AllianzGI Global Allocation Fund A (PALAX)

The daily section presents performance dating from the inception of the actual share class only.

The performance number from the year of the Fund's inception is the cumulative return over a partial year. 

Performance assumes reinvestment of dividends and capital gains distributions. Taxes on distributions or redemptions have not been deducted. 

A Word About Risk:The Fund is exposed to the same types of risks as the underlying funds in which it invests. Investments in smaller companies may be more volatile andless liquid than investments in larger companies. Investments in commodities may be affected by overall market movements, changes in interest rates, and other factorssuch as weather, disease, embargoes and international economic and political developments. Convertible and fixed income securities, particularly high-yield or junk bonds,are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to changes in interest rates or an issuer’s or counterparty’sdeterioration or default. Derivative prices depend on the performance of an underlying asset; derivatives carry market, credit and liquidity risk. Investing in a small number ofissuers may increase risk and volatility. Securities purchased in initial public offerings have no trading history, limited issuer information and increased volatility. Leverage canmagnify losses during adverse market conditions. Investing in mortgage- and asset-backed securities involves interest rate, credit, valuation, extension and liquidity risks andthe risk that payments on the underlying assets are delayed, prepaid, subordinated or defaulted on. Foreign markets may be more volatile, less liquid, less transparent andsubject to less oversight, and values may fluctuate with currency exchange rates; these risks may be greater in emerging markets. The cost of investing in the Fund willgenerally be higher than the cost of investing in a fund that invests directly in individual stocks and bonds.

The MSCI All Country World Index (MSCI ACWI) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emergingmarkets. As of June 2009 the MSCI ACWI consisted of 45 country indices comprising 23 developed and 22 emerging market country indices. Prior to 11/1/06, performance data for the MSCI Index was calculated gross of dividend tax withholding. Performance data presently shown for the Index is net of dividend tax withholding. This recalculation results in lower performance for the Index. TheFund’s blended benchmark changed from 60% MSCI AC World Index and 40% Barclays Global Aggregate Index to a blend of 60% AC MSCI World Index and 40% Barclays U.S. Aggregate Index. The Barclays U.S. Aggregate Index is composed of securities from the Barclays Government/Credit Bond Index, Mortgage-Backed Securities Index, and Asset-Backed Securities Index. It is generallyconsidered to be representative of the domestic, investment-grade, fixed-rate, taxable bond market. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capitalgains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an index.

The Lipper Category returns and rankings are calculated by Lipper Inc., a Reuters Company, which is a nationally recognized organization that compares the performance of mutual funds with similar investment objectives. The Category returns represent the average performance of included funds, while rankings compare an individual fund's returns to those of the other funds in its category. Both are based on total return performance, with capital gains and dividends reinvested, with annual operating expenses deducted, but without including front- or back-end sales charges. Rankings begin with the actual share class inception. Rankings are relative to a peer group and do not necessarily mean that the fund had high total returns.

Growth of $10,000 is calculated at NAV and assumes that all dividend and capital gain distributions were reinvested. It does not take into account sales charges or the effect of taxes. Results are not indicative of future performance.

 
Average Distribution Yield. This yield is the average of the last four quarterly distribution yields. The quarterly distribution yield is calculated by annualizing the quarter's distribution and dividing by the NAV on the last business day of the period. It does not include long- or short-term capital gains distributions. The SEC Yield is a standardized annual yield based on the most recent 30-day period. It is calculated in accordance with current Securities and Exchange Commission regulations and is subject to change.