Other 2012-12-21 0001423227 2012-12-21 Allianz Funds Multi-Strategy Trust false 2012-12-21 2012-12-21 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells <br />securities (or "turns over" its portfolio). High levels of portfolio turnover <br />may indicate higher transaction costs and may result in higher taxes for you <br />if your Fund shares are held in a taxable account. These costs, which are not <br />reflected in Total Annual Fund Operating Expenses or in the Examples above, <br />can adversely affect the Fund's investment performance.</tt> <div style="display:none">~ http://www.allianzinvestors.com/role/ExpenseExample_S000038497Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks long-term capital appreciation.</tt> <tt>The Examples are intended to help you compare the cost of investing in shares of <br />the Fund with the costs of investing in other mutual funds. The Examples assume <br />that you invest $10,000 in the noted class of shares for the time periods <br />indicated, your investment has a 5% return each year, and the Fund's operating <br />expenses remain the same. Although your actual costs may be higher or lower, <br />the Examples show what your costs would be based on these assumptions. The <br />Examples are based, for the first year, on Total Annual Fund Operating <br />Expenses After Expense Reductions and, for all other periods, on Total Annual <br />Fund Operating Expenses.</tt> <tt>The Fund seeks to achieve its investment objective by normally investing at <br />least 80% of its net assets (plus borrowings made for investment purposes) in <br />equity securities of companies that are domiciled in or tied economically to <br />countries with emerging securities markets-that is, countries with securities <br />markets which are, in the opinion of the portfolio managers, less sophisticated<br />than more developed markets in terms of participation by investors, analyst <br />coverage, liquidity and regulation. The Fund may achieve its exposure to non-U.S. <br />equity securities in several ways, including through investing in American <br />Depositary Receipts (ADRs) and other depositary receipts, in addition to direct <br />investments in the securities of non-U.S. issuers. The Fund may also utilize<br />foreign currency exchange contracts, options, stock index futures contracts and <br />other derivative instruments, as well as access products such as participatory <br />notes. Although the Fund does not expect to invest significantly in foreign <br />currency exchange contracts, options, stock index futures contracts and other<br />derivative instruments, it may do so at any time.<br /><br />In selecting investments for the Fund, the portfolio managers use a value investing <br />style focusing on equity securities of companies whose securities the portfolio <br />managers believe have low valuations, including smaller capitalization securities <br />and real estate investment trusts (REITs). The portfolio managers partition the <br />Fund's initial selection universe of non-U.S. and U.S. companies for dividend-paying <br />value opportunities across the emerging markets to determine potential holdings for <br />the Fund representing broad diversification by sector, industry, country and issue. <br />The portfolio managers use quantitative factors to screen the Fund's selection <br />universe, analyzing factors such as price-to-earnings ratios (i.e., share price <br />relative to a company's earnings), dividend yield, price-to-book ratios (i.e., share <br />price relative to a company's balance sheet value), price-to-cash-flow ratios <br />(i.e., share price relative to a company's cash flow). After still further narrowing <br />the universe through a combination of qualitative analysis and fundamental research, <br />the portfolio managers select approximately 125 to 175 securities for the Fund. The <br />portfolio managers may consider selling a security when any of the factors <br />leading to its purchase materially changes or when a more attractive candidate is <br />identified, including when an alternative security demonstrates a lower <br />price-to-earnings ratio, a higher dividend yield or other, favorable qualitative <br />metrics.<br /><br />In response to unfavorable market and other conditions, the Fund may deviate from <br />its principal strategies by making temporary investments of some or all of its assets <br />in high-quality fixed income securities, cash and cash equivalents. The Fund may be <br />less likely to achieve its investment objective when it does so.</tt> AllianzGI NFJ Emerging Markets Value Fund You may qualify for sales charge discounts 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. Examples. Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses. Performance information for the Fund will be available after the Fund completes a full calendar year of operation. Investment Objective It is possible to lose money on an investment in the Fund. Principal Risks Shareholder Fees (fees paid directly from your investment) Example: Assuming you redeem your shares at the end of each period Performance Information 50000 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover. <tt>The Fund's net asset value, yield and total return will be affected by the allocation<br />determinations, investment decisions and techniques of the Fund's management, factors <br />specific to the issuers of securities and other instruments in which the Fund invests, <br />including actual or perceived changes in the financial condition or business <br />prospects of such issuers, and factors influencing the U.S. or global economies and <br />securities markets or relevant industries or sectors within them (Management Risk, <br />Issuer Risk, Market Risk). Equity securities may react more strongly to changes in an <br />issuer's financial condition or prospects than other securities of the same issuer, <br />and securities issued by smaller companies may be more volatile and present <br />increased liquidity risk (Equity Securities Risk, Smaller Company Risk). Non-U.S. <br />securities markets and issuers may be more volatile, smaller, less-liquid, less <br />transparent and subject to less oversight, particularly in emerging markets, and <br />non-U.S. securities values may also fluctuate with currency exchange rates (Non-U.S. <br />Investment Risk, Emerging Markets Risk, Currency Risk). Other principal risks include: <br />Credit Risk (an issuer or counterparty may default on obligations); Liquidity&#xA0;&#xA0;Risk <br />(the lack of an active market for investments may cause delay in disposition or force <br />a sale below fair value); REIT Risk (adverse changes in the real estate markets may <br />affect the value of REIT investments); and Turnover Risk (high levels of portfolio <br />turnover increase transaction costs and taxes and may lower investment performance). <br />Please see "Summary of Principal Risks" in the Fund's statutory prospectus for a more <br />detailed description of the Fund's risks. It is possible to lose money on an investment <br />in the Fund. An investment in the Fund is not a deposit of a bank and is not insured <br />or guaranteed by the Federal Deposit Insurance Corporation or any other government <br />agency.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>Performance information for the Fund will be available after the Fund completes a <br />full calendar year of operation.</tt> <tt>The tables below describe the fees and expenses that you may pay if you buy and <br />hold shares of the Fund. You may qualify for sales charge discounts if you and <br />your family invest, or agree to invest in the future, at least $50,000 in <br />Class A Shares of eligible funds that are part of the family of mutual funds <br />sponsored by Allianz. More information about these and other discounts is available <br />in the "Classes of Shares" section beginning on page 27 of the Fund's statutory <br />prospectus or from your financial advisor.</tt> <div style="display:none">~ http://www.allianzinvestors.com/role/OperatingExpensesData_S000038497Member2 column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> Example: Assuming you do not redeem your shares 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. <div style="display:none">~ http://www.allianzinvestors.com/role/ExpenseExampleNoRedemption_S000038497Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.allianzinvestors.com/role/ShareholderFeesData_S000038497Member2 column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> AZMCX 0.0000 333 233 2154 -0.1181 0.1211 0.0100 2013-12-31 2154 0.0100 0.0230 0.1411 0.01 AZMAX 0.0550 699 699 2401 -0.1181 0.1211 0.0100 2013-12-31 2401 0.0025 0.0155 0.1336 0.01 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells <br />securities (or "turns over" its portfolio). High levels of portfolio turnover <br />may indicate higher transaction costs and may result in higher taxes for you if <br />your Fund shares are held in a taxable account. These costs, which are not <br />reflected in Total Annual Fund Operating Expenses or in the Examples above, can <br />adversely affect the Fund's investment performance.</tt> <div style="display:none">~ http://www.allianzinvestors.com/role/ExpenseExample_S000038497Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks long-term capital appreciation.</tt> <tt>The Examples are intended to help you compare the cost of investing in shares of <br />the Fund with the costs of investing in other mutual funds. The Examples assume <br />that you invest $10,000 in the noted class of shares for the time periods indicated, <br />your investment has a 5% return each year, and the Fund's operating expenses remain <br />the same. Although your actual costs may be higher or lower, the Examples show <br />what your costs would be based on these assumptions. The Examples are based, for <br />the first year, on Total Annual Fund Operating Expenses After Expense Reductions <br />and, for all other periods, on Total Annual Fund Operating Expenses.</tt> <tt>The Fund seeks to achieve its investment objective by normally investing at least <br />80% of its net assets (plus borrowings made for investment purposes) in equity <br />securities of companies that are domiciled in or tied economically to countries <br />with emerging securities markets-that is, countries with securities markets <br />which are, in the opinion of the portfolio managers, less sophisticated than more <br />developed markets in terms of participation by investors, analyst coverage, <br />liquidity and regulation. The Fund may achieve its exposure to non-U.S. equity <br />securities in several ways, including through investing in American Depositary <br />Receipts (ADRs) and other depositary receipts, in addition to direct investments in <br />the securities of non-U.S. issuers. The Fund may also utilize foreign currency <br />exchange contracts, options, stock index futures contracts and other derivative <br />instruments, as well as access products such as participatory notes. Although the <br />Fund does not expect to invest significantly in foreign currency exchange<br />contracts, options, stock index futures contracts and other derivative instruments, <br />it may do so at any time.<br /><br />In selecting investments for the Fund, the portfolio managers use a value investing <br />style focusing on equity securities of companies whose securities the portfolio <br />managers believe have low valuations, including smaller capitalization securities <br />and real estate investment trusts (REITs). The portfolio managers partition the Fund's <br />initial selection universe of non-U.S. and U.S. companies for dividend-paying <br />value opportunities across the emerging markets to determine potential holdings for <br />the Fund representing broad diversification by sector, industry, country and issue. <br />The portfolio managers use quantitative factors to screen the Fund's selection universe, analyzing factors such as price-to-earnings ratios (i.e., share price relative to a <br />company's earnings), dividend yield, price-to-book ratios (i.e., share price relative <br />to a company's balance sheet value), price-to-cash-flow ratios (i.e., share price <br />relative to a company's cash flow). After still further narrowing the universe through <br />a combination of qualitative analysis and fundamental research, the portfolio managers <br />select approximately 125 to 175 securities for the Fund. The portfolio managers <br />may consider selling a security when any of the factors leading to its purchase <br />materially changes or when a more attractive candidate is identified, including when an alternative security demonstrates a lower price-to-earnings ratio, a higher dividend <br />yield or other, favorable qualitative metrics.<br /><br />In response to unfavorable market and other conditions, the Fund may deviate from its <br />principal strategies by making temporary investments of some or all of its assets in <br />high-quality fixed income securities, cash and cash equivalents. The Fund may be less<br />likely to achieve its investment objective when it does so.</tt> AllianzGI NFJ Emerging Markets Value Fund Examples. Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses. Performance information for the Fund will be available after the Fund completes a full calendar year of operation. Investment Objective It is possible to lose money on an investment in the Fund. Principal Risks Shareholder Fees (fees paid directly from your investment) None Performance Information Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover. <tt>The Fund's net asset value, yield and total return will be affected by the allocation <br />determinations, investment decisions and techniques of the Fund's management, factors <br />specific to the issuers of securities and other instruments in which the Fund invests, <br />including actual or perceived changes in the financial condition or business prospects <br />of such issuers, and factors influencing the U.S. or global economies and securities <br />markets or relevant industries or sectors within them (Management Risk, Issuer Risk, <br />Market Risk). Equity securities may react more strongly to changes in an issuer's <br />financial condition or prospects than other securities of the same issuer, and <br />securities issued by smaller companies may be more volatile and present increased <br />liquidity risk (Equity Securities Risk, Smaller Company Risk). Non-U.S. securities <br />markets and issuers may be more volatile, smaller, less-liquid, less transparent and <br />subject to less oversight, particularly in emerging markets, and non-U.S. securities <br />values may also fluctuate with currency exchange rates (Non-U.S. Investment Risk, <br />Emerging Markets Risk, Currency Risk). Other principal risks include: Credit Risk (an <br />issuer or counterparty may default on obligations); Liquidity Risk (the lack of an <br />active market for investments may cause delay in disposition or force a sale below fair <br />value); REIT Risk (adverse changes in the real estate markets may affect the value of <br />REIT investments); and Turnover Risk (high levels of portfolio turnover increase <br />transaction costs and taxes and may lower investment performance). Please see "Summary <br />of Principal Risks" in the Fund's statutory prospectus for a more detailed description <br />of the Fund's risks. It is possible to lose money on an investment in the Fund. An <br />investment in the Fund is not a deposit of a bank and is not insured or guaranteed by <br />the Federal Deposit Insurance Corporation or any other government agency.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>Performance information for the Fund will be available after the Fund completes a <br />full calendar year of operation.</tt> <tt>The tables below describe the fees and expenses that you may pay if you buy and <br />hold shares of the Fund.</tt> <div style="display:none">~ http://www.allianzinvestors.com/role/OperatingExpensesData_S000038497Member1 column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> 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. AZMDX 158 1959 -0.1181 0.1211 0.0100 2013-12-31 0.0025 0.0155 0.1336 AZMPX 143 1919 -0.1181 0.1221 0.0100 2013-12-31 0.0000 0.0140 0.1321 AZMIX 132 1892 -0.1181 0.1211 0.0100 2013-12-31 0.0000 0.0130 0.1311 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells <br />securities (or "turns over" its portfolio). High levels of portfolio turnover <br />may indicate higher transaction costs and may result in higher taxes for you <br />if your Fund shares are held in a taxable account. These costs, which are not <br />reflected in Total Annual Fund Operating Expenses or in the Examples above, can <br />adversely affect the Fund's investment performance.</tt> <div style="display:none">~ http://www.allianzinvestors.com/role/ExpenseExample_S000038496Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks capital appreciation, with added emphasis on the protection of <br />capital during unfavorable market conditions.</tt> <tt>The Examples are intended to help you compare the cost of investing in shares of <br />the Fund with the costs of investing in other mutual funds. The Examples assume <br />that you invest $10,000 in the noted class of shares for the time periods <br />indicated, your investment has a 5% return each year, and the Fund's operating <br />expenses remain the same. Although your actual costs may be higher or lower, the <br />Examples show what your costs would be based on these assumptions. The Examples <br />are based, for the first year, on Total Annual Fund Operating Expenses After <br />Expense Reductions and, for all other periods, on Total Annual Fund Operating <br />Expenses.</tt> <tt>The Fund seeks to achieve its investment objective by normally investing at least <br />80% of its net assets (plus borrowings made for investment purposes) in common <br />stocks of U.S. companies. The Fund currently defines "U.S. companies" as those <br />companies that are deemed to be domiciled in the United States for purposes <br />of their geographical eligibility for inclusion in the S&amp;P 500 Index, a <br />broad-based index of U.S. stocks. <br /><br />The Fund expects to invest typically in all 500 stocks included in the S&amp;P 500 <br />Index, and seeks to replicate approximately the relative weighting of those <br />stocks on the S&amp;P 500 Index. To the extent the portfolio managers identify <br />efficiencies in achieving exposure to desired stocks through other instruments, <br />the Fund may complement its direct stock positions with temporary or medium-term <br />investments in stock index futures, exchange traded funds (ETFs) and other <br />derivative instruments. The portfolio managers may consider selling a particular<br />position if the security ceases to be included on the S&amp;P 500 Index (either through <br />quarterly rebalancing of the index or otherwise) or if a more attractive means of <br />achieving the same exposure is identified. Because the S&amp;P 500 Index does not<br />incur the types of transaction costs that the Fund bears in connection with <br />rebalancing and responding to cash flows, the Fund's stock portfolio (regardless <br />of whether through direct or indirect holdings) may consistently underperform the <br />S&amp;P 500 Index.<br /><br />Under normal market and other conditions, in addition to the stock portfolio described <br />above, the Fund seeks to employ a strategy of investing in exchange-traded options <br />or FLEX options (i.e. listed options that are traded on an exchange, but with customized <br />strike prices and expiration dates) that, when paired with the equity portfolio, promote<br /> the protection of capital during unfavorable market conditions (the "Index Option <br />Strategy").The Fund will utilize (buy) equity index put options (long puts) on U.S. equity<br />indexes with the purpose of protecting the Fund from a significant market decline while <br />limiting the cost and interference of this "protection," and will write (sell) equity index call <br />options (short calls) on U.S. equity indexes to offset some or all of the cost of the put <br />options. Under normal market conditions, the option positions will consist of long puts <br />with notional value roughly equal to the full value of the Fund's stock portfolio, expiring <br />in roughly equal proportions over longer periods (e.g., the next 12 months), and short call <br />positions expiring over a shorter period (e.g. less than 45 days) with notional value roughly <br />equal to the full value of the Fund's stock portfolio. Additionally, when a new long put <br />position is established in periods of elevated volatility, the portfolio managers may seek to <br />pair it with a short put at a strike price below the coinciding long put. All options are <br />expected to be held to expiration (unless redemptions require earlier close-out), <br />and strike prices are systematically selected. In pursuing the Index Option Strategy, the <br />Fund generally will not be able to offset the full cost of the "protection" it is seeking and must <br />keep significant cash and cash equivalents available, and therefore the Fund will <br />typically underperform the S&amp;P 500 Index during periods of market increases and slight <br />market decreases.<br /><br />In response to unusual market and other conditions, the Fund may deviate from its principal<br />strategies by making temporary investments of some or all of its assets in long call options or <br />call option spreads, high-quality fixed income securities, cash and cash equivalents. The <br />Fund may not achieve its investment objective when it does so.</tt> AllianzGI U.S. Equity Hedged Fund You may qualify for sales charge discounts 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. Examples. Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses. Performance information for the Fund will be available after the Fund completes a full calendar year of operation. Investment Objective It is possible to lose money on an investment in the Fund. Principal Risks Shareholder Fees (fees paid directly from your investment) Example: Assuming you redeem your shares at the end of each period Performance Information 50000 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover. <tt>The Fund's net asset value, yield and total return will be affected by the allocation <br />determinations, investment decisions and techniques of the Fund's management, factors <br />specific to the issuers of securities and other instruments in which the Fund invests, <br />including actual or perceived changes in the financial condition or business prospects <br />of such issuers, and factors influencing the U.S. or global economies and securities <br />markets or relevant industries or sectors within them (Management Risk, Issuer Risk, <br />Market Risk). Equity securities may react more strongly to changes in an issuer's <br />financial condition or prospects than other securities of the same issuer (Equity <br />Securities Risk). Other principal risks include: Credit Risk (an issuer or <br />counterparty may default on obligations); Derivatives Risk (derivative instruments <br />are complex, have different characteristics than their underlying assets and are <br />subject to additional risks, including leverage, liquidity and valuation); Leveraging <br />Risk (instruments and transactions that constitute leverage magnify gains or losses <br />and increase volatility); Liquidity Risk (the lack of an active market for investments <br />may cause delay in disposition or force a sale below fair value); and Turnover Risk <br />(high levels of portfolio turnover increase transaction costs and taxes and may lower <br />investment performance). Please see "Summary of Principal Risks" in the Fund's <br />statutory prospectus for a more detailed description of the Fund's risks. It is <br />possible to lose money on an investment in the Fund. An investment in the Fund is not <br />a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance <br />Corporation or any other government agency.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>Performance information for the Fund will be available after the Fund completes a <br />full calendar year of operation.</tt> <tt>The tables below describe the fees and expenses that you may pay if you buy and <br />hold shares of the Fund. You may qualify for sales charge discounts if you and <br />your family invest, or agree to invest in the future, at least $50,000 in Class A <br />Shares of eligible funds that are part of the family of mutual funds sponsored by <br />Allianz. More information about these and other discounts is available in the <br />"Classes of Shares" section beginning on page 27 of the Fund's statutory prospectus <br />or from your financial advisor.</tt> <div style="display:none">~ http://www.allianzinvestors.com/role/OperatingExpensesData_S000038496Member2 column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> Example: Assuming you do not redeem your shares 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. <div style="display:none">~ http://www.allianzinvestors.com/role/ExpenseExampleNoRedemption_S000038496Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.allianzinvestors.com/role/ShareholderFeesData_S000038496Member2 column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> AZUAX 0.0550 670 670 1699 -0.0698 0.0728 0.0070 2013-12-31 1699 0.0025 0.0125 0.0823 0.01 AZUCX 0.0000 303 203 1429 -0.0698 0.0728 0.0070 2013-12-31 1429 0.0100 0.0200 0.0898 0.01 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells <br />securities (or "turns over" its portfolio). High levels of portfolio turnover <br />may indicate higher transaction costs and may result in higher taxes for you <br />if your Fund shares are held in a taxable account. These costs, which are not <br />reflected in Total Annual Fund Operating Expenses or in the Examples above, <br />can adversely affect the Fund's investment performance.</tt> <div style="display:none">~ http://www.allianzinvestors.com/role/ExpenseExample_S000038496Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks capital appreciation, with added emphasis on the protection of <br />capital during unfavorable market conditions.</tt> <tt>The Examples are intended to help you compare the cost of investing in shares <br />of the Fund with the costs of investing in other mutual funds. The Examples <br />assume that you invest $10,000 in the noted class of shares for the time <br />periods indicated, your investment has a 5% return each year, and the Fund's <br />operating expenses remain the same. Although your actual costs may be higher <br />or lower, the Examples show what your costs would be based on these <br />assumptions. The Examples are based, for the first year, on Total Annual Fund <br />Operating Expenses After Expense Reductions and, for all other periods, on <br />Total Annual Fund Operating Expenses.</tt> <tt>The Fund seeks to achieve its investment objective by normally investing at least <br />80% of its net assets (plus borrowings made for investment purposes) in common <br />stocks of U.S. companies. The Fund currently defines "U.S. companies" as those <br />companies that are deemed to be domiciled in the United States for purposes <br />of their geographical eligibility for inclusion in the S&amp;P 500 Index, a <br />broad-based index of U.S. stocks.<br /><br />The Fund expects to invest typically in all 500 stocks included in the S&amp;P 500 <br />Index, and seeks to replicate approximately the relative weighting of those stocks <br />on the S&amp;P 500 Index. To the extent the portfolio managers identify efficiencies in <br />achieving exposure to desired stocks through other instruments, the Fund may <br />complement its direct stock positions with temporary or medium-term investments <br />in stock index futures, exchange traded funds (ETFs) and other derivative instruments. <br />The portfolio managers may consider selling a particular position if the security <br />ceases to be included on the S&amp;P 500 Index (either through quarterly rebalancing of <br />the index or otherwise) or if a more attractive means of achieving the same exposure <br />is identified. Because the S&amp;P 500 Index does not incur the types of transaction costs <br />that the Fund bears in connection with rebalancing and responding to cash flows, the <br />Fund's stock portfolio (regardless of whether through direct or indirect holdings) <br />may consistently underperform the S&amp;P 500 Index.<br /><br />Under normal market and other conditions, in addition to the stock portfolio described <br />above, the Fund seeks to employ a strategy of investing in exchange-traded options or <br />FLEX options (i.e. listed options that are traded on an exchange, but with customized <br />strike prices and expiration dates) that, when paired with the equity portfolio, promote <br />the protection of capital during unfavorable market conditions (the "Index Option <br />Strategy"). The Fund will utilize (buy) equity index put options (long puts) on U.S. <br />equity indexes with the purpose of protecting the Fund from a significant market decline <br />while limiting the cost and interference of this "protection," and will write (sell) <br />equity index call options (short calls) on U.S. equity indexes to offset some or all of <br />the cost of the put options. Under normal market conditions, the option positions will <br />consist of long puts with notional value roughly equal to the full value of the Fund's <br />stock portfolio, expiring in roughly equal proportions over longer periods (e.g., the <br />next 12 months), and short call positions expiring over a shorter period (e.g. less than <br />45 days) with notional value roughly equal to the full value of the Fund's stock portfolio. <br />Additionally, when a new long put position is established in periods of elevated <br />volatility, the portfolio managers may seek to pair it with a short put at a strike price <br />below the coinciding long put. All options are expected to be held to expiration (unless <br />redemptions require earlier close-out), and strike prices are systematically selected. <br />In pursuing the Index Option Strategy, the Fund generally will not be able to offset the <br />full cost of the "protection" it is seeking and must keep significant cash and cash <br />equivalents available, and therefore the Fund will typically underperform the S&amp;P 500 <br />Index during periods of market increases and slight market decreases.<br /><br />In response to unusual market and other conditions, the Fund may deviate from its <br />principal strategies by making temporary investments of some or all of its assets in long <br />call options or call option spreads, high-quality fixed income securities, cash and<br />cash equivalents. The Fund may not achieve its investment objective when it does so.</tt> AllianzGI U.S. Equity Hedged Fund Examples. Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses. Performance information for the Fund will be available after the Fund completes a full calendar year of operation. Investment Objective It is possible to lose money on an investment in the Fund. Principal Risks Shareholder Fees (fees paid directly from your investment) None Performance Information Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover. <tt>The Fund's net asset value, yield and total return will be affected by the allocation<br />determinations, investment decisions and techniques of the Fund's management, factors <br />specific to the issuers of securities and other instruments in which the Fund invests, <br />including actual or perceived changes in the financial condition or business prospects <br />of such issuers, and factors influencing the U.S. or global economies and securities <br />markets or relevant industries or sectors within them (Management Risk, Issuer Risk, <br />Market Risk). Equity securities may react more strongly to changes in an issuer's <br />financial condition or prospects than other securities of the same issuer (Equity <br />Securities Risk). Other principal risks include: Credit Risk (an issuer or counterparty <br />may default on obligations); Derivatives Risk (derivative instruments are complex, have <br />different characteristics than their underlying assets and are subject to additional <br />risks, including leverage, liquidity and valuation); Leveraging Risk (instruments and <br />transactions that constitute leverage magnify gains or losses and increase volatility); <br />Liquidity Risk (the lack of an active market for investments may cause delay in <br />disposition or force a sale below fair value); and Turnover Risk (high levels of <br />portfolio turnover increase transaction costs and taxes and may lower investment <br />performance). Please see "Summary of Principal Risks" in the Fund's statutory prospectus <br />for a more detailed description of the Fund's risks. It is possible to lose money on an <br />investment in the Fund. An investment in the Fund is not a deposit of a bank and is not <br />insured or guaranteed by the Federal Deposit Insurance Corporation or any other <br />government agency.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>Performance information for the Fund will be available after the Fund completes <br />a full calendar year of operation.</tt> <tt>The tables below describe the fees and expenses that you may pay if you buy <br />and hold shares of the Fund.</tt> <div style="display:none">~ http://www.allianzinvestors.com/role/OperatingExpensesData_S000038496Member1 column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> 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. AZUDX 127 1216 -0.0698 0.0728 0.0070 2013-12-31 0.0025 0.0125 0.0823 AZUPX 112 1173 -0.0698 0.0738 0.0070 2013-12-31 0.0000 0.0110 0.0808 AZUIX 102 1144 -0.0698 0.0728 0.0070 2013-12-31 0.0000 0.0100 0.0798 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells <br />securities (or "turns over" its portfolio). High levels of portfolio turnover <br />may indicate higher transaction costs and may result in higher taxes for you <br />if your Fund shares are held in a taxable account. These costs, which are not <br />reflected in Total Annual Fund Operating Expenses or in the Examples above, can <br />adversely affect the Fund's investment performance.</tt> <div style="display:none">~ http://www.allianzinvestors.com/role/ExpenseExample_S000038495Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to generate attractive risk-adjusted absolute <br />returns through a complete market cycle.</tt> <tt>The Examples are intended to help you compare the cost of investing in shares of <br />the Fund with the costs of investing in other mutual funds. The Examples assume <br />that you invest $10,000 in the noted class of shares for the time periods <br />indicated, your investment has a 5% return each year, and the Fund's operating <br />expenses remain the same. Although your actual costs may be higher or lower, the <br />Examples show what your costs would be based on these assumptions. The Examples <br />are based, for the first year, on Total Annual Fund Operating Expenses After <br />Expense Reductions and, for all other periods, on Total Annual Fund Operating <br />Expenses.</tt> <tt>The Fund seeks to achieve its investment objective by investing significantly <br />in exchange-traded listed and FLEX U.S. equity index options, while holding <br />cash and cash equivalents as collateral for option investments.<br /><br />Under normal market conditions, the Fund will hold the majority of its assets <br />in cash and cash equivalents such as U.S. Treasury bills. The portfolio managers <br />will select these in an effort to maintain a stable portfolio base as collateral <br />for the index option spread strategy described below.<br /><br />Using a portion of its cash and cash equivalents as collateral, the portfolio <br />managers utilize a combination of proprietary models to construct paired option <br />positions, or so-called "option spreads," typically by buying and selling put <br />options and call options on equity indexes such as the S&amp;P 500 Index, Russell 2000 <br />Index and NASDAQ 100. Call options are contracts representing the right to purchase <br />the underlying instrument at a specified price (the "strike price") at or before a <br />specified future date (the "expiration date"), while put options represent the right <br />to sell the underlying instrument at the strike price on or before the expiration <br />date. Index options, which are not based on a single underlying security, are <br />typically cash-settled without requiring delivery. The Fund may buy and sell <br />exchange-traded options and FLEX options (i.e., listed options that are traded on <br />an exchange but with customized strike prices and expiration dates). Option spreads <br />are typically created by buying and selling options of the same class on the same<br />underlying instrument but with different strike prices or expiration dates. The <br />number of contracts bought and sold can be different in a spread (normally called a <br />"ratio spread") or they can be the same. The portfolio managers seek to create <br />option-based "profit zones" that upon expiration of the combination of individual <br />option positions that make up the option spread will capture positive payoffs if <br />the level of the underlying index (or other instrument) ends up within the chosen <br />"profit zone." The Fund seeks to optimize spread positions and profit zones based <br />on (a) targeted positive return potential, (b) structural risk protections, <br />(c) collateral management, and (d) flexibility to restructure profit zones if <br />necessary. The Fund intends to invest primarily in option spreads, consisting of 50 <br />to 400 individual option positions, and may buy or sell put or call index options <br />that are not paired as part of an option spread. The duration of individual option <br />positions will normally range from 20 to 75 days at inception. The gross notional <br />value of options held by the Fund may significantly exceed the current net asset value <br />of the Fund at any time. To the extent the Fund enters into option positions that are <br />only partially or not at all paired as part of an option spread, the Fund may have <br />greater exposure to rapid deterioration of the portfolio and should be deemed <br />speculative. <br /><br />The Fund may invest in exchange traded funds ("ETFs") and exchange traded notes ("ETNs"), <br />including ETFs and ETNs that provide exposure to market volatility, either as an offset <br />or as an addition to option-based trades. The Fund may utilize foreign currency exchange <br />contracts, options, stock index futures contracts and other derivative instruments. In <br />response to unfavorable market and other conditions, the Fund may deviate from its <br />principal strategies by making temporary investments of some or all of its assets in <br />high-quality fixed income securities, cash and cash equivalents. The Fund may not achieve <br />its investment objective when it does so.</tt> AllianzGI Structured Alpha Fund You may qualify for sales charge discounts 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. Examples. Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses. Performance information for the Fund will be available after the Fund completes a full calendar year of operation. Investment Objective It is possible to lose money on an investment in the Fund. Principal Risks Shareholder Fees (fees paid directly from your investment) Example: Assuming you redeem your shares at the end of each period Performance Information 50000 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover. <tt>The Fund's net asset value, yield and total return will be affected by the <br />allocation determinations, investment decisions and techniques of the Fund's <br />management and factors influencing the U.S. or global economies and securities <br />markets or relevant industries or sectors within them (Management Risk, Market <br />Risk). Fixed income (debt) securities are subject to greater levels of credit <br />and liquidity risk, may be speculative and may decline in value due to changes <br />in interest rates or an issuer's or counterparty's deterioration or default <br />(Fixed Income Risk). Other principal risks include: Credit Risk (an issuer or <br />counterparty may default on obligations); Derivatives Risk (derivative <br />instruments are complex, have different characteristics than their underlying <br />assets and are subject to additional risks, including leverage, liquidity and <br />valuation); Leveraging Risk (instruments and transactions that constitute <br />leverage magnify gains or losses and increase volatility); Liquidity Risk <br />(the lack of an active market for investments may cause delay in disposition or <br />force a sale below fair value); and Turnover Risk (high levels of portfolio <br />turnover increase transaction costs and taxes and may lower investment <br />performance). Please see "Summary of Principal Risks" in the Fund's statutory <br />prospectus for a more detailed description of the Fund's risks. It is possible <br />to lose money on an investment in the Fund. An investment in the Fund is not <br />a deposit of a bank and is not insured or guaranteed by the Federal Deposit <br />Insurance Corporation or any other government agency.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>Performance information for the Fund will be available after the Fund completes a <br />full calendar year of operation.</tt> <tt>The tables below describe the fees and expenses that you may pay if you buy and <br />hold shares of the Fund. You may qualify for sales charge discounts if you and <br />your family invest, or agree to invest in the future, at least $50,000 in Class A <br />Shares of eligible funds that are part of the family of mutual funds sponsored by <br />Allianz. More information about these and other discounts is available in the <br />"Classes of Shares" section beginning on page 27 of the Fund's statutory <br />prospectus or from your financial advisor.</tt> <div style="display:none">~ http://www.allianzinvestors.com/role/OperatingExpensesData_S000038495Member2 column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> Example: Assuming you do not redeem your shares 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. <div style="display:none">~ http://www.allianzinvestors.com/role/ExpenseExampleNoRedemption_S000038495Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.allianzinvestors.com/role/ShareholderFeesData_S000038495Member2 column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> AZICX 0.0000 368 268 1204 -0.0338 0.0378 0.0125 2013-12-31 1204 0.0100 0.0265 0.0603 0.01 AZIAX 0.0550 732 732 1482 -0.0338 0.0378 0.0125 2013-12-31 1482 0.0025 0.0190 0.0528 0.01 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells <br />securities (or "turns over" its portfolio). High levels of portfolio turnover <br />may indicate higher transaction costs and may result in higher taxes for you <br />if your Fund shares are held in a taxable account. These costs, which are<br />not reflected in Total Annual Fund Operating Expenses or in the Examples above, <br />can adversely affect the Fund's investment performance.</tt> <div style="display:none">~ http://www.allianzinvestors.com/role/ExpenseExample_S000038495Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to generate attractive risk-adjusted absolute returns through <br />a complete market cycle.</tt> <tt>The Examples are intended to help you compare the cost of investing in shares <br />of the Fund with the costs of investing in other mutual funds. The Examples <br />assume that you invest $10,000 in the noted class of shares for the time <br />periods indicated, your investment has a 5% return each year, and the Fund's <br />operating expenses remain the same. Although your actual costs may be higher <br />or lower, the Examples show what your costs would be based on these assumptions. <br />The Examples are based, for the first year, on Total Annual Fund Operating <br />Expenses After Expense Reductions and, for all other periods, on Total Annual <br />Fund Operating Expenses.</tt> <tt>The Fund seeks to achieve its investment objective by investing significantly <br />in exchange-traded listed and FLEX U.S. equity index options, while holding <br />cash and cash equivalents as collateral for option investments.<br /><br />Under normal market conditions, the Fund will hold the majority of its assets <br />in cash and cash equivalents such as U.S. Treasury bills. The portfolio managers <br />will select these in an effort to maintain a stable portfolio base as collateral <br />for the index option spread strategy described below.<br /><br />Using a portion of its cash and cash equivalents as collateral, the portfolio <br />managers utilize a combination of proprietary models to construct paired option <br />positions, or so-called "option spreads," typically by buying and selling put <br />options and call options on equity indexes such as the S&amp;P 500 Index, Russell <br />2000 Index and NASDAQ 100. Call options are contracts representing the right to<br />purchase the underlying instrument at a specified price (the "strike price") at <br />or before a specified future date (the "expiration date"), while put options <br />represent the right to sell the underlying instrument at the strike price on or <br />before the expiration date. Index options, which are not based on a single <br />underlying security, are typically cash-settled without requiring delivery. The <br />Fund may buy and sell exchange-traded options and FLEX options (i.e., listed <br />options that are traded on an exchange but with customized strike prices and <br />expiration dates). Option spreads are typically created by buying and selling options <br />of the same class on the same underlying instrument but with different <br />strike prices or expiration dates. The number of contracts bought and sold can <br />be different in a spread (normally called a "ratio spread") or they can be the same. <br />The portfolio managers seek to create option-based "profit zones" that <br />upon expiration of the combination of individual option positions that make up <br />the option spread will capture positive payoffs if the level of the underlying <br />index (or other instrument) ends up within the chosen "profit zone." The Fund <br />seeks to optimize spread positions and profit zones based on (a) targeted <br />positive return potential, (b) structural risk protections, (c) collateral <br />management, and (d) flexibility to restructure profit zones if necessary. The <br />Fund intends to invest primarily in option spreads, consisting of 50 to 400 <br />individual option positions, and may buy or sell put or call index options that <br />are not paired as part of an option spread. The duration of individual option <br />positions will normally range from 20 to 75 days at inception. The gross <br />notional value of options held by the Fund may significantly exceed the current <br />net asset value of the Fund at any time. To the extent the Fund enters into <br />option positions that are only partially or not at all paired as part of an <br />option spread, the Fund may have greater exposure to rapid deterioration of the <br />portfolio and should be deemed speculative.<br /><br />The Fund may invest in exchange traded funds ("ETFs") and exchange traded notes <br />("ETNs"), including ETFs and ETNs that provide exposure to market volatility, <br />either as an offset or as an addition to option-based trades. The Fund may <br />utilize foreign currency exchange contracts, options, stock index futures <br />contracts and other derivative instruments. In response to unfavorable market <br />and other conditions, the Fund may deviate from its principal strategies by making <br />temporary investments of some or all of its assets in high-quality fixed income <br />securities, cash and cash equivalents. The Fund may not achieve its investment <br />objective when it does so.</tt> AllianzGI Structured Alpha Fund Examples. Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses. Performance information for the Fund will be available after the Fund completes a full calendar year of operation. Investment Objective It is possible to lose money on an investment in the Fund. Principal Risks Shareholder Fees (fees paid directly from your investment) None Performance Information Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover. <tt>The Fund's net asset value, yield and total return will be affected by the <br />allocation determinations, investment decisions and techniques of the Fund's <br />management, and factors influencing the U.S. or global economies and securities <br />markets or relevant industries or sectors within them (Management Risk, Market <br />Risk). Fixed income (debt) securities are subject to greater levels of credit <br />and liquidity risk, may be speculative and may decline in value due to changes <br />in interest rates or an issuer's or counterparty's deterioration or default <br />(Fixed Income Risk). Other principal risks include: Credit Risk (an issuer or <br />counterparty may default on obligations); Derivatives Risk (derivative instruments <br />are complex, have different characteristics than their underlying assets and are <br />subject to additional risks, including leverage, liquidity and valuation); <br />Leveraging Risk (instruments and transactions that constitute leverage magnify <br />gains or losses and increase volatility); Liquidity Risk (the lack of an active <br />market for investments may cause delay in disposition or force a sale below fair <br />value); and Turnover Risk (high levels of portfolio turnover increase transaction <br />costs and taxes and may lower investment performance). Please see "Summary of <br />Principal Risks" in the Fund's statutory prospectus for a more detailed description <br />of the Fund's risks. It is possible to lose money on an investment in the Fund. An <br />investment in the Fund is not a deposit of a bank and is not insured or guaranteed <br />by the Federal Deposit Insurance Corporation or any other government agency.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>Performance information for the Fund will be available after the Fund completes a <br />full calendar year of operation.</tt> <tt>The tables below describe the fees and expenses that you may pay if you buy <br />and hold shares of the Fund.</tt> <div style="display:none">~ http://www.allianzinvestors.com/role/OperatingExpensesData_S000038495Member1 column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> 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. AZIDX 193 986 -0.0338 0.0378 0.0125 2013-12-31 0.0025 0.0190 0.0528 AZIPX 178 942 -0.0338 0.0388 0.0125 2013-12-31 0.0000 0.0175 0.0513 AZIIX 168 912 -0.0338 0.0378 0.0125 2013-12-31 0.0000 0.0165 0.0503 0001423227 ck0001423227:SummaryS000038495-1Memberck0001423227:S000038495Memberck0001423227:C000118770Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038495-1Memberck0001423227:S000038495Memberck0001423227:C000118771Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038495-1Memberck0001423227:S000038495Memberck0001423227:C000118772Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038495-1Memberck0001423227:S000038495Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038495-2Memberck0001423227:S000038495Memberck0001423227:C000118773Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038495-2Memberck0001423227:S000038495Memberck0001423227:C000118774Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038495-2Memberck0001423227:S000038495Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038496-1Memberck0001423227:S000038496Memberck0001423227:C000118776Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038496-1Memberck0001423227:S000038496Memberck0001423227:C000118777Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038496-1Memberck0001423227:S000038496Memberck0001423227:C000118778Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038496-1Memberck0001423227:S000038496Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038496-2Memberck0001423227:S000038496Memberck0001423227:C000118775Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038496-2Memberck0001423227:S000038496Memberck0001423227:C000118779Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038496-2Memberck0001423227:S000038496Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038497-1Memberck0001423227:S000038497Memberck0001423227:C000118780Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038497-1Memberck0001423227:S000038497Memberck0001423227:C000118781Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038497-1Memberck0001423227:S000038497Memberck0001423227:C000118782Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038497-1Memberck0001423227:S000038497Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038497-2Memberck0001423227:S000038497Memberck0001423227:C000118783Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038497-2Memberck0001423227:S000038497Memberck0001423227:C000118784Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038497-2Memberck0001423227:S000038497Member 2012-12-21 2012-12-21 0001423227 2012-12-21 2012-12-21 iso4217:USD pure Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to waive, through December 31, 2013, its management fee and/or reimburse the Fund to the extent that Total Annual Fund Operating Expenses, including payment of organizational expenses but excluding interest, taxes, extraordinary expenses, and certain credits and other expenses, exceed 1.65% for Institutional Class, 1.75% for Class P and 1.90% for Class D shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts until November 30, 2017 provided total expenses, including such recoupment, do not exceed the annual expenses limit. 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 After Expense Reductions reflect the effect of a contractual agreement by the Manager to waive, through December 31, 2013, its management fee and/or reimburse the Fund to the extent that Total Annual Fund Operating Expenses, including payment of organizational expenses but excluding interest, taxes, extraordinary expenses, and certain credits and other expenses, exceed 1.90% for Class A and 2.65% for Class C shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts until November 30, 2017, provided total expenses, including such recoupment, do not exceed the annual expenses limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to waive, through December 31, 2013, its management fee and/or reimburse the Fund to the extent that Total Annual Fund Operating Expenses, including payment of organizational expenses but excluding interest, taxes, extraordinary expenses, and certain credits and other expenses, exceed 1.00% for Institutional Class, 1.10% for Class P and 1.25% for Class D shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts until November 30, 2017, provided total expenses, including such recoupment, do not exceed the annual expenses limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to waive, through December 31, 2013, its management fee and/or reimburse the Fund to the extent that Total Annual Fund Operating Expenses, including payment of organizational expenses but excluding interest, taxes, extraordinary expenses, and certain credits and other expenses, exceed 1.25% for Class A and 2.00% for Class C shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts until November 30, 2017, provided total expenses, including such recoupment, do not exceed the annual expenses limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to waive, through December 31, 2013, its management fee and/or reimburse the Fund to the extent that Total Annual Fund Operating Expenses, including payment of organizational expenses but excluding interest, taxes, extraordinary expenses, and certain credits and other expenses, exceed 1.30% for Institutional Class, 1.40% for Class P and 1.55% for Class D shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts until November 30, 2017, provided total expenses, including such recoupment, do not exceed the annual expenses limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to waive, through December 31, 2013, its management fee and/or reimburse the Fund to the extent that Total Annual Fund Operating Expenses, including payment of organizational expenses but excluding interest, taxes, extraordinary expenses, and certain credits and other expenses, exceed 1.55% for Class A and 2.30% for Class C shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts until November 30, 2017, provided total expenses, including such recoupment, do not exceed the annual expenses limit.