3.47		71
	(4.64	)		—	(b)		11.67	(22.60	)		18	1.16		2.37		47
	(0.59	)		—	(b)		20.21	18.86			24	1.18		1.50		122
	(0.68	)		—	(b)		17.52	14.90			20	1.16	(h)	1.03		55
	(0.83	)		0.01			15.87	8.99			18	1.20	(d)	0.81		150

(d) Effective April 1, 2005, the Administration Fee was reduced by 0.05%.

(e) If the Investment Manager did not reimburse expenses, the ratio of expenses to average net assets would have been 1.33%.

(f) If the Investment Manager did not reimburse expenses, the ratio of expenses to average net assets would have been 2.08%.

(g) If the Investment Manager did not reimburse expenses, the ratio of expenses to average net assets would have been 0.92%.

(h) If the Investment Manager did not reimburse expenses, the ratio of expenses to average net assets would have been 1.17%.

See accompanying Notes to Financial Statements 12.31.09 Allianz Funds Semiannual Report 107

Financial Highlights  (Cont.)

For a Share Outstanding for the Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss) (a)			Total from Investment Operations			Dividends from Net Investment Income			Distributions to Shareholders from Net Realized Gains
NFJ Dividend Value Fund
Class A
12/31/2009+	$	8.59	$	0.18	$	1.77		$	1.95		$	(0.17	)	$	—
6/30/2009		14.62		0.40		(5.42	)		(5.02	)		(0.38	)		(0.63	)
6/30/2008		18.33		0.41		(2.80	)		(2.39	)		(0.41	)		(0.91	)
6/30/2007		15.35		0.39		3.21			3.60			(0.33	)		(0.29	)
6/30/2006		13.71		0.37		1.88			2.25			(0.39	)		(0.22	)
6/30/2005		12.48		0.30		1.37			1.67			(0.29	)		(0.15	)
Class B
12/31/2009+	$	8.59	$	0.14	$	1.77		$	1.91		$	(0.06	)	$	—
6/30/2009		14.61		0.32		(5.41	)		(5.09	)		(0.30	)		(0.63	)
6/30/2008		18.25		0.28		(2.79	)		(2.51	)		(0.22	)		(0.91	)
6/30/2007		15.25		0.25		3.20			3.45			(0.16	)		(0.29	)
6/30/2006		13.58		0.26		1.87			2.13			(0.24	)		(0.22	)
6/30/2005		12.39		0.20		1.35			1.55			(0.21	)		(0.15	)
Class C
12/31/2009+	$	8.57	$	0.14	$	1.76		$	1.90		$	(0.06	)	$	—
6/30/2009		14.58		0.32		(5.40	)		(5.08	)		(0.30	)		(0.63	)
6/30/2008		18.21		0.28		(2.78	)		(2.50	)		(0.22	)		(0.91	)
6/30/2007		15.23		0.26		3.18			3.44			(0.17	)		(0.29	)
6/30/2006		13.58		0.26		1.86			2.12			(0.25	)		(0.22	)
6/30/2005		12.38		0.20		1.36			1.56			(0.21	)		(0.15	)
Class D
12/31/2009+	$	8.61	$	0.18	$	1.77		$	1.95		$	(0.17	)	$	—
6/30/2009		14.66		0.40		(5.43	)		(5.03	)		(0.39	)		(0.63	)
6/30/2008		18.34		0.40		(2.79	)		(2.39	)		(0.38	)		(0.91	)
6/30/2007		15.38		0.39		3.21			3.60			(0.35	)		(0.29	)
6/30/2006		13.75		0.36		1.90			2.26			(0.41	)		(0.22	)
6/30/2005		12.53		0.31		1.37			1.68			(0.31	)		(0.15	)
Class R
12/31/2009+	$	8.56	$	0.16	$	1.76		$	1.92		$	(0.14	)	$	—
6/30/2009		14.58		0.37		(5.40	)		(5.03	)		(0.36	)		(0.63	)
6/30/2008		18.28		0.37		(2.79	)		(2.42	)		(0.37	)		(0.91	)
6/30/2007		15.33		0.35		3.20			3.55			(0.31	)		(0.29	)
6/30/2006		13.73		0.32		1.89			2.21			(0.39	)		(0.22	)
6/30/2005		12.53		0.26		1.39			1.65			(0.30	)		(0.15	)
Class P
12/31/2009+	$	8.66	$	0.19	$	1.78		$	1.97		$	(0.19	)	$	—
7/7/2008† - 6/30/2009		14.35		0.42		(5.06	)		(4.64	)		(0.42	)		(0.63	)

+ Unaudited

* Annualized

† Commencement of operations

(a) Calculated on average shares outstanding during the period.

(b) Less than $0.01 per share.

(c) Effective April 1, 2005, the Administration Fee was reduced by 0.10%.

(d) Payments from Affiliates increased the end of period net asset value by less than $0.01 per share and the total return by less than 0.00%

(e) Capital contribution from Affiliate increased the end of year net asset value by $0.08 per share and the total return by 0.61%. If the Affiliate had not made these payments, end of year net asset value and total return would have been $8.51 and (35.29)%, respectively.

(f) Capital contribution from Affiliate increased the end of year net asset value by $0.08 per share and the total return by 0.61%. If the Affiliate had not made these payments, end of year net asset value and total return would have been $8.51 and (35.78)%, respectively.

108 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

Total Dividends and Distributions			Fund Redemption Fees (a)			Net Asset Value End of Period			Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets with Waiver and Reimbursement		Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	(0.17	)	$	—	(b)	$	10.37		22.72	%	$	1,877,158	1.05	%*	3.63	%*	19	%
	(1.01	)		—	(b)		8.59	(d)(e)	(34.68	)(d)(e)		1,734,204	1.05		3.88		43
	(1.32	)		—	(b)		14.62		(13.79	)		3,195,287	1.04		2.48		49
	(0.62	)		—	(b)		18.33		23.78			3,480,442	1.05		2.25		29
	(0.61	)		—	(b)		15.35		16.73			1,002,333	1.10		2.50		26
	(0.44	)		—			13.71		13.54			268,945	1.17	(c)	2.28		30
$	(0.06	)	$	—	(b)	$	10.44		22.24	%	$	118,203	1.80	%*	2.85	%*	19	%
	(0.93	)		—	(b)		8.59	(d)(f)	(35.17	)(d)(f)		122,648	1.80		3.02		43
	(1.13	)		—	(b)		14.61		(14.46	)		308,543	1.79		1.68		49
	(0.45	)		—	(b)		18.25		22.80			485,664	1.80		1.50		29
	(0.46	)		—	(b)		15.25		15.94			279,643	1.85		1.77		26
	(0.36	)		—			13.58		12.57			122,934	1.92	(c)	1.53		30
$	(0.06	)	$	—	(b)	$	10.41		22.24	%	$	561,447	1.80	%*	2.85	%*	19	%
	(0.93	)		—	(b)		8.57	(d)(g)	(35.15	)(d)(g)		574,133	1.80		3.07		43
	(1.13	)		—	(b)		14.58		(14.42	)		1,214,757	1.79		1.69		49
	(0.46	)		—	(b)		18.21		22.81			1,747,103	1.80		1.50		29
	(0.47	)		—	(b)		15.23		15.84			712,851	1.85		1.77		26
	(0.36	)		—			13.58		12.70			270,801	1.92	(c)	1.53		30
$	(0.17	)	$	—	(b)	$	10.39		22.72	%	$	782,691	1.05	%*	3.61	%*	19	%
	(1.02	)		—	(b)		8.61	(d)(h)	(34.67	)(d)(h)		700,909	1.05		4.26		43
	(1.29	)		—	(b)		14.66		(13.79	)		376,899	1.04		2.40		49
	(0.64	)		—	(b)		18.34		23.75			698,390	1.05		2.25		29
	(0.63	)		—	(b)		15.38		16.72			78,984	1.10		2.42		26
	(0.46	)		—			13.75		13.50			11,863	1.12	(c)	2.28		30
$	(0.14	)	$	—	(b)	$	10.34		22.52	%	$	209,773	1.30	%*	3.37	%*	19	%
	(0.99	)		—	(b)		8.56	(d)(i)	(34.85	)(d)(i)		189,770	1.30		3.73		43
	(1.28	)		—	(b)		14.58		(13.98	)		225,295	1.29		2.27		49
	(0.60	)		—	(b)		18.28		23.46			156,435	1.30		2.01		29
	(0.61	)		—	(b)		15.33		16.44			18,988	1.35		2.16		26
	(0.45	)		—			13.73		13.27			822	1.38	(c)	1.91		30
$	(0.19	)	$	—	(b)	$	10.44		22.88	%	$	223,036	0.78	%*	3.80	%*	19	%
	(1.05	)		—	(b)		8.66	(j)	(32.70	)(j)		325,300	0.77	*	4.91	*	43

(g) Capital contribution from Affiliate increased the end of year net asset value by $0.08 per share and the total return by 0.61%. If the Affiliate had not made these payments, end of year net asset value and total return would have been $8.49 and (35.76)%, respectively.

(h) Capital contribution from Affiliate increased the end of year net asset value by $0.07 per share and the total return by 0.53%. It the Affiliate had not made these payments, end of year net asset value and total return would have been $8.54 and (35.20)%, respectively.

(i) Capital contribution from Affiliate increased the end of year net asset value by $0.08 per share and the total return by 0.60%. It the Affiliate had not made these payments, end of year net asset value and total return would have been $8.48 and (35.45)%, respectively.

(j) Capital contribution from Affiliate increased the end of year net asset value by $0.07 per share and the total return by 0.54%. It the Affiliate had not made these payments, end of year net asset value and total return would have been $8.59 and (33.24)%, respectively.

See accompanying Notes to Financial Statements 12.31.09 Allianz Funds Semiannual Report 109

Financial Highlights  (Cont.)

For a Share Outstanding for the Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss) (a)			Total from Investment Operations			Dividends from Net Investment Income			Distributions to Shareholders from Net Realized Gains
NFJ Dividend Value Fund (cont.)
Institutional Class
12/31/2009+	$	8.67	$	0.20	$	1.78		$	1.98		$	(0.22	)	$	—
6/30/2009		14.74		0.44		(5.46	)		(5.02	)		(0.42	)		(0.63	)
6/30/2008		18.51		0.48		(2.83	)		(2.35	)		(0.51	)		(0.91	)
6/30/2007		15.51		0.46		3.24			3.70			(0.41	)		(0.29	)
6/30/2006		13.85		0.43		1.90			2.33			(0.45	)		(0.22	)
6/30/2005		12.59		0.36		1.39			1.75			(0.34	)		(0.15	)
Administrative Class
12/31/2009+	$	8.69	$	0.19	$	1.78		$	1.97		$	(0.19	)	$	—
6/30/2009		14.78		0.41		(5.47	)		(5.06	)		(0.40	)		(0.63	)
6/30/2008		18.55		0.45		(2.84	)		(2.39	)		(0.47	)		(0.91	)
6/30/2007		15.56		0.42		3.25			3.67			(0.39	)		(0.29	)
6/30/2006		13.86		0.34		1.96			2.30			(0.38	)		(0.22	)
6/30/2005		12.60		0.33		1.39			1.72			(0.31	)		(0.15	)

+ Unaudited

* Annualized

† Commencement of operations

(a) Calculated on average shares outstanding during the period.

(b) Less than $0.01 per share.

(c) Effective April 1, 2005, the Administration Fee was reduced by 0.10%.

(d) Payments from Affiliates increased the end of period net asset value by less than $0.01 per share and the total return by less than 0.00%

110 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

Total Dividends and Distributions			Fund Redemption Fees (a)			Net Asset Value End of Period			Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	(0.22	)	$	—	(b)	$	10.43		22.86	%	$	1,996,622	0.68	%*	4.03	%*	19	%
	(1.05	)		—	(b)		8.67	(d)(e)	(34.42	)(d)(k)		1,699,111	0.67		4.37		43
	(1.42	)		—	(b)		14.74		(13.48	)		1,802,701	0.67		2.86		49
	(0.70	)		—	(b)		18.51		24.20			1,693,928	0.67		2.62		29
	(0.67	)		—	(b)		15.51		17.21			349,151	0.71		2.89		26
	(0.49	)		—			13.85		14.08			119,556	0.71		2.74		30
$	(0.19	)	$	—	(b)	$	10.47		22.77	%	$	1,067,531	0.93	%*	3.82	%*	19	%
	(1.03	)		—	(b)		8.69	(d)(f)	(34.62	)(d)(f)		756,172	0.92		4.13		43
	(1.38	)		—	(b)		14.78		(13.67	)		745,713	0.92		2.68		49
	(0.68	)		—	(b)		18.55		23.91			408,959	0.91		2.33		29
	(0.60	)		—	(b)		15.56		16.89			9,904	0.95		2.24		26
	(0.46	)		—			13.86		13.78			1,525	0.96		2.49		30

(e) Capital contribution from Affiliate increased the end of year net asset value by $0.08 per share and the total return by 0.60%. It the Affiliate had not made these payments, end of year net asset value and total return would have been $8.59 and (35.02)%, respectively.

(f) Capital contribution from Affiliate increased the end of year net asset value by $0.08 per share and the total return by 0.60%. It the Affiliate had not made these payments, end of year net asset value and total return would have been $8.61 and (35.22)%, respectively.

See accompanying Notes to Financial Statements 12.31.09 Allianz Funds Semiannual Report 111

Financial Highlights  (Cont.)

For a Share Outstanding for the Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss) (a)			Total from Investment Operations			Dividends from Net Investment Income			Distributions to Shareholders from Net Realized Gains
NFJ Large-Cap Value Fund
Class A
12/31/2009+	$	10.46	$	0.14	$	2.15		$	2.29		$	(0.11	)	$	—
6/30/2009		16.69		0.30		(6.25	)		(5.95	)		(0.28	)		—
6/30/2008		20.69		0.35		(3.73	)		(3.38	)		(0.33	)		(0.29	)
6/30/2007		17.69		0.32		3.36			3.68			(0.27	)		(0.41	)
6/30/2006		15.97		0.31		2.07			2.38			(0.29	)		(0.37	)
6/30/2005		14.58		0.23		1.94			2.17			(0.20	)		(0.59	)
Class B
12/31/2009+	$	10.41	$	0.09	$	2.15		$	2.24		$	(0.03	)	$	—
6/30/2009		16.62		0.21		(6.23	)		(6.02	)		(0.19	)		—
6/30/2008		20.56		0.21		(3.72	)		(3.51	)		(0.14	)		(0.29	)
6/30/2007		17.56		0.16		3.36			3.52			(0.11	)		(0.41	)
6/30/2006		15.83		0.19		2.05			2.24			(0.14	)		(0.37	)
6/30/2005		14.49		0.11		1.93			2.04			(0.12	)		(0.59	)
Class C
12/31/2009+	$	10.41	$	0.09	$	2.14		$	2.23		$	(0.03	)	$	—
6/30/2009		16.62		0.21		(6.23	)		(6.02	)		(0.19	)		—
6/30/2008		20.56		0.21		(3.71	)		(3.50	)		(0.15	)		(0.29	)
6/30/2007		17.58		0.16		3.35			3.51			(0.12	)		(0.41	)
6/30/2006		15.83		0.19		2.06			2.25			(0.13	)		(0.37	)
6/30/2005		14.49		0.11		1.92			2.03			(0.11	)		(0.59	)
Class D
12/31/2009+	$	10.47	$	0.15	$	2.14		$	2.29		$	(0.15	)	$	—
6/30/2009		16.71		0.30		(6.26	)		(5.96	)		(0.28	)		—
6/30/2008		20.72		0.36		(3.75	)		(3.39	)		(0.33	)		(0.29	)
6/30/2007		17.73		0.32		3.37			3.69			(0.29	)		(0.41	)
6/30/2006		16.04		0.31		2.08			2.39			(0.33	)		(0.37	)
6/30/2005		14.63		0.23		1.95			2.18			(0.19	)		(0.59	)
Class R
12/31/2009+	$	10.48	$	0.12	$	2.16		$	2.28		$	(0.07	)	$	—
6/30/2009		16.72		0.26		(6.26	)		(6.00	)		(0.24	)		—
6/30/2008		20.77		0.30		(3.74	)		(3.44	)		(0.32	)		(0.29	)
6/30/2007		17.79		0.29		3.36			3.65			(0.26	)		(0.41	)
1/10/2006† - 6/30/2006		17.02		0.12		0.75			0.87			(0.10	)		—
Class P
12/31/2009+	$	10.63	$	0.16	$	2.19		$	2.35		$	(0.16	)	$	—
7/7/2008† - 6/30/2009		16.21		0.27		(5.62	)		(5.35	)		(0.23	)		—
Institutional Class
12/31/2009+	$	10.51	$	0.16	$	2.17		$	2.33		$	(0.17	)	$	—
6/30/2009		16.77		0.35		(6.29	)		(5.94	)		(0.32	)		—
6/30/2008		20.81		0.43		(3.76	)		(3.33	)		(0.42	)		(0.29	)
6/30/2007		17.79		0.40		3.37			3.77			(0.34	)		(0.41	)
6/30/2006		16.06		0.38		2.10			2.48			(0.38	)		(0.37	)
6/30/2005		14.64		0.30		1.96			2.26			(0.26	)		(0.59	)
Administrative Class
12/31/2009+	$	10.50	$	0.14	$	2.16		$	2.30		$	(0.11	)	$	—
6/30/2009		16.75		0.31		(6.27	)		(5.96	)		(0.29	)		—
6/30/2008		20.80		0.36		(3.75	)		(3.39	)		(0.37	)		(0.29	)
9/15/2006† - 6/30/2007		18.21		0.27		3.05			3.32			(0.32	)		(0.41	)

+ Unaudited

* Annualized

† Commencement of operations

112 Allianz Funds Semiannual Report 12.31.09 See accompanying Notes to Financial Statements

Total Dividends and Distributions			Fund Redemption Fees (a)			Net Asset Value End of Period		Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	(0.11	)	$	—	(b)	$	12.64	21.94	%	$	273,959	1.10	%*	2.34	%*	18	%
	(0.28	)		—	(b)		10.46	(35.79	)		282,001	1.12		2.58		52
	(0.62	)		—	(b)		16.69	(16.65	)		363,486	1.10		1.88		39
	(0.68	)		—	(b)		20.69	21.09			211,263	1.12		1.63		26
	(0.66	)		—	(b)		17.69	15.23			36,954	1.12		1.85		32
	(0.79	)		0.01			15.97	15.24			17,189	1.16	(c)	1.49		35
$	(0.03	)	$	—	(b)	$	12.62	21.51	%	$	80,163	1.85	%*	1.60	%*	18	%
	(0.19	)		—	(b)		10.41	(36.27	)		78,213	1.86		1.94		52
	(0.43	)		—	(b)		16.62	(17.31	)		34,073	1.85		1.09		39
	(0.52	)		—	(b)		20.56	20.16			42,013	1.87		0.84		26
	(0.51	)		—	(b)		17.56	14.41			22,939	1.87		1.12		32
	(0.71	)		0.01			15.83	14.37			13,298	1.89	(c)	0.74		35
$	(0.03	)	$	—	(b)	$	12.61	21.41	%	$	149,454	1.85	%*	1.60	%*	18	%
	(0.19	)		—	(b)		10.41	(36.28	)		145,216	1.86		1.87		52
	(0.44	)		—	(b)		16.62	(17.26	)		126,016	1.85		1.12		39
	(0.53	)		—	(b)		20.56	20.17			95,578	1.87		0.86		26
	(0.50	)		—	(b)		17.58	14.45			32,171	1.87		1.10		32
	(0.70	)		0.01			15.83	14.33			16,576	1.91	(c)	0.73		35
$	(0.15	)	$	—	(b)	$	12.61	21.91	%	$	513,121	1.10	%*	2.42	%*	18	%
	(0.28	)		—	(b)		10.47	(35.76	)		244,284	1.11		2.67		52
	(0.62	)		—	(b)		16.71	(16.68	)		129,506	1.10		1.89		39
	(0.70	)		—	(b)		20.72	21.08			71,678	1.11		1.64		26
	(0.70	)		—	(b)		17.73	15.22			6,128	1.17		1.79		32
	(0.78	)		0.01			16.04	15.22			49	1.18	(c)	1.50		35
$	(0.07	)	$	—	(b)	$	12.69	21.82	%	$	12,325	1.35	%*	2.10	%*	18	%
	(0.24	)		—	(b)		10.48	(35.97	)		12,707	1.36		2.23		52
	(0.61	)		—	(b)		16.72	(16.88	)		20,901	1.34		1.64		39
	(0.67	)		—	(b)		20.77	20.76			1,694	1.36		1.43		26
	(0.10	)		—	(b)		17.79	5.12			11	1.38	*	1.41	*	32
$	(0.16	)	$	—	(b)	$	12.82	22.10	%	$	12,329	0.81	%*	2.59	%*	18	%
	(0.23	)		—	(b)		10.63	(33.25	)		16,652	0.79	*	2.52	*	52
$	(0.17	)	$	—	(b)	$	12.67	22.25	%	$	238,625	0.71	%*	2.74	%*	18	%
	(0.32	)		—	(b)		10.51	(35.55	)		220,835	0.71		2.97		52
	(0.71	)		—	(b)		16.77	(16.35	)		349,924	0.70		2.30		39
	(0.75	)		—	(b)		20.81	21.52			161,445	0.72		2.01		26
	(0.75	)		—	(b)		17.79	15.77			27,324	0.73		2.23		32
	(0.85	)		0.01			16.06	15.78			7,835	0.71		1.96		35
$	(0.11	)	$	—	(b)	$	12.69	21.96	%	$	15,675	0.96	%*	2.40	%*	18	%
	(0.29	)		—	(b)		10.50	(35.68	)		27,903	0.97		2.80		52
	(0.66	)		—	(b)		16.75	(16.66	)		16,623	0.95		1.96		39
	(0.73	)		—	(b)		20.80	18.52			77	0.97	*	1.73	*	26

(a) Calculated on average shares outstanding during the period.

(b) Less than $0.01 per share.

(c) Effective April 1, 2005, the Administration Fee was reduced by 0.10%.

See accompanying Notes to Financial Statements 12.31.09 Allianz Funds Semiannual Report 113

Financial Highlights  (Cont.)

For a Share Outstanding for the Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss) (a)			Total from Investment Operations			Dividends from Net Investment Income			Distributions to Shareholders from Net Realized Gains
NFJ Mid-Cap Value Fund
Class A
12/31/2009+	$	8.40	$	0.13	$	2.69		$	2.82		$	(0.13	)	$	—
6/30/2009		13.49		0.32		(4.78	)		(4.46	)		(0.32	)		(0.31	)
6/30/2008		17.49		0.28		(3.36	)		(3.08	)		(0.29	)		(0.63	)
8/22/2006† - 6/30/2007		15.00		0.51		2.33			2.84			(0.34	)		(0.01	)
Class C
12/31/2009+	$	8.36	$	0.08	$	2.69		$	2.77		$	(0.03	)	$