497K Form - Summary Prospectus for certain open-end management investment companies filed pursuant to Securities Act Rule 497(K) - Allianz Funds Multi-Strategy Trust (0001423227) (Filer)

497K1d789772d497k.htmFORM 497KForm 497K


Share Class
& Ticker
 Class A   Class C   Class R   Class T   Class R6   Institutional Class   Class P   Administrative Class   

Summary Prospectus   February 1, 2019  


(as revised October 11, 2019)  


AllianzGI Global Dynamic Allocation Fund



Beginning on January 1, 2021, as permitted by regulationsadopted by the Securities and Exchange Commission, paper copies of shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’swebsite (us.allianzgi.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by thischange and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a directinvestor, by signing up for e-Delivery. If you prefer to receive paper copies of your shareholder reports after January 1, 2021, direct investors may inform the Fund at any time. If you invest through a financial intermediary, you should contactyour financial intermediary directly. Paper copies are provided free of charge and your election to receive reports in paper will apply to all funds held with the fund complex if you invest directly with the Fund or all funds held in your account ifyou invest through your financial intermediary.

Before you invest, you may want to review the Fund’s statutory prospectus, which contains moreinformation about the Fund and its risks. You can find the Fund’s statutory prospectus and other information about the Fund, including its statement of additional information (SAI) and most recent reports to shareholders, online athttp://us.allianzgi.com/documents. You can also get this information at no cost by calling 1-800-988-8380 for Class A,Class C, Class R and Class T shares and 1-800-498-5413 for Class R6, Institutional Class, Class P and Administrative Classshares or by sending an email request to agid-marketingproduction@allianzinvestors.com. This Summary Prospectus incorporates by reference the Fund’s entire statutory prospectus and SAI, each dated February 1, 2019, as further revised orsupplemented from time to time.


Investment Objective

The Fund seeks long-term capital appreciation.


Fees and Expenses of the Fund

The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales chargediscounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of eligible funds that are part of the family of mutual funds sponsored by Allianz. More information about these and other discountsis available in the “Classes of Shares” section beginning on page 314 of the Fund’s prospectus or from your financial advisor. In addition, if you purchase shares through a specific intermediary, you may be subject to different salescharges including reductions in or waivers of such charges. More information about these intermediary-specific sales charge variations is available in Appendix A to the Fund’s prospectus (“IntermediarySales Charge Discounts and Waivers”).

Shareholder Fees (fees paid directly from your investment)


Share Class  Maximum Sales Charge (Load) Imposed
on Purchases (as a percentage of offering price)
 Maximum Contingent Deferred Sales Charge (CDSC) (Load)
(as a percentage of the lower of original purchase
price or NAV)(1)
Class A  5.50% 1%
Class C  None 1%
Class R  None None
Class T  2.50% None
Class R6  None None
Institutional  None None
Class P  None None
Administrative  None None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)


Share Class    Management
    Distribution Fee
and/or Service
(12b-1) Fees



Fund Fees
and Expenses
    Total Annual
Fund Operating
  Total Annual
Fund Operating
Expenses After
Class A    0.70%    0.25%    0.30%    0.10%    1.35%  (0.34)%  1.01%
Class C    0.70    1.00    0.31    0.10    2.11  (0.33)  1.78
Class R    0.70    0.50    0.38    0.10    1.68  (0.30)  1.38
Class T    0.70    0.25    0.30    0.10    1.35  (0.34)  1.01
Class R6    0.70    None    0.21    0.10    1.01  (0.27)  0.74
Institutional    0.70    None    0.24    0.10    1.04  (0.30)  0.74
Class P    0.70    None    0.33    0.10    1.13  (0.29)  0.84
Administrative    0.70    0.25    0.22    0.10    1.27  (0.28)  0.99



For Class A shares, the CDSC is imposed only in certain circumstances where shares are purchased without a front-end sales charge at the time of purchase. For Class C shares, the CDSC is imposed only on shares redeemed in the first year.


Total Annual Fund Operating Expenses do not match the Ratio of Expenses to Average Net Assets of the Fund as set forth inthe Financial Highlights table of the Fund’s prospectus, in part, because the Ratio of Expenses to Average Net Assets in the prospectus reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.


Allianz Global Investors U.S. LLC (“AllianzGI U.S.” or the “Manager”) has contractually agreed toirrevocably waive a portion of its management fee equal to 0.55% of the average daily net assets of the Fund that are attributable to investments in Underlying Funds. This waiver with respect to investments in Underlying Funds which the Manager oran affiliated person thereof serves as investment adviser is terminable only by the Board of Trustees of the Trust, and the waiver with respect to investments in unaffiliated Underlying Funds will continue through at least January 31, 2021.


The Manager has contractually agreed, until January 31, 2021, to irrevocably waive its management fee, or reimbursethe Fund, to the extent that, after the application of the fee waiver described in footnote 3 above, Total Annual Fund Operating Expenses, including Acquired Fund Fees and Expenses, but excluding interest, tax, and extraordinary expenses, andcertain credits and other expenses, exceed 1.01% for Class A shares, 1.78% for Class C shares, 1.38% for Class R shares, 1.01% for Class T shares, 0.74% for Class R6 shares, 0.74% for Institutional Class shares, 0.84%for Class P shares and 0.99% for Administrative Class shares of the Fund’s average net assets attributable to Class A shares, Class C shares, Class R shares, Class T shares, Class R6 shares, InstitutionalClass shares, Class P shares and Administrative Class shares, respectively. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including suchrecoupment, do not exceed the annual expense limit in effect at the time of such waiver/reimbursement or recoupment. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Manager or at any time bymutual agreement of the parties.

AllianzGI Global Dynamic Allocation Fund


Examples.  The Examples are intended to help you compare the cost of investing inshares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares for the time periods indicated, your investment has a 5% return each year, and the Fund’s operatingexpenses remain the same. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After ExpenseReductions and, for all other periods, on Total Annual Fund Operating Expenses.


      Example:  Assuming you redeem your shares at the end of each period     Example:  Assuming you do not redeem your shares 
Share Class    1 Year     3 Years     5 Years     10 Years     1 Year     3 Years     5 Years     10 Years 
Class A     $647      $922      $1,218      $2,057      $647      $922      $1,218      $2,057 
Class C     281      629      1,104      2,415      181      629      1,104      2,415 
Class R     140      500      884      1,962      140      500      884      1,962 
Class T     350      634      939      1,804      350      634      939      1,804 
Class R6     76      295      532      1,212      76      295      532      1,212 
Institutional     76      301      545      1,244      76      301      545      1,244 
Class P     86      330      594      1,349      86      330      594      1,349 
Administrative     101      375      670      1,509      101      375      670      1,509 

Portfolio Turnover.  The Fund pays transaction costs, such as commissions, when it buys and sells securities (or“turns over” its portfolio). The Fund’s portfolio turnover rate for the fiscal year ended September 30, 2018 was 152% of the average value of its portfolio. High levels of portfolio turnover may indicate higher transaction costsand may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Examples above, can adversely affect the Fund’s investmentperformance.


Principal Investment Strategies


The Fund seeks to achieve its investment objective through a combination of active allocation between asset classes andactively managed strategies within those asset classes. The Fund allocates its investments among asset classes in response to changing market, economic, and political factors and events that the portfolio managers responsible for allocation believemay affect the value of the Fund’s investments. In making investment decisions for the Fund, the portfolio managers seek to identify trends and turning points in the global markets. To gain exposure to the various asset classes, the Fundincorporates actively managed strategies and/or passive instruments. The Fund seeks to achieve its investment objective through active allocation among global equity, fixed income and a range of other asset classes, which the portfolio managersdesignate as “opportunistic”, together with actively managed strategies within those asset classes. The Fund may also invest in affiliated and unaffiliated mutual funds, exchange-traded funds (“ETFs”) and exchange-traded notes,other pooled vehicles and derivative instruments such as futures, among others, as further described below. The Fund also seeks to mitigate risk in extremely negative market environments, by decreasing exposure to asset classes, such as equities,experiencing strong downward trends.

The Fund invests directly and indirectly in globally diverse equity securities, including emerging market equities, and in U.S.dollar-denominated fixed income securities. The Fund’s baseline long-term allocation consists of 60% to global equity exposure (the “Equity Component”) and 40% to fixed income exposure (the “Fixed Income Component”), whichis also the allocation of the blended benchmark index against which the Fund is managed. The portfolio managers responsible for allocation will typically over- or under-weight the Fund against this baseline long-term allocation, depending upon theirview of the relative attractiveness of the investment opportunities available, which will change over time. The Fund may also use an “Opportunistic Component” whereby it invests up to 20% of its assets in any combination of the followingasset classes: emerging market debt, international debt (which may be denominated either in non-U.S. currencies or in U.S. dollars), intermediate and long-term high yield debt (commonly known as “junkbonds”), commodities, and U.S. and international small capitalization stocks. The Fund generally expects to gain a significant portion of its exposure to “opportunistic” asset classes indirectly through investments in exchange-tradedfunds (ETFs), exchange-traded notes, other investment companies and pooled vehicles, and derivative instruments, although such exposure also may be gained directly.

Only securities, instruments or actively managed strategies whose primary purpose is to gain exposure to one or more of the opportunistic asset classes count toward theOpportunistic Component’s 20% limit. Thus, exposure to “opportunistic” asset classes resulting from investments in diversified underlying strategies are not included in the calculation of the Opportunistic Component of the Fund.

The portfolio managers analyze market cycles, economic cycles and valuations, of each asset class and their components and may adjust the Fund’s exposures toindividual holdings and asset classes. In determining whether and how to allocate Fund assets, they regularly assess the Fund’s overall allocations to each strategy and consider the merits of increasing or decreasing the relative balance amongasset classes in the portfolio, and may adjust the Fund’s allocations to the various asset classes through the use of derivatives and other instruments and investment techniques.

The portfolio managers also employ a risk management strategy, which may cause an adjustment to the Fund’s asset allocation in an effort to mitigate certain downsiderisks. Depending on market conditions, the Equity Component may range between

approximately 20% and 100% of the Fund’s assets and the Fixed Income Component may range between approximately 0% and 80% of the Fund’s assets. Apart from this strategic assetallocation, the Fund may use its Opportunistic Component. As a result of its derivative positions, the Fund may have gross investment exposures in excess of 100% of its net assets (i.e., the Fund may be leveraged) and therefore subject to heightenedrisk of loss. The Fund’s performance can depend substantially on the performance of assets or indices underlying its derivatives even though it does not directly or indirectly own those underlying assets or indices.

The portfolio managers adjust the Fund’s exposure to the Equity Component, the Fixed Income Component, and the Opportunistic Component in response to momentum andmomentum reversion signals in an effort to mitigate downside risk in times of severe market stress, and to increase the return potential in favorable markets.

Theportfolio managers believe positive momentum suggests future periods of positive investment returns and typical levels of market volatility. When the momentum signals for an asset class indicate positive momentum, the portfolio managers may increasethe Fund’s exposure to that asset class. Momentum is the tendency of investments to exhibit persistence in their performance. Momentum reversion is the tendency that a performance trend will ultimately change and move in an opposite direction.The portfolio managers believe negative momentum suggests future periods of negative investment returns and increased volatility. When the portfolio managers recognize negative momentum for an asset class, the Fund may reduce its exposure to thatasset class.

Within the “Equity” and “Fixed Income” component limits described above, the Fund intends to make extensive use of four securityselection strategies, namely, Best Styles Global Equity, Best Styles Global Managed Volatility US Fixed Income – Intermediate Credit and US Fixed Income – Long Duration Credit. Each of these strategies is managed by a dedicated portfoliomanager or team of portfolio managers in a separate sleeve of the Fund. These portfolio managers are not responsible for setting or adjusting the asset allocation of the Fund’s portfolio. A description of the investment process used for each ofthese strategies is set forth below.


 Best Styles Global Equity.  This strategy focuses on investments in globally diverse equity securities, including emerging market equities. The Best Styles Global Equity investment strategycenters on the portfolio managers’ belief that individual investment styles (Value, Earnings Change, Price Momentum, Growth, and Quality) carry long-term “risk premiums” that are largely independent of the current economic or marketenvironment and that can be captured using a disciplined investment approach. “Risk premiums” represent the added value resulting from investments in certain sub-segments of the market that may carryhigher risks but have historically led to higher returns on investment.


 Best Styles Global Managed Volatility.  The investment process for the Best Styles Global Managed Volatility strategy mirrors the approach used for the Best Styles Global Equity strategydescribed above, except that the responsible portfolio managers also seek to control for risks associated with volatility and accordingly conduct the security-selection process used for this sleeve with reference to the MSCI ACWI Minimum VolatilityIndex, which is designed to reflect the performance characteristics of a minimum variance strategy applied to the MSCI ACWI equity universe.



US Fixed Income – Intermediate Credit.  This strategy focuses on investments in U.S.dollar-denominated fixed income securities that, at the time of investment, are



Summary Prospectus 


primarily investment-grade securities or otherwise determined by the portfolio manager to be of comparable quality. The responsible portfolio manager uses proprietary research to identifysegments of opportunity in U.S. fixed-income markets and applies strategic sector rotation alongside bottom-up security selection. The portfolio manager normally adjusts the average duration of investments in the strategy with reference to (thoughmay depart materially from) the maturity characteristics of the Bloomberg Barclays U.S. Intermediate Credit Bond Index (which as of July 31, 2019 had an effective duration of 4.15 years).


 US Fixed Income – Long Duration Credit.  The investment process for the US Fixed Income – Long Duration Credit strategy mirrors that of the US Fixed Income – Intermediate Creditstrategy described above, except that the responsible portfolio manager adjusts average duration of investments with reference to the Bloomberg Barclays Long Credit Bond Index (which as of July 31, 2019 had an effective duration of 14.14years).

The Fund may invest in any type of equity or fixed income security, including common stocks, preferred securities, mutual funds, ETFs andexchange-traded notes, warrants and convertible securities, mortgage-backed securities, asset-backed

securities, and government and corporate bonds and other debt instruments. The Fund may invest in securities of companies of any capitalization, including smaller capitalization companies. TheFund also may make investments intended to provide exposure to one or more commodities or securities indices, currencies, and real estate-related securities.

Inimplementing these investment strategies, the Fund may make substantial use of over-the-counter (OTC) or exchange-traded derivatives, including futures contracts,interest rate swaps, total return swaps, credit default swaps, options (puts and calls) purchased or sold by the Fund, currency forwards, and structured notes. The Fund may use derivatives for a variety of purposes, including: as a hedge againstadverse changes in the market price of securities, interest rates, or currency exchange rates; as a substitute for purchasing or selling securities; to increase the Fund’s return as a non-hedging strategythat may be considered speculative; to adjust the portfolio’s exposure to specific asset classes; and otherwise to manage portfolio characteristics. The Fund may maintain a significant percentage of its assets in cash and cash equivalents whichwill serve as margin or collateral for the Fund’s obligations under derivative transactions.



Principal Risks


The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are(in alphabetical order after the first five risks):

Allocation Risk:  The Fund’s investment performance depends upon how its assets areallocated and reallocated among particular Underlying Funds. The Manager’s allocation techniques and decisions and/or the Manager’s selection of Underlying Funds may not produce the desired results.

Market Risk:  The Fund will be affected by factors influencing the U.S. or global economies and securities markets or relevant industries or sectorswithin them.

Issuer Risk:  The Fund will be affected by factors specific to the issuers of securities and other instruments in which the Fundinvests, including actual or perceived changes in the financial condition or business prospects of such issuers.

Equity Securities Risk:  Equitysecurities may react more strongly to changes in an issuer’s financial condition or prospects than other securities of the same issuer.

ManagementRisk:  The Fund will be affected by the allocation determinations, investment decisions and techniques of the Fund’s management.

CallRisk:  A fixed-income security may be redeemed before maturity (“called”) below its current market price and a call may lead to the reinvestment of proceeds at a lower interest rate, or with higher credit risk or other lessfavorable characteristics.

Commodity Risk:  Commodity-linked derivative instruments may increase volatility.

Confidential Information Access Risk:  The Fund’s Manager normally will seek to avoid the receipt of material, non-public information(“Confidential Information”) about the issuers of privately placed instruments (which may include Senior Loans, other bank loans and related investments), because such issuers may have or later issue publicly traded securities, and thusthe Fund may be disadvantaged in comparison to other investors who have received Confidential Information from such issuers.

Convertible SecuritiesRisk:  Convertible securities are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to increases in interest rates or an issuer’s deterioration or default.

Credit and Counterparty Risk:  An issuer or counterparty may default on obligations.

Currency Risk:  The values of non-U.S. securities may fluctuate with currency exchange rates and exposure to non-U.S. currencies may subject the Fund to the risk that those currencies will decline in value relative to the U.S. dollar.

Derivatives Risk:  Derivative instruments are complex, have different characteristics than their underlying assets and are subject to additional risks,including leverage, liquidity and valuation.

Emerging Markets Risk:  Non-U.S. investment risk may beparticularly high to the extent that the Fund invests in emerging market securities. These securities may present market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks ofinvesting in developed countries.

Fixed Income Risk:  Fixed income (debt) securities are subject to greater levels of credit and liquidity risk, maybe speculative and may decline in value due to changes in interest rates or an issuer’s or counterparty’s deterioration or default.

Focused Investment Risk:  Focusing on a limited number of issuers, sectors, industries or geographicregions increases risk and volatility.

High Yield Risk:  High-yield or junk bonds are subject to greater levels of credit and liquidity risk, may bespeculative and may decline in value due to increases in interest rates or an issuer’s deterioration or default.

Index Risk:  Investments inindex-linked derivatives are subject to the risks associated with the applicable index.

Interest Rate Risk:  Fixed income securities may decline invalue because of increases in interest rates.

IPO Risk:  Securities purchased in initial public offerings have no trading history, limited issuerinformation and increased volatility.

Leveraging Risk:  Instruments and transactions that constitute leverage magnify gains or losses and increasevolatility.

Liquidity Risk:  The lack of an active market for investments may cause delay in disposition or force a sale below fair value.

Mortgage-Related and Other Asset-Backed Risk:  Investing in mortgage- and asset-backed securities involves interest rate, credit, valuation, extensionand liquidity risks and the risk that payments on the underlying assets are delayed, prepaid, subordinated or defaulted on.

Non-U.S. Investment Risk:  Non-U.S. securities markets and issuers may be more volatile, smaller, less liquid, less transparent and subject to less oversight, particularly in emerging markets.

REIT and Real Estate-Related Investment Risk:  Adverse changes in the real estate markets may affect the value of REIT investments or real estate-linkedderivatives.

Smaller Company Risk:  Securities issued by smaller companies may be more volatile and present increased liquidity risk relative tosecurities issued by larger companies.

Tax Risk:  Income from commodity-linked investments may limit the Fund’s ability to qualify as a“regulated investment company” for U.S. federal income tax purposes.

Turnover Risk:  High levels of portfolio turnover increasetransaction costs and taxes and may lower investment performance.

Underlying Fund Risks:  The Fund will be indirectly affected by factors, risks andperformance specific to the Underlying Funds.

Variable Distribution Risk:  Periodic distributions by investments of variable or floating interestrates vary with fluctuations in market interest rates.

Please see “Summary of Principal Risks” in the Fund’s prospectus for a more detaileddescription of the Fund’s risks. It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any othergovernment agency.



Performance Information


The performance information below provides some indication of the risks of investing in the Fund by showing changes in itstotal return from year to year and by comparing the Fund’s average annual total returns with those of two broad-based market indexes, a custom-blended index and a performance average of similar mutual funds. The bar chart and the information toits right show performance of the Fund’s Class A shares, but do not reflect the impact of sales charges (loads). If they did, returns would be lower than those shown. Other share classes would have different performancedue to the different expenses they bear. Performance in the Average Annual Total Returns table reflects the impact of sales charges. Prior to October 1, 2016, the Fund was managed pursuant to a different investment strategy and would notnecessarily have achieved the performance results shown below for periods prior to October 1, 2016 under its current investment

strategy. For periods prior to the inception date of a share class, performance information shown for such class may be based on the performance of an older class of shares that dates back to theFund’s inception, as adjusted to reflect fees and expenses paid by the newer class. These adjustments generally result in estimated performance results for the newer class that are different from the actual results of the predecessor class, dueto differing levels of fees and expenses paid. Details regarding the calculation of the Fund’s class-by-class performance, including a discussion of any performance adjustments, are provided under “Additional Performance Information”in the Fund’s prospectus and SAI. Past performance, before and after taxes, is not necessarily predictive of future performance. Visit us.allianzgi.com for more current performance information.



  Summary Prospectus 

Calendar Year Total Returns — Class A




Highest and Lowest Quarter Returns


(for periods shown in the bar chart)


Highest 07/01/2010–09/30/2010   12.86% 
Lowest 07/01/2011–09/30/2011   -17.70% 

Average Annual Total Returns (for periods ended 12/31/18)


    1 Year     5 Years     Fund Inception
Class A — Before Taxes   -14.64%      0.03%      7.31% 
Class A — After Taxes on Distributions   -15.92%      -1.62%      5.38% 
Class A — After Taxes on Distributions and Sale of Fund Shares   -8.35%      -0.42%      5.34% 
Class C — Before Taxes   -11.23%      0.39%      7.13% 
Class R — Before Taxes   -10.05%      0.87%      7.65% 
Class T — Before Taxes   -11.93%      0.66%      7.66% 
Class R6 — Before Taxes   -9.44%      1.51%      8.33% 
Institutional Class — Before Taxes   -9.41%      1.43%      8.24% 
Class P — Before Taxes   -9.56%      1.33%      8.13% 
Administrative Class — Before Taxes   -9.65%      1.17%      7.97% 
MSCI All Country World Index (returns reflect no deduction for fees or expenses but are net of dividend tax withholding)   -9.42%      4.26%      10.06% 
Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)   0.01%      2.52%      3.51% 
60% MSCI ACWI, 40% BloombergBar AG   -5.52%      3.72%      7.65% 
Lipper Alternative Global Macro Funds Average   -5.82%      0.71%      5.33% 

After-tax returns are estimated using the highest historical individual federal marginal incometax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown.After-tax returns are not relevant to investors who hold Fund shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts. In somecases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are forClass A shares only. After-tax returns for other share classes will vary.


Management of the Fund

Investment Manager

Allianz Global InvestorsU.S. LLC

Portfolio Managers

Giorgio Carlino, CFA, portfolio manager andmanaging director, has managed the Fund since 2015.

Michael Heldmann, CFA, portfolio manager and director, has managed the Best Styles Global Equity and Best StylesManaged Volatility sleeves of the Fund since 2016.

Claudio Marsala, portfolio manager and director, has managed the Fund since 2015.

Carl W. Pappo, Jr., CFA, portfolio manager, managing director and CIO US Fixed Income Fund, has managed the Funds since 2019.

Paul Pietranico, CFA, portfolio manager and director, has managed the Fund since 2016.


Purchase and Sale of Fund Shares

You may purchase or sell (redeem) shares of the Fund on any business day through a broker, dealer, or other financial intermediary (forClass T shares, such intermediary must have an agreement with the Distributor to sell Class T shares), or directly from the Fund’s distributor by mail (Allianz Global Investors Distributors LLC, P.O. Box 219723, Kansas City, MO64121-9723) for Class A, Class C and Class R shares, or directly from the Fund’s transfer agent by mail (Allianz Institutional Funds, P.O. Box 219968, Kansas City, MO 64121-9968)

for Institutional Class, Class P, Class R6 and Administrative Class shares, or as further described in the Fund’s prospectus and SAI. Additionally, certain direct shareholdersmay be able to purchase or redeem shares of the Fund online by visiting our website, https://us.allianzgi.com, clicking on the “Account Access” link at the top of that webpage, and following instructions. Some restrictions may apply. Toavoid delays in a purchase or redemption, please call 1-800-988-8380 for Class A, Class C, Class R andClass T shares and 1-800-498-5413 for Institutional Class, Class P, Class R6 and Administrative Class shareswith any questions about the requirements before submitting a request. Generally, purchase and redemption orders for Fund shares are processed at the net asset value (NAV) next calculated after an order is received by the distributor or anauthorized intermediary. NAVs are determined only on days when the New York Stock Exchange is open for regular trading. For Class A, Class C and Class T shares, the minimum initial investment in the Fund is $1,000 and the minimumsubsequent investment is $50. For Class R shares, specified benefit plans may establish various minimum investment and account size requirements; ask your plan administrator for more information. For Institutional Class, Class P andAdministrative Class shares, the minimum initial investment in the Fund is $1 million and no minimum is needed to add to an existing account, though minimums may be modified for certain financial intermediaries that aggregate trades onbehalf of investors. For Class R6 shares, there is no minimum initial investment and no minimum is needed to add to an existing account for specified benefit plans and other eligible investors.


Tax Information

The Fund’s distributions are generally taxable to you as ordinary income or capital gains, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account.


Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund, its distributor,its investment manager or their affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or intermediary and your salesperson to recommendthe Fund over another investment. Ask your salesperson or visit your financial intermediary’s Web site for more information.


Sign up for e-Delivery

To get future prospectuses online

and to eliminate mailings, go to: