AllianzGI Short Duration High Income Fund A (ASHAX)

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. For fund's with an expense reduction, performance would be lower had the expense reduction not been in effect.

A Word About Risk: High-yield or “junk” bonds have lower credit ratings and involve a greater risk to principal. Derivative prices depend on the performance of an underlyingasset; derivatives carry market, credit and liquidity risk. Investments in smaller companies may be more volatile and less liquid than investments in larger companies. Foreignmarkets 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 inemerging markets. Bond prices will normally decline as interest rates rise. The impact may be greater with longer duration bonds. Unlike US Treasuries, the securities in which thefund invests are not guaranteed as to timely payment of interest and principal and are subject to greater risk.

The BofA Merrill Lynch 1-3 Year BB U.S. Cash Pay High Yield Index is a subset of The BofA Merrill Lynch U.S. Cash Pay High Yield Index including all securities with a remaining term to final maturity less than 3 years and rated BB1 through BB3, inclusive. The BofA Merrill Lynch 1-3 Year Treasury Index is an unmanaged index consisting of all public U.S. Treasury obligations having maturities from 1 to 2.99 years. 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.

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.
 
Distribution Yield is calculated by dividing the sum of all dividend and short-term capital gain distributions in the last 12 months by the NAV on the last business day of the period. 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.