Allianz Family of Funds Mutual Fund Tax Guide

For moreinformation,pleaserefertotheInternalRevenueService(IRS)websiteat Allianz Family ofFunds Sincerely, shares) or800-498-5413(forinvestorsininstitutionalclassshares). Should yourequireadditionalassistance,maycontactanInvestorServicesRepresentativeat800-988-8380(forinvestorsin ◾ ◾Understanding yourTax Form ◾ ImportantKeyTerms◾Other ...... InformationaboutyourCapitalGainandDividendDistributions ...... ◾Important ◾ ◾Cost BasisExplained ...... In thisguide,youwillﬁndthefollowing: determine howtheinformationcontainedinthisguidemayapplytoyourspeciﬁctaxsituation. not designedtoprovidetaxguidanceoradvice.Duethecomplexityoflaws,youshouldconsultaprofessionaladviso This guidecontainsgeneraltaxinformationregardingtheAllianzFamily ofFunds.Althoughitmayhelpyouwithyourtaxretur Dear Shareholder: Allianz Family ofFunds ◾1099-R ◾1099-DIV ◾1099-B ...... ForeignTax CreditInformation Treasury InterestInformation ...... CorporateDividendsReceivedDeductionInformation ......

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Page 1 Allianz Family of Funds Mutual Fund Tax Guide Cost Basis Explained Cost Basis Selling or exchanging shares of a mutual fund may result in a capital gain or loss that is required to be reported to the IRS. To calculate the gain or loss from such transactions, you will first need to determine the "cost basis" of the shares. Your cost basis is the original price you paid to acquire the shares, plus any added expenses such as commissions. If you made a redemption during certain transaction details including your cost basis may be found on your Form 1099-B. Changes to Cost Basis Reporting Effective January 1, 2012, the Internal Revenue Service (IRS) implemented new rules regarding cost basis reporting that affects mutual fund shares purchased and subsequently sold during and after 2012. As part of the requirement, mutual fund companies must provide cost basis information to shareholders and the IRS for these shares, also referred to as "covered shares". In order to provide you and the IRS with accurate cost basis reporting, you may have been asked to select a cost basis method for your account. A cost basis method is the process used for selecting shares to sell that were purchased at varying prices and times. The methods available at Allianz Funds are Average Cost (ACST), First in First out (FIFO), Last in First out (LIFO), High Cost (HIFO), Low Cost (LOFO), Loss/Gain Utilization (LGUT) and Specific Lot Identification (SLID). If you did not select a method, the default method of Average Cost may have been used to calculate your cost basis. Any shares that were acquired prior to 2012, or "non-covered shares", are exempt from this new reporting requirement. Because mutual funds are not required to report on these shares, you may use any acceptable method to calculate and report gains and losses when filing your tax return. For certain eligible accounts with non-covered shares, we have provided the cost basis. To learn more about cost basis and how these rules may affect your mutual fund investment, please consult a professional tax advisor.

Important lnformation In general, capital gain and dividend distributions generated from mutual fund shares that are held in a taxable account or in about your Capital Gain certain non-retirement accounts are subject to income tax. This information is reported on the Form 1099-DIV. and Dividend Distributions Dividend Distributions Dividend distributions are paid to shareholders by a mutual fund when dividends and interest are earned from the Fund's underlying securities. This information is reported on the Form 1099-DIV, regardless of whether the shareholder receives the amount in cash or the money is reinvested. Please refer to the section titled, "Understanding your Tax Form" for more information. Capital Gain Distributions Mutual Funds may realize a net capital gain as a result of selling securities within the fund's portfolio. Like dividend distributions, these gains are passed through to shareholders in the form of a capital gain. For tax reporting purposes, capital gain distributions are classiﬁed as either long-term or short-term. Long-term capital gains are net capital gains generated from the sale of a fund's underlying securities held for more than one year; these gains are taxed at lower tax rates than those which apply to ordinary income. Short-term capital gains are net capital gains generated from the sale of a fund's underlying securities held for one year or less. These gains are taxable as ordinary income. For more information on the tax treatment of dividend and capital gain distributions, please consult a tax advisor for assistance or visit the website for Internal Revenue Service, www.IRS.gov.

Other Important Key Terms Backup Withholding Rule If you did not provide us with a valid social security or tax identiﬁcation number, the IRS requires that we apply backup withholding tax to certain types of investment payments. The backup withholding amount of 28% is paid directly to the IRS on your behalf and is reported to you on your Form 1099-B or 1099-DIV. Wash-Sale Rule The Internal Revenue code generally prohibits taxpayers from claiming a loss on the sale of an investment in a wash sale. A wash sale occurs when the sale of an investment results in a loss, and within 30 days before or after the sale, a same investment is repurchased. Please be aware that a loss realized during the month of December due to a redemption may be disallowed if a subsequent repurchase occurs in the following January that falls within the "wash-sale" window.

Treasury Treasury Interest Interest Information Income from U.S. Government securities may be exempt from state and/or local taxation. Indicated below is (are) the mutual fund(s) that generated ordinary dividends attributable to U.S. government securities. The chart below reﬂects the percentage of income derived from U.S. government securities. Income Generated by U.S. Mutual Fund Government Securities for AllianzGI Advanced Core Bond Portfolio 20.28%

Mutual Fund Tax Guide Mutual Fund Tax AllianzGI Core Bond Fund 9.14%

AllianzGI Core Plus Bond Fund 4.19%

AllianzGI Global Allocation Fund 5.78% AllianzGI Global Dynamic Allocation Fund 0.59% AllianzGI PerformanceFee Managed Futures Strategy Fund 63.86% AllianzGI Short Term Bond Fund 4.36% AllianzGI Emerging Markets SRI Debt Fund 0.76% AllianzGI Global High Yield Fund 0.32% Allianz Family of Funds Allianz Family In order to claim an exemption, certain states require that at least 50% of a fund's assets at the close of each quarter of the fund's tax year consist of federal obligations. None of the mutual funds in the Allianz Family of Funds met this threshold during # Page 2 Page Please consult a tax advisor regarding how this information may affect your speciﬁc tax situation. Deduction Dividends Received linG Technolo AllianzGI Fund Small-Cap AllianzGI Fund 2055 Retirement AllianzGI Fund 2050 Retirement AllianzGI Fund 2045 Retirement AllianzGI Fund 2040 Retirement AllianzGI Fund 2035 Retirement AllianzGI Fund 2025 Retirement AllianzGI Fund 2020 Retirement Fund AllianzGI Income and Securities Preferred AllianzGI Fund Value Small-Cap AllianzGI Fund Value Mid-Cap AllianzGI linG Lar AllianzGI Fund Value International AllianzGI Sustainabilit Global AllianzGI Portfolio Opportunities Small-Cap Global AllianzGI Fund Resources Natural Global AllianzGI Fund Allocation Dynamic Global AllianzGI Fund Allocation Global AllianzGI Fund Growth Focused AllianzGI Emer AllianzGI linG Emer AllianzGI Fund Convertible AllianzGI linG efracFeSrcue ..Equit U.S. Structured PerformanceFee AllianzGI Fund Bond Core AllianzGI linG etSt Best AllianzGI linG oePu odFund Bond Plus Core AllianzGI linG etSt Best AllianzGI linG Emer AllianzGI Fund Value Dividend AllianzGI Fund Mid-Cap AllianzGI Fund Growth & Income AllianzGI Fund Sciences Health AllianzGI Fund Water AllianzGI linG etSt Best AllianzGI Mutual Fund Corporate Information g -a au Fund Value e-Cap g g g in in in y y y e ..Equit U.S. les Mana Global les Equit Global les g g g gy akt au Fund Value Markets Fund Opportunities Markets Fund Consumer Markets Fund y Fund y for thecorporatedividends-receiveddeductionareshowninchartbelow. For thebeneﬁtofourcorporateshareholders,percentagedividendspaidoutordinaryincomeduring Corporate DividendsReceivedDeduction linG tutrdRtr Fund Return Structured AllianzGI Fund 2050 Retirement AllianzGI Treasury Interest Mutual Fund Fund y g Fund dVolatilit ed y Portfolio y Fund FRQWLQXHG Corporate DividendsReceived Government Securitiesfor Income GeneratedbyU.S. thatqualify 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 15.10% 20.73% 17.57% 27.92% 21.19% 39.64% 79.06% 10.53% 83.81% 17.84% 78.35% 22.88% 9.24% 2.37% 2.35% 2.34% 1.33% 1.03% 0.01% 0.06% 6.66% 3.77% 3.78% 8.11% 0.34% 4.48% 8.59% 7.41% 0.83% 1.87% 8.64%

Page 3 Allianz Family of Funds Mutual Fund Tax Guide Page 4 | Allianz Family of Funds | Mutual Fund Tax Information linG mrigMresCnue Fund Consumer Markets Emerging AllianzGI linG mrigMresSalCpFn 0.0 0.11665400 0.11609207 100.00% 99.62% Fund Value International AllianzGI Fund Value Markets Emerging AllianzGI Fund Small-Cap International AllianzGI Portfolio Growth International AllianzGI Fund Small-Cap Markets Emerging AllianzGI Fund Opportunities Markets Emerging AllianzGI Mutual Fund Foreign Tax Foreign Credit eebr1,2020 17, December 2020 17, September 2020 18, June 2020 19, March 2020 17, December 2020 17, September 2020 18, June 2020 19, March

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om19- Form 1099-B Tax Form Understanding your 41 Statetaxinformation 14–16 Corrected (ifchecked)☐(OMS)No.1545-0715) 1f/1g Short-term transactionsforwhichbasisis HRSRDEE .000 xx/xxx/xxx .000 0.00 0.00 0.00 xx/xx/xxxx xx/xx/xxxx 0.00 0.00 SHARES REDEEMED Long-term HRSRDEE .000 xx/xxx/xxx .000 0.00 0.00 0.00 xx/xx/xxxx xx/xx/xxxx 0.00 0.00 SHARES REDEEMED Fund: Fund: Transaction Transaction OM19- •PROCEEDSFROMBROKER&BARTEREXCHANGETRANSACTION FORM 1099-B bDateAcquired 1b dNetproceeds 1d eCostorotherbasis 1e 1a 1c 4 Non-covered security 5 (1a)DescriptionofProperty (1a)DescriptionofProperty ABC MutualFund ABC MutualFund of Property Description or disposed Date sold tax withheld Federal income adjustments Wash sale Gain/(Loss) transactionsforwhichbasisis o Description Box Share Share Price Price Below isanexampleofsomeinformationyouwillfindona1099-Bform. cost basisofthesharessold. Each timemutualfundsharesaresoldorredeemed,acapitalgainlossmayberealizedifthesellingpriceisdifferenttha Quantity Quantity a omDescription Tax Form Sold 1099-DIV Sold 1099-R 1099-B acquisition datecannotbedetermined. Shows theacquisitiondateofanysharessold.Thisboxmaybeblankif werepurchasedonvariousdatesorifthe Provides thenameofAllianzFundbeingreported.Thisboxalsoidentifiestransactiontype. Shows thetradedateofsale. Reflects thenetproceedsfromsaleorexchangeoffundshares. will beleftblank.Pleaserefertothesectiontitled,"CostBasisExplained"for more information. information for"non-covered"shares,anditwillnotbereportedtotheIRS. If costbasiscannotbedetermined,thissection reported totheIRSforsharescoveredundercostbasisregulations.However, youarenotrequiredtousethis Represents originalthecostofyoursharesthatweresoldduring the BackupTax Withholding Rule.Thisamountshouldbeincludedinyourtaxreturnaswithheld. of thegrossproceedsfromsale anyshares.Thisboxindicatestheportionofgrossproceedspaidto IRSunder If youdidnotprovideuswithacorrect SocialSecurityorTax Identificationnumber, wearerequired towithholdapercentage consult aprofessionaltaxadvisorforinformation onhowthismayaffectyourspecifictaxsituation. which therepurchasefallswithin "30-day washsalewindow".Pleasenote"wash-sale"rulesarecomplex;you should December duetoredemption,maybe"disallowed"ifasubsequentrepurchase occursinJanuaryofthefollowingyear, This boxshowstheamountofnondeductiblelossinawashsaletransaction. Pleasenotethatanylossrealizedduring are covered. Indicates "YES"ifthesharessoldwere notcoveredunderthecostbasisregulationsorwillremainblankifshares sold information. details whether thetransaction resultedinthegain orloss.Please refer tothesection titled,"CostBasisExplained" formo The informationprovided inthissectionisforinformational purposesonly, and thereforeisnotprovidedtotheIRS. It Provides state/local taxinformation. reported totheIRS; reported totheIRS; Acquired Acquired Date (1b) Date (1b) account, suchasanIRA,oraqualifiedretirementplan,pension,profitsharing,401(k)plan. Reports anydistributions(includingrollovers,recharacterizations,andconversions)takenfromaretirement of $10ormorefromafund. the amountsarereceivedorreinvested.You canexpecttoreceivea1099-DIVifyoureceiveddistribution Used toreportallcalendaryeardistributionpayments.ThisinformationmustbereportedtheIRSwhether we maybeunabletoprovideyouwithcostbasisinformation. after January1,2012.However, ifyourshareshavebeentransferredtoAllianzFundsorconverted, 1099-B. Thisformwillalsocontaincostbasisinformationforsharespurchasedandsubsequentlysoldonor If sharesofafundinanaccountotherthanretirement(401(k),IRAetc.)aresold,youwillreceive udAc.n:13000001PYRSFd Dn:1-111 CUSIPno:123456789 PAYER'SFed. IDno:11-1111111 Fund-Acct. no:123-00000000001 or disposed udAc.n:13000001PYRSFd Dn:1-111 CUSIPno:123456789 PAYER'SFed. IDno:11-1111111 Fund-Acct. no:123-00000000001 Date Sold or disposed Date Sold (1c) (1c) reportonForm 8949,Part IwithBoxAchecked. reportonForm 8949,Part IIwithBoxDchecked. proceeds proceeds (1d) Net (1d) Net other basis other basis Cost or Cost or Cost or Cost or (1e) (1e) (1e) (1e) adjustments adjustments Wash sale Wash sale (1f/1g) (1f/1g) (1f/1g) (1f/1g) income tax withheld income tax Federal withheld Federal 0.00 (4) 0.00 (4) Non-covered Non-covered security security E X000 0.00 000000 XX YES (5) E X000 0.00 000000 XX YES (5) Theinformationpresentedintheboxmustbe name State (14) name State (14) Identification identification State (15) no. State (15) no. withheld State tax withheld State tax (16) (16) Cost basis method Cost basis method ACST ACST (Loss) Gain/ 0.00 (Loss) Gain/ n the 0.00 re

Page 5 Allianz Family of Funds Mutual Fund Tax Guide Form 1099-DIV The Form 1099-9>K^hjhZYidgZedgiVaaXVaZcYVgnZVgY^hig^Wji^dcheV^Yidndj#I]^h^c[dgbVi^dc^hÒaZYl^i]i]Z IRS, and therefore must be reported on your federal income tax return regardless of whether the distributions were received as cash or reinvested. You can expect to receive a 1099-DIV if you received a distribution of $10 or more from an Allianz mutual fund (except if you hold a retirement plan account).

Provided below is a sample 1099-9>KiVmhiViZbZci!VcYhdbZdi]Zg^c[dgbVi^dcndjbVnÒcY]Zae[ja# FORM 1099-DIV • DIVIDENDS AND DISTRIBUTIONS • (1a) (1b) (2a) (2b) (2d) (3) (4) (5) (7) (9) (11) (12) (13) (14) (15) Total ordinary FjVa^ÒZY Total Unrecap. sec. Collectibles Nondividend Federal Section 199A Foreign Cash Exempt- HeZX^ÒZY State State State tax dividends dividends capital gain 1250 gain (28%) gain distributions income tax dividends tax paid liquidation interest private activity ^YZci^ÒXVi^dc withheld distributions withheld distributions dividends bond interests no. dividends

Fund: ABC Mutual Fund Account Number: 123456789 PAYER'S FED. ID no. 987654321

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 xx xxxxx 0.00

Box Description Total ordinary 1a Shows total ordinary dividends (including short-term capital gains) that are taxable. dividends FjVa^ÑZY 1b This portion indicates the amount ^YZci^ÒZY^c7dm&Vi]VibVnWZZa^\^WaZ[dgi]ZgZYjXZYXVe^iVa\V^ciVmgViZ# dividends Total capital gain 2a Represents the amount of the fund's distributions that are taxable as long-term capital gains. distributions Represents the total distributions paid from capital that are not subject to federal or state income tax. When you redeem or Non-dividend 3 exchange shares, the cost basis is reduced by the amount in this box. Please consult your tax advisor to determine how this distributions information affecthndjgheZX^ÒXiVmh^ijVi^dc#

Indicates the amount withheld by the fund on certain distributions that are deposited with the IRS on your behalf. You may Federal income 4 be subject to backup withholding if you did not provide your social security or taxpayer ^YZci^ÒXVi^dc number. This amount tax withheld should be included as tax withheld on your tax return.

5 Section 199A dividends Represents dividends eligible for the 20% qualified business income deduction.

Represents the portion of foreign taxes paid by a mutual fund on your behalf. You may have the option to claim foreign tax 7 Foreign tax paid eV^YVhVcîZbôZYYZYjXi^dcdgXgZYî#EaZVhZgZ[Zgidi]ZhZXi^dciîaZY!;dgZ^\cIVm8gZYî>c[dgbVi^dc[dgYZiVâh# Cash liquidation 9 Shows cash liquidation distributions distributions 13-15 State Tax Information Provides state/local tax information Mutual Fund Tax Allianz Family of Funds |Allianz Family of

| Page 6 AllianzGI BestStylesGlobalManagedVolatilityPortfolio, Small-Cap OpportunitiesPortfolio, Allianz FamilyofFundsaredistributedbyGlobalInvestorsDistributors LLC,1633Broadway,NewYork, NY10019-7585,u above. Pleasereadtheprospectuscarefullybeforeyouinvest. Fund's prospectus,orsummarywhichmaybeobtainedbycontacting yourfinancialadvisor, byvisitingus.allianzgi.c Investors shouldconsidertheinvestmentobjectives,risks,chargesandexpenses ofthisFundcarefullybeforeinvesting.This may affectyourspecifictaxsituation. Allianz Family ofFundsdoesnotprovide legalortaxadvice.Pleaseconsultwithyouradvisortodeterminehowtheinforma certain qualifyingRegulationDofferings. broadens thenatureofinformationthatmaybemadepubliclyavailable about aprivateplacementbyliftinganyprohibitionon In issuingsharesofthePortfolios,Trustreliesonrecentlyadopted Rule506(c)ofRegulationDundertheSecurities shares areissuedsolelyinprivateplacementtransactionsthatdonotinvolve any"publicoffering"withinthemeaningofSect Portfolios. SharesofeachPortfolioarenotregisteredforpublicofferorsale undertheSecuritiesActof1933,asamended( an open-endinvestmentcompanyandoperatesasa"seriescompany" thatmayconsistofseparateseriesinvestment AllianzGI AdvancedCoreBondPortfolio(the"Portfolios")areinvestment portfoliosoftheAllianzGIInstitutionalMulti-Series om19- Form 1099-R Provided belowisasample1099-Rtaxstatement,andsomeotherinformationyoumayfindhelpful. Fund: ABCMutualFund 2b 12 FORM 1099-R•DistributionsFromPensions,Annuities,RetirementorProfit-SharingPlans,IRAs,InsuranceContracts,etc.• 2a 1 4 7 distribution distribution Gross tax withheld Federal income distribution Total determined amount not Taxable amount Taxable SIMPLE IRA/SEP/ code(s) Distribution withheld State tax Gross .00.00 0.00 (1) o Description Box Taxable amount (2a) completed aconversionand/orrecharacterization. full orpartialdistribution,executedadirectrollover, removedexcesscontributionsfromyourself-directedretirementaccou as apension,profitsharingor401(k)plan.You canexpecttoreceivea1099-Rifyouhavedoneoneofthefollowing:received The Form 1099-Rreportsdistributionstakenfromaretirementaccount,suchasanIRA,orqualifiedplan, Represents thetotalamountdistributedfromyourretirementaccounttoyoubyAllianzFundsduring return astaxwithheld. Represents thetotalamountoffederalincometaxwithheldduring If thisboxischecked,thedistributionwasatotalthatclosedoutyouraccount. Please consultwithyourtaxadvisortodeterminehowthisinformationaffectsspecificsituation. If thisboxischecked,AllianzFundsdidnothavesufficientinformationrequiredtocalculateyourtaxableamount. Represents thetaxableportionofamountidentifiedinBox1.Ifthisboxisempty, pleaserefertoBox2b. If thisboxischecked,youhavereceivedatraditionalIRA,SEP,orSIMPLEdistribution. "Instructions forRecipientofForm 1099-R"forthedescriptionsassociatedwitheachcode. Identifies thetypeofdistributionyoureceived.Pleaserefertolastpageyourtaxstatementundersectiontitled, Indicates stateorlocaltaxeswithheld. AccountNumber:123456789 Taxable amountnot determined (2b) X Distribution Total X AE' E.I o 8642 State/Payer's stateno.:XX/123456789-123 PAYER'S FED.IDno.987654321 Federal incometax withheld .0XX 0.00 (4) Distribution 6aa^Vco<>>ciZgcVi^dcVa

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