0001104659-13-011638.txt : 20130219 0001104659-13-011638.hdr.sgml : 20130218 20130219105716 ACCESSION NUMBER: 0001104659-13-011638 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 8 FILED AS OF DATE: 20130219 DATE AS OF CHANGE: 20130219 EFFECTIVENESS DATE: 20130219 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Allianz Funds Multi-Strategy Trust CENTRAL INDEX KEY: 0001423227 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-148624 FILM NUMBER: 13622085 BUSINESS ADDRESS: STREET 1: C/O ALLIANZ GLOBAL INVESTORS STREET 2: 1633 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 212-739-3000 MAIL ADDRESS: STREET 1: C/O ALLIANZ GLOBAL INVESTORS STREET 2: 1633 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10019 0001423227 S000021463 AllianzGI Global Water Fund C000061366 Class A AWTAX C000061367 Class C AWTCX C000061368 Class D AWTDX C000061369 Class P AWTPX C000066034 Institutional Class AWTIX 0001423227 S000022817 AllianzGI Disciplined Equity Fund C000066019 Class D ARDDX C000066020 Class P ARDPX C000066021 Institutional Class ARDIX C000066022 Class A ARDAX C000066023 Class C ARDCX 0001423227 S000024365 AllianzGI Retirement Income Fund C000072229 P AGRPX C000072230 R ASRRX C000072231 Institutional AVRIX C000072232 Administrative ARAMX C000072233 A AGRAX C000072234 C ARTCX C000072235 D ARTDX 0001423227 S000024366 AllianzGI Retirement 2015 Fund C000072236 A AZGAX C000072237 C AZGCX C000072238 D AZGDX C000072239 P AZGPX C000072240 R AZGRX C000072241 Institutional AZGIX C000072242 Administrative AZAMX 0001423227 S000024367 AllianzGI Retirement 2020 Fund C000072243 A AGLAX C000072244 C ABSCX C000072245 D AGLDX C000072246 P AGLPX C000072247 R AGLRX C000072248 Institutional AGNIX C000072249 Administrative AGLMX 0001423227 S000024368 AllianzGI Retirement 2030 Fund C000072250 A ABLAX C000072251 C ABLCX C000072252 D ABDIX C000072253 P ABLPX C000072254 R ABLRX C000072255 Institutional ABLIX C000072256 Administrative ABAMX 0001423227 S000024369 AllianzGI Retirement 2040 Fund C000072257 A AVSAX C000072258 C AVSCX C000072259 D AVSDX C000072260 P AVSPX C000072261 R AVSRX C000072262 Institutional AVTIX C000072263 Administrative AVAMX 0001423227 S000024370 AllianzGI Retirement 2050 Fund C000072264 A ASNAX C000072265 C ASNCX C000072266 D ASNDX C000072267 P ASNPX C000072268 R ASNRX C000072269 Institutional ASNIX C000072270 Administrative ANAMX 0001423227 S000025373 AllianzGI Global Growth Allocation Fund C000075786 Class A ASGAX C000075787 Class C ASACX C000075788 Class D AGSDX C000075789 Class P AGSPX C000075790 Class R ASFRX C000075791 Institutional Class AGAIX C000075792 Administrative Class AGFAX 0001423227 S000025374 AllianzGI Global Allocation Fund C000075793 Class C PALCX C000075794 Class D AGADX C000075795 Class P AGAPX C000075796 Class R AGARX C000075797 Institutional Class PALLX C000075798 Administrative Class AGAMX C000075799 Class A PALAX C000075800 Class B PALBX 0001423227 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Institutional Class C000108006 Administrative Class 0001423227 S000035104 AllianzGI Retirement 2055 Fund C000108007 Class A C000108008 Class P C000108009 Class R C000108010 Institutional Class C000108011 Administrative Class 0001423227 S000037172 AllianzGI NFJ International Small-Cap Value Fund C000114480 Class A C000114481 Class C C000114482 Institutional C000114483 Class P C000114484 Class D 0001423227 S000038495 AllianzGI Structured Alpha Fund C000118770 Institutional C000118771 P C000118772 D C000118773 A C000118774 C 0001423227 S000038496 AllianzGI U.S. Equity Hedged Fund C000118775 C C000118776 Institutional C000118777 P C000118778 D C000118779 A 0001423227 S000038497 AllianzGI NFJ Emerging Markets Value Fund C000118780 Institutional C000118781 P C000118782 D C000118783 A C000118784 C 0001423227 S000039317 AllianzGI Dynamic Emerging Multi-Asset Fund C000121155 Class A ADYAX C000121156 Class C ADYCX C000121157 Institutional Class ADYNX C000121158 Class P ADYPX C000121159 Class D ADYDX 0001423227 S000039318 AllianzGI Multi-Asset Real Return Fund C000121160 Class D ALRDX C000121161 Class A ALRAX C000121162 Class C ALLCX C000121163 Institutional Class ALRNX C000121164 Class P ALRPX 497 1 a13-3888_3497.htm 497

 

 

February 19, 2013

 

Securities and Exchange Commission

100 F Street NE

Washington, DC 20549

 

Re:     Allianz Funds Multi-Strategy Trust (Reg. 333-148624) (811-22167)

 

Ladies and Gentlemen:

 

We are filing the referenced amendment pursuant to Rule 497(e) under the Securities Act of 1933, as amended, to submit an exhibit in interactive data form with revised risk/return summary information from the supplement dated January 28, 2013.

 

Any comments or questions on this filing should be directed to Angela Borreggine at (212) 739-3213.

 

Very truly yours,

 

/s/ Angela Borreggine

 

Angela Borreggine

Senior Vice President and Senior Counsel

 

cc: Ropes & Gray LLP

 

 

Allianz Global Investors U.S. LLC

1633 Broadway

New York, NY 10019

212.739.3000

 

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Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to waive its management fee and/or reimburse the Fund through March 31, 2013 to the extent that Total Annual Fund Operating Expenses, including payment of organizational and/or offering expenses but excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 0.55% for Institutional Class shares, 0.65% for Class P shares and 0.90% for Class D shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to irrevocably waive its management fee and/or reimburse the Fund through March 31, 2013, to the extent that Total Annual Fund Operating Expenses, excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 1.45% for Institutional Class shares, 1.51% for Class P shares and 1.77% for Class D shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to irrevocably waive its management fee and/or reimburse the Fund through March 31, 2013, to the extent that Total Annual Fund Operating Expenses, excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 0.80% for Class P shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to irrevocably waive its management fee and/or reimburse the Fund through March 31, 2013, to the extent that Total Annual Fund Operating Expenses, excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 0.70% for Institutional Class shares, 0.80% for Class P shares and 0.95% for Class D shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Estimated Other Expenses are based on $5 million of invested assets and include organizational and offering expenses for the Fund's initial fiscal year ending November 30, 2013. 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, acquired fund expenses and certain credits and other expenses, exceed 1.45% for Class D, 1.30% for Class P and 1.20% for Institutional Class 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 irrevocably waive its management fee and/or reimburse the Fund through March 31, 2013 to the extent that Total Annual Fund Operating Expenses, including payment of organizational and offering expenses but excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 1.10% for Institutional Class shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The Manager has contractually agreed to irrevocably waive a portion of its management fee equal to 0.70% of the average daily net assets of the Fund that are attributable to investments in either Underlying Funds or Other Acquired Funds. This waiver with respect to investments in Underlying Funds and Other Acquired Funds for which the Manager or 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 Other Acquired Funds will continue through at least March 31, 2013. The Manager has contractually agreed, until March 31, 2013, to irrevocably waive its management fee, or reimburse the Fund, to the extent that, after the application of the fee waiver described in footnote 1 above, Total Annual Fund Operating Expenses, excluding interest, tax, and extraordinary expenses, Acquired Fund Fees and Expenses and certain credits and other expenses, exceed 0.16%, 0.26%, 0.41%, and 0.46% of the Fund's average net assets attributable to Institutional Class, Class P, Administrative Class, and Class D shares, respectively. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The Manager has contractually agreed, until March 31, 2013, to irrevocably waive its management fee, or reimburse the Fund, to the extent that, after the application of the fee waiver described in footnote 1 above, Total Annual Fund Operating Expenses, excluding interest, tax, and extraordinary expenses, Acquired Fund Fees and Expenses and certain credits and other expenses, exceed 0.13%, 0.23%, 0.38%, and 0.40% of the Fund's average net assets attributable to Institutional Class, Class P, Administrative Class, and Class D shares, respectively. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Other Expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2012 and include organizational expenses. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to irrevocably waive its management fee and/or reimburse the Fund through March 31, 2013 to the extent that Total Annual Fund Operating Expenses, including payment of organizational expenses but excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 0.60% for Institutional Class shares, 0.70% for Class P shares and 0.95% for Class D shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to irrevocably waive its management fee and/or reimburse the Fund through March 31, 2013, to the extent that Total Annual Fund Operating Expenses, excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 1.30% for Institutional Class shares, 1.40% for Class P shares and 1.60% for Class D shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to irrevocably waive its management fee and/or reimburse the Fund through March 31, 2013, to the extent that Total Annual Fund Operating Expenses, excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 0.65% for Institutional Class shares, 0.75% for Class P shares, 0.90% for Administrative Class shares and 1.00% for Class D shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to irrevocably waive its management fee and/or reimburse the Fund through March 31, 2013, to the extent that Total Annual Fund Operating Expenses, excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 1.20% for Institutional Class shares, 1.30% for Class P shares, 1.45% for Administrative Class shares and 1.45% for Class D shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The MSCI World ex-USA Small Cap Index replaced the S&P Developed Ex-US Small Cap Growth Index as the Fund's primary benchmark as of July 16, 2012 to reflect certain changes to the Fund's investment strategy. The Fund's performance will also be compared to a secondary benchmark, the MSCI EAFE Small Cap Index (Europe, Australia, Far East). Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to irrevocably waive its management fee and/or reimburse the Fund through March 31, 2013 to the extent that Total Annual Fund Operating Expenses, including payment of offering expenses but excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 1.54% for Institutional Class shares and 1.65% for Class P shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Estimated Other Expenses are based on $5 million of invested assets and include organizational and offering expenses for the Fund's initial fiscal year ending November 30, 2013. 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, acquired fund expenses, and certain credits and other expenses, exceed 0.85% for Class D, 0.70% for Class P and 0.60% for Institutional Class 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. 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 1.30% 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 irrevocably waive its management fee and/or reimburse the Fund through March 31, 2013, to the extent that Total Annual Fund Operating Expenses, excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 0.95% for Institutional Class shares, 1.05% for Class P shares and 1.30% for Class D shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to waive its management fee and/or reimburse the Fund through March 31, 2014 to the extent that Total Annual Fund Operating Expenses, including payment of organizational expenses but excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 1.20% for Institutional Class shares, 1.30% for Class P shares and 1.45% for Class D shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to waive its management fee and/or reimburse the Fund through March 31, 2013 to the extent that Total Annual Fund Operating Expenses, including payment of organizational expenses but excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 0.95% for Institutional Class shares, 1.05% for Class P shares and 1.30% for Class D shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to irrevocably waive its management fee and/or reimburse the Fund through March 31, 2013 to the extent that Total Annual Fund Operating Expenses, including payment of organizational and offering expenses but excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 1.40% for Institutional Class shares, 1.50% for Class P shares and 1.75% for Class D shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Other Expenses represent administrative fees paid by the Fund to Allianz Global Investors Fund Management LLC ("AGIFM") pursuant to an Administration Agreement between AGIFM and the Trust. Total Annual Fund Operating Expenses do not match the Ratio of Expenses to Average Net Assets of the Fund as set forth in the 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. The Manager has contractually agreed, until March 31, 2013, to irrevocably waive its advisory and administrative fees and reimburse any additional Other Expenses or Acquired Fund Fees and Expenses, to the extent that Total Annual Fund Operating Expenses After Expense Reductions, excluding, interest, taxes, and extraordinary expenses, exceed 0.57% for Institutional Class, 0.67% for Class P, 0.92% for Administrative Class and 1.07% for Class D shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The Manager has contractually agreed, until March 31, 2013, to irrevocably waive its advisory and administrative fees and reimburse any additional Other Expenses or Acquired Fund Fees and Expenses, to the extent that Total Annual Fund Operating Expenses After Expense Reductions, excluding, interest, taxes, and extraordinary expenses, exceed 0.59% for Institutional Class, 0.69% for Class P, 0.94% for Administrative Class and 1.09% for Class D shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Other Expenses are based upon estimated amounts for the Fund's initial fiscal year and include organizational expenses. Other Expenses represent administrative fees paid by the Fund to Allianz Global Investors Fund Management LLC ("AGIFM") pursuant to an Administration Agreement between AGIFM and the Trust. The Manager has contractually agreed, until March 31, 2013, to irrevocably waive its advisory and administrative fees and reimburse any additional Other Expenses or Acquired Fund Fees and Expenses, to the extent that Total Annual Fund Operating Expenses After Expense Reductions, excluding, interest, taxes, and extraordinary expenses, exceed 0.61% for Institutional Class, 0.71% for Class P and 0.96% for Administrative Class. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The Manager has contractually agreed, until March 31, 2013, to irrevocably waive its advisory and administrative fees and reimburse any additional Other Expenses or Acquired Fund Fees and Expenses, to the extent that Total Annual Fund Operating Expenses After Expense Reductions, excluding, interest, taxes, and extraordinary expenses, exceed 0.63% for Institutional Class, 0.73% for Class P, 0.98% for Administrative Class and 1.13% for Class D shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The Manager has contractually agreed, until March 31, 2013, to irrevocably waive its advisory and administrative fees and reimburse any additional Other Expenses or Acquired Fund Fees and Expenses, to the extent that Total Annual Fund Operating Expenses After Expense Reductions, excluding, interest, taxes, and extraordinary expenses, exceed 0.66% for Institutional Class, 0.76% for Class P and 1.01% for Administrative Class. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Total Annual Fund Operating Expenses do not match the Ratio of Expenses to Average Net Assets of the Fund as set forth in the 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. The Manager has contractually agreed, until March 31, 2013, to irrevocably waive its advisory and administrative fees and reimburse any additional Other Expenses or Acquired Fund Fees and Expenses, to the extent that Total Annual Fund Operating Expenses After Expense Reductions, excluding, interest, taxes, and extraordinary expenses, exceed 0.69% for Institutional Class, 0.79% for Class P, 1.04% for Administrative Class and 1.19% for Class D shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Other Expenses are based upon estimated amounts for the Fund's initial fiscal year and include organizational expenses. Other Expenses represent administrative fees paid by the Fund to Allianz Global Investors Fund Management LLC ("AGIFM") pursuant to an Administration Agreement between AGIFM and the Trust. The Manager has contractually agreed, until March 31, 2013, to irrevocably waive its advisory and administrative fees and reimburse any additional Other Expenses or Acquired Fund Fees and Expenses, to the extent that Total Annual Fund Operating Expenses After Expense Reductions, excluding, interest, taxes, and extraordinary expenses, exceed 0.70% for Institutional Class, 0.80% for Class P and 1.05% for Administrative Class. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The Manager has contractually agreed, until March 31, 2013, to irrevocably waive its advisory and administrative fees and reimburse any additional Other Expenses or Acquired Fund Fees and Expenses, to the extent that Total Annual Fund Operating Expenses After Expense Reductions, excluding, interest, taxes, and extraordinary expenses, exceed 0.70% for Institutional Class, 0.80% for Class P, 1.05% for Administrative Class and 1.20% for Class D shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The Dow Jones Real Return 2050 Index incepted on 12/31/2009. Accordingly, Dow Jones Real Return 40+ Index performance is used for periods prior to 12/31/2009. The Manager has contractually agreed, until March 31, 2013, to irrevocably waive its advisory and administrative fees and reimburse any additional Other Expenses or Acquired Fund Fees and Expenses, to the extent that Total Annual Fund Operating Expenses After Expense Reductions, excluding, interest, taxes, and extraordinary expenses, exceed 0.55% for Institutional Class, 0.65% for Class P, 0.90% for Administrative Class and 1.05% for Class D shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Other Expenses are based upon estimated amounts for the Fund's current fiscal year. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to waive its management fee and/or reimburse the Fund through December 31, 2013 to the extent that Total Annual Fund Operating Expenses, excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 0.60% for Institutional Class shares, 0.70% for Class P shares and 0.85% for Class D shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense 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 1.65% 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. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to irrevocably waive its management fee and/or reimburse the Fund through March 31, 2013 to the extent that Total Annual Fund Operating Expenses, including payment of offering expenses but excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 2.00% for Institutional Class shares and 2.07% for Class P shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to irrevocably waive its management fee and/or reimburse the Fund through March 31, 2013 to the extent that Total Annual Fund Operating Expenses, including payment of organizational and/or offering expenses but excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 1.15% for Institutional Class shares, 1.25% for Class P shares and 1.48% for Class D shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense 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. 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 its management fee and/or reimburse the Fund through March 31, 2013 to the extent that Total Annual Fund Operating Expenses, including payment of organizational and/or offering expenses but excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 0.90% for Class A shares and 1.65% for Class C shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to irrevocably waive its management fee and/or reimburse the Fund through March 31, 2013, to the extent that Total Annual Fund Operating Expenses, excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 1.73% for Class A shares and 2.56% for Class C shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to irrevocably waive its management fee and/or reimburse the Fund through March 31, 2013, to the extent that Total Annual Fund Operating Expenses, excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 0.95% for Class A shares and 1.70% for Class C shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense 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, acquired fund expenses, and certain credits and other expenses, exceed 1.45% for Class A and 2.20% 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. 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. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to irrevocably waive its management fee and/or reimburse the Fund through March 31, 2013 to the extent that Total Annual Fund Operating Expenses, including payment of organizational and offering expenses but excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 1.45% for Class A shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense 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 B shares, the maximum CDSC is imposed on shares redeemed in the first year, with CDSCs decreasing over time to zero for shares held longer. For Class C shares, the CDSC is imposed only on shares redeemed in the first year. The Manager has contractually agreed, until March 31, 2013, to irrevocably waive its management fee, or reimburse the Fund, to the extent that, after the application of the fee waiver described in footnote 2 above, Total Annual Fund Operating Expenses, excluding interest, tax, and extraordinary expenses, Acquired Fund Fees and Expenses and certain credits and other expenses, exceed 0.43%, 1.19%, 1.17%, and 0.66% of the Fund's average net assets attributable to Class A, Class B, Class C, and Class R shares, respectively. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The Manager has contractually agreed to irrevocably waive a portion of its management fee equal to 0.70% of the average daily net assets of the Fund that are attributable to investments in either Underlying Funds or Other Acquired Funds. This waiver with respect to investments in Underlying Funds and Other Acquired Funds for which the Manager or 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 Other Acquired Funds will continue through at least March 31, 2013. The Manager has contractually agreed, until March 31, 2013, to irrevocably waive its management fee, or reimburse the Fund, to the extent that, after the application of the fee waiver described in footnote 2 above, Total Annual Fund Operating Expenses, excluding interest, tax, and extraordinary expenses, Acquired Fund Fees and Expenses and certain credits and other expenses, exceed 0.40%, 1.18%, and 0.63% of the Fund's average net assets attributable to Class A, Class C, and Class R shares, respectively. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to irrevocably waive its management fee and/or reimburse the Fund through March 31, 2013 to the extent that Total Annual Fund Operating Expenses, including payment of organizational expenses but excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 0.95% for Class A shares and 1.70% for Class C shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to irrevocably waive its management fee and/or reimburse the Fund through March 31, 2013, to the extent that Total Annual Fund Operating Expenses, excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 1.57% for Class A shares and 2.33% for Class C shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to irrevocably waive its management fee and/or reimburse the Fund through March 31, 2013, to the extent that Total Annual Fund Operating Expenses, excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 0.91% for Class A, 1.70% for Class C and 1.15% for Class R. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to irrevocably waive its management fee and/or reimburse the Fund through March 31, 2013, to the extent that Total Annual Fund Operating Expenses, excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 1.45% for Class A shares, 2.20% for Class C shares and 1.70% for Class R shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to irrevocably waive its management fee and/or reimburse the Fund through March 31, 2013, to the extent that Total Annual Fund Operating Expenses, including payment of organizational expenses but excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 1.82% for Class A shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense 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, acquired fund expenses, and certain credits and other expenses, exceed 0.85% for Class A and 1.60% 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.0 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. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to irrevocably waive its management fee and/or reimburse the Fund through March 31, 2013, to the extent that Total Annual Fund Operating Expenses, excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 1.20% for Class A shares and 1.99% for Class C shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to waive its management fee and/or reimburse the Fund through March 31, 2014 to the extent that Total Annual Fund Operating Expenses, including payment of organizational expenses but excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 1.45% for Class A shares and 2.20% for Class C shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to waive its management fee and/or reimburse the Fund through March 31, 2013 to the extent that Total Annual Fund Operating Expenses, including payment of organizational and/or offering expenses but excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 1.30% for Class A shares and 2.05% for Class C shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to irrevocably waive its management fee and/or reimburse the Fund through March 31, 2013 to the extent that Total Annual Fund Operating Expenses, including payment of organizational and offering expenses but excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 1.60% for Class A shares and 2.50% for Class C shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense 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. Other Expenses represent administrative fees paid by the Fund to Allianz Global Investors Fund Management LLC ("AGIFM") pursuant to an Administration Agreement between AGIFM and the Trust. The Manager has contractually agreed, until March 31, 2013, to irrevocably waive its advisory and administrative fees and reimburse any additional Other Expenses or Acquired Fund Fees and Expenses, to the extent that Total Annual Fund Operating Expenses After Expense Reductions, excluding, interest, taxes, and extraordinary expenses, exceed 0.97% for Class A, 1.72% for Class C, and 1.32% for Class R. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The Manager has contractually agreed, until March 31, 2013, to irrevocably waive its advisory and administrative fees and reimburse any additional Other Expenses or Acquired Fund Fees and Expenses, to the extent that Total Annual Fund Operating Expenses After Expense Reductions, excluding, interest, taxes, and extraordinary expenses, exceed 0.99% for Class A, 1.74% for Class C, and 1.34% for Class R. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The Manager has contractually agreed, until March 31, 2013, to irrevocably waive its advisory and administrative fees and reimburse any additional Other Expenses or Acquired Fund Fees and Expenses, to the extent that Total Annual Fund Operating Expenses After Expense Reductions, excluding interest, taxes, and extraordinary expenses, exceed 1.01% for Class A and 1.36% for Class R Shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The Manager has contractually agreed, until March 31, 2013, to irrevocably waive its advisory and administrative fees and reimburse any additional Other Expenses or Acquired Fund Fees and Expenses, to the extent that Total Annual Fund Operating Expenses After Expense Reductions, excluding, interest, taxes, and extraordinary expenses, exceed 1.03% for Class A, 1.78% for Class C, and 1.38% for Class R. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The Manager has contractually agreed, until March 31, 2013, to irrevocably waive its advisory and administrative fees and reimburse any additional Other Expenses or Acquired Fund Fees and Expenses, to the extent that Total Annual Fund Operating Expenses After Expense Reductions, excluding, interest, taxes, and extraordinary expenses, exceed 1.06% for Class A and 1.41% for Class R. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The Manager has contractually agreed, until March 31, 2013, to irrevocably waive its advisory and administrative fees and reimburse any additional Other Expenses or Acquired Fund Fees and Expenses, to the extent that Total Annual Fund Operating Expenses After Expense Reductions, excluding, interest, taxes, and extraordinary expenses, exceed 1.09% for Class A, 1.84% for Class C, and 1.44% for Class R. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The Manager has contractually agreed, until March 31, 2013, to irrevocably waive its advisory and administrative fees and reimburse any additional Other Expenses or Acquired Fund Fees and Expenses, to the extent that Total Annual Fund Operating Expenses After Expense Reductions, excluding, interest, taxes, and extraordinary expenses, exceed 1.10% for Class A and 1.45% for Class R. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The Manager has contractually agreed, until March 31, 2013, to irrevocably waive its advisory and administrative fees and reimburse any additional Other Expenses or Acquired Fund Fees and Expenses, to the extent that Total Annual Fund Operating Expenses After Expense Reductions, excluding, interest, taxes, and extraordinary expenses, exceed 1.10% for Class A, 1.85% for Class C, and 1.45% for Class R. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. * The Dow Jones Real Return 2050 Index incepted on 12/31/2009. Accordingly, Dow Jones Real Return 40+ Index performance is used for periods prior to 12/31/2009. The Manager has contractually agreed, until March 31, 2013, to irrevocably waive its advisory and administrative fees and reimburse any additional Other Expenses or Acquired Fund Fees and Expenses, to the extent that Total Annual Fund Operating Expenses After Expense Reductions, excluding, interest, taxes, and extraordinary expenses, exceed 0.95% for Class A, 1.70% for Class C, and 1.30% for Class R. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to waive its management fee and/or reimburse the Fund through December 31, 2013 to the extent that Total Annual Fund Operating Expenses, excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 0.85% for Class A shares and 1.10% for Class C shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense 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 1.90% 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 its management fee and/or reimburse the Fund through March 31, 2013 to the extent that Total Annual Fund Operating Expenses, including payment of organizational and/or offering expenses but excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 2.35% for Class A shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to waive its management fee and/or reimburse the Fund through March 31, 2013 to the extent that Total Annual Fund Operating Expenses, including payment of offering expenses but excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 1.50% for Class A shares, 2.21% for Class C shares and 1.67% for Class R shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense 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. Allianz Funds Multi-Strategy Trust Other false 0001423227 2013-01-25 2013-01-25 2013-01-28 2012-04-02 AllianzGI Behavioral Advantage Large Cap Fund Portfolio Turnover. <table style="font-size: 10pt; font-family: 'Times New Roman',Times; color: #000000; background: none repeat scroll 0% 0% transparent; width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr> <td> &#160; </td> <td valign="bottom"> &#160;The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). The Fund&#8217;s portfolio turnover rate from its inception on September&#160;8, 2011 through the end of its fiscal year on November&#160;30, 2011 was less than 1%. 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 taxable account. These costs, which are not reflected in Total Annual Fund&#160;Operating Expenses or in the Examples above, can adversely affect the Fund&#8217;s investment performance. </td> </tr> </table> 0.01 Investment Objective <table style="font-size: 10pt; font-family: 'Times New Roman',Times; color: #000000; background: none repeat scroll 0% 0% transparent; width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr> <td valign="top"> <p> &#160; </p> <p> &#160; </p> </td> <td> &#160; </td> <td valign="top"> The Fund seeks long-term capital appreciation. </td> </tr> </table> Principal Risks <table style="font-size: 10pt; font-family: 'Times New Roman',Times; color: #000000; background: none repeat scroll 0% 0% transparent; width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr> <td valign="top"> The Fund&#8217;s net asset value, yield and total return will be affected by the allocation determinations, investment decisions and techniques of the Fund&#8217;s management, factors specific to the issuers of securities and other instruments in which the Fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers, and factors influencing the U.S.&#160;or global economies and securities markets or relevant industries or sectors within them (<strong>Management Risk, Issuer Risk, Market Risk</strong>). Equity securities may react more strongly to changes in an issuer&#8217;s financial condition or prospects than other securities of the same issuer (<strong>Equity Securities Risk</strong>). Other principal risks include: <strong>Credit Risk</strong> (an issuer or counterparty may default on obligations); <strong>Derivatives Risk</strong> (derivative instruments are complex, have different characteristics than their underlying assets and are subject to additional risks, including leverage, liquidity and valuation); <strong>Focused Investment Risk</strong> (focusing on a limited number of issuers, sectors, industries or geographic regions increases risk and volatility); <strong>Leveraging Risk</strong> (instruments and transactions that constitute leverage magnify gains or losses and increase volatility); <strong>Liquidity Risk</strong> (the lack of an active market for investments may cause delay in disposition or force a sale below fair value); <strong>REIT Risk</strong> (adverse changes in the real estate markets may affect the value of REIT investments); and <strong>Turnover Risk</strong> (high levels of portfolio turnover increase transaction costs and taxes and may lower investment performance). Please see &#8220;Summary of Principal Risks&#8221; in the Fund&#8217;s statutory prospectus for a more detailed description of the Fund&#8217;s risks. It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. </td> </tr> </table> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fees and Expenses of the Fund <table style="font-size: 10pt; font-family: 'Times New Roman',Times; color: #000000; background: none repeat scroll 0% 0% transparent; width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr> <td valign="top"> The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. </td> </tr> </table> 0.0040 0.0040 0.0040 0.0000 0.0000 0.0025 0.0127 0.0137 0.0127 0.0167 0.0177 0.0192 -0.0112 -0.0112 -0.0102 0.0055 0.0065 0.0090 ~ http://allianzfunds.com/20130125/role/ScheduleAnnualFundOperatingExpenses20001 column dei_LegalEntityAxis compact ck0001423227_S000033711Member row primary compact * ~ 2013-03-31 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Other Expenses are based upon estimated amounts for the Fund's current fiscal year. Shareholder Fees (fees paid directly from your investment): None Examples. <p>&#160;The Examples are intended to help you compare the cost of investing in shares 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&#8217;s operating expenses 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 Expense Reductions and, for all other periods, on Total Annual Fund Operating Expenses. </p> 56 417 66 448 92 504 ~ http://allianzfunds.com/20130125/role/ScheduleExpenseExampleTransposed20002 column dei_LegalEntityAxis compact ck0001423227_S000033711Member row primary compact * ~ Principal Investment Strategies <table style="font-size: 10pt; font-family: 'Times New Roman',Times; color: #000000; background: none repeat scroll 0% 0% transparent; width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr> <td valign="top"> The Fund seeks to achieve its objective by investing at least 80% of its net assets (plus borrowings for investment purposes) in common stocks of large capitalization companies based in the U.S. For purposes of this policy, the Fund currently considers a company to be a large capitalization <font style="white-space: nowrap;">U.S.-based</font> company if it is in the top 1,000 largest <font style="white-space: nowrap;">U.S.-based</font> companies ranked by market capitalization (<em>i.e.</em>, market capitalization of between $2&#160;billion and $406&#160;billion as of December&#160;31, 2011). As the portfolio managers&#8217; initial investment universe generally consists of stocks of the top 1,500 companies ranked by market capitalization based in the U.S., a portion (though typically less than 20%) of the Fund&#8217;s assets will be invested in companies ranked between the 1,001st and the 1,500th largest by market capitalization (<em>i.e.</em>, between $774&#160;million and $1.7&#160;billion as of December&#160;31, 2011). The Fund considers a company to be based in the U.S. if it is publicly traded in the U.S. and it satisfies one additional criteria: it is incorporated in the U.S., it is headquartered in the U.S., or it derives the majority of its revenue from the U.S. </td> </tr> <tr> <td valign="bottom"> The Fund seeks to achieve its investment objective by building a diversified portfolio of large capitalization U.S.&#160;stocks in a disciplined process that applies Fuller&#160;&amp; Thaler&#8217;s proprietary research into stock market movements and behavioral finance. This proprietary research seeks to assess the extent to which investors may be over- or under-reacting to information that is, or is perceived as, important to the market price of publicly traded stocks. The portfolio managers seek to exploit behavioral biases on the part of investors that may cause the market to under-react to new, positive information concerning a company or, conversely, to over-react to negative information. The portfolio managers believe that mispricing opportunities exist due to persistent behavioral biases that exist in the way investors form expectations about the future outlook for individual stocks. </td> </tr> </table> <br/><p> The portfolio managers apply a <font style="white-space: nowrap;">bottom-up</font> investment process, beginning with a universe of the largest approximately 1,500 stocks of companies based in the U.S., and selecting approximately 500 stocks based on selected fundamental factors and evidence that suggests which stocks are likely to be mispriced due to over- or under-reaction by investors to information that is, or is perceived as, important to the market price, as well as the application of proprietary mathematical techniques to estimate the degree to which individual stocks may be mispriced due to investor behavioral biases. The portfolio managers then review the portfolio&#8217;s characteristics relative to its benchmark, which is currently the S&amp;P&#160;500 Index. Thus the portfolio managers begin with a passive strategy of fundamental weightings and overlay an active strategy based around behavioral weighting adjustments, which they believe results in a blended strategy that combines advantages for both passive and active management. </p> <br/><p> The Fund may also invest a portion of its assets in real estate investment trusts (REITs). </p> <br/><p> The Fund may utilize unleveraged stock index futures contracts, warrants and other derivative instruments. Although the Fund does not expect to invest significantly in derivative instruments during its initial fiscal year, it may do so at any time. In response to unfavorable market and other conditions, the Fund may deviate from its principal strategies by making temporary investments of some or all of its assets in cash and cash equivalents. The Fund may be less likely to achieve its investment objective when it does so. </p> Performance Information <table style="font-size: 10pt; font-family: 'Times New Roman',Times; color: #000000; background: none repeat scroll 0% 0% transparent; width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr> <td valign="top"> Performance information for the Fund will be available after the Fund completes a full calendar year of operation. </td> </tr><!-- XBRL Paragraph Pagebreak --> </table> Performance information for the Fund will be available after the Fund completes a full calendar year of operation. AllianzGI China Equity Fund ALQIX ALQPX ALQDX Portfolio Turnover. <p>&#160;The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). The Fund&#8217;s portfolio turnover rate for the fiscal year on November&#160;30, 2011 was 132% 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 taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Examples above, can adversely affect the Fund&#8217;s investment performance. </p> 1.32 Investment Objective <table style="font-size: 10pt; font-family: 'Times New Roman',Times; color: #000000; background: none repeat scroll 0% 0% transparent; width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr> <td valign="top"> The Fund seeks long-term capital appreciation. </td> </tr> </table> Principal Risks <p> <strong><font style="font-size: 9pt; font-family: Arial, Helvetica;"><br /> </font></strong> <font style="font-size: 9pt; font-family: Arial, Helvetica;">The Fund&#8217;s net asset value, yield and total return will be affected by the allocation determinations, investment decisions and techniques of the Fund&#8217;s management, factors specific to the issuers of securities and other instruments in which the Fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers, and factors influencing the U.S.&#160;or global economies and securities markets or relevant industries or sectors within them (<strong>Management Risk, Issuer Risk, Market Risk</strong>). Focusing on a limited number of issuers, sectors, industries or geographic regions increases risk and volatility; for example, because the Fund focuses its investments in Chinese companies, it is particularly affected by events or factors relating to China (<strong>Focused Investment Risk, China-Related Risk</strong>). Equity securities may react more strongly to changes in an issuer&#8217;s financial condition or prospects than other securities of the same issuer, and securities issued by smaller companies may be more volatile and present increased liquidity risk (<strong>Equity Securities Risk, Smaller Company Risk</strong>). <font style="white-space: nowrap;">Non-U.S.&#160;securities</font> markets and issuers may be more volatile, smaller, less-liquid, less transparent and subject to less oversight, particularly in emerging markets, and <font style="white-space: nowrap;">non-U.S.&#160;securities</font> values may also fluctuate with currency exchange rates (<strong><font style="white-space: nowrap;">Non-U.S.&#160;Investment</font> Risk, Emerging Markets Risk, Currency Risk</strong>). Other principal risks include: <strong>Credit Risk</strong> (an issuer or counterparty may default on obligations); <strong>Derivatives Risk</strong> (derivative instruments are complex, have different characteristics than their underlying assets and are subject to additional risks, including leverage, liquidity and valuation); <strong>IPO Risk</strong> (securities purchased in initial public offerings have no trading history, limited issuer information and increased volatility); <strong>Leveraging Risk</strong> (instruments and transactions that constitute leverage magnify gains or losses and increase volatility); <strong>Liquidity Risk</strong> (the lack of an active market for investments may cause delay in disposition or force a sale below fair value); and <strong>Turnover Risk</strong> (high levels of portfolio turnover increase transaction costs and taxes and may lower investment performance). Please see &#8220;Summary of Principal Risks&#8221; in the Fund&#8217;s statutory prospectus for a more detailed description of the Fund&#8217;s risks. It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font><font style="font-size: 9pt; font-family: Arial,Helvetica;"><br /> </font> </p> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fees and Expenses of the Fund <table style="font-size: 10pt; font-family: 'Times New Roman',Times; color: #000000; background: none repeat scroll 0% 0% transparent; width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr> <td valign="top"> The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. </td> </tr> </table> 0.0110 0.0110 0.0110 0.0000 0.0000 0.0025 0.0486 0.0708 0.0541 0.0596 0.0818 0.0676 -0.0451 -0.0667 -0.0499 0.0145 0.0151 0.0177 ~ http://allianzfunds.com/20130125/role/ScheduleAnnualFundOperatingExpenses20005 column dei_LegalEntityAxis compact ck0001423227_S000029149Member row primary compact * ~ 2013-03-31 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment): Examples. <p>&#160;The Examples are intended to help you compare the cost of investing in shares 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&#8217;s operating expenses 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 Expense Reductions and, for all other periods, on Total Annual Fund Operating Expenses. </p> 148 1370 2569 5468 154 1793 3330 6765 180 1551 2874 5984 ~ http://allianzfunds.com/20130125/role/ScheduleExpenseExampleTransposed20006 column dei_LegalEntityAxis compact ck0001423227_S000029149Member row primary compact * ~ Principal Investment Strategies <p> The Fund seeks to achieve its objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in equity securities of Chinese companies. The portfolio managers consider &#8220;Chinese companies&#8221; as those companies that (i)&#160;are incorporated in mainland China, (ii)&#160;derive at least 50% of their revenue or profits from business activities in mainland China, or (iii)&#160;maintain at least 50% of their assets in mainland China. Under normal circumstances, the Fund will invest primarily in Chinese companies that are incorporated in mainland China and listed on the Hong Kong Stock Exchange (commonly referred to as <font style="white-space: nowrap;">&#8220;H-shares&#8221;)</font> or those that are incorporated internationally and listed on the Hong Kong Stock Exchange (commonly referred to as &#8220;Red-chips&#8221;), though the Fund may invest in Chinese companies listed on exchanges in other countries, such as Singapore or the United States. Under normal circumstances, no more than 20% of the Fund&#8217;s assets will be invested in Chinese companies listed on the Shanghai and Shenzhen Stock Exchanges as <font style="white-space: nowrap;">A-shares</font> (which are denominated in Renminbi, mainland China&#8217;s currency) or <font style="white-space: nowrap;">B-shares</font> (which are denominated in the United States dollar or the Hong Kong dollar). The Fund may invest in securities of companies with any size market capitalization and may invest without limit in emerging market securities. The portfolio managers use a disciplined, <font style="white-space: nowrap;">bottom-up</font> security selection methodology in an attempt to enhance returns for the portfolio and seek to identify investment opportunities based on fundamental analysis. The portfolio managers focus on growth securities that they believe are trading at reasonable valuations, securities with positive transformations (<em>e.g.</em>, re-ratings, or earning surprises) and securities that they believe have turn-around potential. The Fund is &#8220;non-diversified,&#8221; which means that it may invest a significant portion of its assets in a relatively small number of issuers, which may increase risk. In addition to equity securities (such as preferred stocks, convertible securities and warrants), the Fund may invest in securities issued in initial public offerings (IPOs), and may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. Although the Fund did not invest significantly in derivative instruments as of the most recent fiscal year end, it may do so at any time. </p> Performance Information <p> The performance information below provides some indication of the risks of investing in the Fund by showing changes in its total return from year to year and by comparing the Fund&#8217;s average annual total returns with those of a broad-based market index and a performance average of similar mutual funds. The bar chart and the information to its right show performance of the Fund&#8217;s Institutional Class shares. Class&#160;P and Class&#160;D performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class shares. <em>Past performance, before and after taxes, is not necessarily predictive of future performance.</em> Visit www.allianzinvestors.com for more current performance information. </p> Calendar Year Total Returns - Institutional Class -0.2216 0.2016 ~ http://allianzfunds.com/20130125/role/ScheduleAnnualTotalReturnsBarChart20007 column dei_LegalEntityAxis compact ck0001423227_S000029149Member row primary compact * ~ Highest 0.1176 2011-12-31 Lowest -0.2627 2011-09-30 <table style="width: 84%;" border="0" cellspacing="0" cellpadding="0" align="center"> <tr style="font-size: 1pt;" valign="bottom"> <td width="25%"> &#160; </td> <td width="1%"> &#160; </td> <td width="5%"> &#160; </td> </tr> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> <strong>More Recent Return Information</strong> </td> </tr> <tr style="font-size: 2pt;" valign="bottom"> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" align="left" valign="bottom" nowrap="nowrap"> 01/01/12&#8211;12/31/12 </td> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="right" valign="bottom" nowrap="nowrap"> <strong>20.16%</strong> </td> </tr> <tr style="line-height: 44pt;" valign="bottom"> <td> &#160; </td> <td> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" align="left" valign="bottom" nowrap="nowrap"> &#160; </td> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="right" valign="bottom" nowrap="nowrap"> &#160; </td> </tr> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> <strong>Highest and Lowest Quarter Returns<br /> </strong> (for periods shown in the bar chart) </td> </tr> <tr style="font-size: 2pt;" valign="bottom"> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" align="left" valign="bottom" nowrap="nowrap"> Highest 10/01/2011&#8211;12/31/2011 </td> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="right" valign="bottom" nowrap="nowrap"> <strong>11.76%</strong> </td> </tr> <tr style="font-size: 2pt;" valign="bottom"> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" align="left" valign="bottom" nowrap="nowrap"> Lowest 07/01/2011&#8211;09/30/2011 </td> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="right" valign="bottom" nowrap="nowrap"> <strong>-26.27%</strong> </td> </tr> </table> -0.2216 0.0130 -0.2549 -0.0185 -0.1419 -0.0054 -0.2222 0.0123 -0.2246 0.0092 -0.1841 -0.0321 -0.2400 -0.0382 2010-06-07 2010-06-07 2010-06-07 2010-06-07 2010-06-07 ~ http://allianzfunds.com/20130125/role/ScheduleAverageAnnualReturnsTransposed20008 column dei_LegalEntityAxis compact ck0001423227_S000029149Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <table style="font-size: 10pt; font-family: 'Times New Roman',Times; color: #000000; background: none repeat scroll 0% 0% transparent; width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom"> &#160;&#160;&#160;&#160;After-tax returns are estimated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases 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 for Class&#160;A shares only. After-tax returns for other share classes will vary. </td> </tr> </table> After-tax returns are estimated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The performance information below provides some indication of the risks of investing in the Fund by showing changes in its total return from year to year and by comparing the Fund's average annual total returns with those of a broad-based market index and a performance average of similar mutual funds. Past performance, before and after taxes, is not necessarily predictive of future performance. After-tax returns are for Class A shares only After-tax returns for other share classes will vary. In some cases 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. www.allianzinvestors.com Average Annual Total Returns (for periods ended 12/31/11) 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-deferred arrangements such as 401(k) plans or individual retirement accounts. AllianzGI Convertible Fund ANCMX ANZDX ANNAX ANNPX Portfolio Turnover. <p>&#160;The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). The Fund&#8217;s portfolio turnover rate for the fiscal year ended November&#160;30, 2011 was 129% 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 taxable account. These costs, which are not reflected in Total Annual Fund&#160;Operating Expenses or in the Examples above, can adversely affect the Fund&#8217;s investment performance. </p> 1.29 Investment Objective <p> <font style="font-size: 9pt; font-family: Arial, Helvetica;">The Fund seeks maximum total return, consisting of capital appreciation and current income.</font> </p> Principal Risks <p> The Fund&#8217;s net asset value, yield and total return will be affected by the allocation determinations, investment decisions and techniques of the Fund&#8217;s management, factors specific to the issuers of securities and other instruments in which the Fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers, and factors influencing the U.S.&#160;or global economies and securities markets or relevant industries or sectors within them (<strong>Management Risk, Issuer Risk, Market Risk</strong>). Securities that are convertible into preferred or common stocks are subject to the risks of both debt and equity securities and the risk of changing in value at a different rate than the underlying stocks (<strong>Convertible Securities Risk</strong>). Convertible and fixed income (debt) securities, particularly high-yield or junk bonds, are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to changes in interest rates or an issuer&#8217;s or counterparty&#8217;s deterioration or default (<strong>High Yield Risk, Interest Rate Risk, Credit Risk</strong>). A fixed-income security may be redeemed before maturity (&#8220;called&#8221;) below its current market price and a call may lead to the reinvestment of proceeds at a lower interest rate, or with higher credit risk or other less favorable characteristics (<strong>Call Risk</strong>). Equity securities may react more strongly to changes in an issuer&#8217;s financial condition or prospects than other securities of the same issuer, and securities issued by smaller companies may be more volatile and present increased liquidity risk (<strong>Equity Securities Risk, Smaller Company Risk</strong>). The lack of an active market for investments may cause delay in disposition or force a sale below fair value (<strong>Liquidity Risk</strong>). Other principal risks include: <strong>Derivatives Risk</strong> (derivative instruments are complex, have different characteristics than their underlying assets and are subject to additional risks, including leverage, liquidity and valuation); <strong>Focused Investment Risk</strong> (focusing on a limited number of issuers, sectors, industries or geographic regions increases risk and volatility); <strong>Leveraging Risk</strong> (instruments and transactions that constitute leverage magnify gains or losses and increase volatility); and <strong>Turnover Risk</strong> (high levels of portfolio turnover increase transaction costs and taxes and may lower investment performance). Please see &#8220;Summary of Principal Risks&#8221; in the Fund&#8217;s statutory prospectus for a more detailed description of the Fund&#8217;s risks. It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. </p> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fees and Expenses of the Fund <p> The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. </p> 0.0057 0.0057 0.0057 0.0057 0.0000 0.0000 0.0025 0.0025 0.0013 0.0026 0.0015 0.0016 0.0070 0.0083 0.0097 0.0098 -0.0003 0.0070 0.0080 0.0097 0.0098 ~ http://allianzfunds.com/20130125/role/ScheduleAnnualFundOperatingExpenses20011 column dei_LegalEntityAxis compact ck0001423227_S000028359Member row primary compact * ~ 2013-03-31 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment): Examples. <div style="text-indent: -10pt; margin-left: 10pt;"><font style="font-size: 8pt; font-family: Arial, Helvetica;">&#160;The Examples are intended to help you compare the cost of investing in shares 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&#8217;s operating expenses 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 Expense Reductions and, for all other periods, on Total Annual Fund Operating Expenses.</font> </div> 72 224 390 871 82 262 458 1023 99 309 536 1190 100 312 542 1201 ~ http://allianzfunds.com/20130125/role/ScheduleExpenseExampleTransposed20012 column dei_LegalEntityAxis compact ck0001423227_S000028359Member row primary compact * ~ Principal Investment Strategies <p> The Fund seeks to achieve its objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in convertible securities, which include, but are not limited to, corporate bonds, debentures, notes or preferred stocks and their hybrids that can be converted into (exchanged for) equity securities or other securities, such as warrants or options, which provide an opportunity for equity participation. The Fund may invest in securities of any size market capitalization or credit quality, and may from time to time invest a significant amount of its assets in securities of smaller companies. The Fund may also invest up to 20% of its net assets in nonconvertible debt securities rated below investment grade or unrated and determined to be of similar quality (&#8220;high-yield securities&#8221; or &#8220;junk bonds&#8221;). The Fund may also invest in securities issued by the U.S.&#160;government and its agencies and instrumentalities. The portfolio managers follow a disciplined, fundamental <font style="white-space: nowrap;">bottom-up</font> research process, which facilitates the early identification of convertible securities issuers demonstrating the ability to improve their fundamental characteristics. The portfolio managers select issuers that exceed minimum fundamental metrics and exhibit the highest visibility of future expected operating performance. The fundamental research process generally includes: a breakdown of a company and its growth by division and region, including revenue model analysis; profit margin analysis; analysis of experience and quality of its management; industry dynamics and competitive analysis; distribution channel and supply chain analysis; and macroeconomic climate analysis. The portfolio managers seek to capture approximately <font style="white-space: nowrap;">70-80%</font> of the upside performance of the underlying equities with 50% or less of the downside exposure. The Fund may utilize foreign currency exchange contracts, options, stock index futures contracts, warrants and other derivative instruments. Although the Fund did not invest significantly in derivative instruments as of the most recent fiscal year end, it may do so at any time. </p> Performance Information <p> The performance information below provides some indication of the risks of investing in the Fund by showing changes in its total return from year to year and by comparing the Fund&#8217;s average annual total returns with those of a broad-based market index and a performance average of similar mutual funds. The bar chart and the information to its right show performance of the Fund&#8217;s Institutional Class shares. Class&#160;P, Administrative Class and Class&#160;D performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class shares. For periods prior to the inception date of a share class, performance information shown for such class may be based on the performance of an older class of shares that dates back to the Fund&#8217;s inception, as adjusted to reflect certain fees and expenses paid by the newer class. 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 certain fees and expenses paid by the particular share class of the Fund. These adjustments generally result in estimated performance results for the newer class that are higher or lower than the actual results of the predecessor class <font style="white-space: nowrap;">and/or</font> the predecessor fund, as the case may be, due to differing levels of fees and expenses paid. Details regarding the calculation of the Fund&#8217;s <font style="white-space: nowrap;">class-by-class</font> performance, including a discussion of any performance adjustments, are provided under &#8220;Additional Performance Information&#8221; in the Fund&#8217;s statutory prospectus and SAI. <em>Past performance, before and after taxes, is not necessarily predictive of future performance.</em> Visit www.allianzinvestors.com for more current performance information. </p> Calendar Year Total Returns - Institutional Class -0.1342 0.2823 0.1204 0.0718 0.1293 0.1624 -0.2883 0.3773 0.2122 -0.0230 0.1196 ~ http://allianzfunds.com/20130125/role/ScheduleAnnualTotalReturnsBarChart20013 column dei_LegalEntityAxis compact ck0001423227_S000028359Member row primary compact * ~ Highest 0.1501 2009-09-30 Lowest -0.1489 2008-12-31 <table style="width: 84%;" border="0" cellspacing="0" cellpadding="0" align="center"> <tr style="font-size: 1pt;" valign="bottom"> <td width="2%"> &#160; </td> <td width="25%"> &#160; </td> <td width="1%"> &#160; </td> <td width="5%"> &#160; </td> </tr> <tr valign="bottom"> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> <strong>More Recent Return Information</strong> </td> </tr> <tr style="font-size: 2pt;" valign="bottom"> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="left" valign="bottom" nowrap="nowrap"> 01/01/12&#8211;12/31/12 </td> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="right" valign="bottom" nowrap="nowrap"> <strong>11.96%</strong> </td> </tr> <tr style="line-height: 44pt;" valign="bottom"> <td> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom"> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="left" valign="bottom" nowrap="nowrap"> &#160; </td> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="right" valign="bottom" nowrap="nowrap"> &#160; </td> </tr> <tr valign="bottom"> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> <strong>Highest and Lowest Quarter Returns<br /> </strong> (for periods shown in the bar chart) </td> </tr> <tr style="font-size: 2pt;" valign="bottom"> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="left" valign="bottom" nowrap="nowrap"> Highest 07/01/2009&#8211;09/30/2009 </td> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="right" valign="bottom" nowrap="nowrap"> <strong>15.01%</strong> </td> </tr> <tr style="font-size: 2pt;" valign="bottom"> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="left" valign="bottom" nowrap="nowrap"> Lowest 10/01/2008&#8211;12/31/2008 </td> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="right" valign="bottom" nowrap="nowrap"> <strong>-14.89%</strong> </td> </tr> </table> -0.0230 0.0617 0.0734 0.1027 -0.0426 0.0503 0.0585 0.0819 -0.0053 0.0473 0.0560 0.0788 -0.0237 0.0607 0.0724 0.1016 -0.0255 0.0587 0.0702 0.0993 -0.0257 0.0586 0.0702 0.0993 -0.0518 0.0210 0.0488 0.0732 -0.0557 0.0190 0.0495 0.0791 1993-04-19 1993-04-19 1993-04-19 1993-04-19 1993-04-19 1993-04-19 ~ http://allianzfunds.com/20130125/role/ScheduleAverageAnnualReturnsTransposed20014 column dei_LegalEntityAxis compact ck0001423227_S000028359Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <table style="font-size: 10pt; font-family: 'Times New Roman',Times; color: #000000; background: none repeat scroll 0% 0% transparent; width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom"> &#160;&#160;&#160;&#160;After-tax returns are estimated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases 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 for Institutional Class shares only. After-tax returns for other share classes will vary. </td> </tr> </table> After-tax returns are estimated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The performance information below provides some indication of the risks of investing in the Fund by showing changes in its total return from year to year and by comparing the Fund's average annual total returns with those of a broad-based market index and a performance average of similar mutual funds. Past performance, before and after taxes, is not necessarily predictive of future performance. After-tax returns are for Institutional Class shares only. After-tax returns for other share classes will vary. In some cases 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. www.allianzinvestors.com Average Annual Total Returns (for periods ended 12/31/11) 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-deferred arrangements such as 401(k) plans or individual retirement accounts. AllianzGI Disciplined Equity Fund ARDIX ARDPX ARDDX Portfolio Turnover. <p>&#160;The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). The Fund&#8217;s portfolio turnover rate for the fiscal year ended November&#160;30, 2011 was 30% 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 taxable account. These costs, which are not reflected in Total Annual Fund&#160;Operating Expenses or in the Examples above, can adversely affect the Fund&#8217;s investment performance. </p> 0.30 Investment Objective <p> <font style="font-size: 9pt; font-family: Arial, Helvetica;">The Fund seeks long-term capital appreciation.</font> </p> Principal Risks <p> <strong><font style="font-size: 9pt; font-family: Arial, Helvetica;"><br /> </font></strong> <font style="font-size: 9pt; font-family: Arial, Helvetica;">The Fund&#8217;s net asset value, yield and total return will be affected by the allocation determinations, investment decisions and techniques of the Fund&#8217;s management, factors specific to the issuers of securities and other instruments in which the Fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers, and factors influencing the U.S.&#160;or global economies and securities markets or relevant industries or sectors within them (<strong>Management Risk, Issuer Risk, Market Risk</strong>). Equity securities may react more strongly to changes in an issuer&#8217;s financial condition or prospects than other securities of the same issuer, and securities issued by smaller companies may be more volatile and present increased liquidity risk (<strong>Equity Securities Risk, Smaller Company Risk</strong>). Other principal risks include: <strong>Credit Risk</strong> (an issuer or counterparty may default on obligations); <strong><font style="white-space: nowrap;">Non-U.S.&#160;Investment</font> Risk, Emerging Markets Risk, Currency Risk</strong> <font style="white-space: nowrap;">(non-U.S.&#160;securities</font> markets and issuers may be more volatile, smaller, less-liquid, less transparent and subject to less oversight, particularly in emerging markets, and <font style="white-space: nowrap;">non-U.S.&#160;securities</font> values may also fluctuate with currency exchange rates); <strong>Derivatives Risk</strong> (derivative instruments are complex, have different characteristics than their underlying assets and are subject to additional risks, including leverage, liquidity and valuation); <strong>Focused Investment Risk</strong> (focusing on a limited number of issuers, sectors, industries or geographic regions increases risk and volatility); <strong>IPO Risk</strong> (securities purchased in initial public offerings have no trading history, limited issuer information and increased volatility); <strong>Leveraging Risk</strong> (instruments and transactions that constitute leverage magnify gains or losses and increase volatility); <strong>Liquidity Risk</strong> (the lack of an active market for investments may cause delay in disposition or force a sale below fair value); and <strong>Turnover Risk</strong> (high levels of portfolio turnover increase transaction costs and taxes and may lower investment performance). Please see &#8220;Summary of Principal Risks&#8221; in the Fund&#8217;s statutory prospectus for a more detailed description of the Fund&#8217;s risks. It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.<br /> </font> </p> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fees and Expenses of the Fund <p> <font style="font-size: 9pt; font-family: Arial, Helvetica;">The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </p> 0.0060 0.0060 0.0060 0.0000 0.0000 0.0025 0.0052 0.0066 0.0320 0.0112 0.0126 0.0405 -0.0042 -0.0046 -0.0310 0.0070 0.0080 0.0095 ~ http://allianzfunds.com/20130125/role/ScheduleAnnualFundOperatingExpenses20017 column dei_LegalEntityAxis compact ck0001423227_S000022817Member row primary compact * ~ 2013-03-31 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment): Examples. <p>&#160;The Examples are intended to help you compare the cost of investing in shares 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&#8217;s operating expenses 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 Expense Reductions and, for all other periods, on Total Annual Fund Operating Expenses. </p> 72 314 576 1326 82 354 647 1482 97 948 1815 4056 ~ http://allianzfunds.com/20130125/role/ScheduleExpenseExampleTransposed20018 column dei_LegalEntityAxis compact ck0001423227_S000022817Member row primary compact * ~ Principal Investment Strategies <p> <font style="font-size: 9pt; font-family: Arial, Helvetica;">The Fund seeks to achieve its objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in equity securities and equity-related instruments. The Fund invests primarily in U.S.&#160;companies with market capitalizations of at least $1.5&#160;billion. The Fund may also invest up to 20% of its assets in <font style="white-space: nowrap;">non-U.S.&#160;securities</font> (but no more than 10% in companies organized or headquartered in any one <font style="white-space: nowrap;">non-U.S.&#160;country</font> or 10% in emerging market securities). The portfolio manager ordinarily looks for several of the following characteristics: strong potential for capital appreciation; substantial capacity for growth in revenue, cash flow or earnings through either an expanding market or market share; a strong balance sheet; superior management; strong commitment to research and product development; and differentiated or superior products and services or a steady stream of new products and services. Investments are not restricted to companies with a record of dividend payments. In addition to equity securities (such as preferred stocks, convertible securities and warrants) and equity-related instruments, the Fund may invest in securities issued in initial public offerings (IPOs), and may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. Although the Fund did not invest significantly in derivative instruments as of the most recent fiscal year end, it may do so at any time.</font> </p> Performance Information <p> The performance information below provides some indication of the risks of investing in the Fund by showing changes in its total return from year to year and by comparing the Fund&#8217;s average annual total returns with those of a broad-based market index and a performance average of similar mutual funds. The bar chart and the information to its right show performance of the Fund&#8217;s Institutional Class shares. Class&#160;P and Class&#160;D performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class shares. <em>Past performance, before and after taxes, is not necessarily predictive of future performance.</em> Visit www.allianzinvestors.com for more current performance information. </p> Calendar Year Total Returns - Institutional Class 0.4227 0.1364 -0.0050 0.1007 ~ http://allianzfunds.com/20130125/role/ScheduleAnnualTotalReturnsBarChart20019 column dei_LegalEntityAxis compact ck0001423227_S000022817Member row primary compact * ~ Highest 0.1960 2009-06-30 Lowest -0.1606 2011-09-30 <table style="width: 84%;" border="0" cellspacing="0" cellpadding="0" align="center"> <tr style="font-size: 1pt;" valign="bottom"> <td width="25%"> &#160; </td> <td width="1%"> &#160; </td> <td width="5%"> &#160; </td> </tr> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> <strong>More Recent Return Information</strong> </td> </tr> <tr style="font-size: 2pt;" valign="bottom"> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" align="left" valign="bottom" nowrap="nowrap"> 01/01/12&#8211;12/31/12 </td> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="right" valign="bottom" nowrap="nowrap"> <strong>10.07%</strong> </td> </tr> <tr style="line-height: 44pt;" valign="bottom"> <td> &#160; </td> <td> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" align="left" valign="bottom" nowrap="nowrap"> &#160; </td> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="right" valign="bottom" nowrap="nowrap"> &#160; </td> </tr> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> <strong>Highest and Lowest Quarter Returns<br /> </strong> (for periods shown in the bar chart) </td> </tr> <tr style="font-size: 2pt;" valign="bottom"> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" align="left" valign="bottom" nowrap="nowrap"> Highest 04/01/2009&#8211;06/30/2009 </td> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="right" valign="bottom" nowrap="nowrap"> <strong>19.60%</strong> </td> </tr> <tr style="font-size: 2pt;" valign="bottom"> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" align="left" valign="bottom" nowrap="nowrap"> Lowest 07/01/2011&#8211;09/30/2011 </td> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="right" valign="bottom" nowrap="nowrap"> <strong>-16.06%</strong> </td> </tr> </table> -0.0050 0.0407 -0.0124 0.0286 -0.0012 0.0279 -0.0062 0.0397 -0.0076 0.0372 0.0211 0.0329 -0.0066 0.0070 2008-07-15 2008-07-15 2008-07-15 2008-07-15 2008-07-15 ~ http://allianzfunds.com/20130125/role/ScheduleAverageAnnualReturnsTransposed20020 column dei_LegalEntityAxis compact ck0001423227_S000022817Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p> After-tax returns are estimated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases 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 for Institutional Class shares only. After-tax returns for other share classes will vary. </p> After-tax returns are estimated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The performance information below provides some indication of the risks of investing in the Fund by showing changes in its total return from year to year and by comparing the Fund's average annual total returns with those of a broad-based market index and a performance average of similar mutual funds. Past performance, before and after taxes, is not necessarily predictive of future performance. After-tax returns are for Institutional Class shares only. After-tax returns for other share classes will vary. In some cases 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. www.allianzinvestors.com Average Annual Total Returns (for periods ended 12/31/11) 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-deferred arrangements such as 401(k) plans or individual retirement accounts. AllianzGI Dynamic Emerging Multi-Asset Fund ADYNX ADYPX ADYDX Portfolio Turnover. <p>&#160;The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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 taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Examples above, can adversely affect the Fund&#8217;s investment performance. </p> Investment Objective <p> <strong><font style="font-size: 9pt; font-family: Arial, Helvetica;"><br /> </font></strong> <font style="font-size: 9pt; font-family: Arial, Helvetica;">The Fund seeks long-term capital appreciation.</font> </p> Principal Risks <p> The Fund&#8217;s net asset value, yield and total return will be affected by: the allocation determinations, investment decisions and techniques of the Fund&#8217;s management; factors, risks and performance specific to the Underlying Funds, Other Acquired Funds, issuers of securities and other instruments in which the Fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers; and factors influencing the U.S. or global economies and securities markets or relevant industries or sectors within them (<strong>Management Risk, Allocation Risk, Underlying Fund and Other Acquired Fund Risks, Issuer Risk, Market Risk</strong>). Equity securities may react more strongly to changes in an issuer&#8217;s financial condition or prospects than other securities of the same issuer, and securities issued by smaller companies may be more volatile and present increased liquidity risk (<strong>Equity Securities Risk, Smaller Company</strong> <strong>Risk</strong>).Fixed income (debt) securities, particularly high-yield or junk bonds, are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to changes in interest rates or an issuer&#8217;s or counterparty&#8217;s deterioration or default (<strong>Fixed Income Risk, High Yield Risk, Interest Rate Risk</strong>). Non-U.S. securities markets and issuers may be more volatile, smaller, less-liquid, less transparent and subject to less oversight, particularly in emerging markets, and non-U.S. securities values may also fluctuate with currency exchange rates (<strong>Non-U.S. Investment Risk, Emerging Markets Risk, Currency Risk</strong>). Other principal risks include: <strong>Commodity Risk</strong> (commodity-linked derivative instruments may increase volatility); <strong>Credit Risk</strong> (an issuer or counterparty may default on obligations); <strong>IPO Risk</strong> (securities purchased in initial public offerings have no trading history, limited issuer information and increased volatility); <strong>Turnover Risk</strong> (high levels of portfolio turnover increase transaction costs and taxes and may lower investment performance); and <strong>Derivatives Risk</strong> (derivative instruments are complex, have different characteristics than their underlying assets and are subject to additional risks, including leverage, liquidity and valuation). Please see &#8220;Summary of Principal Risks&#8221; in the Fund&#8217;s statutory prospectus for a more detailed description of the Fund&#8217;s risks. It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. </p> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fees and Expenses of the Fund <p> The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. </p> 0.0090 0.0090 0.0090 0.0000 0.0000 0.0025 0.0605 0.0615 0.0605 0.0015 0.0015 0.0015 0.0710 0.0720 0.0735 -0.0575 -0.0575 -0.0575 0.0135 0.0145 0.0160 ~ http://allianzfunds.com/20130125/role/ScheduleAnnualFundOperatingExpenses20023 column dei_LegalEntityAxis compact ck0001423227_S000039317Member row primary compact * ~ 2013-11-30 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Estimated Other Expenses are based on $5 million of invested assets and include organizational and offering expenses for the Fund's initial fiscal year ending November 30, 2013. Shareholder Fees (fees paid directly from your investment): Examples. <p>&#160;The Examples are intended to help you compare the cost of investing in shares 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&#8217;s operating expenses 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 Expense Reductions and, for all other periods, on Total Annual Fund Operating Expenses. </p> 137 981 148 1010 163 1054 ~ http://allianzfunds.com/20130125/role/ScheduleExpenseExampleTransposed20024 column dei_LegalEntityAxis compact ck0001423227_S000039317Member row primary compact * ~ Principal Investment Strategies <p> <font style="font-size: 9pt; font-family: Arial, Helvetica;">The Fund seeks to achieve its objective by applying a disciplined and tactical investment process across a range of asset classes that the portfolio managers believe exhibit strong growth characteristics. The Fund normally invests at least 80% of its net assets (plus borrowings made for investment purposes) in securities and instruments that are tied economically to emerging markets countries. The Fund currently defines emerging markets countries as countries with securities markets which are, in the opinion of the portfolio managers, less sophisticated than more developed markets in terms of participation by investors, analyst coverage, liquidity and/or regulation. Such countries typically have economies undergoing rapid growth driven by industrialization, rising exports, and increased business activity. Emerging market securities may include those listed in standard indices (<em>e.g.</em>, in the MSCI Emerging Markets Index, the JP Morgan EMBI+ Index, and the MSCI Frontier Market Index) as well as securities not represented in these indices, if they are domiciled or issued in emerging markets, including &#8220;frontier markets&#8221; (<em>i.e.</em>, markets that have lower market capitalization and liquidity than the more developed emerging markets), or if they generate a majority of their earnings in these markets.</font> </p> <br/><p> <font style="font-size: 9pt; font-family: Arial, Helvetica;">The portfolio managers target a mix of asset classes and select individual investments that they believe offer efficient exposure to each such asset class. The Fund achieves its exposure to specific asset classes through investments in certain acquired funds and/or through direct investments in instruments such as equity securities, fixed income securities, or related derivatives on such equity or fixed income securities. The Fund, at inception and as long as it remains small, will gain exposure to the desired asset classes primarily through acquired funds and/or via derivatives. As the Fund grows in size, it will seek to achieve economies of scale by investing directly in individual securities and other instruments.</font> </p> <br/><table style="font-size: 10pt; font-family: 'Times New Roman',Times; color: #000000; background: none repeat scroll 0% 0% transparent; width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom"> The first step of the investment process is to determine the asset classes best positioned to take advantage of growth trends in emerging markets, such as emerging market equities, emerging market fixed income and commodities. In the second step of the process, the portfolio managers analyze market cycles, economic cycles, and valuations, of each asset class and their components to develop a tactical asset view across asset classes, which may ultimately lead to dynamic shifts in the Fund&#8217;s exposures to individual holdings and asset classes. The portfolio managers employ a risk management strategy which may cause them to adjust this allocation in an effort to mitigate certain downside risks such as severe downward price movements or other market stresses. Having arrived at a final asset allocation across asset classes, the Fund&#8217;s portfolio managers conduct an active selection process for acquired funds and/or direct investments to gain the intended exposure to the relevant asset classes. </td> </tr> <tr> <td valign="bottom"> As an integral part of its asset allocation process, the Fund employs a risk management strategy. One of the components of the risk management strategy considers tail risk, or the risk that the Fund will not meet its objectives because of an outsized loss in the asset classes represented in its portfolio. Factors included in the tail risk measurement analysis include, but are not limited to, the declines suffered by the Fund and the asset classes represented in the Fund in recent months, how frequently such losses have occurred and the relationship in the price movements between the emerging market asset classes. As a consequence of the portfolio managers&#8217; tactical adjustments and risk management processes, the Fund may have a high portfolio turnover rate, which may be in excess of 100%. </td> </tr> <tr> <td valign="bottom"> The Fund may invest using a &#8220;fund of funds&#8221; structure, which is a term used to describe mutual funds that pursue their investment objective by investing largely or entirely in other funds. The Fund may invest up to 10% of its assets in unaffiliated investment companies (including ETFs). The Fund may invest in issuers of any capitalization and may participate in initial public offerings (&#8220;IPOs&#8221;). The Fund may invest significantly in short-term bonds and cash and other investments that provide emerging markets exposure such as local emerging market bonds and emerging market currencies (or derivatives on such currencies). The Fund may invest in fixed income securities of any duration as well as high yield or junk bonds. In order to gain exposure to desired asset classes or securities, or for hedging or other investment purposes, the Fund may also utilize options, stock index futures contracts, warrants and other derivative instruments. </td> </tr> </table> Performance Information <p> Performance information for the Fund will be available after the Fund completes a full calendar year of operation. </p> Performance information for the Fund will be available after the Fund completes a full calendar year of operation. AllianzGI Focused Opportunity Fund Portfolio Turnover. <p>&#160;The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). The Fund&#8217;s portfolio turnover rate from its inception on December&#160;27, 2010 through the end of its fiscal year on November&#160;30, 2011 was less than 167%. 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 taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Examples above, can adversely affect the Fund&#8217;s investment performance. </p> 1.67 Investment Objective <p> The Fund seeks to maximize long-term capital appreciation. </p> Principal Risks <p> <strong><font style="font-size: 9pt; font-family: Arial, Helvetica;"><br /> </font></strong> <font style="font-size: 9pt; font-family: Arial, Helvetica;">The Fund&#8217;s net asset value, yield and total return will be affected by the allocation determinations, investment decisions and techniques of the Fund&#8217;s management, factors specific to the issuers of securities and other instruments in which the Fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers, and factors influencing the U.S. or global economies and securities markets or relevant industries or sectors within them (<strong>Management Risk, Issuer Risk, Market Risk</strong>). Equity securities may react more strongly to changes in an issuer&#8217;s financial condition or prospects than other securities of the same issuer, and securities issued by smaller companies may be more volatile and present increased liquidity risk (<strong>Equity Securities Risk, Smaller Company Risk</strong>). Other principal risks include: <strong>Credit Risk</strong> (an issuer or counterparty may default on obligations); <strong>Focused Investment Risk</strong> (focusing on a limited number of issuers, sectors, industries or geographic regions increases risk and volatility); <strong>IPO Risk</strong> (securities purchased in initial public offerings have no trading history, limited issuer information and increased volatility); <strong>Liquidity Risk</strong> (the lack of an active market for investments may cause delay in disposition or force a sale below fair value); <strong>Non-U.S. Investment Risk, Currency Risk</strong> (non-U.S. securities markets and issuers may be more volatile, smaller, less-liquid, less transparent and subject to less oversight, and non-U.S. securities values may also fluctuate with currency exchange rates); and <strong>Turnover Risk</strong> (high levels of portfolio turnover increase transaction costs and taxes and may lower investment performance). Please see &#8220;Summary of Principal Risks&#8221; in the Fund&#8217;s statutory prospectus for a more detailed description of the Fund&#8217;s risks. It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.<br /> </font> </p> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fees and Expenses of the Fund <p> <strong><font style="font-size: 9pt; font-family: Arial, Helvetica;"><br /> </font></strong> <font style="font-size: 9pt; font-family: Arial, Helvetica;">The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </p> 0.0080 0.0000 0.0390 0.0470 -0.0360 0.0110 ~ http://allianzfunds.com/20130125/role/ScheduleAnnualFundOperatingExpenses20027 column dei_LegalEntityAxis compact ck0001423227_S000030658Member row primary compact * ~ 2013-03-31 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment): Examples. <p>&#160;The Examples are intended to help you compare the cost of investing in shares 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&#8217;s operating expenses 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 Expense Reductions and, for all other periods, on Total Annual Fund Operating Expenses. </p> 112 1092 2077 4567 ~ http://allianzfunds.com/20130125/role/ScheduleExpenseExampleTransposed20028 column dei_LegalEntityAxis compact ck0001423227_S000030658Member row primary compact * ~ Principal Investment Strategies <p> The Fund seeks to achieve its investment objective by normally investing at least 65% of its assets in common stocks of &#8220;growth&#8221; companies with market capitalizations typically between $500&#160;million and $15&#160;billion. The portfolio managers use a bottom-up, fundamental analysis of small- to mid-capitalization companies, and consider &#8220;growth&#8221; companies to include companies that they believe to have above-average growth prospects. The portfolio managers consider fundamental characteristics such as revenue growth, volume and pricing trends, profit margin behavior, margin expansion opportunities, financial strength, cash flow growth, asset value growth and earnings growth. The portfolio managers search for companies with sustainable growth, reasonable valuation, potential earnings surprise and an acceptable cash flow. The investment process includes both quantitative and qualitative analysis, and portfolio managers generate investment ideas from numerous sources. The portfolio managers determine relative position sizes for the Fund&#8217;s holdings based upon potential upside performance, downside risk, sector exposure and overall conviction in the company. The portfolio managers seek to diversify the portfolio among different industries, sectors, market capitalizations and growth characteristics. In addition to common stocks and other equity securities (such as preferred stocks, convertible securities and warrants), the Fund may invest in securities issued in initial public offerings (IPOs), and may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. Although the Fund did not expect to invest significantly in derivative instruments during its initial fiscal period, it may do so at any time. </p> Performance Information <p> <strong><font style="font-size: 9pt; font-family: Arial, Helvetica;"><br /> </font></strong> <font style="font-size: 9pt; font-family: Arial, Helvetica;">The performance information below provides some indication of the risks of investing in the Fund by showing changes in its total return from year to year and by comparing the Fund&#8217;s average annual total returns with those of a broad-based market index and a performance average of similar mutual funds. The bar chart and the information to its right show performance of the Fund&#8217;s Institutional Class shares. <em>Past performance, before and after taxes, is not necessarily predictive of future performance.</em> Visit www.allianzinvestors.com for more current performance information.</font> </p> Calendar Year Total Returns - Institutional Class -0.0617 0.0222 ~ http://allianzfunds.com/20130125/role/ScheduleAnnualTotalReturnsBarChart20029 column dei_LegalEntityAxis compact ck0001423227_S000030658Member row primary compact * ~ Highest 0.1612 2011-03-31 Lowest -0.2519 2011-09-30 <table style="width: 84%;" border="0" cellspacing="0" cellpadding="0" align="center"> <tr style="font-size: 1pt;" valign="bottom"> <td width="25%"> &#160; </td> <td width="1%"> &#160; </td> <td width="5%"> &#160; </td> </tr> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> <strong>More Recent Return Information</strong> </td> </tr> <tr style="font-size: 2pt;" valign="bottom"> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" align="left" valign="bottom" nowrap="nowrap"> 01/01/12&#8211;12/31/12 </td> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="right" valign="bottom" nowrap="nowrap"> <strong>2.22%</strong> </td> </tr> <tr style="line-height: 44pt;" valign="bottom"> <td> &#160; </td> <td> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" align="left" valign="bottom" nowrap="nowrap"> &#160; </td> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="right" valign="bottom" nowrap="nowrap"> &#160; </td> </tr> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> <strong>Highest and Lowest Quarter Returns<br /> </strong> (for periods shown in the bar chart) </td> </tr> <tr style="font-size: 2pt;" valign="bottom"> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" align="left" valign="bottom" nowrap="nowrap"> Highest 01/01/2011&#8211;03/31/2011 </td> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="right" valign="bottom" nowrap="nowrap"> <strong>16.12%</strong> </td> </tr> <tr style="font-size: 2pt;" valign="bottom"> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" align="left" valign="bottom" nowrap="nowrap"> Lowest 07/01/2011&#8211;09/30/2011 </td> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="right" valign="bottom" nowrap="nowrap"> <strong>-25.19%</strong> </td> </tr> </table> -0.0617 -0.0605 -0.0856 -0.0841 -0.0404 -0.0650 -0.0157 -0.0225 -0.0335 -0.0335 2010-12-27 2010-12-27 2010-12-27 ~ http://allianzfunds.com/20130125/role/ScheduleAverageAnnualReturnsTransposed20030 column dei_LegalEntityAxis compact ck0001423227_S000030658Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <table style="font-size: 10pt; font-family: 'Times New Roman',Times; color: #000000; background: none repeat scroll 0% 0% transparent; width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom"> &#160;&#160;&#160;&#160;After-tax returns are estimated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases 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 for Institutional Class shares only. After-tax returns for other share classes will vary. </td> </tr> </table> After-tax returns are estimated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The performance information below provides some indication of the risks of investing in the Fund by showing changes in its total return from year to year and by comparing the Fund's average annual total returns with those of a broad-based market index and a performance average of similar mutual funds. Past performance, before and after taxes, is not necessarily predictive of future performance. After-tax returns are for Institutional Class shares only. After-tax returns for other share classes will vary. In some cases 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. www.allianzinvestors.com Average Annual Total Returns (for periods ended 12/31/11) 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-deferred arrangements such as 401(k) plans or individual retirement accounts. AllianzGI Global Allocation Fund PALLX AGAMX AGAPX AGADX Portfolio Turnover. <p>&#160;The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). The Fund&#8217;s portfolio turnover rate for the fiscal year ended November&#160;30, 2011 was 64% 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 taxable account. These costs, which are not reflected in Total Annual Fund&#160;Operating Expenses or in the Examples above, can adversely affect the Fund&#8217;s investment performance. </p> 0.64 Investment Objective <p> The Fund seeks after-inflation capital appreciation and current income. </p> Principal Risks <p> <strong><font style="font-size: 9pt; font-family: Arial, Helvetica;"><br /> </font></strong> <font style="font-size: 9pt; font-family: Arial, Helvetica;">The Fund&#8217;s net asset value, yield and total return will be affected by: the allocation determinations, investment decisions and techniques of the Fund&#8217;s management; factors, risks and performance specific to the Underlying Funds, Other Acquired Funds, issuers of securities and other instruments in which the Fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers; and factors influencing the U.S.&#160;or global economies and securities markets or relevant industries or sectors within them (<strong>Management Risk, Allocation Risk, Underlying Fund and Other Acquired Fund&#160;Risks, Issuer Risk, Market Risk</strong>). Equity securities may react more strongly to changes in an issuer&#8217;s financial condition or prospects than other securities of the same issuer, and securities issued by smaller companies may be more volatile and present increased liquidity risk (<strong>Equity Securities Risk, Smaller Company Risk</strong>). Other principal risks include: <strong>Commodity Risk</strong> (commodity-linked derivative instruments may increase volatility); <strong>Convertible Securities Risk, Credit Risk, Fixed Income Risk, High Yield Risk, Interest Rate Risk</strong> (convertible and fixed income (debt) securities, particularly high-yield or junk bonds, are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to changes in interest rates or an issuer&#8217;s or counterparty&#8217;s deterioration or default); <strong>Derivatives Risk</strong> (derivative instruments are complex, have different characteristics than their underlying assets and are subject to additional risks, including leverage, liquidity and valuation); <strong>Focused Investment Risk</strong> (focusing on a limited number of issuers, sectors, industries or geographic regions increases risk and volatility); <strong>Index Risk</strong> (investments in index-linked derivatives are subject to the risks associated with the applicable index); <strong>IPO Risk</strong> (securities purchased in initial public offerings have no trading history, limited issuer information and increased volatility); <strong>Leveraging Risk</strong> (instruments and transactions that constitute leverage magnify gains or losses and increase volatility); <strong>Liquidity Risk</strong> (the lack of an active market for investments may cause delay in disposition or force a sale below fair value); <strong>Mortgage-Related and other Asset-Backed Risk</strong> (investing in mortgage- and asset-backed securities involves interest rate, credit, valuation, extension and liquidity risks and the risk that payments on the underlying assets are delayed, prepaid, subordinated or defaulted on); <strong><font style="white-space: nowrap;">Non-U.S.&#160;Investment</font> Risk, Emerging Markets Risk, Currency Risk</strong> <font style="white-space: nowrap;">(non-U.S.&#160;securities</font> markets and issuers may be more volatile, smaller, less-liquid, less transparent and subject to less oversight, particularly in emerging markets, and <font style="white-space: nowrap;">non-U.S.&#160;securities</font> values may also fluctuate with currency exchange rates); <strong>REIT and Real Estate-Linked Derivatives Risk</strong> (adverse changes in the real estate markets may affect the value of REIT investments or real estate-linked derivatives); <strong>Short Selling Risk</strong> (short selling enhances leveraging risk, involves counterparty risk and may potentially involve the risk of unlimited loss); and <strong>Variable Distribution Risk</strong> (periodic distributions by investments of variable or floating interest rates vary with fluctuations in market interest rates). Please see &#8220;Summary of Principal Risks&#8221; in the Fund&#8217;s statutory prospectus for a more detailed description of the Fund&#8217;s risks. It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fees and Expenses of the Fund <p> The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. </p> 0.0085 0.0085 0.0085 0.0085 0.0000 0.0000 0.0025 0.0025 0.0027 0.0037 0.0026 0.0028 0.0079 0.0079 0.0079 0.0079 0.0191 0.0201 0.0215 0.0217 -0.0096 -0.0096 -0.0095 -0.0092 0.0095 0.0105 0.0120 0.0125 ~ http://allianzfunds.com/20130125/role/ScheduleAnnualFundOperatingExpenses20033 column dei_LegalEntityAxis compact ck0001423227_S000025374Member row primary compact * ~ 2013-03-31 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment): Examples. <p>&#160;The Examples are intended to help you compare the cost of investing in shares 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&#8217;s operating expenses 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 Expense Reductions and, for all other periods, on Total Annual Fund Operating Expenses. </p> 97 507 942 2155 107 538 994 2261 122 581 1067 2408 127 590 1080 2431 ~ http://allianzfunds.com/20130125/role/ScheduleExpenseExampleTransposed20034 column dei_LegalEntityAxis compact ck0001423227_S000025374Member row primary compact * ~ Principal Investment Strategies <p> The Fund seeks to achieve its objective by normally investing primarily in certain affiliated mutual funds and exchange-traded funds (ETFs) sponsored by Allianz and Pacific Investment Management Company LLC (&#8220;PIMCO&#8221;) (the &#8220;Underlying Funds&#8221;). The Fund may invest without limit in Underlying Funds and may invest significantly in one or a small number of the Underlying Funds. Underlying Funds in turn invest in or have exposure to (i)&#160;<strong>return-generating assets</strong>, such as U.S.&#160;and global equities, commodities, real estate, mortgage securities, high yield securities, corporate bonds, emerging market bonds, public securities of infrastructure companies and private equity companies, and alternative investment strategies such as long-short and market neutral strategies <font style="white-space: nowrap;">and/or</font> (ii)&#160;<strong>defensive assets</strong>, such as Treasury Inflation-Protected Securities (&#8220;TIPS&#8221;), short-term U.S. and non-U.S.&#160;bonds and core (<em>e.g.</em>, investment grade) U.S. and non-U.S.&#160;bonds. The Fund may also invest in ETFs and mutual funds and pooled vehicles other than the Underlying Funds (together, &#8220;Other Acquired Funds&#8221;). The Fund does not currently intend to invest more than 10% of its assets in Other Acquired Funds that are not advised by the Manager or its affiliates. The Fund may also invest significantly in other securities and instruments as a complement or adjustment to its exposure to Underlying Funds and Other Acquired Funds. The <font style="white-space: nowrap;">Sub-Adviser</font> normally seeks to maintain significant economic exposure to a number of countries outside the U.S., and will invest directly or indirectly (through a fund) in instruments that are economically tied to at least three countries (one of which may be the United States). The Fund may have exposure to companies in a broad range of market capitalizations and geographic and industry distributions, as well as to fixed income and convertible instruments with a broad range of credit quality ratings and durations. The Fund may also utilize derivative instruments, such as options, forwards or futures contracts and swap agreements. Normally, the <font style="white-space: nowrap;">Sub-Adviser</font> will generally seek to maintain an allocation of 65% of the Fund&#8217;s assets in return-generating assets and 35% in defensive assets, though may cause the Fund to deviate from these allocations, for example, during periods of significant performance differential between the two categories. The Fund may also deviate from its allocation targets when expected returns are judged to be below or above long-term averages. In these cases, the <font style="white-space: nowrap;">Sub-Adviser</font> would seek to overweight what it deems to be the undervalued category and underweight the overvalued category. These decisions will normally be within the allocation ranges of 35% to 75% for return-generating assets and 25% to 65% for defensive assets. More information about the Fund, the Fund&#8217;s asset allocation and portfolio construction strategy, and the Underlying Funds is available in the Fund&#8217;s statutory prospectus. </p> Performance Information <p> The performance information below provides some indication of the risks of investing in the Fund by showing changes in its total return from year to year and by comparing the Fund&#8217;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 to its right show performance of the Fund&#8217;s Institutional Class shares. Class&#160;P, Administrative Class and Class&#160;D performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class shares. For periods prior to the inception date of a share class, performance information shown for such class may be based on the performance of an older class of shares that dates back to the Fund&#8217;s inception, as adjusted to reflect certain fees and expenses paid by the newer class. 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 certain fees and expenses paid by the particular share class of the Fund. These adjustments generally result in estimated performance results for the newer class that are higher or lower than the actual results of the predecessor class <font style="white-space: nowrap;">and/or</font> the predecessor fund, as the case may be, due to differing levels of fees and expenses paid. Details regarding the calculation of the Fund&#8217;s <font style="white-space: nowrap;">class-by-class</font> performance, including a discussion of any performance adjustments, are provided under &#8220;Additional Performance Information&#8221; in the Fund&#8217;s statutory prospectus and SAI. <em>Past performance, before and after taxes, is not necessarily predictive of future performance.</em> Visit www.allianzinvestors.com for more current performance information. </p> Calendar Year Total Returns - Institutional Class -0.1010 0.2453 0.1087 0.0677 0.1213 0.0779 -0.2672 0.2835 0.1510 -0.0326 0.1280 ~ http://allianzfunds.com/20130125/role/ScheduleAnnualTotalReturnsBarChart20035 column dei_LegalEntityAxis compact ck0001423227_S000025374Member row primary compact * ~ Highest 0.1489 2009-06-30 Lowest -0.1330 2011-09-30 <table style="font-size: 8pt; font-family: 'Times New Roman',Times; color: #000000; background: none repeat scroll 0% 0% transparent; width: 84%;" border="0" cellspacing="0" cellpadding="0" align="center"> <tr valign="bottom"> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> <strong>More Recent Return Information</strong> </td> </tr> <tr style="font-size: 2pt;" valign="bottom"> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="left" valign="bottom" nowrap="nowrap"> 01/01/12&#8211;12/31/12 </td> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="right" valign="bottom" nowrap="nowrap"> <strong>12.80%</strong> </td> </tr> <tr style="line-height: 44pt;" valign="bottom"> <td> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom"> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="left" valign="bottom" nowrap="nowrap"> &#160; </td> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="right" valign="bottom" nowrap="nowrap"> &#160; </td> </tr> <tr valign="bottom"> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> <strong>Highest and Lowest Quarter Returns<br /> </strong> (for periods shown in the bar chart) </td> </tr> <tr style="font-size: 2pt;" valign="bottom"> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="left" valign="bottom" nowrap="nowrap"> Highest 04/01/2009&#8211;06/30/2009 </td> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="right" valign="bottom" nowrap="nowrap"> <strong>14.89%</strong> </td> </tr> <tr style="font-size: 2pt;" valign="bottom"> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="left" valign="bottom" nowrap="nowrap"> Lowest 07/01/2011&#8211;09/30/2011 </td> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="right" valign="bottom" nowrap="nowrap"> <strong>-13.30%</strong> </td> </tr> </table> -0.0326 0.0245 0.0531 0.0582 -0.0429 0.0019 0.0361 0.0386 -0.0212 0.0079 0.0361 0.0388 -0.0329 0.0223 0.0507 0.0554 -0.0350 0.0206 0.0491 0.0538 -0.0353 0.0201 0.0486 0.0532 -0.0735 -0.0193 0.0424 0.0394 0.0784 0.0650 0.0578 0.0581 -0.0113 0.0191 0.0527 0.0508 0.0022 0.0155 0.0413 0.0445 1998-09-30 1998-09-30 1998-09-30 1998-09-30 1998-09-30 1998-09-30 1998-09-30 1998-09-30 ~ http://allianzfunds.com/20130125/role/ScheduleAverageAnnualReturnsTransposed20036 column dei_LegalEntityAxis compact ck0001423227_S000025374Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <table style="font-size: 10pt; font-family: 'Times New Roman',Times; color: #000000; background: none repeat scroll 0% 0% transparent; width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom"> &#160;&#160;&#160;&#160;After-tax returns are estimated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases 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 for Institutional Class shares only. After-tax returns for other share classes will vary. </td> </tr><!-- XBRL Paragraph Pagebreak --> </table> After-tax returns are estimated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The performance information below provides some indication of the risks of investing in the Fund by showing changes in its total 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. Past performance, before and after taxes, is not necessarily predictive of future performance. After-tax returns are for Institutional Class shares only. After-tax returns for other share classes will vary. In some cases 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. www.allianzinvestors.com Average Annual Total Returns (for periods ended 12/31/11) 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-deferred arrangements such as 401(k) plans or individual retirement accounts. AllianzGI Global Growth Allocation Fund AGSDX AGSPX AGAIX AGFAX Portfolio Turnover. <p>&#160;The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). The Fund&#8217;s portfolio turnover rate for the fiscal year ended November&#160;30, 2011 was 85% 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 taxable account. These costs, which are not reflected in Total Annual Fund&#160;Operating Expenses or in the Examples above, can adversely affect the Fund&#8217;s investment performance. </p> 0.85 Investment Objective <p> The Fund seeks after-inflation capital appreciation and, secondarily, current income. </p> Principal Risks <p> The Fund&#8217;s net asset value, yield and total return will be affected by: the allocation determinations, investment decisions and techniques of the Fund&#8217;s management; factors, risks and performance specific to the Underlying Funds, Other Acquired Funds, issuers of securities and other instruments in which the Fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers; and factors influencing the U.S.&#160;or global economies and securities markets or relevant industries or sectors within them (<strong>Management Risk, Allocation Risk, Underlying Fund and Other Acquired Fund&#160;Risks, Issuer Risk, Market Risk</strong>). Equity securities may react more strongly to changes in an issuer&#8217;s financial condition or prospects than other securities of the same issuer, and securities issued by smaller companies may be more volatile and present increased liquidity risk (<strong>Equity Securities Risk, Smaller Company Risk</strong>). Other principal risks include: <strong>Commodity Risk</strong> (commodity-linked derivative instruments may increase volatility); <strong>Convertible Securities Risk, Credit Risk, Fixed Income Risk, High Yield Risk, Interest Rate Risk</strong> (convertible and fixed income (debt) securities, particularly high-yield or junk bonds, are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to changes in interest rates or an issuer&#8217;s or counterparty&#8217;s deterioration or default); <strong>Derivatives Risk</strong> (derivative instruments are complex, have different characteristics than their underlying assets and are subject to additional risks, including leverage, liquidity and valuation); <strong>Focused Investment Risk</strong> (focusing on a limited number of issuers, sectors, industries or geographic regions increases risk and volatility); <strong>Index Risk</strong> (investments in index-linked derivatives are subject to the risks associated with the applicable index); <strong>IPO Risk</strong> (securities purchased in initial public offerings have no trading history, limited issuer information and increased volatility); <strong>Leveraging Risk</strong> (instruments and transactions that constitute leverage magnify gains or losses and increase volatility); <strong>Liquidity Risk</strong> (the lack of an active market for investments may cause delay in disposition or force a sale below fair value); <strong>Mortgage-Related and other Asset-Backed Risk</strong> (investing in mortgage- and asset-backed securities involves interest rate, credit, valuation, extension and liquidity risks and the risk that payments on the underlying assets are delayed, prepaid, subordinated or defaulted on); <strong><font style="white-space: nowrap;">Non-U.S.&#160;Investment</font> Risk, Emerging Markets Risk, Currency Risk</strong> <font style="white-space: nowrap;">(non-U.S.&#160;securities</font> markets and issuers may be more volatile, smaller, less-liquid, less transparent and subject to less oversight, particularly in emerging markets, and <font style="white-space: nowrap;">non-U.S.&#160;securities</font> values may also fluctuate with currency exchange rates); <strong>REIT and Real Estate-Linked Derivatives Risk</strong> (adverse changes in the real estate markets may affect the value of REIT investments or real estate-linked derivatives); <strong>Short Selling Risk</strong> (short selling enhances leveraging risk, involves counterparty risk and may potentially involve the risk of unlimited loss); and <strong>Variable Distribution Risk</strong> (periodic distributions by investments of variable or floating interest rates vary with fluctuations in market interest rates). Please see &#8220;Summary of Principal Risks&#8221; in the Fund&#8217;s statutory prospectus for a more detailed description of the Fund&#8217;s risks. It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. </p> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fees and Expenses of the Fund <p> The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. </p> 0.0085 0.0085 0.0085 0.0085 0.0000 0.0000 0.0025 0.0025 0.0231 0.0241 0.0231 0.0250 0.0092 0.0092 0.0092 0.0092 0.0408 0.0418 0.0433 0.0452 -0.0303 -0.0303 -0.0303 -0.0320 0.0105 0.0115 0.0130 0.0132 ~ http://allianzfunds.com/20130125/role/ScheduleAnnualFundOperatingExpenses20039 column dei_LegalEntityAxis compact ck0001423227_S000025373Member row primary compact * ~ 2013-03-31 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment): Examples. <p>&#160;The Examples are intended to help you compare the cost of investing in shares 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&#8217;s operating expenses 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 Expense Reductions and, for all other periods, on Total Annual Fund Operating Expenses. </p> 107 963 1835 4086 117 993 1882 4171 132 1036 1953 4298 134 1076 2027 4444 ~ http://allianzfunds.com/20130125/role/ScheduleExpenseExampleTransposed20040 column dei_LegalEntityAxis compact ck0001423227_S000025373Member row primary compact * ~ Principal Investment Strategies <p> The Fund seeks to achieve its objective by normally investing primarily in certain affiliated mutual funds and exchange-traded funds (ETFs) sponsored by Allianz and Pacific Investment Management Company LLC (&#8220;PIMCO&#8221;) (the &#8220;Underlying Funds&#8221;). The Fund may invest without limit in Underlying Funds and may invest significantly in one or a small number of the Underlying Funds. Underlying Funds in turn invest in or have exposure to (i)&#160;<strong>return-generating assets</strong>, such as U.S.&#160;and global equities, commodities, real estate, mortgage securities, high yield securities, corporate bonds, emerging market bonds, public securities of infrastructure companies and private equity companies, and alternative investment strategies such as long-short and market neutral strategies <font style="white-space: nowrap;">and/or</font> (ii)&#160;<strong>defensive assets</strong>, such as Treasury Inflation-Protected Securities (&#8220;TIPS&#8221;), short-term U.S. and non-U.S.&#160;bonds and core (<em>e.g.</em>, investment grade) U.S. and non-U.S.&#160;bonds. The Fund may also invest in ETFs and mutual funds and pooled vehicles other than the Underlying Funds (together, &#8220;Other Acquired Funds&#8221;). The Fund does not currently intend to invest more than 10% of its assets in Other Acquired Funds that are not advised by the Manager or its affiliates. The Fund may also invest significantly in other securities and instruments as a complement or adjustment to its exposure to Underlying Funds and Other Acquired Funds. The <font style="white-space: nowrap;">Sub-Adviser</font> normally seeks to maintain significant economic exposure to a number of countries outside the U.S., and will invest directly or indirectly (through a fund) in instruments that are economically tied to at least three countries (one of which may be the United States). The Fund may have exposure to companies in a broad range of market capitalizations and geographic and industry distributions, as well as to fixed income and convertible instruments with a broad range of credit quality ratings and durations. The Fund may also utilize derivative instruments, such as options, forwards or futures contracts and swap agreements. Normally, the <font style="white-space: nowrap;">Sub-Adviser</font> will generally seek to maintain an allocation of 100% of the Fund&#8217;s assets in return-generating assets and 0% in defensive assets, though may cause the Fund to deviate from these allocations, for example, during periods of significant performance differential between the two categories. The Fund may also deviate from its allocation targets when expected returns are judged to be below or above long-term averages. In these cases, the <font style="white-space: nowrap;">Sub-Adviser</font> would seek to overweight what it deems to be the undervalued category and underweight the overvalued category. These decisions will normally be within the allocation ranges of 70% to 100% for return-generating assets and 0% to 30% for defensive assets. More information about the Fund, the Fund&#8217;s asset allocation and portfolio construction strategy, and the Underlying Funds is available in the Fund&#8217;s statutory prospectus. </p> Performance Information <p> The performance information below provides some indication of the risks of investing in the Fund by showing changes in its total return from year to year and by comparing the Fund&#8217;s average annual total returns with those of a broad-based market index and a performance average of similar mutual funds. The bar chart and the information to its right show performance of the Fund&#8217;s Institutional Class shares. Class&#160;P, Administrative Class and Class&#160;D performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class shares. <em>Past performance, before and after taxes, is not necessarily predictive of future performance.</em> Visit www.allianzinvestors.com for more current performance information. </p> Calendar Year Total Returns - Institutional Class 0.1731 -0.0569 0.1415 ~ http://allianzfunds.com/20130125/role/ScheduleAnnualTotalReturnsBarChart20041 column dei_LegalEntityAxis compact ck0001423227_S000025373Member row primary compact * ~ Highest 0.1297 2010-09-30 Lowest -0.1767 2011-09-30 <table style="width: 84%;" border="0" cellspacing="0" cellpadding="0" align="center"> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> <strong>More Recent Return Information</strong> </td> </tr> <tr style="font-size: 2pt;" valign="bottom"> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" align="left" valign="bottom" nowrap="nowrap"> 01/01/12&#8211;12/31/12 </td> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="right" valign="bottom" nowrap="nowrap"> <strong>14.15%</strong> </td> </tr> <tr style="line-height: 44pt;" valign="bottom"> <td> &#160; </td> <td> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" align="left" valign="bottom" nowrap="nowrap"> &#160; </td> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="right" valign="bottom" nowrap="nowrap"> &#160; </td> </tr> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> <strong>Highest and Lowest Quarter Returns<br /> </strong> (for periods shown in the bar chart) </td> </tr> <tr style="font-size: 2pt;" valign="bottom"> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" align="left" valign="bottom" nowrap="nowrap"> Highest 07/01/2010&#8211;09/30/2010 </td> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="right" valign="bottom" nowrap="nowrap"> <strong>12.97%</strong> </td> </tr> <tr style="font-size: 2pt;" valign="bottom"> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" align="left" valign="bottom" nowrap="nowrap"> Lowest 07/01/2011&#8211;09/30/2011 </td> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="right" valign="bottom" nowrap="nowrap"> <strong>-17.67%</strong> </td> </tr> </table> -0.0569 0.1667 -0.0700 0.1488 -0.0354 0.1347 -0.0575 0.1656 -0.0590 0.1638 -0.0593 0.1633 -0.0735 0.1458 -0.0546 0.1139 2009-04-27 2009-04-27 2009-04-27 2009-04-27 2009-04-27 2009-04-27 ~ http://allianzfunds.com/20130125/role/ScheduleAverageAnnualReturnsTransposed20042 column dei_LegalEntityAxis compact ck0001423227_S000025373Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <table style="font-size: 10pt; font-family: 'Times New Roman',Times; color: #000000; background: none repeat scroll 0% 0% transparent; width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom"> &#160;&#160;&#160;&#160;After-tax returns are estimated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases 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 for Institutional Class shares only. After-tax returns for other share classes will vary. </td> </tr> </table> After-tax returns are estimated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The performance information below provides some indication of the risks of investing in the Fund by showing changes in its total return from year to year and by comparing the Fund's average annual total returns with those of a broad-based market index and a performance average of similar mutual funds. Past performance, before and after taxes, is not necessarily predictive of future performance. After-tax returns are for Institutional Class shares only. After-tax returns for other share classes will vary. In some cases 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. www.allianzinvestors.com Average Annual Total Returns (for periods ended 12/31/11) 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-deferred arrangements such as 401(k) plans or individual retirement accounts. AllianzGI Global Managed Volatility Fund Portfolio Turnover. <p>&#160;The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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 taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Examples above, can adversely affect the Fund&#8217;s investment performance. </p> Investment Objective <p> The Fund seeks long-term capital appreciation. </p> Principal Risks <p> The Fund&#8217;s net asset value, yield and total return will be affected by the allocation determinations, investment decisions and techniques of the Fund&#8217;s management, factors specific to the issuers of securities and other instruments in which the Fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers, and factors influencing the U.S. or global economies and securities markets or relevant industries or sectors within them <strong>(Management Risk, Issuer Risk, Market Risk).</strong> Equity securities may react more strongly to changes in an issuer&#8217;s financial condition or prospects than other securities of the same issuer, and securities issued by smaller companies may be more volatile and present increased liquidity risk <strong>(Equity Securities Risk, Smaller Company Risk).</strong> Non-U.S.&#160;securities markets and issuers may be more volatile, smaller, less liquid, less transparent and subject to less oversight, particularly in emerging markets, and non-U.S.&#160;securities values may also fluctuate with currency exchange rates <strong>(Non-U.S.&#160;Investment Risk, Emerging Markets Risk, Currency Risk).</strong> Other principal risks include: <strong>Credit Risk</strong> (an issuer or counterparty may default on obligations); <strong>Derivatives Risk</strong> (derivative instruments are complex, have different characteristics than their underlying assets and are subject to additional risks, including leverage, liquidity and valuation); <strong>Focused Investment Risk</strong> (focusing on a limited number of issuers, sectors, industries or geographic regions increases risk and volatility); <strong>IPO Risk</strong> (securities purchased in initial public offerings have no trading history, limited issuer information and increased volatility); <strong>Leveraging Risk</strong> (instruments and transactions that constitute leverage magnify gains or losses and increase volatility); <strong>Liquidity Risk</strong> (the lack of an active market for investments may cause delay in disposition or force a sale below fair value); and <strong>Turnover Risk</strong> (high levels of portfolio turnover increase transaction costs and taxes and may lower investment performance). Please see &#8220;Summary of Principal Risks&#8221; in the Fund&#8217;s statutory prospectus for a more detailed description of the Fund&#8217;s risks. It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. </p> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fees and Expenses of the Fund <p> The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. </p> 0.0040 0.0040 0.0040 0.0000 0.0000 0.0025 0.0136 0.0146 0.0136 0.0176 0.0186 0.0201 -0.0116 -0.0116 -0.0106 0.0060 0.0070 0.0095 ~ http://allianzfunds.com/20130125/role/ScheduleAnnualFundOperatingExpenses20045 column dei_LegalEntityAxis compact ck0001423227_S000035100Member row primary compact * ~ 2013-03-31 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Other Expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2012 and include organizational expenses. Shareholder Fees (fees paid directly from your investment): Examples. <p>&#160;The Examples are intended to help you compare the cost of investing in shares 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&#8217;s operating expenses 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 Expense Reductions and, for all other periods, on Total Annual Fund Operating Expenses. </p> 61 364 72 395 97 452 ~ http://allianzfunds.com/20130125/role/ScheduleExpenseExampleTransposed20046 column dei_LegalEntityAxis compact ck0001423227_S000035100Member row primary compact * ~ Principal Investment Strategies <p> The Fund seeks to achieve its investment objective by creating a portfolio of global equities that manages overall portfolio volatility. The Fund normally invests primarily in equity securities of companies located both in the U.S. and countries outside of the U.S., and will not invest more than 50%, or 5% more than the country&#8217;s weight in the MSCI World Index, whichever is greater, in one country. (As of December&#160;31, 2012, the capitalization weighting of the U.S. in the MSCI World Index was 52.3%.) The Fund may invest in issuers of any size market capitalization, including smaller capitalization companies. The Fund may also invest in initial public offerings (IPOs). The Fund will normally focus its investments in developed countries, but reserves the flexibility to invest in emerging market securities as well. </p> <br/><p> The portfolio managers use a dynamic quantitative process combined with a fundamentals-based, actively-managed security selection process to make individual security and sector selection decisions. Under the Sub-Adviser&#8217;s managed volatility strategy, the portfolio managers seek to emphasize stocks that exhibit a lower sensitivity to broader market movements (or &#8220;beta&#8221;), as they believe that stocks with higher betas are not rewarded with commensurately higher returns by the market. The portfolio construction process is iterative in nature. Initially, the portfolio managers build a fully invested and diversified portfolio subject to sector, capitalization and security constraints with a goal of minimizing total volatility as measured by the standard deviation of returns. The team then overlays a proprietary stock selection model and seeks to build a final portfolio of stocks that considers the trade off between volatility and sources of relative performance (or &#8220;alpha&#8221;). The portfolio managers consider whether to sell a particular security when any of the above factors materially changes, or when a more attractive investment candidate is available. </p> <br/><table style="font-size: 10pt; font-family: 'Times New Roman',Times; color: #000000; background: none repeat scroll 0% 0% transparent; width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom"> The Fund may have a high portfolio turnover rate, which may be in excess of 100%. </td> </tr> <tr> <td valign="bottom"> In addition to equity securities (such as preferred stocks, convertible securities and warrants) and equity-related instruments, the Fund may invest in securities issued in initial public offerings (IPOs), and utilize foreign currency exchange contracts, options, stock index futures contracts, warrants and other derivative instruments. Although the Fund does not expect to invest significantly in derivative instruments during its initial fiscal year, it may do so at any time. </td> </tr> </table> Performance Information <p> Performance information for the Fund will be available after the Fund completes a full calendar year of operation. </p> Performance information for the Fund will be available after the Fund completes a full calendar year of operation. AllianzGI Global Water Fund AWTDX AWTPX AWTIX Portfolio Turnover. <p>&#160;The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). The Fund&#8217;s portfolio turnover rate for the fiscal year ended November&#160;30, 2011 was 73% 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 taxable account. These costs, which are not reflected in Total Annual Fund&#160;Operating Expenses or in the Examples above, can adversely affect the Fund&#8217;s investment performance. </p> 0.73 Investment Objective <p> The Fund seeks long-term capital appreciation. </p> Principal Risks <p> The Fund&#8217;s net asset value, yield and total return will be affected by the allocation determinations, investment decisions and techniques of the Fund&#8217;s management, factors specific to the issuers of securities and other instruments in which the Fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers, and factors influencing the U.S.&#160;or global economies and securities markets or relevant industries or sectors within them (<strong>Management Risk, Issuer Risk, Market Risk</strong>). Equity securities may react more strongly to changes in an issuer&#8217;s financial condition or prospects than other securities of the same issuer, and securities issued by smaller companies may be more volatile and present increased liquidity risk (<strong>Equity Securities Risk, Smaller Company Risk</strong>). Focusing on a limited number of issuers, sectors, industries or geographic regions increases risk and volatility; for example, because the Fund focuses its investments in water-related companies, it is particularly affected by events or factors relating to this sector (<strong>Focused Investment Risk, Water-Related Risk</strong>). <font style="white-space: nowrap;">Non-U.S.&#160;securities</font> markets and issuers may be more volatile, smaller, less-liquid, less transparent and subject to less oversight, particularly in emerging markets, and <font style="white-space: nowrap;">non-U.S.&#160;securities</font> values may also fluctuate with currency exchange rates (<strong><font style="white-space: nowrap;">Non-U.S.&#160;Investment</font> Risk, Emerging Markets Risk, Currency Risk</strong>). Other principal risks include: <strong>Credit Risk</strong> (an issuer or counterparty may default on obligations); <strong>Derivatives Risk</strong> (derivative instruments are complex, have different characteristics than their underlying assets and are subject to additional risks, including leverage, liquidity and valuation); <strong>IPO Risk</strong> (securities purchased in initial public offerings have no trading history, limited issuer information and increased volatility); <strong>Leveraging Risk</strong> (instruments and transactions that constitute leverage magnify gains or losses and increase volatility); <strong>Liquidity Risk</strong> (the lack of an active market for investments may cause delay in disposition or force a sale below fair value); and <strong>Turnover Risk</strong> (high levels of portfolio turnover increase transaction costs and taxes and may lower investment performance). Please see &#8220;Summary of Principal Risks&#8221; in the Fund&#8217;s statutory prospectus for a more detailed description of the Fund&#8217;s risks. It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. </p> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fees and Expenses of the Fund <p> The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. </p> 0.0095 0.0095 0.0095 0.0000 0.0000 0.0025 0.0044 0.0057 0.0080 0.0139 0.0152 0.0200 -0.0009 -0.0012 -0.0040 0.0130 0.0140 0.0160 ~ http://allianzfunds.com/20130125/role/ScheduleAnnualFundOperatingExpenses20049 column dei_LegalEntityAxis compact ck0001423227_S000021463Member row primary compact * ~ 2013-03-31 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment): Examples. <p>&#160;The Examples are intended to help you compare the cost of investing in shares 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&#8217;s operating expenses 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 Expense Reductions and, for all other periods, on Total Annual Fund Operating Expenses. </p> 132 431 752 1661 143 469 818 1802 163 589 1041 2295 ~ http://allianzfunds.com/20130125/role/ScheduleExpenseExampleTransposed20050 column dei_LegalEntityAxis compact ck0001423227_S000021463Member row primary compact * ~ Principal Investment Strategies <p> The Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of companies that are represented in one or more of the S&amp;P Global Water Index, the Palisades Water or Global Water Indices or the Janney Water Index (Composite), or that are substantially engaged in water-related activities. The portfolio managers consider &#8220;water-related activities&#8221; as those that relate to the quality or availability of or demand for potable and non-potable water and include but are not necessarily limited to the following: water production, storage, transport and distribution; water supply-enhancing or water demand-reducing technologies and materials; water planning, control and research; water conditioning, such as filtering, desalination, disinfection and purification; sewage and liquid waste treatment; and water delivery-related equipment and technology, consulting or engineering services relating to any of the above-mentioned activities. Normally, the Fund invests at least 40% of its total assets in <font style="white-space: nowrap;">non-U.S.&#160;securities</font> and allocates its investments across at least eight different countries (including the U.S.), and may invest in emerging market securities. The portfolio managers select investments on a <font style="white-space: nowrap;">bottom-up</font> basis irrespective of market capitalization, geography, industry/sector or growth- or value-orientation, and ordinarily look for several of the following characteristics: higher than average growth and strong potential for capital appreciation; substantial capacity for growth in revenue through either an expanding market or market share; a strong balance sheet; superior management; strong commitment to research and product development; and differentiated or superior products and services or a steady stream of new products and services. Investments are not restricted to companies with a record of dividend payments. In analyzing specific companies for possible investment, the portfolio managers may also consider the anticipated economic growth rate, political outlook, inflation rate, currency outlook and interest rate environment for the country and the region in which the company is located. In selecting investments, the portfolio managers may seek the input of a global research platform, regional portfolio managers and single country managers. The Fund is &#8220;non-diversified,&#8221; which means that it may invest a significant portion of its assets in a relatively small number of issuers, which may increase risk. In addition to common stocks and other equity securities (such as preferred stocks, convertible securities and warrants), the Fund may invest in securities issued in initial public offerings (IPOs), and may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. Although the Fund did not invest significantly in derivative instruments as of the most recent fiscal year end, it may do so at any time. </p> Performance Information <p> The performance information below provides some indication of the risks of investing in the Fund by showing changes in its total return from year to year and by comparing the Fund&#8217;s average annual total returns with those of a broad-based market index and a performance average of similar mutual funds. The bar chart and the information to its right show performance of the Fund&#8217;s Institutional Class shares. Class&#160;P and Class&#160;D performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class shares. For periods prior to the inception date of a share class, performance information shown for such class may be based on the performance of an older class of shares that dates back to the Fund&#8217;s inception, as adjusted to reflect certain fees and expenses paid by the newer class. These adjustments generally result in estimated performance results for the newer class that are higher or lower than the actual results of the predecessor class due to differing levels of fees and expenses paid. Details regarding the calculation of the Fund&#8217;s <font style="white-space: nowrap;">class-by-class</font> performance, including a discussion of any performance adjustments, are provided under &#8220;Additional Performance Information&#8221; in the Fund&#8217;s statutory prospectus and SAI. <em>Past performance, before and after taxes, is not necessarily predictive of future performance.</em> Visit www.allianzinvestors.com for more current performance information. </p> Calendar Year Total Returns - Institutional Class 0.2730 0.1644 -0.0769 0.2188 ~ http://allianzfunds.com/20130125/role/ScheduleAnnualTotalReturnsBarChart20051 column dei_LegalEntityAxis compact ck0001423227_S000021463Member row primary compact * ~ Highest 0.2518 2009-06-30 Lowest -0.1819 2011-12-31 <table style="width: 84%;" border="0" cellspacing="0" cellpadding="0" align="center"> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> <strong>More Recent Return Information</strong> </td> </tr> <tr style="font-size: 2pt;" valign="bottom"> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" align="left" valign="bottom" nowrap="nowrap"> 01/01/12&#8211;12/31/12 </td> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="right" valign="bottom" nowrap="nowrap"> <strong>21.88%</strong> </td> </tr> <tr style="line-height: 44pt;" valign="bottom"> <td> &#160; </td> <td> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" align="left" valign="bottom" nowrap="nowrap"> &#160; </td> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="right" valign="bottom" nowrap="nowrap"> &#160; </td> </tr> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> <strong>Highest and Lowest Quarter Returns<br /> </strong> (for periods shown in the bar chart) </td> </tr> <tr style="font-size: 2pt;" valign="bottom"> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" align="left" valign="bottom" nowrap="nowrap"> Highest 04/01/2009&#8211;06/30/2009 </td> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="right" valign="bottom" nowrap="nowrap"> <strong>25.18%</strong> </td> </tr> <tr style="font-size: 2pt;" valign="bottom"> <td style="font-family: Arial, Helvetica;" colspan="3" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td style="font-family: Arial, Helvetica;" align="left" valign="bottom" nowrap="nowrap"> Lowest 10/01/2011&#8211;12/31/2011 </td> <td> &#160; </td> <td style="font-family: Arial, Helvetica;" align="right" valign="bottom" nowrap="nowrap"> <strong>-18.19%</strong> </td> </tr> </table> -0.0769 -0.0251 -0.0796 -0.0297 -0.0500 -0.0241 -0.0773 -0.0258 -0.0804 -0.0284 -0.0674 -0.0118 -0.1679 -0.0704 2008-03-31 2008-03-31 2008-03-31 2008-03-31 2008-03-31 ~ http://allianzfunds.com/20130125/role/ScheduleAverageAnnualReturnsTransposed20052 column dei_LegalEntityAxis compact ck0001423227_S000021463Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <table style="font-size: 10pt; font-family: 'Times New Roman',Times; color: #000000; background: none repeat scroll 0% 0% transparent; width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom"> &#160;&#160;&#160;&#160;After-tax returns are estimated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases 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 for Institutional Class shares only. After-tax returns for other share classes will vary. </td> </tr> </table> After-tax returns are estimated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The performance information below provides some indication of the risks of investing in the Fund by showing changes in its total return from year to year and by comparing the Fund's average annual total returns with those of a broad-based market index and a performance average of similar mutual funds. Past performance, before and after taxes, is not necessarily predictive of future performance. After-tax returns are for Institutional Class shares only. After-tax returns for other share classes will vary. In some cases 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. www.allianzinvestors.com Average Annual Total Returns (for periods ended 12/31/11) 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-deferred arrangements such as 401(k) plans or individual retirement accounts. AllianzGI High Yield Bond Fund AYBPX AYBDX AYBIX AYBVX Portfolio Turnover. <p>&#160;The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). The Fund&#8217;s portfolio turnover rate for the fiscal year ended November&#160;30, 2011 was 168% 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 taxable account. These costs, which are not reflected in Total Annual Fund&#160;Operating Expenses or in the Examples above, can adversely affect the Fund&#8217;s investment performance. </p> 1.68 Investment Objective <p> The Fund seeks a high level of current income and capital growth. </p> Principal Risks <p> The Fund&#8217;s net asset value, yield and total return will be affected by the allocation determinations, investment decisions and techniques of the Fund&#8217;s management, factors specific to the issuers of securities and other instruments in which the Fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers, and factors influencing the U.S.&#160;or global economies and securities markets or relevant industries or sectors within them (<strong>Management Risk, Issuer Risk, Market Risk</strong>). Fixed income (debt) securities, particularly high-yield or junk bonds, are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to changes in interest rates or an issuer&#8217;s or counterparty&#8217;s deterioration or default (<strong>High Yield Risk, Interest Rate Risk, Credit Risk</strong>). The lack of an active market for investments may cause delay in disposition or force a sale below fair value (<strong>Liquidity Risk</strong>). Other principal risks include: <strong>Derivatives Risk</strong> (derivative instruments are complex, have different characteristics than their underlying assets and are subject to additional risks, including leverage, liquidity and valuation); <strong>Focused Investment Risk</strong> (focusing on a limited number of issuers, sectors, industries or geographic regions increases risk and volatility); <strong>Leveraging Risk</strong> (instruments and transactions that constitute leverage magnify gains or losses and increase volatility); <strong>Smaller Company Risk</strong> (Securities issued by smaller companies may be more volatile and present increased liquidity risk); and <strong>Turnover Risk</strong> (high levels of portfolio turnover increase transaction costs and taxes and may lower investment performance). Please see &#8220;Summary of Principal Risks&#8221; in the Fund&#8217;s statutory prospectus for a more detailed description of the Fund&#8217;s risks. It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. </p> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fees and Expenses of the Fund <p> The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund. </p> 0.0048 0.0048 0.0048 0.0048 0.0000 0.0000 0.0025 0.0025 0.0029 0.0040 0.0030 0.0039 0.0077 0.0088 0.0103 0.0112 -0.0012 -0.0013 -0.0013 -0.0012 0.0065 0.0075 0.0090 0.0100 ~ http://allianzfunds.com/20130125/role/ScheduleAnnualFundOperatingExpenses20055 column dei_LegalEntityAxis compact ck0001423227_S000028360Member row primary compact * ~ 2013-03-31 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment): Examples. <p>&#160;The Examples are intended to help you compare the cost of investing in shares 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&#8217;s operating expenses 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 Expense Reductions and, for all other periods, on Total Annual Fund Operating Expenses. </p> 66 234 416 943 77 268 475 1072 92 315 556 1248 102 344 605 1352 ~ http://allianzfunds.com/20130125/role/ScheduleExpenseExampleTransposed20056 column dei_LegalEntityAxis compact ck0001423227_S000028360Member row primary compact * ~ Principal Investment Strategies <p> The Fund seeks to achieve its objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in high yield securities (&#8220;junk bonds&#8221;), which are fixed income securities rated below investment grade or unrated and determined to be of similar quality. The Fund&#8217;s fixed income securities may be fixed-, variable- or floating-rate. The Fund invests across the entire range of maturities of high yield securities. The portfolio managers follow a disciplined, fundamental <font style="white-space: nowrap;">bottom-up</font> research process, which facilitates the early identification of high yield issuers demonstrating their ability to improve their fundamental characteristics. The portfolio managers select issuers that exceed minimum credit statistics and exhibit the highest visibility of future expected operating performance. The portfolio managers look for the following in high yield investment candidates: ability to exceed market expectations of operating earnings; the potential for bond rating upgrades; debt reduction capabilities; the ability to secure other sources of capital; and the potential to be recognized as an acquisition candidate. The fundamental research process generally includes: breakdown of a company and its growth by division and region, including revenue model analysis; profit margin analysis; experience and quality of its management; industry dynamics and competitive analysis; distribution channel and supply chain analysis; and macroeconomic climate. The Fund may utilize foreign currency exchange contracts, options, stock index futures contracts, warrants and other derivative instruments. Although the Fund did not invest significantly in derivative instruments as of the most recent fiscal year end, it may do so at any time. </p> Performance Information <p> The performance information below provides some indication of the risks of investing in the Fund by showing changes in its total return from year to year and by comparing the Fund&#8217;s average annual total returns with those of a broad-based market index and a performance average of similar mutual funds. The bar chart and the information to its right show performance of the Fund&#8217;s Institutional Class shares. Class&#160;P, Administrative Class and Class&#160;D performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class shares. For periods prior to the inception date of a share class, performance information shown for such class may be based on the performance of an older class of shares that dates back to the Fund&#8217;s inception, as adjusted to reflect certain fees and expenses paid by the newer class. 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 certain fees and expenses paid by the particular share class of the Fund. These adjustments generally result in estimated performance results for the newer class that are higher or lower than the actual results of the predecessor class <font style="white-space: nowrap;">and/or</font> the predecessor fund, as the case may be, due to differing levels of fees and expenses paid. Details regarding the calculation of the Fund&#8217;s <font style="white-space: nowrap;">class-by-class</font> performance, including a discussion of any performance adjustments, are provided under &#8220;Additional Performance Information&#8221; in the Fund&#8217;s statutory prospectus and SAI. <em>Past performance, before and after taxes, is not necessarily predictive of future performance.</em> Visit www.allianzinvestors.com for more current performance information. </p> Calendar Year Total Returns - Institutional Class 0.0397 0.2055 0.0812 0.0339 0.0984 0.0359 -0.2041