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)

497K1d789758d497k.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 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 Class shares or by sending an emailrequest 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 or supplemented from time to time.


Investment Objective

The Fund seeks after-inflation capital appreciation and current income.


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 (“Intermediary Sales Charge Discounts andWaivers”).

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
and/or Service
(12b-1) Fees
Fund Fees
    Total Annual
Fund Operating



  Total Annual
Fund Operating
Expenses After
Class A    0.70%    0.25%    0.17%    0.42%    1.54%  (0.53)%  1.01%
Class C    0.70    1.00    0.16    0.42    2.28  (0.53)  1.75
Class R    0.70    0.50    0.12    0.42    1.74  (0.53)  1.21
Class T    0.70    0.25    0.17    0.42    1.54  (0.53)  1.01
Class R6    0.70    None    0.11    0.42    1.23  (0.53)  0.70
Institutional    0.70    None    0.16    0.42    1.28  (0.53)  0.75
Class P    0.70    None    0.18    0.42    1.30  (0.53)  0.77
Administrative    0.70    0.25    0.11    0.42    1.48  (0.53)  0.95



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 for which the Manageror an affiliated person thereof serves as investment adviser is terminable only by the Board of Trustees of the Trust, and the waiver with respect to investments in unaffiliated Underlying Funds will continue through at least January 31, 2020.


The Manager has contractually agreed, until January 31, 2020, to irrevocably waive its management fee, or reimburse theFund, 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, and certaincredits and other expenses, exceed 1.01% for Class A shares, 1.76% for Class C shares, 1.21% for Class R shares, 1.01% for Class T shares, 0.71% for Class R6 shares, 0.76% for Institutional Class shares, 0.81% forClass P shares and 0.96% 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 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      $961      $1,296      $2,241      $647      $961      $1,296      $2,241 
Class C     228      662      1,172      2,574      178      662      1,172      2,574 
Class R     123      496      894      2,008      123      496      894      2,008 
Class T     350      674      1,020      1,995      350      674      1,020      1,995 
Class R6     72      338      625      1,442      72      338      625      1,442 
Institutional     77      353      651      1,499      77      353      651      1,499 
Class P     79      360      662      1,521      79      360      662      1,521 
Administrative     97      416      758      1,723      97      416      758      1,723 

PortfolioTurnover.  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 thefiscal year ended September 30, 2018 was 17% of the average value of its portfolio. High levels of portfolio turnover may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxableaccount. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Examples above, can adversely affect the Fund’s investment performance.


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 believe may affect the value of theFund’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 Fund incorporates actively managedunderlying strategies (whether through dedicated sleeves of the Fund or indirectly through actively managed underlying funds) and/or passive instruments. Under normal circumstances, the Fund achieves its desired exposures primarily by investing incertain affiliated mutual funds sponsored and managed by AllianzGI U.S. and/or its affiliates (the “Affiliated Underlying Funds”), together with a selection strategy for fixed-income securities managed by a dedicated team as a separatesleeve (described further below as the “U.S. Credit Sleeve”). The Fund may also invest in exchange-traded funds (“ETFs”), unaffiliated mutual funds, other pooled vehicles and derivative instruments such as futures, among others.The Fund’s allocations to Affiliated Underlying Funds and other investments may vary over time and from time to time.

The Fund invests directly and indirectlyin globally diverse equity securities and in U.S. dollar-denominated fixed income securities. The Fund’s actively managed underlying strategies incorporate environmental, social and governance (“ESG”) factors into the selection ofindividual securities. The portfolio managers also consider ESG factors in the construction of the overall portfolio.

The Fund’s baseline long-term allocationconsists of 60% to global equity exposure (the “Equity Component”) and 40% to fixed income exposure (the “Fixed Income Component”), which is also the allocation of the blended benchmark index against which the Fund’sportfolio is managed. The portfolio managers will typically over- or under-weight the Fund’s portfolio against this baseline long-term allocation, depending upon the portfolio managers’ view of the relative attractiveness of the investmentopportunities available, which will change over time. The Equity and Fixed Income Components generally include Affiliated Underlying Funds that incorporate ESG criteria into their investment strategies. The Fund may also use an “OpportunisticComponent” whereby it invests up to 30% of its assets in any combination of the following asset classes: emerging market debt, international debt, intermediate and long-term high yield debt (commonly known as “junk bonds”),commodities, and managed futures strategies. The fact that investments are considered part of the Opportunistic Component does not mean that the Fund will hold them for only a short time; the portfolio managers have discretion to hold individualOpportunistic Component positions for medium or longer terms.

Only securities, instruments or actively managed strategies whose primary purpose is to gain exposureto one or more of the opportunistic asset classes count toward the Opportunistic Component’s 30% limit. Thus, exposure to “opportunistic” asset classes resulting from investments in diversified underlying strategies are not includedin the calculation of the Opportunistic Component of the Fund’s portfolio. For example, if an Affiliated Underlying Fund employs a diversified bond strategy that has a risk and volatility profile that the portfolio managers believe to besimilar to (or less than) that of the Bloomberg Barclays U.S. Aggregate Bond index, any allocations within that Affiliated Underlying Fund to “opportunistic” asset classes, such as high yield or emerging market debt, would not count towardthe Opportunistic Component’s 30%

limit; however, direct allocations by the Fund to high yield or emerging market debt would be counted within the Fund’s Opportunistic Component. Similarly, investments in certain alternativestrategies, such as the AllianzGI Performance Fee Managed Futures Strategy Fund, would be counted solely within the Fund’s Opportunistic Component, even though those strategies may provide exposure to one or more asset classes that wouldotherwise be counted within the Fund’s Equity Component or Fixed Income Component. To the extent the Fund gains exposure through the AllianzGI Performance Fee Managed Futures Strategy Fund, it may be subject to the additional principal risksdisclosed in the AllianzGI Performance Fee Managed Futures Strategy Fund’s prospectus.

The portfolio managers analyze market cycles, economic cycles andvaluations, of each asset class and their components and may adjust the Fund’s exposures to individual holdings and asset classes. Depending on market conditions, the Equity Component may range between approximately 50% and 70% of theFund’s assets and the Fixed Income Component may range between approximately 30% and 50% of the Fund’s assets. Apart from this strategic asset allocation, the Fund may use its Opportunistic Component. As a result of its derivativepositions, 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 heightened risk of loss. The Fund’s performance can depend substantially on the performanceof assets or indices underlying its derivatives even though it does not directly or indirectly own those underlying assets or indices.

The portfolio managers adjustthe Fund’s exposure to the Equity Component, the Fixed Income Component, and the Opportunistic Component in response to momentum and momentum reversion signals in an effort to mitigate downside risk in times of severe market stress, and toincrease the return potential in favorable markets. While the portfolio managers attempt to mitigate the downside risk to stabilize performance, there can be no assurance that the Fund will be successful in doing so. Momentum is the tendency ofinvestments 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 periodsof negative investment returns and increased volatility. When the portfolio managers recognize negative momentum for an asset class, the Fund may reduce its exposure to that asset class.

The portfolio managers believe positive momentum suggests future periods of positive investment returns and typical levels of market volatility. When the momentum signalsfor an asset class indicate positive momentum, the portfolio managers may increase the Fund’s exposure to that asset class. In addition to the momentum and momentum reversion signals, the portfolio managers also apply fundamental analysis tolocate opportunities to seek to improve the Fund’s return. Fundamental analysis may contribute to an adjustment of the Fund’s exposure to the asset classes that exhibit the strongest return prospects. The fundamental analysis attempts tolocate opportunities not identified from momentum-related signals.

In conjunction with their fundamental analysis, the portfolio managers seek to gain exposure todesired asset classes primarily through actively managed underlying strategies that apply ESG factors and consider ESG factors in the construction of the overall portfolio. The actively managed underlying strategies within Affiliated UnderlyingFunds acquired by the Fund and within the U.S. Credit Sleeve (defined below) are expected to incorporate a proprietary ESG scoring model and related




Summary Prospectus 

resources. The portfolio managers believe that investing in companies with strong records for managing ESG risks cangenerate long-term competitive financial returns and positive societal impact.

Within the “Fixed Income” component limits described above, the Fund intendsto make use of an integrated ESG security selection strategy (“U.S. Credit Sleeve”) that is managed by a dedicated team of portfolio managers. This strategy focuses on investments in bonds, notes, other debt instruments and preferredsecurities, including derivatives relating to such investments. The portfolio managers invest in a diversified portfolio of high-quality bonds that generates return primarily through security selection and sector rotation with an investment gradefocus. The strategy is based on bottom–up fundamental credit research, which takes into account the potential financial impact of ESG issues facing corporations. The fundamental bottom-up analysis will consider ESG factors alongside financialfactors in the security selection and overall risk management process. The evaluation process aims to mitigate extreme losses through ESG tail risk management. Portfolio managers have the ability to weigh risks relative to market compensation andrelative to corporate strategies that seek to address identified ESG concerns. The U.S. Credit Sleeve portfolio managers benchmark their performance against the Bloomberg Barclays US Credit Index and the Bloomberg Barclays MSCI US Corporate ESGFocus Index.

After determining the asset allocation among the Components, the portfolio managers select particular investments in an effort to obtain exposure to therelevant mix of asset classes. The Fund strategy focuses on investments in mutual

funds and ETFs. The Fund may invest in any type of equity or fixed income security, including common and preferred stocks, warrants and convertible securities, mortgage-backed securities, asset-backed securities and government and corporate bonds. The Fund may invest in securities of companies of any capitalization, including smaller capitalization companies. The Fund also may make investments intended to provide exposure to one or morecommodities or securities indices, currencies, and real estate-related securities. The Fund is expected to be highly diversified across industries, sectors, and countries. The Fund may liquidate a holding if it locates another instrument that offersa more attractive exposure to an asset class or when there is a change in the Fund’s target asset allocation, or if the instrument is otherwise deemed inappropriate.

In implementing 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 strategy that may be considered speculative; andto manage portfolio characteristics. The Fund may maintain a significant percentage of its assets in cash and cash equivalents which will 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 and other investments. The Manager’s allocation techniques and decisions and/or the Manager’s selection of Underlying Funds and other investments may not produce the desiredresults.

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

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

Sustainable InvestingRisk:  Because the Fund focuses on investments in companies that the Manager believes exhibit strong environmental, social, and corporate governance records, the Fund’s universe of investments may be smaller than that of otherfunds and broad equity benchmark indices.

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

Management Risk:  The Fund will be affected by the allocationdeterminations, investment decisions and techniques of the Fund’s management.

Commodity Risk:  Commodity-linked derivative instruments mayincrease volatility.

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 InvestmentRisk:  Focusing on a limited number of issuers, sectors, industries or geographic regions increases risk and volatility.

“Green”Investment Risk:  The Fund will be affected by a decrease in governmental or other support for environmental initiatives.

High Yield Risk:  High-yield or junk bonds are subject to greater levels of credit and liquidity risk, maybe speculative 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 bemore volatile, smaller, less liquid, less transparent and subject to less oversight, particularly in emerging markets.

REIT and Real Estate-Related InvestmentRisk:  Adverse changes in the real estate markets may affect the value of REIT investments or real estate-linked derivatives.

Smaller CompanyRisk:  Securities issued by smaller companies may be more volatile and present increased liquidity risk relative to securities 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 increase transaction costs and taxes and may lower investmentperformance.

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

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

Please see “Summary of Principal Risks” in the Fund’s prospectus for a more detailed description of the Fund’s risks. It is possible tolose 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 other government agency.



  Summary Prospectus 

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 differentperformance due to the different expenses they bear. Performance in the Average Annual Total Returns table reflects the impact of sales charges. For periods prior to the inception date of a share class, performance information shown for such classmay be based on the performance of an older class of shares that dates back to the Fund’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, due to differing levels of fees and expenses paid. Similarly, for periods prior to a reorganization of the Fund,in which a predecessor fund was merged into the Fund, the performance information is based on the performance of the predecessor fund, adjusted to reflect fees and expenses paid by the particular share class of the Fund. These adjustments generallyresult in estimated performance results for the newer class that are different from the actual results of the predecessor class and/or the predecessor fund, due to differing levels of fees and expenses paid. Details regarding the calculation of theFund’s class-by-class performance, including a discussion of any performance adjustments, are provided under “Additional Performance Information” in theFund’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.



Calendar Year Total Returns — Class A



Highest and Lowest Quarter Returns  
(for periods shown in the bar chart)


Highest 04/01/2009–06/30/2009   14.79% 
Lowest 07/01/2011–09/30/2011   -13.24% 

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


    1 Year     5 Years     10 Years     Fund Inception
Class A — Before Taxes   -13.75%      0.83%      6.33%      4.82% 
Class A — After Taxes on Distributions   -15.29%      -1.02%      4.69%      3.07% 
Class A — After Taxes on Distributions and Sale of Fund Shares   -7.63%      0.09%      4.46%      3.16% 
Class C — Before Taxes   -10.36%      1.22%      6.13%      4.32% 
Class R — Before Taxes   -8.93%      1.79%      6.71%      4.88% 
Class T — Before Taxes   -11.01%      1.46%      6.66%      4.98% 
Class R6 — Before Taxes   -8.39%      2.31%      7.32%      5.63% 
Institutional Class — Before Taxes   -8.53%      2.18%      7.20%      5.52% 
Class P — Before Taxes   -8.46%      2.25%      7.18%      5.34% 
Administrative Class — Before Taxes   -8.73%      2.01%      6.96%      5.16% 
MSCI All Country World Index (returns reflect no deduction for fees or expenses but are net of dividend tax withholding)   -9.42%      4.26%      9.46%      5.45% 
Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)   0.01%      2.52%      3.48%      4.51% 
60% MSCI ACWI, 40% BloombergBar AG   -5.52%      3.72%      7.31%      5.40% 
Lipper Alternative Global Macro Funds Average   -5.82%      0.71%      5.13%      -0.23% 

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.



Summary Prospectus 

Management of the Fund

Investment Manager

Allianz Global InvestorsU.S. LLC

Portfolio Managers

Heather Bergman, portfolio manager andvice-president, has managed the Fund since 2017.

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

Rahul Malhotra, portfolio manager and director, has managed the Fund since 2013.

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

Paul Pietranico, CFA, portfolio manager anddirector, has managed the Fund since 2009.

Huy Thanh Vo, Ph.D., CFA, portfolio manager and director, has managed the Fund since 2017.


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 shareholders may 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. To avoid delays in a

purchase or redemption, please call 1-800-988-8380 for Class A,Class C, Class R and Class T shares and 1-800-498-5413 for Institutional Class, Class P, Class R6 andAdministrative Class shares with 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 receivedby the distributor or an authorized 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 minimum subsequent 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 and Administrative 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 thataggregate trades on behalf 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: