• An all-cap core international equity Fund that uses a “bottom-up,” actively managed institutional investment process to look for what RCM believes to be the best stocks outside the U.S.
• Managed by a focused and experienced equity team that leverages RCM’s global dual research platform to find the most attractive investment ideas and themes
• Seeks to be fully invested, with an integrated portfolio that consists of 40-80 stocks
• Emerging market exposure can reach up to 25% in pursuit of the best international investment opportunities

Today, globalization is flourishing and technological advances are bringing the world together in the blink of an eye. Innovative businesses are capitalizing on these trends as they cross borders to produce goods, services and ideas for a worldwide clientele. Investing in Allianz RCM International Opportunities Fund can help you tap the performance and diversification benefits provided by an international portfolio with an experienced manager.

Pursue International Opportunities While Managing Risk

• An investment in this Fund can help you take advantage of a broader investment universe, since many of the world’s largest companies are based outside the U.S.
• Individual markets tend not to move in lockstep, so investing in this Fund, which invests in different regions overseas, may help reduce your portfolio’s overall volatility over time.
• International investing can be a challenge for individuals because of different reporting and accounting standards, cultural and language barriers, and unfamiliarity with overseas business practices. This Fund’s team of professional, experienced asset managers are familiar with companies and markets around the world, and they keep an eye on risk to help you negotiate this unfamiliar territory.

RCM Is an Experienced, Informed Manager

• RCM places a unique emphasis on global information and information flow. By generating and capitalizing on this “information advantage,” RCM seeks to deliver superior and consistent investment results for the Fund’s shareholders.
• RCM is a truly global firm. In lieu of a central headquarters, RCM’s offices are strategically located in key financial centers around the world—including San Francisco, London, Frankfurt, Hong Kong, Sydney and Tokyo.
• RCM uses a distinctive dual research platform—consisting of a sector-based fundamental global research platform and unique Grassroots^SM Research division—to provide deep, bottom-up insight into a company’s fundamentals from a country, regional and global perspective.

Please note that the Fund’s investments in non-U.S. securities may be subject to more rapid and extreme changes in value. Non-U.S. markets may be subject to greater political risks of instability and currency fluctuations. Emerging markets may involve these risks to a higher degree, and they may also be more speculative.

RCM's equity investment philosophy is to use fundamental research to identify high-quality companies with strong growth prospects and attractive valuations. This philosophy is implemented through the Fund's disciplined investment process, which begins with an international investment universe of approximately 700 stocks that have more than $2 billion in market capitalization and more than $10 million in average daily turnover. RCM's in-house team of sector-based career analysts-who are organized on a global basis and develop a depth of knowledge about their chosen sectors-then analyze the growth, quality and valuation characteristics of these stocks. Their efforts are supported by RCM's Grassroots^SM division, which leverages thousands of industry contacts and conducts regular market surveys on all continents to further hone RCM's information advantage. This universe is then divided into three categories: buy, neutral and sell. The Fund's dedicated team of portfolio managers takes a closer look at the approximately 250-300 stocks in the buy category, reviewing the research team's stock rankings, the companies' relative valuations, the researchers' analysis of the stocks' upside and the potential for changes in earnings outlook. A portfolio of approximately 40-80 stocks is then constructed and reviewed by the team, ensuring it meets the Fund's specific requirements and represents the best available investment opportunities. RCM's Risk and Performance Measurement Department monitors the portfolio to make sure that overall risks are in line with the Fund's objectives.

Matthew Bowyer is a CFA charterholder and a member of RCM's Global Equities team. He began his investment career in 1985.

Lucy MacDonald is Chief Investment Officer of RCM's Global Equities team. She began her investment career in 1987 and is an Associate of the Society of Investment Professionals (ASIP).

San Francisco, California

RCM is a truly global asset manager and a company of Allianz Global Investors. The firm operates across three continents and five time zones from six international offices- San Francisco, London, Frankfurt, Hong Kong, Tokyo and Sydney. RCM's range of investment solutions spans the market cap and style spectrum and reaches from regional and global strategies to multi-asset and structured products.