|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 Fundswebsite (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 Funds statutory prospectus, which contains moreinformation about the Fund and its risks. You can find the Funds 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 email@example.com. This Summary Prospectus incorporates by reference the Funds entire statutory prospectus and SAI, each dated February 1, 2019, as further revised orsupplemented from time to time.
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 Funds 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 Funds 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)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
For Class A shares, the CDSC is imposed only in certain circumstances where shares are purchased without a
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 Funds 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 Funds 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 Funds 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|
Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (orturns over its portfolio). The Funds 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 Funds investmentperformance.
Principal Investment Strategies
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 investors 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.
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