Allianz Dynamic Asian High Yield Bond AMg (H2

Long-term capital growth and income by investing in high yield rated Debt Securities of Asian bond markets. We manage this Sub-Fund in reference to a Benchmark. Sub- Fund's Benchmark plays a role for the Sub-Fund’s performance objectives and measures. We follow an active management approach with the aim to outperform the Benchmark. Although our deviation from the investment universe, weightings and risk characteristics of the Benchmark is likely to be material in our own discretion, the majority of the Sub-Fund's investments (excluding derivatives) may consist of components of the Benchmark. Min. 70% of Sub-Fund assets are invested by us in high-yield bonds bearing a typically higher risk and higher potential of gains as described in the investment objective, within this limit max. 10% of Sub-Fund assets may be invested in bonds with a rating of CC (Standard & Poor’s) or lower (including defaulted securities). Sub-Fund assets may be invested by us, even completely, in Emerging Markets. Min. 70% of Sub-Fund assets are invested by us in USD-denominated bonds. Max. 10% of Sub- Fund assets may be invested by us in convertible bonds. Max. 30% of Sub-Fund assets may be invested by us in bonds other than described in the investment objective. Max. 20% of Sub - Fund assets may be invested by us in the PRC bond markets. Max. 100% Sub-Fund assets may be held in deposits and/or may be invested directly in Money Market Instruments and/or (up to 10% of Sub-Fund assets) in money market funds on a temporary basis for liquidity management and/or defensive purpose. Max. 20% RMB Currency Exposure. The duration of the Sub-Fund assets should be between zero and 10 years. Exposure to the base currency of the fund (USD) will be hedged to a large extent against the reference currency of the shareclass (EUR) which reduces the potential risks and limits potential gains from exchange rate movements. Benchmark: J.P. MORGAN Asia Credit (JACI) Non Investment Grade Total Return (hedged into EUR). You may redeem shares of the fund usually on each business day. We usually distribute the income of the fund on a monthly basis. Recommended Holding Period: 4 Years Derivatives may be used to offset exposure to price fluctuations (hedging), to take advantage of price differences between two or more markets (arbitrage) or to multiply gains although it may also multiply losses (leverage). SFDR Category – Article 6 (a financial product that does not consider the EU criteria for environmentally sustainable economic activities)