AllianzGI International Managed Volatility Fund A (PNIAX)

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

* This is the inception date of a predecessor fund, which was reorganized into the Fund on 10/15/04. The returns presented are for A shares of the Fund, which were firstoffered on 10/16/04. The returns for the period prior to the reorganization are based on the historical performance of the predecessor fund’s Institutional shares, adjusted toreflect the Fund’s A shares’ different charges and expenses. Lipper performance comparison begins on 4/30/01. Performance assumes reinvestment of dividends and capitalgains distributions. Taxes on distributions or redemptions have not been deducted. 

A Word About Risk: Foreign markets may be more volatile, less liquid, less transparent and subject to less oversight, and values may fluctuate with currency exchange rates;these risks may be greater in emerging markets. Derivative prices depend on the performance of an underlying asset; derivatives carry market, credit and liquidity risk. Priorto February 1, 2012, the Fund was managed pursuant to a different investment strategy and would not necessarily have achieved the performance results shown under itscurrent investment strategy.

The MSCl Europe Australasia Far East (EAFE) Index is a widely recognized, unmanaged index of issuers located in the countries of Europe, Australia, and the Far East. Unless otherwise noted, indexreturns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in anindex.

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.

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