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Q1 AllianzGI Market Review & Outlook - Income & Growth

Equities, Convertibles, and High Yield Advance; Significant Growth Potential Ahead

The three asset classes utilized in the Income and Growth strategy – U.S. equities, convertible securities, and high-yield bonds – all advanced in the first quarter. The Russell 1000® Growth Index returned 0.9%. The ICE BofA U.S. Convertibles Index and ICE BofA U.S. High Yield Index returned 2.9% and 0.9%, respectively. By way of comparison, the 10-year U.S. Treasury fell 7.1% and the S&P 500® Index gained 6.2%.

Factors influencing markets included better-than-expected earnings, rising interest rates and a steepening yield curve, additional fiscal stimulus, ongoing Federal Reserve accommodation, vaccine rollout momentum, and economic strength.

z - Cover Image: AllianzGI Income and Growth Market Review and Outlook

The commentary is the opinion of the subadviser. This material has been prepared using sources of information generally believed to be reliable; however, its accuracy is not guaranteed. Opinions represented are subject to change and should not be considered investment advice or an offer of securities.

All investments carry a certain degree of risk, including possible loss of principal.

Past performance is not indicative of future results.