Allianz Global Investors Fund – Allianz Credit Opportunities IT13 EUR

Long term capital growth by investing in global bond markets. Sub-Fund assets are primarily invested by us in global bonds as described in the investment objective. Sub-Fund assets may be completely invested by us in Emerging Markets. Max. 10% of Sub-Fund assets may be invested in Equities. Included in the aforementioned limit are Equities and comparable securities or rights in the exercise of subscription, conversion and option rights on investments such as convertible bonds, contingent convertible bonds and bonds with warrants. Max. 20 % of Sub- Fund assets may be invested by us in ABS and/or MBS. 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. 10% non-EUR Currency Exposure. The Duration of Sub-Fund assets shall be between minus 1 and plus 2 years.