Allianz Global Investors Fund

Allianz US High Yield30/06/2014

Overall Morningstar Rating™«« ¹

Investment Objective

The Fund's investments are concentrated in the U.S. corporate bonds rated below investment grade.

Performance OverviewIndexed Performance over 3 Years (NAV–NAV)

90 90

100 100

110 110

120 120

130 130

140 140

06/1412/1306/1312/1206/1212/1106/11

◼ Class AM (USD) Dis. ◼ Benchmark

Performance History Year to Date 3 Months 1 Year 3 Years 3 Years(p.a.)

SinceInception

(p.a.)

NAV–NAV (%) 4.10 1.98 9.23 23.98 7.43 8.68

Offer–Bid ² (%) -1.11 -3.12 3.76 17.78 5.61 7.27

Benchmark (%) 5.64 2.57 11.84 30.47 9.27 10.04

Risk / Return Ratios 3 Years

Sharpe Ratio 1.20

Volatility 6.03%

Tracking Error 2.19%

Information Ratio -0.84

Portfolio Analysis

Sector Allocation (%)ENERGY 13.0HEALTHCARE 7.9TELECOM WIRELINE 7.4TECHNOLOGY 6.5DIV. FIN. SERVICES 5.9SERVICES 5.7PUBLISHING & PRINT. 4.9AUTOMOTIVE & PARTS 4.2TELECOM WIRELESS 3.6HOMEB. & REAL EST. 3.5OTHERS 34.3CASH & CASH EQUIVALENTS 3.3

Credit Rating Allocation (%)B 58.9BB 27.2CCC 10.2NOT RATED 0.4LIQUIDITY 3.3

Top 10 Holdings Sector %

ARCELORMITTAL 10.35% 06/01/2019 STEEL 1.0

FIRST DATA CORPORATION 12.625% 01/15/2021 TECHNOLOGY 0.9

HCA INC 7.5% 02/15/2022 HEALTHCARE 0.9

TENET HEALTHCARE CORP 8.125% 04/01/2022 HEALTHCARE 0.9

CHRYSLER GP/CG CO-ISSUER 8.25% 06/15/2021 AUTOMOTIVE & PARTS 0.9

KINETICS CONCEPT/KCI USA 10.5% 11/01/2018 HEALTHCARE 0.8

ZAYO GROUP LLC/ZAYO CAP 8.125% 01/01/2020 TELECOM WIRELINE 0.8

NEIMAN MARCUS GROUP LTD 8% 10/15/2021 SUPER RETAIL 0.8

CHESAPEAKE ENERGY CORP 6.625% 08/15/2020 ENERGY 0.8

MCCLATCHY CO 9% 12/15/2022 PUBLISHING & PRINT. 0.8

Total 8.6

Statistics Summary

Average Coupon 8.10% Effective Maturity 6.40 years

Average Credit Quality B+ Effective Duration 3.60 years

Yield to Maturity 6.30%

Dividend History ³Dividend /

ShareAnnualised

Dividend Yield ⁴Ex-Dividend

Date

Class AM (USD) Dis. USD 0.0667 8.15% 16/06/2014

Class AM (H2-AUD) Dis. AUD 0.0833 9.93% 16/06/2014

Class AM (H2-EUR) Dis. EUR 0.0625 7.50% 16/06/2014

Class AM (H2-GBP) Dis. GBP 0.0667 8.01% 16/06/2014

Class AM (H2-SGD) Dis. SGD 0.0667 8.18% 16/06/2014

Class AM (H2-CAD) Dis. CAD 0.0708 8.49% 16/06/2014

Class AM (H2-RMB) Dis. CNY 0.0792 9.74% 16/06/2014

Allianz US High Yield

Fund Details

Class AM(USD) Dis.

Class AM(H2-AUD) Dis.

Class AM(H2-EUR) Dis.

Class AM(H2-GBP) Dis.

Class AM(H2-SGD) Dis.

Class AM(H2-CAD) Dis.

Class AM(H2-RMB) Dis.

Benchmark BofA Merrill Lynch US High Yield Master II Index

Fund Manager Doug Forsyth

Fund Size USD 11,315.35m

Base Currency USD

Initial Fee Up to 5% Up to 5% Up to 5% Up to 5% Up to 5% Up to 5% Up to 5%

Eligible Investment Scheme ⁵ SRS SRS SRS SRS SRS SRS SRS

All-in-Fee ⁶ 1.39% p.a. 1.39% p.a. 1.39% p.a. 1.39% p.a. 1.39% p.a. 1.39% p.a. 1.39% p.a.

Total Expense Ratio ⁷ 1.44% 1.45% 1.44% 1.44% 1.45% 1.44% 1.44%

Unit NAV USD 10.21 AUD 10.57 EUR 10.37 GBP 10.40 SGD 10.19 CAD 10.43 CNY 10.24

Inception Date 02/08/2010 02/12/2011 02/12/2011 02/12/2011 15/06/2012 02/12/2011 11/04/2012

Dividend Frequency ³ Monthly Monthly Monthly Monthly Monthly Monthly Monthly

ISIN Code LU0516397667 LU0649033221 LU0676280711 LU0676280802 LU0761598746 LU0676280554 LU0765755177

Bloomberg Ticker AUSHYAM LX AUSHAAM LX AUSHEAM LX AUSHGAM LX AUAMH2S LX AUSHCAM LX AUSHRAM LX

Cumulative Returns (%)

Year to Date 4.10 5.25 4.09 4.23 4.11 4.56 4.44

1 Year 9.23 11.91 9.10 9.38 9.14 10.20 10.79

3 Years 23.98 – – – – – –

Since Inception 38.48 35.68 24.92 26.35 19.07 28.24 23.15

Annualised Returns (%)

3 Years (p.a.) 7.43 – – – – – –

Since Inception (p.a.) 8.68 12.57 9.02 9.50 8.93 10.14 9.85

Information herein is based on sources we believe to be accurate and reliable as at the date it was made. We reserve the right to reviseany information herein at any time without notice. No offer or solicitation to buy or sell securities and no investment advice orrecommendation is made herein. In making investment decisions, investors should not rely solely on this material but should seekindependent professional advice, however, if you choose not to seek professional advice, you should consider the suitability of theproduct for yourself. Unit value and income therefrom may fall or rise. Past performance of the fund manager(s) and the fund is notindicative of future performance. Investment involves risks including the possible loss of principal amount invested and risksassociated with investment in emerging and less developed markets. Investors should read the fund prospectus, available from thelocal representative or any of its appointed distributors, for further details including the risk factors, before investing. The Fund mayinvest extensively in financial derivative instruments and/or structured products and be subject to various risks (includingcounterparty, liquidity, credit and market risks etc.). This material has not been reviewed by the Monetary Authority of Singapore(MAS). MAS authorization/recognition is not a recommendation or endorsement. Issued by Allianz Global Investors Singapore Limited(12 Marina View, #13-02 Asia Square Tower 2, Singapore 018961, Company Registration No. 199907169Z).

7 Total Expense Ratio (TER): Total cost (except transaction costs) charged to the Fund during the last financial year expressed as aratio of the Fund's average NAV. For share classes that have been incepted for less than one year as at close of the last financial year(please refer to the Inception Date in the Fund Details table), the TER will be annualized. For share classes incepted after the closeof the last financial year, the TER will be reflected as N/A.

6 The All-in-Fee includes the expenses previously called management and administration fees.5 Investment using Supplementary Retirement Scheme (“SRS”) monies is only applicable to investors in Singapore.

4 Annualised Dividend Yield = [(1 + Dividend Per Share / Ex-Dividend Date NAV)¹² - 1] X 100. The annualised dividend yield iscalculated based on the latest dividend distribution with dividend reinvested, and may be higher or lower than the actual annualdividend yield. Positive distribution yield does not imply positive return. Dividend is not guaranteed.

3 Dividend payments are applicable for Class AM Dis (monthly distribution) and for reference only. Yields are not guaranteed,dividend may be paid out from capital. Positive distribution yield does not imply positive return.

2 "Offer-Bid" performance data takes into account the initial fee of the investment.

1 Source: Morningstar, as at 31/05/2014. Copyright © 2014 Morningstar Asia Limited ("Morningstar"). All Rights Reserved. Theinformation contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed;and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for anydamages or losses arising from any use of this information. Past performance is no guarantee of future results.

Fund performance is calculated in the respective fund currency on a NAV-to-NAV basis with gross dividends re-invested. Investmentreturns are denominated in the respective base currency. SGD based investors are exposed to non-SGD foreign exchange fluctuations.

Source: All fund data quoted are Allianz Global Investors/IDS GmbH/Morningstar, as at 30/06/2014, unless stated otherwise.

( Investment hotline: +65 6438 0828 ü www.allianzgi.sg