DELISTED - The Fund seeks to achieve its objective by normally investing primarily in certain affiliated mutual funds and exchange-traded funds (ETFs) sponsored by Allianz and Pacific Investment Management Company LLC (“PIMCO”) (the “Underlying Funds”). The Fund may invest without limit in Underlying Funds and may invest significantly in one or a small number of the Underlying Funds. Underlying Funds in turn invest in or have exposure to (i) return-generating assets, such as U.S. and global equities of all market capitalizations, commodities, real estate, mortgage securities, high yield securities (“junk bonds”), corporate bonds, emerging market bonds, public securities of infrastructure companies and private equity companies, and alternative investment strategies such as long-short and market neutral strategies and/or (ii) defensive assets, such as Treasury Inflation-Protected Securities (“TIPS”), short-term U.S. and non-U.S. bonds and investment grade U.S. and non-U.S. sovereign bonds, corporate bonds, asset-backed securities and mortgage securities. The Fund may also invest in ETFs and mutual funds and pooled vehicles other than the Underlying Funds (together, “Other Acquired Funds”). The Fund does not currently intend to invest more than 10% of its assets in Other Acquired Funds that are not advised by the Manager or its affiliates. The Fund may also invest significantly in other securities and instruments as a complement or adjustment to its exposure to Underlying Funds and Other Acquired Funds. The Sub-Adviser normally seeks to maintain significant economic exposure to a number of countries outside the U.S., and the Fund may have exposure to companies in a broad range of market capitalizations and geographic and industry distributions, as well as to fixed income and convertible instruments with a broad range of credit quality ratings and durations. The Fund may also utilize derivative instruments, such as options, forwards or futures contracts and swap agreements. The Fund uses an actively-managed strategy and modifies asset allocations over time with the intent of progressively reducing anticipated risk and volatility as the target date of 2030 approaches and becoming increasingly conservative over time. The chart below illustrates the Sub-Adviser’s schedule of target allocations between defensive and return-generating assets as of the date of this Prospectus, according to the number of years remaining to the target retirement date. Upon reaching this target date, the Fund’s objective and strategy will change to closely resemble that of the AllianzGI Retirement Income Fund, which the Fund is expected to merge into approximately three years after its target date, provided that the Fund’s Board of Trustees determines the transaction is in the best interest of shareholders. The Retirement Income Fund is intended for investors who have already retired or begun withdrawing portions of their investments, or are seeking a conservative allocation fund, and its objective is to seek current income and, secondarily, capital appreciation. More information about the Fund’s asset allocation and portfolio construction strategy, the Retirement Income Fund and the Underlying Funds is available in the Fund’s prospectus. Sub-Adviser’s Glidepath Years to Retire Return Generating Defensive 47 100.0% 0.0% 46 100.0% 0.0% 45 100.0% 0.0% 44 100.0% 0.0% 43 100.0% 0.0% 42 100.0% 0.0% 41 100.0% 0.0% 40 100.0% 0.0% 39 100.0% 0.0% 38 100.0% 0.0% 37 100.0% 0.0% 36 100.0% 0.0% 35 100.0% 0.0% 34 100.0% 0.0% 33 100.0% 0.0% 32 99.5% 0.5% 31 97.9% 2.1% 30 95.2% 4.8% 29 91.8% 8.2% 28 88.0% 12.0% 27 83.9% 16.1% 26 79.9% 20.1% 25 76.0% 24.0% 24 72.2% 27.8% 23 68.6% 31.4% 22 65.2% 34.8% 21 62.0% 38.0% 20 59.0% 41.0% 19 56.2% 43.8% 18 53.5% 46.5% 17 51.0% 49.0% 16 48.7% 51.3% 15 46.5% 53.5% 14 44.4% 55.6% 13 42.4% 57.6% 12 40.6% 59.4% 11 38.8% 61.2% 10 37.2% 62.8% 9 35.6% 64.4% 8 34.1% 65.9% 7 32.7% 67.3% 6 31.4% 68.6% 5 30.1% 69.9% 4 28.9% 71.1% 3 27.7% 72.3% 2 26.6% 73.4% 1 25.6% 74.4% 0 24.5% 75.5% The table below illustrates the Sub-Adviser’s allocations among different asset classes within the defensive and return-gathering categories, as reflected in the Fund’s portfolio as of February 28, 2014. The asset allocation is computed by assigning each underlying investment to the most representative asset class(es). Fund Asset Allocation as of February 28, 2014 Percent of the Asset Group Asset Class Portfolio Invested Defensive Short-Duration Bonds & Cash 17 % US Core Fixed Income 11 % Non-US Core Bonds 3 % Inflation-Protected Bonds 7 % Return-Generating US Large Cap Equity 19 % US Small Cap Equity 5 % Developed Non-US Large Cap Equity 16 % Developed Non-US Small/Mid Cap Equity 3 % Emerging Market Equity 3 % Global Fixed-Income 8 % Commodity-Related Futures & Equities 6 % Global Real Estate 2 %
