AllianzGI Global Small-Cap Fund A (RGSAX)

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.

*This is the inception date of a predecessor fund, which was reorganized into the Fund on 2/1/02. The returns presented are for A shares of the Fund, which were first offeredon 2/5/02. The returns for the period prior to the reorganization are based on the historical performance of the predecessor fund’s Institutional shares, adjusted to reflect theFund’s A shares’ different charges and expenses. Performance assumes reinvestment of dividends and capital gains distributions. Taxes on distributions or redemptions havenot been deducted. 

A Word About Risk: Investments in smaller companies may be more volatile and less liquid than investments in larger companies. 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. Derivativeprices depend on the performance of an underlying asset; derivatives carry market, credit and liquidity risk.

The Fund’s investments in non-U.S. securities may be subject to rapid and more extreme changes in value. The securities markets of many foreign countries may be smaller than the U.S. market. Equity issuers in such countries may not be subject to the same degree of securities regulation as U.S. issuers, and accounting and financial reporting standards may differ from those in the U.S. Government interference in the economy may be prevalent for many non-U.S. securities markets. These risk factors are pronounced with emerging markets securities. The Fund may also invest in initial public offerings (IPOs), which can be highly volatile. Stocks issued in IPOs have no trading histories, and information about the companies may be available for very limited periods.

The MSCI World Small-Cap Index (MSCI WSCI) is a widely recognized, unmanaged, market capitalization weighted index composed of securities representative of the market structure of developedmarket countries in North America, Europe and the Asia/Pacific region. Prior to 11/1/06, performance data for the MSCI Index was calculated gross of dividend tax withholding. Performance datapresently shown for the Index is net of dividend tax withholding. This recalculation results in lower performance for the Index. Unless otherwise noted, index returns reflect the reinvestment ofincome 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 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.