AllianzGI International Small-Cap Fund A (AOPAX)

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 4/9/10. The returns presented are for A shares of the Fund, which were first offeredon 4/12/10. The returns for the period prior to the reorganization are based on the historical performance of the predecessor fund’s Institutional shares, adjusted to reflectthe Fund’s A shares’ different charges and expenses. Performance assumes reinvestment of dividends and capital gains distributions. Taxes on distributions or redemptionshave 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. Investments in smaller companies may be more volatile and less liquid than investments in larger companies. A highturnover rate may increase costs and taxes which can lower performance. Derivative prices depend on the performance of an underlying asset; derivatives carry market,credit and liquidity risk.

The MSCI World ex-USA Small Cap Index replaced the S&P Developed Ex-US Small Cap Growth Index as the Fund’s primary benchmark as of July 16, 2012 to reflect certainchanges to the Fund’s investment strategy. The Fund’s performance will also be compared to a secondary benchmark, the MSCI EAFE Small Cap Index (Europe, Australia, FarEast). The Standard & Poor’s Developed Ex-US Small Cap Growth Index is an unmanaged index representing small capitalization securities, defined as the bottom 15% of any given country’s available market capitalization excluding the U.S.

The MSCI World ex-US Small Cap Index is a market capitalization weighted index that is designed to measure the performance of small cap stocks in developed markets excluding the US. The MSCI EAFE Small Cap Index is a market capitalization weighted index that is designed to measure the performance of small cap stocks in developed markets, excluding the US and Canada. Unless otherwise noted, index returns 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 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.