0001104659-13-001413.txt : 20130109 0001104659-13-001413.hdr.sgml : 20130109 20130109134652 ACCESSION NUMBER: 0001104659-13-001413 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 8 FILED AS OF DATE: 20130109 DATE AS OF CHANGE: 20130109 EFFECTIVENESS DATE: 20130109 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: 13520180 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 S000038495 Allianz AGIC Structured Alpha Fund C000118770 Institutional C000118771 P C000118772 D C000118773 A C000118774 C 0001423227 S000038496 Allianz AGIC U.S. Equity-Hedged Fund C000118775 C C000118776 Institutional C000118777 P C000118778 D C000118779 A 0001423227 S000038497 Allianz NFJ Emerging Markets Value Fund C000118780 Institutional C000118781 P C000118782 D C000118783 A C000118784 C 497 1 a12-30091_1497.htm 497

 

 

January 9, 2013

 

Securities and Exchange Commission

100 F Street NE

Washington, DC 20549

 

Re:                 AllianzGI Structured Alpha Fund, AllianzGI U.S. Equity Hedged Fund and AllianzGI NFJ Emerging Markets Value Fund, series of 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 December 21, 2012.

 

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

 


EX-101.INS 2 ck0001423227-20121221.xml XBRL INSTANCE DOCUMENT Other 2012-12-21 0001423227 2012-12-21 Allianz Funds Multi-Strategy Trust false 2012-12-21 2012-12-21 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells <br />securities (or "turns over" its portfolio). High levels of portfolio turnover <br />may indicate higher transaction costs and may result in higher taxes for you <br />if your Fund shares are held in a taxable account. These costs, which are not <br />reflected in Total Annual Fund Operating Expenses or in the Examples above, <br />can adversely affect the Fund's investment performance.</tt> <div style="display:none">~ http://www.allianzinvestors.com/role/ExpenseExample_S000038497Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks long-term capital appreciation.</tt> <tt>The Examples are intended to help you compare the cost of investing in shares of <br />the Fund with the costs of investing in other mutual funds. The Examples assume <br />that you invest $10,000 in the noted class of shares for the time periods <br />indicated, your investment has a 5% return each year, and the Fund's operating <br />expenses remain the same. Although your actual costs may be higher or lower, <br />the Examples show what your costs would be based on these assumptions. The <br />Examples are based, for the first year, on Total Annual Fund Operating <br />Expenses After Expense Reductions and, for all other periods, on Total Annual <br />Fund Operating Expenses.</tt> <tt>The Fund seeks to achieve its investment objective by normally investing at <br />least 80% of its net assets (plus borrowings made for investment purposes) in <br />equity securities of companies that are domiciled in or tied economically to <br />countries with emerging securities markets-that is, countries with securities <br />markets which are, in the opinion of the portfolio managers, less sophisticated<br />than more developed markets in terms of participation by investors, analyst <br />coverage, liquidity and regulation. The Fund may achieve its exposure to non-U.S. <br />equity securities in several ways, including through investing in American <br />Depositary Receipts (ADRs) and other depositary receipts, in addition to direct <br />investments in the securities of non-U.S. issuers. The Fund may also utilize<br />foreign currency exchange contracts, options, stock index futures contracts and <br />other derivative instruments, as well as access products such as participatory <br />notes. Although the Fund does not expect to invest significantly in foreign <br />currency exchange contracts, options, stock index futures contracts and other<br />derivative instruments, it may do so at any time.<br /><br />In selecting investments for the Fund, the portfolio managers use a value investing <br />style focusing on equity securities of companies whose securities the portfolio <br />managers believe have low valuations, including smaller capitalization securities <br />and real estate investment trusts (REITs). The portfolio managers partition the <br />Fund's initial selection universe of non-U.S. and U.S. companies for dividend-paying <br />value opportunities across the emerging markets to determine potential holdings for <br />the Fund representing broad diversification by sector, industry, country and issue. <br />The portfolio managers use quantitative factors to screen the Fund's selection <br />universe, analyzing factors such as price-to-earnings ratios (i.e., share price <br />relative to a company's earnings), dividend yield, price-to-book ratios (i.e., share <br />price relative to a company's balance sheet value), price-to-cash-flow ratios <br />(i.e., share price relative to a company's cash flow). After still further narrowing <br />the universe through a combination of qualitative analysis and fundamental research, <br />the portfolio managers select approximately 125 to 175 securities for the Fund. The <br />portfolio managers may consider selling a security when any of the factors <br />leading to its purchase materially changes or when a more attractive candidate is <br />identified, including when an alternative security demonstrates a lower <br />price-to-earnings ratio, a higher dividend yield or other, favorable qualitative <br />metrics.<br /><br />In response to unfavorable market and other conditions, the Fund may deviate from <br />its principal strategies by making temporary investments of some or all of its assets <br />in high-quality fixed income securities, cash and cash equivalents. The Fund may be <br />less likely to achieve its investment objective when it does so.</tt> AllianzGI NFJ Emerging Markets Value Fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of eligible funds that are part of the family of mutual funds sponsored by Allianz. Examples. Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses. Performance information for the Fund will be available after the Fund completes a full calendar year of operation. Investment Objective It is possible to lose money on an investment in the Fund. Principal Risks Shareholder Fees (fees paid directly from your investment) Example: Assuming you redeem your shares at the end of each period Performance Information 50000 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover. <tt>The Fund's net asset value, yield and total return will be affected by the allocation<br />determinations, investment decisions and techniques of the Fund's management, factors <br />specific to the issuers of securities and other instruments in which the Fund invests, <br />including actual or perceived changes in the financial condition or business <br />prospects of such issuers, and factors influencing the U.S. or global economies and <br />securities markets or relevant industries or sectors within them (Management Risk, <br />Issuer Risk, Market Risk). Equity securities may react more strongly to changes in an <br />issuer's financial condition or prospects than other securities of the same issuer, <br />and securities issued by smaller companies may be more volatile and present <br />increased liquidity risk (Equity Securities Risk, Smaller Company Risk). Non-U.S. <br />securities markets and issuers may be more volatile, smaller, less-liquid, less <br />transparent and subject to less oversight, particularly in emerging markets, and <br />non-U.S. securities values may also fluctuate with currency exchange rates (Non-U.S. <br />Investment Risk, Emerging Markets Risk, Currency Risk). Other principal risks include: <br />Credit Risk (an issuer or counterparty may default on obligations); Liquidity&#xA0;&#xA0;Risk <br />(the lack of an active market for investments may cause delay in disposition or force <br />a sale below fair value); REIT Risk (adverse changes in the real estate markets may <br />affect the value of REIT investments); and Turnover Risk (high levels of portfolio <br />turnover increase transaction costs and taxes and may lower investment performance). <br />Please see "Summary of Principal Risks" in the Fund's statutory prospectus for a more <br />detailed description of the Fund's risks. It is possible to lose money on an investment <br />in the Fund. An investment in the Fund is not a deposit of a bank and is not insured <br />or guaranteed by the Federal Deposit Insurance Corporation or any other government <br />agency.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>Performance information for the Fund will be available after the Fund completes a <br />full calendar year of operation.</tt> <tt>The tables below describe the fees and expenses that you may pay if you buy and <br />hold shares of the Fund. You may qualify for sales charge discounts if you and <br />your family invest, or agree to invest in the future, at least $50,000 in <br />Class A Shares of eligible funds that are part of the family of mutual funds <br />sponsored by Allianz. More information about these and other discounts is available <br />in the "Classes of Shares" section beginning on page 27 of the Fund's statutory <br />prospectus or from your financial advisor.</tt> <div style="display:none">~ http://www.allianzinvestors.com/role/OperatingExpensesData_S000038497Member2 column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> Example: Assuming you do not redeem your shares An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="display:none">~ http://www.allianzinvestors.com/role/ExpenseExampleNoRedemption_S000038497Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.allianzinvestors.com/role/ShareholderFeesData_S000038497Member2 column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> AZMCX 0.0000 333 233 2154 -0.1181 0.1211 0.0100 2013-12-31 2154 0.0100 0.0230 0.1411 0.01 AZMAX 0.0550 699 699 2401 -0.1181 0.1211 0.0100 2013-12-31 2401 0.0025 0.0155 0.1336 0.01 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells <br />securities (or "turns over" its portfolio). High levels of portfolio turnover <br />may indicate higher transaction costs and may result in higher taxes for you if <br />your Fund shares are held in a taxable account. These costs, which are not <br />reflected in Total Annual Fund Operating Expenses or in the Examples above, can <br />adversely affect the Fund's investment performance.</tt> <div style="display:none">~ http://www.allianzinvestors.com/role/ExpenseExample_S000038497Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks long-term capital appreciation.</tt> <tt>The Examples are intended to help you compare the cost of investing in shares of <br />the Fund with the costs of investing in other mutual funds. The Examples assume <br />that you invest $10,000 in the noted class of shares for the time periods indicated, <br />your investment has a 5% return each year, and the Fund's operating expenses remain <br />the same. Although your actual costs may be higher or lower, the Examples show <br />what your costs would be based on these assumptions. The Examples are based, for <br />the first year, on Total Annual Fund Operating Expenses After Expense Reductions <br />and, for all other periods, on Total Annual Fund Operating Expenses.</tt> <tt>The Fund seeks to achieve its investment objective by normally investing at least <br />80% of its net assets (plus borrowings made for investment purposes) in equity <br />securities of companies that are domiciled in or tied economically to countries <br />with emerging securities markets-that is, countries with securities markets <br />which are, in the opinion of the portfolio managers, less sophisticated than more <br />developed markets in terms of participation by investors, analyst coverage, <br />liquidity and regulation. The Fund may achieve its exposure to non-U.S. equity <br />securities in several ways, including through investing in American Depositary <br />Receipts (ADRs) and other depositary receipts, in addition to direct investments in <br />the securities of non-U.S. issuers. The Fund may also utilize foreign currency <br />exchange contracts, options, stock index futures contracts and other derivative <br />instruments, as well as access products such as participatory notes. Although the <br />Fund does not expect to invest significantly in foreign currency exchange<br />contracts, options, stock index futures contracts and other derivative instruments, <br />it may do so at any time.<br /><br />In selecting investments for the Fund, the portfolio managers use a value investing <br />style focusing on equity securities of companies whose securities the portfolio <br />managers believe have low valuations, including smaller capitalization securities <br />and real estate investment trusts (REITs). The portfolio managers partition the Fund's <br />initial selection universe of non-U.S. and U.S. companies for dividend-paying <br />value opportunities across the emerging markets to determine potential holdings for <br />the Fund representing broad diversification by sector, industry, country and issue. <br />The portfolio managers use quantitative factors to screen the Fund's selection universe, analyzing factors such as price-to-earnings ratios (i.e., share price relative to a <br />company's earnings), dividend yield, price-to-book ratios (i.e., share price relative <br />to a company's balance sheet value), price-to-cash-flow ratios (i.e., share price <br />relative to a company's cash flow). After still further narrowing the universe through <br />a combination of qualitative analysis and fundamental research, the portfolio managers <br />select approximately 125 to 175 securities for the Fund. The portfolio managers <br />may consider selling a security when any of the factors leading to its purchase <br />materially changes or when a more attractive candidate is identified, including when an alternative security demonstrates a lower price-to-earnings ratio, a higher dividend <br />yield or other, favorable qualitative metrics.<br /><br />In response to unfavorable market and other conditions, the Fund may deviate from its <br />principal strategies by making temporary investments of some or all of its assets in <br />high-quality fixed income securities, cash and cash equivalents. The Fund may be less<br />likely to achieve its investment objective when it does so.</tt> AllianzGI NFJ Emerging Markets Value Fund Examples. Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses. Performance information for the Fund will be available after the Fund completes a full calendar year of operation. Investment Objective It is possible to lose money on an investment in the Fund. Principal Risks Shareholder Fees (fees paid directly from your investment) None Performance Information Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover. <tt>The Fund's net asset value, yield and total return will be affected by the allocation <br />determinations, investment decisions and techniques of the Fund's management, factors <br />specific to the issuers of securities and other instruments in which the Fund invests, <br />including actual or perceived changes in the financial condition or business prospects <br />of such issuers, and factors influencing the U.S. or global economies and securities <br />markets or relevant industries or sectors within them (Management Risk, Issuer Risk, <br />Market Risk). Equity securities may react more strongly to changes in an issuer's <br />financial condition or prospects than other securities of the same issuer, and <br />securities issued by smaller companies may be more volatile and present increased <br />liquidity risk (Equity Securities Risk, Smaller Company Risk). Non-U.S. securities <br />markets and issuers may be more volatile, smaller, less-liquid, less transparent and <br />subject to less oversight, particularly in emerging markets, and non-U.S. securities <br />values may also fluctuate with currency exchange rates (Non-U.S. Investment Risk, <br />Emerging Markets Risk, Currency Risk). Other principal risks include: Credit Risk (an <br />issuer or counterparty may default on obligations); Liquidity Risk (the lack of an <br />active market for investments may cause delay in disposition or force a sale below fair <br />value); REIT Risk (adverse changes in the real estate markets may affect the value of <br />REIT investments); and Turnover Risk (high levels of portfolio turnover increase <br />transaction costs and taxes and may lower investment performance). Please see "Summary <br />of Principal Risks" in the Fund's statutory prospectus for a more detailed description <br />of the Fund's risks. It is possible to lose money on an investment in the Fund. An <br />investment in the Fund is not a deposit of a bank and is not insured or guaranteed by <br />the Federal Deposit Insurance Corporation or any other government agency.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>Performance information for the Fund will be available after the Fund completes a <br />full calendar year of operation.</tt> <tt>The tables below describe the fees and expenses that you may pay if you buy and <br />hold shares of the Fund.</tt> <div style="display:none">~ http://www.allianzinvestors.com/role/OperatingExpensesData_S000038497Member1 column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. AZMDX 158 1959 -0.1181 0.1211 0.0100 2013-12-31 0.0025 0.0155 0.1336 AZMPX 143 1919 -0.1181 0.1221 0.0100 2013-12-31 0.0000 0.0140 0.1321 AZMIX 132 1892 -0.1181 0.1211 0.0100 2013-12-31 0.0000 0.0130 0.1311 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells <br />securities (or "turns over" its portfolio). High levels of portfolio turnover <br />may indicate higher transaction costs and may result in higher taxes for you <br />if your Fund shares are held in a taxable account. These costs, which are not <br />reflected in Total Annual Fund Operating Expenses or in the Examples above, can <br />adversely affect the Fund's investment performance.</tt> <div style="display:none">~ http://www.allianzinvestors.com/role/ExpenseExample_S000038496Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks capital appreciation, with added emphasis on the protection of <br />capital during unfavorable market conditions.</tt> <tt>The Examples are intended to help you compare the cost of investing in shares of <br />the Fund with the costs of investing in other mutual funds. The Examples assume <br />that you invest $10,000 in the noted class of shares for the time periods <br />indicated, your investment has a 5% return each year, and the Fund's operating <br />expenses remain the same. Although your actual costs may be higher or lower, the <br />Examples show what your costs would be based on these assumptions. The Examples <br />are based, for the first year, on Total Annual Fund Operating Expenses After <br />Expense Reductions and, for all other periods, on Total Annual Fund Operating <br />Expenses.</tt> <tt>The Fund seeks to achieve its investment objective by normally investing at least <br />80% of its net assets (plus borrowings made for investment purposes) in common <br />stocks of U.S. companies. The Fund currently defines "U.S. companies" as those <br />companies that are deemed to be domiciled in the United States for purposes <br />of their geographical eligibility for inclusion in the S&amp;P 500 Index, a <br />broad-based index of U.S. stocks. <br /><br />The Fund expects to invest typically in all 500 stocks included in the S&amp;P 500 <br />Index, and seeks to replicate approximately the relative weighting of those <br />stocks on the S&amp;P 500 Index. To the extent the portfolio managers identify <br />efficiencies in achieving exposure to desired stocks through other instruments, <br />the Fund may complement its direct stock positions with temporary or medium-term <br />investments in stock index futures, exchange traded funds (ETFs) and other <br />derivative instruments. The portfolio managers may consider selling a particular<br />position if the security ceases to be included on the S&amp;P 500 Index (either through <br />quarterly rebalancing of the index or otherwise) or if a more attractive means of <br />achieving the same exposure is identified. Because the S&amp;P 500 Index does not<br />incur the types of transaction costs that the Fund bears in connection with <br />rebalancing and responding to cash flows, the Fund's stock portfolio (regardless <br />of whether through direct or indirect holdings) may consistently underperform the <br />S&amp;P 500 Index.<br /><br />Under normal market and other conditions, in addition to the stock portfolio described <br />above, the Fund seeks to employ a strategy of investing in exchange-traded options <br />or FLEX options (i.e. listed options that are traded on an exchange, but with customized <br />strike prices and expiration dates) that, when paired with the equity portfolio, promote<br /> the protection of capital during unfavorable market conditions (the "Index Option <br />Strategy").The Fund will utilize (buy) equity index put options (long puts) on U.S. equity<br />indexes with the purpose of protecting the Fund from a significant market decline while <br />limiting the cost and interference of this "protection," and will write (sell) equity index call <br />options (short calls) on U.S. equity indexes to offset some or all of the cost of the put <br />options. Under normal market conditions, the option positions will consist of long puts <br />with notional value roughly equal to the full value of the Fund's stock portfolio, expiring <br />in roughly equal proportions over longer periods (e.g., the next 12 months), and short call <br />positions expiring over a shorter period (e.g. less than 45 days) with notional value roughly <br />equal to the full value of the Fund's stock portfolio. Additionally, when a new long put <br />position is established in periods of elevated volatility, the portfolio managers may seek to <br />pair it with a short put at a strike price below the coinciding long put. All options are <br />expected to be held to expiration (unless redemptions require earlier close-out), <br />and strike prices are systematically selected. In pursuing the Index Option Strategy, the <br />Fund generally will not be able to offset the full cost of the "protection" it is seeking and must <br />keep significant cash and cash equivalents available, and therefore the Fund will <br />typically underperform the S&amp;P 500 Index during periods of market increases and slight <br />market decreases.<br /><br />In response to unusual market and other conditions, the Fund may deviate from its principal<br />strategies by making temporary investments of some or all of its assets in long call options or <br />call option spreads, high-quality fixed income securities, cash and cash equivalents. The <br />Fund may not achieve its investment objective when it does so.</tt> AllianzGI U.S. Equity Hedged Fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of eligible funds that are part of the family of mutual funds sponsored by Allianz. Examples. Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses. Performance information for the Fund will be available after the Fund completes a full calendar year of operation. Investment Objective It is possible to lose money on an investment in the Fund. Principal Risks Shareholder Fees (fees paid directly from your investment) Example: Assuming you redeem your shares at the end of each period Performance Information 50000 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover. <tt>The Fund's net asset value, yield and total return will be affected by the allocation <br />determinations, investment decisions and techniques of the Fund's management, factors <br />specific to the issuers of securities and other instruments in which the Fund invests, <br />including actual or perceived changes in the financial condition or business prospects <br />of such issuers, and factors influencing the U.S. or global economies and securities <br />markets or relevant industries or sectors within them (Management Risk, Issuer Risk, <br />Market Risk). Equity securities may react more strongly to changes in an issuer's <br />financial condition or prospects than other securities of the same issuer (Equity <br />Securities Risk). Other principal risks include: Credit Risk (an issuer or <br />counterparty may default on obligations); Derivatives Risk (derivative instruments <br />are complex, have different characteristics than their underlying assets and are <br />subject to additional risks, including leverage, liquidity and valuation); Leveraging <br />Risk (instruments and transactions that constitute leverage magnify gains or losses <br />and increase volatility); Liquidity Risk (the lack of an active market for investments <br />may cause delay in disposition or force a sale below fair value); and Turnover Risk <br />(high levels of portfolio turnover increase transaction costs and taxes and may lower <br />investment performance). Please see "Summary of Principal Risks" in the Fund's <br />statutory prospectus for a more detailed description of the Fund's risks. It is <br />possible to lose money on an investment in the Fund. An investment in the Fund is not <br />a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance <br />Corporation or any other government agency.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>Performance information for the Fund will be available after the Fund completes a <br />full calendar year of operation.</tt> <tt>The tables below describe the fees and expenses that you may pay if you buy and <br />hold shares of the Fund. You may qualify for sales charge discounts if you and <br />your family invest, or agree to invest in the future, at least $50,000 in Class A <br />Shares of eligible funds that are part of the family of mutual funds sponsored by <br />Allianz. More information about these and other discounts is available in the <br />"Classes of Shares" section beginning on page 27 of the Fund's statutory prospectus <br />or from your financial advisor.</tt> <div style="display:none">~ http://www.allianzinvestors.com/role/OperatingExpensesData_S000038496Member2 column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> Example: Assuming you do not redeem your shares An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="display:none">~ http://www.allianzinvestors.com/role/ExpenseExampleNoRedemption_S000038496Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.allianzinvestors.com/role/ShareholderFeesData_S000038496Member2 column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> AZUAX 0.0550 670 670 1699 -0.0698 0.0728 0.0070 2013-12-31 1699 0.0025 0.0125 0.0823 0.01 AZUCX 0.0000 303 203 1429 -0.0698 0.0728 0.0070 2013-12-31 1429 0.0100 0.0200 0.0898 0.01 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells <br />securities (or "turns over" its portfolio). High levels of portfolio turnover <br />may indicate higher transaction costs and may result in higher taxes for you <br />if your Fund shares are held in a taxable account. These costs, which are not <br />reflected in Total Annual Fund Operating Expenses or in the Examples above, <br />can adversely affect the Fund's investment performance.</tt> <div style="display:none">~ http://www.allianzinvestors.com/role/ExpenseExample_S000038496Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks capital appreciation, with added emphasis on the protection of <br />capital during unfavorable market conditions.</tt> <tt>The Examples are intended to help you compare the cost of investing in shares <br />of the Fund with the costs of investing in other mutual funds. The Examples <br />assume that you invest $10,000 in the noted class of shares for the time <br />periods indicated, your investment has a 5% return each year, and the Fund's <br />operating expenses remain the same. Although your actual costs may be higher <br />or lower, the Examples show what your costs would be based on these <br />assumptions. The Examples are based, for the first year, on Total Annual Fund <br />Operating Expenses After Expense Reductions and, for all other periods, on <br />Total Annual Fund Operating Expenses.</tt> <tt>The Fund seeks to achieve its investment objective by normally investing at least <br />80% of its net assets (plus borrowings made for investment purposes) in common <br />stocks of U.S. companies. The Fund currently defines "U.S. companies" as those <br />companies that are deemed to be domiciled in the United States for purposes <br />of their geographical eligibility for inclusion in the S&amp;P 500 Index, a <br />broad-based index of U.S. stocks.<br /><br />The Fund expects to invest typically in all 500 stocks included in the S&amp;P 500 <br />Index, and seeks to replicate approximately the relative weighting of those stocks <br />on the S&amp;P 500 Index. To the extent the portfolio managers identify efficiencies in <br />achieving exposure to desired stocks through other instruments, the Fund may <br />complement its direct stock positions with temporary or medium-term investments <br />in stock index futures, exchange traded funds (ETFs) and other derivative instruments. <br />The portfolio managers may consider selling a particular position if the security <br />ceases to be included on the S&amp;P 500 Index (either through quarterly rebalancing of <br />the index or otherwise) or if a more attractive means of achieving the same exposure <br />is identified. Because the S&amp;P 500 Index does not incur the types of transaction costs <br />that the Fund bears in connection with rebalancing and responding to cash flows, the <br />Fund's stock portfolio (regardless of whether through direct or indirect holdings) <br />may consistently underperform the S&amp;P 500 Index.<br /><br />Under normal market and other conditions, in addition to the stock portfolio described <br />above, the Fund seeks to employ a strategy of investing in exchange-traded options or <br />FLEX options (i.e. listed options that are traded on an exchange, but with customized <br />strike prices and expiration dates) that, when paired with the equity portfolio, promote <br />the protection of capital during unfavorable market conditions (the "Index Option <br />Strategy"). The Fund will utilize (buy) equity index put options (long puts) on U.S. <br />equity indexes with the purpose of protecting the Fund from a significant market decline <br />while limiting the cost and interference of this "protection," and will write (sell) <br />equity index call options (short calls) on U.S. equity indexes to offset some or all of <br />the cost of the put options. Under normal market conditions, the option positions will <br />consist of long puts with notional value roughly equal to the full value of the Fund's <br />stock portfolio, expiring in roughly equal proportions over longer periods (e.g., the <br />next 12 months), and short call positions expiring over a shorter period (e.g. less than <br />45 days) with notional value roughly equal to the full value of the Fund's stock portfolio. <br />Additionally, when a new long put position is established in periods of elevated <br />volatility, the portfolio managers may seek to pair it with a short put at a strike price <br />below the coinciding long put. All options are expected to be held to expiration (unless <br />redemptions require earlier close-out), and strike prices are systematically selected. <br />In pursuing the Index Option Strategy, the Fund generally will not be able to offset the <br />full cost of the "protection" it is seeking and must keep significant cash and cash <br />equivalents available, and therefore the Fund will typically underperform the S&amp;P 500 <br />Index during periods of market increases and slight market decreases.<br /><br />In response to unusual market and other conditions, the Fund may deviate from its <br />principal strategies by making temporary investments of some or all of its assets in long <br />call options or call option spreads, high-quality fixed income securities, cash and<br />cash equivalents. The Fund may not achieve its investment objective when it does so.</tt> AllianzGI U.S. Equity Hedged Fund Examples. Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses. Performance information for the Fund will be available after the Fund completes a full calendar year of operation. Investment Objective It is possible to lose money on an investment in the Fund. Principal Risks Shareholder Fees (fees paid directly from your investment) None Performance Information Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover. <tt>The Fund's net asset value, yield and total return will be affected by the allocation<br />determinations, investment decisions and techniques of the Fund's management, factors <br />specific to the issuers of securities and other instruments in which the Fund invests, <br />including actual or perceived changes in the financial condition or business prospects <br />of such issuers, and factors influencing the U.S. or global economies and securities <br />markets or relevant industries or sectors within them (Management Risk, Issuer Risk, <br />Market Risk). Equity securities may react more strongly to changes in an issuer's <br />financial condition or prospects than other securities of the same issuer (Equity <br />Securities Risk). Other principal risks include: Credit Risk (an issuer or counterparty <br />may default on obligations); Derivatives Risk (derivative instruments are complex, have <br />different characteristics than their underlying assets and are subject to additional <br />risks, including leverage, liquidity and valuation); Leveraging Risk (instruments and <br />transactions that constitute leverage magnify gains or losses and increase volatility); <br />Liquidity Risk (the lack of an active market for investments may cause delay in <br />disposition or force a sale below fair value); and Turnover Risk (high levels of <br />portfolio turnover increase transaction costs and taxes and may lower investment <br />performance). Please see "Summary of Principal Risks" in the Fund's statutory prospectus <br />for a more detailed description of the Fund's risks. It is possible to lose money on an <br />investment in the Fund. An investment in the Fund is not a deposit of a bank and is not <br />insured or guaranteed by the Federal Deposit Insurance Corporation or any other <br />government agency.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>Performance information for the Fund will be available after the Fund completes <br />a full calendar year of operation.</tt> <tt>The tables below describe the fees and expenses that you may pay if you buy <br />and hold shares of the Fund.</tt> <div style="display:none">~ http://www.allianzinvestors.com/role/OperatingExpensesData_S000038496Member1 column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. AZUDX 127 1216 -0.0698 0.0728 0.0070 2013-12-31 0.0025 0.0125 0.0823 AZUPX 112 1173 -0.0698 0.0738 0.0070 2013-12-31 0.0000 0.0110 0.0808 AZUIX 102 1144 -0.0698 0.0728 0.0070 2013-12-31 0.0000 0.0100 0.0798 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells <br />securities (or "turns over" its portfolio). High levels of portfolio turnover <br />may indicate higher transaction costs and may result in higher taxes for you <br />if your Fund shares are held in a taxable account. These costs, which are not <br />reflected in Total Annual Fund Operating Expenses or in the Examples above, can <br />adversely affect the Fund's investment performance.</tt> <div style="display:none">~ http://www.allianzinvestors.com/role/ExpenseExample_S000038495Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to generate attractive risk-adjusted absolute <br />returns through a complete market cycle.</tt> <tt>The Examples are intended to help you compare the cost of investing in shares of <br />the Fund with the costs of investing in other mutual funds. The Examples assume <br />that you invest $10,000 in the noted class of shares for the time periods <br />indicated, your investment has a 5% return each year, and the Fund's operating <br />expenses remain the same. Although your actual costs may be higher or lower, the <br />Examples show what your costs would be based on these assumptions. The Examples <br />are based, for the first year, on Total Annual Fund Operating Expenses After <br />Expense Reductions and, for all other periods, on Total Annual Fund Operating <br />Expenses.</tt> <tt>The Fund seeks to achieve its investment objective by investing significantly <br />in exchange-traded listed and FLEX U.S. equity index options, while holding <br />cash and cash equivalents as collateral for option investments.<br /><br />Under normal market conditions, the Fund will hold the majority of its assets <br />in cash and cash equivalents such as U.S. Treasury bills. The portfolio managers <br />will select these in an effort to maintain a stable portfolio base as collateral <br />for the index option spread strategy described below.<br /><br />Using a portion of its cash and cash equivalents as collateral, the portfolio <br />managers utilize a combination of proprietary models to construct paired option <br />positions, or so-called "option spreads," typically by buying and selling put <br />options and call options on equity indexes such as the S&amp;P 500 Index, Russell 2000 <br />Index and NASDAQ 100. Call options are contracts representing the right to purchase <br />the underlying instrument at a specified price (the "strike price") at or before a <br />specified future date (the "expiration date"), while put options represent the right <br />to sell the underlying instrument at the strike price on or before the expiration <br />date. Index options, which are not based on a single underlying security, are <br />typically cash-settled without requiring delivery. The Fund may buy and sell <br />exchange-traded options and FLEX options (i.e., listed options that are traded on <br />an exchange but with customized strike prices and expiration dates). Option spreads <br />are typically created by buying and selling options of the same class on the same<br />underlying instrument but with different strike prices or expiration dates. The <br />number of contracts bought and sold can be different in a spread (normally called a <br />"ratio spread") or they can be the same. The portfolio managers seek to create <br />option-based "profit zones" that upon expiration of the combination of individual <br />option positions that make up the option spread will capture positive payoffs if <br />the level of the underlying index (or other instrument) ends up within the chosen <br />"profit zone." The Fund seeks to optimize spread positions and profit zones based <br />on (a) targeted positive return potential, (b) structural risk protections, <br />(c) collateral management, and (d) flexibility to restructure profit zones if <br />necessary. The Fund intends to invest primarily in option spreads, consisting of 50 <br />to 400 individual option positions, and may buy or sell put or call index options <br />that are not paired as part of an option spread. The duration of individual option <br />positions will normally range from 20 to 75 days at inception. The gross notional <br />value of options held by the Fund may significantly exceed the current net asset value <br />of the Fund at any time. To the extent the Fund enters into option positions that are <br />only partially or not at all paired as part of an option spread, the Fund may have <br />greater exposure to rapid deterioration of the portfolio and should be deemed <br />speculative. <br /><br />The Fund may invest in exchange traded funds ("ETFs") and exchange traded notes ("ETNs"), <br />including ETFs and ETNs that provide exposure to market volatility, either as an offset <br />or as an addition to option-based trades. The Fund may utilize foreign currency exchange <br />contracts, options, stock index futures contracts and other derivative instruments. In <br />response to unfavorable market and other conditions, the Fund may deviate from its <br />principal strategies by making temporary investments of some or all of its assets in <br />high-quality fixed income securities, cash and cash equivalents. The Fund may not achieve <br />its investment objective when it does so.</tt> AllianzGI Structured Alpha Fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of eligible funds that are part of the family of mutual funds sponsored by Allianz. Examples. Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses. Performance information for the Fund will be available after the Fund completes a full calendar year of operation. Investment Objective It is possible to lose money on an investment in the Fund. Principal Risks Shareholder Fees (fees paid directly from your investment) Example: Assuming you redeem your shares at the end of each period Performance Information 50000 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover. <tt>The Fund's net asset value, yield and total return will be affected by the <br />allocation determinations, investment decisions and techniques of the Fund's <br />management and factors influencing the U.S. or global economies and securities <br />markets or relevant industries or sectors within them (Management Risk, Market <br />Risk). Fixed income (debt) securities are subject to greater levels of credit <br />and liquidity risk, may be speculative and may decline in value due to changes <br />in interest rates or an issuer's or counterparty's deterioration or default <br />(Fixed Income Risk). Other principal risks include: Credit Risk (an issuer or <br />counterparty may default on obligations); Derivatives Risk (derivative <br />instruments are complex, have different characteristics than their underlying <br />assets and are subject to additional risks, including leverage, liquidity and <br />valuation); Leveraging Risk (instruments and transactions that constitute <br />leverage magnify gains or losses and increase volatility); Liquidity Risk <br />(the lack of an active market for investments may cause delay in disposition or <br />force a sale below fair value); and Turnover Risk (high levels of portfolio <br />turnover increase transaction costs and taxes and may lower investment <br />performance). Please see "Summary of Principal Risks" in the Fund's statutory <br />prospectus for a more detailed description of the Fund's risks. It is possible <br />to lose money on an investment in the Fund. An investment in the Fund is not <br />a deposit of a bank and is not insured or guaranteed by the Federal Deposit <br />Insurance Corporation or any other government agency.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>Performance information for the Fund will be available after the Fund completes a <br />full calendar year of operation.</tt> <tt>The tables below describe the fees and expenses that you may pay if you buy and <br />hold shares of the Fund. You may qualify for sales charge discounts if you and <br />your family invest, or agree to invest in the future, at least $50,000 in Class A <br />Shares of eligible funds that are part of the family of mutual funds sponsored by <br />Allianz. More information about these and other discounts is available in the <br />"Classes of Shares" section beginning on page 27 of the Fund's statutory <br />prospectus or from your financial advisor.</tt> <div style="display:none">~ http://www.allianzinvestors.com/role/OperatingExpensesData_S000038495Member2 column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> Example: Assuming you do not redeem your shares An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="display:none">~ http://www.allianzinvestors.com/role/ExpenseExampleNoRedemption_S000038495Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.allianzinvestors.com/role/ShareholderFeesData_S000038495Member2 column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> AZICX 0.0000 368 268 1204 -0.0338 0.0378 0.0125 2013-12-31 1204 0.0100 0.0265 0.0603 0.01 AZIAX 0.0550 732 732 1482 -0.0338 0.0378 0.0125 2013-12-31 1482 0.0025 0.0190 0.0528 0.01 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells <br />securities (or "turns over" its portfolio). High levels of portfolio turnover <br />may indicate higher transaction costs and may result in higher taxes for you <br />if your Fund shares are held in a taxable account. These costs, which are<br />not reflected in Total Annual Fund Operating Expenses or in the Examples above, <br />can adversely affect the Fund's investment performance.</tt> <div style="display:none">~ http://www.allianzinvestors.com/role/ExpenseExample_S000038495Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to generate attractive risk-adjusted absolute returns through <br />a complete market cycle.</tt> <tt>The Examples are intended to help you compare the cost of investing in shares <br />of the Fund with the costs of investing in other mutual funds. The Examples <br />assume that you invest $10,000 in the noted class of shares for the time <br />periods indicated, your investment has a 5% return each year, and the Fund's <br />operating expenses remain the same. Although your actual costs may be higher <br />or lower, the Examples show what your costs would be based on these assumptions. <br />The Examples are based, for the first year, on Total Annual Fund Operating <br />Expenses After Expense Reductions and, for all other periods, on Total Annual <br />Fund Operating Expenses.</tt> <tt>The Fund seeks to achieve its investment objective by investing significantly <br />in exchange-traded listed and FLEX U.S. equity index options, while holding <br />cash and cash equivalents as collateral for option investments.<br /><br />Under normal market conditions, the Fund will hold the majority of its assets <br />in cash and cash equivalents such as U.S. Treasury bills. The portfolio managers <br />will select these in an effort to maintain a stable portfolio base as collateral <br />for the index option spread strategy described below.<br /><br />Using a portion of its cash and cash equivalents as collateral, the portfolio <br />managers utilize a combination of proprietary models to construct paired option <br />positions, or so-called "option spreads," typically by buying and selling put <br />options and call options on equity indexes such as the S&amp;P 500 Index, Russell <br />2000 Index and NASDAQ 100. Call options are contracts representing the right to<br />purchase the underlying instrument at a specified price (the "strike price") at <br />or before a specified future date (the "expiration date"), while put options <br />represent the right to sell the underlying instrument at the strike price on or <br />before the expiration date. Index options, which are not based on a single <br />underlying security, are typically cash-settled without requiring delivery. The <br />Fund may buy and sell exchange-traded options and FLEX options (i.e., listed <br />options that are traded on an exchange but with customized strike prices and <br />expiration dates). Option spreads are typically created by buying and selling options <br />of the same class on the same underlying instrument but with different <br />strike prices or expiration dates. The number of contracts bought and sold can <br />be different in a spread (normally called a "ratio spread") or they can be the same. <br />The portfolio managers seek to create option-based "profit zones" that <br />upon expiration of the combination of individual option positions that make up <br />the option spread will capture positive payoffs if the level of the underlying <br />index (or other instrument) ends up within the chosen "profit zone." The Fund <br />seeks to optimize spread positions and profit zones based on (a) targeted <br />positive return potential, (b) structural risk protections, (c) collateral <br />management, and (d) flexibility to restructure profit zones if necessary. The <br />Fund intends to invest primarily in option spreads, consisting of 50 to 400 <br />individual option positions, and may buy or sell put or call index options that <br />are not paired as part of an option spread. The duration of individual option <br />positions will normally range from 20 to 75 days at inception. The gross <br />notional value of options held by the Fund may significantly exceed the current <br />net asset value of the Fund at any time. To the extent the Fund enters into <br />option positions that are only partially or not at all paired as part of an <br />option spread, the Fund may have greater exposure to rapid deterioration of the <br />portfolio and should be deemed speculative.<br /><br />The Fund may invest in exchange traded funds ("ETFs") and exchange traded notes <br />("ETNs"), including ETFs and ETNs that provide exposure to market volatility, <br />either as an offset or as an addition to option-based trades. The Fund may <br />utilize foreign currency exchange contracts, options, stock index futures <br />contracts and other derivative instruments. In response to unfavorable market <br />and other conditions, the Fund may deviate from its principal strategies by making <br />temporary investments of some or all of its assets in high-quality fixed income <br />securities, cash and cash equivalents. The Fund may not achieve its investment <br />objective when it does so.</tt> AllianzGI Structured Alpha Fund Examples. Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses. Performance information for the Fund will be available after the Fund completes a full calendar year of operation. Investment Objective It is possible to lose money on an investment in the Fund. Principal Risks Shareholder Fees (fees paid directly from your investment) None Performance Information Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover. <tt>The Fund's net asset value, yield and total return will be affected by the <br />allocation determinations, investment decisions and techniques of the Fund's <br />management, and factors influencing the U.S. or global economies and securities <br />markets or relevant industries or sectors within them (Management Risk, Market <br />Risk). Fixed income (debt) securities are subject to greater levels of credit <br />and liquidity risk, may be speculative and may decline in value due to changes <br />in interest rates or an issuer's or counterparty's deterioration or default <br />(Fixed Income Risk). Other principal risks include: Credit Risk (an issuer or <br />counterparty may default on obligations); Derivatives Risk (derivative instruments <br />are complex, have different characteristics than their underlying assets and are <br />subject to additional risks, including leverage, liquidity and valuation); <br />Leveraging Risk (instruments and transactions that constitute leverage magnify <br />gains or losses and increase volatility); Liquidity Risk (the lack of an active <br />market for investments may cause delay in disposition or force a sale below fair <br />value); and Turnover Risk (high levels of portfolio turnover increase transaction <br />costs and taxes and may lower investment performance). Please see "Summary of <br />Principal Risks" in the Fund's statutory prospectus for a more detailed description <br />of the Fund's risks. It is possible to lose money on an investment in the Fund. An <br />investment in the Fund is not a deposit of a bank and is not insured or guaranteed <br />by the Federal Deposit Insurance Corporation or any other government agency.</tt> Fees and Expenses of the Fund Principal Investment Strategies <tt>Performance information for the Fund will be available after the Fund completes a <br />full calendar year of operation.</tt> <tt>The tables below describe the fees and expenses that you may pay if you buy <br />and hold shares of the Fund.</tt> <div style="display:none">~ http://www.allianzinvestors.com/role/OperatingExpensesData_S000038495Member1 column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. AZIDX 193 986 -0.0338 0.0378 0.0125 2013-12-31 0.0025 0.0190 0.0528 AZIPX 178 942 -0.0338 0.0388 0.0125 2013-12-31 0.0000 0.0175 0.0513 AZIIX 168 912 -0.0338 0.0378 0.0125 2013-12-31 0.0000 0.0165 0.0503 0001423227 ck0001423227:SummaryS000038495-1Memberck0001423227:S000038495Memberck0001423227:C000118770Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038495-1Memberck0001423227:S000038495Memberck0001423227:C000118771Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038495-1Memberck0001423227:S000038495Memberck0001423227:C000118772Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038495-1Memberck0001423227:S000038495Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038495-2Memberck0001423227:S000038495Memberck0001423227:C000118773Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038495-2Memberck0001423227:S000038495Memberck0001423227:C000118774Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038495-2Memberck0001423227:S000038495Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038496-1Memberck0001423227:S000038496Memberck0001423227:C000118776Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038496-1Memberck0001423227:S000038496Memberck0001423227:C000118777Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038496-1Memberck0001423227:S000038496Memberck0001423227:C000118778Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038496-1Memberck0001423227:S000038496Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038496-2Memberck0001423227:S000038496Memberck0001423227:C000118775Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038496-2Memberck0001423227:S000038496Memberck0001423227:C000118779Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038496-2Memberck0001423227:S000038496Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038497-1Memberck0001423227:S000038497Memberck0001423227:C000118780Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038497-1Memberck0001423227:S000038497Memberck0001423227:C000118781Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038497-1Memberck0001423227:S000038497Memberck0001423227:C000118782Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038497-1Memberck0001423227:S000038497Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038497-2Memberck0001423227:S000038497Memberck0001423227:C000118783Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038497-2Memberck0001423227:S000038497Memberck0001423227:C000118784Member 2012-12-21 2012-12-21 0001423227 ck0001423227:SummaryS000038497-2Memberck0001423227:S000038497Member 2012-12-21 2012-12-21 0001423227 2012-12-21 2012-12-21 iso4217:USD pure Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to waive, through December 31, 2013, its management fee and/or reimburse the Fund to the extent that Total Annual Fund Operating Expenses, including payment of organizational expenses but excluding interest, taxes, extraordinary expenses, and certain credits and other expenses, exceed 1.65% for Institutional Class, 1.75% for Class P and 1.90% for Class D shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts until November 30, 2017 provided total expenses, including such recoupment, do not exceed the annual expenses limit. For Class A shares, the CDSC is imposed only in certain circumstances where shares are purchased without a front-end sales charge at the time of purchase. For Class C shares, the CDSC is imposed only on shares redeemed in the first year. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to waive, through December 31, 2013, its management fee and/or reimburse the Fund to the extent that Total Annual Fund Operating Expenses, including payment of organizational expenses but excluding interest, taxes, extraordinary expenses, and certain credits and other expenses, exceed 1.90% for Class A and 2.65% for Class C shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts until November 30, 2017, provided total expenses, including such recoupment, do not exceed the annual expenses limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to waive, through December 31, 2013, its management fee and/or reimburse the Fund to the extent that Total Annual Fund Operating Expenses, including payment of organizational expenses but excluding interest, taxes, extraordinary expenses, and certain credits and other expenses, exceed 1.00% for Institutional Class, 1.10% for Class P and 1.25% for Class D shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts until November 30, 2017, provided total expenses, including such recoupment, do not exceed the annual expenses limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to waive, through December 31, 2013, its management fee and/or reimburse the Fund to the extent that Total Annual Fund Operating Expenses, including payment of organizational expenses but excluding interest, taxes, extraordinary expenses, and certain credits and other expenses, exceed 1.25% for Class A and 2.00% for Class C shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts until November 30, 2017, provided total expenses, including such recoupment, do not exceed the annual expenses limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to waive, through December 31, 2013, its management fee and/or reimburse the Fund to the extent that Total Annual Fund Operating Expenses, including payment of organizational expenses but excluding interest, taxes, extraordinary expenses, and certain credits and other expenses, exceed 1.30% for Institutional Class, 1.40% for Class P and 1.55% for Class D shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts until November 30, 2017, provided total expenses, including such recoupment, do not exceed the annual expenses limit. Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to waive, through December 31, 2013, its management fee and/or reimburse the Fund to the extent that Total Annual Fund Operating Expenses, including payment of organizational expenses but excluding interest, taxes, extraordinary expenses, and certain credits and other expenses, exceed 1.55% for Class A and 2.30% for Class C shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts until November 30, 2017, provided total expenses, including such recoupment, do not exceed the annual expenses limit. 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Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Dec. 21, 2012
Allianz AGIC U.S. Equity-Hedged Fund (Second Prospectus Summary) | Allianz AGIC U.S. Equity-Hedged Fund
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading AllianzGI U.S. Equity Hedged Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks capital appreciation, with added emphasis on the protection of
capital during unfavorable market conditions.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below describe the fees and expenses that you may pay if you buy and
hold shares of the Fund. You may qualify for sales charge discounts if you and
your family invest, or agree to invest in the future, at least $50,000 in Class A
Shares of eligible funds that are part of the family of mutual funds sponsored by
Allianz. More information about these and other discounts is available in the
"Classes of Shares" section beginning on page 27 of the Fund's statutory prospectus
or from your financial advisor.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover.
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" 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's investment performance.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of eligible funds that are part of the family of mutual funds sponsored by Allianz.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Examples.
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Example: Assuming you redeem your shares at the end of each period
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption Example: Assuming you do not redeem your shares
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund seeks to achieve its investment objective by normally investing at least
80% of its net assets (plus borrowings made for investment purposes) in common
stocks of U.S. companies. The Fund currently defines "U.S. companies" as those
companies that are deemed to be domiciled in the United States for purposes
of their geographical eligibility for inclusion in the S&P 500 Index, a
broad-based index of U.S. stocks.

The Fund expects to invest typically in all 500 stocks included in the S&P 500
Index, and seeks to replicate approximately the relative weighting of those
stocks on the S&P 500 Index. To the extent the portfolio managers identify
efficiencies in achieving exposure to desired stocks through other instruments,
the Fund may complement its direct stock positions with temporary or medium-term
investments in stock index futures, exchange traded funds (ETFs) and other
derivative instruments. The portfolio managers may consider selling a particular
position if the security ceases to be included on the S&P 500 Index (either through
quarterly rebalancing of the index or otherwise) or if a more attractive means of
achieving the same exposure is identified. Because the S&P 500 Index does not
incur the types of transaction costs that the Fund bears in connection with
rebalancing and responding to cash flows, the Fund's stock portfolio (regardless
of whether through direct or indirect holdings) may consistently underperform the
S&P 500 Index.

Under normal market and other conditions, in addition to the stock portfolio described
above, the Fund seeks to employ a strategy of investing in exchange-traded options
or FLEX options (i.e. listed options that are traded on an exchange, but with customized
strike prices and expiration dates) that, when paired with the equity portfolio, promote
the protection of capital during unfavorable market conditions (the "Index Option
Strategy").The Fund will utilize (buy) equity index put options (long puts) on U.S. equity
indexes with the purpose of protecting the Fund from a significant market decline while
limiting the cost and interference of this "protection," and will write (sell) equity index call
options (short calls) on U.S. equity indexes to offset some or all of the cost of the put
options. Under normal market conditions, the option positions will consist of long puts
with notional value roughly equal to the full value of the Fund's stock portfolio, expiring
in roughly equal proportions over longer periods (e.g., the next 12 months), and short call
positions expiring over a shorter period (e.g. less than 45 days) with notional value roughly
equal to the full value of the Fund's stock portfolio. Additionally, when a new long put
position is established in periods of elevated volatility, the portfolio managers may seek to
pair it with a short put at a strike price below the coinciding long put. All options are
expected to be held to expiration (unless redemptions require earlier close-out),
and strike prices are systematically selected. In pursuing the Index Option Strategy, the
Fund generally will not be able to offset the full cost of the "protection" it is seeking and must
keep significant cash and cash equivalents available, and therefore the Fund will
typically underperform the S&P 500 Index during periods of market increases and slight
market decreases.

In response to unusual market and other conditions, the Fund may deviate from its principal
strategies by making temporary investments of some or all of its assets in long call options or
call option spreads, high-quality fixed income securities, cash and cash equivalents. The
Fund may not achieve its investment objective when it does so.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund's net asset value, yield and total return will be affected by the allocation
determinations, investment decisions and techniques of the Fund'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 (Management Risk, Issuer Risk,
Market Risk). Equity securities may react more strongly to changes in an issuer's
financial condition or prospects than other securities of the same issuer (Equity
Securities Risk). Other principal risks include: Credit Risk (an issuer or
counterparty may default on obligations); Derivatives Risk (derivative instruments
are complex, have different characteristics than their underlying assets and are
subject to additional risks, including leverage, liquidity and valuation); Leveraging
Risk (instruments and transactions that constitute leverage magnify gains or losses
and increase volatility); Liquidity Risk (the lack of an active market for investments
may cause delay in disposition or force a sale below fair value); and Turnover Risk
(high levels of portfolio turnover increase transaction costs and taxes and may lower
investment performance). Please see "Summary of Principal Risks" in the Fund's
statutory prospectus for a more detailed description of the Fund'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.
Risk Lose Money [Text] rr_RiskLoseMoney It is possible to lose money on an investment in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock Performance information for the Fund will be available after the Fund completes a
full calendar year of operation.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Performance information for the Fund will be available after the Fund completes a full calendar year of operation.
Allianz AGIC U.S. Equity-Hedged Fund (Second Prospectus Summary) | Allianz AGIC U.S. Equity-Hedged Fund | Class A
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.50%
Maximum Contingent Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 0.70%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Estimated Other Expenses rr_OtherExpensesOverAssets 7.28% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 8.23%
Expense Reductions rr_FeeWaiverOrReimbursementOverAssets (6.98%) [3]
Total Annual Fund Operating Expenses After Expense Reductions rr_NetExpensesOverAssets 1.25% [3]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2013-12-31
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 670
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,699
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 670
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 1,699
Allianz AGIC U.S. Equity-Hedged Fund (Second Prospectus Summary) | Allianz AGIC U.S. Equity-Hedged Fund | Class C
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Contingent Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 0.70%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Estimated Other Expenses rr_OtherExpensesOverAssets 7.28% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 8.98%
Expense Reductions rr_FeeWaiverOrReimbursementOverAssets (6.98%) [3]
Total Annual Fund Operating Expenses After Expense Reductions rr_NetExpensesOverAssets 2.00% [3]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2013-12-31
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 303
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,429
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 203
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 1,429
[1] 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.
[2] Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses.
[3] 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.
XML 11 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Dec. 21, 2012
Allianz AGIC U.S. Equity-Hedged Fund (First Prospectus Summary) | Allianz AGIC U.S. Equity-Hedged Fund
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading AllianzGI U.S. Equity Hedged Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks capital appreciation, with added emphasis on the protection of
capital during unfavorable market conditions.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below describe the fees and expenses that you may pay if you buy
and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment) None
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover.
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" 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's investment performance.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Examples.
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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.
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund seeks to achieve its investment objective by normally investing at least
80% of its net assets (plus borrowings made for investment purposes) in common
stocks of U.S. companies. The Fund currently defines "U.S. companies" as those
companies that are deemed to be domiciled in the United States for purposes
of their geographical eligibility for inclusion in the S&P 500 Index, a
broad-based index of U.S. stocks.

The Fund expects to invest typically in all 500 stocks included in the S&P 500
Index, and seeks to replicate approximately the relative weighting of those stocks
on the S&P 500 Index. To the extent the portfolio managers identify efficiencies in
achieving exposure to desired stocks through other instruments, the Fund may
complement its direct stock positions with temporary or medium-term investments
in stock index futures, exchange traded funds (ETFs) and other derivative instruments.
The portfolio managers may consider selling a particular position if the security
ceases to be included on the S&P 500 Index (either through quarterly rebalancing of
the index or otherwise) or if a more attractive means of achieving the same exposure
is identified. Because the S&P 500 Index does not incur the types of transaction costs
that the Fund bears in connection with rebalancing and responding to cash flows, the
Fund's stock portfolio (regardless of whether through direct or indirect holdings)
may consistently underperform the S&P 500 Index.

Under normal market and other conditions, in addition to the stock portfolio described
above, the Fund seeks to employ a strategy of investing in exchange-traded options or
FLEX options (i.e. listed options that are traded on an exchange, but with customized
strike prices and expiration dates) that, when paired with the equity portfolio, promote
the protection of capital during unfavorable market conditions (the "Index Option
Strategy"). The Fund will utilize (buy) equity index put options (long puts) on U.S.
equity indexes with the purpose of protecting the Fund from a significant market decline
while limiting the cost and interference of this "protection," and will write (sell)
equity index call options (short calls) on U.S. equity indexes to offset some or all of
the cost of the put options. Under normal market conditions, the option positions will
consist of long puts with notional value roughly equal to the full value of the Fund's
stock portfolio, expiring in roughly equal proportions over longer periods (e.g., the
next 12 months), and short call positions expiring over a shorter period (e.g. less than
45 days) with notional value roughly equal to the full value of the Fund's stock portfolio.
Additionally, when a new long put position is established in periods of elevated
volatility, the portfolio managers may seek to pair it with a short put at a strike price
below the coinciding long put. All options are expected to be held to expiration (unless
redemptions require earlier close-out), and strike prices are systematically selected.
In pursuing the Index Option Strategy, the Fund generally will not be able to offset the
full cost of the "protection" it is seeking and must keep significant cash and cash
equivalents available, and therefore the Fund will typically underperform the S&P 500
Index during periods of market increases and slight market decreases.

In response to unusual market and other conditions, the Fund may deviate from its
principal strategies by making temporary investments of some or all of its assets in long
call options or call option spreads, high-quality fixed income securities, cash and
cash equivalents. The Fund may not achieve its investment objective when it does so.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund's net asset value, yield and total return will be affected by the allocation
determinations, investment decisions and techniques of the Fund'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 (Management Risk, Issuer Risk,
Market Risk). Equity securities may react more strongly to changes in an issuer's
financial condition or prospects than other securities of the same issuer (Equity
Securities Risk). Other principal risks include: Credit Risk (an issuer or counterparty
may default on obligations); Derivatives Risk (derivative instruments are complex, have
different characteristics than their underlying assets and are subject to additional
risks, including leverage, liquidity and valuation); Leveraging Risk (instruments and
transactions that constitute leverage magnify gains or losses and increase volatility);
Liquidity Risk (the lack of an active market for investments may cause delay in
disposition or force a sale below fair value); and Turnover Risk (high levels of
portfolio turnover increase transaction costs and taxes and may lower investment
performance). Please see "Summary of Principal Risks" in the Fund's statutory prospectus
for a more detailed description of the Fund'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.
Risk Lose Money [Text] rr_RiskLoseMoney It is possible to lose money on an investment in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock Performance information for the Fund will be available after the Fund completes
a full calendar year of operation.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Performance information for the Fund will be available after the Fund completes a full calendar year of operation.
Allianz AGIC U.S. Equity-Hedged Fund (First Prospectus Summary) | Allianz AGIC U.S. Equity-Hedged Fund | Institutional
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.70%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Estimated Other Expenses rr_OtherExpensesOverAssets 7.28% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 7.98%
Expense Reductions rr_FeeWaiverOrReimbursementOverAssets (6.98%) [2]
Total Annual Fund Operating Expenses After Expense Reductions rr_NetExpensesOverAssets 1.00% [2]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2013-12-31
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 102
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,144
Allianz AGIC U.S. Equity-Hedged Fund (First Prospectus Summary) | Allianz AGIC U.S. Equity-Hedged Fund | Class P
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.70%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Estimated Other Expenses rr_OtherExpensesOverAssets 7.38% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 8.08%
Expense Reductions rr_FeeWaiverOrReimbursementOverAssets (6.98%) [2]
Total Annual Fund Operating Expenses After Expense Reductions rr_NetExpensesOverAssets 1.10% [2]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2013-12-31
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 112
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,173
Allianz AGIC U.S. Equity-Hedged Fund (First Prospectus Summary) | Allianz AGIC U.S. Equity-Hedged Fund | Class D
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.70%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Estimated Other Expenses rr_OtherExpensesOverAssets 7.28% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 8.23%
Expense Reductions rr_FeeWaiverOrReimbursementOverAssets (6.98%) [2]
Total Annual Fund Operating Expenses After Expense Reductions rr_NetExpensesOverAssets 1.25% [2]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2013-12-31
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 127
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,216
[1] Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses.
[2] 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.
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Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Dec. 21, 2012
Allianz NFJ Emerging Markets Value Fund (Second Prospectus Summary) | Allianz NFJ Emerging Markets Value Fund
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading AllianzGI NFJ Emerging Markets Value Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below describe the fees and expenses that you may pay if you buy and
hold shares of the Fund. You may qualify for sales charge discounts if you and
your family invest, or agree to invest in the future, at least $50,000 in
Class A Shares of eligible funds that are part of the family of mutual funds
sponsored by Allianz. More information about these and other discounts is available
in the "Classes of Shares" section beginning on page 27 of the Fund's statutory
prospectus or from your financial advisor.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover.
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" 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's investment performance.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of eligible funds that are part of the family of mutual funds sponsored by Allianz.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Examples.
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Example: Assuming you redeem your shares at the end of each period
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption Example: Assuming you do not redeem your shares
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund seeks to achieve its investment objective by normally investing at
least 80% of its net assets (plus borrowings made for investment purposes) in
equity securities of companies that are domiciled in or tied economically to
countries with emerging securities markets-that is, 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 regulation. The Fund may achieve its exposure to non-U.S.
equity securities in several ways, including through investing in American
Depositary Receipts (ADRs) and other depositary receipts, in addition to direct
investments in the securities of non-U.S. issuers. The Fund may also utilize
foreign currency exchange contracts, options, stock index futures contracts and
other derivative instruments, as well as access products such as participatory
notes. Although the Fund does not expect to invest significantly in foreign
currency exchange contracts, options, stock index futures contracts and other
derivative instruments, it may do so at any time.

In selecting investments for the Fund, the portfolio managers use a value investing
style focusing on equity securities of companies whose securities the portfolio
managers believe have low valuations, including smaller capitalization securities
and real estate investment trusts (REITs). The portfolio managers partition the
Fund's initial selection universe of non-U.S. and U.S. companies for dividend-paying
value opportunities across the emerging markets to determine potential holdings for
the Fund representing broad diversification by sector, industry, country and issue.
The portfolio managers use quantitative factors to screen the Fund's selection
universe, analyzing factors such as price-to-earnings ratios (i.e., share price
relative to a company's earnings), dividend yield, price-to-book ratios (i.e., share
price relative to a company's balance sheet value), price-to-cash-flow ratios
(i.e., share price relative to a company's cash flow). After still further narrowing
the universe through a combination of qualitative analysis and fundamental research,
the portfolio managers select approximately 125 to 175 securities for the Fund. The
portfolio managers may consider selling a security when any of the factors
leading to its purchase materially changes or when a more attractive candidate is
identified, including when an alternative security demonstrates a lower
price-to-earnings ratio, a higher dividend yield or other, favorable qualitative
metrics.

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 high-quality fixed income securities, cash and cash equivalents. The Fund may be
less likely to achieve its investment objective when it does so.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund's net asset value, yield and total return will be affected by the allocation
determinations, investment decisions and techniques of the Fund'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 (Management Risk,
Issuer Risk, Market Risk). Equity securities may react more strongly to changes in an
issuer'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 (Equity Securities Risk, Smaller Company Risk). 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 (Non-U.S.
Investment Risk, Emerging Markets Risk, Currency Risk). Other principal risks include:
Credit Risk (an issuer or counterparty may default on obligations); Liquidity  Risk
(the lack of an active market for investments may cause delay in disposition or force
a sale below fair value); REIT Risk (adverse changes in the real estate markets may
affect the value of REIT investments); and Turnover Risk (high levels of portfolio
turnover increase transaction costs and taxes and may lower investment performance).
Please see "Summary of Principal Risks" in the Fund's statutory prospectus for a more
detailed description of the Fund'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.
Risk Lose Money [Text] rr_RiskLoseMoney It is possible to lose money on an investment in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock Performance information for the Fund will be available after the Fund completes a
full calendar year of operation.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Performance information for the Fund will be available after the Fund completes a full calendar year of operation.
Allianz NFJ Emerging Markets Value Fund (Second Prospectus Summary) | Allianz NFJ Emerging Markets Value Fund | Class A
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.50%
Maximum Contingent Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Estimated Other Expenses rr_OtherExpensesOverAssets 12.11% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 13.36%
Expense Reductions rr_FeeWaiverOrReimbursementOverAssets (11.81%) [3]
Total Annual Fund Operating Expenses After Expense Reductions rr_NetExpensesOverAssets 1.55% [3]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2013-12-31
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 699
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 2,401
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 699
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 2,401
Allianz NFJ Emerging Markets Value Fund (Second Prospectus Summary) | Allianz NFJ Emerging Markets Value Fund | Class C
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Contingent Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Estimated Other Expenses rr_OtherExpensesOverAssets 12.11% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 14.11%
Expense Reductions rr_FeeWaiverOrReimbursementOverAssets (11.81%) [3]
Total Annual Fund Operating Expenses After Expense Reductions rr_NetExpensesOverAssets 2.30% [3]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2013-12-31
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 333
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 2,154
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 233
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 2,154
[1] 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.
[2] Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses.
[3] 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.
XML 14 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Allianz AGIC Structured Alpha Fund (First Prospectus Summary) | Allianz AGIC Structured Alpha Fund
AllianzGI Structured Alpha Fund
Investment Objective
The Fund seeks to generate attractive risk-adjusted absolute returns through
a complete market cycle.
Fees and Expenses of the Fund
The tables below describe the fees and expenses that you may pay if you buy
and hold shares of the Fund.
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)
Annual Fund Operating Expenses Allianz AGIC Structured Alpha Fund
Management Fees
Distribution and/or Service (12b-1) Fees
Estimated Other Expenses
Total Annual Fund Operating Expenses
Expense Reductions
Total Annual Fund Operating Expenses After Expense Reductions
Institutional
1.25% none 3.78% [1] 5.03% (3.38%) [2] 1.65% [2]
Class P
1.25% none 3.88% [1] 5.13% (3.38%) [2] 1.75% [2]
Class D
1.25% 0.25% 3.78% [1] 5.28% (3.38%) [2] 1.90% [2]
[1] Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses.
[2] 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.
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. 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.
Expense Example Allianz AGIC Structured Alpha Fund (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Institutional
168 912
Class P
178 942
Class D
193 986
Portfolio Turnover.
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" 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's investment performance.
Principal Investment Strategies
The Fund seeks to achieve its investment objective by investing significantly
in exchange-traded listed and FLEX U.S. equity index options, while holding
cash and cash equivalents as collateral for option investments.

Under normal market conditions, the Fund will hold the majority of its assets
in cash and cash equivalents such as U.S. Treasury bills. The portfolio managers
will select these in an effort to maintain a stable portfolio base as collateral
for the index option spread strategy described below.

Using a portion of its cash and cash equivalents as collateral, the portfolio
managers utilize a combination of proprietary models to construct paired option
positions, or so-called "option spreads," typically by buying and selling put
options and call options on equity indexes such as the S&P 500 Index, Russell
2000 Index and NASDAQ 100. Call options are contracts representing the right to
purchase the underlying instrument at a specified price (the "strike price") at
or before a specified future date (the "expiration date"), while put options
represent the right to sell the underlying instrument at the strike price on or
before the expiration date. Index options, which are not based on a single
underlying security, are typically cash-settled without requiring delivery. The
Fund may buy and sell exchange-traded options and FLEX options (i.e., listed
options that are traded on an exchange but with customized strike prices and
expiration dates). Option spreads are typically created by buying and selling options
of the same class on the same underlying instrument but with different
strike prices or expiration dates. The number of contracts bought and sold can
be different in a spread (normally called a "ratio spread") or they can be the same.
The portfolio managers seek to create option-based "profit zones" that
upon expiration of the combination of individual option positions that make up
the option spread will capture positive payoffs if the level of the underlying
index (or other instrument) ends up within the chosen "profit zone." The Fund
seeks to optimize spread positions and profit zones based on (a) targeted
positive return potential, (b) structural risk protections, (c) collateral
management, and (d) flexibility to restructure profit zones if necessary. The
Fund intends to invest primarily in option spreads, consisting of 50 to 400
individual option positions, and may buy or sell put or call index options that
are not paired as part of an option spread. The duration of individual option
positions will normally range from 20 to 75 days at inception. The gross
notional value of options held by the Fund may significantly exceed the current
net asset value of the Fund at any time. To the extent the Fund enters into
option positions that are only partially or not at all paired as part of an
option spread, the Fund may have greater exposure to rapid deterioration of the
portfolio and should be deemed speculative.

The Fund may invest in exchange traded funds ("ETFs") and exchange traded notes
("ETNs"), including ETFs and ETNs that provide exposure to market volatility,
either as an offset or as an addition to option-based trades. The Fund may
utilize foreign currency exchange contracts, options, stock index futures
contracts and other derivative instruments. 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 high-quality fixed income
securities, cash and cash equivalents. The Fund may not achieve its investment
objective when it does so.
Principal Risks
The Fund's net asset value, yield and total return will be affected by the
allocation determinations, investment decisions and techniques of the Fund's
management, and factors influencing the U.S. or global economies and securities
markets or relevant industries or sectors within them (Management Risk, Market
Risk). Fixed income (debt) securities 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's or counterparty's deterioration or default
(Fixed Income Risk). Other principal risks include: Credit Risk (an issuer or
counterparty may default on obligations); Derivatives Risk (derivative instruments
are complex, have different characteristics than their underlying assets and are
subject to additional risks, including leverage, liquidity and valuation);
Leveraging Risk (instruments and transactions that constitute leverage magnify
gains or losses and increase volatility); Liquidity Risk (the lack of an active
market for investments may cause delay in disposition or force a sale below fair
value); and Turnover Risk (high levels of portfolio turnover increase transaction
costs and taxes and may lower investment performance). Please see "Summary of
Principal Risks" in the Fund's statutory prospectus for a more detailed description
of the Fund'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.
Performance Information
Performance information for the Fund will be available after the Fund completes a
full calendar year of operation.
XML 15 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Allianz AGIC U.S. Equity-Hedged Fund (First Prospectus Summary) | Allianz AGIC U.S. Equity-Hedged Fund
AllianzGI U.S. Equity Hedged Fund
Investment Objective
The Fund seeks capital appreciation, with added emphasis on the protection of
capital during unfavorable market conditions.
Fees and Expenses of the Fund
The tables below describe the fees and expenses that you may pay if you buy
and hold shares of the Fund.
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)
Annual Fund Operating Expenses Allianz AGIC U.S. Equity-Hedged Fund
Management Fees
Distribution and/or Service (12b-1) Fees
Estimated Other Expenses
Total Annual Fund Operating Expenses
Expense Reductions
Total Annual Fund Operating Expenses After Expense Reductions
Institutional
0.70% none 7.28% [1] 7.98% (6.98%) [2] 1.00% [2]
Class P
0.70% none 7.38% [1] 8.08% (6.98%) [2] 1.10% [2]
Class D
0.70% 0.25% 7.28% [1] 8.23% (6.98%) [2] 1.25% [2]
[1] Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses.
[2] 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.
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. 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.
Expense Example Allianz AGIC U.S. Equity-Hedged Fund (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Institutional
102 1,144
Class P
112 1,173
Class D
127 1,216
Portfolio Turnover.
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" 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's investment performance.
Principal Investment Strategies
The Fund seeks to achieve its investment objective by normally investing at least
80% of its net assets (plus borrowings made for investment purposes) in common
stocks of U.S. companies. The Fund currently defines "U.S. companies" as those
companies that are deemed to be domiciled in the United States for purposes
of their geographical eligibility for inclusion in the S&P 500 Index, a
broad-based index of U.S. stocks.

The Fund expects to invest typically in all 500 stocks included in the S&P 500
Index, and seeks to replicate approximately the relative weighting of those stocks
on the S&P 500 Index. To the extent the portfolio managers identify efficiencies in
achieving exposure to desired stocks through other instruments, the Fund may
complement its direct stock positions with temporary or medium-term investments
in stock index futures, exchange traded funds (ETFs) and other derivative instruments.
The portfolio managers may consider selling a particular position if the security
ceases to be included on the S&P 500 Index (either through quarterly rebalancing of
the index or otherwise) or if a more attractive means of achieving the same exposure
is identified. Because the S&P 500 Index does not incur the types of transaction costs
that the Fund bears in connection with rebalancing and responding to cash flows, the
Fund's stock portfolio (regardless of whether through direct or indirect holdings)
may consistently underperform the S&P 500 Index.

Under normal market and other conditions, in addition to the stock portfolio described
above, the Fund seeks to employ a strategy of investing in exchange-traded options or
FLEX options (i.e. listed options that are traded on an exchange, but with customized
strike prices and expiration dates) that, when paired with the equity portfolio, promote
the protection of capital during unfavorable market conditions (the "Index Option
Strategy"). The Fund will utilize (buy) equity index put options (long puts) on U.S.
equity indexes with the purpose of protecting the Fund from a significant market decline
while limiting the cost and interference of this "protection," and will write (sell)
equity index call options (short calls) on U.S. equity indexes to offset some or all of
the cost of the put options. Under normal market conditions, the option positions will
consist of long puts with notional value roughly equal to the full value of the Fund's
stock portfolio, expiring in roughly equal proportions over longer periods (e.g., the
next 12 months), and short call positions expiring over a shorter period (e.g. less than
45 days) with notional value roughly equal to the full value of the Fund's stock portfolio.
Additionally, when a new long put position is established in periods of elevated
volatility, the portfolio managers may seek to pair it with a short put at a strike price
below the coinciding long put. All options are expected to be held to expiration (unless
redemptions require earlier close-out), and strike prices are systematically selected.
In pursuing the Index Option Strategy, the Fund generally will not be able to offset the
full cost of the "protection" it is seeking and must keep significant cash and cash
equivalents available, and therefore the Fund will typically underperform the S&P 500
Index during periods of market increases and slight market decreases.

In response to unusual market and other conditions, the Fund may deviate from its
principal strategies by making temporary investments of some or all of its assets in long
call options or call option spreads, high-quality fixed income securities, cash and
cash equivalents. The Fund may not achieve its investment objective when it does so.
Principal Risks
The Fund's net asset value, yield and total return will be affected by the allocation
determinations, investment decisions and techniques of the Fund'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 (Management Risk, Issuer Risk,
Market Risk). Equity securities may react more strongly to changes in an issuer's
financial condition or prospects than other securities of the same issuer (Equity
Securities Risk). Other principal risks include: Credit Risk (an issuer or counterparty
may default on obligations); Derivatives Risk (derivative instruments are complex, have
different characteristics than their underlying assets and are subject to additional
risks, including leverage, liquidity and valuation); Leveraging Risk (instruments and
transactions that constitute leverage magnify gains or losses and increase volatility);
Liquidity Risk (the lack of an active market for investments may cause delay in
disposition or force a sale below fair value); and Turnover Risk (high levels of
portfolio turnover increase transaction costs and taxes and may lower investment
performance). Please see "Summary of Principal Risks" in the Fund's statutory prospectus
for a more detailed description of the Fund'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.
Performance Information
Performance information for the Fund will be available after the Fund completes
a full calendar year of operation.
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XML 17 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
Document Type dei_DocumentType Other
Document Period End Date dei_DocumentPeriodEndDate Dec. 21, 2012
Registrant Name dei_EntityRegistrantName Allianz Funds Multi-Strategy Trust
Central Index Key dei_EntityCentralIndexKey 0001423227
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Dec. 21, 2012
Document Effective Date dei_DocumentEffectiveDate Dec. 21, 2012
Allianz AGIC Structured Alpha Fund (First Prospectus Summary) | Allianz AGIC Structured Alpha Fund | Institutional
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol AZIIX
Allianz AGIC Structured Alpha Fund (First Prospectus Summary) | Allianz AGIC Structured Alpha Fund | Class P
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol AZIPX
Allianz AGIC Structured Alpha Fund (First Prospectus Summary) | Allianz AGIC Structured Alpha Fund | Class D
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol AZIDX
Allianz AGIC U.S. Equity-Hedged Fund (First Prospectus Summary) | Allianz AGIC U.S. Equity-Hedged Fund | Institutional
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol AZUIX
Allianz AGIC U.S. Equity-Hedged Fund (First Prospectus Summary) | Allianz AGIC U.S. Equity-Hedged Fund | Class P
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol AZUPX
Allianz AGIC U.S. Equity-Hedged Fund (First Prospectus Summary) | Allianz AGIC U.S. Equity-Hedged Fund | Class D
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol AZUDX
Allianz NFJ Emerging Markets Value Fund (First Prospectus Summary) | Allianz NFJ Emerging Markets Value Fund | Institutional
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol AZMIX
Allianz NFJ Emerging Markets Value Fund (First Prospectus Summary) | Allianz NFJ Emerging Markets Value Fund | Class P
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol AZMPX
Allianz NFJ Emerging Markets Value Fund (First Prospectus Summary) | Allianz NFJ Emerging Markets Value Fund | Class D
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol AZMDX
Allianz AGIC Structured Alpha Fund (Second Prospectus Summary) | Allianz AGIC Structured Alpha Fund | Class A
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol AZIAX
Allianz AGIC Structured Alpha Fund (Second Prospectus Summary) | Allianz AGIC Structured Alpha Fund | Class C
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol AZICX
Allianz AGIC U.S. Equity-Hedged Fund (Second Prospectus Summary) | Allianz AGIC U.S. Equity-Hedged Fund | Class A
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol AZUAX
Allianz AGIC U.S. Equity-Hedged Fund (Second Prospectus Summary) | Allianz AGIC U.S. Equity-Hedged Fund | Class C
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol AZUCX
Allianz NFJ Emerging Markets Value Fund (Second Prospectus Summary) | Allianz NFJ Emerging Markets Value Fund | Class A
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol AZMAX
Allianz NFJ Emerging Markets Value Fund (Second Prospectus Summary) | Allianz NFJ Emerging Markets Value Fund | Class C
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol AZMCX
XML 18 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Dec. 21, 2012
Allianz AGIC Structured Alpha Fund (Second Prospectus Summary) | Allianz AGIC Structured Alpha Fund
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading AllianzGI Structured Alpha Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to generate attractive risk-adjusted absolute
returns through a complete market cycle.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below describe the fees and expenses that you may pay if you buy and
hold shares of the Fund. You may qualify for sales charge discounts if you and
your family invest, or agree to invest in the future, at least $50,000 in Class A
Shares of eligible funds that are part of the family of mutual funds sponsored by
Allianz. More information about these and other discounts is available in the
"Classes of Shares" section beginning on page 27 of the Fund's statutory
prospectus or from your financial advisor.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover.
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" 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's investment performance.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of eligible funds that are part of the family of mutual funds sponsored by Allianz.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Examples.
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Example: Assuming you redeem your shares at the end of each period
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption Example: Assuming you do not redeem your shares
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund seeks to achieve its investment objective by investing significantly
in exchange-traded listed and FLEX U.S. equity index options, while holding
cash and cash equivalents as collateral for option investments.

Under normal market conditions, the Fund will hold the majority of its assets
in cash and cash equivalents such as U.S. Treasury bills. The portfolio managers
will select these in an effort to maintain a stable portfolio base as collateral
for the index option spread strategy described below.

Using a portion of its cash and cash equivalents as collateral, the portfolio
managers utilize a combination of proprietary models to construct paired option
positions, or so-called "option spreads," typically by buying and selling put
options and call options on equity indexes such as the S&P 500 Index, Russell 2000
Index and NASDAQ 100. Call options are contracts representing the right to purchase
the underlying instrument at a specified price (the "strike price") at or before a
specified future date (the "expiration date"), while put options represent the right
to sell the underlying instrument at the strike price on or before the expiration
date. Index options, which are not based on a single underlying security, are
typically cash-settled without requiring delivery. The Fund may buy and sell
exchange-traded options and FLEX options (i.e., listed options that are traded on
an exchange but with customized strike prices and expiration dates). Option spreads
are typically created by buying and selling options of the same class on the same
underlying instrument but with different strike prices or expiration dates. The
number of contracts bought and sold can be different in a spread (normally called a
"ratio spread") or they can be the same. The portfolio managers seek to create
option-based "profit zones" that upon expiration of the combination of individual
option positions that make up the option spread will capture positive payoffs if
the level of the underlying index (or other instrument) ends up within the chosen
"profit zone." The Fund seeks to optimize spread positions and profit zones based
on (a) targeted positive return potential, (b) structural risk protections,
(c) collateral management, and (d) flexibility to restructure profit zones if
necessary. The Fund intends to invest primarily in option spreads, consisting of 50
to 400 individual option positions, and may buy or sell put or call index options
that are not paired as part of an option spread. The duration of individual option
positions will normally range from 20 to 75 days at inception. The gross notional
value of options held by the Fund may significantly exceed the current net asset value
of the Fund at any time. To the extent the Fund enters into option positions that are
only partially or not at all paired as part of an option spread, the Fund may have
greater exposure to rapid deterioration of the portfolio and should be deemed
speculative.

The Fund may invest in exchange traded funds ("ETFs") and exchange traded notes ("ETNs"),
including ETFs and ETNs that provide exposure to market volatility, either as an offset
or as an addition to option-based trades. The Fund may utilize foreign currency exchange
contracts, options, stock index futures contracts and other derivative instruments. 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
high-quality fixed income securities, cash and cash equivalents. The Fund may not achieve
its investment objective when it does so.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund's net asset value, yield and total return will be affected by the
allocation determinations, investment decisions and techniques of the Fund's
management and factors influencing the U.S. or global economies and securities
markets or relevant industries or sectors within them (Management Risk, Market
Risk). Fixed income (debt) securities 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's or counterparty's deterioration or default
(Fixed Income Risk). Other principal risks include: Credit Risk (an issuer or
counterparty may default on obligations); Derivatives Risk (derivative
instruments are complex, have different characteristics than their underlying
assets and are subject to additional risks, including leverage, liquidity and
valuation); Leveraging Risk (instruments and transactions that constitute
leverage magnify gains or losses and increase volatility); Liquidity Risk
(the lack of an active market for investments may cause delay in disposition or
force a sale below fair value); and Turnover Risk (high levels of portfolio
turnover increase transaction costs and taxes and may lower investment
performance). Please see "Summary of Principal Risks" in the Fund's statutory
prospectus for a more detailed description of the Fund'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.
Risk Lose Money [Text] rr_RiskLoseMoney It is possible to lose money on an investment in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock Performance information for the Fund will be available after the Fund completes a
full calendar year of operation.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Performance information for the Fund will be available after the Fund completes a full calendar year of operation.
Allianz AGIC Structured Alpha Fund (Second Prospectus Summary) | Allianz AGIC Structured Alpha Fund | Class A
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.50%
Maximum Contingent Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Estimated Other Expenses rr_OtherExpensesOverAssets 3.78% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 5.28%
Expense Reductions rr_FeeWaiverOrReimbursementOverAssets (3.38%) [3]
Total Annual Fund Operating Expenses After Expense Reductions rr_NetExpensesOverAssets 1.90% [3]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2013-12-31
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 732
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,482
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 732
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 1,482
Allianz AGIC Structured Alpha Fund (Second Prospectus Summary) | Allianz AGIC Structured Alpha Fund | Class C
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Contingent Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [1]
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Estimated Other Expenses rr_OtherExpensesOverAssets 3.78% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 6.03%
Expense Reductions rr_FeeWaiverOrReimbursementOverAssets (3.38%) [3]
Total Annual Fund Operating Expenses After Expense Reductions rr_NetExpensesOverAssets 2.65% [3]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2013-12-31
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 368
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,204
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 268
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 1,204
[1] 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.
[2] Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses.
[3] 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.
XML 19 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Dec. 21, 2012
Allianz NFJ Emerging Markets Value Fund (First Prospectus Summary) | Allianz NFJ Emerging Markets Value Fund
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading AllianzGI NFJ Emerging Markets Value Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below describe the fees and expenses that you may pay if you buy and
hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment) None
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover.
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" 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's investment performance.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Examples.
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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.
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund seeks to achieve its investment objective by normally investing at least
80% of its net assets (plus borrowings made for investment purposes) in equity
securities of companies that are domiciled in or tied economically to countries
with emerging securities markets-that is, 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 regulation. The Fund may achieve its exposure to non-U.S. equity
securities in several ways, including through investing in American Depositary
Receipts (ADRs) and other depositary receipts, in addition to direct investments in
the securities of non-U.S. issuers. The Fund may also utilize foreign currency
exchange contracts, options, stock index futures contracts and other derivative
instruments, as well as access products such as participatory notes. Although the
Fund does not expect to invest significantly in foreign currency exchange
contracts, options, stock index futures contracts and other derivative instruments,
it may do so at any time.

In selecting investments for the Fund, the portfolio managers use a value investing
style focusing on equity securities of companies whose securities the portfolio
managers believe have low valuations, including smaller capitalization securities
and real estate investment trusts (REITs). The portfolio managers partition the Fund's
initial selection universe of non-U.S. and U.S. companies for dividend-paying
value opportunities across the emerging markets to determine potential holdings for
the Fund representing broad diversification by sector, industry, country and issue.
The portfolio managers use quantitative factors to screen the Fund's selection universe, analyzing factors such as price-to-earnings ratios (i.e., share price relative to a
company's earnings), dividend yield, price-to-book ratios (i.e., share price relative
to a company's balance sheet value), price-to-cash-flow ratios (i.e., share price
relative to a company's cash flow). After still further narrowing the universe through
a combination of qualitative analysis and fundamental research, the portfolio managers
select approximately 125 to 175 securities for the Fund. The portfolio managers
may consider selling a security when any of the factors leading to its purchase
materially changes or when a more attractive candidate is identified, including when an alternative security demonstrates a lower price-to-earnings ratio, a higher dividend
yield or other, favorable qualitative metrics.

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
high-quality fixed income securities, cash and cash equivalents. The Fund may be less
likely to achieve its investment objective when it does so.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund's net asset value, yield and total return will be affected by the allocation
determinations, investment decisions and techniques of the Fund'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 (Management Risk, Issuer Risk,
Market Risk). Equity securities may react more strongly to changes in an issuer'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 (Equity Securities Risk, Smaller Company Risk). 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 (Non-U.S. Investment Risk,
Emerging Markets Risk, Currency Risk). Other principal risks include: Credit Risk (an
issuer or counterparty may default on obligations); Liquidity Risk (the lack of an
active market for investments may cause delay in disposition or force a sale below fair
value); REIT Risk (adverse changes in the real estate markets may affect the value of
REIT investments); and Turnover Risk (high levels of portfolio turnover increase
transaction costs and taxes and may lower investment performance). Please see "Summary
of Principal Risks" in the Fund's statutory prospectus for a more detailed description
of the Fund'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.
Risk Lose Money [Text] rr_RiskLoseMoney It is possible to lose money on an investment in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock Performance information for the Fund will be available after the Fund completes a
full calendar year of operation.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Performance information for the Fund will be available after the Fund completes a full calendar year of operation.
Allianz NFJ Emerging Markets Value Fund (First Prospectus Summary) | Allianz NFJ Emerging Markets Value Fund | Institutional
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Estimated Other Expenses rr_OtherExpensesOverAssets 12.11% [1]
Total Annual Fund Operatin Expenses rr_ExpensesOverAssets 13.11%
Expense Reductions rr_FeeWaiverOrReimbursementOverAssets (11.81%) [2]
Total Annual Fund Operating Expenses After Expense Reductions rr_NetExpensesOverAssets 1.30% [2]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2013-12-31
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 132
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,892
Allianz NFJ Emerging Markets Value Fund (First Prospectus Summary) | Allianz NFJ Emerging Markets Value Fund | Class P
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Estimated Other Expenses rr_OtherExpensesOverAssets 12.21% [1]
Total Annual Fund Operatin Expenses rr_ExpensesOverAssets 13.21%
Expense Reductions rr_FeeWaiverOrReimbursementOverAssets (11.81%) [2]
Total Annual Fund Operating Expenses After Expense Reductions rr_NetExpensesOverAssets 1.40% [2]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2013-12-31
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 143
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,919
Allianz NFJ Emerging Markets Value Fund (First Prospectus Summary) | Allianz NFJ Emerging Markets Value Fund | Class D
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Estimated Other Expenses rr_OtherExpensesOverAssets 12.11% [1]
Total Annual Fund Operatin Expenses rr_ExpensesOverAssets 13.36%
Expense Reductions rr_FeeWaiverOrReimbursementOverAssets (11.81%) [2]
Total Annual Fund Operating Expenses After Expense Reductions rr_NetExpensesOverAssets 1.55% [2]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2013-12-31
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 158
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,959
[1] Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses.
[2] 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.
XML 20 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Allianz AGIC Structured Alpha Fund (Second Prospectus Summary) | Allianz AGIC Structured Alpha Fund
AllianzGI Structured Alpha Fund
Investment Objective
The Fund seeks to generate attractive risk-adjusted absolute
returns through a complete market cycle.
Fees and Expenses of the Fund
The tables below describe the fees and expenses that you may pay if you buy and
hold shares of the Fund. You may qualify for sales charge discounts if you and
your family invest, or agree to invest in the future, at least $50,000 in Class A
Shares of eligible funds that are part of the family of mutual funds sponsored by
Allianz. More information about these and other discounts is available in the
"Classes of Shares" section beginning on page 27 of the Fund's statutory
prospectus or from your financial advisor.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Allianz AGIC Structured Alpha Fund
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
Maximum Contingent Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV)
Class A
5.50% 1.00% [1]
Class C
none 1.00% [1]
[1] 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.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Allianz AGIC Structured Alpha Fund
Management Fees
Distribution and/or Service (12b-1) Fees
Estimated Other Expenses
Total Annual Fund Operating Expenses
Expense Reductions
Total Annual Fund Operating Expenses After Expense Reductions
Class A
1.25% 0.25% 3.78% [1] 5.28% (3.38%) [2] 1.90% [2]
Class C
1.25% 1.00% 3.78% [1] 6.03% (3.38%) [2] 2.65% [2]
[1] Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses.
[2] 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.
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. 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
Expense Example Allianz AGIC Structured Alpha Fund (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Class A
732 1,482
Class C
368 1,204
Example: Assuming you do not redeem your shares
Expense Example, No Redemption Allianz AGIC Structured Alpha Fund (USD $)
Expense Example, No Redemption, 1 Year
Expense Example, No Redemption, 3 Years
Class A
732 1,482
Class C
268 1,204
Portfolio Turnover.
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" 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's investment performance.
Principal Investment Strategies
The Fund seeks to achieve its investment objective by investing significantly
in exchange-traded listed and FLEX U.S. equity index options, while holding
cash and cash equivalents as collateral for option investments.

Under normal market conditions, the Fund will hold the majority of its assets
in cash and cash equivalents such as U.S. Treasury bills. The portfolio managers
will select these in an effort to maintain a stable portfolio base as collateral
for the index option spread strategy described below.

Using a portion of its cash and cash equivalents as collateral, the portfolio
managers utilize a combination of proprietary models to construct paired option
positions, or so-called "option spreads," typically by buying and selling put
options and call options on equity indexes such as the S&P 500 Index, Russell 2000
Index and NASDAQ 100. Call options are contracts representing the right to purchase
the underlying instrument at a specified price (the "strike price") at or before a
specified future date (the "expiration date"), while put options represent the right
to sell the underlying instrument at the strike price on or before the expiration
date. Index options, which are not based on a single underlying security, are
typically cash-settled without requiring delivery. The Fund may buy and sell
exchange-traded options and FLEX options (i.e., listed options that are traded on
an exchange but with customized strike prices and expiration dates). Option spreads
are typically created by buying and selling options of the same class on the same
underlying instrument but with different strike prices or expiration dates. The
number of contracts bought and sold can be different in a spread (normally called a
"ratio spread") or they can be the same. The portfolio managers seek to create
option-based "profit zones" that upon expiration of the combination of individual
option positions that make up the option spread will capture positive payoffs if
the level of the underlying index (or other instrument) ends up within the chosen
"profit zone." The Fund seeks to optimize spread positions and profit zones based
on (a) targeted positive return potential, (b) structural risk protections,
(c) collateral management, and (d) flexibility to restructure profit zones if
necessary. The Fund intends to invest primarily in option spreads, consisting of 50
to 400 individual option positions, and may buy or sell put or call index options
that are not paired as part of an option spread. The duration of individual option
positions will normally range from 20 to 75 days at inception. The gross notional
value of options held by the Fund may significantly exceed the current net asset value
of the Fund at any time. To the extent the Fund enters into option positions that are
only partially or not at all paired as part of an option spread, the Fund may have
greater exposure to rapid deterioration of the portfolio and should be deemed
speculative.

The Fund may invest in exchange traded funds ("ETFs") and exchange traded notes ("ETNs"),
including ETFs and ETNs that provide exposure to market volatility, either as an offset
or as an addition to option-based trades. The Fund may utilize foreign currency exchange
contracts, options, stock index futures contracts and other derivative instruments. 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
high-quality fixed income securities, cash and cash equivalents. The Fund may not achieve
its investment objective when it does so.
Principal Risks
The Fund's net asset value, yield and total return will be affected by the
allocation determinations, investment decisions and techniques of the Fund's
management and factors influencing the U.S. or global economies and securities
markets or relevant industries or sectors within them (Management Risk, Market
Risk). Fixed income (debt) securities 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's or counterparty's deterioration or default
(Fixed Income Risk). Other principal risks include: Credit Risk (an issuer or
counterparty may default on obligations); Derivatives Risk (derivative
instruments are complex, have different characteristics than their underlying
assets and are subject to additional risks, including leverage, liquidity and
valuation); Leveraging Risk (instruments and transactions that constitute
leverage magnify gains or losses and increase volatility); Liquidity Risk
(the lack of an active market for investments may cause delay in disposition or
force a sale below fair value); and Turnover Risk (high levels of portfolio
turnover increase transaction costs and taxes and may lower investment
performance). Please see "Summary of Principal Risks" in the Fund's statutory
prospectus for a more detailed description of the Fund'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.
Performance Information
Performance information for the Fund will be available after the Fund completes a
full calendar year of operation.
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Allianz NFJ Emerging Markets Value Fund (Second Prospectus Summary) | Allianz NFJ Emerging Markets Value Fund
AllianzGI NFJ Emerging Markets Value Fund
Investment Objective
The Fund seeks long-term capital appreciation.
Fees and Expenses of the Fund
The tables below describe the fees and expenses that you may pay if you buy and
hold shares of the Fund. You may qualify for sales charge discounts if you and
your family invest, or agree to invest in the future, at least $50,000 in
Class A Shares of eligible funds that are part of the family of mutual funds
sponsored by Allianz. More information about these and other discounts is available
in the "Classes of Shares" section beginning on page 27 of the Fund's statutory
prospectus or from your financial advisor.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Allianz NFJ Emerging Markets Value Fund
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
Maximum Contingent Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV)
Class A
5.50% 1.00% [1]
Class C
none 1.00% [1]
[1] 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.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Allianz NFJ Emerging Markets Value Fund
Management Fees
Distribution and/or Service (12b-1) Fees
Estimated Other Expenses
Total Annual Fund Operating Expenses
Expense Reductions
Total Annual Fund Operating Expenses After Expense Reductions
Class A
1.00% 0.25% 12.11% [1] 13.36% (11.81%) [2] 1.55% [2]
Class C
1.00% 1.00% 12.11% [1] 14.11% (11.81%) [2] 2.30% [2]
[1] Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses.
[2] 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.
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. 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
Expense Example Allianz NFJ Emerging Markets Value Fund (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Class A
699 2,401
Class C
333 2,154
Example: Assuming you do not redeem your shares
Expense Example, No Redemption Allianz NFJ Emerging Markets Value Fund (USD $)
Expense Example, No Redemption, 1 Year
Expense Example, No Redemption, 3 Years
Class A
699 2,401
Class C
233 2,154
Portfolio Turnover.
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" 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's investment performance.
Principal Investment Strategies
The Fund seeks to achieve its investment objective by normally investing at
least 80% of its net assets (plus borrowings made for investment purposes) in
equity securities of companies that are domiciled in or tied economically to
countries with emerging securities markets-that is, 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 regulation. The Fund may achieve its exposure to non-U.S.
equity securities in several ways, including through investing in American
Depositary Receipts (ADRs) and other depositary receipts, in addition to direct
investments in the securities of non-U.S. issuers. The Fund may also utilize
foreign currency exchange contracts, options, stock index futures contracts and
other derivative instruments, as well as access products such as participatory
notes. Although the Fund does not expect to invest significantly in foreign
currency exchange contracts, options, stock index futures contracts and other
derivative instruments, it may do so at any time.

In selecting investments for the Fund, the portfolio managers use a value investing
style focusing on equity securities of companies whose securities the portfolio
managers believe have low valuations, including smaller capitalization securities
and real estate investment trusts (REITs). The portfolio managers partition the
Fund's initial selection universe of non-U.S. and U.S. companies for dividend-paying
value opportunities across the emerging markets to determine potential holdings for
the Fund representing broad diversification by sector, industry, country and issue.
The portfolio managers use quantitative factors to screen the Fund's selection
universe, analyzing factors such as price-to-earnings ratios (i.e., share price
relative to a company's earnings), dividend yield, price-to-book ratios (i.e., share
price relative to a company's balance sheet value), price-to-cash-flow ratios
(i.e., share price relative to a company's cash flow). After still further narrowing
the universe through a combination of qualitative analysis and fundamental research,
the portfolio managers select approximately 125 to 175 securities for the Fund. The
portfolio managers may consider selling a security when any of the factors
leading to its purchase materially changes or when a more attractive candidate is
identified, including when an alternative security demonstrates a lower
price-to-earnings ratio, a higher dividend yield or other, favorable qualitative
metrics.

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 high-quality fixed income securities, cash and cash equivalents. The Fund may be
less likely to achieve its investment objective when it does so.
Principal Risks
The Fund's net asset value, yield and total return will be affected by the allocation
determinations, investment decisions and techniques of the Fund'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 (Management Risk,
Issuer Risk, Market Risk). Equity securities may react more strongly to changes in an
issuer'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 (Equity Securities Risk, Smaller Company Risk). 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 (Non-U.S.
Investment Risk, Emerging Markets Risk, Currency Risk). Other principal risks include:
Credit Risk (an issuer or counterparty may default on obligations); Liquidity  Risk
(the lack of an active market for investments may cause delay in disposition or force
a sale below fair value); REIT Risk (adverse changes in the real estate markets may
affect the value of REIT investments); and Turnover Risk (high levels of portfolio
turnover increase transaction costs and taxes and may lower investment performance).
Please see "Summary of Principal Risks" in the Fund's statutory prospectus for a more
detailed description of the Fund'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.
Performance Information
Performance information for the Fund will be available after the Fund completes a
full calendar year of operation.
XML 23 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Dec. 21, 2012
Allianz AGIC Structured Alpha Fund (First Prospectus Summary) | Allianz AGIC Structured Alpha Fund
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading AllianzGI Structured Alpha Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to generate attractive risk-adjusted absolute returns through
a complete market cycle.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below describe the fees and expenses that you may pay if you buy
and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment) None
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover.
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" 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's investment performance.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Examples.
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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.
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund seeks to achieve its investment objective by investing significantly
in exchange-traded listed and FLEX U.S. equity index options, while holding
cash and cash equivalents as collateral for option investments.

Under normal market conditions, the Fund will hold the majority of its assets
in cash and cash equivalents such as U.S. Treasury bills. The portfolio managers
will select these in an effort to maintain a stable portfolio base as collateral
for the index option spread strategy described below.

Using a portion of its cash and cash equivalents as collateral, the portfolio
managers utilize a combination of proprietary models to construct paired option
positions, or so-called "option spreads," typically by buying and selling put
options and call options on equity indexes such as the S&P 500 Index, Russell
2000 Index and NASDAQ 100. Call options are contracts representing the right to
purchase the underlying instrument at a specified price (the "strike price") at
or before a specified future date (the "expiration date"), while put options
represent the right to sell the underlying instrument at the strike price on or
before the expiration date. Index options, which are not based on a single
underlying security, are typically cash-settled without requiring delivery. The
Fund may buy and sell exchange-traded options and FLEX options (i.e., listed
options that are traded on an exchange but with customized strike prices and
expiration dates). Option spreads are typically created by buying and selling options
of the same class on the same underlying instrument but with different
strike prices or expiration dates. The number of contracts bought and sold can
be different in a spread (normally called a "ratio spread") or they can be the same.
The portfolio managers seek to create option-based "profit zones" that
upon expiration of the combination of individual option positions that make up
the option spread will capture positive payoffs if the level of the underlying
index (or other instrument) ends up within the chosen "profit zone." The Fund
seeks to optimize spread positions and profit zones based on (a) targeted
positive return potential, (b) structural risk protections, (c) collateral
management, and (d) flexibility to restructure profit zones if necessary. The
Fund intends to invest primarily in option spreads, consisting of 50 to 400
individual option positions, and may buy or sell put or call index options that
are not paired as part of an option spread. The duration of individual option
positions will normally range from 20 to 75 days at inception. The gross
notional value of options held by the Fund may significantly exceed the current
net asset value of the Fund at any time. To the extent the Fund enters into
option positions that are only partially or not at all paired as part of an
option spread, the Fund may have greater exposure to rapid deterioration of the
portfolio and should be deemed speculative.

The Fund may invest in exchange traded funds ("ETFs") and exchange traded notes
("ETNs"), including ETFs and ETNs that provide exposure to market volatility,
either as an offset or as an addition to option-based trades. The Fund may
utilize foreign currency exchange contracts, options, stock index futures
contracts and other derivative instruments. 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 high-quality fixed income
securities, cash and cash equivalents. The Fund may not achieve its investment
objective when it does so.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund's net asset value, yield and total return will be affected by the
allocation determinations, investment decisions and techniques of the Fund's
management, and factors influencing the U.S. or global economies and securities
markets or relevant industries or sectors within them (Management Risk, Market
Risk). Fixed income (debt) securities 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's or counterparty's deterioration or default
(Fixed Income Risk). Other principal risks include: Credit Risk (an issuer or
counterparty may default on obligations); Derivatives Risk (derivative instruments
are complex, have different characteristics than their underlying assets and are
subject to additional risks, including leverage, liquidity and valuation);
Leveraging Risk (instruments and transactions that constitute leverage magnify
gains or losses and increase volatility); Liquidity Risk (the lack of an active
market for investments may cause delay in disposition or force a sale below fair
value); and Turnover Risk (high levels of portfolio turnover increase transaction
costs and taxes and may lower investment performance). Please see "Summary of
Principal Risks" in the Fund's statutory prospectus for a more detailed description
of the Fund'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.
Risk Lose Money [Text] rr_RiskLoseMoney It is possible to lose money on an investment in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock Performance information for the Fund will be available after the Fund completes a
full calendar year of operation.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Performance information for the Fund will be available after the Fund completes a full calendar year of operation.
Allianz AGIC Structured Alpha Fund (First Prospectus Summary) | Allianz AGIC Structured Alpha Fund | Institutional
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Estimated Other Expenses rr_OtherExpensesOverAssets 3.78% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 5.03%
Expense Reductions rr_FeeWaiverOrReimbursementOverAssets (3.38%) [2]
Total Annual Fund Operating Expenses After Expense Reductions rr_NetExpensesOverAssets 1.65% [2]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2013-12-31
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 168
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 912
Allianz AGIC Structured Alpha Fund (First Prospectus Summary) | Allianz AGIC Structured Alpha Fund | Class P
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Estimated Other Expenses rr_OtherExpensesOverAssets 3.88% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 5.13%
Expense Reductions rr_FeeWaiverOrReimbursementOverAssets (3.38%) [2]
Total Annual Fund Operating Expenses After Expense Reductions rr_NetExpensesOverAssets 1.75% [2]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2013-12-31
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 178
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 942
Allianz AGIC Structured Alpha Fund (First Prospectus Summary) | Allianz AGIC Structured Alpha Fund | Class D
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Estimated Other Expenses rr_OtherExpensesOverAssets 3.78% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 5.28%
Expense Reductions rr_FeeWaiverOrReimbursementOverAssets (3.38%) [2]
Total Annual Fund Operating Expenses After Expense Reductions rr_NetExpensesOverAssets 1.90% [2]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2013-12-31
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 193
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 986
[1] Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses.
[2] 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.
XML 24 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Allianz NFJ Emerging Markets Value Fund (First Prospectus Summary) | Allianz NFJ Emerging Markets Value Fund
AllianzGI NFJ Emerging Markets Value Fund
Investment Objective
The Fund seeks long-term capital appreciation.
Fees and Expenses of the Fund
The tables below describe the fees and expenses that you may pay if you buy and
hold shares of the Fund.
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)
Annual Fund Operating Expenses Allianz NFJ Emerging Markets Value Fund
Management Fees
Distribution and/or Service (12b-1) Fees
Estimated Other Expenses
Total Annual Fund Operatin Expenses
Expense Reductions
Total Annual Fund Operating Expenses After Expense Reductions
Institutional
1.00% none 12.11% [1] 13.11% (11.81%) [2] 1.30% [2]
Class P
1.00% none 12.21% [1] 13.21% (11.81%) [2] 1.40% [2]
Class D
1.00% 0.25% 12.11% [1] 13.36% (11.81%) [2] 1.55% [2]
[1] Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses.
[2] 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.
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. 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.
Expense Example Allianz NFJ Emerging Markets Value Fund (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Institutional
132 1,892
Class P
143 1,919
Class D
158 1,959
Portfolio Turnover.
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" 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's investment performance.
Principal Investment Strategies
The Fund seeks to achieve its investment objective by normally investing at least
80% of its net assets (plus borrowings made for investment purposes) in equity
securities of companies that are domiciled in or tied economically to countries
with emerging securities markets-that is, 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 regulation. The Fund may achieve its exposure to non-U.S. equity
securities in several ways, including through investing in American Depositary
Receipts (ADRs) and other depositary receipts, in addition to direct investments in
the securities of non-U.S. issuers. The Fund may also utilize foreign currency
exchange contracts, options, stock index futures contracts and other derivative
instruments, as well as access products such as participatory notes. Although the
Fund does not expect to invest significantly in foreign currency exchange
contracts, options, stock index futures contracts and other derivative instruments,
it may do so at any time.

In selecting investments for the Fund, the portfolio managers use a value investing
style focusing on equity securities of companies whose securities the portfolio
managers believe have low valuations, including smaller capitalization securities
and real estate investment trusts (REITs). The portfolio managers partition the Fund's
initial selection universe of non-U.S. and U.S. companies for dividend-paying
value opportunities across the emerging markets to determine potential holdings for
the Fund representing broad diversification by sector, industry, country and issue.
The portfolio managers use quantitative factors to screen the Fund's selection universe, analyzing factors such as price-to-earnings ratios (i.e., share price relative to a
company's earnings), dividend yield, price-to-book ratios (i.e., share price relative
to a company's balance sheet value), price-to-cash-flow ratios (i.e., share price
relative to a company's cash flow). After still further narrowing the universe through
a combination of qualitative analysis and fundamental research, the portfolio managers
select approximately 125 to 175 securities for the Fund. The portfolio managers
may consider selling a security when any of the factors leading to its purchase
materially changes or when a more attractive candidate is identified, including when an alternative security demonstrates a lower price-to-earnings ratio, a higher dividend
yield or other, favorable qualitative metrics.

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
high-quality fixed income securities, cash and cash equivalents. The Fund may be less
likely to achieve its investment objective when it does so.
Principal Risks
The Fund's net asset value, yield and total return will be affected by the allocation
determinations, investment decisions and techniques of the Fund'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 (Management Risk, Issuer Risk,
Market Risk). Equity securities may react more strongly to changes in an issuer'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 (Equity Securities Risk, Smaller Company Risk). 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 (Non-U.S. Investment Risk,
Emerging Markets Risk, Currency Risk). Other principal risks include: Credit Risk (an
issuer or counterparty may default on obligations); Liquidity Risk (the lack of an
active market for investments may cause delay in disposition or force a sale below fair
value); REIT Risk (adverse changes in the real estate markets may affect the value of
REIT investments); and Turnover Risk (high levels of portfolio turnover increase
transaction costs and taxes and may lower investment performance). Please see "Summary
of Principal Risks" in the Fund's statutory prospectus for a more detailed description
of the Fund'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.
Performance Information
Performance information for the Fund will be available after the Fund completes a
full calendar year of operation.
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Allianz AGIC U.S. Equity-Hedged Fund (Second Prospectus Summary) | Allianz AGIC U.S. Equity-Hedged Fund
AllianzGI U.S. Equity Hedged Fund
Investment Objective
The Fund seeks capital appreciation, with added emphasis on the protection of
capital during unfavorable market conditions.
Fees and Expenses of the Fund
The tables below describe the fees and expenses that you may pay if you buy and
hold shares of the Fund. You may qualify for sales charge discounts if you and
your family invest, or agree to invest in the future, at least $50,000 in Class A
Shares of eligible funds that are part of the family of mutual funds sponsored by
Allianz. More information about these and other discounts is available in the
"Classes of Shares" section beginning on page 27 of the Fund's statutory prospectus
or from your financial advisor.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Allianz AGIC U.S. Equity-Hedged Fund
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
Maximum Contingent Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV)
Class A
5.50% 1.00% [1]
Class C
none 1.00% [1]
[1] 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.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Allianz AGIC U.S. Equity-Hedged Fund
Management Fees
Distribution and/or Service (12b-1) Fees
Estimated Other Expenses
Total Annual Fund Operating Expenses
Expense Reductions
Total Annual Fund Operating Expenses After Expense Reductions
Class A
0.70% 0.25% 7.28% [1] 8.23% (6.98%) [2] 1.25% [2]
Class C
0.70% 1.00% 7.28% [1] 8.98% (6.98%) [2] 2.00% [2]
[1] Other expenses are based upon estimated amounts for the Fund's initial fiscal year ending November 30, 2013 and include organizational expenses.
[2] 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.
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. 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
Expense Example Allianz AGIC U.S. Equity-Hedged Fund (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Class A
670 1,699
Class C
303 1,429
Example: Assuming you do not redeem your shares
Expense Example, No Redemption Allianz AGIC U.S. Equity-Hedged Fund (USD $)
Expense Example, No Redemption, 1 Year
Expense Example, No Redemption, 3 Years
Class A
670 1,699
Class C
203 1,429
Portfolio Turnover.
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" 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's investment performance.
Principal Investment Strategies
The Fund seeks to achieve its investment objective by normally investing at least
80% of its net assets (plus borrowings made for investment purposes) in common
stocks of U.S. companies. The Fund currently defines "U.S. companies" as those
companies that are deemed to be domiciled in the United States for purposes
of their geographical eligibility for inclusion in the S&P 500 Index, a
broad-based index of U.S. stocks.

The Fund expects to invest typically in all 500 stocks included in the S&P 500
Index, and seeks to replicate approximately the relative weighting of those
stocks on the S&P 500 Index. To the extent the portfolio managers identify
efficiencies in achieving exposure to desired stocks through other instruments,
the Fund may complement its direct stock positions with temporary or medium-term
investments in stock index futures, exchange traded funds (ETFs) and other
derivative instruments. The portfolio managers may consider selling a particular
position if the security ceases to be included on the S&P 500 Index (either through
quarterly rebalancing of the index or otherwise) or if a more attractive means of
achieving the same exposure is identified. Because the S&P 500 Index does not
incur the types of transaction costs that the Fund bears in connection with
rebalancing and responding to cash flows, the Fund's stock portfolio (regardless
of whether through direct or indirect holdings) may consistently underperform the
S&P 500 Index.

Under normal market and other conditions, in addition to the stock portfolio described
above, the Fund seeks to employ a strategy of investing in exchange-traded options
or FLEX options (i.e. listed options that are traded on an exchange, but with customized
strike prices and expiration dates) that, when paired with the equity portfolio, promote
the protection of capital during unfavorable market conditions (the "Index Option
Strategy").The Fund will utilize (buy) equity index put options (long puts) on U.S. equity
indexes with the purpose of protecting the Fund from a significant market decline while
limiting the cost and interference of this "protection," and will write (sell) equity index call
options (short calls) on U.S. equity indexes to offset some or all of the cost of the put
options. Under normal market conditions, the option positions will consist of long puts
with notional value roughly equal to the full value of the Fund's stock portfolio, expiring
in roughly equal proportions over longer periods (e.g., the next 12 months), and short call
positions expiring over a shorter period (e.g. less than 45 days) with notional value roughly
equal to the full value of the Fund's stock portfolio. Additionally, when a new long put
position is established in periods of elevated volatility, the portfolio managers may seek to
pair it with a short put at a strike price below the coinciding long put. All options are
expected to be held to expiration (unless redemptions require earlier close-out),
and strike prices are systematically selected. In pursuing the Index Option Strategy, the
Fund generally will not be able to offset the full cost of the "protection" it is seeking and must
keep significant cash and cash equivalents available, and therefore the Fund will
typically underperform the S&P 500 Index during periods of market increases and slight
market decreases.

In response to unusual market and other conditions, the Fund may deviate from its principal
strategies by making temporary investments of some or all of its assets in long call options or
call option spreads, high-quality fixed income securities, cash and cash equivalents. The
Fund may not achieve its investment objective when it does so.
Principal Risks
The Fund's net asset value, yield and total return will be affected by the allocation
determinations, investment decisions and techniques of the Fund'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 (Management Risk, Issuer Risk,
Market Risk). Equity securities may react more strongly to changes in an issuer's
financial condition or prospects than other securities of the same issuer (Equity
Securities Risk). Other principal risks include: Credit Risk (an issuer or
counterparty may default on obligations); Derivatives Risk (derivative instruments
are complex, have different characteristics than their underlying assets and are
subject to additional risks, including leverage, liquidity and valuation); Leveraging
Risk (instruments and transactions that constitute leverage magnify gains or losses
and increase volatility); Liquidity Risk (the lack of an active market for investments
may cause delay in disposition or force a sale below fair value); and Turnover Risk
(high levels of portfolio turnover increase transaction costs and taxes and may lower
investment performance). Please see "Summary of Principal Risks" in the Fund's
statutory prospectus for a more detailed description of the Fund'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.
Performance Information
Performance information for the Fund will be available after the Fund completes a
full calendar year of operation.