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Share Class
& Ticker |
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Institutional Class |
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Class P |
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Class R6 |
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ACKIX |
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ACKPX |
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ACOSX |
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Summary Prospectus March 7, 2018 |
AllianzGI Core Plus Bond Fund
Before you invest, you may want to review the Fund’s
statutory prospectus, which contains more information about the Fund and its risks. You can find the Fund’s statutory prospectus and other information about the Fund, including its statement of additional information (SAI) and most recent
reports to shareholders, online at http://us.allianzgi.com/documents. You can also get this information at no cost by calling
1-800-498-5413 for Institutional Class, Class R6 and Class P shares or by sending an email request to
[email protected]. This Summary Prospectus incorporates by reference the Fund’s entire statutory prospectus dated March 7, 2018 and SAI, dated February 1, 2018 (as revised March 7, 2018), as further revised
or supplemented from time to time.
The Fund seeks total return, consisting of current income and capital appreciation.
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| 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):
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| Share Class |
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Maximum Sales Charge (Load) Imposed
on Purchases (as a percentage of offering price) |
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Maximum Contingent Deferred Sales Charge (CDSC) (Load)
(as a percentage of the lower of original purchase
price or NAV) |
| Institutional |
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None |
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None |
| Class R6 |
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None |
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None |
| Class P |
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None |
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None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
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| Share Class |
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Management
Fees |
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Distribution
and/or Service
(12b-1) Fees |
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Other
Expenses(1) |
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Total Annual
Fund Operating
Expenses |
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Expense
Reductions(2) |
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Total Annual
Fund Operating
Expenses After
Expense
Reductions(2) |
| Institutional |
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0.30% |
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None |
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0.91% |
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1.21% |
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(0.91)% |
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0.30% |
| Class R6 |
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0.30% |
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None |
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0.86% |
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1.16% |
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(0.91)% |
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0.25% |
| Class P |
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0.30% |
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None |
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0.96% |
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1.26% |
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(0.91)% |
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0.35% |
| (1) |
Other Expenses are based upon estimated amounts for the Fund’s initial fiscal year ending September 30, 2018 and include organizational expenses of 0.23%. |
| (2) |
Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by Allianz Global Investors U.S. LLC (“AllianzGI U.S.” or the “Manager”) to irrevocably
waive its management fee and/or reimburse the Fund through January 31, 2022 to the extent that Total Annual Fund Operating Expenses excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 0.30% for
Institutional Class shares, 0.25% for Class R6 shares and 0.35% for Class P shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such
recoupment, do not exceed the annual expense limit in effect at the time of such waiver/reimbursement or recoupment. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Manager or at any time by
mutual agreement of the parties. |
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 excluding organizational expenses.
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Assuming you redeem your shares at the end of each period |
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Assuming you do not redeem your shares |
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| Share Class |
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1 Year |
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3 Years |
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1 Year |
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3 Years |
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| Institutional |
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$31 |
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$ 97 |
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$31 |
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$ 97 |
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| Class R6 |
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26 |
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80 |
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26 |
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80 |
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| Class P |
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36 |
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113 |
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36 |
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113 |
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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. Because the Fund commenced operations on or following the date of this Prospectus, the Fund’s portfolio turnover rate is not
available.
AllianzGI Core Plus Bond Fund
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| Principal Investment Strategies |
The Fund seeks to achieve its objective by normally investing at least 80% of its net assets (plus borrowings made for
investment purposes) in bonds, notes and other debt instruments, including derivatives that provide exposure to such investments. The Fund generally invests in debt securities issued by U.S. and non-U.S.
governments and their subdivisions, agencies and government-sponsored enterprises; supranational entities; public and private companies; pass-through securities guaranteed by the U.S. government, its agencies or government-sponsored enterprises; and
commercial mortgage-backed securities and other asset-backed securities. The Fund’s investments in mortgage-related securities may include investments in stripped mortgage-backed securities such as interest-only (“IO”) and
principal-only (“PO”) securities.
The Fund may invest up to 35% of its net assets in debt instruments that, at the time of purchase, are rated below
investment grade, or if unrated, determined by the Manager to be of comparable quality (sometimes referred to as “high yield securities” or “junk bonds”). The Fund considers a debt instrument to be investment grade based on the
highest rating assigned at the time of purchase by Standard and Poor’s, Moody’s, Fitch, Kroll or DBRS.
The Fund may invest up to 10% of its assets in non-U.S. dollar denominated debt securities and instruments of foreign issuers, including those of foreign governments, non-governmental issuers or other entities. The Fund
typically seeks to fully hedge its exposure to non-U.S. dollar currencies.
In making investments, the Fund’s portfolio managers will normally seek to maintain
an average portfolio duration within two years above or below that of its benchmark,
the Bloomberg Barclays U.S. Aggregate Bond Index. As of November 30, 2017, the average duration of the Bloomberg Barclays U.S. Aggregate Bond Index was six years.
The Fund may use derivatives, such as Treasury futures, options on Treasury futures, interest rate swaps, credit default swaps and credit default swap indices, total
return swaps and currency futures and forwards. The Fund may use derivatives for a variety of purposes, including: as a hedge against adverse changes in the market price of securities, interest rates, or currency exchange rates; as a substitute for
purchasing or selling securities; to increase the Fund’s return as a non-hedging strategy that may be considered speculative; and to manage portfolio characteristics. Derivatives transactions may have the
effect of either magnifying or limiting the Fund’s gains and losses.
The Fund may purchase or sell securities on a when-issued, delayed-delivery or forward
commitment basis. Such securities may include mortgage-backed securities acquired or sold in the to-be-announced (“TBA”) market and those in a dollar roll
transaction.
The Fund may invest in securities that are issued through private offerings without registration with the Securities and Exchange Commission under the
Securities Act. The Fund may also invest in securities that may be offered and sold only to “qualified institutional buyers” under Rule 144A under the Securities Act.
The Fund’s use of short-term instruments, especially in connection with the hedging of interest rate risk, may result in significant frequent trading transactions,
which can contribute to the Fund’s having a portfolio turnover rate in excess of 300% annually.
The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are
(in alphabetical order after the first eight risks):
Market Risk: The Fund will be affected by factors influencing the U.S. or global economies and
securities markets or relevant industries or sectors within them.
Fixed Income 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.
Interest Rate Risk: Fixed income securities may decline in value because of increases in interest rates.
Variable Distribution Risk: Periodic distributions by investments of variable or floating interest rates vary with fluctuations in market interest
rates.
Mortgage-Related and Other Asset-Backed Risk: Investing in mortgage- and asset-backed securities involves interest rate, credit, valuation,
extension and liquidity risks and the risk that payments on the underlying assets are delayed, prepaid, subordinated or defaulted on.
High Yield
Risk: High-yield or junk bonds are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to increases in interest rates or an issuer’s deterioration or default.
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.
Call Risk: A fixed-income security may be redeemed before maturity (“called”) below its current market price and a
call may lead to the reinvestment of proceeds at a lower interest rate, or with higher credit risk or other less favorable characteristics.
Confidential
Information Access Risk: The Fund’s Manager normally will seek to avoid the receipt of material, non-public information (“Confidential Information”) about the issuers of privately
placed instruments (which may include Senior Loans, other bank loans and related investments), because such issuers may have or later
issue publicly traded securities, and thus the Fund may be disadvantaged in comparison to other investors who have received Confidential Information from such issuers.
Convertible Securities Risk: Convertible securities are subject to greater levels of credit and liquidity risk, may be speculative and may decline in
value due to increases in interest rates or an issuer’s deterioration or default.
Credit and Counterparty Risk: An issuer or counterparty may
default on obligations.
Currency Risk: The values of non-U.S. securities may fluctuate with currency
exchange rates and exposure to non-U.S. currencies may subject the Fund to the risk that those currencies will decline in value relative to the U.S. dollar.
Focused Investment Risk: Focusing on a limited number of issuers, sectors, industries or geographic regions increases risk and volatility.
Issuer Risk: The Fund will be affected by 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.
Liquidity Risk: The lack of an active market for
investments may cause delay in disposition or force a sale below fair value.
Management Risk: The Fund will be affected by the allocation
determinations, investment decisions and techniques of the Fund’s management.
Non-U.S. Investment 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.
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 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 for the Fund will be available after the Fund completes a full calendar year of operation.
Investment Manager
Allianz Global Investors
U.S. LLC
Portfolio Managers
Carl W. Pappo, Jr., CFA, lead portfolio
manager, managing director and CIO, US Fixed Income, has managed the Fund since its inception in 2018.
Stephen J. Sheehan, CFA, portfolio manager and vice president,
has managed the Fund since its inception in 2018.
Michael W. Zazzarino, senior portfolio manager and director, has managed the Fund since its inception 2018.
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| Purchase and Sale of Fund Shares |
You may purchase or sell (redeem) shares of the Fund on any business day through a broker, dealer, or other financial intermediary, or
directly from the Fund’s transfer agent by mail (Allianz Institutional Funds, P.O. Box 219968, Kansas City, MO 64121-9968), or as further described in the Fund’s prospectus and SAI. Additionally, certain direct shareholders may be able to
purchase or redeem shares of the Fund online by visiting our website, https://us.allianzgi.com, clicking on the “Account Access” link at the top of that webpage, and following instructions. Some restrictions may apply. To avoid delays in a
purchase or redemption, please call 1-800-498-5413 with any questions about the requirements before submitting a request.
Generally, purchase
and redemption orders for Fund shares are processed at the net asset value (NAV) next calculated after an order is received by the distributor or an authorized intermediary. NAVs are determined
only on days when the New York Stock Exchange is open for regular trading. For Institutional Class and Class P shares, the minimum initial investment in the Fund is $1 million and no minimum is needed to add to an existing account,
though minimums may be modified for certain financial intermediaries that aggregate trades on behalf of investors. For Class R6 shares, there is no minimum initial investment and no minimum needed to add to an existing account for specified
benefit plans and other eligible investors.
The Fund’s distributions are generally taxable to you as ordinary income or capital gains, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account.
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| Payments to Broker-Dealers and Other Financial Intermediaries |
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund, its distributor,
its investment manager or their affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or intermediary and your salesperson to recommend
the Fund over another investment. Ask your salesperson or visit your financial intermediary’s Web site for more information.
Sign up for e-Delivery
To get future prospectuses online
and to eliminate mailings, go to:
http://us.allianzgi.com/edelivery
AZ1028SP_030718
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