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ALLIANZ FUNDS
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Allianz NFJ International Value Fund
<p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>ALLIANZ FUNDS</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Supplement Dated November 1, 2012</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>to the Statutory Prospectus for Institutional Class, Class P, Administrative Class and Class D</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Shares of all series of Allianz Funds except for Allianz RCM Focused Growth Fund</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>and Allianz Global Investors Money Market Fund</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Dated August 29, 2012 (as supplemented thereafter)</font></p> <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>Disclosure Relating to All Series of Allianz Funds, except for Allianz RCM Focused</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Growth Fund and Allianz Global Investors Money Market Fund (each, a “Fund” and,</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>collectively, the “Funds”)</font></b></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>On October 18-19, 2012, the Board of Trustees of Allianz Funds (the “Trust”) approved an Expense Waiver Agreement between the Trust and Allianz Global Investors Fund Management LLC, effective as of November 1, 2012 for a one-year period. The Trust’s statutory prospectus is hereby revised to reflect the terms of the Expense Waiver Agreement, as described in further detail below.</font></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:13.5pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><b><u><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Disclosure Relating to Allianz NFJ International Value Fund</font></u></b></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:4.5pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Within the Fund Summary relating to the Allianz NFJ International Value Fund, the fee tables and expense examples for the Fund under “Fees and Expenses of the Fund” will be revised in their entirety as follows:</font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"> </p>
Shareholder Fees (fees paid directly from your investment): None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Examples.
<p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"><font style='font-size:10.0pt;line-height:115%;font-family: "Times New Roman","serif"'>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’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></p>
<p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>Please retain this Supplement for future reference.</font></b></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"> </p>
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Allianz NFJ International Value Fund
<p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:13.5pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>ALLIANZ FUNDS</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Supplement Dated November 1, 2012</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>to the Statutory Prospectus for Class A, Class B, Class C and Class R Shares</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>of all series of Allianz Funds except for Allianz RCM Focused Growth Fund</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>and Allianz Global Investors Money Market Fund</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Dated August 29, 2012 (as supplemented thereafter)</font></p> <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>Disclosure Relating to All Series of Allianz Funds, except for Allianz RCM Focused</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Growth Fund and Allianz Global Investors Money Market Fund (each, a “Fund” and, collectively, the “Funds”)</font></b></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>On October 18-19, 2012, the Board of Trustees of Allianz Funds (the “Trust”) approved an Expense Waiver Agreement between the Trust and Allianz Global Investors Fund Management LLC, effective as of November 1, 2012 for a one-year period. The Trust’s statutory prospectus is hereby revised to reflect the terms of the Expense Waiver Agreement, as described in further detail below.</font></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:11.25pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><b><u><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Disclosure Relating to Allianz NFJ International Value Fund</font></u></b></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:4.5pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Within the Fund Summary relating to the Allianz NFJ International Value Fund, the fee tables and expense examples for the Fund under “Fees and Expenses of the Fund” will be revised in their entirety as follows:</font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"> </p>
2013-10-31
Shareholder Fees (fees paid directly from your investment)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Examples.
<p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"><font style='font-size:10.0pt;line-height:115%;font-family: "Times New Roman","serif"'>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’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></p>
Example: Assuming you redeem your shares at the end of each period
Example: Assuming you do not redeem your shares
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Allianz NFJ Small-Cap Value Fund
<p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>ALLIANZ FUNDS</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Supplement Dated November 1, 2012</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>to the Statutory Prospectus for Institutional Class, Class P, Administrative Class and Class D</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Shares of all series of Allianz Funds except for Allianz RCM Focused Growth Fund</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>and Allianz Global Investors Money Market Fund</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Dated August 29, 2012 (as supplemented thereafter)</font></p> <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>Disclosure Relating to All Series of Allianz Funds, except for Allianz RCM Focused</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Growth Fund and Allianz Global Investors Money Market Fund (each, a “Fund” and,</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>collectively, the “Funds”)</font></b></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>On October 18-19, 2012, the Board of Trustees of Allianz Funds (the “Trust”) approved an Expense Waiver Agreement between the Trust and Allianz Global Investors Fund Management LLC, effective as of November 1, 2012 for a one-year period. The Trust’s statutory prospectus is hereby revised to reflect the terms of the Expense Waiver Agreement, as described in further detail below.</font></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:13.5pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><b><u><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Disclosure Relating to Allianz NFJ Small-Cap Value Fund</font></u></b></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:4.5pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Within the Fund Summary relating to the Allianz NFJ Small-Cap Value Fund, the fee tables and expense examples for the Fund under “Fees and Expenses of the Fund” will be revised in their entirety as follows:</font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"> </p>
Shareholder Fees (fees paid directly from your investment): None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Examples.
<p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"><font style='font-size:10.0pt;line-height:115%;font-family: "Times New Roman","serif"'>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’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></p>
<p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>Please retain this Supplement for future reference.</font></b></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"> </p>
PVADX
PNVDX
PSVIX
ASVPX
0.0086
0.0000
0.0001
0.0087
0.0096
0.0000
0.0001
0.0097
0.0086
0.0025
0.0001
0.0112
0.0096
0.0025
0.0001
0.0122
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81
270
474
1065
96
306
533
1187
106
348
609
1356
121
384
667
1475
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Allianz NFJ Small-Cap Value Fund
<p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:13.5pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>ALLIANZ FUNDS</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Supplement Dated November 1, 2012</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>to the Statutory Prospectus for Class A, Class B, Class C and Class R Shares</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>of all series of Allianz Funds except for Allianz RCM Focused Growth Fund</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>and Allianz Global Investors Money Market Fund</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Dated August 29, 2012 (as supplemented thereafter)</font></p> <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>Disclosure Relating to All Series of Allianz Funds, except for Allianz RCM Focused</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Growth Fund and Allianz Global Investors Money Market Fund (each, a “Fund” and, collectively, the “Funds”)</font></b></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>On October 18-19, 2012, the Board of Trustees of Allianz Funds (the “Trust”) approved an Expense Waiver Agreement between the Trust and Allianz Global Investors Fund Management LLC, effective as of November 1, 2012 for a one-year period. The Trust’s statutory prospectus is hereby revised to reflect the terms of the Expense Waiver Agreement, as described in further detail below.</font></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:13.5pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><b><u><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Disclosure Relating to Allianz NFJ Small-Cap Value Fund</font></u></b></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:4.5pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Within the Fund Summary relating to the Allianz NFJ Small-Cap Value Fund, the fee tables and expense examples for the Fund under “Fees and Expenses of the Fund” will be revised in their entirety as follows:</font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"> </p>
2013-10-31
Shareholder Fees (fees paid directly from your investment)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Examples.
<p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"><font style='font-size:10.0pt;line-height:115%;font-family: "Times New Roman","serif"'>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’s operating expenses remain the same. The Examples also assume conversion of Class B shares to Class A shares after seven years. 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></p>
Example: Assuming you redeem your shares at the end of each period
Example: Assuming you do not redeem your shares
PCVAX
PCVBX
PCVCX
PNVRX
0.0550
0.0000
0.0000
0.0000
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0.0096
0.0025
0.0001
0.0122
0.0096
0.0100
0.0001
0.0197
0.0096
0.0100
0.0001
0.0197
0.0096
0.0050
0.0001
0.0147
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665
913
1181
1944
697
915
1260
2008
297
615
1060
2293
147
462
800
1755
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665
913
1181
1944
197
615
1060
2008
197
615
1060
2293
147
462
800
1755
<div> <div style="display:none;" >~ http://www.allianzinvestors.com/20121101/role/ExpenseExampleNoRedemption_P0002-S000007966Member row primary compact * row dei_LegalEntityAxis compact ck0000867297_S000007966Member column rr_ProspectusShareClassAxis compact * column dei_LegalEntityAxis compact ck0000867297_S000007966Member ~</div> </div>
Allianz AGIC Opportunity Fund
<p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>ALLIANZ FUNDS</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Supplement Dated November 1, 2012</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>to the Statutory Prospectus for Institutional Class, Class P, Administrative Class and Class D</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Shares of all series of Allianz Funds except for Allianz RCM Focused Growth Fund</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>and Allianz Global Investors Money Market Fund</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Dated August 29, 2012 (as supplemented thereafter)</font></p> <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>Disclosure Relating to All Series of Allianz Funds, except for Allianz RCM Focused</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Growth Fund and Allianz Global Investors Money Market Fund (each, a “Fund” and,</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>collectively, the “Funds”)</font></b></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>On October 18-19, 2012, the Board of Trustees of Allianz Funds (the “Trust”) approved an Expense Waiver Agreement between the Trust and Allianz Global Investors Fund Management LLC, effective as of November 1, 2012 for a one-year period. The Trust’s statutory prospectus is hereby revised to reflect the terms of the Expense Waiver Agreement, as described in further detail below.</font></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:13.5pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><b><u><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Disclosure Relating to Allianz AGIC Opportunity Fund</font></u></b></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:4.5pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Within the Fund Summary relating to the Allianz AGIC Opportunity Fund, the fee tables and expense examples for the Fund under “Fees and Expenses of the Fund” will be revised in their entirety as follows:</font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"> </p>
Shareholder Fees (fees paid directly from your investment): None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Examples.
<p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"><font style='font-size:10.0pt;line-height:115%;font-family: "Times New Roman","serif"'>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’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></p>
<p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>Please retain this Supplement for future reference.</font></b></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"> </p>
POADX
POFIX
APPDX
AOCPX
0.0095
0.0000
0.0001
0.0096
0.0105
0.0000
0.0001
0.0106
0.0095
0.0025
0.0001
0.0121
0.0105
0.0025
0.0001
0.0131
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93
301
526
1173
103
332
580
1290
118
379
660
1462
128
410
713
1575
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Allianz AGIC Opportunity Fund
<p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:13.5pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>ALLIANZ FUNDS</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Supplement Dated November 1, 2012</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>to the Statutory Prospectus for Class A, Class B, Class C and Class R Shares</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>of all series of Allianz Funds except for Allianz RCM Focused Growth Fund</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>and Allianz Global Investors Money Market Fund</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Dated August 29, 2012 (as supplemented thereafter)</font></p> <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>Disclosure Relating to All Series of Allianz Funds, except for Allianz RCM Focused</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Growth Fund and Allianz Global Investors Money Market Fund (each, a “Fund” and, collectively, the “Funds”)</font></b></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>On October 18-19, 2012, the Board of Trustees of Allianz Funds (the “Trust”) approved an Expense Waiver Agreement between the Trust and Allianz Global Investors Fund Management LLC, effective as of November 1, 2012 for a one-year period. The Trust’s statutory prospectus is hereby revised to reflect the terms of the Expense Waiver Agreement, as described in further detail below.</font></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:13.5pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><b><u><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Disclosure Relating to Allianz AGIC Opportunity Fund</font></u></b></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:4.5pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Within the Fund Summary relating to the Allianz AGIC Opportunity Fund, the fee tables and expense examples for the Fund under “Fees and Expenses of the Fund” will be revised in their entirety as follows:</font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"> </p>
2013-10-31
Shareholder Fees (fees paid directly from your investment)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Examples.
<p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"><font style='font-size:10.0pt;line-height:115%;font-family: "Times New Roman","serif"'>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’s operating expenses remain the same. The Examples also assume conversion of Class B shares to Class A shares after seven years. 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></p>
Example: Assuming you redeem your shares at the end of each period
Example: Assuming you do not redeem your shares
POPAX
POOBX
POPCX
AOORX
0.0550
0.0000
0.0000
0.0000
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0.0105
0.0025
0.0001
0.0131
0.0105
0.0100
0.0001
0.0206
0.0105
0.0100
0.0001
0.0206
0.0105
0.0050
0.0001
0.0156
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671
938
1224
2038
704
941
1304
2103
304
641
1104
2386
154
488
845
1852
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671
938
1224
2038
204
641
1104
2103
204
641
1104
2386
154
488
845
1852
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Allianz RCM Large-Cap Growth Fund
<p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>ALLIANZ FUNDS</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Supplement Dated November 1, 2012</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>to the Statutory Prospectus for Institutional Class, Class P, Administrative Class and Class D</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Shares of all series of Allianz Funds except for Allianz RCM Focused Growth Fund</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>and Allianz Global Investors Money Market Fund</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Dated August 29, 2012 (as supplemented thereafter)</font></p> <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>Disclosure Relating to All Series of Allianz Funds, except for Allianz RCM Focused</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Growth Fund and Allianz Global Investors Money Market Fund (each, a “Fund” and,</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>collectively, the “Funds”)</font></b></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>On October 18-19, 2012, the Board of Trustees of Allianz Funds (the “Trust”) approved an Expense Waiver Agreement between the Trust and Allianz Global Investors Fund Management LLC, effective as of November 1, 2012 for a one-year period. The Trust’s statutory prospectus is hereby revised to reflect the terms of the Expense Waiver Agreement, as described in further detail below.</font></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:13.5pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><b><u><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Disclosure Relating to Allianz RCM Large-Cap Growth Fund</font></u></b></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:4.5pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Within the Fund Summary relating to the Allianz RCM Large-Cap Growth Fund, the fee tables and expense examples for the Fund under “Fees and Expenses of the Fund” will be revised in their entirety as follows:</font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"> </p>
Shareholder Fees (fees paid directly from your investment): None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Examples.
<p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"><font style='font-size:10.0pt;line-height:115%;font-family: "Times New Roman","serif"'>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’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></p>
<p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>Please retain this Supplement for future reference.</font></b></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"> </p>
DLGAX
DLCNX
DRLCX
ARLPX
0.0075
0.0000
0.0001
0.0076
0.0085
0.0000
0.0001
0.0086
0.0075
0.0025
0.0001
0.0101
0.0085
0.0025
0.0001
0.0111
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73
238
417
938
83
269
472
1056
98
317
553
1232
108
348
607
1347
<div> <div style="display:none;" >~ http://www.allianzinvestors.com/20121101/role/ExpenseExample_P0001-S000007982Member row primary compact * row dei_LegalEntityAxis compact ck0000867297_S000007982Member column rr_ProspectusShareClassAxis compact * column dei_LegalEntityAxis compact ck0000867297_S000007982Member ~</div> </div>
Allianz RCM Large-Cap Growth Fund
<p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:13.5pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>ALLIANZ FUNDS</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Supplement Dated November 1, 2012</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>to the Statutory Prospectus for Class A, Class B, Class C and Class R Shares</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>of all series of Allianz Funds except for Allianz RCM Focused Growth Fund</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>and Allianz Global Investors Money Market Fund</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Dated August 29, 2012 (as supplemented thereafter)</font></p> <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>Disclosure Relating to All Series of Allianz Funds, except for Allianz RCM Focused</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Growth Fund and Allianz Global Investors Money Market Fund (each, a “Fund” and, collectively, the “Funds”)</font></b></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>On October 18-19, 2012, the Board of Trustees of Allianz Funds (the “Trust”) approved an Expense Waiver Agreement between the Trust and Allianz Global Investors Fund Management LLC, effective as of November 1, 2012 for a one-year period. The Trust’s statutory prospectus is hereby revised to reflect the terms of the Expense Waiver Agreement, as described in further detail below.</font></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:13.5pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><b><u><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Disclosure Relating to Allianz RCM Large-Cap Growth Fund</font></u></b></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:4.5pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Within the Fund Summary relating to the Allianz RCM Large-Cap Growth Fund, the fee tables and expense examples for the Fund under “Fees and Expenses of the Fund” will be revised in their entirety as follows:</font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"> </p>
2013-10-31
Shareholder Fees (fees paid directly from your investment)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Examples.
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’s operating expenses remain the same. The Examples also assume conversion of Class B shares to Class A shares after seven years. 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.
Example: Assuming you redeem your shares at the end of each period
Example: Assuming you do not redeem your shares
RALGX
RBLGX
RCLGX
PLCRX
0.0550
0.0000
0.0000
0.0000
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0.0085
0.0025
0.0001
0.0111
0.0085
0.0100
0.0001
0.0186
0.0085
0.0100
0.0001
0.0186
0.0085
0.0050
0.0001
0.0136
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652
879
1123
1823
684
880
1201
1888
284
580
1001
2176
133
426
740
1631
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652
879
1123
1823
184
580
1001
1888
184
580
1001
2176
133
426
740
1631
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Allianz AGIC International Managed Volatility Fund
<p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>ALLIANZ FUNDS</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Supplement Dated November 1, 2012</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>to the Statutory Prospectus for Institutional Class, Class P, Administrative Class and Class D</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Shares of all series of Allianz Funds except for Allianz RCM Focused Growth Fund</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>and Allianz Global Investors Money Market Fund</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Dated August 29, 2012 (as supplemented thereafter)</font></p> <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>Disclosure Relating to All Series of Allianz Funds, except for Allianz RCM Focused</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Growth Fund and Allianz Global Investors Money Market Fund (each, a “Fund” and,</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>collectively, the “Funds”)</font></b></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>On October 18-19, 2012, the Board of Trustees of Allianz Funds (the “Trust”) approved an Expense Waiver Agreement between the Trust and Allianz Global Investors Fund Management LLC, effective as of November 1, 2012 for a one-year period. The Trust’s statutory prospectus is hereby revised to reflect the terms of the Expense Waiver Agreement, as described in further detail below.</font></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:13.5pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><b><u><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Disclosure Relating to Allianz AGIC International Managed Volatility Fund</font></u></b></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:4.5pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Within the Fund Summary relating to the Allianz AGIC International Managed Volatility Fund, the fee tables and expense examples for the Fund under “Fees and Expenses of the Fund” will be revised in their entirety as follows:</font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"> </p>
Shareholder Fees (fees paid directly from your investment): None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
advisory fees have been restated to reflect current fee rates.
Examples.
<p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"><font style='font-size:10.0pt;line-height:115%;font-family: "Times New Roman","serif"'>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’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></p>
<p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>Please retain this Supplement for future reference.</font></b></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"> </p>
ANCAX
PNIDX
NAISX
ANIPX
0.0000
0.0001
0.0081
0.0000
0.0001
0.0091
0.0025
0.0001
0.0106
0.0025
0.0001
0.0116
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62
239
430
983
73
270
484
1101
88
317
565
1276
98
349
619
1391
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Allianz AGIC International Managed Volatility Fund
<p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:13.5pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>ALLIANZ FUNDS</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Supplement Dated November 1, 2012</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>to the Statutory Prospectus for Class A, Class B, Class C and Class R Shares</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>of all series of Allianz Funds except for Allianz RCM Focused Growth Fund</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>and Allianz Global Investors Money Market Fund</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Dated August 29, 2012 (as supplemented thereafter)</font></p> <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>Disclosure Relating to All Series of Allianz Funds, except for Allianz RCM Focused</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Growth Fund and Allianz Global Investors Money Market Fund (each, a “Fund” and, collectively, the “Funds”)</font></b></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:9.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>On October 18-19, 2012, the Board of Trustees of Allianz Funds (the “Trust”) approved an Expense Waiver Agreement between the Trust and Allianz Global Investors Fund Management LLC, effective as of November 1, 2012 for a one-year period. The Trust’s statutory prospectus is hereby revised to reflect the terms of the Expense Waiver Agreement, as described in further detail below.</font></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:13.5pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><b><u><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Disclosure Relating to Allianz AGIC International Managed Volatility Fund</font></u></b></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:4.5pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Within the Fund Summary relating to the Allianz AGIC International Managed Volatility Fund, the fee tables and expense examples for the Fund under “Fees and Expenses of the Fund” will be revised in their entirety as follows:</font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"> </p>
2013-10-31
Shareholder Fees (fees paid directly from your investment)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Examples.
<p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"><font style='font-size:10.0pt;line-height:115%;font-family: "Times New Roman","serif"'>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’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></p>
Example: Assuming you redeem your shares at the end of each period
Example: Assuming you do not redeem your shares
ANIRX
PNIAX
PNICX
0.0550
0.0000
0.0000
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0.0025
0.0001
0.0116
0.0100
0.0001
0.0191
0.0050
0.0001
0.0141
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643
879
1135
1865
274
581
1013
2216
123
427
752
1674
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643
879
1135
1865
174
581
1013
2216
123
427
752
1674
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Effective November 1, 2012, AGIFM has contractually agreed to observe, through October 31, 2013, an irrevocable waiver of a portion of its administrative fees (together with advisory fees paid to AGIFM, a component of “Management Fees”), which reduces the contractual fee rate by 0.05%.
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.
Effective November 1, 2012, AGIFM has contractually agreed to observe, through October 31, 2013, (i) an irrevocable waiver of a portion of its advisory fees (together with administrative fees paid to AGIFM, a component of “Management Fees”), which reduces the 0.60% contractual fee rate by 0.025% on assets in excess of $3 billion, by an additional 0.025% on assets in excess of $4 billion and by an additional 0.025% on assets in excess of $5 billion, each based on the Fund’s average daily net assets, and (ii) an irrevocable waiver of a portion of its administrative fees paid by Institutional and Administrative Class shares, which reduces the 0.30% contractual fee rate by 0.05% of the Fund’s daily net assets attributable to the particular share class.
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.
Effective November 1, 2012, AGIFM has contractually agreed to observe, through October 31, 2013, an irrevocable waiver of a portion of its advisory fees (together with administrative fees paid to AGIFM, a component of “Management Fees”), which reduces the 0.60% contractual fee rate by 0.025% on assets in excess of $3 billion, by an additional 0.025% on assets in excess of $4 billion and by an additional 0.025% on assets in excess of $5 billion, each based on the Fund’s average daily net assets.
Effective November 1, 2012, AGIFM has contractually agreed to observe, through October 31, 2013, an irrevocable waiver of a portion of its advisory fees (together with administrative fees paid to AGIFM, a component of “Management Fees”), which reduces the 0.65% contractual fee rate by 0.05% to 0.60%.
Effective November 1, 2012, AGIFM has contractually agreed to observe, through October 31, 2013, an irrevocable waiver of a portion of its advisory fees (together with administrative fees paid to AGIFM, a component of “Management Fees”), which reduces the 0.45% contractual fee rate by 0.05% to 0.40%.
“Management Fees” reflect the combination of investment advisory fees and administrative fees paid by the Fund to Allianz Global Investors Fund Management LLC (“AGIFM”) under separate agreements. Fee rates are based on amounts incurred and fund asset levels during the last fiscal year and, where applicable, advisory fees have been restated to reflect current fee rates.
Effective November 1, 2012, AGIFM has contractually agreed to observe, through October 31, 2013, an irrevocable waiver of a portion of its administrative fees (together with advisory fees paid to AGIFM, a component of “Management Fees”), which reduces the contractual fee rate by 0.20%.
“Management Fees” reflect the combination of investment advisory fees and administrative fees paid by the Fund to Allianz Global Investors Fund Management LLC (“AGIFM”) under separate agreements. Fee rates are based on amounts incurred and fund asset levels during the last fiscal year and where applicable, advisory fees have been restated to reflect current fee rates.