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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-22167
Allianz Funds Multi-Strategy Trust
(Exact name of registrant as specified in charter)
1633 Broadway, New York, NY 10019
(Address of principal executive offices) (Zip code)
Lawrence G. Altadonna
1633 Broadway, New York, NY 10019
(Name and address of agent for service)
Registrant’s telephone number, including area code: 212-739-3371
Date of fiscal year end: September 30, 2016
Date of reporting period: March 31, 2016
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Item 1. Report to Shareholders
Allianz Multi-Strategy Funds
SHARE CLASSES A*, C, R, P, INSTITUTIONAL, R6, ADMINISTRATIVE
Semiannual Report
March 31, 2016
AllianzGI Retirement 2015 Fund
AllianzGI Retirement 2020 Fund
AllianzGI Retirement 2025 Fund
AllianzGI Retirement 2030 Fund
AllianzGI Retirement 2035 Fund
AllianzGI Retirement 2040 Fund
AllianzGI Retirement 2045 Fund
AllianzGI Retirement 2050 Fund
AllianzGI Retirement 2055 Fund
AllianzGI Retirement Income Fund
AllianzGI Global Allocation Fund
AllianzGI Global Dynamic Allocation Fund
AllianzGI Global Megatrends Fund
AllianzGI Best Styles Emerging Markets Equity Fund
AllianzGI Best Styles Global Equity Fund
AllianzGI Best Styles International Equity Fund
AllianzGI Best Styles U.S. Equity Fund
AllianzGI China Equity Fund
AllianzGI Convertible Fund
AllianzGI Emerging Markets Consumer Fund
AllianzGI Emerging Markets Debt Fund
AllianzGI Emerging Markets Small-Cap Fund
AllianzGI Europe Equity Dividend Fund
AllianzGI Global Fundamental Strategy Fund
AllianzGI Global Sustainability Fund
AllianzGI Global Water Fund
AllianzGI High Yield Bond Fund
AllianzGI International Growth Fund
AllianzGI International Small-Cap Fund
AllianzGI Micro Cap Fund
AllianzGI Multi-Asset Real Return Fund
AllianzGI NFJ Emerging Markets Value Fund
AllianzGI NFJ Global Dividend Value Fund
AllianzGI NFJ International Small-Cap Value Fund
AllianzGI NFJ International Value II Fund
AllianzGI Short Duration High Income Fund
AllianzGI Structured Return Fund
AllianzGI U.S. Equity Hedged Fund
AllianzGI U.S. Small-Cap Growth Fund
AllianzGI Ultra Micro Cap Fund
* Class D and Class B shares were converted into Class A shares on November 13, 2015 and December 4, 2015, respectively. Please refer to the prospectus for additional details.
This material is authorized for use only when preceded or accompanied by the current Allianz Multi-Strategy Funds prospectus. Investors should consider the investment objectives, risks, charges and expenses of each Fund carefully before investing. This and other information is contained in the Funds’ prospectuses and summary prospectuses. Please read the prospectus carefully before you invest or send money.
Receive this report electronically and eliminate paper mailings.
To enroll, go to http://us.allianzgi.com/edelivery.
Table of Contents
2–3 | Letter from the President | |||
5–111 | Fund Summaries | |||
112–113 | Important Information | |||
114–118 | Benchmark Descriptions | |||
119–170 | Schedules of Investments | |||
172–185 | Statements of Assets and Liabilities | |||
186–199 | Statements of Operations | |||
200–217 | Statements of Changes in Net Assets | |||
218–285 | Financial Highlights | |||
286–380 | Notes to Financial Statements | |||
381 | Changes to Board of Trustees & Fund Officers | |||
382–386 | Matters Relating to the Trustees’ Consideration of the Investment Management and Sub-Advisory Agreements | |||
387–388 | Privacy Policy |
A Word About Risk: A fund may be subject to various risks as described in its prospectus. Some of those risks may include, but are not limited to, the following: derivatives risk, smaller company risk, non-US investment risk, focused investment risk and specific sector investment risks. Use of derivative instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, counterparty risk, management risk and the risk that a fund is unable to close out a position when it is most advantageous to do so. Portfolios investing in derivatives could lose more than the principal amount invested in those instruments. Investing in foreign securities may entail risk due to foreign economic and political developments; this risk may be enhanced when investing in emerging markets. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and additional volatility compared to a diversified equity portfolio. AllianzGI target-date funds seek to manage risk and return by blending two separately-managed portfolios: a return-generating portfolio for growth potential, and a defensive portfolio for principal protection. The balance grows increasingly defensive over time until the target date is reached, after which the Fund’s assets roll into a retirement income strategy. The principal values of the Funds are not guaranteed at any time, including the target date. Please refer to the Fund’s applicable current prospectus for complete details.
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Thomas J. Fuccillo
President & CEO
Dear Shareholder,
The US economy continued to expand during the reporting period. Despite highly accommodative monetary policies set by central banks around the world, growth in many developed foreign countries was relatively tepid. A sharp rally late in the period caused stocks to generate a positive return for the six-months ended March 31, 2016. The global bond market also moved higher during the reporting period.
Six Months in Review
For the six-month period ended March 31, 2016, US stocks, as measured by the Standard & Poor’s 500 Index, gained 8.49%. Two measures of stock performance in developed international and global markets, the MSCI EAFE (Europe, Australasia and Far East) Index and the MSCI World Index, returned 1.56% and 5.13% respectively, in dollar-denominated terms. Elsewhere, the MSCI Emerging Markets Index rose 6.41%. With respect to bonds, the Barclays US Credit Index gained 3.38%, whereas the Barclays Global High Yield Index rose 3.22%. The Barclays US Government Bond Index returned 2.18%, while the broader bond market index, as measured by the Barclays US Aggregate Bond Index, gained 2.44%. The Barclays Global Aggregate Index returned 4.92%.
Turning to the US economy, gross domestic product (“GDP”), the value of goods and services produced in the country, the broadest measure of economic activity and the principal indicator of economic performance, grew at an annual pace of 2.0% during the third quarter of 2015. US economic activity then decelerated, as the US Department of Commerce (“Commerce Department”) reported that GDP grew at an annual pace of 1.4% for the fourth quarter of 2015. The Commerce Department’s initial 2016 GDP reading, released after the reporting period had ended, showed that GDP grew at an annual pace of 0.5% for the first quarter of 2016.
After a prolonged period of accommodative monetary policy, the US Federal Reserve (the “Fed”) raised interest rates for the first time in nearly a decade at its meeting in December 2015. The US central bank boosted the federal funds rate from a range between 0% and 0.25% to a range between 0.25% and 0.50%. In its official statement following its meeting in December the Fed said, “The stance of monetary policy remains accommodative after this increase, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation. The [Federal Open Market] Committee expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run.” The Fed then chose to keep rates on hold at its meetings in January, March and April (after the reporting period ended) 2016.
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Outlook
In our view, the opportunities and risks on the horizon for 2016 are similar to those that emerged in 2015. Economic growth will likely remain muted and monetary policy should stay extremely benign, even as the US takes a divergent path. Over the course of 2015, volatility returned to markets and correlations between many asset classes broke down. We expect more of this in 2016, as policy and politics highlight differences in the global economy. As 2015 progressed, estimates for global GDP growth were steadily revised lower. Our expectations for 2016 remain cautious, given the ongoing environment of financial repression. The US delivered mixed results in 2015 and we foresee a similar outcome in 2016, with the economy expanding 2%-2.5%.
We continue to advocate holding on to risk assets relative to bonds over the long run. However, there are several headwinds at this juncture, including future Fed rate hikes, above average valuations in some asset classes that are above historical averages, low earnings growth, liquidity and political risks. Against this backdrop, we believe we’re in a low return environment. We will remain flexible and active to put our shareholders in a position to benefit from volatility at an asset-class level. As always, our investment teams will use in-depth research and focus on quality and sustainability to help them navigate the markets.
On behalf of Allianz Global Investors Fund Management and our Sub-Advisers, thank you for investing with us. We encourage you to consult with your financial advisor and to visit our website, us.allianzgi.com, for additional information. We remain dedicated to serving your investment needs.
Sincerely,
Thomas J. Fuccillo
President & Chief Executive Officer
Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an index.
Receive this report electronically and eliminate paper mailings.
To enroll, go to http://us.allianzgi.com/edelivery.
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Unaudited
For the period of October 1, 2015 through March 31, 2016, as provided by the Multi-Asset US Group.
Fund Insights
For the six-month period ended March 31, 2016, Class A shares at net asset value (“NAV”) of the AllianzGI Target-Date Funds (the “Funds”) returned between 3.57% and 4.22% with longer dated Funds posting more favorable results. In terms of relative performance, the AllianzGI Retirement 2015 Fund outperformed its respective benchmark index (Morningstar Lifetime Conservative series) while the AllianzGI Retirement 2020 – 2055 Funds trailed their respective benchmark indices for the period.
Market Overview
For the reporting period, global equities outperformed US bonds by the performance of the MSCI ACWI (5.28%), and the Barclays US Aggregate Bond Index (2.44%). The environment was particularly volatile for global equities, as they started the period with a rally during the fourth quarter of 2015 after the MSCI ACWI posted the year’s lows in September. Global equities then declined sharply in the first quarter of 2016 before staging a strong rally into the end of the reporting period.
After posting the year’s low on September 29, 2015, global equities rebounded in the fourth quarter of 2015, with the MSCI ACWI rising 5.03% over the quarter (after dropping -9.45% in the third quarter of 2015). The rally was led by US equities as represented by the Russell 3000 Index, rising 6.27%, while developed markets outside the US, as represented by the MSCI EAFE Index, gained 4.71%. In other market segments, real estate investment trusts (“REITs”) were a bright spot, as the Dow Jones US Select REIT Index rose 7.54% over the fourth quarter, but the Bloomberg Commodity Index (-10.52%) conversely declined. In US Fixed Income, the Barclays US Aggregate Bond Index declined -0.57% over the fourth quarter of 2015. With the widely anticipated Fed Funds Rate hike taking place in December 2015 ending an era of zero interest rates, the 10 year Treasury yield (constant maturity) ended the year with a yield of 2.27%, up from 2.06% where it started the quarter. The Barclays US Aggregate Bond Index’s major segments all declined over the fourth quarter with treasuries (-0.9%) posting the most notable loss followed by corporate bonds (-0.6%) and mortgage backed securities (“MBS”) (-0.1%).
The first quarter of 2016 was more volatile for global equities. Most markets suffered the worst start to a year in decades, with some entering bear-market territory, amid renewed fears about the slowdown in China and further oil price weakness. However, signs that commodity prices may be stabilizing, as well as a dovish policy stance from the Fed, helped markets to recover in March. Most equity markets ended the quarter with modest losses, although the US and many emerging markets recorded positive returns. US Equities, as represented by the Russell 3000 Index, finished the quarter up 0.97%, while many markets outside the US struggled, as reflected by the MSCI EAFE Index (in USD) ending the quarter lower by -3.01%. The MSCI EAFE Index declined more in local currency terms, reflecting dollar weakness over the period. In US Fixed Income, the Barclays US Aggregate Bond Index gained 3.03%, while the 10 year Treasury yield fell back below 2.0%. The Barclays US Aggregate Bond Index’s major segments posted gains over the quarter with corporate bonds (+4.0%) and treasuries (+3.2%) leading the way, followed by MBS (+2.0%). Credit markets experienced a volatile quarter, mirroring the movement in equity markets.
Portfolio Review
Exposure to global equities was roughly in line with each Fund’s benchmark index; while the Funds were underweight US nominal bonds in favor of US inflation linked securities. With regards to fixed income, the Funds were positioned with overweights to credit and underweights to duration. Within global equities, the Funds were modestly underweight the US, while international exposure, including emerging markets, were slightly overweight. Opportunistic asset classes such as real estate, commodities and the AllianzGI Structured Return Fund, were also held by the Funds over the reporting period.
In the fixed income portion of each Fund, relative performance contributions were mixed, but ultimately trailed each Fund’s benchmark index. The effect can be primarily traced to the first quarter of 2016, when underweights to nominal bonds in the US and non-US bonds served to limit the Funds’ participation in the positive returns of those asset classes. Conversely, the emphasis on inflation linked securities was a tailwind over the period as US Treasury Inflated Protected Securities (“TIPS”) generally outperformed nominal bonds over the period.
In the equity portion of each Fund, allocation and stock selection effects were also mixed over the reporting period, but ultimately detracted from results. The result was primarily due to underweights in the US equity portion of each Fund, particularly at the end of the reporting period where strong returns were achieved. The Funds also included opportunistic exposures to Real Estate Investment Trusts (“REITs”), which posted strong returns over the period, contributing to relative results. Conversely, commodity exposure detracted, as commodities declined significantly over the fourth quarter of 2015.
In aggregate, the Funds’ underweight to US equities detracted from results, most notably observed in Funds farther from the target date. The Funds’ underweight to US equities was also observed in nearer dated Funds, while the underweight to the favorable returns of nominal bonds in the US and non-US bonds detracted from relative results more so in the nearer dated Funds.
Outlook
Risks have risen, but we do not believe the global economy is heading toward recession. In the US, while odds of an April 2016 interest rate hike are low, we believe that the outlook for growth and inflation will prompt the Fed to raise rates twice in 2016. Against this backdrop, we expect global monetary policy to remain accommodative. The recovery in commodities has helped stabilize some of the stress points in the world economy, which should support inflation and growth. Still, we believe the existence of economic and political uncertainties will likely result in persistent volatility.
* The “Target-Date Funds” are the AllianzGI Retirement 2015 Fund, the AllianzGI Retirement 2020 Fund, the AllianzGI Retirement 2025 Fund, the AllianzGI Retirement 2030 Fund, the AllianzGI Retirement 2035 Fund, the AllianzGI Retirement 2040 Fund, the AllianzGI Retirement 2045 Fund, the AllianzGI Retirement 2050 Fund, and the AllianzGI Retirement 2055 Fund.
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AllianzGI Retirement 2015 Fund
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
AllianzGI Retirement 2015 Fund Class A | 3.65% | –1.02% | 2.95% | 6.88% | ||||||||||||||
| AllianzGI Retirement 2015 Fund Class A (adjusted) | –2.05% | –6.47% | 1.79% | 6.05% | |||||||||||||
AllianzGI Retirement 2015 Fund Class C | 3.27% | –1.78% | 2.17% | 6.07% | ||||||||||||||
| AllianzGI Retirement 2015 Fund Class C (adjusted) | 2.27% | –2.74% | 2.17% | 6.07% | |||||||||||||
| AllianzGI Retirement 2015 Fund Class R | 3.45% | –1.38% | 2.59% | 6.55% | |||||||||||||
| AllianzGI Retirement 2015 Fund Class P | 3.81% | –0.77% | 3.25% | 7.17% | |||||||||||||
| AllianzGI Retirement 2015 Fund Class R6 | 3.86% | –0.61% | 3.34% | 7.27% | |||||||||||||
AllianzGI Retirement 2015 Fund Administrative Class | 3.65% | –0.98% | 2.98% | 6.92% | ||||||||||||||
| Morningstar Lifetime Conservative 2015 Index | 3.56% | 0.28% | 4.69% | 7.45% | |||||||||||||
| Real Return Target 2015 Index** | 3.41% | –0.70% | 2.96% | 6.23% | |||||||||||||
| Linked RR 2015 Index to Morningstar Lifetime Cons. 2015 Return Index | 3.56% | 0.28% | 3.16% | 6.37% | |||||||||||||
Lipper Mixed-Asset Target 2015 Funds Average | 3.34% | –1.54% | 4.66% | 8.44% |
† The Fund began operations on 12/29/08. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/08.
* Cumulative return
** Effective April 1, 2015, the Funds’ benchmark index changed from the Real Return Target series (white label) to the Morningstar Lifetime Conservative series, as the Morningstar Lifetime Conservative series is considered to be a better representation of the Funds’ investment strategies. Previously, the Real Return Target series replaced the Dow Jones Real Retirement series. This change was due to a decision by the index provider to discontinue the Index. With this mid-period change, differences between the two benchmarks should be considered for purposes of performance comparison.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.13% for Class A shares, 1.88% for Class C shares, 1.38% for Class R shares, 0.73% for Class P shares, 0.63% for Class R6 shares and 0.98% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 0.97% for Class A shares, 1.72% for Class C shares, 1.32% for Class R shares, 0.67% for Class P shares, 0.57% for Class R6 shares and 0.92% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
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Unaudited
AllianzGI Retirement 2015 Fund (cont’d)
Cumulative Returns Through March 31, 2016
Fund Allocation (as of March 31, 2016)
PIMCO Broad U.S. TIPS Index | 18.0% | |||
AllianzGI Short Duration High Income | 12.5% | |||
PIMCO Income | 10.1% | |||
AllianzGI Best Styles U.S. Equity | 10.0% | |||
PIMCO Long-Term Credit | 8.1% | |||
AllianzGI Advanced Core Bond | 8.0% | |||
AllianzGI High Yield Bond | 6.0% | |||
AllianzGI Best Styles International Equity | 6.0% | |||
Other | 19.4% | |||
Cash & Equivalents — Net | 1.9% |
Shareholder Expense Example | Actual Performance | |||||||||||
Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/16) | $1,036.50 | $1,032.70 | $1,034.50 | $1,038.10 | $1,038.60 | $1,036.50 | ||||||
Expenses Paid During Period | $2.39 | $6.20 | $4.17 | $0.87 | $0.36 | $2.14 | ||||||
Hypothetical Performance | ||||||||||||
(5% return before expenses) | ||||||||||||
Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/16) | $1,022.65 | $1,018.90 | $1,020.90 | $1,024.15 | $1,024.65 | $1,022.90 | ||||||
Expenses Paid During Period | $2.38 | $6.16 | $4.14 | $0.86 | $0.35 | $2.12 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.47% for Class A, 1.22% for Class C, 0.82% for Class R, 0.17% for Class P, 0.07% for Class R6 and 0.42% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.
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AllianzGI Retirement 2020 Fund
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
AllianzGI Retirement 2020 Fund Class A | 3.57% | –1.42% | 2.74% | 7.00% | ||||||||||||||
| AllianzGI Retirement 2020 Fund Class A (adjusted) | –2.12% | –6.84% | 1.59% | 6.17% | |||||||||||||
AllianzGI Retirement 2020 Fund Class C | 3.16% | –2.19% | 1.95% | 6.18% | ||||||||||||||
| AllianzGI Retirement 2020 Fund Class C (adjusted) | 2.16% | –3.14% | 1.95% | 6.18% | |||||||||||||
| AllianzGI Retirement 2020 Fund Class R | 3.33% | –1.81% | 2.38% | 6.66% | |||||||||||||
| AllianzGI Retirement 2020 Fund Class P | 3.71% | –1.13% | 3.04% | 7.28% | |||||||||||||
| AllianzGI Retirement 2020 Fund Class R6 | 3.78% | –1.05% | 3.13% | 7.38% | |||||||||||||
AllianzGI Retirement 2020 Fund Administrative Class | 3.58% | –1.37% | 2.77% | 7.04% | ||||||||||||||
| Morningstar Lifetime Conservative 2020 Index | 3.83% | 0.03% | 5.05% | 8.18% | |||||||||||||
| Real Return Target 2020 Index** | 3.40% | –0.86% | 2.98% | 6.55% | |||||||||||||
| Linked RR 2020 Index to Morningstar Lifetime Cons. 2020 Return Index | 3.83% | 0.03% | 3.17% | 6.68% | |||||||||||||
Lipper Mixed-Asset Target 2020 Funds Average | 3.25% | –2.13% | 4.72% | 8.57% |
† The Fund began operations on 12/29/08. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/08.
* Cumulative return
** Effective April 1, 2015, the Funds’ benchmark index changed from the Real Return Target series (white label) to the Morningstar Lifetime Conservative series, as the Morningstar Lifetime Conservative series is considered to be a better representation of the Funds’ investment strategies. Previously, the Real Return Target series replaced the Dow Jones Real Retirement series. This change was due to a decision by the index provider to discontinue the Index. With this mid-period change, differences between the two benchmarks should be considered for purposes of performance comparison.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.14% for Class A shares, 1.89% for Class C shares, 1.39% for Class R shares, 0.74% for Class P shares, 0.64% for Class R6 shares, and 0.99% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 0.99% for Class A shares, 1.74% for Class C shares, 1.34% for Class R shares, 0.69% for Class P shares, 0.59% for Class R6 shares and 0.94% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
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AllianzGI Retirement 2020 Fund (cont’d)
Cumulative Returns Through March 31, 2016
Fund Allocation (as of March 31, 2016)
PIMCO Broad U.S. TIPS Index | 15.4% | |||
AllianzGI Short Duration High Income | 11.9% | |||
AllianzGI Best Styles U.S. Equity | 11.1% | |||
PIMCO Income | 9.5% | |||
PIMCO Long-Term Credit | 8.1% | |||
AllianzGI Advanced Core Bond | 7.5% | |||
AllianzGI Best Styles International Equity | 7.0% | |||
AllianzGI High Yield Bond | 6.0% | |||
Other | 21.9% | |||
Cash & Equivalents — Net | 1.6% |
Shareholder Expense Example | Actual Performance | |||||||||||
Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/16) | $1,035.70 | $1,031.60 | $1,033.30 | $1,037.10 | $1,037.80 | $1,035.80 | ||||||
Expenses Paid During Period | $2.44 | $6.25 | $4.27 | $0.92 | $0.41 | $2.19 | ||||||
Hypothetical Performance | ||||||||||||
(5% return before expenses) | ||||||||||||
Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/16) | $1,022.60 | $1,018.85 | $1,020.80 | $1,024.10 | $1,024.60 | $1,022.85 | ||||||
Expenses Paid During Period | $2.43 | $6.21 | $4.24 | $0.91 | $0.40 | $2.17 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.48% for Class A, 1.23% for Class C, 0.84% for Class R, 0.18% for Class P, 0.08% for Class R6 and 0.43% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.
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AllianzGI Retirement 2025 Fund
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | Since Inception† | ||||||||||||
AllianzGI Retirement 2025 Fund Class A | 3.79% | –1.63% | 4.31% | |||||||||||
| AllianzGI Retirement 2025 Fund Class A (adjusted) | –1.92% | –7.04% | 2.94% | ||||||||||
| AllianzGI Retirement 2025 Fund Class R | 3.63% | –1.98% | 3.94% | ||||||||||
| AllianzGI Retirement 2025 Fund Class P | 3.96% | –1.32% | 4.62% | ||||||||||
| AllianzGI Retirement 2025 Fund Class R6 | 4.01% | –1.27% | 4.71% | ||||||||||
AllianzGI Retirement 2025 Fund Administrative Class | 3.84% | –1.57% | 4.35% | |||||||||||
| Morningstar Lifetime Conservative 2025 Index | 4.09% | –0.31% | 6.94% | ||||||||||
| Real Return Target 2025 Index** | 3.39% | –1.23% | 3.73% | ||||||||||
| Linked RR 2025 Index to Morningstar Lifetime Cons. 2025 Return Index | 4.09% | –0.31% | 3.95% | ||||||||||
Lipper Mixed-Asset Target 2025 Funds Average | 3.82% | –2.37% | 7.58% |
† The Fund began operations on 12/19/11. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/11.
* Cumulative return
** Effective April 1, 2015, the Funds’ benchmark index changed from the Real Return Target series (white label) to the Morningstar Lifetime Conservative series, as the Morningstar Lifetime Conservative series is considered to be a better representation of the Funds’ investment strategies. Previously, the Real Return Target series replaced the Dow Jones Real Retirement series. This change was due to a decision by the index provider to discontinue the Index. With this mid-period change, differences between the two benchmarks should be considered for purposes of performance comparison.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.18% for Class A shares, 1.43% for Class R shares, 0.78% for Class P shares, 0.68% for Class R6 shares and 1.03% for Administrative Class Shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.01% for Class A shares, 1.36% for Class R shares, 0.71% for Class P shares, 0.61% for Class R6 shares and 0.96% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
10 | March 31, 2016 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Retirement 2025 Fund (cont’d)
Cumulative Returns Through March 31, 2016
Fund Allocation (as of March 31, 2016)
PIMCO Broad U.S. TIPS Index | 12.0% | |||
AllianzGI Best Styles U.S. Equity | 11.1% | |||
AllianzGI Short Duration High Income | 11.0% | |||
AllianzGI Best Styles International Equity | 10.0% | |||
PIMCO Income | 8.5% | |||
PIMCO Long-Term Credit | 8.1% | |||
AllianzGI High Yield Bond | 7.0% | |||
AllianzGI Advanced Core Bond | 5.0% | |||
Other | 25.8% | |||
Cash & Equivalents — Net | 1.5% |
Shareholder Expense Example | Actual Performance | |||||||||
Class A | Class R | Class P | Class R6 | Administrative Class | ||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/16) | $1,037.90 | $1,036.30 | $1,039.60 | $1,040.10 | $1,038.40 | |||||
Expenses Paid During Period | $2.39 | $4.17 | $0.87 | $0.36 | $2.14 | |||||
Hypothetical Performance | ||||||||||
(5% return before expenses) | ||||||||||
Class A | Class R | Class P | Class R6 | Administrative Class | ||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/16) | $1,022.65 | $1,020.90 | $1,024.15 | $1,024.65 | $1,022.90 | |||||
Expenses Paid During Period | $2.38 | $4.14 | $0.86 | $0.35 | $2.12 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.47% for Class A, 0.82% for Class R, 0.17% for Class P, 0.07% for Class R6 and 0.42% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.
Semiannual Report | | March 31, 2016 | 11 |
Table of Contents
Unaudited
AllianzGI Retirement 2030 Fund
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
AllianzGI Retirement 2030 Fund Class A | 3.69% | –2.69% | 2.65% | 8.11% | ||||||||||||||
| AllianzGI Retirement 2030 Fund Class A (adjusted) | –2.01% | –8.04% | 1.49% | 7.27% | |||||||||||||
AllianzGI Retirement 2030 Fund Class C | 3.31% | –3.38% | 1.88% | 7.35% | ||||||||||||||
| AllianzGI Retirement 2030 Fund Class C (adjusted) | 2.31% | –4.32% | 1.88% | 7.35% | |||||||||||||
| AllianzGI Retirement 2030 Fund Class R | 3.49% | –3.01% | 2.31% | 7.83% | |||||||||||||
| AllianzGI Retirement 2030 Fund Class P | 3.82% | –2.42% | 2.95% | 8.45% | |||||||||||||
| AllianzGI Retirement 2030 Fund Class R6 | 3.87% | –2.32% | 3.04% | 8.55% | |||||||||||||
AllianzGI Retirement 2030 Fund Administrative Class | 3.74% | –2.62% | 2.70% | 8.22% | ||||||||||||||
| Morningstar Lifetime Conservative 2030 Index | 4.37% | –0.83% | 5.73% | 10.04% | |||||||||||||
| Real Return Target 2030 Index** | 3.40% | –1.82% | 2.97% | 7.63% | |||||||||||||
| Linked RR 2030 Index to Morningstar Lifetime Cons. 2030 Return Index | 4.37% | –0.83% | 3.18% | 7.78% | |||||||||||||
Lipper Mixed-Asset Target 2030 Funds Average | 3.92% | –3.17% | 5.38% | 9.93% |
† The Fund began operations on 12/29/08. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/08.
* Cumulative return
** Effective April 1, 2015, the Funds’ benchmark index changed from the Real Return Target series (white label) to the Morningstar Lifetime Conservative series, as the Morningstar Lifetime Conservative series is considered to be a better representation of the Funds’ investment strategies. Previously, the Real Return Target series replaced the Dow Jones Real Retirement series. This change was due to a decision by the index provider to discontinue the Index. With this mid-period change, differences between the two benchmarks should be considered for purposes of performance comparison.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.23% for Class A shares, 1.98% for Class C shares, 1.48% for Class R shares, 0.83% for Class P shares, 0.73% for Class R6 shares and 1.08% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.03% for Class A shares, 1.78% for Class C shares, 1.38% for Class R shares, 0.73% for Class P shares, 0.63% for Class R6 shares and 0.98% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
12 | March 31, 2016 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Retirement 2030 Fund (cont’d)
Cumulative Returns Through March 31, 2016
Fund Allocation (as of March 31, 2016)
AllianzGI Best Styles U.S. Equity | 16.1% | |||
AllianzGI Best Styles International Equity | 11.0% | |||
AllianzGI Short Duration High Income | 9.5% | |||
PIMCO Broad U.S. TIPS Index | 8.4% | |||
PIMCO Long-Term Credit | 7.5% | |||
AllianzGI High Yield Bond | 7.0% | |||
PIMCO Income | 5.0% | |||
AllianzGI Advanced Core Bond | 5.0% | |||
Other | 28.6% | |||
Cash & Equivalents — Net | 1.9% |
Shareholder Expense Example | Actual Performance | |||||||||||
Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/16) | $1,036.90 | $1,033.10 | $1,034.90 | $1,038.20 | $1,038.70 | $1,037.40 | ||||||
Expenses Paid During Period | $2.34 | $6.15 | $4.12 | $0.83 | $0.31 | $2.09 | ||||||
Hypothetical Performance | ||||||||||||
(5% return before expenses) | ||||||||||||
Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/16) | $1,022.70 | $1,018.95 | $1,020.95 | $1,024.19 | $1,024.70 | $1,022.95 | ||||||
Expenses Paid During Period | $2.33 | $6.11 | $4.09 | $0.82 | $0.30 | $2.07 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.46% for Class A, 1.21% for Class C, 0.81% for Class R, 0.16% for Class P, 0.06% for Class R6 and 0.41% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.
Semiannual Report | | March 31, 2016 | 13 |
Table of Contents
Unaudited
AllianzGI Retirement 2035 Fund
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | Since Inception† | ||||||||||||
AllianzGI Retirement 2035 Fund Class A | 3.68% | –3.14% | 5.77% | |||||||||||
| AllianzGI Retirement 2035 Fund Class A (adjusted) | –2.02% | –8.47% | 4.38% | ||||||||||
| AllianzGI Retirement 2035 Fund Class R | 3.55% | –3.45% | 5.42% | ||||||||||
| AllianzGI Retirement 2035 Fund Class P | 3.83% | –2.84% | 6.10% | ||||||||||
| AllianzGI Retirement 2035 Fund Class R6 | 3.93% | –2.73% | 6.20% | ||||||||||
AllianzGI Retirement 2035 Fund Administrative Class | 3.74% | –3.06% | 5.82% | |||||||||||
| Morningstar Lifetime Conservative 2035 Index | 4.64% | –1.56% | 8.96% | ||||||||||
| Real Return Target 2035 Index** | 3.43% | –2.62% | 5.19% | ||||||||||
| Linked RR 2035 Index to Morningstar Lifetime Cons. 2035 Return Index | 4.64% | –1.56% | 5.46% | ||||||||||
Lipper Mixed-Asset Target 2035 Funds Average | 4.26% | –3.50% | 8.77% |
† The Fund began operations on 12/19/11. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/11.
* Cumulative return
** Effective April 1, 2015, the Funds’ benchmark index changed from the Real Return Target series (white label) to the Morningstar Lifetime Conservative series, as the Morningstar Lifetime Conservative series is considered to be a better representation of the Funds’ investment strategies. Previously, the Real Return Target series replaced the Dow Jones Real Retirement series. This change was due to a decision by the index provider to discontinue the Index. With this mid-period change, differences between the two benchmarks should be considered for purposes of performance comparison.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.27% for Class A shares, 1.52% for Class R shares, 0.87% for Class P shares, 0.77% for Class R6 shares and 1.12% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.06% for Class A shares, 1.41% for Class R shares, 0.76% for Class P shares, 0.66% for Class R6 shares and 1.01% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
14 | March 31, 2016 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Retirement 2035 Fund (cont’d)
Cumulative Returns Through March 31, 2016
Fund Allocation (as of March 31, 2016)
AllianzGI Best Styles U.S. Equity | 19.6% | |||
AllianzGI Best Styles International Equity | 15.5% | |||
PIMCO Broad U.S.TIPS Index | 8.0% | |||
AllianzGI High Yield Bond | 7.0% | |||
PIMCO Long-Term Credit | 5.0% | |||
AllianzGI Short Duration High Income | 5.0% | |||
AllianzGI Advanced Core Bond | 4.0% | |||
AllianzGI Global Natural Resources | 2.6% | |||
Other | 28.3% | |||
Cash & Equivalents — Net | 5.0% |
Shareholder Expense Example | Actual Performance | |||||||||
Class A | Class R | Class P | Class R6 | Administrative Class | ||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/16) | $1,036.80 | $1,035.50 | $1,038.30 | $1,039.30 | $1,037.40 | |||||
Expenses Paid During Period | $2.44 | $4.22 | $0.92 | $0.41 | $2.19 | |||||
Hypothetical Performance | ||||||||||
(5% return before expenses) | ||||||||||
Class A | Class R | Class P | Class R6 | Administrative Class | ||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/16) | $1,022.60 | $1,020.85 | $1,024.10 | $1,024.60 | $1,022.85 | |||||
Expenses Paid During Period | $2.43 | $4.19 | $0.91 | $0.40 | $2.17 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.48% for Class A, 0.83% for Class R, 0.18% for Class P, 0.08% for Class R6 and 0.43% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.
Semiannual Report | | March 31, 2016 | 15 |
Table of Contents
Unaudited
AllianzGI Retirement 2040 Fund
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
AllianzGI Retirement 2040 Fund Class A | 3.93% | –3.55% | 2.63% | 9.29% | ||||||||||||||
| AllianzGI Retirement 2040 Fund Class A (adjusted) | –1.79% | –8.85% | 1.47% | 8.44% | |||||||||||||
AllianzGI Retirement 2040 Fund Class C | 3.51% | –4.30% | 1.86% | 8.45% | ||||||||||||||
| AllianzGI Retirement 2040 Fund Class C (adjusted) | 2.51% | –5.24% | 1.86% | 8.45% | |||||||||||||
| AllianzGI Retirement 2040 Fund Class R | 3.72% | –3.91% | 2.29% | 8.95% | |||||||||||||
| AllianzGI Retirement 2040 Fund Class P | 4.12% | –3.24% | 2.95% | 9.58% | |||||||||||||
| AllianzGI Retirement 2040 Fund Class R6 | 4.19% | –3.12% | 3.04% | 9.68% | |||||||||||||
AllianzGI Retirement 2040 Fund Administrative Class | 3.99% | –3.45% | 2.68% | 9.33% | ||||||||||||||
| Morningstar Lifetime Conservative 2040 Index | 4.84% | –2.33% | 6.18% | 11.30% | |||||||||||||
| Real Return Target 2040 Index** | 3.50% | –3.44% | 2.99% | 8.73% | |||||||||||||
| Linked RR 2040 Index to Morningstar Lifetime Cons. 2040 Return Index | 4.84% | –2.33% | 3.23% | 8.90% | |||||||||||||
Lipper Mixed-Asset Target 2040 Funds Average | 4.26% | –3.99% | 5.74% | 10.58% |
† The Fund began operations on 12/29/08. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/08.
* Cumulative return
** Effective April 1, 2015, the Funds’ benchmark index changed from the Real Return Target series (white label) to the Morningstar Lifetime Conservative series, as the Morningstar Lifetime Conservative series is considered to be a better representation of the Funds’ investment strategies. Previously, the Real Return Target series replaced the Dow Jones Real Retirement series. This change was due to a decision by the index provider to discontinue the Index. With this mid-period change, differences between the two benchmarks should be considered for purposes of performance comparison.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.32% for Class A shares, 2.07% for Class C shares, 1.57% for Class R shares, 0.92% for Class P shares, 0.82% for Class R6 shares and 1.17% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.09% for Class A shares, 1.84% for Class C shares, 1.44% for Class R shares, 0.79% for Class P shares, 0.69% for Class R6 shares and 1.04% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
16 | March 31, 2016 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Retirement 2040 Fund (cont’d)
Cumulative Returns Through March 31, 2016
Fund Allocation (as of March 31, 2016)
AllianzGI Best Styles U.S. Equity | 23.0% | |||
AllianzGI Best Styles International Equity | 19.9% | |||
AllianzGI High Yield Bond | 6.9% | |||
PIMCO Broad U.S. TIPS Index | 5.8% | |||
PIMCO Long-Term Credit | 4.5% | |||
AllianzGI Focused Growth | 3.5% | |||
AllianzGI Mid-Cap | 3.0% | |||
Schwab U.S. Small-Cap | 2.9% | |||
Other | 25.0% | |||
Cash & Equivalents — Net | 5.5% |
Shareholder Expense Example | Actual Performance | |||||||||||
Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/16) | $1,039.30 | $1,035.10 | $1,037.20 | $1,041.20 | $1,041.90 | $1,039.90 | ||||||
Expenses Paid During Period | $2.40 | $6.21 | $4.18 | $0.87 | $0.36 | $2.14 | ||||||
Hypothetical Performance | ||||||||||||
(5% return before expenses) | ||||||||||||
Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/16) | $1,022.65 | $1,018.90 | $1,020.90 | $1,024.15 | $1,024.65 | $1,022.90 | ||||||
Expenses Paid During Period | $2.38 | $6.16 | $4.14 | $0.86 | $0.35 | $2.12 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.47% for Class A, 1.22% for Class C, 0.82% for Class R, 0.17% for Class P, 0.07% for Class R6 and 0.42% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.
Semiannual Report | | March 31, 2016 | 17 |
Table of Contents
Unaudited
AllianzGI Retirement 2045 Fund
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | Since Inception† | ||||||||||||
AllianzGI Retirement 2045 Fund Class A | 4.00% | –4.04% | 6.67% | |||||||||||
| AllianzGI Retirement 2045 Fund Class A (adjusted) | –1.72% | –9.32% | 5.27% | ||||||||||
| AllianzGI Retirement 2045 Fund Class R | 3.82% | –4.39% | 6.29% | ||||||||||
| AllianzGI Retirement 2045 Fund Class P | 4.18% | –3.77% | 6.99% | ||||||||||
| AllianzGI Retirement 2045 Fund Class R6 | 4.24% | –3.59% | 7.10% | ||||||||||
AllianzGI Retirement 2045 Fund Administrative Class | 4.07% | –3.96% | 6.69% | |||||||||||
| Morningstar Lifetime Conservative 2045 Index | 4.93% | –2.91% | 9.75% | ||||||||||
| Real Return Target 2045 Index** | 3.59% | –4.06% | 6.43% | ||||||||||
| Linked RR 2045 Index to Morningstar Lifetime Cons. 2045 Return Index | 4.93% | –2.91% | 6.73% | ||||||||||
Lipper Mixed-Asset Target 2045 Funds Average | 4.43% | –3.99% | 9.48% |
† The Fund began operations on 12/19/11. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/11.
* Cumulative return
** Effective April 1, 2015, the Funds’ benchmark index changed from the Real Return Target series (white label) to the Morningstar Lifetime Conservative series, as the Morningstar Lifetime Conservative series is considered to be a better representation of the Funds’ investment strategies. Previously, the Real Return Target series replaced the Dow Jones Real Retirement series. This change was due to a decision by the index provider to discontinue the Index. With this mid-period change, differences between the two benchmarks should be considered for purposes of performance comparison.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.34% for Class A shares, 1.59% for Class R shares, 0.94% for Class P shares, 0.84% for Class R6 shares and 1.19% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.10% for Class A shares, 1.45% for Class R shares, 0.80% for Class P shares, 0.70% for Class R6 shares and 1.05% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
18 | March 31, 2016 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Retirement 2045 Fund (cont’d)
Cumulative Returns Through March 31, 2016
Fund Allocation (as of March 31, 2016)
AllianzGI Best Styles U.S. Equity | 25.0% | |||
AllianzGI Best Styles International Equity | 20.9% | |||
AllianzGI High Yield Bond | 6.9% | |||
PIMCO Long-Term Credit | 5.0% | |||
AllianzGI Mid-Cap | 4.0% | |||
AllianzGI Focused Growth | 4.0% | |||
AllianzGI NFJ Mid-Cap Value | 3.5% | |||
AllianzGI Emerging Markets Consumer | 2.7% | |||
Other | 22.1% | |||
Cash & Equivalents — Net | 5.9% |
Shareholder Expense Example | Actual Performance | |||||||||
Class A | Class R | Class P | Class R6 | Administrative Class | ||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/16) | $1,040.00 | $1,038.20 | $1,041.80 | $1,042.40 | $1,040.70 | |||||
Expenses Paid During Period | $2.35 | $4.13 | $0.82 | $0.31 | $2.09 | |||||
Hypothetical Performance | ||||||||||
(5% return before expenses) | ||||||||||
Class A | Class R | Class P | Class R6 | Administrative Class | ||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/16) | $1,022.70 | $1,020.95 | $1,024.20 | $1,024.70 | $1,022.95 | |||||
Expenses Paid During Period | $2.33 | $4.09 | $0.81 | $0.30 | $2.07 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.46% for Class A, 0.81% for Class R, 0.16% for Class P, 0.06% for Class R6 and 0.41% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.
Semiannual Report | | March 31, 2016 | 19 |
Table of Contents
Unaudited
AllianzGI Retirement 2050 Fund
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
AllianzGI Retirement 2050 Fund Class A | 4.19% | –4.31% | 2.82% | 9.61% | ||||||||||||||
| AllianzGI Retirement 2050 Fund Class A (adjusted) | –1.54% | –9.57% | 1.66% | 8.76% | |||||||||||||
AllianzGI Retirement 2050 Fund Class C | 3.79% | –5.03% | 2.02% | 8.80% | ||||||||||||||
| AllianzGI Retirement 2050 Fund Class C (adjusted) | 2.79% | –5.95% | 2.02% | 8.80% | |||||||||||||
| AllianzGI Retirement 2050 Fund Class R | 4.05% | –4.63% | 2.48% | 9.29% | |||||||||||||
| AllianzGI Retirement 2050 Fund Class P | 4.33% | –4.02% | 3.11% | 9.92% | |||||||||||||
| AllianzGI Retirement 2050 Fund Class R6 | 4.36% | –3.93% | 3.20% | 10.01% | |||||||||||||
AllianzGI Retirement 2050 Fund Administrative Class | 4.22% | –4.26% | 2.86% | 9.68% | ||||||||||||||
| Morningstar Lifetime Conservative 2050 Index | 4.97% | –3.29% | 6.03% | 11.42% | |||||||||||||
| Real Return Target 2050 Index** | 3.71% | –4.43% | 3.18% | 9.33% | |||||||||||||
| Linked RR 2050 Index to Morningstar Lifetime Cons. 2050 Return Index | 4.97% | –3.29% | 3.42% | 9.51% | |||||||||||||
Lipper Mixed-Asset Target 2050 Funds Average | 4.37% | –4.24% | 5.92% | 10.70% |
† The Fund began operations on 12/29/08. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/08.
* Cumulative return
** Effective April 1, 2015, the Funds’ benchmark index changed from the Real Return Target series (white label) to the Morningstar Lifetime Conservative series, as the Morningstar Lifetime Conservative series is considered to be a better representation of the Funds’ investment strategies. Previously, the Real Return Target series replaced the Dow Jones Real Retirement series. This change was due to a decision by the index provider to discontinue the Index. With this mid-period change, differences between the two benchmarks should be considered for purposes of performance comparison.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.37% for Class A shares, 2.12% for Class C shares, 1.62% for Class R shares, 0.97% for Class P shares, 0.87% for Class R6 shares and 1.22% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.10% for Class A shares, 1.85% for Class C shares, 1.45% for Class R shares, 0.80% for Class P shares, 0.70% for Class R6 shares and 1.05% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
20 | March 31, 2016 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Retirement 2050 Fund (cont’d)
Cumulative Returns Through March 31, 2016
Fund Allocation (as of March 31, 2016)
AllianzGI Best Styles U.S. Equity | 24.9% | |||
AllianzGI Best Styles International Equity | 20.8% | |||
AllianzGI High Yield Bond | 7.4% | |||
AllianzGI Mid-Cap | 4.0% | |||
AllianzGI Focused Growth | 4.0% | |||
AllianzGI NFJ Mid-Cap Value | 4.0% | |||
PIMCO Long-Term Credit | 3.5% | |||
AllianzGI U.S. Small-Cap Growth | 3.0% | |||
Other | 22.9% | |||
Cash & Equivalents — Net | 5.5% |
Shareholder Expense Example | Actual Performance | |||||||||||
Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/16) | $1,041.90 | $1,037.90 | $1,040.50 | $1,043.30 | $1,043.60 | $1,042.20 | ||||||
Expenses Paid During Period | $2.35 | $6.16 | $4.13 | $0.82 | $0.31 | $2.09 | ||||||
Hypothetical Performance | ||||||||||||
(5% return before expenses) | ||||||||||||
Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/16) | $1,022.70 | $1,018.95 | $1,020.95 | $1,024.20 | $1,024.70 | $1,022.95 | ||||||
Expenses Paid During Period | $2.33 | $6.11 | $4.09 | $0.81 | $0.30 | $2.07 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.46% for Class A, 1.21% for Class C, 0.81% for Class R, 0.16% for Class P, 0.06% for Class R6 and 0.41% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.
Semiannual Report | | March 31, 2016 | 21 |
Table of Contents
Unaudited
AllianzGI Retirement 2055 Fund
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | Since Inception† | ||||||||||||
AllianzGI Retirement 2055 Fund Class A | 4.22% | –4.26% | 6.90% | |||||||||||
| AllianzGI Retirement 2055 Fund Class A (adjusted) | –1.52% | –9.53% | 5.50% | ||||||||||
| AllianzGI Retirement 2055 Fund Class R | 3.93% | –4.65% | 6.54% | ||||||||||
| AllianzGI Retirement 2055 Fund Class P | 4.32% | –3.99% | 7.23% | ||||||||||
| AllianzGI Retirement 2055 Fund Class R6 | 4.40% | –3.88% | 7.34% | ||||||||||
AllianzGI Retirement 2055 Fund Administrative Class | 4.18% | –4.26% | 6.94% | |||||||||||
| Morningstar Lifetime Conservative 2055 Index | 4.97% | –3.49% | 9.62% | ||||||||||
| Real Return Target 2040+ Index** | 3.76% | –4.66% | 6.97% | ||||||||||
| Linked RR 2040+ Index to Morningstar Lifetime Cons. 2055 Return Index | 4.97% | –3.49% | 7.28% | ||||||||||
Lipper Mixed-Asset Target 2055+ Funds Average | 4.51% | –3.82% | 9.79% |
† The Fund began operations on 12/19/11. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/11.
* Cumulative return
** Effective April 1, 2015, the Funds’ benchmark index changed from the Real Return Target series (white label) to the Morningstar Lifetime Conservative series, as the Morningstar Lifetime Conservative series is considered to be a better representation of the Funds’ investment strategies. Previously, the Real Return Target series replaced the Dow Jones Real Retirement series. This change was due to a decision by the index provider to discontinue the Index. With this mid-period change, differences between the two benchmarks should be considered for purposes of performance comparison.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.36% for Class A shares, 1.61% for Class R shares, 0.96% for Class P shares, 0.86% for Class R6 shares and 1.21% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.10% for Class A shares, 1.45% for Class R shares, 0.80% for Class P shares, 0.70% for Class R6 shares and 1.05% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
22 | March 31, 2016 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Retirement 2055 Fund (cont’d)
Cumulative Returns Through March 31, 2016
Fund Allocation (as of March 31, 2016)
AllianzGI Best Styles U.S. Equity | 24.9% | |||
AllianzGI Best Styles International Equity | 20.8% | |||
AllianzGI High Yield Bond | 7.9% | |||
AllianzGI Mid-Cap | 4.0% | |||
AllianzGI Focused Growth | 4.0% | |||
AllianzGI NFJ Mid-Cap Value | 4.0% | |||
AllianzGI U.S. Small-Cap Growth | 3.0% | |||
AllianzGI Emerging Markets Consumer | 2.9% | |||
Other | 21.1% | |||
Cash & Equivalents — Net | 7.4% |
Shareholder Expense Example | Actual Performance | |||||||||
Class A | Class R | Class P | Class R6 | Administrative | ||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/16) | $1,042.20 | $1,039.30 | $1,043.20 | $1,044.00 | $1,041.80 | |||||
Expenses Paid During Period | $2.35 | $4.13 | $0.82 | $0.31 | $2.09 | |||||
Hypothetical Performance | ||||||||||
(5% return before expenses) | ||||||||||
Class A | Class R | Class P | Class R6 | Administrative | ||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/16) | $1,022.70 | $1,020.95 | $1,024.20 | $1,024.70 | $1,022.95 | |||||
Expenses Paid During Period | $2.33 | $4.09 | $0.81 | $0.30 | $2.07 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.46% for Class A, 0.81% for Class R, 0.16% for Class P, 0.06% for Class R6 and 0.41% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.
Semiannual Report | | March 31, 2016 | 23 |
Table of Contents
Unaudited
AllianzGI Retirement Income Fund
For the period of October 1, 2015 through March 31, 2016, as provided by the Multi-Asset US Group.
Fund Insights
For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Retirement Income Fund (the “Fund”) returned 3.66% outperforming the Morningstar Lifetime Conservative Income Index (the “benchmark index”), which returned 2.82%.
Market Overview
For the reporting period, global equities outperformed US bonds, demonstrated by the performance of the MSCI ACWI (5.28%), and the Barclays US Aggregate Bond Index (+2.44%). The environment was particularly volatile for global equities, as they started the period with a rally during the fourth quarter of 2015 after the MSCI ACWI posted the year’s lows in September. Global equities then declined sharply in the first quarter of 2016 before staging a strong rally into the end of the reporting period.
After posting the year’s low on September 29, 2015, global equities rebounded in the fourth quarter of 2015, with the MSCI ACWI rising 5.03% over the quarter (after dropping -9.45% in the third quarter of 2015). The rally was led by US equities as represented by the Russell 3000 Index, rising 6.27%, while developed markets outside the US, as represented by the MSCI EAFE Index, gained 4.71%. In other market segments, real estate investment trusts (“REITs”) were a bright spot, as the Dow Jones US Select REIT Index rose 7.54% over the fourth quarter, but the Bloomberg Commodity Index (-10.52%) conversely declined. In US Fixed Income, the Barclays US Aggregate Bond Index declined -0.57% over the fourth quarter of 2015. With the widely anticipated Fed Funds Rate hike taking place in December 2015 ending an era of zero interest rates, the 10 year Treasury yield (constant maturity) ended the year with a yield of 2.27%, up from 2.06% where it started the quarter. The Barclays US Aggregate Bond Index’s major segments all declined over the fourth quarter with treasuries (-0.9%) posting the most notable loss followed by corporate bonds (-0.6%) and mortgage backed securities (“MBS”) (-0.1%).
The first quarter of 2016 was more volatile for global equities. Most markets suffered the worst start to a year in decades, with some entering bear-market territory, amid renewed fears about the slowdown in China and further oil price weakness. However, signs that commodity prices may be stabilizing, as well as a dovish policy stance from the Fed, helped markets to recover in March. Most equity markets ended the quarter with modest losses, although the US and many emerging markets recorded positive returns. US Equities, as represented by the Russell 3000 Index, finished the quarter up 0.97%, while many markets outside the US struggled, as reflected by the MSCI EAFE Index (in USD) ending the quarter lower by -3.01%. The MSCI EAFE Index declined more in local currency terms, reflecting dollar weakness over the period. In US Fixed Income, the Barclays US Aggregate Bond Index gained 3.03%, while the 10 year Treasury yield fell back below 2.0%. The Barclays US Aggregate Bond Index’s major segments posted gains over the quarter with corporate bonds (+4.0%) and treasuries (+3.2%) leading the way, followed by MBS (+2.0%). Credit markets experienced a volatile quarter, mirroring the movement in equity markets.
Portfolio Review
Exposure to global equities were modestly above the benchmark index, while the Fund was underweight US nominal bonds in favor of US inflation linked securities. With regards to fixed income, the Fund was positioned with underweights to duration and inflation linked securities in favor of credits. Within global equities, the modest overweight was distributed across regions with the US receiving the greatest overweight for the majority of the reporting period. In addition, exposure to high yield debt was added toward the latter half of the reporting period.
In the fixed income portion of the Fund, relative performance contributions were mixed and ultimately ended roughly in line with the benchmark index. During the reporting period, an allocation toward shorter duration credits contributed, while an underweight to inflation linked issues was a headwind to relative results as they generally outperformed nominal issues.
In the equity portion of the Fund, allocation effects contributed to the overall result. The overweight to global equities across regions benefited results as global equities gained ground. The overweight included an emphasis on US equities which posted the strongest returns across regions. The Fund also included opportunistic exposures to high yield in the first quarter of 2016, which posted strong returns during the holding period contributing to relative results.
In aggregate, the Fund’s overweight to global equities, with particular emphasis on the US, provided the most notable tailwind to performance over the reporting period. Relative to the benchmark index, the Fund entered the period with a modest overweight to global equities, and remains underweight to inflation linked bonds in the US in favor of short term credit.
Outlook
Risks have risen, but we do not believe the global economy is heading toward recession. In the US, while odds of an April 2016 interest rate hike are low, we believe that the outlook for growth and inflation will prompt the Fed to raise rates twice in 2016. Against this backdrop, we expect global monetary policy to remain accommodative. The recovery in commodities has helped stabilize some of the stress points in the world economy, which should support inflation and growth. Still, we believe the existence of economic and political uncertainties will likely result in persistent volatility.
24 | March 31, 2016 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Retirement Income Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
AllianzGI Retirement Income Fund Class A | 3.66% | –1.06% | 2.98% | 6.63% | ||||||||||||||
| AllianzGI Retirement Income Fund Class A (adjusted) | –2.04% | –6.50% | 1.82% | 5.80% | |||||||||||||
AllianzGI Retirement Income Fund Class C | 3.32% | –1.77% | 2.21% | 5.84% | ||||||||||||||
| AllianzGI Retirement Income Fund Class C (adjusted) | 2.32% | –2.72% | 2.21% | 5.84% | |||||||||||||
| AllianzGI Retirement Income Fund Class R | 3.48% | –1.43% | 2.63% | 6.30% | |||||||||||||
| AllianzGI Retirement Income Fund Class P | 3.81% | –0.77% | 3.29% | 6.92% | |||||||||||||
| AllianzGI Retirement Income Fund Class R6 | 3.86% | –0.70% | 3.39% | 7.02% | |||||||||||||
AllianzGI Retirement Income Fund Administrative Class | 3.69% | –0.78% | 3.03% | 6.69% | ||||||||||||||
| Morningstar Lifetime Conservative Income Index | 2.82% | 0.62% | 3.41% | 5.57% | |||||||||||||
| Real Return Target Today Index** | 3.41% | –0.70% | 2.98% | 6.09% | |||||||||||||
| Linked RR Today Index to Morningstar Lifetime Cons. Income Return Index | 2.82% | 0.62% | 3.26% | 6.28% | |||||||||||||
Lipper Mixed-Asset Target Today Funds Average | 2.79% | –1.31% | 3.60% | 6.40% |
† The Fund began operations on 12/29/08. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/08.
* Cumulative return
** Effective April 1, 2015, the Funds’ benchmark index changed from the Real Return Target series (white label) to the Morningstar Lifetime Conservative series, as the Morningstar Lifetime Conservative series is considered to be a better representation of the Funds’ investment strategies. Previously, the Real Return Target series replaced the Dow Jones Real Retirement series. This change was due to a decision by the index provider to discontinue the Index. With this mid-period change, differences between the two benchmarks should be considered for purposes of performance comparison.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.13% for Class A shares, 1.88% for Class C shares, 1.38% for Class R shares, 0.73% for Class P shares, 0.63% for Class R6 shares and 0.98% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 0.95% for Class A shares, 1.70% for Class C shares, 1.30% for Class R shares, 0.65% for Class P shares, 0.55% for Class R6 shares and 0.90% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
Semiannual Report | | March 31, 2016 | 25 |
Table of Contents
Unaudited
AllianzGI Retirement Income Fund (cont’d)
Cumulative Returns Through March 31, 2016
Fund Allocation (as of March 31, 2016)
AllianzGI Short Duration High Income | 19.9% | |||
PIMCO Income | 17.0% | |||
PIMCO Long-Term Credit | 15.3% | |||
AllianzGI Best Styles U.S. Equity | 10.1% | |||
AllianzGI High Yield Bond | 6.0% | |||
PIMCO Emerging Markets Bond | 5.0% | |||
AllianzGI Advanced Core Bond | 5.0% | |||
iShares Core High Dividend | 4.6% | |||
Other | 15.9% | |||
Cash & Equivalents — Net | 1.2% |
Shareholder Expense Example | Actual Performance | |||||||||||
Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/16) | $1,036.60 | $1,033.20 | $1,034.80 | $1,038.10 | $1,038.60 | $1,036.90 | ||||||
Expenses Paid During Period | $1.99 | $5.79 | $3.76 | $0.46 | $— | $1.73 | ||||||
Hypothetical Performance | ||||||||||||
(5% return before expenses) | ||||||||||||
Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/16) | $1,023.05 | $1,019.30 | $1,021.30 | $1,024.55 | $1,025.00 | $1,023.30 | ||||||
Expenses Paid During Period | $1.97 | $5.76 | $3.74 | $0.46 | $— | $1.72 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.39% for Class A, 1.14% for Class C, 0.74% for Class R, 0.09% for Class P, 0.00% for Class R6 and 0.34% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.
26 | March 31, 2016 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Global Allocation Fund
For the period of October 1, 2015 through March 31, 2016, as provided by the Multi-Asset US Group.
Fund Insights
For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Global Allocation Fund (the “Fund”) returned 3.23%, underperforming the 60% MSCI AC World Index and 40% Barclays US Aggregate Bond Index (the “benchmark index”), which returned 4.33%.
Market Overview
For the reporting period, global equities outperformed US bonds, demonstrated by the performance of the MSCI ACWI (5.28%), and the Barclays US Aggregate Bond Index (+2.44%). The environment was particularly volatile for global equities, as they started the period with a rally during the fourth quarter of 2015 after the MSCI ACWI posted the year’s lows in September. Global equities then declined sharply in the first quarter of 2016 before staging a strong rally into the end of the reporting period.
After posting the year’s low on September 29, 2015, global equities rebounded in the fourth quarter of 2015, with the MSCI ACWI rising 5.03% over the quarter (after dropping -9.45% in the third quarter of 2015). The rally was led by US equities as represented by the Russell 3000 Index, rising 6.27%, while developed markets outside the US, as represented by the MSCI EAFE Index, gained 4.71%. In other market segments, real estate investment trusts (“REITs”) were a bright spot, as the Dow Jones US Select REIT Index rose 7.54% over the fourth quarter, but the Bloomberg Commodity Index (-10.52%) conversely declined. In US Fixed Income, the Barclays US Aggregate Bond Index declined -0.57% over the fourth quarter of 2015. With the widely anticipated Fed Funds Rate hike taking place in December 2015 ending an era of zero interest rates, the 10 year Treasury yield (constant maturity) ended the year with a yield of 2.27%, up from 2.06% where it started the quarter. The Barclays US Aggregate Bond Index’s major segments all declined over the fourth quarter with treasuries (-0.9%) posting the most notable loss followed by corporate bonds (-0.6%) and mortgage backed securities (“MBS”) (-0.1%).
The first quarter of 2016 was more volatile for global equities. Most markets suffered the worst start to a year in decades, with some entering bear-market territory, amid renewed fears about the slowdown in China and further oil price weakness. However, signs that commodity prices may be stabilizing, as well as a dovish policy stance from the Fed, helped markets to recover in March. Most equity markets ended the quarter with modest losses, although the US and many emerging markets recorded positive returns. US Equities, as represented by the Russell 3000 Index, finished the quarter up 0.97%, while many markets outside the US struggled, as reflected by the MSCI EAFE Index (in USD) ending the quarter lower by -3.01%. The MSCI EAFE Index declined more in local currency terms, reflecting dollar weakness over the period. In US Fixed Income, the Barclays US Aggregate Bond Index gained 3.03%, while the 10 year Treasury yield fell back below 2.0%. The Barclays US Aggregate Bond Index’s major segments posted gains over the quarter with corporate bonds (+4.0%) and treasuries (+3.2%) leading the way, followed by MBS (+2.0%). Credit markets experienced a volatile quarter, mirroring the movement in equity markets.
Portfolio Review
Amidst a volatile period that started with global equities rallying off the lows of 2015 and the first quarter of 2016’s sharp correction followed by a rebound, the Fund was actively adjusted to the changing market environment. Entering the reporting period, the Fund’s defensive positioning reflected prior declines of our market cycle and economic cycle and valuation indicators, which were adjusted down from positive to more neutral on risk assets amidst the global equity sell-off in the third quarter of 2015. As markets surged in October 2015 and readings from our proprietary indicators moved to a more neutral position in the fourth quarter of 2015, the Fund’s equity exposure was accordingly adjusted closer to the benchmark index. The Fund’s fixed income exposure was accordingly adjusted down over the quarter. Contributing to the Fund’s overall defensive positioning was exposure to Italian government bonds in the opportunistic portion of the portfolio, as well as more defensive cash and equivalents. As global equities declined during the first half of the first quarter of 2016, the Fund’s equity momentum signals adjusted downward, leading to reduced exposure to both US and international equities. As the rebound in March was also reflected in the momentum signals, the Fund’s equity exposure was adjusted accordingly, resulting in a more modest underweight to global equities. Fixed income positioning was accordingly adjusted higher in the flight to safety and through the end of the reporting period.
While the Fund’s results ultimately trailed the benchmark index, performance included a combination of contributors and detractors. The overall relative result can be primarily traced to the equity portion of the Fund, where a combination of allocation and selection effects detracted. From an allocation perspective, the underweight to global equities early in the reporting period limited relative results as equities rallied in October 2015. The defensive positioning entering the reporting period included an overweight toward US government bonds, which was also a headwind as government bond yields rose in anticipation of the Fed rate hike which occurred later in the quarter. The Fund’s equity exposure was again reduced into the first quarter’s decline, although the underweight leading into the March 2015 rally again limited relative results. There were also several contributors which benefited the Fund’s performance over the reporting period. Ahead of the sharp decline in the first quarter of 2016 the Fund’s generally defensive posture, including underweights to international equities and an overweight to US government bonds, helped to limit the Fund’s participation in the early market decline. From a selection perspective, favorable relative performance from the international equity exposure in the AllianzGI Best Styles Global Equity Fund, particularly in the first quarter of 2016, provided a modest tailwind to results.
Outlook
Risks have risen, but we do not believe the global economy is heading toward recession. In the US, while odds of an April interest rate hike are low, we believe that the outlook for growth and inflation will prompt the Fed to raise rates twice in 2016. Against this backdrop, we expect global monetary policy to remain accommodative. The recovery in commodities has helped stabilize some of the stress points in the world economy, which should support inflation and growth. Still, we believe the existence of economic and political uncertainties will likely result in persistent volatility.
From an investment perspective, the Fund entered the second quarter with a modest underweight to global equities in favor of US government bonds. Meanwhile, in the opportunistic portion of the portfolio exposure to emerging market debt and Italian government bonds contributed to the overall duration.
Semiannual Report | | March 31, 2016 | 27 |
Table of Contents
Unaudited
AllianzGI Global Allocation Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | 5 Year | 10 Year | Since Inception† | ||||||||||||||||||
AllianzGI Global Allocation Fund Class A | 3.23% | –3.22% | 3.24% | 4.12% | 5.42% | |||||||||||||||||
| AllianzGI Global Allocation Fund Class A (adjusted) | –2.45% | –8.55% | 2.08% | 3.53% | 5.08% | ||||||||||||||||
AllianzGI Global Allocation Fund Class C | 2.92% | –3.87% | 2.49% | 3.36% | 4.64% | |||||||||||||||||
| AllianzGI Global Allocation Fund Class C (adjusted) | 1.93% | –4.80% | 2.49% | 3.36% | 4.64% | ||||||||||||||||
| AllianzGI Global Allocation Fund Class R | 3.11% | –3.36% | 3.03% | 3.89% | 5.18% | ||||||||||||||||
| AllianzGI Global Allocation Fund Class P | 3.43% | –2.93% | 3.47% | 4.34% | 5.64% | ||||||||||||||||
| AllianzGI Global Allocation Fund Institutional Class | 3.35% | –2.97% | 3.50% | 4.49% | 5.86% | ||||||||||||||||
| AllianzGI Global Allocation Fund Class R6 | 3.41% | –2.89% | 3.60% | 4.59% | 5.97% | ||||||||||||||||
AllianzGI Global Allocation Fund Administrative Class | 3.35% | –3.13% | 3.25% | 4.16% | 5.47% | |||||||||||||||||
| MSCI ACWI | 5.28% | –4.34% | 5.22% | 4.08% | 5.19% | ||||||||||||||||
| 60% MSCI ACWI, 40% Barclays US Aggregate Bond Index | 4.33% | –1.59% | 4.89% | 4.78% | 5.49% | ||||||||||||||||
| Barclays US Aggregate Bond Index | 2.44% | 1.96% | 3.78% | 4.90% | 5.05% | ||||||||||||||||
Lipper Alternative Global Macro Funds Average | 1.04% | –6.22% | 1.35% | 3.39% | 5.29% |
† The Fund began operations on 9/30/98. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 9/30/98.
* Cumulative return
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and the 5% contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.68% for Class A shares, 2.42% for Class C shares, 1.88% for Class R shares, 1.44% for Class P shares, 1.45% for Institutional Class shares, 1.69% for Class R6 shares and 1.61% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.07% for Class A shares, 1.81% for Class C shares, 1.24% for Class R shares, 0.84% for Class P shares, 0.83% for Institutional Class shares, 0.73% for Class R6 shares and 1.08% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
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Unaudited
AllianzGI Global Allocation Fund (cont’d)
Cumulative Returns Through March 31, 2016
Fund Allocation (as of March 31, 2016)
AllianzGI Best Styles Global Equity | 51.3% | |||
AllianzGI Advanced Core Bond | 26.1% | |||
iShares MSCI USA Minimum Volatility | 4.9% | |||
iShares MSCI EAFE Minimum Volatility | 4.8% | |||
AllianzGI Structured Return | 3.6% | |||
AllianzGI Emerging Markets Debt | 2.5% | |||
AllianzGI Short Duration High Income | 2.5% | |||
PIMCO Broad U.S. TIPS Index | 2.0% | |||
Cash & Equivalents — Net | 2.3% |
Shareholder Expense Example | Actual Performance | |||||||||||||
Class A | Class C | Class R | Class P | Institutional Class | Class R6 | Administrative Class | ||||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
Ending Account Value (3/31/16) | $1,032.30 | $1,029.20 | $1,031.10 | $1,034.30 | $1,033.50 | $1,034.10 | $1,033.50 | |||||||
Expenses Paid During Period | $3.15 | $7.00 | $4.11 | $1.63 | $2.03 | $1.53 | $2.95 | |||||||
Hypothetical Performance | ||||||||||||||
(5% return before expenses) | ||||||||||||||
Class A | Class C | Class R | Class P | Institutional Class | Class R6 | Administrative Class | ||||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
Ending Account Value (3/31/16) | $1,021.90 | $1,018.10 | $1,020.95 | $1,023.40 | $1,023.00 | $1,023.50 | $1,022.10 | |||||||
Expenses Paid During Period | $3.13 | $6.96 | $4.09 | $1.62 | $2.02 | $1.52 | $2.93 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.62% for Class A, 1.38% for Class C, 0.81% for Class R, 0.32% for Class P, 0.40% for Institutional Class, 0.30% for Class R6 and 0.58% for Administrative Class), multiplied by the average account value over the period, multiplied by 183 /366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.
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Unaudited
AllianzGI Global Dynamic Allocation Fund
For the period of October 1, 2015 through March 31, 2016, as provided by the Multi-Asset US Group.
Fund Insights
For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Global Dynamic Allocation Fund (the “Fund”) returned 0.98%, underperforming the 60% MSCI AC World Index and 40% Barclays US Aggregate Bond Index (the “benchmark index”), which returned 4.33%.
Market Overview
For the reporting period, global equities outperformed US bonds, demonstrated by the performance of the MSCI ACWI (5.28%), and the Barclays US Aggregate Bond Index (+2.44%). The environment was particularly volatile for global equities, as they started the period with a rally during the fourth quarter of 2015 after the MSCI ACWI posted the year’s lows in September. Global equities then declined sharply in the first quarter of 2016 before staging a strong rally into the end of the reporting period.
After posting the year’s low on September 29, 2015, global equities rebounded in the fourth quarter of 2015, with the MSCI ACWI rising 5.03% over the quarter (after dropping -9.45% in the third quarter of 2015). The rally was led by US equities as represented by the Russell 3000 Index, rising 6.27%, while developed markets outside the US, as represented by the MSCI EAFE Index, gained 4.71%. In other market segments, real estate investment trusts (“REITs”) were a bright spot, as the Dow Jones US Select REIT Index rose 7.54% over the fourth quarter, but the Bloomberg Commodity Index (-10.52%) conversely declined. In US Fixed Income, the Barclays US Aggregate Bond Index declined -0.57% over the fourth quarter of 2015. With the widely anticipated Fed Funds Rate hike taking place in December 2015 ending an era of zero interest rates, the 10 year Treasury yield (constant maturity) ended the year with a yield of 2.27%, up from 2.06% where it started the quarter. The Barclays US Aggregate Bond Index’s major segments all declined over the fourth quarter with treasuries (-0.9%) posting the most notable loss followed by corporate bonds (-0.6%) and mortgage backed securities (“MBS”) (-0.1%).
The first quarter of 2016 was more volatile for global equities. Most markets suffered the worst start to a year in decades, with some entering bear-market territory, amid renewed fears about the slowdown in China and further oil price weakness. However, signs that commodity prices may be stabilizing, as well as a dovish policy stance from the Fed, helped markets to recover in March. Most equity markets ended the quarter with modest losses, although the US and many emerging markets recorded positive returns. US Equities, as represented by the Russell 3000 Index, finished the quarter up 0.97%, while many markets outside the US struggled, as reflected by the MSCI EAFE Index (in USD) ending the quarter lower by -3.01%. The MSCI EAFE Index declined more in local currency terms, reflecting dollar weakness over the period. In US Fixed Income, the Barclays US Aggregate Bond Index gained 3.03%, while the 10 year Treasury yield fell back below 2.0%. The Barclays US Aggregate Bond Index’s major segments posted gains over the quarter with corporate bonds (+4.0%) and treasuries (+3.2%) leading the way, followed by MBS (+2.0%). Credit markets experienced a volatile quarter, mirroring the movement in equity markets.
Portfolio Review
Amidst a volatile period that started with global equities rallying off the lows of 2015 and the first quarter of 2016’s sharp correction followed by a rebound, the Fund was actively adjusted to the changing market environment. Entering the reporting period, the Fund’s defensive positioning reflected prior declines of our market cycle and economic cycle and valuation indicators, which were adjusted down from positive to more neutral on risk assets amidst the global equity sell-off in the third quarter of 2015. As markets surged back in October 2015 and readings from our proprietary indicators moved to a more neutral position in the fourth quarter of 2015, the Fund’s equity exposure was accordingly adjusted closer to the benchmark index. Fixed income exposure was accordingly adjusted down over the quarter. Contributing to the Fund’s overall defensive positioning was exposure to Italian government bonds in the opportunistic portion of the portfolio, as well as more defensive cash and equivalents. As global equities declined during the first quarter of 2016, equity momentum signals adjusted downward, leading to reduced exposure to both US and international equities. As the March 2016 rebound was also reflected in the momentum signals, the Fund’s equity exposure was adjusted accordingly, to end with a more modest underweight to global equities. Fixed income positioning was accordingly adjusted higher in the flight to safety and through the end of the reporting period.
While the Fund’s results ultimately trailed the benchmark index, performance included a combination of contributors and detractors. The overall relative result can be primarily traced to the equity portion of the Fund, where a combination of allocation and selection effects detracted. From an allocation perspective, the underweight to global equities early in the reporting period limited relative results as equities rallied in October 2015. The defensive positioning entering the reporting period included an overweight toward US government bonds, which was also a headwind as government bond yields rose in anticipation of the Fed rate hike which occurred later in the quarter. The Fund’s equity exposure was again reduced into the first quarter’s decline although the underweight leading into the March 2016 rally again limited relative results. There were also several contributors which benefited the Fund’s performance over the period. Ahead of the sharp decline in the first quarter of 2016, generally defensive posture including underweights to international equities and an overweight to US government bonds helped to limit the Fund’s participation in the early market decline. From a selection perspective, favorable relative performance from the AllianzGI Best Styles International Equity Fund, particularly in the first quarter of 2016, provided a modest tailwind to results.
Outlook
Risks have risen, but we do not believe the global economy is heading toward recession. In the US, while odds of an April interest rate hike are low, we believe that the outlook for growth and inflation will prompt the Fed to raise rates twice in 2016. Against this backdrop, we expect global monetary policy to remain accommodative. The recovery in commodities has helped stabilize some of the stress points in the world economy, which should support inflation and growth. Still, we believe the existence of economic and political uncertainties will likely result in persistent volatility.
From an investment perspective, the Fund entered the second quarter with a modest underweight to global equities in favor of US government bonds. The exposure to REITs in the opportunistic portion of the portfolio contributed to the overall equity exposure, while emerging market debt contributed to overall duration.
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AllianzGI Global Dynamic Allocation Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
AllianzGI Global Dynamic Allocation Fund Class A | 0.98% | –5.01% | 2.80% | 9.95% | ||||||||||||||
| AllianzGI Global Dynamic Allocation Fund Class A (adjusted) | –4.58% | –10.23% | 1.65% | 9.05% | |||||||||||||
AllianzGI Global Dynamic Allocation Fund Class C | 0.62% | –5.71% | 2.03% | 9.14% | ||||||||||||||
| AllianzGI Global Dynamic Allocation Fund Class C (adjusted) | –0.37% | –6.64% | 2.03% | 9.14% | |||||||||||||
| AllianzGI Global Dynamic Allocation Fund Class R | 0.83% | –5.24% | 2.55% | 9.69% | |||||||||||||
| AllianzGI Global Dynamic Allocation Fund Class P | 1.06% | –4.84% | 2.97% | 10.15% | |||||||||||||
| AllianzGI Global Dynamic Allocation Fund Institutional Class | 1.09% | –4.79% | 3.07% | 10.26% | |||||||||||||
| AllianzGI Global Dynamic Allocation Fund Class R6 | 1.13% | –4.71% | 3.18% | 10.37% | |||||||||||||
AllianzGI Global Dynamic Allocation Fund Administrative Class | 0.96% | –5.04% | 2.82% | 9.99% | ||||||||||||||
| MSCI ACWI | 5.28% | –4.34% | 5.22% | 11.25% | |||||||||||||
| Barclays US Aggregate Bond Index | 2.44% | 1.96% | 3.78% | 4.47% | |||||||||||||
| 60% MSCI ACWI, 40% Barclays US Aggregate Bond Index** | 4.33% | –1.59% | 4.89% | 8.80% | |||||||||||||
Lipper Alternative Global Macro Funds Average | 1.04% | –6.22% | 1.35% | 5.99% |
† The Fund began operations on 4/27/09. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 4/30/09.
* Cumulative return
** Prior to certain changes to the Fund’s principal investment strategies that went into effect January 1, 2015, the Fund disclosed a custom secondary benchmark with a different blend of these two broad-based market indices (80% MSCI ACWI and 20% Barclays US Aggregate Bond Index).
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 4.72% for Class A shares, 5.39% for Class C shares, 5.14% for Class R shares, 4.41% for Class P shares, 4.44% for Institutional Class shares, 4.39% for Class R6 shares and 4.63% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 0.76% for Class A shares, 1.49% for Class C shares, 1.01% for Class R shares, 0.61% for Class P shares, 0.51% for Institutional Class shares, 0.36% for Class R6 shares and 0.76% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
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AllianzGI Global Dynamic Allocation Fund (cont’d)
Cumulative Returns Through March 31, 2016
Asset Allocation (as of March 31, 2016)
Mutual Funds | 67.0% | |||
U.S. Treasury Obligations | 9.7% | |||
Exchange-Traded Funds | 8.2% | |||
U.S. Government Agency Securities | 1.0% | |||
Cash & Equivalents — Net | 14.1% |
Shareholder Expense Example | Actual Performance | |||||||||||||
Class A | Class C | Class R | Class P | Institutional Class | Class R6 | Administrative Class | ||||||||
Beginning Account Value* | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
Ending Account Value (3/31/16) | $1,009.80 | $1,006.20 | $1,008.30 | $1,010.60 | $1,010.90 | $1,022.50 | $1,009.60 | |||||||
Expenses Paid During Period | $3.82 | $7.47 | $5.07 | $3.07 | $2.56 | $0.59 | $3.82 | |||||||
Hypothetical Performance | ||||||||||||||
(5% return before expenses) | ||||||||||||||
Class A | Class C | Class R | Class P | Institutional Class | Class R6 | Administrative Class | ||||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
Ending Account Value (3/31/16) | $1,021.20 | $1,017.55 | $1,019.95 | $1,021.95 | $1,022.45 | $1,023.20 | $1,021.20 | |||||||
Expenses Paid During Period | $3.84 | $7.52 | $5.10 | $3.08 | $2.58 | $1.82 | $3.84 |
* Class R6 commenced operations on February 1, 2016. The Actual expense example for Class R6 is based on the period since inception; the Actual expense example for Class A, Class C, Class R, Class P, Institutional Class and Administrative Class and the Hypothetical expense example are based on the period beginning October 1, 2015. If the Hypothetical expense example for Class R6 had been based on the period since inception, the Ending Account Value and Expenses Paid During Period would have been: $1,007.48 and $0.58, respectively.
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.76% for Class A, 1.49% for Class C, 1.01% for Class R, 0.61% for Class P, 0.51% for Institutional Class, 0.36% for Class R6 and 0.76% for Administrative Class), multiplied by the average account value over the period, multiplied by 183 (59 for Class R6)/366 for the Actual expense example and 183/366 for the Hypothetical expense example. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.
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AllianzGI Global Megatrends Fund
For the period of October 1, 2015 through March 31, 2016, as provided by John Schroer, CFA, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Global Megatrends Fund (the “Fund”) returned 2.54%, underperforming the MSCI ACWI (the “benchmark index”), which returned 5.28%.
The Fund is a thematic portfolio made up of five underlying strategies (“sleeves”). Rapid technological innovation, developments in health care and global energy, the emerging consumer class in developing economies and the scarcity of clean water for the world’s growing population remain powerful themes. The Fund provides a unique way to invest in them.
Below is a summary of the underlying thematics and contributions over the reporting period.
AllianzGI Emerging Markets Consumer Fund:
The Emerging Markets Consumer sleeve was essentially flat over the reporting period, which masked a major sell-off and impressive rebound. Emerging market equities abruptly reversed course in late January, boosted by a turnaround in sentiment, higher energy prices, a weaker dollar and dovish central bank expectations. Large-cap, pro-cyclical, deep-value stocks were among the best performers due to the rapid shift in sentiment and preference for higher-beta exposure, which had been a laggard in previous periods.
While volatility is likely to persist, we anticipate the uptrend to continue, as the asset class offers a significant valuation discount with regards to developed markets, despite superior levels of expected earnings growth. We expect the market to broaden to capture the more steady growth companies, and notably the forward-looking growth of the consumer segments of the market.
AllianzGI Global Natural Resources Fund:
The Global Natural Resources sleeve produced a positive, low single-digit return. Oil investors had to contend with conflicting reports on the outlook for supply and demand. West Texas Intermediate (“WTI”)—a benchmark for US crude—sank as low as $26 per barrel in February before rebounding sharply to close the quarter above $38 per barrel.
Many of the stronger performing stocks were oil and gas exploration and production companies that rebounded sharply as the price of crude recovered. Continental Resources, for example, has very high leverage to an improving oil price, and a much improved risk/return profile.
Detractors were largely miscellaneous in nature. Some smaller companies held back performance on balance sheet concerns as energy prices cascaded downwards in the earlier part of the reporting period. Alternative energy positions also faced pressure throughout the reporting period.
Over the longer term, we currently expect oil prices to normalize in the $60 to $70 range. The aggressive production cutbacks that have been announced in the last six months, particularly in North American shale drilling and other higher cost global drilling projects, should work to firm the oversupply currently in the marketplace.
AllianzGI Global Water Fund:
The Global Water sleeve generated a return of just over 11%. The Global Water Fund’s performance was largely attributable to our preference for defensive names in this segment, along with structural growth drivers in their business models.
Top holdings in the sleeve include a mix of high-growth US, UK and European water utilities as well as leading water industrial companies, which are levered to the steadily growing US water infrastructure market after years of pent-up demand. We generally favor water companies that sell into structurally attractive end-markets such as safety or medical industries.
Headlines around the world about water shortages and their impact on societies have become more prevalent. The need for investment in US water infrastructure is also gaining more attention, and we saw another prominent example of a neglected water supply situation in Flint, Michigan.
European water capex remains depressed and well below sustainable levels, although we expect a return to growth similar to that in the US with some delay. Once Europe and the US are fully back in normal water infrastructure investment mode, this will bring back two very large customers for water equipment products which have held back spending since 2009.
AllianzGI Health Sciences Fund:
The Health Sciences sleeve lost just over 6.5%, held back primarily by the overall performance headwinds facing the health care sector. Biopharma stocks have recently been hurt by multiple compression for growth stocks generally, and the focus on drug pricing from both Republican and Democratic presidential candidates. However, we expect the negative rhetoric for drug pricing to cool substantially after the election. We see only a limited chance of substantive drug pricing regulation materializing longer term.
We think the long term investment outlook for global healthcare remains highly compelling, with biopharma being one of the most promising areas. We are relatively overweight biopharma and have been opportunistically adding to positions on the weakness.
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AllianzGI Global Megatrends Fund (cont’d)
We continue to focus on companies and healthcare industries delivering innovative and profitable drug treatments and cost effective, productivity-enhancing medical solutions.
AllianzGI Technology Fund:
Growth expectations have fallen for most companies in the technology sector, particularly relative to the high growth rates they have been experiencing over the last several years. However, we think this process is reducing expectations and valuations to quite reasonable levels, particularly for companies able to continue growing rapidly.
Stocks in the electronic equipment, technology hardware, semiconductors, and IT services segments were among the best performing groups. Conversely, higher growing internet software and software groups held back relative performance.
Despite the tremendous volatility in high-growth technology stocks over the reporting period, the technology sleeve returned over 6%. At present, we are seeing a wave of innovation in the sector along with companies with valuations that, in our view, do not fully reflect positive company and/or industry-specific tailwinds.
Despite high valuations for some cloud and internet companies, we continue to see massive addressable markets and multi-year growth opportunities. We are carefully balancing risks and opportunities, leveraging our industry expertise, and emphasizing individual stock selection.
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | Since Inception† | ||||||||||||
AllianzGI Global Megatrends Fund Class A | 2.54% | –8.74% | –4.68% | |||||||||||
| AllianzGI Global Megatrends Fund Class A (adjusted) | –3.10% | –13.76% | –9.23% | ||||||||||
| AllianzGI Global Megatrends Fund Class P | 2.66% | –8.50% | –4.46% | ||||||||||
| AllianzGI Global Megatrends Fund Institutional Class | 2.66% | –8.43% | –4.40% | ||||||||||
| MSCI ACWI | 5.28% | –4.34% | �� | –1.29% | |||||||||
Lipper Global Multi-Cap Core Funds Average | 3.75% | –4.95% | –0.74% |
† The Fund began operations on 2/2/15. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 1/31/15.
* Cumulative return
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 5.86% for Class A shares, 6.07% for Class P shares and 5.61% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.30% for Class A shares, 1.15% for Class P shares and 1.05% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
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AllianzGI Global Megatrends Fund (cont’d)
Cumulative Returns Through March 31, 2016
Fund Allocation (as of March 31, 2016)
AllianzGI Health Sciences | 20.1% | |||
AllianzGI Technology | 20.0% | |||
AllianzGI Emerging Markets Consumer | 19.7% | |||
AllianzGI Global Water | 19.7% | |||
AllianzGI Global Natural Resources | 19.2% | |||
Cash & Equivalents — Net | 1.3% |
Shareholder Expense Example | Actual Performance | |||||
Class A | Class P | Institutional | ||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/16) | $1,025.40 | $1,026.60 | $1,026.60 | |||
Expenses Paid During Period | $0.66 | $— | $— | |||
Hypothetical Performance | ||||||
(5% return before expenses) | ||||||
Class A | Class P | Institutional | ||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/16) | $1,024.35 | $1,025.00 | $1,025.00 | |||
Expenses Paid During Period | $0.66 | $— | $— |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.13% for Class A, 0.00% for Class P and 0.00% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.
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AllianzGI Best Styles Emerging Markets Equity Fund
For the period of October 1, 2015 through March 31, 2016, as provided by Dr. Michael Heldmann, CFA, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2016, Class R6 shares at NAV of the AllianzGI Best Styles Emerging Markets Equity Fund (the “Fund”) returned 5.69%, underperforming the MSCI Emerging Markets Index (the “benchmark index”), which returned 6.41%.
Market Overview
Volatility was quite prevalent during the reporting period as a looming Fed rate hike and continued commodity weakness weighed on emerging markets. During the second half of the reporting period, volatility was most pronounced, with equity indices globally sliding into bear market territory as the first Fed rate hike in nearly a decade weighed on investor sentiment. This, coupled with concerns in the energy sector, in particular oil prices sliding to a bottom in early January, led to a pronounced sell-off.
Portfolio Review
The Fund implemented a well-diversified blend of the five long-term investment styles, emphasizing value, momentum, earnings change, growth and quality, and as such, established stable exposures to contrarian and trend-following investment styles.
It was a tale of two halves from a style perspective as trend following styles did well in the first half with value slightly negative, but in the second half momentum and revisions turned negative as the market became choppier and value and small cap did well.
The initial weakness in contrarian investment styles like dividend yield, cash yield and free-cash-yield, made for significant returns in the second half of the reporting period, as energy and commodity prices rebounded significantly as investors became less risk averse. Strength continued into the close of the reporting period.
The Best Styles strategy has only moderate leeway for sector allocation, with a maximum deviation of 4% versus the benchmark index for active sector weightings. The overall contribution from active sector allocation was consistently small for the Fund’s strategy over the reporting period, hence the main contribution to performance came from stock selection. While stock selection was positive across the financials, materials, telecom and energy sectors, it was outweighed by weak stock picking within the consumer staples, consumer discretionary and industrials sectors.
From a regional point of view, the overall contribution from active weightings was slightly positive. Overweights in Argentina and Turkey contributed to performance while underweights in China and South Africa detracted from performance.
The Fund holds a broad number of stocks to implement a well diversified mix of investment styles and assigns a maximum active weighting of 1% to individual stocks. Thus, the performance impact of individual stocks is lower for the Fund as compared to concentrated portfolios. In sum, the performance contribution from stock selection was strong over the reporting period.
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI Best Styles Emerging Markets Equity Fund Class P | 5.66% | –10.08% | –7.94% | ||||||||||
| AllianzGI Best Styles Emerging Markets Equity Fund Institutional Class | 5.65% | –10.07% | –7.88% | ||||||||||
| AllianzGI Best Styles Emerging Markets Equity Fund Class R6 | 5.69% | –9.98% | –7.80% | ||||||||||
| MSCI Emerging Markets Index | 6.41% | –12.03% | –8.31% | ||||||||||
Lipper Emerging Markets Funds Average | 4.60% | –11.58% | –11.59% |
† The Fund began operations on 12/9/14. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 11/30/14.
* Cumulative return
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 4.65% for Class P shares, 4.66% for Institutional Class shares and 4.63% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 0.80% for Class P shares, 0.70% for Institutional Class shares and 0.60% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
38 | March 31, 2016 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Best Styles Emerging Markets Equity Fund (cont’d)
Cumulative Returns Through March 31, 2016
Country Allocation (as of March 31, 2016)
China | 21.3% | |||
Korea (Republic of) | 14.3% | |||
Taiwan | 12.2% | |||
Brazil | 7.4% | |||
South Africa | 5.2% | |||
Mexico | 3.4% | |||
Turkey | 2.9% | |||
Malaysia | 2.4% | |||
Other | 12.4% | |||
Cash & Equivalents — Net | 18.5% |
Shareholder Expense Example | Actual Performance | |||||
Class P | Institutional | Class R6 | ||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/16) | $1,056.60 | $1,056.50 | $1,056.90 | |||
Expenses Paid During Period | $4.11 | $3.60 | $3.09 | |||
Hypothetical Performance | ||||||
(5% return before expenses) | ||||||
Class P | Institutional | Class R6 | ||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/16) | $1,021.00 | $1,021.50 | $1,022.00 | |||
Expenses Paid During Period | $4.04 | $3.54 | $3.03 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.80% for Class P, 0.70% for Institutional Class and 0.60% for Class R6), multiplied by the average account value over the period, multiplied by 183/366.
Semiannual Report | | March 31, 2016 | 39 |
Table of Contents
Unaudited
AllianzGI Best Styles Global Equity Fund
For the period of October 1, 2015 through March 31, 2016, as provided by Dr. Rainer Tafelmayer, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Best Styles Global Equity Fund (the “Fund”) returned 4.28%, underperforming the MSCI ACWI (the “benchmark index”), which returned 5.28%.
Market Overview
Volatility was quite prevalent during the reporting period as a looming Fed rate hike and continued commodity weakness weighed on markets. During the second half of the reporting period, volatility was most pronounced, with equity indices globally sliding into bear market territory as the first Fed rate hike in nearly a decade weighed on investor sentiment. This, coupled with concerns in the energy sector, in particular oil prices sliding to a bottom in early January, led to a pronounced sell-off.
Portfolio Review
The Fund implemented a well-diversified blend of the five long-term investment styles, emphasizing value, momentum, earnings change, growth and quality, and as such, established stable exposures to contrarian and trend-following investment styles.
It was a tale of two halves from a style perspective as trend following styles did well in the first half with value slightly negative, but in the second half momentum and revisions turned negative as the market became choppier and value and small cap did well.
The Best Styles strategy has only moderate leeway for sector allocation with a maximum deviation of 3% versus the benchmark index for active sector weightings. Sector and stock selection modestly weighed on performance. Overweights in the utilities, telecom and consumer discretionary sectors helped performance. Underweights in the consumer staples, energy, technology, and industrials sectors weighed on performance. Stock picks in utilities, consumer staples, health care, and telecom helped performance. Picks in technology, industrials, consumer discretionary, and financials detracted from performance.
Regional selection was additive to performance with overweights in Japan and Turkey, both contributing to performance. Underweights in the US and Russia detracted from performance.
The Fund holds a broad number of stocks to implement a well diversified mix of investment styles and assigns a maximum active weighting of 1% to individual stocks. Thus, the performance impact of individual stocks is lower for the Fund as compared to concentrated portfolios.
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | Since Inception† | ||||||||||||
AllianzGI Best Styles Global Equity Fund Class A | 4.28% | –4.28% | 2.83% | |||||||||||
| AllianzGI Best Styles Global Equity Fund Class A (adjusted) | –1.45% | –9.54% | 0.36% | ||||||||||
| AllianzGI Best Styles Global Equity Fund Class P | 4.37% | –4.16% | 3.00% | ||||||||||
| AllianzGI Best Styles Global Equity Fund Institutional Class | 4.44% | –4.00% | 3.11% | ||||||||||
| AllianzGI Best Styles Global Equity Fund Class R6 | 4.43% | –3.97% | 3.18% | ||||||||||
| MSCI ACWI | 5.28% | –4.34% | 1.76% | ||||||||||
Lipper Global Multi-Cap Value Average | 4.09% | –5.34% | –0.31% |
† The Fund began operations on 12/2/2013. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 11/30/2013.
* Cumulative return
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A Shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.22% for Class A shares, 0.69% for Class P shares, 0.68% for Institutional Class shares and 0.70% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Funds expense ratios net of this reduction are 0.75% for Class A shares, 0.60% for Class P shares, 0.50% for Institutional Class shares and 0.40% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
40 | March 31, 2016 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Best Styles Global Equity Fund (cont’d)
Cumulative Returns Through March 31, 2016
Country Allocation (as of March 31, 2016)
United States | 54.6% | |||
United Kingdom | 6.0% | |||
Japan | 4.8% | |||
Canada | 4.3% | |||
Germany | 4.0% | |||
France | 3.6% | |||
China | 3.0% | |||
Korea (Republic of) | 1.3% | |||
Other | 15.6% | |||
Cash & Equivalents — Net | 2.8% |
Shareholder Expense Example | Actual Performance | |||||||
Class A | Class P | Institutional Class | Class R6 | |||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/16) | $1,042.80 | $1,043.70 | $1,044.40 | $1,044.30 | ||||
Expenses Paid During Period | $3.83 | $3.07 | $2.56 | $2.04 | ||||
Hypothetical Performance | ||||||||
(5% return before expenses) | ||||||||
Class A | Class P | Institutional Class | Class R6 | |||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/16) | $1,021.25 | $1,022.00 | $1,022.50 | $1,023.00 | ||||
Expenses Paid During Period | $3.79 | $3.03 | $2.53 | $2.02 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.75% for Class A, 0.60% for Class P, 0.50% for Institutional Class and 0.40% for Class R6), multiplied by the average account value over the period, multiplied by 183/366.
Semiannual Report | | March 31, 2016 | 41 |
Table of Contents
Unaudited
AllianzGI Best Styles International Equity Fund
For the period of October 1, 2015 through March 31, 2016, as provided by Dr. Michael Heldmann, CFA, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2016, Class R6 shares at NAV of the AllianzGI Best Styles International Equity Fund (the “Fund”) returned 2.23%, outperforming the MSCI EAFE Index (the “benchmark index”), which returned 1.56%.
Market Overview
Volatility was quite prevalent during the reporting period, as a looming Fed rate hike and continued commodity weakness weighed on markets. During the second half of the reporting period volatility was most pronounced, with equity indices globally sliding into bear market territory as the first Fed rate hike in nearly a decade weighed on investor sentiment. This, coupled with concerns in the energy sector, in particular oil prices sliding to a bottom in early January, led to a pronounced sell-off.
Portfolio Review
The Fund implemented a well diversified blend of the five long-term investment styles, emphasizing value, momentum, earnings change, growth and quality, and as such, established stable exposures to contrarian and trend-following investment styles.
In the first half of the reporting period, the Fund benefited from all investment styles with only momentum being somewhat weaker in Japan. Small cap exposure helped during the first half of the reporting period as well. Weakness in contrarian investment styles like dividend yield, cash yield and free-cash-yield, were buoyed by favorable trend-following investment style patterns in Europe and Japan during the second half of the reporting period.
The Best Styles strategy has only moderate leeway for sector allocation, with a maximum deviation of 3% versus the benchmark index for active sector weightings. The overall contribution from active sector allocation was consistently small for the Fund’s strategy over the reporting period, hence the main contribution to performance came from stock selection. Stock selection was strong within the financials, consumer discretionary, consumer staples and materials sectors and contributed to performance. Conversely, stock selection within the industrials, health care, utilities and energy sectors detracted from performance.
From a regional point of view, the overall contribution from active weightings was slightly positive. Overweights in Germany and Switzerland added slightly to performance while underweights to the UK and France modestly detracted.
The Fund holds a broad number of stocks to implement a well diversified mix of investment styles and assigns a maximum active weighting of 1% to individual stocks. Thus, the performance impact of individual stocks is lower for the Fund as compared to concentrated portfolios. In sum, the performance contribution from stock selection was strong over the reporting period.
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI Best Styles International Equity Fund Class P | 2.15% | –6.94% | –4.44% | ||||||||||
| AllianzGI Best Styles International Equity Fund Institutional Class | 2.16% | –6.92% | –4.37% | ||||||||||
| AllianzGI Best Styles International Equity Fund Class R6 | 2.23% | –6.79% | –4.26% | ||||||||||
| MSCI EAFE Index | 1.56% | –8.27% | –4.38% | ||||||||||
Lipper International Multi-Cap Value Funds Average | 0.99% | –9.48% | –6.80% |
† The Fund began operations on 12/9/2014. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 11/30/2014.
* Cumulative return
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.88% for Class P shares, 1.88% for Institutional Class shares and 1.44% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 0.65% for Class P shares, 0.55% for Institutional Class shares and 0.45% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
42 | March 31, 2016 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Best Styles International Equity Fund (cont’d)
Cumulative Returns Through March 31, 2016
Country Allocation (as of March 31, 2016)
Japan | 21.4% | |||
United Kingdom | 20.6% | |||
France | 10.2% | |||
Germany | 7.5% | |||
Switzerland | 7.2% | |||
Australia | 5.8% | |||
Hong Kong | 3.5% | |||
Italy | 3.0% | |||
Other | 19.1% | |||
Cash & Equivalents — Net | 1.7% |
Shareholder Expense Example | Actual Performance | |||||
Class P | Institutional Class | Class R6 | ||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/16) | $1,021.50 | $1,021.60 | $1,022.30 | |||
Expenses Paid During Period | $3.28 | $2.78 | $2.28 | |||
Hypothetical Performance | ||||||
(5% return before expenses) | ||||||
Class P | Institutional Class | Class R6 | ||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/16) | $1,021.75 | $1,022.25 | $1,022.75 | |||
Expenses Paid During Period | $3.29 | $2.78 | $2.28 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.65% for Class P, 0.55% for Institutional Class and 0.45% for Class R6), multiplied by the average account value over the period, multiplied by 183/366.
Semiannual Report | | March 31, 2016 | 43 |
Table of Contents
Unaudited
AllianzGI Best Styles U.S. Equity Fund
For the period of October 1, 2015 through March 31, 2016, as provided by Karsten Niemann, CFA, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2016, Class R6 shares at NAV of the AllianzGI Best Styles U.S. Equity Fund (the “Fund”) returned 6.07%, underperforming the S&P 500 Index (the “benchmark index”), which returned 8.49%.
Market Overview
Volatility was quite prevalent during the reporting period as a looming fed rate hike and continued commodity weakness weighed on markets. During the second half of the reporting period, volatility was most pronounced, with equity indices globally sliding into bear market territory as the first Fed rate hike in nearly a decade weighed on investor sentiment. This, coupled with concerns in the energy sector, in particular oil prices sliding to a bottom in early January, led to a pronounced sell-off.
Portfolio Review
The Fund implemented a well diversified blend of the five long-term investment styles, emphasizing value, momentum, earnings change, growth and quality, and as such, established stable exposures to contrarian and trend-following investment styles.
In the first half of the reporting period, all investment styles except growth weighed on performance. Cyclical investment styles like value and small cap were pushed down by worries over the global economy with trend following strategies like momentum and earnings also underperforming to some extent especially in October 2015. In the second half of the reporting period, bottom-line higher risk investment styles like value and small caps did reasonably well in the US, however, the underperformance of the trend following investment strategies momentum and earnings revision was much more pronounced. Therefore, the positives from value and small caps did not outweigh the relative losses from the trend following styles.
The Best Styles strategy has only moderate leeway for sector allocation with a maximum deviation of 3% versus the benchmark index for active sector weightings. Sector weightings during the reporting period modestly detracted from performance. Stock picks was the primary detractor of performance this year. Stock picks in financials, health care, utilities, and telecom lead were additive to performance. Picks in technology, consumer discretionary, industrials, and energy detracted.
The Fund holds a broad number of stocks to implement a well diversified mix of investment styles and assigns a maximum active weighting of 1% to individual stocks. Thus, the performance impact of individual stocks is lower for the Fund as compared to concentrated portfolios.
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI Best Styles U.S. Equity Fund Class P | 5.85% | –1.25% | 0.21% | ||||||||||
| AllianzGI Best Styles U.S. Equity Fund Institutional Class | 6.03% | –1.08% | 0.39% | ||||||||||
| AllianzGI Best Styles U.S. Equity Fund Class R6 | 6.07% | –0.97% | 0.48% | ||||||||||
| S&P 500 Index | 8.49% | 1.78% | 2.39% | ||||||||||
Lipper Multi-Cap Core Funds Average | 4.93% | –3.87% | –1.37% |
† The Fund began operations on 12/1/2014. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 11/30/2014.
* Cumulative return
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.19% for Class P shares, 1.32% for Institutional Class shares and 0.61% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 0.60% for Class P shares, 0.50% for Institutional Class shares and 0.40% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
44 | March 31, 2016 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Best Styles U.S. Equity Fund (cont’d)
Cumulative Returns Through March 31, 2016
Industry Allocation (as of March 31, 2016)
Health Care Providers & Services | 6.3% | |||
Insurance | 5.4% | |||
Pharmaceuticals | 4.4% | |||
Technology Hardware, Storage & Peripherals | 4.2% | |||
Oil, Gas & Consumable Fuels | 4.1% | |||
Banks | 4.1% | |||
Semiconductors & Semiconductor Equipment | 3.6% | |||
Specialty Retail | 3.6% | |||
Other | 60.5% | |||
Cash & Equivalents — Net | 3.8% |
Shareholder Expense Example | Actual Performance | |||||
Class P | Institutional Class | Class R6 | ||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/16) | $1,058.50 | $1,060.30 | $1,060.70 | |||
Expenses Paid During Period | $3.09 | $2.58 | $2.06 | |||
Hypothetical Performance | ||||||
(5% return before expenses) | ||||||
Class P | Institutional Class | Class R6 | ||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/16) | $1,022.00 | $1,022.50 | $1,023.00 | |||
Expenses Paid During Period | $3.03 | $2.53 | $2.02 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.60% for Class P, 0.50% for Institutional Class and 0.40% for Class R6), multiplied by the average account value over the period, multiplied by 183/366.
Semiannual Report | | March 31, 2016 | 45 |
Table of Contents
Unaudited
AllianzGI China Equity Fund
For the period of October 1, 2015 through March 31, 2016, as provided by Christina Chung, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI China Equity Fund (the “Fund”) returned -0.60%, outperforming the MSCI China Index (the “benchmark index”), which returned -0.97%.
Market Overview
Chinese equities continued to experience a roller coaster ride over the reporting period. While the Chinese economy stayed on the path of slowing economic growth, sentiment toward this market has had several reversals that were much more dramatic than the change in underlying fundamentals. Such sentiment swings were primarily driven by fear and greed—fear of Renminbi depreciation, an economic hard landing, capital flight and elevated levels of debt; this is offset by investors trying to time the bottom as an entry point if the situation turns out to be less worrying than anticipated.
To be more specific, in the last quarter of 2015, Chinese equities rebounded after the sharp correction in the third quarter. This was mainly driven by further monetary easing from the People’s Bank of China (“PBoC”), as well as the announcement from the International Monetary Fund to add the Chinese currency to the basket of currencies that make up its lending reserve.
However, in January 2016, bearish sentiment took stage when China A-shares dropped by more than 15% within the first half of the month after two rounds of ‘circuit breakers’. The new, well-intended mechanism ironically helped to amplify market corrections, and was abandoned immediately. A sudden depreciation of the Renminbi also raised concern among investors of further capital flight which will weigh on the exchange rate.
Since mid-February 2016, sentiment seems to have stabilized and showed signs of improvement. One of the main reasons was the weakness in the US dollar, which allowed the Renminbi to stabilize and alleviated some of the previous concerns on capital outflows. Moving into March 2016, there was also a growing degree of comfort regarding the economic outlook, especially with reassuring messages by the top leadership in China to make growth a priority.
As a result of the sentiment reversals, the equity market also experienced frequent sector rotation. For example, the rallies in late 2015 and since mid-February 2016 were led by previous laggards, including banks, materials and energy stocks.
Portfolio Review
Over the reporting period there was a significant style reversal in the market, with previous outperforming sectors giving back some of their relative gains. For example ‘structural growth’ sectors such as life insurance, environmental engineering, natural gas distributors and railway related companies underperformed; whereas ‘deep value’ sectors such as energy and materials held up very well. With the Fund’s focus on stocks with secular, structural growth potential, the Fund suffered from the rotation. However, this was balanced by strong stock selection in the IT, consumer and telecom sectors.
Among the top contributors was Digital China, a small cap IT service provider. We have been a long-term investor of this company, believing its business transition from IT distribution towards IT services should significantly re-rate the company from an oversold level. In recent months, our expectations started to materialize, with the company announcing plans to spin off its distribution business. The move has been received positively by the market, and its share price continued its appreciation from late 2015. We will continue to hold onto this name as its share price is likely to remain well supported ahead of the special dividend in April 2016.
In contrast, China Everbright International, a leading waste and water treatment company in China, was a notable detractor. In particular, investors were concerned about the company’s US dollar debt exposure and delay in project completion. We have invested in this company since 2010. Fundamentally we believe the underlying business is robust, the balance sheet is strong and the management has an excellent track record of executing on its new projects. The recent derating of the share price has brought valuations back to attractive levels, especially considering earnings growth of more than 20% for the next three years.
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
AllianzGI China Equity Fund Class A | –0.60% | –12.28% | –0.53% | 4.05% | ||||||||||||||
| AllianzGI China Equity Fund Class A (adjusted) | –6.07% | –17.11% | –1.65% | 3.04% | |||||||||||||
AllianzGI China Equity Fund Class C | –1.02% | –12.97% | –1.30% | 3.29% | ||||||||||||||
| AllianzGI China Equity Fund Class C (adjusted) | –1.99% | –13.81% | –1.30% | 3.29% | |||||||||||||
| AllianzGI China Equity Fund Class P | –0.53% | –12.20% | –0.33% | 4.31% | |||||||||||||
| AllianzGI China Equity Fund Institutional Class | –0.53% | –12.14% | –0.26% | 4.39% | |||||||||||||
| MSCI China Index | –0.97% | –18.84% | –0.90% | 2.36% | |||||||||||||
Lipper China Region Funds Average | 1.43% | –14.06% | –0.52% | 3.31% |
† The Fund began operations on 6/7/10. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 5/31/2010.
* Cumulative return
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 4.67% for Class A shares, 6.60% for Class C shares, 4.22% for Class P shares and 4.99% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.70% for Class A shares, 2.45% for Class C shares, 1.51% for Class P shares and 1.45% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
46 | March 31, 2016 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI China Equity Fund (cont’d)
Cumulative Returns Through March 31, 2016
Industry Allocation (as of March 31, 2016)
Internet Software & Services | 15.0% | |||
Banks | 7.6% | |||
Insurance | 6.9% | |||
Real Estate Management & Development | 6.9% | |||
Electronic Equipment, Instruments & Components | 6.3% | |||
Automobiles | 6.0% | |||
Diversified Telecommunication Services | 5.5% | |||
Oil, Gas & Consumable Fuels | 4.8% | |||
Other | 39.7% | |||
Cash & Equivalents — Net | 1.3% |
Shareholder Expense Example | Actual Performance | |||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/16) | $994.00 | $989.80 | $994.70 | $994.70 | ||||
Expenses Paid During Period | $8.47 | $12.19 | $7.53 | $7.23 | ||||
Hypothetical Performance | ||||||||
(5% return before expenses) | ||||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/16) | $1,016.50 | $1,012.75 | $1,017.45 | $1,017.75 | ||||
Expenses Paid During Period | $8.57 | $12.33 | $7.62 | $7.31 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.70% for Class A, 2.45% for Class C, 1.51% for Class P and 1.45% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.
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Unaudited
AllianzGI Convertible Fund
For the period of October 1, 2015 through March 31, 2016, as provided by Doug Forsyth, CFA, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2016, Class A Shares at NAV of the AllianzGI Convertible Fund returned -1.54%, underperforming the BofA Merrill Lynch All Convertibles Index (the “benchmark index”), which returned -0.73%.
Market Overview
Several factors influenced convertible bonds earlier in the reporting period, most notably energy prices, the impact of credit spreads on bond-like or yield-oriented convertibles, the Fed’s rate hike, US economic data and the strong US dollar.
While the energy sector represents only about 5% of the convertible market by issuance, the decline in energy prices early in the period was a significant drag on the convertible market. Additionally, as credit spreads widened, the majority of bond-like or yield-oriented convertible issues declined. The market reaction to the Fed’s rate hike was generally negative given fears of a US recession. Against this backdrop, the US dollar has strengthened and weighed on earnings trends of multinationals and on US exports, which coincided with the decline in many commodity prices.
In the latter part of the reporting period, the performance of the convertible market recovered significantly. The most notable factors were the Fed’s outlook and commentary, US economic data, global conditions and technical factors.
The Fed’s activity topped the list of concerns about an already fragile US economy slowing further, but so far in 2016 the Fed has kept additional rate hikes on hold due to market volatility and weakness outside the US. After some hawkish rhetoric by some Federal Open Market Committee (“FOMC”) members following their March 2016 meeting, Fed Chair Janet Yellen quickly reversed those interpretations with some heavily dovish comments of her own. Other factors benefiting the convertible market were a weaker dollar and, concurrently, higher commodity prices. As those prices, specifically crude oil prices, increased, market sentiment also rose. These changes were bolstered by a continuing positive employment trend, that when taken in conjunction with other economic statistics, create a positive backdrop for the current economic condition in the US. On balance, these factors helped the convertible market stage a strong comeback.
Three offshore factors also helped sentiment. First, the ECB presented some stronger-than-expected economic stimulus tools to help calm fears in Europe. The ECB’s current monetary policy is decidedly aggressive and provides evidence that the current regime will provide any and all necessary means to boost the European economy. Second, Chinese officials made several comments that helped abate concerns about growth and foreign exchange policies. And third, several oil producing countries discussed capping production; this was another factor that influenced the direction of oil prices.
Portfolio Review
The Fund underperformed the benchmark index for the reporting period.
The attribution for the reporting period included several positive single name performers from a variety of industries. The majority of the Fund’s issuers exceeded earnings expectations, which contributed to absolute performance during the reporting period.
Sector allocations that helped relative performance in the reporting period included consumer discretionary, energy and consumer staples. The Fund benefited from an underweight in the energy sector and an overweight in the consumer staples sector. In the consumer discretionary sector, issue selection was the primary driver of relative performance.
Sector allocations that hurt relative performance during the reporting period included financials, utilities and technology. All three of the above mentioned sectors exhibited negative issue selection. Underweights in the utilities and financials sectors detracted from relative returns.
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AllianzGI Convertible Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | 5 Year | 10 Year | Since Inception† | ||||||||||||||||||
AllianzGI Convertible Fund Class A | –1.54% | –8.14% | 5.06% | 7.09% | 9.65% | |||||||||||||||||
| AllianzGI Convertible Fund Class A (adjusted) | –6.96% | –13.20% | 3.88% | 6.48% | 9.38% | ||||||||||||||||
AllianzGI Convertible Fund Class C | –1.90% | –8.82% | 4.29% | 6.30% | 8.84% | |||||||||||||||||
| AllianzGI Convertible Fund Class C (adjusted) | –2.80% | –9.65% | 4.29% | 6.30% | 8.84% | ||||||||||||||||
| AllianzGI Convertible Fund Class R | –1.73% | –8.49% | 4.69% | 6.76% | 9.36% | ||||||||||||||||
| AllianzGI Convertible Fund Class P | –1.42% | –7.87% | 5.30% | 7.32% | 9.89% | ||||||||||||||||
| AllianzGI Convertible Fund Institutional Class | –1.39% | –7.84% | 5.39% | 7.42% | 10.00% | ||||||||||||||||
AllianzGI Convertible Fund Administrative Class | –1.49% | –8.05% | 5.14% | 7.13% | 9.67% | |||||||||||||||||
| BofA Merrill Lynch All Convertibles Index | –0.73% | –7.30% | 6.25% | 5.96% | 7.82% | ||||||||||||||||
Lipper Convertible Securities Funds Average | –0.61% | –7.74% | 3.90% | 4.44% | 7.47% |
† The Fund began operations on 4/19/93. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 4/30/93.
* Cumulative Return
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s expense ratios are 0.98% for Class A shares, 1.71% for Class C shares, 1.36% for Class R shares, 0.69% for Class P shares, 0.66% for Institutional Class shares and 0.89% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
Cumulative Returns Through March 31, 2016
Industry Allocation (as of March 31, 2016)
Semiconductors | 11.9% | |||
Software | 11.5% | |||
Internet | 7.5% | |||
Pharmaceuticals | 6.0% | |||
Telecommunications | 4.9% | |||
Commercial Services | 4.8% | |||
Biotechnology | 4.4% | |||
Health Care Providers & Services | 4.0% | |||
Other | 41.4% | |||
Cash & Equivalents — Net | 3.6% |
Semiannual Report | | March 31, 2016 | 49 |
S&P Ratings* (as of March 31, 2016)
* As a percentage of total investments. Bond ratings refer to the underlying holdings of the Fund and are categorized from highest to lowest credit quality using ratings provided by S&P Global Ratings (“S&P”). S&P’s ratings have been selected for several reasons, including the portfolio managers’ usage of S&P ratings methodology among other credit quality information in managing the Fund, access to background information and other materials provided by S&P, as well as the Funds’ considerations of industry practice. The Fund also displays S&P credit ratings information in materials provided in client presentations. Previous shareholder reports for the Fund displayed bond ratings provided by Moody’s. See “Important Information” for more detail on the selection of S&P for the Fund’s ratings presentation. Bonds not rated by S&P and bonds that do not currently have a rating available are designated in the chart above as “NR” and “NA”, respectively.
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Unaudited
AllianzGI Convertible Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||||||||||
Class A | Class C | Class R | Class P | Institutional Class | Administrative Class | |||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/16) | $984.60 | $981.00 | $982.70 | $985.80 | $986.10 | $985.10 | ||||||
Expenses Paid During Period | $5.01 | $8.47 | $6.89 | $3.57 | $3.33 | $4.47 | ||||||
Hypothetical Performance | ||||||||||||
(5% return before expenses) | ||||||||||||
Class A | Class C | Class R | Class P | Institutional Class | Administrative Class | |||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/16) | $1,019.95 | $1,016.45 | $1,018.05 | $1,021.40 | $1,021.65 | $1,020.50 | ||||||
Expenses Paid During Period | $5.10 | $8.62 | $7.01 | $3.64 | $3.39 | $4.55 |
For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.01% for Class A, 1.71% for Class C, 1.39% for Class R, 0.72% for Class P, 0.67% for Institutional Class and 0.90% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366.
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AllianzGI Emerging Markets Consumer Fund
For the period of October 1, 2015 through March 31, 2016, as provided by Lu Yu, CFA, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Emerging Markets Consumer Fund (the “Fund”) returned -0.40%, underperforming the MSCI Emerging Markets Index (the “benchmark index”), which returned 6.41%.
Market Overview
During the reporting period, the macroeconomic environment for emerging markets equities was particularly divergent. The benchmark index rallied more than 7% in October 2015 as investor sentiment rapidly improved following declines in the prior five months. The exuberance moderated over the last two months of 2015, with concerns of slowing global growth and impact from the Fed rate hike resulting in a nearly 4% decline in November and a greater than 2% decline in December. The new year was met with extreme pessimism, with the asset class declining 20% through the first three weeks of January 2016. Emerging market equities witnessed a sharp turnaround in performance, rallying the last week of the month amid higher energy prices, a weaker dollar and dovish central bank expectations. The asset class oscillated in February only to see a significant rebound in March, resulting in a 13% advance. During the reporting period, large-cap, pro-cyclical, deep-value stocks were among the best performers due to the rapid shift in sentiment and preference for higher-beta exposure which had been a laggard in previous periods.
During the reporting period, Indonesia was the top benchmark index performer with a greater than 34% advance due in part to favorable growth projections and a rebound in commodity activity, followed closely by Hungary which was up nearly 31%. Brazilian shares saw high levels of volatility and a rebound in the later part of the reporting period. This volatility was due to improving energy prices and speculation that President Dilma Rousseff may be impeached, suggesting that her eventual successor may help turnaround slowing growth and higher inflation levels that have plagued the country. Meanwhile, perennial debt issues and slowing economic conditions led to a nearly 29% decline in Greece. Sector results were led by pro-cyclical segments, including double-digit advances in energy, materials and information technology. Meanwhile, the industrials sector was flat during the reporting period.
Portfolio Review
The Fund is strategically focused on local emerging markets consumption while avoiding hard-asset and export-oriented stocks which do not capture the secular growth of the rising middle class. The Fund lagged the benchmark index during the reporting period due to more conservative stock selection and a strategic avoidance of energy, materials and utilities, which were three of the top four performers for the benchmark index. As such, the level of underperformance is not unexpected, especially given the extreme beta-led rally in March 2016.
During the reporting period, the telecommunication services sector contributed positively to performance thanks to stock selection, followed closely by information technology as a result of positive stock picking in the internet software & services industry. Meanwhile, more conservative short-term stock selection in the consumer discretionary and consumer staples sectors offset results, as did an overweight allocation to the health care sector. From a country standpoint, emerging market-related securities in Australia contributed to performance, as did stock selection in China. Conversely, stock selection in Taiwan, Brazil, India and South Korea was decidedly negative during the reporting period. The largest individual active contributor to performance was Top Glove Corporation Bhd. The Malaysian manufacturer of latex, vinyl and nitrile gloves for health care and consumer-related applications rallied thanks to quarterly profits which topped Street expectations, benefiting from lower input prices and a strengthening US dollar. Australian winemaker Treasure Wine Estates Ltd. was higher as a result of strong demand in China which led to better than expected earnings. The largest active detractor was Brazilian meat processor JBS S.A., which declined due to the combination of profits missing analyst expectations as well as several of the company’s executives being accused of wrongdoing related to a series of loans. Indian drug manufacturer Dr. Reddy’s Laboratories Ltd. declined after receiving a warning letter from the US Food and Drug Administration over a handful of the company’s manufacturing facilities.
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI Emerging Markets Consumer Fund Class A | –0.40% | –17.58% | –14.45% | ||||||||||
AllianzGI Emerging Markets Consumer Fund Class A (adjusted) | –5.88% | –22.11% | –18.02% | |||||||||||
| AllianzGI Emerging Markets Consumer Fund Institutional Class | –0.31% | –17.34% | –14.18% | ||||||||||
| MSCI Emerging Markets Index | 6.41% | –12.03% | –9.55% | ||||||||||
Lipper Emerging Markets Funds Average | 4.60% | –11.58% | –11.59% |
† The Fund began operations on 12/1/14. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 11/30/14.
* Cumulative returns
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 8.72% for class A shares and 2.97% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.55% for Class A shares and 1.20% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
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AllianzGI Emerging Markets Consumer Fund (cont’d)
Cumulative Returns Through March 31, 2016
Country Allocation (as of March 31, 2016)
Korea (Republic of) | 17.7% | |||
China | 15.5% | |||
Taiwan | 12.3% | |||
Brazil | 7.4% | |||
Hong Kong | 7.1% | |||
India | 7.0% | |||
South Africa | 5.7% | |||
United States | 4.6% | |||
Other | 22.1% | |||
Cash & Equivalents — Net | 0.6% |
Shareholder Expense Example | Actual Performance | |||
Class A | Institutional Class | |||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | ||
Ending Account Value (3/31/16) | $996.00 | $996.90 | ||
Expenses Paid During Period | $8.08 | $6.29 | ||
Hypothetical Performance | ||||
(5% return before expenses) | ||||
Class A | Institutional Class | |||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | ||
Ending Account Value (3/31/16) | $1,016.90 | $1,018.70 | ||
Expenses Paid During Period | $8.17 | $6.36 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.62% for Class A and 1.26% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.
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Unaudited
AllianzGI Emerging Markets Debt Fund
For the period of October 1, 2015 through March 31, 2016, as provided by Greg Saichin, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Emerging Markets Debt Fund (the “Fund”) returned 5.20%, underperforming the 40% JPM EMBI Global Diversified, 40% JPM CEMBI Broad Diversified, 20% JPM GBI EM Diversified Index (the “benchmark index”), which returned 6.49%.
Performance Note:
Our flexible approach to investment enables us to allocate across six defined alpha sub-strategies: the sovereign and quasi-sovereign, local currency, corporate credit, arbitrage, income and momentum strategies. Through dynamic management, risk is allocated across these strategies within the portfolio in order to achieve maximized returns on a risk adjusted basis. While the blended benchmark is offered for relative comparison, the fund is managed on a total return, rather than a benchmark basis.
Portfolio Review
Over the reporting period, the emerging markets hard currency sovereign debt universe posted a 5.98% return and hard currency corporate debt posted a 4.17% return. Relative to the US dollar, emerging markets local currencies outperformed and were the best returning asset class in emerging market debt, with the GBI EM-GD index returning 10.49% for the period. The local currency index continued to perform poorly throughout the fourth quarter of 2015, returning -0.48% through the end of the quarter and extending declines through January 20, 2016. From that point, it rebounded strongly through the end of the first quarter of 2016. Our weighting in local currencies throughout the reporting period averaged below 5%, whereas the benchmark index has a weighting of 20%. While we generated positive alpha from our holdings in bonds denominated in local currencies and our foreign exchange (“LCFX”) positioning, we continued to maintain a relatively cautious weighting, given that the health of the asset class faced continued question marks, due to the uncertainties surrounding central bank policies, rates, and the strength of the US dollar. As the LCFX asset class has seen negative cumulative outflows through the end of the first quarter of 2016, we viewed this initial rebound as more technical in nature and took a more prudent view on investing.
The emerging market sovereign and corporate indices similarly saw the bulk of their performance come in during the first quarter of 2016, with the reference benchmarks having seen lackluster performance through the end of 2015, returning 0.89% and 0.27%, respectively. The emerging market (“EM”) asset class continues to trade in lockstep with the price of oil, with correlations between the commodity and hard currency sovereigns approaching 90%. Brent crude oil bottomed on the 20th of January, as did EM assets, which rose on the back of the oil recovery, from there. Sentiment shifted, decidedly, when oil bounced, sparking not only short covering in the oversold EM asset class, but inflows, as well.
Fundamentals improved, or were at least viewed as ‘less pessimistic’ as the new year progressed. On a macro level, concerns about lackluster Chinese growth abated, helping drive the rally in oil and other commodities such as copper, iron ore, and zinc, benefiting EM exporters. A continuation in accommodative central bank policies across the globe encouraged a return to a yield seeking, risk-on environment.
Idiosyncratic risks improved in other key countries, such as Argentina, where the newly elected, reform minded, Macri government expeditiously negotiated with holdouts on defaulted debt, ushering in US $16.5 billion of new issuance to an eager investor base. Sentiment in Brazil has improved as the political scandal has continued to unfold, leading to the ongoing impeachment process of President Dilma Rousseff. Venezuela continued to exhibit a strong willingness to pay outstanding debt, servicing both coupons and maturities and rewarding investors, despite its dwindling reserves. Oil producing countries such as Kazakhstan, Malaysia, Peru and Russia, among others, saw positive returns. China’s regional trade partners, such as Indonesia, benefited from a recovery in commodities and constructive sentiment surrounding Jokowi’s reform agenda, following his cabinet reshuffle.
Within the Fund, we were well positioned to capture alpha across these geographies. On a regional basis, holdings in Latin America were the greatest contributors to performance, led by Brazil, Argentina and Venezuela. Brazilian performance was largely driven by corporates, with both exposure to commodity producers and consumer non-cyclicals. Within Argentina, sovereign and provincial holdings were the primary drivers, with additional performance coming from our position in the oil producer, YPF. In Venezuela, the Fund profited from holding sovereign paper which matured in February 2016, as well as short dated PDVSA bonds, which rallied in sympathy. Indonesian holdings were the best performers in our Asian basket. Gains were seen in both sovereigns and high yield corporate holdings. Chinese corporates showed similarly strong performance, with the Fund benefiting from holdings in the real estate and bank sectors. Real estate has been supported by property policy easing, leading to property sales rising by 33% year over year in the first quarter of 2016, with prices recovering and construction starts beginning to turn positive. Corporates in Hong Kong and India also performed well, with contributions coming from commodity credits as well as consumer cyclicals and non-cyclicals.
Inflows to the emerging market fixed income asset class have been on the rise over recent weeks, which should be supportive of sentiment, secondary market prices and a selective return of new issuance. Continued dovish stances by central banks appear likely to persist, supporting EM and other risk assets. Nonetheless, the price of oil should continue to be the major driver for our asset class, and one should anticipate this correlation persisting over the coming quarters. Idiosyncratic risks, election cycles, United Kingdom exit (“Brexit”), and ongoing scandals impacting countries such as Brazil will undoubtedly add to uncertainty and volatility over the coming months, however, with the JPM EMBI Global Diversified trading at a spread of +390 versus US Treasuries, even a sideways trade in the asset class offers the potential for attractive returns over the medium term.
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AllianzGI Emerging Markets Debt Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | Since Inception† | ||||||||||||
AllianzGI Emerging Markets Debt Fund Class A | 5.20% | –0.09% | –1.07% | |||||||||||
| AllianzGI Emerging Markets Debt Fund Class A (adjusted) | 1.26% | –3.83% | –3.49% | ||||||||||
AllianzGI Emerging Markets Debt Fund Class C | 4.83% | –0.82% | –1.80% | |||||||||||
| AllianzGI Emerging Markets Debt Fund Class C (adjusted) | 3.83% | –1.79% | –1.80% | ||||||||||
| AllianzGI Emerging Markets Debt Fund Class P | 5.27% | 0.06% | –0.93% | ||||||||||
| AllianzGI Emerging Markets Debt Fund Institutional Class | 5.29% | 0.12% | –0.85% | ||||||||||
| 40% JPM EMBI Global Div, 40% JPM CEMBI Broad Div, 20% JPM GBI Global EM Div Index | 6.49% | 2.51% | 0.49% | ||||||||||
Lipper Emerging Market Hard Currency Debt Funds Average | 5.38% | 0.50% | –1.40% |
† The Fund began operations on 9/15/14. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 9/30/14.
* Cumulative return
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 3.75% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.85% for Class A shares, 2.59% for Class C shares, and 1.59% for Class P shares and 1.60% shares for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.20% for Class A shares, 1.95% for Class C shares, 1.05% for Class P shares and 0.95% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
Cumulative Returns Through March 31, 2016
Country Allocation (as of March 31, 2016)
Brazil | 6.9% | |||
China | 6.5% | |||
Russian Federation | 5.1% | |||
Mexico | 5.1% | |||
India | 4.5% | |||
Indonesia | 3.6% | |||
Turkey | 3.2% | |||
Hong Kong | 3.1% | |||
Other | 34.6% | |||
Cash & Equivalents — Net | 27.4% |
Moody’s Ratings* (as of March 31, 2016)
* As a percentage of total investments. Bond ratings refer to the underlying holdings of the Fund and are categorized from highest to lowest credit quality using ratings provided by Moody’s. Moody’s ratings have been selected for several reasons, including the access to information and materials provided by Moody’s, as well as the Fund’s consideration of industry practice. See “Important Information” for more detail on the selection of Moody’s for the Fund’s ratings presentation. Bonds not rated by Moody’s and bonds that do not currently have a rating available are designated in the chart above as “NR” and “NA”, respectively.
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AllianzGI Emerging Markets Debt Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/16) | $1,052.00 | $1,048.30 | $1,052.70 | $1,052.90 | ||||
Expenses Paid During Period | $6.21 | $10.04 | $5.44 | $4.88 | ||||
Hypothetical Performance | ||||||||
(5% return before expenses) | ||||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/16) | $1,018.95 | $1,015.20 | $1,019.70 | $1,020.25 | ||||
Expenses Paid During Period | $6.11 | $9.87 | $5.35 | $4.80 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.21% for Class A, 1.96% for Class C, 1.06% for Class P and 0.95% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.
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AllianzGI Emerging Markets Small-Cap Fund
For the period of October 1, 2015 through March 31, 2016, as provided by Jie Wei, CFA, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Emerging Markets Small-Cap Fund (the “Fund”) returned 1.80%, underperforming the MSCI Emerging Markets Small-Cap Index (the “benchmark index”), which returned 4.28%.
Market Overview
During the reporting period, the macroeconomic environment for emerging market equities was particularly divergent. The benchmark index rallied nearly 6% in October as investor sentiment rapidly improved following declines in three of the four prior months. The exuberance moderated over the last two months of 2015, with concerns of slowing global growth and impact from the Fed rate hikes resulting in a nearly 4% decline in November and a flat return in December. The New Year was met with extreme pessimism, with the asset class declining 12% through the first three weeks of January 2016. Emerging market equities witnessed a sharp turnaround in performance, rallying the last week of the month amid higher energy prices, a weaker dollar and dovish central bank expectations. The asset class oscillated in February only to see a significant rebound in March, resulting in a 10% advance. During the reporting period, larger-cap, pro-cyclical, deep-value stocks were among the best performers due to the rapid shift in sentiment and preference for higher-beta exposure which had been a laggard in previous periods.
During the reporting period, Colombian small-cap shares were up over 52% and Russian small-caps higher by 32%, due to a turnaround in commodity and energy pricing. Meanwhile, perennial debt issues and slowing economic conditions led to a nearly 9% decline in Greece. Sector results were led by double-digit advances in the materials sector, followed by a nearly 9% increase for the consumer discretionary sector. Meanwhile, energy stocks were surprisingly lower by nearly 10% overall, despite a rebound in oil and gas prices.
Portfolio Review
The Fund seeks to benefit from the vast inefficiencies in emerging market small-cap equities. During the reporting period, the Fund trailed the benchmark index due to more conservative stock selection at the country and sector level.
Specifically, a modest overweight allocation and positive stock selection in the health care sector contributed to performance, as did bottom-up selections in the consumer staples and energy sectors. The primary laggard during the reporting period was the materials sector, which meaningfully trailed the benchmark index due to more conservative stock selection. Stock picking in the information technology and consumer discretionary sectors also trailed the benchmark index during the reporting period. From a country perspective, selections in China contributed positively to performance as did an overweight to Hungary and underweight to India. Meanwhile, bottom-up selections in Turkey, South Africa and South Korea lagged the benchmark index.
The largest individual active contributor to performance was Taiwanese semiconductor manufacturing company Win Semiconductors Corp., which advanced thanks to improved revenue growth and expanding margins. In addition, analysts are suggesting its diversified product mix away from lower-margin cellular products and greater emphasis on WiFi could lead to further margin expansion in the future. Weiqiao Textile Co., Ltd., a producer of cotton and fabrics, rallied due to strong earnings which topped Street expectations. The company benefited from improved manufacturing capabilities and a better product mix. The largest individual active detractor to performance was Net 1 UEPS Technologies, Inc. The South African smart card and payments provider was lower due in part to earnings which missed Street expectations and in part FX headwinds. Indian pharmaceutical company Wockhardt Limited saw shares slump due to an FDA inspection and recommended corrective measures for one if its plants. In addition, industry sentiment was negative given the recent market preference for cyclical stocks.
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | Since Inception† | ||||||||||||
AllianzGI Emerging Markets Small-Cap Fund Class A | 1.80% | –6.89% | –3.56% | |||||||||||
| AllianzGI Emerging Markets Small-Cap Fund Class A (adjusted) | –3.80% | –12.01% | –7.58% | ||||||||||
| AllianzGI Emerging Markets Small-Cap Fund Institutional Class | 1.98% | –6.52% | –3.21% | ||||||||||
| MSCI Emerging Markets Small-Cap Index | 4.28% | –9.20% | –5.54% | ||||||||||
Lipper Emerging Markets Funds Average | 4.60% | –11.58% | –11.59% |
† The Fund began operations on 12/1/14. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 11/30/14.
* Cumulative return
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 8.44% for Class A shares and 6.81% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.85% for Class A shares and 1.50% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
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Unaudited
AllianzGI Emerging Markets Small-Cap Fund (cont’d)
Cumulative Returns Through March 31, 2016
Country Allocation (as of March 31, 2016)
Taiwan | 21.2% | |||
Korea (Republic of) | 17.0% | |||
China | 15.9% | |||
India | 7.2% | |||
Thailand | 6.7% | |||
Malaysia | 5.2% | |||
Hong Kong | 4.6% | |||
Russian Federation | 3.4% | |||
Other | 17.2% | |||
Cash & Equivalents — Net | 1.6% |
Shareholder Expense Example | Actual Performance | |||
Class A | Institutional Class | |||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | ||
Ending Account Value (3/31/16) | $1,018.00 | $1,019.80 | ||
Expenses Paid During Period | $9.33 | $7.57 | ||
Hypothetical Performance | ||||
(5% return before expenses) | ||||
Class A | Institutional Class | |||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | ||
Ending Account Value (3/31/16) | $1,015.75 | $1,017.50 | ||
Expenses Paid During Period | $9.32 | $7.57 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.85% for Class A and 1.50% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.
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Table of Contents
Unaudited
AllianzGI Europe Equity Dividend Fund
For the period of October 1, 2015 through March 31, 2016, as provided by Neil Dwane and Joerg de Vries-Hippen, DVFA/CIAA, Co-Portfolio Managers.
Fund Insights
For the six-month period ended March 31, 2015, Class A shares at NAV of the AllianzGI Europe Equity Dividend Fund (the “Fund”) returned 5.56%, outperforming the MSCI Europe Total Return (Net) Index (the “benchmark index”), which returned -0.08%.
Market Overview
European companies closed the reporting period unchanged. While markets still trended positively in the first half of the reporting period, they experienced a significant setback going into 2016, which was followed by a strong market rally in March.
The ECB announcement that it would be reassessing its policy in December 2015, another cut in key rates by the PBoC, the better than feared start to the US earnings season and brisk merger & acquisition (“M&A”) activity resulted in a strong recovery of equity markets in October. Weak German economic data for August, worsening economic data in the US and persistently negative economic trends in China only temporarily put pressure on equity markets. Robust economic data from both the US and Europe and signals from the ECB of more monetary steps in December were some of the supporting factors in November. However, in December, the Organization of the Petroleum Exporting Countries (“OPEC”) failed to agree on an oil production ceiling and the oil price slumped to an 11-year low, the Institute for Supply Management Manufacturing Index (“ISM”) declined to a 5-year low, weak Chinese economic data, the depreciation of the Yuan and stress in the US high yield market all resulted in disappointing performance of equity markets. Markets were then subject to heightened volatility in the first quarter of 2016. Most markets suffered the worst start to a year in decades, with some entering bear-market territory, amid renewed fears about the slowdown in China and further oil price weakness. The dovish Fed meeting, the extension of the ECB’s quantitative easing, the resilient US labor market and recovering oil prices resulted in a recovery of equity markets in March. The terror attacks in Brussels, the strong euro and persistently weak economic data in China only temporarily put pressure on equity markets.
Portfolio Review
The Fund was able to hold up significantly better during the market setback phase and hold on to, and even increase, these relative gains during the subsequent market recovery. Stock selection was the decisive driver for the Fund’s active performance. Selection contributed most within financials, industrials and utilities. Country allocation did not have a meaningful impact on active performance. Sector structure detracted from performance due to the overweight in financials and the underweight in consumer staples and materials.
During the reporting period, the Fund’s largest overweights relative to the benchmark index were in telecom services and energy while the largest underweights were in health care followed by materials. With regard to country exposure, the largest overweights were in the UK and Norway while the largest underweights were in Switzerland and the Netherlands.
The strongest stock contributors to performance were the positions in Sunrise Communications (Switzerland), Logista (Spain) and NCC (Norway) whilst the positions in Pearson (UK), Drillisch (Germany) and Freenet (Germany) were the largest detractors. Sunrise Communications is the second biggest of three telecom operators in Switzerland. The aggressive appearance of a 3rd market participant raised concerns over a price war, however as these concerns faded, the stock price recovered. Logista is the leading tobacco distributor in Spain, Italy and France (quasi-monopoly). Logista is a call on a European recovery. It is a highly protected business, with a healthy balance sheet and a high, sustainable dividend yield. NCC is a Scandinavian construction company. Their homebuilding unit did exceptionally well in the fourth quarter of 2015.
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | Since Inception† | ||||||||||||
AllianzGI Europe Equity Dividend Fund Class A | 5.56% | –3.66% | –3.79% | |||||||||||
| AllianzGI Europe Equity Dividend Fund Class A (adjusted) | –0.25% | –8.96% | –8.38% | ||||||||||
AllianzGI Europe Equity Dividend Fund Class C | 5.26% | –4.36% | –4.44% | |||||||||||
| AllianzGI Europe Equity Dividend Fund Class C (adjusted) | 4.26% | –5.30% | –4.44% | ||||||||||
| AllianzGI Europe Equity Dividend Fund Class P | 5.69% | –3.53% | –3.62% | ||||||||||
| AllianzGI Europe Equity Dividend Fund Institutional Class | 5.75% | –3.41% | –3.52% | ||||||||||
| MSCI Europe Total Return (Net) Index | –0.08% | –8.44% | –5.10% | ||||||||||
Lipper European Region Funds Average | 0.21% | –5.76% | –1.49% |
† The Fund began operations on 2/2/15. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 1/31/15.
* Cumulative return
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 9.45% for Class A shares, 9.54% for Class C shares, 9.38% for Class P shares and 8.94% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.20% for Class A shares, 1.95% for Class C shares, 1.05% for Class P shares and 0.95% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
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Unaudited
AllianzGI Europe Equity Dividend Fund (cont’d)
Cumulative Returns Through March 31, 2016
Country Allocation (as of March 31, 2016)
United Kingdom | 36.1% | |||
France | 10.0% | |||
Germany | 9.3% | |||
Spain | 8.1% | |||
Switzerland | 7.1% | |||
Norway | 4.0% | |||
Sweden | 3.7% | |||
Belgium | 3.1% | |||
Other | 7.0% | |||
Cash & Equivalents — Net | 11.6% |
Shareholder Expense Example | Actual Performance | |||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/16) | $1,055.60 | $1,052.60 | $1,056.90 | $1,057.50 | ||||
Expenses Paid During Period | $6.22 | $10.01 | $5.40 | $4.89 | ||||
Hypothetical Performance | ||||||||
(5% return before expenses) | ||||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/16) | $1,018.95 | $1,015.25 | $1,019.75 | $1,020.25 | ||||
Expenses Paid During Period | $6.11 | $9.82 | $5.30 | $4.80 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.21% for Class A, 1.95% for Class C, 1.05% for Class P and 0.95% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.
Semiannual Report | | March 31, 2016 | 61 |
Table of Contents
Unaudited
AllianzGI Global Fundamental Strategy Fund
For the period of October 1, 2015 through March 31, 2016, as provided by Andreas Utermann, ASIP, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Global Fundamental Strategy Fund (the “Fund”) returned 4.25%, outperforming the USD Overnight LIBOR, which returned 0.14%.
Market Overview
Although global equities started this six-month period strongly driven by the ongoing accommodative monetary policy of global central banks, January was the worst start to a year in decades. Global markets began a recovery mid-February and this continued through March. US equities rallied strongly over the first half of the reporting period, boosted by better than expected company profits and signs of improvement in the US economy. Commodity markets, which had been a cause of concern for months have now improved and prices are stabilizing. This has had a knock-on effect on emerging markets which struggled before February, but are now delivering positive returns. Dovish statements from the Fed and further policy easing from the ECB and the Bank of Japan (“BoJ”) helped performance of government bonds.
Earlier in 2015 the effects of the ECB’s newly-introduced quantitative easing program were materializing. The Fed’s move in December to raise interest rates for the first time since 2006 caused global bond yields to rise. Fund management considered this move to be a vote of confidence in the robustness of the US economy and a demonstration of the Fed’s belief that the global economy is on a positive track. This marked the start of divergence in global monetary policy. In the US, the Fed judged that conditions justified a “lift-off” in interest rates, but stressed that future increases would be “gradual.” In contrast, the ECB lowered interest rates and extended the duration of its quantitative easing program by at least six months.
Portfolio Review
The Fund’s main characteristics are income generation while limiting volatility and it has held onto acquisitions in oil stocks, emerging market equities and emerging market local and hard currency bonds despite adverse market conditions. Some oil sector calls were sold towards the end of 2015, contributing to performance. In addition to the Italian BTP’s and Spanish inflation linkers which have been held for a while, the Fund bought US TIPS. This was against the backdrop of a firming US economy and the tail-risks represented by the corresponding inflation. Commodities and cyclicals which have been volatile showed signs of recovery towards the end of this reporting period. The Fund brought in mixed performance figures but has finished this six-month period up over 4.0%. The Fund’s core and opportunistic structure has proven itself during a very volatile six months with investments in German real estate and commodity stocks in particular, showing excellent results. Profits were taken on big name equity stocks in March, locking in good performance on the back of the strong equity rally. Similarly, the allocation to outperforming emerging market bonds was cut back.
At the end of the reporting period, the Fund held 41.4% in equities, 48.5% in fixed income with the remaining 10.2% in cash and derivatives.
Outlook
The mood in the markets appears to be changing. Previously markets were defensive, preferring growth over value. Now this trend is in reverse, the mining sector is outperforming, oil is recovering and emerging markets local currency bonds are strong.
Until recently there was talk of a recession and indeed the early figures this year pointed in that direction. With more data points observed, the somber mood which pervaded markets at the outset of the year is starting to lift. We believe that fears regarding the health of the global economy have not been justified. We also perceive no threat of deflation. In our opinion, the US will continue to grow ahead of the trend, while China is in need of economic improvements.
We believe that the global economic cycle is moving towards recovery in 2016. With a value-biased investment approach of exposure to equities paying dividends, the Fund is well positioned to take advantage of this upswing.
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | Since Inception† | ||||||||||||
AllianzGI Global Fundamental Strategy Fund Class A | 4.25% | 0.29% | 2.58% | |||||||||||
| AllianzGI Global Fundamental Strategy Fund Class A (adjusted) | –1.48% | –5.22% | 0.49% | ||||||||||
AllianzGI Global Fundamental Strategy Fund Class C | 3.82% | –0.58% | 1.78% | |||||||||||
| AllianzGI Global Fundamental Strategy Fund Class C (adjusted) | 2.82% | –1.54% | 1.78% | ||||||||||
| AllianzGI Global Fundamental Strategy Fund Class P | 4.27% | 0.40% | 2.71% | ||||||||||
| AllianzGI Global Fundamental Strategy Fund Institutional Class | 4.37% | 0.49% | 2.83% | ||||||||||
| USD Overnight LIBOR | 0.14% | 0.20% | 0.14% | ||||||||||
| 70% MSCI ACWI, 30% Barclays Global Aggregate Index | 5.32% | –1.52% | 4.88% | ||||||||||
| USD Overnight LIBOR + 4% | 2.19% | 4.36% | 4.28% | ||||||||||
Lipper Absolute Return Funds Average | –0.17% | –4.01% | 0.94% |
† The Fund began operations on 7/1/13. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 6/30/13.
* Cumulative return
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 2.30% for Class A shares, 2.82% for Class C shares, 1.83% for Class P shares and 1.81% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.26% for Class A shares, 2.01% for Class C shares, 1.11% for Class P shares and 1.01% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
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Unaudited
AllianzGI Global Fundamental Strategy Fund (cont’d)
Cumulative Returns Through March 31, 2016
Country Allocation (as of March 31, 2016)
United States | 23.2% | |||
Supranational | 9.9% | |||
Italy | 6.3% | |||
Germany | 5.1% | |||
Switzerland | 5.0% | |||
Brazil | 4.4% | |||
Mexico | 4.2% | |||
Indonesia | 4.0% | |||
Other | 23.6% | |||
Cash & Equivalents — Net (including Options Purchased and Written) | 14.3% |
Moody’s Ratings* (as of March 31, 2016)
* As a percentage of fixed-income investments. Bond ratings refer to the underlying holdings of the Fund and are categorized from highest to lowest credit quality using ratings provided by Moody’s. Moody’s ratings have been selected for several reasons, including the access to information and materials provided by Moody’s, as well as the Fund’s consideration of industry practice. See “Important Information” for more detail on the selection of Moody’s for the Fund’s ratings presentation. Bonds not rated by Moody’s and bonds that do not currently have a rating available are designated in the chart above as “NR” and “NA”, respectively.
Shareholder Expense Example | Actual Performance | |||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/16) | $1,042.50 | $1,038.20 | $1,042.70 | $1,043.70 | ||||
Expenses Paid During Period | $6.38 | $10.19 | $5.62 | $5.11 | ||||
Hypothetical Performance | ||||||||
(5% return before expenses) | ||||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/16) | $1,018.75 | $1,015.00 | $1,019.50 | $1,020.00 | ||||
Expenses Paid During Period | $6.31 | $10.08 | $5.55 | $5.05 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.25% for Class A, 2.00% for Class C, 1.10% for Class P and 1.00% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.
Semiannual Report | | March 31, 2016 | 63 |
Table of Contents
Unaudited
AllianzGI Global Sustainability Fund
For the period of October 1, 2015 through March 31, 2016, as provided by Paul Schofield, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Global Sustainability Fund (the “Fund”) returned 5.06%, underperforming the MSCI ACWI (the “benchmark index”), which returned 5.28%.
Market Overview
Over the reporting period, despite periodic bouts of concern over the pace and sustainability of global economic growth, equity markets continued to move higher, supported by the ECB’s quantitative easing program and steady, although muted, improvement in the US economy.
This period marked the start of divergence in global monetary policy. In the US, the Fed judged that conditions justified a “lift-off” in interest rates, but stressed that future increases would be “gradual.” Janet Yellen, Fed chair, noted that the Fed will need to proceed cautiously given “the economic risk from abroad”. The ECB lowered interest rates, reduced banks’ deposit rates further into negative territory and extended its quantitative easing program. The BOJ surprised investors by cutting interest rates to below zero.
Most markets suffered the worst start to a year in decades, with some entering bear-market territory, amid renewed fears about the slowdown in China and further oil price weakness. However, signs that commodity prices may be stabilizing, as well as further central bank stimulus, helped markets to recover in March.
Global bonds advanced, as the volatility in equity markets boosted demand for assets seen as safe havens. Dovish statements from the Fed and further policy easing from the ECB and BOJ also underpinned government bonds. Corporate bonds had a volatile period as they mirrored the movement in equity markets, selling off sharply at the beginning of the year before rallying in March.
Emerging market currencies rallied as the US dollar weakened, reflecting the Fed’s more dovish comments. The Japanese yen also rose, as it benefited from its “safe haven” status. However, the British pound fell sharply amid concerns over the UK’s referendum on EU membership (“Brexit”) in June.
Commodity prices fell sharply in January, with the prospect of the lifting of sanctions against Iran causing oil to fall below $30 a barrel. However, they appeared to stabilize at the end of the reporting period, with oil rising back above $40 a barrel, a rally of almost 50% from the lows reached in January.
Portfolio review
Largely due to the bifurcated performance of the market, led by defensive and commodity-related sectors, the Fund underperformed the benchmark index, although was positive in absolute terms. Stock selection was positive in Information technology, health care and consumer discretionary. An overweight in health care and consumer staples and an underweight in financials helped performance, although this was overshadowed by financials stock selection. Being underweight in utilities also hurt performance. Given our focus on high return growth companies, we typically have very limited, if any, exposure to utilities, which, as previously mentioned, outperformed the broader market. The materials sector moved higher on the back of a recovery in long underperforming mining stocks, which is another area we tend to avoid. While the Fund’s overall underweight in materials did not have a meaningful impact on performance, stock selection detracted.
From a country perspective, stock selection in Germany and the UK helped performance while the US and France was negative.
Adidas and Nielsen Holdings were among the top contributors. Adidas’s most recent set of results showed strong sales momentum and the company increased forward guidance. The company has also announced that Kasper Rorsted, former CEO of Henkel, will become the company’s new CEO. The Fund also holds Henkel in the portfolio and during his eight years as CEO, Mr. Rorsted has delivered a significant increase in the company’s profitability and share price. Management change was an important component of our investment thesis for Adidas and with plenty of scope for operating margins to expand, we remain positive on the stock.
Financial companies were among the top detractors, including Citigroup, which was caught in the financial sector downdraft largely precipitated by profitability concerns for banks due to the narrowing of interest rate spread margins and potential loan exposure to the energy complex. We originally purchased Citigroup due to improving returns, dividend growth and absolute valuation upside. While we believe the thesis remains intact, the timescale for recovery may have been extended due to cyclical headwinds in terms of the credit cycle and interest margin compression. We continue to hold the shares as they are trading below tangible book value.
Overall, we are comfortable with the profile of the Fund’s financial holdings, which is tilted away from commercial banks and has more exposure to higher quality diversified financials and insurance, such as Munich Re.
Outlook
Regional correlations and sector dispersion have risen as investors’ confidence in the global growth outlook and central banks’ ability to support major economies has waxed and waned. Over the near term this has muted the impact of active stock selection as sentiment has overwhelmed company fundamentals. High correlation markets are typically associated with extremes in investors’ risk appetite and tend to compress the outperformance opportunity from active stock picking as sentiment overwhelms company fundamentals. With that said, the Fund has navigated the current market environment reasonably well. When correlations subside, we anticipate that the Fund’s performance will more closely reflect the attractive structural growth and high return prospects of the companies we invest in.
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Unaudited
AllianzGI Global Sustainability Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | Since Inception† | ||||||||||||
AllianzGI Global Sustainability Fund Class A | 5.06% | –1.50% | –0.95% | |||||||||||
| AllianzGI Global Sustainability Fund Class A (adjusted) | –0.72% | –6.92% | –5.15% | ||||||||||
| AllianzGI Global Sustainability Fund Class P | 5.16% | –1.27% | –0.77% | ||||||||||
| AllianzGI Global Sustainability Fund Institutional Class | 5.20% | –1.23% | –0.69% | ||||||||||
| MSCI ACWI | 5.28% | –4.34% | –2.12% | ||||||||||
| Dow Jones Sustainability World Total Return Index | 3.05% | –7.22% | –5.75% | ||||||||||
Lipper Global Large-Cap Core Average | 4.21% | –3.77% | –2.66% |
† The Fund began operations on 12/9/14. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 11/30/14.
* Cumulative return
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 13.17% for Class A shares, 6.51% for Class P shares and 6.51% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.20% for Class A shares, 1.05% for Class P shares and 0.95% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
Semiannual Report | | March 31, 2016 | 65 |
Table of Contents
Unaudited
AllianzGI Global Sustainability Fund (cont’d)
Cumulative Returns Through March 31, 2016
Country Allocation (as of March 31, 2016)
United States | 52.3% | |||
United Kingdom | 12.3% | |||
Germany | 7.9% | |||
Switzerland | 4.6% | |||
Spain | 4.0% | |||
Japan | 3.6% | |||
Sweden | 2.8% | |||
France | 2.8% | |||
Other | 5.7% | |||
Cash & Equivalents — Net | 4.0% |
Shareholder Expense Example | Actual Performance | |||||
Class A | Class P | Institutional Class | ||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/16) | $1,050.60 | $1,051.60 | $1,052.00 | |||
Expenses Paid During Period | $6.15 | $5.39 | $4.87 | |||
Hypothetical Performance | ||||||
(5% return before expenses) | ||||||
Class A | Class P | Institutional Class | ||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/16) | $1,019.00 | $1,019.75 | $1,020.25 | |||
Expenses Paid During Period | $6.06 | $5.30 | $4.80 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.20% for Class A, 1.05% for Class P and 0.95% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.
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AllianzGI Global Water Fund
For the period of October 1, 2015 through March 31, 2016, as provided by Andreas Fruschki, CFA, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Global Water Fund (the “Fund”) returned 11.10%, outperforming the S&P Global Water Index (the “benchmark index”), which returned 8.93%.
Market Overview
On the positive side, we see encouraging signs that investments in water infrastructure by US municipalities continue their upward trend after many years of austerity. European water capex remains depressed and well below sustainable levels, but we expect the return to growth similar to the US with some delay. Once Europe and the US are fully back in normal water infrastructure investment mode, this would bring back two very large customers for water equipment products which have both held back spending since 2009.
Water M&A continues to be an active theme as companies try to participate in the structural attractiveness of water technology. We expect an increase in M&A activity in the next twelve months as established players have cash to invest and a global platform which allows them to leverage regional water products across their global distribution network. We also anticipate seeing further consolidation in US water utilities as many municipalities lack the financial strength to maintain their water networks to comply with the Environmental Protection Agency, so there will be ample opportunities for large US water utility companies to acquire water assets.
Portfolio Review
The performance of water-related stocks as measured by the benchmark index’s absolute performance was up over the period and the Fund outperformed the benchmark index, the S&P 500 Index, and the MSCI ACWI.
The best performing stocks during the reporting period included American Water Works and Aqua America, two US water utilities which continue to benefit from water infrastructure investments needed across the US; and Geberit, which we added to following our positive outlook on consumer spending and the European construction market. Stocks that detracted from performance for the reporting period included our Asian holdings, such as Guangdong Investments and Beijing Water, which were dragged down somewhat by the overall poor performance of the Chinese stock market. We have since sold out of Beijing Water and decreased our allocation to Guangdong Investments.
Outlook
We expect investments in water infrastructure to continue to accelerate as municipalities stop postponing investments needed to address the further deterioration of the existing networks in the US and Europe. We remain very comfortable with our top holdings in the Fund, which are a mix of high-growth US, UK and European water utilities as well as leading water industrial companies most exposed to a slowly but steadily growing US water infrastructure market after many years of pent-up demand. We also like our holdings of leading players in clean water and water-efficient consumer equipment. We try to avoid water companies which also sell to customers in either the mining or oil and gas industry and favor those water companies that also sell into structurally attractive end-markets such as safety or medical. We continue to focus on bottom-up stock picking and screening for leading players along the water supply chain with products to enhance water supply, improve water efficiency or water quality.
Consumer demand for clean drinking water remains high, especially in the emerging markets where the water infrastructure networks in most cases only fulfill very basic needs and still need several rounds of upgrading before clean drinking water is available to the same degree as in developed nations. We estimate this will take decades worth of investments.
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
AllianzGI Global Water Fund Class A | 11.10% | 5.05% | 7.02% | 4.32% | ||||||||||||||
| AllianzGI Global Water Fund Class A (adjusted) | 4.99% | –0.72% | 5.81% | 3.59% | |||||||||||||
AllianzGI Global Water Fund Class C | 10.63% | 4.24% | 6.19% | 3.53% | ||||||||||||||
| AllianzGI Global Water Fund Class C (adjusted) | 9.63% | 3.24% | 6.19% | 3.53% | |||||||||||||
| AllianzGI Global Water Fund Class P | 11.19% | 5.33% | 7.24% | 4.56% | |||||||||||||
| AllianzGI Global Water Fund Institutional Class | 11.16% | 5.32% | 7.33% | 4.65% | |||||||||||||
| MSCI ACWI | 5.28% | –4.34% | 5.22% | 3.35% | |||||||||||||
| S&P Global Water Index | 8.93% | 2.48% | 8.63% | 5.96% | |||||||||||||
Lipper Global Natural Resources Funds Average | 2.51% | –19.22% | –9.62% | –6.55% |
† The Fund began operations on 3/31/08. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 3/31/08.
* Cumulative return
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s expense ratios are 1.44% for Class A shares, 2.23% for Class C shares 1.16% for Class P shares and 1.17% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
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AllianzGI Global Water Fund (cont’d)
Cumulative Returns Through March 31, 2016
Country Allocation (as of March 31, 2016)
United States | 33.2% | |||
United Kingdom | 14.3% | |||
Switzerland | 12.7% | |||
France | 8.2% | |||
Austria | 5.5% | |||
Netherlands | 4.5% | |||
Finland | 3.5% | |||
Italy | 3.0% | |||
Other | 7.3% | |||
Cash & Equivalents — Net | 7.8% |
Shareholder Expense Example | Actual Performance | |||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/16) | $1,111.00 | $1,106.30 | $1,111.90 | $1,111.60 | ||||
Expenses Paid During Period | $7.60 | $11.74 | $6.44 | $6.12 | ||||
Hypothetical Performance | ||||||||
(5% return before expenses) | ||||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/16) | $1,017.80 | $1,013.85 | $1,018.90 | $1,019.20 | ||||
Expenses Paid During Period | $7.26 | $11.23 | $6.16 | $5.86 |
For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.44% for Class A, 2.23% for Class C, 1.22% for Class P and 1.16% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.
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AllianzGI High Yield Bond Fund
For the period of October 1, 2015 through March 31, 2016, as provided by Doug Forsyth, CFA, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI High Yield Bond Fund (the “Fund”) returned -0.70%, underperforming the BofA Merrill Lynch High Yield Master II Index (the “benchmark index”), which returned 1.01%.
Market Overview
The high-yield market’s path toward achieving positive results for the reporting period was hardly linear.
Several factors influenced high-yield bonds earlier in the reporting period—most notably oil prices, technical pressure and negative sentiment, the Fed’s activity, earnings and the dollar, and global economic data.
In the back half of the first quarter of 2016, performance recovered significantly so this review will focus on what caused the market’s slide to reverse and head higher. The most notable factors were the Fed’s outlook and commentary, US economic data, global conditions and technical factors.
The Fed’s activity topped the list of concerns about an already fragile US economy slowing further, but so far in 2016, the Fed has kept additional rate hikes on hold due to market volatility and weakness outside the US. After some hawkish rhetoric by some FOMC members following their March 2016 meeting, Fed Chair Janet Yellen quickly reversed those interpretations with some heavily dovish comments of her own.
Other factors benefiting the high-yield market during the first quarter of 2016 were a weaker dollar and, concurrently, higher commodity prices. As commodity prices, specifically crude oil prices, increased, market sentiment also rose. These changes were bolstered by a continuing positive employment trend that, when taken in conjunction with other economic indicators, create a positive backdrop for the current economic condition in the US. These factors all helped the high-yield market stage a strong comeback.
Three offshore factors also helped sentiment. First, the ECB presented some stronger-than-expected economic stimulus tools to help calm fears in Europe. Second, Chinese officials made several comments in the quarter that helped abate concerns about growth and foreign-exchange policies. And third, several oil-producing countries discussed capping production.
Some of the reporting period’s increased volatility stemmed from technical pressure caused by structural changes. The lack of middle-market-making by banks and broker/dealers has created price gaps for some issuers. Government policies intended to control the financial risk for banks trading in the credit markets have had unintended consequences. The market-smoothing mechanism—broker/dealers making markets—is struggling, and even small trades have caused a great impact on prices in many cases. However, these same forces led to price gaps higher over the balance of the quarter.
Portfolio Review
During the reporting period, the Fund’s return lagged the benchmark index. However, the relative lag was largely experienced in the first half of the reporting period. In the subsequent rally, the Fund participated in the market’s significant move higher.
Industry allocations that helped relative performance during the reporting period included chemicals, support-services and technology. All three industries exhibited positive issue selection. Overweights in chemicals and technology were also beneficial.
Industry allocations that hurt relative performance during the reporting period included energy, theaters & entertainment and metals/mining ex. steel. All three industries exhibited negative issue selection.
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AllianzGI High Yield Bond Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | 5 Year | 10 Year | Since Inception† | ||||||||||||||||||
AllianzGI High Yield Bond Fund Class A | –0.70% | –6.07% | 3.45% | 6.01% | 6.98% | |||||||||||||||||
| AllianzGI High Yield Bond Fund Class A (adjusted) | –4.42% | –9.60% | 2.66% | 5.61% | 6.77% | ||||||||||||||||
AllianzGI High Yield Bond Fund Class C | –0.94% | –6.69% | 2.72% | 5.26% | 6.20% | |||||||||||||||||
| AllianzGI High Yield Bond Fund Class C (adjusted) | –1.90% | –7.58% | 2.72% | 5.26% | 6.20% | ||||||||||||||||
| AllianzGI High Yield Bond Fund Class R | –0.96% | –6.76% | 3.05% | 5.68% | 6.68% | ||||||||||||||||
| AllianzGI High Yield Bond Fund Class P | –0.54% | –5.69% | 3.72% | 6.24% | 7.18% | ||||||||||||||||
| AllianzGI High Yield Bond Fund Institutional Class | –0.42% | –5.65% | 3.83% | 6.45% | 7.46% | ||||||||||||||||
AllianzGI High Yield Bond Fund Administrative Class | –0.58% | –6.60% | 3.37% | 5.97% | 6.96% | |||||||||||||||||
| BofA Merrill Lynch High Yield Master II Index | 1.01% | –3.99% | 4.71% | 6.85% | 6.79% | ||||||||||||||||
Lipper High Yield Funds Average | 0.31% | –4.01% | 3.83% | 5.55% | 5.89% |
† The Fund began operations on 7/31/96. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 7/31/96.
* Cumulative return
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 3.75% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s expense ratios are 1.03% for Class A shares, 1.68% for Class C shares, 1.46% for Class R shares, 0.64% for Class P shares, 0.63% for Institutional Class shares and 0.98% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
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AllianzGI High Yield Bond Fund (cont’d)
Cumulative Returns Through March 31, 2016
Industry Allocation (as of March 31, 2016)
Telecommunications | 9.7% | |||
Media | 8.4% | |||
Oil, Gas & Consumable Fuels | 6.1% | |||
Diversified Financial Services | 5.3% | |||
Commercial Services | 5.3% | |||
Healthcare-Services | 4.8% | |||
Software | 4.2% | |||
Chemicals | 3.3% | |||
Other | 49.5% | |||
Cash & Equivalents — Net | 3.4% |
S&P Ratings* (as of March 31, 2016)
* As a percentage of total investments. Bond ratings refer to the underlying holdings of the Fund and are categorized from highest to lowest credit quality using ratings provided by S&P Global Ratings(“S&P”). S&P’s ratings have been selected for several reasons, including the portfolio managers’ usage of S&P ratings methodology among other credit quality information in managing the Fund, access to background information and other materials provided by S&P, as well as the Funds’ considerations of industry practice. The Fund also displays S&P credit ratings information in materials provided in client presentations. Previous shareholder reports for the Fund displayed bond ratings provided by Moody’s. See “Important Information” for more detail on the selection of S&P for the Fund’s ratings presentation. Bonds not rated by S&P and bonds that do not currently have a rating available are designated in the chart above as “NR” and “NA”, respectively.
Shareholder Expense Example | Actual Performance | |||||||||||
Class A | Class C | Class R | Class P | Institutional Class | Administrative Class | |||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/16) | $993.00 | $990.60 | $990.40 | $994.60 | $995.80 | $994.20 | ||||||
Expenses Paid During Period | $4.88 | $8.41 | $7.46 | $3.54 | $3.29 | $4.79 | ||||||
Hypothetical Performance | ||||||||||||
(5% return before expenses) | ||||||||||||
Class A | Class C | Class R | Class P | Institutional Class | Administrative Class | |||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/16) | $1,020.10 | $1,016.55 | $1,017.50 | $1,021.45 | $1,021.70 | $1,020.20 | ||||||
Expenses Paid During Period | $4.95 | $8.52 | $7.57 | $3.59 | $3.34 | $4.85 |
For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.98% for Class A, 1.69% for Class C, 1.50% for Class R, 0.71% for Class P, 0.66% for Institutional Class and 0.96% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366.
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AllianzGI International Growth Fund
For the period of October 1, 2015 through March 31, 2016, as provided by the Europe Equity Growth Team.
Fund Insights
For the six-month period ended March 31 2016, Class A shares at NAV of the AllianzGI International Growth Fund (the “Fund”) returned 8.25%, outperforming the MSCI ACWI ex USA Index (the “benchmark index”), which returned 2.86%.
Market Overview
During the reporting period, equity markets moved on a volatile path including correction from November 2015 through February 2016. Concerns about the future of the Chinese economy, particularly China’s discretionary spending, weighed on markets. In addition, crude oil prices reached new lows and only began to stabilize toward the end of the reporting period. Markets closed the period with moderate gains.
Portfolio Review
The Fund’s outperformance was driven by strong stock selection. The Fund’s picks were characterized by strong earnings profiles and high quality balance sheets which have contributed to the core growth of the Fund. Stock selection was particularly positive across the information technology, health care and consumer staples sectors. This positive contribution outweighed the negative effects of stock picking in the weaker performing consumer discretionary sector where positions such as Richemont underperformed due to concerns related to Chinese consumption. Conversely, sector allocation detracted during the reporting period due to a relative overweight in consumer staples and an underweight in financials.
With respect to individual stocks, positions in Ambu, Sysmex, LG Household & Health, Infineon, Novo Nordisk and Simcorp were the largest contributors to performance on both an absolute and active level. Biostime, Hexpol, Keyence and Sundrug were also additive.
On the other hand, shares of Elekta, Canadian National Railway and Hugo Boss detracted from the active performance and underwent a period of share-price correction. Bank NS Halifax, Schneider Electric and Richemont also underperformed with moderate losses.
During the reporting period, we purchased shares of UBS, Restaurant Brands, Rotork, Imi, Nippon Paint, Odontoprev, Norma Richelieu Hardware, Jollibee Foods and Ambu. We sold our position in Lawson, Magnit and Spectris.
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | Since Inception† | ||||||||||||
AllianzGI International Growth Fund Class A | 8.25% | –1.70% | 1.70% | |||||||||||
| AllianzGI International Growth Fund Class A (adjusted) | 2.29% | –7.11% | –3.15% | ||||||||||
| AllianzGI International Growth Fund Institutional Class | 8.38% | –1.45% | 1.93% | ||||||||||
| MSCI ACWI ex USA Index | 2.86% | –9.19% | –5.55% | ||||||||||
| MSCI ACWI ex USA Growth Index | 4.64% | –6.08% | –2.27% | ||||||||||
Lipper International Multi-Cap Growth Funds Average | 2.67% | –5.91% | –1.62% |
† The Fund began operations on 2/2/2015. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 1/31/15.
* Cumulative Return
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A Shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 5.94% for Class A shares and 5.71% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.20% for Class A shares and 0.95% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
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AllianzGI International Growth Fund (cont’d)
Cumulative Returns Through March 31, 2016
Country Allocation (as of March 31, 2016 )
United Kingdom | 16.0% | |||
Germany | 10.6% | |||
Denmark | 10.1% | |||
Sweden | 9.2% | |||
Japan | 8.3% | |||
Canada | 6.3% | |||
France | 6.2% | |||
Switzerland | 4.3% | |||
Other | 27.6% | |||
Cash & Equivalents — Net | 1.4% |
Shareholder Expense Example | Actual Performance | |||
Class A | Institutional Class | |||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | ||
Ending Account Value (3/31/16) | $1,082.50 | $1,083.80 | ||
Expenses Paid During Period | $6.25 | $4.95 | ||
Hypothetical Performance | ||||
(5% return before expenses) | ||||
Class A | Institutional Class | |||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | ||
Ending Account Value (3/31/16) | $1,019.00 | $1,020.25 | ||
Expenses Paid During Period | $6.06 | $4.80 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.20% for Class A and 0.95% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.
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AllianzGI International Small-Cap Fund
For the period of October 1, 2015 through March 31, 2016, as provided by Andrew Neville, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI International Small-Cap Fund (the “Fund”) returned 0.99%, underperforming the MSCI World ex USA Small Cap Index (the “benchmark index”), which returned 6.46%.
Market Overview
In a volatile period, international smaller companies achieved further absolute gains. Asian ex Japan smaller companies registered the strongest gains posting double-digit absolute gains. Smaller companies from Japan and Europe also closed the reporting period in positive territory.
At the start of the reporting period, the ECB’s announcement that would be reassessing its policy in December 2015, another cut in key rates by the PBoC, the better than feared start to the US earnings season and brisk M&A activity resulted in a strong recovery of equity markets in October. Weak German economic data for August, worsening economic data in the US and persistently negative economic trends in China only temporarily put pressure on equity markets. Robust economic data from both the US and Europe and signals from the ECB of more monetary steps in December were some of the supporting factors in November. However, in December, the ECB disappointed hopes for extreme dovishness, OPEC failed to agree on an oil production ceiling and the oil prices slumped to an 11-year low, the ISM Index declined to a 5-year low, weak Chinese economic data, the depreciation of the Yuan and stress in the US high yield market all resulted in a disappointing performance of equity markets. Markets were then subject to heightened volatility in the first quarter of 2016. Most markets suffered the worst start to a year in decades, with some entering bear-market territory, amid renewed fears about the slowdown in China and further oil price weakness. However, signs that commodity prices may be stabilizing, as well as further central bank stimulus, helped markets to recover in March. Most equity markets ended the quarter with modest losses, although the US and many emerging markets recorded positive returns.
Portfolio Review
Stock selection was the main driver of the Fund’s relative performance. All three regional sleeve portfolios (Europe, Asia ex Japan, and Japan) lagged versus their regional market. Sector-wise, selection contributed positively within industrials and information technology but detracted most within consumer discretionary, financials and health care. Sector structure contributed positively mostly due to the underweight positions in financials and energy.
During the reporting period, the Fund’s largest overweights relative to the benchmark index were in information technology, consumer discretionary and consumer staples whilst the largest underweights were in financials followed by materials and energy. Geographically the largest overweights were in France and China whilst the largest underweights were in Canada and the UK.
The strongest stock contributors to performance were the positions in Gameloft (France), Sartorius Stedim Biotech (France) and Gamesa (Spain) while the positions in Permanent TSB (Ireland), Yamaha Motor (Japan) and Korian (France) were the largest detractors. Permanent TSB (Financials, Ireland) is a pure mortgage bank in Ireland. The bank benefits from strong GDP growth in Ireland which drives a rerating of the mortgage book and enables de-provisioning. However, regulatory costs, negative deposit rates and the delayed disposal of their UK legacy business put pressure on the stock. We sold our position. Yamaha Motor provides motorcycles, marine products and recreational vehicles. The share price was hit by the stronger yen. However, the company’s order trend remains solid and the adverse effect of the strong yen has been priced in. We therefore hold on to the position.
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AllianzGI International Small-Cap Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | 5 Year | 10 Year | Since Inception† | ||||||||||||||||||
AllianzGI International Small-Cap Fund Class A | 0.99% | –1.04% | 5.41% | 5.36% | 11.72% | |||||||||||||||||
| AllianzGI International Small-Cap Fund Class A (adjusted) | –4.56% | –6.48% | 4.23% | 4.76% | 11.37% | ||||||||||||||||
AllianzGI International Small-Cap Fund Class C | 0.63% | –1.80% | 4.62% | 4.57% | 10.89% | |||||||||||||||||
| AllianzGI International Small-Cap Fund Class C (adjusted) | –0.33% | –2.73% | 4.62% | 4.57% | 10.89% | ||||||||||||||||
| AllianzGI International Small-Cap Fund Class R | 0.87% | –1.31% | 5.15% | 5.09% | 11.44% | ||||||||||||||||
| AllianzGI International Small-Cap Fund Class P | 1.09% | –0.88% | 5.60% | 5.59% | 12.04% | ||||||||||||||||
| AllianzGI International Small-Cap Fund Institutional Class | 1.12% | –0.80% | 5.70% | 5.72% | 12.14% | ||||||||||||||||
| AllianzGI International Small-Cap Fund Class R6 | 1.15% | –0.73% | 5.80% | 5.82% | 12.25% | ||||||||||||||||
| MSCI World ex USA Small Cap Index | 6.46% | 1.99% | 3.84% | 3.09% | 7.37% | ||||||||||||||||
| MSCI EAFE Small Cap Index | 6.15% | 3.20% | 5.58% | 3.44% | 7.51% | ||||||||||||||||
Lipper International Small/Mid-Cap Growth Funds Average | 3.89% | –0.45% | 4.86% | 4.29% | 8.44% |
† The Fund began operations on 12/31/97. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/97.
* Cumulative return
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.63% for Class A shares, 2.42% for Class C shares, 2.09% for Class R shares, 1.37% for Class P shares, 1.39% for Institutional Class shares and 1.36% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.45% for Class A shares, 2.19% for Class C shares, 1.70% for Class R shares, 1.28% for Class P shares, 1.21% for Institutional Class shares and 1.11% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
Cumulative Returns Through March 31, 2016
Country Allocation (as of March 31, 2016)
Japan | 29.6% | |||
France | 9.2% | |||
Sweden | 8.5% | |||
United Kingdom | 7.6% | |||
Spain | 5.0% | |||
Germany | 4.1% | |||
Italy | 4.1% | |||
Switzerland | 4.0% | |||
Other | 24.6% | |||
Cash & Equivalents — Net | 3.3% |
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AllianzGI International Small-Cap Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||||||||||
Class A | Class C | Class R | Class P | Institutional Class | Class R6 | |||||||
Beginning Account Value* | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/16) | $1,009.90 | $1,006.30 | $1,008.70 | $1,010.90 | $1,011.20 | $1,028.60 | ||||||
Expenses Paid During Period | $7.29 | $10.98 | $8.54 | $6.43 | $6.08 | $1.81 | ||||||
Hypothetical Performance | ||||||||||||
(5% return before expenses) | ||||||||||||
Class A | Class C | Class R | Class P | Institutional Class | Class R6 | |||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/16) | $1,017.75 | $1,014.05 | $1,016.50 | $1,018.60 | $1,018.95 | $1,019.45 | ||||||
Expenses Paid During Period | $7.31 | $11.03 | $8.57 | $6.46 | $6.11 | $5.60 |
* Class R6 commenced operations on February 1, 2016. The Actual expense example for Class R6 is based on the period since inception; the Actual expense example for Class A, Class C, Class R, Class P, and Institutional Class and the Hypothetical expense example are based on the period beginning October 1, 2015. If the Hypothetical expense example for Class R6 has been based on the period since inception, the Ending Account Value and Expenses paid During the Period would have been $1,006.27 and $1.79, respectively.
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.45% for Class A, 2.19% for Class C, 1.70% for Class R, 1.28% for Class P, 1.21% for Institutional Class and 1.11% for Class R6), multiplied by the average account value over the period, multiplied by 183 (59 for Class R6)/366 for the Actual expense example and 183/366 for the Hypothetical expense example.
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AllianzGI Micro Cap Fund
For the period of October 1, 2015 through March 31, 2016, as provided by John McCraw, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Micro Cap Fund (the “Fund”) returned -4.87%, underperforming the Russell Microcap Growth Index (the “benchmark index”), which returned -4.50%.
Market Review
In general, US stocks ended higher and proved resilient given the headwinds the market faced throughout the reporting period, including an interest rate hike, monetary policy uncertainty, US recession fears, slumping commodity prices and economic growth concerns in China.
Initially, stocks rallied on fading October 2015 rate hike expectations due to a disappointing payroll report. The surge in equities persisted on dovish comments from the ECB and the announcement of new stimulus measures from the PBoC. Stabilizing Chinese economic data and a better-than-feared start to the third quarter earnings season were also supportive.
The market’s advance slowed in November and stocks succumbed to selling pressure in December. Sentiment fluctuated over this period as investors grappled with episodes of equity volatility and sharp declines in commodity prices, including the metals, crude oil and natural gas. However, over the quarter, investors grew more comfortable with the prospect of a rate hike and embraced the move in December—the first in nearly ten years. The Fed’s emphasis on data dependency and gradualism and a rebound in energy prices helped to ease investor angst into year end.
The first quarter of 2016 was a tale of two halves with US stocks plummeting at the year’s onset before rebounding sharply to end the reporting period mixed. The strength of the advance was notable and propelled select US indices to a positive close on a year-to-date basis. Focused on Chinese economic growth, recession fears in the US and slumping energy prices, investors initially sought safety and fled risk assets. In the second half of the quarter, stocks staged a remarkable recovery as angst around the abovementioned concerns faded. The bifurcated performance of equities correlated closely with the price of crude oil, which also bottomed mid-quarter. Concurrent with the market’s upturn, sentiment rebounded higher and volatility sunk to levels matching the lows recorded in October 2015. Dovish comments from Janet Yellen, a downwardly revised interest-rate-hike trajectory and a more substantial than expected policy response from the ECB also supported the market’s surge. Lastly, fourth quarter earnings were generally better than estimated, but the tone of guidance was cautious.
Against this backdrop, the Russell Microcap Index trailed the Russell 2000 Index. Within the microcap universe, growth-oriented stocks lagged value-oriented stocks. Specific to the benchmark index, sector performance was mixed. Consumer staples, materials and industrials were the strongest performing sectors, followed by telecom services. In contrast, the energy sector declined the most, followed by health care, financials and utilities.
Performance
The Fund underperformed its benchmark index over the reporting period. From an attribution perspective, security selection positively contributed to relative performance, while allocation effects at the sector level detracted. For example, stock picking was positive in the health care, materials and energy sectors. Conversely, security selection in information technology, consumer discretionary and financials had a negative impact. Separately, an underweight in health care and an overweight in consumer discretionary benefitted relative performance; however, an underweight in consumer staples and an overweight in energy were offsetting.
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | 5 Year | 10 Year | Since Inception† | ||||||||||||||||||
AllianzGI Micro Cap Fund Class A | –4.87% | –13.36% | 5.66% | 4.83% | 10.55% | |||||||||||||||||
| AllianzGI Micro Cap Fund Class A (adjusted) | –10.10% | –18.12% | 4.47% | 4.24% | 10.25% | ||||||||||||||||
| AllianzGI Micro Cap Fund Class P | –4.92% | –13.32% | 5.79% | 5.02% | 10.78% | ||||||||||||||||
| AllianzGI Micro Cap Fund Institutional Class | –4.90% | –13.32% | 5.86% | 5.10% | 10.88% | ||||||||||||||||
| Russell Microcap Growth Index | –4.50% | –16.95% | 6.43% | 3.38% | 5.92% | ||||||||||||||||
Lipper Small-Cap Growth Funds Average | –2.10% | –12.11% | 6.39% | 5.25% | 8.44% |
† The Fund began operations on 7/12/95. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 6/30/95.
* Cumulative return
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 2.07% for Class A shares, 1.80% for Class P shares and 1.80% for Institutional Class shares. This ratio does not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.62% for Class A shares, 1.54% for Class P shares and 1.54% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
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AllianzGI Micro Cap Fund (cont’d)
Cumulative Returns Through March 31, 2016
Industry Allocation (as of March 31, 2016)
Biotechnology | 8.4% | |||
Health Care Equipment & Supplies | 7.6% | |||
Banks | 6.0% | |||
Building Products | 5.1% | |||
Semiconductors & Semiconductor Equipment | 4.9% | |||
Hotel, Restaurants & Leisure | 4.8% | |||
Software | 4.8% | |||
Pharmaceuticals | 4.7% | |||
Other | 52.2% | |||
Cash & Equivalents — Net | 1.5% |
Shareholder Expense Example | Actual Performance | |||||
Class A | Class P | Institutional Class | ||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/16) | $951.30 | $950.80 | $951.00 | |||
Expenses Paid During Period | $7.90 | $7.51 | $7.51 | |||
Hypothetical Performance | ||||||
(5% return before expenses) | ||||||
Class A | Class P | Institutional Class | ||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/16) | $1,016.90 | $1,017.30 | $1,017.30 | |||
Expenses Paid During Period | $8.17 | $7.77 | $7.77 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.62% for Class A, 1.54% for Class P and 1.54% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.
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AllianzGI Multi-Asset Real Return Fund
For the period of October 1, 2015 through March 31, 2016, as provided by the Multi-Asset US Group.
Fund Insights
For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Multi-Asset Real Return Fund (the “Fund”) returned 0.48%, underperforming the Barclays US Government Inflation-Linked Bond Index (the “benchmark index”), which returned 4.01%.
Market Overview
Inflation related asset classes had mixed results over the reporting period, as reflected by declining commodity prices (Bloomberg Commodity Index declined 10.52% in the fourth quarter and eked out a 0.42% return in the first quarter), while the MSCI World Real Estate Index returned 9.88% with the gains split almost equally between the fourth quarter of 2015 and first quarter of 2016. Stocks of commodity related companies rose 6.20%, also benefiting from positive returns in both quarters. The Barclays US TIPS Index also posted a positive absolute return over the period, with a 4.46% gain in the first quarter taking the full reporting period return to 3.79%. Over the reporting period, the Custom Real Asset Benchmark an equal weighted combination of these four inflation related asset classes, rose 2.43%.
Portfolio Review
Amidst a volatile period that started with continued weakness in commodities, while global equities conversely rallied off of September’s lows, the Fund was actively adjusted to the changing market environment. Overall performance included a combination of detractors and contributors. As compared to the Custom Real Asset Benchmark, the Fund was underweight commodities for the duration of the reporting period, contributing to results particularly during the fourth quarter. Conversely, underweights to REITS and commodity related equities served to limit the Fund’s relative result as both segments posted favorable returns over the reporting period.
Outlook
Risks have risen, but we do not believe the global economy is heading toward recession. In the US, while odds of an April interest rate hike are low, we believe that the outlook for growth and inflation will prompt the Fed to raise rates twice in 2016. Against this backdrop, we expect global monetary policy to remain accommodative. The recovery in commodities has helped stabilize some of the stress points in the world economy, which should support inflation and growth. Still, we believe the existence of economic and political uncertainties will likely result in persistent volatility.
From an investment perspective, the Fund entered the second quarter with underweights to commodities and inflation linked bonds in the US, while the underweights were partially offset by modest overweight to REITS and cash/liquidity. Outside of the holdings of the benchmark index, the Fund also held opportunistic exposure to emerging market debt and a modest position in investment grade corporate debt.
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | Since Inception† | ||||||||||||
AllianzGI Multi-Asset Real Return Fund Class A | 0.48% | –10.40% | –3.50% | |||||||||||
| AllianzGI Multi-Asset Real Return Fund Class A (adjusted) | –5.05% | –15.33% | –5.15% | ||||||||||
AllianzGI Multi-Asset Real Return Fund Class C | 0.11% | –11.02% | –4.19% | |||||||||||
| AllianzGI Multi-Asset Real Return Fund Class C (adjusted) | –0.88% | –11.90% | –4.19% | ||||||||||
| AllianzGI Multi-Asset Real Return Fund Class P | 0.53% | –10.30% | –3.37% | ||||||||||
| AllianzGI Multi-Asset Real Return Fund Institutional Class | 0.58% | –10.19% | –3.27% | ||||||||||
| Barclays US Government Inflation-Linked Bond Index | 4.01% | 1.38% | –0.83% | ||||||||||
Custom Real Asset Benchmark** | 2.43% | –7.13% | –2.86% | |||||||||||
Lipper Alternative Global Macro Funds Average | 1.04% | –6.22% | 0.27% |
† The Fund began operations on 12/17/12. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/12.
* Cumulative return
** The Custom Real Asset Benchmark is comprised of 25% Dow Jones UBS Commodity Total Return Index, 25% MSCI World Real Estate Index, 25% Barclays US Government Inflation-Linked Bond Index, 6.25% DAX Global Agribusiness Index, 7.5% MSCI World Energy Index, 6.25% MSCI World Materials Index and 5% MSCI ACWI Industrials (equal-weighted) Index.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 5.76% for Class A shares, 6.33% for Class C shares, 5.42% for Class P shares and 5.34% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 0.85% for Class A shares, 1.60% for Class C shares, 0.70% for Class P shares and 0.60% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
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AllianzGI Multi-Asset Real Return Fund (cont’d)
Cumulative Returns Through March 31, 2016
Asset Allocation (as of March 31, 2016)
Mutual Funds | 43.0% | |||
Common Stock | 28.6% | |||
Exchange-Traded Funds | 24.3% | |||
Cash & Equivalents — Net | 4.1% |
Shareholder Expense Example | Actual Performance | |||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/16) | $1,004.80 | $1,001.10 | $1,005.30 | $1,005.80 | ||||
Expenses Paid During Period | $4.26 | $8.00 | $3.51 | $3.01 | ||||
Hypothetical Performance | ||||||||
(5% return before expenses) | ||||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/16) | $1,020.75 | $1,017.00 | $1,021.50 | $1,022.00 | ||||
Expenses Paid During Period | $4.29 | $8.07 | $3.54 | $3.03 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.85% for Class A, 1.60% for Class C, 0.70% for Class P and 0.60% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.
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AllianzGI NFJ Emerging Markets Value Fund
For the period of October 1, 2015 through March 31, 2016, as provided by Krysta Hill, Product Specialist Associate.
Fund Insights
For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI NFJ Emerging Markets Value Fund (the “Fund”) returned 4.99%, underperforming the MSCI Emerging Markets Index (the “benchmark index”), which returned 6.41%.
Market Overview
Within the global equity space, emerging market equities vastly outpaced developed, international stocks over the reporting period, with the benchmark index appreciating 6.41% and the MSCI EAFE Index climbing 1.56%. Emerging markets were largely boosted by a weaker US dollar and rising commodity prices, with equities in Latin America leading gains, while those in Asia tended to lag. Brazil was a standout performer, soaring 25% within the benchmark index while many Eastern European equities were elevated by additional stimulus measures from the ECB, with Turkey of particular note, rising 21% over the trailing six-month period. Indonesia (35%), Hungary (31%), Malaysia (22%), Peru (17%), Chile (12%) and South Korea (11%) also rose to realize double-digit returns. Conversely, negative results were concentrated in part to Asia, where India declined 3% and China fell 1% as concerns for a slowdown in China’s economy persisted over the reporting period. All but one of ten economic sectors within the benchmark index recorded a positive return, led by strength from the energy, materials, information technology and utilities sectors. The industrials sector returned -5 basis points over the reporting period, followed by flat returns from telecom services equities and a 2% gain for health care names in the benchmark index.
Portfolio Review
The Fund’s relative underperformance versus the benchmark index was due in part to a 3.0% average cash position, which detracted over the volatile, but largely positive reporting period, paired with more moderate contributions from sector and country allocation. Stock selection as well as sector allocation were roughly neutral for the reporting period.
In terms of stock selection, Fund holdings in the materials, health care and consumer discretionary sectors were the largest contributors to performance. Negative selection in the energy, information technology and telecom services sectors detracted from results.
From a sector allocation perspective, underweight positions in the telecom services and materials sectors boosted relative performance results. An overweight in the health care sector slightly detracted during the reporting period.
Selection by country was positive, particularly across China, Malaysia, India and Taiwan. Holdings in South Africa and South Korea muted Fund performance during the reporting period.
Country allocation contributed to results, largely due to overweights in Brazil and Russia and underweights in Greece and Qatar. This was somewhat offset by underweight positions in Indonesia and South Korea.
Sector and country weight deviations are a result of NFJ’s bottom-up investment process. On average during the reporting period, the Fund’s largest overweights relative to the benchmark index were in the consumer discretionary and utilities sectors. In contrast, the largest relative underweights were in the telecom services and consumer staples sectors.
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | Since Inception† | ||||||||||||
AllianzGI NFJ Emerging Markets Value Fund Class A | 4.99% | –8.13% | –1.36% | |||||||||||
| AllianzGI NFJ Emerging Markets Value Fund Class A (adjusted) | –0.78% | –13.19% | –3.05% | ||||||||||
AllianzGI NFJ Emerging Markets Value Fund Class C | 4.63% | –8.87% | –2.10% | |||||||||||
| AllianzGI NFJ Emerging Markets Value Fund Class C (adjusted) | 3.63% | –9.76% | –2.10% | ||||||||||
| AllianzGI NFJ Emerging Markets Value Fund Class P | 5.05% | –7.99% | –1.20% | ||||||||||
| AllianzGI NFJ Emerging Markets Value Fund Institutional Class | 5.09% | –7.95% | –1.12% | ||||||||||
| MSCI Emerging Markets Index | 6.41% | –12.03% | –4.33% | ||||||||||
Lipper Emerging Markets Funds Average | 4.60% | –11.58% | –4.36% |
† The Fund began operations on 12/18/12. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/12.
* Cumulative return
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 6.40% for Class A shares, 7.24% for Class C shares, 5.72% for Class P shares and 5.78% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.34% for Class A shares, 2.09% for Class C shares, 1.18% for Class P shares and 1.09% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
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AllianzGI NFJ Emerging Markets Value Fund (cont’d)
Cumulative Returns Through March 31, 2016
Country Allocation (as of March 31, 2016 )
China | 25.2% | |||
Korea (Republic of) | 11.4% | |||
Taiwan | 11.3% | |||
Brazil | 9.1% | |||
India | 8.2% | |||
South Africa | 4.7% | |||
Turkey | 3.4% | |||
Russian Federation | 3.2% | |||
Other | 19.9% | |||
Cash & Equivalents — Net | 3.6% |
Shareholder Expense Example | Actual Performance | |||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/16) | $1,049.90 | $1,046.30 | $1,050.50 | $1,050.90 | ||||
Expenses Paid During Period | $7.53 | $11.46 | $6.72 | $6.36 | ||||
Hypothetical Performance | ||||||||
(5% return before expenses) | ||||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/16) | $1,017.65 | $1,013.80 | $1,018.45 | $1,018.80 | ||||
Expenses Paid During Period | $7.41 | $11.28 | $6.61 | $6.26 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.47% for Class A, 2.24% for Class C, 1.31% for Class P and 1.24% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.
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AllianzGI NFJ Global Dividend Value Fund
For the period of October 1, 2015 through March 31, 2016, as provided by Krysta Hill, Product Specialist Associate.
Fund Insights
For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI NFJ Global Dividend Value Fund (the “Fund”) returned 3.79%, underperforming the MSCI ACWI (the “benchmark index”), which returned 5.28%.
Market Overview
Global equities, as measured by the benchmark index, appreciated 5.28%, led by strength in the US space, with the S&P 500 Index gaining 8.49%, as well as the emerging economies, with the MSCI Emerging Markets Index appreciating 6.41%, during the reporting period. Strength from many emerging countries, particularly during the second half of the reporting period, was boosted in part by weakness in the US dollar and ascending commodity prices. Within the global equity space, developed, international stocks, as measured by the MSCI EAFE Index, gained a mere 1.56% for the trailing six-month period. Investors in Japan’s Nikkei 225 Average struggled in the face of a surprise rate cut by the BoJ during the first quarter of 2016. Bank shares dove 30% during the first quarter alone, as the BoJ decision to cut benchmark interest rates below zero compressed the spread at which financial firms borrow and lend. The value of the yen—a key determinant of Japanese export earnings—surged to a two-and-a half year high versus the US dollar in the first quarter of 2016, spurred by heavy demand for safe assets and the Fed’s dovish outlook. Euro-zone GDP expanded at a 1.1% annual rate during the fourth quarter of 2015, the weakest performance in a year and a half. In an effort to shake the region from its economic funk, policymakers at the ECB doubled-down on monetary stimulus in the first quarter, slashing benchmark interest rates deeper into negative territory and ramping up the pace of monthly asset purchases from €60 billion to €80 billion. While 13 of 46 countries in the benchmark index fell to a negative total return over the reporting period, another 13 countries soared to double-digit gains, led by strength from the emerging and Asia/Pacific markets: Indonesia, Brazil, Australia, Chile and Russia. After a 29% fall for Greece-based equities, weakness largely stemmed from Europe—including Italy (-14%), Spain (-6%), Switzerland (-3%) and the UK (-1%)—as well as a 1% decline from China. For the reporting period, all but one of ten economic sectors within the benchmark index recorded a positive return, as the telecom services, consumer staples, information technology and utilities sectors climbed 10% or more. Financials names delivered the poorest performance, declining over 1%, while health care securities were flat and consumer discretionary equities recorded a 4.8% total return.
Portfolio Review
The Fund’s relative performance versus the benchmark index was due to negative stock selection while regional and sector allocations were positive, during the reporting period.
In terms of stock selection, the Fund’s holdings in the financials and health care sectors contributed positively to performance during the reporting period but were overwhelmed by selections in the utilities, telecom services and materials sectors, which detracted from Fund returns.
Sector allocation overall contributed to relative performance, led by overweight positions in telecom services and information technology, as well as an underweight in the health care sector, which also aided performance results. Conversely, an underweight in materials detracted from the Fund’s relative returns, during the reporting period.
Selection by country was largely net neutral as positive selection across the UK, Norway and Germany was largely offset by negative selection across Israel, South Korea and South Africa.
Country allocation was positive over the reporting period, driven in part by underweight exposures in Japan, Italy and Switzerland, as well as an overweight in Indonesia. The Fund’s overweight in Spain and underweight in the United States had a negative impact on relative performance results.
Sector weight deviations are a result of NFJ’s bottom-up investment process. On average during the reporting period, the Fund’s largest overweights relative to the benchmark index were in the energy and telecommunications services sectors, whereas the largest relative underweights were in the health care and consumer staples sectors.
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AllianzGI NFJ Global Dividend Value Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
AllianzGI NFJ Global Dividend Value Fund Class A | 3.79% | –6.73% | 2.83% | 7.72% | ||||||||||||||
| AllianzGI NFJ Global Dividend Value Fund Class A (adjusted) | –1.92% | –11.86% | 1.67% | 6.82% | |||||||||||||
AllianzGI NFJ Global Dividend Value Fund Class C | 3.36% | –7.46% | 2.01% | 6.89% | ||||||||||||||
| AllianzGI NFJ Global Dividend Value Fund Class C (adjusted) | 2.46% | –8.23% | 2.01% | 6.89% | |||||||||||||
| AllianzGI NFJ Global Dividend Value Fund Class P | 3.82% | –6.61% | 3.00% | 7.91% | |||||||||||||
| AllianzGI NFJ Global Dividend Value Fund Institutional Class | 3.87% | –6.52% | 3.09% | 8.00% | |||||||||||||
| MSCI ACWI | 5.28% | –4.34% | 5.22% | 9.71% | |||||||||||||
Lipper Global Equity Income Funds Average | 5.87% | –2.38% | 5.06% | 8.98% |
† The Fund began operations on 6/26/09. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 6/30/09.
* Cumulative return
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.72% for Class A shares, 2.56% for Class C shares, 1.44% for Class P shares and 1.40% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.20% for Class A shares, 1.99% for Class C shares, 1.04% for Class P shares and 0.95% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
Cumulative Returns Through March 31, 2016
Country Allocation (as of March 31, 2016)
United States | 49.8% | |||
United Kingdom | 15.0% | |||
China | 4.0% | |||
Spain | 3.9% | |||
Japan | 3.4% | |||
South Africa | 3.1% | |||
Russian Federation | 2.2% | |||
Germany | 2.1% | |||
Other | 13.6% | |||
Cash & Equivalents — Net | 2.9% |
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AllianzGI NFJ Global Dividend Value Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/16) | $1,037.90 | $1,033.60 | $1,038.20 | $1,038.70 | ||||
Expenses Paid During Period | $6.11 | $10.12 | $5.30 | $4.84 | ||||
Hypothetical Performance | ||||||||
(5% return before expenses) | ||||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/16) | $1,019.00 | $1,015.05 | $1,019.80 | $1,020.25 | ||||
Expenses Paid During Period | $6.06 | $10.02 | $5.25 | $4.80 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.20% for Class A, 1.99% for Class C, 1.04% for Class P and 0.95% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.
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AllianzGI NFJ International Small-Cap Value Fund
For the period of October 1, 2015 through March 31, 2016, as provided by Krysta Hill, Product Specialist Associate.
Fund Insights
For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI NFJ International Small-Cap Value Fund (the “Fund”) returned 2.71%, underperforming the MSCI World ex USA Small Cap Index (the “benchmark index”), which returned 6.46%.
Market Overview
Within the global equity space, developed, small-capitalization international stocks, as measured by the benchmark index, gained 6.46% for the reporting period. Those results outpaced US small-capitalization equities, which rose 2.02% in the Russell 2000 Index. Within the international sphere, emerging equities bested the returns of developed, international equities, with the MSCI Emerging Markets Index up 6.41% and the MSCI EAFE Index gaining a more moderate 1.56% during the reporting period. Investors in Japan’s Nikkei 225 Average struggled in the face of a surprise rate cut by the BoJ during the first quarter of 2016. Bank shares dove 30% during the first quarter alone, as the BoJ decision to cut benchmark interest rates below zero compressed the spread at which financial firms borrow and lend. The value of the yen—a key determinant of Japanese export earnings—surged to a two-and-a half year high versus the US dollar in the first quarter of 2016, spurred by heavy demand for safe assets and the Fed’s dovish outlook. Euro-zone GDP expanded at a 1.1% annual rate during the fourth quarter of 2015, the weakest performance in a year and a half. In an effort to shake the region from its economic funk, policymakers at the ECB doubled-down on monetary stimulus in the first quarter of 2016, slashing benchmark interest rates deeper into negative territory and ramping up the pace of monthly asset purchases from €60 billion to €80 billion. Just four of 22 countries in the benchmark index dipped into negative territory for the period: Portugal (-5%), Hong Kong (-5%), Italy (-3%) and the UK (-2%). Strength was realized across Asia/Pacific and select European countries, led by New Zealand (+33%), Australia (+22%), Sweden (+16%), Finland (+15%), Ireland (+13%), Switzerland (+13%) and Singapore (+11%). For the reporting period, all but one of ten economic sectors within the benchmark index recorded a positive return, as the consumer staples, materials, utilities, and health care climbed 9% or more. Energy names delivered the poorest performance, declining 9%, while telecom services securities gained just 1% and financials equities recorded a 2% total return.
Portfolio Review
The Fund’s relative underperformance versus the benchmark index was largely due to negative stock selection, while country and sector allocations were positive over the reporting period.
In terms of stock selection, Fund holdings in the financials, telecom services and utilities sectors were the largest contributors to performance. However, these gains were overwhelmed by negative selection across the industrials, consumer discretionary and information technology sectors.
From a sector allocation perspective, an overweight in materials as well as an underweight in energy boosted relative returns. Conversely, an underweight in health care detracted from performance over the reporting period.
Selection by country was negative, led by holdings based in Japan, Germany and Italy, which failed to keep pace with benchmark shares. The Fund realized gains with strong selection from Hong Kong, Canada and Australia-based holdings.
Country allocation was positive, boosted by an underweight in Japan and overweight positions in New Zealand and the Philippines. The Fund’s overweights in South Africa and Hong Kong weighed on relative performance results.
Sector and country weight deviations are a result of NFJ’s bottom-up investment process. On average during the reporting period, the Fund’s largest overweights relative to the benchmark index were in the materials and consumer staples sectors. In contrast, the largest relative underweights were in the health care and information technology sectors.
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AllianzGI NFJ International Small-Cap Value Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | Since Inception† | ||||||||||||
AllianzGI NFJ International Small-Cap Value Fund Class A | 2.71% | –4.20% | 10.89% | |||||||||||
| AllianzGI NFJ International Small-Cap Value Fund Class A (adjusted) | –2.93% | –9.47% | 9.26% | ||||||||||
AllianzGI NFJ International Small-Cap Value Fund Class C | 2.32% | –4.92% | 10.08% | |||||||||||
| AllianzGI NFJ International Small-Cap Value Fund Class C (adjusted) | 1.35% | –5.82% | 10.08% | ||||||||||
| AllianzGI NFJ International Small-Cap Value Fund Class P | 2.78% | –4.07% | 11.06% | ||||||||||
| AllianzGI NFJ International Small-Cap Value Fund Institutional Class | 2.79% | –3.98% | 11.16% | ||||||||||
| AllianzGI NFJ International Small-Cap Value Fund Class R6 | 2.82% | –3.91% | 11.27% | ||||||||||
| MSCI World ex USA Small Cap Index | 6.46% | 1.99% | 11.44% | ||||||||||
Lipper International Small/Mid-Cap Core Funds Average | 2.87% | –2.65% | 9.54% |
† The Fund began operations on 6/1/12. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 5/31/12.
* Cumulative return
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 2.97% for Class A shares, 3.80% for Class C shares, 2.81% for Class P shares, 2.71% for Institutional Class shares and 3.19% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.30% for Class A shares, 2.05% for Class C shares, 1.15% for Class P shares, 1.05% for Institutional Class shares and 0.95% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
Cumulative Returns Through March 31, 2016
Country Allocation (as of March 31, 2016)
Japan | 20.9% | |||
United Kingdom | 16.1% | |||
Canada | 8.0% | |||
Sweden | 6.8% | |||
Australia | 6.3% | |||
France | 4.3% | |||
Italy | 4.2% | |||
Chile | 3.6% | |||
Other | 27.3% | |||
Cash & Equivalents — Net | 2.5% |
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AllianzGI NFJ International Small-Cap Value Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||||||||
Class A | Class C | Class P | Institutional Class | Class R6 | ||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/16) | $1,027.10 | $1,023.20 | $1,027.80 | $1,027.90 | $1,028.20 | |||||
Expenses Paid During Period | $6.64 | $10.52 | $5.93 | $5.53 | $4.87 | |||||
Hypothetical Performance | ||||||||||
(5% return before expenses) | ||||||||||
Class A | Class C | Class P | Institutional Class | Class R6 | ||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/16) | $1,018.45 | $1,014.60 | $1,019.15 | $1,019.55 | $1,020.20 | |||||
Expenses Paid During Period | $6.61 | $10.48 | $5.91 | $5.50 | $4.85 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.31% for Class A, 2.08% for Class C, 1.17% for Class P, 1.09% for Institutional Class and 0.96% for Class R6), multiplied by the average account value over the period, multiplied by 183/366.
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AllianzGI NFJ International Value II Fund
For the period of October 1, 2015 through March 31, 2016, as provided by Krysta Hill, Product Specialist Associate.
Fund Insights
For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI NFJ International Value II Fund (the “Fund”) returned 1.29%, underperforming the MSCI EAFE Index (the “benchmark index”), which returned 1.56%.
Market Overview
Within the global equity space, developed, international stocks, as measured by the benchmark index, gained 1.56% for the reporting period. Those results trailed the S&P 500, which climbed 8.49%, and the MSCI Emerging Markets Index, which appreciated 6.41%, during the reporting period. Investors in Japan’s Nikkei 225 Average struggled in the face of a surprise rate cut by the BoJ during the first quarter of 2016. Bank shares dove 30% during the first quarter of 2016 alone, as the BoJ decision to cut benchmark interest rates below zero compressed the spread at which financial firms borrow and lend. The value of the yen—a key determinant of Japanese export earnings—surged to a two-and-a half year high versus the US dollar in the first quarter also, spurred by heavy demand for safe assets and the Fed’s dovish outlook. Euro-zone GDP expanded at a 1.1% annual rate during the fourth quarter of 2015, the weakest performance in a year and a half. In an effort to shake the region from its economic funk, policymakers at the ECB doubled-down on monetary stimulus in the first quarter, slashing benchmark interest rates deeper into negative territory and ramping up the pace of monthly asset purchases from €60 billion to €80 billion. Five of 21 countries in the benchmark index dipped into negative territory for the period, including Italy (-14%), Spain (-6%), Switzerland (-3%), Israel (-2%) and the UK (-1%). Strength was realized across Asia/Pacific and select European countries, led by New Zealand (+33%), Australia (+13%), Belgium (+11%), Singapore (+10%) and Portugal (+8%). For the period, all but two of ten economic sectors within the benchmark index recorded a positive return, as the consumer staples, industrials, telecom services, and energy sectors climbed 6% or more. Financials delivered the poorest performance, declining 6% while health care securities fell 1% and consumer discretionary equities recorded a 1% total return.
Portfolio Review
Negative sector allocation contributed to the Fund’s relative underperformance of the benchmark index over the reporting period. Conversely, stock selection and country allocation were positive and boosted relative performance results.
In terms of stock selection, Fund holdings in the financials, utilities and consumer staples sectors outpaced benchmark index shares. Selection across the materials sector detracted somewhat from results.
From a sector allocation perspective, an underweight in consumer staples and overweight positions in the financials and materials sectors, were primary performance detractors. Conversely, an overweight in telecom services somewhat contributed to Fund performance over the reporting period.
Selection by region was positive, particularly in the United Kingdom, Netherlands and Australia. However, the Fund’s Norway, Israel and Sweden-based holdings somewhat hindered relative results.
Country allocations were positive due to the Fund’s underweights in Switzerland and Italy, as well as overweight positions in the UK and Hong Kong. Overweights in the off-benchmark countries of China and Colombia, as well as an underweight in Germany, detracted during the reporting period.
Sector and region weight deviations are a result of NFJ’s bottom-up investment process. On average during the reporting period, the Fund’s largest overweights relative to the benchmark index were in the consumer discretionary and financials sectors. In contrast, the largest relative underweights were in the consumer staples and health care sectors.
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | Since Inception† | ||||||||||||
AllianzGI NFJ International Value II Fund Class A | 1.29% | –10.34% | 4.13% | |||||||||||
| AllianzGI NFJ International Value II Fund Class A (adjusted) | –4.28% | –15.27% | 2.77% | ||||||||||
AllianzGI NFJ International Value II Fund Class C | 0.90% | –11.00% | 3.34% | |||||||||||
| AllianzGI NFJ International Value II Fund Class C (adjusted) | –0.10% | –11.88% | 3.34% | ||||||||||
| AllianzGI NFJ International Value II Fund Class P | 1.40% | –10.17% | 4.34% | ||||||||||
| AllianzGI NFJ International Value II Fund Institutional Class | 1.46% | –10.10% | 4.41% | ||||||||||
| MSCI EAFE Index | 1.56% | –8.27% | 6.27% | ||||||||||
Lipper International Multi-Cap Value Funds Average | 0.99% | –9.48% | 4.63% |
† The Fund began operations on 12/1/11. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 11/30/11.
* Cumulative return
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.76% for Class A shares, 2.49% for Class C shares, 1.42% for Class P shares and 1.40% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.20% for Class A shares, 1.95% for Class C shares, 1.00% for Class P shares and 0.95% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
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AllianzGI NFJ International Value II Fund (cont’d)
Cumulative Returns Through March 31, 2016
Country Allocation (as of March 31, 2016)
United Kingdom | 26.3% | |||
Japan | 14.1% | |||
France | 8.8% | |||
Hong Kong | 8.5% | |||
Canada | 5.8% | |||
Sweden | 4.0% | |||
Germany | 3.0% | |||
China | 2.7% | |||
Other | 25.1% | |||
Cash & Equivalents — Net | 1.7% |
Shareholder Expense Example | Actual Performance | |||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/16) | $1,012.90 | $1,009.00 | $1,014.00 | $1,014.60 | ||||
Expenses Paid During Period | $6.04 | $9.79 | $5.04 | $4.78 | ||||
Hypothetical Performance | ||||||||
(5% return before expenses) | ||||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/16) | $1,019.00 | $1,015.25 | $1,020.00 | $1,020.25 | ||||
Expenses Paid During Period | $6.06 | $9.82 | $5.05 | $4.80 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.20% for Class A, 1.95% for Class C, 1.20%, 1.00% for Class P and 0.95% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.
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AllianzGI Short Duration High Income Fund
For the period of October 1, 2015 through March 31, 2016, as provided by Doug Forsyth, CFA, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Short Duration High Income Fund (the “Fund”) returned 0.38%, underperforming the BofA Merrill Lynch 1-3 Year BB US Cash Pay High Yield Index (the “benchmark index”), which returned 2.31%.
Market Overview
The high-yield market’s path toward achieving positive results was hardly linear for the period.
Several factors influenced high-yield bonds earlier in the reporting period—most notably oil prices, technical pressure and negative sentiment, the Fed’s activity, earnings and the dollar, and global economic data.
In the second half of the first quarter of 2016, performance recovered significantly so this review will focus on what caused the market’s slide to reverse course and head higher. The most notable factors were the Fed’s outlook and commentary, US economic data, global conditions and technical factors.
The Fed’s activity topped the list of concerns about an already fragile US economy slowing further, but so far this year, the Fed has kept additional rate hikes on hold due to market volatility and weakness outside the US. After some hawkish rhetoric by some FOMC members following their March 2016 meeting, Fed Chair Janet Yellen quickly reversed those interpretations with some heavily dovish comments of her own.
Other factors benefiting the high-yield market during the first quarter of 2016 were a weaker dollar and, concurrently, higher commodity prices. As those prices, specifically crude oil prices, increased, market sentiment also rose. These changes were bolstered by a continuing positive employment trend that, when taken in conjunction with other economic indicators, create a positive backdrop for the current conditions in the US. These factors all helped the high-yield market stage a strong comeback.
Three offshore factors also helped sentiment. First, the ECB presented some stronger than expected economic stimulus tools to help calm fears in Europe. Second, Chinese officials made several comments in the first quarter of the year that helped abate concerns about growth and foreign-exchange policies. And third, several oil-producing countries discussed capping production; this was another factor that influenced the direction of oil prices.
Some of the reporting period’s increased volatility stemmed from technical pressure caused by structural changes. The lack of middle-market-making by banks and broker/dealers has created price gaps for some issuers. Government policies intended to control the financial risk for banks trading in the credit markets have had unintended consequences. The market-smoothing mechanism—broker/dealers making markets—is struggling, and even small trades have caused a great impact on prices in many cases. However, these same forces led to price gaps higher over the balance of the quarter.
Portfolio Review
The Fund seeks a high level of current income with lower volatility than the broader high yield market. The Fund delivered positive absolute returns over the six-month period but lagged the performance of the benchmark index return. Credit quality in the portfolio remains relatively high. Yield to worst for the Fund was consistently higher than that of the benchmark index over the reporting period. At the same time, duration for the Fund was similar to that of the benchmark index over the period to balance our objectives of maintaining high current income while attempting to preserve capital in the event of rising interest rates.
Industry allocations that helped absolute performance during the period included insurance, cable & satellite TV and steel producers/products.
Industry allocations that hurt absolute performance during the period energy, healthcare and telecom-wireline integrated & services.
Please note the benchmark index represents a segment of the high-yield market and is not viewed as a target for the Fund’s investment performance. It is worth noting that the benchmark index is composed of BB rated corporate bonds with maturities of 1-3 years. In contrast, the Fund owns bank loans and securities that have credit ratings below BB and maturities exceeding 3 years.
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AllianzGI Short Duration High Income Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | Since Inception† | ||||||||||||
AllianzGI Short Duration High Income Fund Class A | 0.38% | –0.76% | 4.32% | |||||||||||
| AllianzGI Short Duration High Income Fund Class A (adjusted) | –1.88% | –3.00% | 3.79% | ||||||||||
AllianzGI Short Duration High Income Fund Class C | 0.28% | –1.07% | 3.95% | |||||||||||
| AllianzGI Short Duration High Income Fund Class C (adjusted) | –0.70% | –2.01% | 3.95% | ||||||||||
| AllianzGI Short Duration High Income Fund Class P | 0.55% | –0.50% | 4.51% | ||||||||||
| AllianzGI Short Duration High Income Fund Institutional Class | 0.52% | –0.47% | 4.59% | ||||||||||
| BofA Merrill Lynch 1-3 Year BB US Cash Pay High Yield Index | 2.31% | 1.90% | 5.58% | ||||||||||
Lipper High Yield Funds Average | 0.31% | –4.01% | 5.71% |
† The Fund began operations on 10/3/11. Benchmark return comparisons began on the fund inception date.
* Cumulative return
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 2.25% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 0.86% for Class A shares, 1.15% for Class C shares, 0.64% for Class P shares and 0.59% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
Cumulative Returns Through March 31, 2016
Industry Allocation (as of March 31, 2016)
Telecommunications | 9.0% | |||
Home Builders | 7.8% | |||
Containers & Packaging | 7.6% | |||
Diversified Financial Services | 6.8% | |||
Oil, Gas & Consumable Fuels | 6.5% | |||
Pipelines | 5.5% | |||
Commercial Services & Supplies | 5.4% | |||
Specialty Retail | 5.4% | |||
Other | 41.1% | |||
Cash & Equivalents — Net | 4.9% |
S&P Ratings* (as of March 31, 2016 )
* As a percentage of total investments. Bond ratings refer to the underlying holdings of the Fund and are categorized from highest to lowest credit quality using ratings provided by S&P Global Ratings (“S&P”). S&P’s ratings have been selected for several reasons, including the portfolio managers’ usage of S&P ratings methodology among other credit quality information in managing the Fund, access to background information and other materials provided by S&P, as well as the Funds’ considerations of industry practice. The Fund also displays S&P credit ratings information in materials provided in client presentations. Previous shareholder reports for the Fund displayed bond ratings provided by Moody’s. See “Important Information” for more detail on the selection of S&P for the Fund’s ratings presentation. Bonds not rated by S&P and bonds that do not currently have a rating available are designated in the chart above as “NR” and “NA”, respectively.
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AllianzGI Short Duration High Income Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/16) | $1,003.80 | $1,002.80 | $1,005.50 | $1,005.20 | ||||
Expenses Paid During Period | $4.31 | $5.66 | $3.36 | $3.01 | ||||
Hypothetical Performance | ||||||||
(5% return before expenses) | ||||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/16) | $1,020.70 | $1,019.35 | $1,021.65 | $1,022.00 | ||||
Expenses Paid During Period | $4.34 | $5.70 | $3.39 | $3.03 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.86% for Class A, 1.13% for Class C, 0.67% for Class P and 0.60% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.
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AllianzGI Structured Return Fund
For the period of October 1, 2015 through March 31, 2016, as provided by Greg Tournant and Stephen Bond-Nelson, Co-Portfolio Managers.
Fund Insights
For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Structured Return Fund (the “Fund”) returned 1.55%, outperforming the BofA Merrill Lynch 3-Month US Treasury Bill Index (the “benchmark index”), which returned 0.10%.
Portfolio Review
The Fund navigated difficult market fluctuations to deliver positive performance for the reporting period. The results illustrate the Fund’s ability to generate returns and to manage risk even when markets are undergoing steep declines.
As we had anticipated following its August 2015 decline, the Fund’s performance recovered rapidly. The Fund gained 1.23% in October 2015, resulting in a 2.89% snapback in performance over the September-October period. This performance is typical of the Fund’s behavior following an equity-market drawdown and volatility spike. The Fund gained from lucrative in-the-money covered call positions that were initiated in late August and early September 2015 at elevated volatility levels. The Fund also benefited from directional spreads, tactically layered into the portfolio to capitalize on S&P 500 Index moves to both the upside and downside. These positions contributed approximately 0.35% to the Fund’s performance for the fourth quarter of 2015.
At first glance, it could appear that the Fund’s recovery occurred because the S&P 500 Index was up 8.44% in October 2015. But continued equity-market weakness would actually have been an even better environment for the Fund. The Fund’s risk-adjusted return potential is enhanced during extended periods of heightened volatility. Higher volatility levels provide the opportunity to collect higher option premium with greater statistical safety to the downside. The sharp S&P 500 Index rally caused the CBOE Volatility Index (“VIX”) to decline rapidly, shortening the aftermath of elevated profit potential.
Equity markets calmed in November 2015 as investors anticipated the Fed rate hike in December. The S&P 500 Index rose 0.30% while the VIX remained in the teens. For the month, the Fund performed in line with expectations, gaining 0.45%
Unease returned to equity markets in December 2015, as investors weighed the impact of the Fed’s decision on December 16 to raise interest rates and oil-price instability roiled markets. The S&P 500 Index fluctuated as much as 1% to 2% a day for a stretch, ultimately declining 1.58% for the month. The VIX briefly climbed into the low 20s and closed out the year at 18. The Fund navigated the challenging conditions and gained 0.26% for the month.
Right out of the gate in the new year, the broad US equity market underwent a significant correction. Beginning in late December 2015, the S&P 500 Index tumbled 10.5% in 14 trading days. After some further choppiness into mid-February 2016, the index rebounded sharply to finish up 1.35% for the quarter.
As part of our risk management process to accommodate the sharp equity index pullback, we closed several of our short in-the-money call positions and opened new call positions with strikes 5% further downward, positioning the portfolio to withstand additional equity market weakness.
The S&P 500 Index finished January 2016 with a return of -4.96%, with the Fund returning -1.29%. This was a more benign monthly outcome than August 2015, when the Fund returned -3.61% amid a similarly large equity-market decline.
In the case of the January move, we attribute the better durability to several factors. First, directional put spread positions helped offset the net cost of the restructuring, as is their purpose. Directional spreads helped diversify the Fund and contributed approximately 40 basis points in the first quarter.
Second, the speed of the benchmark index move was less severe than in August 2015. It is easier to withstand a 10% decline over two weeks than over five trading days, which was the time frame last August. With some option positions expiring intact along the way, we were able to do less restructuring overall. The net cost of our restructuring was approximately 175 basis points.
Finally, the starting level of the VIX was more favorable in January 2016 than it was last summer. In December 2015, we were able to build many positions with the VIX in the high teens and low 20s—considerably higher than the VIX level of 13 that was in place when the August 2015 correction began. A high VIX enables wider strike distances at time of position construction, and is therefore better positioned to withstand difficult market conditions. It also reduces the impact of negative mark-to-market on the Fund’s short-term performance. The VIX climbed to the high 20s in January, a month-over-month increase of just 26%. In contrast, the VIX surged 134% in August 2015 from its beginning base, resulting in much choppier daily and monthly performance.
Following a short-lived recovery at the end of January, the S&P 500 Index again plummeted in February 2016, ultimately bottoming out on February 11 with the VIX as high as 28. The Fund profited from lucrative in-the-money covered call positions that had been constructed in a higher VIX environment, as is typical. Class A shares of the Fund gained 0.33% net of fees for the month, even as the S&P 500 Index was down again with a return of -0.13%.
From there, a powerful equity reversal took hold, with the S&P 500 Index rising 13% in just a few weeks, on its way to a 6.8% return for March 2016. The V-shaped recovery caused a rapid decline in the VIX, finishing the quarter back in the low-teens. The Fund continued to realize gains as its option positions cycled through their expirations. The Fund returned 0.59% in March 2016.
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AllianzGI Structured Return Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | Since Inception† | ||||||||||||
AllianzGI Structured Return Fund Class A | 1.55% | 1.82% | 4.15% | |||||||||||
| AllianzGI Structured Return Fund Class A (adjusted) | –4.03% | –3.78% | 2.40% | ||||||||||
AllianzGI Structured Return Fund Class C | 1.23% | 1.10% | 3.38% | |||||||||||
| AllianzGI Structured Return Fund Class C (adjusted) | 0.24% | 0.11% | 3.38% | ||||||||||
| AllianzGI Structured Return Fund Class P | 1.72% | 1.98% | 4.32% | ||||||||||
| AllianzGI Structured Return Fund Institutional Class | 1.72% | 2.05% | 4.41% | ||||||||||
| BofA Merrill Lynch 3-Month US Treasury Bill Index | 0.10% | 0.12% | 0.07% | ||||||||||
Lipper Absolute Return Funds Average | –0.17% | –4.01% | 1.49% |
† The Fund began operations on 12/3/12. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 11/30/12.
* Cumulative return
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.58% for Class A shares, 2.09% for Class C shares, 1.16% for Class P shares and 1.22% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.24% for Class A shares, 1.99% for Class C shares, 1.09% for Class P shares and 0.99% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
Cumulative Returns Through March 31, 2016
Asset Allocation (as of March 31, 2016)
Exchange-Traded Funds | 94.5% | |||
Cash & Equivalents — Net (including Options Purchased and Written) | 5.5% |
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AllianzGI Structured Return Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/16) | $1,015.50 | $1,012.30 | $1,017.20 | $1,017.20 | ||||
Expenses Paid During Period | $5.79 | $9.56 | $5.04 | $4.54 | ||||
Hypothetical Performance | ||||||||
(5% return before expenses) | ||||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/16) | $1,019.25 | $1,015.50 | $1,020.00 | $1,020.50 | ||||
Expenses Paid During Period | $5.81 | $9.57 | $5.05 | $4.55 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.15% for Class A, 1.90% for Class C, 1.00% for Class P and 0.90% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.
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AllianzGI U.S. Equity Hedged Fund
For the period of October 1, 2015 through March 31, 2016, as provided by Greg Tournant and Stephen Bond-Nelson, Co-Portfolio Managers.
Fund Insights
For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI U.S. Equity Hedged Fund (the “Fund”) returned -0.19%, underperforming the S&P 500 Index (the “benchmark index”), which returned 8.49%.
Portfolio Overview
The Fund underperformed for the reporting period yet smoothed the extreme moves of the benchmark index. The Fund protected well on the downside but could not keep pace during strong equity market rebounds.
Since its inception in December 2012, the Fund has delivered above-average returns among its Morningstar Long/Short Equity peer group and has reduced equity-market volatility by approximately 40% as measured by the standard deviation of monthly returns of the Fund versus the benchmark index.
The Fund seeks to provide protection against downside equity-market moves while asymmetrically preserving the upside potential of the underlying passive equity portfolio. The Fund pursues this objective by purchasing laddered, long duration equity index put options and selling short duration index calls at varying strike distances. The goal of this duration mismatch is for the short call positions to stay out of the way of rising equity markets while the longer-dated put positions continuously hedge downside risk.
At the start of the reporting period, domestic equities surged, with the benchmark index gaining 8.44% in October 2015. Although the Fund was unable to keep pace with the benchmark Index’s rapid ascent, the Fund gained 3.42% for the month. The short calls in the Fund, written about 3% away from benchmark index levels at inception, curtailed the underlying equity’s upside.
Equity markets calmed in November 2015 as investors anticipated the Fed rate hike in December. The benchmark index rose 0.30% and equity market volatility subdued. The Fund outperformed for the month with a gain of 0.43%, as per the Fund’s standard deviation.
Unease returned to equity markets in December 2015, as investors weighed the impact of the Fed’s decision on December 16 to raise interest rates and oil price instability roiled markets. The benchmark index fluctuated as much as 1% to 2% a day for a stretch, ultimately declining 1.58% for the month. The VIX, meanwhile briefly climbed to the mid-20s, but ultimately finished the month at 18. The decline in the VIX negatively impacted the value of the Fund’s hedging positions, causing the Class A shares of the Fund to finish the month down 2.36%.
At the start of the first quarter of 2016, the broad US equity market underwent a significant correction. Beginning in late December 2015, the benchmark index fell 10.5% in 14 trading days. During the move, our long puts helped cushion the Fund against equity losses. With the benchmark index returning -4.96% for the month, Class A shares of the Fund returned -3.61%.
The benchmark index again fell in early February 2016, ultimately bottoming on February 11. The laddered long put positions once again helped soften the underlying equity portfolio decline. In the first 11 calendar days of the month, the Fund was down just 2.50%, less than half of the corresponding benchmark index decline for the same period.
From there, however, a powerful equity reversal took hold, with the benchmark index rising 13% in just a few weeks, on its way to a 6.78% return for March 2016. This V-shaped bear market rally was too rapid for our short call positions. For the month of March, the Fund gained 2.24%, but the short calls, which had been written about 3% to 5% away from benchmark index levels at inception with a duration of one month, truncated the Fund’s upside participation.
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | Since Inception† | ||||||||||||
AllianzGI U.S. Equity Hedged Fund Class A | –0.19% | –5.07% | 5.29% | |||||||||||
| AllianzGI U.S. Equity Hedged Fund Class A (adjusted) | –5.68% | –10.29% | 3.51% | ||||||||||
AllianzGI U.S. Equity Hedged Fund Class C | –0.56% | –5.75% | 4.54% | |||||||||||
| AllianzGI U.S. Equity Hedged Fund Class C (adjusted) | –1.53% | –6.65% | 4.54% | ||||||||||
| AllianzGI U.S. Equity Hedged Fund Class P | –0.14% | –5.04% | 5.44% | ||||||||||
| AllianzGI U.S. Equity Hedged Fund Institutional Class | –0.05% | –4.80% | 5.58% | ||||||||||
| S&P 500 Index | 8.49% | 1.78% | 14.49% | ||||||||||
Lipper Alternative Long/Short Equity Funds Average | 0.25% | –4.38% | 4.59% |
† The Fund began operations on 12/3/12. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 11/30/12.
* Cumulative return
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 2.38% for Class A shares, 3.00% for Class C shares, 1.98% for Class P shares and 2.05% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.25% for Class A shares, 2.00% for Class C shares, 1.10% for Class P shares and 1.00% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
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AllianzGI U.S. Equity Hedged Fund (cont’d)
Cumulative Returns Through March 31, 2016
Asset Allocation (as of March 31, 2016)
Exchange-Traded Funds | 83.3% | |||
Cash & Equivalents — Net (including Options Purchased and Written) | 16.7% |
Shareholder Expense Example | Actual Performance | |||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/16) | $998.10 | $994.40 | $998.60 | $999.50 | ||||
Expenses Paid During Period | $6.24 | $9.97 | $5.50 | $5.00 | ||||
Hypothetical Performance | ||||||||
(5% return before expenses) | ||||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/16) | $1,018.75 | $1,015.00 | $1,019.50 | $1,020.00 | ||||
Expenses Paid During Period | $6.31 | $10.08 | $5.55 | $5.05 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.25% for Class A, 2.00% for Class C, 1.10% for Class P and 1.00% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.
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AllianzGI U.S. Small-Cap Growth Fund
For the period of October 1, 2015 through March 31, 2016, as provided by John McCraw, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI U.S. Small-Cap Growth Fund (the “Fund”) returned -6.63%, underperforming the Russell 2000 Growth Index (the “benchmark index”), which returned -0.57%.
Market Overview
In general, US stocks ended higher and proved resilient given the headwinds the market faced throughout the reporting period including an interest rate hike, monetary policy uncertainty, US recession fears, slumping commodity prices and economic growth concerns in China.
Initially, stocks rallied on fading October rate hike expectations due to a disappointing payroll report. The surge in equities persisted on dovish comments from the ECB and the announcement of new stimulus measures from the PBoC. Stabilizing Chinese economic data and a better than feared start to the third quarter earnings season were also supportive.
The market’s advance slowed in November 2015 and stocks succumbed to selling pressure in December. Sentiment fluctuated over this period as investors grappled with episodes of equity volatility and sharp declines in commodity prices, including the metals, crude oil and natural gas. However, over the quarter, investors grew more comfortable with the prospect of a rate hike and embraced the move in December—the first in nearly ten years. The Fed’s emphasis on data dependency and gradualism and a rebound in energy prices helped to ease investor angst into year end.
The first quarter of 2016 was a tale of two halves with US stocks plummeting at the year’s onset before rebounding sharply to end the period mixed. The strength of the advance was notable and propelled select US indices to a positive close on a year-to-date basis. Focused on Chinese economic growth, recession fears in the US and slumping energy prices, investors initially sought safety and fled risk assets. In the second half of the quarter, stocks staged a remarkable recovery as angst around the abovementioned concerns faded. The bifurcated performance of equities correlated closely with the price of crude oil, which also bottomed mid-quarter. Concurrent with the market’s upturn, sentiment rebounded higher and volatility sunk to levels matching the lows recorded in October 2015. Dovish comments from Fed Chair Janet Yellen, a downwardly revised interest rate hike trajectory and a more substantial than expected policy response from the ECB also supported the market’s surge. Lastly, fourth quarter earnings were generally better than estimated, but the tone of guidance was cautious.
Against this backdrop, the Russell 2000 Index underperformed the Russell 1000 Index. Within the small-cap universe, growth stocks lagged value stocks due to weakness in health care and technology. Within the benchmark index, sector performance was mixed. Telecom services, industrials and materials were among the strongest-performing sectors. In contrast, health care, pressured by weakness in biotechnology and pharmaceutical stocks, was among the worst-performing sectors. The energy and consumer discretionary sectors also underperformed.
Portfolio Review
The Fund underperformed its benchmark index over the reporting period. From an attribution perspective, both security selection and asset weight effects weighed on relative performance. For example, stock picking was positive in the consumer staples, materials and energy sectors, but the total impact was negligible. Conversely, security selection in information technology, financials and industrials had the greatest negative influence. Separately, an overweight in energy was also a detractor.
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AllianzGI U.S. Small-Cap Growth Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | 5 Year | 10 Year | Since Inception† | ||||||||||||||||||
AllianzGI U.S. Small-Cap Growth Fund Class A | –6.63% | �� | –19.99% | 3.23% | 4.03% | 6.60% | ||||||||||||||||
| AllianzGI U.S. Small-Cap Growth Fund Class A (adjusted) | –11.77% | –24.39% | 2.07% | 3.44% | 6.33% | ||||||||||||||||
AllianzGI U.S. Small-Cap Growth Fund Class C | –7.01% | –20.66% | 2.46% | 3.25% | 5.80% | |||||||||||||||||
| AllianzGI U.S. Small-Cap Growth Fund Class C (adjusted) | –7.86% | –21.38% | 2.46% | 3.25% | 5.80% | ||||||||||||||||
| AllianzGI U.S. Small-Cap Growth Fund Class R | –6.78% | –20.21% | 3.01% | 3.78% | 6.34% | ||||||||||||||||
| AllianzGI U.S. Small-Cap Growth Fund Class P | –6.54% | –19.86% | 3.46% | 4.27% | 6.86% | ||||||||||||||||
| AllianzGI U.S. Small-Cap Growth Fund Institutional Class | –6.51% | –19.82% | 3.55% | 4.37% | 6.96% | ||||||||||||||||
| Russell 2000 Growth Index | –0.57% | –11.84% | 7.70% | 6.00% | 6.64% | ||||||||||||||||
Lipper Small-Cap Growth Funds Average | –2.10% | –12.11% | 6.39% | 5.25% | 8.41% |
† The Fund began operations on 10/1/93. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 9/30/93.
* Cumulative return
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.75% for Class A shares, 2.59% for Class C shares, 2.03% for Class R shares, 1.55% for Class P shares and 1.53% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.40% for Class A shares, 2.20% for Class C shares, 1.65% for Class R shares, 1.25% for Class P shares and 1.16% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
Cumulative Returns Through March 31, 2016
Industry Allocation (as of March 31, 2016)
Hotels, Restaurants & Leisure | 10.3% | |||
Software | 9.6% | |||
Construction & Engineering | 6.1% | |||
Health Care Equipment & Supplies | 5.2% | |||
Household Durables | 5.0% | |||
Building Products | 4.8% | |||
Banks | 4.7% | |||
Health Care Providers & Services | 4.5% | |||
Other | 45.5% | |||
Cash & Equivalents — Net | 4.3% |
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AllianzGI U.S. Small-Cap Growth Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||||||||
Class A | Class C | Class R | Class P | Institutional Class | ||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/16) | $933.70 | $929.90 | $932.20 | $934.60 | $934.90 | |||||
Expenses Paid During Period | $6.77 | $10.61 | $7.97 | $6.05 | $5.61 | |||||
Hypothetical Performance | ||||||||||
(5% return before expenses) | ||||||||||
Class A | Class C | Class R | Class P | Institutional Class | ||||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/16) | $1,018.00 | $1,014.00 | $1,016.75 | $1,018.75 | $1,019.20 | |||||
Expenses Paid During Period | $7.06 | $11.08 | $8.32 | $6.31 | $5.86 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.40% for Class A, 2.20% for Class C, 1.65% for Class R, 1.25% for Class P and 1.16% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.
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AllianzGI Ultra Micro Cap Fund
For the period of October 1, 2015 through March 31, 2016, as provided by John McCraw, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Ultra Micro Cap Fund (the “Fund”) returned -6.32%, underperforming the Russell Microcap Growth Index (the “benchmark index”), which returned -4.50%.
Market Overview
In general, US stocks ended higher and proved resilient given the headwinds the market faced throughout the reporting period including an interest rate hike, monetary policy uncertainty, US recession fears, slumping commodity prices and economic growth concerns in China.
Initially, stocks rallied on fading October 2015 rate hike expectations due to a disappointing payroll report. The surge in equities persisted on dovish comments from the ECB and the announcement of new stimulus measures from the PBoC. Stabilizing Chinese economic data and a better than feared start to the third quarter earnings season were also supportive.
The market’s advance slowed in November and stocks succumbed to selling pressure in December. Sentiment fluctuated over this period as investors grappled with episodes of equity volatility and sharp declines in commodity prices, including the metals, crude oil and natural gas. However, over the quarter, investors grew more comfortable with the prospect of a rate hike and embraced the move in December—the first in nearly ten years. The Fed’s emphasis on data dependency and gradualism and a rebound in energy prices helped to ease investor angst into year end.
The first quarter of 2016 was a tale of two halves with US stocks plummeting at the year’s onset before rebounding sharply to end the reporting period mixed. The strength of the advance was notable and propelled select US indices to a positive close on a year-to-date basis. Focused on Chinese economic growth, recession fears in the US and slumping energy prices, investors initially sought safety and fled risk assets. In the second half of the quarter, stocks staged a remarkable recovery as angst around the abovementioned concerns faded. The bifurcated performance of equities correlated closely with the price of crude oil, which also bottomed mid-quarter. Concurrent with the market’s upturn, sentiment rebounded higher and volatility sunk to levels matching the lows recorded in October 2015. Dovish comments from Fed Chair Janet Yellen, a downwardly revised interest rate hike trajectory and a more substantial than expected policy response from the ECB also supported the market’s surge. Lastly, fourth-quarter earnings were generally better than estimated, but the tone of guidance was cautious.
Against this backdrop, the Russell Microcap Index trailed the Russell 2000 Index. Within the microcap universe, growth-oriented stocks lagged value-oriented stocks. Specific to the benchmark index, sector performance was mixed. Consumer staples, materials and industrials were the strongest-performing sectors, followed by telecom services. In contrast, the energy sector declined the most, followed by health care, financials and utilities.
Portfolio Review
The Fund underperformed its benchmark index over the reporting period. From an attribution perspective, security selection pressured relative performance whereas allocation effects at the sector level were negligible. For example, stock picking was positive in the consumer staples, materials and telecom services sectors. Conversely, security selection in health care, consumer discretionary and financials had a negative impact. Separately, an underweight in health care and an overweight in consumer discretionary benefited relative performance; however, an underweight in both consumer staples and industrials were offsetting.
Average Annual Total Return for the period ended March 31, 2016
6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
AllianzGI Ultra Micro Cap Fund Class A | –6.32% | –17.98% | 7.15% | 10.58% | ||||||||||||||
| AllianzGI Ultra Micro Cap Fund Class A — Adjusted | –11.47% | –22.49% | 5.94% | 9.82% | |||||||||||||
| AllianzGI Ultra Micro Cap Fund Class P | –6.22% | –17.76% | 7.39% | 10.84% | |||||||||||||
| AllianzGI Ultra Micro Cap Fund Institutional Class | –6.17% | –17.80% | 7.42% | 10.91% | |||||||||||||
| Russell Microcap Growth Index | –4.50% | –16.95% | 6.43% | 6.36% | |||||||||||||
Lipper Small-Cap Growth Funds Average | –2.10% | –12.11% | 6.39% | 6.90% |
† The Fund began operations on 1/28/08. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 1/31/08.
* Cumulative return
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s expense ratios are 2.08% for Class A shares, 1.81% for Class P shares and 1.79% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.
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AllianzGI Ultra Micro Cap Fund (cont’d)
Cumulative Returns Through March 31, 2016
Industry Allocation (as of March 31, 2016)
Health Care Equipment & Supplies | 10.6% | |||
Banks | 6.7% | |||
Health Care Providers & Services | 6.0% | |||
Biotechnology | 5.8% | |||
Semiconductors & Semiconductor Equipment | 5.3% | |||
Hotels, Restaurants & Leisure | 5.2% | |||
Pharmaceuticals | 5.0% | |||
Internet Software & Services | 4.7% | |||
Other | 50.4% | |||
Cash & Equivalents — Net | 0.3% |
Shareholder Expense Example | Actual Performance | |||||
Class A | Class P | Institutional Class | ||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/16) | $936.80 | $937.80 | $938.30 | |||
Expenses Paid During Period | $10.65 | $9.25 | $9.21 | |||
Hypothetical Performance | ||||||
(5% return before expenses) | ||||||
Class A | Class P | Institutional Class | ||||
Beginning Account Value (10/1/15) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/16) | $1,014.00 | $1,015.45 | $1,015.50 | |||
Expenses Paid During Period | $11.08 | $9.62 | $9.57 |
For each class of the Fund, expenses are equal to the annualized expense ratio for the class (2.20% for Class A, 1.91% for Class P and 1.90% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.
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Effective September 30, 2015, the Trust’s fiscal year end changed from November 30th to September 30th.
The inception date on each Fund Summary page is the inception date of the Fund’s oldest share class or classes. The AllianzGI Global Allocation Fund reorganized on May 4, 2009 when its predecessor merged into the Trust. The Global Allocation Fund’s shares were first offered in 9/98. On April 12, 2010, the following funds reorganized when their predecessors merged into series of the Trust (including fund’s inception date): AllianzGI Convertible Fund (4/93), AllianzGI High Yield Bond Fund (7/96), AllianzGI International Small-Cap Fund (12/97), AllianzGI U.S. Small-Cap Growth Fund (10/93), AllianzGI Micro Cap Fund (7/95), AllianzGI Ultra Micro Cap Fund (1/08). For each of the reorganized funds, Institutional Class is the oldest share class, except that for AllianzGI International Small-Cap Fund, the oldest share class of the predecessor fund merged into Class P.
The Target-Date Funds are designed to offer individual investors comprehensive asset allocation strategies tailored to the approximate date when they expect to begin withdrawing assets. The target date included in the Fund’s name does not necessarily represent the specific year an investor will begin withdrawing assets. It is intended only as a general guide. Each Fund follows a target asset allocation schedule that changes over time to help reduce portfolio risk, increasing its exposure to conservative investments as the target date approaches. The principal value of a Fund is not guaranteed at any time, including the target date. A Fund’s shareholders may experiences losses, including losses near, at or after the target year indicated in the Fund’s name.
Returns measure performance from the inception of the oldest share class to the present, so some returns predate the inception of the actual share class. Those returns are calculated by adjusting the returns of the oldest share class to reflect the indicated share class’s different operating expenses. Total return performance assumes that all dividend and capital gain distributions were reinvested on the payable date.
Class A shares are subject to an initial sales charge. Class C shares are subject to a 1% contingent deferred sales charge (“CDSC”) for shares redeemed in the first year. Class R shares are generally available only to 401(k) plans, 457 plans, employer sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans, non-qualified deferred compensation plans and healthcare benefit funding plans. Class P shares are offered primarily through certain asset allocation, wrap fee and other similar programs offered by broker-dealers and other intermediaries. Institutional Class shares are offered primarily for direct investment by investors such as pension and profit sharing plans, employee benefit trusts, endowments, foundations, corporations and high net worth individuals. Administrative Class shares are offered primarily through employee benefit plan alliances, broker-dealers and other intermediaries. Class R6 shares are offered primarily for 401(k) plans, 457 plans, employer sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans, non-qualified deferred
compensation plans, healthcare benefit funding plans and other specified benefit plans and accounts whereby the plan or the plan’s broker, dealer or other financial Intermediary has an agreement with the Distributor or the Investment Manager to utilize Class R6 shares In certain Investment products or programs.
Class D and Class B shares were converted into Class A shares on November 13, 2015 and December 4, 2015, respectively.
The Lipper Averages are calculated by Lipper, Inc. They are based on the total return performance, with distributions reinvested and operating expenses deducted, of funds included by Lipper in the stated category. Lipper does not take into account sales charges.
The Cumulative Returns charts for each Fund assume the initial investment was made on the first day of the Fund’s initial fiscal year. The charts reflect any sales load that would have applied at the time of purchase or any CDSC that would have applied if a full redemption occurred on the last business day of the most recent fiscal year. Results assume that all dividends and capital gain distributions were reinvested. They do not take into account the effect of taxes. The benchmark cumulative return began on the last day of the month of the respective Fund’s inception date.
Proxy Voting
The Funds’ Investment Manager and Sub-Advisers have adopted written proxy voting policies and procedures (the “Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by Allianz Funds Multi-Strategy Trust (the “Trust”) as the policies and procedures that the Sub-Advisers will use when voting proxies on behalf of the Funds. Copies of the written Proxy Policy and the factors that the Sub-Advisers may consider in determining how to vote proxies for each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling 1-800-988-8380 (retail classes: A, C & R) or 1-800-498-5413 (Class P, R6, Institutional & Administrative classes), on the Allianz Global Investors Distributors website at us.allianzgi.com, and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.
Form N-Q
The Trust files complete schedules of each Fund’s portfolio holdings with the SEC on Form N-Q for the first and third quarters of each fiscal year, which are available on the SEC’s website at http://www.sec.gov. A copy of the Trust’s Form N-Q is available without charge, upon request, by calling 1-800-988-8380 (retail classes: A, C & R) or 1-800-498-5413 (Class P, R6, Institutional & Administrative classes). In addition, the Trust’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
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The following disclosure provides important information regarding each Fund’s Shareholder Expense Example, which appears on each Fund Summary page in this Semiannual Report. Please refer to this information when reviewing the Shareholder Expense Example for a Fund.
Shareholder Expense Example
Shareholders of a Fund incur two types of costs: (1) transaction costs; and (2) ongoing costs, including investment management fees; distribution and/or service (12b-1) fees and other Fund expenses. The Shareholder Expense Example is intended to help shareholders understand ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Shareholder Expense Example is based on an investment of $1,000.00 invested at the beginning of the period, as indicated, and held for the entire period through March 31, 2016.
Actual Expenses
The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period”, to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The information in the table under the heading “Hypothetical Performance (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading “Hypothetical Performance (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Shareholders may be subject to an annual fee of $15 for any accounts, including fiduciary accounts, with balances that fall below $1,000. This fee is not included in the shareholder expense example. If you are subject to the fee, keep it in mind when you are estimating the ongoing expenses of investing in the Funds and when comparing the expenses of these Funds with other funds.
Credit Ratings
Bond ratings apply to the underlying holdings of a Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined for purposes of presentations in this report by using ratings provided by Moody’s Investors Service, Inc. (“Moody’s”) or in the case of AllianzGI Convertible Fund, AllianzGI High Yield Bond Fund and AllianzGI Short Duration High Income Fund, S&P Global Ratings (“S&P”). Previous shareholder reports for AllianzGI Convertible Fund, AllianzGI High Yield Bond Fund and AllianzGI Short Duration High Income Fund displayed bond ratings information provided by Moody’s.
Unless otherwise noted, presentations of credit ratings information in this report use ratings provided by Moody’s because of, among other reasons, the access to background information and other materials provided by Moody’s, as well as the Funds’ considerations of industry practice. With respect to AllianzGI Convertible Fund, AllianzGI High Yield Bond Fund and AllianzGI Short Duration High Income Fund, presentations of credit ratings information in this report use ratings provided by S&P because of, among other reasons, the applicable portfolio managers’ usage of S&P ratings methodology among other credit quality information in managing the respective portfolios, access to background information and other materials provided by S&P, as well as the Funds’ considerations of industry practice. The Funds also display S&P credit ratings information in materials provided in client presentations.
Bonds not rated by Moody’s or S&P, or bonds that do not have a rating available from Moody’s or S&P are designated as “NR” and “NA”, respectively. Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change periodically, even as frequently as daily. Ratings assigned by Moody’s, S&P or another rating agency are not absolute standards of credit quality and do not evaluate market risk. Rating agencies may fail to make timely changes in credit ratings, and an issuer’s current financial condition may be better or worse than a rating indicates. In formulating investment decisions for the applicable Funds, Allianz Global Investors U.S. LLC, the sub-adviser to the applicable Funds, develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agencies or third-party research.
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Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an index.
Prior to November 1, 2006, performance data for the MSCI Indices was calculated gross of dividend tax withholding. Performance data presently shown for the Indices is net of dividend tax withholding. This recalculation results in lower performance for the Indices.
Index | Description | |
Barclays Global Aggregate Index | The Barclays Global Aggregate Index provides a broad-based measure of the global investment grade fixed-rate debt markets. It is comprised of the US Aggregate, Pan-European Aggregate, and the Asian-Pacific Aggregate Indexes. It also includes a wide range of standard and customized sub-indices by liquidity constraint, sector, quality and maturity. | |
Barclays Global High Yield Index | The Barclays Global High Yield Index is an unmanaged index considered representative of fixed rate, non-investment grade debt of companies in the US, developed markets and emerging markets. | |
Barclays US Aggregate Bond Index | The Barclays US Aggregate Bond Index is composed of securities from the Barclays Government/Credit Bond Index, Mortgage-Backed Securities Index, and Asset-Backed Securities Index. It is generally considered to be representative of the domestic, investment grade, fixed rate, taxable bond market. | |
Barclays US Credit Index | The Barclays US Credit Index is the credit component of the US Government/Credit Index. It includes publicly issued US corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements. To qualify, securities must be rated investment grade (Baa3 or better) by Moody’s. | |
Barclays US Government Bond Index | The Barclays US Government Bond Index is composed of all publicly issued, nonconvertible, domestic debt of the US Government or any agency thereof, quasi-federal corporations or corporate debt guaranteed by the US Government. | |
Barclays US Government Inflation-Linked Bond Index | Barclays US Government Inflation-Linked Bond Index measures the performance of the US Treasury Inflation Protected Securities (“TIPS”) market. The index includes TIPS with one or more years remaining maturity with total outstanding issue size of $500 million or more. | |
Barclays US TIPS Index | The Barclays US TIPS Index includes all publicly issued, US Treasury inflation-protected securities that have at least one year remaining to maturity, are rated investment grade, and have $250 million or more of outstanding face value. | |
Bloomberg Commodity Index | Bloomberg Commodity Index (BCOM) is calculated on an excess return basis and reflects commodity futures price movements. The index rebalances annually weighted 2/3 by trading volume and 1/3 by world production and weight-caps are applied at the commodity, sector and group level for diversification. Roll period typically occurs from 6th-10th business day based on the roll schedule. | |
BofA Merrill Lynch 1-3 Year BB US Cash Pay High Yield Index | The BofA Merrill Lynch 1-3 Year BB US Cash Pay High Yield Index is a subset of the BofA Merrill Lynch US Cash Pay High Yield Index, including all securities with a remaining term to final maturity less than 3 years and rated BB1 through BB3, inclusive. The BofA Merrill Lynch US Cash Pay High Yield Index tracks the performance of US dollar-denominated below investment grade corporate debt, currently in a coupon paying period, that is publicly issued in the US domestic market. | |
BofA Merrill Lynch 3-Month US Treasury Bill Index | The BofA Merrill Lynch 3-Month US Treasury Bill Index tracks the performance of the 3-month US Treasury markets. | |
BofA Merrill Lynch All Convertibles Index | The BofA Merrill Lynch All Convertibles Index is a widely used, unmanaged index that measures the performance of US dollar-denominated convertible securities not currently in bankruptcy with a total market value greater than $50 million at issuance. |
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Index | Description | |
BofA Merrill Lynch High Yield Master II Index | The BofA Merrill Lynch High Yield Master II Index is an unmanaged index consisting of US dollar-denominated bonds that are issued in countries having a BBB3 or higher debt rating with at least one year remaining until maturity. All bonds must have a credit rating below investment grade but not in default. | |
CBOE Volatility Index (VIX) | The CBOE Volatility Index (VIX) is a key measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices. | |
Custom Real Asset Benchmark | The Custom Real Asset Benchmark represents the performance of a hypothetical index developed by the Adviser. This blended benchmark is comprised of seven underlying indices in the following proportions: 25% Dow Jones UBS Commodity Total Return Index, 25% MSCI World Real Estate Index, 25% Barclays US Government Inflation-Linked Bond Index, 6.25% DAX Global Agribusiness Index, 7.5% MSCI World Energy Index, 6.25% MSCI World Materials Index and 5% MSCI ACWI Industrials (equal-weighted) Index. The Dow Jones UBS Commodity Total Return Index tracks prices of futures contracts on physical commodities on the commodity markets. The MSCI World Real Estate Index is a free float-adjusted market capitalization index that consists of large and mid cap equity REITs across 23 Developed Markets (DM) countries, which generate a majority of their revenue and income from real estate rental and leasing operations. The Barclays US Government Inflation-Linked Bond Index measures the performance of the US Treasury Inflation Protected Securities (TIPS) market. The DAX Global Agribusiness Index replicates the performance of the largest and most liquid agribusiness companies. The MSCI World Energy Index is a component of the MSCI World Index and represents the energy securities defined by MSCI. The MSCI World Materials Index is a component of the MSCI World Index and represents the materials securities defined by MSCI. The MSCI ACWI Industrials (equal-weighted) Index is a component of the MSCI All Country World Index and represents the industrials securities defined by MSCI calculated equal-weighted. Performance data presently shown for MSCI and DAX Indexes is net of dividend tax withholding. It is not possible to invest directly in the blended benchmark or in the indices from which it is derived. | |
Dow Jones Sustainability World Total Return Index | The Dow Jones Sustainability World Total Return Index tracks the performance of the top 10% of the 2500 largest companies in the S&P Global Broad Market Index that are the world’s sustainability leaders based on economic, environmental and social criteria. | |
Dow Jones US Select REIT Index | The Dow Jones US Select REIT Index measures the performance of publicly traded REITs and REIT-like securities. | |
Institute for Supply Management Manufacturing Index (ISM Index) | The Institute for Supply Management Manufacturing Index (ISM) is an index based on surveys of more than 300 manufacturing firms by the Institute of Supply Management. The ISM Index monitors employment, production inventories, new orders and supplier deliveries. | |
JP Morgan Corporate Emerging Markets Broad Diversified Index (CEMBI) | The JP Morgan Corporate Emerging Markets Bond Index (CEMBI) tracks total returns of US dollar-denominated debt instruments issued by corporate entities in emerging market countries. Two variations are available: CEMBI Broad and CEMBI. The CEMBI Broad is the most comprehensive corporate benchmark followed by the CEMBI, which consists of an investable universe of corporate bonds. Both indices are also available in Diversified versions. | |
JP Morgan Emerging Markets Bond Index Global Diversified (EMBI Global Diversified) | The JP Morgan Emerging Markets Bond Index Global Diversified (EMBI Global Diversified) is a uniquely-weighted version of the EMBI Global. It limits the weights of those index countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding. The countries covered in the EMBI Global Diversified are identical to those covered by the EMBI Global. |
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Benchmark Descriptions (cont’d)
Index | Description | |
JP Morgan Government Bond Index-Global Emerging Markets (GBI-EM) | The JP Morgan Government Bond Index-Global Emerging Markets (GBI-EM) is the first comprehensive, global local emerging markets index, and consists of regularly traded, liquid fixed-rate, domestic currency government bonds to which international investors can gain exposure. Variations of the index are available to allow investors to select the most appropriate benchmark for their objectives. | |
Morningstar Lifetime Conservative Series: Morningstar Lifetime Conservative 2015, Morningstar Lifetime Conservative 2020, Morningstar Lifetime Conservative 2025, Morningstar Lifetime Conservative 2030, Morningstar Lifetime Conservative 2035, Morningstar Lifetime Conservative 2040, Morningstar Lifetime Conservative 2045, Morningstar Lifetime Conservative 2050, Morningstar Lifetime Conservative 2055 and Morningstar Lifetime Conservative Income | The Morningstar Lifetime Conservative 2015, Morningstar Lifetime Conservative 2020, Morningstar Lifetime Conservative 2025, Morningstar Lifetime Conservative 2030, Morningstar Lifetime Conservative 2035, Morningstar Lifetime Conservative 2040, Morningstar Lifetime Conservative 2045, Morningstar Lifetime Conservative 2050, Morningstar Lifetime Conservative 2055 and Morningstar Lifetime Conservative Income Indices each represents a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. The portfolio is held in proportions appropriate for a US investor’s investment horizon until retirement. The conservative risk profile is for investors who are comfortable with below-average exposure to equity market volatility. | |
MSCI ACWI ex USA Growth Index | The MSCI ACWI ex USA Growth Index captures large and mid-cap securities exhibiting overall growth style characteristics across developed and emerging markets, excluding the United States. | |
MSCI ACWI ex USA Index | The MSCI ACWI ex USA Index captures large and mid cap representation across Developed Markets countries (excluding the US) and Emerging Markets countries. The index covers approximately 85% of the global equity opportunity set outside the US. | |
MSCI All Country World Index (Also known as: MSCI AC World Index and MSCI ACWI) | The MSCI All Country World Index (ACWI) captures large and mid cap representation across Developed Markets and Emerging Markets countries. The index covers approximately 85% of the global investable equity opportunity set. | |
MSCI China Index | The MSCI China Index captures large and mid cap representation across China H shares, B shares, Red chips and P chips. The index covers about 84% of this China equity universe. | |
MSCI EAFE Index | The MSCI EAFE Index is an equity index which captures large and mid cap representation across the Developed Markets countries around the world, excluding the US and Canada. The index is comprehensive, covering approximately 85% of the free float-adjusted market capitalization in each country. | |
MSCI EAFE Small Cap Index | The MSCI EAFE Small Cap Index is an equity index which captures small cap representation across Developed Markets countries around the world, excluding the US and Canada. | |
MSCI Emerging Markets Index | The MSCI Emerging Markets Index captures large and mid cap representation across Emerging Markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country. | |
MSCI Emerging Markets Small-Cap Index | The MSCI Emerging Markets Small-Cap Index captures small cap representation across emerging markets countries. | |
MSCI Europe Total Return (Net) Index | The MSCI Europe Total Return (Net) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe. |
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Index | Description | |
MSCI World ex USA Small Cap Index | The MSCI World ex USA Small Cap Index captures small cap representation across Developed Markets countries excluding the United States. | |
MSCI World Index | The MSCI World Index captures large and mid cap representation across Developed Markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country. | |
MSCI World Real Estate Index | The MSCI World Real Estate Index is a free float-adjusted market capitalization index that consists of large and mid-cap equity REITs across 23 Developed Markets (DM) countries*, which generate a majority of their revenue and income from real estate rental and leasing operations. With 103 constituents, it represents about 85% of the REIT universe in each country and all securities are classified in the REIT sector according to the Global Industry Classification Standard (GICS®). | |
Real Return Target Date Index; RR Target 2015 Index; RR Target 2020 Index; RR Target 2025 Index; RR Target 2030 Index; RR Target 2035 Index; RR Target 2040 Index; RR Target 2045 Index; RR Target 2050 Index; RR Target 2040+ Index; RR Target Today Index | Each of the Real Return Target 2015, Real Return Target 2020, Real Return Target 2025, Real Return Target 2030, Real Return Target 2035, Real Return Target 2040, Real Return Target 2045, Real Return Target 2050, Real Return Target 40+ and Real Return Target Today Indices (for purposes of this paragraph, the “New Primary Indices”) is a composite of other indexes. The sub-indexes represent traditional stocks and bonds in addition to real return assets such as inflation-linked bonds, commodities and real estate securities that are considered to potentially counterbalance inflation. The component asset classes are weighted within each index to reflect a targeted level of risk at the beginning and end of the investment horizon. Over time, the weights are adjusted based on predetermined formulas to systematically reduce the level of potential risk as the index’s maturity date approaches. It is not possible to invest directly in an index. Each of the New Primary Indices is calculated using the methodology of, and is maintained by, S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC). The New Primary Indices are not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the New Primary Indices. “Calculated by S&P Dow Jones Indices” and the related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by Allianz Global Investors GmbH. | |
Russell 1000 Index | The Russell 1000 Index is an unmanaged index that consists of the 1,000 largest companies in the Russell 3000 Index and represents approximately 90% of the total market capitalization of the Russell 3000 Index. It is highly correlated with the S&P 500 Index. | |
Russell 2000 Growth Index | The Russell 2000 Growth Index is an unmanaged index composed of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values. | |
Russell 2000 Index | The Russell 2000 Index measures the performance of the small cap segment of the US equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index and represents approximately 10% of total market capitalization of that index. | |
Russell Microcap Growth Index | The Russell Microcap Growth Index measures the performance of the microcap growth segment of the US equity market. It includes those Russell Microcap Index companies with higher price-to-book ratios and higher forecasted growth values. | |
Russell Microcap Index | The Russell Microcap Index measures the performance of the microcap segment of the US equity market. It makes up less than 3% of the US equity market. | |
S&P 500 Index | The Standard & Poor’s 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The Index focuses on the large cap segment of the US equities market. |
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Benchmark Descriptions (cont’d)
Index | Description | |
S&P Global Water Index | The Standard & Poor’s Global Water Index is comprised of 50 of the largest publicly traded companies in water-related businesses that meet specific investability requirements. This index is designed to provide liquid exposure to the leading publicly-listed companies in the global water industry, from both developed markets and emerging markets. | |
USD Overnight LIBOR | USD Overnight LIBOR (London Interbank Offered Rate) is the average interest rate at which leading banks in London borrow US dollar funds from one another with a maturity of one day (overnight). |
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AllianzGI Retirement 2015 Fund
Shares | Value | |||||||
Mutual Funds—71.4% | ||||||||
AllianzGI Advanced Core Bond (a) | 140,188 | $2,147,676 | ||||||
AllianzGI Best Styles Emerging Markets | 9,177 | 118,939 | ||||||
AllianzGI Best Styles International Equity (a)(c) | 115,799 | 1,604,969 | ||||||
AllianzGI Best Styles U.S. Equity (a)(c) | 181,485 | 2,687,790 | ||||||
AllianzGI Emerging Markets Consumer (a)(b) | 37,985 | 462,277 | ||||||
AllianzGI Global Natural Resources (a)(b) | 20,937 | 292,484 | ||||||
AllianzGI High Yield Bond (a)(b) | 195,045 | 1,618,875 | ||||||
AllianzGI Short Duration High Income (a)(b) | 230,905 | 3,364,283 | ||||||
AllianzGI Structured Return (a)(b) | 51,755 | 803,234 | ||||||
Harvest Funds Intermediate Bond (b) | 54,350 | 542,956 | ||||||
PIMCO Capital Securities and Financials (a)(b) | 70,974 | 669,991 | ||||||
PIMCO Income (a)(b) | 229,292 | 2,698,769 | ||||||
PIMCO Long-Term Credit (a)(b) | 189,487 | 2,160,148 | ||||||
|
| |||||||
Total Mutual Funds (cost—$19,402,381) |
| 19,172,391 | ||||||
|
| |||||||
Exchange-Traded Funds—26.7% | ||||||||
PIMCO 15+ Year U.S. TIPS Index (a) | 8,103 | 539,741 | ||||||
PIMCO 25+ Year Zero Coupon U.S. Treasury Index (a) | 4,471 | 555,253 | ||||||
PIMCO Broad U.S. TIPS Index (a) | 83,296 | 4,832,576 | ||||||
Schwab U.S. REIT | 16,245 | 672,543 | ||||||
Schwab U.S. Small-Cap | 5,343 | 278,050 | ||||||
SPDR S&P 600 Small Cap Value | 2,893 | 282,241 | ||||||
|
| |||||||
Total Exchange-Traded Funds (cost—$6,976,971) | 7,160,404 | |||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—1.0% | ||||||||
State Street Bank and Trust Co., |
| |||||||
(cost—$273,000) | $273 | 273,000 | ||||||
|
| |||||||
Total Investments (cost—$26,652,352)—99.1% | 26,605,795 | |||||||
|
| |||||||
Other assets less liabilities—0.9% | 233,310 | |||||||
|
| |||||||
Net Assets—100.0% | $26,839,105 | |||||||
|
|
Notes to Schedule of Investments:
(a) Affiliated fund.
(b) Institutional Class share.
(c) Class R6 share.
Glossary:
REIT—Real Estate Investment Trust
TIPS—Treasury Inflation Protected Securities
AllianzGI Retirement 2020 Fund
Shares | Value | |||||||
Mutual Funds—74.4% | ||||||||
AllianzGI Advanced Core | 269,721 | $4,132,122 | ||||||
AllianzGI Best Styles Emerging Markets Equity (a)(c) | 43,128 | 558,942 | ||||||
AllianzGI Best Styles International Equity (a)(c) | 280,831 | 3,892,314 | ||||||
AllianzGI Best Styles U.S. Equity (a)(c) | 413,663 | 6,126,355 | ||||||
AllianzGI Emerging Markets | 75,691 | 921,162 | ||||||
AllianzGI Focused Growth (a)(b) | 15,229 | 562,085 | ||||||
AllianzGI Global Natural | 62,441 | 872,294 | ||||||
AllianzGI High Yield | 398,146 | 3,304,613 | ||||||
AllianzGI Mid-Cap (a)(b) | 162,297 | 597,253 | ||||||
AllianzGI Short Duration High Income (a)(b) | 452,682 | 6,595,579 | ||||||
AllianzGI Structured Return (a)(b) | 104,316 | 1,618,982 | ||||||
Harvest Funds Intermediate Bond (b) | 112,785 | 1,126,721 | ||||||
PIMCO Capital Securities and | 115,317 | 1,088,589 | ||||||
PIMCO Income (a)(b) | 446,407 | 5,254,213 | ||||||
PIMCO Long-Term Credit (a)(b) | 390,131 | 4,447,491 | ||||||
|
| |||||||
Total Mutual Funds (cost—$42,024,309) | 41,098,715 | |||||||
|
| |||||||
Exchange-Traded Funds—24.0% | ||||||||
PIMCO 15+ Year U.S. TIPS Index (a) | 16,871 | 1,123,777 | ||||||
PIMCO 25+ Year Zero Coupon U.S. Treasury Index (a) | 8,773 | 1,089,519 | ||||||
PIMCO Broad U.S. TIPS Index (a) | 147,226 | 8,541,596 | ||||||
Schwab U.S. REIT | 34,173 | 1,414,762 | ||||||
Schwab U.S. Small-Cap | 10,675 | 555,527 | ||||||
SPDR S&P 600 Small Cap Value | 5,732 | 559,214 | ||||||
|
| |||||||
Total Exchange-Traded Funds (cost—$12,949,495) | 13,284,395 | |||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—1.7% | ||||||||
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $929,001; collateralized by Fannie Mae, 1.375%, due 2/26/21, valued at $951,188 including accrued interest |
| |||||||
(cost—$929,000) | $929 | 929,000 | ||||||
|
| |||||||
Total Investments (cost—$55,902,804)—100.1% |
| 55,312,110 |
| |||||
|
| |||||||
Liabilities in excess of other assets—(0.1)% | (38,593 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $55,273,517 | |||||||
|
|
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 119 |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Notes to Schedule of Investments:
(a) Affiliated fund.
(b) Institutional Class share.
(c) Class R6 share.
Glossary:
REIT—Real Estate Investment Trust
TIPS—Treasury Inflation Protected Securities
AllianzGI Retirement 2025 Fund
Shares | Value | |||||||
Mutual Funds—76.5% | ||||||||
AllianzGI Advanced Core | 195,751 | $2,998,899 | ||||||
AllianzGI Best Styles Emerging Markets Equity (a)(c) | 46,944 | 608,391 | ||||||
AllianzGI Best Styles International Equity (a)(c) | 434,577 | 6,023,236 | ||||||
AllianzGI Best Styles U.S. Equity (a)(c) | 448,928 | 6,648,628 | ||||||
AllianzGI Emerging Markets | 107,683 | 1,310,500 | ||||||
AllianzGI Focused Growth (a)(b) | 24,704 | 911,810 | ||||||
AllianzGI Global Natural | 91,941 | 1,284,421 | ||||||
AllianzGI High Yield | 505,697 | 4,197,289 | ||||||
AllianzGI International | 17,684 | 609,751 | ||||||
AllianzGI Mid-Cap (a)(b) | 263,296 | 968,929 | ||||||
AllianzGI Short Duration High Income (a)(b) | 451,757 | 6,582,098 | ||||||
AllianzGI Structured Return (a)(b) | 93,809 | 1,455,914 | ||||||
Harvest Funds Intermediate Bond (b) | 122,824 | 1,227,009 | ||||||
PIMCO Capital Securities and | 124,439 | 1,174,707 | ||||||
PIMCO | 434,756 | 5,117,078 | ||||||
PIMCO Long-Term Credit (a)(b) | 424,716 | 4,841,758 | ||||||
|
| |||||||
Total Mutual Funds (cost—$47,021,926) | 45,960,418 | |||||||
|
| |||||||
Exchange-Traded Funds—22.0% | ||||||||
PIMCO 15+ Year U.S. TIPS Index (a) | 18,203 | 1,212,502 | ||||||
PIMCO 25+ Year Zero Coupon U.S. Treasury Index (a) | 9,466 | 1,175,582 | ||||||
PIMCO Broad U.S. TIPS Index (a) | 124,083 | 7,198,911 | ||||||
Schwab U.S. REIT | 36,871 | 1,526,459 | ||||||
Schwab U.S. Small-Cap | 23,268 | 1,210,867 | ||||||
SPDR S&P 600 Small Cap Value | 9,277 | 905,064 | ||||||
|
| |||||||
Total Exchange-Traded Funds (cost—$12,943,879) | 13,229,385 | |||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—1.7% | ||||||||
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $1,035,001; collateralized by U.S. Treasury Notes, 2.25%, due 4/30/21, valued at $1,056,250 including accrued interest |
| |||||||
(cost—$1,035,000) | $1,035 | 1,035,000 | ||||||
|
| |||||||
Total Investments (cost—$61,000,805)—100.2% |
| 60,224,803 | ||||||
|
| |||||||
Liabilities in excess of other assets—(0.2)% | (114,659 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $60,110,144 | |||||||
|
|
Notes to Schedule of Investments:
(a) Affiliated fund.
(b) Institutional Class share.
(c) Class R6 share.
Glossary:
REIT—Real Estate Investment Trust
TIPS—Treasury Inflation Protected Securities
120 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
AllianzGI Retirement 2030 Fund
Shares | Value | |||||||
Mutual Funds—79.3% | ||||||||
AllianzGI Advanced Core Bond (a) | 206,159 | $3,158,357 | ||||||
AllianzGI Best Styles Emerging Markets Equity (a)(c) | 29,620 | 383,869 | ||||||
AllianzGI Best Styles International Equity (a)(c) | 503,400 | 6,977,123 | ||||||
AllianzGI Best Styles U.S. Equity (a)(c) | 687,648 | 10,184,070 | ||||||
AllianzGI Emerging Markets Consumer (a)(b) | 110,793 | 1,348,351 | ||||||
AllianzGI Emerging Markets Small-Cap (a)(b) | 45,149 | 641,570 | ||||||
AllianzGI Focused Growth (a)(b) | 25,908 | 956,248 | ||||||
AllianzGI Global Natural | 95,428 | 1,333,125 | ||||||
AllianzGI High Yield Bond (a)(b) | 532,629 | 4,420,817 | ||||||
AllianzGI International Small-Cap (a)(b) | 18,461 | 636,548 | ||||||
AllianzGI Mid-Cap (a)(b) | 262,775 | 967,013 | ||||||
AllianzGI NFJ Mid-Cap | 37,489 | 951,854 | ||||||
AllianzGI Short Duration High Income (a)(b) | 410,928 | 5,987,222 | ||||||
AllianzGI Structured Return (a)(b) | 97,458 | 1,512,552 | ||||||
AllianzGI U.S. Small-Cap Growth (a)(b) | 75,781 | 973,786 | ||||||
Harvest Funds Intermediate Bond (b) | 95,428 | 953,329 | ||||||
PIMCO Capital Securities and Financials (a)(b) | 96,959 | 915,295 | ||||||
PIMCO | 269,446 | 3,171,376 | ||||||
PIMCO Long-Term | 419,255 | 4,779,507 | ||||||
|
| |||||||
Total Mutual Funds (cost—$51,279,698) | 50,252,012 | |||||||
|
| |||||||
Exchange-Traded Funds—18.8% | ||||||||
PIMCO 15+ Year U.S. TIPS | 18,915 | 1,259,928 | ||||||
PIMCO 25+ Year Zero Coupon U.S. Treasury | 12,295 | 1,526,916 | ||||||
PIMCO Broad U.S. TIPS Index (a) | 92,564 | 5,370,276 | ||||||
Schwab U.S. REIT | 38,313 | 1,586,158 | ||||||
Schwab U.S. Small-Cap | 24,116 | 1,254,997 | ||||||
SPDR S&P 600 Small Cap Value | 9,640 | 940,479 | ||||||
|
| |||||||
Total Exchange-Traded Funds (cost—$11,678,714) | 11,938,754 | |||||||
|
|
Principal Amount (000s) | Value | |||||||
Repurchase Agreements—2.2% | ||||||||
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $1,396,001; collateralized by U.S. Treasury Notes, 2.25%, due 4/30/21, valued at $1,425,938 including accrued interest |
| |||||||
(cost—$1,396,000) | $1,396 | $ | 1,396,000 | |||||
|
| |||||||
Total Investments (cost—$64,354,412)—100.3% | 63,586,766 | |||||||
|
| |||||||
Liabilities in excess of other assets—(0.3)% | (164,691 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $63,422,075 | |||||||
|
|
Notes to Schedule of Investments:
(a) Affiliated fund.
(b) Institutional Class share.
(c) Class R6 share.
Glossary:
REIT—Real Estate Investment Trust
TIPS—Treasury Inflation Protected Securities
AllianzGI Retirement 2035 Fund
Shares | Value | |||||||
Mutual Funds—78.1% | ||||||||
AllianzGI Advanced Core Bond (a) | 129,881 | $1,989,776 | ||||||
AllianzGI Best Styles Emerging Markets Equity (a)(c) | 35,049 | 454,240 | ||||||
AllianzGI Best Styles International Equity (a)(c) | 558,684 | 7,743,361 | ||||||
AllianzGI Best Styles U.S. Equity (a)(c) | 659,984 | 9,774,358 | ||||||
AllianzGI Emerging Markets Consumer (a)(b) | 88,566 | 1,077,850 | ||||||
AllianzGI Emerging Markets Small-Cap (a)(b) | 54,136 | 769,271 | ||||||
AllianzGI Focused Growth (a)(b) | 33,992 | 1,254,641 | ||||||
AllianzGI Global Natural | 92,903 | 1,297,860 | ||||||
AllianzGI High Yield | 419,447 | 3,481,408 | ||||||
AllianzGI International Small-Cap (a)(b) | 14,538 | 501,284 | ||||||
AllianzGI | 344,784 | 1,268,807 | ||||||
AllianzGI NFJ Mid-Cap Value (a)(b) | 29,524 | 749,611 | ||||||
AllianzGI Short Duration High Income (a)(b) | 170,320 | 2,481,563 | ||||||
AllianzGI Structured Return (a)(b) | 61,597 | 955,983 | ||||||
AllianzGI U.S. Small-Cap Growth (a)(b) | 59,678 | 766,857 | ||||||
Harvest Funds Intermediate Bond (b) | 50,509 | 504,588 | ||||||
PIMCO Capital Securities and Financials (a)(b) | 50,887 | 480,369 | ||||||
PIMCO Income (a)(b) | 84,869 | 998,911 | ||||||
PIMCO Long-Term Credit (a)(b) | 220,177 | 2,510,020 | ||||||
|
| |||||||
Total Mutual Funds (cost—$40,076,548) | 39,060,758 | |||||||
|
| |||||||
Exchange-Traded Funds—16.9% | ||||||||
PIMCO 15+ Year U.S. TIPS | 14,880 | 991,157 | ||||||
PIMCO 25+ Year Zero Coupon U.S. Treasury | 3,869 | 480,491 | ||||||
PIMCO Broad U.S. TIPS Index (a) | 68,609 | 3,980,481 | ||||||
Schwab U.S. REIT | 30,141 | 1,247,837 | ||||||
Schwab U.S. Small-Cap | 18,992 | 988,344 | ||||||
SPDR S&P 600 Small Cap Value | 7,584 | 739,895 | ||||||
|
| |||||||
Total Exchange-Traded Funds (cost—$8,239,783) | 8,428,205 | |||||||
|
|
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 121 |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Principal Amount (000s) | Value | |||||||
Repurchase Agreements—4.8% | ||||||||
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $2,399,002; collateralized by U.S. Treasury Notes, 2.25%, due 4/30/21, valued at $2,450,500 including accrued interest |
| |||||||
(cost—$2,399,000) | $2,399 | $ | 2,399,000 | |||||
|
| |||||||
Total Investments (cost��$50,715,331)—99.8% | 49,887,963 | |||||||
|
| |||||||
Other assets less liabilities (d)—0.2% | 85,060 | |||||||
|
| |||||||
Net Assets—100.0% | $49,973,023 | |||||||
|
|
Notes to Schedule of Investments:
(a) Affiliated fund.
(b) Institutional Class share.
(c) Class R6 share.
(d) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.
Glossary:
REIT—Real Estate Investment Trust
TIPS—Treasury Inflation Protected Securities
AllianzGI Retirement 2040 Fund
Shares | Value | |||||||
Mutual Funds—78.4% | ||||||||
AllianzGI Advanced Core Bond (a) | 54,553 | $835,751 | ||||||
AllianzGI Best Styles Emerging Markets | 29,420 | 381,284 | ||||||
AllianzGI Best Styles International | 605,416 | 8,391,064 | ||||||
AllianzGI Best Styles U.S. | 653,864 | 9,683,723 | ||||||
AllianzGI Emerging Markets | 75,718 | 921,493 | ||||||
AllianzGI Emerging Markets | 59,025 | 838,742 | ||||||
AllianzGI Focused | 39,993 | 1,476,152 | ||||||
AllianzGI Global Natural | 75,910 | 1,060,459 | ||||||
AllianzGI High Yield | 352,384 | 2,924,790 | ||||||
AllianzGI International | 18,318 | 631,591 | ||||||
AllianzGI Mid-Cap (a)(b) | 347,352 | 1,278,255 | ||||||
AllianzGI NFJ Mid-Cap | 33,067 | 839,569 | ||||||
AllianzGI U.S. Small-Cap Growth (a)(b) | 83,526 | 1,073,315 | ||||||
Harvest Funds Intermediate | 41,856 | 418,146 | ||||||
PIMCO Capital Securities and | 42,084 | 397,276 | ||||||
PIMCO Long-Term Credit (a)(b) | 166,354 | 1,896,441 | ||||||
|
| |||||||
Total Mutual Funds (cost—$33,981,806) | 33,048,051 | |||||||
|
| |||||||
Exchange-Traded Funds—16.1% | ||||||||
PIMCO 15+ Year U.S. TIPS Index (a) | 12,306 | 819,703 | ||||||
PIMCO 25+ Year Zero Coupon U.S. Treasury Index (a) | 2,239 | 278,061 | ||||||
PIMCO Broad U.S. TIPS Index (a) | 41,789 | 2,424,468 | ||||||
Schwab U.S. REIT | 24,928 | 1,032,019 | ||||||
Schwab U.S. Small-Cap | 23,422 | 1,218,881 | ||||||
SPDR S&P 600 Small Cap Value | 10,453 | 1,019,795 | ||||||
|
| |||||||
Total Exchange-Traded Funds (cost—$6,676,921) | 6,792,927 | |||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—5.0% | ||||||||
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $2,101,002; collateralized by Fannie Mae, 1.375%, due 2/26/21, valued at $2,147,681 including accrued interest |
| |||||||
(cost—$2,101,000) | $2,101 | 2,101,000 | ||||||
|
| |||||||
Total Investments (cost—$42,759,727)—99.5% | 41,941,978 | |||||||
|
| |||||||
Other assets less liabilities (d)—0.5% | 221,859 | |||||||
|
| |||||||
Net Assets—100.0% | $42,163,837 | |||||||
|
|
Notes to Schedule of Investments:
(a) Affiliated fund.
(b) Institutional Class share.
(c) Class R6 share.
(d) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.
Glossary:
REIT—Real Estate Investment Trust
TIPS—Treasury Inflation Protected Securities
122 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
AllianzGI Retirement 2045 Fund
Shares | Value | |||||||
Mutual Funds—83.4% | ||||||||
AllianzGI Best Styles Emerging | 40,915 | $530,265 | ||||||
AllianzGI Best Styles International | 378,418 | 5,244,879 | ||||||
AllianzGI Best | 423,144 | 6,266,758 | ||||||
AllianzGI Emerging | 55,972 | 681,174 | ||||||
AllianzGI Emerging | 33,462 | 475,494 | ||||||
AllianzGI Focused | 27,206 | 1,004,155 | ||||||
AllianzGI Global | 42,482 | 593,471 | ||||||
AllianzGI High | 210,037 | 1,743,310 | ||||||
AllianzGI | 14,538 | 501,283 | ||||||
AllianzGI | 275,662 | 1,014,438 | ||||||
AllianzGI NFJ Mid-Cap | 34,450 | 874,681 | ||||||
AllianzGI U.S. Small-Cap Growth (a)(b) | 49,712 | 638,800 | ||||||
Harvest Funds | 11,593 | 115,812 | ||||||
PIMCO Long-Term | 110,002 | 1,254,028 | ||||||
|
| |||||||
Total Mutual Funds (cost—$21,376,716) | 20,938,548 | |||||||
|
| |||||||
Exchange-Traded Funds—10.7% | ||||||||
PIMCO 15+ Year U.S. TIPS Index (a) | 8,781 | 584,903 | ||||||
PIMCO Broad U.S. TIPS Index (a) | 4,290 | 248,893 | ||||||
Schwab U.S. REIT | 14,230 | 589,122 | ||||||
Schwab U.S. Small-Cap | 12,984 | 675,687 | ||||||
SPDR S&P 600 Small Cap Value | 5,968 | 582,238 | ||||||
|
| |||||||
Total Exchange-Traded Funds (cost—$2,646,883) | 2,680,843 | |||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—5.1% | ||||||||
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $1,292,001; collateralized by U.S. Treasury Notes, 2.25%, due 4/30/21, valued at $1,320,313 including accrued interest |
| |||||||
(cost—$1,292,000) | $1,292 | 1,292,000 | ||||||
|
| |||||||
Total Investments (cost—$25,315,599)—99.2% | 24,911,391 | |||||||
|
| |||||||
Other assets less liabilities (d)—0.8% | 201,652 | |||||||
|
| |||||||
Net Assets—100.0% | $25,113,043 | |||||||
|
|
Notes to Schedule of Investments:
(a) Affiliated fund.
(b) Institutional Class share.
(c) Class R6 share.
(d) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.
Glossary:
REIT—Real Estate Investment Trust
TIPS—Treasury Inflation Protected Securities
AllianzGI Retirement 2050 Fund
Shares | Value | |||||||
Mutual Funds—83.4% | ||||||||
AllianzGI Best Styles Emerging Markets Equity (a)(c) | 35,743 | $463,223 | ||||||
AllianzGI Best Styles International Equity (a)(c) | 330,741 | 4,584,064 | ||||||
AllianzGI Best Styles U.S. Equity (a)(c) | 369,782 | 5,476,471 | ||||||
AllianzGI Emerging Markets Consumer (a)(b) | 50,920 | 619,692 | ||||||
AllianzGI Emerging Markets Small-Cap (a)(b) | 30,427 | 432,370 | ||||||
AllianzGI Focused Growth (a)(b) | 23,781 | 877,741 | ||||||
AllianzGI Global Natural Resources (a)(b) | 38,755 | 541,414 | ||||||
AllianzGI High Yield Bond (a)(b) | 196,447 | 1,630,513 | ||||||
AllianzGI International Small-Cap (a)(b) | 12,707 | 438,149 | ||||||
AllianzGI Mid-Cap (a)(b) | 240,973 | 886,779 | ||||||
AllianzGI NFJ Mid-Cap Value (a)(b) | 34,410 | 873,674 | ||||||
AllianzGI U.S. Small-Cap Growth (a)(b) | 52,141 | 670,018 | ||||||
Harvest Funds Intermediate Bond (b) | 10,566 | 105,559 | ||||||
PIMCO Long-Term Credit (a)(b) | 67,288 | 767,083 | ||||||
|
| |||||||
Total Mutual Funds (cost—$18,872,336) | 18,366,750 | |||||||
|
| |||||||
Exchange-Traded Funds—11.1% | ||||||||
PIMCO 15+ Year U.S. TIPS Index (a) | 9,567 | 637,258 | ||||||
Schwab U.S. REIT | 12,919 | 534,847 | ||||||
Schwab U.S. Small-Cap | 12,223 | 636,085 | ||||||
SPDR S&P 600 Small Cap Value | 6,501 | 634,237 | ||||||
|
| |||||||
Total Exchange-Traded Funds (cost—$2,410,581) | 2,442,427 | |||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—4.6% | ||||||||
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $1,019,001; collateralized by U.S. Treasury Notes, 2.25%, due 4/30/21, valued at $1,040,406 including accrued interest |
| |||||||
(cost—$1,019,000) | $1,019 | 1,019,000 | ||||||
|
| |||||||
Total Investments (cost—$22,301,917)—99.1% | 21,828,177 | |||||||
|
| |||||||
Other assets less liabilities (d)—0.9% | 198,829 | |||||||
|
| |||||||
Net Assets—100.0% | $22,027,006 | |||||||
|
|
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 123 |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Notes to Schedule of Investments:
(a) Affiliated fund.
(b) Institutional Class share.
(c) Class R6 share.
(d) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.
Glossary:
REIT—Real Estate Investment Trust
TIPS—Treasury Inflation Protected Securities
AllianzGI Retirement 2055 Fund
Shares | Value | |||||||
Mutual Funds (a)—82.1% | ||||||||
AllianzGI Best Styles Emerging Markets Equity (c) | 10,161 | $131,689 | ||||||
AllianzGI Best Styles | 94,063 | 1,303,720 | ||||||
AllianzGI Best Styles U.S. Equity (c) | 105,141 | 1,557,136 | ||||||
AllianzGI Emerging Markets | 14,831 | 180,497 | ||||||
AllianzGI Emerging Markets Small-Cap (b) | 7,120 | 101,170 | ||||||
AllianzGI Focused Growth (b) | 6,761 | 249,564 | ||||||
AllianzGI Global Natural Resources (b) | 10,546 | 147,328 | ||||||
AllianzGI High Yield Bond (b) | 59,597 | 494,652 | ||||||
AllianzGI International | 3,613 | 124,565 | ||||||
AllianzGI Mid-Cap (b) | 68,486 | 252,029 | ||||||
AllianzGI NFJ Mid-Cap | 9,784 | 248,412 | ||||||
AllianzGI U.S. Small-Cap Growth (b) | 14,810 | 190,311 | ||||||
PIMCO Long-Term | 13,666 | 155,793 | ||||||
|
| |||||||
Total Mutual Funds (cost—$5,151,551) | 5,136,866 | |||||||
|
| |||||||
Exchange-Traded Funds—10.5% | ||||||||
PIMCO 15+ Year U.S. TIPS Index (a) | 2,614 | 174,119 | ||||||
Schwab U.S. REIT | 3,248 | 134,467 | ||||||
Schwab U.S. Small-Cap | 3,363 | 175,010 | ||||||
SPDR S&P 600 | 1,777 | 173,364 | ||||||
|
| |||||||
Total Exchange-Traded Funds (cost—$647,167) | 656,960 | |||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—5.7% | ||||||||
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $354,000; collateralized by U.S. Treasury Notes, 2.25%, due 4/30/21, valued at $364,406 including accrued interest |
| |||||||
(cost—$354,000) | $354 | 354,000 | ||||||
|
| |||||||
Total Investments (cost—$6,152,718)—98.3% | 6,147,826 | |||||||
|
| |||||||
Other assets less liabilities (d)—1.7% | 107,266 | |||||||
|
| |||||||
Net Assets—100.0% | $6,255,092 | |||||||
|
|
Notes to Schedule of Investments:
(a) Affiliated fund.
(b) Institutional Class share.
(c) Class R6 share.
(d) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.
Glossary:
REIT—Real Estate Investment Trust
TIPS—Treasury Inflation Protected Securities
AllianzGI Retirement Income Fund
Shares | Value | |||||||
Mutual Funds—88.7% | ||||||||
AllianzGI Advanced Core Bond (a) | 78,398 | $1,201,056 | ||||||
AllianzGI Best Styles Emerging Markets Equity (a)(c) | 7,825 | 101,408 | ||||||
AllianzGI Best Styles International Equity (a)(c) | 60,663 | 840,787 | ||||||
AllianzGI Best Styles U.S. Equity (a)(c) | 163,513 | 2,421,621 | ||||||
AllianzGI Emerging Markets Consumer (a)(b) | 26,304 | 320,119 | ||||||
AllianzGI High Yield Bond (a)(b) | 173,147 | 1,437,120 | ||||||
AllianzGI Short Duration High Income (a)(b) | 327,574 | 4,772,758 | ||||||
Harvest Funds Intermediate Bond (b) | 43,574 | 435,308 | ||||||
PIMCO Capital Securities and Financials (a)(b) | 85,242 | 804,689 | ||||||
PIMCO Emerging Markets Bond (a)(b) | 124,946 | 1,211,978 | ||||||
PIMCO Income (a)(b) | 346,794 | 4,081,761 | ||||||
PIMCO Long-Term Credit (a)(b) | 321,579 | 3,666,002 | ||||||
|
| |||||||
Total Mutual Funds (cost—$21,416,172) | 21,294,607 | |||||||
|
| |||||||
Exchange-Traded Funds—10.1% | ||||||||
iShares Core High Dividend | 14,233 | 1,110,316 | ||||||
iShares International Select Dividend | 20,836 | 604,036 | ||||||
PIMCO 15+ Year U.S. TIPS Index (a) | 6,991 | 465,671 | ||||||
PIMCO 25+ Year Zero Coupon U.S. Treasury Index (a) | 1,817 | 225,653 | ||||||
|
| |||||||
Total Exchange-Traded Funds (cost—$2,202,271) | 2,405,676 | |||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—1.4% | ||||||||
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $345,000; collateralized by U.S. Treasury Notes, 2.25%, due 4/30/21, valued at $353,844 including accrued interest |
| |||||||
(cost—$345,000) | $345 | 345,000 | ||||||
|
| |||||||
Total Investments (cost—$23,963,443)—100.2% | 24,045,283 | |||||||
|
| |||||||
Liabilities in excess of other assets—(0.2)% | (43,971 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $24,001,312 | |||||||
|
|
Notes to Schedule of Investments:
(a) Affiliated fund.
(b) Institutional Class share.
(c) Class R6 share.
Glossary:
TIPS—Treasury Inflation Protected Securities
124 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
AllianzGI Global Allocation Fund
Shares | Value | |||||||
Mutual Funds (a)—86.0% | ||||||||
AllianzGI Advanced Core Bond | 8,557,225 | $131,096,685 | ||||||
AllianzGI Best Styles Global Equity (c) | 16,978,437 | 258,072,246 | ||||||
AllianzGI Emerging Markets Debt (b) | 898,602 | 12,463,609 | ||||||
AllianzGI Short Duration High Income (b) | 854,019 | 12,443,052 | ||||||
AllianzGI Structured Return (b) | 1,170,568 | 18,167,221 | ||||||
|
| |||||||
Total Mutual Funds (cost—$425,961,328) | 432,242,813 | |||||||
|
| |||||||
Exchange-Traded Funds—11.7% | ||||||||
iShares MSCI EAFE Minimum Volatility | 367,713 | 24,430,852 | ||||||
iShares MSCI USA Minimum Volatility | 562,738 | 24,721,080 | ||||||
PIMCO Broad U.S. TIPS Index (a) | 171,512 | 9,950,595 | ||||||
|
| |||||||
Total Exchange-Traded Funds (cost—$56,248,828) | 59,102,527 | |||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—0.4% | ||||||||
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $1,878,002; collateralized by U.S. Treasury Notes, 1.625%, due 11/30/20, valued at $1,919,531 including accrued interest |
| |||||||
(cost—$1,878,000) | $1,878 | 1,878,000 | ||||||
|
| |||||||
Total Investments (cost—$484,088,156)—98.1% | 493,223,340 | |||||||
|
| |||||||
Other assets less liabilities (d)—1.9% | 9,320,147 | |||||||
|
| |||||||
Net Assets—100.0% | $502,543,487 | |||||||
|
|
Notes to Schedule of Investments:
(a) Affiliated fund.
(b) Institutional Class share.
(c) Class R6 share.
(d) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.
Glossary:
EAFE—Europe, Australasia and Far East
MSCI—Morgan Stanley Capital International
TIPS—Treasury Inflation Protected Securities
AllianzGI Global Dynamic Allocation Fund
Shares | Value | |||||||
Mutual Funds (a)— 67.0% | ||||||||
AllianzGI Advanced Core | 66,666 | $1,021,318 | ||||||
AllianzGI Best Styles Emerging | 69,452 | 900,102 | ||||||
AllianzGI Best Styles Global Equity (c) | 381,569 | 5,799,847 | ||||||
AllianzGI Best Styles International Equity (c) | 246,801 | 3,420,661 | ||||||
AllianzGI Best Styles U.S. Equity (c) | 380,521 | 5,635,517 | ||||||
AllianzGI Short Duration High Income (b) | 65,264 | 950,890 | ||||||
PIMCO Income (b) | 86,969 | 1,023,621 | ||||||
PIMCO Investment Grade Corporate Bond (b) | 191,721 | 1,945,973 | ||||||
PIMCO Long-Term Credit (b) | 42,230 | 481,425 | ||||||
PIMCO Mortgage Opportunities (b) | 99,600 | 1,089,628 | ||||||
PIMCO Mortgage-Backed Securities (b) | 209,338 | 2,210,610 | ||||||
|
| |||||||
Total Mutual Funds (cost—$24,911,851) | 24,479,592 | |||||||
|
| |||||||
Principal Amount (000s) | ||||||||
U.S. Treasury Obligations—9.7% | ||||||||
U.S. Treasury Bonds, | ||||||||
3.125%, 2/15/43 | $176 | 195,068 | ||||||
4.375%, 5/15/41 | 141 | 190,521 | ||||||
5.25%, 2/15/29 | 140 | 192,369 | ||||||
6.875%, 8/15/25 | 125 | 180,601 | ||||||
7.625%, 11/15/22 | 210 | 291,748 | ||||||
7.875%, 2/15/21 | 90 | 118,195 | ||||||
U.S. Treasury Notes, | ||||||||
0.75%, 2/28/18 | 192 | 192,075 | ||||||
1.00%, 9/30/16 | 190 | 190,545 | ||||||
1.00%, 6/30/19 | 258 | 258,796 | ||||||
1.125%, 3/31/20 | 300 | 300,668 | ||||||
1.50%, 2/28/19 | 220 | 224,043 | ||||||
1.875%, 10/31/17 | 218 | 221,973 | ||||||
2.00%, 5/31/21 | 274 | 284,061 | ||||||
2.00%, 2/15/23 | 266 | 274,235 | ||||||
2.25%, 7/31/18 | 180 | 186,082 | ||||||
3.00%, 2/28/17 | 246 | 251,309 | ||||||
|
| |||||||
Total U.S. Treasury Obligations (cost—$3,502,309) | 3,552,289 | |||||||
|
| |||||||
Shares | ||||||||
Exchange-Traded Funds—8.2% | ||||||||
iShares JPMorgan USD Emerging Markets Bond | 9,857 | 1,087,720 | ||||||
iShares MSCI EAFE Minimum Volatility | 6,019 | 399,902 | ||||||
iShares MSCI Emerging Markets Minimum Volatility | 3,782 | 194,281 | ||||||
PowerShares Emerging Markets Sovereign Debt | 25,673 | 726,546 | ||||||
ProShares S&P 500 Dividend Aristocrats | 11,441 | 598,593 | ||||||
|
| |||||||
Total Exchange-Traded Funds (cost—$2,949,648) | 3,007,042 | |||||||
|
|
Principal Amount (000s) | Value | |||||||
U.S. Government Agency Securities—1.0% | ||||||||
Fannie Mae, | $151 | $ | 151,815 | |||||
Freddie Mac, | 218 | 218,710 | ||||||
|
| |||||||
Total U.S. Government Agency Securities | ||||||||
(cost—$371,647) | 370,525 | |||||||
|
| |||||||
Repurchase Agreements—15.8% | ||||||||
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $5,794,005; collateralized by U.S. Treasury Notes, 2.25%, due 4/30/21, valued at $5,915,000 including accrued interest |
| |||||||
(cost—$5,794,000) | 5,794 | 5,794,000 | ||||||
|
| |||||||
Total Investments (cost—$37,529,455)—101.7% | 37,203,448 | |||||||
|
| |||||||
Liabilities in excess of other assets (d)—(1.7)% | (623,311 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $36,580,137 | |||||||
|
|
Notes to Schedule of Investments:
(a) Affiliated fund.
(b) Institutional Class share.
(c) Class R6 share.
(d) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.
Glossary:
EAFE—Europe and Australasia, Far East
MSCI—Morgan Stanley Capital International
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 125 |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
AllianzGI Global Megatrends Fund
Shares | Value | |||||||
Mutual Funds (a)(b)—98.7% | ||||||||
AllianzGI Emerging Markets Consumer | 46,554 | $566,567 | ||||||
AllianzGI Global Natural Resources | 39,563 | 552,692 | ||||||
AllianzGI Global Water | 43,031 | 565,000 | ||||||
AllianzGI Health Sciences | 22,122 | 578,482 | ||||||
AllianzGI Technology | 10,894 | 573,047 | ||||||
|
| |||||||
Total Investments (cost—$3,212,181)—98.7% | 2,835,788 | |||||||
|
| |||||||
Other assets less liabilities—1.3% | 36,351 | |||||||
|
| |||||||
Net Assets—100.0% | $2,872,139 | |||||||
|
|
Notes to Schedule of Investments:
(a) Affiliated fund.
(b) Institutional Class share.
AllianzGI Best Styles Emerging Markets Equity Fund
Shares | Value | |||||||
Common Stock—76.9% | ||||||||
Argentina—0.2% | ||||||||
Banco Macro S.A. ADR | 302 | $19,470 | ||||||
|
| |||||||
Brazil—3.8% | ||||||||
Banco do Brasil S.A. | 1,300 | 7,148 | ||||||
Banco Santander Brasil S.A. UNIT | 4,400 | 20,742 | ||||||
BM&FBovespa S.A. | 8,900 | 38,069 | ||||||
Cia Paranaense de Energia, Class P ADR | 693 | 5,488 | ||||||
Cosan Ltd., Class A | 1,062 | 5,225 | ||||||
JBS S.A. | 26,000 | 79,179 | ||||||
Kroton Educacional S.A. | 3,000 | 9,578 | ||||||
Marfrig Global Foods S.A. (e) | 8,600 | 15,523 | ||||||
MRV Engenharia e Participacoes S.A. | 16,100 | 53,015 | ||||||
Multiplus S.A. | 1,200 | 10,933 | ||||||
Petroleo Brasileiro S.A. (e) | 25,000 | 73,909 | ||||||
Sul America S.A. UNIT | 8,600 | 38,388 | ||||||
Transmissora Alianca de Energia Eletrica S.A. UNIT | 1,600 | 8,980 | ||||||
|
| |||||||
366,177 | ||||||||
|
| |||||||
Chile—0.6% | ||||||||
Banco Santander Chile ADR | 3,050 | 59,018 | ||||||
|
| |||||||
China—21.3% | ||||||||
Agricultural Bank of China Ltd., Class H | 128,000 | 46,049 | ||||||
Alibaba Group Holding Ltd. ADR (e) | 201 | 15,885 | ||||||
ANTA Sports Products Ltd. | 28,000 | 61,929 | ||||||
Bank of China Ltd., Class H | 149,000 | 61,860 | ||||||
Bank of Communications Co., Ltd., Class H | 135,000 | 88,826 | ||||||
Beijing Capital International Airport Co., Ltd., Class H | 18,000 | 19,317 | ||||||
Beijing Capital Land Ltd., Class H | 20,000 | 8,346 | ||||||
China Communications Construction Co., Ltd., Class H | 4,000 | 4,783 | ||||||
China Communications Services Corp. Ltd., Class H | 34,000 | 15,525 | ||||||
China Construction Bank Corp., Class H | 77,000 | 49,391 | ||||||
China Dongxiang Group Co., Ltd. | 56,000 | 11,343 | ||||||
China Everbright Bank Co., Ltd., Class H | 111,000 | 53,531 | ||||||
China High Speed Transmission Equipment Group Co., Ltd. (e) | 9,000 | 7,532 | ||||||
China Merchants Bank Co., Ltd., Class H | 36,500 | 76,815 | ||||||
China Mobile Ltd. | 7,500 | 83,014 | ||||||
China Petroleum & Chemical Corp., Class H | 200,000 | 130,176 | ||||||
China Power International Development Ltd. | 59,000 | 30,714 | ||||||
China Southern Airlines Co., Ltd., Class H | 80,000 | 50,475 | ||||||
China Taiping Insurance Holdings Co., Ltd. (e) | 4,600 | 10,119 | ||||||
China Telecom Corp., Ltd., Class H | 108,000 | 57,178 | ||||||
China Travel International Investment Hong Kong Ltd. | 14,000 | 4,697 | ||||||
Chongqing Rural Commercial Bank Co., Ltd., Class H | 127,000 | 67,231 |
Shares | Value | |||||||
Guangzhou R&F Properties Co., Ltd., Class H | 14,000 | $ | 19,989 | |||||
Hua Hong Semiconductor Ltd. (a)(e) | 9,000 | 9,003 | ||||||
Huadian Power International Corp., Ltd., Class H | 8,000 | 5,073 | ||||||
Huaneng Power International, Inc., Class H | 26,000 | 23,245 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 306,000 | 171,808 | ||||||
Ju Teng International Holdings Ltd. | 22,000 | 11,352 | ||||||
KWG Property Holding Ltd. | 26,500 | 17,399 | ||||||
Longfor Properties Co., Ltd. | 15,500 | 22,011 | ||||||
Nexteer Automotive Group Ltd. | 22,000 | 22,755 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 24,000 | 115,326 | ||||||
Qingdao Port International Co., Ltd., Class H (a) | 11,000 | 5,124 | ||||||
Shenzhen Expressway Co., Ltd., Class H | 46,000 | 40,452 | ||||||
Sichuan Expressway Co., Ltd., Class H | 34,000 | 11,278 | ||||||
Sinopec Shanghai Petrochemical Co., Ltd., Class H (e) | 74,000 | 37,563 | ||||||
Sinopharm Group Co., Ltd., Class H | 21,200 | 95,261 | ||||||
Skyworth Digital Holdings Ltd. | 20,000 | 12,399 | ||||||
TCL Communication Technology Holdings Ltd. | 6,000 | 3,949 | ||||||
Tencent Holdings Ltd. | 15,800 | 323,225 | ||||||
Wasion Group Holdings Ltd. | 20,000 | 10,542 | ||||||
Xinjiang Goldwind Science & Technology Co., Ltd., Class H | 29,800 | 42,821 | ||||||
Zhejiang Expressway Co., Ltd., Class H | 68,000 | 72,620 | ||||||
|
| |||||||
2,027,931 | ||||||||
|
| |||||||
Colombia—0.2% | ||||||||
Corp. Financiera Colombiana S.A. | 1,324 | 16,874 | ||||||
|
| |||||||
Hong Kong—1.0% | ||||||||
Cheung Kong Property Holdings Ltd. | 2,868 | 18,464 | ||||||
China Metal Resources Utilization Ltd. (a) | 20,000 | 6,754 | ||||||
Dah Sing Banking Group Ltd. | 2,800 | 4,931 | ||||||
Global Brands Group Holding Ltd. (e) | 62,000 | 7,511 | ||||||
Kerry Properties Ltd. | 15,000 | 41,377 | ||||||
Mason Financial Holdings Ltd. (e) | 60,000 | 2,479 | ||||||
Truly International Holdings Ltd. | 58,000 | 16,881 | ||||||
|
| |||||||
98,397 | ||||||||
|
| |||||||
Hungary—1.1% | ||||||||
Magyar Telekom Telecommunications PLC (e) | 11,568 | 19,119 | ||||||
MOL Hungarian Oil & Gas PLC | 496 | 29,814 | ||||||
OTP Bank PLC | 867 | 21,751 | ||||||
Richter Gedeon Nyrt | 1,772 | 35,300 | ||||||
|
| |||||||
105,984 | ||||||||
|
| |||||||
India—0.7% | ||||||||
Axis Bank Ltd. GDR | 812 | 27,533 | ||||||
Reliance Industries Ltd. GDR (a) | 286 | 8,766 |
126 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Shares | Value | |||||||
Vedanta Ltd. ADR | 1,761 | $ | 9,686 | |||||
WNS Holdings Ltd. ADR (e) | 683 | 20,927 | ||||||
|
| |||||||
66,912 | ||||||||
|
| |||||||
Indonesia—1.4% | ||||||||
Bank Negara Indonesia Persero Tbk PT | 41,000 | 16,073 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 470,300 | 118,546 | ||||||
|
| |||||||
134,619 | ||||||||
|
| |||||||
Israel—0.1% | ||||||||
Mizrahi Tefahot Bank Ltd. | 644 | 7,555 | ||||||
|
| |||||||
Korea (Republic of)—13.9% | ||||||||
BGF retail Co., Ltd. | 460 | 65,970 | ||||||
CJ E&M Corp. | 533 | 29,758 | ||||||
Dongbu Insurance Co., Ltd. | 715 | 47,553 | ||||||
Dongwon F&B Co., Ltd. | 36 | 10,519 | ||||||
Halla Holdings Corp. | 352 | 16,619 | ||||||
Hanil Cement Co., Ltd. | 205 | 16,666 | ||||||
Hansae Co., Ltd. | 266 | 13,188 | ||||||
Hanwha General Insurance Co., Ltd. (e) | 1,123 | 8,305 | ||||||
Hyosung Corp. | 879 | 110,630 | ||||||
Hyundai Marine & Fire Insurance Co., Ltd. | 265 | 7,697 | ||||||
Hyundai Motor Co. | 266 | 35,499 | ||||||
Hyundai Securities Co., Ltd. | 3,840 | 23,077 | ||||||
Kia Motors Corp. | 1,212 | 51,196 | ||||||
KISWIRE Ltd. | 159 | 6,180 | ||||||
Korea Electric Power Corp. | 2,514 | 131,697 | ||||||
Korea Petro Chemical Ind Co., Ltd. (e) | 542 | 121,684 | ||||||
LG Life Sciences Ltd. (d)(e) | 955 | 56,166 | ||||||
Lotte Chemical Corp. | 32 | 9,570 | ||||||
Meritz Securities Co., Ltd. | 5,355 | 16,708 | ||||||
Osstem Implant Co., Ltd. (e) | 63 | 4,337 | ||||||
S&T Motiv Co., Ltd. (e) | 330 | 19,957 | ||||||
S-Oil Corp. | 174 | 14,920 | ||||||
Samsung Electronics Co., Ltd. | 204 | 234,112 | ||||||
Samsung Electronics Co., Ltd. GDR | 230 | 130,827 | ||||||
Shinsegae Co., Ltd. | 300 | 53,296 | ||||||
SK Innovation Co., Ltd. | 562 | 84,702 | ||||||
Ssangyong Cement Industrial Co., Ltd. (e) | 304 | 5,155 | ||||||
|
| |||||||
1,325,988 | ||||||||
|
| |||||||
Malaysia—2.4% | ||||||||
Berjaya Auto Bhd. | 45,640 | 25,385 | ||||||
Hong Leong Financial Group Bhd. | 10,600 | 42,158 | ||||||
MISC Bhd. | 5,800 | 13,231 | ||||||
Sunway Bhd. | 13,800 | 11,107 | ||||||
Tenaga Nasional Bhd. | 33,500 | 119,681 | ||||||
Top Glove Corp. Bhd. | 13,200 | 16,982 | ||||||
YTL Power International Bhd. | 13,400 | 5,084 | ||||||
|
| |||||||
233,628 | ||||||||
|
| |||||||
Mexico—3.4% | ||||||||
America Movil S.A.B. de C.V., Ser. L | 22,900 | 17,814 | ||||||
El Puerto de Liverpool S.A.B. de C.V. | 2,300 | 27,175 | ||||||
Gentera S.A.B. de C.V. | 10,600 | 20,921 | ||||||
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR (e) | 107 | 4,878 | ||||||
Grupo Aeroportuario del Pacifico S.A.B. de C.V. ADR | 125 | 11,089 | ||||||
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B | 500 | 4,451 |
Shares | Value | |||||||
Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR | 541 | $ | 81,242 | |||||
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B | 2,860 | 43,063 | ||||||
Grupo Lala S.A.B. de C.V. | 10,800 | 29,355 | ||||||
Industrias Bachoco S.A.B. de C.V. ADR | 1,319 | 67,638 | ||||||
Telesites S.A.B. de C.V. (e) | 1,145 | 646 | ||||||
Vitro S.A.B. de C.V., Ser. A (e) | 5,000 | 16,672 | ||||||
|
| |||||||
324,944 | ||||||||
|
| |||||||
Norway—0.1% | ||||||||
BW LPG Ltd. (a) | 1,612 | 9,778 | ||||||
|
| |||||||
Philippines—1.6% | ||||||||
Ayala Corp. | 1,510 | 24,598 | ||||||
BDO Unibank, Inc. | 1,880 | 4,175 | ||||||
DMCI Holdings, Inc. | 90,500 | 26,340 | ||||||
Globe Telecom, Inc. | 405 | 19,523 | ||||||
Metropolitan Bank & Trust Co. | 9,010 | 16,131 | ||||||
SM Prime Holdings, Inc. | 57,800 | 27,570 | ||||||
Universal Robina Corp. | 6,520 | 30,699 | ||||||
|
| |||||||
149,036 | ||||||||
|
| |||||||
Poland—0.5% | ||||||||
AmRest Holdings SE (e) | 92 | 5,153 | ||||||
Asseco Poland S.A. | 1,683 | 27,289 | ||||||
Energa S.A. | 1,333 | 4,676 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo S.A. | 9,627 | 13,705 | ||||||
|
| |||||||
50,823 | ||||||||
|
| |||||||
Russian Federation—2.0% | ||||||||
Magnitogorsk Iron & Steel Works OJSC GDR | 1,468 | 6,362 | ||||||
Mobile TeleSystems PJSC ADR | 8,000 | 64,720 | ||||||
PhosAgro OAO GDR | 1,028 | 14,495 | ||||||
Severstal PAO GDR | 5,695 | 60,167 | ||||||
Sistema JSFC GDR | 1,995 | 12,887 | ||||||
United Co. RUSAL PLC | 24,000 | 8,313 | ||||||
X5 Retail Group NV GDR (e) | 1,089 | 23,043 | ||||||
|
| |||||||
189,987 | ||||||||
|
| |||||||
Singapore—0.7% | ||||||||
SMRT Corp. Ltd. | 4,100 | 4,592 | ||||||
Wing Tai Holdings Ltd. | 18,800 | 24,524 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 47,100 | 34,208 | ||||||
|
| |||||||
63,324 | ||||||||
|
| |||||||
South Africa—5.2% | ||||||||
Aeci Ltd. | 1,239 | 7,637 | ||||||
AVI Ltd. | 7,619 | 44,835 | ||||||
Capitec Bank Holdings Ltd. | 441 | 17,074 | ||||||
Famous Brands Ltd. | 471 | 3,729 | ||||||
Investec Ltd. | 8,504 | 63,240 | ||||||
JSE Ltd. | 623 | 6,280 | ||||||
Lewis Group Ltd. | 1,320 | 4,202 | ||||||
Liberty Holdings Ltd. | 6,570 | 64,335 | ||||||
Mondi Ltd. | 3,623 | 69,717 | ||||||
Naspers Ltd., Class N | 337 | 46,978 | ||||||
Pick n Pay Holdings Ltd. | 3,500 | 6,747 | ||||||
Sappi Ltd. (e) | 7,484 | 33,108 | ||||||
Sasol Ltd. | 1,646 | 48,844 | ||||||
SPAR Group Ltd. | 3,278 | 44,184 | ||||||
Telkom S.A. SOC Ltd. | 8,364 | 32,569 | ||||||
|
| |||||||
493,479 | ||||||||
|
| |||||||
Taiwan—12.2% | ||||||||
Advanced Semiconductor Engineering, Inc. ADR | 5,284 | 30,911 | ||||||
AU Optronics Corp. ADR | 2,173 | 6,410 | ||||||
Catcher Technology Co., Ltd. | 9,000 | 73,762 | ||||||
China Motor Corp. | 24,000 | 17,208 |
Shares | Value | |||||||
Compeq Manufacturing Co., Ltd. | 87,000 | $ | 55,645 | |||||
Coretronic Corp. | 5,000 | 5,108 | ||||||
CTBC Financial Holding Co., Ltd. | 192,000 | 101,388 | ||||||
E.Sun Financial Holding Co., Ltd. | 54,000 | 30,197 | ||||||
Far Eastern New Century Corp. | 17,000 | 13,884 | ||||||
Hon Hai Precision Industry Co., Ltd. | 64,100 | 168,728 | ||||||
Hon Hai Precision Industry Co., Ltd. GDR | 1,699 | 9,080 | ||||||
Mega Financial Holding Co., Ltd. | 62,000 | 44,098 | ||||||
Pegatron Corp. | 32,000 | 74,496 | ||||||
Radiant Opto-Electronics Corp. | 19,000 | 36,824 | ||||||
Silergy Corp. | 2,000 | 27,305 | ||||||
Siliconware Precision Industries Co., Ltd. ADR | 4,246 | 33,841 | ||||||
Taishin Financial Holding Co., Ltd. | 41,000 | 14,448 | ||||||
Taiwan Business Bank (e) | 30,000 | 7,952 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 58,000 | 289,294 | ||||||
TrueLight Corp. | 27,000 | 81,213 | ||||||
United Microelectronics Corp. | 88,000 | 36,157 | ||||||
|
| |||||||
1,157,949 | ||||||||
|
| |||||||
Thailand—1.5% | ||||||||
CP ALL PCL (c) | 35,700 | 46,368 | ||||||
PTT Global Chemical PCL (c) | 27,700 | 47,561 | ||||||
Siam Cement PCL | 3,450 | 45,855 | ||||||
|
| |||||||
139,784 | ||||||||
|
| |||||||
Turkey—2.9% | ||||||||
Cimsa Cimento Sanayi VE Ticaret AS | 756 | 4,222 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 22,087 | 33,250 | ||||||
TAV Havalimanlari Holding AS | 10,514 | 62,748 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 1,619 | 13,133 | ||||||
Tupras Turkiye Petrol Rafinerileri AS (e) | 3,619 | 101,931 | ||||||
Turkiye Is Bankasi | 17,008 | 28,150 | ||||||
Turkiye Vakiflar Bankasi Tao | 21,436 | 35,856 | ||||||
|
| |||||||
279,290 | ||||||||
|
| |||||||
United Kingdom—0.1% | ||||||||
888 Holdings PLC | 2,512 | 7,657 | ||||||
|
| |||||||
United States—0.0% | ||||||||
Net 1 UEPS Technologies, Inc. (e) | 341 | 3,137 | ||||||
|
| |||||||
Total Common Stock (cost—$7,362,740) | 7,331,741 | |||||||
|
| |||||||
Preferred Stock—4.6% | ||||||||
Brazil—3.6% | ||||||||
Banco Bradesco S.A. | 10,020 | 75,436 | ||||||
Braskem S.A., Class A | 2,200 | 14,323 | ||||||
Centrais Eletricas Brasileiras S.A., Class B | 9,000 | 26,282 | ||||||
Cia Paranaense de Energia | 3,900 | 31,075 | ||||||
Itau Unibanco Holding S.A. | 15,390 | 133,584 | ||||||
Itausa - Investimentos Itau S.A. | 3,610 | 8,203 | ||||||
Petroleo Brasileiro S.A. (e) | 23,100 | 53,644 | ||||||
|
| |||||||
342,547 | ||||||||
|
| |||||||
Colombia—0.6% | ||||||||
Banco Davivienda S.A. | 6,715 | 61,499 | ||||||
|
|
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 127 |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Shares | Value | |||||||
Korea (Republic of)—0.4% | ||||||||
Samsung Electronics Co., Ltd. | 34 | $ | 32,918 | |||||
|
| |||||||
Total Preferred Stock |
| 436,964 | ||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—14.4% | ||||||||
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $1,373,001; collateralized by Fannie Mae, 1.375%, due 2/26/21, valued at $1,401,750 including accrued interest |
| |||||||
(cost—$1,373,000) | $1,373 | 1,373,000 | ||||||
|
| |||||||
Total Investments (cost—$9,222,798) (b)—95.9% | 9,141,705 | |||||||
|
| |||||||
Other assets less liabilities (f)—4.1% | 387,216 | |||||||
|
| |||||||
Net Assets—100.0% | $9,528,921 | |||||||
|
|
Notes to Schedule of Investments:
(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.
(b) Securities with an aggregate value of $6,032,037, representing 63.3% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(c) Fair-Valued—Securities with an aggregate value of $93,929, representing 1.0% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(d) Affiliated security.
(e) Non-income producing.
(f) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.
Glossary:
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
MSCI—Morgan Stanley Capital International
UNIT—More than one class of securities traded together.
The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:
Banks | 14.9% | |||
Oil, Gas & Consumable Fuels | 6.0% | |||
Technology Hardware, Storage & Peripherals | 5.8% | |||
Semiconductors & Semiconductor Equipment | 5.7% | |||
Chemicals | 3.8% | |||
Transportation Infrastructure | 3.7% | |||
Internet Software & Services | 3.6% | |||
Electric Utilities | 3.4% | |||
Insurance | 3.1% | |||
Electronic Equipment, Instruments & Components | 3.0% | |||
Food Products | 2.9% | |||
Diversified Telecommunication Services | 2.6% | |||
Wireless Telecommunication Services | 2.1% | |||
Real Estate Management & Development | 2.0% | |||
Food & Staples Retailing | 2.0% | |||
Metals & Mining | 1.4% | |||
Automobiles | 1.2% | |||
Capital Markets | 1.1% | |||
Paper & Forest Products | 1.1% | |||
Health Care Providers & Services | 1.0% | |||
Textiles, Apparel & Luxury Goods | 1.0% | |||
Pharmaceuticals | 1.0% | |||
Media | 0.9% | |||
Diversified Financial Services | 0.9% | |||
Multi-line Retail | 0.8% | |||
Construction Materials | 0.8% | |||
Household Durables | 0.7% | |||
Auto Components | 0.6% | |||
Independent Power Producers & Energy Traders | 0.6% | |||
Airlines | 0.5% | |||
Electrical Equipment | 0.5% | |||
Industrial Conglomerates | 0.4% | |||
Machinery | 0.4% | |||
Specialty Retail | 0.3% | |||
Software | 0.3% | |||
IT Services | 0.2% | |||
Health Care Equipment & Supplies | 0.2% | |||
Hotels, Restaurants & Leisure | 0.2% | |||
Consumer Finance | 0.2% | |||
Containers & Packaging | 0.2% | |||
Marine | 0.1% | |||
Diversified Consumer Services | 0.1% | |||
Multi-Utilities | 0.1% | |||
Construction & Engineering | 0.1% | |||
Road & Rail | 0.0% | |||
Repurchase Agreements | 14.4% | |||
Other assets less liabilities | 4.1% | |||
|
| |||
100.0% | ||||
|
|
AllianzGI Best Styles Global Equity Fund
Shares | Value | |||||||
Common Stock—97.0% | ||||||||
Australia—0.7% | ||||||||
Abacus Property Group REIT | 42,759 | $97,484 | ||||||
Bank of Queensland Ltd. | 62,124 | 576,000 | ||||||
CSR Ltd. | 129,771 | 327,411 | ||||||
Dexus Property Group REIT | 116,213 | 705,718 | ||||||
Event Hospitality and Entertainment Ltd. | 30,008 | 349,999 | ||||||
Harvey Norman Holdings Ltd. | 142,113 | 511,235 | ||||||
Macquarie Group Ltd. | 3,657 | 185,096 | ||||||
Northern Star Resources Ltd. | 43,744 | 114,104 | ||||||
Qantas Airways Ltd. (d) | 59,587 | 185,992 | ||||||
Star Entertainment Group Ltd. | 156,452 | 680,428 | ||||||
Stockland REIT | 27,992 | 91,579 | ||||||
Tassal Group Ltd. | 109,846 | 321,509 | ||||||
Vicinity Centres REIT | 60,822 | 148,651 | ||||||
|
| |||||||
4,295,206 | ||||||||
|
| |||||||
Austria—0.2% | ||||||||
OMV AG | 20,914 | 587,229 | ||||||
Voestalpine AG | 20,674 | 689,547 | ||||||
|
| |||||||
1,276,776 | ||||||||
|
| |||||||
Belgium—0.4% | ||||||||
Ageas | 8,448 | 334,340 | ||||||
Delhaize Group S.A. | 9,413 | 981,030 | ||||||
Groupe Bruxelles Lambert S.A. | 7,967 | 656,411 | ||||||
Tessenderlo Chemie NV (d) | 8,683 | 329,279 | ||||||
|
| |||||||
2,301,060 | ||||||||
|
| |||||||
Bermuda—0.6% | ||||||||
Aspen Insurance Holdings Ltd. | 22,612 | 1,078,592 | ||||||
DHT Holdings, Inc. | 10,237 | 58,965 | ||||||
Endurance Specialty Holdings Ltd. | 13,646 | 891,630 | ||||||
Everest Re Group Ltd. | 4,276 | 844,211 | ||||||
Maiden Holdings Ltd. | 46,514 | 601,891 | ||||||
Tanker Investments Ltd. (d) | 6,734 | 63,823 | ||||||
Teekay Tankers Ltd., Class A | 49,207 | 180,590 | ||||||
|
| |||||||
3,719,702 | ||||||||
|
| |||||||
Brazil—0.4% | ||||||||
Banco do Brasil S.A. | 33,800 | 185,843 | ||||||
BM&FBovespa S.A. | 144,100 | 616,372 | ||||||
JBS S.A. | 322,000 | 980,602 | ||||||
MRV Engenharia e Participacoes S.A. | 76,900 | 253,221 | ||||||
Porto Seguro S.A. | 32,300 | 244,699 | ||||||
|
| |||||||
2,280,737 | ||||||||
|
| |||||||
Canada—4.3% | ||||||||
Air Canada (d) | 40,329 | 278,227 | ||||||
Artis Real Estate Investment Trust REIT | 18,310 | 180,880 | ||||||
Bank of Montreal | 11,783 | 715,554 | ||||||
BCE, Inc. | 21,335 | 972,334 | ||||||
Canadian Imperial Bank of Commerce | 11,547 | 862,591 | ||||||
Canadian Tire Corp., Ltd., Class A | 3,500 | 364,323 | ||||||
Canam Group, Inc. | 5,639 | 55,706 | ||||||
Canfor Pulp Products, Inc. | 18,707 | 172,702 | ||||||
Celestica, Inc. (d) | 27,958 | 306,973 | ||||||
Cogeco Communications, Inc. | 10,276 | 548,001 | ||||||
Concordia Healthcare Corp. | 14,873 | 380,657 | ||||||
Element Financial Corp. | 43,389 | 467,716 |
128 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Shares | Value | |||||||
Entertainment One Ltd. | 72,356 | $ | 157,648 | |||||
Genworth MI Canada, Inc. | 18,860 | 444,508 | ||||||
George Weston Ltd. | 6,643 | 594,763 | ||||||
Great-West Lifeco, Inc. | 58,391 | 1,606,848 | ||||||
Intertape Polymer Group, Inc. | 20,100 | 288,016 | ||||||
Laurentian Bank of Canada | 28,599 | 1,048,171 | ||||||
Linamar Corp. | 25,734 | 1,238,204 | ||||||
Loblaw Cos., Ltd. | 11,353 | 635,681 | ||||||
Magna International, Inc. | 43,081 | 1,851,944 | ||||||
Martinrea International, Inc. | 22,785 | 179,999 | ||||||
Metro, Inc. | 34,200 | 1,186,566 | ||||||
National Bank of Canada | 17,678 | 578,355 | ||||||
Power Corp. of Canada | 37,662 | 868,800 | ||||||
Power Financial Corp. | 25,237 | 630,949 | ||||||
Royal Bank of Canada | 53,835 | 3,101,808 | ||||||
Stantec, Inc. | 14,382 | 365,433 | ||||||
Sun Life Financial, Inc. | 32,965 | 1,063,510 | ||||||
Toronto-Dominion Bank | 59,213 | 2,555,904 | ||||||
Transcontinental, Inc., Class A | 54,824 | 868,741 | ||||||
|
| |||||||
24,571,512 | ||||||||
|
| |||||||
China—3.0% | ||||||||
Air China Ltd., Class H | 618,000 | 437,779 | ||||||
ANTA Sports Products Ltd. | 177,000 | 391,481 | ||||||
Bank of China Ltd., Class H | 1,902,000 | 789,646 | ||||||
Bank of Communications Co., Ltd., Class H | 591,000 | 388,860 | ||||||
China Communications Services Corp. Ltd., Class H | 294,000 | 134,246 | ||||||
China Construction Bank Corp., Class H | 1,148,000 | 736,381 | ||||||
China High Speed Transmission Equipment Group Co., Ltd. (d) | 270,000 | 225,975 | ||||||
China Lumena New Materials Corp. (b)(d) | 62,000 | 1,199 | ||||||
China Merchants Bank Co., Ltd., Class H | 287,500 | 605,049 | ||||||
China Mobile Ltd. | 37,000 | 409,537 | ||||||
China Petroleum & Chemical Corp., Class H | 1,968,000 | 1,280,927 | ||||||
China Power International Development Ltd. | 1,929,000 | 1,004,197 | ||||||
China Railway Construction Corp., Ltd., Class H | 334,500 | 398,262 | ||||||
China Railway Group Ltd., Class H | 185,000 | 140,067 | ||||||
China Southern Airlines Co., Ltd., Class H | 2,286,000 | 1,442,323 | ||||||
Chongqing Rural Commercial Bank Co., Ltd., Class H | 227,000 | 120,170 | ||||||
Evergrande Real Estate Group Ltd. | 399,000 | 307,550 | ||||||
FIH Mobile Ltd. | 158,000 | 70,677 | ||||||
Huadian Power International Corp., Ltd., Class H | 1,394,000 | 884,057 | ||||||
Huaneng Power International, Inc., Class H | 584,000 | 522,121 | ||||||
Ju Teng International Holdings Ltd. | 166,000 | 85,654 | ||||||
KWG Property Holding Ltd. | 263,000 | 172,675 | ||||||
Lee & Man Paper Manufacturing Ltd. | 298,000 | 202,702 | ||||||
NetEase, Inc. ADR | 1,491 | 214,078 |
Shares | Value | |||||||
People’s Insurance Co. Group of China Ltd., Class H | 345,000 | $ | 146,496 | |||||
Shanghai Pharmaceuticals Holding Co., Ltd., Class H | 42,400 | 84,275 | ||||||
Shenzhen Expressway Co., Ltd., Class H | 300,000 | 263,815 | ||||||
Sino Biopharmaceutical Ltd. | 313,000 | 234,022 | ||||||
Sinopec Shanghai Petrochemical Co., Ltd., Class H (d) | 818,000 | 415,229 | ||||||
Sinopharm Group Co., Ltd., Class H | 378,400 | 1,700,326 | ||||||
Skyworth Digital Holdings Ltd. | 880,000 | 545,536 | ||||||
TCL Communication Technology Holdings Ltd. | 345,000 | 227,096 | ||||||
Tencent Holdings Ltd. | 107,800 | 2,205,293 | ||||||
Zhejiang Expressway Co., Ltd., Class H | 148,000 | 158,055 | ||||||
ZTE Corp., Class H (b) | 41,800 | 53,884 | ||||||
|
| |||||||
16,999,640 | ||||||||
|
| |||||||
Denmark—0.8% | ||||||||
Bakkafrost P/F | 43,765 | 1,693,515 | ||||||
Danske Bank A/S | 27,295 | 770,277 | ||||||
Dfds A/S | 7,584 | 275,693 | ||||||
Pandora A/S | 5,981 | 781,943 | ||||||
Royal Unibrew A/S | 18,613 | 897,580 | ||||||
|
| |||||||
4,419,008 | ||||||||
|
| |||||||
Finland—0.6% | ||||||||
Atria Oyj | 18,768 | 186,743 | ||||||
Cramo Oyj | 4,300 | 88,449 | ||||||
Elisa Oyj | 15,608 | 606,077 | ||||||
Metsa Board Oyj | 15,032 | 100,483 | ||||||
Nokia Oyj | 58,686 | 348,139 | ||||||
Oriola-KD Oyj, Class B | 24,520 | 120,813 | ||||||
Stora Enso Oyj, Class R | 59,799 | 534,281 | ||||||
Stora Enso Oyj, Class R | 46,383 | 413,487 | ||||||
UPM-Kymmene Oyj | 66,408 | 1,200,629 | ||||||
|
| |||||||
3,599,101 | ||||||||
|
| |||||||
France—3.6% | ||||||||
APERAM S.A. | 1,790 | 68,197 | ||||||
Arkema S.A. | 8,363 | 626,535 | ||||||
Atos S.E. | 7,932 | 644,226 | ||||||
AXA S.A. | 39,605 | 928,685 | ||||||
BNP Paribas S.A. | 25,145 | 1,263,299 | ||||||
Boiron S.A. | 1,099 | 88,927 | ||||||
Cap Gemini S.A. | 18,624 | 1,747,012 | ||||||
Cie Generale des Etablissements Michelin | 7,125 | 727,951 | ||||||
CNP Assurances | 38,981 | 607,036 | ||||||
Ipsen S.A. | 4,639 | 266,011 | ||||||
Orange S.A. | 98,620 | 1,722,192 | ||||||
Peugeot S.A. (d) | 20,784 | 355,573 | ||||||
Plastic Omnium S.A. | 6,963 | 239,141 | ||||||
Renault S.A. | 8,846 | 879,094 | ||||||
Rubis SCA | 1,414 | 113,429 | ||||||
Saft Groupe S.A. | 2,243 | 67,727 | ||||||
Sanofi | 28,618 | 2,300,765 | ||||||
Societe Generale S.A. | 18,005 | 665,320 | ||||||
Teleperformance | 6,118 | 537,364 | ||||||
Thales S.A. | 6,849 | 598,498 | ||||||
Total S.A. | 84,865 | 3,861,468 | ||||||
Valeo S.A. | 7,609 | 1,183,188 | ||||||
Veolia Environnement S.A. | 26,215 | 630,964 | ||||||
Vinci S.A. | 8,021 | 595,351 | ||||||
|
| |||||||
20,717,953 | ||||||||
|
| |||||||
Germany—4.0% | ||||||||
Aareal Bank AG | 21,203 | 685,509 | ||||||
Bayer AG | 9,890 | 1,158,912 | ||||||
Bayerische Motoren Werke AG | 11,373 | 1,044,107 |
Shares | Value | |||||||
Bechtle AG (c) | 1,874 | $ | 193,135 | |||||
Commerzbank AG (d) | 32,216 | 279,524 | ||||||
Daimler AG | 44,489 | 3,404,859 | ||||||
Deutsche Lufthansa AG (d) | 84,874 | 1,369,816 | ||||||
Deutsche Telekom AG | 73,254 | 1,313,320 | ||||||
Freenet AG (c) | 46,191 | 1,379,589 | ||||||
Fresenius SE & Co. KGaA (c) | 16,144 | 1,176,776 | ||||||
Hannover Rueck SE | 22,313 | 2,593,268 | ||||||
Indus Holding AG | 9,646 | 475,009 | ||||||
Infineon Technologies AG (c) | 33,203 | 470,763 | ||||||
Merck KGaA | 14,436 | 1,200,840 | ||||||
MTU Aero Engines AG | 4,937 | 472,548 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 7,766 | 1,576,065 | ||||||
Siemens AG | 16,980 | 1,795,817 | ||||||
Sixt SE | 5,787 | 310,952 | ||||||
Software AG | 8,391 | 327,728 | ||||||
Stada Arzneimittel AG | 9,534 | 377,513 | ||||||
Talanx AG | 43,154 | 1,470,634 | ||||||
|
| |||||||
23,076,684 | ||||||||
|
| |||||||
Greece—0.0% | ||||||||
Tsakos Energy Navigation Ltd. | 6,133 | 37,902 | ||||||
|
| |||||||
Hong Kong—0.3% | ||||||||
BOC Hong Kong Holdings Ltd. | 141,000 | 421,200 | ||||||
Cathay Pacific Airways Ltd. | 54,000 | 93,668 | ||||||
Dah Sing Banking Group Ltd. | 56,800 | 100,034 | ||||||
Dah Sing Financial Holdings Ltd. | 50,400 | 310,146 | ||||||
EVA Precision Industrial Holdings Ltd. | 708,000 | 105,077 | ||||||
HKT Trust & HKT Ltd. | 250,000 | 344,190 | ||||||
Kerry Properties Ltd. | 43,500 | 119,995 | ||||||
|
| |||||||
1,494,310 | ||||||||
|
| |||||||
India—0.2% | ||||||||
Infosys Ltd. ADR | 18,608 | 353,924 | ||||||
Tata Motors Ltd. ADR (d) | 12,521 | 363,735 | ||||||
WNS Holdings Ltd. ADR (d) | 11,083 | 339,583 | ||||||
|
| |||||||
1,057,242 | ||||||||
|
| |||||||
Indonesia—0.5% | ||||||||
Bank Negara Indonesia Persero Tbk PT | 2,961,800 | 1,161,109 | ||||||
Bumi Serpong Damai Tbk PT | 1,880,200 | 260,035 | ||||||
Indofood Sukses Makmur Tbk PT | 699,000 | 380,823 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 3,777,100 | 952,071 | ||||||
United Tractors Tbk PT | 300,300 | 346,395 | ||||||
|
| |||||||
3,100,433 | ||||||||
|
| |||||||
Ireland—1.0% | ||||||||
AerCap Holdings NV (d) | 34,455 | 1,335,476 | ||||||
Kingspan Group PLC (c) | 20,846 | 553,877 | ||||||
Medtronic PLC | 31,859 | 2,389,425 | ||||||
Smurfit Kappa Group PLC (c) | 64,951 | 1,670,766 | ||||||
|
| |||||||
5,949,544 | ||||||||
|
| |||||||
Israel—0.2% | ||||||||
Frutarom Industries Ltd. | 3,000 | 157,315 | ||||||
Teva Pharmaceutical Industries Ltd. | 21,036 | 1,131,397 | ||||||
|
| |||||||
1,288,712 | ||||||||
|
|
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 129 |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Shares | Value | |||||||
Italy—0.8% | ||||||||
Assicurazioni Generali SpA | 58,588 | $ | 867,282 | |||||
Brembo SpA | 4,558 | 235,652 | ||||||
Enel SpA | 326,562 | 1,447,721 | ||||||
Interpump Group SpA | 17,750 | 259,301 | ||||||
Intesa Sanpaolo SpA | 22,554 | 62,362 | ||||||
Iren SpA | 186,753 | 334,323 | ||||||
Recordati SpA | 34,667 | 867,151 | ||||||
Unipol Gruppo Finanziario SpA | 92,300 | 372,957 | ||||||
|
| |||||||
4,446,749 | ||||||||
|
| |||||||
Japan—4.8% | ||||||||
Aida Engineering Ltd. | 5,000 | 43,438 | ||||||
Central Japan Railway Co. | 7,300 | 1,291,014 | ||||||
Concordia Financial Group Ltd. (b) | 94,000 | 429,957 | ||||||
Daiwa House Industry Co., Ltd. | 12,400 | 348,543 | ||||||
Exedy Corp. | 6,100 | 134,759 | ||||||
Fuji Heavy Industries Ltd. | 41,600 | 1,469,031 | ||||||
FUJIFILM Holdings Corp. | 12,900 | 509,902 | ||||||
Haseko Corp. | 66,900 | 622,871 | ||||||
Hitachi Capital Corp. | 8,200 | 178,341 | ||||||
Hitachi Kokusai Electric, Inc. | 10,000 | 120,051 | ||||||
Idemitsu Kosan Co., Ltd. | 23,500 | 419,318 | ||||||
ITOCHU Corp. | 62,200 | 764,365 | ||||||
Japan Airlines Co., Ltd. | 31,700 | 1,162,121 | ||||||
Japan Aviation Electronics Industry Ltd. | 41,000 | 480,250 | ||||||
JTEKT Corp. | 4,500 | 58,394 | ||||||
KDDI Corp. | 60,600 | 1,616,854 | ||||||
Kinden Corp. | 25,600 | 313,786 | ||||||
Matsumotokiyoshi Holdings Co., Ltd. | 7,500 | 392,217 | ||||||
Mitsubishi Chemical Holdings Corp. | 205,000 | 1,070,324 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 19,000 | 102,040 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 602,500 | 2,791,747 | ||||||
Mitsuboshi Belting Co., Ltd. | 5,000 | 40,233 | ||||||
Mizuho Financial Group, Inc. | 1,046,300 | 1,559,282 | ||||||
Nifco, Inc. | 2,000 | 96,040 | ||||||
Nippon Telegraph & Telephone Corp. | 43,200 | 1,866,132 | ||||||
Nissan Motor Co., Ltd. | 138,500 | 1,280,465 | ||||||
Nomura Real Estate Holdings, Inc. | 19,500 | 359,970 | ||||||
Okumura Corp. | 161,000 | 850,164 | ||||||
ORIX Corp. | 110,500 | 1,573,874 | ||||||
Resona Holdings, Inc. | 130,000 | 463,519 | ||||||
Sekisui House Ltd. | 76,100 | 1,283,926 | ||||||
Sojitz Corp. | 160,400 | 329,312 | ||||||
Sompo Japan Nipponkoa Holdings, Inc. | 13,500 | 382,610 | ||||||
Sumitomo Forestry Co., Ltd. | 27,300 | 313,387 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 36,000 | 1,092,876 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 270,000 | 790,419 | ||||||
Sumitomo Osaka Cement Co., Ltd. | 69,000 | 271,037 | ||||||
Tamura Corp. | 10,000 | 26,565 | ||||||
Towa Pharmaceutical Co., Ltd. | 2,700 | 110,613 | ||||||
Tsubakimoto Chain Co. | 40,000 | 247,541 | ||||||
West Japan Railway Co. | 9,300 | 574,249 | ||||||
|
| |||||||
27,831,537 | ||||||||
|
|
Shares | Value | |||||||
Korea (Republic of)—1.3% | ||||||||
Hanwha Chemical Corp. | 21,122 | $ | 461,472 | |||||
Hanwha Life Insurance Co., Ltd. | 53,353 | 312,704 | ||||||
Hyosung Corp. | 2,894 | 364,234 | ||||||
KB Insurance Co., Ltd. | 8,723 | 259,970 | ||||||
Korea Electric Power Corp. | 21,930 | 1,148,812 | ||||||
Korea Gas Corp. | 4,024 | 135,126 | ||||||
Korea Petro Chemical Ind Co., Ltd. (d) | 1,016 | 228,102 | ||||||
LG Corp. | 8,562 | 512,941 | ||||||
LG Display Co., Ltd. | 27,627 | 639,594 | ||||||
Lotte Chemical Corp. | 795 | 237,761 | ||||||
Meritz Securities Co., Ltd. | 56,718 | 176,961 | ||||||
Mirae Asset Securities Co., Ltd. | 4,404 | 90,003 | ||||||
S&T Motiv Co., Ltd. (d) | 8,347 | 504,788 | ||||||
S-Oil Corp. | 7,659 | 656,740 | ||||||
Samsung Electronics Co., Ltd. GDR | 2,673 | 1,520,436 | ||||||
SK Innovation Co., Ltd. | 1,013 | 152,674 | ||||||
SL Corp. | 3,276 | 46,235 | ||||||
Tongyang Life Insurance Co., Ltd. | 4,291 | 44,382 | ||||||
|
| |||||||
7,492,935 | ||||||||
|
| |||||||
Malaysia—0.3% | ||||||||
MISC Bhd. | 186,100 | 424,526 | ||||||
Tenaga Nasional Bhd. | 358,700 | 1,281,481 | ||||||
Westports Holdings Bhd. | 290,100 | 306,862 | ||||||
|
| |||||||
2,012,869 | ||||||||
|
| |||||||
Mexico—0.6% | ||||||||
Alfa S.A.B. de C.V., Class A | 242,100 | 487,223 | ||||||
Gruma S.A.B. de C.V., Class B | 32,177 | 510,279 | ||||||
Grupo Aeroportuario del Pacifico S.A.B. de C.V. ADR | 1,656 | 146,904 | ||||||
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B | 47,200 | 420,144 | ||||||
Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR | 1,919 | 288,176 | ||||||
Grupo Lala S.A.B. de C.V. | 157,300 | 427,548 | ||||||
Grupo Mexico S.A.B. de C.V., Ser. B | 116,700 | 281,531 | ||||||
Industrias Bachoco S.A.B. de C.V. ADR | 13,488 | 691,665 | ||||||
|
| |||||||
3,253,470 | ||||||||
|
| |||||||
Netherlands—0.8% | ||||||||
Aegon NV | 43,797 | 240,699 | ||||||
BE Semiconductor Industries NV | 8,426 | 230,230 | ||||||
BinckBank NV | 37,369 | 278,170 | ||||||
Koninklijke Ahold NV | 31,505 | 707,643 | ||||||
NN Group NV | 14,095 | 460,127 | ||||||
Randstad Holding NV | 11,234 | 621,371 | ||||||
Wolters Kluwer NV | 48,868 | 1,947,758 | ||||||
|
| |||||||
4,485,998 | ||||||||
|
| |||||||
New Zealand—0.3% | ||||||||
Air New Zealand Ltd. | 518,772 | 1,025,655 | ||||||
New Zealand Refining Co., Ltd. | 136,587 | 292,480 | ||||||
Sky Network Television Ltd. | 88,665 | 304,610 | ||||||
|
| |||||||
1,622,745 | ||||||||
|
| |||||||
Norway—1.2% | ||||||||
DNB ASA | 147,711 | 1,744,215 | ||||||
Kongsberg Automotive ASA (d) | 647,449 | 563,360 | ||||||
Marine Harvest ASA (d) | 48,847 | 752,039 |
Shares | Value | |||||||
Orkla ASA | 72,169 | $ | 652,753 | |||||
Salmar ASA | 7,261 | 177,899 | ||||||
Seadrill Ltd. (d) | 15,611 | 50,067 | ||||||
SpareBank 1 SMN | 104,670 | 666,705 | ||||||
Storebrand ASA (d) | 99,638 | 388,119 | ||||||
Telenor ASA | 40,065 | 647,813 | ||||||
Veidekke ASA | 19,385 | 263,082 | ||||||
Yara International ASA | 34,586 | 1,298,350 | ||||||
|
| |||||||
7,204,402 | ||||||||
|
| |||||||
Philippines—0.1% | ||||||||
Globe Telecom, Inc. | 7,525 | 362,731 | ||||||
|
| |||||||
Poland—0.1% | ||||||||
Polski Koncern Naftowy Orlen S.A. | 19,580 | 387,317 | ||||||
|
| |||||||
Russian Federation—0.1% | ||||||||
Magnitogorsk Iron & Steel Works OJSC GDR | 12,769 | 55,418 | ||||||
Sistema JSFC GDR | 20,972 | 135,479 | ||||||
Surgutneftegas OAO ADR | 23,410 | 136,157 | ||||||
|
| |||||||
327,054 | ||||||||
|
| |||||||
Singapore—0.5% | ||||||||
AIMS AMP Capital Industrial REIT | 168,700 | 167,092 | ||||||
Broadcom Ltd. | 5,193 | 802,318 | ||||||
DBS Group Holdings Ltd. | 87,000 | 991,102 | ||||||
Ezion Holdings Ltd. | 392,300 | 165,707 | ||||||
Singapore Airlines Ltd. | 69,600 | 589,735 | ||||||
|
| |||||||
2,715,954 | ||||||||
|
| |||||||
South Africa—0.3% | ||||||||
Netcare Ltd. | 160,663 | 392,590 | ||||||
Sibanye Gold Ltd. ADR | 9,005 | 136,606 | ||||||
SPAR Group Ltd. | 13,820 | 186,279 | ||||||
Super Group Ltd. (d) | 88,045 | 260,251 | ||||||
Telkom S.A. SOC Ltd. | 187,672 | 730,785 | ||||||
|
| |||||||
1,706,511 | ||||||||
|
| |||||||
Spain—0.2% | ||||||||
Endesa S.A. | 29,920 | 573,366 | ||||||
Iberdrola S.A. | 60,439 | 402,339 | ||||||
Repsol S.A. | 24,982 | 280,896 | ||||||
|
| |||||||
1,256,601 | ||||||||
|
| |||||||
Sweden—0.7% | ||||||||
Axfood AB | 14,905 | 275,060 | ||||||
Bilia AB | 28,126 | 629,536 | ||||||
BillerudKorsnas AB | 6,976 | 113,879 | ||||||
Holmen AB, Class B | 19,171 | 627,070 | ||||||
Loomis AB, Class B | 7,232 | 204,127 | ||||||
NCC AB, Class B | 10,998 | 400,298 | ||||||
Peab AB | 7,414 | 65,524 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 29,609 | 282,358 | ||||||
Svenska Cellulosa AB SCA, Class B | 43,021 | 1,341,858 | ||||||
|
| |||||||
3,939,710 | ||||||||
|
| |||||||
Switzerland—1.2% | ||||||||
Baloise Holding AG | 5,356 | 679,850 | ||||||
Chubb Ltd. | 9,725 | 1,158,734 | ||||||
Georg Fischer AG | 950 | 767,182 | ||||||
Lonza Group AG (d) | 5,479 | 926,177 | ||||||
Novartis AG | 15,549 | 1,124,999 | ||||||
Swiss Life Holding AG (d) | 4,213 | 1,117,994 | ||||||
Swiss Re AG | 11,528 | 1,064,491 | ||||||
|
| |||||||
6,839,427 | ||||||||
|
| |||||||
Taiwan—0.8% | ||||||||
Advanced Semiconductor Engineering, Inc. | 656,000 | 759,860 | ||||||
Hon Hai Precision Industry Co., Ltd. | 177,760 | 467,910 |
130 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Shares | Value | |||||||
Micro-Star International Co., Ltd. | 245,000 | $ | 377,401 | |||||
Powertech Technology, Inc. | 266,000 | 602,836 | ||||||
Siliconware Precision Industries Co., Ltd. | 189,000 | 305,255 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 468,000 | 2,334,305 | ||||||
|
| |||||||
4,847,567 | ||||||||
|
| |||||||
Thailand—0.6% | ||||||||
Airports of Thailand PCL (b) | 69,500 | 793,443 | ||||||
Bangkok Bank PCL | 147,700 | 755,032 | ||||||
IRPC PCL (b) | 1,103,600 | 158,182 | ||||||
PTT Global Chemical PCL (b) | 285,000 | 489,341 | ||||||
Siam Cement PCL | 63,750 | 847,322 | ||||||
Thai Oil PCL (b) | 89,700 | 176,269 | ||||||
|
| |||||||
3,219,589 | ||||||||
|
| |||||||
Turkey—0.9% | ||||||||
Cimsa Cimento Sanayi VE Ticaret AS | 34,732 | 193,989 | ||||||
Dogus Otomotiv Servis ve Ticaret AS | 31,817 | 142,148 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 664,956 | 676,743 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 399,895 | 602,011 | ||||||
Haci Omer Sabanci Holding AS | 191,003 | 660,858 | ||||||
TAV Havalimanlari Holding AS | 17,414 | 103,927 | ||||||
Tekfen Holding AS | 220,416 | 426,012 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 34,154 | 277,045 | ||||||
Tupras Turkiye Petrol Rafinerileri AS (d) | 2,050 | 57,740 | ||||||
Turk Hava Yollari AO (d) | 233,023 | 644,677 | ||||||
Turkiye Halk Bankasi AS | 93,428 | 347,435 | ||||||
Turkiye Is Bankasi | 181,049 | 299,652 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 149,298 | 194,029 | ||||||
Turkiye Vakiflar Bankasi Tao | 241,023 | 403,158 | ||||||
|
| |||||||
5,029,424 | ||||||||
|
| |||||||
United Kingdom—6.0% | ||||||||
3i Group PLC | 77,545 | 507,047 | ||||||
Ashtead Group PLC | 11,352 | 140,571 | ||||||
Barratt Developments PLC | 171,474 | 1,376,593 | ||||||
Bellway PLC | 41,234 | 1,551,066 | ||||||
Berkeley Group Holdings PLC | 27,623 | 1,273,665 | ||||||
British American Tobacco PLC | 36,179 | 2,115,600 | ||||||
Britvic PLC | 36,062 | 367,526 | ||||||
BT Group PLC | 247,891 | 1,565,221 | ||||||
Dialog Semiconductor PLC (d) | 6,493 | 256,269 | ||||||
Direct Line Insurance Group PLC | 64,955 | 344,534 | ||||||
Domino’s Pizza Group PLC | 16,074 | 232,606 | ||||||
e2v technologies PLC | 53,795 | 166,115 | ||||||
easyJet PLC | 39,615 | 862,213 | ||||||
Galliford Try PLC | 78,898 | 1,623,326 | ||||||
Greggs PLC | 20,575 | 321,026 | ||||||
Halma PLC | 40,199 | 525,444 | ||||||
Inchcape PLC | 55,996 | 580,779 | ||||||
International Consolidated Airlines Group S.A. | 133,529 | 1,058,880 | ||||||
ITV PLC | 166,239 | 574,442 |
Shares | Value | |||||||
JD Sports Fashion PLC | 30,902 | $ | 500,178 | |||||
Keller Group PLC | 29,513 | 364,325 | ||||||
Laird PLC | 69,254 | 378,026 | ||||||
Legal & General Group PLC | 90,442 | 304,740 | ||||||
Lookers PLC | 122,442 | 278,317 | ||||||
Micro Focus | 6,156 | 138,609 | ||||||
Mondi PLC | 30,976 | 592,361 | ||||||
Moneysuper | 74,175 | 338,071 | ||||||
National Express | 95,035 | 468,348 | ||||||
Noble Corp. PLC | 35,394 | 366,328 | ||||||
Northgate PLC | 43,753 | 253,324 | ||||||
Paragon Group of Cos. PLC | 38,336 | 177,428 | ||||||
Persimmon PLC (d) | 49,920 | 1,491,671 | ||||||
Redrow PLC | 61,207 | 352,973 | ||||||
Rexam PLC | 65,548 | 595,836 | ||||||
Royal Dutch Shell PLC, Class A | 34,776 | 842,750 | ||||||
Royal Dutch Shell PLC, Class B | 174,121 | 4,237,193 | ||||||
Royal Mail PLC | 140,084 | 965,960 | ||||||
RPC Group PLC | 51,788 | 564,106 | ||||||
Shire PLC | 13,600 | 775,672 | ||||||
Stolt-Nielsen Ltd. | 14,367 | 161,812 | ||||||
Taylor Wimpey PLC | 578,389 | 1,576,321 | ||||||
Trinity Mirror PLC | 218,754 | 413,154 | ||||||
WH Smith PLC | 43,020 | 1,120,633 | ||||||
Whitbread PLC | 7,218 | 409,738 | ||||||
WPP PLC | 51,698 | 1,203,296 | ||||||
|
| |||||||
34,314,093 | ||||||||
|
| |||||||
United States—54.6% | ||||||||
A Schulman, Inc. (c) | 4,762 | 129,622 | ||||||
AbbVie, Inc. | 52,076 | 2,974,581 | ||||||
Acadia Healthcare Co., Inc. (d) | 7,631 | 420,544 | ||||||
Activision Blizzard, Inc. | 86,270 | 2,919,377 | ||||||
Adeptus Health, Inc., Class A (d) | 3,768 | 209,275 | ||||||
Aetna, Inc. | 39,867 | 4,479,057 | ||||||
AG Mortgage | 21,943 | 286,795 | ||||||
Air Lease Corp. | 16,196 | 520,216 | ||||||
Aircastle Ltd. | 25,099 | 558,202 | ||||||
Alaska Air Group, Inc. | 34,567 | 2,835,185 | ||||||
Allstate Corp. | 25,839 | 1,740,773 | ||||||
Ally Financial, Inc. (d) | 61,469 | 1,150,700 | ||||||
Alphabet, Inc., Class A (d) | 3,074 | 2,345,155 | ||||||
Alphabet, Inc., Class C (d) | 3,154 | 2,349,572 | ||||||
Altria Group, Inc. | 61,174 | 3,833,163 | ||||||
Amazon.com, Inc. (d) | 2,620 | 1,555,337 | ||||||
Amdocs Ltd. | 25,835 | 1,560,951 | ||||||
Ameren Corp. | 37,947 | 1,901,145 | ||||||
American Capital Agency Corp. REIT | 7,167 | 133,521 | ||||||
American Eagle Outfitters, Inc. | 33,182 | 553,144 | ||||||
American Electric Power Co., Inc. | 48,419 | 3,215,022 | ||||||
American Financial Group, Inc. | 35,660 | 2,509,394 | ||||||
Ameriprise Financial, Inc. | 3,554 | 334,112 | ||||||
AmerisourceBergen Corp. | 19,975 | 1,728,836 | ||||||
Amgen, Inc. | 34,903 | 5,233,007 | ||||||
Amsurg Corp. (d) | 9,534 | 711,236 | ||||||
Amtrust Financial Services, Inc. | 40,935 | 1,059,398 | ||||||
Analog Devices, Inc. | 18,057 | 1,068,794 | ||||||
Annaly Capital Management, Inc. REIT | 21,508 | 220,672 | ||||||
Anthem, Inc. | 34,662 | 4,817,671 | ||||||
Anworth Mortgage Asset Corp. REIT | 29,302 | 136,547 | ||||||
AO Smith Corp. | 2,852 | 217,636 |
Shares | Value | |||||||
Apollo Commercial Real Estate Finance, Inc. REIT | 9,656 | $ | 157,393 | |||||
Apollo Investment Corp. | 31,704 | 175,957 | ||||||
Apollo Residential Mortgage, Inc. REIT | 12,526 | 168,099 | ||||||
Apple, Inc. | 114,890 | 12,521,861 | ||||||
Arrow Electronics, Inc. (d) | 5,168 | 332,871 | ||||||
AT&T, Inc. | 197,162 | 7,722,836 | ||||||
Atlas Air Worldwide Holdings, Inc. (d) | 6,642 | 280,757 | ||||||
Atmos Energy Corp. | 9,107 | 676,286 | ||||||
Atwood Oceanics, Inc. | 17,122 | 157,009 | ||||||
Avista Corp. | 18,337 | 747,783 | ||||||
Avnet, Inc. | 11,181 | 495,318 | ||||||
Bank of America Corp. | 88,283 | 1,193,586 | ||||||
Bank of New York Mellon Corp. | 15,728 | 579,262 | ||||||
Baxter International, Inc. | 12,990 | 533,629 | ||||||
Becton Dickinson and Co. | 6,729 | 1,021,597 | ||||||
Belden, Inc. | 4,874 | 299,166 | ||||||
Benchmark Electronics, Inc. (d) | 10,164 | 234,280 | ||||||
Brocade Communications Systems, Inc. | 148,289 | 1,568,898 | ||||||
Caleres, Inc. | 8,579 | 242,700 | ||||||
Capital One Financial Corp. | 12,280 | 851,127 | ||||||
Cardinal Health, Inc. | 9,225 | 755,989 | ||||||
CareTrust REIT, Inc. REIT | 20,206 | 256,616 | ||||||
Carlisle Cos., Inc. | 3,059 | 304,371 | ||||||
Carnival PLC | 9,757 | 524,086 | ||||||
Carter’s, Inc. | 3,220 | 339,324 | ||||||
Casey’s General Stores, Inc. | 4,687 | 531,131 | ||||||
CDW Corp. | 24,794 | 1,028,951 | ||||||
Celanese Corp., Ser. A | 12,196 | 798,838 | ||||||
Centene Corp. (d) | 22,133 | 1,362,729 | ||||||
CenterPoint Energy, Inc. | 28,126 | 588,396 | ||||||
CF Industries Holdings, Inc. | 13,705 | 429,515 | ||||||
Charles River Laboratories International, Inc. (d) | 1,502 | 114,062 | ||||||
Chemed Corp. | 4,749 | 643,252 | ||||||
Chevron Corp. | 20,725 | 1,977,165 | ||||||
Chimera Investment Corp. REIT | 22,354 | 303,791 | ||||||
Cigna Corp. | 30,447 | 4,178,546 | ||||||
Cirrus Logic, Inc. (d) | 12,326 | 448,790 | ||||||
Cisco Systems, Inc. | 151,405 | 4,310,500 | ||||||
Citigroup, Inc. | 87,721 | 3,662,352 | ||||||
Citrix Systems, Inc. (d) | 9,603 | 754,604 | ||||||
CME Group, Inc. | 6,289 | 604,058 | ||||||
CNA Financial Corp. | 9,689 | 311,792 | ||||||
Columbus McKinnon Corp. | 8,501 | 133,976 | ||||||
Comcast Corp., Class A | 72,938 | 4,455,053 | ||||||
Community Health Systems, Inc. (d) | 6,255 | 115,780 | ||||||
Consolidated Edison, Inc. | 28,082 | 2,151,643 | ||||||
Constellation Brands, Inc., Class A | 2,694 | 407,036 | ||||||
Convergys Corp. | 46,762 | 1,298,581 | ||||||
CR Bard, Inc. | 2,923 | 592,404 | ||||||
Cracker Barrel Old Country Store, Inc. | 4,417 | 674,343 | ||||||
Crane Co. | 4,348 | 234,183 | ||||||
CVS Health Corp. | 42,948 | 4,454,996 | ||||||
Darden Restaurants, Inc. | 10,399 | 689,454 | ||||||
Dean Foods Co. | 17,093 | 296,051 | ||||||
Delek U.S. Holdings, Inc. | 2,990 | 45,568 | ||||||
Delta Air Lines, Inc. | 28,361 | 1,380,613 | ||||||
Deluxe Corp. | 15,343 | 958,784 | ||||||
DineEquity, Inc. | 3,442 | 321,586 | ||||||
Dow Chemical Co. | 34,525 | 1,755,941 | ||||||
DR Horton, Inc. | 16,187 | 489,333 | ||||||
Dr. Pepper Snapple Group, Inc. | 17,831 | 1,594,448 | ||||||
DST Systems, Inc. | 2,647 | 298,502 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 131 |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Shares | Value | |||||||
Duke Energy Corp. | 7,405 | $ | 597,435 | |||||
E*TRADE Financial Corp. (d) | 27,038 | 662,161 | ||||||
Eastman Chemical Co. | 18,069 | 1,305,124 | ||||||
Edison International | 7,575 | 544,567 | ||||||
Electronic Arts, Inc. (d) | 8,157 | 539,259 | ||||||
EMC Corp. | 51,841 | 1,381,563 | ||||||
Entergy Corp. | 13,502 | 1,070,439 | ||||||
Euronet Worldwide, Inc. (d) | 5,147 | 381,444 | ||||||
Exelon Corp. | 65,299 | 2,341,622 | ||||||
Express, Inc. (d) | 21,324 | 456,547 | ||||||
Exxon Mobil Corp. | 31,214 | 2,609,178 | ||||||
Facebook, Inc., Class A (d) | 42,135 | 4,807,603 | ||||||
Fidelity National Information Services, Inc. | 9,243 | 585,174 | ||||||
First American Financial Corp. | 14,119 | 538,075 | ||||||
First Merchants Corp. | 15,552 | 366,561 | ||||||
FirstEnergy Corp. | 47,418 | 1,705,625 | ||||||
Flextronics International Ltd. (d) | 49,581 | 597,947 | ||||||
Foot Locker, Inc. | 39,927 | 2,575,291 | ||||||
Ford Motor Co. | 64,265 | 867,577 | ||||||
Fulton Financial Corp. | 29,826 | 399,072 | ||||||
GameStop Corp., Class A | 10,611 | 336,687 | ||||||
GATX Corp. | 18,297 | 869,107 | ||||||
General Electric Co. | 75,226 | 2,391,435 | ||||||
General Motors Co. | 55,289 | 1,737,733 | ||||||
Gilead Sciences, Inc. | 39,695 | 3,646,383 | ||||||
Global Payments, Inc. | 16,741 | 1,093,187 | ||||||
Goodyear Tire & Rubber Co. | 31,506 | 1,039,068 | ||||||
Great Plains Energy, Inc. | 23,476 | 757,101 | ||||||
Great Western Bancorp, Inc. | 14,951 | 407,714 | ||||||
Greenbrier Cos., Inc. | 4,447 | 122,915 | ||||||
Group 1 Automotive, Inc. | 4,467 | 262,168 | ||||||
Hanover Insurance Group, Inc. | 9,291 | 838,234 | ||||||
Hartford Financial Services Group, Inc. | 19,811 | 912,891 | ||||||
Hatteras Financial Corp. REIT | 25,513 | 364,836 | ||||||
HCA Holdings, Inc. (d) | 15,140 | 1,181,677 | ||||||
Hill-Rom Holdings, Inc. | 12,250 | 616,175 | ||||||
HollyFrontier Corp. | 2,842 | 100,379 | ||||||
Hologic, Inc. (d) | 25,446 | 877,887 | ||||||
Home BancShares, Inc. | 1,400 | 57,330 | ||||||
Home Depot, Inc. | 31,484 | 4,200,910 | ||||||
Huntington Bancshares, Inc. | 104,949 | 1,001,213 | ||||||
Huntington Ingalls Industries, Inc. | 8,367 | 1,145,777 | ||||||
Huntsman Corp. | 29,599 | 393,667 | ||||||
IDT Corp., Class B | 6,274 | 97,812 | ||||||
II-VI, Inc. (d) | 14,690 | 318,920 | ||||||
Ingredion, Inc. | 5,568 | 594,607 | ||||||
Innospec, Inc. | 3,524 | 152,801 | ||||||
Insperity, Inc. | 6,080 | 314,518 | ||||||
Intel Corp. | 39,962 | 1,292,771 | ||||||
Intercontinental Exchange, Inc. | 1,543 | 362,821 | ||||||
International Paper Co. | 9,891 | 405,927 | ||||||
Invesco Ltd. | 19,873 | 611,492 | ||||||
j2 Global, Inc. | 7,549 | 464,867 | ||||||
Jack in the Box, Inc. | 7,364 | 470,339 | ||||||
JetBlue Airways Corp. (d) | 21,387 | 451,693 | ||||||
Johnson & Johnson | 68,024 | 7,360,197 | ||||||
Jones Lang LaSalle, Inc. | 3,966 | 465,291 | ||||||
JPMorgan Chase & Co. | 49,613 | 2,938,082 | ||||||
Juniper Networks, Inc. | 23,183 | 591,398 | ||||||
KAR Auction Services, Inc. | 15,621 | 595,785 | ||||||
KeyCorp | 38,979 | 430,328 | ||||||
Knoll, Inc. | 5,043 | 109,181 | ||||||
Kohl’s Corp. | 12,289 | 572,790 | ||||||
Korn/Ferry International | 19,402 | 548,883 | ||||||
Kraton Performance Polymers, Inc. (d) | 8,940 | 154,662 |
Shares | Value | |||||||
Kroger Co. | 130,215 | $ | 4,980,724 | |||||
Laboratory Corp. of America Holdings (d) | 8,448 | 989,514 | ||||||
Ladder Capital Corp. REIT | 6,037 | 75,161 | ||||||
Lam Research Corp. | 36,355 | 3,002,923 | ||||||
Lear Corp. | 14,803 | 1,645,650 | ||||||
LifePoint Hospitals, Inc. (d) | 6,689 | 463,213 | ||||||
Lincoln National Corp. | 31,843 | 1,248,246 | ||||||
LyondellBasell Industries NV, Class A | 17,552 | 1,502,100 | ||||||
MainSource Financial Group, Inc. | 11,063 | 233,319 | ||||||
Marathon Petroleum Corp. | 29,069 | 1,080,785 | ||||||
Marriott Vacations Worldwide Corp. | 6,419 | 433,282 | ||||||
Masimo Corp. (d) | 9,082 | 379,991 | ||||||
Matson, Inc. | 6,963 | 279,704 | ||||||
McDonald’s Corp. | 11,908 | 1,496,597 | ||||||
McKesson Corp. | 5,974 | 939,411 | ||||||
Mentor Graphics Corp. | 25,865 | 525,835 | ||||||
Mercer International, Inc. | 17,401 | 164,439 | ||||||
MetLife, Inc. | 22,854 | 1,004,205 | ||||||
MFA Financial, Inc. REIT | 52,582 | 360,187 | ||||||
Microsoft Corp. | 47,932 | 2,647,284 | ||||||
MKS Instruments, Inc. | 10,249 | 385,875 | ||||||
Mohawk Industries, Inc. (d) | 7,306 | 1,394,715 | ||||||
Morgan Stanley | 51,576 | 1,289,916 | ||||||
MSCI, Inc. | 8,234 | 609,975 | ||||||
Mylan NV (d) | 44,181 | 2,047,789 | ||||||
Nasdaq, Inc. | 9,189 | 609,966 | ||||||
Natus Medical, Inc. (d) | 19,813 | 761,414 | ||||||
Navigators Group, Inc. (d) | 3,149 | 264,107 | ||||||
New Residential Investment Corp. REIT | 41,625 | 484,099 | ||||||
Nielsen Holdings PLC | 11,276 | 593,794 | ||||||
Northrop Grumman Corp. | 8,987 | 1,778,527 | ||||||
NVIDIA Corp. | 17,256 | 614,831 | ||||||
Omnicell, Inc. (d) | 10,048 | 280,038 | ||||||
On Assignment, Inc. (d) | 2,254 | 83,218 | ||||||
ON Semiconductor Corp. (d) | 63,079 | 604,928 | ||||||
PBF Energy, Inc., Class A | 6,373 | 211,584 | ||||||
Penske Automotive Group, Inc. | 12,847 | 486,901 | ||||||
Pfizer, Inc. | 57,682 | 1,709,694 | ||||||
PG&E Corp. | 67,948 | 4,057,855 | ||||||
Phillips 66 | 13,901 | 1,203,688 | ||||||
Pinnacle Financial Partners, Inc. | 8,412 | 412,693 | ||||||
Pinnacle Foods, Inc. | 16,210 | 724,263 | ||||||
Pitney Bowes, Inc. | 16,609 | 357,758 | ||||||
PNC Financial Services Group, Inc. | 10,371 | 877,075 | ||||||
PPL Corp. | 17,186 | 654,271 | ||||||
Priceline Group, Inc. (d) | 266 | 342,863 | ||||||
PrivateBancorp, Inc. | 9,244 | 356,818 | ||||||
Prudential Financial, Inc. | 11,194 | 808,431 | ||||||
Public Service Enterprise Group, Inc. | 85,135 | 4,013,264 | ||||||
QLogic Corp. (d) | 29,778 | 400,216 | ||||||
Quest Diagnostics, Inc. | 13,390 | 956,715 | ||||||
Quintiles Transnational Holdings, Inc. (d) | 13,398 | 872,210 | ||||||
Reinsurance Group of America, Inc. | 6,886 | 662,777 | ||||||
Reynolds American, Inc. | 85,961 | 4,324,698 | ||||||
RLJ Lodging Trust REIT | 7,338 | 167,893 | ||||||
Robert Half International, Inc. | 2,919 | 135,967 | ||||||
Rowan Cos. PLC, Class A | 3,240 | 52,164 | ||||||
Royal Caribbean Cruises Ltd. | 20,163 | 1,656,390 | ||||||
Ryder System, Inc. (c) | 6,316 | 409,150 | ||||||
Sanmina Corp. (d) | 36,119 | 844,462 | ||||||
SCANA Corp. | 8,440 | 592,066 |
Shares | Value | |||||||
Science Applications International Corp. | 7,396 | $ | 394,503 | |||||
Sherwin-Williams Co. | 5,731 | 1,631,444 | ||||||
Signature Bank (d) | 3,184 | 433,406 | ||||||
Skyworks Solutions, Inc. | 15,562 | 1,212,280 | ||||||
Snap-on, Inc. | 2,386 | 374,578 | ||||||
Southwest Airlines Co. | 16,319 | 731,091 | ||||||
SpartanNash Co. | 5,053 | 153,156 | �� | |||||
Spirit AeroSystems Holdings, Inc., Class A (d) | 19,901 | 902,709 | ||||||
SS&C Technologies Holdings, Inc. | 4,057 | 257,295 | ||||||
Stanley Black & Decker, Inc. | 6,585 | 692,808 | ||||||
Stryker Corp. | 8,322 | 892,867 | ||||||
SunTrust Banks, Inc. | 28,072 | 1,012,838 | ||||||
Synchrony Financial (d) | 16,254 | 465,840 | ||||||
Target Corp. | 6,832 | 562,137 | ||||||
Teleflex, Inc. | 2,449 | 384,517 | ||||||
Tesoro Corp. | 5,077 | 436,673 | ||||||
Tessera Technologies, Inc. | 10,845 | 336,195 | ||||||
Thermo Fisher Scientific, Inc. | 9,149 | 1,295,407 | ||||||
Time Warner, Inc. | 16,553 | 1,200,920 | ||||||
Travelers Cos., Inc. | 22,917 | 2,674,643 | ||||||
Trinity Industries, Inc. | 15,177 | 277,891 | ||||||
Tyson Foods, Inc., Class A | 84,867 | 5,657,234 | ||||||
United Continental Holdings, Inc. (d) | 6,046 | 361,914 | ||||||
UnitedHealth Group, Inc. | 24,763 | 3,191,951 | ||||||
Universal Health Services, Inc., Class B | 5,007 | 624,473 | ||||||
Unum Group | 23,865 | 737,906 | ||||||
USANA Health Sciences, Inc. (d) | 2,404 | 291,894 | ||||||
Vail Resorts, Inc. | 1,777 | 237,585 | ||||||
Valero Energy Corp. | 36,051 | 2,312,311 | ||||||
Verizon Communications, Inc. | 151,131 | 8,173,164 | ||||||
Voya Financial, Inc. | 18,855 | 561,313 | ||||||
Walgreens Boots Alliance, Inc. | 16,232 | 1,367,384 | ||||||
Walt Disney Co. | 34,458 | 3,422,024 | ||||||
Waste Management, Inc. | 13,124 | 774,316 | ||||||
Wells Fargo & Co. | 89,171 | 4,312,310 | ||||||
Westar Energy, Inc. | 12,802 | 635,107 | ||||||
Western Alliance Bancorp (d) | 8,205 | 273,883 | ||||||
Western Refining, Inc. | 5,754 | 167,384 | ||||||
Western Union Co. | 30,906 | 596,177 | ||||||
Westlake Chemical Corp. | 4,066 | 188,256 | ||||||
Whirlpool Corp. | 3,741 | 674,652 | ||||||
Wintrust Financial Corp. | 6,309 | 279,741 | ||||||
WSFS Financial Corp. | 9,463 | 307,737 | ||||||
Xcel Energy, Inc. | 14,049 | 587,529 | ||||||
Zimmer Biomet Holdings, Inc. | 8,744 | 932,373 | ||||||
|
| |||||||
313,777,535 | ||||||||
|
| |||||||
Total Common Stock (cost—$538,350,002) | 557,259,740 | |||||||
|
| |||||||
Preferred Stock—0.2% | ||||||||
Brazil—0.2% | ||||||||
Banco Bradesco S.A. | 27,320 | 205,680 | ||||||
Braskem S.A., Class A | 20,000 | 130,213 | ||||||
Cia Paranaense de Energia | 47,000 | 374,494 | ||||||
Itau Unibanco Holding S.A. | 51,985 | 451,226 | ||||||
|
| |||||||
Total Preferred Stock (cost—$1,001,916) | 1,161,613 | |||||||
|
|
132 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Principal Amount (000s) | Value | |||||||
Repurchase Agreements—1.6% | ||||||||
State Street Bank and |
| |||||||
(cost—$9,071,000) | $9,071 | $ | 9,071,000 | |||||
|
| |||||||
Total Investments (cost—$548,422,918) (a)—98.8% | 567,492,353 | |||||||
|
| |||||||
Other assets less liabilities (e)—1.2% | 6,921,785 | |||||||
|
| |||||||
Net Assets—100.0% | $574,414,138 | |||||||
|
|
Notes to Schedule of Investments:
(a) Securities with an aggregate value of $196,800,503, representing 34.3% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(b) Fair-Valued—Securities with an aggregate value of $2,102,275, representing 0.4% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(c) Affiliated security.
(d) Non-income producing.
(e) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.
Glossary:
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
MSCI—Morgan Stanley Capital International
REIT—Real Estate Investment Trust
The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:
Banks | 8.6% | |||
Insurance | 6.8% | |||
Health Care Providers & Services | 5.4% | |||
Diversified Telecommunication Services | 4.7% | |||
Oil, Gas & Consumable Fuels | 4.2% | |||
Electric Utilities | 3.7% | |||
Pharmaceuticals | 3.7% | |||
Food & Staples Retailing | 2.9% | |||
Technology Hardware, Storage & Peripherals | 2.9% | |||
Airlines | 2.6% | |||
Semiconductors & Semiconductor Equipment | 2.6% | |||
Media | 2.5% | |||
Chemicals | 2.5% | |||
Food Products | 2.4% |
Household Durables | 2.3% | |||
Internet Software & Services | 2.2% | |||
Specialty Retail | 2.1% | |||
Biotechnology | 2.1% | |||
Automobiles | 2.0% | |||
Multi-Utilities | 1.9% | |||
Tobacco | 1.8% | |||
Auto Components | 1.7% | |||
IT Services | 1.6% | |||
Health Care Equipment & Supplies | 1.6% | |||
Software | 1.4% | |||
Hotels, Restaurants & Leisure | 1.4% | |||
Electronic Equipment, Instruments & Components | 1.3% | |||
Communications Equipment | 1.2% | |||
Diversified Financial Services | 1.2% | |||
Industrial Conglomerates | 1.1% | |||
Construction & Engineering | 0.9% | |||
Real Estate Investment Trust | 0.9% | |||
Aerospace & Defense | 0.9% | |||
Capital Markets | 0.8% | |||
Trading Companies & Distributors | 0.8% | |||
Paper & Forest Products | 0.7% | |||
Wireless Telecommunication Services | 0.7% | |||
Commercial Services & Supplies | 0.7% | |||
Machinery | 0.6% | |||
Containers & Packaging | 0.6% | |||
Road & Rail | 0.6% | |||
Beverages | 0.6% | |||
Life Sciences Tools & Services | 0.6% | |||
Professional Services | 0.6% | |||
Consumer Finance | 0.5% | |||
Transportation Infrastructure | 0.4% | |||
Independent Power Producers & Energy Traders | 0.4% | |||
Real Estate Management & Development | 0.4% | |||
Multi-line Retail | 0.3% | |||
Metals & Mining | 0.3% | |||
Internet & Catalog Retail | 0.3% | |||
Construction Materials | 0.3% | |||
Thrifts & Mortgage Finance | 0.3% | |||
Textiles, Apparel & Luxury Goods | 0.3% | |||
Household Products | 0.2% | |||
Air Freight & Logistics | 0.2% | |||
Marine | 0.2% | |||
Gas Utilities | 0.2% | |||
Energy Equipment & Services | 0.1% | |||
Building Products | 0.1% | |||
Distributors | 0.1% | |||
Electrical Equipment | 0.1% | |||
Personal Products | 0.1% | |||
Health Care Technology | 0.0% | |||
Repurchase Agreements | 1.6% | |||
Other assets less liabilities | 1.2% | |||
|
| |||
100.0% | ||||
|
|
AllianzGI Best Styles International Equity Fund
Shares | Value | |||||||
Common Stock—97.6% | ||||||||
Australia—5.8% | ||||||||
Asaleo Care Ltd. | 118,786 | $165,462 | ||||||
Australian Pharmaceutical Industries Ltd. | 119,117 | 178,212 | ||||||
Bank of Queensland Ltd. | 31,568 | 292,691 | ||||||
Caltex Australia Ltd. | 18,495 | 482,372 | ||||||
Collins Foods Ltd. | 45,883 | 148,145 | ||||||
Dexus Property Group REIT | 42,991 | 261,068 | ||||||
Estia Health Ltd. | 55,175 | 242,677 | ||||||
Harvey Norman Holdings Ltd. | 102,542 | 368,883 | ||||||
Japara Healthcare Ltd. | 105,334 | 246,920 | ||||||
Macquarie Group Ltd. | 5,941 | 300,699 | ||||||
McMillan Shakespeare Ltd. | 16,796 | 160,393 | ||||||
OZ Minerals Ltd. | 26,119 | 100,012 | ||||||
Qantas Airways Ltd. (d) | 105,066 | 327,948 | ||||||
Select Harvests Ltd. | 55,567 | 175,519 | ||||||
Spotless Group Holdings Ltd. (c) | 98,261 | 95,147 | ||||||
Star Entertainment Group Ltd. | 41,697 | 181,345 | ||||||
Treasury Wine Estates Ltd. | 55,920 | 412,913 | ||||||
Westpac Banking Corp. | 29,060 | 674,979 | ||||||
|
| |||||||
4,815,385 | ||||||||
|
| |||||||
Austria—1.9% | ||||||||
Austria Technologie & Systemtechnik AG | 4,313 | 63,140 | ||||||
Erste Group Bank AG (d) | 10,636 | 298,521 | ||||||
Lenzing AG | 1,116 | 88,347 | ||||||
Mayr Melnhof Karton AG | 681 | 81,649 | ||||||
OMV AG | 11,065 | 310,686 | ||||||
Porr AG | 5,459 | 154,989 | ||||||
Telekom Austria AG | 39,290 | 241,506 | ||||||
Voestalpine AG | 9,149 | 305,150 | ||||||
|
| |||||||
1,543,988 | ||||||||
|
| |||||||
Belgium—1.8% | ||||||||
AGFA-Gevaert NV (d) | 18,716 | 83,262 | ||||||
Delhaize Group S.A. | 5,428 | 565,710 | ||||||
Euronav NV | 15,259 | 155,909 | ||||||
UCB S.A. | 3,995 | 304,959 | ||||||
Warehouses De Pauw CVA REIT | 3,595 | 341,368 | ||||||
|
| |||||||
1,451,208 | ||||||||
|
| |||||||
British Virgin Islands—0.2% | ||||||||
Nomad Foods Ltd. (d) | 21,133 | 190,408 | ||||||
|
| |||||||
Denmark—1.1% | ||||||||
Alm Brand A/S | 22,677 | 166,073 | ||||||
Bakkafrost P/F | 4,604 | 178,155 | ||||||
Danske Bank A/S | 15,834 | 446,843 | ||||||
Schouw & Co. | 1,324 | 82,604 | ||||||
|
| |||||||
873,675 | ||||||||
|
| |||||||
Finland—0.6% | ||||||||
Metsa Board Oyj | 11,705 | 78,243 | ||||||
UPM-Kymmene Oyj | 24,699 | 446,548 | ||||||
|
| |||||||
524,791 | ||||||||
|
| |||||||
France—10.2% | ||||||||
Alten S.A. | 2,735 | 167,607 | ||||||
Altran Technologies S.A. | 12,245 | 169,524 | ||||||
APERAM S.A. | 4,016 | 153,005 | ||||||
Arkema S.A. | 3,846 | 288,133 | ||||||
Atos S.E. | 5,151 | 418,357 | ||||||
AXA S.A. | 22,996 | 539,226 | ||||||
BNP Paribas S.A. | 12,163 | 611,076 | ||||||
Bouygues S.A. | 8,322 | 338,283 | ||||||
Cap Gemini S.A. | 4,169 | 391,070 | ||||||
Cegid Group S.A. | 3,126 | 176,218 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 133 |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Shares | Value | |||||||
Cie Generale des | 4,041 | $ | 412,863 | |||||
Electricite de France S.A. | 17,020 | 190,551 | ||||||
Elior Participations SCA (a) | 3,591 | 78,629 | ||||||
Engie S.A. | 22,808 | 353,378 | ||||||
Lagardere SCA | 10,195 | 270,417 | ||||||
Natixis S.A. | 50,418 | 247,864 | ||||||
Orange S.A. | 40,645 | 709,780 | ||||||
Renault S.A. | 3,823 | 379,920 | ||||||
Sanofi | 10,021 | 805,646 | ||||||
SCOR SE | 7,891 | 278,204 | ||||||
Total S.A. | 9,429 | 429,032 | ||||||
Valeo S.A. | 2,658 | 413,315 | ||||||
Vinci S.A. | 8,773 | 651,168 | ||||||
|
| |||||||
8,473,266 | ||||||||
|
| |||||||
Germany—6.8% | ||||||||
Bayer AG | 6,548 | 767,296 | ||||||
Covestro AG (d) | 7,223 | 269,824 | ||||||
Daimler AG | 8,206 | 628,026 | ||||||
Deutsche Telekom AG | 26,243 | 470,493 | ||||||
Evonik Industries AG | 10,125 | 302,811 | ||||||
Fresenius SE & Co. KGaA (c) | 5,624 | 409,947 | ||||||
Hannover Rueck SE | 4,296 | 499,291 | ||||||
HeidelbergCement AG | 3,830 | 327,294 | ||||||
K&S AG | 8,130 | 189,624 | ||||||
Merck KGaA | 5,838 | 485,626 | ||||||
Muenchener | 3,359 | 681,690 | ||||||
ProSiebenSat.1 | 6,834 | 350,822 | ||||||
TUI AG | 7,435 | 115,727 | ||||||
Wuestenrot & | 7,243 | 153,256 | ||||||
|
| |||||||
5,651,727 | ||||||||
|
| |||||||
Greece—0.4% | ||||||||
Hellenic | 36,236 | 152,549 | ||||||
Mytilineos | 26,607 | 103,999 | ||||||
Tsakos Energy | 16,822 | 103,960 | ||||||
|
| |||||||
360,508 | ||||||||
|
| |||||||
Hong Kong—3.5% | ||||||||
BOC Hong Kong Holdings Ltd. | 76,000 | 227,030 | ||||||
Cathay Pacific Airways Ltd. | 159,000 | 275,799 | ||||||
Cheung Kong Property | 61,000 | 392,707 | ||||||
CK Hutchison | 45,420 | 588,926 | ||||||
Haitong International | 438,000 | 253,356 | ||||||
HKT Trust & HKT Ltd. | 187,000 | 257,454 | ||||||
Kerry Properties Ltd. | 53,000 | 146,201 | ||||||
Man Wah Holdings Ltd. | 145,200 | 184,595 | ||||||
Shun Tak Holdings Ltd. | 356,000 | 118,346 | ||||||
WH Group Ltd. (a)(d) | 602,000 | 435,373 | ||||||
|
| |||||||
2,879,787 | ||||||||
|
| |||||||
Ireland—1.2% | ||||||||
AerCap Holdings NV (d) | 6,661 | 258,180 | ||||||
CRH PLC | 14,329 | 404,691 | ||||||
Smurfit Kappa Group PLC (c) | 5,432 | 139,730 | ||||||
Total Produce PLC | 100,385 | 181,623 | ||||||
|
| |||||||
984,224 | ||||||||
|
| |||||||
Israel—1.3% | ||||||||
Bank Hapoalim BM | 58,842 | 305,438 | ||||||
Israel Corp. Ltd. | 1,171 | 196,552 | ||||||
Teva Pharmaceutical Industries Ltd. | 10,780 | 579,790 | ||||||
|
| |||||||
1,081,780 | ||||||||
|
| |||||||
Italy—3.0% | ||||||||
Assicurazioni Generali SpA | 23,119 | 342,232 |
Shares | Value | |||||||
Enel SpA | 134,758 | $ | 597,412 | |||||
Exor SpA | 7,851 | 280,902 | ||||||
Immobiliare Grande Distribuzione SIIQ SpA REIT | 173,552 | 157,945 | ||||||
Intesa Sanpaolo SpA | 153,270 | 423,794 | ||||||
Mediobanca SpA | 36,271 | 260,845 | ||||||
Snam SpA | 41,903 | 262,230 | ||||||
Societa Cattolica di Assicurazioni SCRL | 23,355 | 159,190 | ||||||
|
| |||||||
2,484,550 | ||||||||
|
| |||||||
Japan—21.4% | ||||||||
Aeon Co., Ltd. | 15,800 | 228,247 | ||||||
Alfresa Holdings Corp. | 9,600 | 184,243 | ||||||
AOI Electronics Co., Ltd. | 7,600 | 168,359 | ||||||
Aoyama Trading Co., Ltd. | 3,300 | 126,645 | ||||||
Chubu Electric Power Co., Inc. | 16,500 | 230,263 | ||||||
CKD Corp. | 20,500 | 169,032 | ||||||
Dai Nippon Printing Co., Ltd. | 21,000 | 186,356 | ||||||
Dai-ichi Life Insurance Co., Ltd. | 22,500 | 272,688 | ||||||
Daiichi Sankyo Co., Ltd. | 18,200 | 403,951 | ||||||
Daiwa House Industry Co., Ltd. | 9,700 | 272,650 | ||||||
DCM Holdings Co., Ltd. | 8,100 | 58,544 | ||||||
Dentsu, Inc. | 6,200 | 311,032 | ||||||
Duskin Co., Ltd. | 3,500 | 62,844 | ||||||
Eiken Chemical Co., Ltd. | 8,800 | 184,194 | ||||||
FamilyMart Co., Ltd. | 6,500 | 337,580 | ||||||
FUJIFILM Holdings Corp. | 9,400 | 371,556 | ||||||
Fujitsu Ltd. | 55,000 | 203,377 | ||||||
Heiwado Co., Ltd. | 6,600 | 136,969 | ||||||
Hitachi Ltd. | 73,000 | 342,140 | ||||||
Hokuhoku Financial Group, Inc. | 118,000 | 155,050 | ||||||
Idemitsu Kosan Co., Ltd. | 18,400 | 328,317 | ||||||
ITOCHU Corp. | 31,000 | 380,954 | ||||||
J Front Retailing Co., Ltd. | 18,100 | 240,173 | ||||||
Japan Airlines Co., Ltd. | 8,100 | 296,946 | ||||||
JX Holdings, Inc. | 55,500 | 213,695 | ||||||
Kaga Electronics Co., Ltd. | 12,700 | 160,982 | ||||||
Kato Sangyo Co., Ltd. | 2,900 | 71,694 | ||||||
Marubeni Corp. | 56,900 | 287,880 | ||||||
Marudai Food Co., Ltd. | 39,000 | 151,468 | ||||||
Medipal Holdings Corp. | 16,600 | 262,573 | ||||||
Megmilk Snow Brand Co., Ltd. | 3,500 | 87,934 | ||||||
Mitsuba Corp. | 9,400 | 144,834 | ||||||
Mitsubishi Chemical Holdings Corp. | 71,800 | 374,875 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 53,000 | 284,639 | ||||||
Mitsubishi Heavy Industries Ltd. | 62,000 | 230,340 | ||||||
Mitsubishi Materials Corp. | 72,000 | 203,137 | ||||||
Mitsubishi Tanabe Pharma Corp. | 10,800 | 187,657 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 140,700 | 651,948 | ||||||
Mitsui & Co., Ltd. | 29,800 | 342,654 | ||||||
Mixi, Inc. | 8,300 | 307,826 | ||||||
Nagase & Co., Ltd. | 10,400 | 114,201 | ||||||
Nippon Electric Glass Co., Ltd. | 34,000 | 173,889 | ||||||
Nippon Flour Mills Co., Ltd. | 24,000 | 197,102 | ||||||
Nippon Telegraph & Telephone Corp. | 10,200 | 440,614 | ||||||
Nippon Yusen KK | 92,000 | 177,405 | ||||||
Nissan Motor Co., Ltd. | 47,900 | 442,847 | ||||||
Nisshin Oillio Group Ltd. | 39,000 | 159,133 | ||||||
Oki Electric Industry Co., Ltd. | 45,000 | 63,591 | ||||||
Okinawa Cellular Telephone Co. | 5,700 | 159,272 | ||||||
ORIX Corp. | 26,500 | 377,445 | ||||||
Otsuka Holdings Co., Ltd. | 7,400 | 268,780 | ||||||
Ricoh Co., Ltd. | 28,300 | 288,041 |
Shares | Value | |||||||
Seino Holdings Co., Ltd. | 13,300 | $ | 143,084 | |||||
Shindengen Electric Manufacturing Co., Ltd. | 18,000 | 60,971 | ||||||
SMK Corp. | 31,000 | 159,183 | ||||||
Sojitz Corp. | 68,100 | 139,814 | ||||||
Sompo Japan Nipponkoa Holdings, Inc. | 10,300 | 291,917 | ||||||
Sumitomo Corp. | 31,800 | 315,550 | ||||||
Sumitomo Electric Industries Ltd. | 24,200 | 293,447 | ||||||
Sumitomo Forestry Co., Ltd. | 14,200 | 163,007 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 13,600 | 412,864 | ||||||
Sumitomo Rubber Industries Ltd. | 13,800 | 213,227 | ||||||
Suzuken Co., Ltd. | 7,300 | 247,771 | ||||||
Taisei Corp. | 31,000 | 204,714 | ||||||
Teijin Ltd. | 83,000 | 289,030 | ||||||
Toho Holdings Co., Ltd. | 7,600 | 162,433 | ||||||
Tohoku Electric Power Co., Inc. | 15,900 | 204,911 | ||||||
TonenGeneral Sekiyu KK | 20,000 | 180,902 | ||||||
Toyoda Gosei Co., Ltd. | 8,900 | 171,640 | ||||||
Toyota Motor Corp. | 14,600 | 774,317 | ||||||
Tsumura & Co. | 6,600 | 158,315 | ||||||
Warabeya Nichiyo Co., Ltd. | 7,500 | 165,064 | ||||||
West Japan Railway Co. | 5,000 | 308,736 | ||||||
Yokohama Reito Co., Ltd. | 18,000 | 170,469 | ||||||
|
| |||||||
17,709,932 | ||||||||
|
| |||||||
Netherlands—1.5% | ||||||||
Accell Group | 3,540 | 75,289 | ||||||
BinckBank NV | 22,380 | 166,594 | ||||||
Boskalis Westminster NV | 6,988 | 273,880 | ||||||
Heineken Holding NV | 5,917 | 460,661 | ||||||
NN Group NV | 8,258 | 269,580 | ||||||
|
| |||||||
1,246,004 | ||||||||
|
| |||||||
New Zealand—1.3% | ||||||||
Air New Zealand Ltd. | 75,741 | 149,746 | ||||||
Ebos Group Ltd. | 31,687 | 376,622 | ||||||
Fonterra Co-operative Group Ltd. UNIT | 61,178 | 250,704 | ||||||
Infratil Ltd. | 70,968 | 160,818 | ||||||
New Zealand Refining Co., Ltd. | 64,602 | 138,335 | ||||||
|
| |||||||
1,076,225 | ||||||||
|
| |||||||
Norway—2.1% | ||||||||
Austevoll Seafood ASA | 24,497 | 201,031 | ||||||
Avance Gas Holding Ltd. (a) | 20,641 | 143,516 | ||||||
DNB ASA | 31,400 | 370,781 | ||||||
Leroy Seafood Group ASA | 1,496 | 70,626 | ||||||
Marine Harvest ASA (d) | 16,663 | 256,540 | ||||||
Orkla ASA | 32,868 | 297,284 | ||||||
Yara International ASA | 9,953 | 373,633 | ||||||
|
| |||||||
1,713,411 | ||||||||
|
| |||||||
Portugal—0.4% | ||||||||
EDP - Energias de Portugal S.A. | 105,309 | 373,893 | ||||||
|
| |||||||
Singapore—0.5% | ||||||||
Fortune REIT | 50,000 | 53,593 | ||||||
Fortune Real Estate Investment Trust REIT | 147,000 | 157,283 | ||||||
QAF Ltd. | 218,200 | 166,744 | ||||||
|
| |||||||
377,620 | ||||||||
|
| |||||||
South Africa—0.5% | ||||||||
Steinhoff International Holdings NV | 58,344 | 380,257 | ||||||
|
| |||||||
Spain—2.0% | ||||||||
Aena S.A. (a)(d) | 2,392 | 308,421 | ||||||
Banco Santander S.A. | 46,937 | 206,142 | ||||||
CIE Automotive S.A. | 12,089 | 217,372 |
134 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Shares | Value | |||||||
Iberdrola S.A. | 91,088 | $ | 606,368 | |||||
Repsol S.A. | 28,537 | 320,868 | ||||||
|
| |||||||
1,659,171 | ||||||||
|
| |||||||
Sweden—1.9% | ||||||||
Coor Service Management Holding AB (d) | 49,712 | 243,715 | ||||||
ICA Gruppen AB | 8,039 | 265,702 | ||||||
Klovern AB, Class A | 73,708 | 82,053 | ||||||
Loomis AB, Class B | 4,986 | 140,732 | ||||||
Mycronic AB | 11,587 | 104,543 | ||||||
Nobina AB (a)(d) | 37,295 | 171,814 | ||||||
SAS AB (d) | 60,508 | 171,966 | ||||||
Svenska Cellulosa AB SCA, Class B | 12,508 | 390,134 | ||||||
|
| |||||||
1,570,659 | ||||||||
|
| |||||||
Switzerland—7.2% | ||||||||
Baloise Holding AG | 4,710 | 597,851 | ||||||
Bobst Group S.A. | 1,082 | 65,124 | ||||||
Coca-Cola HBC AG (d) | 21,083 | 447,093 | ||||||
Lonza Group AG (d) | 2,872 | 485,487 | ||||||
Nestle S.A. | 14,074 | 1,050,212 | ||||||
Novartis AG | 11,218 | 811,643 | ||||||
Roche Holding AG | 3,154 | 774,434 | ||||||
Swiss Life Holding AG (d) | 1,735 | 460,413 | ||||||
Swiss Re AG | 4,950 | 457,081 | ||||||
UBS Group AG | 50,038 | 804,913 | ||||||
|
| |||||||
5,954,251 | ||||||||
|
| |||||||
United Kingdom—20.6% | ||||||||
3i Group PLC | 82,101 | 536,837 | ||||||
Barratt Developments PLC | 34,928 | 280,402 | ||||||
Bellway PLC | 8,440 | 317,481 | ||||||
Berkeley Group | 5,879 | 271,074 | ||||||
Bovis Homes Group PLC | 19,091 | 254,886 | ||||||
BT Group PLC | 84,978 | 536,564 | ||||||
Carillion PLC | 64,644 | 272,891 | ||||||
Conviviality PLC | 75,068 | 253,368 | ||||||
Cranswick PLC | 11,314 | 346,607 | ||||||
Dart Group PLC | 37,091 | 353,726 | ||||||
Development Securities PLC | 61,367 | 164,378 | ||||||
Direct Line Insurance Group PLC | 104,018 | 551,732 | ||||||
easyJet PLC | 16,319 | 355,180 | ||||||
Equiniti Group PLC | 79,132 | 178,152 | ||||||
Fiat Chrysler Automobiles NV | 40,461 | 326,512 | ||||||
Firstgroup PLC (d) | 99,792 | 138,312 | ||||||
Galliford Try PLC | 12,889 | 265,191 | ||||||
Greggs PLC | 8,336 | 130,064 | ||||||
HSBC Holdings PLC | 89,264 | 555,129 | ||||||
Imperial Brands PLC | 13,923 | 770,878 | ||||||
International Consolidated | 62,367 | 494,568 | ||||||
J Sainsbury PLC | 108,919 | 431,612 | ||||||
Legal & General Group PLC | 163,685 | 551,529 | ||||||
Lloyds Banking Group PLC | 557,621 | 543,121 | ||||||
Lookers PLC | 152,611 | 346,892 | ||||||
Marks & Spencer Group PLC | 52,467 | 305,743 | ||||||
McBride PLC (d) | 112,729 | 263,099 | ||||||
Mccarthy Stone PLC (d) | 116,491 | 425,135 | ||||||
National Express Group PLC | 61,829 | 304,703 | ||||||
Northgate PLC | 46,540 | 269,460 | ||||||
Novae Group PLC | 30,063 | 379,339 | ||||||
OneSavings Bank PLC | 37,462 | 179,062 | ||||||
Pendragon PLC | 469,373 | 246,060 | ||||||
Persimmon PLC (d) | 12,414 | 370,946 | ||||||
Rexam PLC | 49,847 | 453,113 | ||||||
Royal Dutch | 45,735 | 1,104,315 | ||||||
Royal Mail PLC | 64,042 | 441,607 | ||||||
Shawbrook | 38,121 | 164,473 | ||||||
Shire PLC | 10,779 | 614,777 | ||||||
Taylor Wimpey PLC | 106,436 | 290,077 | ||||||
Tullett Prebon PLC | 57,214 | 289,096 | ||||||
Vodafone Group PLC | 255,929 | 813,253 | ||||||
Whitbread PLC | 8,641 | 490,516 |
Shares | Value | |||||||
WPP PLC | 19,785 | $ | 460,506 | |||||
|
| |||||||
17,092,366 | ||||||||
|
| |||||||
United States—0.4% | ||||||||
Carnival PLC | 6,360 | 341,620 | ||||||
|
| |||||||
Total Common Stock (cost—$82,183,668) | 80,810,706 | |||||||
|
| |||||||
Preferred Stock—0.7% | ||||||||
Germany—0.7% | ||||||||
Henkel AG & Co. KGaA (cost—$523,706) | 4,851 | 533,647 | ||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—0.9% | ||||||||
State Street Bank and |
| |||||||
(cost—$775,000) | $775 | 775,000 | ||||||
|
| |||||||
Total Investments (cost—$83,482,374) (b)—99.2% | 82,119,353 | |||||||
|
| |||||||
Other assets less liabilities (e)—0.8% | 699,821 | |||||||
|
| |||||||
Net Assets—100.0% | $82,819,174 | |||||||
|
|
Notes to Schedule of Investments:
(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.
(b) Securities with an aggregate value of $76,621,291, representing 92.5% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(c) Affiliated security.
(d) Non-income producing.
(e) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.
Glossary:
REIT—Real Estate Investment Trust
UNIT—More than one class of securities traded together.
The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:
Banks | 8.0% | |||
Insurance | 7.9% | |||
Pharmaceuticals | 7.4% | |||
Food Products | 5.4% | |||
Oil, Gas & Consumable Fuels | 4.9% | |||
Food & Staples Retailing | 3.4% | |||
Health Care Providers & Services | 3.3% | |||
Chemicals | 3.2% | |||
Diversified Telecommunication Services | 3.2% | |||
Capital Markets | 3.2% | |||
Automobiles | 3.1% | |||
Household Durables | 3.0% | |||
Airlines | 2.9% | |||
Electric Utilities | 2.9% | |||
Construction & Engineering | 2.6% | |||
Auto Components | 2.3% | |||
Trading Companies & Distributors | 2.2% | |||
IT Services | 1.8% | |||
Media | 1.7% | |||
Road & Rail | 1.6% | |||
Beverages | 1.6% | |||
Hotels, Restaurants & Leisure | 1.5% | |||
Household Products | 1.4% | |||
Electronic Equipment, Instruments & Components | 1.3% | |||
Real Estate Management & Development | 1.3% | |||
Wireless Telecommunication Services | 1.2% | |||
Real Estate Investment Trust | 1.2% | |||
Multi-line Retail | 1.1% | |||
Metals & Mining | 1.0% | |||
Diversified Financial Services | 1.0% | |||
Commercial Services & Supplies | 1.0% | |||
Specialty Retail | 0.9% | |||
Tobacco | 0.9% | |||
Construction Materials | 0.9% | |||
Industrial Conglomerates | 0.9% | |||
Containers & Packaging | 0.8% | |||
Technology Hardware, Storage & Peripherals | 0.8% | |||
Paper & Forest Products | 0.6% | |||
Life Sciences Tools & Services | 0.6% | |||
Machinery | 0.6% | |||
Air Freight & Logistics | 0.5% | |||
Multi-Utilities | 0.4% | |||
Transportation Infrastructure | 0.4% | |||
Internet Software & Services | 0.4% | |||
Gas Utilities | 0.3% | |||
Semiconductors & Semiconductor Equipment | 0.3% | |||
Health Care Equipment & Supplies | 0.2% | |||
Thrifts & Mortgage Finance | 0.2% | |||
Marine | 0.2% | |||
Software | 0.2% | |||
Personal Products | 0.2% | |||
Professional Services | 0.2% | |||
Health Care Technology | 0.1% | |||
Leisure Equipment & Products | 0.1% | |||
Repurchase Agreements | 0.9% | |||
Other assets less liabilities | 0.8% | |||
|
| |||
100.0% | ||||
|
|
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 135 |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
AllianzGI Best Styles U.S. Equity Fund
Shares | Value | |||||||
Common Stock—96.2% | ||||||||
Aerospace & Defense—0.6% | ||||||||
Northrop Grumman Corp. | 2,865 | $566,984 | ||||||
|
| |||||||
Air Freight & Logistics—0.5% | ||||||||
FedEx Corp. | 3,054 | 496,947 | ||||||
|
| |||||||
Airlines—1.2% | ||||||||
Alaska Air Group, Inc. | 4,130 | 338,743 | ||||||
American Airlines Group, Inc. | 1,959 | 80,338 | ||||||
JetBlue Airways Corp. (a) | 2,922 | 61,713 | ||||||
Southwest Airlines Co. | 13,060 | 585,088 | ||||||
|
| |||||||
1,065,882 | ||||||||
|
| |||||||
Auto Components—0.5% | ||||||||
Delphi Automotive PLC | 2,510 | 188,300 | ||||||
Lear Corp. | 2,607 | 289,820 | ||||||
|
| |||||||
478,120 | ||||||||
|
| |||||||
Automobiles—1.6% | ||||||||
Ford Motor Co. | 57,924 | 781,974 | ||||||
General Motors Co. | 22,756 | 715,221 | ||||||
|
| |||||||
1,497,195 | ||||||||
|
| |||||||
Banks—4.1% | ||||||||
Bank of America Corp. | 9,853 | 133,212 | ||||||
Citigroup, Inc. | 16,307 | 680,817 | ||||||
JPMorgan Chase & Co. | 20,453 | 1,211,227 | ||||||
SunTrust Banks, Inc. | 4,919 | 177,477 | ||||||
Webster Financial Corp. | 1,854 | 66,559 | ||||||
Wells Fargo & Co. | 30,544 | 1,477,108 | ||||||
|
| |||||||
3,746,400 | ||||||||
|
| |||||||
Beverages—0.8% | ||||||||
Coca-Cola Co. | 1,903 | 88,280 | ||||||
Dr. Pepper Snapple Group, Inc. | 7,060 | 631,305 | ||||||
PepsiCo, Inc. | 80 | 8,199 | ||||||
|
| |||||||
727,784 | ||||||||
|
| |||||||
Biotechnology—2.8% | ||||||||
AbbVie, Inc. | 15,529 | 887,016 | ||||||
Amgen, Inc. | 4,662 | 698,974 | ||||||
Celgene Corp. (a) | 494 | 49,444 | ||||||
Gilead Sciences, Inc. | 9,045 | 830,874 | ||||||
United Therapeutics Corp. (a) | 1,250 | 139,288 | ||||||
|
| |||||||
2,605,596 | ||||||||
|
| |||||||
Building Products—0.2% | ||||||||
Builders FirstSource, Inc. (a) | 8,087 | 91,141 | ||||||
Universal Forest Products, Inc. | 899 | 77,152 | ||||||
|
| |||||||
168,293 | ||||||||
|
| |||||||
Capital Markets—0.3% | ||||||||
Morgan Stanley | 9,508 | 237,795 | ||||||
|
| |||||||
Chemicals—1.2% | ||||||||
CF Industries Holdings, Inc. | 2,145 | 67,224 | ||||||
Dow Chemical Co. | 946 | 48,114 | ||||||
LyondellBasell Industries NV, Class A | 6,993 | 598,461 | ||||||
Minerals Technologies, Inc. | 295 | 16,771 | ||||||
PPG Industries, Inc. | 3,644 | 406,269 | ||||||
|
| |||||||
1,136,839 | ||||||||
|
| |||||||
Commercial Services & Supplies—0.7% | ||||||||
Cintas Corp. | 4,443 | 399,026 | ||||||
Multi-Color Corp. | 1,105 | 58,952 | ||||||
Pitney Bowes, Inc. | 4,221 | 90,920 | ||||||
Waste Management, Inc. | 1,125 | 66,375 | ||||||
|
| |||||||
615,273 | ||||||||
|
| |||||||
Communications Equipment—1.8% | ||||||||
Applied Optoelectronics, Inc. (a) | 2,544 | 37,931 |
Shares | Value | |||||||
Arris International PLC (a) | 11,616 | $266,239 | ||||||
Brocade Communications Systems, Inc. | 29,565 | 312,797 | ||||||
Ciena Corp. (a) | 3,738 | 71,097 | ||||||
Cisco Systems, Inc. | 34,087 | 970,457 | ||||||
|
| |||||||
1,658,521 | ||||||||
|
| |||||||
Construction & Engineering—0.1% | ||||||||
WSP Global, Inc. | 2,503 | 74,199 | ||||||
|
| |||||||
Construction Materials—0.6% | ||||||||
Vulcan Materials Co. | 5,206 | 549,597 | ||||||
|
| |||||||
Consumer Finance—0.9% | ||||||||
Capital One Financial Corp. | 2,126 | 147,353 | ||||||
Credit Acceptance Corp. (a) | 2,087 | 378,895 | ||||||
Navient Corp. | 10,085 | 120,717 | ||||||
Santander Consumer USA Holdings, Inc. (a) | 14,442 | 151,497 | ||||||
|
| |||||||
798,462 | ||||||||
|
| |||||||
Containers & Packaging—0.9% | ||||||||
Ball Corp. | 2,284 | 162,826 | ||||||
Bemis Co., Inc. | 1,333 | 69,023 | ||||||
CCL Industries, Inc., Class B | 608 | 115,397 | ||||||
Packaging Corp. of America | 5,795 | 350,018 | ||||||
Sonoco Products Co. | 2,874 | 139,590 | ||||||
|
| |||||||
836,854 | ||||||||
|
| |||||||
Diversified Consumer Services—0.4% | ||||||||
ServiceMaster Global Holdings, Inc. (a) | 9,847 | 371,035 | ||||||
|
| |||||||
Diversified Financial Services—1.5% | ||||||||
Berkshire Hathaway, Inc., Class B (a) | 4,272 | 606,112 | ||||||
Intercontinental Exchange, Inc. | 2,559 | 601,723 | ||||||
Morningstar, Inc. | 780 | 68,851 | ||||||
Voya Financial, Inc. | 4,116 | 122,533 | ||||||
|
| |||||||
1,399,219 | ||||||||
|
| |||||||
Diversified Telecommunication Services—1.9% | ||||||||
AT&T, Inc. | 10,405 | 407,564 | ||||||
BCE, Inc. | 3,205 | 146,067 | ||||||
CenturyLink, Inc. | 21,296 | 680,620 | ||||||
Verizon Communications, Inc. | 10,205 | 551,886 | ||||||
|
| |||||||
1,786,137 | ||||||||
|
| |||||||
Electric Utilities—2.7% | ||||||||
American Electric Power Co., Inc. | 2,397 | 159,161 | ||||||
Duke Energy Corp. | 5,579 | 450,114 | ||||||
Edison International | 979 | 70,380 | ||||||
Entergy Corp. | 4,183 | 331,628 | ||||||
Eversource Energy | 1,250 | 72,925 | ||||||
NextEra Energy, Inc. | 4,031 | 477,029 | ||||||
PG&E Corp. | 5,399 | 322,428 | ||||||
Portland General Electric Co. | 802 | 31,671 | ||||||
Xcel Energy, Inc. | 13,848 | 579,123 | ||||||
|
| |||||||
2,494,459 | ||||||||
|
| |||||||
Electrical Equipment—0.0% | ||||||||
General Cable Corp. | 2,499 | 30,513 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components—2.1% | ||||||||
Arrow Electronics, Inc. (a) | 2,472 | 159,221 | ||||||
Avnet, Inc. | 6,518 | 288,747 | ||||||
Benchmark Electronics, Inc. (a) | 1,567 | 36,119 | ||||||
CDW Corp. | 9,020 | 374,330 | ||||||
Corning, Inc. | 4,422 | 92,376 | ||||||
Flextronics International Ltd. (a) | 32,414 | 390,913 |
Shares | Value | |||||||
Jabil Circuit, Inc. | 4,480 | $ | 86,330 | |||||
SYNNEX Corp. | 92 | 8,518 | ||||||
TE Connectivity Ltd. | 7,968 | 493,379 | ||||||
|
| |||||||
1,929,933 | ||||||||
|
| |||||||
Energy Equipment & Services—0.8% | ||||||||
Noble Corp. PLC | 27,073 | 280,206 | ||||||
Schlumberger Ltd. | 2,788 | 205,615 | ||||||
Transocean Ltd. | 25,909 | 236,808 | ||||||
|
| |||||||
722,629 | ||||||||
|
| |||||||
Food & Staples Retailing—2.9% | ||||||||
Alimentation Couche-Tard, Inc., Class B | 4,424 | 196,887 | ||||||
Costco Wholesale Corp. | 4,698 | 740,311 | ||||||
CVS Health Corp. | 7,295 | 756,710 | ||||||
Empire Co., Ltd. | 7,499 | 129,915 | ||||||
George Weston Ltd. | 988 | 88,458 | ||||||
Kroger Co. | 18,711 | 715,696 | ||||||
SpartanNash Co. | 2,231 | 67,622 | ||||||
|
| |||||||
2,695,599 | ||||||||
|
| |||||||
Food Products—2.3% | ||||||||
Archer-Daniels-Midland Co. | 17,321 | 628,925 | ||||||
B&G Foods, Inc. | 1,594 | 55,487 | ||||||
Cal-Maine Foods, Inc. | 6,370 | 330,667 | ||||||
Omega Protein Corp. (a) | 2,651 | 44,908 | ||||||
Pilgrim’s Pride Corp. (a) | 1,890 | 48,006 | ||||||
Pinnacle Foods, Inc. | 2,213 | 98,877 | ||||||
Sanderson Farms, Inc. | 856 | 77,194 | ||||||
Tyson Foods, Inc., Class A | 13,060 | 870,580 | ||||||
|
| |||||||
2,154,644 | ||||||||
|
| |||||||
Gas Utilities—0.4% | ||||||||
AGL Resources, Inc. | 2,315 | 150,799 | ||||||
Atmos Energy Corp. | 2,423 | 179,932 | ||||||
Laclede Group, Inc. | 1,085 | 73,509 | ||||||
|
| |||||||
404,240 | ||||||||
|
| |||||||
Health Care Equipment & Supplies—1.8% | ||||||||
Becton Dickinson and Co. | 1,722 | 261,434 | ||||||
Hill-Rom Holdings, Inc. | 2,196 | 110,459 | ||||||
Hologic, Inc. (a) | 10,211 | 352,279 | ||||||
Medtronic PLC | 11,853 | 888,975 | ||||||
|
| |||||||
1,613,147 | ||||||||
|
| |||||||
Health Care Providers & Services—6.3% | ||||||||
Aetna, Inc. | 7,122 | 800,157 | ||||||
Anthem, Inc. | 5,620 | 781,124 | ||||||
Cardinal Health, Inc. | 3,160 | 258,962 | ||||||
Chemed Corp. | 446 | 60,411 | ||||||
Cigna Corp. | 3,324 | 456,186 | ||||||
HealthSouth Corp. | 2,707 | 101,864 | ||||||
Laboratory Corp. of America Holdings (a) | 4,307 | 504,479 | ||||||
McKesson Corp. | 875 | 137,594 | ||||||
MEDNAX, Inc. (a) | 5,564 | 359,545 | ||||||
Quest Diagnostics, Inc. | 5,895 | 421,198 | ||||||
UnitedHealth Group, Inc. | 10,785 | 1,390,186 | ||||||
Universal Health Services, Inc., Class B | 4,397 | 548,394 | ||||||
|
| |||||||
5,820,100 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure—2.1% | ||||||||
Brinker International, Inc. | 3,622 | 166,431 | ||||||
Carnival Corp. | 12,861 | 678,675 | ||||||
Cracker Barrel Old Country Store, Inc. | 2,620 | 399,995 | ||||||
Darden Restaurants, Inc. | 8,648 | 573,362 | ||||||
Marriott Vacations Worldwide Corp. | 917 | 61,898 | ||||||
Pinnacle Entertainment, Inc. (a) | 2,601 | 91,295 | ||||||
|
| |||||||
1,971,656 | ||||||||
|
|
136 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Shares | Value | |||||||
Household Products—0.4% | ||||||||
Procter & Gamble Co. | 3,830 | $ | 315,247 | |||||
|
| |||||||
Independent Power Producers & Energy Traders—0.0% | ||||||||
NRG Yield, Inc., Class A | 2,390 | 32,432 | ||||||
|
| |||||||
Industrial Conglomerates—1.6% | ||||||||
3M Co. | 902 | 150,300 | ||||||
Danaher Corp. | 6,173 | 585,571 | ||||||
General Electric Co. | 24,539 | 780,095 | ||||||
|
| |||||||
1,515,966 | ||||||||
|
| |||||||
Insurance—5.4% | ||||||||
Allstate Corp. | 5,417 | 364,943 | ||||||
American International Group, Inc. | 9,587 | 518,177 | ||||||
Amtrust Financial Services, Inc. | 14,520 | 375,778 | ||||||
Argo Group International Holdings Ltd. | 750 | 43,043 | ||||||
Aspen Insurance Holdings Ltd. | 7,045 | 336,047 | ||||||
Assurant, Inc. | 5,513 | 425,328 | ||||||
Axis Capital Holdings Ltd. | 3,598 | 199,545 | ||||||
Endurance Specialty Holdings Ltd. | 1,251 | 81,740 | ||||||
Everest Re Group Ltd. | 2,198 | 433,951 | ||||||
First American Financial Corp. | 3,963 | 151,030 | ||||||
Hanover Insurance Group, Inc. | 950 | 85,709 | ||||||
Heritage Insurance Holdings, Inc. | 1,922 | 30,694 | ||||||
MetLife, Inc. | 8,291 | 364,307 | ||||||
Progressive Corp. | 7,313 | 256,979 | ||||||
Prudential Financial, Inc. | 3,826 | 276,314 | ||||||
Travelers Cos., Inc. | 6,357 | 741,925 | ||||||
Universal Insurance Holdings, Inc. | 15,395 | 274,031 | ||||||
|
| |||||||
4,959,541 | ||||||||
|
| |||||||
Internet & Catalog Retail—1.0% | ||||||||
Amazon.com, Inc. (a) | 1,400 | 831,096 | ||||||
Nutrisystem, Inc. | 1,877 | 39,173 | ||||||
|
| |||||||
870,269 | ||||||||
|
| |||||||
Internet Software & Services—3.3% | ||||||||
Alphabet, Inc., Class A (a) | 1,208 | 921,583 | ||||||
Alphabet, Inc., Class C (a) | 1,232 | 917,778 | ||||||
EarthLink Holdings Corp. | 4,116 | 23,338 | ||||||
Facebook, Inc., Class A (a) | 8,396 | 957,984 | ||||||
j2 Global, Inc. | 3,363 | 207,094 | ||||||
Monster Worldwide, Inc. (a) | 10,525 | 34,311 | ||||||
|
| |||||||
3,062,088 | ||||||||
|
| |||||||
IT Services—3.6% | ||||||||
Accenture PLC, Class A | 8,812 | 1,016,905 | ||||||
Amdocs Ltd. | 6,813 | 411,641 | ||||||
Broadridge Financial Solutions, Inc. | 7,285 | 432,073 | ||||||
Convergys Corp. | 7,222 | 200,555 | ||||||
DH Corp. | 2,292 | 68,173 | ||||||
Euronet Worldwide, Inc. (a) | 979 | 72,554 | ||||||
International Business Machines Corp. | 1,242 | 188,101 | ||||||
Jack Henry & Associates, Inc. | 3,303 | 279,335 | ||||||
Net 1 UEPS Technologies, Inc. (a) | 2,171 | 19,973 | ||||||
Sabre Corp. | 1,290 | 37,307 | ||||||
Visa, Inc., Class A | 1,254 | 95,906 | ||||||
Western Union Co. | 25,304 | 488,114 | ||||||
|
| |||||||
3,310,637 | ||||||||
|
| |||||||
Machinery—0.6% | ||||||||
American Railcar Industries, Inc. | 577 | 23,501 | ||||||
ESCO Technologies, Inc. | 957 | 37,304 | ||||||
PACCAR, Inc. | 3,113 | 170,250 | ||||||
Snap-on, Inc. | 1,007 | 158,089 |
Shares | Value | |||||||
Trinity Industries, Inc. | 7,562 | $ | 138,460 | |||||
|
| |||||||
527,604 | ||||||||
|
| |||||||
Media—2.9% | ||||||||
Cinemark Holdings, Inc. | 6,714 | 240,563 | ||||||
Comcast Corp., Class A | 16,646 | 1,016,738 | ||||||
Gray Television, Inc. (a) | 4,096 | 48,005 | ||||||
Interpublic Group of Cos., Inc. | 6,815 | 156,404 | ||||||
Shaw Communications, Inc., Class B | 5,217 | 100,785 | ||||||
TEGNA, Inc. | 5,729 | 134,402 | ||||||
Time Warner Cable, Inc. | 1,243 | 254,343 | ||||||
Walt Disney Co. | 7,229 | 717,912 | ||||||
|
| |||||||
2,669,152 | ||||||||
|
| |||||||
Multi-line Retail—0.9% | ||||||||
Canadian Tire Corp., Ltd., Class A | 848 | 88,270 | ||||||
Target Corp. | 9,035 | 743,400 | ||||||
|
| |||||||
831,670 | ||||||||
|
| |||||||
Multi-Utilities—2.1% | ||||||||
Ameren Corp. | 9,438 | 472,844 | ||||||
CMS Energy Corp. | 9,843 | 417,737 | ||||||
DTE Energy Co. | 4,389 | 397,907 | ||||||
NiSource, Inc. | 1,579 | 37,201 | ||||||
Public Service Enterprise Group, Inc. | 8,019 | 378,015 | ||||||
SCANA Corp. | 2,838 | 199,086 | ||||||
|
| |||||||
1,902,790 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels—4.1% | ||||||||
Chevron Corp. | 1,302 | 124,211 | ||||||
Crescent Point Energy Corp. | 4,853 | 67,165 | ||||||
CVR Energy, Inc. | 2,130 | 55,593 | ||||||
DHT Holdings, Inc. | 7,879 | 45,383 | ||||||
Enbridge Income Fund Holdings, Inc. | 2,154 | 49,092 | ||||||
EnLink Midstream LLC | 2,292 | 25,785 | ||||||
Exxon Mobil Corp. | 12,045 | 1,006,842 | ||||||
Marathon Petroleum Corp. | 7,182 | 267,027 | ||||||
Nordic American Tankers Ltd. | 10,092 | 142,196 | ||||||
PBF Energy, Inc., Class A | 5,574 | 185,057 | ||||||
Phillips 66 | 9,061 | 784,592 | ||||||
Scorpio Tankers, Inc. | 12,847 | 74,898 | ||||||
Ship Finance International Ltd. | 3,046 | 42,309 | ||||||
Tesoro Corp. | 3,644 | 313,420 | ||||||
Valero Energy Corp. | 8,606 | 551,989 | ||||||
Western Refining, Inc. | 2,790 | 81,161 | ||||||
|
| |||||||
3,816,720 | ||||||||
|
| |||||||
Paper & Forest Products—0.3% | ||||||||
Domtar Corp. | 4,644 | 188,082 | ||||||
Schweitzer-Mauduit International, Inc. | 1,045 | 32,897 | ||||||
Western Forest Products, Inc. | 29,679 | 52,788 | ||||||
|
| |||||||
273,767 | ||||||||
|
| |||||||
Personal Products—0.1% | ||||||||
USANA Health Sciences, Inc. (a) | 796 | 96,650 | ||||||
|
| |||||||
Pharmaceuticals—4.4% | ||||||||
Horizon Pharma PLC (a) | 18,643 | 308,915 | ||||||
Johnson & Johnson | 12,286 | 1,329,345 | ||||||
Merck & Co., Inc. | 9,577 | 506,719 | ||||||
Mylan NV (a) | 4,632 | 214,693 | ||||||
Pfizer, Inc. | 53,963 | 1,599,463 | ||||||
Prestige Brands Holdings, Inc. (a) | 1,678 | 89,589 | ||||||
Sucampo Pharmaceuticals, Inc., Class A (a) | 3,856 | 42,146 | ||||||
|
| |||||||
4,090,870 | ||||||||
|
|
Shares | Value | |||||||
Professional Services—0.0% | ||||||||
Huron Consulting Group, Inc. (a) | 649 | $ | 37,765 | |||||
|
| |||||||
Real Estate Investment Trust—3.4% | ||||||||
Annaly Capital Management, Inc. | 13,673 | 140,285 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 1,938 | 31,589 | ||||||
AvalonBay Communities, Inc. | 3,497 | 665,129 | ||||||
Blackstone Mortgage Trust, Inc., Class A | 2,217 | 59,549 | ||||||
Crown Castle International Corp. | 8,098 | 700,477 | ||||||
CYS Investments, Inc. | 6,459 | 52,576 | ||||||
Equinix, Inc. | 2,048 | 677,294 | ||||||
Equity Lifestyle Properties, Inc. | 1,850 | 134,551 | ||||||
MFA Financial, Inc. | 8,028 | 54,992 | ||||||
Sovran Self Storage, Inc. | 1,157 | 136,468 | ||||||
Starwood Property Trust, Inc. | 17,792 | 336,803 | ||||||
STORE Capital Corp. | 1,805 | 46,713 | ||||||
Sun Communities, Inc. | 1,777 | 127,251 | ||||||
|
| |||||||
3,163,677 | ||||||||
|
| |||||||
Real Estate Management & Development—0.0% | ||||||||
Marcus & Millichap, Inc. (a) | 1,299 | 32,982 | ||||||
|
| |||||||
Road & Rail—0.5% | ||||||||
Union Pacific Corp. | 4,724 | 375,794 | ||||||
Werner Enterprises, Inc. | 2,240 | 60,839 | ||||||
|
| |||||||
436,633 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment—3.6% | ||||||||
Broadcom Ltd. | 1,704 | 263,268 | ||||||
Cabot Microelectronics Corp. | 3,293 | 134,717 | ||||||
Cirrus Logic, Inc. (a) | 13,710 | 499,181 | ||||||
Intel Corp. | 37,605 | 1,216,522 | ||||||
Lam Research Corp. | 1,928 | 159,253 | ||||||
Maxim Integrated Products, Inc. | 2,261 | 83,160 | ||||||
MaxLinear, Inc., Class A (a) | 5,911 | 109,353 | ||||||
Micron Technology, Inc. (a) | 17,247 | 180,576 | ||||||
ON Semiconductor Corp. (a) | 37,550 | 360,104 | ||||||
QUALCOMM, Inc. | 5,891 | 301,266 | ||||||
Tower Semiconductor Ltd. (a) | 3,226 | 39,099 | ||||||
|
| |||||||
3,346,499 | ||||||||
|
| |||||||
Software—2.2% | ||||||||
Microsoft Corp. | 34,160 | 1,886,657 | ||||||
Synopsys, Inc. (a) | 3,811 | 184,605 | ||||||
|
| |||||||
2,071,262 | ||||||||
|
| |||||||
Specialty Retail—3.6% | ||||||||
AutoNation, Inc. (a) | 2,057 | 96,021 | ||||||
Foot Locker, Inc. | 4,947 | 319,082 | ||||||
Home Depot, Inc. | 8,222 | 1,097,061 | ||||||
Kirkland’s, Inc. | 2,589 | 45,333 | ||||||
L Brands, Inc. | 5,045 | 443,001 | ||||||
Lowe’s Cos., Inc. | 8,882 | 672,812 | ||||||
Murphy USA, Inc. (a) | 2,396 | 147,234 | ||||||
Penske Automotive Group, Inc. | 1,266 | 47,981 | ||||||
Signet Jewelers Ltd. | 2,085 | 258,603 | ||||||
Stage Stores, Inc. | 1,990 | 16,039 | ||||||
Staples, Inc. | 15,927 | 175,675 | ||||||
|
| |||||||
3,318,842 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals—4.2% | ||||||||
Apple, Inc. | 32,697 | 3,563,646 | ||||||
HP, Inc. | 15,687 | 193,264 | ||||||
Western Digital Corp. | 2,715 | 128,256 | ||||||
|
| |||||||
3,885,166 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods—1.3% | ||||||||
NIKE, Inc., Class B | 12,747 | 783,558 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 137 |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Shares | Value | |||||||
Skechers U.S.A., Inc., Class A (a) | 12,427 | $ | 378,402 | |||||
|
| |||||||
1,161,960 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance—0.2% | ||||||||
BofI Holding, Inc. (a) | 8,252 | 176,098 | ||||||
Walker & Dunlop, Inc. (a) | 1,413 | 34,293 | ||||||
|
| |||||||
210,391 | ||||||||
|
| |||||||
Tobacco—1.5% | ||||||||
Altria Group, Inc. | 21,298 | 1,334,533 | ||||||
Reynolds American, Inc. | 744 | 37,430 | ||||||
|
| |||||||
1,371,963 | ||||||||
|
| |||||||
Trading Companies & Distributors—0.5% | ||||||||
AerCap Holdings NV (a) | 6,282 | 243,490 | ||||||
Air Lease Corp. | 3,842 | 123,405 | ||||||
GATX Corp. | 2,737 | 130,008 | ||||||
|
| |||||||
496,903 | ||||||||
|
| |||||||
Transportation Infrastructure—0.2% | ||||||||
Macquarie Infrastructure Corp. | 2,821 | 190,248 | ||||||
|
| |||||||
Water Utilities—0.3% | ||||||||
American Water Works Co., Inc. | 3,614 | 249,113 | ||||||
|
| |||||||
Total Common Stock (cost—$89,297,447) | 88,902,859 | |||||||
|
| |||||||
Rights (a)— 0.0% | ||||||||
Food & Staples Retailing—0.0% | ||||||||
Safeway CVR - Casa Ley | 11,157 | 11,323 | ||||||
Safeway CVR - PDC | 11,157 | 545 | ||||||
|
| |||||||
Total Rights (cost—$11,826) | 11,868 | |||||||
|
| |||||||
Principal Amount (000s) | �� | |||||||
Repurchase Agreements—2.7% | ||||||||
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $2,528,002; collateralized by U.S. Treasury Notes, 3.125%, due 5/15/21, valued at $2,583,632 including accrued interest |
| |||||||
(cost—$2,528,000) | $2,528 | 2,528,000 | ||||||
|
| |||||||
Total Investments (cost—$91,837,273)—98.9% | 91,442,727 | |||||||
|
| |||||||
Other assets less liabilities (b)—1.1% | 1,016,560 | |||||||
|
| |||||||
Net Assets—100.0% | $92,459,287 | |||||||
|
|
Notes to Schedule of Investments:
(a) Non-income producing.
(b) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.
Glossary:
CVR—Contingent Value Rights.
AllianzGI China Equity Fund
Shares | Value | |||||||
Common Stock—98.7% | ||||||||
China—87.9% | ||||||||
Alibaba Group Holding Ltd. ADR (d) | 1,715 | $135,536 | ||||||
Baidu, Inc. ADR (d) | 765 | 146,023 | ||||||
Beijing Enterprises Holdings Ltd. | 20,000 | 109,524 | ||||||
China Automation Group Ltd. (d) | 556,000 | 71,448 | ||||||
China Construction Bank Corp., Class H | 289,000 | 185,378 | ||||||
China Everbright International Ltd. | 159,000 | 178,175 | ||||||
China Merchants Bank Co., Ltd., Class H | 75,500 | 158,891 | ||||||
China Mobile Ltd. | 17,000 | 188,165 | ||||||
China Overseas Land & Investment Ltd. | 76,000 | 240,705 | ||||||
China Pacific Insurance Group Co., Ltd., Class H | 47,400 | 178,009 | ||||||
China Resources Land Ltd. | 28,000 | 71,692 | ||||||
China Telecom Corp., Ltd., Class H | 340,000 | 180,004 | ||||||
China Unicom Hong Kong Ltd. | 52,000 | 68,485 | ||||||
Chongqing Changan Automobile Co., Ltd., Class B | 34,948 | 65,344 | ||||||
CNOOC Ltd. | 188,000 | 219,644 | ||||||
Digital China Holdings Ltd. (c) | 162,000 | 216,597 | ||||||
GF Securities Co., Ltd., Class H (d) | 23,600 | 57,579 | ||||||
Luye Pharma Group Ltd. (d) | 51,000 | 39,647 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 28,000 | 134,547 | ||||||
Qingdao Port International Co., Ltd., Class H (a) | 292,000 | 136,013 | ||||||
Qingling Motors Co., Ltd., Class H (c) | 654,000 | 205,723 | ||||||
Semiconductor Manufacturing International Corp. (d) | 1,397,000 | 120,488 | ||||||
Tencent Holdings Ltd. | 19,500 | 398,917 | ||||||
Vinda International Holdings Ltd. | 80,000 | 133,664 | ||||||
Yuexiu Transport Infrastructure Ltd. | 104,000 | 70,133 | ||||||
Zhengzhou Yutong Bus Co., Ltd., Class A | 21,900 | 65,605 | ||||||
Zhuzhou CRRC Times Electric Co., Ltd. | 36,000 | 209,934 | ||||||
|
| |||||||
3,985,870 | ||||||||
|
| |||||||
Hong Kong—10.8% | ||||||||
CPMC Holdings Ltd. | 83,000 | 41,103 | ||||||
CSPC Pharmaceutical Group Ltd. | 122,000 | 110,272 | ||||||
Hong Kong Exchanges and Clearing Ltd. | 6,900 | 166,085 | ||||||
Man Yue Technology Holdings Ltd. | 700,000 | 68,407 | ||||||
Sands China Ltd. | 24,800 | 101,084 | ||||||
|
| |||||||
486,951 | ||||||||
|
| |||||||
Total Investments (cost—$4,964,801) (b)—98.7% | 4,472,821 | |||||||
|
| |||||||
Other assets less liabilities—1.3% | 60,119 | |||||||
|
| |||||||
Net Assets—100.0% | $4,532,940 | |||||||
|
|
Notes to Schedule of Investments:
(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.
(b) Securities with an aggregate value of $4,191,262, representing 92.5% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(c) Affiliated security.
(d) Non-income producing.
Glossary:
ADR—American Depositary Receipt
138 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:
Internet Software & Services | 15.0% | |||
Banks | 7.6% | |||
Insurance | 6.9% | |||
Real Estate Management & Development | 6.9% | |||
Electronic Equipment, Instruments & Components | 6.3% | |||
Automobiles | 6.0% | |||
Diversified Telecommunication Services | 5.5% | |||
Oil, Gas & Consumable Fuels | 4.8% | |||
Electrical Equipment | 4.6% | |||
Transportation Infrastructure | 4.5% | |||
Wireless Telecommunication Services | 4.2% | |||
Commercial Services & Supplies | 3.9% | |||
Diversified Financial Services | 3.7% | |||
Pharmaceuticals | 3.3% | |||
Machinery | 3.0% | |||
Household Products | 3.0% | |||
Semiconductors & Semiconductor Equipment | 2.7% | |||
Industrial Conglomerates | 2.4% | |||
Hotels, Restaurants & Leisure | 2.2% | |||
Capital Markets | 1.3% | |||
Containers & Packaging | 0.9% | |||
Other assets less liabilities | 1.3% | |||
|
| |||
100.0% | ||||
|
|
AllianzGI Convertible Fund
Principal Amount (000s) | Value | |||||||
Convertible Bonds—74.3% | ||||||||
Auto Manufacturers—2.7% | ||||||||
Fiat Chrysler Automobiles NV, |
| |||||||
7.875%, 12/15/16 | $27,921 | $20,521,935 | ||||||
Tesla Motors, Inc., |
| |||||||
0.25%, 3/1/19 | 22,020 | 20,120,775 | ||||||
1.50%, 6/1/18 | 3,730 | 6,872,525 | ||||||
|
| |||||||
47,515,235 | ||||||||
|
| |||||||
Biotechnology—4.4% | ||||||||
BioMarin Pharmaceutical, Inc., |
| |||||||
0.75%, 10/15/18 | 11,375 | 13,230,547 | ||||||
1.50%, 10/15/20 | 4,400 | 5,238,750 | ||||||
Emergent BioSolutions, Inc., |
| |||||||
2.875%, 1/15/21 | 12,230 | 15,937,219 | ||||||
Gilead Sciences, Inc., |
| |||||||
1.625%, 5/1/16 | 1,205 | 4,958,581 | ||||||
Illumina, Inc., |
| |||||||
zero coupon, 6/15/19 | 15,670 | 16,345,769 | ||||||
Incyte Corp., |
| |||||||
0.375%, 11/15/18 | 5,530 | 8,505,831 | ||||||
Ligand Pharmaceuticals, Inc., |
| |||||||
0.75%, 8/15/19 | 9,425 | 14,414,359 | ||||||
|
| |||||||
78,631,056 | ||||||||
|
| |||||||
Building Materials—0.4% | ||||||||
Cemex SAB de C.V., |
| |||||||
3.75%, 3/15/18 | 6,425 | 6,726,172 | ||||||
|
| |||||||
Chemicals—0.8% | ||||||||
RPM International, Inc., |
| |||||||
2.25%, 12/15/20 | 13,175 | 15,093,609 | ||||||
|
| |||||||
Commercial Services—4.8% | ||||||||
Cardtronics, Inc., |
| |||||||
1.00%, 12/1/20 | 21,910 | 21,266,394 | ||||||
Euronet Worldwide, Inc., |
| |||||||
1.50%, 10/1/44 | 15,520 | 18,565,800 | ||||||
Live Nation Entertainment, Inc., |
| |||||||
2.50%, 5/15/19 | 23,450 | 23,274,125 | ||||||
Macquarie Infrastructure Corp., |
| |||||||
2.875%, 7/15/19 | 19,720 | 21,876,875 | ||||||
|
| |||||||
84,983,194 | ||||||||
|
| |||||||
Computers—1.2% | ||||||||
Electronics for Imaging, Inc., |
| |||||||
0.75%, 9/1/19 | 21,025 | 21,918,562 | ||||||
|
| |||||||
Construction & Engineering—1.3% | ||||||||
Dycom Industries, Inc. (a)(b), |
| |||||||
0.75%, 9/15/21 | 23,765 | 23,438,231 | ||||||
|
| |||||||
Diversified Financial Services—1.3% | ||||||||
Air Lease Corp., |
| |||||||
3.875%, 12/1/18 | 16,700 | 22,346,687 | ||||||
|
| |||||||
Electrical Equipment—1.4% | ||||||||
SunPower Corp., |
| |||||||
0.875%, 6/1/21 | 17,215 | 13,427,700 | ||||||
4.00%, 1/15/23 (a)(b) | 11,215 | 11,425,281 | ||||||
|
| |||||||
24,852,981 | ||||||||
|
| |||||||
Energy-Alternate Sources—0.8% | ||||||||
SolarCity Corp., |
| |||||||
1.625%, 11/1/19 | 23,655 | 13,675,547 | ||||||
|
| |||||||
Health Care Equipment & Supplies—2.2% | ||||||||
NuVasive, Inc. (a)(b), |
| |||||||
2.25%, 3/15/21 | 20,250 | 21,768,750 | ||||||
Wright Medical Group, Inc., |
| |||||||
2.00%, 2/15/20 | 20,105 | 18,056,803 | ||||||
|
| |||||||
39,825,553 | ||||||||
|
|
Principal Amount (000s) | Value | |||||||
Health Care Providers & Services—1.1% | ||||||||
Laboratory Corp. of America Holdings, |
| |||||||
zero coupon, 9/11/21 | $11,975 | $18,800,750 | ||||||
|
| |||||||
Healthcare-Products—2.6% | ||||||||
Hologic, Inc., |
| |||||||
2.00%, 12/15/37 | 3,630 | 5,472,225 | ||||||
2.00%, 3/1/42 | 13,705 | 17,747,975 | ||||||
Teleflex, Inc., |
| |||||||
3.875%, 8/1/17 | 8,855 | 22,652,197 | ||||||
|
| |||||||
45,872,397 | ||||||||
|
| |||||||
Healthcare-Services—1.3% | ||||||||
Molina Healthcare, Inc., |
| |||||||
1.625%, 8/15/44 | 17,910 | 22,566,600 | ||||||
|
| |||||||
Holding Companies-Diversified—0.8% | ||||||||
Horizon Pharma Investment Ltd., |
| |||||||
2.50%, 3/15/22 | 16,580 | 14,206,988 | ||||||
|
| |||||||
Home Builders—0.6% | ||||||||
Lennar Corp. (a)(b), |
| |||||||
3.25%, 11/15/21 | 4,960 | 10,242,400 | ||||||
|
| |||||||
Insurance—1.0% | ||||||||
AmTrust Financial Services, Inc., |
| |||||||
2.75%, 12/15/44 | 23,053 | 18,298,319 | ||||||
|
| |||||||
Internet—7.5% | ||||||||
Ctrip.com International Ltd. (a)(b), |
| |||||||
1.00%, 7/1/20 | 20,775 | 22,917,422 | ||||||
j2 Global, Inc., |
| |||||||
3.25%, 6/15/29 | 11,665 | 12,714,850 | ||||||
Priceline Group, Inc., |
| |||||||
0.35%, 6/15/20 | 18,805 | 22,660,025 | ||||||
1.00%, 3/15/18 | 8,330 | 11,979,581 | ||||||
VeriSign, Inc., |
| |||||||
4.345%, 8/15/37 | 8,685 | 22,499,578 | ||||||
Web.com Group, Inc., |
| |||||||
1.00%, 8/15/18 | 22,835 | 21,778,882 | ||||||
WebMD Health Corp., |
| |||||||
1.50%, 12/1/20 | 14,480 | 19,376,050 | ||||||
|
| |||||||
133,926,388 | ||||||||
|
| |||||||
Leisure Time—1.7% | ||||||||
Jarden Corp., |
| |||||||
1.125%, 3/15/34 | 16,950 | 21,526,500 | ||||||
1.875%, 9/15/18 | 4,515 | 8,505,131 | ||||||
|
| |||||||
30,031,631 | ||||||||
|
| |||||||
Media—2.2% | ||||||||
Liberty Interactive LLC, |
| |||||||
0.75%, 3/30/43 | 8,600 | 14,394,250 | ||||||
Liberty Media Corp., |
| |||||||
1.375%, 10/15/23 | 24,595 | 24,441,281 | ||||||
|
| |||||||
38,835,531 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels—2.4% | ||||||||
Cheniere Energy, Inc., |
| |||||||
4.25%, 3/15/45 | 31,205 | 16,421,631 | ||||||
Helix Energy Solutions Group, Inc., |
| |||||||
3.25%, 3/15/32 | 8,130 | 6,443,025 | ||||||
SEACOR Holdings, Inc., |
| |||||||
3.00%, 11/15/28 | 6,950 | 5,386,250 | ||||||
Whiting Petroleum Corp. (a)(b), |
| |||||||
1.25%, 4/1/20 | 23,835 | 13,988,166 | ||||||
|
| |||||||
42,239,072 | ||||||||
|
| |||||||
Pharmaceuticals—2.2% | ||||||||
Herbalife Ltd. (a), |
| |||||||
2.00%, 8/15/19 | 21,010 | 20,274,755 | ||||||
Impax Laboratories, Inc. (a)(b), |
| |||||||
2.00%, 6/15/22 | 22,075 | 19,798,516 | ||||||
|
| |||||||
40,073,271 | ||||||||
|
|
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 139 |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Principal Amount (000s) | Value | |||||||
Real Estate—1.4% | ||||||||
Extra Space Storage L.P. (a)(b), |
| |||||||
3.125%, 10/1/35 | $22,235 | $25,445,178 | ||||||
|
| |||||||
Semiconductors—11.9% | ||||||||
Integrated Device Technology, Inc. (a)(b), |
| |||||||
0.875%, 11/15/22 | 15,820 | 14,841,138 | ||||||
Intel Corp., |
| |||||||
3.25%, 8/1/39 | 21,345 | 33,992,019 | ||||||
Lam Research Corp., |
| |||||||
1.25%, 5/15/18 | 16,410 | 24,256,031 | ||||||
Microchip Technology, Inc., |
| |||||||
1.625%, 2/15/25 | 18,025 | 18,633,344 | ||||||
Micron Technology, Inc., |
| |||||||
3.00%, 11/15/43 | 20,870 | 14,322,038 | ||||||
Novellus Systems, Inc., |
| |||||||
2.625%, 5/15/41 | 6,335 | 15,465,319 | ||||||
NVIDIA Corp., |
| |||||||
1.00%, 12/1/18 | 14,955 | 26,760,103 | ||||||
NXP Semiconductors NV, |
| |||||||
1.00%, 12/1/19 | 16,945 | 18,830,131 | ||||||
ON Semiconductor Corp. (a)(b), |
| |||||||
1.00%, 12/1/20 | 26,810 | 24,061,975 | ||||||
Xilinx, Inc., |
| |||||||
2.625%, 6/15/17 | 12,595 | 20,766,006 | ||||||
|
| |||||||
211,928,104 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment—1.0% | ||||||||
Inphi Corp. (a)(b), |
| |||||||
1.125%, 12/1/20 | 16,575 | 17,942,438 | ||||||
|
| |||||||
Software—11.5% | ||||||||
BroadSoft, Inc. (a)(b), |
| |||||||
1.00%, 9/1/22 | 10,165 | 12,255,178 | ||||||
Citrix Systems, Inc., |
| |||||||
0.50%, 4/15/19 | 15,885 | 17,820,984 | ||||||
Cornerstone OnDemand, Inc., |
| |||||||
1.50%, 7/1/18 | 20,670 | 20,553,731 | ||||||
Electronic Arts, Inc., |
| |||||||
0.75%, 7/15/16 | 4,045 | 8,385,791 | ||||||
Nuance Communications, Inc., |
| |||||||
1.00%, 12/15/35 (a)(b) | 16,015 | 14,823,884 | ||||||
1.50%, 11/1/35 | 13,930 | 14,417,550 | ||||||
Proofpoint, Inc. (a)(b), |
| |||||||
0.75%, 6/15/20 | 21,090 | 20,430,938 | ||||||
Red Hat, Inc., |
| |||||||
0.25%, 10/1/19 | 17,065 | 21,256,591 | ||||||
Rovi Corp., |
| |||||||
0.50%, 3/1/20 | 15,065 | 14,452,984 | ||||||
Salesforce.com, Inc., |
| |||||||
0.25%, 4/1/18 | 18,210 | 22,580,400 | ||||||
ServiceNow, Inc., |
| |||||||
zero coupon, 11/1/18 | 14,165 | 15,413,291 | ||||||
Take-Two Interactive Software, Inc., |
| |||||||
1.00%, 7/1/18 | 11,500 | 20,570,625 | ||||||
Verint Systems, Inc., |
| |||||||
1.50%, 6/1/21 | 3,290 | 2,913,706 | ||||||
|
| |||||||
205,875,653 | ||||||||
|
| |||||||
Telecommunications—3.3% | ||||||||
Ciena Corp. (a)(b), |
| |||||||
3.75%, 10/15/18 | 15,455 | 18,352,812 | ||||||
Gogo, Inc. (a), |
| |||||||
3.75%, 3/1/20 | 15,540 | 12,004,728 | ||||||
InterDigital, Inc., |
| |||||||
1.50%, 3/1/20 | 21,075 | 21,694,078 | ||||||
Palo Alto Networks, Inc., |
| |||||||
zero coupon, 7/1/19 | 4,395 | 6,864,441 | ||||||
|
| |||||||
58,916,059 | ||||||||
|
|
Principal Amount (000s) | Value | |||||||
Transportation—0.5% | ||||||||
Echo Global Logistics, Inc., |
| |||||||
2.50%, 5/1/20 | $9,285 | $9,395,259 | ||||||
|
| |||||||
Total Convertible Bonds (cost—$1,261,400,310) | 1,323,602,865 | |||||||
|
| |||||||
Shares | ||||||||
Convertible Preferred Stock—22.1% | ||||||||
Banks—3.7% | ||||||||
Bank of America Corp., Ser. L (c), |
| |||||||
7.25% | 26,350 | 29,986,300 | ||||||
Wells Fargo & Co., Ser. L (c), |
| |||||||
7.50% | 29,080 | 35,041,691 | ||||||
|
| |||||||
65,027,991 | ||||||||
|
| |||||||
Commercial Services & Supplies—1.4% | ||||||||
Stericycle, Inc., |
| |||||||
5.25%, 9/15/18 | 261,665 | 24,321,762 | ||||||
|
| |||||||
Electric Utilities—0.7% | ||||||||
NextEra Energy, Inc., |
| |||||||
6.371%, 9/1/18 | 213,720 | 13,047,606 | ||||||
|
| |||||||
Food & Beverage—1.3% | ||||||||
Post Holdings, Inc., |
| |||||||
5.25%, 6/1/17 | 188,170 | 23,652,028 | ||||||
|
| |||||||
Food Products—1.6% | ||||||||
Tyson Foods, Inc., |
| |||||||
4.75%, 7/15/17 | 382,495 | 28,488,228 | ||||||
|
| |||||||
Health Care Providers & Services—2.9% | ||||||||
Amsurg Corp., Ser. A-1, |
| |||||||
5.25%, 7/1/17 | 119,395 | 16,807,831 | ||||||
Anthem, Inc., |
| |||||||
5.25%, 5/1/18 | 755,645 | 35,281,065 | ||||||
|
| |||||||
52,088,896 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels—1.1% | ||||||||
Kinder Morgan, Inc., Ser. A, |
| |||||||
9.75%, 10/26/18 | 451,525 | 20,363,777 | ||||||
|
| |||||||
Pharmaceuticals—3.8% | ||||||||
Allergan PLC, Ser. A, |
| |||||||
5.50%, 3/1/18 | 47,460 | 43,622,385 | ||||||
Teva Pharmaceutical Industries Ltd., |
| |||||||
7.00%, 12/15/18 | 27,260 | 24,096,204 | ||||||
|
| |||||||
67,718,589 | ||||||||
|
| |||||||
Real Estate Investment Trust—2.7% | ||||||||
American Tower Corp., |
| |||||||
5.25%, 5/15/17, Ser. A | 221,290 | 23,279,708 | ||||||
5.50%, 2/15/18 | 124,900 | 12,883,435 | ||||||
Weyerhaeuser Co., Ser. A, |
| |||||||
6.375%, 7/1/16 | 214,760 | 10,978,531 | ||||||
|
| |||||||
47,141,674 | ||||||||
|
| |||||||
Telecommunications—1.6% | ||||||||
Frontier Communications Corp., Ser. A, |
| |||||||
11.125%, 6/29/18 | 273,715 | 28,575,846 | ||||||
|
| |||||||
Wireless Telecommunication Services—1.3% | ||||||||
T-Mobile U.S., Inc., |
| |||||||
5.50%, 12/15/17 | 350,845 | 23,225,939 | ||||||
|
| |||||||
Total Convertible Preferred Stock (cost—$372,882,524) | 393,652,336 | |||||||
|
|
Principal Amount (000s) | Value | |||||||
Repurchase Agreements—3.1% | ||||||||
State Street Bank and Trust Co., dated 3/31/16, |
| |||||||
(cost—$55,791,000) | $55,791 | $55,791,000 | ||||||
|
| |||||||
Total Investments (cost—$1,690,073,834)—99.5% | 1,773,046,201 | |||||||
|
| |||||||
Other assets less liabilities—0.5% | 9,291,671 | |||||||
|
| |||||||
Net Assets—100.0% | $1,782,337,872 | |||||||
|
|
Notes to Schedule of Investments:
(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $304,011,790, representing 17.1% of net assets.
(b) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.
(c) Perpetual maturity. The date shown, if any, is the next call date.
140 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
AllianzGI Emerging Markets Consumer Fund
Shares | Value | |||||||
Common Stock—97.1% | ||||||||
Brazil—6.7% | ||||||||
Cielo S.A. | 33,520 | $326,004 | ||||||
JBS S.A. | 126,900 | 386,454 | ||||||
MRV Engenharia e Participacoes S.A. | 198,100 | 652,317 | ||||||
Porto Seguro S.A. | 46,600 | 353,033 | ||||||
Qualicorp S.A. | 74,500 | 308,099 | ||||||
Smiles S.A. | 29,100 | 307,619 | ||||||
|
| |||||||
2,333,526 | ||||||||
|
| |||||||
China—15.5% | ||||||||
ANTA Sports Products Ltd. | 173,000 | 382,634 | ||||||
Baidu, Inc. ADR (b) | 700 | 133,616 | ||||||
China Mobile Ltd. | 51,000 | 564,497 | ||||||
China Southern Airlines Co., Ltd., Class H | 648,000 | 408,848 | ||||||
China Telecom Corp., Ltd., Class H | 412,000 | 218,122 | ||||||
Hengan International Group Co., Ltd. | 60,500 | 527,338 | ||||||
NetEase, Inc. ADR | 6,295 | 903,836 | ||||||
New Oriental Education & Technology Group, Inc. ADR | 31,800 | 1,099,962 | ||||||
Shanghai Pharmaceuticals Holding Co., Ltd., Class H | 140,900 | 280,054 | ||||||
Skyworth Digital Holdings Ltd. | 798,000 | 494,702 | ||||||
Tencent Holdings Ltd. | 17,800 | 364,139 | ||||||
|
| |||||||
5,377,748 | ||||||||
|
| |||||||
France—4.3% | ||||||||
Christian Dior SE | 3,917 | 709,271 | ||||||
Sanofi | 9,691 | 779,115 | ||||||
|
| |||||||
1,488,386 | ||||||||
|
| |||||||
Germany—0.6% | ||||||||
Stada Arzneimittel AG | 4,777 | 189,152 | ||||||
|
| |||||||
Hong Kong—7.1% | ||||||||
AIA Group Ltd. | 112,400 | 638,884 | ||||||
Hang Seng Bank Ltd. | 29,500 | 523,115 | ||||||
Man Wah Holdings Ltd. | 89,200 | 113,401 | ||||||
Pacific Textile Holdings Ltd. | 57,000 | 82,438 | ||||||
Yue Yuen Industrial Holdings Ltd. | 324,000 | 1,116,011 | ||||||
|
| |||||||
2,473,849 | ||||||||
|
| |||||||
Hungary—1.5% | ||||||||
Richter Gedeon Nyrt | 26,356 | 525,043 | ||||||
|
| |||||||
India—5.8% | ||||||||
Divi’s Laboratories Ltd. | 14,923 | 222,819 | ||||||
Dr Reddy’s Laboratories Ltd. ADR | 12,360 | 558,548 | ||||||
ITC Ltd. | 209,391 | 1,035,081 | ||||||
Jubilant Life Sciences Ltd. | 30,235 | 189,816 | ||||||
|
| |||||||
2,006,264 | ||||||||
|
| |||||||
Indonesia—2.5% | ||||||||
Sri Rejeki Isman Tbk PT | 5,409,500 | 131,688 | ||||||
Telekomunikasi Indonesia Persero Tbk PT ADR | 14,200 | 722,070 | ||||||
|
| |||||||
853,758 | ||||||||
|
| |||||||
Korea (Republic of)—17.7% | ||||||||
Hana Financial Group, Inc. | 19,328 | 419,356 | ||||||
Hankook Tire Co., Ltd. | 5,749 | 273,458 | ||||||
KB Financial Group, Inc. | 6,263 | 173,906 | ||||||
Kia Motors Corp. | 11,428 | 482,730 | ||||||
KT Corp. | 22,809 | 592,549 |
Shares | Value | |||||||
KT&G Corp. | 13,375 | $ | 1,287,879 | |||||
Kwang Dong Pharmaceutical Co., Ltd. | 9,160 | 89,296 | ||||||
LG Electronics, Inc. | 3,225 | 173,857 | ||||||
LG Uplus Corp. | 41,584 | 401,884 | ||||||
Samsung Card Co., Ltd. | 6,309 | 207,782 | ||||||
Samsung Electronics Co., Ltd. | 1,132 | 1,299,090 | ||||||
Shinhan Financial Group Co., Ltd. | 14,458 | 508,919 | ||||||
SL Corp. | 16,782 | 236,848 | ||||||
|
| |||||||
6,147,554 | ||||||||
|
| |||||||
Malaysia—1.7% | ||||||||
AirAsia Bhd. | 220,000 | 103,208 | ||||||
British American Tobacco Malaysia Bhd. | 9,100 | 126,045 | ||||||
Top Glove Corp. Bhd. | 276,900 | 356,246 | ||||||
|
| |||||||
585,499 | ||||||||
|
| |||||||
Mexico—2.3% | ||||||||
Controladora Vuela Cia de Aviacion S.A.B. de C.V. ADR (b) | 9,400 | 198,058 | ||||||
Gruma S.A.B. de C.V., Class B | 18,240 | 289,260 | ||||||
Kimberly-Clark de Mexico S.A.B. de C.V., Class A | 129,700 | 313,343 | ||||||
|
| |||||||
800,661 | ||||||||
|
| |||||||
Russian Federation—0.4% | ||||||||
Mobile TeleSystems PJSC ADR | 18,330 | 148,290 | ||||||
|
| |||||||
Singapore—0.7% | ||||||||
Singapore Airlines Ltd. | 27,300 | 231,319 | ||||||
|
| |||||||
South Africa—5.7% | ||||||||
AVI Ltd. | 28,102 | 165,371 | ||||||
Imperial Holdings Ltd. | 39,678 | 404,255 | ||||||
Naspers Ltd., Class N | 1,322 | 184,287 | ||||||
Netcare Ltd. | 238,076 | 581,753 | ||||||
Telkom S.A. SOC Ltd. | 60,582 | 235,903 | ||||||
Tiger Brands Ltd. | 6,771 | 148,935 | ||||||
Vodacom Group Ltd. | 24,026 | 260,973 | ||||||
|
| |||||||
1,981,477 | ||||||||
|
| |||||||
Taiwan—12.3% | ||||||||
Cathay Financial Holding Co., Ltd. | 489,000 | 585,054 | ||||||
Chlitina Holding Ltd. | 15,000 | 128,988 | ||||||
Chunghwa Telecom Co., Ltd. | 405,000 | 1,378,086 | ||||||
Eva Airways Corp. (b) | 315,000 | 176,092 | ||||||
Pou Chen Corp. | 774,000 | 985,763 | ||||||
St Shine Optical Co., Ltd. | 17,000 | 346,629 | ||||||
Tong Yang Industry Co., Ltd. | 91,000 | 136,599 | ||||||
Uni-President Enterprises Corp. | 180,000 | 316,091 | ||||||
Wistron Corp. | 375,000 | 231,606 | ||||||
|
| |||||||
4,284,908 | ||||||||
|
| |||||||
Thailand—1.6% | ||||||||
Charoen Pokphand Foods PCL NVDR | 294,000 | 203,805 | ||||||
Thai Union Group PCL NVDR | 584,500 | 347,192 | ||||||
|
| |||||||
550,997 | ||||||||
|
| |||||||
Turkey—2.8% | ||||||||
Turk Hava Yollari AO (b) | 351,424 | 972,243 | ||||||
|
| |||||||
United Kingdom—3.3% | ||||||||
British American Tobacco PLC | 14,104 | 822,673 | ||||||
Unilever PLC | 7,445 | 335,715 | ||||||
|
| |||||||
1,158,388 | ||||||||
|
|
Shares | Value | |||||||
United States—4.6% | ||||||||
Kimberly-Clark Corp. | 5,775 | $ | 776,795 | |||||
Lear Corp. | 7,410 | 823,770 | ||||||
|
| |||||||
1,600,565 | ||||||||
|
| |||||||
Total Common Stock (cost—$32,669,356) | 33,709,627 | |||||||
|
| |||||||
Equity-Linked Securities—1.2% | ||||||||
India—1.2% | ||||||||
CLSA Global Markets PTE Ltd., | 35,585 | 93,944 | ||||||
Aurobindo Pharma Ltd., expires 10/7/19 | 29,068 | 327,015 | ||||||
|
| |||||||
Total Equity-Linked Securities |
| 420,959 | ||||||
|
| |||||||
Preferred Stock—0.7% | ||||||||
Brazil—0.7% | ||||||||
Banco Bradesco S.A. | 30,500 | 229,621 | ||||||
|
| |||||||
Exchange-Traded Funds—0.4% | ||||||||
iShares MSCI India | 5,480 | 148,618 | ||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—0.6% | ||||||||
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $216,000; collateralized by U.S. Treasury Notes, 3.125%, due 5/15/21, valued at $220,352 including accrued interest |
| |||||||
(cost—$216,000) | $216 | 216,000 | ||||||
|
| |||||||
Total Investments (cost—$33,596,913) (a)—100.0% | 34,724,825 | |||||||
|
| |||||||
Other assets less liabilities (c)—0.0% | 16,650 | |||||||
|
| |||||||
Net Assets—100.0% | $34,741,475 | |||||||
|
|
Notes to Schedule of Investments:
(a) Securities with an aggregate value of $25,117,137, representing 72.3% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(b) Non-income producing.
(c) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.
Glossary:
ADR—American Depositary Receipt
MSCI—Morgan Stanley Capital International
NVDR—Non-Voting Depository Receipt
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 141 |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:
Diversified Telecommunication Services | 10.2% | |||
Textiles, Apparel & Luxury Goods | 9.9% | |||
Tobacco | 9.4% | |||
Pharmaceuticals | 7.7% | |||
Airlines | 6.0% | |||
Food Products | 5.4% | |||
Banks | 5.3% | |||
Insurance | 4.5% | |||
Auto Components | 4.5% | |||
Technology Hardware, Storage & Peripherals | 4.4% | |||
Household Durables | 4.1% | |||
Internet Software & Services | 4.0% | |||
Health Care Providers & Services | 3.4% | |||
Diversified Consumer Services | 3.2% | |||
Household Products | 3.1% | |||
Personal Products | 2.9% | |||
Wireless Telecommunication Services | 2.8% | |||
Health Care Equipment & Supplies | 2.0% | |||
Media | 1.4% | |||
Automobiles | 1.4% | |||
Distributors | 1.2% | |||
IT Services | 0.9% | |||
Life Sciences Tools & Services | 0.7% | |||
Consumer Finance | 0.6% | |||
Exchange-Traded Funds | 0.4% | |||
Repurchase Agreements | 0.6% | |||
Other assets less liabilities | 0.0% | |||
|
| |||
100.0% | ||||
|
|
AllianzGI Emerging Markets Debt Fund
Principal Amount (000s) | Value | |||||||||||
Corporate Bonds & Notes—47.1% | ||||||||||||
Azerbaijan—1.1% | ||||||||||||
International Bank of Azerbaijan OJSC, |
| |||||||||||
5.625%, 6/11/19 | $ | 500 | $466,250 | |||||||||
|
| |||||||||||
Brazil—6.0% | ||||||||||||
CIMPOR Financial Operations BV (a)(b), |
| |||||||||||
5.75%, 7/17/24 | 226 | 166,110 | ||||||||||
Marfrig Holding Europe BV, |
| |||||||||||
9.875%, 7/24/17 | 300 | 307,500 | ||||||||||
Minerva Luxembourg S.A. (a)(b), |
| |||||||||||
7.75%, 1/31/23 | 210 | 212,887 | ||||||||||
Odebrecht Offshore Drilling Finance Ltd., |
| |||||||||||
6.75%, 10/1/23 | 264 | 60,679 | ||||||||||
Petrobras Global Finance BV, |
| |||||||||||
3.50%, 2/6/17 | 300 | 295,710 | ||||||||||
7.875%, 3/15/19 | 700 | 673,050 | ||||||||||
Vale S.A., |
| |||||||||||
5.625%, 9/11/42 | 300 | 214,242 | ||||||||||
Votorantim Cimentos S.A., |
| |||||||||||
3.25%, 4/25/21 | € | 380 | 351,050 | |||||||||
3.50%, 7/13/22 | 300 | 265,984 | ||||||||||
|
| |||||||||||
2,547,212 | ||||||||||||
|
| |||||||||||
Chile—1.7% | ||||||||||||
Banco del Estado de Chile, |
| |||||||||||
3.875%, 2/8/22 | $ | 257 | 272,314 | |||||||||
Banco Santander Chile (a)(b), |
| |||||||||||
3.875%, 9/20/22 | 220 | 229,127 | ||||||||||
Corp. Nacional del Cobre de Chile, |
| |||||||||||
4.50%, 8/13/23 | 200 | 206,959 | ||||||||||
|
| |||||||||||
708,400 | ||||||||||||
|
| |||||||||||
China—6.5% | ||||||||||||
Big Will Investments Ltd., |
| |||||||||||
10.875%, 4/29/16 | 200 | 201,260 | ||||||||||
Century Master Investment Co., Ltd., |
| |||||||||||
4.75%, 9/19/18 | 200 | 210,871 | ||||||||||
CITIC Ltd., |
| |||||||||||
6.80%, 1/17/23 | 400 | 475,658 | ||||||||||
CRCC Yupeng Ltd. (d), |
| |||||||||||
3.95%, 8/1/19 | 402 | 411,623 | ||||||||||
Franshion Development Ltd., |
| |||||||||||
6.75%, 4/15/21 | 400 | 447,249 | ||||||||||
Industrial & Commercial Bank of China Ltd., |
| |||||||||||
4.875%, 9/21/25 (a)(b) | 200 | 206,024 | ||||||||||
4.875%, 9/21/25 | 200 | 206,024 | ||||||||||
Sinopec Group Overseas Development 2015 Ltd., |
| |||||||||||
3.25%, 4/28/25 | 400 | 397,904 | ||||||||||
Yuzhou Properties Co., Ltd., |
| |||||||||||
8.75%, 10/4/18 | 200 | 212,668 | ||||||||||
|
| |||||||||||
2,769,281 | ||||||||||||
|
| |||||||||||
El Salvador—0.4% | ||||||||||||
AES El Salvador Trust II (a)(b), |
| |||||||||||
6.75%, 3/28/23 | 210 | 164,850 | ||||||||||
|
| |||||||||||
Guatemala—1.7% | ||||||||||||
Comcel Trust via Comunicaciones Celulares S.A., |
| |||||||||||
6.875%, 2/6/24 (a)(b) | 203 | 190,820 | ||||||||||
6.875%, 2/6/24 | 570 | 535,800 | ||||||||||
|
| |||||||||||
726,620 | ||||||||||||
|
| |||||||||||
Hong Kong—3.1% | ||||||||||||
Bank of East Asia Ltd. (d)(e), |
| |||||||||||
5.50%, 12/29/49 | 200 | 190,564 | ||||||||||
CLP Power HK Finance Ltd. (d), |
| |||||||||||
4.25%, 11/7/19 | 406 | 413,232 | ||||||||||
PCCW Capital No 4 Ltd., |
| |||||||||||
5.75%, 4/17/22 | 200 | 225,621 | ||||||||||
Studio City Finance Ltd., |
| |||||||||||
8.50%, 12/1/20 | 250 | 251,875 |
Principal Amount (000s) | Value | |||||||
Swire Properties MTN Financing Ltd., |
| |||||||
3.625%, 1/13/26 | $250 | $ | 260,039 | |||||
|
| |||||||
1,341,331 | ||||||||
|
| |||||||
India—4.5% | ||||||||
ABJA Investment Co. Pte Ltd., |
| |||||||
5.95%, 7/31/24 | 400 | 374,256 | ||||||
Export-Import Bank of India, |
| |||||||
4.00%, 1/14/23 | 409 | 426,644 | ||||||
GCX Ltd., |
| |||||||
7.00%, 8/1/19 | 405 | 380,820 | ||||||
Indian Oil Corp. Ltd., |
| |||||||
5.75%, 8/1/23 | 400 | 449,159 | ||||||
Reliance Holding USA, Inc., |
| |||||||
5.40%, 2/14/22 | 250 | 279,457 | ||||||
|
| |||||||
1,910,336 | ||||||||
|
| |||||||
Indonesia—2.9% | ||||||||
Indo Energy Finance II BV, |
| |||||||
6.375%, 1/24/23 | 256 | 113,978 | ||||||
Jababeka International BV, |
| |||||||
7.50%, 9/24/19 | 400 | 401,447 | ||||||
Marquee Land PTE Ltd., |
| |||||||
9.75%, 8/5/19 | 200 | 200,200 | ||||||
Pacific Emerald Pte Ltd., |
| |||||||
9.75%, 7/25/18 | 200 | 202,000 | ||||||
Pertamina Persero PT, |
| |||||||
4.875%, 5/3/22 | 304 | 309,558 | ||||||
|
| |||||||
1,227,183 | ||||||||
|
| |||||||
Israel—0.4% | ||||||||
Delek & Avner Tamar Bond Ltd. (a)(b), |
| |||||||
2.803%, 12/30/16 | 150 | 150,000 | ||||||
|
| |||||||
Korea (Republic of)—1.0% | ||||||||
Woori Bank, |
| |||||||
4.75%, 4/30/24 | 404 | 425,286 | ||||||
|
| |||||||
Malaysia—0.9% | ||||||||
Malayan Banking Bhd. (e), |
| |||||||
3.25%, 9/20/22 | 400 | 403,854 | ||||||
|
| |||||||
Mexico—2.7% | ||||||||
Alfa S.A.B. de C.V. (a)(b), |
| |||||||
6.875%, 3/25/44 | 211 | 212,055 | ||||||
BBVA Bancomer S.A., |
| |||||||
7.25%, 4/22/20 | 192 | 214,080 | ||||||
Coca-Cola Femsa S.A.B. de C.V., |
| |||||||
3.875%, 11/26/23 | 194 | 201,724 | ||||||
Comision Federal de Electricidad, |
| |||||||
4.875%, 1/15/24 | 221 | 228,182 | ||||||
Sixsigma Networks Mexico S.A. de C.V. (a)(b), |
| |||||||
8.25%, 11/7/21 | 300 | 284,250 | ||||||
|
| |||||||
1,140,291 | ||||||||
|
| |||||||
Morocco—0.4% | ||||||||
OCP S.A., |
| |||||||
4.50%, 10/22/25 | 200 | 191,817 | ||||||
|
| |||||||
Nigeria—1.4% | ||||||||
FBN Finance Co. BV, (converts to FRN on 7/23/19) (a)(b), |
| |||||||
8.00%, 7/23/21 | 251 | 191,644 | ||||||
GTB Finance BV (a)(b), | ||||||||
6.00%, 11/8/18 | 201 | 188,186 | ||||||
Zenith Bank PLC (a)(b), | ||||||||
6.25%, 4/22/19 | 250 | 227,450 | ||||||
|
| |||||||
607,280 | ||||||||
|
| |||||||
Peru—0.5% | ||||||||
Corp. Financiera de Desarrollo S.A., |
| |||||||
4.75%, 2/8/22 | 207 | 217,868 | ||||||
|
|
142 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Principal Amount (000s) | Value | |||||||
Philippines—1.6% | ||||||||
Petron Corp. (d)(e), |
| |||||||
7.50%, 2/6/49 | $400 | $ | 420,000 | |||||
Power Sector Assets & Liabilities Management Corp., |
| |||||||
7.39%, 12/2/24 | 200 | 266,579 | ||||||
|
| |||||||
686,579 | ||||||||
|
| |||||||
Qatar—0.6% | ||||||||
Ras Laffan Liquefied Natural Gas Co., Ltd. III (a)(b), |
| |||||||
6.332%, 9/30/27 | 250 | 277,715 | ||||||
|
| |||||||
Russian Federation—4.1% | ||||||||
Alfa Bank AO Via Alfa Bond Issuance PLC (a)(b), |
| |||||||
7.50%, 9/26/19 | 200 | 209,034 | ||||||
Gazprom Neft OAO Via GPN Capital S.A. (a)(b), |
| |||||||
6.00%, 11/27/23 | 203 | 201,731 | ||||||
Gazprom OAO Via Gaz Capital S.A., |
| |||||||
4.95%, 2/6/28 | 200 | 181,761 | ||||||
Lukoil International Finance BV (a)(b), |
| |||||||
6.656%, 6/7/22 | 385 | 410,986 | ||||||
Sberbank of Russia Via SB Capital S.A. (a)(b), |
| |||||||
5.25%, 5/23/23 | 224 | 202,496 | ||||||
TMK OAO Via TMK Capital S.A. (a)(b), |
| |||||||
6.75%, 4/3/20 | 203 | 200,970 | ||||||
VimpelCom Holdings BV, | ||||||||
5.95%, 2/13/23 | 350 | 342,349 | ||||||
|
| |||||||
1,749,327 | ||||||||
|
| |||||||
South Africa—2.4% | ||||||||
African Bank Ltd. (c), |
| |||||||
8.125%, 2/24/17 | 300 | 261,000 | ||||||
Gold Fields Orogen Holding BVI Ltd. (a)(b), |
| |||||||
4.875%, 10/7/20 | 200 | 182,000 | ||||||
MTN Mauritius Investments Ltd. (a)(b), |
| |||||||
4.755%, 11/11/24 | 200 | 180,750 | ||||||
Myriad International Holdings B.V., |
| |||||||
5.50%, 7/21/25 (a)(b) | 200 | 201,979 | ||||||
5.50%, 7/21/25 | 200 | 201,979 | ||||||
|
| |||||||
1,027,708 | ||||||||
|
| |||||||
Turkey—2.2% | ||||||||
Akbank TAS (a)(b), |
| |||||||
3.875%, 10/24/17 | 250 | 254,142 | ||||||
Global Liman Isletmeleri (a)(b), |
| |||||||
8.125%, 11/14/21 | 300 | 265,122 | ||||||
Yasar Holdings AS (a)(b), | ||||||||
8.875%, 5/6/20 | 400 | 412,480 | ||||||
|
| |||||||
931,744 | ||||||||
|
| |||||||
United Arab Emirates—0.2% | ||||||||
Dolphin Energy Ltd. (a)(b), |
| |||||||
5.888%, 6/15/19 | 95 | 102,015 | ||||||
|
| |||||||
United Kingdom—0.3% | ||||||||
Genel Energy Finance PLC (b), |
| |||||||
7.50%, 5/14/19 | 200 | 124,000 | ||||||
|
| |||||||
Uruguay—0.3% | ||||||||
Navios South American Logistics, Inc. (a)(b), |
| |||||||
7.25%, 5/1/22 | 213 | 138,450 | ||||||
|
| |||||||
Venezuela—0.2% | ||||||||
Petroleos de Venezuela S.A., |
| |||||||
8.50%, 11/2/17 | 133 | 70,853 | ||||||
|
| |||||||
Total Corporate Bonds & Notes (cost—$20,564,691) | 20,106,250 | |||||||
|
| |||||||
Sovereign Debt Obligations—25.5% | ||||||||
Angola—0.4% | ||||||||
Angolan Government International Bond (b), |
| |||||||
9.50%, 11/12/25 | 200 | 182,750 | ||||||
|
|
Principal Amount (000s) | Value | |||||||||||
Argentina—0.9% | ||||||||||||
Argentine Republic Government International Bond (c), |
| |||||||||||
8.75%, 6/2/17 | $ | 350 | $ | 405,502 | ||||||||
|
| |||||||||||
Azerbaijan—0.8% | ||||||||||||
Republic of Azerbaijan International Bond, |
| |||||||||||
4.75%, 3/18/24 | 375 | 358,125 | ||||||||||
|
| |||||||||||
Brazil—0.9% | ||||||||||||
Brazilian Government International Bond, |
| |||||||||||
4.25%, 1/7/25 | 400 | 366,900 | ||||||||||
|
| |||||||||||
Cameroon—0.4% | ||||||||||||
Republic of Cameroon (a)(b), |
| |||||||||||
9.50%, 11/19/25 | 200 | 189,000 | ||||||||||
|
| |||||||||||
Croatia—1.4% | ||||||||||||
Croatia Government International Bond, |
| |||||||||||
5.50%, 4/4/23 | 551 | 582,744 | ||||||||||
|
| |||||||||||
Dominican Republic—0.5% | ||||||||||||
Dominican Republic International Bond, |
| |||||||||||
5.50%, 1/27/25 | 200 | 201,000 | ||||||||||
|
| |||||||||||
Gabon—0.4% | ||||||||||||
Gabonese Republic (a)(b), |
| |||||||||||
6.95%, 6/16/25 | 200 | 167,500 | ||||||||||
|
| |||||||||||
Hungary—1.5% | ||||||||||||
Hungary Government International Bond, |
| |||||||||||
5.375%, 2/21/23 | 196 | 217,631 | ||||||||||
6.25%, 1/29/20 | 185 | 206,135 | ||||||||||
7.625%, 3/29/41 | 150 | 212,985 | ||||||||||
|
| |||||||||||
636,751 | ||||||||||||
|
| |||||||||||
Indonesia—0.7% | ||||||||||||
Indonesia Government International Bond (a)(b), |
| |||||||||||
4.625%, 4/15/43 | 300 | 283,687 | ||||||||||
|
| |||||||||||
Ivory Coast—0.7% | ||||||||||||
Ivory Coast Government International Bond (a)(b), |
| |||||||||||
6.375%, 3/3/28 | 300 | 285,000 | ||||||||||
|
| |||||||||||
Jamaica—0.5% | ||||||||||||
Jamaica Government International Bond, |
| |||||||||||
6.75%, 4/28/28 | 200 | 205,500 | ||||||||||
|
| |||||||||||
Kazakhstan—0.7% | ||||||||||||
Kazakhstan Government International Bond (a)(b), |
| |||||||||||
5.125%, 7/21/25 | 300 | 309,975 | ||||||||||
|
| |||||||||||
Kenya—0.5% | ||||||||||||
Kenya Government International Bond, |
| |||||||||||
5.875%, 6/24/19 | 200 | 197,320 | ||||||||||
|
| |||||||||||
Mexico—2.4% | ||||||||||||
Mexican Bonos, |
| |||||||||||
10.00%, 12/5/24 | MXN | 11,000 | 818,601 | |||||||||
Mexico Government International Bond, |
| |||||||||||
3.60%, 1/30/25 | $ | 200 | 204,500 | |||||||||
|
| |||||||||||
1,023,101 | ||||||||||||
|
| |||||||||||
Morocco—0.7% | ||||||||||||
Morocco Government International Bond, |
| |||||||||||
3.50%, 6/19/24 | € | 250 | 292,662 | |||||||||
|
| |||||||||||
Mozambique—0.3% | ||||||||||||
EMATUM Via Mozambique Finance BV, |
| |||||||||||
6.305%, 9/11/20 | $ | 164 | 143,500 | |||||||||
|
| |||||||||||
Namibia—0.5% | ||||||||||||
Republic of Namibia (a)(b), |
| |||||||||||
5.25%, 10/29/25 | 200 | 194,000 | ||||||||||
|
| |||||||||||
Pakistan—0.6% | ||||||||||||
Pakistan Government International Bond, |
| |||||||||||
8.25%, 4/15/24 | 250 | 266,777 | ||||||||||
|
|
Principal Amount (000s) | Value | |||||||||||
Panama—0.6% | ||||||||||||
Panama Government International Bond, |
| |||||||||||
3.75%, 3/16/25 | $ | 250 | $ | 257,500 | ||||||||
|
| |||||||||||
Paraguay—0.5% | ||||||||||||
Republic of Paraguay, |
| |||||||||||
6.10%, 8/11/44 | 207 | 211,916 | ||||||||||
|
| |||||||||||
Philippines—0.6% | ||||||||||||
Republic of Philippines, |
| |||||||||||
3.95%, 1/20/40 | 250 | 274,781 | ||||||||||
|
| |||||||||||
Poland—0.3% | ||||||||||||
Poland Government International Bond, |
| |||||||||||
3.25%, 4/6/26 | 150 | 149,805 | ||||||||||
|
| |||||||||||
Romania—0.9% | ||||||||||||
Romanian Government International Bond, |
| |||||||||||
6.125%, 1/22/44 | 300 | 367,034 | ||||||||||
|
| |||||||||||
Russian Federation—1.0% | ||||||||||||
Russian Federation Bond, |
| |||||||||||
4.875%, 9/16/23 | 400 | 418,723 | ||||||||||
|
| |||||||||||
Serbia—2.2% | ||||||||||||
Serbia International Bond, |
| |||||||||||
5.875%, 12/3/18 | 292 | 305,926 | ||||||||||
7.25%, 9/28/21 | 575 | 644,000 | ||||||||||
|
| |||||||||||
949,926 | ||||||||||||
|
| |||||||||||
South Africa—0.7% | ||||||||||||
South Africa Government Bond, |
| |||||||||||
6.50%, 2/28/41 | ZAR | 2,000 | 93,938 | |||||||||
6.75%, 3/31/21 | 3,500 | 218,813 | ||||||||||
|
| |||||||||||
312,751 | ||||||||||||
|
| |||||||||||
Sri Lanka—0.7% | ||||||||||||
Republic of Sri Lanka, |
| |||||||||||
5.875%, 7/25/22 | $ | 300 | 283,736 | |||||||||
|
| |||||||||||
Turkey—1.0% | ||||||||||||
Turkey Government International Bond, |
| |||||||||||
4.25%, 4/14/26 | 450 | 439,085 | ||||||||||
|
| |||||||||||
Ukraine—0.8% | ||||||||||||
Ukraine Government International Bond (a)(b), |
| |||||||||||
zero coupon, 5/31/40 | 115 | 38,048 | ||||||||||
7.75%, 9/1/20 | 150 | 141,037 | ||||||||||
7.75%, 9/1/23 | 200 | 181,920 | ||||||||||
|
| |||||||||||
361,005 | ||||||||||||
|
| |||||||||||
United Arab Emirates—0.7% | ||||||||||||
IPIC GMTN Ltd. (a)(b), |
| |||||||||||
5.00%, 11/15/20 | 253 | 280,830 | ||||||||||
|
| |||||||||||
Uruguay—0.7% | ||||||||||||
Uruguay Government International Bond, |
| |||||||||||
4.375%, 10/27/27 | 284 | 292,767 | ||||||||||
|
| |||||||||||
Total Sovereign Debt Obligations (cost—$11,014,193) | 10,891,653 | |||||||||||
|
| |||||||||||
Repurchase Agreements—31.8% | ||||||||||||
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $13,571,011; collateralized by U.S. Treasury Notes, 3.125%, due 5/15/21, valued at $13,843,640 including accrued interest |
| |||||||||||
(cost—$13,571,000) |
| 13,571 | 13,571,000 | |||||||||
|
| |||||||||||
Total Investments (cost—$45,149,884)—104.4% | 44,568,903 | |||||||||||
|
| |||||||||||
Liabilities in excess of other assets (f)—(4.4)% | (1,863,350 | ) | ||||||||||
|
| |||||||||||
Net Assets—100.0% | $42,705,553 | |||||||||||
|
|
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 143 |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Notes to Schedule of Investments:
(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $7,734,270, representing 18.1% of net assets.
(b) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.
(c) In default.
(d) Perpetual maturity. The date shown, if any, is the next call date. For Corporate Bonds & Notes the interest rate is fixed until the first call date and variable thereafter.
(e) Variable or Floating Rate Security—Securities with an interest rate that changes periodically. The interest rate disclosed reflects the rate in effect on March 31, 2016.
(f) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.
Glossary:
€—Euro
FRN—Floating Rate Note
MXN—Mexican Peso
ZAR—South African Rand
The industry classification of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets were as follows:
Sovereign Debt Obligations | 25.5% | |||
Banks | 10.7% | |||
Oil, Gas & Consumable Fuels | 9.3% | |||
Telecommunications | 5.0% | |||
Real Estate | 3.6% | |||
Iron/Steel | 2.5% | |||
Diversified Financial Services | 2.5% | |||
Electric Utilities | 1.9% | |||
Food & Beverage | 1.7% | |||
Holding Companies-Diversified | 1.5% | |||
Energy Equipment & Services | 1.0% | |||
Engineering & Construction | 1.0% | |||
Media | 0.9% | |||
Mining | 0.9% | |||
Building Materials | 0.8% | |||
Construction Materials | 0.6% | |||
Commercial Services | 0.6% | |||
Lodging | 0.6% | |||
Retail | 0.5% | |||
Metal Fabricate/Hardware | 0.5% | |||
Chemicals | 0.4% | |||
Transportation | 0.3% | |||
Coal | 0.3% | |||
Repurchase Agreements | 31.8% | |||
Liabilities in excess of other assets | (4.4)% | |||
|
| |||
100.0% | ||||
|
|
AllianzGI Emerging Markets Small-Cap Fund
Shares | Value | |||||||
Common Stock—95.0% | ||||||||
Brazil—1.2% | ||||||||
Cia Paranaense de Energia | 3,400 | $17,437 | ||||||
Cosan Ltd., Class A | 8,800 | 43,296 | ||||||
Smiles S.A. | 3,600 | 38,056 | ||||||
|
| |||||||
98,789 | ||||||||
|
| |||||||
Chile—0.2% | ||||||||
Sociedad Matriz del Banco de Chile S.A., Class B | 46,754 | 13,330 | ||||||
|
| |||||||
China—15.9% | ||||||||
361 Degrees International Ltd. | 214,000 | 66,379 | ||||||
AMVIG Holdings Ltd. | 26,000 | 10,858 | ||||||
Anhui Expressway Co., Ltd., Class H | 18,000 | 14,006 | ||||||
Chaowei Power Holdings Ltd. (c) | 21,000 | 13,076 | ||||||
China Creative Home Group Ltd. | 206,000 | 17,554 | ||||||
China Lesso Group Holdings Ltd. | 228,000 | 122,565 | ||||||
China Lodging Group Ltd. ADR | 500 | 19,105 | ||||||
China Maple Leaf Educational Systems Ltd. | 130,000 | 82,088 | ||||||
China Southern Airlines Co., Ltd., Class H | 20,000 | 12,619 | ||||||
Dah Chong Hong Holdings Ltd. | 32,000 | 13,058 | ||||||
Ju Teng International Holdings Ltd. | 134,000 | 69,142 | ||||||
Kingboard Laminates Holdings Ltd. | 144,000 | 67,046 | ||||||
Lee & Man Paper Manufacturing Ltd. | 149,000 | 101,351 | ||||||
Peak Sport Products Co., Ltd. | 221,000 | 54,541 | ||||||
Powerlong Real Estate Holdings Ltd. | 198,000 | 41,450 | ||||||
PW Medtech Group Ltd. (c) | 73,000 | 16,309 | ||||||
Texhong Textile Group Ltd. | 41,500 | 42,179 | ||||||
Tiangong International Co., Ltd. | 210,000 | 16,522 | ||||||
Tianjin Capital Environmental Protection Group Co., Ltd., Class H | 62,000 | 37,575 | ||||||
Tianjin Development Holdings Ltd. | 244,000 | 123,831 | ||||||
Tianneng Power International Ltd. (c) | 190,000 | 169,844 | ||||||
Weiqiao Textile Co., Class H | 195,000 | 140,750 | ||||||
Xingda International Holdings Ltd. | 108,000 | 22,995 | ||||||
Yingde Gases Group Co., Ltd. | 47,000 | 18,045 | ||||||
Yuexiu Real Estate Investment Trust REIT | 115,000 | 63,745 | ||||||
|
| |||||||
1,356,633 | ||||||||
|
| |||||||
Colombia—0.3% | ||||||||
Avianca Holdings S.A. ADR | 4,800 | 23,856 | ||||||
|
| |||||||
Czech Republic—0.8% | ||||||||
Philip Morris CR AS | 130 | 72,234 | ||||||
|
| |||||||
Greece—1.5% | ||||||||
Aegean Airlines S.A. | 3,707 | 35,855 | ||||||
Hellenic Petroleum S.A. (c) | 6,882 | 28,972 | ||||||
Motor Oil Hellas Corinth Refineries S.A. | 5,446 | 58,624 | ||||||
|
| |||||||
123,451 | ||||||||
|
| |||||||
Hong Kong—4.6% | ||||||||
Champion REIT | 361,000 | 183,872 |
144 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Shares | Value | |||||||
Langham Hospitality Investments and Langham Hospitality Investments Ltd. UNIT REIT | 53,000 | $18,815 | ||||||
Pak Fah Yeow International Ltd. | 27,500 | 13,984 | ||||||
Pico Far East Holdings Ltd. | 104,000 | 27,752 | ||||||
Playmates Toys Ltd. | 68,000 | 14,173 | ||||||
Regal Real Estate Investment Trust REIT | 71,000 | 18,138 | ||||||
Texwinca Holdings Ltd. | 72,000 | 70,247 | ||||||
Victory City International Holdings Ltd. | 456,000 | 32,996 | ||||||
Win Hanverky Holdings Ltd. | 54,000 | 9,775 | ||||||
|
| |||||||
389,752 | ||||||||
|
| |||||||
India—7.2% | ||||||||
Apollo Tyres Ltd. | 31,440 | 83,630 | ||||||
Chennai Petroleum Corp. Ltd. (c) | 21,864 | 65,650 | ||||||
Claris Lifesciences Ltd. (c) | 10,796 | 21,180 | ||||||
Dishman Pharmaceuticals & Chemicals Ltd. | 16,423 | 82,930 | ||||||
Eros International Media Ltd. (c) | 4,726 | 12,045 | ||||||
GHCL Ltd. | 13,902 | 24,072 | ||||||
Jet Airways India Ltd. (c) | 2,345 | 19,343 | ||||||
Jubilant Life Sciences Ltd. | 3,031 | 19,029 | ||||||
Karnataka Bank Ltd. | 14,575 | 22,645 | ||||||
KPIT Technologies Ltd. | 20,410 | 45,633 | ||||||
Nilkamal Ltd. | 818 | 13,612 | ||||||
Polaris Consulting & Services Ltd. | 3,082 | 8,772 | ||||||
Rajesh Exports Ltd. | 9,888 | 92,463 | ||||||
Reliance Infrastructure Ltd. (c) | 9,477 | 76,248 | ||||||
Rolta India Ltd. (c) | 6,775 | 7,761 | ||||||
Uflex Ltd. | 3,503 | 9,202 | ||||||
Vardhman Textiles Ltd. | 974 | 11,340 | ||||||
|
| |||||||
615,555 | ||||||||
|
| |||||||
Indonesia—1.5% | ||||||||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 331,300 | 24,147 | ||||||
Bank Tabungan Negara Persero Tbk PT | 627,000 | 82,454 | ||||||
Japfa Comfeed Indonesia Tbk PT (c) | 354,800 | 21,412 | ||||||
|
| |||||||
128,013 | ||||||||
|
| |||||||
Korea (Republic of)—17.0% | ||||||||
Aekyung Petrochemical Co., Ltd. | 241 | 11,728 | ||||||
Daishin Securities Co., Ltd. | 11,304 | 118,582 | ||||||
Dongbu HiTek Co., Ltd. (c) | 1,549 | 24,468 | ||||||
Dongwha Pharm Co., Ltd. | 12,419 | 88,040 | ||||||
e-LITECOM Co., Ltd. | 8,187 | 103,506 | ||||||
Humax Co., Ltd. | 6,446 | 74,082 | ||||||
Huvis Corp. | 1,787 | 13,892 | ||||||
Ilsung Pharmaceuticals Co., Ltd. | 117 | 11,459 | ||||||
INTOPS Co., Ltd. | 4,208 | 75,609 | ||||||
Jahwa Electronics Co., Ltd. | 3,591 | 47,132 | ||||||
KB Insurance Co., Ltd. | 531 | 15,825 | ||||||
KG Eco Technology Service Co., Ltd. | 6,919 | 19,486 | ||||||
Kolon Industries, Inc. | 328 | 20,777 | ||||||
Korea Petro Chemical Ind Co., Ltd. (c) | 228 | 51,188 | ||||||
Korea United Pharm, Inc. | 5,586 | 96,254 | ||||||
Kwang Dong Pharmaceutical Co., Ltd. | 6,851 | 66,787 | ||||||
Kwangju Bank (c) | 8,536 | 62,485 | ||||||
Macquarie Korea Infrastructure Fund | 9,290 | 67,971 |
Shares | Value | |||||||
Moorim P&P Co., Ltd. | 19,767 | $ | 84,214 | |||||
Pyeong Hwa Automotive Co., Ltd. | 751 | 8,774 | ||||||
S&T Dynamics Co., Ltd. (c) | 2,292 | 27,736 | ||||||
S&T Motiv Co., Ltd. (c) | 607 | 36,709 | ||||||
Songwon Industrial Co., Ltd. | 2,063 | 35,735 | ||||||
Taekwang Industrial Co., Ltd. | 108 | 87,923 | ||||||
TK Chemical Corp. (c) | 58,515 | 106,088 | ||||||
Ubiquoss, Inc. | 2,634 | 29,964 | ||||||
Unid Co., Ltd. | 266 | 11,588 | ||||||
Yearimdang Publishing Co., Ltd. | 12,330 | 49,608 | ||||||
|
| |||||||
1,447,610 | ||||||||
|
| |||||||
Malaysia—5.2% | ||||||||
Mitrajaya Holdings Bhd. | 54,100 | 17,056 | ||||||
NTPM Holdings Bhd. | 109,100 | 27,951 | ||||||
Ta Ann Holdings Bhd. | 158,700 | 205,417 | ||||||
Top Glove Corp. Bhd. | 118,400 | 152,328 | ||||||
Unisem M Bhd. | 70,400 | 40,087 | ||||||
|
| |||||||
442,839 | ||||||||
|
| |||||||
Mexico—0.6% | ||||||||
Controladora Vuela Cia de Aviacion S.A.B. de C.V. ADR (c) | 500 | 10,535 | ||||||
Prologis Property Mexico S.A. de C.V. REIT (c) | 18,900 | 30,017 | ||||||
Vitro S.A.B. de C.V., Ser. A (c) | 3,500 | 11,671 | ||||||
|
| |||||||
52,223 | ||||||||
|
| |||||||
Philippines—1.4% | ||||||||
Cebu Air, Inc. | 62,520 | 121,544 | ||||||
|
| |||||||
Poland—1.8% | ||||||||
Asseco Poland S.A. | 3,918 | 63,530 | ||||||
Ciech S.A. (c) | 774 | 14,531 | ||||||
Kernel Holding S.A. | 5,055 | 72,201 | ||||||
|
| |||||||
150,262 | ||||||||
|
| |||||||
Russian Federation—2.1% | ||||||||
Acron JSC (b) | 494 | 27,081 | ||||||
M Video PAO (b) | 7,058 | 28,091 | ||||||
Ros Agro PLC GDR | 7,301 | 123,022 | ||||||
|
| |||||||
178,194 | ||||||||
|
| |||||||
Singapore—0.2% | ||||||||
Yangzijiang Shipbuilding Holdings Ltd. | 19,300 | 14,017 | ||||||
|
| |||||||
South Africa—2.6% | ||||||||
Aeci Ltd. | 11,311 | 69,718 | ||||||
Astral Foods Ltd. | 5,757 | 43,216 | ||||||
DRDGOLD Ltd. ADR | 8,800 | 35,112 | ||||||
Harmony Gold Mining Co., Ltd. ADR (c) | 6,000 | 21,840 | ||||||
Raubex Group Ltd. | 16,900 | 20,994 | ||||||
S.A. Corporate Real Estate Fund Nominees Pty Ltd. REIT | 106,065 | 34,699 | ||||||
|
| |||||||
225,579 | ||||||||
|
| |||||||
Taiwan—21.2% | ||||||||
Ability Enterprise Co., Ltd. (c) | 82,583 | 51,595 | ||||||
AcBel Polytech, Inc. | 35,000 | 28,962 | ||||||
Bioteque Corp. | 2,000 | 8,922 | ||||||
Casetek Holdings Ltd. | 8,000 | 43,457 | ||||||
Coretronic Corp. | 108,000 | 110,329 | ||||||
Feng Hsin Iron & Steel Co. | 22,000 | 28,736 | ||||||
Gigabyte Technology Co., Ltd. | 27,000 | 29,780 | ||||||
Grand Pacific Petrochemical | 29,000 | 15,576 | ||||||
Grand Plastic Technology | 7,000 | 53,407 | ||||||
Huaku Development Co., Ltd. | 114,000 | 210,764 | ||||||
King Yuan Electronics Co., Ltd. | 93,000 | 82,579 | ||||||
Micro-Star International Co., Ltd. | 9,000 | 13,864 |
Shares | Value | |||||||
Netronix, Inc. | 51,000 | $ | 99,835 | |||||
Powertech Technology, Inc. | 52,000 | 117,848 | ||||||
Realtek Semiconductor Corp. | 13,000 | 35,736 | ||||||
Sampo Corp. | 56,000 | 23,408 | ||||||
Shin Zu Shing Co., Ltd. | 55,000 | 196,350 | ||||||
Shinkong Synthetic Fibers Corp. | 45,000 | 12,710 | ||||||
Sinbon Electronics Co., Ltd. | 50,000 | 102,065 | ||||||
Taiwan Shin Kong Security Co., Ltd. | 13,000 | 16,174 | ||||||
Taiwan Union Technology Corp. | 121,000 | 93,096 | ||||||
Tong Yang Industry Co., Ltd. | 8,000 | 12,009 | ||||||
Topoint Technology Co., Ltd. | 54,000 | 38,933 | ||||||
Unizyx Holding Corp. | 44,000 | 21,462 | ||||||
Visual Photonics Epitaxy Co., Ltd. | 57,000 | 98,203 | ||||||
Win Semiconductors Corp. | 111,811 | 221,316 | ||||||
Winbond Electronics Corp. (c) | 143,000 | 41,950 | ||||||
|
| |||||||
1,809,066 | ||||||||
|
| |||||||
Thailand—6.7% | ||||||||
Advanced Information Technology PCL NVDR | 32,000 | 27,944 | ||||||
Bangchak Petroleum PCL NVDR | 28,000 | 23,254 | ||||||
CPN Retail Growth Leasehold Property Fund UNIT | 155,200 | 83,820 | ||||||
Hana Microelectronics PCL NVDR | 22,600 | 22,961 | ||||||
IRPC PCL NVDR | 837,500 | 120,041 | ||||||
Kiatnakin Bank PCL NVDR | 42,700 | 50,932 | ||||||
SVI PCL NVDR (c) | 642,100 | 96,648 | ||||||
Thai Oil PCL NVDR | 12,300 | 24,171 | ||||||
Thai Vegetable Oil PCL NVDR | 23,200 | 15,425 | ||||||
Thanachart Capital PCL NVDR | 94,900 | 101,806 | ||||||
|
| |||||||
567,002 | ||||||||
|
| |||||||
Turkey—1.4% | ||||||||
Aksa Akrilik Kimya Sanayii AS | 2,713 | 10,046 | ||||||
Tat Gida Sanayi AS (c) | 11,066 | 23,285 | ||||||
Turk Hava Yollari AO (c) | 32,313 | 89,397 | ||||||
|
| |||||||
122,728 | ||||||||
|
| |||||||
United States—1.6% | ||||||||
Net 1 UEPS Technologies, Inc. (c) | 14,865 | 136,758 | ||||||
|
| |||||||
Total Common Stock (cost—$7,739,121) | 8,089,435 | |||||||
|
| |||||||
Preferred Stock—3.4% | ||||||||
Brazil—2.1% | ||||||||
Banco ABC Brasil S.A. | 3,300 | 11,289 | ||||||
Banco do Estado do Rio Grande do Sul S.A., Class B | 52,900 | 117,698 | ||||||
Suzano Papel e Celulose S.A., Class A | 14,600 | 51,405 | ||||||
|
| |||||||
180,392 | ||||||||
|
| |||||||
Russian Federation—1.3% | ||||||||
Bashneft PAO (b) | 3,761 | 104,217 | ||||||
|
| |||||||
Total Preferred Stock (cost—$224,973) | 284,609 | |||||||
|
| |||||||
Total Investments (cost—$7,964,094) (a)—98.4% | 8,374,044 | |||||||
|
| |||||||
Other assets less liabilities—1.6% | 139,729 | |||||||
|
| |||||||
Net Assets—100.0% | $8,513,773 | |||||||
|
|
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 145 |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Notes to Schedule of Investments:
(a) Securities with an aggregate value of $6,947,359, representing 81.6% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(b) Fair-Valued—Securities with an aggregate value of $159,389, representing 1.9% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(c) Non-income producing.
Glossary:
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
NVDR—Non-Voting Depository Receipt
REIT—Real Estate Investment Trust
UNIT—More than one class of securities traded together.
The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:
Semiconductors & Semiconductor Equipment | 9.6% | |||
Electronic Equipment, Instruments & Components | 8.5% | |||
Textiles, Apparel & Luxury Goods | 7.6% | |||
Banks | 5.7% | |||
Oil, Gas & Consumable Fuels | 5.5% | |||
Paper & Forest Products | 5.2% | |||
Real Estate Investment Trust | 4.9% | |||
Chemicals | 4.7% | |||
Auto Components | 4.1% | |||
Pharmaceuticals | 3.7% | |||
Airlines | 3.7% | |||
Food Products | 3.5% | |||
Real Estate Management & Development | 3.2% | |||
Machinery | 2.5% | |||
Technology Hardware, Storage & Peripherals | 2.2% | |||
IT Services | 2.1% | |||
Health Care Equipment & Supplies | 2.1% | |||
Media | 1.5% | |||
Communications Equipment | 1.5% | |||
Multi-Utilities | 1.5% | |||
Building Products | 1.4% | |||
Capital Markets | 1.4% | |||
Software | 1.3% | |||
Metals & Mining | 1.2% | |||
Electric Utilities | 1.1% | |||
Household Durables | 1.1% | |||
Life Sciences Tools & Services | 1.0% | |||
Diversified Consumer Services | 1.0% | |||
Tobacco | 0.9% | |||
Diversified Financial Services | 0.8% | |||
Commercial Services & Supplies | 0.6% | |||
Containers & Packaging | 0.5% | |||
Construction & Engineering | 0.4% | |||
Electrical Equipment | 0.3% | |||
Specialty Retail | 0.3% | |||
Household Products | 0.3% | |||
Aerospace & Defense | 0.3% | |||
Independent Power Producers & Energy Traders | 0.2% | |||
Hotels, Restaurants & Leisure | 0.2% | |||
Insurance | 0.2% | |||
Leisure Equipment & Products | 0.2% | |||
Transportation Infrastructure | 0.2% | |||
Distributors | 0.2% | |||
Other assets less liabilities | 1.6% | |||
|
| |||
100.0% | ||||
|
|
AllianzGI Europe Equity Dividend Fund
Shares | Value | |||||||
Common Stock—88.4% | ||||||||
Belgium—3.1% | ||||||||
bpost S.A. | 2,850 | $79,093 | ||||||
EVS Broadcast Equipment S.A. (c) | 880 | 32,529 | ||||||
|
| |||||||
111,622 | ||||||||
|
| |||||||
Finland—2.4% | ||||||||
Nokian Renkaat Oyj | 2,430 | 85,732 | ||||||
|
| |||||||
France—10.0% | ||||||||
Coface S.A. (c) | 3,720 | 30,676 | ||||||
SCOR SE | 1,935 | 68,220 | ||||||
SES S.A. | 4,486 | 131,237 | ||||||
Total S.A. | 1,840 | 83,722 | ||||||
Vivendi S.A. | 2,190 | 45,896 | ||||||
|
| |||||||
359,751 | ||||||||
|
| |||||||
Germany—9.3% | ||||||||
Drillisch AG (c) | 1,360 | 55,650 | ||||||
Freenet AG (c) | 3,109 | 92,857 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 930 | 188,738 | ||||||
|
| |||||||
337,245 | ||||||||
|
| |||||||
Italy—2.1% | ||||||||
Snam SpA | 12,180 | 76,223 | ||||||
|
| |||||||
Netherlands—1.3% | ||||||||
Koninklijke KPN NV | 11,190 | 46,859 | ||||||
|
| |||||||
Norway—4.0% | ||||||||
Statoil ASA | 3,800 | 59,350 | ||||||
Telenor ASA | 2,250 | 36,380 | ||||||
TGS Nopec Geophysical Co. ASA | 2,170 | 33,079 | ||||||
Yara International ASA | 460 | 17,268 | ||||||
|
| |||||||
146,077 | ||||||||
|
| |||||||
Portugal—1.2% | ||||||||
CTT-Correios de Portugal S.A. (c) | 4,740 | 44,555 | ||||||
|
| |||||||
Spain—8.1% | ||||||||
Cia de Distribucion Integral Logista Holdings S.A. (c) | 4,300 | 97,025 | ||||||
Enagas S.A. | 3,070 | 92,145 | ||||||
Ferrovial S.A. | 3,370 | 72,323 | ||||||
Mapfre S.A. | 14,350 | 30,884 | ||||||
|
| |||||||
292,377 | ||||||||
|
| |||||||
Sweden—3.7% | ||||||||
NCC AB, Class B | 1,490 | 54,232 | ||||||
Nordea Bank AB | 8,070 | 77,407 | ||||||
|
| |||||||
131,639 | ||||||||
|
| |||||||
Switzerland—7.1% | ||||||||
Cembra Money Bank AG (c)(d) | 1,147 | 80,059 | ||||||
Sunrise Communications Group AG (a)(c)(d) | 1,936 | 132,893 | ||||||
UBS Group AG | 2,720 | 43,754 | ||||||
|
| |||||||
256,706 | ||||||||
|
| |||||||
United Kingdom—36.1% | ||||||||
Ashmore Group PLC (c) | 18,480 | 76,164 | ||||||
AstraZeneca PLC | 1,800 | 100,497 | ||||||
BP PLC | 17,000 | 85,057 | ||||||
British American Tobacco PLC | 2,760 | 161,393 | ||||||
Centrica PLC | 15,150 | 49,493 | ||||||
GlaxoSmithKline PLC | 3,950 | 79,961 | ||||||
HSBC Holdings PLC | 13,140 | 81,717 | ||||||
ICAP PLC | 5,450 | 37,068 | ||||||
IG Group Holdings PLC | 4,675 | 53,626 | ||||||
Imperial Brands PLC | 2,210 | 122,362 | ||||||
Royal Dutch Shell PLC, Class A | 5,840 | 141,525 |
146 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Shares | Value | |||||||
Tate & Lyle PLC | 4,380 | $ | 36,302 | |||||
Tullett Prebon PLC | 4,470 | 22,586 | ||||||
UBM PLC (c) | 11,240 | 96,845 | ||||||
Vodafone Group PLC | 50,550 | 160,630 | ||||||
|
| |||||||
1,305,226 | ||||||||
|
| |||||||
Total Common Stock (cost—$3,314,388) | 3,194,012 | |||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—10.8% | ||||||||
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $390,000; collateralized by U.S. Treasury Notes, 3.125%, due 5/15/21, valued at $402,143 including accrued interest |
| |||||||
(cost—$390,000) | $390 | 390,000 | ||||||
|
| |||||||
Total Investments (cost—$3,704,388) (b)—99.2% | 3,584,012 | |||||||
|
| |||||||
Other assets less liabilities—0.8% | 29,698 | |||||||
|
| |||||||
Net Assets—100.0% | $3,613,710 | |||||||
|
|
Notes to Schedule of Investments:
(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.
(b) Securities with an aggregate value of $3,161,483, representing 87.5% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(c) Affiliated security.
(d) Non-income producing.
The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:
Oil, Gas & Consumable Fuels | 10.2% | |||
Insurance | 8.8% | |||
Wireless Telecommunication Services | 8.5% | |||
Tobacco | 7.8% | |||
Media | 7.6% | |||
Air Freight & Logistics | 6.1% | |||
Diversified Telecommunication Services | 6.0% | |||
Pharmaceuticals | 5.0% | |||
Capital Markets | 5.0% | |||
Gas Utilities | 4.7% | |||
Banks | 4.4% | |||
Construction & Engineering | 3.5% | |||
Auto Components | 2.4% | |||
Consumer Finance | 2.2% | |||
Diversified Financial Services | 1.5% | |||
Multi-Utilities | 1.4% | |||
Food Products | 1.0% | |||
Energy Equipment & Services | 0.9% | |||
Communications Equipment | 0.9% | |||
Chemicals | 0.5% | |||
Repurchase Agreements | 10.8% | |||
Other assets less liabilities | 0.8% | |||
|
| |||
100.0% | ||||
|
|
AllianzGI Global Fundamental Strategy Fund
Shares | Value | |||||||||
Common Stock—36.1% | ||||||||||
Belgium—1.7% | ||||||||||
bpost S.A. | 6,000 | $166,512 | ||||||||
Warehouses De Pauw CVA REIT | 1,800 | 170,921 | ||||||||
|
| |||||||||
337,433 | ||||||||||
|
| |||||||||
France—0.7% | ||||||||||
Engie S.A. | 9,000 | 139,442 | ||||||||
|
| |||||||||
Germany—5.1% | ||||||||||
BASF SE | 2,100 | 157,911 | ||||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 900 | 182,650 | ||||||||
SAP SE | 1,600 | 128,749 | ||||||||
TLG Immobilien AG (f) | 6,282 | 136,926 | ||||||||
Vonovia SE | 11,900 | 427,220 | ||||||||
|
| |||||||||
1,033,456 | ||||||||||
|
| |||||||||
Hong Kong—2.7% | ||||||||||
HKT Trust & HKT Ltd. | 222,400 | 306,191 | ||||||||
Power Assets Holdings Ltd. | 22,600 | 231,448 | ||||||||
|
| |||||||||
537,639 | ||||||||||
|
| |||||||||
Indonesia—1.4% | ||||||||||
Bank Negara Indonesia Persero Tbk PT | 130,000 | 50,964 | ||||||||
Indocement Tunggal Prakarsa Tbk PT | 30,000 | 44,608 | ||||||||
Telekomunikasi Indonesia Persero Tbk PT | 777,300 | 195,929 | ||||||||
|
| |||||||||
291,501 | ||||||||||
|
| |||||||||
Israel—0.4% | ||||||||||
Mobileye NV (g) | 2,000 | 74,580 | ||||||||
|
| |||||||||
Italy—0.6% | ||||||||||
Eni SpA | 7,700 | 116,291 | ||||||||
|
| |||||||||
New Zealand—1.1% | ||||||||||
Spark New Zealand Ltd. | 87,100 | 219,573 | ||||||||
|
| |||||||||
Norway—1.9% | ||||||||||
Telenor ASA | 9,300 | 150,372 | ||||||||
Yara International ASA | 6,300 | 236,501 | ||||||||
|
| |||||||||
386,873 | ||||||||||
|
| |||||||||
Portugal—0.9% | ||||||||||
CTT-Correios de Portugal S.A. (f) | 20,000 | 187,997 | ||||||||
|
| |||||||||
Switzerland—2.3% | ||||||||||
Nestle S.A. | 3,200 | 238,787 | ||||||||
Roche Holding AG | 900 | 220,986 | ||||||||
|
| |||||||||
459,773 | ||||||||||
|
| |||||||||
Turkey—1.6% | ||||||||||
Tupras Turkiye Petrol Rafinerileri AS (g) | 11,500 | 323,905 | ||||||||
|
| |||||||||
United Kingdom—3.5% | ||||||||||
BP PLC | 28,000 | 140,094 | ||||||||
Centrica PLC | 33,200 | 108,460 | ||||||||
Reckitt Benckiser Group PLC | 2,900 | 279,724 | ||||||||
Royal Dutch Shell PLC, Class A | 7,300 | 176,265 | ||||||||
|
| |||||||||
704,543 | ||||||||||
|
| |||||||||
United States—12.2% | ||||||||||
Amazon.com, Inc. (e)(g) | 400 | 237,456 | ||||||||
Cisco Systems, Inc. (e) | 8,400 | 239,148 | ||||||||
Eli Lilly & Co. | 2,700 | 194,427 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 147 |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Shares | Value | |||||||||||
General Electric Co. (e) | 8,300 | $ | 263,857 | |||||||||
Intel Corp. (e) | 8,600 | 278,210 | ||||||||||
Johnson & Johnson | 2,400 | 259,680 | ||||||||||
Merck & Co., Inc. | 4,200 | 222,222 | ||||||||||
Microchip Technology, Inc. (e) | 5,800 | 279,560 | ||||||||||
Microsoft Corp. (e) | 5,100 | 281,673 | ||||||||||
Verizon Communications, Inc. | 3,900 | 210,912 | ||||||||||
|
| |||||||||||
2,467,145 | ||||||||||||
|
| |||||||||||
Total Common Stock (cost—$6,522,102) | 7,280,151 | |||||||||||
|
| |||||||||||
Principal Amount (000s) | ||||||||||||
Corporate Bonds & Notes—25.0% | ||||||||||||
Brazil—1.9% | ||||||||||||
Petrobras Global Finance BV, |
| |||||||||||
4.375%, 5/20/23 | $ | 280 | 205,016 | |||||||||
5.375%, 1/27/21 | 200 | 164,690 | ||||||||||
|
| |||||||||||
369,706 | ||||||||||||
|
| |||||||||||
Mexico—2.0% | ||||||||||||
Controladora Mabe S.A. de C.V. (a)(b), |
| |||||||||||
7.875%, 10/28/19 |
| 200 | 218,200 | |||||||||
Petroleos Mexicanos, | 190 | 183,350 | ||||||||||
|
| |||||||||||
401,550 | ||||||||||||
|
| |||||||||||
Supranational—9.9% | ||||||||||||
European Investment Bank, |
| |||||||||||
0.625%, 4/15/16 |
| 1,000 | 1,000,034 | |||||||||
Inter-American Development Bank, |
| |||||||||||
0.625%, 9/12/16 | 1,000 | 1,000,143 | ||||||||||
|
| |||||||||||
2,000,177 | ||||||||||||
|
| |||||||||||
Switzerland—2.7% | ||||||||||||
Credit Suisse AG, | 500 | 549,085 | ||||||||||
|
| |||||||||||
United States—8.5% | ||||||||||||
AT&T, Inc., | 500 | 557,748 | ||||||||||
HSBC USA, Inc., | 500 | 499,168 | ||||||||||
Oracle Corp., | 600 | 656,296 | ||||||||||
|
| |||||||||||
1,713,212 | ||||||||||||
|
| |||||||||||
Total Corporate Bonds & Notes (cost—$5,031,080) | 5,033,730 | |||||||||||
|
| |||||||||||
Sovereign Debt Obligations—19.8% | ||||||||||||
Brazil—2.0% | ||||||||||||
Brazil Notas do Tesouro Nacional, Ser. F, |
| |||||||||||
10.00%, 1/1/18 | BRL | 1,500 | 398,206 | |||||||||
|
| |||||||||||
Indonesia—2.6% | ||||||||||||
Indonesia Treasury Bond, |
| |||||||||||
7.375%, 9/15/16 | IDR | 6,900,000 | 523,432 | |||||||||
|
| |||||||||||
Italy—5.7% | ||||||||||||
Italy Buoni Poliennali Del Tesoro (d), |
| |||||||||||
1.65%, 4/23/20 | € | 438 | 528,192 | |||||||||
3.10%, 9/15/26 | 439 | 632,365 | ||||||||||
|
| |||||||||||
1,160,557 | ||||||||||||
|
|
Principal Amount (000s) | Value | |||||||||||
Mexico—2.2% | ||||||||||||
Mexican Bonos, Ser. M, |
| |||||||||||
6.50%, 6/9/22 | MXN | 7,500 | $455,523 | |||||||||
|
| |||||||||||
Poland—2.1% | ||||||||||||
Poland Government Bond, |
| |||||||||||
3.75%, 4/25/18 | PLN | 1,500 | 421,192 | |||||||||
|
| |||||||||||
Russian Federation—1.0% | ||||||||||||
Russian Federation Bond (a)(b), |
| |||||||||||
4.50%, 4/4/22 | $ | 200 | 205,443 | |||||||||
|
| |||||||||||
South Africa—2.0% | ||||||||||||
South Africa Government Bond, |
| |||||||||||
8.00%, 12/21/18 | ZAR | 6,000 | 402,571 | |||||||||
|
| |||||||||||
Spain—2.2% | ||||||||||||
Spain Government Inflation Linked Bond (b)(d), |
| |||||||||||
1.80%, 11/30/24 | € | 345 | 437,290 | |||||||||
|
| |||||||||||
Total Sovereign Debt Obligations (cost—$4,700,973) | 4,004,214 | |||||||||||
|
| |||||||||||
U.S. Treasury Obligations—2.5% | ||||||||||||
U.S. Treasury Inflation Indexed Notes (d), |
| |||||||||||
(cost—$476,491) | $ | 500 | 504,904 | |||||||||
|
| |||||||||||
Shares | ||||||||||||
Exchange-Traded Funds—1.8% | ||||||||||||
iShares MSCI Emerging Markets Index (e) |
| 10,400 | 356,200 | |||||||||
|
| |||||||||||
Preferred Stock—0.5% | ||||||||||||
Brazil—0.5% | ||||||||||||
Vale S.A. |
| 35,000 | 110,773 | |||||||||
|
| |||||||||||
Principal Amount (000s) | ||||||||||||
Repurchase Agreements—13.2% | ||||||||||||
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $2,653,000; collateralized by U.S. Treasury Notes, 3.125%, due 5/15/21, valued at $2,710,335 including accrued interest |
| |||||||||||
(cost—$2,653,000) | $ | 2,653 | 2,653,000 | |||||||||
|
| |||||||||||
Contracts | ||||||||||||
Options Purchased (g)(i)—0.3% | ||||||||||||
Put Options—0.3% | ||||||||||||
E-mini S&P 500 Index, strike price $1,975.00, expires 9/16/16 |
| 20 | 63,500 | |||||||||
|
| |||||||||||
Total Investments, before options written (cost—$20,090,538)—99.2% | 20,006,472 | |||||||||||
|
| |||||||||||
Options Written (g)(i)—(0.2)% | ||||||||||||
Call Options—(0.1)% | ||||||||||||
Euro STOXX 600 Index, strike price $765.00, expires 5/20/16 | 25 | (13,015 | ) | |||||||||
|
|
Contracts | Value | |||||||||
Put Options—(0.1)% | ||||||||||
E-mini S&P 500 Index, strike price $1,800.00, expires 9/16/16 | 20 | $ | (29,500 | ) | ||||||
|
| |||||||||
Total Options Written (premiums received—$56,970) | (42,515 | ) | ||||||||
|
| |||||||||
Total Investments, net of options written (cost—$20,033,568) (c)—99.0% | 19,963,957 | |||||||||
|
| |||||||||
Other assets less other liabilities (h)—1.0% |
| 204,252 | ||||||||
|
| |||||||||
Net Assets—100.0% | $20,168,209 | |||||||||
|
|
Notes to Schedule of Investments:
(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $423,643, representing 2.1% of net assets.
(b) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.
(c) Securities with an aggregate value of $4,432,235, representing 22.0% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(d) Inflationary Bonds—Principal amount of security is adjusted for inflation/deflation.
(e) All or partial amount segregated for the benefit of the counterparty as collateral for options written.
(f) Affiliated security.
(g) Non-income producing.
(h) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.
(i) Exchange traded-Chicago Board Options Exchange.
Glossary:
BRL—Brazilian Real
€—Euro
IDR—Indonesian Rupiah
MSCI—Morgan Stanley Capital International
MXN—Mexican Peso
PLN—Polish Zloty
REIT—Real Estate Investment Trust
ZAR—South African Rand
148 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
The industry classification of portfolio holdings and other assets less other liabilities shown as a percentage of net assets were as follows:
Sovereign Debt Obligations | 19.8% | |||
Banks | 15.3% | |||
Oil, Gas & Consumable Fuels | 6.5% | |||
Software | 5.7% | |||
Diversified Telecommunication Services | 5.4% | |||
Pharmaceuticals | 4.4% | |||
Real Estate Management & Development | 2.8% | |||
Semiconductors & Semiconductor Equipment | 2.8% | |||
Telecommunications | 2.8% | |||
U.S. Treasury Obligations | 2.5% | |||
Chemicals | 2.0% | |||
Exchange-Traded Funds | 1.8% | |||
Air Freight & Logistics | 1.8% | |||
Household Products | 1.4% | |||
Industrial Conglomerates | 1.3% | |||
Multi-Utilities | 1.2% | |||
Communications Equipment | 1.2% | |||
Food Products | 1.2% | |||
Internet & Catalog Retail | 1.2% | |||
Electric Utilities | 1.1% | |||
Household Products/Wares | 1.1% | |||
Insurance | 0.9% | |||
Real Estate Investment Trust | 0.8% | |||
Metals & Mining | 0.5% | |||
Construction Materials | 0.2% | |||
Repurchase Agreements | 13.2% | |||
Options Purchased | 0.3% | |||
Options Written | (0.2)% | |||
Other assets less other liabilities | 1.0% | |||
|
| |||
100.0% | ||||
|
|
AllianzGI Global Sustainability Fund
Shares | Value | |||||||
Common Stock—94.0% | ||||||||
Australia—1.3% | ||||||||
Australia & New Zealand Banking Group Ltd. | 14,472 | $259,432 | ||||||
|
| |||||||
Canada—1.1% | ||||||||
Gibson Energy, Inc. | 16,961 | 224,623 | ||||||
|
| |||||||
Denmark—2.0% | ||||||||
Novo Nordisk A/S, Class B | 7,466 | 404,311 | ||||||
|
| |||||||
France—2.8% | ||||||||
BNP Paribas S.A. | 5,366 | 269,591 | ||||||
Bureau Veritas S.A. (b) | 13,609 | 302,574 | ||||||
|
| |||||||
572,165 | ||||||||
|
| |||||||
Germany—5.9% | ||||||||
Adidas AG | 3,904 | 455,834 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 2,127 | 431,662 | ||||||
SAP SE | 3,983 | 320,506 | ||||||
|
| |||||||
1,208,002 | ||||||||
|
| |||||||
Japan—3.6% | ||||||||
Astellas Pharma, Inc. | 17,100 | 227,251 | ||||||
Daikin Industries Ltd. | 4,600 | 343,549 | ||||||
Mazda Motor Corp. | 11,200 | 173,844 | ||||||
|
| |||||||
744,644 | ||||||||
|
| |||||||
Norway—1.3% | ||||||||
Storebrand ASA (c) | 66,532 | 259,162 | ||||||
|
| |||||||
Spain—4.0% | ||||||||
Amadeus IT Holding S.A., Class A | 10,383 | 444,017 | ||||||
Industria de Diseno Textil S.A. | 11,193 | 375,185 | ||||||
|
| |||||||
819,202 | ||||||||
|
| |||||||
Sweden—2.8% | ||||||||
Atlas Copco AB, Class A | 12,273 | 308,020 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 29,207 | 278,524 | ||||||
|
| |||||||
586,544 | ||||||||
|
| |||||||
Switzerland—4.6% | ||||||||
Nestle S.A. | 3,437 | 256,471 | ||||||
Roche Holding AG | 1,745 | 428,468 | ||||||
UBS Group AG | 16,329 | 262,669 | ||||||
|
| |||||||
947,608 | ||||||||
|
| |||||||
United Kingdom—12.3% | ||||||||
AstraZeneca PLC | 4,793 | 267,602 | ||||||
BHP Billiton PLC | 13,451 | 150,629 | ||||||
Prudential PLC | 18,916 | 351,997 | ||||||
Reckitt Benckiser Group PLC | 2,662 | 256,767 | ||||||
Royal Dutch Shell PLC, Class B | 10,073 | 245,124 | ||||||
Unilever PLC | 10,008 | 451,288 | ||||||
Vodafone Group PLC | 124,591 | 395,907 | ||||||
WPP PLC | 17,823 | 414,839 | ||||||
|
| |||||||
2,534,153 | ||||||||
|
| |||||||
United States—52.3% | ||||||||
Accenture PLC, Class A | 3,760 | 433,904 | ||||||
Agilent Technologies, Inc. | 8,948 | 356,578 | ||||||
Alphabet, Inc., Class A (c) | 731 | 557,680 | ||||||
American Express Co. | 5,491 | 337,147 | ||||||
Apple, Inc. | 3,997 | 435,633 | ||||||
Biogen, Inc. (c) | 784 | 204,091 | ||||||
Citigroup, Inc. | 9,501 | 396,667 | ||||||
Colgate-Palmolive Co. | 6,466 | 456,823 | ||||||
Eaton Corp. PLC | 5,807 | 363,286 | ||||||
Ecolab, Inc. | 2,864 | 319,393 | ||||||
EOG Resources, Inc. | 4,451 | 323,054 |
Shares | Value | |||||||
Estee Lauder Cos., Inc., Class A | 5,248 | $ | 494,939 | |||||
IDEX Corp. | 5,103 | 422,937 | ||||||
Intel Corp. | 6,795 | 219,818 | ||||||
International Flavors & Fragrances, Inc. | 3,470 | 394,782 | ||||||
Intuit, Inc. | 3,595 | 373,916 | ||||||
Johnson & Johnson | 4,741 | 512,976 | ||||||
McGraw Hill Financial, Inc. | 2,597 | 257,051 | ||||||
Microsoft Corp. | 8,507 | 469,842 | ||||||
Mondelez International, Inc., Class A | 9,172 | 367,981 | ||||||
Nielsen Holdings PLC | 6,531 | 343,922 | ||||||
Priceline Group, Inc. (c) | 342 | 440,824 | ||||||
Schlumberger Ltd. | 5,169 | 381,214 | ||||||
Starbucks Corp. | 9,277 | 553,837 | ||||||
Visa, Inc., Class A | 7,657 | 585,607 | ||||||
Wells Fargo & Co. | 9,721 | 470,107 | ||||||
WW Grainger, Inc. | 1,080 | 252,104 | ||||||
|
| |||||||
10,726,113 | ||||||||
|
| |||||||
Total Common Stock (cost—$19,226,174) | 19,285,959 | |||||||
|
| |||||||
Preferred Stock—2.0% | ||||||||
Germany—2.0% | ||||||||
Henkel AG & Co. KGaA | 3,648 | 401,308 | ||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—5.0% | ||||||||
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $1,022,001; collateralized by U.S. Treasury Notes, 3.125%, due 5/15/21, valued at $1,046,674 including accrued interest |
| |||||||
(cost—$1,022,000) | $1,022 | 1,022,000 | ||||||
|
| |||||||
Total Investments (cost—$20,642,852) (a)—101.0% | 20,709,267 | |||||||
|
| |||||||
Liabilities in excess of other assets—(1.0)% | (201,983 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $20,507,284 | |||||||
|
|
Notes to Schedule of Investments:
(a) Securities with an aggregate value of $8,736,531, representing 42.6% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(b) Affiliated security.
(c) Non-income producing.
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 149 |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
The industry classification of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets were as follows:
Pharmaceuticals | 9.0% | |||
Banks | 8.2% | |||
IT Services | 7.1% | |||
Software | 5.7% | |||
Household Products | 5.4% | |||
Insurance | 5.1% | |||
Personal Products | 4.6% | |||
Oil, Gas & Consumable Fuels | 3.9% | |||
Machinery | 3.6% | |||
Chemicals | 3.5% | |||
Professional Services | 3.2% | |||
Food Products | 3.0% | |||
Internet Software & Services | 2.7% | |||
Hotels, Restaurants & Leisure | 2.7% | |||
Textiles, Apparel & Luxury Goods | 2.2% | |||
Internet & Catalog Retail | 2.2% | |||
Technology Hardware, Storage & Peripherals | 2.1% | |||
Media | 2.0% | |||
Wireless Telecommunication Services | 1.9% | |||
Energy Equipment & Services | 1.9% | |||
Specialty Retail | 1.8% | |||
Electrical Equipment | 1.8% | |||
Life Sciences Tools & Services | 1.7% | |||
Building Products | 1.7% | |||
Consumer Finance | 1.6% | |||
Capital Markets | 1.3% | |||
Diversified Financial Services | 1.3% | |||
Trading Companies & Distributors | 1.2% | |||
Semiconductors & Semiconductor Equipment | 1.1% | |||
Biotechnology | 1.0% | |||
Automobiles | 0.8% | |||
Metals & Mining | 0.7% | |||
Repurchase Agreements | 5.0% | |||
Liabilities in excess of other assets | (1.0)% | |||
|
| |||
100.0% | ||||
|
|
AllianzGI Global Water Fund
Shares | Value | |||||||
Common Stock—92.2% | ||||||||
Austria—5.5% | ||||||||
Andritz AG | 293,297 | $16,067,982 | ||||||
Wienerberger AG | 317,742 | 6,101,723 | ||||||
|
| |||||||
22,169,705 | ||||||||
|
| |||||||
Brazil—1.3% | ||||||||
Cia de Saneamento Basico do Estado de Sao Paulo ADR | 829,095 | 5,472,027 | ||||||
|
| |||||||
China—2.0% | ||||||||
Guangdong Investment Ltd. | 6,384,000 | 8,080,576 | ||||||
|
| |||||||
Finland—3.5% | ||||||||
Uponor Oyj | 707,791 | 10,287,428 | ||||||
Wartsila Oyj Abp | 85,000 | 3,842,247 | ||||||
|
| |||||||
14,129,675 | ||||||||
|
| |||||||
France—8.2% | ||||||||
Suez Environnement Co. | 988,437 | 18,094,638 | ||||||
Veolia Environnement S.A. | 626,310 | 15,074,539 | ||||||
|
| |||||||
33,169,177 | ||||||||
|
| |||||||
Germany—2.7% | ||||||||
GEA Group AG | 228,394 | 11,143,566 | ||||||
|
| |||||||
Israel—1.3% | ||||||||
Israel Chemicals Ltd. | 1,210,000 | 5,254,597 | ||||||
|
| |||||||
Italy—3.0% | ||||||||
ACEA SpA | 523,938 | 8,023,384 | ||||||
Hera SpA | 1,377,552 | 4,112,225 | ||||||
|
| |||||||
12,135,609 | ||||||||
|
| |||||||
Netherlands—4.5% | ||||||||
Aalberts Industries NV | 413,665 | 14,324,903 | ||||||
Arcadis NV | 216,487 | 4,031,432 | ||||||
|
| |||||||
18,356,335 | ||||||||
|
| |||||||
Switzerland—12.7% | ||||||||
Belimo Holding AG | 2,987 | 8,105,753 | ||||||
Geberit AG | 94,465 | 35,296,313 | ||||||
Georg Fischer AG | 10,041 | 8,108,706 | ||||||
|
| |||||||
51,510,772 | ||||||||
|
| |||||||
United Kingdom—14.3% | ||||||||
Halma PLC | 943,829 | 12,336,864 | ||||||
Pennon Group PLC | 1,729,133 | 20,109,468 | ||||||
Rotork PLC | 2,031,877 | 5,326,897 | ||||||
Severn Trent PLC | 524,789 | 16,347,746 | ||||||
Spirax-Sarco Engineering PLC | 78,766 | 4,112,080 | ||||||
|
| |||||||
58,233,055 | ||||||||
|
| |||||||
United States—33.2% | ||||||||
American Water Works Co., Inc. | 514,965 | 35,496,537 | ||||||
Aqua America, Inc. | 595,512 | 18,949,192 | ||||||
Danaher Corp. | 270,190 | 25,630,223 | ||||||
Franklin Electric Co., Inc. | 282,846 | 9,099,156 | ||||||
IDEX Corp. | 152,505 | 12,639,614 | ||||||
Mueller Water Products, Inc., Class A | 895,102 | 8,843,608 | ||||||
Xylem, Inc. | 593,225 | 24,262,903 | ||||||
|
| |||||||
134,921,233 | ||||||||
|
| |||||||
Total Common Stock (cost—$321,272,749) | 374,576,327 | |||||||
|
| |||||||
Principal Amount (000s) | Value | |||||||
Repurchase Agreements—7.5% | ||||||||
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $30,374,025; collateralized by Fannie Mae, 1.375%, due 2/26/21, valued at $30,983,681 including accrued interest |
| |||||||
(cost—$30,374,000) | $30,374 | $ | 30,374,000 | |||||
|
| |||||||
Total Investments (cost—$351,646,749) (a)—99.7% | 404,950,327 | |||||||
|
| |||||||
Other assets less liabilities—0.3% | 1,150,371 | |||||||
|
| |||||||
Net Assets—100.0% | $406,100,698 | |||||||
|
|
Notes to Schedule of Investments:
(a) Securities with an aggregate value of $234,183,067, representing 57.7% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
Glossary:
ADR—American Depositary Receipt
The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:
Machinery | 26.8% | |||
Water Utilities | 25.7% | |||
Building Products | 14.7% | |||
Multi-Utilities | 11.2% | |||
Industrial Conglomerates | 6.3% | |||
Electronic Equipment, Instruments & Components | 3.0% | |||
Electrical Equipment | 2.2% | |||
Chemicals | 1.3% | |||
Construction & Engineering | 1.0% | |||
Repurchase Agreements | 7.5% | |||
Other assets less liabilities | 0.3% | |||
|
| |||
100.0% | ||||
|
|
150 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
AllianzGI High Yield Bond Fund
Principal Amount (000s) | Value | |||||||
Corporate Bonds & Notes—94.8% | ||||||||
Advertising—0.4% | ||||||||
Affinion Group, Inc., | ||||||||
7.875%, 12/15/18 | $2,150 | $1,263,125 | ||||||
|
| |||||||
Aerospace & Defense—1.8% | ||||||||
KLX, Inc. (a)(c), | ||||||||
5.875%, 12/1/22 | 1,165 | 1,159,175 | ||||||
Kratos Defense & Security Solutions, Inc., |
| |||||||
7.00%, 5/15/19 | 1,448 | 1,158,400 | ||||||
TransDigm, Inc., | ||||||||
6.50%, 5/15/25 | 1,430 | 1,403,187 | ||||||
7.50%, 7/15/21 | 1,830 | 1,926,075 | ||||||
|
| |||||||
5,646,837 | ||||||||
|
| |||||||
Auto Components—1.6% | ||||||||
American Axle & Manufacturing, Inc., |
| |||||||
6.625%, 10/15/22 | 1,990 | 2,074,575 | ||||||
Commercial Vehicle Group, Inc., |
| |||||||
7.875%, 4/15/19 | 2,778 | 2,347,410 | ||||||
Goodyear Tire & Rubber Co., |
| |||||||
5.125%, 11/15/23 | 500 | 513,750 | ||||||
|
| |||||||
4,935,735 | ||||||||
|
| |||||||
Auto Manufacturers—0.7% | ||||||||
Navistar International Corp., |
| |||||||
8.25%, 11/1/21 | 2,790 | 2,078,550 | ||||||
|
| |||||||
Banks—1.1% | ||||||||
CIT Group, Inc., |
| |||||||
5.00%, 8/15/22 | 645 | 654,675 | ||||||
Royal Bank of Scotland Group PLC, |
| |||||||
5.125%, 5/28/24 | 2,740 | 2,639,502 | ||||||
|
| |||||||
3,294,177 | ||||||||
|
| |||||||
Building Materials—1.0% | ||||||||
Louisiana-Pacific Corp., |
| |||||||
7.50%, 6/1/20 | 3,045 | 3,178,219 | ||||||
|
| |||||||
Chemicals—3.3% | ||||||||
A Schulman, Inc. (a)(c), |
| |||||||
6.875%, 6/1/23 | 2,465 | 2,440,350 | ||||||
Chemours Co. (a)(c), |
| |||||||
7.00%, 5/15/25 | 2,760 | 2,225,250 | ||||||
OMNOVA Solutions, Inc., |
| |||||||
7.875%, 11/1/18 | 1,665 | 1,656,675 | ||||||
Platform Specialty Products Corp. (a)(c), |
| |||||||
6.50%, 2/1/22 | 2,655 | 2,253,431 | ||||||
Univar USA, Inc. (a)(c), |
| |||||||
6.75%, 7/15/23 | 1,755 | 1,733,063 | ||||||
|
| |||||||
10,308,769 | ||||||||
|
| |||||||
Commercial Services—5.3% | ||||||||
Cardtronics, Inc., |
| |||||||
5.125%, 8/1/22 | 1,440 | 1,429,200 | ||||||
Cenveo Corp., |
| |||||||
6.00%, 8/1/19 (a)(c) | 865 | 633,613 | ||||||
11.50%, 5/15/17 | 3,285 | 2,085,975 | ||||||
ExamWorks Group, Inc., | ||||||||
5.625%, 4/15/23 | 1,720 | 1,760,850 | ||||||
Harland Clarke Holdings Corp. (a)(c), |
| |||||||
9.25%, 3/1/21 | 4,520 | 3,480,400 | ||||||
9.75%, 8/1/18 | 1,095 | 1,082,681 | ||||||
Hertz Corp., | ||||||||
6.75%, 4/15/19 | 985 | 1,001,735 | ||||||
RR Donnelley & Sons Co., |
| |||||||
7.00%, 2/15/22 | 2,055 | 1,911,150 | ||||||
SFX Entertainment, Inc. (a)(b)(c)(e), |
| |||||||
9.625%, 2/1/19 | 2,761 | 82,830 |
Principal Amount (000s) | Value | |||||||
United Rentals North America, Inc., |
| |||||||
5.50%, 7/15/25 | $ | 2,950 | $ | 2,924,187 | ||||
|
| |||||||
16,392,621 | ||||||||
|
| |||||||
Computers—0.9% | ||||||||
Unisys Corp., | ||||||||
6.25%, 8/15/17 | 1,850 | 1,866,188 | ||||||
Western Digital Corp. (a)(c)(d), |
| |||||||
10.50%, 4/1/24 | 1,000 | 1,003,125 | ||||||
|
| |||||||
2,869,313 | ||||||||
|
| |||||||
Containers & Packaging—0.9% | ||||||||
Owens-Brockway Glass Container, Inc. (a)(c), |
| |||||||
5.00%, 1/15/22 | 660 | 677,378 | ||||||
Reynolds Group Issuer, Inc., |
| |||||||
9.875%, 8/15/19 | 2,130 | 2,205,881 | ||||||
|
| |||||||
2,883,259 | ||||||||
|
| |||||||
Distribution/Wholesale—1.8% | ||||||||
H&E Equipment Services, Inc., |
| |||||||
7.00%, 9/1/22 | 2,255 | 2,300,100 | ||||||
Park-Ohio Industries, Inc., |
| |||||||
8.125%, 4/1/21 | 3,165 | 3,236,212 | ||||||
|
| |||||||
5,536,312 | ||||||||
|
| |||||||
Diversified Financial Services—5.3% | ||||||||
Ally Financial, Inc., |
| |||||||
5.75%, 11/20/25 | 2,345 | 2,303,962 | ||||||
8.00%, 3/15/20 | 1,805 | 2,026,113 | ||||||
Community Choice Financial, Inc., |
| |||||||
10.75%, 5/1/19 | 2,060 | 937,300 | ||||||
Energizer Holdings, Inc. (a)(c), |
| |||||||
5.50%, 6/15/25 | 1,650 | 1,662,045 | ||||||
International Lease Finance Corp., |
| |||||||
8.25%, 12/15/20 | 1,600 | 1,873,000 | ||||||
Nationstar Mortgage LLC, |
| |||||||
7.875%, 10/1/20 | 1,950 | 1,876,875 | ||||||
9.625%, 5/1/19 | 1,000 | 1,040,000 | ||||||
Navient Corp., | ||||||||
8.45%, 6/15/18 | 2,365 | 2,542,375 | ||||||
Springleaf Finance Corp., |
| |||||||
6.90%, 12/15/17 | 1,215 | 1,257,525 | ||||||
8.25%, 10/1/23 | 945 | 916,650 | ||||||
|
| |||||||
16,435,845 | ||||||||
|
| |||||||
Diversified Telecommunication Services—0.7% | ||||||||
Frontier Communications Corp. (a)(c), |
| |||||||
10.50%, 9/15/22 | 2,200 | 2,263,250 | ||||||
|
| |||||||
Electric Utilities—1.3% | ||||||||
NRG Energy, Inc., |
| |||||||
6.25%, 5/1/24 | 3,001 | 2,768,423 | ||||||
Talen Energy Supply LLC, | ||||||||
6.50%, 6/1/25 | 1,355 | 1,131,425 | ||||||
|
| |||||||
3,899,848 | ||||||||
|
| |||||||
Electrical Equipment—0.4% | ||||||||
Anixter, Inc., | ||||||||
5.125%, 10/1/21 | 100 | 101,000 | ||||||
WireCo WorldGroup, Inc., |
| |||||||
9.50%, 5/15/17 | 1,155 | 1,088,588 | ||||||
|
| |||||||
1,189,588 | ||||||||
|
| |||||||
Electronics—0.6% | ||||||||
Kemet Corp., | ||||||||
10.50%, 5/1/18 | 2,559 | 1,887,263 | ||||||
|
| |||||||
Energy-Alternate Sources—0.7% | ||||||||
TerraForm Power Operating LLC (a)(c), |
| |||||||
5.875%, 2/1/23 | 2,645 | 2,155,675 | ||||||
|
|
Principal Amount (000s) | Value | |||||||
Engineering & Construction—0.9% | ||||||||
AECOM, | ||||||||
5.875%, 10/15/24 | $ | 2,755 | $ | 2,865,200 | ||||
|
| |||||||
Entertainment—1.8% | ||||||||
Cedar Fair L.P., | 3,145 | 3,278,662 | ||||||
International Game Technology PLC (a)(c), | 2,190 | 2,239,275 | ||||||
|
| |||||||
5,517,937 | ||||||||
|
| |||||||
Food & Beverage—0.7% | ||||||||
Post Holdings, Inc., | 1,985 | 2,106,581 | ||||||
|
| |||||||
Healthcare-Products—2.6% | ||||||||
Hologic, Inc. (a)(c), | 2,245 | 2,348,831 | ||||||
Kinetic Concepts, Inc., | 2,820 | 2,841,150 | ||||||
Teleflex, Inc., | 2,855 | 2,937,081 | ||||||
|
| |||||||
8,127,062 | ||||||||
|
| |||||||
Healthcare-Services—4.8% | ||||||||
Community Health Systems, Inc., | 2,395 | 2,275,250 | ||||||
DaVita HealthCare Partners, Inc., | 1,810 | 1,831,494 | ||||||
Envision Healthcare Corp. (a)(c), | 1,980 | 2,019,600 | ||||||
HCA, Inc., | 2,500 | 2,841,420 | ||||||
Kindred Healthcare, Inc., |
| |||||||
6.375%, 4/15/22 | 1,803 | 1,631,715 | ||||||
8.75%, 1/15/23 | 1,235 | 1,184,056 | ||||||
Tenet Healthcare Corp., | 3,070 | 3,164,894 | ||||||
|
| |||||||
14,948,429 | ||||||||
|
| |||||||
Holding Companies-Diversified—0.8% | ||||||||
Horizon Pharma Financing, Inc. (a)(c), | 2,860 | 2,538,250 | ||||||
|
| |||||||
Home Builders—2.4% | ||||||||
Brookfield Residential Properties, Inc. (a)(c), | 2,165 | 2,078,400 | ||||||
CalAtlantic Group, Inc., |
| |||||||
5.875%, 11/15/24 | 615 | 650,363 | ||||||
8.375%, 5/15/18 | 1,360 | 1,519,800 | ||||||
KB Home, | 3,105 | 3,268,012 | ||||||
|
| |||||||
7,516,575 | ||||||||
|
| |||||||
Household Products/Wares—1.6% | ||||||||
Jarden Corp. (a)(c), | 2,675 | 2,815,437 | ||||||
Spectrum Brands, Inc., | 2,000 | 2,135,000 | ||||||
|
| |||||||
4,950,437 | ||||||||
|
| |||||||
Insurance—0.8% | ||||||||
CNO Financial Group, Inc., | 2,310 | 2,373,525 | ||||||
|
| |||||||
Internet—0.9% | ||||||||
j2 Global, Inc., | 2,780 | 2,905,100 | ||||||
|
| |||||||
Internet & Catalog Retail—1.0% | ||||||||
Netflix, Inc., | 2,920 | 3,087,900 | ||||||
|
|
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 151 |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Principal Amount (000s) | Value | |||||||
Iron/Steel—1.8% | ||||||||
AK Steel Corp., |
| |||||||
7.625%, 5/15/20 | $650 | $409,500 | ||||||
8.375%, 4/1/22 | 1,200 | 654,000 | ||||||
8.75%, 12/1/18 | 770 | 743,050 | ||||||
ArcelorMittal, | 2,565 | 2,859,975 | ||||||
Steel Dynamics, Inc., | 830 | 842,450 | ||||||
|
| |||||||
5,508,975 | ||||||||
|
| |||||||
Leisure Time—0.6% | ||||||||
NCL Corp., Ltd. (a)(c), | ||||||||
5.25%, 11/15/19 | 1,695 | 1,745,850 | ||||||
|
| |||||||
Lodging—1.1% | ||||||||
MGM Resorts International, | ||||||||
6.625%, 12/15/21 | 2,000 | 2,155,000 | ||||||
Wynn Las Vegas LLC (a)(c), |
| |||||||
5.50%, 3/1/25 | 1,455 | 1,376,794 | ||||||
|
| |||||||
3,531,794 | ||||||||
|
| |||||||
Machinery-Construction & Mining—1.1% | ||||||||
BlueLine Rental Finance Corp. (a)(c), |
| |||||||
7.00%, 2/1/19 | 3,635 | 3,366,919 | ||||||
|
| |||||||
Machinery-Diversified—0.7% | ||||||||
Zebra Technologies Corp., |
| |||||||
7.25%, 10/15/22 | 1,930 | 2,103,700 | ||||||
|
| |||||||
Media—6.9% | ||||||||
American Media, Inc., | ||||||||
11.50%, 12/15/17 | 1,915 | 1,974,844 | ||||||
Cablevision Systems Corp., | ||||||||
8.625%, 9/15/17 | 1,545 | 1,637,700 | ||||||
CCO Holdings LLC, | ||||||||
5.75%, 1/15/24 | 2,070 | 2,160,562 | ||||||
Clear Channel Worldwide Holdings, Inc., |
| |||||||
6.50%, 11/15/22 | 1,445 | 1,445,000 | ||||||
DISH DBS Corp., | ||||||||
5.875%, 7/15/22 | 2,000 | 1,900,000 | ||||||
Gray Television, Inc., | ||||||||
7.50%, 10/1/20 | 2,545 | 2,697,700 | ||||||
LIN Television Corp., | ||||||||
5.875%, 11/15/22 | 1,930 | 1,963,775 | ||||||
McClatchy Co., | ||||||||
9.00%, 12/15/22 | 1,660 | 1,555,213 | ||||||
McGraw-Hill Global Education Holdings LLC, |
| |||||||
9.75%, 4/1/21 | 1,595 | 1,738,550 | ||||||
Nexstar Broadcasting, Inc., |
| |||||||
6.875%, 11/15/20 | 2,390 | 2,479,625 | ||||||
Sinclair Television Group, Inc., |
| |||||||
6.375%, 11/1/21 | 1,670 | 1,770,200 | ||||||
|
| |||||||
21,323,169 | ||||||||
|
| |||||||
Mining—1.2% | ||||||||
Alcoa, Inc., | ||||||||
5.90%, 2/1/27 | 1,330 | 1,270,150 | ||||||
Freeport-McMoRan, Inc., |
| |||||||
3.55%, 3/1/22 | 1,705 | 1,197,763 | ||||||
HudBay Minerals, Inc., | ||||||||
9.50%, 10/1/20 | 1,795 | 1,283,425 | ||||||
|
| |||||||
3,751,338 | ||||||||
|
| |||||||
Miscellaneous Manufacturing—0.7% | ||||||||
Trinseo Materials Operating SCA (a)(c), |
| |||||||
6.75%, 5/1/22 | 2,250 | 2,306,250 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels—6.1% | ||||||||
BreitBurn Energy Partners L.P., |
| |||||||
8.625%, 10/15/20 | 3,220 | 338,100 | ||||||
Calumet Specialty Products Partners L.P., |
| |||||||
6.50%, 4/15/21 | 3,565 | 2,548,975 | ||||||
Carrizo Oil & Gas, Inc., |
| |||||||
6.25%, 4/15/23 | 735 | 651,394 |
Principal Amount (000s) | Value | |||||||
Chesapeake Energy Corp., |
| |||||||
6.625%, 8/15/20 | $2,185 | $863,075 | ||||||
Concho Resources, Inc., |
| |||||||
7.00%, 1/15/21 | 1,930 | 1,958,950 | ||||||
CVR Refining LLC, |
| |||||||
6.50%, 11/1/22 | 1,825 | 1,615,125 | ||||||
EP Energy LLC, |
| |||||||
9.375%, 5/1/20 | 3,340 | 1,701,312 | ||||||
Range Resources Corp. (a)(c), |
| |||||||
4.875%, 5/15/25 | 2,730 | 2,402,400 | ||||||
Rice Energy, Inc., |
| |||||||
6.25%, 5/1/22 | 2,710 | 2,371,250 | ||||||
Sanchez Energy Corp., |
| |||||||
6.125%, 1/15/23 | 2,375 | 1,294,375 | ||||||
Sunoco L.P. (a)(c), |
| |||||||
6.375%, 4/1/23 | 2,555 | 2,569,359 | ||||||
Vanguard Natural Resources LLC (a)(c), |
| |||||||
7.00%, 2/15/23 | 1,152 | 397,440 | ||||||
|
| |||||||
18,711,755 | ||||||||
|
| |||||||
Paper & Forest Products—0.6% | ||||||||
Mercer International, Inc., |
| |||||||
7.75%, 12/1/22 | 1,825 | 1,827,281 | ||||||
|
| |||||||
Pharmaceuticals—1.1% | ||||||||
Endo Finance LLC (a)(c), |
| |||||||
5.375%, 1/15/23 | 1,825 | 1,747,437 | ||||||
Valeant Pharmaceuticals International, Inc. (a)(c), |
| |||||||
6.125%, 4/15/25 | 1,315 | 1,015,838 | ||||||
7.50%, 7/15/21 | 720 | 603,446 | ||||||
|
| |||||||
3,366,721 | ||||||||
|
| |||||||
Pipelines—1.7% | ||||||||
Energy Transfer Equity L.P., |
| |||||||
5.875%, 1/15/24 | 1,395 | 1,199,700 | ||||||
Sabine Pass Liquefaction LLC, |
| |||||||
5.75%, 5/15/24 | 1,809 | 1,736,640 | ||||||
Tesoro Logistics L.P., |
| |||||||
6.125%, 10/15/21 | 765 | 768,825 | ||||||
6.25%, 10/15/22 (a)(c) | 1,605 | 1,605,000 | ||||||
|
| |||||||
5,310,165 | ||||||||
|
| |||||||
Real Estate—0.8% | ||||||||
Kennedy-Wilson, Inc., |
| |||||||
5.875%, 4/1/24 | 2,481 | 2,431,380 | ||||||
|
| |||||||
Real Estate Investment Trust—0.8% | ||||||||
Equinix, Inc., |
| |||||||
5.375%, 1/1/22 | 1,660 | 1,730,550 | ||||||
iStar, Inc., |
| |||||||
7.125%, 2/15/18 | 720 | 731,700 | ||||||
|
| |||||||
2,462,250 | ||||||||
|
| |||||||
Retail—2.5% | ||||||||
Conn’s, Inc., |
| |||||||
7.25%, 7/15/22 | 1,605 | 1,267,950 | ||||||
Dollar Tree, Inc. (a)(c), |
| |||||||
5.75%, 3/1/23 | 2,165 | 2,304,372 | ||||||
Neiman Marcus Group Ltd. LLC (a)(c), |
| |||||||
8.00%, 10/15/21 | 1,465 | 1,267,225 | ||||||
Sonic Automotive, Inc., |
| |||||||
7.00%, 7/15/22 | 2,665 | 2,824,900 | ||||||
|
| |||||||
7,664,447 | ||||||||
|
| |||||||
Semiconductors—2.9% | ||||||||
Advanced Micro Devices, Inc., |
| |||||||
6.75%, 3/1/19 | 1,860 | 1,497,300 | ||||||
7.50%, 8/15/22 | 885 | 610,650 | ||||||
Amkor Technology, Inc., |
| |||||||
6.375%, 10/1/22 | 2,750 | 2,622,812 | ||||||
Micron Technology, Inc., |
| |||||||
5.875%, 2/15/22 | 2,900 | 2,523,000 | ||||||
Sensata Technologies BV (a)(c), |
| |||||||
5.625%, 11/1/24 | 1,785 | 1,863,094 | ||||||
|
| |||||||
9,116,856 | ||||||||
|
|
Principal Amount (000s) | Value | |||||||
Semiconductors & Semiconductor Equipment—0.9% | ||||||||
Microsemi Corp. (a)(c), |
| |||||||
9.125%, 4/15/23 | $570 | $628,425 | ||||||
Qorvo, Inc. (a)(c), |
| |||||||
7.00%, 12/1/25 | 2,000 | 2,100,000 | ||||||
|
| |||||||
2,728,425 | ||||||||
|
| |||||||
Shipbuilding—0.5% | ||||||||
Huntington Ingalls Industries, Inc. (a)(c), |
| |||||||
5.00%, 12/15/21 | 1,505 | 1,585,894 | ||||||
|
| |||||||
Software—4.2% | ||||||||
Activision Blizzard, Inc. (a)(c), |
| |||||||
6.125%, 9/15/23 | 1,250 | 1,346,875 | ||||||
First Data Corp. (a)(c), |
| |||||||
7.00%, 12/1/23 | 2,685 | 2,721,919 | ||||||
MSCI, Inc. (a)(c), |
| |||||||
5.25%, 11/15/24 | 1,950 | 2,020,688 | ||||||
Open Text Corp. (a)(c), |
| |||||||
5.625%, 1/15/23 | 2,280 | 2,337,000 | ||||||
Rackspace Hosting, Inc. (a)(c), |
| |||||||
6.50%, 1/15/24 | 2,825 | 2,803,812 | ||||||
SS&C Technologies Holdings, Inc. (a)(c), |
| |||||||
5.875%, 7/15/23 | 1,590 | 1,659,066 | ||||||
|
| |||||||
12,889,360 | ||||||||
|
| |||||||
Specialty Retail—0.9% | ||||||||
L Brands, Inc., |
| |||||||
6.875%, 11/1/35 | 2,465 | 2,687,343 | ||||||
|
| |||||||
Telecommunications—9.7% | ||||||||
CenturyLink, Inc. (d), |
| |||||||
7.50%, 4/1/24 | 1,550 | 1,555,813 | ||||||
CommScope Technologies Finance LLC (a)(c), |
| |||||||
6.00%, 6/15/25 | 2,540 | 2,590,800 | ||||||
Consolidated Communications, Inc., |
| |||||||
6.50%, 10/1/22 | 2,020 | 1,772,550 | ||||||
EarthLink Holdings Corp., |
| |||||||
7.375%, 6/1/20 | 2,032 | 2,113,280 | ||||||
8.875%, 5/15/19 | 1,141 | 1,175,230 | ||||||
Hughes Satellite Systems Corp., |
| |||||||
7.625%, 6/15/21 | 2,915 | 3,261,156 | ||||||
Intelsat Jackson Holdings S.A., |
| |||||||
7.25%, 4/1/19 | 1,655 | 1,228,838 | ||||||
Level 3 Financing, Inc., |
| |||||||
5.375%, 5/1/25 | 2,490 | 2,530,462 | ||||||
Sprint Communications, Inc., |
| |||||||
6.00%, 11/15/22 | 1,065 | 784,106 | ||||||
11.50%, 11/15/21 | 3,515 | 3,145,925 | ||||||
T-Mobile USA, Inc., |
| |||||||
6.625%, 11/15/20 | 1,935 | 2,007,563 | ||||||
6.625%, 4/1/23 | 1,160 | 1,226,700 | ||||||
6.836%, 4/28/23 | 2,135 | 2,241,750 | ||||||
West Corp. (a)(c), | ||||||||
5.375%, 7/15/22 | 2,075 | 1,911,179 | ||||||
Windstream Services LLC, |
| |||||||
7.50%, 6/1/22 | 3,145 | 2,429,512 | ||||||
|
| |||||||
29,974,864 | ||||||||
|
| |||||||
Transportation—1.9% | ||||||||
Erickson, Inc., | ||||||||
8.25%, 5/1/20 | 4,191 | 2,577,465 | ||||||
XPO Logistics, Inc. (a)(c), |
| |||||||
6.50%, 6/15/22 | 700 | 683,375 | ||||||
7.875%, 9/1/19 | 2,620 | 2,724,800 | ||||||
|
| |||||||
5,985,640 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes (cost—$318,280,400) | 293,535,758 | |||||||
|
| |||||||
Senior Loans (a)(b)(f)(g)—1.5% | ||||||||
Media—1.5% | ||||||||
SFX Entertainment, Inc, Term B, DIP, PIK (j), |
| |||||||
10.00%, 1/31/17 | 2,443 | 2,443,004 | ||||||
152 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Principal Amount (000s) | Value | |||||||
SFXE Netherlands Holdings Coöperatief U.A., Term B, DIP, |
| |||||||
20.00%, 1/31/17 | $2,041 | $2,041,237 | ||||||
|
| |||||||
Total Senior Loans (cost—$4,484,241) | 4,484,241 | |||||||
|
| |||||||
Shares | ||||||||
Common Stock—0.3% | ||||||||
Advertising—0.3% | ||||||||
Affinion Group Holdings, Inc. Class A (b)(f)(h)(i) (acquisition cost—$769,748; purchased 11/9/15—11/12/15) |
| |||||||
(cost—$769,748) | 43,401 | 908,391 | ||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—2.1% | ||||||||
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $6,473,005; collateralized by Fannie Mae, 1.375%, due 2/26/21, valued at $6,603,244 including accrued interest |
| |||||||
(cost—$6,473,000) | $6,473 | 6,473,000 | ||||||
|
| |||||||
Total Investments (cost—$330,007,389)—98.7% | 305,401,390 | |||||||
|
| |||||||
Other assets less liabilities—1.3% | 4,112,581 | |||||||
|
| |||||||
Net Assets—100.0% | $309,513,971 | |||||||
|
|
Notes to Schedule of Investments:
(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $91,061,557, representing 29.4% of net assets.
(b) Illiquid.
(c) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.
(d) When-issued or delayed-delivery. To be settled/delivered after March 31, 2016.
(e) In default.
(f) Fair-Valued—Securities with an aggregate value of $5,392,632, representing 1.7% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(g) Debtor-in-possession financial obligations.
(h) Restricted. The acquisition cost of such security is $769,748. The value is $908,391, representing 0.3% of net assets.
(i) Non-income producing.
(j) $1,434,423 of this amount is being held in escrow for the benefit of the debtor by an agent. PIK interest is not charged on the amount held in escrow until drawn by the debtor.
Glossary:
DIP—Debtor-in-Possession
PIK—Payment-in-Kind
AllianzGI International Growth Fund
Shares | Value | |||||||
Common Stock—98.6% | ||||||||
Australia—2.5% | ||||||||
CSL Ltd. | 463 | $35,981 | ||||||
REA Group Ltd. | 469 | 19,412 | ||||||
Seek Ltd. | 1,975 | 24,518 | ||||||
|
| |||||||
79,911 | ||||||||
|
| |||||||
Brazil—4.2% | ||||||||
Ambev S.A. | 5,214 | 27,291 | ||||||
Cielo S.A. | 2,388 | 23,225 | ||||||
Lojas Renner S.A. | 5,095 | 29,459 | ||||||
Odontoprev S.A. | 8,272 | 26,226 | ||||||
WEG S.A. | 6,816 | 26,558 | ||||||
|
| |||||||
132,759 | ||||||||
|
| |||||||
Canada—6.3% | ||||||||
Canadian National Railway Co. | 901 | 56,304 | ||||||
Constellation Software, Inc. | 128 | 52,411 | ||||||
Restaurant Brands International, Inc. | 1,622 | 62,994 | ||||||
Richelieu Hardware Ltd. | 1,542 | 26,774 | ||||||
|
| |||||||
198,483 | ||||||||
|
| |||||||
China—3.8% | ||||||||
Baidu, Inc. ADR (c) | 295 | 56,309 | ||||||
Tencent Holdings Ltd. | 3,094 | 63,295 | ||||||
|
| |||||||
119,604 | ||||||||
|
| |||||||
Denmark—10.1% | ||||||||
Ambu A/S, Class B | 1,476 | 52,254 | ||||||
Coloplast A/S, Class B | 510 | 38,593 | ||||||
DSV A/S (b) | 1,687 | 70,169 | ||||||
Novo Nordisk A/S, Class B | 2,265 | 122,658 | ||||||
SimCorp A/S (b)(c) | 758 | 34,941 | ||||||
|
| |||||||
318,615 | ||||||||
|
| |||||||
France—6.2% | ||||||||
Bureau Veritas S.A. (b) | 1,658 | 36,863 | ||||||
Dassault Systemes | 449 | 35,575 | ||||||
Ingenico Group (b) | 392 | 44,935 | ||||||
L’Oreal S.A. | 220 | 39,355 | ||||||
Legrand S.A. | 739 | 41,306 | ||||||
|
| |||||||
198,034 | ||||||||
|
| |||||||
Germany—10.6% | ||||||||
Bechtle AG (b) | 417 | 42,976 | ||||||
Fresenius SE & Co. KGaA (b) | 596 | 43,444 | ||||||
HUGO BOSS AG (b) | 473 | 30,922 | ||||||
Infineon Technologies AG (b) | 5,171 | 73,316 | ||||||
Norma Group SE (b) | 515 | 28,747 | ||||||
SAP SE | 1,096 | 88,193 | ||||||
Scout24 AG (c) | 864 | 29,901 | ||||||
|
| |||||||
337,499 | ||||||||
|
| |||||||
Hong Kong—1.9% | ||||||||
AIA Group Ltd. | 10,389 | 59,051 | ||||||
|
| |||||||
Indonesia—1.5% | ||||||||
Ace Hardware Indonesia Tbk PT | 459,400 | 31,008 | ||||||
Bank Mandiri Persero Tbk PT | 20,600 | 15,994 | ||||||
|
| |||||||
47,002 | ||||||||
|
| |||||||
Japan—8.3% | ||||||||
Keyence Corp. | 134 | 73,080 | ||||||
Nippon Paint Holdings Co., Ltd. | 1,342 | 29,684 | ||||||
SMC Corp. | 152 | 35,223 | ||||||
Sundrug Co., Ltd. | 591 | 44,173 | ||||||
Sysmex Corp. | 897 | 56,077 | ||||||
Unicharm Corp. | 1,124 | 24,464 | ||||||
|
| |||||||
262,701 | ||||||||
|
|
Shares | Value | |||||||
Korea (Republic of)—1.8% | ||||||||
LG Household & Health Care Ltd. | 68 | $ | 56,226 | |||||
|
| |||||||
Luxembourg—1.6% | ||||||||
Samsonite International S.A. | 15,563 | 52,129 | ||||||
|
| |||||||
Mexico—1.3% | ||||||||
Fomento Economico Mexicano S.A.B. de C.V. UNIT | 4,190 | 40,384 | ||||||
|
| |||||||
Netherlands—2.6% | ||||||||
Akzo Nobel NV | 480 | 32,720 | ||||||
ASML Holding NV | 481 | 48,405 | ||||||
|
| |||||||
81,125 | ||||||||
|
| |||||||
Philippines—2.5% | ||||||||
Jollibee Foods Corp. | 5,340 | 26,320 | ||||||
Universal Robina Corp. | 10,980 | 51,699 | ||||||
|
| |||||||
78,019 | ||||||||
|
| |||||||
South Africa—0.9% | ||||||||
Woolworths Holdings Ltd. | 4,777 | 28,977 | ||||||
|
| |||||||
Spain—3.0% | ||||||||
Amadeus IT Holding S.A., Class A | 1,215 | 51,958 | ||||||
Industria de Diseno Textil S.A. | 1,305 | 43,743 | ||||||
|
| |||||||
95,701 | ||||||||
|
| |||||||
Sweden—9.2% | ||||||||
AddTech AB, Class B | 1,901 | 26,226 | ||||||
Assa Abloy AB, Class B | 2,272 | 44,730 | ||||||
Atlas Copco AB, Class A | 1,995 | 50,069 | ||||||
Elekta AB, Class B | 2,700 | 20,152 | ||||||
Hexagon AB, Class B | 1,629 | 63,312 | ||||||
Hexpol AB | 5,000 | 55,475 | ||||||
Trelleborg AB, Class B | 1,685 | 33,273 | ||||||
|
| |||||||
293,237 | ||||||||
|
| |||||||
Switzerland—4.3% | ||||||||
Cie Financiere Richemont S.A. | 648 | 42,801 | ||||||
Roche Holding AG | 196 | 48,126 | ||||||
UBS Group AG | 2,753 | 44,285 | ||||||
|
| |||||||
135,212 | ||||||||
|
| |||||||
United Kingdom—16.0% | ||||||||
British American Tobacco PLC | 1,581 | 92,450 | ||||||
DCC PLC (b) | 554 | 48,859 | ||||||
Diageo PLC | 1,885 | 50,827 | ||||||
Prudential PLC | 2,567 | 47,768 | ||||||
Reckitt Benckiser Group PLC | 1,021 | 98,482 | ||||||
Rotork PLC | 8,630 | 22,625 | ||||||
Shire PLC | 773 | 44,088 | ||||||
Spirax-Sarco Engineering PLC | 605 | 31,585 | ||||||
Unilever PLC | 1,561 | 70,390 | ||||||
|
| |||||||
507,074 | ||||||||
|
| |||||||
Total Investments (cost—$3,032,060) (a)—98.6% |
| 3,121,743 | ||||||
|
| |||||||
Other assets less liabilities—1.4% | 44,713 | |||||||
|
| |||||||
Net Assets—100.0% | $3,166,456 | |||||||
|
|
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 153 |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Notes to Schedule of Investments:
(a) Securities with an aggregate value of $2,667,582, representing 84.2% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(b) Affiliated security.
(c) Non-income producing.
Glossary:
ADR—American Depositary Receipt
UNIT—More than one class of securities traded together.
The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:
Machinery | 7.2% | |||
Pharmaceuticals | 6.8% | |||
Software | 6.7% | |||
Electronic Equipment, Instruments & Components | 5.7% | |||
Health Care Equipment & Supplies | 5.3% | |||
Personal Products | 5.2% | |||
Internet Software & Services | 4.7% | |||
Road & Rail | 4.0% | |||
Textiles, Apparel & Luxury Goods | 4.0% | |||
Household Products | 3.9% | |||
Semiconductors & Semiconductor Equipment | 3.9% | |||
Beverages | 3.7% | |||
IT Services | 3.7% | |||
Chemicals | 3.7% | |||
Insurance | 3.4% | |||
Tobacco | 2.9% | |||
Hotels, Restaurants & Leisure | 2.8% | |||
Specialty Retail | 2.4% | |||
Health Care Providers & Services | 2.2% | |||
Professional Services | 1.9% | |||
Multi-line Retail | 1.9% | |||
Trading Companies & Distributors | 1.7% | |||
Food Products | 1.6% | |||
Industrial Conglomerates | 1.6% | |||
Building Products | 1.4% | |||
Capital Markets | 1.4% | |||
Food & Staples Retailing | 1.4% | |||
Electrical Equipment | 1.3% | |||
Biotechnology | 1.1% | |||
Media | 0.6% | |||
Banks | 0.5% | |||
Other assets less liabilities | 1.4% | |||
|
| |||
100.0% | ||||
|
|
AllianzGI International Small-Cap Fund
Shares | Value | |||||||
Common Stock—96.7% | ||||||||
Australia—3.1% | ||||||||
Bank of Queensland Ltd. | 48,898 | $453,371 | ||||||
Challenger Ltd. | 195,309 | 1,253,357 | ||||||
Mantra Group Ltd. | 142,359 | 494,388 | ||||||
Millennium Services Group Ltd. (d) | 108,212 | 137,697 | ||||||
Spotless Group Holdings Ltd. (c) | 960,719 | 930,269 | ||||||
|
| |||||||
3,269,082 | ||||||||
|
| |||||||
Austria—0.7% | ||||||||
Schoeller-Bleckmann Oilfield Equipment AG | 12,205 | 742,280 | ||||||
|
| |||||||
Belgium—1.6% | ||||||||
Ontex Group NV (c) | 49,139 | 1,609,220 | ||||||
|
| |||||||
China—2.9% | ||||||||
Boer Power Holdings Ltd. | 136,000 | 107,380 | ||||||
China Everbright International Ltd. | 849,000 | 951,388 | ||||||
Nexteer Automotive Group Ltd. | 1,118,000 | 1,156,355 | ||||||
Sunny Optical Technology Group Co., Ltd. | 293,000 | 820,636 | ||||||
|
| |||||||
3,035,759 | ||||||||
|
| |||||||
Denmark—3.6% | ||||||||
GN Store Nord A/S | 77,658 | 1,621,387 | ||||||
SimCorp A/S (c) | 45,464 | 2,095,709 | ||||||
|
| |||||||
3,717,096 | ||||||||
|
| |||||||
Finland—2.7% | ||||||||
Amer Sports Oyj | 53,411 | 1,550,496 | ||||||
Huhtamaki Oyj | 33,664 | 1,248,160 | ||||||
|
| |||||||
2,798,656 | ||||||||
|
| |||||||
France—9.2% | ||||||||
Euronext NV (a) | 28,080 | 1,164,615 | ||||||
GameLoft SE (c)(d) | 182,545 | 1,550,264 | ||||||
Korian S.A. | 46,601 | 1,371,430 | ||||||
Nexity S.A. | 29,192 | 1,519,270 | ||||||
Sartorius Stedim Biotech | 7,444 | 2,832,213 | ||||||
Virbac S.A. | 6,756 | 1,172,081 | ||||||
|
| |||||||
9,609,873 | ||||||||
|
| |||||||
Germany—4.1% | ||||||||
Bechtle AG (c) | 19,945 | 2,055,543 | ||||||
Bertrandt AG (c) | 4,155 | 475,813 | ||||||
CANCOM SE (c) | 35,658 | 1,776,672 | ||||||
|
| |||||||
4,308,028 | ||||||||
|
| |||||||
Hong Kong—0.7% | ||||||||
Techtronic Industries Co., Ltd. | 191,000 | 757,878 | ||||||
|
| |||||||
Ireland—3.6% | ||||||||
Glanbia PLC | 48,482 | 982,104 | ||||||
Kingspan Group PLC (c) | 68,947 | 1,831,919 | ||||||
Permanent TSB Group Holdings PLC (d) | 303,353 | 935,324 | ||||||
|
| |||||||
3,749,347 | ||||||||
|
| |||||||
Italy—4.1% | ||||||||
De’ Longhi SpA (c) | 52,398 | 1,191,026 | ||||||
FinecoBank Banca Fineco SpA | 212,186 | 1,784,452 | ||||||
Yoox Net-A-Porter Group SpA (d) | 42,203 | 1,293,205 | ||||||
|
| |||||||
4,268,683 | ||||||||
|
|
Shares | Value | |||||||
Japan—29.6% | ||||||||
ABC-Mart, Inc. | 28,900 | $ | 1,849,593 | |||||
Aica Kogyo Co., Ltd. | 28,400 | 595,813 | ||||||
Asahi Intecc Co., Ltd. | 33,700 | 1,576,845 | ||||||
Bandai Namco Holdings, Inc. | 32,000 | 697,549 | ||||||
Benesse Holdings, Inc. | 53,200 | 1,531,740 | ||||||
Daicel Corp. | 175,400 | 2,390,950 | ||||||
Daiho Corp. | 242,000 | 1,053,169 | ||||||
Disco Corp. | 18,600 | 1,573,762 | ||||||
Don Quijote Holdings Co., Ltd. | 24,800 | 861,326 | ||||||
Hoshizaki Electric Co., Ltd. | 17,000 | 1,417,982 | ||||||
Kobayashi Pharmaceutical Co., Ltd. | 9,800 | 859,568 | ||||||
Kusuri No Aoki Co., Ltd. | 34,100 | 1,862,462 | ||||||
Lion Corp. | 214,000 | 2,409,321 | ||||||
Meitec Corp. | 15,800 | 551,838 | ||||||
MISUMI Group, Inc. | 119,100 | 1,702,783 | ||||||
Obayashi Corp. | 119,000 | 1,172,941 | ||||||
Ryohin Keikaku Co., Ltd. | 8,100 | 1,711,291 | ||||||
Sanwa Holdings Corp. | 89,900 | 668,789 | ||||||
Sohgo Security Services Co., Ltd. | 21,800 | 1,180,328 | ||||||
Takeuchi Manufacturing Co., Ltd. | 69,600 | 1,005,933 | ||||||
Teijin Ltd. | 417,000 | 1,452,114 | ||||||
Unipres Corp. | 65,800 | 1,145,161 | ||||||
Valor Holdings Co., Ltd. | 27,600 | 695,883 | ||||||
Yamaha Motor Co., Ltd. | 59,300 | 985,608 | ||||||
|
| |||||||
30,952,749 | ||||||||
|
| |||||||
Korea (Republic of)—1.7% | ||||||||
Dongbu Insurance Co., Ltd. | 13,625 | 906,174 | ||||||
LIG Nex1 Co., Ltd. | 9,624 | 889,094 | ||||||
|
| |||||||
1,795,268 | ||||||||
|
| |||||||
Netherlands—1.6% | ||||||||
Aalberts Industries NV | 49,151 | 1,702,062 | ||||||
|
| |||||||
Norway—0.0% | ||||||||
ProSafe SE | 16,915 | 9,945 | ||||||
|
| |||||||
Philippines—0.8% | ||||||||
Cosco Capital, Inc. | 4,975,300 | 800,047 | ||||||
|
| |||||||
Singapore—0.4% | ||||||||
SATS Ltd. | 139,800 | 409,540 | ||||||
|
| |||||||
Spain—5.0% | ||||||||
Bolsas y Mercados Espanoles SHMSF S.A. | 39,855 | 1,283,366 | ||||||
Gamesa Corp. Tecnologica S.A. | 122,642 | 2,413,509 | ||||||
Melia Hotels International S.A. | 132,506 | 1,555,700 | ||||||
|
| |||||||
5,252,575 | ||||||||
|
| |||||||
Sweden—8.5% | ||||||||
AAK AB | 21,905 | 1,738,723 | ||||||
Betsson AB (c)(d) | 134,575 | 2,085,291 | ||||||
JM AB | 33,258 | 860,679 | ||||||
NetEnt AB (d) | 45,534 | 2,568,495 | ||||||
Nibe Industrier AB, Class B | 47,022 | 1,611,495 | ||||||
|
| |||||||
8,864,683 | ||||||||
|
| |||||||
Switzerland—4.0% | ||||||||
Burckhardt Compression Holding AG | 2,528 | 866,248 |
154 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Shares | Value | |||||||
Georg Fischer AG | 2,093 | $ | 1,690,222 | |||||
Interroll Holding AG (c)(d) | 1,836 | 1,615,178 | ||||||
|
| |||||||
4,171,648 | ||||||||
|
| |||||||
Taiwan—1.2% | ||||||||
Sinbon Electronics Co., Ltd. | 424,848 | 867,244 | ||||||
Tung Thih Electronic Co., Ltd. | 23,000 | 379,670 | ||||||
|
| |||||||
1,246,914 | ||||||||
|
| |||||||
United Kingdom—7.6% | ||||||||
ASOS PLC (d) | 27,135 | �� | 1,264,750 | |||||
Auto Trader Group PLC (a) | 312,421 | 1,748,017 | ||||||
Bellway PLC | 29,537 | 1,111,069 | ||||||
DS Smith PLC | 107,112 | 626,641 | ||||||
Intermediate Capital Group PLC | 144,575 | 1,283,159 | ||||||
Pets at Home Group PLC | 358,335 | 1,384,946 | ||||||
Senior PLC | 156,136 | 511,179 | ||||||
|
| |||||||
7,929,761 | ||||||||
|
| |||||||
Total Common Stock (cost—$85,821,233) | 101,001,094 | |||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—2.9% | ||||||||
State Street Bank and Trust Co., |
| |||||||
(cost—$3,043,000) | $3,043 | 3,043,000 | ||||||
|
| |||||||
Total Investments (cost—$88,864,233) (b)—99.6% |
| 104,044,094 | ||||||
|
| |||||||
Other assets less liabilities (e)—0.4% | 443,290 | |||||||
|
| |||||||
Net Assets—100.0% | $104,487,384 | |||||||
|
|
Notes to Schedule of Investments:
(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.
(b) Securities with an aggregate value of $97,646,532, representing 93.5% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(c) Affiliated security.
(d) Non-income producing.
(e) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.
The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:
Machinery | 7.9% | |||
Health Care Equipment & Supplies | 5.8% | |||
Building Products | 4.5% | |||
Internet Software & Services | 4.1% | |||
Hotels, Restaurants & Leisure | 4.0% | |||
Household Durables | 3.8% | |||
Chemicals | 3.7% | |||
IT Services | 3.7% | |||
Diversified Financial Services | 3.5% | |||
Software | 3.5% | |||
Food & Staples Retailing | 3.2% | |||
Specialty Retail | 3.1% | |||
Commercial Services & Supplies | 3.1% | |||
Banks | 3.0% | |||
Food Products | 2.6% | |||
Auto Components | 2.6% | |||
Multi-line Retail | 2.5% | |||
Internet & Catalog Retail | 2.4% | |||
Electrical Equipment | 2.4% | |||
Personal Products | 2.4% | |||
Household Products | 2.3% | |||
Leisure Products | 2.2% | |||
Construction & Engineering | 2.1% | |||
Containers & Packaging | 1.8% | |||
Trading Companies & Distributors | 1.6% | |||
Electronic Equipment, Instruments & Components | 1.6% | |||
Semiconductors & Semiconductor Equipment | 1.5% | |||
Diversified Consumer Services | 1.5% | |||
Real Estate Management & Development | 1.5% | |||
Aerospace & Defense | 1.3% | |||
Health Care Providers & Services | 1.3% | |||
Capital Markets | 1.2% | |||
Pharmaceuticals | 1.1% | |||
Professional Services | 1.0% | |||
Automobiles | 0.9% | |||
Insurance | 0.9% | |||
Energy Equipment & Services | 0.7% | |||
Transportation Infrastructure | 0.4% | |||
Repurchase Agreements | 2.9% | |||
Other assets less liabilities | 0.4% | |||
|
| |||
100.0% | ||||
|
|
AllianzGI Micro Cap Fund
Shares | Value | |||||||
Common Stock—98.5% | ||||||||
Air Freight & Logistics—0.7% | ||||||||
Echo Global Logistics, Inc. (a) | 9,351 | $253,973 | ||||||
|
| |||||||
Auto Components—3.1% | ||||||||
Modine Manufacturing Co. (a) | 10,612 | 116,838 | ||||||
Motorcar Parts of America, Inc. (a) | 17,281 | 656,332 | ||||||
Tower International, Inc. | 12,874 | 350,173 | ||||||
|
| |||||||
1,123,343 | ||||||||
|
| |||||||
Banks—6.0% | ||||||||
Ameris Bancorp | 11,983 | 354,457 | ||||||
First Merchants Corp. | 15,118 | 356,331 | ||||||
First NBC Bank Holding Co. (a) | 8,496 | 174,933 | ||||||
Franklin Financial Network, Inc. (a) | 8,509 | 229,743 | ||||||
Pacific Premier Bancorp, Inc. (a) | 18,745 | 400,581 | ||||||
Seacoast Banking Corp. of Florida (a) | 23,825 | 376,197 | ||||||
Stonegate Bank | 8,085 | 242,226 | ||||||
|
| |||||||
2,134,468 | ||||||||
|
| |||||||
Beverages—0.4% | ||||||||
Primo Water Corp. (a) | 15,774 | 159,160 | ||||||
|
| |||||||
Biotechnology—8.4% | ||||||||
Advaxis, Inc. (a) | 16,409 | 148,173 | ||||||
BioSpecifics Technologies Corp. (a) | 6,030 | 209,965 | ||||||
Cara Therapeutics, Inc. (a) | 15,997 | 99,501 | ||||||
Chiasma, Inc. (a) | 7,666 | 70,221 | ||||||
Concert Pharmaceuticals, Inc. (a) | 11,869 | 162,131 | ||||||
Dynavax Technologies Corp. (a) | 7,756 | 149,226 | ||||||
Eagle Pharmaceuticals, Inc. (a) | 4,074 | 164,997 | ||||||
Five Prime Therapeutics, Inc. (a) | 9,570 | 388,829 | ||||||
Flexion Therapeutics, Inc. (a) | 13,063 | 120,180 | ||||||
Heron Therapeutics, Inc. (a) | 6,582 | 124,992 | ||||||
La Jolla Pharmaceutical Co. (a) | 8,173 | 170,897 | ||||||
Ligand Pharmaceuticals, Inc., Class B (a) | 3,003 | 321,591 | ||||||
MacroGenics, Inc. (a) | 7,088 | 132,900 | ||||||
Pfenex, Inc. (a) | 13,994 | 137,561 | ||||||
Repligen Corp. (a) | 18,227 | 488,848 | ||||||
Synergy Pharmaceuticals, Inc. (a) | 32,908 | 90,826 | ||||||
|
| |||||||
2,980,838 | ||||||||
|
| |||||||
Building Products—5.1% | ||||||||
American Woodmark Corp. (a) | 6,338 | 472,751 | ||||||
Builders FirstSource, Inc. (a) | 35,386 | 398,800 | ||||||
Patrick Industries, Inc. (a) | 15,379 | 698,053 | ||||||
PGT, Inc. (a) | 24,326 | 239,368 | ||||||
|
| |||||||
1,808,972 | ||||||||
|
| |||||||
Chemicals—0.9% | ||||||||
American Vanguard Corp. | 20,572 | 324,626 | ||||||
|
| |||||||
Communications Equipment—0.9% | ||||||||
ShoreTel, Inc. (a) | 41,492 | 308,700 | ||||||
|
| |||||||
Construction & Engineering—1.7% | ||||||||
Argan, Inc. | 8,088 | 284,374 | ||||||
Comfort Systems USA, Inc. | 10,696 | 339,812 | ||||||
|
| |||||||
624,186 | ||||||||
|
| |||||||
Construction Materials—1.8% | ||||||||
U.S. Concrete, Inc. (a) | 10,553 | 628,748 | ||||||
|
|
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 155 |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Shares | Value | |||||||
Diversified Consumer Services—1.0% | ||||||||
Carriage Services, Inc. | 16,403 | $ | 354,469 | |||||
|
| |||||||
Diversified Telecommunication Services—1.6% | ||||||||
8x8, Inc. (a) | 29,745 | 299,234 | ||||||
inContact, Inc. (a) | 30,211 | 268,576 | ||||||
|
| |||||||
567,810 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components—1.5% | ||||||||
CUI Global, Inc. (a) | 25,381 | 205,079 | ||||||
ePlus, Inc. (a) | 3,924 | 315,921 | ||||||
|
| |||||||
521,000 | ||||||||
|
| |||||||
Energy Equipment & Services—0.5% | ||||||||
TETRA Technologies, Inc. (a) | 30,245 | 192,056 | ||||||
|
| |||||||
Food Products—1.3% | ||||||||
John B Sanfilippo & Son, Inc. | 6,460 | 446,321 | ||||||
|
| |||||||
Health Care Equipment & Supplies—7.6% | ||||||||
AtriCure, Inc. (a) | 16,365 | 275,423 | ||||||
Cynosure, Inc., Class A (a) | 10,653 | 470,010 | ||||||
Inogen, Inc. (a) | 14,092 | 633,858 | ||||||
LeMaitre Vascular, Inc. | 25,320 | 392,966 | ||||||
RTI Surgical, Inc. (a) | 56,019 | 224,076 | ||||||
SurModics, Inc. (a) | 10,441 | 192,219 | ||||||
Trinity Biotech PLC ADR | 14,584 | 170,050 | ||||||
Vascular Solutions, Inc. (a) | 10,877 | 353,829 | ||||||
|
| |||||||
2,712,431 | ||||||||
|
| |||||||
Health Care Providers & Services—4.6% | ||||||||
Aceto Corp. | 16,712 | 393,735 | ||||||
BioTelemetry, Inc. (a) | 32,524 | 379,880 | ||||||
Cross Country Healthcare, Inc. (a) | 30,805 | 358,262 | ||||||
Providence Service Corp. (a) | 6,962 | 355,549 | ||||||
RadNet, Inc. (a) | 33,562 | 162,105 | ||||||
|
| |||||||
1,649,531 | ||||||||
|
| |||||||
Health Care Technology—0.5% | ||||||||
Vocera Communications, Inc. (a) | 13,682 | 174,446 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure—4.8% | ||||||||
Carrols Restaurant Group, Inc. (a) | 37,084 | 535,493 | ||||||
Chuy’s Holdings, Inc. (a) | 6,650 | 206,616 | ||||||
Eldorado Resorts, Inc. (a) | 32,789 | 375,106 | ||||||
Kona Grill, Inc. (a) | 11,313 | 146,503 | ||||||
Papa Murphy’s Holdings, Inc. (a) | 14,642 | 174,972 | ||||||
Popeyes Louisiana Kitchen, Inc. (a) | 5,372 | 279,666 | ||||||
|
| |||||||
1,718,356 | ||||||||
|
| |||||||
Household Durables—2.8% | ||||||||
LGI Homes, Inc. (a) | 18,602 | 450,354 | ||||||
M/I Homes, Inc. (a) | 15,214 | 283,741 | ||||||
WCI Communities, Inc. (a) | 14,734 | 273,758 | ||||||
|
| |||||||
1,007,853 | ||||||||
|
| |||||||
Insurance—1.2% | ||||||||
Atlas Financial Holdings, Inc. (a) | 13,621 | 247,085 | ||||||
Federated National Holding Co. | 9,258 | 182,012 | ||||||
|
| |||||||
429,097 | ||||||||
|
| |||||||
Internet & Catalog Retail—1.7% | ||||||||
Duluth Holdings, Inc. (a) | 11,586 | 225,811 | ||||||
Nutrisystem, Inc. | 17,970 | 375,034 | ||||||
|
| |||||||
600,845 | ||||||||
|
| |||||||
Internet Software & Services—4.6% | ||||||||
Autobytel, Inc. (a) | 22,201 | 385,409 | ||||||
Five9, Inc. (a) | 32,638 | 290,152 |
Shares | Value | |||||||
GTT Communications, Inc. (a) | 16,091 | $ | 266,145 | |||||
IntraLinks Holdings, Inc. (a) | 29,457 | 232,121 | ||||||
Monster Worldwide, Inc. (a) | 36,475 | 118,909 | ||||||
SPS Commerce, Inc. (a) | 4,015 | 172,404 | ||||||
TechTarget, Inc. (a) | 25,163 | 186,710 | ||||||
|
| |||||||
1,651,850 | ||||||||
|
| |||||||
IT Services—1.8% | ||||||||
Hackett Group, Inc. | 23,171 | 350,345 | ||||||
Virtusa Corp. (a) | 7,982 | 299,006 | ||||||
|
| |||||||
649,351 | ||||||||
|
| |||||||
Leisure Equipment & Products—1.3% | ||||||||
Nautilus, Inc. (a) | 24,499 | 473,321 | ||||||
|
| |||||||
Life Sciences Tools & Services—3.7% | ||||||||
Albany Molecular Research, Inc. (a) | 21,814 | 333,536 | ||||||
Cambrex Corp. (a) | 11,973 | 526,812 | ||||||
NeoGenomics, Inc. (a) | 67,666 | 456,069 | ||||||
|
| |||||||
1,316,417 | ||||||||
|
| |||||||
Machinery—2.2% | ||||||||
Kadant, Inc. | 6,976 | 315,036 | ||||||
Lydall, Inc. (a) | 10,486 | 341,005 | ||||||
NN, Inc. | 9,415 | 128,797 | ||||||
|
| |||||||
784,838 | ||||||||
|
| |||||||
Media—0.9% | ||||||||
Entravision Communications Corp., Class A | 45,352 | 337,419 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels—1.3% | ||||||||
Bill Barrett Corp. (a) | 24,412 | 151,843 | ||||||
Callon Petroleum Co. (a) | 35,643 | 315,440 | ||||||
|
| |||||||
467,283 | ||||||||
|
| |||||||
Paper & Forest Products—0.8% | ||||||||
Neenah Paper, Inc. | 4,763 | 303,213 | ||||||
|
| |||||||
Pharmaceuticals—4.7% | ||||||||
ANI Pharmaceuticals, Inc. (a) | 6,033 | 203,071 | ||||||
Cempra, Inc. (a) | 7,090 | 124,217 | ||||||
Dermira, Inc. (a) | 9,135 | 188,912 | ||||||
Intersect ENT, Inc. (a) | 13,385 | 254,315 | ||||||
Intra-Cellular Therapies, Inc. (a) | 5,642 | 156,847 | ||||||
Omeros Corp. (a) | 15,908 | 244,029 | ||||||
Supernus Pharmaceuticals, Inc. (a) | 20,939 | 319,320 | ||||||
Teligent, Inc. (a) | 38,805 | 190,144 | ||||||
|
| |||||||
1,680,855 | ||||||||
|
| |||||||
Professional Services—1.6% | ||||||||
GP Strategies Corp. (a) | 10,320 | 282,768 | ||||||
Kforce, Inc. | 13,950 | 273,141 | ||||||
|
| |||||||
555,909 | ||||||||
|
| |||||||
Road & Rail—0.6% | ||||||||
Celadon Group, Inc. | 19,596 | 205,366 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment—4.9% | ||||||||
CEVA, Inc. (a) | 14,119 | 317,677 | ||||||
Inphi Corp. (a) | 10,476 | 349,270 | ||||||
MaxLinear, Inc., Class A (a) | 29,981 | 554,648 | ||||||
PDF Solutions, Inc. (a) | 20,349 | 272,270 | ||||||
Tower Semiconductor Ltd. (a) | 22,050 | 267,246 | ||||||
|
| |||||||
1,761,111 | ||||||||
|
| |||||||
Software—4.8% | ||||||||
Callidus Software, Inc. (a) | 25,353 | 422,888 | ||||||
Rubicon Project, Inc. (a) | 20,830 | 380,772 | ||||||
Silver Spring Networks, Inc. (a) | 27,802 | 410,080 | ||||||
Telenav, Inc. (a) | 34,792 | 205,273 | ||||||
Textura Corp. (a) | 15,075 | 280,847 | ||||||
|
| |||||||
1,699,860 | ||||||||
|
|
Shares | Value | |||||||
Specialty Retail—2.9% | ||||||||
Citi Trends, Inc. | 10,170 | $ | 181,331 | |||||
Kirkland’s, Inc. | 16,160 | 282,962 | ||||||
Shoe Carnival, Inc. | 11,170 | 301,143 | ||||||
Sportsman’s Warehouse Holdings, Inc. (a) | 20,808 | 262,181 | ||||||
|
| |||||||
1,027,617 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance—3.5% | ||||||||
First Defiance Financial Corp. | 7,400 | 284,234 | ||||||
LendingTree, Inc. (a) | 6,072 | 593,720 | ||||||
Meridian Bancorp, Inc. | 27,878 | 388,062 | ||||||
|
| |||||||
1,266,016 | ||||||||
|
| |||||||
Wireless Telecommunication Services—0.8% | ||||||||
Boingo Wireless, Inc. (a) | 36,826 | 284,297 | ||||||
|
| |||||||
Total Common Stock (cost—$29,377,919) | 35,185,952 | |||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—1.5% | ||||||||
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $525,000; collateralized by U.S. Treasury Notes, 2.25%, due 4/30/21, valued at $538,688 including accrued interest |
| |||||||
(cost—$525,000) | $525 | 525,000 | ||||||
|
| |||||||
Total Investments (cost—$29,902,919)—100.0% |
| 35,710,952 | ||||||
|
| |||||||
Liabilities in excess of other assets—(0.0)% | (13,139 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $35,697,813 | |||||||
|
|
Notes to Schedule of Investments:
(a) Non-income producing.
Glossary:
ADR—American Depositary Receipt
156 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
AllianzGI Multi-Asset Real Return Fund
Shares | Value | |||||||
Mutual Funds (b)(c)—43.0% | ||||||||
AllianzGI Global Natural Resources | 54,760 | $764,998 | ||||||
PIMCO Commodity RealReturn Strategy | 105,692 | 678,541 | ||||||
|
| |||||||
Total Mutual Funds (cost—$1,982,326) | 1,443,539 | |||||||
|
| |||||||
Common Stock—28.6% | ||||||||
Australia—2.3% | ||||||||
Dexus Property Group REIT | 1,115 | 6,771 | ||||||
Goodman Group REIT | 1,464 | 7,487 | ||||||
GPT Group REIT | 1,482 | 5,673 | ||||||
LendLease Group UNIT | 454 | 4,820 | ||||||
Mirvac Group REIT | 3,061 | 4,535 | ||||||
Scentre Group REIT | 4,455 | 15,165 | ||||||
Stockland REIT | 1,965 | 6,429 | ||||||
Vicinity Centres REIT | 5,627 | 13,753 | ||||||
Westfield Corp. REIT | 1,625 | 12,442 | ||||||
|
| |||||||
77,075 | ||||||||
|
| |||||||
Austria—0.1% | ||||||||
BUWOG AG (d) | 101 | 2,165 | ||||||
|
| |||||||
Canada—1.0% | ||||||||
Brookfield Asset Management, Inc., Class A | 727 | 25,285 | ||||||
First Capital Realty, Inc. | 157 | 2,493 | ||||||
H&R Real Estate Investment Trust REIT | 114 | 1,842 | ||||||
RioCan Real Estate Investment Trust REIT | 131 | 2,683 | ||||||
|
| |||||||
32,303 | ||||||||
|
| |||||||
France—1.2% | ||||||||
Fonciere Des Regions REIT | 25 | 2,357 | ||||||
Gecina S.A. REIT | 29 | 3,978 | ||||||
ICADE REIT | 28 | 2,140 | ||||||
Klepierre REIT | 182 | 8,694 | ||||||
Unibail-Rodamco SE REIT | 81 | 22,215 | ||||||
|
| |||||||
39,384 | ||||||||
|
| |||||||
Germany—0.7% | ||||||||
Deutsche Wohnen AG | 279 | 8,659 | ||||||
Vonovia SE | 382 | 13,714 | ||||||
|
| |||||||
22,373 | ||||||||
|
| |||||||
Hong Kong—2.6% | ||||||||
Cheung Kong Property Holdings Ltd. | 2,263 | 14,569 | ||||||
Hang Lung Properties Ltd. | 1,878 | 3,590 | ||||||
Henderson Land Development Co., Ltd. | 968 | 5,940 | ||||||
Hysan Development Co., Ltd. | 541 | 2,305 | ||||||
Kerry Properties Ltd. | 548 | 1,512 | ||||||
Link REIT | 1,900 | 11,275 | ||||||
New World Development Co., Ltd. | 5,440 | 5,199 | ||||||
Sino Land Co., Ltd. | 3,271 | 5,213 | ||||||
Sun Hung Kai Properties Ltd. | 1,464 | 17,895 | ||||||
Swire Pacific Ltd., Class A | 493 | 5,321 | ||||||
Swire Properties Ltd. | 986 | 2,682 | ||||||
Wharf Holdings Ltd. | 1,136 | 6,222 | ||||||
Wheelock & Co., Ltd. | 856 | 3,825 | ||||||
|
| |||||||
85,548 | ||||||||
|
| |||||||
Japan—3.4% | ||||||||
Aeon Mall Co., Ltd. | 130 | 1,923 | ||||||
Daito Trust Construction Co., Ltd. | 61 | 8,652 | ||||||
Daiwa House Industry Co., Ltd. | 500 | 14,054 | ||||||
Hulic Co., Ltd. | 325 | 3,099 |
Shares | Value | |||||||
Japan Prime Realty Investment Corp. REIT | 1 | $ | 4,073 | |||||
Japan Real Estate Investment Corp. REIT | 1 | 5,773 | ||||||
Japan Retail Fund Investment Corp. REIT | 2 | 4,802 | ||||||
Mitsubishi Estate Co., Ltd. | 1,048 | 19,451 | ||||||
Mitsui Fudosan Co., Ltd. | 796 | 19,826 | ||||||
Nippon Building Fund, Inc. REIT | 1 | 5,920 | ||||||
Nippon Prologis REIT, Inc. REIT | 1 | 2,236 | ||||||
Nomura Real Estate Holdings, Inc. | 106 | 1,957 | ||||||
Nomura Real Estate Master Fund, Inc. | 3 | 4,466 | ||||||
NTT Urban Development Corp. | 200 | 1,957 | ||||||
Sumitomo Realty & Development Co., Ltd. | 303 | 8,857 | ||||||
Tokyo Tatemono Co., Ltd. | 200 | 2,488 | ||||||
Tokyu Fudosan Holdings Corp. | 431 | 2,925 | ||||||
United Urban Investment Corp. REIT | 2 | 3,231 | ||||||
|
| |||||||
115,690 | ||||||||
|
| |||||||
Singapore—0.7% | ||||||||
Ascendas Real Estate Investment Trust REIT | 1,722 | 3,054 | ||||||
CapitaLand Commercial Trust REIT | 1,729 | 1,887 | ||||||
CapitaLand Ltd. | 2,115 | 4,810 | ||||||
CapitaLand Mall Trust REIT | 2,670 | 4,138 | ||||||
City Developments Ltd. | 342 | 2,071 | ||||||
Global Logistic Properties Ltd. | 2,200 | 3,138 | ||||||
Suntec Real Estate Investment Trust REIT | 1,997 | 2,482 | ||||||
UOL Group Ltd. | 395 | 1,759 | ||||||
|
| |||||||
23,339 | ||||||||
|
| |||||||
Switzerland—0.1% | ||||||||
Swiss Prime Site AG (d) | 56 | 4,934 | ||||||
|
| |||||||
United Kingdom—0.9% | ||||||||
British Land Co. PLC REIT | 803 | 8,060 | ||||||
Hammerson PLC REIT | 644 | 5,342 | ||||||
Intu Properties PLC REIT | 777 | 3,484 | ||||||
Land Securities Group PLC REIT | 659 | 10,391 | ||||||
Segro PLC REIT | 620 | 3,647 | ||||||
|
| |||||||
30,924 | ||||||||
|
| |||||||
United States—15.6% | ||||||||
American Capital Agency Corp. REIT | 297 | 5,533 | ||||||
American Tower Corp. REIT | 357 | 36,546 | ||||||
Annaly Capital Management, Inc. REIT | 804 | 8,249 | ||||||
AvalonBay Communities, Inc. REIT | 111 | 21,112 | ||||||
Boston Properties, Inc. REIT | 130 | 16,520 | ||||||
Brixmor Property Group, Inc. REIT | 151 | 3,869 | ||||||
Camden Property Trust REIT | 73 | 6,139 | ||||||
Care Capital Properties, Inc. REIT | 101 | 2,711 | ||||||
CBRE Group, Inc., Class A (d) | 253 | 7,291 | ||||||
Communications Sales & Leasing, Inc. REIT (d) | 105 | 2,336 | ||||||
Crown Castle International Corp. REIT | 283 | 24,480 | ||||||
Digital Realty Trust, Inc. REIT | 116 | 10,265 | ||||||
Duke Realty Corp. REIT | 290 | 6,537 | ||||||
Equinix, Inc. | 51 | 16,866 | ||||||
Equity Residential REIT | 306 | 22,959 | ||||||
Essex Property Trust, Inc. REIT | 55 | 12,862 | ||||||
Extra Space Storage, Inc. REIT | 93 | 8,692 | ||||||
Federal Realty Investment Trust REIT | 58 | 9,051 |
Shares | Value | |||||||
General Growth Properties, Inc. REIT | 485 | $ | 14,419 | |||||
HCP, Inc. REIT | 384 | 12,511 | ||||||
Host Hotels & Resorts, Inc. REIT | 639 | 10,671 | ||||||
Iron Mountain, Inc. | 168 | 5,697 | ||||||
Jones Lang LaSalle, Inc. | 38 | 4,458 | ||||||
Kimco Realty Corp. REIT | 347 | 9,987 | ||||||
Liberty Property Trust REIT | 126 | 4,216 | ||||||
Macerich Co. REIT | 113 | 8,954 | ||||||
Prologis, Inc. REIT | 442 | 19,528 | ||||||
Public Storage REIT | 123 | 33,927 | ||||||
Rayonier Advanced Materials, Inc. | 65 | 618 | ||||||
Rayonier, Inc. REIT | 197 | 4,862 | ||||||
Realogy Holdings Corp. (d) | 124 | 4,478 | ||||||
Realty Income Corp. REIT | 200 | 12,502 | ||||||
Regency Centers Corp. REIT | 72 | 5,389 | ||||||
Simon Property Group, Inc. REIT | 261 | 54,207 | ||||||
SL Green Realty Corp. REIT | 84 | 8,138 | ||||||
UDR, Inc. REIT | 217 | 8,361 | ||||||
Ventas, Inc. REIT | 277 | 17,440 | ||||||
VEREIT, Inc. REIT | 770 | 6,830 | ||||||
Vornado Realty Trust REIT | 143 | 13,503 | ||||||
Welltower, Inc. | 292 | 20,247 | ||||||
Weyerhaeuser Co. REIT | 678 | 21,004 | ||||||
|
| |||||||
523,965 | ||||||||
|
| |||||||
Total Common Stock (cost—$845,808) | 957,700 | |||||||
|
| |||||||
Exchange-Traded Funds—24.3% | ||||||||
iPath Bloomberg Commodity Index Total Return (d) | 100 | 2,150 | ||||||
iShares Emerging Markets Local Currency Bond | 1,000 | 43,450 | ||||||
iShares iBoxx $ Investment Grade Corporate Bond | 400 | 47,528 | ||||||
iShares JPMorgan USD Emerging Markets Bond | 1,300 | 143,455 | ||||||
Market Vectors Gold Miners | 2,900 | 57,942 | ||||||
PIMCO Broad U.S. TIPS Index (b) | 9,000 | 522,152 | ||||||
|
| |||||||
Total Exchange-Traded Funds (cost—$794,087) | 816,677 | |||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—3.9% | ||||||||
State Street Bank and Trust Co.,dated 3/31/16, 0.03%, due 4/1/16, proceeds $132,000; collateralized by U.S. Treasury Notes, 1.625%, due 11/30/20, valued at $138,206 including accrued interest |
| |||||||
(cost—$132,000) | $132 | 132,000 | ||||||
|
| |||||||
Total Investments (cost—$3,754,221) (a)—99.8% |
| 3,349,916 | ||||||
|
| |||||||
Other assets less liabilities (e)—0.2% | 7,071 | |||||||
|
| |||||||
Net Assets—100.0% | $3,356,987 | |||||||
|
|
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 157 |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Notes to Schedule of Investments:
(a) Securities with an aggregate value of $401,432, representing 12.0% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(b) Affiliated fund.
(c) Institutional Class share.
(d) Non-income producing.
(e) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.
Glossary:
REIT—Real Estate Investment Trust
TIPS—Treasury Inflation Protected Securities
UNIT—More than one class of securities traded together.
The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:
Mutual Funds | 43.0% | |||
Exchange-Traded Funds | 24.3% | |||
Real Estate Investment Trust | 21.1% | |||
Real Estate Management & Development | 7.5% | |||
Chemicals | 0.0% | |||
Repurchase Agreements | 3.9% | |||
Other assets less liabilities | 0.2% | |||
|
| |||
100.0% | ||||
|
|
AllianzGI NFJ Emerging Markets Value Fund
Shares | Value | |||||||
Common Stock—90.9% | ||||||||
Brazil—7.7% | ||||||||
AES Tiete Energia S.A. UNIT | 13,400 | $57,615 | ||||||
BM&FBovespa S.A. | 12,400 | 53,040 | ||||||
CVC Brasil Operadora e Agencia de Viagens S.A. | 12,600 | 58,661 | ||||||
FPC Par Corretora de Seguros S.A. (d) | 16,200 | 54,966 | ||||||
Grendene S.A. | 11,800 | 56,118 | ||||||
Kroton Educacional S.A. | 17,900 | 57,150 | ||||||
Multiplus S.A. | 6,200 | 56,488 | ||||||
Porto Seguro S.A. | 7,300 | 55,304 | ||||||
Qualicorp S.A. | 14,600 | 60,379 | ||||||
Smiles S.A. | 4,800 | 50,741 | ||||||
Transmissora Alianca de Energia Eletrica S.A. UNIT | 10,800 | 60,613 | ||||||
|
| |||||||
621,075 | ||||||||
|
| |||||||
Chile—1.3% | ||||||||
Inversiones La Construccion S.A. | 4,685 | 53,151 | ||||||
Vina Concha y Toro S.A. | 31,274 | 54,341 | ||||||
|
| |||||||
107,492 | ||||||||
|
| |||||||
China—23.9% | ||||||||
Agricultural Bank of China Ltd., Class H | 147,000 | 52,885 | ||||||
Bank of China Ltd., Class H | 125,000 | 51,896 | ||||||
Bank of Communications Co., Ltd., Class H | 84,000 | 55,269 | ||||||
China Communications Services Corp. Ltd., Class H | 112,000 | 51,141 | ||||||
China Construction Bank Corp., Class H | 80,000 | 51,316 | ||||||
China Everbright Ltd. | 25,000 | 52,150 | ||||||
China Lesso Group Holdings Ltd. | 88,000 | 47,306 | ||||||
China Lilang Ltd. | 79,000 | 48,496 | ||||||
China Merchants Bank Co., Ltd., Class H | 25,600 | 53,876 | ||||||
China Resources Power Holdings Co., Ltd. | 26,000 | 48,404 | ||||||
China Shineway Pharmaceutical Group Ltd. | 43,000 | 51,757 | ||||||
Chongqing Rural Commercial Bank Co., Ltd., Class H | 99,000 | 52,409 | ||||||
Dongpeng Holdings Co., Ltd. | 100,000 | 54,516 | ||||||
Guangdong Electric Power Development Co., Ltd., Class B | 90,020 | 53,156 | ||||||
Huayu Automotive Systems Co., Ltd., Class A | 24,100 | 56,667 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 98,000 | 55,024 | ||||||
Jiangsu Expressway Co., Ltd., Class H | 42,000 | 56,669 | ||||||
Kingboard Laminates Holdings Ltd. | 127,000 | 59,131 | ||||||
Kweichow Moutai Co., Ltd., Class A | 1,500 | 57,460 | ||||||
Lee & Man Paper Manufacturing Ltd. | 80,000 | 54,417 | ||||||
Luthai Textile Co., Ltd., Class B | 39,430 | 52,340 | ||||||
Minth Group Ltd. | 25,000 | 57,945 | ||||||
Peak Sport Products Co., Ltd. | 216,000 | 53,307 | ||||||
PICC Property & Casualty Co., Ltd., Class H | 32,000 | 59,003 | ||||||
SAIC Motor Corp., Ltd., Class A | 17,544 | 54,345 | ||||||
Shandong Hi Speed Co., Ltd., Class A | 65,600 | 57,192 |
Shares | Value | |||||||
Shanghai Pharmaceuticals Holding Co., Ltd., Class H | 27,200 | $ | 54,063 | |||||
Shanghai Pudong Development Bank Co., Ltd., Class A | 19,400 | 53,834 | ||||||
Shenzhen Expressway Co., Ltd., Class H | 60,000 | 52,763 | ||||||
Sinopharm Group Co., Ltd., Class H | 13,200 | 59,314 | ||||||
Tongda Group Holdings Ltd. | 302,000 | 60,436 | ||||||
Wasion Group Holdings Ltd. | 66,000 | 34,788 | ||||||
Xinhua Winshare Publishing and Media Co., Ltd., Class H | 62,000 | 53,696 | ||||||
Zhejiang Expressway Co., Ltd., Class H | 50,000 | 53,397 | ||||||
Zhengzhou Yutong Bus Co., Ltd., Class A | 17,100 | 51,226 | ||||||
Zhuzhou CRRC Times Electric Co., Ltd. | 10,000 | 58,315 | ||||||
|
| |||||||
1,929,909 | ||||||||
|
| |||||||
Czech Republic—0.7% | ||||||||
Philip Morris CR AS | 95 | 52,786 | ||||||
|
| |||||||
Egypt—0.6% | ||||||||
Eastern Tobacco | 2,377 | 52,198 | ||||||
|
| |||||||
Hong Kong—2.6% | ||||||||
BOC Hong Kong Holdings Ltd. | 19,000 | 56,757 | ||||||
CITIC Telecom International Holdings Ltd. | 130,000 | 48,936 | ||||||
NagaCorp Ltd. | 87,000 | 55,527 | ||||||
SITC International Holdings Co., Ltd. | 103,000 | 50,804 | ||||||
|
| |||||||
212,024 | ||||||||
|
| |||||||
India—8.2% | ||||||||
Bharat Petroleum Corp. Ltd. | 4,317 | 59,004 | ||||||
Ceat Ltd. | 3,367 | 55,657 | ||||||
Great Eastern Shipping Co., Ltd. | 11,289 | 53,431 | ||||||
Hindustan Petroleum Corp. Ltd. | 4,884 | 58,224 | ||||||
Indiabulls Housing Finance Ltd. | 5,412 | 53,094 | ||||||
Mphasis Ltd. | 7,658 | 56,871 | ||||||
Muthoot Finance Ltd. | 19,804 | 53,455 | ||||||
NIIT Technologies Ltd. | 7,405 | 55,383 | ||||||
Power Grid Corp. of India Ltd. | 25,205 | 52,883 | ||||||
Redington India Ltd. | 33,078 | 57,370 | ||||||
Vardhman Textiles Ltd. | 4,551 | 52,986 | ||||||
Zensar Technologies Ltd. | 3,965 | 55,981 | ||||||
|
| |||||||
664,339 | ||||||||
|
| |||||||
Indonesia—2.0% | ||||||||
Bank Negara Indonesia Persero Tbk PT | 133,000 | 52,140 | ||||||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 750,000 | 54,664 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 62,500 | 53,784 | ||||||
|
| |||||||
160,588 | ||||||||
|
| |||||||
Korea (Republic of)—8.6% | ||||||||
Hyosung Corp. | 465 | 58,524 | ||||||
Hyundai Marine & Fire Insurance Co., Ltd. | 1,815 | 52,719 | ||||||
KB Insurance Co., Ltd. | 1,900 | 56,625 | ||||||
Kia Motors Corp. | 1,215 | 51,323 | ||||||
Korea Electric Power Corp. | 1,073 | 56,210 | ||||||
KT&G Corp. | 592 | 57,004 |
158 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Shares | Value | |||||||
Meritz Fire & Marine Insurance Co., Ltd. | 3,820 | $ | 53,394 | |||||
Meritz Securities Co., Ltd. | 15,780 | 49,234 | ||||||
Samsung Electronics Co., Ltd. | 52 | 59,675 | ||||||
Shinhan Financial Group Co., Ltd. | 1,530 | 53,856 | ||||||
SK Telecom Co., Ltd. | 285 | 51,645 | ||||||
Spigen Korea Co., Ltd. | 950 | 43,565 | ||||||
Tongyang Life Insurance Co., Ltd. | 5,230 | 54,094 | ||||||
|
| |||||||
697,868 | ||||||||
|
| |||||||
Malaysia—2.7% | ||||||||
Berjaya Sports Toto Bhd. | 64,700 | 52,404 | ||||||
Inari Amertron Bhd. | 64,725 | 53,434 | ||||||
Scientex Bhd. | 18,100 | 60,136 | ||||||
Supermax Corp. Bhd. | 83,400 | 55,164 | ||||||
|
| |||||||
221,138 | ||||||||
|
| |||||||
Mexico—2.7% | ||||||||
Credito Real S.A.B. de C.V. SOFOM ER | 25,253 | 53,438 | ||||||
Fibra Shop Portafolios Inmobiliarios SAPI de C.V. REIT | 53,800 | 53,404 | ||||||
Mexico Real Estate Management S.A. de C.V. REIT (d) | 40,400 | 54,600 | ||||||
Prologis Property Mexico S.A. de C.V. REIT (d) | 35,200 | 55,906 | ||||||
|
| |||||||
217,348 | ||||||||
|
| |||||||
Norway—0.6% | ||||||||
BW LPG Ltd. (a) | 7,825 | 47,465 | ||||||
|
| |||||||
Peru—0.7% | ||||||||
Intercorp Financial Services, Inc. | 2,134 | 55,143 | ||||||
|
| |||||||
Philippines—0.6% | ||||||||
Manila Water Co., Inc. | 89,500 | 52,496 | ||||||
|
| |||||||
Poland—1.4% | ||||||||
Asseco Poland S.A. | 3,497 | 56,703 | ||||||
Warsaw Stock Exchange | 5,377 | 56,479 | ||||||
|
| |||||||
113,182 | ||||||||
|
| |||||||
Russian Federation—3.2% | ||||||||
Bashneft OAO (c)(d) | 1,357 | 52,977 | ||||||
Gazprom Neft PAO ADR | 4,712 | 52,397 | ||||||
Gazprom PAO (c) | 23,489 | 51,911 | ||||||
Lukoil PJSC (c) | 1,258 | 49,339 | ||||||
Tatneft OAO (c) | 9,250 | 49,950 | ||||||
|
| |||||||
256,574 | ||||||||
|
| |||||||
Singapore—1.3% | ||||||||
Lippo Malls Indonesia Retail Trust REIT | 225,000 | 54,253 | ||||||
Religare Health Trust UNIT | 74,500 | 54,225 | ||||||
|
| |||||||
108,478 | ||||||||
|
| |||||||
South Africa—4.7% | ||||||||
Mondi Ltd. | 2,726 | 52,456 | ||||||
Nampak Ltd. | 39,664 | 57,100 | ||||||
Peregrine Holdings Ltd. | 28,969 | 53,469 | ||||||
S.A. Corporate Real Estate Fund Nominees Pty Ltd. REIT | 167,118 | 54,673 | ||||||
Sasol Ltd. | 1,761 | 52,257 | ||||||
Telkom S.A. SOC Ltd. | 14,564 | 56,712 | ||||||
Vukile Property Fund Ltd. REIT | 49,019 | 56,394 | ||||||
|
| |||||||
383,061 | ||||||||
|
| |||||||
Taiwan—11.3% | ||||||||
Chimei Materials Technology Corp. | 85,700 | 52,184 | ||||||
Compeq Manufacturing Co., Ltd. | 81,000 | 51,808 |
Shares | Value | |||||||
Coretronic Corp. | 52,000 | $ | 53,121 | |||||
Elitegroup Computer Systems Co., Ltd. | 82,553 | 51,534 | ||||||
Gigabyte Technology Co., Ltd. | 46,000 | 50,736 | ||||||
Greatek Electronics, Inc. | 47,000 | 53,707 | ||||||
Green Seal Holding Ltd. | 14,000 | 54,803 | ||||||
Hon Hai Precision Industry Co., Ltd. GDR | 10,212 | 54,634 | ||||||
King’s Town Bank Co., Ltd. | 78,000 | 53,638 | ||||||
Lite-On Technology Corp. | 46,585 | 56,829 | ||||||
Micro-Star International Co., Ltd. | 39,000 | 60,076 | ||||||
Pegatron Corp. | 21,000 | 48,888 | ||||||
Phison Electronics Corp. | 7,000 | 56,984 | ||||||
Primax Electronics Ltd. | 43,000 | 50,395 | ||||||
Sercomm Corp. | 21,000 | 53,405 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 11,500 | 57,360 | ||||||
Test Research, Inc. | 34,000 | 52,067 | ||||||
|
| |||||||
912,169 | ||||||||
|
| |||||||
Thailand—2.0% | ||||||||
CPN Retail Growth Leasehold Property Fund UNIT | 96,900 | 52,334 | ||||||
Delta Electronics Thailand PCL NVDR | 22,200 | 54,851 | ||||||
Thai Vegetable Oil PCL NVDR | 77,000 | 51,195 | ||||||
|
| |||||||
158,380 | ||||||||
|
| |||||||
Turkey—3.4% | ||||||||
Akcansa Cimento AS | 10,724 | 54,720 | ||||||
Aksa Akrilik Kimya Sanayii AS | 15,076 | 55,824 | ||||||
Selcuk Ecza Deposu Ticaret ve Sanayi AS | 60,538 | 55,063 | ||||||
Soda Sanayii AS | 30,217 | 54,568 | ||||||
Tupras Turkiye Petrol Rafinerileri AS (d) | 1,884 | 53,064 | ||||||
|
| |||||||
273,239 | ||||||||
|
| |||||||
United Arab Emirates—0.7% | ||||||||
Aramex PJSC | 58,512 | 53,991 | ||||||
|
| |||||||
Total Common Stock (cost—$7,186,847) | 7,350,943 | |||||||
|
| |||||||
Preferred Stock—4.2% | ||||||||
Brazil—1.4% | ||||||||
Alpargatas S.A. | 25,500 | 54,962 | ||||||
Banco Daycoval S.A. | 22,600 | 55,123 | ||||||
|
| |||||||
110,085 | ||||||||
|
| |||||||
Korea (Republic of)—2.8% | ||||||||
Hyundai Motor Co. | 610 | 55,429 | ||||||
LG Household & Health Care Ltd. | 139 | 54,409 | ||||||
Samsung Electronics Co., Ltd. | 61 | 59,059 | ||||||
SK Innovation Co., Ltd. (d) | 685 | 59,555 | ||||||
|
| |||||||
228,452 | ||||||||
|
| |||||||
Total Preferred Stock (cost—$318,673) | 338,537 | |||||||
|
| |||||||
Equity-Linked Securities—1.3% | ||||||||
China—1.3% | ||||||||
Merrill Lynch International & Co., | 16,068 | 47,883 | ||||||
Midea Group Co., Ltd., Class A, expires 1/6/20 | 11,301 | 54,132 | ||||||
|
| |||||||
Total Equity-Linked Securities (cost—$111,944) | 102,015 | |||||||
|
| |||||||
Principal Amount (000s) | Value | |||||||
Repurchase Agreements—1.5% | ||||||||
State Street Bank and Trust Co.,dated 3/31/16, 0.03%, due 4/1/16, proceeds $124,000; collateralized by U.S. Treasury Notes, 3.125%, due 5/15/21, valued at $126,703 including accrued interest |
| |||||||
(cost—$124,000) | $124 | $ | 124,000 | |||||
|
| |||||||
Total Investments (cost—$7,741,464) (b)—97.9% |
| 7,915,495 | ||||||
|
| |||||||
Other assets less liabilities (e)—2.1% | 172,764 | |||||||
|
| |||||||
Net Assets—100.0% | $8,088,259 | |||||||
|
|
Notes to Schedule of Investments:
(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.
(b) Securities with an aggregate value of $5,889,853, representing 72.8% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(c) Fair-Valued—Securities with an aggregate value of $204,177, representing 2.5% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(d) Non-income producing.
(e) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.
Glossary:
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
NVDR—Non-Voting Depository Receipt
REIT—Real Estate Investment Trust
UNIT—More than one class of securities traded together.
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 159 |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:
Banks | 10.7% | |||
Oil, Gas & Consumable Fuels | 7.9% | |||
Electronic Equipment, Instruments & Components | 7.2% | |||
Technology Hardware, Storage & Peripherals | 5.9% | |||
Insurance | 4.8% | |||
Real Estate Investment Trust | 4.7% | |||
Textiles, Apparel & Luxury Goods | 3.9% | |||
Health Care Providers & Services | 3.5% | |||
Chemicals | 2.8% | |||
Transportation Infrastructure | 2.7% | |||
Auto Components | 2.1% | |||
Electric Utilities | 2.1% | |||
Software | 2.1% | |||
Semiconductors & Semiconductor Equipment | 2.1% | |||
Hotels, Restaurants & Leisure | 2.1% | |||
Diversified Financial Services | 2.0% | |||
Tobacco | 2.0% | |||
Automobiles | 2.0% | |||
Independent Power Producers & Energy Traders | 2.0% | |||
Diversified Telecommunication Services | 1.9% | |||
Capital Markets | 1.9% | |||
Beverages | 1.4% | |||
Construction Materials | 1.4% | |||
Media | 1.3% | |||
Consumer Finance | 1.3% | |||
Paper & Forest Products | 1.3% | |||
Household Durables | 1.3% | |||
Electrical Equipment | 0.7% | |||
Diversified Consumer Services | 0.7% | |||
Containers & Packaging | 0.7% | |||
IT Services | 0.7% | |||
Health Care Equipment & Supplies | 0.7% | |||
Apparel & Textiles | 0.7% | |||
Personal Products | 0.7% | |||
Air Freight & Logistics | 0.7% | |||
Distributors | 0.7% | |||
Communications Equipment | 0.7% | |||
Thrifts & Mortgage Finance | 0.7% | |||
Water Utilities | 0.7% | |||
Pharmaceuticals | 0.6% | |||
Wireless Telecommunication Services | 0.6% | |||
Machinery | 0.6% | |||
Food Products | 0.6% | |||
Marine | 0.6% | |||
Building Products | 0.6% | |||
Repurchase Agreements | 1.5% | |||
Other assets less liabilities | 2.1% | |||
|
| |||
100.0% | ||||
|
|
AllianzGI NFJ Global Dividend Value Fund
Shares | Value | |||||||
Common Stock—97.1% | ||||||||
Chile—2.1% | ||||||||
Itau CorpBanca ADR | 22,600 | $310,750 | ||||||
|
| |||||||
China—4.0% | ||||||||
China Construction Bank Corp., Class H | 472,600 | 303,148 | ||||||
China Mobile Ltd. | 25,900 | 286,676 | ||||||
|
| |||||||
589,824 | ||||||||
|
| |||||||
France—1.9% | ||||||||
Total S.A. | 6,291 | 286,249 | ||||||
|
| |||||||
Germany—2.1% | ||||||||
Siemens AG | 2,990 | 316,224 | ||||||
|
| |||||||
Indonesia—1.7% | ||||||||
Bank Rakyat Indonesia Persero Tbk PT ADR | 15,505 | 257,042 | ||||||
|
| |||||||
Japan—3.4% | ||||||||
ITOCHU Corp. | 22,900 | 281,414 | ||||||
Mizuho Financial Group, Inc. | 155,700 | 232,037 | ||||||
|
| |||||||
513,451 | ||||||||
|
| |||||||
Korea (Republic of)—1.9% | ||||||||
SK Telecom Co., Ltd. | 1,590 | 288,123 | ||||||
|
| |||||||
Norway—2.0% | ||||||||
Marine Harvest ASA (c) | 19,136 | 294,614 | ||||||
|
| |||||||
Russian Federation—2.2% | ||||||||
Lukoil PJSC ADR | 8,400 | 322,686 | ||||||
|
| |||||||
South Africa—3.1% | ||||||||
MTN Group Ltd. ADR | 20,200 | 182,608 | ||||||
Sasol Ltd. ADR | 9,621 | 284,204 | ||||||
|
| |||||||
466,812 | ||||||||
|
| |||||||
Spain—3.9% | ||||||||
Banco Santander S.A. | 65,219 | 286,434 | ||||||
Enagas S.A. | 9,891 | 296,875 | ||||||
|
| |||||||
583,309 | ||||||||
|
| |||||||
Switzerland—1.9% | ||||||||
Swiss Re AG | 3,032 | 279,974 | ||||||
|
| |||||||
Taiwan—2.1% | ||||||||
Hon Hai Precision Industry Co., Ltd. GDR | 57,509 | 307,673 | ||||||
|
| |||||||
United Kingdom—15.0% | ||||||||
BAE Systems PLC | 38,344 | 279,692 | ||||||
Britvic PLC | 27,887 | 284,210 | ||||||
Greene King PLC | 21,465 | 268,326 | ||||||
Imperial Brands PLC | 5,118 | 283,370 | ||||||
Marks & Spencer Group PLC | 43,571 | 253,903 | ||||||
Persimmon PLC | 19,127 | 571,538 | ||||||
Royal Dutch Shell PLC, Class A ADR | 6,000 | 290,700 | ||||||
|
| |||||||
2,231,739 | ||||||||
|
| |||||||
United States—49.8% | ||||||||
A Schulman, Inc. (b) | 10,800 | 293,976 | ||||||
AbbVie, Inc. | 5,100 | 291,312 | ||||||
Apple, Inc. | 2,900 | 316,071 | ||||||
Axis Capital Holdings Ltd. | 5,200 | 288,392 | ||||||
CA, Inc. | 9,500 | 292,505 | ||||||
Cisco Systems, Inc. | 20,700 | 589,329 | ||||||
Exxon Mobil Corp. | 3,400 | 284,206 | ||||||
Ford Motor Co. | 22,300 | 301,050 | ||||||
General Motors Co. | 9,400 | 295,442 | ||||||
Gilead Sciences, Inc. | 3,100 | 284,766 | ||||||
Intel Corp. | 9,200 | 297,620 |
Shares | Value | |||||||
International Business Machines Corp. | 4,300 | $ | 651,235 | |||||
Johnson & Johnson | 2,700 | 292,140 | ||||||
JPMorgan Chase & Co. | 4,700 | 278,334 | ||||||
MetLife, Inc. | 6,700 | 294,398 | ||||||
Pfizer, Inc. | 10,200 | 302,328 | ||||||
PNC Financial Services Group, Inc. | 3,300 | 279,081 | ||||||
PPL Corp. | 7,600 | 289,332 | ||||||
Quest Diagnostics, Inc. | 4,300 | 307,235 | ||||||
Travelers Cos., Inc. | 2,600 | 303,446 | ||||||
United Technologies Corp. | 3,200 | 320,320 | ||||||
Verizon Communications, Inc. | 5,500 | 297,440 | ||||||
Wal-Mart Stores, Inc. | 4,200 | 287,658 | ||||||
|
| |||||||
7,437,616 | ||||||||
|
| |||||||
Total Common Stock (cost—$14,789,620) | 14,486,086 | |||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—2.9% | ||||||||
State Street Bank and Trust Co.,dated 3/31/16, 0.03%, due 4/1/16, proceeds $430,000; collateralized by Fannie Mae, 1.375%, due 2/26/21, valued at $440,550 including accrued interest |
| |||||||
(cost—$430,000) | $430 | 430,000 | ||||||
|
| |||||||
Total Investments (cost—$15,219,620) (a)—100.0% |
| 14,916,086 | ||||||
|
| |||||||
Other assets less liabilities—0.0% | 3,256 | |||||||
|
| |||||||
Net Assets—100.0% | $14,919,342 | |||||||
|
|
Notes to Schedule of Investments:
(a) Securities with an aggregate value of $5,092,807, representing 34.1% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(b) Affiliated security.
(c) Non-income producing.
Glossary:
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
160 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:
Banks | 13.0% | |||
Oil, Gas & Consumable Fuels | 9.8% | |||
Insurance | 7.8% | |||
Wireless Telecommunication Services | 5.1% | |||
IT Services | 4.4% | |||
Aerospace & Defense | 4.0% | |||
Automobiles | 4.0% | |||
Pharmaceuticals | 4.0% | |||
Communications Equipment | 3.9% | |||
Biotechnology | 3.9% | |||
Household Durables | 3.8% | |||
Industrial Conglomerates | 2.1% | |||
Technology Hardware, Storage & Peripherals | 2.1% | |||
Electronic Equipment, Instruments & Components | 2.1% | |||
Health Care Providers & Services | 2.1% | |||
Semiconductors & Semiconductor Equipment | 2.0% | |||
Diversified Telecommunication Services | 2.0% | |||
Gas Utilities | 2.0% | |||
Food Products | 2.0% | |||
Chemicals | 2.0% | |||
Software | 2.0% | |||
Electric Utilities | 1.9% | |||
Food & Staples Retailing | 1.9% | |||
Beverages | 1.9% | |||
Tobacco | 1.9% | |||
Trading Companies & Distributors | 1.9% | |||
Hotels, Restaurants & Leisure | 1.8% | |||
Multi-line Retail | 1.7% | |||
Repurchase Agreements | 2.9% | |||
Other assets less liabilities | 0.0% | |||
|
| |||
100.0% | ||||
|
|
AllianzGI NFJ International Small-Cap Value Fund
Shares | Value | |||||||
Common Stock—97.5% | ||||||||
Australia—6.3% | ||||||||
Asaleo Care Ltd. | 86,487 | $120,471 | ||||||
Bank of Queensland Ltd. | 11,302 | 104,790 | ||||||
Charter Hall Retail REIT | 29,909 | 105,120 | ||||||
CSR Ltd. | 39,600 | 99,910 | ||||||
Pact Group Holdings Ltd. | 33,705 | 128,849 | ||||||
SAI Global Ltd. | 31,300 | 90,423 | ||||||
Steadfast Group Ltd. | 86,804 | 119,099 | ||||||
|
| |||||||
768,662 | ||||||||
|
| |||||||
Belgium—0.9% | ||||||||
Befimmo S.A. REIT | 1,760 | 112,879 | ||||||
|
| |||||||
Brazil—1.6% | ||||||||
Multiplus S.A. | 10,500 | 95,666 | ||||||
Qualicorp S.A. | 23,600 | 97,599 | ||||||
|
| |||||||
193,265 | ||||||||
|
| |||||||
Canada—8.0% | ||||||||
Aimia, Inc. | 11,204 | 72,896 | ||||||
Canfor Pulp Products, Inc. | 9,256 | 85,451 | ||||||
Chorus Aviation, Inc. | 7,921 | 40,192 | ||||||
Cogeco, Inc. | 2,105 | 92,223 | ||||||
Enbridge Income Fund Holdings, Inc. | 3,900 | 88,886 | ||||||
Intertape Polymer Group, Inc. | 6,631 | 95,017 | ||||||
Linamar Corp. | 1,943 | 93,488 | ||||||
Magellan Aerospace Corp. | 7,924 | 99,450 | ||||||
Martinrea International, Inc. | 12,400 | 97,959 | ||||||
New Flyer Industries, Inc. | 4,138 | 106,417 | ||||||
Transcontinental, Inc., Class A | 6,584 | 104,330 | ||||||
|
| |||||||
976,309 | ||||||||
|
| |||||||
Chile—3.6% | ||||||||
Cia Cervecerias Unidas S.A. ADR | 5,500 | 123,475 | ||||||
Embotelladora Andina S.A., Class B ADR | 5,600 | 106,792 | ||||||
Itau CorpBanca ADR | 8,000 | 110,000 | ||||||
Vina Concha y Toro S.A. ADR | 2,800 | 96,880 | ||||||
|
| |||||||
437,147 | ||||||||
|
| |||||||
Denmark—0.8% | ||||||||
Dfds A/S | 2,571 | 93,461 | ||||||
|
| |||||||
Finland—1.5% | ||||||||
Lassila & Tikanoja Oyj | 4,827 | 87,828 | ||||||
Tieto Oyj | 3,674 | 95,727 | ||||||
|
| |||||||
183,555 | ||||||||
|
| |||||||
France—4.3% | ||||||||
Alten S.A. | 1,536 | 94,130 | ||||||
Euronext NV (a) | 2,296 | 95,226 | ||||||
Rothschild & Co. | 3,215 | 79,451 | ||||||
Rubis SCA | 1,145 | 91,850 | ||||||
Saft Groupe S.A. | 2,787 | 84,153 | ||||||
Technicolor S.A. | 12,400 | 77,362 | ||||||
|
| |||||||
522,172 | ||||||||
|
| |||||||
Germany—2.5% | ||||||||
Hornbach Holding AG & Co. KGaA | 1,453 | 93,814 | ||||||
Stada Arzneimittel AG | 2,339 | 92,616 | ||||||
Takkt AG | 5,807 | 111,539 | ||||||
|
| |||||||
297,969 | ||||||||
|
| |||||||
Greece—0.8% | ||||||||
Motor Oil Hellas Corinth Refineries S.A. | 8,700 | 93,651 | ||||||
|
|
Shares | Value | |||||||
Hong Kong—3.4% | ||||||||
First Pacific Co., Ltd. | 134,100 | $ | 100,300 | |||||
Langham Hospitality Investments and Langham Hospitality Investments Ltd. UNIT | 253,500 | 89,992 | ||||||
NagaCorp Ltd. | 168,000 | 107,223 | ||||||
PCCW Ltd. | 175,000 | 112,898 | ||||||
|
| |||||||
410,413 | ||||||||
|
| |||||||
Italy—4.2% | ||||||||
A2A SpA | 78,025 | 101,313 | ||||||
Anima Holding SpA (a) | 12,958 | 94,497 | ||||||
ASTM SpA | 10,717 | 123,697 | ||||||
Cementir Holding SpA | 17,147 | 85,742 | ||||||
Credito Emiliano SpA | 15,588 | 106,455 | ||||||
|
| |||||||
511,704 | ||||||||
|
| |||||||
Japan—20.9% | ||||||||
Aida Engineering Ltd. | 9,300 | 80,795 | ||||||
Cocokara fine, Inc. | 2,100 | 91,094 | ||||||
Daihen Corp. | 17,000 | 77,327 | ||||||
Denki Kagaku Kogyo KK | 24,000 | 98,672 | ||||||
DTS Corp. | 4,500 | 86,018 | ||||||
Fukuoka Financial Group, Inc. | 25,000 | 81,437 | ||||||
Haseko Corp. | 9,000 | 83,794 | ||||||
Heiwado Co., Ltd. | 4,000 | 83,012 | ||||||
Hitachi Chemical Co., Ltd. | 5,900 | 106,022 | ||||||
Kaken Pharmaceutical Co., Ltd. | 1,300 | 78,583 | ||||||
Lintec Corp. | 4,600 | 82,179 | ||||||
Mitsubishi Shokuhin Co., Ltd. | 5,000 | 126,979 | ||||||
Nippo Corp. | 6,000 | 100,716 | ||||||
Nippon Soda Co., Ltd. | 19,000 | 95,410 | ||||||
Nitto Kogyo Corp. | 7,200 | 114,688 | ||||||
Oiles Corp. | 5,400 | 80,659 | ||||||
Sankyu, Inc. | 20,000 | 91,256 | ||||||
Shinmaywa Industries Ltd. | 12,000 | 85,039 | ||||||
Shizuoka Gas Co., Ltd. | 14,800 | 99,079 | ||||||
Sogo Medical Co., Ltd. | 2,600 | 88,224 | ||||||
Sumitomo Osaka Cement Co., Ltd. | 26,000 | 102,130 | ||||||
T-Gaia Corp. | 8,200 | 94,907 | ||||||
Takeuchi Manufacturing Co., Ltd. | 5,000 | 72,265 | ||||||
TechnoPro Holdings, Inc. | 3,300 | 97,822 | ||||||
Toho Holdings Co., Ltd. | 3,700 | 79,079 | ||||||
Tokyo Seimitsu Co., Ltd. | 4,000 | 78,475 | ||||||
TS Tech Co., Ltd. | 3,600 | 84,147 | ||||||
Yokogawa Electric Corp. | 8,800 | 90,895 | ||||||
|
| |||||||
2,530,703 | ||||||||
|
| |||||||
Mexico—0.8% | ||||||||
Grupo Herdez S.A.B. de C.V. | 42,400 | 93,551 | ||||||
|
| |||||||
Netherlands—1.0% | ||||||||
Aalberts Industries NV | 3,313 | 114,727 | ||||||
|
| |||||||
New Zealand—2.7% | ||||||||
Air New Zealand Ltd. | 59,747 | 118,125 | ||||||
Goodman Property Trust REIT | 139,281 | 127,004 | ||||||
Sky Network Television Ltd. | 25,038 | 86,018 | ||||||
|
| |||||||
331,147 | ||||||||
|
| |||||||
Norway—1.3% | ||||||||
Avance Gas Holding Ltd. (a) | 7,989 | 55,547 | ||||||
Borregaard ASA | 15,783 | 105,765 | ||||||
|
| |||||||
161,312 | ||||||||
|
| |||||||
Philippines—1.0% | ||||||||
Manila Water Co., Inc. | 212,700 | 124,758 | ||||||
|
|
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 161 |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Shares | Value | |||||||
Portugal—1.5% | ||||||||
Portucel S.A. | 25,214 | $ | 91,658 | |||||
Sonae SGPS S.A. | 79,300 | 95,450 | ||||||
|
| |||||||
187,108 | ||||||||
|
| |||||||
Singapore—1.5% | ||||||||
Lippo Malls Indonesia Retail Trust REIT | 414,200 | 99,874 | ||||||
Mapletree Industrial Trust REIT | 71,300 | 84,354 | ||||||
|
| |||||||
184,228 | ||||||||
|
| |||||||
South Africa—0.6% | ||||||||
JSE Ltd. | 7,328 | 73,865 | ||||||
|
| |||||||
Spain—3.4% | ||||||||
Bolsas y Mercados Espanoles SHMSF S.A. | 2,631 | 84,720 | ||||||
Cia de Distribucion Integral Logista Holdings S.A. (c) | 5,140 | 115,979 | ||||||
Grupo Catalana Occidente S.A. | 3,822 | 108,334 | ||||||
Mediaset Espana Comunicacion S.A. | 8,769 | 100,648 | ||||||
|
| |||||||
409,681 | ||||||||
|
| |||||||
Sweden—6.8% | ||||||||
BillerudKorsnas AB | 5,274 | 86,095 | ||||||
Cloetta AB, Class B (d) | 42,328 | 134,334 | ||||||
Dios Fastigheter AB | 14,127 | 103,652 | ||||||
Eltel AB (a)(d) | 8,300 | 89,203 | ||||||
Granges AB | 14,516 | 126,002 | ||||||
Hemfosa Fastigheter AB | 9,256 | 101,512 | ||||||
Loomis AB, Class B | 3,000 | 84,676 | ||||||
Swedish Match AB | 3,021 | 102,406 | ||||||
|
| |||||||
827,880 | ||||||||
|
| |||||||
Switzerland—2.0% | ||||||||
Cembra Money Bank AG (c)(d) | 1,852 | 129,268 | ||||||
Siegfried Holding AG (d) | 585 | 107,868 | ||||||
|
| |||||||
237,136 | ||||||||
|
| |||||||
United Kingdom—16.1% | ||||||||
Berendsen PLC | 6,909 | 119,170 | ||||||
Britvic PLC | 10,425 | 106,246 | ||||||
Close Brothers Group PLC | 4,482 | 81,073 | ||||||
Crest Nicholson Holdings PLC | 10,501 | 84,656 | ||||||
Galliford Try PLC | 4,363 | 89,769 | ||||||
Go-Ahead Group PLC | 2,020 | 76,453 | ||||||
Greene King PLC | 7,697 | 96,217 | ||||||
Hays PLC | 55,630 | 96,571 | ||||||
Hill & Smith Holdings PLC | 10,182 | 132,054 | ||||||
Inchcape PLC | 10,377 | 107,628 | ||||||
Indivior PLC | 52,317 | 122,350 | ||||||
Kcom Group PLC | 58,007 | 89,561 | ||||||
Laird PLC | 22,603 | 123,379 | ||||||
Marston’s PLC | 47,289 | 103,096 | ||||||
OneSavings Bank PLC | 17,400 | 83,169 | ||||||
PayPoint PLC | 8,866 | 95,249 | ||||||
Pendragon PLC | 150,616 | 78,958 | ||||||
RPS Group PLC | 26,889 | 80,135 | ||||||
Savills PLC | 8,769 | 95,397 | ||||||
Synthomer PLC | 18,300 | 95,728 | ||||||
|
| |||||||
1,956,859 | ||||||||
|
| |||||||
Total Investments (cost—$11,752,548) (b)—97.5% | 11,834,142 | |||||||
|
| |||||||
Other assets less liabilities (e)—2.5% | 304,339 | |||||||
|
| |||||||
Net Assets—100.0% | $12,138,481 | |||||||
|
|
Notes to Schedule of Investments:
(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.
(b) Securities with an aggregate value of $8,984,781, representing 74.0% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(c) Affiliated security.
(d) Non-income producing.
(e) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.
Glossary:
ADR—American Depositary Receipt
REIT—Real Estate Investment Trust
UNIT—More than one class of securities traded together.
The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:
Chemicals | 4.8% | |||
Commercial Services & Supplies | 4.7% | |||
Machinery | 4.4% | |||
Real Estate Investment Trust | 4.4% | |||
Media | 4.3% | |||
Food & Staples Retailing | 4.0% | |||
Beverages | 3.6% | |||
Banks | 3.3% | |||
Real Estate Management & Development | 3.2% | |||
Diversified Financial Services | 2.9% | |||
Containers & Packaging | 2.5% | |||
Hotels, Restaurants & Leisure | 2.5% | |||
Pharmaceuticals | 2.4% | |||
Construction Materials | 2.4% | |||
Professional Services | 2.3% | |||
Construction & Engineering | 2.3% | |||
Electrical Equipment | 2.3% | |||
IT Services | 2.3% | |||
Auto Components | 2.3% | |||
Specialty Retail | 2.2% | |||
Metals & Mining | 2.1% | |||
Capital Markets | 2.1% | |||
Oil, Gas & Consumable Fuels | 2.0% | |||
Food Products | 1.9% | |||
Insurance | 1.9% | |||
Electronic Equipment, Instruments & Components | 1.8% | |||
Diversified Telecommunication Services | 1.7% | |||
Gas Utilities | 1.6% | |||
Paper & Forest Products | 1.5% | |||
Health Care Providers & Services | 1.4% | |||
Household Durables | 1.4% | |||
Road & Rail | 1.4% | |||
Airlines | 1.3% | |||
Consumer Finance | 1.1% | |||
Water Utilities | 1.0% | |||
Transportation Infrastructure | 1.0% | |||
Personal Products | 1.0% | |||
Air Freight & Logistics | 1.0% | |||
Internet & Catalog Retail | 0.9% | |||
Life Sciences Tools & Services | 0.9% | |||
Distributors | 0.9% | |||
Tobacco | 0.8% | |||
Multi-Utilities | 0.8% | |||
Aerospace & Defense | 0.8% | |||
Marine | 0.8% | |||
Thrifts & Mortgage Finance | 0.7% | |||
Semiconductors & Semiconductor Equipment | 0.6% | |||
Other assets less liabilities | 2.5% | |||
|
| |||
100.0% | ||||
|
|
162 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
AllianzGI NFJ International Value II Fund
Shares | Value | |||||||
Common Stock—98.3% | ||||||||
Australia—2.2% | ||||||||
Sonic Healthcare Ltd. | 32,800 | $470,410 | ||||||
Wesfarmers Ltd. | 16,100 | 511,026 | ||||||
|
| |||||||
981,436 | ||||||||
|
| |||||||
Canada—5.8% | ||||||||
Cogeco Communications, Inc. | 6,300 | 335,968 | ||||||
Magna International, Inc. | 11,700 | 502,632 | ||||||
Manulife Financial Corp. | 24,200 | 342,480 | ||||||
Open Text Corp. | 8,500 | 440,300 | ||||||
Power Financial Corp. | 21,821 | 545,546 | ||||||
Shaw Communications, Inc., Class B | 19,200 | 370,752 | ||||||
|
| |||||||
2,537,678 | ||||||||
|
| |||||||
Chile—0.7% | ||||||||
Itau CorpBanca ADR | 20,700 | 284,625 | ||||||
|
| |||||||
China—2.7% | ||||||||
China Construction Bank Corp., Class H | 682,200 | 437,595 | ||||||
China Mobile Ltd. | 38,300 | 423,926 | ||||||
PICC Property & Casualty Co., Ltd., Class H | 180,000 | 331,894 | ||||||
|
| |||||||
1,193,415 | ||||||||
|
| |||||||
Denmark—1.8% | ||||||||
Danske Bank A/S | 16,700 | 471,282 | ||||||
TDC A/S | 64,000 | 312,803 | ||||||
|
| |||||||
784,085 | ||||||||
|
| |||||||
France—8.8% | ||||||||
AXA S.A. | 26,700 | 626,080 | ||||||
Christian Dior SE | 2,600 | 470,795 | ||||||
Cie Generale des Etablissements Michelin | 3,800 | 388,240 | ||||||
CNP Assurances | 30,600 | 476,522 | ||||||
Euronext NV (a) | 11,100 | 460,371 | ||||||
Eutelsat Communications S.A. | 13,500 | 435,392 | ||||||
Renault S.A. | 4,400 | 437,261 | ||||||
Sanofi | 6,800 | 546,691 | ||||||
|
| |||||||
3,841,352 | ||||||||
|
| |||||||
Germany—3.0% | ||||||||
Bayer AG | 3,500 | 410,131 | ||||||
Deutsche Lufthansa AG (e) | 28,930 | 466,913 | ||||||
Talanx AG | 13,400 | 456,655 | ||||||
|
| |||||||
1,333,699 | ||||||||
|
| |||||||
Hong Kong—8.5% | ||||||||
BOC Hong Kong Holdings Ltd. | 150,300 | 448,981 | ||||||
Cheung Kong Property Holdings Ltd. | 58,500 | 376,613 | ||||||
CK Hutchison Holdings Ltd. | 36,500 | 473,268 | ||||||
First Pacific Co., Ltd. | 632,100 | 472,777 | ||||||
Hang Lung Group Ltd. | 76,000 | 217,675 | ||||||
Jardine Strategic Holdings Ltd. | 12,600 | 376,123 | ||||||
NWS Holdings Ltd. | 379,000 | 601,475 | ||||||
PCCW Ltd. | 745,000 | 480,623 | ||||||
Yue Yuen Industrial Holdings Ltd. | 80,800 | 278,314 | ||||||
|
| |||||||
3,725,849 | ||||||||
|
| |||||||
India—0.8% | ||||||||
ICICI Bank Ltd. ADR | 49,600 | 355,136 | ||||||
|
| |||||||
Ireland—1.3% | ||||||||
Smurfit Kappa Group PLC (d) | 21,951 | 564,656 | ||||||
|
|
Shares | Value | |||||||
Israel—1.2% | ||||||||
Teva Pharmaceutical Industries Ltd. ADR | 9,800 | $ | 524,398 | |||||
|
| |||||||
Italy—1.8% | ||||||||
ASTM SpA | 27,700 | 319,717 | ||||||
Enel SpA | 103,098 | 457,056 | ||||||
|
| |||||||
776,773 | ||||||||
|
| |||||||
Japan—14.1% | ||||||||
Bandai Namco Holdings, Inc. | 20,500 | 446,867 | ||||||
Concordia Financial Group Ltd. (c) | 76,000 | 347,625 | ||||||
Hitachi Chemical Co., Ltd. | 19,800 | 355,801 | ||||||
Isuzu Motors Ltd. | 33,700 | 347,614 | ||||||
Kaken Pharmaceutical Co., Ltd. | 6,500 | 392,916 | ||||||
Lintec Corp. | 22,600 | 403,751 | ||||||
Mitsubishi Electric Corp. | 45,000 | 471,507 | ||||||
Nippo Corp. | 30,000 | 503,582 | ||||||
Nippon Telegraph & Telephone Corp. | 11,300 | 488,132 | ||||||
NSK Ltd. | 37,800 | 345,980 | ||||||
Osaka Gas Co., Ltd. | 113,000 | 433,756 | ||||||
Sumitomo Chemical Co., Ltd. | 60,167 | 272,340 | ||||||
Sumitomo Osaka Cement Co., Ltd. | 115,000 | 451,729 | ||||||
T&D Holdings, Inc. | 51,300 | 479,195 | ||||||
West Japan Railway Co. | 7,100 | 438,405 | ||||||
|
| |||||||
6,179,200 | ||||||||
|
| |||||||
Korea (Republic of)—1.4% | ||||||||
Korea Electric Power Corp. ADR | 23,784 | 612,438 | ||||||
|
| |||||||
Mexico—0.9% | ||||||||
America Movil S.A.B. de C.V., Ser. L ADR | 26,400 | 409,992 | ||||||
|
| |||||||
Netherlands—2.3% | ||||||||
Aegon NV | 80,811 | 444,120 | ||||||
Wolters Kluwer NV | 14,263 | 568,488 | ||||||
|
| |||||||
1,012,608 | ||||||||
|
| |||||||
Norway—1.6% | ||||||||
DNB ASA | 27,300 | 322,367 | ||||||
Yara International ASA | 10,359 | 388,874 | ||||||
|
| |||||||
711,241 | ||||||||
|
| |||||||
Philippines—1.2% | ||||||||
Manila Water Co., Inc. | 914,100 | 536,161 | ||||||
|
| |||||||
Russian Federation—1.1% | ||||||||
Lukoil PJSC ADR | 13,000 | 499,395 | ||||||
|
| |||||||
Singapore—2.1% | ||||||||
DBS Group Holdings Ltd. | 42,836 | 487,986 | ||||||
Mapletree Industrial Trust REIT | 366,000 | 433,012 | ||||||
|
| |||||||
920,998 | ||||||||
|
| |||||||
South Africa—0.7% | ||||||||
Sasol Ltd. ADR | 10,100 | 298,354 | ||||||
|
| |||||||
Spain—0.6% | ||||||||
Mapfre S.A. | 123,800 | 266,441 | ||||||
|
| |||||||
Sweden—4.0% | ||||||||
Hemfosa Fastigheter AB | 32,400 | 355,335 | ||||||
Nordea Bank AB | 39,500 | 378,880 | ||||||
Swedish Match AB | 18,041 | 611,555 | ||||||
TeliaSonera AB | 81,995 | 424,863 | ||||||
|
| |||||||
1,770,633 | ||||||||
|
| |||||||
Switzerland—0.9% | ||||||||
Baloise Holding AG | 3,276 | 415,830 | ||||||
|
|
Shares | Value | |||||||
Taiwan—1.3% | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 21,300 | $ | 558,060 | |||||
|
| |||||||
Turkey—1.2% | ||||||||
KOC Holding AS ADR | 20,500 | 519,060 | ||||||
|
| |||||||
United Kingdom—26.3% | ||||||||
BAE Systems PLC | 65,700 | 479,234 | ||||||
Britvic PLC | 45,800 | 466,771 | ||||||
BT Group PLC | 91,817 | 579,746 | ||||||
Centrica PLC | 68,700 | 224,433 | ||||||
Close Brothers Group PLC | 19,300 | 349,110 | ||||||
Crest Nicholson Holdings PLC | 54,878 | 442,408 | ||||||
Direct Line Insurance Group PLC | 94,141 | 499,342 | ||||||
GlaxoSmithKline PLC | 30,468 | 616,771 | ||||||
Greene King PLC | 35,200 | 440,022 | ||||||
Hays PLC | 242,200 | 420,446 | ||||||
Imperial Brands PLC | 16,200 | 896,949 | ||||||
Inchcape PLC | 32,700 | 339,158 | ||||||
Indivior PLC | 173,700 | 406,218 | ||||||
Laird PLC | 82,400 | 449,784 | ||||||
Man Group PLC | 186,480 | 407,585 | ||||||
Marks & Spencer Group PLC | 66,900 | 389,849 | ||||||
Mondi PLC | 19,700 | 376,728 | ||||||
Old Mutual PLC | 147,400 | 407,137 | ||||||
Persimmon PLC (e) | 14,305 | 427,451 | ||||||
Royal Dutch Shell PLC, Class A | 24,000 | 579,503 | ||||||
Royal Mail PLC | 64,612 | 445,537 | ||||||
Shire PLC ADR | 4,400 | 756,360 | ||||||
Sky PLC | 33,871 | 497,719 | ||||||
WPP PLC | 27,610 | 642,637 | ||||||
|
| |||||||
11,540,898 | ||||||||
|
| |||||||
Total Common Stock (cost—$45,530,764) | 43,154,411 | |||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—2.2% | ||||||||
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $966,001; collateralized by U.S. Treasury Notes, 3.125%, due 5/15/21, valued at $986,077 including accrued interest |
| |||||||
(cost—$966,000) | $966 | 966,000 | ||||||
|
| |||||||
Total Investments (cost—$46,496,764) (b)—100.5% | 44,120,411 | |||||||
|
| |||||||
Liabilities in excess of other assets—(0.5)% | (211,108 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $43,909,303 | |||||||
|
|
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 163 |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Notes to Schedule of Investments:
(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.
(b) Securities with an aggregate value of $35,451,290, representing 80.7% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(c) Fair-Valued—Security with a value of $347,625, representing 0.8% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(d) Affiliated security.
(e) Non-income producing.
Glossary:
ADR—American Depositary Receipt
REIT—Real Estate Investment Trust
The industry classification of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets were as follows:
Insurance | 12.1% | |||
Pharmaceuticals | 8.3% | |||
Banks | 8.0% | |||
Media | 6.5% | |||
Diversified Telecommunication Services | 5.2% | |||
Industrial Conglomerates | 4.5% | |||
Tobacco | 3.4% | |||
Chemicals | 3.2% | |||
Oil, Gas & Consumable Fuels | 3.1% | |||
Electric Utilities | 2.4% | |||
Real Estate Management & Development | 2.2% | |||
Diversified Financial Services | 2.1% | |||
Auto Components | 2.0% | |||
Household Durables | 2.0% | |||
Wireless Telecommunication Services | 1.9% | |||
Automobiles | 1.8% | |||
Capital Markets | 1.7% | |||
Textiles, Apparel & Luxury Goods | 1.7% | |||
Containers & Packaging | 1.3% | |||
Semiconductors & Semiconductor Equipment | 1.3% | |||
Water Utilities | 1.2% | |||
Food & Staples Retailing | 1.2% | |||
Construction & Engineering | 1.1% | |||
Aerospace & Defense | 1.1% | |||
Electrical Equipment | 1.1% | |||
Health Care Providers & Services | 1.1% | |||
Airlines | 1.1% | |||
Beverages | 1.1% | |||
Construction Materials | 1.0% | |||
Electronic Equipment, Instruments & Components | 1.0% | |||
Leisure Products | 1.0% | |||
Air Freight & Logistics | 1.0% | |||
Software | 1.0% | |||
Hotels, Restaurants & Leisure | 1.0% | |||
Road & Rail | 1.0% | |||
Gas Utilities | 1.0% | |||
Real Estate Investment Trust | 1.0% | |||
Professional Services | 1.0% | |||
Multi-line Retail | 0.9% | |||
Paper & Forest Products | 0.9% | |||
Machinery | 0.8% | |||
Distributors | 0.8% | |||
Transportation Infrastructure | 0.7% | |||
Multi-Utilities | 0.5% | |||
Repurchase Agreements | 2.2% | |||
Liabilities in excess of other assets | (0.5)% | |||
|
| |||
100.0% | ||||
|
|
AllianzGI Short Duration High Income Fund
Principal Amount (000s) | Value | |||||||
Corporate Bonds & Notes—82.8% | ||||||||
Auto Components—0.2% | ||||||||
American Axle & Manufacturing, Inc., |
| |||||||
5.125%, 2/15/19 | $1,763 | $1,791,649 | ||||||
Dana Holding Corp., | ||||||||
6.75%, 2/15/21 | 250 | 257,812 | ||||||
|
| |||||||
2,049,461 | ||||||||
|
| |||||||
Auto Manufacturers—0.3% | ||||||||
General Motors Financial Co., Inc., |
| |||||||
3.25%, 5/15/18 | 250 | 254,322 | ||||||
4.75%, 8/15/17 | 1,980 | 2,044,768 | ||||||
6.75%, 6/1/18 | 325 | 351,283 | ||||||
|
| |||||||
2,650,373 | ||||||||
|
| |||||||
Banks—1.1% | ||||||||
CIT Group, Inc., |
| |||||||
5.00%, 5/15/17 | 4,400 | 4,488,000 | ||||||
6.625%, 4/1/18 | 5,000 | 5,268,750 | ||||||
|
| |||||||
9,756,750 | ||||||||
|
| |||||||
Building Materials—2.5% | ||||||||
Louisiana-Pacific Corp., |
| |||||||
7.50%, 6/1/20 | 22,106 | 23,073,137 | ||||||
|
| |||||||
Coal—0.8% | ||||||||
Cloud Peak Energy Resources LLC, |
| |||||||
8.50%, 12/15/19 | 16,150 | 7,186,750 | ||||||
|
| |||||||
Commercial Services—2.1% | ||||||||
Hertz Corp., |
| |||||||
7.50%, 10/15/18 | 12,973 | 13,213,001 | ||||||
United Rentals North America, Inc., |
| |||||||
8.25%, 2/1/21 | 5,200 | 5,460,000 | ||||||
|
| |||||||
18,673,001 | ||||||||
|
| |||||||
Containers & Packaging—7.6% | ||||||||
Novelis, Inc., |
| |||||||
8.375%, 12/15/17 | 26,465 | 27,047,230 | ||||||
Reynolds Group Issuer, Inc., |
| |||||||
7.125%, 4/15/19 | 13,967 | 14,220,152 | ||||||
7.875%, 8/15/19 | 26,870 | 27,844,037 | ||||||
|
| |||||||
69,111,419 | ||||||||
|
| |||||||
Diversified Financial Services—6.8% | ||||||||
Aircastle Ltd., |
| |||||||
4.625%, 12/15/18 | 4,541 | 4,699,935 | ||||||
Alliance Data Systems Corp. (a)(c), |
| |||||||
5.25%, 12/1/17 | 29,452 | 29,967,410 | ||||||
Ally Financial, Inc., |
| |||||||
3.25%, 11/5/18 | 9,575 | 9,440,950 | ||||||
3.60%, 5/21/18 | 400 | 399,000 | ||||||
5.50%, 2/15/17 | 3,545 | 3,618,807 | ||||||
Fly Leasing Ltd., | ||||||||
6.75%, 12/15/20 | 13,469 | 13,266,965 | ||||||
International Lease Finance Corp., |
| |||||||
2.584%, 6/15/16 (d) | 350 | 350,343 | ||||||
6.75%, 9/1/16 | 195 | 198,169 | ||||||
|
| |||||||
61,941,579 | ||||||||
|
| |||||||
Electric Utilities—2.6% | ||||||||
AES Corp. (d), |
| |||||||
3.635%, 6/1/19 | 2,364 | 2,287,170 | ||||||
NRG Energy, Inc., | ||||||||
8.25%, 9/1/20 | 21,150 | 21,414,375 | ||||||
|
| |||||||
23,701,545 | ||||||||
|
|
164 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Principal Amount (000s) | Value | |||||||
Entertainment—3.4% | ||||||||
Scientific Games Corp., |
| |||||||
8.125%, 9/15/18 | $ | 36,181 | $ | 30,753,850 | ||||
|
| |||||||
Financial Services—0.2% | ||||||||
Lincoln Finance Ltd. (c), |
| |||||||
7.375%, 4/15/21 | 1,600 | 1,670,000 | ||||||
|
| |||||||
Food & Beverage—3.2% | ||||||||
Bumble Bee Holdings, Inc. (a)(c), |
| |||||||
9.00%, 12/15/17 | 28,507 | 28,685,169 | ||||||
|
| |||||||
Food Service—0.4% | ||||||||
Aramark Services, Inc., |
| |||||||
5.75%, 3/15/20 | 3,250 | 3,353,594 | ||||||
|
| |||||||
Holding Companies-Diversified—0.9% | ||||||||
Nielsen Co. Luxembourg Sarl (a)(c), |
| |||||||
5.50%, 10/1/21 | 7,700 | 8,046,500 | ||||||
|
| |||||||
Home Builders—7.8% | ||||||||
Brookfield Residential Properties, |
| |||||||
6.50%, 12/15/20 | 26,478 | 25,418,880 | ||||||
Lennar Corp., | ||||||||
4.50%, 11/15/19 | 775 | 809,875 | ||||||
MDC Holdings, Inc., | ||||||||
5.625%, 2/1/20 | 996 | 1,013,430 | ||||||
Meritage Homes Corp., | ||||||||
4.50%, 3/1/18 | 8,840 | 8,972,600 | ||||||
TRI Pointe Holdings, Inc., | ||||||||
4.375%, 6/15/19 | 7,980 | 7,960,050 | ||||||
William Lyon Homes, Inc., | ||||||||
8.50%, 11/15/20 | 25,415 | 26,205,000 | ||||||
|
| |||||||
70,379,835 | ||||||||
|
| |||||||
Internet—2.1% | ||||||||
j2 Global, Inc., |
| |||||||
8.00%, 8/1/20 | 17,895 | 18,700,275 | ||||||
|
| |||||||
Iron/Steel—2.1% | ||||||||
ArcelorMittal, |
| |||||||
5.125%, 6/1/20 | 15,250 | 14,716,250 | ||||||
10.85%, 6/1/19 | 2,850 | 3,177,750 | ||||||
Commercial Metals Co., | ||||||||
6.50%, 7/15/17 | 1,000 | 1,032,500 | ||||||
|
| |||||||
18,926,500 | ||||||||
|
| |||||||
Leisure Time—0.1% | ||||||||
NCL Corp., Ltd. (a)(c), |
| |||||||
4.625%, 11/15/20 | 1,303 | 1,316,030 | ||||||
|
| |||||||
Lodging—0.4% | ||||||||
Hilton Worldwide Finance LLC, |
| |||||||
5.625%, 10/15/21 | 3,500 | 3,644,200 | ||||||
|
| |||||||
Machinery-Diversified—2.0% | ||||||||
Case New Holland Industrial, Inc., |
| |||||||
7.875%, 12/1/17 | 6,250 | 6,750,000 | ||||||
CNH Industrial Capital LLC, |
| |||||||
3.25%, 2/1/17 | 8,972 | 8,994,430 | ||||||
6.25%, 11/1/16 | 2,575 | 2,639,375 | ||||||
|
| |||||||
18,383,805 | ||||||||
|
| |||||||
Media—1.3% | ||||||||
Cablevision Systems Corp., |
| |||||||
8.625%, 9/15/17 | 1,175 | 1,245,500 | ||||||
CCO Holdings LLC, |
| |||||||
7.375%, 6/1/20 | 4,750 | 4,948,906 | ||||||
CSC Holdings LLC, |
| |||||||
7.625%, 7/15/18 | 3,657 | 3,958,703 | ||||||
7.875%, 2/15/18 | 1,743 | 1,873,725 | ||||||
|
| |||||||
12,026,834 | ||||||||
|
| |||||||
Mining—1.2% | ||||||||
Alcoa, Inc., |
| |||||||
6.75%, 7/15/18 | 10,295 | 11,105,731 | ||||||
|
|
Principal Amount (000s) | Value | |||||||
Miscellaneous Manufacturing—2.0% | ||||||||
LSB Industries, Inc., |
| |||||||
7.75%, 8/1/19 | $ | 19,375 | $ | 17,873,438 | ||||
|
| |||||||
Oil, Gas & Consumable Fuels—6.5% | ||||||||
AmeriGas Partners L.P., |
| |||||||
6.25%, 8/20/19 | 24,815 | 25,435,375 | ||||||
Hiland Partners L.P. (a)(c), |
| |||||||
7.25%, 10/1/20 | 11,381 | 11,822,014 | ||||||
Light Tower Rentals, Inc. (a)(c), |
| |||||||
8.125%, 8/1/19 | 10,000 | 5,525,000 | ||||||
NGL Energy Partners LP, | ||||||||
5.125%, 7/15/19 | 26,961 | 16,446,210 | ||||||
|
| |||||||
59,228,599 | ||||||||
|
| |||||||
Pharmaceuticals—3.0% | ||||||||
Valeant Pharmaceuticals International, |
| |||||||
7.00%, 10/1/20 | 31,808 | 26,877,760 | ||||||
|
| |||||||
Pipelines—5.5% | ||||||||
Crestwood Midstream Partners L.P., |
| |||||||
6.00%, 12/15/20 | 2,635 | 2,088,237 | ||||||
Kinder Morgan Finance Co. LLC (a)(c), |
| |||||||
6.00%, 1/15/18 | 7,075 | 7,401,412 | ||||||
Sabine Pass LNG L.P., | ||||||||
7.50%, 11/30/16 | 20,414 | 21,018,765 | ||||||
SemGroup Corp., | ||||||||
7.50%, 6/15/21 | 5,950 | 4,804,625 | ||||||
Targa Resources Partners Co., |
| |||||||
5.00%, 1/15/18 | 14,910 | 14,947,275 | ||||||
|
| |||||||
50,260,314 | ||||||||
|
| |||||||
Real Estate Investment Trust—0.7% | ||||||||
DuPont Fabros Technology L.P., |
| |||||||
5.875%, 9/15/21 | 6,074 | 6,392,885 | ||||||
|
| |||||||
Retail—1.5% | ||||||||
GameStop Corp. (a)(c), |
| |||||||
5.50%, 10/1/19 | 14,315 | 13,796,081 | ||||||
|
| |||||||
Software—1.6% | ||||||||
ACI Worldwide, Inc. (a)(c), |
| |||||||
6.375%, 8/15/20 | 12,700 | 13,081,000 | ||||||
First Data Corp. (a)(c), |
| |||||||
6.75%, 11/1/20 | 1,100 | 1,159,400 | ||||||
|
| |||||||
14,240,400 | ||||||||
|
| |||||||
Specialty Retail—3.9% | ||||||||
GameStop Corp. (c), |
| |||||||
6.75%, 3/15/21 | 36,450 | 35,356,500 | ||||||
|
| |||||||
Telecommunications—9.0% | ||||||||
Frontier Communications Corp., |
| |||||||
7.125%, 3/15/19 | 5,900 | 6,091,750 | ||||||
8.875%, 9/15/20 | 3,600 | 3,771,000 | ||||||
Intelsat Jackson Holdings S.A., |
| |||||||
7.25%, 4/1/19 | 22,810 | 16,936,425 | ||||||
Sprint Capital Corp., | 21,850 | 19,009,500 | ||||||
Sprint Communications, Inc., |
| |||||||
8.375%, 8/15/17 | 1,537 | 1,523,551 | ||||||
T-Mobile USA, Inc., | ||||||||
6.464%, 4/28/19 | 33,332 | 34,165,300 | ||||||
|
| |||||||
81,497,526 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes (cost—$805,320,545) | 750,659,841 | |||||||
|
|
Principal Amount (000s) | Value | |||||||
Senior Loans (a)(b)—12.3% | ||||||||
Commercial Services & Supplies—5.4% | ||||||||
Asurion LLC, | ||||||||
5.00%, 5/24/19, Term B1 | $ | 4,565 | $ | 4,511,484 | ||||
5.00%, 8/4/22, Term B4 | 7,388 | 7,242,831 | ||||||
8.50%, 3/3/21, 2nd Lien | 40,000 | 37,550,000 | ||||||
|
| |||||||
49,304,315 | ||||||||
|
| |||||||
Financial Services—1.7% | ||||||||
Delos Finance Sarl, Term B, |
| |||||||
3.50%, 3/6/21 | 15,000 | 15,056,250 | ||||||
|
| |||||||
IT Services—0.2% | ||||||||
First Data Corp., Term C1, | ||||||||
3.932%, 3/24/18 | 1,615 | 1,613,441 | ||||||
|
| |||||||
Media—1.3% | ||||||||
Numericable U.S. LLC, Term B6, |
| |||||||
4.75%, 1/31/23 | 9,000 | 8,947,503 | ||||||
Univision Communications, Inc., |
| |||||||
4.00%, 3/1/20 | 2,992 | 2,966,412 | ||||||
|
| |||||||
11,913,915 | ||||||||
|
| |||||||
Real Estate Investment Trust—2.2% | ||||||||
Communications Sales & Leasing, Inc., Term B, |
| |||||||
5.00%, 10/24/22 | 20,346 | 19,740,949 | ||||||
|
| |||||||
Specialty Retail—1.5% | ||||||||
J Crew Group, Inc., Term B, |
| |||||||
4.00%, 3/5/21 | 6,404 | 5,028,350 | ||||||
PetSmart, Inc., Term B1, |
| |||||||
4.25%, 3/10/22 | 8,928 | 8,901,846 | ||||||
|
| |||||||
13,930,196 | ||||||||
|
| |||||||
Total Senior Loans (cost—$115,845,134) | 111,559,066 | |||||||
|
| |||||||
Repurchase Agreements—4.3% | ||||||||
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $39,316,033; collateralized by U.S. Treasury Notes, 2.25%, due 4/30/21, valued at $40,105,813 including accrued interest |
| |||||||
(cost—$39,316,000) | 39,316 | 39,316,000 | ||||||
|
| |||||||
Total Investments (cost—$960,481,679)—99.4% | 901,534,907 | |||||||
|
| |||||||
Other assets less liabilities—0.6% | 5,517,273 | |||||||
|
| |||||||
Net Assets—100.0% | $907,052,180 | |||||||
|
|
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 165 |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Notes to Schedule of Investments:
(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $293,893,641, representing 32.4% of net assets.
(b) These securities generally pay interest at rates which are periodically pre-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the “LIBOR” or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. These securities are generally considered to be restricted as the Fund is ordinarily contractually obligated to receive approval from the Agent bank and/or borrower prior to disposition. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional payments by the borrower. Such prepayments cannot be predicted with certainty. The interest rate disclosed reflects the rate in effect on March 31, 2016.
(c) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.
(d) Variable or Floating Rate Security—Securities with an interest rate that changes periodically. The interest rate disclosed reflects the rate in effect on March 31, 2016.
AllianzGI Structured Return Fund
Shares | Value | |||||||
Exchange-Traded Funds—94.5% | ||||||||
SPDR S&P 500 (a) | 801,000 | $164,653,560 | ||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—15.2% | ||||||||
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $26,507,022; collateralized by U.S. Treasury Notes, 3.625%, due 2/15/21, valued at $27,038,750 including accrued interest |
| |||||||
(cost—$26,507,000) | $26,507 | 26,507,000 | ||||||
|
| |||||||
Contracts | ||||||||
Options Purchased (b)(c)—0.2% | ||||||||
Call Options—0.1% | ||||||||
S&P 500 Index, | 40 | 300 | ||||||
strike price $2,250.00, expires 4/1/16 | 30 | 340 | ||||||
strike price $2,085.00, expires 4/8/16 | 15 | 4,462 | ||||||
strike price $2,300.00, expires 4/8/16 | 174 | 2,610 | ||||||
strike price $2,090.00, expires 4/15/16 | 15 | 6,825 | ||||||
strike price $2,140.00, expires 4/15/16 | 20 | 727 | ||||||
strike price $2,200.00, expires 4/15/16 | 60 | 450 | ||||||
strike price $2,300.00, expires 4/15/16 | 140 | 1,050 | ||||||
strike price $2,080.00, expires 4/22/16 | 15 | 17,850 | ||||||
strike price $2,135.00, expires 4/22/16 | 20 | 1,450 | ||||||
strike price $2,250.00, expires 4/22/16 | 171 | 1,283 | ||||||
strike price $2,275.00, expires 4/22/16 | 88 | 909 | ||||||
strike price $2,050.00, expires 4/29/16 | 20 | 65,600 | ||||||
strike price $2,075.00, expires 4/29/16 | 20 | 36,900 | ||||||
strike price $2,250.00, expires 4/29/16 | 98 | 735 | ||||||
strike price $2,100.00, expires 5/6/16 | 15 | 16,350 | ||||||
strike price $2,110.00, expires 5/13/16 | 15 | 14,850 | ||||||
|
| |||||||
172,691 | ||||||||
|
| |||||||
Put Options—0.1% | ||||||||
S&P 500 Index, | 71 | 532 | ||||||
strike price $1,450.00, expires 4/1/16 | 42 | 315 | ||||||
strike price $1,900.00, expires 4/1/16 | 20 | 200 | ||||||
strike price $1,350.00, expires 4/8/16 | 75 | 1,125 | ||||||
strike price $1,400.00, expires 4/8/16 | 100 | 750 | ||||||
strike price $1,500.00, expires 4/8/16 | 25 | 188 |
Contracts | Value | |||||||
strike price $1,650.00, expires 4/8/16 | 22 | $ | 165 | |||||
strike price $1,750.00, expires 4/8/16 | 125 | 1,875 | ||||||
strike price $1,920.00, expires 4/8/16 | 20 | 750 | ||||||
strike price $1,975.00, expires 4/8/16 | 15 | 1,500 | ||||||
strike price $2,030.00, expires 4/8/16 | 15 | 7,350 | ||||||
strike price $1,150.00, expires 4/15/16 | 30 | 225 | ||||||
strike price $1,200.00, expires 4/15/16 | 30 | 225 | ||||||
strike price $1,400.00, expires 4/15/16 | 51 | 382 | ||||||
strike price $1,475.00, expires 4/15/16 | 25 | 188 | ||||||
strike price $1,550.00, expires 4/15/16 | 25 | 188 | ||||||
strike price $1,600.00, expires 4/15/16 | 49 | 368 | ||||||
strike price $1,650.00, expires 4/15/16 | 22 | 660 | ||||||
strike price $1,725.00, expires 4/15/16 | 125 | 2,500 | ||||||
strike price $1,875.00, expires 4/15/16 | 20 | 1,600 | ||||||
strike price $1,935.00, expires 4/15/16 | 15 | 1,725 | ||||||
strike price $1,975.00, expires 4/15/16 | 15 | 4,275 | ||||||
strike price $2,000.00, expires 4/15/16 | 15 | 7,275 | ||||||
strike price $1,450.00, expires 4/22/16 | 65 | 650 | ||||||
strike price $1,500.00, expires 4/22/16 | 127 | 2,222 | ||||||
strike price $1,550.00, expires 4/22/16 | 22 | 275 | ||||||
strike price $1,975.00, expires 4/22/16 | 15 | 7,950 | ||||||
strike price $2,000.00, expires 4/22/16 | 15 | 12,375 | ||||||
strike price $1,150.00, expires 4/29/16 | 30 | 225 | ||||||
strike price $1,200.00, expires 4/29/16 | 30 | 225 | ||||||
strike price $1,250.00, expires 4/29/16 | 35 | 263 | ||||||
strike price $1,350.00, expires 4/29/16 | 65 | 487 | ||||||
strike price $1,500.00, expires 4/29/16 | 51 | 1,020 | ||||||
strike price $1,525.00, expires 4/29/16 | 51 | 1,020 | ||||||
strike price $1,850.00, expires 4/29/16 | 20 | 4,050 | ||||||
strike price $1,870.00, expires 4/29/16 | 20 | 4,300 | ||||||
strike price $1,925.00, expires 4/29/16 | 20 | 8,700 | ||||||
strike price $1,325.00, expires 5/6/16 | 25 | 250 | ||||||
strike price $1,400.00, expires 5/6/16 | 35 | 787 | ||||||
strike price $2,000.00, expires 5/6/16 | 15 | 23,850 | ||||||
strike price $1,350.00, expires 5/13/16 | 70 | 1,050 | ||||||
strike price $1,375.00, expires 5/13/16 | 50 | 1,000 |
166 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Contracts | Value | |||||||
strike price $1,990.00, expires 5/13/16 | 20 | $ | 35,000 | |||||
strike price $2,120.00, expires 5/13/16 | 5 | 35,675 | ||||||
|
| |||||||
175,735 | ||||||||
|
| |||||||
Total Options Purchased (cost—$687,894) | 348,426 | |||||||
|
| |||||||
Total Investments, before options written (cost—$186,077,145)—109.9% | 191,508,986 | |||||||
|
| |||||||
Options Written (b)(c)—(5.8)% | ||||||||
Call Options—(5.6)% | ||||||||
S&P 500 Index, | ||||||||
strike price $1,800.00, expires 4/1/16 | 40 | (1,039,600 | ) | |||||
strike price $1,915.00, expires 4/1/16 | 30 | (435,000 | ) | |||||
strike price $1,880.00, expires 4/8/16 | 23 | (411,930 | ) | |||||
strike price $1,890.00, expires 4/8/16 | 41 | (693,720 | ) | |||||
strike price $1,935.00, expires 4/8/16 | 110 | (1,368,400 | ) | |||||
strike price $2,110.00, expires 4/8/16 | 45 | (1,238 | ) | |||||
strike price $1,905.00, expires 4/15/16 | 50 | (773,000 | ) | |||||
strike price $1,930.00, expires 4/15/16 | 30 | (388,200 | ) | |||||
strike price $1,950.00, expires 4/15/16 | 30 | (329,550 | ) | |||||
strike price $1,975.00, expires 4/15/16 | 90 | (777,150 | ) | |||||
strike price $2,125.00, expires 4/15/16 | 30 | (1,800 | ) | |||||
strike price $1,960.00, expires 4/22/16 | 96 | (982,560 | ) | |||||
strike price $1,965.00, expires 4/22/16 | 88 | (860,200 | ) | |||||
strike price $1,970.00, expires 4/22/16 | 75 | (698,625 | ) | |||||
strike price $2,120.00, expires 4/22/16 | 30 | (5,100 | ) | |||||
strike price $1,925.00, expires 4/29/16 | 50 | (685,750 | ) | |||||
strike price $1,990.00, expires 4/29/16 | 48 | (376,560 | ) | |||||
strike price $2,100.00, expires 4/29/16 | 40 | (33,200 | ) | |||||
strike price $2,120.00, expires 4/29/16 | 40 | (14,400 | ) | |||||
strike price $2,140.00, expires 5/6/16 | 30 | (6,300 | ) | |||||
strike price $2,150.00, expires 5/13/16 | 30 | (6,300 | ) | |||||
|
| |||||||
(9,888,583 | ) | |||||||
|
| |||||||
Put Options—(0.2)% | ||||||||
S&P 500 Index, |
| |||||||
strike price $1,850.00, expires 4/1/16 | 65 | (488 | ) | |||||
strike price $1,880.00, expires 4/1/16 | 25 | (187 | ) | |||||
strike price $1,855.00, expires 4/8/16 | 30 | (900 | ) | |||||
strike price $1,860.00, expires 4/8/16 | 40 | (1,300 | ) | |||||
strike price $1,865.00, expires 4/8/16 | 30 | (975 | ) |
Contracts | Value | |||||||
strike price $1,880.00, expires 4/8/16 | 30 | $ | (675 | ) | ||||
strike price $1,930.00, expires 4/8/16 | 30 | (1,275 | ) | |||||
strike price $1,995.00, expires 4/8/16 | 30 | (4,500 | ) | |||||
strike price $1,825.00, expires 4/15/16 | 40 | (2,300 | ) | |||||
strike price $1,845.00, expires 4/15/16 | 40 | (2,600 | ) | |||||
strike price $1,890.00, expires 4/15/16 | 31 | (2,790 | ) | |||||
strike price $1,900.00, expires 4/15/16 | 10 | (975 | ) | |||||
strike price $1,925.00, expires 4/15/16 | 30 | (2,850 | ) | |||||
strike price $1,930.00, expires 4/15/16 | 31 | (3,255 | ) | |||||
strike price $1,970.00, expires 4/15/16 | 30 | (7,350 | ) | |||||
strike price $1,920.00, expires 4/22/16 | 31 | (7,130 | ) | |||||
strike price $1,925.00, expires 4/22/16 | 60 | (14,550 | ) | |||||
strike price $1,940.00, expires 4/22/16 | 25 | (7,375 | ) | |||||
strike price $1,945.00, expires 4/22/16 | 31 | (9,920 | ) | |||||
strike price $1,970.00, expires 4/22/16 | 15 | (7,275 | ) | |||||
strike price $1,800.00, expires 4/29/16 | 40 | (4,200 | ) | |||||
strike price $1,810.00, expires 4/29/16 | 40 | (5,900 | ) | |||||
strike price $1,875.00, expires 4/29/16 | 40 | (9,000 | ) | |||||
strike price $1,915.00, expires 4/29/16 | 25 | (9,875 | ) | |||||
strike price $1,920.00, expires 4/29/16 | 30 | (12,300 | ) | |||||
strike price $1,970.00, expires 4/29/16 | 31 | (24,645 | ) | |||||
strike price $1,980.00, expires 4/29/16 | 16 | (14,640 | ) | |||||
strike price $1,950.00, expires 5/6/16 | 30 | (25,800 | ) | |||||
strike price $1,960.00, expires 5/6/16 | 20 | (19,600 | ) | |||||
strike price $1,925.00, expires 5/13/16 | 30 | (26,100 | ) | |||||
strike price $1,940.00, expires 5/13/16 | 60 | (61,800 | ) | |||||
strike price $2,050.00, expires 5/13/16 | 10 | (33,550 | ) | |||||
|
| |||||||
(326,080 | ) | |||||||
|
| |||||||
Total Options Written (premiums received—$8,858,954) | (10,214,663 | ) | ||||||
|
| |||||||
Total Investments, net of options written (cost—$177,218,191)—104.1% | 181,294,323 | |||||||
|
| |||||||
Other liabilities in excess of other assets—(4.1)% | (7,094,105 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $174,200,218 | |||||||
|
|
Notes to Schedule of Investments:
(a) All or partial amount segregated for the benefit of the counterparty as collateral for options written.
(b) Non-income producing.
(c) Exchange traded-Chicago Board Options Exchange.
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 167 |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
AllianzGI U.S. Equity Hedged Fund
Shares | Value | |||||||
Exchange-Traded Funds—83.3% | ||||||||
SPDR S&P 500 (a) | 31,000 | $ 6,372,360 | ||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—2.6% | ||||||||
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $197,000; collateralized by U.S. Treasury Notes, 1.625%, due 11/30/20, valued at $204,750 including accrued interest | ||||||||
(cost—$197,000) | $197 | 197,000 | ||||||
|
| |||||||
Contracts | ||||||||
Options Purchased (b)(c)—2.6% | ||||||||
Call Options—0.7% | ||||||||
S&P 500 Index, |
| |||||||
strike price $2,000.00, expires 4/15/16 | 5 | 31,675 | ||||||
strike price $2,200.00, expires 4/15/16 | 5 | 38 | ||||||
strike price $2,025.00, expires 4/29/16 | 5 | 25,150 | ||||||
strike price $2,250.00, expires 4/29/16 | 36 | 270 | ||||||
|
| |||||||
57,133 | ||||||||
|
| |||||||
Put Options—1.9% | ||||||||
S&P 500 Index, |
| |||||||
strike price $1,100.00, expires 4/15/16 | 5 | 112 | ||||||
strike price $1,825.00, expires 4/15/16 | 5 | 287 | ||||||
strike price $1,100.00, expires 4/29/16 | 5 | 38 | ||||||
strike price $1,825.00, expires 4/29/16 | 5 | 825 | ||||||
strike price $1,875.00, expires 6/17/16 | 3 | 4,530 | ||||||
strike price $1,900.00, expires 6/17/16 | 4 | 7,180 | ||||||
strike price $1,700.00, expires 9/30/16 | 4 | 8,760 | ||||||
strike price $1,825.00, expires 12/16/16 | 7 | 37,485 | ||||||
strike price $1,875.00, expires 12/30/16 | 7 | 46,900 | ||||||
strike price $1,750.00, expires 1/20/17 | 5 | 23,500 | ||||||
strike price $1,825.00, expires 3/31/17 | 2 | 15,120 | ||||||
|
| |||||||
144,737 | ||||||||
|
| |||||||
Total Options Purchased (cost—$366,247) |
| 201,870 | ||||||
|
| |||||||
Total Investments, before options written (cost—$6,975,077)—88.5% | 6,771,230 | |||||||
|
| |||||||
Contracts | Value | |||||||
Options Written (b)(c)—(0.8)% | ||||||||
Call Options—(0.7)% | ||||||||
S&P 500 Index, |
| |||||||
strike price $2,050.00, expires 4/15/16 | 10 | $ (23,400 | ) | |||||
strike price $2,100.00, expires 4/29/16 | 10 | (8,300 | ) | |||||
strike price $2,110.00, expires 4/29/16 | 31 | (17,360 | ) | |||||
|
| |||||||
(49,060 | ) | |||||||
|
| |||||||
Put Options—(0.1)% | ||||||||
S&P 500 Index, |
| |||||||
strike price $1,760.00, expires 4/15/16 | 10 | (350 | ) | |||||
strike price $1,750.00, expires 4/29/16 | 10 | (825 | ) | |||||
strike price $1,450.00, expires 1/20/17 | 5 | (8,325 | ) | |||||
|
| |||||||
(9,500 | ) | |||||||
|
| |||||||
Total Options Written (premiums received—$98,578) | (58,560 | ) | ||||||
|
| |||||||
Total Investments, net of options written (cost—$6,876,499)—87.7% | 6,712,670 | |||||||
|
| |||||||
Other assets less other liabilities—12.3% | 939,075 | |||||||
|
| |||||||
Net Assets—100.0% | $7,651,745 | |||||||
|
|
Notes to Schedule of Investments:
(a) All or partial amount segregated for the benefit of the counterparty as collateral for options written.
(b) Non-income producing.
(c) Exchange traded-Chicago Board Options Exchange.
AllianzGI U.S. Small-Cap Growth Fund
Shares | Value | |||||||
Common Stock—95.7% | ||||||||
Auto Components—3.0% | ||||||||
Cooper-Standard Holding, Inc. (a) | 3,334 | $ 239,515 | ||||||
Motorcar Parts of America, Inc. (a) | 9,101 | 345,656 | ||||||
Visteon Corp. (a) | 2,517 | 200,328 | ||||||
|
| |||||||
785,499 | ||||||||
|
| |||||||
Banks—4.7% | ||||||||
Ameris Bancorp | 7,776 | 230,014 | ||||||
Banc of California, Inc. | 11,331 | 198,293 | ||||||
Bank of the Ozarks, Inc. | 6,254 | 262,480 | ||||||
Eagle Bancorp, Inc. (a) | 6,070 | 291,360 | ||||||
Home BancShares, Inc. | 6,203 | 254,013 | ||||||
|
| |||||||
1,236,160 | ||||||||
|
| |||||||
Beverages—1.1% | ||||||||
Cott Corp. | 21,124 | 293,412 | ||||||
|
| |||||||
Biotechnology—3.4% | ||||||||
Cara Therapeutics, Inc. (a) | 13,208 | 82,154 | ||||||
Ligand Pharmaceuticals, Inc., Class B (a) | 3,636 | 389,379 | ||||||
Neurocrine Biosciences, Inc. (a) | 3,833 | 151,595 | ||||||
Prothena Corp. PLC (a) | 2,288 | 94,174 | ||||||
Repligen Corp. (a) | 6,161 | 165,238 | ||||||
|
| |||||||
882,540 | ||||||||
|
| |||||||
Building Products—4.8% | ||||||||
American Woodmark Corp. (a) | 4,378 | 326,555 | ||||||
Builders FirstSource, Inc. (a) | 23,700 | 267,099 | ||||||
Gibraltar Industries, Inc. (a) | 10,661 | 304,905 | ||||||
Patrick Industries, Inc. (a) | 7,780 | 353,134 | ||||||
|
| |||||||
1,251,693 | ||||||||
|
| |||||||
Construction & Engineering—6.1% | ||||||||
Comfort Systems USA, Inc. | 5,804 | 184,393 | ||||||
Dycom Industries, Inc. (a) | 5,555 | 359,242 | ||||||
Granite Construction, Inc. | 8,198 | 391,864 | ||||||
MasTec, Inc. (a) | 15,527 | 314,267 | ||||||
Primoris Services Corp. | 14,294 | 347,344 | ||||||
|
| |||||||
1,597,110 | ||||||||
|
| |||||||
Construction Materials—1.4% | ||||||||
U.S. Concrete, Inc. (a) | 6,200 | 369,396 | ||||||
|
| |||||||
Containers & Packaging—1.3% | ||||||||
Berry Plastics Group, Inc. (a) | 9,688 | 350,221 | ||||||
|
| |||||||
Distributors—1.6% | ||||||||
Core-Mark Holding Co., Inc. | 5,266 | 429,495 | ||||||
|
| |||||||
Energy Equipment & Services—1.2% | ||||||||
Helix Energy Solutions Group, Inc. (a) | 19,634 | 109,951 | ||||||
McDermott International, Inc. (a) | 51,891 | 212,234 | ||||||
|
| |||||||
322,185 | ||||||||
|
| |||||||
Food Products—0.9% | ||||||||
Amplify Snack Brands, Inc. (a) | 16,066 | 230,065 | ||||||
|
| |||||||
Health Care Equipment & Supplies—5.2% | ||||||||
Cantel Medical Corp. | 3,920 | 279,731 | ||||||
Cynosure, Inc., Class A (a) | 8,983 | 396,330 | ||||||
Inogen, Inc. (a) | 5,439 | 244,646 | ||||||
Vascular Solutions, Inc. (a) | 5,945 | 193,391 | ||||||
West Pharmaceutical Services, Inc. | 3,761 | 260,713 | ||||||
|
| |||||||
1,374,811 | ||||||||
|
|
168 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Shares | Value | |||||||
Health Care Providers & Services—4.5% | ||||||||
Acadia Healthcare Co., Inc. (a) | 4,382 | $ | 241,492 | |||||
AMN Healthcare Services, Inc. (a) | 9,778 | 328,639 | ||||||
Amsurg Corp. (a) | 4,254 | 317,348 | ||||||
Providence Service Corp. (a) | 5,572 | 284,562 | ||||||
|
| |||||||
1,172,041 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure—10.3% | ||||||||
Buffalo Wild Wings, Inc. (a) | 1,819 | 269,430 | ||||||
Cheesecake Factory, Inc. | 6,534 | 346,890 | ||||||
Churchill Downs, Inc. | 2,171 | 321,048 | ||||||
Dave & Buster’s Entertainment, Inc. (a) | 6,767 | 262,424 | ||||||
Penn National Gaming, Inc. (a) | 17,390 | 290,239 | ||||||
Popeyes Louisiana Kitchen, Inc. (a) | 4,327 | 225,264 | ||||||
Six Flags Entertainment Corp. | 6,141 | 340,764 | ||||||
Sonic Corp. | 8,643 | 303,888 | ||||||
Texas Roadhouse, Inc. | 8,141 | 354,785 | ||||||
|
| |||||||
2,714,732 | ||||||||
|
| |||||||
Household Durables—5.0% | ||||||||
Cavco Industries, Inc. (a) | 3,234 | 302,250 | ||||||
Helen of Troy Ltd. (a) | 1,963 | 203,543 | ||||||
Installed Building Products, Inc. (a) | 11,903 | 316,739 | ||||||
LGI Homes, Inc. (a) | 10,241 | 247,934 | ||||||
Universal Electronics, Inc. (a) | 3,710 | 229,983 | ||||||
|
| |||||||
1,300,449 | ||||||||
|
| |||||||
Insurance—4.4% | ||||||||
AMERISAFE, Inc. | 7,934 | 416,852 | ||||||
Hanover Insurance Group, Inc. | 4,659 | 420,335 | ||||||
National General Holdings Corp. | 14,195 | 306,470 | ||||||
|
| |||||||
1,143,657 | ||||||||
|
| |||||||
Internet Software & Services—2.1% | ||||||||
j2 Global, Inc. | 3,235 | 199,212 | ||||||
WebMD Health Corp. (a) | 5,740 | 359,496 | ||||||
|
| |||||||
558,708 | ||||||||
|
| |||||||
IT Services—4.5% | ||||||||
Convergys Corp. | 11,802 | 327,742 | ||||||
EPAM Systems, Inc. (a) | 3,153 | 235,435 | ||||||
Euronet Worldwide, Inc. (a) | 5,448 | 403,751 | ||||||
Travelport Worldwide Ltd. | 14,717 | 201,034 | ||||||
|
| |||||||
1,167,962 | ||||||||
|
| |||||||
Life Sciences Tools & Services—2.3% | ||||||||
Cambrex Corp. (a) | 7,658 | 336,952 | ||||||
ICON PLC (a) | 3,595 | 269,984 | ||||||
|
| |||||||
606,936 | ||||||||
|
| |||||||
Metals & Mining—1.0% | ||||||||
Kaiser Aluminum Corp. | 3,196 | 270,190 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels—2.8% | ||||||||
Diamondback Energy, Inc. (a) | 2,985 | 230,382 | ||||||
Matador Resources Co. (a) | 12,700 | 240,792 | ||||||
Synergy Resources Corp. (a) | 33,732 | 262,098 | ||||||
|
| |||||||
733,272 | ||||||||
|
| |||||||
Pharmaceuticals—1.0% | ||||||||
Supernus Pharmaceuticals, Inc. (a) | 17,000 | 259,250 | ||||||
|
| |||||||
Road & Rail—1.0% | ||||||||
Swift Transportation Co. (a) | 13,994 | 260,708 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment—4.1% | ||||||||
Inphi Corp. (a) | 6,819 | 227,345 | ||||||
MaxLinear, Inc., Class A (a) | 14,293 | 264,421 |
Shares | Value | |||||||
Mellanox Technologies Ltd. (a) | 4,368 | $ | 237,313 | |||||
Microsemi Corp. (a) | 9,277 | 355,402 | ||||||
|
| |||||||
1,084,481 | ||||||||
|
| |||||||
Software—9.6% | ||||||||
Callidus Software, Inc. (a) | 15,989 | 266,697 | ||||||
Ellie Mae, Inc. (a) | 2,801 | 253,883 | ||||||
Fair Isaac Corp. | 2,680 | 284,321 | ||||||
Gigamon, Inc. (a) | 8,915 | 276,543 | ||||||
Guidewire Software, Inc. (a) | 4,292 | 233,828 | ||||||
Paycom Software, Inc. (a) | 7,118 | 253,401 | ||||||
Paylocity Holding Corp. (a) | 6,781 | 222,010 | ||||||
Take-Two Interactive Software, Inc. (a) | 11,529 | 434,297 | ||||||
Ultimate Software Group, Inc. (a) | 1,551 | 300,118 | ||||||
|
| |||||||
2,525,098 | ||||||||
|
| |||||||
Specialty Retail—3.0% | ||||||||
Asbury Automotive Group, Inc. (a) | 2,726 | 163,124 | ||||||
Express, Inc. (a) | 10,608 | 227,117 | ||||||
Party City Holdco, Inc. (a) | 9,558 | 143,752 | ||||||
Sportsman’s Warehouse Holdings, Inc. (a) | 20,941 | 263,857 | ||||||
|
| |||||||
797,850 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals—1.3% | ||||||||
Electronics for Imaging, Inc. (a) | 8,236 | 349,124 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods—2.7% | ||||||||
G-III Apparel Group Ltd. (a) | 3,891 | 190,231 | ||||||
Kate Spade & Co. (a) | 11,800 | 301,136 | ||||||
Oxford Industries, Inc. | 3,187 | 214,262 | ||||||
|
| |||||||
705,629 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance—1.4% | ||||||||
LendingTree, Inc. (a) | 3,693 | 361,102 | ||||||
|
| |||||||
Total Common Stock (cost—$21,557,336) | 25,133,776 | |||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—4.8% | ||||||||
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $1,272,001; collateralized by U.S. Treasury Notes, 2.25%, due 4/30/21, valued at $1,299,188 including accrued interest |
| |||||||
(cost—$1,272,000) | $1,272 | 1,272,000 | ||||||
|
| |||||||
Total Investments (cost—$22,829,336)—100.5% | 26,405,776 | |||||||
|
| |||||||
Liabilities in excess of other assets—(0.5)% | (121,338 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $26,284,438 | |||||||
|
|
Notes to Schedule of Investments:
(a) Non-income producing.
AllianzGI Ultra Micro Cap Fund
Shares | Value | |||||||
Common Stock—99.7% | ||||||||
Air Freight & Logistics—0.5% | ||||||||
Radiant Logistics, Inc. (a) | 86,408 | $308,477 | ||||||
|
| |||||||
Auto Components—2.0% | ||||||||
Motorcar Parts of America, Inc. (a) | 32,020 | 1,216,120 | ||||||
|
| |||||||
Banks—6.7% | ||||||||
Franklin Financial Network, Inc. (a) | 30,514 | 823,878 | ||||||
Heritage Commerce Corp. | 67,857 | 679,249 | ||||||
Pacific Continental Corp. | 26,021 | 419,719 | ||||||
Park Sterling Corp. | 73,798 | 492,233 | ||||||
Preferred Bank/Los Angeles | 22,106 | 668,706 | ||||||
Southwest Bancorp, Inc. | 42,966 | 646,638 | ||||||
Suffolk Bancorp | 15,035 | 379,483 | ||||||
|
| |||||||
4,109,906 | ||||||||
|
| |||||||
Beverages—0.6% | ||||||||
Primo Water Corp. (a) | 38,743 | 390,917 | ||||||
|
| |||||||
Biotechnology—5.8% | ||||||||
Anthera Pharmaceuticals, Inc. (a) | 58,749 | 212,671 | ||||||
BioSpecifics Technologies Corp. (a) | 11,349 | 395,172 | ||||||
Cara Therapeutics, Inc. (a) | 36,725 | 228,430 | ||||||
Chiasma, Inc. (a) | 14,971 | 137,134 | ||||||
Concert Pharmaceuticals, Inc. (a) | 24,967 | 341,049 | ||||||
Eagle Pharmaceuticals, Inc. (a) | 10,120 | 409,860 | ||||||
Fate Therapeutics, Inc. (a) | 75,421 | 135,758 | ||||||
Flexion Therapeutics, Inc. (a) | 21,659 | 199,263 | ||||||
La Jolla Pharmaceutical Co. (a) | 16,048 | 335,564 | ||||||
Pfenex, Inc. (a) | 31,299 | 307,669 | ||||||
Repligen Corp. (a) | 32,124 | 861,566 | ||||||
|
| |||||||
3,564,136 | ||||||||
|
| |||||||
Building Products—1.9% | ||||||||
Patrick Industries, Inc. (a) | 25,442 | 1,154,812 | ||||||
|
| |||||||
Chemicals—1.1% | ||||||||
American Vanguard Corp. | 42,447 | 669,814 | ||||||
|
| |||||||
Communications Equipment—0.9% | ||||||||
ShoreTel, Inc. (a) | 72,185 | 537,056 | ||||||
|
| |||||||
Construction & Engineering—2.6% | ||||||||
Argan, Inc. | 13,764 | 483,942 | ||||||
Integrated Electrical Services, Inc. (a) | 23,826 | 349,527 | ||||||
NV5 Global, Inc. (a) | 29,037 | 779,063 | ||||||
|
| |||||||
1,612,532 | ||||||||
|
| |||||||
Construction Materials—1.9% | ||||||||
U.S. Concrete, Inc. (a) | 19,179 | 1,142,685 | ||||||
|
| |||||||
Diversified Consumer Services—2.2% | ||||||||
Cambium Learning Group, Inc. (a) | 84,908 | 362,557 | ||||||
Carriage Services, Inc. | 46,142 | 997,129 | ||||||
|
| |||||||
1,359,686 | ||||||||
|
| |||||||
Diversified Telecommunication Services—2.0% | ||||||||
8x8, Inc. (a) | 63,882 | 642,653 | ||||||
inContact, Inc. (a) | 62,948 | 559,608 | ||||||
|
| |||||||
1,202,261 | ||||||||
|
| |||||||
Electrical Equipment—1.3% | ||||||||
LSI Industries, Inc. | 67,656 | 794,958 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components—1.5% | ||||||||
CUI Global, Inc. (a) | 43,669 | 352,846 | ||||||
ePlus, Inc. (a) | 6,652 | 535,552 | ||||||
|
| |||||||
888,398 | ||||||||
|
|
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 169 |
Table of Contents
Schedule of Investments
March 31, 2016 (Unaudited)
Shares | Value | |||||||
Energy Equipment & Services—0.6% | ||||||||
Independence Contract Drilling, Inc. (a) | 74,812 | $ | 356,853 | |||||
|
| |||||||
Food Products—1.9% | ||||||||
John B Sanfilippo & Son, Inc. | 16,706 | 1,154,218 | ||||||
|
| |||||||
Health Care Equipment & Supplies—10.6% | ||||||||
AtriCure, Inc. (a) | 33,015 | 555,642 | ||||||
Avinger, Inc. (a) | 27,453 | 263,000 | ||||||
Cynosure, Inc., Class A (a) | 21,927 | 967,419 | ||||||
Inogen, Inc. (a) | 24,812 | 1,116,044 | ||||||
iRadimed Corp. (a) | 25,414 | 486,932 | ||||||
LeMaitre Vascular, Inc. | 62,048 | 962,985 | ||||||
RTI Surgical, Inc. (a) | 106,630 | 426,520 | ||||||
SurModics, Inc. (a) | 23,457 | 431,843 | ||||||
Trinity Biotech PLC ADR | 31,704 | 369,669 | ||||||
Vascular Solutions, Inc. (a) | 27,696 | 900,951 | ||||||
|
| |||||||
6,481,005 | ||||||||
|
| |||||||
Health Care Providers & Services—6.0% | ||||||||
Aceto Corp. | 31,300 | 737,428 | ||||||
BioTelemetry, Inc. (a) | 67,385 | 787,057 | ||||||
Cross Country Healthcare, Inc. (a) | 62,110 | 722,339 | ||||||
Providence Service Corp. (a) | 16,722 | 853,993 | ||||||
RadNet, Inc. (a) | 75,271 | 363,559 | ||||||
Sharps Compliance Corp. (a) | 44,009 | 242,049 | ||||||
|
| |||||||
3,706,425 | ||||||||
|
| |||||||
Health Care Technology—0.5% | ||||||||
Vocera Communications, Inc. (a) | 25,592 | 326,298 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure—5.2% | ||||||||
Carrols Restaurant Group, Inc. (a) | 72,208 | 1,042,684 | ||||||
Eldorado Resorts, Inc. (a) | 55,028 | 629,520 | ||||||
Good Times Restaurants, Inc. (a) | 76,454 | 304,287 | ||||||
Kona Grill, Inc. (a) | 25,956 | 336,130 | ||||||
Papa Murphy’s Holdings, Inc. (a) | 33,805 | 403,970 | ||||||
Red Lion Hotels Corp. (a) | 54,333 | 458,027 | ||||||
|
| |||||||
3,174,618 | ||||||||
|
| |||||||
Household Durables—2.2% | ||||||||
Century Communities, Inc. (a) | 32,772 | 559,418 | ||||||
LGI Homes, Inc. (a) | 32,953 | 797,792 | ||||||
|
| |||||||
1,357,210 | ||||||||
|
| |||||||
Insurance—2.3% | ||||||||
Atlas Financial Holdings, Inc. (a) | 42,147 | 764,547 | ||||||
Federated National Holding Co. | 33,290 | 654,481 | ||||||
|
| |||||||
1,419,028 | ||||||||
|
| |||||||
Internet Software & Services—4.7% | ||||||||
Autobytel, Inc. (a) | 55,222 | 958,654 | ||||||
Five9, Inc. (a) | 57,493 | 511,113 | ||||||
GTT Communications, Inc. (a) | 32,969 | 545,307 | ||||||
Reis, Inc. | 19,626 | 462,192 | ||||||
TechTarget, Inc. (a) | 56,493 | 419,178 | ||||||
|
| |||||||
2,896,444 | ||||||||
|
| |||||||
IT Services—3.8% | ||||||||
Hackett Group, Inc. | 68,043 | 1,028,810 | ||||||
Information Services Group, Inc. (a) | 129,435 | 508,680 | ||||||
NCI, Inc., Class A | 30,440 | 426,464 | ||||||
Planet Payment, Inc. (a) | 110,846 | 391,286 | ||||||
|
| |||||||
2,355,240 | ||||||||
|
|
Shares | Value | |||||||
Leisure Equipment & Products—1.5% | ||||||||
Nautilus, Inc. (a) | 48,032 | $ | 927,978 | |||||
|
| |||||||
Life Sciences Tools & Services—2.8% | ||||||||
Albany Molecular Research, Inc. (a) | 56,446 | 863,059 | ||||||
NeoGenomics, Inc. (a) | 125,259 | 844,246 | ||||||
|
| |||||||
1,707,305 | ||||||||
|
| |||||||
Machinery—0.8% | ||||||||
NN, Inc. | 17,750 | 242,820 | ||||||
Xerium Technologies, Inc. (a) | 41,870 | 218,561 | ||||||
|
| |||||||
461,381 | ||||||||
|
| |||||||
Media—1.7% | ||||||||
Entravision Communications Corp., Class A | 96,029 | 714,456 | ||||||
Reading International, Inc., Class A (a) | 28,385 | 340,052 | ||||||
|
| |||||||
1,054,508 | ||||||||
|
| |||||||
Metals & Mining—0.4% | ||||||||
Real Industry, Inc. (a) | 29,001 | 252,309 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels—1.3% | ||||||||
Bill Barrett Corp. (a) | 40,243 | 250,311 | ||||||
Evolution Petroleum Corp. | 42,215 | 205,165 | ||||||
Ring Energy, Inc. (a) | 65,100 | 328,755 | ||||||
|
| |||||||
784,231 | ||||||||
|
| |||||||
Pharmaceuticals—5.0% | ||||||||
ANI Pharmaceuticals, Inc. (a) | 14,704 | 494,937 | ||||||
Cempra, Inc. (a) | 19,449 | 340,746 | ||||||
Heska Corp. (a) | 15,499 | 441,721 | ||||||
Intersect ENT, Inc. (a) | 22,040 | 418,760 | ||||||
Lipocine, Inc. (a) | 27,913 | 283,317 | ||||||
Marinus Pharmaceuticals, Inc. (a) | 27,970 | 150,479 | ||||||
Supernus Pharmaceuticals, Inc. (a) | 35,967 | 548,497 | ||||||
Teligent, Inc. (a) | 77,781 | 381,127 | ||||||
|
| |||||||
3,059,584 | ||||||||
|
| |||||||
Professional Services—1.1% | ||||||||
GP Strategies Corp. (a) | 24,695 | 676,643 | ||||||
Road & Rail—2.0% | ||||||||
Celadon Group, Inc. | 30,000 | 314,400 | ||||||
Covenant Transportation Group, Inc., Class A (a) | 19,212 | 464,738 | ||||||
PAM Transportation Services, Inc. (a) | 14,993 | 461,785 | ||||||
|
| |||||||
1,240,923 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment—5.3% | ||||||||
CEVA, Inc. (a) | 21,724 | 488,790 | ||||||
GigPeak, Inc. (a) | 224,795 | 606,947 | ||||||
MaxLinear, Inc., Class A (a) | 64,315 | 1,189,827 | ||||||
PDF Solutions, Inc. (a) | 28,246 | 377,931 | ||||||
Tower Semiconductor Ltd. (a) | 48,071 | 582,621 | ||||||
|
| |||||||
3,246,116 | ||||||||
|
| |||||||
Software—2.8% | ||||||||
Attunity Ltd. (a) | 36,936 | 264,462 | ||||||
Park City Group, Inc. (a) | 62,994 | 569,466 | ||||||
QAD, Inc., Class A | 19,532 | 415,055 | ||||||
Telenav, Inc. (a) | 80,897 | 477,292 | ||||||
|
| |||||||
1,726,275 | ||||||||
|
| |||||||
Specialty Retail—1.9% | ||||||||
Kirkland’s, Inc. | 30,785 | 539,046 | ||||||
Sportsman’s Warehouse Holdings, Inc. (a) | 51,567 | 649,744 | ||||||
|
| |||||||
1,188,790 | ||||||||
|
|
Shares | Value | |||||||
Technology Hardware, Storage & Peripherals—1.2% | ||||||||
USA Technologies, Inc. (a) | 162,893 | $ | 710,213 | |||||
|
| |||||||
Textiles, Apparel & Luxury Goods—0.6% | ||||||||
Cherokee, Inc. (a) | 20,382 | 362,596 | ||||||
|
| |||||||
Thrifts & Mortgage Finance—1.7% | ||||||||
LendingTree, Inc. (a) | 10,816 | 1,057,588 | ||||||
|
| |||||||
Wireless Telecommunication Services—0.8% | ||||||||
Boingo Wireless, Inc. (a) | 64,766 | 499,994 | ||||||
|
| |||||||
Total Common Stock (cost—$49,466,838) | 61,135,531 | |||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—0.4% | ||||||||
State Street Bank and Trust Co.,dated 3/31/16, 0.03%, due 4/1/16, proceeds $232,000; collateralized by U.S. Treasury Notes, 2.25%, due 4/30/21, valued at $237,656 including accrued interest |
| |||||||
(cost—$232,000) | $232 | 232,000 | ||||||
|
| |||||||
Total Investments (cost—$49,698,838)—100.1% | 61,367,531 | |||||||
|
| |||||||
Liabilities in excess of other assets—(0.1)% | (69,689 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $61,297,842 | |||||||
|
|
Notes to Schedule of Investments:
(a) Non-income producing.
Glossary:
ADR—American Depositary Receipt
170 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
(THIS PAGE INTENTIONALLY LEFT BLANK)
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 171 |
Table of Contents
Statements of Assets and Liabilities
March 31, 2016 (Unaudited)
AllianzGI Retirement 2015 | AllianzGI Retirement 2020 | AllianzGI Retirement 2025 | AllianzGI Retirement 2030 | AllianzGI Retirement 2035 | ||||||||||||||||||
Assets: | ||||||||||||||||||||||
Investments, at value | $ | 1,775,790 | $ | 3,656,224 | $ | 4,869,399 | $ | 4,734,963 | $ | 3,480,664 | ||||||||||||
Investments in Affiliates, at value | 24,557,005 | 50,726,886 | 54,320,404 | 57,455,803 | 44,008,299 | |||||||||||||||||
Repurchase agreements, at value | 273,000 | 929,000 | 1,035,000 | 1,396,000 | 2,399,000 | |||||||||||||||||
Cash | 28,333 | 445 | 952 | 622 | 55 | |||||||||||||||||
Receivable for investments in Affiliates sold | 230,826 | — | — | — | — | |||||||||||||||||
Receivable for investments sold | 35,550 | — | — | — | — | |||||||||||||||||
Dividends receivable from Affiliates | 23,457 | 45,159 | 45,713 | 36,807 | 16,685 | |||||||||||||||||
Receivable for Fund shares sold | 14,697 | 30,083 | 18,473 | 43,803 | 22,737 | |||||||||||||||||
Investments in Affiliated Funds — Trustee Deferred Compensation Plan (see Note 5) | 657 | 1,340 | 1,436 | 1,456 | 1,159 | |||||||||||||||||
Receivable for variation margin on futures contracts | — | — | — | — | 10,600 | |||||||||||||||||
Dividends and interest receivable (net of foreign withholding taxes) | — | 1 | 1 | 1 | 2 | |||||||||||||||||
Unrealized appreciation of forward foreign currency contracts | — | — | — | — | — | |||||||||||||||||
Receivable from Investment Manager | — | — | — | — | — | |||||||||||||||||
Deposits with brokers for derivatives collateral | — | — | — | — | 242,451 | |||||||||||||||||
Prepaid expenses and other assets | — | — | — | — | — | |||||||||||||||||
Total Assets | 26,939,315 | 55,389,138 | 60,291,378 | 63,669,455 | 50,181,652 | |||||||||||||||||
Liabilities: | ||||||||||||||||||||||
Payable for investments purchased | — | — | — | — | — | |||||||||||||||||
Payable for investments in Affiliates purchased | 23,457 | 86,613 | 144,114 | 180,593 | 127,343 | |||||||||||||||||
Payable for Fund shares redeemed | 72,866 | 19,821 | 28,920 | 55,394 | 69,213 | |||||||||||||||||
Payable to custodian for foreign currency overdraft | — | — | — | — | — | |||||||||||||||||
Payable for variation margin on futures contracts | — | — | — | — | — | |||||||||||||||||
Servicing fees payable | 1,480 | 3,975 | 3,446 | 3,470 | 3,006 | |||||||||||||||||
Administration fees payable | 888 | 2,901 | 2,688 | 4,954 | 7,206 | |||||||||||||||||
Distribution fees payable | 862 | 971 | 630 | 1,513 | 702 | |||||||||||||||||
Trustees Deferred Compensation Plan payable (see Note 5) | 657 | 1,340 | 1,436 | 1,456 | 1,159 | |||||||||||||||||
Investment management fees payable | — | — | — | — | — | |||||||||||||||||
Accrued expenses and other liabilities | — | — | — | — | — | |||||||||||||||||
Total Liabilities | 100,210 | 115,621 | 181,234 | 247,380 | 208,629 | |||||||||||||||||
Net Assets | $ | 26,839,105 | $ | 55,273,517 | $ | 60,110,144 | $ | 63,422,075 | $ | 49,973,023 |
172 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Retirement 2040 | AllianzGI Retirement 2045 | AllianzGI Retirement 2050 | AllianzGI Retirement 2055 | AllianzGI Retirement Income | AllianzGI Global Allocation | AllianzGI Global Dynamic Allocation | ||||||||||||||||||||||
$ | 3,688,841 | $ | 1,962,859 | $ | 1,910,728 | $ | 482,841 | $ | 2,149,660 | $ | 49,151,932 | $ | 6,929,856 | |||||||||||||||
36,152,137 | 21,656,532 | 18,898,449 | 5,310,985 | 21,550,623 | 442,193,408 | 24,479,592 | ||||||||||||||||||||||
2,101,000 | 1,292,000 | 1,019,000 | 354,000 | 345,000 | 1,878,000 | 5,794,000 | ||||||||||||||||||||||
778 | 605 | 752 | 144 | 978 | 488 | 320 | ||||||||||||||||||||||
— | — | — | — | — | 3,416,904 | — | ||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||
7,716 | 4,544 | 2,755 | 563 | 40,240 | — | 17,017 | ||||||||||||||||||||||
52,202 | 32,563 | 25,004 | 18,294 | 5,053 | 91,183 | 234,744 | ||||||||||||||||||||||
| 942 | | 538 | 471 | 158 | 534 | 6,728 | 378 | ||||||||||||||||||||
21,201 | 14,840 | 12,720 | 4,240 | — | 444,471 | 100,335 | ||||||||||||||||||||||
| 2 | | 1 | 1 | — | — | 2 | 22,343 | ||||||||||||||||||||
| — | | — | — | — | — | 53,839 | — | ||||||||||||||||||||
— | — | — | — | — | — | 6,478 | ||||||||||||||||||||||
262,123 | 191,200 | 187,146 | 87,055 | — | 6,939,302 | 294,490 | ||||||||||||||||||||||
— | — | — | — | — | 60,473 | 74,323 | ||||||||||||||||||||||
42,286,942 | 25,155,682 | 22,057,026 | 6,258,280 | 24,092,088 | 504,236,730 | 37,953,876 | ||||||||||||||||||||||
— | — | — | — | — | — | 210,766 | ||||||||||||||||||||||
111,726 | 35,012 | 2,755 | 563 | 40,240 | — | 1,053,971 | ||||||||||||||||||||||
4,024 | 2,826 | 22,617 | 479 | 44,695 | 385,591 | 25,000 | ||||||||||||||||||||||
— | — | — | — | — | 765,069 | — | ||||||||||||||||||||||
573 | 573 | 716 | 286 | — | 257,652 | 30,653 | ||||||||||||||||||||||
1,913 | 1,472 | 658 | 281 | 1,914 | 29,197 | 978 | ||||||||||||||||||||||
3,174 | 1,919 | 2,150 | 732 | 1,300 | — | — | ||||||||||||||||||||||
753 | 299 | 653 | 240 | 2,093 | 31,929 | 1,086 | ||||||||||||||||||||||
| 942 | | 538 | 471 | 158 | 534 | 6,728 | 378 | ||||||||||||||||||||
— | — | — | 449 | — | 90,282 | — | ||||||||||||||||||||||
— | — | — | — | — | 126,795 | 50,907 | ||||||||||||||||||||||
123,105 | 42,639 | 30,020 | 3,188 | 90,776 | 1,693,243 | 1,373,739 | ||||||||||||||||||||||
$ | 42,163,837 | $ | 25,113,043 | $ | 22,027,006 | $ | 6,255,092 | $ | 24,001,312 | $ | 502,543,487 | $ | 36,580,137 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 173 |
Table of Contents
Statements of Assets and Liabilities (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Retirement 2015 | AllianzGI Retirement 2020 | AllianzGI Retirement 2025 | AllianzGI Retirement 2030 | AllianzGI Retirement 2035 | ||||||||||||||||||
Net Assets Consist of: | ||||||||||||||||||||||
Paid-in-capital | $ | 27,489,132 | $ | 57,885,392 | $ | 62,746,545 | $ | 65,835,644 | $ | 51,863,787 | ||||||||||||
Undistributed (dividends in excess of) net investment income | 116,148 | 226,731 | 186,121 | 212,165 | 99,350 | |||||||||||||||||
Accumulated net realized gain (loss) | (719,618 | ) | (2,247,912 | ) | (2,046,520 | ) | (1,858,088 | ) | (1,173,346 | ) | ||||||||||||
Net unrealized appreciation (depreciation) | (46,557 | ) | (590,694 | ) | (776,002 | ) | (767,646 | ) | (816,768 | ) | ||||||||||||
Net Assets | $ | 26,839,105 | $ | 55,273,517 | $ | 60,110,144 | $ | 63,422,075 | $ | 49,973,023 | ||||||||||||
Cost of Investments | $ | 1,750,490 | $ | 3,604,665 | $ | 4,844,531 | $ | 4,705,391 | $ | 3,460,874 | ||||||||||||
Cost of Investments in Affiliates | $ | 24,628,862 | $ | 51,369,139 | $ | 55,121,274 | $ | 58,253,021 | $ | 44,855,457 | ||||||||||||
Cost of Repurchase Agreements | $ | 273,000 | $ | 929,000 | $ | 1,035,000 | $ | 1,396,000 | $ | 2,399,000 | ||||||||||||
Cost of Foreign Currency Overdraft due to Custodian | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Net Assets: | ||||||||||||||||||||||
Class A | $ | 6,197,330 | $ | 18,427,853 | $ | 15,936,222 | $ | 14,081,092 | $ | 12,911,293 | ||||||||||||
Class C | 669,031 | 329,955 | — | 618,349 | — | |||||||||||||||||
Class R | 240,414 | 628,969 | 737,038 | 2,087,406 | 1,592,706 | |||||||||||||||||
Class P | 9,838,126 | 21,945,852 | 30,246,322 | 29,834,807 | 27,330,023 | |||||||||||||||||
Institutional Class | — | — | — | — | — | |||||||||||||||||
Class R6 | 9,043,874 | 12,122,771 | 11,868,390 | 14,789,083 | 7,384,272 | |||||||||||||||||
Administrative Class | 850,330 | 1,818,117 | 1,322,172 | 2,011,338 | 754,729 | |||||||||||||||||
Shares Issued and Outstanding: | ||||||||||||||||||||||
Class A | 338,526 | 1,015,526 | 996,758 | 741,277 | 773,027 | |||||||||||||||||
Class C | 36,766 | 18,201 | — | 32,720 | — | |||||||||||||||||
Class R | 13,096 | 34,569 | 46,176 | 109,820 | 95,553 | |||||||||||||||||
Class P | 533,813 | 1,197,962 | 1,884,173 | 1,550,335 | 1,626,704 | |||||||||||||||||
Institutional Class | — | — | — | — | — | |||||||||||||||||
Class R6 | 490,228 | 661,156 | 738,873 | 766,984 | 438,849 | |||||||||||||||||
Administrative Class | 46,286 | 99,756 | 82,483 | 104,835 | 45,001 | |||||||||||||||||
Net Asset Value and Redemption Price Per Share:* | ||||||||||||||||||||||
Class A | $ | 18.31 | $ | 18.15 | $ | 15.99 | $ | 19.00 | $ | 16.70 | ||||||||||||
Class C | 18.20 | 18.13 | — | 18.90 | — | |||||||||||||||||
Class R | 18.36 | 18.19 | 15.96 | 19.01 | 16.67 | |||||||||||||||||
Class P | 18.43 | 18.32 | 16.05 | 19.24 | 16.80 | |||||||||||||||||
Institutional Class | — | — | — | — | — | |||||||||||||||||
Class R6 | 18.45 | 18.34 | 16.06 | 19.28 | 16.83 | |||||||||||||||||
Administrative Class | 18.37 | 18.23 | 16.03 | 19.19 | 16.77 |
* | Net asset value and redemption price per share may not recalculate exactly due to rounding. |
174 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Retirement 2040 | AllianzGI Retirement 2045 | AllianzGI Retirement 2050 | AllianzGI Retirement 2055 | AllianzGI Retirement Income | AllianzGI Global Allocation | AllianzGI Global Dynamic Allocation | ||||||||||||||||||||||
$ | 43,146,446 | $ | 25,501,234 | $ | 22,282,245 | $ | 6,390,249 | $ | 24,674,389 | $ | 495,163,818 | $ | 37,447,517 | |||||||||||||||
| 101,506 | | 69,863 | 103,899 | 17,324 | (29,562 | ) | (396,531 | ) | (34,723 | ) | |||||||||||||||||
(286,994 | ) | (68,113 | ) | 102,598 | (151,543 | ) | (725,355 | ) | (1,611,684 | ) | (581,278 | ) | ||||||||||||||||
(797,121 | ) | (389,941 | ) | (461,736 | ) | (938 | ) | 81,840 | 9,387,884 | (251,379 | ) | |||||||||||||||||
$ | 42,163,837 | $ | 25,113,043 | $ | 22,027,006 | $ | 6,255,092 | $ | 24,001,312 | $ | 502,543,487 | $ | 36,580,137 | |||||||||||||||
$ | 3,690,653 | $ | 1,964,100 | $ | 1,906,253 | $ | 480,773 | $ | 1,969,950 | $ | 46,452,920 | $ | 6,823,604 | |||||||||||||||
$ | 36,968,074 | $ | 22,059,499 | $ | 19,376,664 | $ | 5,317,945 | $ | 21,648,493 | $ | 435,757,236 | $ | 24,911,851 | |||||||||||||||
$ | 2,101,000 | $ | 1,292,000 | $ | 1,019,000 | $ | 354,000 | $ | 345,000 | $ | 1,878,000 | $ | 5,794,000 | |||||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | $ | 766,090 | $ | — | |||||||||||||||
$ | 7,681,026 | $ | 6,588,844 | $ | 2,383,360 | $ | 1,092,221 | $ | 6,391,311 | $ | 89,305,408 | $ | 5,369,381 | |||||||||||||||
135,940 | — | 130,020 | — | 2,889,997 | 50,334,910 | 1,226,355 | ||||||||||||||||||||||
1,472,221 | 545,964 | 671,769 | 277,469 | 235,812 | 16,979 | 164,376 | ||||||||||||||||||||||
17,908,946 | 11,076,087 | 8,578,189 | 2,305,710 | 5,658,400 | 2,313,080 | 208,774 | ||||||||||||||||||||||
— | — | — | — | — | 78,858,181 | 29,581,684 | ||||||||||||||||||||||
14,446,824 | 6,536,396 | 9,627,512 | 2,329,294 | 8,797,262 | 281,687,398 | 10,228 | ||||||||||||||||||||||
518,880 | 365,752 | 636,156 | 250,398 | 28,530 | 27,531 | 19,339 | ||||||||||||||||||||||
396,278 | 387,665 | 126,067 | 67,478 | 368,436 | 8,207,518 | 303,848 | ||||||||||||||||||||||
7,042 | — | 6,956 | — | 167,462 | 4,569,733 | 70,210 | ||||||||||||||||||||||
76,385 | 32,243 | 35,662 | 17,208 | 13,119 | 1,569 | 9,338 | ||||||||||||||||||||||
917,088 | 648,292 | 449,817 | 141,434 | 322,734 | 212,532 | 11,799 | ||||||||||||||||||||||
— | — | — | — | — | 7,326,851 | 1,671,938 | ||||||||||||||||||||||
738,387 | 381,602 | 503,140 | 142,402 | 513,544 | 26,206,078 | 578 | ||||||||||||||||||||||
26,708 | 21,493 | 33,497 | 15,435 | 1,611 | 2,466 | 1,093 | ||||||||||||||||||||||
$ | 19.38 | $ | 17.00 | $ | 18.91 | $ | 16.19 | $ | 17.35 | $ | 10.88 | $ | 17.67 | |||||||||||||||
19.30 | — | 18.69 | — | 17.26 | 11.01 | 17.47 | ||||||||||||||||||||||
19.27 | 16.93 | 18.84 | 16.12 | 17.98 | 10.82 | 17.60 | ||||||||||||||||||||||
19.53 | 17.09 | 19.07 | 16.30 | 17.53 | 10.88 | 17.69 | ||||||||||||||||||||||
— | — | — | — | — | 10.76 | 17.69 | ||||||||||||||||||||||
19.57 | 17.13 | 19.13 | 16.36 | 17.13 | 10.75 | 17.69 | ||||||||||||||||||||||
19.43 | 17.02 | 18.99 | 16.22 | 17.71 | 11.17 | 17.69 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 175 |
Table of Contents
Statements of Assets and Liabilities (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Global Megatrends | AllianzGI Best Styles Emerging Markets Equity | AllianzGI Best Styles Global Equity | AllianzGI Best Styles International Equity | AllianzGI Best Styles U.S. Equity | ||||||||||||||||||
Assets: | ||||||||||||||||||||||
Investments, at value | $ | — | $ | 7,712,539 | $ | 552,437,675 | $ | 80,699,529 | $ | 88,914,727 | ||||||||||||
Investments in Affiliates, at value | 2,835,788 | 56,166 | 5,983,678 | 644,824 | — | |||||||||||||||||
Repurchase agreements, at value | — | 1,373,000 | 9,071,000 | 775,000 | 2,528,000 | |||||||||||||||||
Cash | 25,529 | 145 | — | 423 | 12 | |||||||||||||||||
Foreign currency, at value | — | 38,651 | 796,738 | 180,009 | 679 | |||||||||||||||||
Unrealized appreciation of forward foreign currency contracts | — | — | 17 | — | — | |||||||||||||||||
Dividends and interest receivable (net of foreign withholding taxes) | — | 20,942 | 1,217,356 | 385,610 | 101,003 | |||||||||||||||||
Receivable for investments sold | — | — | 1,293,519 | 197,767 | — | |||||||||||||||||
Swap premiums paid | — | — | — | — | — | |||||||||||||||||
Unrealized appreciation of OTC swaps | — | — | — | — | — | |||||||||||||||||
Receivable for investments in Affiliates sold | — | — | — | — | — | |||||||||||||||||
Deposits with brokers for derivatives collateral | — | 291,940 | 2,975,083 | 100,138 | 986,434 | |||||||||||||||||
Receivable for Fund shares sold | — | — | 1,110,011 | 2,261 | 1,391 | |||||||||||||||||
Receivable from Investment Manager | 12,181 | 15,418 | — | 14,879 | — | |||||||||||||||||
Tax reclaims receivable | — | — | 47,880 | 63,117 | — | |||||||||||||||||
Dividends receivable from Affiliates | — | — | — | 2,232 | — | |||||||||||||||||
Investments in Affiliated Funds — Trustee Deferred Compensation Plan (see Note 5) | 67 | 145 | 5,809 | 1,261 | 1,757 | |||||||||||||||||
Receivable for variation margin on futures contracts | — | 8,780 | 208,582 | — | 12,310 | |||||||||||||||||
Prepaid expenses and other assets | 29,714 | 24,314 | 81,605 | 24,759 | 25,242 | |||||||||||||||||
Total Assets | 2,903,279 | 9,542,040 | 575,228,953 | 83,091,809 | 92,571,555 | |||||||||||||||||
Liabilities: | ||||||||||||||||||||||
Payable for investments purchased | — | — | 93,702 | 163,315 | — | |||||||||||||||||
Payable for Fund shares redeemed | — | — | 507,545 | 19,168 | 49,550 | |||||||||||||||||
Payable to custodian for cash overdraft | — | — | 3,060 | — | — | |||||||||||||||||
Payable for variation margin on futures contracts | — | — | 15,132 | 7,528 | — | |||||||||||||||||
Options written, at value | — | — | — | — | — | |||||||||||||||||
Investment management fees payable | — | — | 96,514 | — | 10,877 | |||||||||||||||||
Distribution fees payable | — | — | — | — | — | |||||||||||||||||
Servicing fees payable | 2 | — | 7,376 | — | — | |||||||||||||||||
Swap premiums received | — | — | — | — | — | |||||||||||||||||
Unrealized depreciation of forward foreign currency contracts | — | — | 46,076 | — | — | |||||||||||||||||
Unrealized depreciation of OTC swaps | — | — | — | — | — | |||||||||||||||||
Trustees Deferred Compensation Plan payable (see Note 5) | 67 | 145 | 5,809 | 1,261 | 1,757 | |||||||||||||||||
Accrued expenses and other liabilities | 31,071 | 12,974 | 39,601 | 81,363 | 50,084 | |||||||||||||||||
Total Liabilities | 31,140 | 13,119 | 814,815 | 272,635 | 112,268 | |||||||||||||||||
Net Assets | $ | 2,872,139 | $ | 9,528,921 | $ | 574,414,138 | $ | 82,819,174 | $ | 92,459,287 |
176 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI China Equity | AllianzGI Convertible | AllianzGI Emerging Markets Consumer | AllianzGI Emerging Markets Debt | AllianzGI Emerging Markets Small-Cap | AllianzGI Europe Equity Dividend | AllianzGI Global Fundamental Strategy | ||||||||||||||||||||||
$ | 4,050,501 | $ | 1,717,255,201 | $ | 34,508,825 | $ | 30,997,903 | $ | 8,374,044 | $ | 2,454,759 | $ | 17,028,549 | |||||||||||||||
422,320 | — | — | — | — | 739,253 | 324,923 | ||||||||||||||||||||||
— | 55,791,000 | 216,000 | 13,571,000 | — | 390,000 | 2,653,000 | ||||||||||||||||||||||
49,604 | 320 | 211 | 283 | 47,125 | 504 | 149 | ||||||||||||||||||||||
— | — | 40,161 | 17,011 | 103,296 | 1,398 | 451 | ||||||||||||||||||||||
| — | | — | 4,161 | 40,508 | — | — | 21,271 | ||||||||||||||||||||
| — | | 5,827,196 | 93,046 | 478,976 | 21,538 | 9,600 | 111,694 | ||||||||||||||||||||
— | 39,462,328 | — | 8,165,385 | — | 4,693 | — | ||||||||||||||||||||||
— | — | — | 1,982 | — | — | — | ||||||||||||||||||||||
— | — | — | 11,777 | — | — | — | ||||||||||||||||||||||
— | — | — | — | — | 3,962 | — | ||||||||||||||||||||||
— | — | — | 40,000 | — | — | 141,779 | ||||||||||||||||||||||
500 | 601,738 | — | — | — | — | — | ||||||||||||||||||||||
38,010 | — | — | — | 14,592 | 19,449 | — | ||||||||||||||||||||||
— | — | 904 | — | — | 1,187 | 12,725 | ||||||||||||||||||||||
— | — | — | — | — | 1,054 | — | ||||||||||||||||||||||
| 144 | | 50,134 | 388 | 668 | 162 | 69 | 475 | ||||||||||||||||||||
| — |
| — | — | — | — | — | 5,099 | ||||||||||||||||||||
20,565 | 87,922 | 18,409 | 17,105 | 18,350 | 37,081 | 19,730 | ||||||||||||||||||||||
4,581,644 | 1,819,075,839 | 34,882,105 | 53,342,598 | 8,579,107 | 3,663,009 | 20,319,845 | ||||||||||||||||||||||
— | 31,691,330 | 83,768 | 10,190,802 | — | 2,583 | — | ||||||||||||||||||||||
659 | 3,209,510 | — | — | — | — | — | ||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||
| — |
| — | — | — | — | — | 1,442 | ||||||||||||||||||||
— | — | — | — | — | — | 42,515 | ||||||||||||||||||||||
— | 857,502 | 6,237 | 9,808 | — | — | 3,511 | ||||||||||||||||||||||
28 | 53,557 | — | 37 | — | 9 | 7 | ||||||||||||||||||||||
310 | 88,294 | 7 | 42 | 187 | 11 | 36 | ||||||||||||||||||||||
— | — | — | 257,121 | — | — | — | ||||||||||||||||||||||
| — | | — | — | 101,682 | — | — | 54,311 | ||||||||||||||||||||
— | — | — | 15,000 | — | — | — | ||||||||||||||||||||||
| 144 | | 50,134 | 388 | 668 | 162 | 69 | 475 | ||||||||||||||||||||
47,563 | 787,640 | 50,230 | 61,885 | 64,985 | 46,627 | 49,339 | ||||||||||||||||||||||
48,704 | 36,737,967 | 140,630 | 10,637,045 | 65,334 | 49,299 | 151,636 | ||||||||||||||||||||||
$ | 4,532,940 | $ | 1,782,337,872 | $ | 34,741,475 | $ | 42,705,553 | $ | 8,513,773 | $ | 3,613,710 | $ | 20,168,209 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 177 |
Table of Contents
Statements of Assets and Liabilities (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Global Megatrends | AllianzGI Best Styles Emerging Markets Equity | AllianzGI Best Styles Global Equity | AllianzGI Best Styles International Equity | AllianzGI Best Styles U.S. Equity | ||||||||||||||||||
Net Assets Consist of: | ||||||||||||||||||||||
Paid-in-capital | $ | 3,089,684 | $ | 10,388,193 | $ | 554,335,052 | $ | 85,666,196 | $ | 92,528,204 | ||||||||||||
Undistributed (dividends in excess of) net investment income | (46,416 | ) | 16,348 | 2,119,996 | 724,078 | 415,600 | ||||||||||||||||
Accumulated net realized gain (loss) | 205,264 | (804,436 | ) | (1,321,985 | ) | (2,208,642 | ) | (102,328 | ) | |||||||||||||
Net unrealized appreciation (depreciation) | (376,393 | ) | (71,184 | ) | 19,281,075 | (1,362,458 | ) | (382,189 | ) | |||||||||||||
Net Assets | $ | 2,872,139 | $ | 9,528,921 | $ | 574,414,138 | $ | 82,819,174 | $ | 92,459,287 | ||||||||||||
Cost of Investments | $ | — | $ | 7,803,750 | $ | 533,530,385 | $ | 82,037,094 | $ | 89,309,273 | ||||||||||||
Cost of Investments in Affiliates | $ | 3,212,181 | $ | 46,048 | $ | 5,821,533 | $ | 670,280 | $ | — | ||||||||||||
Cost of Repurchase Agreements | $ | — | $ | 1,373,000 | $ | 9,071,000 | $ | 775,000 | $ | 2,528,000 | ||||||||||||
Cost of Foreign Currency | $ | — | $ | 37,961 | $ | 779,408 | $ | 177,487 | $ | 678 | ||||||||||||
Premiums Received for Options Written | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Net Assets: | ||||||||||||||||||||||
Class A | $ | 11,453 | $ | — | $ | 35,659,183 | $ | — | $ | — | ||||||||||||
Class C | — | — | — | — | — | |||||||||||||||||
Class R | — | — | — | — | — | |||||||||||||||||
Class P | 9,487 | 8,976 | 3,280,377 | 9,422 | 76,493 | |||||||||||||||||
Institutional Class | 2,851,199 | 8,988 | 747,703 | 34,969 | 2,069,627 | |||||||||||||||||
Class R6 | — | 9,510,957 | 534,726,875 | 82,774,783 | 90,313,167 | |||||||||||||||||
Administrative Class | — | — | — | — | — | |||||||||||||||||
Shares Issued and Outstanding: | ||||||||||||||||||||||
Class A | 823 | — | 2,365,954 | — | — | |||||||||||||||||
Class C | — | — | — | — | — | |||||||||||||||||
Class R | — | — | — | — | — | |||||||||||||||||
Class P | 680 | 690 | 215,463 | 679 | 5,185 | |||||||||||||||||
Institutional Class | 204,398 | 692 | 49,458 | 2,519 | 140,169 | |||||||||||||||||
Class R6 | — | 733,378 | 35,169,087 | 5,972,978 | 6,099,444 | |||||||||||||||||
Administrative Class | — | — | — | — | — | |||||||||||||||||
Net Asset Value and Redemption Price Per Share:* | ||||||||||||||||||||||
Class A | $ | 13.92 | $ | — | $ | 15.07 | $ | — | $ | — | ||||||||||||
Class C | — | — | — | — | — | |||||||||||||||||
Class R | — | — | — | — | — | |||||||||||||||||
Class P | 13.94 | 13.01 | 15.22 | 13.88 | 14.75 | |||||||||||||||||
Institutional Class | 13.95 | 13.00 | 15.12 | 13.88 | 14.77 | |||||||||||||||||
Class R6 | — | 12.97 | 15.20 | 13.86 | 14.81 | |||||||||||||||||
Administrative Class | — | — | — | — | — |
* | Net asset value and redemption price per share may not recalculate exactly due to rounding. |
178 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI China Equity | AllianzGI Convertible | AllianzGI Emerging Markets Consumer | AllianzGI Emerging Markets Debt | AllianzGI Emerging Markets Small-Cap | AllianzGI Europe Equity Dividend | AllianzGI Global Fundamental Strategy | ||||||||||||||||||||||
$ | 6,154,341 | $ | 1,798,908,146 | $ | 36,499,515 | $ | 44,880,511 | $ | 9,261,916 | $ | 3,761,038 | $ | 20,496,677 | |||||||||||||||
| (53,630 | ) | (874,799 | ) | 57,070 | (143,932 | ) | (15,649 | ) | (8,857 | ) | (134,050 | ) | |||||||||||||||
(1,075,791 | ) | (98,667,842 | ) | (2,946,553 | ) | (1,386,988 | ) | (1,144,218 | ) | (18,137 | ) | (97,130 | ) | |||||||||||||||
(491,980 | ) | 82,972,367 | 1,131,443 | (644,038 | ) | 411,724 | (120,334 | ) | (97,288 | ) | ||||||||||||||||||
$ | 4,532,940 | $ | 1,782,337,872 | $ | 34,741,475 | $ | 42,705,553 | $ | 8,513,773 | $ | 3,613,710 | $ | 20,168,209 | |||||||||||||||
$ | 4,548,321 | $ | 1,634,282,834 | $ | 33,380,913 | $ | 31,578,884 | $ | 7,964,094 | $ | 2,590,049 | $ | 17,151,519 | |||||||||||||||
$ | 416,480 | $ | — | $ | — | $ | — | $ | — | $ | 724,339 | $ | 286,019 | |||||||||||||||
$ | — | $ | 55,791,000 | $ | 216,000 | $ | 13,571,000 | $ | — | $ | 390,000 | $ | 2,653,000 | |||||||||||||||
$ | — | $ | — | $ | 39,756 | $ | 16,888 | $ | 101,878 | $ | 1,403 | $ | — | |||||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 56,970 | |||||||||||||||
$ | 1,468,095 | $ | 331,496,240 | $ | 36,506 | $ | 159,227 | $ | 916,770 | $ | 36,049 | $ | 118,477 | |||||||||||||||
46,068 | 81,298,355 | — | 59,873 | — | 14,290 | 10,501 | ||||||||||||||||||||||
— | 1,444,015 | — | — | — | — | — | ||||||||||||||||||||||
12,787 | 114,592,384 | — | 9,856 | — | 9,580 | 10,766 | ||||||||||||||||||||||
3,005,990 | 1,251,976,602 | 34,704,969 | 42,476,597 | 7,597,003 | 3,553,791 | 20,028,465 | ||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||
— | 1,530,276 | — | — | — | — | — | ||||||||||||||||||||||
99,685 | 11,451,658 | 3,010 | 11,474 | 65,129 | 2,538 | 8,103 | ||||||||||||||||||||||
3,069 | 2,793,624 | — | 4,293 | — | 1,012 | 715 | ||||||||||||||||||||||
— | 49,970 | — | — | — | — | — | ||||||||||||||||||||||
807 | 3,980,204 | — | 710 | — | 672 | 731 | ||||||||||||||||||||||
202,654 | 43,594,734 | 2,850,518 | 3,061,982 | 534,780 | 249,741 | 1,357,929 | ||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||
— | 52,948 | — | — | — | — | — | ||||||||||||||||||||||
$ | 14.73 | $ | 28.95 | $ | 12.13 | $ | 13.88 | $ | 14.08 | $ | 14.20 | $ | 14.62 | |||||||||||||||
15.01 | 29.10 | — | 13.95 | — | 14.12 | 14.70 | ||||||||||||||||||||||
— | 28.90 | — | — | — | — | — | ||||||||||||||||||||||
15.84 | 28.79 | — | 13.89 | — | 14.25 | 14.73 | ||||||||||||||||||||||
14.83 | 28.72 | 12.17 | 13.87 | 14.21 | 14.23 | 14.75 | ||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||
— | 28.90 | — | — | — | — | — |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 179 |
Table of Contents
Statements of Assets and Liabilities (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Global Sustainability | AllianzGI Global Water | AllianzGI High Yield Bond | AllianzGI International Growth | AllianzGI International Small-Cap | ||||||||||||||||||
Assets: | ||||||||||||||||||||||
Investments, at value | $ | 19,384,693 | $ | 374,576,327 | $ | 298,928,390 | $ | 2,666,571 | $ | 83,784,190 | ||||||||||||
Investments in Affiliates, at value | 302,574 | — | — | 455,172 | 17,216,904 | |||||||||||||||||
Repurchase agreements, at value | 1,022,000 | 30,374,000 | 6,473,000 | — | 3,043,000 | |||||||||||||||||
Cash | 954 | 436 | 423 | 29,757 | 165 | |||||||||||||||||
Foreign currency, at value | 18,202 | 347,368 | — | 435 | 454,786 | |||||||||||||||||
Unrealized appreciation of forward foreign currency contracts | — | — | — | — | — | |||||||||||||||||
Dividends and interest receivable (net of foreign withholding taxes) | 25,888 | 238,276 | 6,983,313 | 6,838 | 187,059 | |||||||||||||||||
Receivable for investments sold | 281,201 | 620,248 | 264,704 | — | 248,261 | |||||||||||||||||
Receivable for investments in Affiliates sold | — | — | — | — | — | |||||||||||||||||
Deposits with brokers for derivatives collateral | — | — | — | — | — | |||||||||||||||||
Receivable for Fund shares sold | — | 1,399,272 | 221,854 | 10,000 | 19,777 | |||||||||||||||||
Receivable from Investment Manager | 309 | — | — | 11,953 | — | |||||||||||||||||
Tax reclaims receivable | 5,662 | 453,222 | — | 1,700 | 76,576 | |||||||||||||||||
Dividends receivable from Affiliates | — | — | — | — | 20,945 | |||||||||||||||||
Investments in Affiliated Funds — Trustee Deferred Compensation Plan (see Note 5) | 164 | 8,203 | 7,835 | 69 | 2,557 | |||||||||||||||||
Receivable for variation margin on futures contracts | — | — | — | — | — | |||||||||||||||||
Prepaid expenses and other assets | 24,289 | 50,811 | 62,639 | 22,348 | 63,895 | |||||||||||||||||
Total Assets | 21,065,936 | 408,068,163 | 312,942,158 | 3,204,843 | 105,118,115 | |||||||||||||||||
Liabilities: | ||||||||||||||||||||||
Payable for investments purchased | 516,344 | 880,496 | 2,568,061 | — | 63,841 | |||||||||||||||||
Payable for investments in Affiliates purchased | — | — | — | — | — | |||||||||||||||||
Payable for Fund shares redeemed | — | 560,714 | 559,030 | — | 318,179 | |||||||||||||||||
Payable for variation margin on futures contracts | — | — | — | — | — | |||||||||||||||||
Investment management fees payable | — | 313,810 | 124,065 | — | 64,611 | |||||||||||||||||
Distribution fees payable | — | 48,406 | 9,561 | — | 2,325 | |||||||||||||||||
Servicing fees payable | 14 | 53,842 | 15,319 | 9 | 4,075 | |||||||||||||||||
Unrealized depreciation of forward foreign currency contracts | — | — | — | — | 713 | |||||||||||||||||
Trustees Deferred Compensation Plan payable (see Note 5) | 164 | 8,203 | 7,835 | 69 | 2,557 | |||||||||||||||||
Accrued expenses and other liabilities | 42,130 | 101,994 | 144,316 | 38,309 | 174,430 | |||||||||||||||||
Total Liabilities | 558,652 | 1,967,465 | 3,428,187 | 38,387 | 630,731 | |||||||||||||||||
Net Assets | $ | 20,507,284 | $ | 406,100,698 | $ | 309,513,971 | $ | 3,166,456 | $ | 104,487,384 |
180 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Micro Cap | AllianzGI Multi-Asset Real Return | AllianzGI NFJ Emerging Markets Value | AllianzGI NFJ Global Dividend Value | AllianzGI NFJ International Small-Cap Value | AllianzGI NFJ International Value II | AllianzGI Short Duration High Income | ||||||||||||||||||||||
$ | 35,185,952 | $ | 1,252,225 | $ | 7,791,495 | $ | 14,192,110 | $ | 11,588,895 | $ | 42,589,755 | $ | 862,218,907 | |||||||||||||||
— | 1,965,691 | — | 293,976 | 245,247 | 564,656 | — | ||||||||||||||||||||||
525,000 | 132,000 | 124,000 | 430,000 | — | 966,000 | 39,316,000 | ||||||||||||||||||||||
47 | 338 | 299 | 692 | 56,735 | 2,280 | 282,273 | ||||||||||||||||||||||
— | 11,230 | 115,946 | 4,244 | 2,429 | 11,425 | — | ||||||||||||||||||||||
| — | | — | 150 | — | — | — | — | ||||||||||||||||||||
| 3,301 | | 2,597 | 37,325 | 77,041 | 45,500 | 217,103 | 15,313,910 | ||||||||||||||||||||
362,674 | 47,387 | 53,745 | — | 112,293 | — | 9,628 | ||||||||||||||||||||||
16,623 | — | — | — | — | — | — | ||||||||||||||||||||||
— | 101,214 | — | — | — | — | — | ||||||||||||||||||||||
19,287 | — | — | 530 | 14,384 | — | 3,314,373 | ||||||||||||||||||||||
— | 17,389 | 31,087 | 8,312 | 51,025 | — | — | ||||||||||||||||||||||
— | 19 | — | 5,510 | 14,406 | 27,223 | — | ||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||
| 995 | | 99 | 184 | 646 | 330 | 1,034 | 20,001 | ||||||||||||||||||||
| — | | 4,095 | — | — | — | — | — | ||||||||||||||||||||
25,355 | 32,778 | 33,083 | 20,829 | 30,192 | 33,672 | 51,569 | ||||||||||||||||||||||
36,139,234 | 3,567,062 | 8,187,314 | 15,033,890 | 12,161,436 | 44,413,148 | 920,526,661 | ||||||||||||||||||||||
349,393 | 53,310 | 20,881 | — | — | 430,827 | 9,112,494 | ||||||||||||||||||||||
— | 115,887 | — | — | — | — | — | ||||||||||||||||||||||
11,849 | — | 1,339 | 58,375 | 11,068 | 37 | 3,564,245 | ||||||||||||||||||||||
| — | | 1,551 | — | — | — | — | — | ||||||||||||||||||||
22,732 | — | — | — | — | 12,826 | 357,145 | ||||||||||||||||||||||
— | 49 | 67 | 3,506 | 729 | 119 | 22,298 | ||||||||||||||||||||||
722 | 45 | 283 | 2,171 | 1,718 | 114 | 58,800 | ||||||||||||||||||||||
| — | | — | 1,943 | — | 917 | — | — | ||||||||||||||||||||
| 995 | | 99 | 184 | 646 | 330 | 1,034 | 20,001 | ||||||||||||||||||||
55,730 | 39,134 | 74,358 | 49,850 | 8,193 | 58,888 | 339,498 | ||||||||||||||||||||||
441,421 | 210,075 | 99,055 | 114,548 | 22,955 | 503,845 | 13,474,481 | ||||||||||||||||||||||
$ | 35,697,813 | $ | 3,356,987 | $ | 8,088,259 | $ | 14,919,342 | $ | 12,138,481 | $ | 43,909,303 | $ | 907,052,180 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 181 |
Table of Contents
Statements of Assets and Liabilities (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Global Sustainability | AllianzGI Global Water | AllianzGI High Yield Bond | AllianzGI International Growth | AllianzGI International Small-Cap | ||||||||||||||||||
Net Assets Consist of: | ||||||||||||||||||||||
Paid-in-capital | $ | 20,381,251 | $ | 363,844,218 | $ | 364,862,627 | $ | 3,119,922 | $ | 95,837,731 | ||||||||||||
Undistributed (dividends in excess of) net investment income | 74,081 | (540,471 | ) | (2,874,584 | ) | 3,835 | (267,299 | ) | ||||||||||||||
Accumulated net realized loss | (14,386 | ) | (10,492,278 | ) | (27,868,073 | ) | (47,055 | ) | (6,264,465 | ) | ||||||||||||
Net unrealized appreciation (depreciation) | 66,338 | 53,289,229 | (24,605,999 | ) | 89,754 | 15,181,417 | ||||||||||||||||
Net Assets | $ | 20,507,284 | $ | 406,100,698 | $ | 309,513,971 | $ | 3,166,456 | $ | 104,487,384 | ||||||||||||
Cost of Investments | $ | 19,348,010 | $ | 321,272,749 | $ | 323,534,389 | $ | 2,614,927 | $ | 72,361,439 | ||||||||||||
Cost of Investments in Affiliates | $ | 272,842 | $ | — | $ | — | $ | 417,133 | $ | 13,459,794 | ||||||||||||
Cost of Repurchase Agreements | $ | 1,022,000 | $ | 30,374,000 | $ | 6,473,000 | $ | — | $ | 3,043,000 | ||||||||||||
Cost of Foreign Currency | $ | 18,146 | $ | 337,378 | $ | — | $ | 435 | $ | 448,681 | ||||||||||||
Net Assets: | ||||||||||||||||||||||
Class A | $ | 65,587 | $ | 186,233,663 | $ | 56,770,112 | $ | 50,993 | $ | 15,540,552 | ||||||||||||
Class C | — | 78,895,826 | 14,239,132 | — | 3,694,841 | |||||||||||||||||
Class R | — | — | 1,174,227 | — | 104,004 | |||||||||||||||||
Class P | 9,897 | 96,993,650 | 50,568,062 | — | 38,964,294 | |||||||||||||||||
Institutional Class | 20,431,800 | 43,977,559 | 184,775,630 | 3,115,463 | 46,173,406 | |||||||||||||||||
Class R6 | — | — | — | — | 10,287 | |||||||||||||||||
Administrative Class | — | — | 1,986,808 | — | — | |||||||||||||||||
Shares Issued and Outstanding: | ||||||||||||||||||||||
Class A | 4,485 | 14,036,640 | 6,622,748 | 3,366 | 467,690 | |||||||||||||||||
Class C | — | 6,165,649 | 1,663,568 | — | 113,365 | |||||||||||||||||
Class R | — | — | 142,091 | — | 3,172 | |||||||||||||||||
Class P | 673 | 7,282,495 | 6,113,490 | — | 1,170,425 | |||||||||||||||||
Institutional Class | 1,388,317 | 3,349,813 | 22,274,106 | 204,560 | 1,339,265 | |||||||||||||||||
Class R6 | — | — | — | — | 298 | |||||||||||||||||
Administrative Class | — | — | 242,896 | — | — | |||||||||||||||||
Net Asset Value and Redemption Price Per Share:* | ||||||||||||||||||||||
Class A | $ | 14.62 | $ | 13.27 | $ | 8.57 | $ | 15.15 | $ | 33.23 | ||||||||||||
Class C | — | 12.80 | 8.56 | — | 32.59 | |||||||||||||||||
Class R | — | — | 8.26 | — | 32.79 | |||||||||||||||||
Class P | 14.72 | 13.32 | 8.27 | — | 33.29 | |||||||||||||||||
Institutional Class | 14.72 | 13.13 | 8.30 | 15.23 | 34.48 | |||||||||||||||||
Class R6 | — | — | — | — | 34.48 | |||||||||||||||||
Administrative Class | — | — | 8.18 | — | — |
* | Net asset value and redemption price per share may not recalculate exactly due to rounding. |
182 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Micro Cap | AllianzGI Multi-Asset Real Return | AllianzGI NFJ Emerging Markets Value | AllianzGI NFJ Global Dividend Value | AllianzGI NFJ International Small-Cap Value | AllianzGI NFJ International Value II | AllianzGI Short Duration High Income | ||||||||||||||||||||||
$ | 34,292,442 | $ | 4,220,483 | $ | 9,597,487 | $ | 17,412,735 | $ | 12,569,394 | $ | 50,469,851 | $ | 991,010,343 | |||||||||||||||
| (676,284 | ) | 13,936 | 11,803 | 37,698 | 78,553 | 109,202 | (10,919,651 | ) | |||||||||||||||||||
(3,726,378 | ) | (473,379 | ) | (1,694,942 | ) | (2,228,022 | ) | (589,517 | ) | (4,293,653 | ) | (14,091,847 | ) | |||||||||||||||
5,808,033 | (404,053 | ) | 173,911 | (303,069 | ) | 80,051 | (2,376,097 | ) | (58,946,665 | ) | ||||||||||||||||||
$ | 35,697,813 | $ | 3,356,987 | $ | 8,088,259 | $ | 14,919,342 | $ | 12,138,481 | $ | 43,909,303 | $ | 907,052,180 | |||||||||||||||
$ | 29,377,919 | $ | 1,130,177 | $ | 7,617,464 | $ | 14,462,898 | $ | 11,542,328 | $ | 45,016,822 | $ | 921,165,572 | |||||||||||||||
$ | — | $ | 2,492,044 | $ | — | $ | 326,722 | $ | 210,220 | $ | 513,942 | $ | — | |||||||||||||||
$ | 525,000 | $ | 132,000 | $ | 124,000 | $ | 430,000 | $ | — | $ | 966,000 | $ | 39,316,000 | |||||||||||||||
$ | — | $ | 9,929 | $ | 115,973 | $ | 4,249 | $ | 2,433 | $ | 11,397 | $ | — | |||||||||||||||
$ | 3,488,131 | $ | 137,786 | $ | 1,304,724 | $ | 4,582,650 | $ | 7,532,472 | $ | 366,555 | $ | 173,994,184 | |||||||||||||||
— | 78,054 | 109,620 | 5,817,906 | 1,150,184 | 191,107 | 106,508,010 | ||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||
2,070,534 | 8,938 | 31,006 | 863,661 | 68,652 | 514,472 | 283,095,965 | ||||||||||||||||||||||
30,139,148 | 3,132,209 | 6,642,909 | 3,655,125 | 3,241,160 | 42,837,169 | 343,454,021 | ||||||||||||||||||||||
— | — | — | — | 146,013 | — | — | ||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||
277,590 | 10,903 | 101,903 | 301,386 | 427,460 | 23,358 | 11,913,417 | ||||||||||||||||||||||
— | 6,202 | 8,592 | 393,579 | 66,098 | 12,194 | 7,302,903 | ||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||
164,103 | 704 | 2,421 | 57,122 | 3,868 | 32,767 | 19,435,129 | ||||||||||||||||||||||
2,377,805 | 246,173 | 514,414 | 243,847 | 179,226 | 2,719,999 | 23,571,004 | ||||||||||||||||||||||
— | — | — | — | 8,233 | — | — | ||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||
$ | 12.57 | $ | 12.64 | $ | 12.80 | $ | 15.21 | $ | 17.62 | $ | 15.69 | $ | 14.60 | |||||||||||||||
— | 12.59 | 12.76 | 14.78 | 17.40 | 15.67 | 14.58 | ||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||
12.62 | 12.69 | 12.81 | 15.12 | 17.75 | 15.70 | 14.57 | ||||||||||||||||||||||
12.68 | 12.72 | 12.91 | 14.99 | 18.08 | 15.75 | 14.57 | ||||||||||||||||||||||
— | — | — | — | 17.73 | — | — | ||||||||||||||||||||||
— | — | — | — | — | — | — |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 183 |
Table of Contents
Statements of Assets and Liabilities (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Structured Return | AllianzGI U.S. Equity Hedged | AllianzGI U.S. Small-Cap Growth | AllianzGI Ultra Micro Cap | |||||||||||||
Assets: | ||||||||||||||||
Investments, at value | $ | 165,001,986 | $ | 6,574,230 | $ | 25,133,776 | $ | 61,135,531 | ||||||||
Repurchase agreements, at value | 26,507,000 | 197,000 | 1,272,000 | 232,000 | ||||||||||||
Cash | 219 | 311 | 326 | 584 | ||||||||||||
Dividends and interest receivable (net of foreign withholding taxes) | 749,439 | 37,786 | 4,387 | 2,792 | ||||||||||||
Receivable for investments sold | 132,725 | 1,086,949 | 4,064,982 | 291,715 | ||||||||||||
Deposits with brokers for derivatives collateral | 471,456 | 37,343 | — | — | ||||||||||||
Receivable for Fund shares sold | 1,811,269 | — | 2,217 | 8,578 | ||||||||||||
Receivable from Investment Manager | — | 9,506 | — | — | ||||||||||||
Investments in Affiliated Funds — Trustee Deferred Compensation Plan (see Note 5) | 1,812 | 308 | 792 | 2,011 | ||||||||||||
Prepaid expenses and other assets | 50,955 | 33,498 | 39,260 | 28,335 | ||||||||||||
Total Assets | 194,726,861 | 7,976,931 | 30,517,740 | 61,701,546 | ||||||||||||
Liabilities: | ||||||||||||||||
Payable for investments purchased | 9,992,558 | 229,381 | 4,170,253 | 31,669 | ||||||||||||
Payable for Fund shares redeemed | 159,849 | — | 4,670 | 193,203 | ||||||||||||
Options written, at value | 10,214,663 | 58,560 | — | — | ||||||||||||
Investment management fees payable | 94,362 | — | 956 | 77,738 | ||||||||||||
Distribution fees payable | 4,258 | 229 | 344 | — | ||||||||||||
Servicing fees payable | 13,169 | 221 | 730 | 5,622 | ||||||||||||
Trustees Deferred Compensation Plan payable (see Note 5) | 1,812 | 308 | 792 | 2,011 | ||||||||||||
Accrued expenses and other liabilities | 45,972 | 36,487 | 55,557 | 93,461 | ||||||||||||
Total Liabilities | 20,526,643 | 325,186 | 4,233,302 | 403,704 | ||||||||||||
Net Assets | $ | 174,200,218 | $ | 7,651,745 | $ | 26,284,438 | $ | 61,297,842 | ||||||||
Net Assets Consist of: | ||||||||||||||||
Paid-in-capital | $ | 173,331,596 | $ | 8,593,622 | $ | 24,118,725 | $ | 52,399,319 | ||||||||
Undistributed (dividends in excess of) net investment income | 492,876 | 28,181 | (435,038 | ) | (1,956,942 | ) | ||||||||||
Accumulated net realized loss | (3,700,386 | ) | (806,229 | ) | (975,689 | ) | (813,228 | ) | ||||||||
Net unrealized appreciation (depreciation) | 4,076,132 | (163,829 | ) | 3,576,440 | 11,668,693 | |||||||||||
Net Assets | $ | 174,200,218 | $ | 7,651,745 | $ | 26,284,438 | $ | 61,297,842 | ||||||||
Cost of Investments | $ | 159,570,145 | $ | 6,778,077 | $ | 21,557,336 | $ | 49,466,838 | ||||||||
Cost of Repurchase Agreements | $ | 26,507,000 | $ | 197,000 | $ | 1,272,000 | $ | 232,000 | ||||||||
Premiums Received for Options Written | $ | 8,858,954 | $ | 98,578 | $ | — | $ | — |
184 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Structured Return | AllianzGI U.S. Equity Hedged | AllianzGI U.S. Small-Cap Growth | AllianzGI Ultra Micro Cap | |||||||||||||
Net Assets: | ||||||||||||||||
Class A | $ | 60,315,907 | $ | 665,429 | $ | 2,984,234 | $ | 26,219,336 | ||||||||
Class C | 7,404,577 | 365,860 | 553,124 | — | ||||||||||||
Class R | — | — | 17,998 | — | ||||||||||||
Class P | 9,679,685 | 11,927 | 297,402 | 5,989,504 | ||||||||||||
Institutional Class | 96,800,049 | 6,608,529 | 22,431,680 | 29,089,002 | ||||||||||||
Shares Issued and Outstanding: | ||||||||||||||||
Class A | 3,908,282 | 42,851 | 237,191 | 1,354,598 | ||||||||||||
Class C | 492,161 | 24,398 | 46,210 | — | ||||||||||||
Class R | — | — | 1,451 | — | ||||||||||||
Class P | 627,086 | 770 | 23,286 | 306,662 | ||||||||||||
Institutional Class | 6,236,291 | 425,130 | 1,745,842 | 1,486,724 | ||||||||||||
Net Asset Value and Redemption Price Per Share:* | ||||||||||||||||
Class A | $ | 15.43 | $ | 15.53 | $ | 12.58 | $ | 19.36 | ||||||||
Class C | 15.05 | 15.00 | 11.97 | — | ||||||||||||
Class R | — | — | 12.40 | — | ||||||||||||
Class P | 15.44 | 15.49 | 12.77 | 19.53 | ||||||||||||
Institutional Class | 15.52 | 15.54 | 12.85 | 19.57 |
* | Net asset value and redemption price per share may not recalculate exactly due to rounding. |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 185 |
Table of Contents
Six Months ended March 31, 2016 (Unaudited)
AllianzGI Retirement 2015 | AllianzGI Retirement 2020 | AllianzGI Retirement 2025 | AllianzGI Retirement 2030 | AllianzGI Retirement 2035 | ||||||||||||||||||
Investment Income: | ||||||||||||||||||||||
Dividends from investments in Affiliates | $ | 530,934 | $ | 1,018,806 | $ | 1,064,685 | $ | 1,038,587 | $ | 681,343 | ||||||||||||
Dividends | 32,396 | 66,968 | 78,489 | 74,107 | 53,217 | |||||||||||||||||
Interest | 69 | 134 | 160 | 160 | 145 | |||||||||||||||||
Contribution from Investment Manager (see Note 6) | — | — | — | — | — | |||||||||||||||||
Miscellaneous | 260 | 325 | 593 | 130 | 33 | |||||||||||||||||
Total Investment Income | 563,659 | 1,086,233 | 1,143,927 | 1,112,984 | 734,738 | |||||||||||||||||
Expenses: | ||||||||||||||||||||||
Investment management | 7,015 | 14,336 | 15,393 | 15,888 | 12,517 | |||||||||||||||||
Administration | 22,300 | 54,207 | 56,090 | 55,828 | 46,823 | |||||||||||||||||
Distribution — Class B† | — | — | — | — | — | |||||||||||||||||
Distribution — Class C | 2,503 | 1,173 | — | 2,301 | — | |||||||||||||||||
Distribution — Class R | 447 | 1,079 | 1,021 | 2,292 | 1,974 | |||||||||||||||||
Servicing — Class A | 8,546 | 26,600 | 24,234 | 21,278 | 18,526 | |||||||||||||||||
Servicing — Class B† | — | — | — | — | — | |||||||||||||||||
Servicing — Class C | 834 | 391 | — | 767 | — | |||||||||||||||||
Servicing — Class D† | 16 | 188 | — | 178 | — | |||||||||||||||||
Servicing — Class R | 447 | 1,079 | 1,021 | 2,292 | 1,974 | |||||||||||||||||
Distribution and/or servicing — Administrative Class | 996 | 2,184 | 1,526 | 2,350 | 910 | |||||||||||||||||
Sub-transfer agent — Class A | — | — | — | — | — | |||||||||||||||||
Sub-transfer agent — Class B† | — | — | — | — | — | |||||||||||||||||
Sub-transfer agent — Class C | — | — | — | — | — | |||||||||||||||||
Sub-transfer agent — Class D† | — | — | — | — | — | |||||||||||||||||
Sub-transfer agent — Class R | — | — | — | — | — | |||||||||||||||||
Sub-transfer agent — Institutional Class | — | — | — | — | — | |||||||||||||||||
Sub-transfer agent — Administrative Class | — | — | — | — | — | |||||||||||||||||
Loan interest | 404 | 1,008 | 1,123 | 797 | 811 | |||||||||||||||||
Legal | 171 | 322 | 342 | 344 | 275 | |||||||||||||||||
Trustees | — | — | — | — | — | |||||||||||||||||
Custodian and accounting agent | — | — | — | — | — | |||||||||||||||||
Shareholder communications | — | — | — | — | — | |||||||||||||||||
Transfer agent | — | — | — | — | — | |||||||||||||||||
Insurance | — | — | — | — | — | |||||||||||||||||
Audit and tax services | — | — | — | — | — | |||||||||||||||||
Registration | — | — | — | — | — | |||||||||||||||||
Line of credit commitment | — | — | — | — | — | |||||||||||||||||
Miscellaneous | 12 | 23 | 23 | 22 | 18 | |||||||||||||||||
Total Expenses | 43,691 | 102,590 | 100,773 | 104,337 | 83,828 | |||||||||||||||||
Less: Fee Waiver/Reimbursement from Investment Manager | (8,145 | ) | (16,898 | ) | (19,295 | ) | (21,937 | ) | (12,711 | ) | ||||||||||||
Net Expenses | 35,546 | 85,692 | 81,478 | 82,400 | 71,117 | |||||||||||||||||
Net Investment Income | 528,113 | 1,000,541 | 1,062,449 | 1,030,584 | 663,621 |
186 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Retirement 2040 | AllianzGI Retirement 2045 | AllianzGI Retirement 2050 | AllianzGI Retirement 2055 | AllianzGI Retirement Income | AllianzGI Global Allocation | AllianzGI Global Dynamic Allocation | ||||||||||||||||||||||
$ | 546,677 | $ | 287,702 | $ | 255,650 | $ | 75,477 | $ | 616,813 | $ | 3,239,269 | $ | 279,721 | |||||||||||||||
48,096 | 23,779 | 21,528 | 5,920 | 28,159 | 293,584 | 20,005 | ||||||||||||||||||||||
119 | 73 | 61 | 23 | 40 | 2,155 | 41,849 | ||||||||||||||||||||||
— | — | — | — | 354 | — | — | ||||||||||||||||||||||
— | — | — | — | 263 | 45 | — | ||||||||||||||||||||||
594,892 | 311,554 | 277,239 | 81,420 | 645,629 | 3,535,053 | 341,575 | ||||||||||||||||||||||
10,353 | 5,838 | 5,260 | 1,570 | 5,672 | 1,223,112 | 83,465 | ||||||||||||||||||||||
33,351 | 21,521 | 14,557 | 4,419 | 19,552 | — | — | ||||||||||||||||||||||
— | — | — | — | — | 587 | — | ||||||||||||||||||||||
690 | — | 567 | — | 11,087 | 192,189 | 4,365 | ||||||||||||||||||||||
1,686 | 618 | 803 | 304 | 289 | 21 | 197 | ||||||||||||||||||||||
12,099 | 9,508 | 3,885 | 1,444 | 6,841 | 111,191 | 3,187 | ||||||||||||||||||||||
— | — | — | — | — | 196 | — | ||||||||||||||||||||||
230 | — | 189 | — | 3,696 | 64,063 | 1,455 | ||||||||||||||||||||||
72 | — | 67 | — | 299 | 748 | 26 | ||||||||||||||||||||||
1,686 | 618 | 803 | 304 | 289 | 21 | 197 | ||||||||||||||||||||||
634 | 440 | 765 | 286 | 32 | 34 | 24 | ||||||||||||||||||||||
— | — | — | — | — | 21,076 | 274 | ||||||||||||||||||||||
— | — | — | — | — | 220 | — | ||||||||||||||||||||||
— | — | — | — | — | 16,206 | 245 | ||||||||||||||||||||||
— | — | — | — | — | 226 | 13 | ||||||||||||||||||||||
— | — | — | — | — | — | 141 | ||||||||||||||||||||||
— | — | — | — | — | 33,966 | — | ||||||||||||||||||||||
— | — | — | — | — | — | 3 | ||||||||||||||||||||||
691 | 414 | 283 | 50 | 166 | — | — | ||||||||||||||||||||||
221 | 132 | 111 | 38 | 134 | 18,041 | 6,137 | ||||||||||||||||||||||
— | — | — | — | — | 14,928 | 1,048 | ||||||||||||||||||||||
— | — | — | — | — | 35,658 | 34,696 | ||||||||||||||||||||||
— | — | — | — | — | 24,678 | 7,457 | ||||||||||||||||||||||
— | — | — | — | — | 34,511 | 5,905 | ||||||||||||||||||||||
— | — | — | — | — | 5,263 | 2,829 | ||||||||||||||||||||||
— | — | — | — | — | 21,143 | 14,740 | ||||||||||||||||||||||
— | — | — | — | — | 64,798 | 38,796 | ||||||||||||||||||||||
— | — | — | — | — | 403 | 14 | ||||||||||||||||||||||
16 | 8 | 7 | 3 | 9 | 4,126 | 2,530 | ||||||||||||||||||||||
61,729 | 39,097 | 27,297 | 8,418 | 48,066 | 1,887,405 | 207,744 | ||||||||||||||||||||||
| (11,408 | ) | (8,614 | ) | (5,991 | ) | (1,875 | ) | (16,446 | ) | (903,136 | ) | (137,555 | ) | ||||||||||||||
50,321 | 30,483 | 21,306 | 6,543 | 31,620 | 984,269 | 70,189 | ||||||||||||||||||||||
544,571 | 281,071 | 255,933 | 74,877 | 614,009 | 2,550,784 | 271,386 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 187 |
Table of Contents
Statements of Operations (cont’d)
Six Months ended March 31, 2016 (Unaudited)
AllianzGI Retirement 2015 | AllianzGI Retirement 2020 | AllianzGI Retirement 2025 | AllianzGI Retirement 2030 | AllianzGI Retirement 2035 | ||||||||||||||||||
Realized and Change in Unrealized Gain (Loss): | ||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||
Investments | $ | 1,510 | $ | (145,352 | ) | $ | (189,889 | ) | $ | (153,718 | ) | $ | (142,523 | ) | ||||||||
Investments in Affiliates | (485,564 | ) | (883,654 | ) | (896,472 | ) | (1,233,235 | ) | (958,035 | ) | ||||||||||||
Futures contracts | 6,092 | 16,830 | 21,983 | 28,070 | 118,377 | |||||||||||||||||
Foreign currency transactions | — | — | — | — | — | |||||||||||||||||
Net capital gain distributions received from underlying Affiliated funds | 111,159 | 296,178 | 398,905 | 499,662 | 497,521 | |||||||||||||||||
Net capital gain distributions received from underlying funds | 18,305 | 36,720 | 53,296 | 55,190 | 43,806 | |||||||||||||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||||||||||||
Investments | 21,044 | 178,309 | 218,708 | 180,808 | 167,165 | |||||||||||||||||
Investments in Affiliates | 888,156 | 1,811,019 | 1,945,874 | 2,169,170 | 1,735,853 | |||||||||||||||||
Futures contracts | (4,151 | ) | (10,793 | ) | (14,114 | ) | (18,266 | ) | (7,666 | ) | ||||||||||||
Foreign currency transactions | — | — | — | — | — | |||||||||||||||||
Net realized and change in unrealized gain (loss) | 556,551 | 1,299,257 | 1,538,291 | 1,527,681 | 1,454,498 | |||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Investment Operations | $ | 1,084,664 | $ | 2,299,798 | $ | 2,600,740 | $ | 2,558,265 | $ | 2,118,119 |
† | Class B shares and Class D shares converted to Class A shares at the close of business on December 4, 2015 and November 13, 2015, respectively. See Note 12(d) in the Notes to Financial Statements. |
188 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Retirement 2040 | AllianzGI Retirement 2045 | AllianzGI Retirement 2050 | AllianzGI Retirement 2055 | AllianzGI Retirement Income | AllianzGI Global Allocation | AllianzGI Global Dynamic Allocation | ||||||||||||||||||||||
$ | (80,941 | ) | $ | (49,901 | ) | $ | (36,627 | ) | $ | (17,105 | ) | $ | 1,362 | $ | (610,052 | ) | $ | (70,938 | ) | |||||||||
(670,078 | ) | (394,688 | ) | (179,563 | ) | (174,684 | ) | (752,820 | ) | 1,798,680 | (26,110 | ) | ||||||||||||||||
149,582 | 114,909 | 113,542 | 41,473 | 3,142 | (1,818,126 | ) | (553,751 | ) | ||||||||||||||||||||
— | — | — | — | — | (553,105 | ) | 1,517 | |||||||||||||||||||||
| 560,749 | | 339,301 | 304,818 | 90,130 | 189,616 | 769,578 | 102,707 | ||||||||||||||||||||
| 45,370 | | 25,125 | 27,484 | 8,378 | 26 | — | — | ||||||||||||||||||||
144,331 | 82,771 | 69,151 | 16,862 | 184,313 | 3,656,524 | 125,637 | ||||||||||||||||||||||
1,215,548 | 758,871 | 494,959 | 218,220 | 663,764 | 11,744,010 | (163,537 | ) | |||||||||||||||||||||
3,193 | 2,643 | 1,211 | (197 | ) | (2,491 | ) | (330,931 | ) | 48,426 | |||||||||||||||||||
— | — | — | — | — | 39,526 | 5,337 | ||||||||||||||||||||||
1,367,754 | 879,031 | 794,975 | 183,077 | 286,912 | 14,696,104 | (530,712 | ) | |||||||||||||||||||||
$ | 1,912,325 |
| $ | 1,160,102 | $ | 1,050,908 | $ | 257,954 | $ | 900,921 | $ | 17,246,888 | $ | (259,326 | ) |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 189 |
Table of Contents
Statements of Operations (cont’d)
Six Months ended March 31, 2016 (Unaudited)
AllianzGI Global Megatrends | AllianzGI Best Styles Emerging Markets Equity | AllianzGI Best Styles Global Equity | AllianzGI Best Styles International Equity | AllianzGI Best Styles U.S. Equity | ||||||||||||||||||
Investment Income: | ||||||||||||||||||||||
Interest, net of foreign withholding taxes* | $ | 1 | $ | 13 | $ | 1,619 | $ | 158 | $ | 402 | ||||||||||||
Dividends, net of foreign withholding taxes* | — | 51,952 | 3,974,255 | 902,861 | 925,154 | |||||||||||||||||
Dividends from investments in Affiliates, net of foreign withholding taxes* | 10,150 | — | 29,334 | 5,521 | 7,330 | |||||||||||||||||
Contribution from Investment Manager (see Note 6) | 1,692 | — | — | — | — | |||||||||||||||||
Miscellaneous | — | 429 | 2,385 | — | — | |||||||||||||||||
Total Investment Income | 11,843 | 52,394 | 4,007,593 | 908,540 | 932,886 | |||||||||||||||||
Expenses: | ||||||||||||||||||||||
Investment management | — | 14,574 | 524,013 | 103,837 | 128,639 | |||||||||||||||||
Distribution — Class C | — | — | — | — | — | |||||||||||||||||
Distribution — Class R | — | — | — | — | — | |||||||||||||||||
Administrative servicing — Class P | 1 | — | 2,316 | — | 28 | |||||||||||||||||
Servicing — Class A | 14 | — | 42,474 | — | — | |||||||||||||||||
Servicing — Class C | — | — | — | — | — | |||||||||||||||||
Servicing — Class D† | — | — | — | — | — | |||||||||||||||||
Servicing — Class R | — | — | — | — | — | |||||||||||||||||
Distribution and/or servicing — Administrative Class | — | — | — | — | — | |||||||||||||||||
Sub-transfer agent — Class A | — | — | 5,109 | — | — | |||||||||||||||||
Sub-transfer agent — Class C | — | — | �� | — | — | — | ||||||||||||||||
Sub-transfer agent — Class D† | — | — | — | — | — | |||||||||||||||||
Sub-transfer agent — Class R | — | — | — | — | — | |||||||||||||||||
Sub-transfer agent — Institutional Class | 524 | — | — | — | 143 | |||||||||||||||||
Sub-transfer agent — Administrative Class | — | — | — | — | — | |||||||||||||||||
Legal | 2,740 | 3,423 | 12,463 | 4,956 | 7,326 | |||||||||||||||||
Trustees | 180 | 411 | 12,624 | 3,432 | 4,565 | |||||||||||||||||
Audit and tax services | 16,052 | 17,798 | 16,628 | 16,790 | 17,796 | |||||||||||||||||
Registration | 11,591 | 16,426 | 49,971 | 20,690 | 23,566 | |||||||||||||||||
Custodian and accounting agent | 20,211 | 55,819 | 175,269 | 171,902 | 49,561 | |||||||||||||||||
Loan interest | — | — | — | 417 | — | |||||||||||||||||
Shareholder communications | 5,687 | 6,118 | 13,556 | 7,168 | 8,104 | |||||||||||||||||
Transfer agent | 2,154 | 2,603 | 7,368 | 3,485 | 4,253 | |||||||||||||||||
Offering | 27,973 | 14,467 | — | 14,258 | 13,269 | |||||||||||||||||
Excise tax | — | — | — | — | — | |||||||||||||||||
Recoupment | — | — | 1,418 | — | — | |||||||||||||||||
Insurance | 2,739 | 2,789 | 4,098 | 3,256 | 3,627 | |||||||||||||||||
Line of credit commitment | 6 | 9 | 271 | 91 | 154 | |||||||||||||||||
Miscellaneous | 1,450 | 2,365 | 4,151 | 2,618 | 1,855 | |||||||||||||||||
Total Expenses | 91,322 | 136,802 | 871,729 | 352,900 | 262,886 | |||||||||||||||||
Less: Fee Waiver/Reimbursement from Investment Manager | (91,314 | ) | (114,917 | ) | (109,921 | ) | (196,473 | ) | (90,184 | ) | ||||||||||||
Net Expenses | 8 | 21,885 | 761,808 | 156,427 | 172,702 | |||||||||||||||||
Net Investment Income (Loss) | 11,835 | 30,509 | 3,245,785 | 752,113 | 760,184 |
190 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI China Equity | AllianzGI Convertible | AllianzGI Emerging Markets Consumer | AllianzGI Emerging Markets Debt | AllianzGI Emerging Markets Small-Cap | AllianzGI Europe Equity Dividend | AllianzGI Global Fundamental Strategy | ||||||||||||||||||||||
$ | 1 | $ | 17,367,168 | $ | 93 | $ | 839,524 | $ | 9 | $ | 16 | $ | 141,003 | |||||||||||||||
3,850 | 12,288,888 | 186,600 | — | 62,375 | 46,737 | 78,604 | ||||||||||||||||||||||
| — | | — | — | — | 492 | 9,628 | 5,137 | ||||||||||||||||||||
| — |
| — | — | — | — | — | — | ||||||||||||||||||||
— | — | — | — | 1 | — | 250 | ||||||||||||||||||||||
3,851 | 29,656,056 | 186,693 | 839,524 | 62,877 | 56,381 | 224,994 | ||||||||||||||||||||||
25,695 | 5,651,216 | 98,523 | 111,598 | 50,298 | 12,340 | 74,168 | ||||||||||||||||||||||
234 | 347,252 | — | 66 | — | 44 | 38 | ||||||||||||||||||||||
— | 1,980 | — | — | — | — | — | ||||||||||||||||||||||
— | 55,063 | — | — | — | 15 | — | ||||||||||||||||||||||
1,686 | 489,446 | 45 | 41 | 915 | 28 | 186 | ||||||||||||||||||||||
78 | 115,751 | — | 22 | — | 15 | 13 | ||||||||||||||||||||||
249 | 19,150 | — | — | — | — | 13 | ||||||||||||||||||||||
— | 1,980 | — | — | — | — | — | ||||||||||||||||||||||
| — |
| 2,297 | — | — | — | — | — | ||||||||||||||||||||
654 | 238,159 | 847 | — | 204 | — | 44 | ||||||||||||||||||||||
— | 30,819 | — | — | — | 7 | — | ||||||||||||||||||||||
1,510 | 10,352 | — | — | — | — | — | ||||||||||||||||||||||
— | 1,932 | — | — | — | — | — | ||||||||||||||||||||||
75 | 205,588 | 374 | 138 | 603 | 537 | 181 | ||||||||||||||||||||||
— | �� | 57 | — | — | — | — | — | |||||||||||||||||||||
5,154 | 125,196 | 5,166 | 5,506 | 3,751 | 2,088 | 4,012 | ||||||||||||||||||||||
366 | 131,481 | 969 | 1,691 | 494 | 171 | 1,226 | ||||||||||||||||||||||
13,591 | 35,063 | 17,266 | 25,067 | 17,495 | 16,788 | 16,872 | ||||||||||||||||||||||
41,526 | 60,822 | 12,988 | 26,927 | 12,348 | 14,723 | 27,304 | ||||||||||||||||||||||
46,281 | 123,412 | 95,918 | 42,860 | 107,182 | 74,914 | 42,615 | ||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||
6,676 | 137,464 | 6,780 | 6,278 | 6,993 | 5,803 | 5,346 | ||||||||||||||||||||||
3,610 | 61,392 | 2,086 | 3,863 | 2,306 | 3,172 | 3,858 | ||||||||||||||||||||||
— | — | 9,894 | — | 10,011 | 31,480 | — | ||||||||||||||||||||||
— | — | — | — | 95 | 104 | — | ||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||
2,857 | 30,009 | 2,918 | 3,188 | 2,800 | 2,738 | 3,060 | ||||||||||||||||||||||
11 | 4,418 | 28 | 55 | 16 | 6 | 39 | ||||||||||||||||||||||
2,654 | 15,205 | 3,186 | 4,197 | 2,586 | 2,409 | 2,924 | ||||||||||||||||||||||
152,907 | 7,895,504 | 256,988 | 231,497 | 218,097 | 167,382 | 181,899 | ||||||||||||||||||||||
| (116,702 | ) | (3,265 | ) | (127,487 | ) | (89,320 | ) | (153,832 | ) | (152,523 | ) | (82,713 | ) | ||||||||||||||
36,205 | 7,892,239 | 129,501 | 142,177 | 64,265 | 14,859 | 99,186 | ||||||||||||||||||||||
(32,354 | ) | 21,763,817 | 57,192 | 697,347 | (1,388 | ) | 41,522 | 125,808 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 191 |
Table of Contents
Statements of Operations (cont’d)
Six Months ended March 31, 2016 (Unaudited)
AllianzGI Global Megatrends | AllianzGI Best Styles Emerging Markets Equity | AllianzGI Best Styles Global Equity | AllianzGI Best Styles International Equity | AllianzGI Best Styles U.S. Equity | ||||||||||||||||||
Realized and Change in Unrealized Gain (Loss): | ||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||
Investments | $ | — | $ | (757,145 | ) | $ | (1,007,429 | ) | $ | (1,755,846 | ) | $ | (277,789 | ) | ||||||||
Investments in Affiliates | (8,315 | ) | — | 15,963 | (1,045 | ) | (103,658 | ) | ||||||||||||||
Futures contracts | — | (29,485 | ) | 463,773 | (199,753 | ) | 786,541 | |||||||||||||||
Options written | — | — | — | — | — | |||||||||||||||||
Swaps | — | — | — | — | — | |||||||||||||||||
Foreign currency transactions | — | (2,010 | ) | 12,200 | (14,370 | ) | 2,220 | |||||||||||||||
Net capital gain distributions received from underlying Affiliated funds | 213,579 | — | — | — | — | |||||||||||||||||
Payments from Affiliates (See Note 13) | — | 1,397 | — | — | — | |||||||||||||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||||||||||||
Investments | — | 1,004,368 | 27,891,536 | 3,064,208 | 4,853,859 | |||||||||||||||||
Investments in Affiliates | (143,045 | ) | 10,118 | 165,718 | (7,030 | ) | 67,972 | |||||||||||||||
Futures contracts | — | 6,288 | 162,905 | (7,528 | ) | 23,263 | ||||||||||||||||
Options written | — | — | — | — | — | |||||||||||||||||
Swaps | — | — | — | — | — | |||||||||||||||||
Foreign currency transactions | — | 2,976 | 45,441 | 10,074 | 61 | |||||||||||||||||
Net realized and change in unrealized gain (loss) | 62,219 | 236,507 | 27,750,107 | 1,088,710 | 5,352,469 | |||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Investment Operations | $ | 74,054 | $ | 267,016 | $ | 30,995,892 | $ | 1,840,823 | $ | 6,112,653 | ||||||||||||
* Foreign withholding taxes | $ | — | $ | 9,265 | $ | 194,806 | $ | 76,710 | $ | 2,839 |
† | Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d) in the Notes to Financial Statements. |
192 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI China Equity | AllianzGI Convertible | AllianzGI Emerging Markets Consumer | AllianzGI Emerging Markets Debt | AllianzGI Emerging Markets Small-Cap | AllianzGI Europe Equity Dividend | AllianzGI Global Fundamental Strategy | ||||||||||||||||||||||
$ | (469,235 | ) | $ | (94,410,212 | ) | $ | (1,643,656 | ) | $ | (612,208 | ) | $ | (884,675 | ) | $ | (141,525 | ) | $ | (20,587 | ) | ||||||||
(23,640 | ) | — | — | — | (3,926 | ) | 3,311 | — | ||||||||||||||||||||
— | — | — | — | — | — | (46,083 | ) | |||||||||||||||||||||
— | — | — | 12,060 | — | — | 6,609 | ||||||||||||||||||||||
— | — | — | 178,777 | — | — | — | ||||||||||||||||||||||
710 | — | (5,263 | ) | 10,524 | (4,968 | ) | 128,637 | (37,982 | ) | |||||||||||||||||||
| — | | — | — | — | — | — | — | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||
400,526 | 46,693,007 | 2,619,295 | 1,426,325 | 1,079,375 | 106,750 | 823,604 | ||||||||||||||||||||||
88,774 | — | — | — | — | 51,487 | (17,171 | ) | |||||||||||||||||||||
— | — | — | — | — | — | 16,227 | ||||||||||||||||||||||
— | — | — | — | — | — | 14,455 | ||||||||||||||||||||||
— | — | — | (9,004 | ) | — | — | — | |||||||||||||||||||||
— | — | 4,313 | (56,590 | ) | 2,451 | (12,087 | ) | (18,405 | ) | |||||||||||||||||||
(2,865 | ) | (47,717,205 | ) | 974,689 | 949,884 | 188,257 | 136,573 | 720,667 | ||||||||||||||||||||
$ | (35,219 | ) | $ | (25,953,388 | ) | $ | 1,031,881 | $ | 1,647,231 | $ | 186,869 | $ | 178,095 | $ | 846,475 | |||||||||||||
$ | — | $ | 82,082 | $ | 22,923 | $ | — | $ | 7,429 | $ | 4,823 | $ | 8,106 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 193 |
Table of Contents
Statements of Operations (cont’d)
Six Months ended March 31, 2016 (Unaudited)
AllianzGI Global Sustainability | AllianzGI Global Water | AllianzGI | AllianzGI International Growth | AllianzGI International Small-Cap | ||||||||||||||||||
Investment Income: | ||||||||||||||||||||||
Interest | $ | 86 | $ | 2,130 | $ | 10,942,954 | $ | — | $ | 201 | ||||||||||||
Dividends, net of foreign withholding taxes* | 128,536 | 2,252,554 | — | 16,428 | 462,723 | |||||||||||||||||
Dividends from investments in Affiliates, net of foreign withholding taxes* | — | — | — | 1,934 | 31,328 | |||||||||||||||||
Miscellaneous | — | 456 | 213,765 | — | 5,846 | |||||||||||||||||
Total Investment Income | 128,622 | 2,255,140 | 11,156,719 | 18,362 | 500,098 | |||||||||||||||||
Expenses: | ||||||||||||||||||||||
Investment management | 43,247 | 1,751,611 | 752,712 | 12,050 | 590,667 | |||||||||||||||||
Distribution — Class C | — | 277,708 | 59,549 | — | 12,722 | |||||||||||||||||
Distribution — Class R | — | — | 1,430 | — | 147 | |||||||||||||||||
Administrative servicing — Class P | — | 44,906 | 26,924 | — | — | |||||||||||||||||
Servicing — Class A | 81 | 198,901 | 66,797 | 34 | 20,248 | |||||||||||||||||
Servicing — Class C | — | 92,569 | 19,850 | — | 4,241 | |||||||||||||||||
Servicing — Class D† | — | 9,911 | 10,770 | — | 1,298 | |||||||||||||||||
Servicing — Class R | — | — | 1,430 | — | 147 | |||||||||||||||||
Distribution and/or servicing — Administrative Class | — | — | 2,496 | — | — | |||||||||||||||||
Sub-transfer agent — Class A | 1,317 | 54,476 | 31,170 | — | 491 | |||||||||||||||||
Sub-transfer agent — Class C | — | 40,587 | 5,955 | — | 552 | |||||||||||||||||
Sub-transfer agent — Class D† | — | 3,714 | 6,033 | — | — | |||||||||||||||||
Sub-transfer agent — Class R | — | — | 2,177 | — | 76 | |||||||||||||||||
Sub-transfer agent — Institutional Class | — | 7,343 | 35,532 | 526 | 10,069 | |||||||||||||||||
Sub-transfer agent — Administrative Class | — | — | 944 | — | — | |||||||||||||||||
Legal | 2,938 | 24,884 | 17,433 | 2,724 | 12,525 | |||||||||||||||||
Trustees | 290 | 20,583 | 19,111 | 169 | 6,941 | |||||||||||||||||
Audit and tax services | 16,796 | 24,005 | 24,562 | 17,183 | 18,602 | |||||||||||||||||
Registration | 16,317 | 34,948 | 40,469 | 8,472 | 38,315 | |||||||||||||||||
Custodian and accounting agent | 38,245 | 93,581 | 43,878 | 36,459 | 104,489 | |||||||||||||||||
Shareholder communications | 7,269 | 77,900 | 34,695 | 5,226 | 11,570 | |||||||||||||||||
Transfer agent | 2,295 | 19,806 | 22,029 | 1,654 | 10,361 | |||||||||||||||||
Offering | 15,332 | — | — | 22,779 | — | |||||||||||||||||
Excise tax | — | — | — | — | — | |||||||||||||||||
Recoupment | — | — | — | — | — | |||||||||||||||||
Insurance | 2,737 | 6,928 | 7,370 | 2,738 | 4,168 | |||||||||||||||||
Line of credit commitment | 6 | 662 | 645 | 6 | 217 | |||||||||||||||||
Miscellaneous | 2,189 | 7,146 | 4,526 | 3,038 | 3,823 | |||||||||||||||||
Total Expenses | 149,059 | 2,792,169 | 1,238,487 | 113,058 | 851,669 | |||||||||||||||||
Less: Fee Waiver/Reimbursement from Investment Manager | (97,554 | ) | (1,010 | ) | (174 | ) | (98,710 | ) | (85,677 | ) | ||||||||||||
Net Expenses | 51,505 | 2,791,159 | 1,238,313 | 14,348 | 765,992 | |||||||||||||||||
Net Investment Income (Loss) | 77,117 | (536,019 | ) | 9,918,406 | 4,014 | (265,894 | ) |
194 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Micro Cap | AllianzGI Multi-Asset Real Return | AllianzGI NFJ Emerging Markets Value | AllianzGI NFJ Global Dividend Value | AllianzGI NFJ International Small-Cap Value | AllianzGI NFJ International Value II | AllianzGI Short Duration High Income | ||||||||||||||||||||||
$ | 87 | $ | 10 | $ | 6 | $ | 23 | $ | 33 | $ | 70 | $ | 27,367,114 | |||||||||||||||
75,010 | 21,301 | 96,344 | 343,907 | 157,392 | 540,288 | — | ||||||||||||||||||||||
| 3,487 |
| 19,798 | — | 2,214 | 2,326 | 4,919 | — | ||||||||||||||||||||
5,315 | — | 6 | — | — | — | 949 | ||||||||||||||||||||||
83,899 | 41,109 | 96,356 | 346,144 | 159,751 | 545,277 | 27,368,063 | ||||||||||||||||||||||
271,529 | 13,441 | 37,947 | 74,586 | 49,038 | 174,725 | 2,185,129 | ||||||||||||||||||||||
— | 285 | 381 | 19,707 | 4,518 | 576 | 130,277 | ||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||
413 | — | 1 | 602 | 12 | 275 | 141,706 | ||||||||||||||||||||||
11,033 | 169 | 1,214 | 6,112 | 5,917 | 386 | 217,272 | ||||||||||||||||||||||
— | 95 | 127 | 6,569 | 1,506 | 192 | 130,277 | ||||||||||||||||||||||
— | 7 | 334 | 238 | 833 | 5 | 9,450 | ||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||
| — |
| — | — | — | — | — | — | ||||||||||||||||||||
4,596 | 94 | 75 | 2,140 | 1,134 | 103 | 38,042 | ||||||||||||||||||||||
— | 16 | 20 | 2,160 | 581 | 68 | 29,919 | ||||||||||||||||||||||
— | 1,560 | 907 | 477 | 1,087 | — | 6,675 | ||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||
18,449 | 280 | 1,463 | 2,810 | 1,158 | 511 | 43,757 | ||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||
3,682 | 4,705 | 3,275 | 4,474 | 5,960 | 3,891 | 45,201 | ||||||||||||||||||||||
2,704 | 282 | 505 | 1,786 | 809 | 2,464 | 58,610 | ||||||||||||||||||||||
17,030 | 15,361 | 25,480 | 16,852 | 16,130 | 18,144 | 18,085 | ||||||||||||||||||||||
23,008 | 32,953 | 32,069 | 25,913 | 50,505 | 30,641 | 90,174 | ||||||||||||||||||||||
37,093 | 45,889 | 150,913 | 50,327 | 69,749 | 69,853 | 69,609 | ||||||||||||||||||||||
7,641 | 5,943 | 5,834 | 5,997 | 8,971 | 5,861 | 53,654 | ||||||||||||||||||||||
5,448 | 3,487 | 3,573 | 6,828 | 4,559 | 4,267 | 43,247 | ||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||
— | — | 177 | — | — | — | — | ||||||||||||||||||||||
— | — | — | — | — | — | 5,341 | ||||||||||||||||||||||
3,363 | 2,792 | 2,875 | 3,415 | 3,007 | 3,452 | 11,243 | ||||||||||||||||||||||
99 | 9 | 15 | 59 | 31 | 85 | 2,054 | ||||||||||||||||||||||
2,540 | 2,718 | 4,787 | 2,500 | 2,918 | 3,036 | 6,097 | ||||||||||||||||||||||
408,628 | 130,086 | 271,972 | 233,552 | 228,423 | 318,535 | 3,335,819 | ||||||||||||||||||||||
| (70,474 | ) | (118,761 | ) | (220,563 | ) | (110,795 | ) | (154,735 | ) | (109,668 | ) | (6,445 | ) | ||||||||||||||
338,154 | 11,325 | 51,409 | 122,757 | 73,688 | 208,867 | 3,329,374 | ||||||||||||||||||||||
(254,255 | ) | 29,784 | 44,947 | 223,387 | 86,063 | 336,410 | 24,038,689 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 195 |
Table of Contents
Statements of Operations (cont’d)
Six Months ended March 31, 2016 (Unaudited)
AllianzGI Global Sustainability | AllianzGI Global Water | AllianzGI | AllianzGI International Growth | AllianzGI International Small-Cap | ||||||||||||||||||
Realized and Change in Unrealized Gain (Loss): | ||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||
Investments | $ | 4,900 | $ | (5,914,558 | ) | $ | (19,217,096 | ) | $ | (43,238 | ) | $ | (4,021,909 | ) | ||||||||
Investments in Affiliates | — | 93,046 | — | 7,270 | (1,302,446 | ) | ||||||||||||||||
Futures contracts | — | — | — | — | — | |||||||||||||||||
Foreign currency transactions | (1,907 | ) | (104,910 | ) | — | 185 | (52,932 | ) | ||||||||||||||
Payments from Affiliates (See Note 13) | — | — | — | — | — | |||||||||||||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||||||||||||
Investments | 223,759 | 45,302,451 | 6,564,883 | 257,871 | 3,885,987 | |||||||||||||||||
Investments in Affiliates | 32,670 | 19,121 | — | 16,257 | 1,169,937 | |||||||||||||||||
Futures contracts | — | — | — | — | — | |||||||||||||||||
Foreign currency transactions | (75 | ) | 23,876 | — | 147 | 17,169 | ||||||||||||||||
Net realized and change in unrealized gain (loss) | 259,347 | 39,419,026 | (12,652,213 | ) | 238,492 | (304,194 | ) | |||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Investment Operations | $ | 336,464 | $ | 38,883,007 | $ | (2,733,807 | ) | $ | 242,506 | $ | (570,088 | ) | ||||||||||
* Foreign withholding taxes | $ | 8,089 | $ | 104,503 | $ | — | $ | 1,960 | $ | 56,540 |
† | Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d) in the Notes to Financial Statements. |
196 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Micro Cap | AllianzGI Multi-Asset Real Return | AllianzGI NFJ Emerging Markets Value | AllianzGI NFJ Global Dividend Value | AllianzGI NFJ International Small-Cap Value | AllianzGI NFJ International Value II | AllianzGI Short Duration High Income | ||||||||||||||||||||||
$ | (1,485,792 | ) | $ | 27,416 | $ | (1,195,887 | ) | $ | (1,826,747 | ) | $ | (585,073 | ) | $ | (3,044,313 | ) | $ | (2,276,206 | ) | |||||||||
42,051 | (249,347 | ) | — | — | 6,747 | 9,214 | — | |||||||||||||||||||||
— | (55,522 | ) | — | — | — | — | — | |||||||||||||||||||||
— | (727 | ) | (8,548 | ) | (8,146 | ) | (8,462 | ) | (21,125 | ) | — | |||||||||||||||||
— | — | 41 | — | — | — | — | ||||||||||||||||||||||
95,219 | 71,224 | 1,504,727 | 2,385,513 | 901,872 | 3,231,804 | (18,079,810 | ) | |||||||||||||||||||||
(224,627 | ) | 183,576 | — | (32,746 | ) | 47,912 | 89,611 | — | ||||||||||||||||||||
— | 2,806 | — | — | — | — | — | ||||||||||||||||||||||
— | 1,735 | 2,754 | 2,138 | 2,502 | 2,458 | — | ||||||||||||||||||||||
| (1,573,149 | ) | (18,839 | ) | 303,087 | 520,012 | 365,498 | 267,649 | (20,356,016 | ) | ||||||||||||||||||
$ | (1,827,404 | ) | $ | 10,945 | $ | 348,034 | $ | 743,399 | $ | 451,561 | $ | 604,059 | $ | 3,682,673 | ||||||||||||||
$ | — | $ | 562 | $ | 12,673 | $ | 22,606 | $ | 14,141 | $ | 39,642 | $ | — |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | �� | 197 |
Table of Contents
Statements of Operations (cont’d)
Six Months ended March 31, 2016 (Unaudited)
AllianzGI Structured Return | AllianzGI U.S. Equity Hedged | AllianzGI U.S. Small-Cap Growth | AllianzGI Ultra Micro Cap | |||||||||||||
Investment Income: | ||||||||||||||||
Interest | $ | 1,830 | $ | 15 | $ | 54 | $ | 81 | ||||||||
Dividends, net of foreign withholding taxes* | 1,194,057 | 85,036 | 88,128 | 146,474 | ||||||||||||
Miscellaneous | — | — | 670 | 5,238 | ||||||||||||
Total Investment Income | 1,195,887 | 85,051 | 88,852 | 151,793 | ||||||||||||
Expenses: | ||||||||||||||||
Investment management | 305,209 | 37,732 | 126,597 | 569,148 | ||||||||||||
Distribution — Class C | 19,354 | 1,083 | 2,102 | — | ||||||||||||
Distribution — Class R | — | — | 24 | — | ||||||||||||
Administrative servicing — Class P | 2,094 | — | 141 | 3,481 | ||||||||||||
Servicing — Class A | 36,541 | 1,197 | 3,791 | 43,294 | ||||||||||||
Servicing — Class C | 6,451 | 361 | 701 | — | ||||||||||||
Servicing — Class D† | 3,696 | 93 | 33 | — | ||||||||||||
Servicing — Class R | — | — | 24 | — | ||||||||||||
Sub-transfer agent — Class A | 3,921 | 398 | 239 | 26,052 | ||||||||||||
Sub-transfer agent — Class C | 1,065 | 97 | 320 | — | ||||||||||||
Sub-transfer agent — Class D† | 947 | 1,599 | 5 | — | ||||||||||||
Sub-transfer agent — Class R | — | — | 9 | — | ||||||||||||
Sub-transfer agent — Institutional Class | 4,249 | 2,018 | 7,585 | 17,152 | ||||||||||||
Legal | 6,479 | 5,078 | 4,275 | 7,252 | ||||||||||||
Trustees | 3,268 | 894 | 2,095 | 5,633 | ||||||||||||
Audit and tax services | 16,876 | 14,421 | 13,935 | 17,032 | ||||||||||||
Registration | 36,680 | 29,265 | 39,672 | 22,107 | ||||||||||||
Custodian and accounting agent | 53,104 | 32,590 | 45,787 | 34,107 | ||||||||||||
Shareholder communications | 8,596 | 5,301 | 5,047 | 12,253 | ||||||||||||
Transfer agent | 5,105 | 3,761 | 8,115 | 9,430 | ||||||||||||
Excise tax | 1,054 | — | — | — | ||||||||||||
Recoupment | 7,458 | — | — | — | ||||||||||||
Insurance | 3,276 | 2,972 | 3,347 | 4,202 | ||||||||||||
Line of credit commitment | 141 | 28 | 80 | 192 | ||||||||||||
Miscellaneous | 3,001 | 1,837 | 3,158 | 2,810 | ||||||||||||
Total Expenses | 528,565 | 140,725 | 267,082 | 774,145 | ||||||||||||
Less: Fee Waiver/Reimbursement from Investment Manager | (1,373 | ) | (84,055 | ) | (97,070 | ) | — | |||||||||
Net Expenses | 527,192 | 56,670 | 170,012 | 774,145 | ||||||||||||
Net Investment Income (Loss) | 668,695 | 28,381 | (81,160 | ) | (622,352 | ) |
198 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Structured Return | AllianzGI U.S. Equity Hedged | AllianzGI U.S. Small-Cap Growth | AllianzGI Ultra Micro Cap | |||||||||||||
Realized and Change in Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | $ | (1,880,971 | ) | $ | (1,115,671 | ) | $ | (490,460 | ) | $ | 889,716 | |||||
Investments in Affiliates | — | — | (42,264 | ) | 208,707 | |||||||||||
Options written | (2,205,661 | ) | 235,426 | — | — | |||||||||||
Payments from Affiliates (See Note 13) | — | 254 | — | — | ||||||||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||||||
Investments | 9,686,670 | 907,173 | (639,356 | ) | (4,997,693 | ) | ||||||||||
Options written | (4,148,858 | ) | 21,698 | — | — | |||||||||||
Net realized and change in unrealized gain (loss) | 1,451,180 | 48,880 | (1,172,080 | ) | (3,899,270 | ) | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Investment Operations | $ | 2,119,875 | $ | 77,261 | $ | (1,253,240 | ) | $ | (4,521,622 | ) | ||||||
* Foreign withholding taxes | $ | — | $ | — | $ | 144 | $ | — |
† | Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d) in the Notes to Financial Statements. |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 199 |
Table of Contents
Statements of Changes in Net Assets
AllianzGI Retirement 2015 | AllianzGI Retirement 2020 | |||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | |||||||||||||||||||||
Increase (Decrease) in Net Assets from: | ||||||||||||||||||||||||||
Investment Operations: | ||||||||||||||||||||||||||
Net investment income | $ | 528,113 | $ | 901,383 | $ | 692,615 | $ | 1,000,541 | $ | 1,638,493 | $ | 1,176,208 | ||||||||||||||
Net realized gain (loss) | (348,498 | ) | 5,911 | 739,814 | (679,278 | ) | (921,678 | ) | 675,957 | |||||||||||||||||
Net change in unrealized appreciation/depreciation | 905,049 | (2,078,888 | ) | (194,407 | ) | 1,978,535 | (4,052,170 | ) | 93,961 | |||||||||||||||||
Net increase (decrease) in net assets resulting from investment operations | 1,084,664 | (1,171,594 | ) | 1,238,022 | 2,299,798 | (3,335,355 | ) | 1,946,126 | ||||||||||||||||||
Dividends and Distributions to Shareholders from: | ||||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||||
Class A | (202,384 | ) | (335,648 | ) | (202,351 | ) | (595,528 | ) | (975,546 | ) | (376,596 | ) | ||||||||||||||
Class C | (18,356 | ) | (18,133 | ) | (14,041 | ) | (7,610 | ) | (8,972 | ) | (4,276 | ) | ||||||||||||||
Class D†† | — | (1,671 | ) | (2,326 | ) | — | (6,522 | ) | (5,007 | ) | ||||||||||||||||
Class R | (14,277 | ) | (4,383 | ) | (1,465 | ) | (20,395 | ) | (25,688 | ) | (14,740 | ) | ||||||||||||||
Class P | (418,614 | ) | (170,923 | ) | (84,782 | ) | (797,874 | ) | (470,625 | ) | (154,714 | ) | ||||||||||||||
Class R6 | (403,507 | ) | (410,232 | ) | (178,596 | ) | (436,891 | ) | (174,103 | ) | (160,647 | ) | ||||||||||||||
Administrative Class | (32,236 | ) | (83,769 | ) | (73,602 | ) | (59,872 | ) | (209,026 | ) | (138,300 | ) | ||||||||||||||
Net realized capital gains: | ||||||||||||||||||||||||||
Class A | — | (138,871 | ) | — | — | (146,610 | ) | — | ||||||||||||||||||
Class C | — | (12,105 | ) | — | — | (1,862 | ) | — | ||||||||||||||||||
Class D†† | — | (848 | ) | — | — | (1,127 | ) | — | ||||||||||||||||||
Class R | — | (2,191 | ) | — | — | (4,651 | ) | — | ||||||||||||||||||
Class P | — | (66,617 | ) | — | — | (74,443 | ) | — | ||||||||||||||||||
Class R6 | — | (149,303 | ) | — | — | (27,165 | ) | — | ||||||||||||||||||
Administrative Class | — | (34,761 | ) | — | — | (25,385 | ) | — | ||||||||||||||||||
Total dividends and distributions to shareholders | (1,089,374 | ) | (1,429,455 | ) | (557,163 | ) | (1,918,170 | ) | (2,151,725 | ) | (854,280 | ) | ||||||||||||||
Fund Share Transactions: | ||||||||||||||||||||||||||
Net proceeds from the sale of shares | 3,932,289 | 16,502,211 | 29,495,264 | 6,094,241 | 27,570,071 | 39,564,146 | ||||||||||||||||||||
Issued in reinvestment of dividends and distributions | 1,085,163 | 1,427,801 | 556,499 | 1,917,423 | 2,151,079 | 854,232 | ||||||||||||||||||||
Cost of shares redeemed | (9,214,810 | ) | (18,567,104 | ) | (18,462,269 | ) | (20,267,876 | ) | (19,672,832 | ) | (12,114,831 | ) | ||||||||||||||
Net increase (decrease) from Fund share transactions | (4,197,358 | ) | (637,092 | ) | 11,589,494 | (12,256,212 | ) | 10,048,318 | 28,303,547 | |||||||||||||||||
Total increase (decrease) in net assets | (4,202,068 | ) | (3,238,141 | ) | 12,270,353 | (11,874,584 | ) | 4,561,238 | 29,395,393 | |||||||||||||||||
Net Assets: | ||||||||||||||||||||||||||
Beginning of period | 31,041,173 | 34,279,314 | 22,008,961 | 67,148,101 | 62,586,863 | 33,191,470 | ||||||||||||||||||||
End of period* | $ | 26,839,105 | $ | 31,041,173 | $ | 34,279,314 | $ | 55,273,517 | $ | 67,148,101 | $ | 62,586,863 | ||||||||||||||
* Including undistributed net investment income of: | $ | 116,148 | $ | 677,409 | $ | 627,193 | $ | 226,731 | $ | 1,144,360 | $ | 1,061,834 |
† | Fiscal year end changed from November 30th to September 30th. |
†† | Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d) in the Notes to Financial Statements. |
200 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Retirement 2025 | AllianzGI Retirement 2030 | |||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | |||||||||||||||||||
$ | 1,062,449 | $ | 1,738,604 | $ | 1,286,786 | $ | 1,030,584 | $ | 1,737,521 | $ | 1,406,560 | |||||||||||||
(612,177 | ) | (684,686 | ) | 434,739 | (804,031 | ) | (302,259 | ) | 1,199,068 | |||||||||||||||
2,150,468 | (4,582,223 | ) | 622,984 | 2,331,712 | (5,612,480 | ) | (86,428 | ) | ||||||||||||||||
2,600,740 | (3,528,305 | ) | 2,344,509 | 2,558,265 | (4,177,218 | ) | 2,519,200 | |||||||||||||||||
(563,042 | ) | (914,877 | ) | (426,739 | ) | (446,854 | ) | (832,147 | ) | (428,196 | ) | |||||||||||||
— | — | — | (13,670 | ) | (15,900 | ) | (10,033 | ) | ||||||||||||||||
— | — | — | — | (19,313 | ) | (13,222 | ) | |||||||||||||||||
(22,099 | ) | (24,873 | ) | (18,248 | ) | (55,314 | ) | (39,434 | ) | (21,599 | ) | |||||||||||||
(1,080,525 | ) | (545,013 | ) | (80,183 | ) | (940,472 | ) | (652,591 | ) | (184,881 | ) | |||||||||||||
(382,398 | ) | (172,571 | ) | (108,975 | ) | (429,074 | ) | (313,706 | ) | (258,616 | ) | |||||||||||||
(40,396 | ) | (348,778 | ) | (200,811 | ) | (56,360 | ) | (314,079 | ) | (200,325 | ) | |||||||||||||
— | (22,737 | ) | — | — | (331,110 | ) | — | |||||||||||||||||
— | — | — | — | (8,783 | ) | — | ||||||||||||||||||
— | — | — | — | (8,104 | ) | — | ||||||||||||||||||
— | (900 | ) | — | — | (18,094 | ) | — | |||||||||||||||||
— | (24,035 | ) | — | — | (259,373 | ) | — | |||||||||||||||||
— | (5,265 | ) | — | — | (119,329 | ) | — | |||||||||||||||||
— | (1,091 | ) | — | — | (111,866 | ) | — | |||||||||||||||||
(2,088,460 | ) | (2,060,140 | ) | (834,956 | ) | (1,941,744 | ) | (3,043,829 | ) | (1,116,872 | ) | |||||||||||||
6,692,830 | 30,583,994 | 41,120,713 | 9,899,905 | 31,288,695 | 38,677,395 | |||||||||||||||||||
2,064,577 | 2,050,920 | 829,680 | 1,917,937 | 3,027,120 | 1,113,004 | |||||||||||||||||||
(17,586,947 | ) | (23,726,600 | ) | (12,163,443 | ) | (17,591,346 | ) | (22,821,170 | ) | (17,086,760 | ) | |||||||||||||
(8,829,540 | ) | 8,908,314 | 29,786,950 | (5,773,504 | ) | 11,494,645 | 22,703,639 | |||||||||||||||||
(8,317,260 | ) | 3,319,869 | 31,296,503 | (5,156,983 | ) | 4,273,598 | 24,105,967 | |||||||||||||||||
68,427,404 | 65,107,535 | 33,811,032 | 68,579,058 | 64,305,460 | 40,199,493 | |||||||||||||||||||
$ | 60,110,144 | $ | 68,427,404 | $ | 65,107,535 | $ | 63,422,075 | $ | 68,579,058 | $ | 64,305,460 | |||||||||||||
$ | 186,121 | $ | 1,212,132 | $ | 1,154,172 | $ | 212,165 | $ | 1,123,325 | $ | 1,202,112 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 201 |
Table of Contents
Statements of Changes in Net Assets (cont’d)
AllianzGI Retirement 2035 | AllianzGI Retirement 2040 | |||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | |||||||||||||||||||||
Increase (Decrease) in Net Assets from: | ||||||||||||||||||||||||||
Investment Operations: | ||||||||||||||||||||||||||
Net investment income | $ | 663,621 | $ | 1,379,907 | $ | 1,097,824 | $ | 544,571 | $ | 1,084,967 | $ | 955,485 | ||||||||||||||
Net realized gain (loss) | (440,854 | ) | (179,543 | ) | 910,969 | 4,682 | 401,292 | 1,285,907 | ||||||||||||||||||
Net change in unrealized appreciation/depreciation | 1,895,352 | (4,700,192 | ) | 179,591 | 1,363,072 | (4,634,401 | ) | (213,031 | ) | |||||||||||||||||
Net increase (decrease) in net assets resulting from investment operations | 2,118,119 | (3,499,828 | ) | 2,188,384 | 1,912,325 | (3,148,142 | ) | 2,028,361 | ||||||||||||||||||
Dividends and Distributions to Shareholders from: | ||||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||||
Class A | (341,963 | ) | (673,897 | ) | (300,338 | ) | (164,686 | ) | (634,069 | ) | (299,358 | ) | ||||||||||||||
Class C | — | — | — | (2,949 | ) | (6,919 | ) | (4,849 | ) | |||||||||||||||||
Class D†† | — | — | — | — | (7,206 | ) | (4,271 | ) | ||||||||||||||||||
Class R | (36,323 | ) | (32,189 | ) | (16,445 | ) | (26,667 | ) | (45,420 | ) | (22,265 | ) | ||||||||||||||
Class P | (810,229 | ) | (594,957 | ) | (113,126 | ) | (439,848 | ) | (448,321 | ) | (113,845 | ) | ||||||||||||||
Class R6 | (184,982 | ) | (131,271 | ) | (137,282 | ) | (319,410 | ) | (349,785 | ) | (262,190 | ) | ||||||||||||||
Administrative Class | (19,510 | ) | (380,167 | ) | (224,389 | ) | (11,823 | ) | (197,536 | ) | (116,327 | ) | ||||||||||||||
Net realized capital gains: | ||||||||||||||||||||||||||
Class A | — | (230,108 | ) | — | (10,848 | ) | (446,070 | ) | (10,167 | ) | ||||||||||||||||
Class C | — | — | — | (265 | ) | (6,717 | ) | (190 | ) | |||||||||||||||||
Class D†† | — | — | — | — | (5,463 | ) | (119 | ) | ||||||||||||||||||
Class R | — | (13,559 | ) | — | (1,766 | ) | (35,800 | ) | (827 | ) | ||||||||||||||||
Class P | — | (211,133 | ) | — | (22,256 | ) | (315,901 | ) | (7,225 | ) | ||||||||||||||||
Class R6 | — | (42,475 | ) | — | (15,718 | ) | (233,223 | ) | (4,534 | ) | ||||||||||||||||
Administrative Class | — | (108,518 | ) | — | (665 | ) | (125,082 | ) | (3,144 | ) | ||||||||||||||||
Total dividends and distributions to shareholders | (1,393,007 | ) | (2,418,266 | ) | (791,580 | ) | (1,016,901 | ) | (2,857,512 | ) | (849,311 | ) | ||||||||||||||
Fund Share Transactions: | ||||||||||||||||||||||||||
Net proceeds from the sale of shares | 6,147,746 | 25,676,859 | 29,581,674 | 7,127,356 | 21,606,309 | 27,176,932 | ||||||||||||||||||||
Issued in reinvestment of dividends and distributions | 1,371,559 | 2,410,670 | 788,966 | 1,011,558 | 2,846,543 | 847,385 | ||||||||||||||||||||
Cost of shares redeemed | (12,696,736 | ) | (21,426,137 | ) | (7,595,095 | ) | (11,655,004 | ) | (17,205,912 | ) | (12,583,051 | ) | ||||||||||||||
Net increase (decrease) from Fund share transactions | (5,177,431 | ) | 6,661,392 | 22,775,545 | (3,516,090 | ) | 7,246,940 | 15,441,266 | ||||||||||||||||||
Total increase (decrease) in net assets | (4,452,319 | ) | 743,298 | 24,172,349 | (2,620,666 | ) | 1,241,286 | 16,620,316 | ||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||||
Beginning of period | 54,425,342 | 53,682,044 | 29,509,695 | 44,784,503 | 43,543,217 | 26,922,901 | ||||||||||||||||||||
End of period* | $ | 49,973,023 | $ | 54,425,342 | $ | 53,682,044 | $ | 42,163,837 | $ | 44,784,503 | $ | 43,543,217 | ||||||||||||||
* Including undistributed net investment income of: | $ | 99,350 | $ | 828,736 | $ | 928,003 | $ | 101,506 | $ | 522,318 | $ | 768,584 |
† | Fiscal year end changed from November 30th to September 30th. |
†† | Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d) in the Notes to Financial Statements. |
202 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Retirement 2045 | AllianzGI Retirement 2050 | |||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | |||||||||||||||||||
$ | 281,071 | $ | 655,347 | $ | 517,862 | $ | 255,933 | $ | 521,500 | $ | 439,654 | |||||||||||||
34,746 | 295,334 | 526,086 | 229,654 | 630,380 | 746,452 | |||||||||||||||||||
844,285 | (2,667,654 | ) | 187,541 | 565,321 | (2,771,030 | ) | (183,686 | ) | ||||||||||||||||
| 1,160,102 | | (1,716,973 | ) | 1,231,489 | 1,050,908 | (1,619,150 | ) | 1,002,420 | |||||||||||||||
(132,040 | ) | (374,869 | ) | (181,709 | ) | (29,146 | ) | (192,203 | ) | (68,062 | ) | |||||||||||||
— | — | — | (1,452 | ) | (4,538 | ) | (2,510 | ) | ||||||||||||||||
— | — | — | — | (8,207 | ) | (8,335 | ) | |||||||||||||||||
(9,256 | ) | (15,439 | ) | (6,954 | ) | (7,962 | ) | (21,154 | ) | (10,670 | ) | |||||||||||||
(263,806 | ) | (369,860 | ) | (56,921 | ) | (150,657 | ) | (271,151 | ) | (37,456 | ) | |||||||||||||
(99,028 | ) | (195,527 | ) | (115,794 | ) | (159,817 | ) | (324,615 | ) | (245,688 | ) | |||||||||||||
(8,009 | ) | (65,945 | ) | (36,633 | ) | (10,166 | ) | (47,447 | ) | (30,843 | ) | |||||||||||||
(16,327 | ) | (186,524 | ) | (14,940 | ) | (45,699 | ) | (154,624 | ) | (25,014 | ) | |||||||||||||
— | — | — | (3,073 | ) | (4,532 | ) | (823 | ) | ||||||||||||||||
— | — | — | — | (7,083 | ) | (1,745 | ) | |||||||||||||||||
(1,224 | ) | (8,330 | ) | (658 | ) | (12,272 | ) | (18,900 | ) | (3,662 | ) | |||||||||||||
(26,079 | ) | (175,114 | ) | (13,700 | ) | (152,140 | ) | (209,825 | ) | (33,116 | ) | |||||||||||||
(9,512 | ) | (75,283 | ) | (8,805 | ) | (158,463 | ) | (236,822 | ) | (51,300 | ) | |||||||||||||
(878 | ) | (25,861 | ) | (2,638 | ) | (11,721 | ) | (35,354 | ) | (6,978 | ) | |||||||||||||
(566,159 | ) | (1,492,752 | ) | (438,752 | ) | (742,568 | ) | (1,536,455 | ) | (526,202 | ) | |||||||||||||
5,782,360 | 9,992,490 | 15,099,268 | 4,693,527 | 11,632,283 | 12,294,801 | |||||||||||||||||||
565,615 | 1,492,002 | 438,561 | 741,021 | 1,534,008 | 525,997 | |||||||||||||||||||
(6,873,608 | ) | (9,792,388 | ) | (2,852,267 | ) | (6,005,073 | ) | (9,209,423 | ) | (5,298,045 | ) | |||||||||||||
(525,633 | ) | 1,692,104 | 12,685,562 | (570,525 | ) | 3,956,868 | 7,522,753 | |||||||||||||||||
68,310 | (1,517,621 | ) | 13,478,299 | (262,185 | ) | 801,263 | 7,998,971 | |||||||||||||||||
25,044,733 | 26,562,354 | 13,084,055 | 22,289,191 | 21,487,928 | 13,488,957 | |||||||||||||||||||
$ | 25,113,043 | $ | 25,044,733 | $ | 26,562,354 | $ | 22,027,006 | $ | 22,289,191 | $ | 21,487,928 | |||||||||||||
$ | 69,863 | $ | 300,931 | $ | 432,237 | $ | 103,899 | $ | 207,166 | $ | 353,260 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 203 |
Table of Contents
Statements of Changes in Net Assets (cont’d)
AllianzGI Retirement 2055 | AllianzGI Retirement Income | |||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | |||||||||||||||||||||
Increase (Decrease) in Net Assets from: | ||||||||||||||||||||||||||
Investment Operations: | ||||||||||||||||||||||||||
Net investment income | $ | 74,877 | $ | 184,630 | $ | 156,879 | $ | 614,009 | $ | 721,278 | $ | 677,809 | ||||||||||||||
Net realized gain (loss) | (51,808 | ) | 89,805 | 245,428 | (558,674 | ) | 219,701 | 855,090 | ||||||||||||||||||
Net change in unrealized appreciation/depreciation | 234,885 | (833,021 | ) | (84,342 | ) | 845,586 | (2,015,262 | ) | (257,664 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from investment operations | 257,954 | (558,586 | ) | 317,965 | 900,921 | (1,074,283 | ) | 1,275,235 | ||||||||||||||||||
Dividends and Distributions to Shareholders from: | ||||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||||
Class A | (18,484 | ) | (44,641 | ) | (13,942 | ) | (170,126 | ) | (229,357 | ) | (99,066 | ) | ||||||||||||||
Class B†† | — | — | — | — | — | — | ||||||||||||||||||||
Class C | — | — | — | (67,715 | ) | (108,273 | ) | (45,087 | ) | |||||||||||||||||
Class D†† | — | — | — | — | (34,792 | ) | (16,960 | ) | ||||||||||||||||||
Class R | (3,771 | ) | (5,428 | ) | (1,668 | ) | (6,243 | ) | (7,047 | ) | (2,510 | ) | ||||||||||||||
Class P | (40,910 | ) | (44,972 | ) | (6,547 | ) | (198,077 | ) | (222,776 | ) | (151,273 | ) | ||||||||||||||
Institutional Class | — | — | — | — | — | — | ||||||||||||||||||||
Class R6 | (59,101 | ) | (210,081 | ) | (118,426 | ) | (304,350 | ) | (336,276 | ) | (215,784 | ) | ||||||||||||||
Administrative Class | (4,367 | ) | (14,788 | ) | (5,836 | ) | (673 | ) | (35,047 | ) | (37,092 | ) | ||||||||||||||
Net realized capital gains: | ||||||||||||||||||||||||||
Class A | (14,733 | ) | (36,217 | ) | (7,419 | ) | (20,753 | ) | (162,477 | ) | — | |||||||||||||||
Class B†† | — | — | — | — | — | — | ||||||||||||||||||||
Class C | — | — | — | (12,975 | ) | (102,280 | ) | — | ||||||||||||||||||
Class D†† | — | — | — | — | (25,131 | ) | — | |||||||||||||||||||
Class R | (3,315 | ) | (4,945 | ) | (1,123 | ) | (913 | ) | (5,439 | ) | — | |||||||||||||||
Class P | (26,646 | ) | (36,974 | ) | (9,316 | ) | (22,485 | ) | (135,649 | ) | — | |||||||||||||||
Institutional Class | — | — | — | — | — | — | ||||||||||||||||||||
Class R6 | (37,871 | ) | (142,903 | ) | (51,679 | ) | (32,223 | ) | (230,655 | ) | — | |||||||||||||||
Administrative Class | (3,165 | ) | (10,083 | ) | (3,149 | ) | (101 | ) | (48,843 | ) | — | |||||||||||||||
Total dividends and distributions to shareholders | (212,363 | ) | (551,032 | ) | (219,105 | ) | (836,634 | ) | (1,684,671 | ) | (567,772 | ) | ||||||||||||||
Fund Share Transactions: | ||||||||||||||||||||||||||
Net proceeds from the sale of shares | 2,563,276 | 2,991,547 | 2,861,581 | 5,884,322 | 7,271,909 | 13,555,798 | ||||||||||||||||||||
Issued in reinvestment of dividends and distributions | 210,803 | 550,121 | 219,099 | 833,605 | 1,683,901 | 567,659 | ||||||||||||||||||||
Cost of shares redeemed | (2,749,911 | ) | (4,132,446 | ) | (349,327 | ) | (6,482,784 | ) | (11,875,567 | ) | (11,773,274 | ) | ||||||||||||||
Net increase (decrease) from Fund share transactions | 24,168 | (590,778 | ) | 2,731,353 | 235,143 | (2,919,757 | ) | 2,350,183 | ||||||||||||||||||
Total increase (decrease) in net assets | 69,759 | (1,700,396 | ) | 2,830,213 | 299,430 | (5,678,711 | ) | 3,057,646 | ||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||||
Beginning of period | 6,185,333 | 7,885,729 | 5,055,516 | 23,701,882 | 29,380,593 | 26,322,947 | ||||||||||||||||||||
End of period* | $ | 6,255,092 | $ | 6,185,333 | $ | 7,885,729 | $ | 24,001,312 | $ | 23,701,882 | $ | 29,380,593 | ||||||||||||||
* Including undistributed (dividends in excess of) net investment income of: | $ | 17,324 | $ | 69,080 | $ | 130,574 | $ | (29,562 | ) | $ | 103,613 | $ | 198,304 |
† | Fiscal year end changed from November 30th to September 30th. |
†† | Class B shares and Class D shares converted to Class A shares at the close of business on December 4, 2015 and November 13, 2015, respectively. See Note 12(d) in the Notes to Financial Statements. |
204 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Global Allocation | AllianzGI Global Dynamic Allocation | |||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | |||||||||||||||||||
$ | 2,550,784 | $ | 3,923,737 | $ | 4,997,925 | $ | 271,386 | $ | 137,104 | $ | 124,498 | |||||||||||||
(413,025 | ) | 13,160,579 | 11,590,534 | (546,575 | ) | 458,629 | 609,442 | |||||||||||||||||
15,109,129 | (28,787,961 | ) | (7,044,237 | ) | 15,863 | (1,011,494 | ) | (515,792 | ) | |||||||||||||||
17,246,888 | (11,703,645 | ) | 9,544,222 | (259,326 | ) | (415,761 | ) | 218,148 | ||||||||||||||||
(467,915 | ) | (2,191,344 | ) | (1,515,468 | ) | (35,715 | ) | (37,530 | ) | (36,024 | ) | |||||||||||||
— | (40,114 | ) | (31,583 | ) | — | — | — | |||||||||||||||||
(178,033 | ) | (1,660,051 | ) | (941,983 | ) | (299 | ) | (40,272 | ) | (26,791 | ) | |||||||||||||
— | (80,836 | ) | (34,957 | ) | — | (4,316 | ) | (10,657 | ) | |||||||||||||||
(82 | ) | (588 | ) | (351 | ) | (1,110 | ) | (5,287 | ) | (3,112 | ) | |||||||||||||
(14,780 | ) | (75,642 | ) | (48,927 | ) | (587 | ) | (1,681 | ) | (1,171 | ) | |||||||||||||
(481,767 | ) | (2,881,753 | ) | (1,801,068 | ) | (306,026 | ) | (134,390 | ) | (92,056 | ) | |||||||||||||
(1,824,842 | ) | (32 | ) | — | — | — | — | |||||||||||||||||
(144 | ) | (844 | ) | (588 | ) | (150 | ) | (994 | ) | (523 | ) | |||||||||||||
(3,168,468 | ) | (757,431 | ) | — | (44,679 | ) | (97,298 | ) | (155,116 | ) | ||||||||||||||
— | (18,442 | ) | — | — | — | — | ||||||||||||||||||
(1,840,892 | ) | (713,482 | ) | — | (17,578 | ) | (129,766 | ) | (163,735 | ) | ||||||||||||||
— | (26,564 | ) | — | — | (11,929 | ) | (44,224 | ) | ||||||||||||||||
(595 | ) | (207 | ) | — | (2,463 | ) | (14,250 | ) | (13,397 | ) | ||||||||||||||
(94,329 | ) | (23,716 | ) | — | (823 | ) | (4,085 | ) | (4,798 | ) | ||||||||||||||
(2,766,629 | ) | (890,375 | ) | — | (333,608 | ) | (319,043 | ) | (378,173 | ) | ||||||||||||||
(3,407,957 | ) | — | — | — | — | — | ||||||||||||||||||
(936 | ) | (284 | ) | — | (298 | ) | (2,462 | ) | (2,270 | ) | ||||||||||||||
(14,247,369 | ) | (9,361,705 | ) | (4,374,925 | ) | (743,336 | ) | (803,303 | ) | (932,047 | ) | |||||||||||||
221,846,230 | 152,610,369 | 27,705,749 | 36,080,933 | 3,126,765 | 898,223 | |||||||||||||||||||
12,039,431 | 8,452,473 | 3,945,498 | 739,603 | 803,301 | 930,946 | |||||||||||||||||||
(44,645,036 | ) | (38,678,589 | ) | (40,895,649 | ) | (6,773,223 | ) | (1,315,150 | ) | (1,655,346 | ) | |||||||||||||
189,240,625 | 122,384,253 | (9,244,402 | ) | 30,047,313 | 2,614,916 | 173,823 | ||||||||||||||||||
192,240,144 | 101,318,903 | (4,075,105 | ) | 29,044,651 | 1,395,852 | (540,076 | ) | |||||||||||||||||
310,303,343 | 208,984,440 | 213,059,545 | 7,535,486 | 6,139,634 | 6,679,710 | |||||||||||||||||||
$ | 502,543,487 | $ | 310,303,343 | $ | 208,984,440 | $ | 36,580,137 | $ | 7,535,486 | $ | 6,139,634 | |||||||||||||
$ | (396,531 | ) | $ | 20,428 | $ | 1,481,521 | $ | (34,723 | ) | $ | 37,778 | $ | 81,738 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 205 |
Table of Contents
Statements of Changes in Net Assets (cont’d)
AllianzGI Global Megatrends | AllianzGI Best Styles Emerging Markets Equity | |||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from through | Six Months ended 3/31/2016 (unaudited) | Period from 12/9/2014** through 9/30/2015† | |||||||||||||||||||
Increase (Decrease) in Net Assets from: | ||||||||||||||||||||||
Investment Operations: | ||||||||||||||||||||||
Net investment income | $ | 11,835 | $ | 2,023 | $ | 30,509 | $ | 136,892 | ||||||||||||||
Net realized gain (loss) | 205,264 | — | (787,243 | ) | 140,487 | |||||||||||||||||
Net change in unrealized appreciation/depreciation | (143,045 | ) | (233,348 | ) | 1,023,750 | (1,094,934 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from investment operations | 74,054 | (231,325 | ) | 267,016 | (817,555 | ) | ||||||||||||||||
Dividends and Distributions to Shareholders from: | ||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||
Class A | (225 | ) | — | — | — | |||||||||||||||||
Class P | (582 | ) | — | (112 | ) | (2 | ) | |||||||||||||||
Institutional Class | (59,473 | ) | — | (131 | ) | (3 | ) | |||||||||||||||
Class R6 | — | — | (146,646 | ) | (1,617 | ) | ||||||||||||||||
Net realized capital gains: | ||||||||||||||||||||||
Class A | — | — | — | — | ||||||||||||||||||
Class P | — | — | (290 | ) | — | |||||||||||||||||
Institutional Class | — | — | (175 | ) | — | |||||||||||||||||
Class R6 | — | — | (159,787 | ) | — | |||||||||||||||||
Total dividends and distributions to shareholders | (60,280 | ) | — | (307,141 | ) | (1,622 | ) | |||||||||||||||
Fund Share Transactions: | ||||||||||||||||||||||
Net proceeds from the sale of shares | 16,018 | 28,000 | 5,123,747 | 580,298 | ||||||||||||||||||
Issued in reinvestment of dividends and distributions | 60,280 | — | 307,141 | 1,622 | ||||||||||||||||||
Cost of shares redeemed | (30,027 | ) | (4,581 | ) | (623,827 | ) | (20,758 | ) | ||||||||||||||
Net increase (decrease) from Fund share transactions | 46,271 | 23,419 | 4,807,061 | 561,162 | ||||||||||||||||||
Total increase (decrease) in net assets | 60,045 | (207,906 | ) | 4,766,936 | (258,015 | ) | ||||||||||||||||
Net Assets: | ||||||||||||||||||||||
Beginning of period | 2,812,094 | 3,020,000 | 4,761,985 | 5,020,000 | ||||||||||||||||||
End of period* | $ | 2,872,139 | $ | 2,812,094 | $ | 9,528,921 | $ | 4,761,985 | ||||||||||||||
* Including undistributed (dividends in excess of) net investment income of: | $ | (46,416 | ) | $ | 2,029 | $ | 16,348 | $ | 132,728 |
† | Fiscal year end changed from November 30th to September 30th. |
** | Commencement of operations. |
206 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Best Styles Global Equity | AllianzGI Best Styles International Equity | AllianzGI Best Styles U.S. Equity | ||||||||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Period from 12/2/2013** through 11/30/2014 | Six Months ended 3/31/2016 (unaudited) | Period from 12/9/2014** through 9/30/2015† | Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014** through 9/30/2015† | ||||||||||||||||||||||||||
$ | 3,245,785 | $ | 2,087,928 | $ | 785,022 | $ | 752,113 | $ | 939,684 | $ | 760,184 | $ | 839,546 | |||||||||||||||||||
(515,493 | ) | (935,466 | ) | 843,623 | (1,971,014 | ) | 294,120 | 407,314 | (219,617 | ) | ||||||||||||||||||||||
28,265,600 | (11,232,461 | ) | 2,253,182 | 3,059,724 | (4,422,182 | ) | 4,945,155 | (5,327,344 | ) | |||||||||||||||||||||||
| 30,995,892 |
| (10,079,999 | ) | 3,881,827 | 1,840,823 | (3,188,378 | ) | 6,112,653 | (4,707,415 | ) | |||||||||||||||||||||
(352,595 | ) | (265 | ) | — | — | — | — | — | ||||||||||||||||||||||||
(19,413 | ) | — | — | (83 | ) | (7 | ) | (747 | ) | (14 | ) | |||||||||||||||||||||
(6,010 | ) | (273 | ) | — | (91 | ) | (7 | ) | (31,072 | ) | (15 | ) | ||||||||||||||||||||
(2,676,511 | ) | (813,579 | ) | — | (866,206 | ) | (3,930 | ) | (1,143,821 | ) | (4,632 | ) | ||||||||||||||||||||
— | (346 | ) | — | — | — | — | — | |||||||||||||||||||||||||
— | (1,116 | ) | — | (86 | ) | — | (180 | ) | — | |||||||||||||||||||||||
— | (305 | ) | — | (86 | ) | — | (6,993 | ) | — | |||||||||||||||||||||||
— | (848,874 | ) | — | (628,971 | ) | — | (286,791 | ) | — | |||||||||||||||||||||||
(3,054,529 | ) | (1,664,758 | ) | — | (1,495,523 | ) | (3,944 | ) | (1,469,604 | ) | (4,661 | ) | ||||||||||||||||||||
271,508,440 | 291,007,784 | 36,454,373 | 40,493,990 | 69,498,928 | 30,042,399 | 113,151,477 | ||||||||||||||||||||||||||
2,700,966 | 1,664,758 | — | 1,495,523 | 3,944 | 1,469,000 | 4,661 | ||||||||||||||||||||||||||
(14,757,033 | ) | (27,349,523 | ) | (11,914,060 | ) | (15,743,716 | ) | (15,102,473 | ) | (31,946,926 | ) | (23,212,297 | ) | |||||||||||||||||||
259,452,373 | 265,323,019 | 24,540,313 | 26,245,797 | 54,400,399 | (435,527 | ) | 89,943,841 | |||||||||||||||||||||||||
287,393,736 | 253,578,262 | 28,422,140 | 26,591,097 | 51,208,077 | 4,207,522 | 85,231,765 | ||||||||||||||||||||||||||
287,020,402 | 33,442,140 | 5,020,000 | 56,228,077 | 5,020,000 | 88,251,765 | 3,020,000 | ||||||||||||||||||||||||||
$ | 574,414,138 | $ | 287,020,402 | $ | 33,442,140 | $ | 82,819,174 | $ | 56,228,077 | $ | 92,459,287 | $ | 88,251,765 | |||||||||||||||||||
$ | 2,119,996 |
| $ | 1,928,740 | $ | 771,361 | $ | 724,078 | $ | 838,345 | $ | 415,600 | $ | 831,056 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 207 |
Table of Contents
Statements of Changes in Net Assets (cont’d)
AllianzGI China Equity | AllianzGI Convertible | |||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | |||||||||||||||||||||
Increase (Decrease) in Net Assets from: | ||||||||||||||||||||||||||
Investment Operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | (32,354 | ) | $ | 134,279 | $ | 67,404 | $ | 21,763,817 | $ | 26,356,257 | $ | 33,329,413 | |||||||||||||
Net realized gain (loss) | (492,165 | ) | (527,317 | ) | 402,768 | (94,410,212 | ) | 173,975,914 | 174,588,949 | |||||||||||||||||
Net change in unrealized appreciation/depreciation | 489,300 | (1,137,845 | ) | (385,396 | ) | 46,693,007 | (300,637,013 | ) | 29,600,080 | |||||||||||||||||
Net increase (decrease) in net assets resulting from investment operations | (35,219 | ) | (1,530,883 | ) | 84,776 | (25,953,388 | ) | (100,304,842 | ) | 237,518,442 | ||||||||||||||||
Dividends and Distributions to Shareholders from: | ||||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||||
Class A | (49,288 | ) | (16,561 | ) | (1,192 | ) | (3,487,780 | ) | (7,640,089 | ) | (8,036,190 | ) | ||||||||||||||
Class C | (1,290 | ) | (388 | ) | (2 | ) | (220,559 | ) | (990,962 | ) | (1,651,959 | ) | ||||||||||||||
Class D†† | — | (9,991 | ) | (1,635 | ) | — | (1,081,878 | ) | (2,363,380 | ) | ||||||||||||||||
Class R | — | — | — | (11,686 | ) | (18,691 | ) | (16,226 | ) | |||||||||||||||||
Class P | (111 | ) | (2 | ) | (45 | ) | (1,904,738 | ) | (3,655,825 | ) | (5,514,465 | ) | ||||||||||||||
Institutional Class | (104,748 | ) | (99,781 | ) | (31,446 | ) | (19,871,879 | ) | (30,656,569 | ) | (39,138,558 | ) | ||||||||||||||
Administrative Class | — | — | — | (21,491 | ) | (47,899 | ) | (209,464 | ) | |||||||||||||||||
Net realized capital gains: | ||||||||||||||||||||||||||
Class A | — | (18,347 | ) | — | (33,002,754 | ) | (30,559,402 | ) | (9,748,925 | ) | ||||||||||||||||
Class C | — | (1,749 | ) | — | (7,489,588 | ) | (7,902,259 | ) | (2,953,239 | ) | ||||||||||||||||
Class D†† | — | (16,626 | ) | — | — | (4,909,717 | ) | (2,652,574 | ) | |||||||||||||||||
Class R | — | — | — | (124,432 | ) | (90,285 | ) | (19,171 | ) | |||||||||||||||||
Class P | — | (633 | ) | — | (11,724,688 | ) | (14,081,872 | ) | (5,628,426 | ) | ||||||||||||||||
Institutional Class | — | (94,416 | ) | — | (110,521,058 | ) | (111,971,539 | ) | (38,746,943 | ) | ||||||||||||||||
Administrative Class | — | — | — | (152,621 | ) | (236,630 | ) | (203,909 | ) | |||||||||||||||||
Total dividends and distributions to shareholders | (155,437 | ) | (258,494 | ) | (34,320 | ) | (188,533,274 | ) | (213,843,617 | ) | (116,883,429 | ) | ||||||||||||||
Fund Share Transactions: | ||||||||||||||||||||||||||
Net proceeds from the sale of shares | 1,043,812 | 9,677,189 | 4,723,503 | 175,254,079 | 273,812,360 | 1,084,404,115 | ||||||||||||||||||||
Issued in reinvestment of dividends and distributions | 154,977 | 258,348 | 34,320 | 117,819,547 | 132,963,481 | 76,423,408 | ||||||||||||||||||||
Cost of shares redeemed | (1,351,808 | ) | (8,216,867 | ) | (4,358,814 | ) | (516,196,856 | ) | (574,307,166 | ) | (983,620,998 | ) | ||||||||||||||
Net increase (decrease) from Fund share transactions | (153,019 | ) | 1,718,670 | 399,009 | (223,123,230 | ) | (167,531,325 | ) | 177,206,525 | |||||||||||||||||
Total increase (decrease) in net assets | (343,675 | ) | (70,707 | ) | 449,465 | (437,609,892 | ) | (481,679,784 | ) | 297,841,538 | ||||||||||||||||
Net Assets: | ||||||||||||||||||||||||||
Beginning of period | 4,876,615 | 4,947,322 | 4,497,857 | 2,219,947,764 | 2,701,627,548 | 2,403,786,010 | ||||||||||||||||||||
End of period* | $ | 4,532,940 | $ | 4,876,615 | $ | 4,947,322 | $ | 1,782,337,872 | $ | 2,219,947,764 | $ | 2,701,627,548 | ||||||||||||||
* Including undistributed (dividends in excess of) net investment income of: | $ | (53,630 | ) | $ | 134,161 | $ | 94,771 | $ | (874,799 | ) | $ | 2,879,517 | $ | 12,633,367 |
† | Fiscal year end changed from November 30th to September 30th. |
†† | Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d) in the Notes to Financial Statements. |
** | Commencement of operations. |
208 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Emerging Markets Consumer | AllianzGI Emerging Markets Debt | AllianzGI Emerging Markets Small-Cap | ||||||||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from through | Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Period from 9/15/2014** through 11/30/2014 | Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014** through 9/30/2015† | ||||||||||||||||||||||||||
$ | 57,192 | $ | 117,974 | $ | 697,347 | $ | 1,043,972 | $ | 243,119 | $ | (1,388 | ) | $ | 80,778 | ||||||||||||||||||
(1,648,919 | ) | (1,312,395 | ) | (410,847 | ) | (935,923 | ) | (243,113 | ) | (893,569 | ) | (256,024 | ) | |||||||||||||||||||
2,623,608 | (1,492,165 | ) | 1,360,731 | (1,857,787 | ) | (146,982 | ) | 1,081,826 | (670,102 | ) | ||||||||||||||||||||||
| 1,031,881 | | (2,686,586 | ) | 1,647,231 | (1,749,738 | ) | (146,976 | ) | 186,869 | (845,348 | ) | ||||||||||||||||||||
(183 | ) | — | (1,093 | ) | (361 | ) | — | (9,645 | ) | (1 | ) | |||||||||||||||||||||
— | — | (439 | ) | (284 | ) | — | — | — | ||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||||
— | — | (222 | ) | (376 | ) | — | — | — | ||||||||||||||||||||||||
(103,157 | ) | — | (751,574 | ) | (1,171,645 | ) | — | (79,256 | ) | (768 | ) | |||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||||
(103,340 | ) | — | (753,328 | ) | (1,172,666 | ) | — | (88,901 | ) | (769 | ) | |||||||||||||||||||||
19,923,738 | 19,075,984 | 12,747,126 | 456,358 | 3,000 | 1,581,239 | 6,473,808 | ||||||||||||||||||||||||||
87,870 | — | 753,328 | 1,172,666 | — | 88,901 | 769 | ||||||||||||||||||||||||||
(1,826,856 | ) | (3,771,216 | ) | (274,076 | ) | (7,372 | ) | — | (1,796,500 | ) | (96,295 | ) | ||||||||||||||||||||
| 18,184,752 |
| 15,304,768 | 13,226,378 | 1,621,652 | 3,000 | (126,360 | ) | 6,378,282 | |||||||||||||||||||||||
19,113,293 | 12,618,182 | 14,120,281 | (1,300,752 | ) | (143,976 | ) | (28,392 | ) | 5,532,165 | |||||||||||||||||||||||
15,628,182 | 3,010,000 | 28,585,272 | 29,886,024 | 30,030,000 | 8,542,165 | 3,010,000 | ||||||||||||||||||||||||||
$ | 34,741,475 | $ | 15,628,182 | $ | 42,705,553 | $ | 28,585,272 | $ | 29,886,024 | $ | 8,513,773 | $ | 8,542,165 | |||||||||||||||||||
$ | 57,070 |
| $ | 103,218 | $ | (143,932 | ) | $ | (87,951 | ) | $ | 179,457 | $ | (15,649 | ) | $ | 74,640 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 209 |
Table of Contents
Statements of Changes in Net Assets (cont’d)
AllianzGI Europe Equity Dividend | AllianzGI Global Fundamental Strategy | |||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 2/2/2015** through 9/30/2015† | Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | ||||||||||||||||||||
Increase (Decrease) in Net Assets from: | ||||||||||||||||||||||||
Investment Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 41,522 | $ | 82,267 | $ | 125,808 | $ | 321,851 | $ | 423,304 | ||||||||||||||
Net realized gain (loss) | (9,577 | ) | (119,286 | ) | (98,043 | ) | 563,862 | 186,964 | ||||||||||||||||
Net change in unrealized appreciation/depreciation | 146,150 | (266,484 | ) | 818,710 | (1,807,042 | ) | 421,354 | |||||||||||||||||
Net increase (decrease) in net assets resulting from investment operations | 178,095 | (303,503 | ) | 846,475 | (921,329 | ) | 1,031,622 | |||||||||||||||||
Dividends and Distributions to Shareholders from: | ||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||
Class A | (341 | ) | — | (7,081 | ) | (573 | ) | (78 | ) | |||||||||||||||
Class C | (114 | ) | — | (299 | ) | (267 | ) | (40 | ) | |||||||||||||||
Class D†† | — | — | — | (1 | ) | (78 | ) | |||||||||||||||||
Class R | — | — | — | — | — | |||||||||||||||||||
Class P | (102 | ) | — | (398 | ) | (363 | ) | (86 | ) | |||||||||||||||
Institutional Class | (37,572 | ) | — | (752,175 | ) | (766,540 | ) | (183,029 | ) | |||||||||||||||
Administrative Class | — | — | — | — | — | |||||||||||||||||||
Net realized capital gains: | ||||||||||||||||||||||||
Class A | — | — | (1,029 | ) | — | (42 | ) | |||||||||||||||||
Class C | — | — | (61 | ) | — | (42 | ) | |||||||||||||||||
Class D†† | — | — | — | — | (45 | ) | ||||||||||||||||||
Class R | — | — | — | — | — | |||||||||||||||||||
Class P | — | — | (62 | ) | — | (42 | ) | |||||||||||||||||
Institutional Class | — | — | (115,372 | ) | — | (83,961 | ) | |||||||||||||||||
Administrative Class | — | — | — | — | — | |||||||||||||||||||
Total dividends and distributions to shareholders | (38,129 | ) | — | (876,477 | ) | (767,744 | ) | (267,443 | ) | |||||||||||||||
Fund Share Transactions: | ||||||||||||||||||||||||
Net proceeds from the sale of shares | 569,415 | 386,039 | 200,431 | 311,957 | 2,628,459 | |||||||||||||||||||
Issued in reinvestment of dividends and distributions | 38,129 | — | 876,464 | 767,744 | 267,443 | |||||||||||||||||||
Cost of shares redeemed | (90,830 | ) | (155,506 | ) | (397,662 | ) | (2,078,613 | ) | (2,175,508 | ) | ||||||||||||||
Net increase (decrease) from Fund share transactions | 516,714 | 230,533 | 679,233 | (998,912 | ) | 720,394 | ||||||||||||||||||
Total increase (decrease) in net assets | 656,680 | (72,970 | ) | 649,231 | (2,687,985 | ) | 1,484,573 | |||||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 2,957,030 | 3,030,000 | 19,518,978 | 22,206,963 | 20,722,390 | |||||||||||||||||||
End of period* | $ | 3,613,710 | $ | 2,957,030 | $ | 20,168,209 | $ | 19,518,978 | $ | 22,206,963 | ||||||||||||||
* Including undistributed (dividends in excess of) net investment income of: | $ | (8,857 | ) | $ | (12,250 | ) | $ | (134,050 | ) | $ | 500,095 | $ | 619,357 |
† | Fiscal year end changed from November 30th to September 30th. |
†† | Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d) in the Notes to Financial Statements. |
** | Commencement of operations. |
210 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Global Sustainability | AllianzGI Global Water | AllianzGI High Yield Bond | ||||||||||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 12/9/2014** through 9/30/2015† | Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | |||||||||||||||||||||||||||
$ | 77,117 | $ | 32,350 | $ | (536,019 | ) | $ | 1,447,811 | $ | 1,281,291 | $ | 9,918,406 | $ | 19,590,063 | $ | 26,751,720 | ||||||||||||||||||
2,993 | (22,849 | ) | (5,926,422 | ) | 3,747,638 | 12,071,081 | (19,217,096 | ) | (2,282,069 | ) | (2,594,450 | ) | ||||||||||||||||||||||
256,354 | (190,016 | ) | 45,345,448 | (25,312,123 | ) | (9,066,116 | ) | 6,564,883 | (33,120,144 | ) | (13,254,415 | ) | ||||||||||||||||||||||
336,464 | (180,515 | ) | 38,883,007 | (20,116,674 | ) | 4,286,256 | (2,733,807 | ) | (15,812,150 | ) | 10,902,855 | |||||||||||||||||||||||
(863 | ) | — | (360,797 | ) | (320,545 | ) | (269,464 | ) | (1,835,493 | ) | (1,946,832 | ) | (4,652,555 | ) | ||||||||||||||||||||
— | — | (61 | ) | (62 | ) | (44 | ) | (461,133 | ) | (938,411 | ) | (1,492,477 | ) | |||||||||||||||||||||
— | — | — | (58,561 | ) | (27,063 | ) | (179,229 | ) | (1,924,764 | ) | (4,685,232 | ) | ||||||||||||||||||||||
— | — | — | — | — | (35,910 | ) | (86,636 | ) | (186,866 | ) | ||||||||||||||||||||||||
(86 | ) | — | (380,771 | ) | (617,050 | ) | (164,700 | ) | (1,949,276 | ) | (4,139,621 | ) | (5,226,144 | ) | ||||||||||||||||||||
(28,973 | ) | — | (216,258 | ) | (138,567 | ) | (175,053 | ) | (6,319,845 | ) | (10,208,443 | ) | (11,638,201 | ) | ||||||||||||||||||||
— | — | — | — | — | (68,640 | ) | (1,558,600 | ) | (2,355,230 | ) | ||||||||||||||||||||||||
— | — | (272,544 | ) | — | — | — | — | (619,224 | ) | |||||||||||||||||||||||||
— | — | (126,665 | ) | — | — | — | — | (228,112 | ) | |||||||||||||||||||||||||
— | — | — | — | — | — | — | (937,624 | ) | ||||||||||||||||||||||||||
— | — | — | — | — | — | — | (24,919 | ) | ||||||||||||||||||||||||||
— | — | (146,928 | ) | — | — | — | — | (667,219 | ) | |||||||||||||||||||||||||
— | — | (61,596 | ) | — | — | — | — | (1,221,439 | ) | |||||||||||||||||||||||||
— | — | — | — | — | — | — | (287,135 | ) | ||||||||||||||||||||||||||
(29,922 | ) | — | (1,565,620 | ) | (1,134,785 | ) | (636,324 | ) | (10,849,526 | ) | (20,803,307 | ) | (34,222,377 | ) | ||||||||||||||||||||
17,273,301 | 58,034 | 106,284,918 | 104,509,559 | 183,509,079 | 124,159,360 | 216,238,485 | 261,023,783 | |||||||||||||||||||||||||||
29,922 | — | 1,105,269 | 720,606 | 446,287 | 10,290,171 | 19,571,812 | 28,415,730 | |||||||||||||||||||||||||||
— | — | (81,645,980 | ) | (87,816,493 | ) | (85,247,989 | ) | (135,631,130 | ) | (259,914,958 | ) | (343,171,573 | ) | |||||||||||||||||||||
17,303,223 | 58,034 | 25,744,207 | 17,413,672 | 98,707,377 | (1,181,599 | ) | (24,104,661 | ) | (53,732,060 | ) | ||||||||||||||||||||||||
17,609,765 | (122,481 | ) | 63,061,594 | (3,837,787 | ) | 102,357,309 | (14,764,932 | ) | (60,720,118 | ) | (77,051,582 | ) | ||||||||||||||||||||||
2,897,519 | 3,020,000 | 343,039,104 | 346,876,891 | 244,519,582 | 324,278,903 | 384,999,021 | 462,050,603 | |||||||||||||||||||||||||||
$ | 20,507,284 | $ | 2,897,519 | $ | 406,100,698 | $ | 343,039,104 | $ | 346,876,891 | $ | 309,513,971 | $ | 324,278,903 | $ | 384,999,021 | |||||||||||||||||||
$ | 74,081 | $ | 26,886 | $ | (540,471 | ) | $ | 953,435 | $ | 1,031,226 | $ | (2,874,584 | ) | $ | (1,943,464 | ) | $ | (1,910,964 | ) |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 211 |
Table of Contents
Statements of Changes in Net Assets (cont’d)
AllianzGI International Growth | AllianzGI International Small-Cap | |||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 2/2/2015** through 9/30/2015† | Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | ||||||||||||||||||||
Increase (Decrease) in Net Assets from: | ||||||||||||||||||||||||
Investment Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 4,014 | $ | 28,303 | $ | (265,894 | ) | $ | 853,229 | $ | 486,533 | |||||||||||||
Net realized gain (loss) | (35,783 | ) | (18,488 | ) | (5,377,287 | ) | 4,467,652 | 8,929,778 | ||||||||||||||||
Net change in unrealized appreciation/depreciation | 274,275 | (184,521 | ) | 5,073,093 | 754,622 | (14,951,435 | ) | |||||||||||||||||
Net increase (decrease) in net assets resulting from investment operations | 242,506 | (174,706 | ) | (570,088 | ) | 6,075,503 | (5,535,124 | ) | ||||||||||||||||
Dividends and Distributions to Shareholders from: | ||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||
Class A | (382 | ) | — | (149,275 | ) | (31,058 | ) | (76,677 | ) | |||||||||||||||
Class C | — | — | (19,686 | ) | (2,507 | ) | (7,882 | ) | ||||||||||||||||
Class D†† | — | — | — | (7,276 | ) | (24,442 | ) | |||||||||||||||||
Class R | — | — | (591 | ) | (143 | ) | (1,445 | ) | ||||||||||||||||
Class P | — | — | (234,787 | ) | (80,089 | ) | (413,514 | ) | ||||||||||||||||
Institutional Class | (20,891 | ) | — | (354,831 | ) | (111,313 | ) | (712,548 | ) | |||||||||||||||
Administrative Class# | — | — | — | — | (143 | ) | ||||||||||||||||||
Net realized capital gains: | ||||||||||||||||||||||||
Class A | — | — | (727,377 | ) | (527,948 | ) | (401,037 | ) | ||||||||||||||||
Class C | — | — | (140,483 | ) | (108,272 | ) | (67,871 | ) | ||||||||||||||||
Class D†† | — | — | — | (144,512 | ) | (43,636 | ) | |||||||||||||||||
Class R | — | — | (4,705 | ) | (7,377 | ) | (3,246 | ) | ||||||||||||||||
Class P | — | — | (1,616,911 | ) | (2,809,567 | ) | (2,839,970 | ) | ||||||||||||||||
Institutional Class | — | — | (2,670,300 | ) | (5,583,444 | ) | (5,781,334 | ) | ||||||||||||||||
Administrative Class# | — | — | — | — | (1,090 | ) | ||||||||||||||||||
Total dividends and distributions to shareholders | (21,273 | ) | — | (5,918,946 | ) | (9,413,506 | ) | (10,374,835 | ) | |||||||||||||||
Fund Share Transactions: | ||||||||||||||||||||||||
Net proceeds from the sale of shares | 49,286 | 88,933 | 40,269,908 | 59,575,114 | 31,565,843 | |||||||||||||||||||
Issued in reinvestment of dividends and distributions | 21,273 | — | 5,547,080 | 8,914,472 | 9,979,963 | |||||||||||||||||||
Cost of shares redeemed | (9,993 | ) | (39,570 | ) | (47,393,747 | ) | (44,174,120 | ) | (45,162,105 | ) | ||||||||||||||
Net increase (decrease) from Fund share transactions | 60,566 | 49,363 | (1,576,759 | ) | 24,315,466 | (3,616,299 | ) | |||||||||||||||||
Total increase (decrease) in net assets | 281,799 | (125,343 | ) | (8,065,793 | ) | 20,977,463 | (19,526,258 | ) | ||||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 2,884,657 | 3,010,000 | 112,553,177 | 91,575,714 | 111,101,972 | |||||||||||||||||||
End of period* | $ | 3,166,456 | $ | 2,884,657 | $ | 104,487,384 | $ | 112,553,177 | $ | 91,575,714 | ||||||||||||||
* Including undistributed (dividends in excess of) net investment income of: | $ | 3,835 | $ | 21,094 | $ | (267,299 | ) | $ | 757,765 | $ | 228,162 |
# | AllianzGI International Small-Cap liquidated its Administrative Class on May 21, 2014. |
† | Fiscal year end changed from November 30th to September 30th. |
†† | Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d) in the Notes to Financial Statements. |
** | Commencement of operations. |
212 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Micro Cap | AllianzGI Multi-Asset Real Return | AllianzGI NFJ Emerging Markets Value | ||||||||||||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | ||||||||||||||||||||||||||||
$ | (254,255 | ) | $ | (466,944 | ) | $ | (529,827 | ) | $ | 29,784 | $ | 56,385 | $ | 74,280 | $ | 44,947 | $ | 311,728 | $ | 270,969 | ||||||||||||||||
(1,443,741 | ) | 4,984,983 | 5,318,065 | (278,180 | ) | (85,771 | ) | (53,943 | ) | (1,204,394 | ) | (475,562 | ) | 325,266 | ||||||||||||||||||||||
(129,408 | ) | (5,117,646 | ) | (5,003,191 | ) | 259,341 | (610,765 | ) | (116,868 | ) | 1,507,481 | (1,266,649 | ) | (247,980 | ) | |||||||||||||||||||||
| (1,827,404 | ) | (599,607 | ) | (214,953 | ) | 10,945 | (640,151 | ) | (96,531 | ) | 348,034 | (1,430,483 | ) | 348,255 | |||||||||||||||||||||
— | — | — | (2,941 | ) | (1,726 | ) | (677 | ) | (15,872 | ) | (6,189 | ) | (1,302 | ) | ||||||||||||||||||||||
— | — | — | (800 | ) | (703 | ) | (1,050 | ) | (921 | ) | (2,865 | ) | (619 | ) | ||||||||||||||||||||||
— | — | — | — | (237 | ) | (136 | ) | — | (55,685 | ) | (27,988 | ) | ||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
— | — | — | (201 | ) | (113 | ) | (152 | ) | (614 | ) | (437 | ) | (251 | ) | ||||||||||||||||||||||
— | — | — | (64,521 | ) | (75,299 | ) | (88,246 | ) | (108,800 | ) | (330,808 | ) | (171,834 | ) | ||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
(697,207 | ) | (401,198 | ) | (99,298 | ) | — | — | (350 | ) | — | (1,687 | ) | — | |||||||||||||||||||||||
— | — | — | — | — | (473 | ) | — | (1,066 | ) | — | ||||||||||||||||||||||||||
— | — | — | — | — | (111 | ) | — | (22,617 | ) | — | ||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
(133,274 | ) | (131,124 | ) | (121,008 | ) | — | — | (53 | ) | — | (162 | ) | — | |||||||||||||||||||||||
(1,893,315 | ) | (2,778,216 | ) | (2,458,693 | ) | — | — | (29,343 | ) | — | (119,439 | ) | — | |||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
(2,723,796 | ) | (3,310,538 | ) | (2,678,999 | ) | (68,463 | ) | (78,078 | ) | (120,591 | ) | (126,207 | ) | (540,955 | ) | (201,994 | ) | |||||||||||||||||||
5,834,792 | 28,458,285 | 16,002,865 | 282,879 | 295,620 | 1,227,771 | 2,208,407 | 2,342,905 | 2,873,339 | ||||||||||||||||||||||||||||
2,718,463 | 3,304,682 | 2,674,893 | 68,463 | 78,078 | 120,591 | 126,207 | 540,955 | 201,994 | ||||||||||||||||||||||||||||
(20,448,129 | ) | (15,456,222 | ) | (21,006,118 | ) | (1,471,163 | ) | (1,444,739 | ) | (108,911 | ) | (2,472,789 | ) | (2,483,274 | ) | (1,256,884 | ) | |||||||||||||||||||
(11,894,874 | ) | 16,306,745 | (2,328,360 | ) | (1,119,821 | ) | (1,071,041 | ) | 1,239,451 | (138,175 | ) | 400,586 | 1,818,449 | |||||||||||||||||||||||
(16,446,074 | ) | 12,396,600 | (5,222,312 | ) | (1,177,339 | ) | (1,789,270 | ) | 1,022,329 | 83,652 | (1,570,852 | ) | 1,964,710 | |||||||||||||||||||||||
52,143,887 | 39,747,287 | 44,969,599 | 4,534,326 | 6,323,596 | 5,301,267 | 8,004,607 | 9,575,459 | 7,610,749 | ||||||||||||||||||||||||||||
$ | 35,697,813 | $ | 52,143,887 | $ | 39,747,287 | $ | 3,356,987 | $ | 4,534,326 | $ | 6,323,596 | $ | 8,088,259 | $ | 8,004,607 | $ | 9,575,459 | |||||||||||||||||||
$ | (676,284 | ) | $ | (422,029 | ) | $ | (482,297 | ) | $ | 13,936 | $ | 52,615 | $ | 64,932 | $ | 11,803 | $ | 93,063 | $ | 168,872 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 213 |
Table of Contents
Statements of Changes in Net Assets (cont’d)
AllianzGI NFJ Global Dividend Value | AllianzGI NFJ International Small-Cap Value | |||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | |||||||||||||||||||||
Increase (Decrease) in Net Assets from: | ||||||||||||||||||||||||||
Investment Operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | 223,387 | $ | 950,809 | $ | 2,181,257 | $ | 86,063 | $ | 369,061 | $ | 414,397 | ||||||||||||||
Net realized gain (loss) | (1,834,893 | ) | 2,010,027 | 4,043,646 | (586,788 | ) | 366,594 | 1,461,108 | ||||||||||||||||||
Net change in unrealized appreciation/depreciation | 2,354,905 | (8,005,972 | ) | (2,887,427 | ) | 952,286 | (1,489,020 | ) | (1,033,876 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from investment operations | 743,399 | (5,045,136 | ) | 3,337,476 | 451,561 | (753,365 | ) | 841,629 | ||||||||||||||||||
Dividends and Distributions to Shareholders from: | ||||||||||||||||||||||||||
Net investment income: | ||||||||||||||||||||||||||
Class A | (73,921 | ) | (365,905 | ) | (289,279 | ) | (161,276 | ) | (77,148 | ) | (28,563 | ) | ||||||||||||||
Class C | (137,015 | ) | (134,953 | ) | (106,170 | ) | (37,634 | ) | (32,806 | ) | (13,235 | ) | ||||||||||||||
Class D†† | — | (87,453 | ) | (22,598 | ) | — | (43,395 | ) | (8,011 | ) | ||||||||||||||||
Class P | (28,877 | ) | (51,415 | ) | (50,720 | ) | (2,868 | ) | (1,235 | ) | (134 | ) | ||||||||||||||
Institutional Class | (177,649 | ) | (874,763 | ) | (1,494,313 | ) | (164,431 | ) | (320,408 | ) | (198,102 | ) | ||||||||||||||
Class R6 | — | — | — | (479 | ) | — | — | |||||||||||||||||||
Net realized capital gains: | ||||||||||||||||||||||||||
Class A | (575,075 | ) | (894,483 | ) | (524,358 | ) | (91,565 | ) | (232,125 | ) | (49,292 | ) | ||||||||||||||
Class C | (543,193 | ) | (440,737 | ) | (278,781 | ) | (26,789 | ) | (114,145 | ) | (14,329 | ) | ||||||||||||||
Class D†† | — | (212,384 | ) | (37,086 | ) | — | (125,827 | ) | (20,783 | ) | ||||||||||||||||
Class P | (113,118 | ) | (126,876 | ) | (87,797 | ) | (1,001 | ) | (3,324 | ) | (325 | ) | ||||||||||||||
Institutional Class | (1,026,877 | ) | (2,273,312 | ) | (2,562,825 | ) | (116,929 | ) | (1,014,968 | ) | (277,871 | ) | ||||||||||||||
Class R6 | — | — | — | (205 | ) | — | — | |||||||||||||||||||
Total dividends and distributions to shareholders | (2,675,725 | ) | (5,462,281 | ) | (5,453,927 | ) | (603,177 | ) | (1,965,381 | ) | (610,645 | ) | ||||||||||||||
Fund Share Transactions: | ||||||||||||||||||||||||||
Net proceeds from the sale of shares | 3,224,018 | 9,945,395 | 23,212,818 | 7,957,818 | 10,841,826 | 11,637,433 | ||||||||||||||||||||
Issued in reinvestment of dividends and distributions | 2,578,663 | 4,660,503 | 4,954,544 | 600,371 | 1,961,582 | 609,584 | ||||||||||||||||||||
Cost of shares redeemed | (11,387,127 | ) | (47,936,033 | ) | (29,958,637 | ) | (8,610,071 | ) | (17,224,965 | ) | (8,626,539 | ) | ||||||||||||||
Net increase (decrease) from Fund share transactions | (5,584,446 | ) | (33,330,135 | ) | (1,791,275 | ) | (51,882 | ) | (4,421,557 | ) | 3,620,478 | |||||||||||||||
Total increase (decrease) in net assets | (7,516,772 | ) | (43,837,552 | ) | (3,907,726 | ) | (203,498 | ) | (7,140,303 | ) | 3,851,462 | |||||||||||||||
Net Assets: | ||||||||||||||||||||||||||
Beginning of period | 22,436,114 | 66,273,666 | 70,181,392 | 12,341,979 | 19,482,282 | 15,630,820 | ||||||||||||||||||||
End of period* | $ | 14,919,342 | $ | 22,436,114 | $ | 66,273,666 | $ | 12,138,481 | $ | 12,341,979 | $ | 19,482,282 | ||||||||||||||
* Including undistributed (dividends in excess of) net investment income of: | $ | 37,698 | $ | 231,773 | $ | 876,625 | $ | 78,553 | $ | 359,178 | $ | 425,244 |
† | Fiscal year end changed from November 30th to September 30th. |
†† | Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d) in the Notes to Financial Statements. |
214 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI NFJ International Value II | AllianzGI Short Duration High Income | AllianzGI Structured Return | ||||||||||||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Period ended 11/30/2014 | ||||||||||||||||||||||||||||
$ | 336,410 | $ | 994,476 | $ | 864,809 | $ | 24,038,689 | $ | 31,846,719 | $ | 28,755,543 | $ | 668,695 | $ | 482,489 | $ | (99,064 | ) | ||||||||||||||||||
(3,056,224 | ) | (1,260,616 | ) | 158,105 | (2,276,206 | ) | (2,948,957 | ) | 2,167,612 | (4,086,632 | ) | 1,970,187 | 478,651 | |||||||||||||||||||||||
3,323,873 | (5,179,444 | ) | (1,278,749 | ) | (18,079,810 | ) | (32,553,916 | ) | (14,120,813 | ) | 5,537,812 | (1,897,298 | ) | 348,559 | ||||||||||||||||||||||
| 604,059 |
| (5,445,584 | ) | (255,835 | ) | 3,682,673 | (3,656,154 | ) | 16,802,342 | 2,119,875 | 555,378 | 728,146 | |||||||||||||||||||||||
(2,932 | ) | (3,630 | ) | (2,980 | ) | (5,868,862 | ) | (6,644,056 | ) | (8,370,337 | ) | (176,625 | ) | (2 | ) | — | ||||||||||||||||||||
(2 | ) | (1,364 | ) | (1,279 | ) | (3,239,155 | ) | (3,681,430 | ) | (3,564,709 | ) | (26,324 | ) | (2 | ) | — | ||||||||||||||||||||
— | (257 | ) | (410 | ) | (118,879 | ) | (1,235,286 | ) | (1,473,888 | ) | — | (43,262 | ) | — | ||||||||||||||||||||||
(6,015 | ) | (9,024 | ) | (1,094 | ) | (10,009,289 | ) | (11,139,212 | ) | (9,035,739 | ) | (30,878 | ) | (1 | ) | — | ||||||||||||||||||||
(458,460 | ) | (900,258 | ) | (735,960 | ) | (12,641,841 | ) | (13,522,588 | ) | (10,905,778 | ) | (345,012 | ) | (34,488 | ) | — | ||||||||||||||||||||
— | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
— | (645 | ) | (2,574 | ) | — | — | — | (283,648 | ) | (99,742 | ) | (37,417 | ) | |||||||||||||||||||||||
— | (418 | ) | (1,615 | ) | — | — | — | (53,864 | ) | (5,472 | ) | (5,488 | ) | |||||||||||||||||||||||
— | (52 | ) | (448 | ) | — | — | — | — | (224,332 | ) | (69,417 | ) | ||||||||||||||||||||||||
— | (961 | ) | (452 | ) | — | — | — | (22,778 | ) | (1,435 | ) | (2,794 | ) | |||||||||||||||||||||||
— | (150,633 | ) | (154,322 | ) | — | — | — | (534,089 | ) | (596,463 | ) | (410,919 | ) | |||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
(467,409 | ) | (1,067,242 | ) | (901,134 | ) | (31,878,026 | ) | (36,222,572 | ) | (33,350,451 | ) | (1,473,218 | ) | (1,005,199 | ) | (526,035 | ) | |||||||||||||||||||
577,925 | 9,770,715 | 39,704,993 | 356,343,304 | 727,044,423 | 559,371,784 | 148,206,077 | 66,615,486 | 16,098,848 | ||||||||||||||||||||||||||||
467,409 | 1,067,242 | 901,134 | 26,881,975 | 30,097,726 | 27,490,449 | 1,472,510 | 1,003,165 | 526,035 | ||||||||||||||||||||||||||||
(832,107 | ) | (126,593 | ) | (4,406,491 | ) | (518,895,640 | ) | (409,025,620 | ) | (360,175,213 | ) | (52,986,587 | ) | (13,909,833 | ) | (3,270,567 | ) | |||||||||||||||||||
213,227 | 10,711,364 | 36,199,636 | (135,670,361 | ) | 348,116,529 | 226,687,020 | 96,692,000 | 53,708,818 | 13,354,316 | |||||||||||||||||||||||||||
349,877 | 4,198,538 | 35,042,667 | (163,865,714 | ) | 308,237,803 | 210,138,911 | 97,338,657 | 53,258,997 | 13,556,427 | |||||||||||||||||||||||||||
43,559,426 | 39,360,888 | 4,318,221 | 1,070,917,894 | 762,680,091 | 552,541,180 | 76,861,561 | 23,602,564 | 10,046,137 | ||||||||||||||||||||||||||||
$ | 43,909,303 | $ | 43,559,426 | $ | 39,360,888 | $ | 907,052,180 | $ | 1,070,917,894 | $ | 762,680,091 | $ | 174,200,218 | $ | 76,861,561 | $ | 23,602,564 | |||||||||||||||||||
$ | 109,202 |
| $ | 240,201 | $ | 184,108 | $ | (10,919,651 | ) | $ | (3,080,314 | ) | $ | (2,799,819 | ) | $ | 492,876 | $ | 403,020 | $ | — |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 215 |
Table of Contents
Statements of Changes in Net Assets (cont’d)
AllianzGI U.S. Equity Hedged | ||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | ||||||||||||
Increase (Decrease) in Net Assets from: | ||||||||||||||
Investment Operations: | ||||||||||||||
Net investment income (loss) | $ | 28,381 | $ | 159,660 | $ | 91,071 | ||||||||
Net realized gain (loss) | (879,991 | ) | 2,284,545 | (425,013 | ) | |||||||||
Net change in unrealized appreciation/depreciation | 928,871 | (3,303,265 | ) | 1,330,644 | ||||||||||
Net increase (decrease) in net assets resulting from investment operations | 77,261 | (859,060 | ) | 996,702 | ||||||||||
Dividends and Distributions to Shareholders from: | ||||||||||||||
Net investment income: | ||||||||||||||
Class A | (16,120 | ) | (1,746 | ) | (13,056 | ) | ||||||||
Class C | (6,391 | ) | (1 | ) | (1,801 | ) | ||||||||
Class D†† | — | (11,090 | ) | (1,167 | ) | |||||||||
Class P | (313 | ) | (39 | ) | (47 | ) | ||||||||
Institutional Class | (138,687 | ) | (89,019 | ) | (36,196 | ) | ||||||||
Net realized capital gains: | ||||||||||||||
Class A | — | (78,135 | ) | (80,061 | ) | |||||||||
Class C | — | (12,412 | ) | (9,450 | ) | |||||||||
Class D†† | — | (51,469 | ) | (15,115 | ) | |||||||||
Class R | — | — | — | |||||||||||
Class P | — | (698 | ) | (638 | ) | |||||||||
Institutional Class | — | (731,421 | ) | (562,186 | ) | |||||||||
Total dividends and distributions to shareholders | (161,511 | ) | (976,030 | ) | (719,717 | ) | ||||||||
Fund Share Transactions: | ||||||||||||||
Net proceeds from the sale of shares | 823,080 | 2,184,979 | 8,217,176 | |||||||||||
Issued in reinvestment of dividends and distributions | 161,511 | 976,030 | 719,717 | |||||||||||
Cost of shares redeemed | (7,871,619 | ) | (2,255,802 | ) | (871,008 | ) | ||||||||
Net increase (decrease) from Fund share transactions | (6,887,028 | ) | 905,207 | 8,065,885 | ||||||||||
Total increase (decrease) in net assets | (6,971,278 | ) | (929,883 | ) | 8,342,870 | |||||||||
Net Assets: | ||||||||||||||
Beginning of period | 14,623,023 | 15,552,906 | 7,210,036 | |||||||||||
End of period* | $ | 7,651,745 | $ | 14,623,023 | $ | 15,552,906 | ||||||||
* Including undistributed (dividends in excess of) net investment income of: | $ | 28,181 | $ | 161,311 | $ | 91,204 |
† | Fiscal year end changed from November 30th to September 30th. |
†† | Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d) in the Notes to Financial Statements. |
216 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI U.S. Small-Cap Growth | AllianzGI Ultra Micro Cap | |||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | |||||||||||||||||||
$ | (81,160 | ) | $ | (227,857 | ) | $ | (297,538 | ) | $ | (622,352 | ) | $ | (1,436,913 | ) | $ | (2,310,720 | ) | |||||||
(532,724 | ) | 1,992,195 | 3,004,047 | 1,098,423 | 6,875,774 | (290,346 | ) | |||||||||||||||||
(639,356 | ) | (5,318,293 | ) | (2,125,589 | ) | (4,997,693 | ) | (8,942,552 | ) | (1,655,282 | ) | |||||||||||||
(1,253,240 | ) | (3,553,955 | ) | 580,920 | (4,521,622 | ) | (3,503,691 | ) | (4,256,348 | ) | ||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
(253,462 | ) | (284,924 | ) | (497,317 | ) | (3,400,965 | ) | (459,304 | ) | (280,502 | ) | |||||||||||||
(48,431 | ) | (61,355 | ) | (62,072 | ) | — | — | — | ||||||||||||||||
— | (10,288 | ) | (7,759 | ) | — | — | — | |||||||||||||||||
(1,567 | ) | (2,525 | ) | (2,639 | ) | — | — | — | ||||||||||||||||
(22,583 | ) | (18,156 | ) | (12,307 | ) | (652,144 | ) | (88,470 | ) | (11,847 | ) | |||||||||||||
(1,846,506 | ) | (2,837,538 | ) | (2,798,232 | ) | (3,098,107 | ) | (428,047 | ) | (259,818 | ) | |||||||||||||
(2,172,549 | ) | (3,214,786 | ) | (3,380,326 | ) | (7,151,216 | ) | (975,821 | ) | (552,167 | ) | |||||||||||||
3,629,453 | 15,682,440 | 16,713,796 | 4,021,134 | 15,895,985 | 74,836,748 | |||||||||||||||||||
1,965,824 | 2,985,629 | 2,978,885 | 7,063,080 | 951,727 | 543,201 | |||||||||||||||||||
(12,644,668 | ) | (12,668,491 | ) | (14,261,233 | ) | (30,563,654 | ) | (33,195,885 | ) | (82,317,148 | ) | |||||||||||||
(7,049,391 | ) | 5,999,578 | 5,431,448 | (19,479,440 | ) | (16,348,173 | ) | (6,937,199 | ) | |||||||||||||||
(10,475,180 | ) | (769,163 | ) | 2,632,042 | (31,152,278 | ) | (20,827,685 | ) | (11,745,714 | ) | ||||||||||||||
36,759,618 | 37,528,781 | 34,896,739 | 92,450,120 | 113,277,805 | 125,023,519 | |||||||||||||||||||
$ | 26,284,438 | $ | 36,759,618 | $ | 37,528,781 | $ | 61,297,842 | $ | 92,450,120 | $ | 113,277,805 | |||||||||||||
$ | (435,038 | ) | $ | (353,878 | ) | $ | (410,511 | ) | $ | (1,956,942 | ) | $ | (1,334,590 | ) | $ | (2,167,107 | ) |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 217 |
Table of Contents
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Income (a) | | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||
AllianzGI Retirement 2015: | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
3/31/2016+ | $ | 18.30 | $ | 0.31 | $ | 0.35 | $ | 0.66 | $ | (0.65 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 19.95 | 0.50 | (1.37 | ) | (0.87 | ) | (0.55 | ) | (0.23 | ) | ||||||||||||||||
11/30/2014 | 19.56 | 0.42 | 0.37 | 0.79 | (0.40 | ) | — | |||||||||||||||||||
11/30/2013 | 19.52 | 0.49 | 0.10 | 0.59 | (0.55 | ) | — | |||||||||||||||||||
11/30/2012 | 18.86 | 0.48 | 1.27 | 1.75 | (0.70 | ) | (0.39 | ) | ||||||||||||||||||
11/30/2011 | 19.28 | 0.38 | 0.23 | 0.61 | (0.74 | ) | (0.29 | ) | ||||||||||||||||||
11/30/2010 | 18.38 | 0.48 | 1.22 | 1.70 | (0.68 | ) | (0.12 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||
3/31/2016+ | $ | 18.13 | $ | 0.25 | $ | 0.33 | $ | 0.58 | $ | (0.51 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 19.68 | 0.39 | (1.37 | ) | (0.98 | ) | (0.34 | ) | (0.23 | ) | ||||||||||||||||
11/30/2014 | 19.23 | 0.28 | 0.36 | 0.64 | (0.19 | ) | — | |||||||||||||||||||
11/30/2013 | 19.15 | 0.38 | 0.05 | 0.43 | (0.35 | ) | — | |||||||||||||||||||
11/30/2012 | 18.53 | 0.35 | 1.24 | 1.59 | (0.58 | ) | (0.39 | ) | ||||||||||||||||||
11/30/2011 | 19.09 | 0.31 | 0.14 | 0.45 | (0.72 | ) | (0.29 | ) | ||||||||||||||||||
11/30/2010 | 18.25 | 0.36 | 1.19 | 1.55 | (0.59 | ) | (0.12 | ) | ||||||||||||||||||
Class R | ||||||||||||||||||||||||||
3/31/2016+ | $ | 18.43 | $ | 0.31 | $ | 0.31 | $ | 0.62 | $ | (0.69 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 20.05 | 0.39 | (1.32 | ) | (0.93 | ) | (0.46 | ) | (0.23 | ) | ||||||||||||||||
11/30/2014 | 19.48 | 0.36 | 0.36 | 0.72 | (0.15 | ) | — | |||||||||||||||||||
11/30/2013 | 19.50 | 0.46 | 0.05 | 0.51 | (0.53 | ) | — | |||||||||||||||||||
11/30/2012 | 18.85 | 0.19 | 1.51 | 1.70 | (0.66 | ) | (0.39 | ) | ||||||||||||||||||
11/30/2011 | 19.27 | 0.55 | — | 0.55 | (0.68 | ) | (0.29 | ) | ||||||||||||||||||
11/30/2010 | 18.35 | 0.53 | 1.13 | 1.66 | (0.62 | ) | (0.12 | ) | ||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 18.52 | $ | 0.36 | $ | 0.32 | $ | 0.68 | $ | (0.77 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 20.17 | 0.46 | (1.28 | ) | (0.82 | ) | (0.60 | ) | (0.23 | ) | ||||||||||||||||
11/30/2014 | 19.74 | 0.48 | 0.38 | 0.86 | (0.43 | ) | — | |||||||||||||||||||
11/30/2013 | 19.66 | 0.51 | 0.14 | 0.65 | (0.57 | ) | — | |||||||||||||||||||
11/30/2012 | 18.97 | 0.34 | 1.49 | 1.83 | (0.75 | ) | (0.39 | ) | ||||||||||||||||||
11/30/2011 | 19.37 | 0.65 | (0.01 | ) | 0.64 | (0.75 | ) | (0.29 | ) | |||||||||||||||||
11/30/2010 | 18.43 | 0.61 | 1.13 | 1.74 | (0.68 | ) | (0.12 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||
3/31/2016+ | $ | 18.54 | $ | 0.37 | $ | 0.33 | $ | 0.70 | $ | (0.79 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 20.20 | 0.62 | (1.44 | ) | (0.82 | ) | (0.61 | ) | (0.23 | ) | ||||||||||||||||
11/30/2014 | 19.77 | 0.50 | 0.38 | 0.88 | (0.45 | ) | — | |||||||||||||||||||
11/30/2013 | 19.68 | 0.54 | 0.12 | 0.66 | (0.57 | ) | — | |||||||||||||||||||
11/30/2012 | 18.99 | 0.54 | 1.31 | 1.85 | (0.77 | ) | (0.39 | ) | ||||||||||||||||||
11/30/2011 | 19.39 | 0.66 | — | 0.66 | (0.77 | ) | (0.29 | ) | �� | |||||||||||||||||
11/30/2010 | 18.45 | 0.61 | 1.14 | 1.75 | (0.69 | ) | (0.12 | ) | ||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 18.45 | $ | 0.34 | $ | 0.32 | $ | 0.66 | $ | (0.74 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 20.10 | 1.08 | (1.97 | ) | (0.89 | ) | (0.53 | ) | (0.23 | ) | ||||||||||||||||
11/30/2014 | 19.68 | 0.44 | 0.38 | 0.82 | (0.40 | ) | — | |||||||||||||||||||
11/30/2013 | 19.60 | 0.22 | 0.37 | 0.59 | (0.51 | ) | — | |||||||||||||||||||
11/30/2012 | 18.94 | 0.48 | 1.29 | 1.77 | (0.72 | ) | (0.39 | ) | ||||||||||||||||||
11/30/2011 | 19.34 | 0.61 | — | 0.61 | (0.72 | ) | (0.29 | ) | ||||||||||||||||||
11/30/2010 | 18.40 | 0.58 | 1.14 | 1.72 | (0.66 | ) | (0.12 | ) |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
218 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c) | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c) | Ratio of Net Investment Income to Average Net Assets (c) | Portfolio Turnover Rate | |||||||||||||||||||||||||
$ | (0.65 | ) | $ | 18.31 | 3.65 | % | $ | 6,198 | 0.47 | %(d) | 0.60 | %(d) | 3.32 | %(d) | 75 | % | ||||||||||||||||
(0.78 | ) | 18.30 | (4.52 | ) | 9,498 | 0.47 | (d)(e) | 0.62 | (d)(e) | 3.13 | (d)(e) | 168 | ||||||||||||||||||||
(0.40 | ) | 19.95 | 4.14 | 12,398 | 0.41 | 0.60 | 2.15 | 114 | ||||||||||||||||||||||||
(0.55 | ) | 19.56 | 3.10 | 4,900 | 0.40 | 0.60 | 2.55 | 94 | ||||||||||||||||||||||||
(1.09 | ) | 19.52 | 9.88 | 1,798 | 0.40 | 0.60 | 2.57 | 70 | ||||||||||||||||||||||||
(1.03 | ) | 18.86 | 3.27 | 1,564 | 0.47 | 2.06 | 2.03 | 108 | ||||||||||||||||||||||||
(0.80 | ) | 19.28 | 9.67 | 229 | 0.50 | 5.47 | 2.62 | 24 | ||||||||||||||||||||||||
$ | (0.51 | ) | $ | 18.20 | 3.27 | % | $ | 669 | 1.22 | %(d) | 1.35 | %(d) | 2.78 | %(d) | 75 | % | ||||||||||||||||
(0.57 | ) | 18.13 | (5.12 | ) | 708 | 1.22 | (d)(e) | 1.37 | (d)(e) | 2.46 | (d)(e) | 168 | ||||||||||||||||||||
(0.19 | ) | 19.68 | 3.37 | 1,096 | 1.16 | 1.35 | 1.43 | 114 | ||||||||||||||||||||||||
(0.35 | ) | 19.23 | 2.29 | 1,445 | 1.15 | 1.35 | 2.01 | 94 | ||||||||||||||||||||||||
(0.97 | ) | 19.15 | 9.08 | 2,049 | 1.15 | 1.35 | 1.91 | 70 | ||||||||||||||||||||||||
(1.01 | ) | 18.53 | 2.44 | 2,347 | 1.22 | 2.66 | 1.65 | 108 | ||||||||||||||||||||||||
(0.71 | ) | 19.09 | 8.88 | 305 | 1.25 | 7.23 | 1.99 | 24 | ||||||||||||||||||||||||
$ | (0.69 | ) | $ | 18.36 | 3.45 | % | $ | 240 | 0.82 | %(d) | 0.85 | %(d) | 3.37 | %(d) | 75 | % | ||||||||||||||||
(0.69 | ) | 18.43 | (4.78 | ) | 226 | 0.82 | (d)(e) | 0.88 | (d)(e) | 2.42 | (d)(e) | 168 | ||||||||||||||||||||
(0.15 | ) | 20.05 | 3.75 | 206 | 0.76 | 0.85 | 1.79 | 114 | ||||||||||||||||||||||||
(0.53 | ) | 19.48 | 2.71 | 227 | 0.75 | 0.85 | 2.39 | 94 | ||||||||||||||||||||||||
(1.05 | ) | 19.50 | 9.50 | 469 | 0.75 | 0.85 | 1.01 | 70 | ||||||||||||||||||||||||
(0.97 | ) | 18.85 | 2.94 | 14 | 0.75 | 2.46 | 2.91 | 108 | ||||||||||||||||||||||||
(0.74 | ) | 19.27 | 9.43 | 13 | 0.75 | 5.77 | 2.87 | 24 | ||||||||||||||||||||||||
$ | (0.77 | ) | $ | 18.43 | 3.75 | % | $ | 9,838 | 0.17 | %(d) | 0.20 | %(d) | 3.90 | %(d) | 75 | % | ||||||||||||||||
(0.83 | ) | 18.52 | (4.22 | ) | 10,267 | 0.17 | (d)(e) | 0.23 | (d)(e) | 2.86 | (d)(e) | 168 | ||||||||||||||||||||
(0.43 | ) | 20.17 | 4.43 | 3,720 | 0.11 | 0.20 | 2.43 | 114 | ||||||||||||||||||||||||
(0.57 | ) | 19.74 | 3.39 | 3,925 | 0.10 | 0.20 | 2.65 | 94 | ||||||||||||||||||||||||
(1.14 | ) | 19.66 | 10.27 | 3,845 | 0.10 | 0.20 | 1.78 | 70 | ||||||||||||||||||||||||
(1.04 | ) | 18.97 | 3.44 | 14 | 0.25 | 2.00 | 3.41 | 108 | ||||||||||||||||||||||||
(0.80 | ) | 19.37 | 9.88 | 14 | 0.30 | 5.38 | 3.32 | 24 | ||||||||||||||||||||||||
$ | (0.79 | ) | $ | 18.45 | 3.86 | % | $ | 9,044 | 0.07 | %(d) | 0.10 | %(d) | 4.04 | %(d) | 75 | % | ||||||||||||||||
(0.84 | ) | 18.54 | (4.18 | ) | 9,545 | 0.06 | (d)(e) | 0.12 | (d)(e) | 3.84 | (d)(e) | 168 | ||||||||||||||||||||
(0.45 | ) | 20.20 | 4.53 | 13,577 | 0.01 | 0.10 | 2.49 | 114 | ||||||||||||||||||||||||
(0.57 | ) | 19.77 | 3.52 | 7,675 | — | 0.12 | 2.77 | 94 | ||||||||||||||||||||||||
(1.16 | ) | 19.68 | 10.31 | 8,243 | — | 0.15 | 2.84 | 70 | ||||||||||||||||||||||||
(1.06 | ) | 18.99 | 3.53 | 5,885 | 0.15 | 1.90 | 3.48 | 108 | ||||||||||||||||||||||||
(0.81 | ) | 19.39 | 10.02 | 5,553 | 0.20 | 5.26 | 3.32 | 24 | ||||||||||||||||||||||||
$ | (0.74 | ) | $ | 18.37 | 3.65 | % | $ | 850 | 0.42 | %(d) | 0.45 | %(d) | 3.68 | %(d) | 75 | % | ||||||||||||||||
(0.76 | ) | 18.45 | (4.55 | ) | 748 | 0.40(d | )(e) | 0.46 | (d)(e) | 6.62 | (d)(e) | 168 | ||||||||||||||||||||
(0.40 | ) | 20.10 | 4.23 | 3,190 | 0.36 | 0.45 | 2.21 | 114 | ||||||||||||||||||||||||
(0.51 | ) | 19.68 | 3.08 | 3,646 | 0.35 | 0.45 | 1.13 | 94 | ||||||||||||||||||||||||
(1.11 | ) | 19.60 | 9.97 | 15 | 0.35 | 0.45 | 2.57 | 70 | ||||||||||||||||||||||||
(1.01 | ) | 18.94 | 3.23 | 14 | 0.42 | 2.17 | 3.23 | 108 | ||||||||||||||||||||||||
(0.78 | ) | 19.34 | 9.75 | 13 | 0.45 | 5.54 | 3.17 | 24 |
(c) | Does not include expenses of the investment companies in which the Fund invests. |
(d) | Annualized, unless otherwise noted. |
(e) | Certain expenses incurred by the Fund were not annualized. |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 219 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Income (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||
AllianzGI Retirement 2020: | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
3/31/2016+ | $ | 18.09 | $ | 0.29 | $ | 0.35 | $ | 0.64 | $ | (0.58 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 19.72 | 0.46 | (1.45 | ) | (0.99 | ) | (0.56 | ) | (0.08 | ) | ||||||||||||||||
11/30/2014 | 19.32 | 0.41 | 0.37 | 0.78 | (0.38 | ) | — | |||||||||||||||||||
11/30/2013 | 19.15 | 0.49 | 0.21 | 0.70 | (0.48 | ) | (0.05 | ) | ||||||||||||||||||
11/30/2012 | 18.82 | 0.44 | 1.34 | 1.78 | (0.70 | ) | (0.75 | ) | ||||||||||||||||||
11/30/2011 | 19.43 | 0.49 | 0.04 | 0.53 | (0.83 | ) | (0.31 | ) | ||||||||||||||||||
11/30/2010 | 18.58 | 0.52 | 1.18 | 1.70 | (0.66 | ) | (0.19 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||
3/31/2016+ | $ | 18.02 | $ | 0.23 | $ | 0.33 | $ | 0.56 | $ | (0.45 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 19.60 | 0.36 | (1.47 | ) | (1.11 | ) | (0.39 | ) | (0.08 | ) | ||||||||||||||||
11/30/2014 | 19.16 | 0.27 | 0.35 | 0.62 | (0.18 | ) | — | |||||||||||||||||||
11/30/2013 | 18.78 | 0.31 | 0.26 | 0.57 | (0.14 | ) | (0.05 | ) | ||||||||||||||||||
11/30/2012 | 18.53 | 0.37 | 1.23 | 1.60 | (0.60 | ) | (0.75 | ) | ||||||||||||||||||
11/30/2011 | 19.21 | 0.30 | 0.09 | 0.39 | (0.76 | ) | (0.31 | ) | ||||||||||||||||||
11/30/2010 | 18.46 | 0.32 | 1.22 | 1.54 | (0.60 | ) | (0.19 | ) | ||||||||||||||||||
Class R | ||||||||||||||||||||||||||
3/31/2016+ | $ | 18.10 | $ | 0.25 | $ | 0.35 | $ | 0.60 | $ | (0.51 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 19.70 | 0.39 | (1.43 | ) | (1.04 | ) | (0.48 | ) | (0.08 | ) | ||||||||||||||||
11/30/2014 | 19.27 | 0.35 | 0.36 | 0.71 | (0.28 | ) | — | |||||||||||||||||||
11/30/2013 | 19.14 | 0.43 | 0.21 | 0.64 | (0.46 | ) | (0.05 | ) | ||||||||||||||||||
11/30/2012 | 18.81 | 0.18 | 1.54 | 1.72 | (0.64 | ) | (0.75 | ) | ||||||||||||||||||
11/30/2011 | 19.40 | 0.53 | (0.05 | ) | 0.48 | (0.76 | ) | (0.31 | ) | |||||||||||||||||
11/30/2010 | 18.55 | 0.55 | 1.09 | 1.64 | (0.60 | ) | (0.19 | ) | ||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 18.34 | $ | 0.34 | $ | 0.33 | $ | 0.67 | $ | (0.69 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 19.98 | 0.46 | (1.42 | ) | (0.96 | ) | (0.60 | ) | (0.08 | ) | ||||||||||||||||
11/30/2014 | 19.53 | 0.47 | 0.38 | 0.85 | (0.40 | ) | — | |||||||||||||||||||
11/30/2013 | 19.30 | 0.47 | 0.30 | 0.77 | (0.49 | ) | (0.05 | ) | ||||||||||||||||||
11/30/2012 | 18.94 | 0.37 | 1.47 | 1.84 | (0.73 | ) | (0.75 | ) | ||||||||||||||||||
11/30/2011 | 19.51 | 0.42 | 0.16 | 0.58 | (0.84 | ) | (0.31 | ) | ||||||||||||||||||
11/30/2010 | 18.62 | 0.64 | 1.10 | 1.74 | (0.66 | ) | (0.19 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||
3/31/2016+ | $ | 18.37 | $ | 0.35 | $ | 0.33 | $ | 0.68 | $ | (0.71 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 20.01 | 0.51 | (1.45 | ) | (0.94 | ) | (0.62 | ) | (0.08 | ) | ||||||||||||||||
11/30/2014 | 19.57 | 0.51 | 0.35 | 0.86 | (0.42 | ) | — | |||||||||||||||||||
11/30/2013 | 19.32 | 0.58 | 0.21 | 0.79 | (0.49 | ) | (0.05 | ) | ||||||||||||||||||
11/30/2012 | 18.96 | 0.55 | 1.31 | 1.86 | (0.75 | ) | (0.75 | ) | ||||||||||||||||||
11/30/2011 | 19.53 | 0.64 | (0.04 | ) | 0.60 | (0.86 | ) | (0.31 | ) | |||||||||||||||||
11/30/2010 | 18.64 | 0.64 | 1.12 | 1.76 | (0.68 | ) | (0.19 | ) | ||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 18.22 | $ | 0.31 | $ | 0.33 | $ | 0.64 | $ | (0.63 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 19.84 | 0.87 | (1.86 | ) | (0.99 | ) | (0.55 | ) | (0.08 | ) | ||||||||||||||||
11/30/2014 | 19.42 | 0.43 | 0.36 | 0.79 | (0.37 | ) | — | |||||||||||||||||||
11/30/2013 | 19.25 | 0.24 | 0.47 | 0.71 | (0.49 | ) | (0.05 | ) | ||||||||||||||||||
11/30/2012 | 18.90 | 0.51 | 1.28 | 1.79 | (0.69 | ) | (0.75 | ) | ||||||||||||||||||
11/30/2011 | 19.48 | 0.59 | (0.05 | ) | 0.54 | (0.81 | ) | (0.31 | ) | |||||||||||||||||
11/30/2010 | 18.60 | 0.61 | 1.10 | 1.71 | (0.64 | ) | (0.19 | ) |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
220 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c) | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c) | Ratio of Net Investment Income to Average Net Assets (c) | Portfolio Turnover Rate | |||||||||||||||||||||||||
$ | (0.58 | ) | $ | 18.15 | 3.57 | % | $ | 18,428 | 0.48 | %(d) | 0.60 | %(d) | 3.16 | %(d) | 72 | % | ||||||||||||||||
(0.64 | ) | 18.09 | (5.13 | ) | 30,401 | 0.47 | (d)(e) | 0.62 | (d)(e) | 2.93 | (d)(e) | 144 | ||||||||||||||||||||
(0.38 | ) | 19.72 | 4.11 | 34,624 | 0.42 | 0.60 | 2.08 | 89 | ||||||||||||||||||||||||
(0.53 | ) | 19.32 | 3.75 | 9,102 | 0.40 | 0.60 | 2.60 | 86 | ||||||||||||||||||||||||
(1.45 | ) | 19.15 | 10.23 | 985 | 0.38 | 0.60 | 2.40 | 55 | ||||||||||||||||||||||||
(1.14 | ) | 18.82 | 2.82 | 351 | 0.48 | 2.71 | 2.56 | 56 | ||||||||||||||||||||||||
(0.85 | ) | 19.43 | 9.60 | 154 | 0.53 | 6.52 | 2.79 | 23 | ||||||||||||||||||||||||
$ | (0.45 | ) | $ | 18.13 | 3.16 | % | $ | 330 | 1.23 | %(d) | 1.35 | %(d) | 2.62 | %(d) | 72 | % | ||||||||||||||||
(0.47 | ) | 18.02 | (5.72 | ) | 327 | 1.22 | (d)(e) | 1.37 | (d)(e) | 2.28 | (d)(e) | 144 | ||||||||||||||||||||
(0.18 | ) | 19.60 | 3.29 | 468 | 1.17 | 1.35 | 1.39 | 89 | ||||||||||||||||||||||||
(0.19 | ) | 19.16 | 3.02 | 438 | 1.15 | 1.35 | 1.64 | 86 | ||||||||||||||||||||||||
(1.35 | ) | 18.78 | 9.29 | 364 | 1.13 | 1.35 | 2.07 | 55 | ||||||||||||||||||||||||
(1.07 | ) | 18.53 | 2.07 | 669 | 1.23 | 3.40 | 1.61 | 56 | ||||||||||||||||||||||||
(0.79 | ) | 19.21 | 8.72 | 204 | 1.28 | 8.05 | 1.72 | 23 | ||||||||||||||||||||||||
$ | (0.51 | ) | $ | 18.19 | 3.33 | % | $ | 629 | 0.84 | %(d) | 0.85 | %(d) | 2.78 | %(d) | 72 | % | ||||||||||||||||
(0.56 | ) | 18.10 | (5.39 | ) | 1,043 | 0.82 | (d)(e) | 0.87 | (d)(e) | 2.49 | (d)(e) | 144 | ||||||||||||||||||||
(0.28 | ) | 19.70 | 3.72 | 1,008 | 0.77 | 0.85 | 1.81 | 89 | ||||||||||||||||||||||||
(0.51 | ) | 19.27 | 3.40 | 1,022 | 0.75 | 0.85 | 2.26 | 86 | ||||||||||||||||||||||||
(1.39 | ) | 19.14 | 9.84 | 938 | 0.73 | 0.85 | 0.97 | 55 | ||||||||||||||||||||||||
(1.07 | ) | 18.81 | 2.57 | 14 | 0.77 | 3.09 | 2.77 | 56 | ||||||||||||||||||||||||
(0.79 | ) | 19.40 | 9.25 | 13 | 0.78 | 6.30 | 2.99 | 23 | ||||||||||||||||||||||||
$ | (0.69 | ) | $ | 18.32 | 3.71 | % | $ | 21,946 | 0.18 | %(d) | 0.20 | %(d) | 3.71 | %(d) | 72 | % | ||||||||||||||||
(0.68 | ) | 18.34 | (4.89 | ) | 21,193 | 0.17 | (d)(e) | 0.22 | (d)(e) | 2.91 | (d)(e) | 144 | ||||||||||||||||||||
(0.40 | ) | 19.98 | 4.43 | 12,665 | 0.12 | 0.20 | 2.38 | 89 | ||||||||||||||||||||||||
(0.54 | ) | 19.53 | 4.06 | 7,643 | 0.10 | 0.20 | 2.44 | 86 | ||||||||||||||||||||||||
(1.48 | ) | 19.30 | 10.55 | 5,323 | 0.08 | 0.20 | 1.95 | 55 | ||||||||||||||||||||||||
(1.15 | ) | 18.94 | 3.07 | 42 | 0.17 | 1.39 | 2.24 | 56 | ||||||||||||||||||||||||
(0.85 | ) | 19.51 | 9.81 | 14 | 0.33 | 5.93 | 3.44 | 23 | ||||||||||||||||||||||||
$ | (0.71 | ) | $ | 18.34 | 3.78 | % | $ | 12,123 | 0.08 | %(d) | 0.10 | %(d) | 3.80 | %(d) | 72 | % | ||||||||||||||||
(0.70 | ) | 18.37 | (4.82 | ) | 11,847 | 0.07 | (d)(e) | 0.12 | (d)(e) | 3.22 | (d)(e) | 144 | ||||||||||||||||||||
(0.42 | ) | 20.01 | 4.48 | 5,574 | 0.02 | 0.10 | 2.59 | 89 | ||||||||||||||||||||||||
(0.54 | ) | 19.57 | 4.19 | 7,457 | — | 0.12 | 3.00 | 86 | ||||||||||||||||||||||||
(1.50 | ) | 19.32 | 10.62 | 7,708 | — | (f) | 0.15 | 2.98 | 55 | |||||||||||||||||||||||
(1.17 | ) | 18.96 | 3.16 | 5,157 | 0.17 | 2.51 | 3.34 | 56 | ||||||||||||||||||||||||
(0.87 | ) | 19.53 | 9.90 | 4,834 | 0.23 | 5.80 | 3.44 | 23 | ||||||||||||||||||||||||
$ | (0.63 | ) | $ | 18.23 | 3.58 | % | $ | 1,818 | 0.43 | %(d) | 0.45 | %(d) | 3.44 | %(d) | 72 | % | ||||||||||||||||
(0.63 | ) | 18.22 | (5.09 | ) | 1,747 | 0.41 | (d)(e) | 0.46 | (d)(e) | 5.41 | (d)(e) | 144 | ||||||||||||||||||||
(0.37 | ) | 19.84 | 4.15 | 7,974 | 0.37 | 0.45 | 2.19 | 89 | ||||||||||||||||||||||||
(0.54 | ) | 19.42 | 3.79 | 7,210 | 0.35 | 0.45 | 1.27 | 86 | ||||||||||||||||||||||||
(1.44 | ) | 19.25 | 10.20 | 15 | 0.33 | 0.45 | 2.73 | 55 | ||||||||||||||||||||||||
(1.12 | ) | 18.90 | 2.87 | 14 | 0.44 | 2.78 | 3.09 | 56 | ||||||||||||||||||||||||
(0.83 | ) | 19.48 | 9.63 | 14 | 0.48 | 6.08 | 3.29 | 23 |
(c) | Does not include expenses of the investment companies in which the Fund invests. |
(d) | Annualized, unless otherwise noted. |
(e) | Certain expenses incurred by the Fund were not annualized. |
(f) | See Note 6 in the Notes to Financial Statements. |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 221 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Income (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||
AllianzGI Retirement 2025: | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
3/31/2016+ | $ | 15.89 | $ | 0.25 | $ | 0.35 | $ | 0.60 | $ | (0.50 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 17.30 | 0.41 | (1.31 | ) | (0.90 | ) | (0.50 | ) | (0.01 | ) | ||||||||||||||||
11/30/2014 | 16.92 | 0.37 | 0.33 | 0.70 | (0.32 | ) | — | |||||||||||||||||||
11/30/2013 | 16.63 | 0.41 | 0.32 | 0.73 | (0.40 | ) | (0.04 | ) | ||||||||||||||||||
12/19/2011* - 11/30/2012 | 15.00 | 0.34 | 1.43 | 1.77 | (0.14 | ) | — | |||||||||||||||||||
Class R | ||||||||||||||||||||||||||
3/31/2016+ | $ | 15.83 | $ | 0.23 | $ | 0.34 | $ | 0.57 | $ | (0.44 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 17.21 | 0.34 | (1.29 | ) | (0.95 | ) | (0.42 | ) | (0.01 | ) | ||||||||||||||||
11/30/2014 | 16.84 | 0.32 | 0.32 | 0.64 | (0.27 | ) | — | |||||||||||||||||||
11/30/2013 | 16.57 | 0.48 | 0.19 | 0.67 | (0.36 | ) | (0.04 | ) | ||||||||||||||||||
12/19/2011* - 11/30/2012 | 15.00 | 0.18 | 1.53 | 1.71 | (0.14 | ) | — | |||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 16.01 | $ | 0.29 | $ | 0.34 | $ | 0.63 | $ | (0.59 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 17.43 | 0.38 | (1.24 | ) | (0.86 | ) | (0.55 | ) | (0.01 | ) | ||||||||||||||||
11/30/2014 | 17.02 | 0.40 | 0.35 | 0.75 | (0.34 | ) | — | |||||||||||||||||||
11/30/2013 | 16.67 | 0.48 | 0.31 | 0.79 | (0.40 | ) | (0.04 | ) | ||||||||||||||||||
12/19/2011* - 11/30/2012 | 15.00 | 0.38 | 1.44 | 1.82 | (0.15 | ) | — | |||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||
3/31/2016+ | $ | 16.03 | $ | 0.29 | $ | 0.34 | $ | 0.63 | $ | (0.60 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 17.45 | 0.45 | (1.30 | ) | (0.85 | ) | (0.56 | ) | (0.01 | ) | ||||||||||||||||
11/30/2014 | 17.04 | 0.44 | 0.33 | 0.77 | (0.36 | ) | — | |||||||||||||||||||
11/30/2013 | 16.68 | 0.50 | 0.30 | 0.80 | (0.40 | ) | (0.04 | ) | ||||||||||||||||||
12/19/2011* - 11/30/2012 | 15.00 | 0.45 | 1.38 | 1.83 | (0.15 | ) | — | |||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 15.96 | $ | 0.26 | $ | 0.35 | $ | 0.61 | $ | (0.54 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 17.37 | 1.16 | (2.06 | ) | (0.90 | ) | (0.50 | ) | (0.01 | ) | ||||||||||||||||
11/30/2014 | 16.98 | 0.38 | 0.33 | 0.71 | (0.32 | ) | — | |||||||||||||||||||
11/30/2013 | 16.62 | 0.20 | 0.55 | 0.75 | (0.35 | ) | (0.04 | ) | ||||||||||||||||||
12/19/2011* - 11/30/2012 | 15.00 | 0.41 | 1.35 | 1.76 | (0.14 | ) | — |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Does not include expenses of the investment companies in which the Fund invests. |
(d) | Annualized, unless otherwise noted. |
(e) | Certain expenses incurred by the Fund were not annualized. |
(f) | See Note 6 in the Notes to Financial Statements. |
222 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c) | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c) | Ratio of Net Investment Income to Average Net Assets (c) | Portfolio Turnover Rate | |||||||||||||||||||||||||
$ | (0.50 | ) | $ | 15.99 | 3.79 | % | $ | 15,935 | 0.47 | %(d) | 0.60 | %(d) | 3.14 | %(d) | 78 | % | ||||||||||||||||
(0.51 | ) | 15.89 | (5.28 | ) | 26,916 | 0.45 | (d)(e) | 0.62 | (d)(e) | 2.98 | (d)(e) | 147 | ||||||||||||||||||||
(0.32 | ) | 17.30 | 4.22 | 31,358 | 0.41 | 0.60 | 2.16 | 93 | ||||||||||||||||||||||||
(0.44 | ) | 16.92 | 4.54 | 13,058 | 0.40 | 0.60 | 2.48 | 76 | ||||||||||||||||||||||||
(0.14 | ) | 16.63 | 11.86 | 335 | 0.38 | (d) | 0.60 | (d) | 2.22 | (d) | 55 | |||||||||||||||||||||
$ | (0.44 | ) | $ | 15.96 | 3.63 | % | $ | 737 | 0.82 | %(d) | 0.85 | %(d) | 2.88 | %(d) | 78 | % | ||||||||||||||||
(0.43 | ) | 15.83 | (5.59 | ) | 1,066 | 0.80 | (d)(e) | 0.87 | (d)(e) | 2.43 | (d)(e) | 147 | ||||||||||||||||||||
(0.27 | ) | 17.21 | 3.83 | 1,004 | 0.76 | 0.85 | 1.89 | 93 | ||||||||||||||||||||||||
(0.40 | ) | 16.84 | 4.16 | 753 | 0.75 | 0.85 | 2.88 | 76 | ||||||||||||||||||||||||
(0.14 | ) | 16.57 | 11.51 | 1,284 | 0.73 | (d) | 0.85 | (d) | 1.19 | (d) | 55 | |||||||||||||||||||||
$ | (0.59 | ) | $ | 16.05 | 3.96 | % | $ | 30,246 | 0.17 | %(d) | 0.20 | %(d) | 3.60 | %(d) | 78 | % | ||||||||||||||||
(0.56 | ) | 16.01 | (5.04 | ) | 29,233 | 0.15 | (d)(e) | 0.22 | (d)(e) | 2.71 | (d)(e) | 147 | ||||||||||||||||||||
(0.34 | ) | 17.43 | 4.49 | 13,866 | 0.11 | 0.20 | 2.32 | 93 | ||||||||||||||||||||||||
(0.44 | ) | 17.02 | 4.84 | 4,336 | 0.10 | 0.20 | 2.88 | 76 | ||||||||||||||||||||||||
(0.15 | ) | 16.67 | 12.21 | 3,873 | 0.08(d | ) | 0.20 | (d) | 2.47 | (d) | 55 | |||||||||||||||||||||
$ | (0.60 | ) | $ | 16.06 | 4.01 | % | $ | 11,868 | 0.07 | %(d) | 0.10 | %(d) | 3.65 | %(d) | 78 | % | ||||||||||||||||
(0.57 | ) | 16.03 | (4.97 | ) | 10,047 | 0.05 | (d)(e) | 0.12 | (d)(e) | 3.25 | (d)(e) | 147 | ||||||||||||||||||||
(0.36 | ) | 17.45 | 4.60 | 6,745 | 0.01 | 0.10 | 2.54 | 93 | ||||||||||||||||||||||||
(0.44 | ) | 17.04 | 4.93 | 5,058 | — | 0.12 | 3.02 | 76 | ||||||||||||||||||||||||
(0.15 | ) | 16.68 | 12.28 | 5,375 | — | (d)(f) | 0.15 | (d) | 2.94 | (d) | 55 | |||||||||||||||||||||
$ | (0.54 | ) | $ | 16.03 | 3.84 | % | $ | 1,322 | 0.42 | %(d) | 0.45 | %(d) | 3.33 | %(d) | 78 | % | ||||||||||||||||
(0.51 | ) | 15.96 | (5.26 | ) | 1,165 | 0.39 | (d)(e) | 0.46 | (d)(e) | 8.16 | (d)(e) | 147 | ||||||||||||||||||||
(0.32 | ) | 17.37 | 4.26 | 12,135 | 0.36 | 0.45 | 2.23 | 93 | ||||||||||||||||||||||||
(0.39 | ) | 16.98 | 4.60 | 10,606 | 0.35 | 0.45 | 1.23 | 76 | ||||||||||||||||||||||||
(0.14 | ) | 16.62 | 11.86 | 11 | 0.33 | (d) | 0.45 | (d) | 2.72 | (d) | 55 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 223 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Income (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||
AllianzGI Retirement 2030: | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
3/31/2016+ | $ | 18.84 | $ | 0.28 | $ | 0.41 | $ | 0.69 | $ | (0.53 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 21.05 | 0.50 | (1.75 | ) | (1.25 | ) | (0.69 | ) | (0.27 | ) | ||||||||||||||||
11/30/2014 | 20.66 | 0.48 | 0.38 | 0.86 | (0.47 | ) | — | |||||||||||||||||||
11/30/2013 | 19.80 | 0.52 | 0.92 | 1.44 | (0.54 | ) | (0.04 | ) | ||||||||||||||||||
11/30/2012 | 19.77 | 0.29 | 1.61 | 1.90 | (0.70 | ) | (1.17 | ) | ||||||||||||||||||
11/30/2011 | 20.78 | 0.50 | (0.10 | ) | 0.40 | (0.85 | ) | (0.56 | ) | |||||||||||||||||
11/30/2010 | 19.36 | 0.50 | 1.59 | 2.09 | (0.51 | ) | (0.16 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||
3/31/2016+ | $ | 18.70 | $ | 0.22 | $ | 0.40 | $ | 0.62 | $ | (0.42 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 20.83 | 0.36 | (1.72 | ) | (1.36 | ) | (0.50 | ) | (0.27 | ) | ||||||||||||||||
11/30/2014 | 20.42 | 0.33 | 0.36 | 0.69 | (0.28 | ) | — | |||||||||||||||||||
11/30/2013 | 19.53 | 0.35 | 0.93 | 1.28 | (0.35 | ) | (0.04 | ) | ||||||||||||||||||
11/30/2012 | 19.51 | 0.43 | 1.30 | 1.73 | (0.54 | ) | (1.17 | ) | ||||||||||||||||||
11/30/2011 | 20.59 | 0.37 | (0.09 | ) | 0.28 | (0.80 | ) | (0.56 | ) | |||||||||||||||||
11/30/2010 | 19.28 | 0.26 | 1.66 | 1.92 | (0.45 | ) | (0.16 | ) | ||||||||||||||||||
Class R | ||||||||||||||||||||||||||
3/31/2016+ | $ | 18.89 | $ | 0.27 | $ | 0.39 | $ | 0.66 | $ | (0.54 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 21.07 | 0.42 | (1.72 | ) | (1.30 | ) | (0.61 | ) | (0.27 | ) | ||||||||||||||||
11/30/2014 | 20.65 | 0.41 | 0.37 | 0.78 | (0.36 | ) | — | |||||||||||||||||||
11/30/2013 | 19.85 | 0.46 | 0.91 | 1.37 | (0.53 | ) | (0.04 | ) | ||||||||||||||||||
11/30/2012 | 19.81 | 0.18 | 1.67 | 1.85 | (0.64 | ) | (1.17 | ) | ||||||||||||||||||
11/30/2011 | 20.80 | 0.52 | (0.15 | ) | 0.37 | (0.80 | ) | (0.56 | ) | |||||||||||||||||
11/30/2010 | 19.37 | 0.49 | 1.54 | 2.03 | (0.44 | ) | (0.16 | ) | ||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 19.14 | $ | 0.32 | $ | 0.41 | �� | $ | 0.73 | $ | (0.63 | ) | $ | — | ||||||||||||
12/1/2014 - 9/30/2015# | 21.37 | 0.47 | (1.69 | ) | (1.22 | ) | (0.74 | ) | (0.27 | ) | ||||||||||||||||
11/30/2014 | 20.93 | 0.51 | 0.43 | 0.94 | (0.50 | ) | — | |||||||||||||||||||
11/30/2013 | 20.02 | 0.51 | 1.00 | 1.51 | (0.56 | ) | (0.04 | ) | ||||||||||||||||||
11/30/2012 | 19.95 | 0.41 | 1.57 | 1.98 | (0.74 | ) | (1.17 | ) | ||||||||||||||||||
11/30/2011 | 20.92 | 0.58 | (0.12 | ) | 0.46 | (0.87 | ) | (0.56 | ) | |||||||||||||||||
11/30/2010 | 19.45 | 0.58 | 1.56 | 2.14 | (0.51 | ) | (0.16 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||
3/31/2016+ | $ | 19.19 | $ | 0.33 | $ | 0.41 | $ | 0.74 | $ | (0.65 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 21.42 | 0.54 | (1.74 | ) | (1.20 | ) | (0.76 | ) | (0.27 | ) | ||||||||||||||||
11/30/2014 | 20.98 | 0.59 | 0.36 | 0.95 | (0.51 | ) | — | |||||||||||||||||||
11/30/2013 | 20.04 | 0.62 | 0.92 | 1.54 | (0.56 | ) | (0.04 | ) | ||||||||||||||||||
11/30/2012 | 19.97 | 0.61 | 1.38 | 1.99 | (0.75 | ) | (1.17 | ) | ||||||||||||||||||
11/30/2011 | 20.94 | 0.62 | (0.14 | ) | 0.48 | (0.89 | ) | (0.56 | ) | |||||||||||||||||
11/30/2010 | 19.47 | 0.59 | 1.56 | 2.15 | (0.52 | ) | (0.16 | ) | ||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 19.06 | $ | 0.30 | $ | 0.41 | $ | 0.71 | $ | (0.58 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 21.28 | 1.21 | (2.47 | ) | (1.26 | ) | (0.69 | ) | (0.27 | ) | ||||||||||||||||
11/30/2014 | 20.87 | 0.50 | 0.38 | 0.88 | (0.47 | ) | — | |||||||||||||||||||
11/30/2013 | 19.96 | 0.26 | 1.21 | 1.47 | (0.52 | ) | (0.04 | ) | ||||||||||||||||||
11/30/2012 | 19.91 | 0.57 | 1.35 | 1.92 | (0.70 | ) | (1.17 | ) | ||||||||||||||||||
11/30/2011 | 20.88 | 0.58 | (0.14 | ) | 0.44 | (0.85 | ) | (0.56 | ) | |||||||||||||||||
11/30/2010 | 19.43 | 0.55 | 1.54 | 2.09 | (0.48 | ) | (0.16 | ) |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
224 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c) | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c) | Ratio of Net Investment Income to Average Net Assets (c) | Portfolio Turnover Rate | |||||||||||||||||||||||||
$ | (0.53 | ) | $ | 19.00 | 3.69 | % | $ | 14,081 | 0.46 | %(d) | 0.60 | %(d) | 2.94 | %(d) | 73 | % | ||||||||||||||||
(0.96 | ) | 18.84 | (6.16 | ) | 22,695 | 0.42 | (d)(e) | 0.62 | (d)(e) | 3.01 | (d)(e) | 147 | ||||||||||||||||||||
(0.47 | ) | 21.05 | 4.26 | 25,487 | 0.39 | 0.60 | 2.28 | 93 | ||||||||||||||||||||||||
(0.58 | ) | 20.66 | 7.48 | 10,080 | 0.35 | 0.60 | 2.58 | 79 | ||||||||||||||||||||||||
(1.87 | ) | 19.80 | 10.68 | 10,692 | 0.29 | 0.60 | 1.48 | 47 | ||||||||||||||||||||||||
(1.41 | ) | 19.77 | 1.76 | 460 | 0.45 | 2.50 | 2.43 | 52 | ||||||||||||||||||||||||
(0.67 | ) | 20.78 | 11.07 | 286 | 0.63 | 5.46 | 2.57 | 33 | ||||||||||||||||||||||||
$ | (0.42 | ) | $ | 18.90 | 3.31 | % | $ | 618 | 1.21 | %(d) | 1.35 | %(d) | 2.35 | %(d) | 73 | % | ||||||||||||||||
(0.77 | ) | 18.70 | (6.72 | ) | 608 | 1.17 | (d)(e) | 1.37 | (d)(e) | 2.19 | (d)(e) | 147 | ||||||||||||||||||||
(0.28 | ) | 20.83 | 3.43 | 680 | 1.14 | 1.35 | 1.59 | 93 | ||||||||||||||||||||||||
(0.39 | ) | 20.42 | 6.63 | 736 | 1.10 | 1.35 | 1.77 | 79 | ||||||||||||||||||||||||
(1.71 | ) | 19.53 | 9.80 | 605 | 1.04 | 1.35 | 2.26 | 47 | ||||||||||||||||||||||||
(1.36 | ) | 19.51 | 1.20 | 654 | 1.21 | 3.34 | 1.84 | 52 | ||||||||||||||||||||||||
(0.61 | ) | 20.59 | 10.17 | 542 | 1.38 | 7.39 | 1.32 | 33 | ||||||||||||||||||||||||
$ | (0.54 | ) | $ | 19.01 | 3.49 | % | $ | 2,088 | 0.81 | %(d) | 0.85 | %(d) | 2.89 | %(d) | 73 | % | ||||||||||||||||
(0.88 | ) | 18.89 | (6.38 | ) | 1,445 | 0.77 | (d)(e) | 0.87 | (d)(e) | 2.49 | (d)(e) | 147 | ||||||||||||||||||||
(0.36 | ) | 21.07 | 3.85 | 1,420 | 0.74 | 0.85 | 1.94 | 93 | ||||||||||||||||||||||||
(0.57 | ) | 20.65 | 7.09 | 1,199 | 0.70 | 0.85 | 2.28 | 79 | ||||||||||||||||||||||||
(1.81 | ) | 19.85 | 10.23 | 1,103 | 0.64 | 0.85 | 0.95 | 47 | ||||||||||||||||||||||||
(1.36 | ) | 19.81 | 1.66 | 14 | 0.74 | 2.82 | 2.54 | 52 | ||||||||||||||||||||||||
(0.60 | ) | 20.80 | 10.73 | 14 | 0.88 | 5.79 | 2.53 | 33 | ||||||||||||||||||||||||
$ | (0.63 | ) | $ | 19.24 | 3.82 | % | $ | 29,835 | 0.16 | %(d) | 0.20 | %(d) | 3.39 | %(d) | 73 | % | ||||||||||||||||
(1.01 | ) | 19.14 | (5.91 | ) | 28,597 | 0.12 | (d)(e) | 0.22 | (d)(e) | 2.80 | (d)(e) | 147 | ||||||||||||||||||||
(0.50 | ) | 21.37 | 4.58 | 17,741 | 0.09 | 0.20 | 2.42 | 93 | ||||||||||||||||||||||||
(0.60 | ) | 20.93 | 7.77 | 7,748 | 0.05 | 0.20 | 2.54 | 79 | ||||||||||||||||||||||||
(1.91 | ) | 20.02 | 10.97 | 5,103 | — | (f) | 0.20 | 2.06 | 47 | |||||||||||||||||||||||
(1.43 | ) | 19.95 | 2.13 | 19 | 0.22 | 2.27 | 2.84 | 52 | ||||||||||||||||||||||||
(0.67 | ) | 20.92 | 11.27 | 14 | 0.43 | 5.41 | 2.97 | 33 | ||||||||||||||||||||||||
$ | (0.65 | ) | $ | 19.28 | 3.87 | % | $ | 14,789 | 0.06 | %(d) | 0.10 | %(d) | 3.45 | %(d) | 73 | % | ||||||||||||||||
(1.03 | ) | 19.19 | (5.81 | ) | 12,883 | 0.02 | (d)(e) | 0.12 | (d)(e) | 3.19 | (d)(e) | 147 | ||||||||||||||||||||
(0.51 | ) | 21.42 | 4.63 | 8,752 | — | (f) | 0.10 | 2.79 | 93 | |||||||||||||||||||||||
(0.60 | ) | 20.98 | 7.87 | 10,854 | — | (f) | 0.12 | 3.05 | 79 | |||||||||||||||||||||||
(1.92 | ) | 20.04 | 11.07 | 9,182 | — | (f) | 0.15 | 3.14 | 47 | |||||||||||||||||||||||
(1.45 | ) | 19.97 | 2.23 | 5,813 | 0.13 | 2.24 | 3.04 | 52 | ||||||||||||||||||||||||
(0.68 | ) | 20.94 | 11.35 | 5,145 | 0.33 | 5.29 | 3.02 | 33 | ||||||||||||||||||||||||
$ | (0.58 | ) | $ | 19.19 | 3.74 | % | $ | 2,011 | 0.41 | %(d) | 0.45 | %(d) | 3.13 | %(d) | 73 | % | ||||||||||||||||
(0.96 | ) | 19.06 | (6.11 | ) | 1,817 | 0.36 | (d)(e) | 0.46 | (d)(e) | 7.07 | (d)(e) | 147 | ||||||||||||||||||||
(0.47 | ) | 21.28 | 4.29 | 9,586 | 0.34 | 0.45 | 2.37 | 93 | ||||||||||||||||||||||||
(0.56 | ) | 20.87 | 7.55 | 8,939 | 0.30 | 0.45 | 1.29 | 79 | ||||||||||||||||||||||||
(1.87 | ) | 19.96 | 10.60 | 16 | 0.24 | 0.45 | 2.95 | 47 | ||||||||||||||||||||||||
(1.41 | ) | 19.91 | 1.99 | 15 | 0.41 | 2.52 | 2.85 | 52 | ||||||||||||||||||||||||
(0.64 | ) | 20.88 | 11.04 | 14 | 0.58 | 5.55 | 2.82 | 33 |
(c) | Does not include expenses of the investment companies in which the Fund invests. |
(d) | Annualized, unless otherwise noted. |
(e) | Certain expenses incurred by the Fund were not annualized. |
(f) | See Note 6 in the Notes to Financial Statements. |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 225 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Income (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||
AllianzGI Retirement 2035: | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
3/31/2016+ | $ | 16.52 | $ | 0.20 | $ | 0.41 | $ | 0.61 | $ | (0.43 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 18.49 | 0.43 | (1.58 | ) | (1.15 | ) | (0.61 | ) | (0.21 | ) | ||||||||||||||||
11/30/2014 | 18.09 | 0.41 | 0.39 | 0.80 | (0.40 | ) | — | |||||||||||||||||||
11/30/2013 | 16.94 | 0.43 | 1.20 | 1.63 | (0.42 | ) | (0.06 | ) | ||||||||||||||||||
12/19/2011* - 11/30/2012 | 15.00 | 0.37 | 1.74 | 2.11 | (0.17 | ) | — | |||||||||||||||||||
Class R | ||||||||||||||||||||||||||
3/31/2016+ | $ | 16.48 | $ | 0.17 | $ | 0.41 | $ | 0.58 | $ | (0.39 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 18.43 | 0.30 | (1.50 | ) | (1.20 | ) | (0.54 | ) | (0.21 | ) | ||||||||||||||||
11/30/2014 | 18.00 | 0.35 | 0.38 | 0.73 | (0.30 | ) | — | |||||||||||||||||||
11/30/2013 | 16.89 | 0.41 | 1.15 | 1.56 | (0.39 | ) | (0.06 | ) | ||||||||||||||||||
12/19/2011* - 11/30/2012 | 15.00 | 0.16 | 1.90 | 2.06 | (0.17 | ) | — | |||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 16.67 | $ | 0.23 | $ | 0.41 | $ | 0.64 | $ | (0.51 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 18.65 | 0.38 | (1.50 | ) | (1.12 | ) | (0.65 | ) | (0.21 | ) | ||||||||||||||||
11/30/2014 | 18.20 | 0.43 | 0.43 | 0.86 | (0.41 | ) | — | |||||||||||||||||||
11/30/2013 | 16.99 | 0.49 | 1.20 | 1.69 | (0.42 | ) | (0.06 | ) | ||||||||||||||||||
12/19/2011* - 11/30/2012 | 15.00 | 0.38 | 1.79 | 2.17 | (0.18 | ) | — | |||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||
3/31/2016+ | $ | 16.70 | $ | 0.24 | $ | 0.41 | $ | 0.65 | $ | (0.52 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 18.68 | 0.48 | (1.58 | ) | (1.10 | ) | (0.67 | ) | (0.21 | ) | ||||||||||||||||
11/30/2014 | 18.23 | 0.49 | 0.38 | 0.87 | (0.42 | ) | — | |||||||||||||||||||
11/30/2013 | 17.00 | 0.54 | 1.17 | 1.71 | (0.42 | ) | (0.06 | ) | ||||||||||||||||||
12/19/2011* - 11/30/2012 | 15.00 | 0.46 | 1.72 | 2.18 | (0.18 | ) | — | |||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 16.60 | $ | 0.21 | $ | 0.41 | $ | 0.62 | $ | (0.45 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 18.58 | 1.63 | (2.79 | ) | (1.16 | ) | (0.61 | ) | (0.21 | ) | ||||||||||||||||
11/30/2014 | 18.15 | 0.43 | 0.39 | 0.82 | (0.39 | ) | — | |||||||||||||||||||
11/30/2013 | 16.94 | 0.22 | 1.43 | 1.65 | (0.38 | ) | (0.06 | ) | ||||||||||||||||||
12/19/2011* - 11/30/2012 | 15.00 | 0.42 | 1.69 | 2.11 | (0.17 | ) | — |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Does not include expenses of the investment companies in which the Fund invests. |
(d) | Annualized, unless otherwise noted. |
(e) | Certain expenses incurred by the Fund were not annualized. |
(f) | Less than 0.01%. |
(g) | See Note 6 in the Notes to Financial Statements. |
226 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c) | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c) | Ratio of Net Investment Income to Average Net Assets (c) | Portfolio Turnover Rate | |||||||||||||||||||||||||
$ | (0.43 | ) | $ | 16.70 | 3.68 | % | $ | 12,911 | 0.48 | %(d) | 0.60 | %(d) | 2.33 | %(d) | 63 | % | ||||||||||||||||
(0.82 | ) | 16.52 | (6.46 | ) | 19,205 | 0.41 | (d)(e) | 0.61 | (d)(e) | 2.93 | (d)(e) | 138 | ||||||||||||||||||||
(0.40 | ) | 18.49 | 4.49 | 20,351 | 0.39 | 0.60 | 2.27 | 90 | ||||||||||||||||||||||||
(0.48 | ) | 18.09 | 9.83 | 6,939 | 0.35 | 0.60 | 2.48 | 67 | ||||||||||||||||||||||||
(0.17 | ) | 16.94 | 14.23 | 104 | 0.30 | (d) | 0.60 | (d) | 2.36 | (d) | 38 | |||||||||||||||||||||
$ | (0.39 | ) | $ | 16.67 | 3.55 | % | $ | 1,593 | 0.83 | %(d) | 0.85 | %(d) | 2.10 | %(d) | 63 | % | ||||||||||||||||
(0.75 | ) | 16.48 | (6.76 | ) | 1,600 | 0.76 | (d)(e) | 0.87 | (d)(e) | 2.07 | (d)(e) | 138 | ||||||||||||||||||||
(0.30 | ) | 18.43 | 4.14 | 1,089 | 0.74 | 0.85 | 1.93 | 90 | ||||||||||||||||||||||||
(0.45 | ) | 18.00 | 9.46 | 961 | 0.70 | 0.85 | 2.38 | 67 | ||||||||||||||||||||||||
(0.17 | ) | 16.89 | 13.88 | 893 | 0.65 | (d) | 0.85 | (d) | 1.04 | (d) | 38 | |||||||||||||||||||||
$ | (0.51 | ) | $ | 16.80 | 3.83 | % | $ | 27,330 | 0.18 | %(d) | 0.20 | %(d) | 2.81 | %(d) | 63 | % | ||||||||||||||||
(0.86 | ) | 16.67 | (6.23 | ) | 26,729 | 0.11 | (d)(e) | 0.21 | (d)(e) | 2.58 | (d)(e) | 138 | ||||||||||||||||||||
(0.41 | ) | 18.65 | 4.84 | 14,105 | 0.09 | 0.20 | 2.32 | 90 | ||||||||||||||||||||||||
(0.48 | ) | 18.20 | 10.19 | 5,333 | 0.05 | 0.20 | 2.83 | 67 | ||||||||||||||||||||||||
(0.18 | ) | 16.99 | 14.58 | 4,090 | — | (d) | 0.20 | (d) | 2.43 | (d) | 38 | |||||||||||||||||||||
$ | (0.52 | ) | $ | 16.83 | 3.93 | % | $ | 7,384 | 0.08 | %(d) | 0.10 | %(d) | 2.87 | %(d) | 63 | % | ||||||||||||||||
(0.88 | ) | 16.70 | (6.15 | ) | 6,172 | — | (d)(e)(f) | 0.12 | (d)(e) | 3.22 | (d)(e) | 138 | ||||||||||||||||||||
(0.42 | ) | 18.68 | 4.89 | 6,587 | — | (g) | 0.10 | 2.66 | 90 | |||||||||||||||||||||||
(0.48 | ) | 18.23 | 10.24 | 5,850 | — | (g) | 0.12 | 3.10 | 67 | |||||||||||||||||||||||
(0.18 | ) | 17.00 | 14.65 | 5,132 | — | (d)(g) | 0.15 | (d) | 3.00 | (d) | 38 | |||||||||||||||||||||
$ | (0.45 | ) | $ | 16.77 | 3.74 | % | $ | 755 | 0.43 | %(d) | 0.45 | %(d) | 2.56 | %(d) | 63 | % | ||||||||||||||||
(0.82 | ) | 16.60 | (6.50 | ) | 719 | 0.35 | (d)(e) | 0.46 | (d)(e) | 10.75 | (d)(e) | 138 | ||||||||||||||||||||
(0.39 | ) | 18.58 | 4.60 | 11,550 | 0.34 | 0.45 | 2.33 | 90 | ||||||||||||||||||||||||
(0.44 | ) | 18.15 | 9.95 | 10,427 | 0.30 | 0.45 | 1.29 | 67 | ||||||||||||||||||||||||
(0.17 | ) | 16.94 | 14.23 | 12 | 0.25(d | ) | 0.45 | (d) | 2.76 | (d) | 38 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 227 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Income (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||
AllianzGI Retirement 2040: | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
3/31/2016+ | $ | 19.04 | $ | 0.21 | $ | 0.54 | $ | 0.75 | $ | (0.38 | ) | $ | (0.03 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 21.91 | 0.49 | (1.94 | ) | (1.45 | ) | (0.83 | ) | (0.59 | ) | ||||||||||||||||
11/30/2014 | 21.45 | 0.48 | 0.50 | 0.98 | (0.51 | ) | (0.01 | ) | ||||||||||||||||||
11/30/2013 | 19.71 | 0.49 | 1.82 | 2.31 | (0.53 | ) | (0.04 | ) | ||||||||||||||||||
11/30/2012 | 20.22 | 0.29 | 1.61 | 1.90 | (0.69 | ) | (1.72 | ) | ||||||||||||||||||
11/30/2011 | 21.88 | 0.52 | (0.27 | ) | 0.25 | (0.97 | ) | (0.94 | ) | |||||||||||||||||
11/30/2010 | 20.08 | 0.73 | 1.71 | 2.44 | (0.49 | ) | (0.15 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||
3/31/2016+ | $ | 18.94 | $ | 0.19 | $ | 0.48 | $ | 0.67 | $ | (0.28 | ) | $ | (0.03 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 21.68 | 0.38 | (1.94 | ) | (1.56 | ) | (0.59 | ) | (0.59 | ) | ||||||||||||||||
11/30/2014 | 21.21 | 0.33 | 0.48 | 0.81 | (0.33 | ) | (0.01 | ) | ||||||||||||||||||
11/30/2013 | 19.53 | 0.34 | 1.80 | 2.14 | (0.42 | ) | (0.04 | ) | ||||||||||||||||||
11/30/2012 | 20.07 | 0.31 | 1.43 | 1.74 | (0.56 | ) | (1.72 | ) | ||||||||||||||||||
11/30/2011 | 21.65 | 0.27 | (0.18 | ) | 0.09 | (0.73 | ) | (0.94 | ) | |||||||||||||||||
11/30/2010 | 19.92 | 0.57 | 1.69 | 2.26 | (0.38 | ) | (0.15 | ) | ||||||||||||||||||
Class R | ||||||||||||||||||||||||||
3/31/2016+ | $ | 18.97 | $ | 0.20 | $ | 0.51 | $ | 0.71 | $ | (0.38 | ) | $ | (0.03 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 21.80 | 0.42 | (1.91 | ) | (1.49 | ) | (0.75 | ) | (0.59 | ) | ||||||||||||||||
11/30/2014 | 21.31 | 0.41 | 0.49 | 0.90 | (0.40 | ) | (0.01 | ) | ||||||||||||||||||
11/30/2013 | 19.63 | 0.44 | 1.80 | 2.24 | (0.52 | ) | (0.04 | ) | ||||||||||||||||||
11/30/2012 | 20.16 | 0.16 | 1.66 | 1.82 | (0.63 | ) | (1.72 | ) | ||||||||||||||||||
11/30/2011 | 21.85 | 0.56 | (0.36 | ) | 0.20 | (0.95 | ) | (0.94 | ) | |||||||||||||||||
11/30/2010 | 20.03 | 0.59 | 1.80 | 2.39 | (0.42 | ) | (0.15 | ) | ||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 19.26 | $ | 0.27 | $ | 0.53 | $ | 0.80 | $ | (0.50 | ) | $ | (0.03 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 22.15 | 0.46 | (1.87 | ) | (1.41 | ) | (0.89 | ) | (0.59 | ) | ||||||||||||||||
11/30/2014 | 21.63 | 0.50 | 0.56 | 1.06 | (0.53 | ) | (0.01 | ) | ||||||||||||||||||
11/30/2013 | 19.82 | 0.49 | 1.90 | 2.39 | (0.54 | ) | (0.04 | ) | ||||||||||||||||||
11/30/2012 | 20.31 | 0.39 | 1.57 | 1.96 | (0.73 | ) | (1.72 | ) | ||||||||||||||||||
11/30/2011 | 21.97 | 0.67 | (0.36 | ) | 0.31 | (1.03 | ) | (0.94 | ) | |||||||||||||||||
11/30/2010 | 20.12 | 0.68 | 1.80 | 2.48 | (0.48 | ) | (0.15 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||
3/31/2016+ | $ | 19.30 | $ | 0.27 | $ | 0.54 | $ | 0.81 | $ | (0.51 | ) | $ | (0.03 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 22.19 | 0.53 | (1.92 | ) | (1.39 | ) | (0.91 | ) | (0.59 | ) | ||||||||||||||||
11/30/2014 | 21.66 | 0.61 | 0.47 | 1.08 | (0.54 | ) | (0.01 | ) | ||||||||||||||||||
11/30/2013 | 19.83 | 0.60 | 1.81 | 2.41 | (0.54 | ) | (0.04 | ) | ||||||||||||||||||
11/30/2012 | 20.33 | 0.56 | 1.41 | 1.97 | (0.75 | ) | (1.72 | ) | ||||||||||||||||||
11/30/2011 | 22.00 | 0.68 | (0.36 | ) | 0.32 | (1.05 | ) | (0.94 | ) | |||||||||||||||||
11/30/2010 | 20.13 | 0.70 | 1.82 | 2.52 | (0.50 | ) | (0.15 | ) | ||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 19.14 | $ | 0.25 | $ | 0.52 | $ | 0.77 | $ | (0.45 | ) | $ | (0.03 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 22.02 | 1.71 | (3.16 | ) | (1.45 | ) | (0.84 | ) | (0.59 | ) | ||||||||||||||||
11/30/2014 | 21.53 | 0.50 | 0.49 | 0.99 | (0.49 | ) | (0.01 | ) | ||||||||||||||||||
11/30/2013 | 19.75 | 0.26 | 2.07 | 2.33 | (0.51 | ) | (0.04 | ) | ||||||||||||||||||
11/30/2012 | 20.26 | 0.52 | 1.38 | 1.90 | (0.69 | ) | (1.72 | ) | ||||||||||||||||||
11/30/2011 | 21.93 | 0.63 | (0.36 | ) | 0.27 | (1.00 | ) | (0.94 | ) | |||||||||||||||||
11/30/2010 | 20.09 | 0.65 | 1.80 | 2.45 | (0.46 | ) | (0.15 | ) |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
228 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c) | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c) | Ratio of Net Investment Income to Average Net Assets (c) | Portfolio Turnover Rate | |||||||||||||||||||||||||
$ | (0.41 | ) | $ | 19.38 | 3.93 | % | $ | 7,681 | 0.47 | %(d) | 0.60 | %(d) | 2.18 | %(d) | 71 | % | ||||||||||||||||
(1.42 | ) | 19.04 | (6.99 | ) | 13,551 | 0.37 | (d)(e) | 0.60 | (d)(e) | 2.87 | (d)(e) | 143 | ||||||||||||||||||||
(0.52 | ) | 21.91 | 4.65 | 16,631 | 0.38 | 0.60 | 2.22 | 84 | ||||||||||||||||||||||||
(0.57 | ) | 21.45 | 12.11 | 5,513 | 0.35 | 0.60 | 2.40 | 61 | ||||||||||||||||||||||||
(2.41 | ) | 19.71 | 10.61 | 1,915 | 0.28 | 0.60 | 1.52 | 45 | ||||||||||||||||||||||||
(1.91 | ) | 20.22 | 0.81 | 151 | 0.42 | 2.96 | 2.42 | 53 | ||||||||||||||||||||||||
(0.64 | ) | 21.88 | 12.48 | 79 | 0.56 | 5.99 | 3.57 | 44 | ||||||||||||||||||||||||
$ | (0.31 | ) | $ | 19.30 | 3.51 | % | $ | 136 | 1.22 | %(d) | 1.36 | %(d) | 1.98 | %(d) | 71 | % | ||||||||||||||||
(1.18 | ) | 18.94 | (7.54 | ) | 202 | 1.12 | (d)(e) | 1.35 | (d)(e) | 2.22 | (d)(e) | 143 | ||||||||||||||||||||
(0.34 | ) | 21.68 | 3.90 | 269 | 1.13 | 1.35 | 1.51 | 84 | ||||||||||||||||||||||||
(0.46 | ) | 21.21 | 11.20 | 317 | 1.10 | 1.35 | 1.66 | 61 | ||||||||||||||||||||||||
(2.28 | ) | 19.53 | 9.80 | 195 | 1.03 | 1.35 | 1.66 | 45 | ||||||||||||||||||||||||
(1.67 | ) | 20.07 | 0.07 | 87 | 1.15 | 3.56 | 1.30 | 53 | ||||||||||||||||||||||||
(0.53 | ) | 21.65 | 11.61 | 22 | 1.31 | 6.66 | 2.82 | 44 | ||||||||||||||||||||||||
$ | (0.41 | ) | $ | 19.27 | 3.72 | % | $ | 1,472 | 0.82 | %(d) | 0.86 | %(d) | 2.13 | %(d) | 71 | % | ||||||||||||||||
(1.34 | ) | 18.97 | (7.22 | ) | 1,272 | 0.72 | (d)(e) | 0.85 | (d)(e) | 2.48 | (d)(e) | 143 | ||||||||||||||||||||
(0.41 | ) | 21.80 | 4.31 | 1,343 | 0.73 | 0.85 | 1.88 | 84 | ||||||||||||||||||||||||
(0.56 | ) | 21.31 | 11.70 | 1,167 | 0.70 | 0.85 | 2.15 | 61 | ||||||||||||||||||||||||
(2.35 | ) | 19.63 | 10.24 | 848 | 0.63 | 0.85 | 0.87 | 45 | ||||||||||||||||||||||||
(1.89 | ) | 20.16 | 0.54 | 15 | 0.70 | 3.22 | 2.63 | 53 | ||||||||||||||||||||||||
(0.57 | ) | 21.85 | 12.19 | 15 | 0.81 | 6.50 | 2.90 | 44 | ||||||||||||||||||||||||
$ | (0.53 | ) | $ | 19.53 | 4.12 | % | $ | 17,909 | 0.17 | %(d) | 0.21 | %(d) | 2.79 | %(d) | 71 | % | ||||||||||||||||
(1.48 | ) | 19.26 | (6.76 | ) | 16,997 | 0.07 | (d)(e) | 0.20 | (d)(e) | 2.67 | (d)(e) | 143 | ||||||||||||||||||||
(0.54 | ) | 22.15 | 4.99 | 11,734 | 0.08 | 0.20 | 2.27 | 84 | ||||||||||||||||||||||||
(0.58 | ) | 21.63 | 12.42 | 4,704 | 0.05 | 0.20 | 2.37 | 61 | ||||||||||||||||||||||||
(2.45 | ) | 19.82 | 10.99 | 2,343 | — | (f) | 0.20 | 2.00 | 45 | |||||||||||||||||||||||
(1.97 | ) | 20.31 | 1.06 | 15 | 0.21 | 2.75 | 3.11 | 53 | ||||||||||||||||||||||||
(0.63 | ) | 21.97 | 12.64 | 15 | 0.36 | 6.10 | 3.35 | 44 | ||||||||||||||||||||||||
$ | (0.54 | ) | $ | 19.57 | 4.19 | % | $ | 14,447 | 0.07 | %(d) | 0.11 | %(d) | 2.85 | %(d) | 71 | % | ||||||||||||||||
(1.50 | ) | 19.30 | (6.67 | ) | 12,053 | — | (d)(e)(f) | 0.10 | (d)(e) | 3.09 | (d)(e) | 143 | ||||||||||||||||||||
(0.55 | ) | 22.19 | 5.09 | 8,071 | — | (f) | 0.10 | 2.78 | 84 | |||||||||||||||||||||||
(0.58 | ) | 21.66 | 12.51 | 9,939 | — | (f) | 0.12 | 2.93 | 61 | |||||||||||||||||||||||
(2.47 | ) | 19.83 | 11.04 | 7,782 | — | (f) | 0.15 | 2.95 | 45 | |||||||||||||||||||||||
(1.99 | ) | 20.33 | 1.11 | 5,315 | 0.10 | 2.65 | 3.15 | 53 | ||||||||||||||||||||||||
(0.65 | ) | 22.00 | 12.83 | 4,769 | 0.26 | 5.98 | 3.43 | 44 | ||||||||||||||||||||||||
$ | (0.48 | ) | $ | 19.43 | 3.99 | % | $ | 519 | 0.42 | %(d) | 0.46 | %(d) | 2.56 | %(d) | 71 | % | ||||||||||||||||
(1.43 | ) | 19.14 | (7.00 | ) | 488 | 0.32 | (d)(e) | 0.45 | (d)(e) | 9.63 | (d)(e) | 143 | ||||||||||||||||||||
(0.50 | ) | 22.02 | 4.72 | 5,278 | 0.33 | 0.45 | 2.31 | 84 | ||||||||||||||||||||||||
(0.55 | ) | 21.53 | 12.13 | 5,054 | 0.30 | 0.45 | 1.27 | 61 | ||||||||||||||||||||||||
(2.41 | ) | 19.75 | 10.67 | 17 | 0.23 | 0.45 | 2.72 | 45 | ||||||||||||||||||||||||
(1.94 | ) | 20.26 | 0.87 | 15 | 0.38 | 2.93 | 2.94 | 53 | ||||||||||||||||||||||||
(0.61 | ) | 21.93 | 12.48 | 15 | 0.51 | 6.24 | 3.20 | 44 |
(c) | Does not include expenses of the investment companies in which the Fund invests. |
(d) | Annualized, unless otherwise noted. |
(e) | Certain expenses incurred by the Fund were not annualized. |
(f) | See Note 6 in the Notes to Financial Statements. |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 229 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Income (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||
AllianzGI Retirement 2045: | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
3/31/2016+ | $ | 16.71 | $ | 0.17 | $ | 0.50 | $ | 0.67 | $ | (0.34 | ) | $ | (0.04 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 19.09 | 0.41 | (1.75 | ) | (1.34 | ) | (0.70 | ) | (0.34 | ) | ||||||||||||||||
11/30/2014 | 18.67 | 0.41 | 0.49 | 0.90 | (0.45 | ) | (0.03 | ) | ||||||||||||||||||
11/30/2013 | 17.02 | 0.41 | 1.79 | 2.20 | (0.46 | ) | (0.09 | ) | ||||||||||||||||||
12/19/2011* - 11/30/2012 | 15.00 | 0.32 | 1.92 | 2.24 | (0.22 | ) | — | |||||||||||||||||||
Class R | ||||||||||||||||||||||||||
3/31/2016+ | $ | 16.65 | $ | 0.16 | $ | 0.48 | $ | 0.64 | $ | (0.32 | ) | $ | (0.04 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 19.01 | 0.36 | (1.74 | ) | (1.38 | ) | (0.64 | ) | (0.34 | ) | ||||||||||||||||
11/30/2014 | 18.57 | 0.34 | 0.49 | 0.83 | (0.36 | ) | (0.03 | ) | ||||||||||||||||||
11/30/2013 | 16.96 | 0.38 | 1.75 | 2.13 | (0.43 | ) | (0.09 | ) | ||||||||||||||||||
12/19/2011* - 11/30/2012 | 15.00 | 0.16 | 2.02 | 2.18 | (0.22 | ) | ��� | |||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 16.84 | $ | 0.22 | $ | 0.50 | $ | 0.72 | $ | (0.43 | ) | $ | (0.04 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 19.24 | 0.43 | (1.74 | ) | (1.31 | ) | (0.75 | ) | (0.34 | ) | ||||||||||||||||
11/30/2014 | 18.77 | 0.40 | 0.57 | 0.97 | (0.47 | ) | (0.03 | ) | ||||||||||||||||||
11/30/2013 | 17.06 | 0.47 | 1.79 | 2.26 | (0.46 | ) | (0.09 | ) | ||||||||||||||||||
12/19/2011* - 11/30/2012 | 15.00 | 0.39 | 1.89 | 2.28 | (0.22 | ) | — | |||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||
3/31/2016+ | $ | 16.89 | $ | 0.21 | $ | 0.51 | $ | 0.72 | $ | (0.44 | ) | $ | (0.04 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 19.28 | 0.65 | (1.94 | ) | (1.29 | ) | (0.76 | ) | (0.34 | ) | ||||||||||||||||
11/30/2014 | 18.80 | 0.49 | 0.49 | 0.98 | (0.47 | ) | (0.03 | ) | ||||||||||||||||||
11/30/2013 | 17.07 | 0.52 | 1.76 | 2.28 | (0.46 | ) | (0.09 | ) | ||||||||||||||||||
12/19/2011* - 11/30/2012 | 15.00 | 0.50 | 1.79 | 2.29 | (0.22 | ) | — | |||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 16.76 | $ | 0.20 | $ | 0.49 | $ | 0.69 | $ | (0.39 | ) | $ | (0.04 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 19.15 | 1.22 | (2.56 | ) | (1.34 | ) | (0.71 | ) | (0.34 | ) | ||||||||||||||||
11/30/2014 | 18.71 | 0.42 | 0.49 | 0.91 | (0.44 | ) | (0.03 | ) | ||||||||||||||||||
11/30/2013 | 17.01 | 0.22 | 1.99 | 2.21 | (0.42 | ) | (0.09 | ) | ||||||||||||||||||
12/19/2011* - 11/30/2012 | 15.00 | 0.44 | 1.79 | 2.23 | (0.22 | ) | — |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Does not include expenses of the investment companies in which the Fund invests. |
(d) | Annualized, unless otherwise noted. |
(e) | Certain expenses incurred by the Fund were not annualized. |
(f) | See Note 6 in the Notes to Financial Statements. |
230 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c) | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c) | Ratio of Net Investment Income to Average Net Assets (c) | Portfolio Turnover Rate | |||||||||||||||||||||||||
$ | (0.38 | ) | $ | 17.00 | 4.00 | % | $ | 6,589 | 0.46 | %(d) | 0.60 | %(d) | 2.02 | %(d) | 71 | % | ||||||||||||||||
(1.04 | ) | 16.71 | (7.35 | ) | 10,022 | 0.37 | (d)(e) | 0.61 | (d)(e) | 2.74 | (d)(e) | 149 | ||||||||||||||||||||
(0.48 | ) | 19.09 | 4.89 | 10,080 | 0.37 | 0.60 | 2.17 | 69 | ||||||||||||||||||||||||
(0.55 | ) | 18.67 | 13.33 | 4,313 | 0.33 | 0.60 | 2.31 | 51 | ||||||||||||||||||||||||
(0.22 | ) | 17.02 | 15.09 | 61 | 0.29 | (d) | 0.60 | (d) | 2.08 | (d) | 38 | |||||||||||||||||||||
$ | (0.36 | ) | $ | 16.93 | 3.82 | % | $ | 546 | 0.81 | %(d) | 0.85 | %(d) | 1.96 | %(d) | 71 | % | ||||||||||||||||
(0.98 | ) | 16.65 | (7.59 | ) | 464 | 0.72 | (d)(e) | 0.86 | (d)(e) | 2.38 | (d)(e) | 149 | ||||||||||||||||||||
(0.39 | ) | 19.01 | 4.52 | 449 | 0.72 | 0.85 | 1.82 | 69 | ||||||||||||||||||||||||
(0.52 | ) | 18.57 | 12.94 | 356 | 0.68 | 0.85 | 2.17 | 51 | ||||||||||||||||||||||||
(0.22 | ) | 16.96 | 14.67 | 293 | 0.64 | (d) | 0.85 | (d) | 1.07 | (d) | 38 | |||||||||||||||||||||
$ | (0.47 | ) | $ | 17.09 | 4.24 | % | $ | 11,076 | 0.16 | %(d) | 0.20 | %(d) | 2.66 | %(d) | 71 | % | ||||||||||||||||
(1.09 | ) | 16.84 | (7.15 | ) | 10,650 | 0.07 | (d)(e) | 0.21 | (d)(e) | 2.88 | (d)(e) | 149 | ||||||||||||||||||||
(0.50 | ) | 19.24 | 5.26 | 8,793 | 0.07 | 0.20 | 2.10 | 69 | ||||||||||||||||||||||||
(0.55 | ) | 18.77 | 13.68 | 2,286 | 0.03 | 0.20 | 2.63 | 51 | ||||||||||||||||||||||||
(0.22 | ) | 17.06 | 15.37 | 1,584 | — | (d)(f) | 0.20 | (d) | 2.46 | (d) | 38 | |||||||||||||||||||||
$ | (0.48 | ) | $ | 17.13 | 4.24 | % | $ | 6,536 | 0.06 | %(d) | 0.10 | %(d) | 2.50 | %(d) | 71 | % | ||||||||||||||||
(1.10 | ) | 16.89 | (7.02 | ) | 3,563 | — | (d)(e)(f) | 0.10 | (d)(e) | 4.23 | (d)(e) | 149 | ||||||||||||||||||||
(0.50 | ) | 19.28 | 5.33 | 5,477 | — | (f) | 0.10 | 2.55 | 69 | |||||||||||||||||||||||
(0.55 | ) | 18.80 | 13.80 | 4,587 | — | (f) | 0.12 | 2.91 | 51 | |||||||||||||||||||||||
(0.22 | ) | 17.07 | 15.44 | 3,733 | — | (d)(f) | 0.15 | (d) | 3.23 | (d) | 38 | |||||||||||||||||||||
$ | (0.43 | ) | $ | 17.02 | 4.07 | % | $ | 366 | 0.41 | %(d) | 0.45 | %(d) | 2.40 | %(d) | 71 | % | ||||||||||||||||
(1.05 | ) | 16.76 | (7.37 | ) | 346 | 0.32 | (d)(e) | 0.46 | (d)(e) | 7.95 | (d)(e) | 149 | ||||||||||||||||||||
(0.47 | ) | 19.15 | 4.95 | 1,763 | 0.32 | 0.45 | 2.24 | 69 | ||||||||||||||||||||||||
(0.51 | ) | 18.71 | 13.40 | 1,542 | 0.28 | 0.45 | 1.23 | 51 | ||||||||||||||||||||||||
(0.22 | ) | 17.01 | 15.02 | 12 | 0.24 | (d) | 0.45 | (d) | 2.84 | (d) | 38 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 231 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Income (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||
AllianzGI Retirement 2050: | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
3/31/2016+ | $ | 18.72 | $ | 0.16 | $ | 0.63 | $ | 0.79 | $ | (0.23 | ) | $ | (0.37 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 21.87 | 0.44 | (2.04 | ) | (1.60 | ) | (0.87 | ) | (0.68 | ) | ||||||||||||||||
11/30/2014 | 21.55 | 0.44 | 0.58 | 1.02 | (0.57 | ) | (0.13 | ) | ||||||||||||||||||
11/30/2013 | 19.48 | 0.42 | 2.32 | 2.74 | (0.60 | ) | (0.07 | ) | ||||||||||||||||||
11/30/2012 | 20.16 | 0.28 | 1.59 | 1.87 | (0.76 | ) | (1.79 | ) | ||||||||||||||||||
11/30/2011 | 22.00 | 0.61 | (0.34 | ) | 0.27 | (1.09 | ) | (1.02 | ) | |||||||||||||||||
11/30/2010 | 20.07 | 0.62 | 1.93 | 2.55 | (0.43 | ) | (0.19 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||
3/31/2016+ | $ | 18.52 | $ | 0.15 | $ | 0.56 | $ | 0.71 | $ | (0.17 | ) | $ | (0.37 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 21.62 | 0.31 | (2.03 | ) | (1.72 | ) | (0.70 | ) | (0.68 | ) | ||||||||||||||||
11/30/2014 | 21.34 | 0.30 | 0.55 | 0.85 | (0.44 | ) | (0.13 | ) | ||||||||||||||||||
11/30/2013 | 19.25 | 0.30 | 2.27 | 2.57 | (0.41 | ) | (0.07 | ) | ||||||||||||||||||
11/30/2012 | 19.92 | 0.27 | 1.44 | 1.71 | (0.59 | ) | (1.79 | ) | ||||||||||||||||||
11/30/2011 | 21.85 | 0.44 | (0.34 | ) | 0.10 | (1.01 | ) | (1.02 | ) | |||||||||||||||||
11/30/2010 | 19.96 | 0.43 | 1.96 | 2.39 | (0.31 | ) | (0.19 | ) | ||||||||||||||||||
Class R | ||||||||||||||||||||||||||
3/31/2016+ | $ | 18.68 | $ | 0.18 | $ | 0.58 | $ | 0.76 | $ | (0.23 | ) | $ | (0.37 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 21.80 | 0.37 | (2.03 | ) | (1.66 | ) | (0.78 | ) | (0.68 | ) | ||||||||||||||||
11/30/2014 | 21.46 | 0.39 | 0.53 | 0.92 | (0.45 | ) | (0.13 | ) | ||||||||||||||||||
11/30/2013 | 19.47 | 0.37 | 2.29 | 2.66 | (0.60 | ) | (0.07 | ) | ||||||||||||||||||
11/30/2012 | 20.12 | 0.18 | 1.64 | 1.82 | (0.68 | ) | (1.79 | ) | ||||||||||||||||||
11/30/2011 | 21.97 | 0.58 | (0.37 | ) | 0.21 | (1.04 | ) | (1.02 | ) | |||||||||||||||||
11/30/2010 | 20.06 | 0.61 | 1.88 | 2.49 | (0.39 | ) | (0.19 | ) | ||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 18.97 | $ | 0.24 | $ | 0.59 | $ | 0.83 | $ | (0.36 | ) | $ | (0.37 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 22.14 | 0.47 | (2.04 | ) | (1.57 | ) | (0.92 | ) | (0.68 | ) | ||||||||||||||||
11/30/2014 | 21.77 | 0.45 | 0.64 | 1.09 | (0.59 | ) | (0.13 | ) | ||||||||||||||||||
11/30/2013 | 19.64 | 0.48 | 2.35 | 2.83 | (0.63 | ) | (0.07 | ) | ||||||||||||||||||
11/30/2012 | 20.27 | 0.38 | 1.56 | 1.94 | (0.78 | ) | (1.79 | ) | ||||||||||||||||||
11/30/2011 | 22.10 | 0.69 | (0.39 | ) | 0.30 | (1.11 | ) | (1.02 | ) | |||||||||||||||||
11/30/2010 | 20.14 | 0.71 | 1.89 | 2.60 | (0.45 | ) | (0.19 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||
3/31/2016+ | $ | 19.03 | $ | 0.25 | $ | 0.58 | $ | 0.83 | $ | (0.36 | ) | $ | (0.37 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 22.20 | 0.57 | (2.13 | ) | (1.56 | ) | (0.93 | ) | (0.68 | ) | ||||||||||||||||
11/30/2014 | 21.80 | 0.57 | 0.55 | 1.12 | (0.59 | ) | (0.13 | ) | ||||||||||||||||||
11/30/2013 | 19.66 | 0.55 | 2.29 | 2.84 | (0.63 | ) | (0.07 | ) | ||||||||||||||||||
11/30/2012 | 20.30 | 0.58 | 1.38 | 1.96 | (0.81 | ) | (1.79 | ) | ||||||||||||||||||
11/30/2011 | 22.12 | 0.69 | (0.35 | ) | 0.34 | (1.14 | ) | (1.02 | ) | |||||||||||||||||
11/30/2010 | 20.16 | 0.73 | 1.89 | 2.62 | (0.47 | ) | (0.19 | ) | ||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 18.87 | $ | 0.22 | $ | 0.58 | $ | 0.80 | $ | (0.31 | ) | $ | (0.37 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 22.03 | 0.80 | (2.42 | ) | (1.62 | ) | (0.86 | ) | (0.68 | ) | ||||||||||||||||
11/30/2014 | 21.69 | 0.49 | 0.54 | 1.03 | (0.56 | ) | (0.13 | ) | ||||||||||||||||||
11/30/2013 | 19.58 | 0.22 | 2.55 | 2.77 | (0.59 | ) | (0.07 | ) | ||||||||||||||||||
11/30/2012 | 20.23 | 0.53 | 1.36 | 1.89 | (0.75 | ) | (1.79 | ) | ||||||||||||||||||
11/30/2011 | 22.06 | 0.65 | (0.38 | ) | 0.27 | (1.08 | ) | (1.02 | ) | |||||||||||||||||
11/30/2010 | 20.11 | 0.68 | 1.89 | 2.57 | (0.43 | ) | (0.19 | ) |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
232 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c) | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c) | Ratio of Net Investment Income to Average Net Assets (c) | Portfolio Turnover Rate | |||||||||||||||||||||||||
$ | (0.60 | ) | $ | 18.91 | 4.19 | % | $ | 2,383 | 0.46 | %(d) | 0.60 | %(d) | 1.69 | %(d) | 59 | % | ||||||||||||||||
(1.55 | ) | 18.72 | (7.79 | ) | 4,863 | 0.34 | (d)(e) | 0.61 | (d)(e) | 2.62 | (d)(e) | 147 | ||||||||||||||||||||
(0.70 | ) | 21.87 | 4.85 | 4,772 | 0.35 | 0.60 | 2.02 | 78 | ||||||||||||||||||||||||
(0.67 | ) | 21.55 | 14.50 | 1,014 | 0.30 | 0.60 | 2.08 | 54 | ||||||||||||||||||||||||
(2.55 | ) | 19.48 | 10.64 | 1,371 | 0.26 | 0.60 | 1.45 | 47 | ||||||||||||||||||||||||
(2.11 | ) | 20.16 | 0.80 | 71 | 0.41 | 2.92 | 2.85 | 51 | ||||||||||||||||||||||||
(0.62 | ) | 22.00 | 13.02 | 57 | 0.56 | 6.28 | 3.05 | 37 | ||||||||||||||||||||||||
$ | (0.54 | ) | $ | 18.69 | 3.79 | % | $ | 130 | 1.21 | %(d) | 1.35 | %(d) | 1.64 | %(d) | 59 | % | ||||||||||||||||
(1.38 | ) | 18.52 | (8.40 | ) | 148 | 1.09 | (d)(e) | 1.36 | (d)(e) | 1.83 | (d)(e) | 147 | ||||||||||||||||||||
(0.57 | ) | 21.62 | 4.08 | 138 | 1.10 | 1.35 | 1.38 | 78 | ||||||||||||||||||||||||
(0.48 | ) | 21.34 | 13.64 | 119 | 1.05 | 1.35 | 1.48 | 54 | ||||||||||||||||||||||||
(2.38 | ) | 19.25 | 9.78 | 60 | 1.01 | 1.35 | 1.44 | 47 | ||||||||||||||||||||||||
(2.03 | ) | 19.92 | (0.01 | ) | 48 | �� | 1.17 | 3.70 | 2.09 | 51 | ||||||||||||||||||||||
(0.50 | ) | 21.85 | 12.21 | 35 | 1.31 | 7.37 | 2.11 | 37 | ||||||||||||||||||||||||
$ | (0.60 | ) | $ | 18.84 | 4.05 | % | $ | 672 | 0.81 | %(d) | 0.85 | %(d) | 1.90 | %(d) | 59 | % | ||||||||||||||||
(1.46 | ) | 18.68 | (8.07 | ) | 608 | 0.69 | (d)(e) | 0.86 | (d)(e) | 2.20 | (d)(e) | 147 | ||||||||||||||||||||
(0.58 | ) | 21.80 | 4.41 | 584 | 0.70 | 0.85 | 1.79 | 78 | ||||||||||||||||||||||||
(0.67 | ) | 21.46 | 14.11 | 497 | 0.65 | 0.85 | 1.85 | 54 | ||||||||||||||||||||||||
(2.47 | ) | 19.47 | 10.30 | 359 | 0.61 | 0.85 | 0.96 | 47 | ||||||||||||||||||||||||
(2.06 | ) | 20.12 | 0.51 | 17 | 0.69 | 3.21 | 2.71 | 51 | ||||||||||||||||||||||||
(0.58 | ) | 21.97 | 12.75 | 17 | 0.81 | 6.49 | 2.98 | 37 | ||||||||||||||||||||||||
$ | (0.73 | ) | $ | 19.07 | 4.33 | % | $ | 8,578 | 0.16 | %(d) | 0.20 | %(d) | 2.55 | %(d) | 59 | % | ||||||||||||||||
(1.60 | ) | 18.97 | (7.55 | ) | 7,750 | 0.04 | (d)(e) | 0.21 | (d)(e) | 2.74 | (d)(e) | 147 | ||||||||||||||||||||
(0.72 | ) | 22.14 | 5.13 | 5,234 | 0.05 | 0.20 | 2.06 | 78 | ||||||||||||||||||||||||
(0.70 | ) | 21.77 | 14.90 | 1,397 | — | 0.20 | 2.34 | 54 | ||||||||||||||||||||||||
(2.57 | ) | 19.64 | 11.00 | 762 | — | (f) | 0.20 | 1.98 | 47 | |||||||||||||||||||||||
(2.13 | ) | 20.27 | 0.96 | 15 | 0.19 | 2.75 | 3.21 | 51 | ||||||||||||||||||||||||
(0.64 | ) | 22.10 | 13.26 | 15 | 0.36 | 6.08 | 3.48 | 37 | ||||||||||||||||||||||||
$ | (0.73 | ) | $ | 19.13 | 4.36 | % | $ | 9,628 | 0.06 | %(d) | 0.10 | %(d) | 2.67 | %(d) | 59 | % | ||||||||||||||||
(1.61 | ) | 19.03 | (7.49 | ) | 8,110 | — | (d)(e)(f) | 0.10 | (d)(e) | 3.31 | (d)(e) | 147 | ||||||||||||||||||||
(0.72 | ) | 22.20 | 5.27 | 9,227 | — | (f) | 0.10 | 2.58 | 78 | |||||||||||||||||||||||
(0.70 | ) | 21.80 | 14.94 | 8,935 | — | (f) | 0.12 | 2.68 | 54 | |||||||||||||||||||||||
(2.60 | ) | 19.66 | 11.06 | 6,431 | — | (f) | 0.15 | 3.03 | 47 | |||||||||||||||||||||||
(2.16 | ) | 20.30 | 1.11 | 5,149 | 0.09 | 2.65 | 3.22 | 51 | ||||||||||||||||||||||||
(0.66 | ) | 22.12 | 13.34 | 4,619 | 0.26 | 5.97 | 3.56 | 37 | ||||||||||||||||||||||||
$ | (0.68 | ) | $ | 18.99 | 4.22 | % | $ | 636 | 0.41 | %(d) | 0.45 | %(d) | 2.33 | %(d) | 59 | % | ||||||||||||||||
(1.54 | ) | 18.87 | (7.80 | ) | 605 | 0.29 | (d)(e) | 0.46 | (d)(e) | 4.66 | (d)(e) | 147 | ||||||||||||||||||||
(0.69 | ) | 22.03 | 4.87 | 1,245 | 0.30 | 0.45 | 2.25 | 78 | ||||||||||||||||||||||||
(0.66 | ) | 21.69 | 14.66 | 1,194 | 0.25 | 0.45 | 1.07 | 54 | ||||||||||||||||||||||||
(2.54 | ) | 19.58 | 10.62 | 17 | 0.21 | 0.45 | 2.77 | 47 | ||||||||||||||||||||||||
(2.10 | ) | 20.23 | 0.82 | 15 | 0.37 | 2.93 | 3.04 | 51 | ||||||||||||||||||||||||
(0.62 | ) | 22.06 | 13.09 | 15 | 0.51 | 6.23 | 3.32 | 37 |
(c) | Does not include expenses of the investment companies in which the Fund invests. |
(d) | Annualized, unless otherwise noted. |
(e) | Certain expenses incurred by the Fund were not annualized. |
(f) | See Note 6 in the Notes to Financial Statements. |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 233 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Income (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||
AllianzGI Retirement 2055: | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
3/31/2016+ | $ | 16.02 | $ | 0.15 | $ | 0.53 | $ | 0.68 | $ | (0.28 | ) | $ | (0.23 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 18.70 | 0.33 | (1.69 | ) | (1.36 | ) | (0.76 | ) | (0.56 | ) | ||||||||||||||||
11/30/2014 | 18.51 | 0.39 | 0.50 | 0.89 | (0.49 | ) | (0.21 | ) | ||||||||||||||||||
11/30/2013 | 17.02 | 0.26 | 2.11 | 2.37 | (0.59 | ) | (0.29 | ) | ||||||||||||||||||
12/19/2011* - 11/30/2012 | 15.00 | 0.44 | 1.80 | 2.24 | (0.22 | ) | — | |||||||||||||||||||
Class R | ||||||||||||||||||||||||||
3/31/2016+ | $ | 15.97 | $ | 0.14 | $ | 0.49 | $ | 0.63 | $ | (0.25 | ) | $ | (0.23 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 18.63 | 0.26 | (1.66) | (1.40 | ) | (0.70 | ) | (0.56 | ) | |||||||||||||||||
11/30/2014 | 18.42 | 0.30 | 0.53 | 0.83 | (0.41 | ) | (0.21 | ) | ||||||||||||||||||
11/30/2013 | 16.97 | 0.30 | 2.00 | 2.30 | (0.56 | ) | (0.29 | ) | ||||||||||||||||||
12/19/2011* - 11/30/2012 | 15.00 | 0.31 | 1.88 | 2.19 | (0.22 | ) | — | |||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 16.17 | $ | 0.19 | $ | 0.51 | $ | 0.70 | $ | (0.34 | ) | $ | (0.23 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 18.85 | 0.35 | (1.68 | ) | (1.33 | ) | (0.79 | ) | (0.56 | ) | ||||||||||||||||
11/30/2014 | 18.61 | 0.38 | 0.57 | 0.95 | (0.50 | ) | (0.21 | ) | ||||||||||||||||||
11/30/2013 | 17.08 | 0.34 | 2.09 | 2.43 | (0.61 | ) | (0.29 | ) | ||||||||||||||||||
12/19/2011* - 11/30/2012 | 15.00 | 0.43 | 1.87 | 2.30 | (0.22 | ) | — | |||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||
3/31/2016+ | $ | 16.22 | $ | 0.22 | $ | 0.50 | $ | 0.72 | $ | (0.35 | ) | $ | (0.23 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 18.90 | 0.46 | (1.78 | ) | (1.32 | ) | (0.80 | ) | (0.56 | ) | ||||||||||||||||
11/30/2014 | 18.64 | 0.47 | 0.50 | 0.97 | (0.50 | ) | (0.21 | ) | ||||||||||||||||||
11/30/2013 | 17.09 | 0.49 | 1.96 | 2.45 | (0.61 | ) | (0.29 | ) | ||||||||||||||||||
12/19/2011* - 11/30/2012 | 15.00 | 0.50 | 1.81 | 2.31 | (0.22 | ) | — | |||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 16.08 | $ | 0.18 | $ | 0.50 | $ | 0.68 | $ | (0.31 | ) | $ | (0.23 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 18.76 | 0.62 | (1.98 | ) | (1.36 | ) | (0.76 | ) | (0.56 | ) | ||||||||||||||||
11/30/2014 | 18.55 | 0.38 | 0.52 | 0.90 | (0.48 | ) | (0.21 | ) | ||||||||||||||||||
11/30/2013 | 17.03 | 0.22 | 2.16 | 2.38 | (0.57 | ) | (0.29 | ) | ||||||||||||||||||
12/19/2011* - 11/30/2012 | 15.00 | 0.44 | 1.81 | 2.25 | (0.22 | ) | — |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Does not include expenses of the investment companies in which the Fund invests. |
(d) | Annualized, unless otherwise noted. |
(e) | Certain expenses incurred by the Fund were not annualized. |
(f) | See Note 6 in the Notes to Financial Statements. |
234 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c) | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c) | Ratio of Net Investment Income to Average Net Assets (c) | Portfolio Turnover Rate | |||||||||||||||||||||||||
$ | (0.51 | ) | $ | 16.19 | 4.22 | % | $ | 1,093 | 0.46 | %(d) | 0.60 | %(d) | 1.90 | %(d) | 74 | % | ||||||||||||||||
(1.32 | ) | 16.02 | (7.75 | ) | 1,399 | 0.34 | (d)(e) | 0.60 | (d)(e) | 2.26 | (d)(e) | 153 | ||||||||||||||||||||
(0.70 | ) | 18.70 | 4.96 | 1,089 | 0.35 | 0.60 | 2.11 | 74 | ||||||||||||||||||||||||
(0.88 | ) | 18.51 | 14.59 | 135 | 0.30 | 0.60 | 1.52 | 41 | ||||||||||||||||||||||||
(0.22 | ) | 17.02 | 15.10 | 11 | 0.27 | (d) | 0.60 | (d) | 2.82 | (d) | 31 | |||||||||||||||||||||
$ | (0.48 | ) | $ | 16.12 | 3.93 | % | $ | 277 | 0.81 | %(d) | 0.85 | %(d) | 1.74 | %(d) | 74 | % | ||||||||||||||||
(1.26 | ) | 15.97 | (7.98 | ) | 217 | 0.69 | (d)(e) | 0.85 | (d)(e) | 1.78 | (d)(e) | 153 | ||||||||||||||||||||
(0.62 | ) | 18.63 | 4.61 | 144 | 0.70 | 0.85 | 1.61 | 74 | ||||||||||||||||||||||||
(0.85 | ) | 18.42 | 14.22 | 72 | 0.65 | 0.85 | 1.75 | 41 | ||||||||||||||||||||||||
(0.22 | ) | 16.97 | 14.75 | 39 | 0.62 | (d) | 0.85 | (d) | 1.99 | (d) | 31 | |||||||||||||||||||||
$ | (0.57 | ) | $ | 16.30 | 4.32 | % | $ | 2,306 | 0.16 | %(d) | 0.20 | %(d) | 2.39 | %(d) | 74 | % | ||||||||||||||||
(1.35 | ) | 16.17 | (7.51 | ) | 1,762 | 0.04 | (d)(e) | 0.20 | (d)(e) | 2.42 | (d)(e) | 153 | ||||||||||||||||||||
(0.71 | ) | 18.85 | 5.27 | 1,362 | 0.05 | 0.20 | 2.04 | 74 | ||||||||||||||||||||||||
(0.90 | ) | 18.61 | 14.88 | 240 | — | 0.20 | 1.96 | 41 | ||||||||||||||||||||||||
(0.22 | ) | 17.08 | 15.52 | 59 | — | (d)(f) | 0.20 | (d) | 2.77 | (d) | 31 | |||||||||||||||||||||
$ | (0.58 | ) | $ | 16.36 | 4.40 | % | $ | 2,329 | 0.06 | %(d) | 0.10 | %(d) | 2.66 | %(d) | 74 | % | ||||||||||||||||
(1.36 | ) | 16.22 | (7.45 | ) | 2,591 | — | (d)(e)(f) | 0.10 | (d)(e) | 3.09 | (d)(e) | 153 | ||||||||||||||||||||
(0.71 | ) | 18.90 | 5.37 | 4,934 | — | (f) | 0.10 | 2.52 | 74 | |||||||||||||||||||||||
(0.90 | ) | 18.64 | 15.06 | 4,388 | — | (f) | 0.12 | 2.77 | 41 | |||||||||||||||||||||||
(0.22 | ) | 17.09 | 15.52 | 3,509 | — | (d)(f) | 0.15 | (d) | 3.21 | (d) | 31 | |||||||||||||||||||||
$ | (0.54 | ) | $ | 16.22 | 4.18 | % | $ | 250 | 0.41 | %(d) | 0.45 | %(d) | 2.19 | %(d) | 74 | % | ||||||||||||||||
(1.32 | ) | 16.08 | (7.75 | ) | 216 | 0.29 | (d)(e) | 0.45 | (d)(e) | 4.23 | (d)(e) | 153 | ||||||||||||||||||||
(0.69 | ) | 18.76 | 5.00 | 357 | 0.30 | 0.45 | 2.06 | 74 | ||||||||||||||||||||||||
(0.86 | ) | 18.55 | 14.67 | 221 | 0.25 | 0.45 | 1.22 | 41 | ||||||||||||||||||||||||
(0.22 | ) | 17.03 | 15.17 | 11 | 0.22 | (d) | 0.46 | (d) | 2.87 | (d) | 31 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 235 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Income (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||
AllianzGI Retirement Income: | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
3/31/2016+ | $ | 17.34 | $ | 0.46 | $ | 0.17 | $ | 0.63 | $ | (0.55 | ) | $ | (0.07 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 19.35 | 0.48 | (1.32 | ) | (0.84 | ) | (0.67 | ) | (0.50 | ) | ||||||||||||||||
11/30/2014 | 18.96 | 0.42 | 0.31 | 0.73 | (0.34 | ) | — | |||||||||||||||||||
11/30/2013 | 19.20 | 0.50 | 0.03 | 0.53 | (0.66 | ) | (0.08 | ) | ||||||||||||||||||
11/30/2012 | 18.27 | 0.48 | 1.23 | 1.71 | (0.58 | ) | (0.20 | ) | ||||||||||||||||||
11/30/2011 | 18.52 | 0.37 | 0.25 | 0.62 | (0.67 | ) | (0.20 | ) | ||||||||||||||||||
11/30/2010 | 17.81 | 0.47 | 1.05 | 1.52 | (0.61 | ) | (0.20 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||
3/31/2016+ | $ | 17.16 | $ | 0.41 | $ | 0.15 | $ | 0.56 | $ | (0.39 | ) | $ | (0.07 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 19.14 | 0.38 | (1.33 | ) | (0.95 | ) | (0.53 | ) | (0.50 | ) | ||||||||||||||||
11/30/2014 | 18.76 | 0.27 | 0.31 | 0.58 | (0.20 | ) | — | |||||||||||||||||||
11/30/2013 | 18.99 | 0.37 | 0.01 | 0.38 | (0.50 | ) | (0.08 | ) | ||||||||||||||||||
11/30/2012 | 18.09 | 0.31 | 1.24 | 1.55 | (0.45 | ) | (0.20 | ) | ||||||||||||||||||
11/30/2011 | 18.36 | 0.27 | 0.21 | 0.48 | (0.55 | ) | (0.20 | ) | ||||||||||||||||||
11/30/2010 | 17.83 | 0.28 | 1.11 | 1.39 | (0.66 | ) | (0.20 | ) | ||||||||||||||||||
Class R | ||||||||||||||||||||||||||
3/31/2016+ | $ | 17.92 | $ | 0.45 | $ | 0.18 | $ | 0.63 | $ | (0.50 | ) | $ | (0.07 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 19.95 | 0.44 | (1.36 | ) | (0.92 | ) | (0.61 | ) | (0.50 | ) | ||||||||||||||||
11/30/2014 | 19.53 | 0.36 | 0.33 | 0.69 | (0.27 | ) | — | |||||||||||||||||||
11/30/2013 | 19.74 | 0.46 | 0.01 | 0.47 | (0.57 | ) | (0.08 | ) | ||||||||||||||||||
11/30/2012 | 18.77 | 0.24 | 1.45 | 1.69 | (0.52 | ) | (0.20 | ) | ||||||||||||||||||
11/30/2011 | 18.73 | 0.53 | 0.05 | 0.58 | (0.34 | ) | (0.20 | ) | ||||||||||||||||||
11/30/2010 | 17.86 | 0.49 | 1.01 | 1.50 | (0.43 | ) | (0.20 | ) | ||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 17.58 | $ | 0.50 | $ | 0.16 | $ | 0.66 | $ | (0.64 | ) | $ | (0.07 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 19.61 | 0.51 | (1.31 | ) | (0.80 | ) | (0.73 | ) | (0.50 | ) | ||||||||||||||||
11/30/2014 | 19.20 | 0.47 | 0.34 | 0.81 | (0.40 | ) | — | |||||||||||||||||||
11/30/2013 | 19.44 | 0.46 | 0.13 | 0.59 | (0.72 | ) | (0.08 | ) | ||||||||||||||||||
11/30/2012 | 18.49 | 0.32 | 1.48 | 1.80 | (0.65 | ) | (0.20 | ) | ||||||||||||||||||
11/30/2011 | 18.41 | 0.63 | 0.03 | 0.66 | (0.38 | ) | (0.20 | ) | ||||||||||||||||||
11/30/2010 | 17.85 | 0.57 | 0.99 | 1.56 | (0.80 | ) | (0.20 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||
3/31/2016+ | $ | 17.21 | $ | 0.49 | $ | 0.16 | $ | 0.65 | $ | (0.66 | ) | $ | (0.07 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 19.23 | 0.56 | (1.33 | ) | (0.77 | ) | (0.75 | ) | (0.50 | ) | ||||||||||||||||
11/30/2014 | 18.83 | 0.49 | 0.33 | 0.82 | (0.42 | ) | — | |||||||||||||||||||
11/30/2013 | 19.08 | 0.56 | 0.03 | 0.59 | (0.73 | ) | (0.08 | ) | ||||||||||||||||||
11/30/2012 | 18.16 | 0.49 | 1.28 | 1.77 | (0.65 | ) | (0.20 | ) | ||||||||||||||||||
11/30/2011 | 18.40 | 0.65 | 0.02 | 0.67 | (0.71 | ) | (0.20 | ) | ||||||||||||||||||
11/30/2010 | 17.85 | 0.57 | 1.01 | 1.58 | (0.83 | ) | (0.20 | ) | ||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 17.60 | $ | 0.48 | $ | 0.16 | $ | 0.64 | $ | (0.46 | ) | $ | (0.07 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 19.56 | 1.70 | (2.55 | ) | (0.85 | ) | (0.61 | ) | (0.50 | ) | ||||||||||||||||
11/30/2014 | 19.15 | 0.43 | 0.33 | 0.76 | (0.35 | ) | — | |||||||||||||||||||
11/30/2013 | 19.41 | 0.22 | 0.32 | 0.54 | (0.69 | ) | (0.08 | ) | ||||||||||||||||||
11/30/2012 | 18.46 | 0.49 | 1.26 | 1.75 | (0.60 | ) | (0.20 | ) | ||||||||||||||||||
11/30/2011 | 18.40 | 0.59 | 0.03 | 0.62 | (0.36 | ) | (0.20 | ) | ||||||||||||||||||
11/30/2010 | 17.83 | 0.54 | 0.99 | 1.53 | (0.76 | ) | (0.20 | ) |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total investment return for a period of less than one year is not annualized. |
236 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Distributions from Return of Capital | Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c) | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c) | Ratio of Net Investment Income to Average Net Assets (c) | Portfolio Turnover Rate | ||||||||||||||||||||||||||||
$ | — | $ | (0.62 | ) | $ | 17.35 | 3.66 | % | $ | 6,391 | 0.39 | %(d) | 0.60 | %(d) | 5.27 | %(d) | 76 | % | ||||||||||||||||||
— | (1.17 | ) | 17.34 | (4.53 | ) | 6,006 | 0.44 | (d)(e) | 0.62 | (d)(e) | 3.15 | (d)(e) | 179 | |||||||||||||||||||||||
— | (0.34 | ) | 19.35 | 3.88 | 6,324 | 0.40 | 0.60 | 2.18 | 101 | |||||||||||||||||||||||||||
(0.03 | ) | (0.77 | ) | 18.96 | 2.78 | 4,326 | 0.39 | 0.60 | 2.64 | 81 | ||||||||||||||||||||||||||
— | (0.78 | ) | 19.20 | 9.68 | 4,891 | 0.40 | 0.60 | 2.57 | 51 | |||||||||||||||||||||||||||
— | (0.87 | ) | 18.27 | 3.45 | 4,427 | 0.46 | 1.60 | 2.01 | 74 | |||||||||||||||||||||||||||
— | (0.81 | ) | 18.52 | 8.86 | 595 | 0.52 | 5.29 | 2.65 | 22 | |||||||||||||||||||||||||||
$ | — | $ | (0.46 | ) | $ | 17.26 | 3.32 | % | $ | 2,890 | 1.14 | %(d) | 1.35 | %(d) | 4.75 | %(d) | 76 | % | ||||||||||||||||||
— | (1.03 | ) | 17.16 | (5.16 | ) | 2,988 | 1.19 | (d)(e) | 1.37 | (d)(e) | 2.49 | (d)(e) | 179 | |||||||||||||||||||||||
— | (0.20 | ) | 19.14 | 3.12 | 3,984 | 1.15 | 1.35 | 1.42 | 101 | |||||||||||||||||||||||||||
(0.03 | ) | (0.61 | ) | 18.76 | 2.03 | 4,359 | 1.14 | 1.35 | 1.99 | 81 | ||||||||||||||||||||||||||
— | (0.65 | ) | 18.99 | 8.84 | 6,935 | 1.15 | 1.35 | 1.70 | 51 | |||||||||||||||||||||||||||
— | (0.75 | ) | 18.09 | 2.71 | 5,820 | 1.22 | 2.48 | 1.50 | 74 | |||||||||||||||||||||||||||
— | (0.86 | ) | 18.36 | 8.09 | 1,398 | 1.27 | 6.16 | 1.56 | 22 | |||||||||||||||||||||||||||
$ | — | $ | (0.57 | ) | $ | 17.98 | 3.54 | % | $ | 236 | 0.74 | %(d) | 0.85 | %(d) | 5.01 | %(d) | 76 | % | ||||||||||||||||||
— | (1.11 | ) | 17.92 | (4.83 | ) | 238 | 0.79 | (d)(e) | 0.87 | (d)(e) | 2.78 | (d)(e) | 179 | |||||||||||||||||||||||
— | (0.27 | ) | 19.95 | 3.55 | 215 | 0.75 | 0.85 | 1.80 | 101 | |||||||||||||||||||||||||||
(0.03 | ) | (0.68 | ) | 19.53 | 2.46 | 152 | 0.74 | 0.85 | 2.36 | 81 | ||||||||||||||||||||||||||
— | (0.72 | ) | 19.74 | 9.28 | 183 | 0.75 | 0.85 | 1.29 | 51 | |||||||||||||||||||||||||||
— | (0.54 | ) | 18.77 | 3.18 | 17 | 0.76 | 4.59 | 2.82 | 74 | |||||||||||||||||||||||||||
— | (0.63 | ) | 18.73 | 8.61 | 15 | 0.77 | 5.62 | 2.70 | 22 | |||||||||||||||||||||||||||
$ | — | $ | (0.71 | ) | $ | 17.53 | 3.81 | % | $ | 5,658 | 0.09 | %(d) | 0.20 | %(d) | 5.71 | %(d) | 76 | % | ||||||||||||||||||
— | (1.23 | ) | 17.58 | (4.31 | ) | 5,450 | 0.14 | (d)(e) | 0.22 | (d)(e) | 3.31 | (d)(e) | 179 | |||||||||||||||||||||||
— | (0.40 | ) | 19.61 | 4.23 | 6,349 | 0.11 | 0.21 | 2.39 | 101 | |||||||||||||||||||||||||||
(0.03 | ) | (0.83 | ) | 19.20 | 3.12 | 4,427 | 0.09 | (f) | 0.20 | 2.42 | 81 | |||||||||||||||||||||||||
— | (0.85 | ) | 19.44 | 10.05 | 4,751 | 0.10 | 0.20 | 1.71 | 51 | |||||||||||||||||||||||||||
— | (0.58 | ) | 18.49 | 3.69 | 14 | 0.26 | 4.47 | 3.38 | 74 | |||||||||||||||||||||||||||
— | (1.00 | ) | 18.41 | 9.13 | 13 | 0.32 | 5.13 | 3.20 | 22 | |||||||||||||||||||||||||||
$ | — | $ | (0.73 | ) | $ | 17.13 | 3.86 | % | $ | 8,797 | — | %(d)(f) | 0.10 | %(d) | 5.67 | %(d) | 76 | % | ||||||||||||||||||
— | (1.25 | ) | 17.21 | (4.23 | ) | 8,058 | 0.0 | 4(d)(e) | 0.12 | (d)(e) | 3.69 | (d)(e) | 179 | |||||||||||||||||||||||
— | (0.42 | ) | 19.23 | 4.36 | 9,496 | — | (f)(g) | 0.10 | 2.56 | 101 | ||||||||||||||||||||||||||
(0.03 | ) | (0.84 | ) | 18.83 | 3.23 | 9,487 | — | (f) | 0.12 | 2.96 | 81 | |||||||||||||||||||||||||
— | (0.85 | ) | 19.08 | 10.11 | 11,294 | — | 0.15 | 2.64 | 51 | |||||||||||||||||||||||||||
— | (0.91 | ) | 18.16 | 3.77 | 4,904 | 0.16 | 1.81 | 3.53 | 74 | |||||||||||||||||||||||||||
— | (1.03 | ) | 18.40 | 9.24 | 4,803 | 0.22 | 5.04 | 3.22 | 22 | |||||||||||||||||||||||||||
$ | — | $ | (0.53 | ) | $ | 17.71 | 3.69 | % | $ | 29 | 0.34 | %(d) | 0.45 | %(d) | 5.46 | %(d) | 76 | % | ||||||||||||||||||
— | (1.11 | ) | 17.60 | (4.53 | ) | 24 | 0.37 | (d)(e) | 0.45 | (d)(e) | 10.47 | (d)(e) | 179 | |||||||||||||||||||||||
— | (0.35 | ) | 19.56 | 3.97 | 2,001 | 0.35 | 0.45 | 2.20 | 101 | |||||||||||||||||||||||||||
(0.03 | ) | (0.80 | ) | 19.15 | 2.92 | 2,461 | 0.34 | 0.45 | 1.16 | 81 | ||||||||||||||||||||||||||
— | (0.80 | ) | 19.41 | 9.71 | 15 | 0.35 | 0.45 | 2.59 | 51 | |||||||||||||||||||||||||||
— | (0.56 | ) | 18.46 | 3.49 | 14 | 0.44 | 4.65 | 3.21 | 74 | |||||||||||||||||||||||||||
— | (0.96 | ) | 18.40 | 8.94 | 13 | 0.47 | 5.28 | 3.05 | 22 |
(c) | Does not include expenses of the investment companies in which the Fund invests. |
(d) | Annualized, unless otherwise noted. |
(e) | Certain expenses incurred by the Fund were not annualized. |
(f) | See Note 6 in the Notes to Financial Statements. |
(g) | Less than $0.01 per share. |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 237 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset | Net Investment Income (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||
AllianzGI Global Allocation: | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
3/31/2016+ | $ | 10.98 | $ | 0.09 | $ | 0.26 | $ | 0.35 | $ | (0.05 | ) | $ | (0.40 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 12.18 | 0.25 | (0.89 | ) | (0.64 | ) | (0.42 | ) | (0.14 | ) | ||||||||||||||||
11/30/2014 | 11.90 | 0.30 | 0.25 | 0.55 | (0.27 | ) | — | |||||||||||||||||||
11/30/2013 | 11.07 | 0.31 | 0.95 | 1.26 | (0.43 | ) | — | |||||||||||||||||||
11/30/2012 | 10.30 | 0.25 | 0.84 | 1.09 | (0.32 | ) | — | |||||||||||||||||||
11/30/2011 | 10.58 | 0.25 | (0.14 | ) | 0.11 | (0.39 | ) | — | ||||||||||||||||||
11/30/2010 | 9.84 | 0.26 | 0.85 | 1.11 | (0.37 | ) | — | |||||||||||||||||||
Class C | ||||||||||||||||||||||||||
3/31/2016+ | $ | 11.13 | $ | 0.05 | $ | 0.26 | $ | 0.31 | $ | (0.03 | ) | $ | (0.40 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 12.33 | 0.18 | (0.91 | ) | (0.73 | ) | (0.33 | ) | (0.14 | ) | ||||||||||||||||
11/30/2014 | 12.04 | 0.22 | 0.24 | 0.46 | (0.17 | ) | — | |||||||||||||||||||
11/30/2013 | 11.19 | 0.23 | 0.96 | 1.19 | (0.34 | ) | — | |||||||||||||||||||
11/30/2012 | 10.41 | 0.17 | 0.85 | 1.02 | (0.24 | ) | — | |||||||||||||||||||
11/30/2011 | 10.69 | 0.18 | (0.16 | ) | 0.02 | (0.30 | ) | — | ||||||||||||||||||
11/30/2010 | 9.89 | 0.19 | 0.85 | 1.04 | (0.24 | ) | — | |||||||||||||||||||
Class R | ||||||||||||||||||||||||||
3/31/2016+ | $ | 10.93 | $ | 0.08 | $ | 0.26 | $ | 0.34 | $ | (0.05 | ) | $ | (0.40 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 12.13 | 0.22 | (0.88 | ) | (0.66 | ) | (0.40 | ) | (0.14 | ) | ||||||||||||||||
11/30/2014 | 11.84 | 0.28 | 0.26 | 0.54 | (0.25 | ) | — | |||||||||||||||||||
11/30/2013 | 11.02 | 0.28 | 0.95 | 1.23 | (0.41 | ) | — | |||||||||||||||||||
11/30/2012 | 10.26 | 0.21 | 0.84 | 1.05 | (0.29 | ) | — | |||||||||||||||||||
11/30/2011 | 10.54 | 0.23 | (0.15 | ) | 0.08 | (0.36 | ) | — | ||||||||||||||||||
11/30/2010 | 9.81 | 0.24 | 0.84 | 1.08 | (0.35 | ) | — | |||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 10.98 | $ | 0.11 | $ | 0.25 | $ | 0.36 | $ | (0.06 | ) | $ | (0.40 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 12.19 | 0.25 | (0.87 | ) | (0.62 | ) | (0.45 | ) | (0.14 | ) | ||||||||||||||||
11/30/2014 | 11.90 | 0.32 | 0.26 | 0.58 | (0.29 | ) | — | |||||||||||||||||||
11/30/2013 | 11.07 | 0.32 | 0.96 | 1.28 | (0.45 | ) | — | |||||||||||||||||||
11/30/2012 | 10.28 | 0.29 | 0.81 | 1.10 | (0.31 | ) | — | |||||||||||||||||||
11/30/2011 | 10.56 | 0.27 | (0.14 | ) | 0.13 | (0.41 | ) | — | ||||||||||||||||||
11/30/2010 | 9.84 | 0.26 | 0.86 | 1.12 | (0.40 | ) | — | |||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 10.86 | $ | 0.10 | $ | 0.26 | $ | 0.36 | $ | (0.06 | ) | $ | (0.40 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 12.07 | 0.25 | (0.87 | ) | (0.62 | ) | (0.45 | ) | (0.14 | ) | ||||||||||||||||
11/30/2014 | 11.78 | 0.32 | 0.27 | 0.59 | (0.30 | ) | — | |||||||||||||||||||
11/30/2013 | 10.97 | 0.32 | 0.95 | 1.27 | (0.46 | ) | — | |||||||||||||||||||
11/30/2012 | 10.21 | 0.26 | 0.84 | 1.10 | (0.34 | ) | — | |||||||||||||||||||
11/30/2011 | 10.48 | 0.27 | (0.13 | ) | 0.14 | (0.41 | ) | — | ||||||||||||||||||
11/30/2010 | 9.77 | 0.29 | 0.83 | 1.12 | (0.41 | ) | — | |||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||
3/31/2016+ | $ | 10.85 | $ | 0.08 | $ | 0.29 | $ | 0.37 | $ | (0.07 | ) | $ | (0.40 | ) | ||||||||||||
9/8/2015* - 9/30/2015# | 11.01 | 0.01 | (0.13 | ) | (0.12 | ) | (0.04 | ) | — | |||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 11.25 | $ | 0.09 | $ | 0.28 | $ | 0.37 | $ | (0.05 | ) | $ | (0.40 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 12.47 | 0.23 | (0.89 | ) | (0.66 | ) | (0.42 | ) | (0.14 | ) | ||||||||||||||||
11/30/2014 | 12.17 | 0.30 | 0.27 | 0.57 | (0.27 | ) | — | |||||||||||||||||||
11/30/2013 | 11.30 | 0.43 | 0.85 | 1.28 | (0.41 | ) | — | |||||||||||||||||||
11/30/2012 | 10.51 | 0.26 | 0.84 | 1.10 | (0.31 | ) | — | |||||||||||||||||||
11/30/2011 | 10.78 | 0.13 | (0.01 | ) | 0.12 | (0.39 | ) | — | ||||||||||||||||||
11/30/2010 | 9.83 | 0.27 | 0.86 | 1.13 | (0.18 | ) | — |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
238 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c) | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c) | Ratio of Net Investment Income to Average Net Assets (c) | Portfolio Turnover Rate | |||||||||||||||||||||||||
$ | (0.45 | ) | $ | 10.88 | 3.23 | % | $ | 89,305 | 0.62 | %(d) | 1.13 | %(d) | 1.59 | %(d) | 30 | % | ||||||||||||||||
(0.56 | ) | 10.98 | (5.45 | ) | 88,132 | 0.55 | (d)(e) | 1.30 | (d)(e) | 2.52 | (d)(e) | 113 | ||||||||||||||||||||
(0.27 | ) | 12.18 | 4.62 | 65,499 | 0.40 | 1.34 | 2.48 | 48 | ||||||||||||||||||||||||
(0.43 | ) | 11.90 | 11.79 | 69,565 | 0.41 | 1.36 | 2.68 | 45 | ||||||||||||||||||||||||
(0.32 | ) | 11.07 | 10.64 | 70,312 | 0.43 | 1.38 | 2.32 | 57 | ||||||||||||||||||||||||
(0.39 | ) | 10.30 | 0.95 | 73,816 | 0.47 | 1.35 | 2.32 | 64 | ||||||||||||||||||||||||
(0.37 | ) | 10.58 | 11.56 | 72,415 | 0.51 | 1.42 | 2.58 | 46 | ||||||||||||||||||||||||
$ | (0.43 | ) | $ | 11.01 | 2.83 | % | $ | 50,335 | 1.38 | %(d) | 1.90 | %(d) | 0.85 | %(d) | 30 | % | ||||||||||||||||
(0.47 | ) | 11.13 | (6.07 | ) | 51,322 | 1.29 | (d)(e) | 2.04 | (d)(e) | 1.78 | (d)(e) | 113 | ||||||||||||||||||||
(0.17 | ) | 12.33 | 3.88 | 62,275 | 1.13 | 2.08 | 1.78 | 48 | ||||||||||||||||||||||||
(0.34 | ) | 12.04 | 10.81 | 68,756 | 1.14 | 2.10 | 1.98 | 45 | ||||||||||||||||||||||||
(0.24 | ) | 11.19 | 9.90 | 71,375 | 1.18 | 2.11 | 1.59 | 57 | ||||||||||||||||||||||||
(0.30 | ) | 10.41 | 0.15 | 78,367 | 1.22 | 2.09 | 1.64 | 64 | ||||||||||||||||||||||||
(0.24 | ) | 10.69 | 10.65 | 87,546 | 1.26 | 2.16 | 1.93 | 46 | ||||||||||||||||||||||||
$ | (0.45 | ) | $ | 10.82 | 3.11 | % | $ | 17 | 0.81 | %(d) | 1.33 | %(d) | 1.40 | %(d) | 30 | % | ||||||||||||||||
(0.54 | ) | 10.93 | (5.61 | ) | 16 | 0.72 | (d)(e) | 1.50 | (d)(e) | 2.23 | (d)(e) | 113 | ||||||||||||||||||||
(0.25 | ) | 12.13 | 4.57 | 17 | 0.56 | 1.53 | 2.32 | 48 | ||||||||||||||||||||||||
(0.41 | ) | 11.84 | 11.44 | 17 | 0.59 | 1.54 | 2.42 | 45 | ||||||||||||||||||||||||
(0.29 | ) | 11.02 | 10.44 | 15 | 0.67 | 1.56 | 2.02 | 57 | ||||||||||||||||||||||||
(0.36 | ) | 10.26 | 0.73 | 14 | 0.72 | 1.59 | 2.11 | 64 | ||||||||||||||||||||||||
(0.35 | ) | 10.54 | 11.30 | 13 | 0.76 | 1.64 | 2.38 | 46 | ||||||||||||||||||||||||
$ | (0.46 | ) | $ | 10.88 | 3.33 | % | $ | 2,313 | 0.32 | %(d) | 0.83 | %(d) | 2.04 | %(d) | 30 | % | ||||||||||||||||
(0.59 | ) | 10.98 | (5.30 | ) | 2,069 | 0.33 | (d)(e) | 1.06 | (d)(e) | 2.52 | (d)(e) | 113 | ||||||||||||||||||||
(0.29 | ) | 12.19 | 4.96 | 2,139 | 0.16 | 1.12 | 2.68 | 48 | ||||||||||||||||||||||||
(0.45 | ) | 11.90 | 11.92 | 1,960 | 0.19 | 1.13 | 2.81 | 45 | ||||||||||||||||||||||||
(0.31 | ) | 11.07 | 10.91 | 1,340 | 0.25 | 1.37 | 2.75 | 57 | ||||||||||||||||||||||||
(0.41 | ) | 10.28 | 1.13 | 1,996 | 0.27 | 1.22 | 2.52 | 64 | ||||||||||||||||||||||||
(0.40 | ) | 10.56 | 11.77 | 6,433 | 0.31 | 1.39 | 2.54 | 46 | ||||||||||||||||||||||||
$ | (0.46 | ) | $ | 10.76 | 3.35 | % | $ | 78,858 | 0.40 | %(d) | 0.92 | %(d) | 1.78 | %(d) | 30 | % | ||||||||||||||||
(0.59 | ) | 10.86 | (5.34 | ) | 74,024 | 0.32 | (d)(e) | 1.07 | (d)(e) | 2.58 | (d)(e) | 113 | ||||||||||||||||||||
(0.30 | ) | 12.07 | 5.01 | 74,957 | 0.16 | 1.11 | 2.69 | 48 | ||||||||||||||||||||||||
(0.46 | ) | 11.78 | 11.90 | 68,675 | 0.16 | 1.11 | 2.81 | 45 | ||||||||||||||||||||||||
(0.34 | ) | 10.97 | 11.01 | 57,357 | 0.15 | 1.14 | 2.47 | 57 | ||||||||||||||||||||||||
(0.41 | ) | 10.21 | 1.31 | 47,916 | 0.16 | 1.12 | 2.50 | 64 | ||||||||||||||||||||||||
(0.41 | ) | 10.48 | 11.88 | 37,093 | 0.21 | 1.15 | 2.91 | 46 | ||||||||||||||||||||||||
$ | (0.47 | ) | $ | 10.75 | 3.41 | % | $ | 281,687 | 0.30 | %(d) | 0.82 | %(d) | 1.42 | %(d) | 30 | % | ||||||||||||||||
(0.04 | ) | 10.85 | (1.14 | ) | 91,912 | 0.30 | (d)(e) | 1.31 | (d)(e) | 2.07 | (d)(e) | 113 | ||||||||||||||||||||
$ | (0.45 | ) | $ | 11.17 | 3.35 | % | $ | 28 | 0.58 | %(d) | 1.08 | %(d) | 1.63 | %(d) | 30 | % | ||||||||||||||||
(0.56 | ) | 11.25 | (5.50 | ) | 27 | 0.57 | (d)(e) | 1.23 | (d)(e) | 2.35 | (d)(e) | 113 | ||||||||||||||||||||
(0.27 | ) | 12.47 | 4.68 | 33 | 0.41 | 1.27 | 2.45 | 48 | ||||||||||||||||||||||||
(0.41 | ) | 12.17 | 11.59 | 24 | 0.41 | 1.48 | 3.73 | 45 | ||||||||||||||||||||||||
(0.31 | ) | 11.30 | 10.70 | 1,653 | 0.40 | 1.42 | 2.35 | 57 | ||||||||||||||||||||||||
(0.39 | ) | 10.51 | 1.05 | 1,649 | 0.41 | 1.36 | 1.19 | 64 | ||||||||||||||||||||||||
(0.18 | ) | 10.78 | 11.62 | 14 | 0.46 | 1.37 | 2.68 | 46 |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Does not include expenses of the investment companies in which the Fund invests. |
(d) | Annualized, unless otherwise noted. |
(e) | Certain expenses incurred by the Fund were not annualized. |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 239 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Income (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||
AllianzGI Global Dynamic Allocation: | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
3/31/2016+ | $ | 17.99 | $ | 0.19 | $ | (0.01 | ) | $ | 0.18 | $ | (0.22 | ) | $ | (0.28 | ) | |||||||||||
12/1/2014 - 9/30/2015# | 21.93 | 0.39 | (1.43 | ) | (1.04 | ) | (0.81 | ) | (2.09 | ) | ||||||||||||||||
11/30/2014 | 24.70 | 0.44 | 0.31 | 0.75 | (0.66 | ) | (2.86 | ) | ||||||||||||||||||
11/30/2013 | 22.04 | 0.42 | 3.07 | 3.49 | (0.61 | ) | (0.22 | ) | ||||||||||||||||||
11/30/2012 | 20.72 | 0.51 | 1.71 | 2.22 | (0.59 | ) | (0.31 | ) | ||||||||||||||||||
11/30/2011 | 22.03 | 0.45 | (0.33 | ) | 0.12 | (0.91 | ) | (0.52 | ) | |||||||||||||||||
11/30/2010 | 19.96 | 0.47 | 2.09 | 2.56 | (0.35 | ) | (0.14 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||
3/31/2016+ | $ | 17.63 | $ | 0.10 | $ | 0.02 | $ | 0.12 | $ | — | (f) | $ | (0.28 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 21.52 | 0.30 | (1.45 | ) | (1.15 | ) | (0.65 | ) | (2.09 | ) | ||||||||||||||||
11/30/2014 | 24.28 | 0.25 | 0.32 | 0.57 | (0.47 | ) | (2.86 | ) | ||||||||||||||||||
11/30/2013 | 21.71 | 0.30 | 2.97 | 3.27 | (0.48 | ) | (0.22 | ) | ||||||||||||||||||
11/30/2012 | 20.49 | 0.30 | 1.74 | 2.04 | (0.51 | ) | (0.31 | ) | ||||||||||||||||||
11/30/2011 | 21.81 | 0.24 | (0.28 | ) | (0.04 | ) | (0.76 | ) | (0.52 | ) | ||||||||||||||||
11/30/2010 | 19.87 | 0.44 | 1.96 | 2.40 | (0.32 | ) | (0.14 | ) | ||||||||||||||||||
Class R | ||||||||||||||||||||||||||
3/31/2016+ | $ | 17.84 | $ | 0.15 | $ | 0.01 | $ | 0.16 | $ | (0.12 | ) | $ | (0.28 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 21.79 | 0.36 | (1.45 | ) | (1.09 | ) | (0.77 | ) | (2.09 | ) | ||||||||||||||||
11/30/2014 | 24.62 | 0.40 | 0.30 | 0.70 | (0.67 | ) | (2.86 | ) | ||||||||||||||||||
11/30/2013 | 21.90 | 0.23 | 3.20 | 3.43 | (0.49 | ) | (0.22 | ) | ||||||||||||||||||
11/30/2012 | 20.73 | 0.39 | 1.77 | 2.16 | (0.68 | ) | (0.31 | ) | ||||||||||||||||||
11/30/2011 | 22.01 | 0.40 | (0.34 | ) | 0.06 | (0.82 | ) | (0.52 | ) | |||||||||||||||||
11/30/2010 | 19.93 | 0.62 | 1.91 | 2.53 | (0.31 | ) | (0.14 | ) | ||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 17.97 | $ | 0.19 | $ | 0.01 | $ | 0.20 | $ | (0.20 | ) | $ | (0.28 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 21.94 | 0.40 | (1.42 | ) | (1.02 | ) | (0.86 | ) | (2.09 | ) | ||||||||||||||||
11/30/2014 | 24.71 | 0.46 | 0.33 | 0.79 | (0.70 | ) | (2.86 | ) | ||||||||||||||||||
11/30/2013 | 22.08 | 0.38 | 3.14 | 3.52 | (0.67 | ) | (0.22 | ) | ||||||||||||||||||
11/30/2012 | 20.85 | 0.49 | 1.77 | 2.26 | (0.72 | ) | (0.31 | ) | ||||||||||||||||||
11/30/2011 | 22.12 | 0.63 | (0.48 | ) | 0.15 | (0.90 | ) | (0.52 | ) | |||||||||||||||||
11/30/2010 | 19.99 | 0.71 | 1.91 | 2.62 | (0.35 | ) | (0.14 | ) |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Does not include expenses of the investment companies in which the Fund invests. |
(d) | Annualized, unless otherwise noted. |
(e) | Certain expenses incurred by the Fund were not annualized. |
(f) | Less than $(0.01) per share. |
240 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c) | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c) | Ratio of Net Investment Income to Average Net Assets (c) | Portfolio Turnover Rate | |||||||||||||||||||||||||
$ | (0.50 | ) | $ | 17.67 | 0.98 | % | $ | 5,369 | 0.76 | %(d) | 1.99 | %(d) | 2.16 | %(d) | 14 | % | ||||||||||||||||
(2.90 | ) | 17.99 | (5.30 | ) | 1,324 | 0.63 | (d)(e) | 4.38 | (d)(e) | 2.46 | (d)(e) | 121 | ||||||||||||||||||||
(3.52 | ) | 21.93 | 3.40 | 1,042 | 0.40 | 4.53 | 2.00 | 62 | ||||||||||||||||||||||||
(0.83 | ) | 24.70 | 16.42 | 1,344 | 0.40 | 3.84 | 1.82 | 101 | ||||||||||||||||||||||||
(0.90 | ) | 22.04 | 11.17 | 841 | 0.41 | 4.12 | 2.40 | 51 | ||||||||||||||||||||||||
(1.43 | ) | 20.72 | 0.17 | 1,283 | 0.47 | 3.23 | 2.02 | 85 | ||||||||||||||||||||||||
(0.49 | ) | 22.03 | 13.08 | 815 | 0.54 | 5.64 | 2.29 | 66 | ||||||||||||||||||||||||
$ | (0.28 | ) | $ | 17.47 | 0.67 | % | $ | 1,226 | 1.49 | %(d) | 2.96 | %(d) | 1.13 | %(d) | 14 | % | ||||||||||||||||
(2.74 | ) | 17.63 | (5.95 | ) | 1,194 | 1.37 | (d)(e) | 5.05 | (d)(e) | 1.90 | (d)(e) | 121 | ||||||||||||||||||||
(3.33 | ) | 21.52 | 2.57 | 1,346 | 1.18 | 5.31 | 1.16 | 62 | ||||||||||||||||||||||||
(0.70 | ) | 24.28 | 15.52 | 1,455 | 1.18 | 4.53 | 1.33 | 101 | ||||||||||||||||||||||||
(0.82 | ) | 21.71 | 10.34 | 1,277 | 1.18 | 4.65 | 1.44 | 51 | ||||||||||||||||||||||||
(1.28 | ) | 20.49 | (0.53 | ) | 1,241 | 1.20 | 4.46 | 1.13 | 85 | |||||||||||||||||||||||
(0.46 | ) | 21.81 | 12.34 | 497 | 1.29 | 6.28 | 2.18 | 66 | ||||||||||||||||||||||||
$ | (0.40 | ) | $ | 17.60 | 0.89 | % | $ | 164 | 1.01 | %(d) | 2.57 | %(d) | 1.68 | %(d) | 14 | % | ||||||||||||||||
(2.86 | ) | 17.84 | (5.55 | ) | 152 | 0.87 | (d)(e) | 4.80 | (d)(e) | 2.27 | (d)(e) | 121 | ||||||||||||||||||||
(3.53 | ) | 21.79 | 3.17 | 145 | 0.63 | 4.99 | 1.79 | 62 | ||||||||||||||||||||||||
(0.71 | ) | 24.62 | 16.13 | 111 | 0.63 | 4.28 | 1.00 | 101 | ||||||||||||||||||||||||
(0.99 | ) | 21.90 | 10.89 | 38 | 0.65 | 4.16 | 1.87 | 51 | ||||||||||||||||||||||||
(1.34 | ) | 20.73 | (0.08 | ) | 36 | 0.71 | 3.90 | 1.84 | 85 | |||||||||||||||||||||||
(0.45 | ) | 22.01 | 12.91 | 15 | 0.79 | 5.61 | 3.04 | 66 | ||||||||||||||||||||||||
$ | (0.48 | ) | $ | 17.69 | 1.06 | % | $ | 209 | 0.61 | %(d) | 1.92 | %(d) | 2.15 | %(d) | 14 | % | ||||||||||||||||
(2.95 | ) | 17.97 | (5.19 | ) | 53 | 0.47 | (d)(e) | 4.07 | (d)(e) | 2.53 | (d)(e) | 121 | ||||||||||||||||||||
(3.56 | ) | 21.94 | 3.57 | 43 | 0.23 | 4.40 | 2.06 | 62 | ||||||||||||||||||||||||
(0.89 | ) | 24.71 | 16.62 | 41 | 0.23 | 3.76 | 1.65 | 101 | ||||||||||||||||||||||||
(1.03 | ) | 22.08 | 11.35 | 17 | 0.23 | 3.67 | 2.32 | 51 | ||||||||||||||||||||||||
(1.42 | ) | 20.85 | 0.34 | 15 | 0.27 | 3.26 | 2.84 | 85 | ||||||||||||||||||||||||
(0.49 | ) | 22.12 | 13.38 | 15 | 0.34 | 5.21 | 3.48 | 66 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 241 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Income (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||
AllianzGI Global Dynamic Allocation (cont’d) | ||||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 18.02 | $ | 0.21 | $ | (0.01 | ) | $ | 0.20 | $ | (0.25 | ) | $ | (0.28 | ) | |||||||||||
12/1/2014 - 9/30/2015# | 22.00 | 0.36 | (1.37 | ) | (1.01 | ) | (0.88 | ) | (2.09 | ) | ||||||||||||||||
11/30/2014 | 24.74 | 0.48 | 0.34 | 0.82 | (0.70 | ) | (2.86 | ) | ||||||||||||||||||
11/30/2013 | 22.10 | 0.56 | 2.99 | 3.55 | (0.69 | ) | (0.22 | ) | ||||||||||||||||||
11/30/2012 | 20.87 | 0.51 | 1.78 | 2.29 | (0.75 | ) | (0.31 | ) | ||||||||||||||||||
11/30/2011 | 22.14 | 0.65 | (0.48 | ) | 0.17 | (0.92 | ) | (0.52 | ) | |||||||||||||||||
11/30/2010 | 20.00 | 0.73 | 1.91 | 2.64 | (0.36 | ) | (0.14 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||
2/1/2016* - 3/31/2016+ | $ | 17.30 | $ | 0.03 | $ | 0.36 | $ | 0.39 | $ | — | $ | — | ||||||||||||||
Administrative Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 17.93 | $ | 0.17 | $ | 0.01 | $ | 0.18 | $ | (0.14 | ) | $ | (0.28 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 21.90 | 0.42 | (1.46 | ) | (1.04 | ) | (0.84 | ) | (2.09 | ) | ||||||||||||||||
11/30/2014 | 24.67 | 0.42 | 0.33 | 0.75 | (0.66 | ) | (2.86 | ) | ||||||||||||||||||
11/30/2013 | 22.04 | 0.48 | 3.01 | 3.49 | (0.64 | ) | (0.22 | ) | ||||||||||||||||||
11/30/2012 | 20.81 | 0.46 | 1.77 | 2.23 | (0.69 | ) | (0.31 | ) | ||||||||||||||||||
11/30/2011 | 22.08 | 0.59 | (0.47 | ) | 0.12 | (0.87 | ) | (0.52 | ) | |||||||||||||||||
11/30/2010 | 19.97 | 0.68 | 1.90 | 2.58 | (0.33 | ) | (0.14 | ) |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Does not include expenses of the investment companies in which the Fund invests. |
(d) | Annualized, unless otherwise noted. |
(e) | Certain expenses incurred by the Fund were not annualized. |
(f) | Less than $(0.01) per share. |
242 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c) | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c) | Ratio of Net Investment Income to Average Net Assets (c) | Portfolio Turnover Rate | |||||||||||||||||||||||||
$ | (0.53 | ) | $ | 17.69 | 1.09 | % | $ | 29,583 | 0.51 | %(d) | 2.14 | %(d) | 2.37 | %(d) | 14 | % | ||||||||||||||||
(2.97 | ) | 18.02 | (5.12 | ) | 4,714 | 0.39 | (d)(e) | 4.10 | (d)(e) | 2.27 | (d)(e) | 121 | ||||||||||||||||||||
(3.56 | ) | 22.00 | 3.69 | 3,401 | 0.13 | 4.30 | 2.16 | 62 | ||||||||||||||||||||||||
(0.91 | ) | 24.74 | 16.71 | 3,296 | 0.13 | 3.48 | 2.43 | 101 | ||||||||||||||||||||||||
(1.06 | ) | 22.10 | 11.51 | 5,008 | 0.13 | 3.84 | 2.42 | 51 | ||||||||||||||||||||||||
(1.44 | ) | 20.87 | 0.43 | 4,483 | 0.17 | 3.16 | 2.95 | 85 | ||||||||||||||||||||||||
(0.50 | ) | 22.14 | 13.49 | 4,484 | 0.24 | 5.11 | 3.58 | 66 | ||||||||||||||||||||||||
$ | — | $ | 17.69 | 2.25 | % | $ | 10 | 0.36 | %(d) | 1.51 | %(d) | 1.02 | %(d) | 14 | % | |||||||||||||||||
$ | (0.42 | ) | $ | 17.69 | 0.96 | % | $ | 19 | 0.76 | %(d) | 2.17 | %(d) | 1.92 | %(d) | 14 | % | ||||||||||||||||
(2.93 | ) | 17.93 | (5.29 | ) | 19 | 0.61 | (d)(e) | 4.29 | (d)(e) | 2.64 | (d)(e) | 121 | ||||||||||||||||||||
(3.52 | ) | 21.90 | 3.38 | 26 | 0.38 | 4.55 | 1.90 | 62 | ||||||||||||||||||||||||
(0.86 | ) | 24.67 | 16.48 | 20 | 0.38 | 3.79 | 2.09 | 101 | ||||||||||||||||||||||||
(1.00 | ) | 22.04 | 11.20 | 17 | 0.38 | 3.82 | 2.17 | 51 | ||||||||||||||||||||||||
(1.39 | ) | 20.81 | 0.20 | 15 | 0.42 | 3.41 | 2.69 | 85 | ||||||||||||||||||||||||
(0.47 | ) | 22.08 | 13.20 | 15 | 0.49 | 5.36 | 3.33 | 66 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 243 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Income (Loss) (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | ||||||||||||||||||
AllianzGI Global Megatrends: | ||||||||||||||||||||||
Class A | ||||||||||||||||||||||
3/31/2016+ | $ | 13.84 | $ | 0.04 | $ | 0.32 | $ | 0.36 | $ | (0.28 | ) | |||||||||||
2/2/2015* - 9/30/2015# | 15.00 | (0.02 | ) | (1.14 | ) | (1.16 | ) | — | ||||||||||||||
Class P | ||||||||||||||||||||||
3/31/2016+ | $ | 13.86 | $ | 0.06 | $ | 0.32 | $ | 0.38 | $ | (0.30 | ) | |||||||||||
2/2/2015* - 9/30/2015# | 15.00 | — | (1.14 | ) | (1.14 | ) | — | |||||||||||||||
Institutional Class | ||||||||||||||||||||||
3/31/2016+ | $ | 13.87 | $ | 0.06 | $ | 0.32 | $ | 0.38 | $ | (0.30 | ) | |||||||||||
2/2/2015* - 9/30/2015# | 15.00 | 0.01 | (1.14 | ) | (1.13 | ) | — |
+ | Unaudited |
* | Commencement of operations. |
# | Fiscal year end changed from November 30th to September 30th. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Annualized, unless otherwise noted. |
(d) | Does not include expenses of the investment companies in which the Fund invests. |
(e) | Certain expenses incurred by the Fund were not annualized. |
(f) | See Note 6 in the Notes to Financial Statements. |
244 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Income (Loss) to Average Net Assets | Portfolio Turnover Rate | ||||||||||||||||||||||
$ | 13.92 | 2.54 | % | $ | 11 | 0.13 | %(c)(d)(e) | 5.62 | %(c)(d)(e) | 0.53 | %(c)(d)(e) | 5 | % | |||||||||||||||
13.84 | (7.73 | ) | 9 | 0.15 | (c)(d)(e) | 6.65 | (c)(d)(e) | (0.15 | )(c)(d)(e) | — | ||||||||||||||||||
$ | 13.94 | 2.66 | % | $ | 10 | — | %(c)(d)(e)(f) | 5.46 | %(c)(d)(e) | 0.86 | %(c)(d)(e) | 5 | % | |||||||||||||||
13.86 | (7.60 | ) | 27 | — | (c)(d)(e) | 6.86 | (c)(d)(e) | — | (c)(d)(e) | — | ||||||||||||||||||
$ | 13.95 | 2.66 | % | $ | 2,851 | — | %(c)(d)(e)(f) | 5.41 | %(c)(d)(e) | 0.83 | %(c)(d)(e) | 5 | % | |||||||||||||||
13.87 | (7.53 | ) | 2,776 | — | (c)(d)(e)(f) | 6.40 | (c)(d)(e) | 0.10 | (c)(d)(e) | — |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 245 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Income (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||
AllianzGI Best Styles Emerging Markets Equity: | ||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 12.75 | $ | 0.03 | $ | 0.66 | $ | 0.69 | $ | (0.17 | ) | $ | (0.26 | ) | ||||||||||||
12/9/2014* - 9/30/2015# | 15.00 | 0.34 | (2.59 | ) | (2.25 | ) | — | (f) | — | |||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 12.76 | $ | 0.04 | $ | 0.65 | $ | 0.69 | $ | (0.19 | ) | $ | (0.26 | ) | ||||||||||||
12/9/2014* - 9/30/2015# | 15.00 | 0.36 | (2.60 | ) | (2.24 | ) | — | (f) | — | |||||||||||||||||
Class R6 | ||||||||||||||||||||||||||
3/31/2016+ | $ | 12.77 | $ | 0.05 | $ | 0.65 | $ | 0.70 | $ | (0.24 | ) | $ | (0.26 | ) | ||||||||||||
12/9/2014* - 9/30/2015# | 15.00 | 0.37 | (2.60 | ) | (2.23 | ) | — | (f) | — | |||||||||||||||||
AllianzGI Best Styles Global Equity: | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
3/31/2016+ | $ | 14.60 | $ | 0.10 | $ | 0.52 | $ | 0.62 | $ | (0.15 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 16.57 | 0.52 | (1.65 | ) | (1.13 | ) | (0.43 | ) | (0.41 | ) | ||||||||||||||||
9/2/2014* - 11/30/2014 | 16.51 | 0.05 | 0.01 | 0.06 | — | — | ||||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 14.68 | $ | 0.12 | $ | 0.52 | $ | 0.64 | $ | (0.10 | ) | $ | — | |||||||||||||
12/22/2014* - 9/30/2015# | 15.68 | 0.27 | (1.27 | ) | (1.00 | ) | — | (f) | — | (f) | ||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 14.63 | $ | 0.12 | $ | 0.53 | $ | 0.65 | $ | (0.16 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 16.58 | 0.28 | (1.38 | ) | (1.10 | ) | (0.44 | ) | (0.41 | ) | ||||||||||||||||
9/2/2014* - 11/30/2014 | 16.51 | 0.06 | 0.01 | 0.07 | — | — | ||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||
3/31/2016+ | $ | 14.70 | $ | 0.14 | $ | 0.51 | $ | 0.65 | $ | (0.15 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 16.58 | 0.31 | (1.40 | ) | (1.09 | ) | (0.38 | ) | (0.41 | ) | ||||||||||||||||
12/2/2013* - 11/30/2014 | 15.00 | 0.38 | 1.20 | 1.58 | — | — |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Annualized, unless otherwise noted. |
(d) | Certain expenses incurred by the Fund were not annualized. |
(e) | Payments from Affiliates increased net asset value and total return by less than $0.01 and 0.01%, respectively. |
(f) | Less than $(0.01) per share. |
246 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Income to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||
$ | (0.43 | ) | $ | 13.01 | (e) | 5.57 | %(e) | $ | 9 | 0.80 | %(c)(d) | 3.62 | %(c)(d) | 0.52 | %(c)(d) | 46 | % | |||||||||||||||
— | (f) | 12.75 | (14.98 | ) | 8 | 0.80 | (c)(d) | 5.81 | (c)(d) | 2.88 | (c)(d) | 29 | ||||||||||||||||||||
$ | (0.45 | ) | $ | 13.00 | (e) | 5.65 | %(e) | $ | 9 | 0.70 | %(c)(d) | 3.62 | %(c)(d) | 0.70 | %(c)(d) | 46 | % | |||||||||||||||
— | (f) | 12.76 | (14.91 | ) | 9 | 0.70 | (c)(d) | 5.82 | (c)(d) | 2.98 | (c)(d) | 29 | ||||||||||||||||||||
$ | (0.50 | ) | $ | 12.97 | (e) | 5.68 | %(e) | $ | 9,511 | 0.60 | %(c)(d) | 3.56 | %(c)(d) | 0.84 | %(c)(d) | 46 | % | |||||||||||||||
— | (f) | 12.77 | (14.84 | ) | 4,745 | 0.60 | (c)(d) | 5.79 | (c)(d) | 3.13 | (c)(d) | 29 | ||||||||||||||||||||
$ | (0.15 | ) | $ | 15.07 | 4.28 | % | $ | 35,659 | 0.75 | %(c) | 0.75 | %(c) | 1.37 | %(c) | 39 | % | ||||||||||||||||
(0.84 | ) | 14.60 | (7.13 | ) | 32,383 | 0.75 | (c)(d) | 1.22 | (c)(d) | 4.64 | (c)(d) | 35 | ||||||||||||||||||||
— | 16.57 | 0.36 | 10 | 0.75 | (c) | 2.53 | (c) | 1.31 | (c) | 76 | ||||||||||||||||||||||
$ | (0.10 | ) | $ | 15.22 | 4.37 | % | $ | 3,280 | 0.60 | %(c) | 0.63 | %(c) | 1.59 | %(c) | 39 | % | ||||||||||||||||
— | (f) | 14.68 | (6.35 | ) | 4,069 | 0.61 | (c)(d) | 0.69 | (c)(d) | 2.20 | (c)(d) | 35 | ||||||||||||||||||||
$ | (0.16 | ) | $ | 15.12 | 4.44 | % | $ | 748 | 0.50 | %(c) | 0.50 | %(c) | 1.70 | %(c) | 39 | % | ||||||||||||||||
(0.85 | ) | 14.63 | (6.92 | ) | 366 | 0.51 | (c)(d) | 0.68 | (c)(d) | 2.17 | (c)(d) | 35 | ||||||||||||||||||||
— | 16.58 | 0.42 | 10 | 0.50 | (c) | 2.27 | (c) | 1.56 | (c) | 76 | ||||||||||||||||||||||
$ | (0.15 | ) | $ | 15.20 | 4.43 | % | $ | 534,727 | 0.40 | %(c) | 0.47 | %(c) | 1.91 | %(c) | 39 | % | ||||||||||||||||
(0.79 | ) | 14.70 | (6.83 | ) | 250,203 | 0.40 | (c)(d) | 0.70 | (c)(d) | 2.39 | (c)(d) | 35 | ||||||||||||||||||||
— | 16.58 | 10.53 | 33,422 | 0.40 | (c) | 1.80 | (c) | 2.40 | (c) | 76 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 247 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Income (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||
AllianzGI Best Styles International Equity: | ||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 13.83 | $ | 0.12 | $ | 0.18 | $ | 0.30 | $ | (0.12 | ) | $ | (0.13 | ) | ||||||||||||
12/9/2014* - 9/30/2015# | 15.00 | 0.37 | (1.53 | ) | (1.16 | ) | (0.01 | ) | — | |||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 13.84 | $ | 0.17 | $ | 0.13 | $ | 0.30 | $ | (0.13 | ) | $ | (0.13 | ) | ||||||||||||
12/9/2014* - 9/30/2015# | 15.00 | 0.38 | (1.53 | ) | (1.15 | ) | (0.01 | ) | — | |||||||||||||||||
Class R6 | ||||||||||||||||||||||||||
3/31/2016+ | $ | 13.85 | $ | 0.15 | $ | 0.17 | $ | 0.32 | $ | (0.18 | ) | $ | (0.13 | ) | ||||||||||||
12/9/2014* - 9/30/2015# | 15.00 | 0.40 | (1.54 | ) | (1.14 | ) | (0.01 | ) | — | |||||||||||||||||
AllianzGI Best Styles U.S. Equity: | ||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 14.19 | $ | 0.12 | $ | 0.71 | $ | 0.83 | $ | (0.22 | ) | $ | (0.05 | ) | ||||||||||||
12/1/2014* - 9/30/2015# | 15.00 | 0.18 | (0.97 | ) | (0.79 | ) | (0.02 | ) | — | |||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 14.20 | $ | 0.12 | $ | 0.73 | $ | 0.85 | $ | (0.23 | ) | $ | (0.05 | ) | ||||||||||||
12/1/2014* - 9/30/2015# | 15.00 | 0.18 | (0.96 | ) | (0.78 | ) | (0.02 | ) | — | |||||||||||||||||
Class R6 | ||||||||||||||||||||||||||
3/31/2016+ | $ | 14.21 | $ | 0.13 | $ | 0.73 | $ | 0.86 | $ | (0.21 | ) | $ | (0.05 | ) | ||||||||||||
12/1/2014* - 9/30/2015# | 15.00 | 0.20 | (0.97 | ) | (0.77 | ) | (0.02 | ) | — |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Annualized, unless otherwise noted. |
(d) | Certain expenses incurred by the Fund were not annualized. |
248 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Income to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||
$ | (0.25 | ) | $ | 13.88 | 2.15 | % | $ | 9 | 0.65 | %(c)(d) | 0.97 | %(c)(d) | 1.78 | %(c)(d) | 88 | % | ||||||||||||||||
(0.01 | ) | 13.83 | (7.74 | ) | 9 | 0.65 | (c)(d) | 2.06 | (c)(d) | 2.99 | (c)(d) | 29 | ||||||||||||||||||||
$ | (0.26 | ) | $ | 13.88 | 2.16 | % | $ | 35 | 0.55 | %(c)(d) | 1.06 | %(c)(d) | 2.49 | %(c)(d) | 88 | % | ||||||||||||||||
(0.01 | ) | 13.84 | (7.66 | ) | 9 | 0.55 | (c)(d) | 2.06 | (c)(d) | 3.09 | (c)(d) | 29 | ||||||||||||||||||||
$ | (0.31 | ) | $ | 13.86 | 2.23 | % | $ | 82,775 | 0.45 | %(c)(d) | 1.00 | %(c)(d) | 2.17 | %(c)(d) | 88 | % | ||||||||||||||||
(0.01 | ) | 13.85 | (7.59 | ) | 56,210 | 0.45 | (c)(d) | 1.62 | (c)(d) | 3.31 | (c)(d) | 29 | ||||||||||||||||||||
$ | (0.27 | ) | $ | 14.75 | 5.85 | % | $ | 76 | 0.60 | %(c)(d) | 0.71 | %(c)(d) | 1.69 | %(c)(d) | 41 | % | ||||||||||||||||
(0.02 | ) | 14.19 | (5.27 | ) | 25 | 0.60 | (c)(d) | 1.32 | (c)(d) | 1.40 | (c)(d) | 51 | ||||||||||||||||||||
$ | (0.28 | ) | $ | 14.77 | 6.03 | % | $ | 2,070 | 0.50 | %(c)(d) | 0.61 | %(c)(d) | 1.70 | %(c)(d) | 41 | % | ||||||||||||||||
(0.02 | ) | 14.20 | (5.20 | ) | 1,771 | 0.50 | (c)(d) | 1.45 | (c)(d) | 1.51 | (c)(d) | 51 | ||||||||||||||||||||
$ | (0.26 | ) | $ | 14.81 | 6.07 | % | $ | 90,313 | 0.40 | %(c)(d) | 0.61 | %(c)(d) | 1.77 | %(c)(d) | 41 | % | ||||||||||||||||
(0.02 | ) | 14.21 | (5.12 | ) | 86,456 | 0.40 | (c)(d) | 0.74 | (c)(d) | 1.63 | (c)(d) | 51 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 249 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Income (Loss) (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||
AllianzGI China Equity: | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
3/31/2016+ | $ | 15.29 | $ | (0.11 | ) | $ | 0.03 | $ | (0.08 | ) | $ | (0.48 | ) | $ | — | |||||||||||
12/1/2014 - 9/30/2015# | 17.31 | 0.68 | (1.80 | ) | (1.12 | ) | (0.53 | ) | (0.37 | ) | ||||||||||||||||
11/30/2014 | 16.85 | 0.20 | 0.38 | 0.58 | (0.12 | ) | — | |||||||||||||||||||
11/30/2013 | 14.78 | 0.15 | 2.13 | 2.28 | (0.21 | ) | — | |||||||||||||||||||
11/30/2012 | 15.01 | 0.16 | 0.91 | 1.07 | (0.10 | ) | (1.20 | ) | ||||||||||||||||||
11/30/2011 | 19.81 | 0.60 | (4.58 | ) | (3.98 | ) | —(f | ) | (0.82 | ) | ||||||||||||||||
6/7/2010* - 11/30/2010 | 15.00 | (0.09 | ) | 4.90 | 4.81 | — | — | |||||||||||||||||||
Class C | ||||||||||||||||||||||||||
3/31/2016+ | $ | 15.54 | $ | (0.18 | ) | $ | 0.03 | $ | (0.15 | ) | $ | (0.38 | ) | $ | — | |||||||||||
12/1/2014 - 9/30/2015# | 17.22 | 0.20 | (1.43 | ) | (1.23 | ) | (0.08 | ) | (0.37 | ) | ||||||||||||||||
11/30/2014 | 16.78 | (0.02 | ) | 0.46 | 0.44 | —(f | ) | — | ||||||||||||||||||
11/30/2013 | 14.63 | (0.03 | ) | 2.18 | 2.15 | —(f | ) | — | ||||||||||||||||||
11/30/2012 | 14.88 | 0.06 | 0.89 | 0.95 | —(f | ) | (1.20 | ) | ||||||||||||||||||
11/30/2011 | 19.78 | (0.10 | ) | (3.98 | ) | (4.08 | ) | —(f | ) | (0.82 | ) | |||||||||||||||
6/7/2010* - 11/30/2010 | 15.00 | (0.17 | ) | 4.95 | 4.78 | — | — | |||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 16.06 | $ | (0.11 | ) | $ | 0.03 | $ | (0.08 | ) | $ | (0.14 | ) | $ | — | |||||||||||
12/1/2014 - 9/30/2015# | 17.58 | 0.61 | (1.76 | ) | (1.15 | ) | —(f | ) | (0.37 | ) | ||||||||||||||||
11/30/2014 | 16.99 | 0.19 | 0.43 | 0.62 | (0.03 | ) | — | |||||||||||||||||||
11/30/2013 | 14.78 | 0.23 | 2.11 | 2.34 | (0.13 | ) | — | |||||||||||||||||||
11/30/2012 | 15.10 | 0.01 | 1.08 | 1.09 | (0.21 | ) | (1.20 | ) | ||||||||||||||||||
11/30/2011 | 19.87 | 0.12 | (4.06 | ) | (3.94 | ) | (0.01 | ) | (0.82 | ) | ||||||||||||||||
6/7/2010* - 11/30/2010 | 15.00 | (0.02 | ) | 4.89 | 4.87 | — | — | |||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 15.42 | $ | (0.10 | ) | $ | 0.03 | $ | (0.07 | ) | $ | (0.52 | ) | $ | — | |||||||||||
12/1/2014 - 9/30/2015# | 17.30 | 0.20 | (1.31 | ) | (1.11 | ) | (0.40 | ) | (0.37 | ) | ||||||||||||||||
11/30/2014 | 16.82 | 0.22 | 0.39 | 0.61 | (0.13 | ) | — | |||||||||||||||||||
11/30/2013 | 14.81 | 0.20 | 2.13 | 2.33 | (0.32 | ) | — | |||||||||||||||||||
11/30/2012 | 15.12 | 0.20 | 0.90 | 1.10 | (0.21 | ) | (1.20 | ) | ||||||||||||||||||
11/30/2011 | 19.88 | 0.18 | (4.10 | ) | (3.92 | ) | (0.02 | ) | (0.82 | ) | ||||||||||||||||
6/7/2010* - 11/30/2010 | 15.00 | (0.01 | ) | 4.89 | 4.88 | — | — |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Annualized, unless otherwise noted. |
(d) | Certain expenses incurred by the Fund were not annualized. |
(e) | Payments from Affiliates increased the net asset value and the total return by $0.12 and 0.82%, respectively. |
(f) | Less than $(0.01) per share. |
250 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Income (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||
$ | (0.48 | ) | $ | 14.73 | (0.60 | )% | $ | 1,468 | 1.70 | %(c) | 6.49 | %(c) | (1.54 | )%(c) | 30 | % | ||||||||||||||||
(0.90 | ) | 15.29 | (6.91 | ) | 872 | 1.70 | (c)(d) | 4.67 | (c)(d) | 4.23 | (c)(d) | 130 | ||||||||||||||||||||
(0.12 | ) | 17.31 | 3.47 | 367 | 1.70 | 5.73 | 1.21 | 123 | ||||||||||||||||||||||||
(0.21 | ) | 16.85 | (e) | 15.58 | (e) | 137 | 1.73 | 5.88 | 0.96 | 36 | ||||||||||||||||||||||
(1.30 | ) | 14.78 | 8.35 | 137 | 1.72 | 6.54 | 1.15 | 36 | ||||||||||||||||||||||||
(0.82 | ) | 15.01 | (20.45 | ) | 191 | 1.73 | 5.29 | 3.25 | 132 | |||||||||||||||||||||||
— | 19.81 | 32.07 | 239 | 1.90 | (c) | 8.21 | (c) | (0.99 | )(c) | 21 | ||||||||||||||||||||||
$ | (0.38 | ) | $ | 15.01 | (1.02 | )% | $ | 46 | 2.45 | %(c) | 7.52 | %(c) | (2.27 | )%(c) | 30 | % | ||||||||||||||||
(0.45 | ) | 15.54 | (7.47 | ) | 111 | 2.45 | (c)(d) | 6.60 | (c)(d) | 1.30 | (c)(d) | 130 | ||||||||||||||||||||
— | (f) | 17.22 | 2.63 | 27 | 2.50 | 6.92 | (0.10 | ) | 123 | |||||||||||||||||||||||
— | (f) | 16.78 | (e) | 14.70 | (e) | 52 | 2.56 | 6.59 | (0.20 | ) | 36 | |||||||||||||||||||||
(1.20 | ) | 14.63 | 7.49 | 55 | 2.52 | 8.46 | 0.43 | 36 | ||||||||||||||||||||||||
(0.82 | ) | 14.88 | (21.02 | ) | 108 | 2.56 | 6.74 | (0.56 | ) | 132 | ||||||||||||||||||||||
— | 19.78 | 31.87 | 387 | 2.65 | (c) | 8.88 | (c) | (1.88 | )(c) | 21 | ||||||||||||||||||||||
$ | (0.14 | ) | $ | 15.84 | (0.53 | )% | $ | 13 | 1.51 | %(c) | 6.46 | %(c) | (1.38 | )%(c) | 30 | % | ||||||||||||||||
(0.37 | ) | 16.06 | (6.80 | ) | 16 | 1.51 | (c)(d) | 4.22 | (c)(d) | 3.64 | (c)(d) | 130 | ||||||||||||||||||||
(0.03 | ) | 17.58 | 3.62 | 38 | 1.51 | 4.74 | 1.07 | 123 | ||||||||||||||||||||||||
(0.13 | ) | 16.99 | (e) | 15.93 | (e) | 13 | 1.51 | 5.73 | 1.53 | 36 | ||||||||||||||||||||||
(1.41 | ) | 14.78 | 8.51 | 25 | 1.50 | 5.74 | 0.08 | 36 | ||||||||||||||||||||||||
(0.83 | ) | 15.10 | (20.18 | ) | 124 | 1.51 | 8.18 | 0.79 | 132 | |||||||||||||||||||||||
— | 19.87 | 32.47 | 13 | 1.65 | (c) | 8.13 | (c) | (0.19 | )(c) | 21 | ||||||||||||||||||||||
$ | (0.52 | ) | $ | 14.83 | (0.53 | )% | $ | 3,006 | 1.45 | %(c) | 6.37 | %(c) | (1.29 | )%(c) | 30 | % | ||||||||||||||||
(0.77 | ) | 15.42 | (6.72 | ) | 3,115 | 1.45 | (c)(d) | 4.99 | (c)(d) | 1.32 | (c)(d) | 130 | ||||||||||||||||||||
(0.13 | ) | 17.30 | 3.68 | 4,226 | 1.45 | 5.93 | 1.37 | 123 | ||||||||||||||||||||||||
(0.32 | ) | 16.82 | (e) | 15.99 | (e) | 4,076 | 1.45 | 5.69 | 1.31 | 36 | ||||||||||||||||||||||
(1.41 | ) | 14.81 | 8.64 | 3,490 | 1.43 | 6.19 | 1.41 | 36 | ||||||||||||||||||||||||
(0.84 | ) | 15.12 | (20.11 | ) | 3,216 | 1.45 | 5.96 | 1.04 | 132 | |||||||||||||||||||||||
— | 19.88 | 32.53 | 3,923 | 1.55 | (c) | 8.01 | (c) | (0.08 | )(c) | 21 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 251 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset | Net Investment Income (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||
AllianzGI Convertible: | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
3/31/2016+ | $ | 32.13 | $ | 0.30 | $ | (0.71 | ) | $ | (0.41 | ) | $ | (0.27 | ) | $ | (2.50 | ) | ||||||||||
12/1/2014 - 9/30/2015# | 36.54 | 0.31 | (1.88 | ) | (1.57 | ) | (0.55 | ) | (2.29 | ) | ||||||||||||||||
11/30/2014 | 34.91 | 0.39 | 2.81 | 3.20 | (0.73 | ) | (0.84 | ) | ||||||||||||||||||
11/30/2013 | 28.27 | 0.54 | 6.59 | 7.13 | (0.49 | ) | — | |||||||||||||||||||
11/30/2012 | 28.11 | 0.53 | 1.95 | 2.48 | (0.75 | ) | (1.57 | ) | ||||||||||||||||||
11/30/2011 | 28.21 | 0.55 | 0.01 | 0.56 | (0.66 | ) | — | |||||||||||||||||||
4/12/2010* - 11/30/2010 | 26.22 | 0.38 | 1.82 | 2.20 | (0.21 | ) | — | |||||||||||||||||||
Class C | ||||||||||||||||||||||||||
3/31/2016+ | $ | 32.20 | $ | 0.20 | $ | (0.72 | ) | $ | (0.52 | ) | $ | (0.08 | ) | $ | (2.50 | ) | ||||||||||
12/1/2014 - 9/30/2015# | 36.55 | 0.10 | (1.88 | ) | (1.78 | ) | (0.28 | ) | (2.29 | ) | ||||||||||||||||
11/30/2014 | 34.93 | 0.13 | 2.80 | 2.93 | (0.47 | ) | (0.84 | ) | ||||||||||||||||||
11/30/2013 | 28.30 | 0.30 | 6.60 | 6.90 | (0.27 | ) | — | |||||||||||||||||||
11/30/2012 | 28.15 | 0.32 | 1.96 | 2.28 | (0.56 | ) | (1.57 | ) | ||||||||||||||||||
11/30/2011 | 28.30 | 0.34 | 0.03 | 0.37 | (0.52 | ) | — | |||||||||||||||||||
4/12/2010* - 11/30/2010 | 26.22 | 0.24 | 1.84 | 2.08 | — | (f) | — | |||||||||||||||||||
Class R | ||||||||||||||||||||||||||
3/31/2016+ | $ | 32.08 | $ | 0.25 | $ | (0.71 | ) | $ | (0.46 | ) | $ | (0.22 | ) | $ | (2.50 | ) | ||||||||||
12/1/2014 - 9/30/2015# | 36.45 | 0.20 | (1.87 | ) | (1.67 | ) | (0.41 | ) | (2.29 | ) | ||||||||||||||||
11/30/2014 | 34.87 | 0.26 | 2.81 | 3.07 | (0.65 | ) | (0.84 | ) | ||||||||||||||||||
11/30/2013 | 28.20 | 0.34 | 6.61 | 6.95 | (0.28 | ) | — | |||||||||||||||||||
11/30/2012 | 28.08 | 0.43 | 1.95 | 2.38 | (0.69 | ) | (1.57 | ) | ||||||||||||||||||
11/30/2011 | 28.17 | 0.48 | 0.02 | 0.50 | (0.59 | ) | — | |||||||||||||||||||
4/12/2010* - 11/30/2010 | 26.22 | 0.33 | 1.82 | 2.15 | (0.20 | ) | — | |||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 32.07 | $ | 0.34 | $ | (0.70 | ) | $ | (0.36 | ) | $ | (0.42 | ) | $ | (2.50 | ) | ||||||||||
12/1/2014 - 9/30/2015# | 36.47 | 0.39 | (1.87 | ) | (1.48 | ) | (0.63 | ) | (2.29 | ) | ||||||||||||||||
11/30/2014 | 34.84 | 0.47 | 2.80 | 3.27 | (0.80 | ) | (0.84 | ) | ||||||||||||||||||
11/30/2013 | 28.20 | 0.63 | 6.55 | 7.18 | (0.54 | ) | — | |||||||||||||||||||
11/30/2012 | 28.04 | 0.58 | 1.94 | 2.52 | (0.79 | ) | (1.57 | ) | ||||||||||||||||||
11/30/2011 | 28.12 | 0.60 | 0.01 | 0.61 | (0.69 | ) | — | |||||||||||||||||||
6/7/2010* - 11/30/2010 | 24.02 | 0.27 | 4.11 | 4.38 | (0.28 | ) | — | |||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 32.02 | $ | 0.35 | $ | (0.70 | ) | $ | (0.35 | ) | $ | (0.45 | ) | $ | (2.50 | ) | ||||||||||
12/1/2014 - 9/30/2015# | 36.42 | 0.40 | (1.86 | ) | (1.46 | ) | (0.65 | ) | (2.29 | ) | ||||||||||||||||
11/30/2014 | 34.80 | 0.50 | 2.79 | 3.29 | (0.83 | ) | (0.84 | ) | ||||||||||||||||||
11/30/2013 | 28.16 | 0.61 | 6.59 | 7.20 | (0.56 | ) | — | |||||||||||||||||||
11/30/2012 | 28.00 | 0.62 | 1.94 | 2.56 | (0.83 | ) | (1.57 | ) | ||||||||||||||||||
11/30/2011 | 28.08 | 0.63 | 0.01 | 0.64 | (0.72 | ) | — | |||||||||||||||||||
11/30/2010 | 23.92 | 0.62 | 4.20 | 4.82 | (0.66 | ) | — | |||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 32.14 | $ | 0.32 | $ | (0.71 | ) | $ | (0.39 | ) | $ | (0.35 | ) | $ | (2.50 | ) | ||||||||||
12/1/2014 - 9/30/2015# | 36.54 | 0.33 | (1.88 | ) | (1.55 | ) | (0.56 | ) | (2.29 | ) | ||||||||||||||||
11/30/2014 | 34.84 | 0.43 | 2.79 | 3.22 | (0.68 | ) | (0.84 | ) | ||||||||||||||||||
11/30/2013 | 28.20 | 0.53 | 6.59 | 7.12 | (0.48 | ) | — | |||||||||||||||||||
11/30/2012 | 28.04 | 0.55 | 1.94 | 2.49 | (0.76 | ) | (1.57 | ) | ||||||||||||||||||
11/30/2011 | 28.14 | 0.55 | 0.01 | 0.56 | (0.66 | ) | — | |||||||||||||||||||
4/12/2010* - 11/30/2010 | 26.22 | 0.37 | 1.83 | 2.20 | (0.28 | ) | — |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
252 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Income to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||
$ | (2.77 | ) | $ | 28.95 | (1.54 | )% | $ | 331,496 | 1.01 | %(c) | 1.01 | %(c) | 1.97 | %(c) | 36 | % | ||||||||||||||||
(2.84 | ) | 32.13 | (4.56 | ) | 465,080 | 0.98 | (c)(d) | 0.98 | (c)(d) | 1.08 | (c)(d) | 73 | ||||||||||||||||||||
(1.57 | ) | 36.54 | (e) | 9.47 | (e) | 483,863 | 0.97 | 0.97 | 1.09 | 94 | ||||||||||||||||||||||
(0.49 | ) | 34.91 | 25.49 | 319,778 | 0.96 | 0.96 | 1.67 | 81 | ||||||||||||||||||||||||
(2.32 | ) | 28.27 | 9.64 | 94,347 | 1.01 | 1.01 | 1.91 | 108 | ||||||||||||||||||||||||
(0.66 | ) | 28.11 | 1.95 | 64,857 | 0.97 | 0.97 | 1.89 | 129 | ||||||||||||||||||||||||
(0.21 | ) | 28.21 | 8.46 | 10,500 | 0.96 | (c) | 0.97 | (c) | 2.25 | (c) | 116 | |||||||||||||||||||||
$ | (2.58 | ) | $ | 29.10 | (1.90 | )% | $ | 81,298 | 1.71 | %(c) | 1.71 | %(c) | 1.28 | %(c) | 36 | % | ||||||||||||||||
(2.57 | ) | 32.20 | (5.11 | ) | 101,326 | 1.71 | (c)(d) | 1.71 | (c)(d) | 0.34 | (c)(d) | 73 | ||||||||||||||||||||
(1.31 | ) | 36.55 | (e) | 8.66 | (e) | 127,201 | 1.70 | 1.70 | 0.36 | 94 | ||||||||||||||||||||||
(0.27 | ) | 34.93 | 24.55 | 113,799 | 1.70 | 1.70 | 0.94 | 81 | ||||||||||||||||||||||||
(2.13 | ) | 28.30 | 8.81 | 36,917 | 1.76 | 1.76 | 1.16 | 108 | ||||||||||||||||||||||||
(0.52 | ) | 28.15 | 1.26 | 27,465 | 1.74 | 1.74 | 1.17 | 129 | ||||||||||||||||||||||||
— | (f) | 28.30 | 7.94 | 227 | 1.77 | (c) | 1.77 | (c) | 1.40 | (c) | 116 | |||||||||||||||||||||
$ | (2.72 | ) | $ | 28.90 | (1.73 | )% | $ | 1,444 | 1.39 | %(c) | 1.39 | %(c) | 1.63 | %(c) | 36 | % | ||||||||||||||||
(2.70 | ) | 32.08 | (4.82 | ) | 1,592 | 1.36 | (c)(d) | 1.36 | (c)(d) | 0.70 | (c)(d) | 73 | ||||||||||||||||||||
(1.49 | ) | 36.45 | (e) | 9.10 | (e) | 1,440 | 1.30 | 1.30 | 0.74 | 94 | ||||||||||||||||||||||
(0.28 | ) | 34.87 | 24.86 | 394 | 1.51 | 1.51 | 1.06 | 81 | ||||||||||||||||||||||||
(2.26 | ) | 28.20 | 9.25 | 210 | 1.36 | 1.36 | 1.58 | 108 | ||||||||||||||||||||||||
(0.59 | ) | 28.08 | 1.76 | 37 | 1.22 | 1.22 | 1.67 | 129 | ||||||||||||||||||||||||
(0.20 | ) | 28.17 | 8.29 | 11 | 1.25 | (c) | 1.26 | (c) | 1.97 | (c) | 116 | |||||||||||||||||||||
$ | (2.92 | ) | $ | 28.79 | (1.42 | )% | $ | 114,593 | 0.72 | %(c) | 0.72 | %(c) | 2.26 | %(c) | 36 | % | ||||||||||||||||
(2.92 | ) | 32.07 | (4.32 | ) | 160,998 | 0.69 | (c)(d) | 0.69 | (c)(d) | 1.36 | (c)(d) | 73 | ||||||||||||||||||||
(1.64 | ) | 36.47 | (e) | 9.71 | (e) | 224,860 | 0.74 | 0.74 | 1.32 | 94 | ||||||||||||||||||||||
(0.54 | ) | 34.84 | 25.76 | 251,377 | 0.75 | 0.75 | 1.96 | 81 | ||||||||||||||||||||||||
(2.36 | ) | 28.20 | 9.84 | 53,368 | 0.80 | 0.86 | 2.12 | 108 | ||||||||||||||||||||||||
(0.69 | ) | 28.04 | 2.14 | 37,551 | 0.80 | 0.83 | 2.07 | 129 | ||||||||||||||||||||||||
(0.28 | ) | 28.12 | 18.34 | 21,417 | 0.84 | (c) | 0.87 | (c) | 2.35 | (c) | 116 | |||||||||||||||||||||
$ | (2.95 | ) | $ | 28.72 | (1.39 | )% | $ | 1,251,977 | 0.67 | %(c) | 0.67 | %(c) | 2.33 | %(c) | 36 | % | ||||||||||||||||
(2.94 | ) | 32.02 | (4.27 | ) | 1,428,098 | 0.66 | (c)(d) | 0.66 | (c)(d) | 1.40 | (c)(d) | 73 | ||||||||||||||||||||
(1.67 | ) | 36.42 | (e) | 9.79 | (e) | 1,781,193 | 0.65 | 0.65 | 1.41 | 94 | ||||||||||||||||||||||
(0.56 | ) | 34.80 | 25.88 | 1,583,824 | 0.65 | 0.65 | 1.93 | 81 | ||||||||||||||||||||||||
(2.40 | ) | 28.16 | 10.00 | 804,646 | 0.67 | 0.67 | 2.26 | 108 | ||||||||||||||||||||||||
(0.72 | ) | 28.00 | 2.24 | 521,854 | 0.70 | 0.70 | 2.16 | 129 | ||||||||||||||||||||||||
(0.66 | ) | 28.08 | 20.46 | 471,226 | 0.77 | 0.80 | 2.42 | 116 | ||||||||||||||||||||||||
$ | (2.85 | ) | $ | 28.90 | (1.49 | )% | $ | 1,530 | 0.90 | %(c) | 0.90 | %(c) | 2.08 | %(c) | 36 | % | ||||||||||||||||
(2.85 | ) | 32.14 | (4.49 | ) | 1,998 | 0.89 | (c)(d) | 0.89 | (c)(d) | 1.15 | (c)(d) | 73 | ||||||||||||||||||||
(1.52 | ) | 36.54 | (e) | 9.57 | (e) | 3,783 | 0.89 | 0.89 | 1.22 | 94 | ||||||||||||||||||||||
(0.48 | ) | 34.84 | 25.55 | 12,951 | 0.90 | 0.90 | 1.65 | 81 | ||||||||||||||||||||||||
(2.33 | ) | 28.20 | 9.70 | 2,199 | 0.92 | 0.92 | 2.00 | 108 | ||||||||||||||||||||||||
(0.66 | ) | 28.04 | 2.00 | 1,352 | 0.97 | 0.97 | 1.90 | 129 | ||||||||||||||||||||||||
(0.28 | ) | 28.14 | 8.45 | 11 | 0.98 | (c) | 0.99 | (c) | 2.23 | (c) | 116 |
(c) | Annualized, unless otherwise noted. |
(d) | Certain expenses incurred by the Fund were not annualized. |
(e) | Payments from Affiliates increased net asset value and total return by less than $0.01 and 0.01%, respectively. |
(f) | Less than $(0.01) per share. |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 253 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Income (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | ||||||||||||||||||
AllianzGI Emerging Markets Consumer: | ||||||||||||||||||||||
Class A | ||||||||||||||||||||||
3/31/2016+ | $ | 12.24 | $ | 0.01 | $ | (0.06 | ) | $ | (0.05 | ) | $ | (0.06 | ) | |||||||||
12/1/2014* - 9/30/2015# | 15.00 | 0.13 | (2.89 | ) | (2.76 | ) | — | |||||||||||||||
Institutional Class | ||||||||||||||||||||||
3/31/2016+ | $ | 12.28 | $ | 0.03 | $ | (0.07 | ) | $ | (0.04 | ) | $ | (0.07 | ) | |||||||||
12/1/2014* - 9/30/2015# | 15.00 | 0.13 | (2.85 | ) | (2.72 | ) | — | |||||||||||||||
AllianzGI Emerging Markets Debt: | ||||||||||||||||||||||
Class A | ||||||||||||||||||||||
3/31/2016+ | $ | 13.51 | $ | 0.27 | $ | 0.42 | $ | 0.69 | $ | (0.32 | ) | |||||||||||
12/1/2014 - 9/30/2015# | 14.92 | 0.47 | (1.35 | ) | (0.88 | ) | (0.53 | ) | ||||||||||||||
9/15/2014* - 11/30/2014 | 15.00 | 0.11 | (0.19 | ) | (0.08 | ) | — | |||||||||||||||
Class C | ||||||||||||||||||||||
3/31/2016+ | $ | 13.51 | $ | 0.23 | $ | 0.42 | $ | 0.65 | $ | (0.21 | ) | |||||||||||
12/1/2014 - 9/30/2015# | 14.90 | 0.39 | (1.36 | ) | (0.97 | ) | (0.42 | ) | ||||||||||||||
9/15/2014* - 11/30/2014 | 15.00 | 0.09 | (0.19 | ) | (0.10 | ) | — | |||||||||||||||
Class P | ||||||||||||||||||||||
3/31/2016+ | $ | 13.51 | $ | 0.31 | $ | 0.39 | $ | 0.70 | $ | (0.32 | ) | |||||||||||
12/1/2014 - 9/30/2015# | 14.92 | 0.49 | (1.34 | ) | (0.85 | ) | (0.56 | ) | ||||||||||||||
9/15/2014* - 11/30/2014 | 15.00 | 0.12 | (0.20 | ) | (0.08 | ) | — | |||||||||||||||
Institutional Class | ||||||||||||||||||||||
3/31/2016+ | $ | 13.51 | $ | 0.32 | $ | 0.38 | $ | 0.70 | $ | (0.34 | ) | |||||||||||
12/1/2014 - 9/30/2015# | 14.93 | 0.50 | (1.35 | ) | (0.85 | ) | (0.57 | ) | ||||||||||||||
9/15/2014* - 11/30/2014 | 15.00 | 0.12 | (0.19 | ) | (0.07 | ) | — |
+ | Unaudited |
* | Commencement of operations. |
# | Fiscal year end changed from November 30th to September 30th. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Annualized, unless otherwise noted. |
(d) | Certain expenses incurred by the Fund were not annualized. |
(e) | Does not include expenses of the investment companies in which the Fund invests. |
254 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Income to Average Net Assets | Portfolio Turnover Rate | ||||||||||||||||||||||
$ | 12.13 | (0.40 | )% | $ | 37 | 1.62 | %(c)(d)(e) | 7.47 | %(c)(d)(e) | 0.14 | %(c)(d)(e) | 43 | % | |||||||||||||||
12.24 | (18.40 | ) | 37 | 1.65 | (c)(d) | 9.30 | (c)(d) | 1.15 | (c)(d) | 77 | ||||||||||||||||||
$ | 12.17 | (0.31 | )% | $ | 34,704 | 1.26 | %(c)(d)(e) | 2.44 | %(c)(d)(e) | 0.56 | %(c)(d)(e) | 43 | % | |||||||||||||||
12.28 | (18.13 | ) | 15,591 | 1.30 | (c)(d) | 3.55 | (c)(d) | 1.14 | (c)(d) | 77 | ||||||||||||||||||
$ | 13.88 | 5.20 | % | $ | 159 | 1.21 | %(c) | 1.70 | %(c) | 4.06 | %(c) | 70 | % | |||||||||||||||
13.51 | (6.00 | ) | 9 | 1.23 | (c)(d) | 2.32 | (c)(d) | 3.97 | (c)(d) | 125 | ||||||||||||||||||
14.92 | (0.53 | ) | 10 | 1.20 | (c) | 2.51 | (c) | 3.65 | (c) | 27 | ||||||||||||||||||
$ | 13.95 | 4.83 | % | $ | 60 | 1.96 | %(c) | 2.47 | %(c) | 3.38 | %(c) | 70 | % | |||||||||||||||
13.51 | (6.61 | ) | 9 | 1.98 | (c)(d) | 3.06 | (c)(d) | 3.23 | (c)(d) | 125 | ||||||||||||||||||
14.90 | (0.67 | ) | 10 | 1.95 | (c) | 3.25 | (c) | 2.90 | (c) | 27 | ||||||||||||||||||
$ | 13.89 | 5.27 | % | $ | 10 | 1.06 | %(c) | 1.54 | %(c) | 4.59 | %(c) | 70 | % | |||||||||||||||
13.51 | (5.86 | ) | 10 | 1.08 | (c)(d) | 2.06 | (c)(d) | 4.12 | (c)(d) | 125 | ||||||||||||||||||
14.92 | (0.53 | ) | 10 | 1.05 | (c) | 2.25 | (c) | 3.80 | (c) | 27 | ||||||||||||||||||
$ | 13.87 | 5.29 | % | $ | 42,477 | 0.95 | %(c) | 1.56 | %(c) | 4.69 | %(c) | 70 | % | |||||||||||||||
13.51 | (5.82 | ) | 28,557 | 0.97 | (c)(d) | 2.07 | (c)(d) | 4.22 | (c)(d) | 125 | ||||||||||||||||||
14.93 | (0.47 | ) | 29,856 | 0.95 | (c) | 2.28 | (c) | 3.91 | (c) | 27 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 255 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Income (Loss) (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | ||||||||||||||||||
AllianzGI Emerging Markets Small-Cap: | ||||||||||||||||||||||
Class A | ||||||||||||||||||||||
3/31/2016+ | $ | 14.04 | $ | (0.02 | ) | $ | 0.27 | $ | 0.25 | $ | (0.21 | ) | ||||||||||
12/1/2014* - 9/30/2015# | 15.00 | 0.26 | (1.22 | ) | (0.96 | ) | — | (c) | ||||||||||||||
Institutional Class | ||||||||||||||||||||||
3/31/2016+ | $ | 14.08 | $ | — | (c) | $ | 0.27 | $ | 0.27 | $ | (0.14 | ) | ||||||||||
12/1/2014* - 9/30/2015# | 15.00 | 0.22 | (1.14 | ) | (0.92 | ) | — | (c) | ||||||||||||||
AllianzGI Europe Equity Dividend: | ||||||||||||||||||||||
Class A | ||||||||||||||||||||||
3/31/2016+ | $ | 13.59 | $ | 0.17 | $ | 0.59 | $ | 0.76 | $ | (0.15 | ) | |||||||||||
2/2/2015* - 9/30/2015# | 15.00 | 0.37 | (1.78 | ) | (1.41 | ) | — | |||||||||||||||
Class C | ||||||||||||||||||||||
3/31/2016+ | $ | 13.52 | $ | 0.13 | $ | 0.58 | $ | 0.71 | $ | (0.11 | ) | |||||||||||
2/2/2015* - 9/30/2015# | 15.00 | 0.28 | (1.76 | ) | (1.48 | ) | — | |||||||||||||||
Class P | ||||||||||||||||||||||
3/31/2016+ | $ | 13.60 | $ | 0.15 | $ | 0.62 | $ | 0.77 | $ | (0.12 | ) | |||||||||||
2/2/2015* - 9/30/2015# | 15.00 | 0.40 | (1.80 | ) | (1.40 | ) | — | |||||||||||||||
Institutional Class | ||||||||||||||||||||||
3/31/2016+ | $ | 13.61 | $ | 0.19 | $ | 0.59 | $ | 0.78 | $ | (0.16 | ) | |||||||||||
2/2/2015* - 9/30/2015# | 15.00 | 0.39 | (1.78 | ) | (1.39 | ) | — |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Less than $(0.01) per share. |
(d) | Annualized, unless otherwise noted. |
(e) | Certain expenses incurred by the Fund were not annualized. |
256 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Income (Loss) to Average Net Assets | Portfolio Turnover Rate | ||||||||||||||||||||||
$ | 14.08 | 1.80 | % | $ | 917 | 1.85 | %(d)(e) | 5.34 | %(d)(e) | (0.28 | )%(d)(e) | 72 | % | |||||||||||||||
14.04 | (6.39 | ) | 621 | 1.85 | (d)(e) | 9.40 | (d)(e) | 2.12 | (d)(e) | 103 | ||||||||||||||||||
$ | 14.21 | 1.98 | % | $ | 7,597 | 1.50 | %(d)(e) | 5.06 | %(d)(e) | (0.01 | )%(d)(e) | 72 | % | |||||||||||||||
14.08 | (6.11 | ) | 7,921 | 1.50 | (d)(e) | 7.77 | (d)(e) | 1.78 | (d)(e) | 103 | ||||||||||||||||||
$ | 14.20 | 5.56 | % | $ | 36 | 1.21 | %(d)(e) | 10.06 | %(d)(e) | 2.48 | %(d)(e) | 18 | % | |||||||||||||||
13.59 | (9.40 | ) | 9 | 1.20 | (d)(e) | 11.69 | (d)(e) | 3.86 | (d)(e) | 16 | ||||||||||||||||||
$ | 14.12 | 5.26 | % | $ | 14 | 1.95 | %(d)(e) | 10.84 | %(d)(e) | 1.82 | %(d)(e) | 18 | % | |||||||||||||||
13.52 | (9.87 | ) | 11 | 1.95 | (d)(e) | 11.78 | (d)(e) | 2.93 | (d)(e) | 16 | ||||||||||||||||||
$ | 14.25 | 5.69 | % | $ | 10 | 1.05 | %(d)(e) | 10.08 | %(d)(e) | 2.16 | %(d)(e) | 18 | % | |||||||||||||||
13.60 | (9.33 | ) | 22 | 1.05 | (d)(e) | 11.62 | (d)(e) | 4.12 | (d)(e) | 16 | ||||||||||||||||||
$ | 14.23 | 5.75 | % | $ | 3,554 | 0.95 | %(d)(e) | 9.82 | %(d)(e) | 2.70 | %(d)(e) | 18 | % | |||||||||||||||
13.61 | (9.27 | ) | 2,915 | 0.95 | (d)(e) | 11.18 | (d)(e) | 4.00 | (d)(e) | 16 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 257 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Income (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||
AllianzGI Global Fundamental Strategy: | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
3/31/2016+ | $ | 14.71 | $ | 0.08 | $ | 0.53 | $ | 0.61 | $ | (0.61 | ) | $ | (0.09 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 15.95 | 0.17 | (0.85 | ) | (0.68 | ) | (0.56 | ) | — | |||||||||||||||||
11/30/2014 | 15.45 | 0.26 | 0.42 | 0.68 | (0.12 | ) | (0.06 | ) | ||||||||||||||||||
7/1/2013* - 11/30/2013 | 15.00 | 0.06 | 0.39 | 0.45 | — | — | ||||||||||||||||||||
Class C | ||||||||||||||||||||||||||
3/31/2016+ | $ | 14.66 | $ | 0.02 | $ | 0.54 | $ | 0.56 | $ | (0.43 | ) | $ | (0.09 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 15.84 | 0.10 | (0.88 | ) | (0.78 | ) | (0.40 | ) | — | |||||||||||||||||
11/30/2014 | 15.40 | 0.14 | 0.42 | 0.56 | (0.06 | ) | (0.06 | ) | ||||||||||||||||||
7/1/2013* - 11/30/2013 | 15.00 | 0.01 | 0.39 | 0.40 | — | — | ||||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 14.77 | $ | 0.09 | $ | 0.52 | $ | 0.61 | $ | (0.56 | ) | $ | (0.09 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 15.98 | 0.21 | (0.88 | ) | (0.67 | ) | (0.54 | ) | — | |||||||||||||||||
11/30/2014 | 15.46 | 0.28 | 0.43 | 0.71 | (0.13 | ) | (0.06 | ) | ||||||||||||||||||
7/1/2013* - 11/30/2013 | 15.00 | 0.07 | 0.39 | 0.46 | — | — | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 14.78 | $ | 0.09 | $ | 0.54 | $ | 0.63 | $ | (0.57 | ) | $ | (0.09 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 15.99 | 0.22 | (0.88 | ) | (0.66 | ) | (0.55 | ) | — | |||||||||||||||||
11/30/2014 | 15.47 | 0.30 | 0.42 | 0.72 | (0.14 | ) | (0.06 | ) | ||||||||||||||||||
7/1/2013* - 11/30/2013 | 15.00 | 0.08 | 0.39 | 0.47 | — | — |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Annualized, unless otherwise noted. |
(d) | Does not include expenses of the investment companies in which the Fund invests. |
(e) | Certain expenses incurred by the Fund were not annualized. |
(f) | Payments from Affiliates increased net asset value and total return by less than $0.01 and 0.01%, respectively. |
258 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Income to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||
$ | (0.70 | ) | $ | 14.62 | 4.25 | % | $ | 118 | 1.25 | %(c)(d) | 2.21 | %(c)(d) | 1.04 | %(c)(d) | 3 | % | ||||||||||||||||
(0.56 | ) | 14.71 | (4.37 | ) | 140 | 1.25 | (c)(e) | 2.29 | (c)(e) | 1.37 | (c)(e) | 16 | ||||||||||||||||||||
(0.18 | ) | 15.95 | (f) | 4.45 | (f) | 16 | 1.25 | 2.36 | 1.62 | 28 | ||||||||||||||||||||||
— | 15.45 | 3.00 | 10 | 1.25 | (c) | 2.41 | (c) | 0.96 | (c) | 2 | ||||||||||||||||||||||
$ | (0.52 | ) | $ | 14.70 | 3.90 | % | $ | 11 | 2.00 | %(c)(d) | 2.83 | %(c)(d) | 0.27 | %(c)(d) | 3 | % | ||||||||||||||||
(0.40 | ) | 14.66 | (5.03 | ) | 10 | 2.00 | (c)(e) | 2.81 | (c)(e) | 0.75 | (c)(e) | 16 | ||||||||||||||||||||
(0.12 | ) | 15.84 | (f) | 3.69 | (f) | 11 | 2.00 | 3.14 | 0.88 | 28 | ||||||||||||||||||||||
— | 15.40 | 2.67 | 10 | 2.00 | (c) | 3.16 | (c) | 0.21 | (c) | 2 | ||||||||||||||||||||||
$ | (0.65 | ) | $ | 14.73 | 4.27 | % | $ | 11 | 1.10 | %(c)(d) | 1.84 | %(c)(d) | 1.17 | %(c)(d) | 3 | % | ||||||||||||||||
(0.54 | ) | 14.77 | (4.31 | ) | 10 | 1.10 | (c)(e) | 1.82 | (c)(e) | 1.66 | (c)(e) | 16 | ||||||||||||||||||||
(0.19 | ) | 15.98 | (f) | 4.66 | (f) | 11 | 1.10 | 2.14 | 1.79 | 28 | ||||||||||||||||||||||
— | 15.46 | 3.07 | 10 | 1.10 | (c) | 2.16 | (c) | 1.12 | (c) | 2 | ||||||||||||||||||||||
$ | (0.66 | ) | $ | 14.75 | 4.37 | % | $ | 20,028 | 1.00 | %(c)(d) | 2.84 | %(c)(d) | 1.27 | %(c)(d) | 3 | % | ||||||||||||||||
(0.55 | ) | 14.78 | (4.20 | ) | 19,317 | 1.00 | (c)(e) | 1.80 | (c)(e) | 1.76 | (c)(e) | 16 | ||||||||||||||||||||
(0.20 | ) | 15.99 | (f) | 4.72 | (f) | 22,115 | 1.00 | 2.15 | 1.90 | 28 | ||||||||||||||||||||||
— | 15.47 | 3.13 | 20,682 | 1.00 | (c) | 2.14 | (c) | 1.23 | (c) | 2 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 259 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Income (Loss) (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||
AllianzGI Global Sustainability: | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
3/31/2016+ | $ | 14.10 | $ | 0.05 | $ | 0.67 | $ | 0.72 | $ | (0.20 | ) | $ | — | |||||||||||||
12/9/2014* - 9/30/2015# | 15.00 | 0.11 | (1.01 | ) | (0.90 | ) | — | — | ||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 14.12 | $ | 0.07 | $ | 0.66 | $ | 0.73 | $ | (0.13 | ) | $ | — | |||||||||||||
12/9/2014* - 9/30/2015# | 15.00 | 0.15 | (1.03 | ) | (0.88 | ) | — | — | ||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 14.13 | $ | 0.10 | $ | 0.63 | $ | 0.73 | $ | (0.14 | ) | $ | — | |||||||||||||
12/9/2014* - 9/30/2015# | 15.00 | 0.16 | (1.03 | ) | (0.87 | ) | — | — | ||||||||||||||||||
AllianzGI Global Water: | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
3/31/2016+ | $ | 11.99 | $ | (0.01 | ) | $ | 1.34 | $ | 1.33 | $ | (0.03 | ) | $ | (0.02 | ) | |||||||||||
12/1/2014 - 9/30/2015# | 12.70 | 0.06 | (0.74 | ) | (0.68 | ) | (0.03 | ) | — | |||||||||||||||||
11/30/2014 | 12.41 | 0.07 | 0.25 | 0.32 | (0.03 | ) | — | |||||||||||||||||||
11/30/2013 | 10.26 | 0.07 | 2.20 | 2.27 | (0.12 | ) | — | |||||||||||||||||||
11/30/2012 | 8.89 | 0.12 | 1.30 | 1.42 | (0.05 | ) | — | |||||||||||||||||||
11/30/2011 | 8.75 | 0.06 | 0.08 | 0.14 | — | (e) | — | |||||||||||||||||||
11/30/2010 | 7.99 | 0.03 | 0.74 | 0.77 | (0.01 | ) | — | |||||||||||||||||||
Class C | ||||||||||||||||||||||||||
3/31/2016+ | $ | 11.59 | $ | (0.06 | ) | $ | 1.29 | $ | 1.23 | $ | — | (e) | $ | (0.02 | ) | |||||||||||
12/1/2014 - 9/30/2015# | 12.33 | (0.02 | ) | (0.72 | ) | (0.74 | ) | — | (e) | — | ||||||||||||||||
11/30/2014 | 12.11 | (0.03 | ) | 0.25 | 0.22 | — | (e) | — | ||||||||||||||||||
11/30/2013 | 10.02 | (0.02 | ) | 2.16 | 2.14 | (0.05 | ) | — | ||||||||||||||||||
11/30/2012 | 8.70 | 0.05 | 1.27 | 1.32 | — | (e) | — | |||||||||||||||||||
11/30/2011 | 8.62 | (0.01 | ) | 0.09 | 0.08 | — | (e) | — | ||||||||||||||||||
11/30/2010 | 7.93 | (0.03 | ) | 0.72 | 0.69 | — | (e) | — | ||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 12.05 | $ | — | (f) | $ | 1.34 | $ | 1.34 | $ | (0.05 | ) | $ | (0.02 | ) | |||||||||||
12/1/2014 - 9/30/2015# | 12.80 | 0.09 | (0.75 | ) | (0.66 | ) | (0.09 | ) | — | |||||||||||||||||
11/30/2014 | 12.49 | 0.09 | 0.27 | 0.36 | (0.05 | ) | — | |||||||||||||||||||
11/30/2013 | 10.30 | 0.09 | 2.21 | 2.30 | (0.11 | ) | — | |||||||||||||||||||
11/30/2012 | 8.93 | 0.14 | 1.30 | 1.44 | (0.07 | ) | — | |||||||||||||||||||
11/30/2011 | 8.77 | 0.07 | 0.09 | 0.16 | — | (e) | — | |||||||||||||||||||
11/30/2010 | 7.99 | 0.05 | 0.74 | 0.79 | (0.01 | ) | — | |||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 11.90 | $ | — | (f) | $ | 1.32 | $ | 1.32 | $ | (0.07 | ) | $ | (0.02 | ) | |||||||||||
12/1/2014 - 9/30/2015# | 12.61 | 0.09 | (0.73 | ) | (0.64 | ) | (0.07 | ) | — | |||||||||||||||||
11/30/2014 | 12.37 | 0.11 | 0.24 | 0.35 | (0.11 | ) | — | |||||||||||||||||||
11/30/2013 | 10.25 | 0.09 | 2.21 | 2.30 | (0.18 | ) | — | |||||||||||||||||||
11/30/2012 | 8.88 | 0.12 | 1.32 | 1.44 | (0.07 | ) | — | |||||||||||||||||||
11/30/2011 | 8.71 | 0.08 | 0.09 | 0.17 | — | (e) | — | |||||||||||||||||||
11/30/2010 | 7.94 | 0.05 | 0.74 | 0.79 | (0.02 | ) | — |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
260 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Total | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Income (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||
$ | (0.20 | ) | $ | 14.62 | 5.06 | % | $ | 65 | 1.20 | %(c)(d) | 9.11 | %(c)(d) | 0.75 | %(c)(d) | 3 | % | ||||||||||||||||
— | 14.10 | (6.00 | ) | 62 | 1.20 | (c)(d) | 15.36 | (c)(d) | 0.89 | (c)(d) | 25 | |||||||||||||||||||||
$ | (0.13 | ) | $ | 14.72 | 5.16 | % | $ | 10 | 1.05 | %(c)(d) | 4.77 | %(c)(d) | 0.90 | %(c)(d) | 3 | % | ||||||||||||||||
— | 14.12 | (5.87 | ) | 9 | 1.05 | (c)(d) | 8.70 | (c)(d) | 1.22 | (c)(d) | 25 | |||||||||||||||||||||
$ | (0.14 | ) | $ | 14.72 | 5.20 | % | $ | 20,432 | 0.95 | %(c)(d) | 2.57 | %(c)(d) | 1.43 | %(c)(d) | 3 | % | ||||||||||||||||
— | 14.13 | (5.80 | ) | 2,826 | 0.95 | (c)(d) | 8.70 | (c)(d) | 1.32 | (c)(d) | 25 | |||||||||||||||||||||
$ | (0.05 | ) | $ | 13.27 | 11.10 | % | $ | 186,234 | 1.44 | %(c) | 1.44 | %(c) | (0.21 | )%(c) | 37 | % | ||||||||||||||||
(0.03 | ) | 11.99 | (5.37 | ) | 128,465 | 1.44 | (c)(d) | 1.44 | (c)(d) | 0.58 | (c)(d) | 66 | ||||||||||||||||||||
(0.03 | ) | 12.70 | 2.57 | 138,219 | 1.46 | 1.46 | 0.55 | 28 | ||||||||||||||||||||||||
(0.12 | ) | 12.41 | 22.31 | 118,252 | 1.54 | 1.54 | 0.63 | 28 | ||||||||||||||||||||||||
(0.05 | ) | 10.26 | 16.12 | 59,611 | 1.57 | 1.60 | 1.27 | 73 | ||||||||||||||||||||||||
— | (e) | 8.89 | 1.62 | 27,101 | 1.68 | 1.68 | 0.60 | 73 | ||||||||||||||||||||||||
(0.01 | ) | 8.75 | 9.63 | 22,774 | 1.80 | 1.80 | 0.41 | 40 | ||||||||||||||||||||||||
$ | (0.02 | ) | $ | 12.80 | 10.63 | % | $ | 78,896 | 2.23 | %(c) | 2.23 | %(c) | (1.01 | )%(c) | 37 | % | ||||||||||||||||
— | (e) | 11.59 | (6.00 | ) | 69,700 | 2.23 | (c)(d) | 2.23 | (c)(d) | (0.21 | )(c)(d) | 66 | ||||||||||||||||||||
— | (e) | 12.33 | 1.82 | 77,082 | 2.23 | 2.23 | (0.26 | ) | 28 | |||||||||||||||||||||||
(0.50 | ) | 12.11 | 21.41 | 51,767 | 2.33 | 2.33 | (0.18 | ) | 28 | |||||||||||||||||||||||
— | (e) | 10.02 | 15.17 | 25,870 | 2.33 | 2.41 | 0.48 | 73 | ||||||||||||||||||||||||
— | (e) | 8.70 | 0.93 | 20,842 | 2.44 | 2.44 | (0.15 | ) | 73 | |||||||||||||||||||||||
— | (e) | 8.62 | 8.70 | 22,225 | 2.56 | 2.60 | (0.37 | ) | 40 | |||||||||||||||||||||||
$ | (0.07 | ) | $ | 13.32 | 11.19 | % | $ | 96,994 | 1.22 | %(c) | 1.22 | %(c) | 0.01 | %(c) | 37 | % | ||||||||||||||||
(0.09 | ) | 12.05 | (5.17 | ) | 82,847 | 1.16 | (c)(d) | 1.16 | (c)(d) | 0.84 | (c)(d) | 66 | ||||||||||||||||||||
(0.05 | ) | 12.80 | 2.87 | 84,835 | 1.21 | 1.21 | 0.67 | 28 | ||||||||||||||||||||||||
(0.11 | ) | 12.49 | 22.58 | 42,448 | 1.34 | 1.34 | 0.81 | 28 | ||||||||||||||||||||||||
(0.07 | ) | 10.30 | 16.22 | 16,820 | 1.41 | 1.47 | 1.49 | 73 | ||||||||||||||||||||||||
— | (e) | 8.93 | 1.85 | 16,118 | 1.49 | 1.52 | 0.79 | 73 | ||||||||||||||||||||||||
(0.01 | ) | 8.77 | 9.95 | 10,432 | 1.56 | 1.64 | 0.62 | 40 | ||||||||||||||||||||||||
$ | (0.09 | ) | $ | 13.13 | 11.16 | % | $ | 43,977 | 1.16 | %(c) | 1.16 | %(c) | 0.07 | %(c) | 37 | % | ||||||||||||||||
(0.07 | ) | 11.90 | (5.08 | ) | 30,004 | 1.17 | (c)(d) | 1.17 | (c)(d) | 0.87 | (c)(d) | 66 | ||||||||||||||||||||
(0.11 | ) | 12.61 | 2.82 | 23,685 | 1.15 | 1.15 | 0.84 | 28 | ||||||||||||||||||||||||
(0.18 | ) | 12.37 | 22.77 | 14,429 | 1.19 | 1.19 | 0.77 | 28 | ||||||||||||||||||||||||
(0.07 | ) | 10.25 | 16.44 | 3,105 | 1.29 | 1.29 | 1.28 | 73 | ||||||||||||||||||||||||
— | (e) | 8.88 | 1.99 | 1,267 | 1.37 | 1.39 | 0.91 | 73 | ||||||||||||||||||||||||
(0.02 | ) | 8.71 | 9.96 | 1,378 | 1.46 | 1.48 | 0.61 | 40 |
(c) | Annualized, unless otherwise noted. |
(d) | Certain expenses incurred by the Fund were not annualized. |
(e) | Less than $(0.01) per share. |
(f) | Less than $0.01 per share. |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 261 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Income (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||
AllianzGI High Yield Bond: | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
3/31/2016+ | $ | 8.92 | $ | 0.26 | $ | (0.33 | ) | $ | (0.07 | ) | $ | (0.28 | ) | $ | — | |||||||||||
12/1/2014 - 9/30/2015# | 9.85 | 0.47 | (0.91 | ) | (0.44 | ) | (0.49 | ) | — | |||||||||||||||||
11/30/2014 | 10.36 | 0.61 | (0.36 | ) | 0.25 | (0.67 | ) | (0.09 | ) | |||||||||||||||||
11/30/2013 | 10.16 | 0.67 | 0.22 | 0.89 | (0.68 | ) | (0.01 | ) | ||||||||||||||||||
11/30/2012 | 9.69 | 0.72 | 0.61 | 1.33 | (0.73 | ) | (0.13 | ) | ||||||||||||||||||
11/30/2011 | 10.03 | 0.72 | (0.28 | ) | 0.44 | (0.78 | ) | — | ||||||||||||||||||
4/12/2010* - 11/30/2010 | 9.65 | 0.49 | 0.19 | 0.68 | (0.30 | ) | — | |||||||||||||||||||
Class C | ||||||||||||||||||||||||||
3/31/2016+ | $ | 8.90 | $ | 0.23 | $ | (0.32 | ) | $ | (0.09 | ) | $ | (0.25 | ) | $ | — | |||||||||||
12/1/2014 - 9/30/2015# | 9.83 | 0.42 | (0.91 | ) | (0.49 | ) | (0.44 | ) | — | |||||||||||||||||
11/30/2014 | 10.35 | 0.54 | (0.37 | ) | 0.17 | (0.60 | ) | (0.09 | ) | |||||||||||||||||
11/30/2013 | 10.15 | 0.59 | 0.22 | 0.81 | (0.60 | ) | (0.01 | ) | ||||||||||||||||||
11/30/2012 | 9.68 | 0.64 | 0.62 | 1.26 | (0.66 | ) | (0.13 | ) | ||||||||||||||||||
11/30/2011 | 10.02 | 0.65 | (0.29 | ) | 0.36 | (0.70 | ) | — | ||||||||||||||||||
4/12/2010* - 11/30/2010 | 9.65 | 0.45 | 0.19 | 0.64 | (0.27 | ) | — | |||||||||||||||||||
Class R | ||||||||||||||||||||||||||
3/31/2016+ | $ | 8.61 | $ | 0.23 | $ | (0.32 | ) | $ | (0.09 | ) | $ | (0.26 | ) | $ | — | |||||||||||
12/1/2014 - 9/30/2015# | 9.53 | 0.43 | (0.90 | ) | (0.47 | ) | (0.45 | ) | — | |||||||||||||||||
11/30/2014 | 10.05 | 0.54 | (0.34 | ) | 0.20 | (0.63 | ) | (0.09 | ) | |||||||||||||||||
11/30/2013 | 9.88 | 0.63 | 0.21 | 0.84 | (0.66 | ) | (0.01 | ) | ||||||||||||||||||
11/30/2012 | 9.45 | 0.67 | 0.60 | 1.27 | (0.71 | ) | (0.13 | ) | ||||||||||||||||||
11/30/2011 | 9.80 | 0.68 | (0.28 | ) | 0.40 | (0.75 | ) | — | ||||||||||||||||||
4/12/2010* - 11/30/2010 | 9.65 | 0.47 | 0.18 | 0.65 | (0.50 | ) | — | |||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 8.62 | $ | 0.27 | $ | (0.32 | ) | $ | (0.05 | ) | $ | (0.30 | ) | $ | — | |||||||||||
12/1/2014 - 9/30/2015# | 9.53 | 0.49 | (0.88 | ) | (0.39 | ) | (0.52 | ) | — | |||||||||||||||||
11/30/2014 | 10.05 | 0.62 | (0.35 | ) | 0.27 | (0.70 | ) | (0.09 | ) | |||||||||||||||||
11/30/2013 | 9.87 | 0.66 | 0.23 | 0.89 | (0.70 | ) | (0.01 | ) | ||||||||||||||||||
11/30/2012 | 9.44 | 0.72 | 0.58 | 1.30 | (0.74 | ) | (0.13 | ) | ||||||||||||||||||
11/30/2011 | 9.78 | 0.72 | (0.27 | ) | 0.45 | (0.79 | ) | — | ||||||||||||||||||
4/12/2010* - 11/30/2010 | 9.65 | 0.50 | 0.17 | 0.67 | (0.54 | ) | — | |||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 8.64 | $ | 0.27 | $ | (0.31 | ) | $ | (0.04 | ) | $ | (0.30 | ) | $ | — | |||||||||||
12/1/2014 - 9/30/2015# | 9.55 | 0.49 | (0.88 | ) | (0.39 | ) | (0.52 | ) | — | |||||||||||||||||
11/30/2014 | 10.08 | 0.62 | (0.35 | ) | 0.27 | (0.71 | ) | (0.09 | ) | |||||||||||||||||
11/30/2013 | 9.90 | 0.68 | 0.22 | 0.90 | (0.71 | ) | (0.01 | ) | ||||||||||||||||||
11/30/2012 | 9.46 | 0.73 | 0.60 | 1.33 | (0.76 | ) | (0.13 | ) | ||||||||||||||||||
11/30/2011 | 9.80 | 0.76 | (0.30 | ) | 0.46 | (0.80 | ) | — | ||||||||||||||||||
11/30/2010 | 9.17 | 0.83 | 0.61 | 1.44 | (0.81 | ) | — | |||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 8.52 | $ | 0.25 | $ | (0.31 | ) | $ | (0.06 | ) | $ | (0.28 | ) | $ | — | |||||||||||
12/1/2014 - 9/30/2015# | 9.51 | 0.46 | (0.94 | ) | (0.48 | ) | (0.51 | ) | — | |||||||||||||||||
11/30/2014 | 10.04 | 0.59 | (0.36 | ) | 0.23 | (0.67 | ) | (0.09 | ) | |||||||||||||||||
11/30/2013 | 9.87 | 0.65 | 0.22 | 0.87 | (0.69 | ) | (0.01 | ) | ||||||||||||||||||
11/30/2012 | 9.43 | 0.70 | 0.61 | 1.31 | (0.74 | ) | (0.13 | ) | ||||||||||||||||||
11/30/2011 | 9.78 | 0.72 | (0.30 | ) | 0.42 | (0.77 | ) | — | ||||||||||||||||||
4/12/2010* - 11/30/2010 | 9.65 | 0.49 | 0.17 | 0.66 | (0.53 | ) | — |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
262 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Income to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||
$ | (0.28 | ) | $ | 8.57 | (0.70 | )% | $ | 56,770 | 0.98 | %(c) | 0.98 | %(c) | 6.15 | %(c) | 27 | % | ||||||||||||||||
(0.49 | ) | 8.92 | (4.72 | ) | 34,151 | 1.03 | (c)(d) | 1.03 | (c)(d) | 5.88 | (c)(d) | 47 | ||||||||||||||||||||
(0.76 | ) | 9.85 | (e) | 2.39 | (e) | 76,274 | 0.94 | 0.94 | 5.93 | 66 | ||||||||||||||||||||||
(0.69 | ) | 10.36 | 8.98 | 73,920 | 0.91 | 0.91 | 6.49 | 67 | ||||||||||||||||||||||||
(0.86 | ) | 10.16 | 14.34 | 109,668 | 0.89 | 0.90 | 7.21 | 86 | ||||||||||||||||||||||||
(0.78 | ) | 9.69 | 4.29 | 61,339 | 1.05 | 1.05 | 7.19 | 168 | ||||||||||||||||||||||||
(0.30 | ) | 10.03 | 7.07 | 1,296 | 1.11 | (c) | 1.47 | (c) | 7.70 | (c) | 144 | |||||||||||||||||||||
$ | (0.25 | ) | $ | 8.56 | (0.94 | )% | $ | 14,239 | 1.69 | %(c) | 1.69 | %(c) | 5.41 | %(c) | 27 | % | ||||||||||||||||
(0.44 | ) | 8.90 | (5.24 | ) | 17,866 | 1.68 | (c)(d) | 1.68 | (c)(d) | 5.24 | (c)(d) | 47 | ||||||||||||||||||||
(0.69 | ) | 9.83 | (e) | 1.57 | (e) | 23,249 | 1.68 | 1.68 | 5.23 | 66 | ||||||||||||||||||||||
(0.61 | ) | 10.35 | 8.14 | 27,525 | 1.70 | 1.70 | 5.68 | 67 | ||||||||||||||||||||||||
(0.79 | ) | 10.15 | 13.54 | 30,692 | 1.68 | 1.68 | 6.43 | 86 | ||||||||||||||||||||||||
(0.70 | ) | 9.68 | 3.53 | 12,443 | 1.82 | 1.87 | 6.56 | 168 | ||||||||||||||||||||||||
(0.27 | ) | 10.02 | 6.73 | 311 | 1.87 | (c) | 2.21 | (c) | 7.12 | (c) | 144 | |||||||||||||||||||||
$ | (0.26 | ) | $ | 8.26 | (0.96 | )% | $ | 1,174 | 1.50 | %(c) | 1.50 | %(c) | 5.62 | %(c) | 27 | % | ||||||||||||||||
(0.45 | ) | 8.61 | (5.20 | ) | 1,126 | 1.46 | (c)(d) | 1.46 | (c)(d) | 5.47 | (c)(d) | 47 | ||||||||||||||||||||
(0.72 | ) | 9.53 | (e) | 1.91 | (e) | 2,823 | 1.43 | 1.45 | 5.48 | 66 | ||||||||||||||||||||||
(0.67 | ) | 10.05 | 8.72 | 2,851 | 1.15 | 1.32 | 6.24 | 67 | ||||||||||||||||||||||||
(0.84 | ) | 9.88 | 14.05 | 2,111 | 1.15 | 1.25 | 6.95 | 86 | ||||||||||||||||||||||||
(0.75 | ) | 9.45 | 4.02 | 342 | 1.33 | 1.37 | 7.23 | 168 | ||||||||||||||||||||||||
(0.50 | ) | 9.80 | 6.97 | 11 | 1.36 | (c) | 1.63 | (c) | 7.74 | (c) | 144 | |||||||||||||||||||||
$ | (0.30 | ) | $ | 8.27 | (0.54 | )% | $ | 50,568 | 0.71 | %(c) | 0.71 | %(c) | 6.39 | %(c) | 27 | % | ||||||||||||||||
(0.52 | ) | 8.62 | (4.36 | ) | 63,324 | 0.64 | (c)(d) | 0.64 | (c)(d) | 6.29 | (c)(d) | 47 | ||||||||||||||||||||
(0.79 | ) | 9.53 | (e) | 2.63 | (e) | 47,385 | 0.71 | 0.71 | 6.21 | 66 | ||||||||||||||||||||||
(0.71 | ) | 10.05 | 9.27 | 77,649 | 0.74 | 0.74 | 6.64 | 67 | ||||||||||||||||||||||||
(0.87 | ) | 9.87 | 14.48 | 19,497 | 0.74 | 0.79 | 7.39 | 86 | ||||||||||||||||||||||||
(0.79 | ) | 9.44 | 4.57 | 11,096 | 0.88 | 0.88 | 7.49 | 168 | ||||||||||||||||||||||||
(0.54 | ) | 9.78 | 7.22 | 11 | 0.97 | (c) | 1.14 | (c) | 8.13 | (c) | 144 | |||||||||||||||||||||
$ | (0.30 | ) | $ | 8.30 | (0.42 | )% | $ | 184,776 | 0.66 | %(c) | 0.66 | %(c) | 6.47 | %(c) | 27 | % | ||||||||||||||||
(0.52 | ) | 8.64 | (4.32 | ) | 173,030 | 0.63 | (c)(d) | 0.63 | (c)(d) | 6.29 | (c)(d) | 47 | ||||||||||||||||||||
(0.80 | ) | 9.55 | (e) | 2.59 | (e) | 163,567 | 0.64 | 0.64 | 6.27 | 66 | ||||||||||||||||||||||
(0.72 | ) | 10.08 | 9.35 | 139,306 | 0.62 | 0.62 | 6.76 | 67 | ||||||||||||||||||||||||
(0.89 | ) | 9.90 | 14.68 | 121,362 | 0.63 | 0.63 | 7.47 | 86 | ||||||||||||||||||||||||
(0.80 | ) | 9.46 | 4.66 | 70,174 | 0.61 | 0.77 | 7.65 | 168 | ||||||||||||||||||||||||
(0.81 | ) | 9.80 | 16.23 | 93,782 | 0.63 | 0.93 | 8.65 | 144 | ||||||||||||||||||||||||
$ | (0.28 | ) | $ | 8.18 | (0.58 | )% | $ | 1,987 | 0.96 | %(c) | 0.96 | %(c) | 6.16 | %(c) | 27 | % | ||||||||||||||||
(0.51 | ) | 8.52 | (5.30 | ) | 2,073 | 0.98 | (c)(d) | 0.98 | (c)(d) | 5.90 | (c)(d) | 47 | ||||||||||||||||||||
(0.76 | ) | 9.51 | (e) | 2.27 | (e) | 34,714 | 0.97 | 0.97 | 5.93 | 66 | ||||||||||||||||||||||
(0.70 | ) | 10.04 | 9.02 | 32,789 | 0.90 | 0.91 | 6.49 | 67 | ||||||||||||||||||||||||
(0.87 | ) | 9.87 | 14.54 | 27,274 | 0.90 | 1.14 | 8.92 | 86 | ||||||||||||||||||||||||
(0.77 | ) | 9.43 | 4.27 | 11 | 1.03 | 1.03 | 7.25 | 168 | ||||||||||||||||||||||||
(0.53 | ) | 9.78 | 7.12 | 11 | 1.12 | (c) | 1.28 | (c) | 7.98 | (c) | 144 |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Annualized, unless otherwise noted. |
(d) | Certain expenses incurred by the Fund were not annualized. |
(e) | Payments from Affiliates increased net asset value and total return by less than $0.01 and 0.01%, respectively. |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 263 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset of Period | Net Investment Income (a) | Net Realized | Total from Investment Operations | Dividends from Net Investment Income | ||||||||||||||||||
AllianzGI International Growth: | ||||||||||||||||||||||
Class A | ||||||||||||||||||||||
3/31/2016+ | $ | 14.13 | $ | 0.02 | $ | 1.14 | $ | 1.16 | $ | (0.14 | ) | |||||||||||
2/2/2015* - 9/30/2015# | 15.00 | 0.11 | (0.98 | ) | (0.87 | ) | — | |||||||||||||||
Institutional Class | ||||||||||||||||||||||
3/31/2016+ | $ | 14.15 | $ | 0.02 | $ | 1.16 | $ | 1.18 | $ | (0.10 | ) | |||||||||||
2/2/2015* - 9/30/2015# | 15.00 | 0.14 | (0.99 | ) | (0.85 | ) | — |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Annualized, unless otherwise noted. |
(d) | Certain expenses incurred by the Fund were not annualized. |
264 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to | Ratio of Expenses to | Ratio of Net Investment Income to Average Net Assets | Portfolio Turnover Rate | ||||||||||||||||||||||
$ | 15.15 | 8.25 | % | $ | 51 | 1.20 | %(c)(d) | 7.00 | %(c)(d) | 0.34 | %(c)(d) | 10 | % | |||||||||||||||
14.13 | (5.80 | ) | 10 | 1.20 | (c)(d) | 8.22 | (c)(d) | 1.12 | (c)(d) | 3 | ||||||||||||||||||
$ | 15.23 | 8.38 | % | $ | 3,115 | 0.95 | %(c)(d) | 6.75 | %(c)(d) | 0.27 | %(c)(d) | 10 | % | |||||||||||||||
14.15 | (5.67 | ) | 2,874 | 0.95 | (c)(d) | 7.99 | (c)(d) | 1.38 | (c)(d) | 3 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 265 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Income (Loss) (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||
AllianzGI International Small-Cap: | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
3/31/2016+ | $ | 34.53 | $ | (0.09 | ) | $ | 0.52 | $ | 0.43 | $ | (0.28 | ) | $ | (1.45 | ) | |||||||||||
12/1/2014 - 9/30/2015# | 35.77 | 0.26 | 2.24 | 2.50 | (0.14 | ) | (3.60 | ) | ||||||||||||||||||
11/30/2014 | 42.30 | 0.09 | (2.41 | ) | (2.32 | ) | (0.64 | ) | (3.57 | ) | ||||||||||||||||
11/30/2013 | 31.89 | 0.09 | 10.32 | 10.41 | — | (e) | — | |||||||||||||||||||
11/30/2012 | 28.31 | 0.16 | 4.06 | 4.22 | (0.64 | ) | — | |||||||||||||||||||
11/30/2011 | 31.36 | 0.12 | (2.56 | ) | (2.44 | ) | (0.61 | ) | — | |||||||||||||||||
4/12/2010* - 11/30/2010 | 28.30 | (0.01 | ) | 3.07 | 3.06 | — | — | |||||||||||||||||||
Class C | ||||||||||||||||||||||||||
3/31/2016+ | $ | 33.94 | $ | (0.20 | ) | $ | 0.50 | $ | 0.30 | $ | (0.20 | ) | $ | (1.45 | ) | |||||||||||
12/1/2014 - 9/30/2015# | 35.33 | 0.06 | 2.18 | 2.24 | (0.03 | ) | (3.60 | ) | ||||||||||||||||||
11/30/2014 | 41.78 | (0.18 | ) | (2.39 | ) | (2.57 | ) | (0.31 | ) | (3.57 | ) | |||||||||||||||
11/30/2013 | 31.75 | (0.17 | ) | 10.22 | 10.05 | (0.02 | ) | — | ||||||||||||||||||
11/30/2012 | 28.01 | (0.07 | ) | 4.04 | 3.97 | (0.23 | ) | — | ||||||||||||||||||
11/30/2011 | 31.22 | 0.06 | (2.72 | ) | (2.66 | ) | (0.55 | ) | — | |||||||||||||||||
4/12/2010* - 11/30/2010 | 28.30 | (0.24 | ) | 3.16 | 2.92 | — | — | |||||||||||||||||||
Class R | ||||||||||||||||||||||||||
3/31/2016+ | $ | 34.03 | $ | (0.14 | ) | $ | 0.52 | $ | 0.38 | $ | (0.17 | ) | $ | (1.45 | ) | |||||||||||
12/1/2014 - 9/30/2015# | 35.30 | 0.16 | 2.23 | 2.39 | (0.06 | ) | (3.60 | ) | ||||||||||||||||||
11/30/2014 | 42.23 | 0.07 | (2.47 | ) | (2.40 | ) | (0.96 | ) | (3.57 | ) | ||||||||||||||||
11/30/2013 | 32.25 | 0.02 | 10.32 | 10.34 | (0.36 | ) | — | |||||||||||||||||||
11/30/2012 | 28.27 | 0.08 | 4.10 | 4.18 | (0.20 | ) | — | |||||||||||||||||||
11/30/2011 | 31.32 | 0.16 | (2.70 | ) | (2.54 | ) | (0.51 | ) | — | |||||||||||||||||
4/12/2010* - 11/30/2010 | 28.30 | 0.05 | 2.97 | 3.02 | — | — | ||||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 34.49 | $ | (0.06 | ) | $ | 0.51 | $ | 0.45 | $ | (0.20 | ) | $ | (1.45 | ) | |||||||||||
12/1/2014 - 9/30/2015# | 35.65 | 0.28 | 2.25 | 2.53 | (0.09 | ) | (3.60 | ) | ||||||||||||||||||
11/30/2014 | 41.97 | 0.16 | (2.41 | ) | (2.25 | ) | (0.50 | ) | (3.57 | ) | ||||||||||||||||
11/30/2013 | 31.92 | 0.16 | 10.24 | 10.40 | (0.35 | ) | — | |||||||||||||||||||
11/30/2012 | 27.86 | 0.20 | 4.05 | 4.25 | (0.19 | ) | — | |||||||||||||||||||
11/30/2011 | 30.35 | 0.30 | (2.67 | ) | (2.37 | ) | (0.12 | ) | — | |||||||||||||||||
11/30/2010 | 25.86 | 0.20 | 4.45 | 4.65 | (0.16 | ) | — | |||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 35.65 | $ | (0.07 | ) | $ | 0.55 | $ | 0.48 | $ | (0.20 | ) | $ | (1.45 | ) | |||||||||||
12/1/2014 - 9/30/2015# | 36.68 | 0.29 | 2.34 | 2.63 | (0.06 | ) | (3.60 | ) | ||||||||||||||||||
11/30/2014 | 42.94 | 0.21 | (2.49 | ) | (2.28 | ) | (0.41 | ) | (3.57 | ) | ||||||||||||||||
11/30/2013 | 32.60 | 0.17 | 10.48 | 10.65 | (0.31 | ) | — | |||||||||||||||||||
11/30/2012 | 28.58 | 0.24 | 4.15 | 4.39 | (0.37 | ) | — | |||||||||||||||||||
11/30/2011 | 31.45 | 0.37 | (2.74 | ) | (2.37 | ) | (0.50 | ) | — | |||||||||||||||||
11/30/2010 | 26.91 | 0.24 | 4.94 | 5.18 | (0.64 | ) | — | |||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||
2/1/2016* - 3/31/2016+ | $ | 33.52 | $ | 0.05 | $ | 0.91 | $ | 0.96 | $ | — | $ | — |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
266 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Income (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||
$ | (1.73 | ) | $ | 33.23 | 0.99 | % | $ | 15,541 | 1.45 | %(c) | 1.61 | %(c) | (0.53 | )%(c) | 40 | % | ||||||||||||||||
(3.74 | ) | 34.53 | 7.83 | 11,816 | 1.45 | (c)(d) | 1.63 | (c)(d) | 0.88 | (c)(d) | 39 | |||||||||||||||||||||
(4.21 | ) | 35.77 | (5.84 | ) | 5,290 | 1.45 | 1.76 | 0.23 | 77 | |||||||||||||||||||||||
— | (e) | 42.30 | 32.64 | 4,569 | 1.45 | 1.83 | 0.23 | 92 | ||||||||||||||||||||||||
(0.64 | ) | 31.89 | 15.13 | 2,773 | 1.50 | 1.76 | 0.53 | 117 | ||||||||||||||||||||||||
(0.61 | ) | 28.31 | (8.03 | ) | 4,103 | 1.60 | 1.83 | 0.40 | 66 | |||||||||||||||||||||||
— | 31.36 | 10.81 | 97 | 1.66 | (c) | 1.70 | (c) | (0.07 | )(c) | 57 | ||||||||||||||||||||||
$ | (1.65 | ) | $ | 32.59 | 0.63 | % | $ | 3,695 | 2.19 | %(c) | 2.39 | %(c) | (1.24 | )%(c) | 40 | % | ||||||||||||||||
(3.63 | ) | 33.94 | 7.14 | 2,837 | 2.19 | (c)(d) | 2.42 | (c)(d) | 0.20 | (c)(d) | 39 | |||||||||||||||||||||
(3.88 | ) | 35.33 | (6.52 | ) | 1,135 | 2.19 | 2.45 | (0.47 | ) | 77 | ||||||||||||||||||||||
(0.02 | ) | 41.78 | 31.67 | 702 | 2.20 | 2.43 | (0.46 | ) | 92 | |||||||||||||||||||||||
(0.23 | ) | 31.75 | 14.26 | 531 | 2.26 | 2.37 | (0.24 | ) | 117 | |||||||||||||||||||||||
(0.55 | ) | 28.01 | (8.75 | ) | 455 | 2.34 | 2.86 | 0.19 | 66 | |||||||||||||||||||||||
— | 31.22 | 10.32 | 176 | 2.44 | (c) | 2.48 | (c) | (1.23 | )(c) | 57 | ||||||||||||||||||||||
$ | (1.62 | ) | $ | 32.79 | 0.87 | % | $ | 104 | 1.70 | %(c) | 1.99 | %(c) | (0.81 | )%(c) | 40 | % | ||||||||||||||||
(3.66 | ) | 34.03 | 7.60 | 100 | 1.70 | (c)(d) | 2.09 | (c)(d) | 0.57 | (c)(d) | 39 | |||||||||||||||||||||
(4.53 | ) | 35.30 | (6.06 | ) | 73 | 1.70 | 2.10 | 0.19 | 77 | |||||||||||||||||||||||
(0.36 | ) | 42.23 | 32.29 | 27 | 1.70 | 1.96 | 0.05 | 92 | ||||||||||||||||||||||||
(0.20 | ) | 32.25 | 14.86 | 12 | 1.74 | 1.90 | 0.26 | 117 | ||||||||||||||||||||||||
(0.51 | ) | 28.27 | (8.32 | ) | 10 | 1.82 | 1.84 | 0.51 | 66 | |||||||||||||||||||||||
— | 31.32 | 10.67 | 11 | 1.91 | (c) | 2.35 | (c) | 0.27 | (c) | 57 | ||||||||||||||||||||||
$ | (1.65 | ) | $ | 33.29 | 1.09 | % | $ | 38,964 | 1.28 | %(c) | 1.36 | %(c) | (0.37 | )%(c) | 40 | % | ||||||||||||||||
(3.69 | ) | 34.49 | 7.96 | 36,377 | 1.28 | (c)(d) | 1.37 | (c)(d) | 0.97 | (c)(d) | 39 | |||||||||||||||||||||
(4.07 | ) | 35.65 | (5.68 | ) | 27,882 | 1.29 | 1.54 | 0.41 | 77 | |||||||||||||||||||||||
(0.35 | ) | 41.97 | 32.86 | 33,574 | 1.30 | 1.52 | 0.45 | 92 | ||||||||||||||||||||||||
(0.19 | ) | 31.92 | 15.32 | 28,996 | 1.31 | 1.52 | 0.68 | 117 | ||||||||||||||||||||||||
(0.12 | ) | 27.86 | (7.86 | ) | 34,772 | 1.32 | 1.47 | 0.95 | 66 | |||||||||||||||||||||||
(0.16 | ) | 30.35 | 18.12 | 46,636 | 1.37 | 1.77 | 0.74 | 57 | ||||||||||||||||||||||||
$ | (1.65 | ) | $ | 34.48 | 1.12 | % | $ | 46,173 | 1.21 | %(c) | 1.39 | %(c) | (0.42 | )%(c) | 40 | % | ||||||||||||||||
(3.66 | ) | 35.65 | 8.04 | 59,061 | 1.21 | (c)(d) | 1.39 | (c)(d) | 0.97 | (c)(d) | 39 | |||||||||||||||||||||
(3.98 | ) | 36.68 | (5.61 | ) | 55,743 | 1.21 | 1.46 | 0.53 | 77 | |||||||||||||||||||||||
(0.31 | ) | 42.94 | 32.96 | 71,875 | 1.21 | 1.44 | 0.46 | 92 | ||||||||||||||||||||||||
(0.37 | ) | 32.60 | 15.50 | 88,301 | 1.20 | 1.38 | 0.80 | 117 | ||||||||||||||||||||||||
(0.50 | ) | 28.58 | (7.74 | ) | 84,026 | 1.20 | 1.34 | 1.14 | 66 | |||||||||||||||||||||||
(0.64 | ) | 31.45 | 18.22 | 89,186 | 1.23 | 1.70 | 0.86 | 57 | ||||||||||||||||||||||||
$ | — | $ | 34.48 | 2.86 | % | $ | 10 | 1.11 | %(c) | 1.44 | % | 0.96 | % | 40 | % |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Annualized, unless otherwise noted. |
(d) | Certain expenses incurred by the Fund were not annualized. |
(e) | Less than $(0.01) per share. |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 267 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Income (Loss) (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||
AllianzGI Micro Cap: | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
3/31/2016+ | $ | 13.99 | $ | (0.09 | ) | $ | (0.50 | ) | $ | (0.59 | ) | $ | — | $ | (0.83 | ) | ||||||||||
12/1/2014 - 9/30/2015# | 14.88 | (0.17 | ) | 0.54 | 0.37 | — | (1.26 | ) | ||||||||||||||||||
11/30/2014 | 16.06 | (0.21 | ) | — | (f) | (0.21 | ) | — | (0.97 | ) | ||||||||||||||||
11/30/2013 | 11.62 | (0.20 | ) | 5.57 | 5.37 | — | (0.93 | ) | ||||||||||||||||||
12/19/2011* - 11/30/2012 | 9.84 | (0.07 | ) | 1.85 | 1.78 | — | — | |||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 14.05 | $ | (0.08 | ) | $ | (0.52 | ) | $ | (0.60 | ) | $ | — | $ | (0.83 | ) | ||||||||||
12/1/2014 - 9/30/2015# | 14.92 | (0.16 | ) | 0.55 | 0.39 | — | (1.26 | ) | ||||||||||||||||||
11/30/2014 | 16.08 | (0.19 | ) | — | (f) | (0.19 | ) | — | (0.97 | ) | ||||||||||||||||
11/30/2013 | 11.61 | (0.17 | ) | 5.57 | 5.40 | — | (0.93 | ) | ||||||||||||||||||
11/30/2012 | 12.20 | (0.10 | ) | 1.47 | 1.37 | — | (1.96 | ) | ||||||||||||||||||
12/27/2010* - 11/30/2011 | 14.20 | (0.15 | ) | (1.64 | ) | (1.79 | ) | — | (0.21 | ) | ||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 14.11 | $ | (0.08 | ) | $ | (0.52 | ) | $ | (0.60 | ) | $ | — | $ | (0.83 | ) | ||||||||||
12/1/2014 - 9/30/2015# | 14.99 | (0.16 | ) | 0.54 | 0.38 | — | (1.26 | ) | ||||||||||||||||||
11/30/2014 | 16.15 | (0.19 | ) | — | (f) | (0.19 | ) | — | (0.97 | ) | ||||||||||||||||
11/30/2013 | 11.65 | (0.15 | ) | 5.58 | 5.43 | — | (0.93 | ) | ||||||||||||||||||
11/30/2012 | 12.22 | (0.10 | ) | 1.49 | 1.39 | — | (1.96 | ) | ||||||||||||||||||
11/30/2011 | 13.80 | (0.17 | ) | (0.16 | ) | (0.33 | ) | — | (1.25 | ) | ||||||||||||||||
11/30/2010 | 10.44 | (0.15 | ) | 3.51 | 3.36 | — | — | |||||||||||||||||||
AllianzGI Multi-Asset Real Return: | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
3/31/2016+ | $ | 12.85 | $ | 0.10 | $ | (0.04 | ) | $ | 0.06 | $ | (0.27 | ) | $ | — | ||||||||||||
12/1/2014 - 9/30/2015# | 14.91 | 0.13 | (2.01 | ) | (1.88 | ) | (0.18 | ) | — | |||||||||||||||||
11/30/2014 | 15.34 | 0.14 | (0.26 | ) | (0.12 | ) | (0.23 | ) | (0.08 | ) | ||||||||||||||||
12/17/2012* - 11/30/2013 | 15.00 | 0.12 | 0.22 | 0.34 | — | — | ||||||||||||||||||||
Class C | ||||||||||||||||||||||||||
3/31/2016+ | $ | 12.71 | $ | 0.05 | $ | (0.04 | ) | $ | 0.01 | $ | (0.13 | ) | $ | — | ||||||||||||
12/1/2014 - 9/30/2015# | 14.74 | 0.03 | (1.98 | ) | (1.95 | ) | (0.08 | ) | — | |||||||||||||||||
11/30/2014 | 15.24 | 0.03 | (0.25 | ) | (0.22 | ) | (0.20 | ) | (0.08 | ) | ||||||||||||||||
12/17/2012* - 11/30/2013 | 15.00 | (0.03 | ) | 0.27 | 0.24 | — | — | |||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 12.92 | $ | 0.11 | $ | (0.05 | ) | $ | 0.06 | $ | (0.29 | ) | $ | — | ||||||||||||
12/1/2014 - 9/30/2015# | 14.96 | 0.15 | (2.02 | ) | (1.87 | ) | (0.17 | ) | — | |||||||||||||||||
11/30/2014 | 15.36 | 0.18 | (0.25 | ) | (0.09 | ) | (0.23 | ) | (0.08 | ) | ||||||||||||||||
12/17/2012* - 11/30/2013 | 15.00 | 0.16 | 0.20 | 0.36 | — | — | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 12.92 | $ | 0.11 | $ | (0.04 | ) | $ | 0.07 | $ | (0.27 | ) | $ | — | ||||||||||||
12/1/2014 - 9/30/2015# | 14.97 | 0.15 | (2.01 | ) | (1.86 | ) | (0.19 | ) | — | |||||||||||||||||
11/30/2014 | 15.37 | 0.19 | (0.26 | ) | (0.07 | ) | (0.25 | ) | (0.08 | ) | ||||||||||||||||
12/17/2012* - 11/30/2013 | 15.00 | 0.18 | 0.19 | 0.37 | — | — |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
268 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Income (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||
$ | (0.83 | ) | $ | 12.57 | (4.87 | )% | $ | 3,488 | 1.62 | %(c) | 2.04 | %(c) | (1.25 | )%(c) | 15 | % | ||||||||||||||||
(1.26 | ) | 13.99 | 2.77 | 15,305 | 1.62 | (c)(d) | 2.07 | (c)(d) | (1.35 | )(c)(d) | 55 | |||||||||||||||||||||
(0.97 | ) | 14.88 | (1.11 | ) | 4,684 | 1.66 | 2.10 | (1.40 | ) | 48 | ||||||||||||||||||||||
(0.93 | ) | 16.06 | 50.11 | 1,065 | 1.80 | 2.07 | (1.45 | ) | 63 | |||||||||||||||||||||||
— | 11.62 | 18.09 | 135 | 1.82 | (c) | 2.18 | (c) | (0.62 | )(c) | 62 | ||||||||||||||||||||||
$ | (0.83 | ) | $ | 12.62 | (4.92 | )% | $ | 2,071 | 1.54 | %(c) | 1.77 | %(c) | (1.15 | )%(c) | 15 | % | ||||||||||||||||
(1.26 | ) | 14.05 | 2.91 | 2,264 | 1.51 | (c)(d) | 1.80 | (c)(d) | (1.24 | )(c)(d) | 55 | |||||||||||||||||||||
(0.97 | ) | 14.92 | (0.98 | ) | 1,550 | 1.52 | 1.81 | (1.21 | ) | 48 | ||||||||||||||||||||||
(0.93 | ) | 16.08 | 50.42 | 2,192 | 1.63 | 1.90 | (1.25 | ) | 63 | |||||||||||||||||||||||
(1.96 | ) | 11.61 | 13.90 | 332 | 1.65 | 1.99 | (0.85 | ) | 62 | |||||||||||||||||||||||
(0.21 | ) | 12.20 | (12.43 | ) | 426 | 1.65 | (c) | 1.85 | (c) | (1.35 | )(c) | 74 | ||||||||||||||||||||
$ | (0.83 | ) | $ | 12.68 | (4.90 | )% | $ | 30,139 | 1.54 | %(c) | 1.85 | %(c) | (1.15 | )%(c) | 15 | % | ||||||||||||||||
(1.26 | ) | 14.11 | 2.83 | 34,575 | 1.54 | (c)(d) | 1.80 | (c)(d) | (1.26 | )(c)(d) | 55 | |||||||||||||||||||||
(0.97 | ) | 14.99 | (0.97 | ) | 33,513 | 1.54 | 1.80 | (1.25 | ) | 48 | ||||||||||||||||||||||
(0.93 | ) | 16.15 | 50.51 | 41,713 | 1.54 | 2.01 | (1.10 | ) | 63 | |||||||||||||||||||||||
(1.96 | ) | 11.65 | 14.09 | 27,343 | 1.54 | 1.84 | (0.90 | ) | 62 | |||||||||||||||||||||||
(1.25 | ) | 12.22 | (2.88 | ) | 46,514 | 1.54 | 1.65 | (1.24 | ) | 74 | ||||||||||||||||||||||
— | 13.80 | 32.18 | 57,591 | 1.57 | 1.64 | (1.25 | ) | 112 | ||||||||||||||||||||||||
$ | (0.27 | ) | $ | 12.64 | 0.48 | % | $ | 138 | 0.85 | %(c)(e) | 7.66 | %(c)(e) | 1.63 | %(c)(e) | 29 | % | ||||||||||||||||
(0.18 | ) | 12.85 | (12.73 | ) | 133 | 0.85 | (c)(d)(e) | 5.33 | (c)(d)(e) | 1.11 | (c)(d)(e) | 63 | ||||||||||||||||||||
(0.31 | ) | 14.91 | (0.81 | ) | 143 | 0.85 | (e) | 4.61 | (e) | 0.90 | (e) | 41 | ||||||||||||||||||||
— | 15.34 | 2.27 | 45 | 0.86 | (c)(e) | 8.42 | (c)(e) | 0.83 | (c)(e) | 46 | ||||||||||||||||||||||
$ | (0.13 | ) | $ | 12.59 | 0.11 | % | $ | 78 | 1.60 | %(c)(e) | 8.29 | %(c)(e) | 0.84 | %(c)(e) | 29 | % | ||||||||||||||||
(0.08 | ) | 12.71 | (13.28 | ) | 77 | 1.60 | (c)(d)(e) | 5.90 | (c)(d)(e) | 0.25 | (c)(d)(e) | 63 | ||||||||||||||||||||
(0.28 | ) | 14.74 | (1.50 | ) | 114 | 1.60 | (e) | 5.46 | (e) | 0.21 | (e) | 41 | ||||||||||||||||||||
— | 15.24 | 1.60 | 81 | 1.60 | (c)(e) | 9.55 | (c)(e) | (0.17 | )(c)(e) | 46 | ||||||||||||||||||||||
$ | (0.29 | ) | $ | 12.69 | 0.53 | % | $ | 9 | 0.70 | %(c)(e) | 7.24 | %(c)(e) | 1.74 | %(c)(e) | 29 | % | ||||||||||||||||
(0.17 | ) | 12.92 | (12.64 | ) | 9 | 0.70 | (c)(d)(e) | 4.99 | (c)(d)(e) | 1.24 | (c)(d)(e) | 63 | ||||||||||||||||||||
(0.31 | ) | 14.96 | (0.64 | ) | 10 | 0.70 | (e) | 4.50 | (e) | 1.14 | (e) | 41 | ||||||||||||||||||||
— | 15.36 | 2.40 | 10 | 0.71 | (c)(e) | 7.75 | (c)(e) | 1.11 | (c)(e) | 46 | ||||||||||||||||||||||
$ | (0.27 | ) | $ | 12.72 | 0.58 | % | $ | 3,132 | 0.60 | %(c)(e) | 7.13 | %(c)(e) | 1.68 | %(c)(e) | 29 | % | ||||||||||||||||
(0.19 | ) | 12.92 | (12.58 | ) | 4,294 | 0.60 | (c)(d)(e) | 4.91 | (c)(d)(e) | 1.24 | (c)(d)(e) | 63 | ||||||||||||||||||||
(0.33 | ) | 14.97 | (0.50 | ) | 6,034 | 0.60 | (e) | 4.48 | (e) | 1.22 | (e) | 41 | ||||||||||||||||||||
— | 15.37 | 2.47 | 5,155 | 0.61 | (c)(e) | 7.74 | (c)(e) | 1.21 | (c)(e) | 46 |
(c) | Annualized, unless otherwise noted. |
(d) | Certain expenses incurred by the Fund were not annualized. |
(e) | Does not include expenses of the investment companies in which the Fund invests. |
(f) | Less than $0.01 per share. |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 269 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Income (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||
AllianzGI NFJ Emerging Markets Value: | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
3/31/2016+ | $ | 12.34 | $ | 0.07 | $ | 0.54 | $ | 0.61 | $ | (0.15 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 15.45 | 0.49 | (2.74 | ) | (2.25 | ) | (0.62 | ) | (0.24 | ) | ||||||||||||||||
11/30/2014 | 15.42 | 0.37 | 0.08 | 0.45 | (0.42 | ) | — | |||||||||||||||||||
12/18/2012* - 11/30/2013 | 15.00 | 0.35 | 0.27 | 0.62 | (0.20 | ) | — | |||||||||||||||||||
Class C | ||||||||||||||||||||||||||
3/31/2016+ | $ | 12.31 | $ | 0.01 | $ | 0.56 | $ | 0.57 | $ | (0.12 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 15.40 | 0.36 | (2.68 | ) | (2.32 | ) | (0.53 | ) | (0.24 | ) | ||||||||||||||||
11/30/2014 | 15.35 | 0.28 | 0.05 | 0.33 | (0.28 | ) | — | |||||||||||||||||||
12/18/2012* - 11/30/2013 | 15.00 | 0.14 | 0.36 | 0.50 | (0.15 | ) | — | |||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 12.46 | $ | 0.09 | $ | 0.54 | $ | 0.63 | $ | (0.28 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 15.56 | 0.49 | (2.74 | ) | (2.25 | ) | (0.61 | ) | (0.24 | ) | ||||||||||||||||
11/30/2014 | 15.45 | 0.43 | 0.05 | 0.48 | (0.37 | ) | — | |||||||||||||||||||
12/18/2012* - 11/30/2013 | 15.00 | 0.36 | 0.27 | 0.63 | (0.18 | ) | — | |||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 12.47 | $ | 0.07 | $ | 0.56 | $ | 0.63 | $ | (0.19 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 15.57 | 0.51 | (2.74 | ) | (2.23 | ) | (0.63 | ) | (0.24 | ) | ||||||||||||||||
11/30/2014 | 15.46 | 0.46 | 0.03 | 0.49 | (0.38 | ) | — | |||||||||||||||||||
12/18/2012* - 11/30/2013 | 15.00 | 0.39 | 0.26 | 0.65 | (0.19 | ) | — |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Payments from Affiliates increased net asset value and total return by less than $0.01 and 0.01%, respectively. |
(d) | Annualized, unless otherwise noted. |
(e) | Certain expenses incurred by the Fund were not annualized. |
270 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Income to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||
$ | (0.15 | ) | $ | 12.80 | (c) | 4.99 | %(c) | $ | 1,304 | 1.47 | %(d)(e) | 7.09 | %(d)(e) | 1.19 | %(d)(e) | 62 | % | |||||||||||||||
(0.86 | ) | 12.34 | (15.12 | ) | 207 | 1.55 | (d)(e) | 6.55 | (d)(e) | 4.13 | (d)(e) | 93 | ||||||||||||||||||||
(0.42 | ) | 15.45 | 2.94 | 110 | 1.55 | 4.86 | 2.33 | 85 | ||||||||||||||||||||||||
(0.20 | ) | 15.42 | 4.14 | 19 | 1.55 | (d) | 17.07 | (d) | 2.41 | (d) | 67 | |||||||||||||||||||||
$ | (0.12 | ) | $ | 12.76 | (c) | 4.63 | %(c) | $ | 110 | 2.24 | %(d)(e) | 7.78 | %(d)(e) | 0.22 | %(d)(e) | 62 | % | |||||||||||||||
(0.77 | ) | 12.31 | (15.62 | ) | 104 | 2.30 | (d)(e) | 7.39 | (d)(e) | 3.12 | (d)(e) | 93 | ||||||||||||||||||||
(0.28 | ) | 15.40 | 2.19 | 73 | 2.30 | �� | 5.60 | 1.82 | 85 | |||||||||||||||||||||||
(0.15 | ) | 15.35 | 3.40 | 25 | 2.30 | (d) | 19.41 | (d) | 1.00 | (d) | 67 | |||||||||||||||||||||
$ | (0.28 | ) | $ | 12.81 | (c) | 5.14 | %(c) | $ | 31 | 1.31 | %(d)(e) | 6.85 | %(d)(e) | 1.44 | %(d)(e) | 62 | % | |||||||||||||||
(0.85 | ) | 12.46 | (15.03 | ) | 9 | 1.39 | (d)(e) | 5.87 | (d)(e) | 4.12 | (d)(e) | 93 | ||||||||||||||||||||
(0.37 | ) | 15.56 | 3.13 | 11 | 1.39 | 4.64 | 2.77 | 85 | ||||||||||||||||||||||||
(0.18 | ) | 15.45 | 4.25 | 11 | 1.41 | (d) | 7.72 | (d) | 2.49 | (d) | 67 | |||||||||||||||||||||
$ | (0.19 | ) | $ | 12.91 | (c) | 5.09 | %(c) | $ | 6,643 | 1.24 | %(d)(e) | 6.77 | %(d)(e) | 1.18 | %(d)(e) | 62 | % | |||||||||||||||
(0.87 | ) | 12.47 | (14.91 | ) | 6,688 | 1.30 | (d)(e) | 5.93 | (d)(e) | 4.25 | (d)(e) | 93 | ||||||||||||||||||||
(0.38 | ) | 15.57 | 3.18 | 7,889 | 1.30 | 4.63 | 2.96 | 85 | ||||||||||||||||||||||||
(0.19 | ) | 15.46 | 4.38 | 6,470 | 1.30 | (d) | 7.78 | (d) | 2.70 | (d) | 67 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 271 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Income(a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||
AllianzGI NFJ Global Dividend Value: | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
3/31/2016+ | $ | 16.68 | $ | 0.21 | $ | 0.40 | $ | 0.61 | $ | (0.24 | ) | $ | (1.84 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 21.40 | 0.44 | (3.06 | ) | (2.62 | ) | (0.60 | ) | (1.50 | ) | ||||||||||||||||
11/30/2014 | 22.08 | 0.61 | 0.30 | 0.91 | (0.55 | ) | (1.04 | ) | ||||||||||||||||||
11/30/2013 | 18.27 | 0.54 | 3.75 | 4.29 | (0.44 | ) | (0.04 | ) | ||||||||||||||||||
11/30/2012 | 17.35 | 0.56 | 1.10 | 1.66 | (0.40 | ) | (0.34 | ) | ||||||||||||||||||
11/30/2011 | 17.91 | 0.55 | (0.19 | ) | 0.36 | (0.64 | ) | (0.28 | ) | |||||||||||||||||
11/30/2010 | 18.16 | 0.43 | 0.38 | 0.81 | (0.71 | ) | (0.35 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||
3/31/2016+ | $ | 16.46 | $ | 0.15 | $ | 0.38 | $ | 0.53 | $ | (0.37 | ) | $ | (1.84 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 21.13 | 0.31 | (3.03 | ) | (2.72 | ) | (0.45 | ) | (1.50 | ) | ||||||||||||||||
11/30/2014 | 21.82 | 0.43 | 0.31 | 0.74 | (0.39 | ) | (1.04 | ) | ||||||||||||||||||
11/30/2013 | 18.05 | 0.37 | 3.72 | 4.09 | (0.28 | ) | (0.04 | ) | ||||||||||||||||||
11/30/2012 | 17.19 | 0.42 | 1.07 | 1.49 | (0.29 | ) | (0.34 | ) | ||||||||||||||||||
11/30/2011 | 17.76 | 0.43 | (0.20 | ) | 0.23 | (0.52 | ) | (0.28 | ) | |||||||||||||||||
11/30/2010 | 18.12 | 0.28 | 0.41 | 0.69 | (0.70 | ) | (0.35 | ) | ||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 16.81 | $ | 0.22 | $ | 0.39 | $ | 0.61 | $ | (0.46 | ) | $ | (1.84 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 21.53 | 0.47 | (3.08 | ) | (2.61 | ) | (0.61 | ) | (1.50 | ) | ||||||||||||||||
11/30/2014 | 22.21 | 0.65 | 0.30 | 0.95 | (0.59 | ) | (1.04 | ) | ||||||||||||||||||
11/30/2013 | 18.36 | 0.57 | 3.78 | 4.35 | (0.46 | ) | (0.04 | ) | ||||||||||||||||||
11/30/2012 | 17.45 | 0.60 | 1.10 | 1.70 | (0.45 | ) | (0.34 | ) | ||||||||||||||||||
11/30/2011 | 17.82 | 0.42 | (0.02 | ) | 0.40 | (0.49 | ) | (0.28 | ) | |||||||||||||||||
11/30/2010 | 18.17 | 0.46 | 0.38 | 0.84 | (0.84 | ) | (0.35 | ) | ||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 16.62 | $ | 0.21 | $ | 0.41 | $ | 0.62 | $ | (0.41 | ) | $ | (1.84 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 21.30 | 0.45 | (3.03 | ) | (2.58 | ) | (0.60 | ) | (1.50 | ) | ||||||||||||||||
11/30/2014 | 21.98 | 0.66 | 0.30 | 0.96 | (0.60 | ) | (1.04 | ) | ||||||||||||||||||
11/30/2013 | 18.18 | 0.60 | 3.73 | 4.33 | (0.49 | ) | (0.04 | ) | ||||||||||||||||||
11/30/2012 | 17.29 | 0.60 | 1.09 | 1.69 | (0.46 | ) | (0.34 | ) | ||||||||||||||||||
11/30/2011 | 17.83 | 0.64 | (0.21 | ) | 0.43 | (0.69 | ) | (0.28 | ) | |||||||||||||||||
11/30/2010 | 18.17 | 0.41 | 0.46 | 0.87 | (0.86 | ) | (0.35 | ) |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Annualized, unless otherwise noted. |
(d) | Certain expenses incurred by the Fund were not annualized. |
272 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Income to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||
$ | (2.08 | ) | $ | 15.21 | 3.79 | % | $ | 4,583 | 1.20 | %(c) | 2.43 | %(c) | 2.64 | %(c) | 34 | % | ||||||||||||||||
(2.10 | ) | 16.68 | (13.26 | ) | 4,791 | 1.20 | (c)(d) | 1.72 | (c)(d) | 2.70 | (c)(d) | 38 | ||||||||||||||||||||
(1.59 | ) | 21.40 | 4.32 | 11,999 | 1.20 | 1.46 | 2.82 | 49 | ||||||||||||||||||||||||
(0.48 | ) | 22.08 | 23.80 | 10,705 | 1.21 | 1.51 | 2.68 | 43 | ||||||||||||||||||||||||
(0.74 | ) | 18.27 | 9.98 | 7,355 | 1.32 | 1.71 | 3.13 | 41 | ||||||||||||||||||||||||
(0.92 | ) | 17.35 | 1.85 | 6,821 | 1.50 | 1.92 | 3.01 | 66 | ||||||||||||||||||||||||
(1.06 | ) | 17.91 | 4.71 | 1,469 | 1.50 | 4.55 | 2.41 | 40 | ||||||||||||||||||||||||
$ | (2.21 | ) | $ | 14.78 | 3.36 | % | $ | 5,818 | 1.99 | %(c) | 3.17 | %(c) | 1.97 | %(c) | 34 | % | ||||||||||||||||
(1.95 | ) | 16.46 | (13.86 | ) | 5,036 | 1.99 | (c)(d) | 2.56 | (c)(d) | 1.95 | (c)(d) | 38 | ||||||||||||||||||||
(1.43 | ) | 21.13 | 3.52 | 5,587 | 1.99 | 2.22 | 2.03 | 49 | ||||||||||||||||||||||||
(0.32 | ) | 21.82 | 22.88 | 5,720 | 2.00 | 2.27 | 1.83 | 43 | ||||||||||||||||||||||||
(0.63 | ) | 18.05 | 9.03 | 3,948 | 2.07 | 2.46 | 2.34 | 41 | ||||||||||||||||||||||||
(0.80 | ) | 17.19 | 1.12 | 3,020 | 2.25 | 2.71 | 2.39 | 66 | ||||||||||||||||||||||||
(1.05 | ) | 17.76 | 3.99 | 1,210 | 2.25 | 5.11 | 1.57 | 40 | ||||||||||||||||||||||||
$ | (2.30 | ) | $ | 15.12 | 3.82 | % | $ | 863 | 1.04 | %(c) | 2.20 | %(c) | 2.72 | %(c) | 34 | % | ||||||||||||||||
(2.11 | ) | 16.81 | (13.13 | ) | 1,123 | 1.04 | (c)(d) | 1.44 | (c)(d) | 2.88 | (c)(d) | 38 | ||||||||||||||||||||
(1.63 | ) | 21.53 | 4.48 | 1,811 | 1.04 | 1.28 | 2.99 | 49 | ||||||||||||||||||||||||
(0.50 | ) | 22.21 | 24.06 | 1,685 | 1.05 | 1.32 | 2.77 | 43 | ||||||||||||||||||||||||
(0.79 | ) | 18.36 | 10.11 | 1,089 | 1.12 | 1.51 | 3.32 | 41 | ||||||||||||||||||||||||
(0.77 | ) | 17.45 | 2.13 | 718 | 1.30 | 1.99 | 2.41 | 66 | ||||||||||||||||||||||||
(1.19 | ) | 17.82 | 4.90 | 13 | 1.30 | 4.45 | 2.63 | 40 | ||||||||||||||||||||||||
$ | (2.25 | ) | $ | 14.99 | 3.87 | % | $ | 3,655 | 0.95 | %(c) | 2.11 | %(c) | 2.51 | %(c) | 34 | % | ||||||||||||||||
(2.10 | ) | 16.62 | (13.10 | ) | 10,709 | 0.95 | (c)(d) | 1.40 | (c)(d) | 2.76 | (c)(d) | 38 | ||||||||||||||||||||
(1.64 | ) | 21.30 | 4.58 | 42,981 | 0.95 | 1.18 | 3.08 | 49 | ||||||||||||||||||||||||
(0.53 | ) | 21.98 | 24.16 | 51,318 | 0.96 | 1.21 | 2.96 | 43 | ||||||||||||||||||||||||
(0.80 | ) | 18.18 | 10.19 | 39,215 | 1.02 | 1.40 | 3.38 | 41 | ||||||||||||||||||||||||
(0.97 | ) | 17.29 | 2.21 | 20,556 | 1.20 | 1.68 | 3.51 | 66 | ||||||||||||||||||||||||
(1.21 | ) | 17.83 | 5.07 | 15,211 | 1.20 | 3.40 | 2.32 | 40 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 273 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Income (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||
AllianzGI NFJ International Small-Cap Value: | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
3/31/2016+ | $ | 18.19 | $ | 0.15 | $ | 0.35 | $ | 0.50 | $ | (0.68 | ) | $ | (0.39 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 21.37 | 0.40 | (1.22 | ) | (0.82 | ) | (0.57 | ) | (1.79 | ) | ||||||||||||||||
11/30/2014 | 21.06 | 0.39 | 0.62 | 1.01 | (0.26 | ) | (0.44 | ) | ||||||||||||||||||
11/30/2013 | 17.10 | 0.35 | 4.03 | 4.38 | (0.33 | ) | (0.09 | ) | ||||||||||||||||||
6/1/2012* - 11/30/2012 | 15.00 | 0.07 | 2.03 | 2.10 | — | — | ||||||||||||||||||||
Class C | ||||||||||||||||||||||||||
3/31/2016+ | $ | 17.91 | $ | 0.06 | $ | 0.36 | $ | 0.42 | $ | (0.54 | ) | $ | (0.39 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 21.11 | 0.28 | (1.21 | ) | (0.93 | ) | (0.48 | ) | (1.79 | ) | ||||||||||||||||
11/30/2014 | 21.04 | 0.23 | 0.63 | 0.86 | (0.35 | ) | (0.44 | ) | ||||||||||||||||||
11/30/2013 | 17.04 | 0.16 | 4.09 | 4.25 | (0.16 | ) | (0.09 | ) | ||||||||||||||||||
6/1/2012* - 11/30/2012 | 15.00 | 0.09 | 1.95 | 2.04 | — | — | ||||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 18.40 | $ | 0.15 | $ | 0.36 | $ | 0.51 | $ | (0.77 | ) | $ | (0.39 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 21.70 | 0.46 | (1.27 | ) | (0.81 | ) | (0.70 | ) | (1.79 | ) | ||||||||||||||||
11/30/2014 | 21.27 | 0.44 | 0.62 | 1.06 | (0.19 | ) | (0.44 | ) | ||||||||||||||||||
11/30/2013 | 17.11 | 0.39 | 4.05 | 4.44 | (0.19 | ) | (0.09 | ) | ||||||||||||||||||
6/1/2012* - 11/30/2012 | 15.00 | 0.16 | 1.95 | 2.11 | — | — | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 18.49 | $ | 0.14 | $ | 0.38 | $ | 0.52 | $ | (0.54 | ) | $ | (0.39 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 21.59 | 0.46 | (1.25 | ) | (0.79 | ) | (0.52 | ) | (1.79 | ) | ||||||||||||||||
11/30/2014 | 21.28 | 0.45 | 0.63 | 1.08 | (0.33 | ) | (0.44 | ) | ||||||||||||||||||
11/30/2013 | 17.12 | 0.43 | 4.03 | 4.46 | (0.21 | ) | (0.09 | ) | ||||||||||||||||||
6/1/2012* - 11/30/2012 | 15.00 | 0.17 | 1.95 | 2.12 | — | — | ||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||
3/31/2016+ | $ | 18.49 | $ | 0.43 | $ | 0.09 | $ | 0.52 | $ | (0.89 | ) | $ | (0.39 | ) | ||||||||||||
9/8/2015* - 9/30/2015# | 19.04 | 0.04 | (0.59 | ) | (0.55 | ) | — | — |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Annualized, unless otherwise noted. |
(d) | Certain expenses incurred by the Fund were not annualized. |
274 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Income to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||
$ | (1.07 | ) | $ | 17.62 | 2.71 | % | $ | 7,532 | 1.31 | %(c) | 4.18 | %(c) | 1.77 | %(c) | 56 | % | ||||||||||||||||
(2.36 | ) | 18.19 | (4.14 | ) | 1,657 | 1.46 | (c)(d) | 3.08 | (c)(d) | 2.43 | (c)(d) | 74 | ||||||||||||||||||||
(0.70 | ) | 21.37 | 4.98 | 2,736 | 1.45 | 2.64 | 1.80 | 76 | ||||||||||||||||||||||||
(0.42 | ) | 21.06 | 26.08 | 2,272 | 1.45 | 4.81 | 1.81 | 50 | ||||||||||||||||||||||||
— | 17.10 | 14.00 | 1,049 | 1.45 | (c) | 4.22 | (c) | 0.82 | (c) | 19 | ||||||||||||||||||||||
$ | (0.93 | ) | $ | 17.40 | 2.32 | % | $ | 1,150 | 2.08 | %(c) | 4.77 | %(c) | 0.70 | %(c) | 56 | % | ||||||||||||||||
(2.27 | ) | 17.91 | (4.78 | ) | 1,250 | 2.21 | (c)(d) | 3.91 | (c)(d) | 1.73 | (c)(d) | 74 | ||||||||||||||||||||
(0.79 | ) | 21.11 | 4.24 | 1,340 | 2.20 | 3.40 | 1.07 | 76 | ||||||||||||||||||||||||
(0.25 | ) | 21.04 | 25.20 | 521 | 2.20 | 5.66 | 0.80 | 50 | ||||||||||||||||||||||||
— | 17.04 | 13.60 | 11 | 2.20 | (c) | 9.92 | (c) | 1.08 | (c) | 19 | ||||||||||||||||||||||
$ | (1.16 | ) | $ | 17.75 | 2.78 | % | $ | 69 | 1.17 | %(c) | 3.80 | %(c) | 1.71 | %(c) | 56 | % | ||||||||||||||||
(2.49 | ) | 18.40 | (4.03 | ) | 47 | 1.31 | (c)(d) | 2.92 | (c)(d) | 2.74 | (c)(d) | 74 | ||||||||||||||||||||
(0.63 | ) | 21.70 | 5.17 | 39 | 1.30 | 2.39 | 1.98 | 76 | ||||||||||||||||||||||||
(0.28 | ) | 21.27 | 26.28 | 14 | 1.31 | 4.63 | 2.04 | 50 | ||||||||||||||||||||||||
— | 17.11 | 14.07 | 12 | 1.30 | (c) | 8.92 | (c) | 1.98 | (c) | 19 | ||||||||||||||||||||||
$ | (0.93 | ) | $ | 18.08 | 2.79 | % | $ | 3,241 | 1.09 | %(c) | 3.65 | %(c) | 1.51 | %(c) | 56 | % | ||||||||||||||||
(2.31 | ) | 18.49 | (3.92 | ) | 6,832 | 1.21 | (c)(d) | 2.82 | (c)(d) | 2.75 | (c)(d) | 74 | ||||||||||||||||||||
(0.77 | ) | 21.59 | 5.27 | 13,979 | 1.20 | 2.31 | 2.03 | 76 | ||||||||||||||||||||||||
(0.30 | ) | 21.28 | 26.40 | 11,873 | 1.21 | 4.66 | 2.22 | 50 | ||||||||||||||||||||||||
— | 17.12 | 14.13 | 3,551 | 1.20 | (c) | 8.90 | (c) | 2.08 | (c) | 19 | ||||||||||||||||||||||
$ | (1.28 | ) | $ | 17.73 | 2.82 | % | $ | 146 | 0.96 | %(c) | 6.45 | %(c) | 5.07 | %(c) | 56 | % | ||||||||||||||||
— | 18.49 | (2.89 | ) | 10 | 1.10 | (c)(d) | 3.29 | (c)(d) | 3.68 | (c)(d) | 74 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 275 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Income (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||
AllianzGI NFJ International Value II: | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
3/31/2016+ | $ | 15.65 | $ | 0.11 | $ | 0.09 | $ | 0.20 | $ | (0.16 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 17.99 | 0.35 | (2.31 | ) | (1.96 | ) | (0.32 | ) | (0.06 | ) | ||||||||||||||||
11/30/2014 | 19.17 | 0.47 | (0.44 | ) | 0.03 | (0.56 | ) | (0.65 | ) | |||||||||||||||||
11/30/2013 | 16.36 | 0.34 | 2.71 | 3.05 | (0.22 | ) | (0.02 | ) | ||||||||||||||||||
12/1/2011* - 11/30/2012 | 15.00 | 0.29 | 1.33 | 1.62 | (0.26 | ) | — | |||||||||||||||||||
Class C | ||||||||||||||||||||||||||
3/31/2016+ | $ | 15.53 | $ | 0.05 | $ | 0.09 | $ | 0.14 | $ | — | (e) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 17.82 | 0.22 | (2.27 | ) | (2.05 | ) | (0.18 | ) | (0.06 | ) | ||||||||||||||||
11/30/2014 | 19.04 | 0.32 | (0.43 | ) | (0.11 | ) | (0.46 | ) | (0.65 | ) | ||||||||||||||||
11/30/2013 | 16.32 | 0.18 | 2.73 | 2.91 | (0.17 | ) | (0.02 | ) | ||||||||||||||||||
12/1/2011* - 11/30/2012 | 15.00 | 0.22 | 1.28 | 1.50 | (0.18 | ) | — | |||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 15.65 | $ | 0.11 | $ | 0.11 | $ | 0.22 | $ | (0.17 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 17.99 | 0.39 | (2.32 | ) | (1.93 | ) | (0.35 | ) | (0.06 | ) | ||||||||||||||||
11/30/2014 | 19.24 | 0.38 | (0.32 | ) | 0.06 | (0.66 | ) | (0.65 | ) | |||||||||||||||||
11/30/2013 | 16.38 | 0.36 | 2.73 | 3.09 | (0.21 | ) | (0.02 | ) | ||||||||||||||||||
12/1/2011* - 11/30/2012 | 15.00 | 0.38 | 1.28 | 1.66 | (0.28 | ) | — | |||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 15.69 | $ | 0.12 | $ | 0.11 | $ | 0.23 | $ | (0.17 | ) | $ | — | |||||||||||||
12/1/2014 - 9/30/2015# | 18.03 | 0.38 | (2.31 | ) | (1.93 | ) | (0.35 | ) | (0.06 | ) | ||||||||||||||||
11/30/2014 | 19.26 | 0.57 | (0.50 | ) | 0.07 | (0.65 | ) | (0.65 | ) | |||||||||||||||||
11/30/2013 | 16.38 | 0.36 | 2.76 | 3.12 | (0.22 | ) | (0.02 | ) | ||||||||||||||||||
12/1/2011* - 11/30/2012 | 15.00 | 0.39 | 1.29 | 1.68 | (0.30 | ) | — |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Annualized, unless otherwise noted. |
(d) | Certain expenses incurred by the Fund were not annualized. |
(e) | Less than $(0.01) per share. |
276 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Income to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||
$ | (0.16 | ) | $ | 15.69 | 1.29 | % | $ | 367 | 1.20 | %(c) | 1.77 | %(c) | 1.42 | %(c) | 20 | % | ||||||||||||||||
(0.38 | ) | 15.65 | (11.10 | ) | 257 | 1.20 | (c)(d) | 1.76 | (c)(d) | 2.39 | (c)(d) | 43 | ||||||||||||||||||||
(1.21 | ) | 17.99 | 0.25 | 167 | 1.20 | 2.46 | 2.53 | 34 | ||||||||||||||||||||||||
(0.24 | ) | 19.17 | 18.89 | 75 | 1.23 | 7.16 | 1.93 | 20 | ||||||||||||||||||||||||
(0.26 | ) | 16.36 | 10.99 | 49 | 1.30 | (c) | 10.98 | (c) | 1.89 | (c) | 22 | |||||||||||||||||||||
$ | — | (e) | $ | 15.67 | 0.90 | % | $ | 191 | 1.95 | %(c) | 2.54 | %(c) | 0.68 | %(c) | 20 | % | ||||||||||||||||
(0.24 | ) | 15.53 | (11.66 | ) | 118 | 1.95 | (c)(d) | 2.49 | (c)(d) | 1.53 | (c)(d) | 43 | ||||||||||||||||||||
(1.11 | ) | 17.82 | (0.53 | ) | 79 | 1.95 | 3.23 | 1.76 | 34 | |||||||||||||||||||||||
(0.19 | ) | 19.04 | 18.02 | 47 | 1.97 | 8.26 | 1.02 | 20 | ||||||||||||||||||||||||
(0.18 | ) | 16.32 | 10.17 | 11 | 2.05 | (c) | 10.82 | (c) | 1.45 | (c) | 22 | |||||||||||||||||||||
$ | (0.17 | ) | $ | 15.70 | 1.40 | % | $ | 514 | 1.00 | %(c) | 1.55 | %(c) | 1.46 | %(c) | 20 | % | ||||||||||||||||
(0.41 | ) | 15.65 | (10.93 | ) | 577 | 1.00 | (c)(d) | 1.42 | (c)(d) | 2.64 | (c)(d) | 43 | ||||||||||||||||||||
(1.31 | ) | 17.99 | 0.40 | 118 | 1.01 | 2.11 | 2.08 | 34 | ||||||||||||||||||||||||
(0.23 | ) | 19.24 | 19.10 | 13 | 1.05 | 6.87 | 2.05 | 20 | ||||||||||||||||||||||||
(0.28 | ) | 16.38 | 11.28 | 11 | 1.05 | (c) | 9.92 | (c) | 2.45 | (c) | 22 | |||||||||||||||||||||
$ | (0.17 | ) | $ | 15.75 | 1.46 | % | $ | 42,837 | 0.95 | %(c) | 1.45 | %(c) | 1.55 | %(c) | 20 | % | ||||||||||||||||
(0.41 | ) | 15.69 | (10.91 | ) | 42,593 | 0.95 | (c)(d) | 1.40 | (c)(d) | 2.59 | (c)(d) | 43 | ||||||||||||||||||||
(1.30 | ) | 18.03 | 0.45 | 38,983 | 0.95 | 1.78 | 3.05 | 34 | ||||||||||||||||||||||||
(0.24 | ) | 19.26 | 19.25 | 4,170 | 0.95 | 6.77 | 2.06 | 20 | ||||||||||||||||||||||||
(0.30 | ) | 16.38 | 11.36 | 4,396 | 0.95 | (c) | 9.93 | (c) | 2.50 | (c) | 22 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 277 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Income (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Operations | Dividends Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||
AllianzGI Short Duration High Income: | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
3/31/2016+ | $ | 15.04 | $ | 0.38 | $ | (0.33 | ) | $ | 0.05 | $ | (0.49 | ) | $ | — | ||||||||||||
12/1/2014 - 9/30/2015# | 15.59 | 0.57 | (0.46 | ) | 0.11 | (0.66 | ) | — | ||||||||||||||||||
11/30/2014 | 15.92 | 0.64 | (0.23 | ) | 0.41 | (0.74 | ) | — | ||||||||||||||||||
11/30/2013 | 15.97 | 0.63 | 0.09 | 0.72 | (0.76 | ) | (0.01 | ) | ||||||||||||||||||
11/30/2012 | 15.32 | 0.64 | 0.68 | 1.32 | (0.67 | ) | — | |||||||||||||||||||
10/3/2011* - 11/30/2011 | 15.00 | 0.12 | 0.25 | 0.37 | (0.05 | ) | — | |||||||||||||||||||
Class C | ||||||||||||||||||||||||||
3/31/2016+ | $ | 15.00 | $ | 0.36 | $ | (0.33 | ) | $ | 0.03 | $ | (0.45 | ) | $ | — | ||||||||||||
12/1/2014 - 9/30/2015# | 15.56 | 0.53 | (0.46 | ) | 0.07 | (0.63 | ) | — | ||||||||||||||||||
11/30/2014 | 15.89 | 0.60 | (0.23 | ) | 0.37 | (0.70 | ) | — | ||||||||||||||||||
11/30/2013 | 15.94 | 0.59 | 0.09 | 0.68 | (0.72 | ) | (0.01 | ) | ||||||||||||||||||
11/30/2012 | 15.31 | 0.58 | 0.64 | 1.22 | (0.59 | ) | — | |||||||||||||||||||
10/3/2011* - 11/30/2011 | 15.00 | 0.10 | 0.25 | 0.35 | (0.04 | ) | — | |||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 15.03 | $ | 0.39 | $ | (0.32 | ) | $ | 0.07 | $ | (0.53 | ) | $ | — | ||||||||||||
12/1/2014 - 9/30/2015# | 15.58 | 0.60 | (0.47 | ) | 0.13 | (0.68 | ) | — | ||||||||||||||||||
11/30/2014 | 15.92 | 0.66 | (0.23 | ) | 0.43 | (0.77 | ) | — | ||||||||||||||||||
11/30/2013 | 15.96 | 0.66 | 0.10 | 0.76 | (0.79 | ) | (0.01 | ) | ||||||||||||||||||
11/30/2012 | 15.32 | 0.66 | 0.68 | 1.34 | (0.70 | ) | — | |||||||||||||||||||
10/3/2011* - 11/30/2011 | 15.00 | 0.10 | 0.28 | 0.38 | (0.06 | ) | — | |||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 15.05 | $ | 0.40 | $ | (0.33 | ) | $ | 0.07 | $ | (0.55 | ) | $ | — | ||||||||||||
12/1/2014 - 9/30/2015# | 15.60 | 0.60 | (0.45 | ) | 0.15 | (0.70 | ) | — | ||||||||||||||||||
11/30/2014 | 15.94 | 0.68 | (0.24 | ) | 0.44 | (0.78 | ) | — | ||||||||||||||||||
11/30/2013 | 15.99 | 0.67 | 0.09 | 0.76 | (0.80 | ) | (0.01 | ) | ||||||||||||||||||
11/30/2012 | 15.32 | 0.70 | 0.67 | 1.37 | (0.70 | ) | — | |||||||||||||||||||
10/3/2011* - 11/30/2011 | 15.00 | 0.11 | 0.27 | 0.38 | (0.06 | ) | — |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Annualized, unless otherwise noted. |
(d) | Certain expenses incurred by the Fund were not annualized. |
278 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Average Net | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||
$ | (0.49 | ) | $ | 14.60 | 0.38 | % | $ | 173,994 | 0.86 | %(c) | 0.86 | %(c) | 5.17 | %(c) | 23 | % | ||||||||||||||||
(0.66 | ) | 15.04 | 0.67 | 164,978 | 0.86 | (c)(d) | 0.86 | (c)(d) | 4.44 | (c)(d) | 65 | |||||||||||||||||||||
(0.74 | ) | 15.59 | 2.60 | 163,070 | 0.85 | 0.88 | 4.01 | 94 | ||||||||||||||||||||||||
(0.77 | ) | 15.92 | 4.60 | 168,536 | 0.85 | 0.90 | 3.98 | 63 | ||||||||||||||||||||||||
(0.67 | ) | 15.97 | 8.78 | 80,995 | 0.89 | 1.09 | 4.09 | 51 | ||||||||||||||||||||||||
(0.05 | ) | 15.32 | 2.50 | 532 | 0.95 | (c) | 2.99 | (c) | 4.97 | (c) | 10 | |||||||||||||||||||||
$ | (0.45 | ) | $ | 14.58 | 0.28 | % | $ | 106,508 | 1.13 | %(c) | 1.13 | %(c) | 4.92 | %(c) | 23 | % | ||||||||||||||||
(0.63 | ) | 15.00 | 0.38 | 100,557 | 1.15 | (c)(d) | 1.15 | (c)(d) | 4.15 | (c)(d) | 65 | |||||||||||||||||||||
(0.70 | ) | 15.56 | 2.38 | 89,801 | 1.10 | 1.13 | 3.78 | 94 | ||||||||||||||||||||||||
(0.73 | ) | 15.89 | 4.36 | 63,680 | 1.10 | 1.16 | 3.74 | 63 | ||||||||||||||||||||||||
(0.59 | ) | 15.94 | 8.18 | 28,567 | 1.29 | 1.50 | 3.73 | 51 | ||||||||||||||||||||||||
(0.04 | ) | 15.31 | 2.36 | 1,245 | 1.70 | (c) | 3.72 | (c) | 4.26 | (c) | 10 | |||||||||||||||||||||
$ | (0.53 | ) | $ | 14.57 | 0.55 | % | $ | 283,096 | 0.67 | %(c) | 0.67 | %(c) | 5.34 | %(c) | 23 | % | ||||||||||||||||
(0.68 | ) | 15.03 | 0.83 | 330,431 | 0.64 | (c)(d) | 0.64 | (c)(d) | 4.65 | (c)(d) | 65 | |||||||||||||||||||||
(0.77 | ) | 15.58 | 2.74 | 248,345 | 0.70 | 0.70 | 4.20 | 94 | ||||||||||||||||||||||||
(0.80 | ) | 15.92 | 4.83 | 121,747 | 0.70 | 0.71 | 4.14 | 63 | ||||||||||||||||||||||||
(0.70 | ) | 15.96 | 8.91 | 52,932 | 0.70 | 0.92 | 4.24 | 51 | ||||||||||||||||||||||||
(0.06 | ) | 15.32 | 2.50 | 10 | 0.70 | (c) | 2.84 | (c) | 4.22 | (c) | 10 | |||||||||||||||||||||
$ | (0.55 | ) | $ | 14.57 | 0.52 | % | $ | 343,454 | 0.60 | %(c) | 0.60 | %(c) | 5.41 | %(c) | 23 | % | ||||||||||||||||
(0.70 | ) | 15.05 | 0.91 | 445,473 | 0.60 | (c)(d) | 0.60 | (c)(d) | 4.70 | (c)(d) | 65 | |||||||||||||||||||||
(0.78 | ) | 15.60 | 2.81 | 225,643 | 0.60 | 0.60 | 4.28 | 94 | ||||||||||||||||||||||||
(0.81 | ) | 15.94 | 4.87 | 179,676 | 0.61 | 0.61 | �� | 4.23 | 63 | |||||||||||||||||||||||
(0.70 | ) | 15.99 | 9.13 | 38,247 | 0.60 | 0.89 | 4.48 | 51 | ||||||||||||||||||||||||
(0.06 | ) | 15.32 | 2.52 | 8,055 | 0.60 | (c) | 2.72 | (c) | 4.58 | (c) | 10 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 279 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Income (Loss) (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||
AllianzGI Structured Return: | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
3/31/2016+ | $ | 15.47 | $ | 0.12 | $ | 0.12 | $ | 0.24 | $ | (0.10 | ) | $ | (0.18 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 15.64 | 0.16 | 0.28 | 0.44 | — | (d) | (0.61 | ) | ||||||||||||||||||
11/30/2014 | 15.87 | (0.12 | ) | 0.65 | 0.53 | — | (0.76 | ) | ||||||||||||||||||
12/3/2012* - 11/30/2013 | 15.00 | (0.28 | ) | 1.15 | 0.87 | — | — | |||||||||||||||||||
Class C | ||||||||||||||||||||||||||
3/31/2016+ | $ | 15.12 | $ | 0.02 | $ | 0.17 | $ | 0.19 | $ | (0.08 | ) | $ | (0.18 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 15.39 | 0.09 | 0.25 | 0.34 | — | (d) | (0.61 | ) | ||||||||||||||||||
11/30/2014 | 15.73 | (0.25 | ) | 0.67 | 0.42 | — | (0.76 | ) | ||||||||||||||||||
12/3/2012* - 11/30/2013 | 15.00 | (0.39 | ) | 1.12 | 0.73 | — | — | |||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 15.53 | $ | 0.12 | $ | 0.15 | $ | 0.27 | $ | (0.18 | ) | $ | (0.18 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 15.69 | 0.21 | 0.24 | 0.45 | — | (d) | (0.61 | ) | ||||||||||||||||||
11/30/2014 | 15.89 | (0.15 | ) | 0.71 | 0.56 | — | (0.76 | ) | ||||||||||||||||||
12/3/2012* - 11/30/2013 | 15.00 | (0.26 | ) | 1.15 | 0.89 | — | — | |||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 15.54 | $ | 0.11 | $ | 0.16 | $ | 0.27 | $ | (0.11 | ) | $ | (0.18 | ) | ||||||||||||
12/1/2014 - 9/30/2015# | 15.72 | 0.22 | 0.24 | 0.46 | (0.03 | ) | (0.61 | ) | ||||||||||||||||||
11/30/2014 | 15.90 | (0.08 | ) | 0.66 | 0.58 | — | (0.76 | ) | ||||||||||||||||||
12/3/2012* - 11/30/2013 | 15.00 | (0.24 | ) | 1.14 | 0.90 | — | — | |||||||||||||||||||
AllianzGI U.S. Equity Hedged: | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||
3/31/2016+ | $ | 15.79 | $ | 0.06 | $ | (0.09 | ) | $ | (0.03 | ) | $ | (0.23 | ) | $ | — | |||||||||||
12/1/2014 - 9/30/2015# | 17.74 | 0.14 | (1.09 | ) | (0.95 | ) | (0.02 | ) | (0.98 | ) | ||||||||||||||||
11/30/2014 | 17.26 | 0.12 | 1.45 | 1.57 | (0.15 | ) | (0.94 | ) | ||||||||||||||||||
12/3/2012* - 11/30/2013 | 15.00 | 0.12 | 2.14 | 2.26 | — | — | ||||||||||||||||||||
Class C | ||||||||||||||||||||||||||
3/31/2016+ | $ | 15.43 | $ | 0.02 | $ | (0.09 | ) | $ | (0.07 | ) | $ | (0.36 | ) | $ | — | |||||||||||
12/1/2014 - 9/30/2015# | 17.45 | 0.05 | (1.09 | ) | (1.04 | ) | — | (d) | (0.98 | ) | ||||||||||||||||
11/30/2014 | 17.14 | (0.01 | ) | 1.44 | 1.43 | (0.18 | ) | (0.94 | ) | |||||||||||||||||
12/3/2012* - 11/30/2013 | 15.00 | — | (d) | 2.14 | 2.14 | — | — | |||||||||||||||||||
Class P | ||||||||||||||||||||||||||
3/31/2016+ | $ | 15.92 | $ | 0.08 | $ | (0.09 | ) | $ | (0.01 | ) | $ | (0.42 | ) | $ | — | |||||||||||
12/1/2014 - 9/30/2015# | 17.90 | 0.15 | (1.10 | ) | (0.95 | ) | (0.05 | ) | (0.98 | ) | ||||||||||||||||
11/30/2014 | 17.29 | 0.15 | 1.47 | 1.62 | (0.07 | ) | (0.94 | ) | ||||||||||||||||||
12/3/2012* - 11/30/2013 | 15.00 | 0.15 | 2.14 | 2.29 | — | — | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||
3/31/2016+ | $ | 15.86 | $ | 0.04 | $ | (0.04 | ) | $ | — | $ | (0.32 | ) | $ | — | ||||||||||||
12/1/2014 - 9/30/2015# | 17.89 | 0.18 | (1.11 | ) | (0.93 | ) | (0.12 | ) | (0.98 | ) | ||||||||||||||||
11/30/2014 | 17.31 | 0.17 | 1.46 | 1.63 | (0.11 | ) | (0.94 | ) | ||||||||||||||||||
12/3/2012* - 11/30/2013 | 15.00 | 0.17 | 2.14 | 2.31 | — | — |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
280 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Income (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||
$ | (0.28 | ) | $ | 15.43 | 1.55 | % | $ | 60,316 | 1.15 | %(c)(e)(f) | 1.15 | %(c)(e)(f) | 1.57 | %(c)(e)(f) | 143 | % | ||||||||||||||||
(0.61 | ) | 15.47 | 2.93 | 8,014 | 1.15 | (c)(e)(f) | 1.58 | (c)(e)(f) | 1.28 | (c)(e)(f) | 34 | |||||||||||||||||||||
(0.76 | ) | 15.64 | 3.52 | 2,551 | 1.52 | 4.22 | (0.75 | ) | 229 | |||||||||||||||||||||||
— | 15.87 | 5.80 | 517 | 1.90 | (c) | 7.34 | (c) | (1.86 | )(c) | — | ||||||||||||||||||||||
$ | (0.26 | ) | $ | 15.05 | 1.23 | % | $ | 7,404 | 1.90 | %(c)(e)(f) | 1.92 | %(c)(e)(f) | 0.30 | %(c)(e)(f) | 143 | % | ||||||||||||||||
(0.61 | ) | 15.12 | 2.31 | 3,803 | 1.90 | (c)(e)(f) | 2.09 | (c)(f)(e) | 0.70 | (c)(e)(f) | 34 | |||||||||||||||||||||
(0.76 | ) | 15.39 | 2.82 | 138 | 2.31 | 4.74 | (1.64 | ) | 229 | |||||||||||||||||||||||
— | 15.73 | 4.87 | 74 | 2.65 | (c) | 6.91 | (c) | (2.60 | )(c) | — | ||||||||||||||||||||||
$ | (0.36 | ) | $ | 15.44 | 1.72 | % | $ | 9,680 | 1.00 | %(c)(e)(f) | 1.00 | %(c)(e)(f) | 1.57 | %(c)(e)(f) | 143 | % | ||||||||||||||||
(0.61 | ) | 15.53 | 2.99 | 503 | 1.00 | (c)(e)(f) | 1.16 | (c)(e)(f) | 1.67 | (c)(f)(e) | 34 | |||||||||||||||||||||
(0.76 | ) | 15.69 | 3.72 | 37 | 1.50 | 3.73 | (1.00 | ) | 229 | |||||||||||||||||||||||
— | 15.89 | 5.93 | 61 | 1.75 | (c) | 5.97 | (c) | (1.69 | )(c) | — | ||||||||||||||||||||||
$ | (0.29 | ) | $ | 15.52 | 1.72 | % | $ | 96,800 | 0.90 | %(c)(e)(f) | 0.90 | %(c)(e)(f) | 1.38 | %(c)(e)(f) | 143 | % | ||||||||||||||||
(0.64 | ) | 15.54 | 3.08 | 55,028 | 0.90 | (c)(e)(f) | 1.22 | (c)(e)(f) | 1.71 | (c)(e)(f) | 34 | |||||||||||||||||||||
(0.76 | ) | 15.72 | 3.84 | 15,142 | 1.28 | 3.65 | (0.54 | ) | 229 | |||||||||||||||||||||||
— | 15.90 | 6.00 | 7,978 | 1.65 | (c) | 5.64 | (c) | (1.60 | )(c) | — | ||||||||||||||||||||||
$ | (0.23 | ) | $ | 15.53 | (g) | (0.19 | )%(g) | $ | 666 | 1.25 | %(c)(e) | 2.92 | %(c)(e) | 0.75 | %(c)(e) | 1 | % | |||||||||||||||
(1.00 | ) | 15.79 | (5.68 | ) | 1,067 | 1.26 | (c)(e)(f) | 2.31 | (c)(e)(f) | 0.98 | (c)(e)(f) | 98 | ||||||||||||||||||||
(1.09 | ) | 17.74 | (g) | 9.57 | (g) | 1,491 | 1.25 | 3.70 | 0.70 | 5 | ||||||||||||||||||||||
— | 17.26 | 15.07 | 1,416 | 1.25 | (c) | 9.81 | (c) | 0.74 | (c) | 6 | ||||||||||||||||||||||
$ | (0.36 | ) | $ | 15.00 | (g) | (0.49 | )%(g) | $ | 365 | 2.00 | %(c)(e) | 3.76 | %(c)(e) | 0.32 | %(c)(e) | 1 | % | |||||||||||||||
(0.98 | ) | 15.43 | (6.31 | ) | 280 | 2.01 | (c)(e)(f) | 2.93 | (c)(e)(f) | 0.36 | (c)(e)(f) | 98 | ||||||||||||||||||||
(1.12 | ) | 17.45 | (g) | 8.78 | (g) | 180 | 2.00 | 4.48 | (0.05 | ) | 5 | |||||||||||||||||||||
— | 17.14 | 14.27 | 122 | 2.00 | (c) | 11.10 | (c) | (0.01 | )(c) | 6 | ||||||||||||||||||||||
$ | (0.42 | ) | $ | 15.49 | (g) | (0.14 | )%(g) | $ | 12 | 1.10 | %(c)(e) | 2.62 | %(c)(e) | 1.02 | %(c)(e) | 1 | % | |||||||||||||||
(1.03 | ) | 15.92 | (5.62 | ) | 12 | 1.11 | (c)(e)(f) | 1.91 | (c)(e)(f) | 1.06 | (c)(e)(f) | 98 | ||||||||||||||||||||
(1.01 | ) | 17.90 | (g) | 9.77 | (g) | 13 | 1.10 | 3.38 | 0.85 | 5 | ||||||||||||||||||||||
— | 17.29 | 15.27 | 12 | 1.11 | (c) | 8.71 | (c) | 0.96 | (c) | 6 | ||||||||||||||||||||||
$ | (0.32 | ) | $ | 15.54 | (g) | (0.05 | )%(g) | $ | 6,609 | 1.00 | %(c)(e) | 2.51 | %(c)(e) | 0.52 | %(c)(e) | 1 | % | |||||||||||||||
(1.10 | ) | 15.86 | (5.55 | ) | 12,973 | 1.01 | (c)(e)(f) | 1.98 | (c)(e)(f) | 1.27 | (c)(e)(f) | 98 | ||||||||||||||||||||
(1.05 | ) | 17.89 | (g) | 9.87 | (g) | 12,678 | 1.00 | 3.04 | 1.00 | 5 | ||||||||||||||||||||||
— | 17.31 | 15.40 | 5,395 | 1.00 | (c) | 8.82 | (c) | 1.05 | (c) | 6 |
(c) | Annualized, unless otherwise noted. |
(d) | Less than $(0.01) per share. |
(e) | Does not include expenses of the investment companies in which the Fund invests. |
(f) | Certain expenses incurred by the Fund were not annualized. |
(g) | Payments from Affiliates increased net asset value and total return by less than $0.01 and 0.01%, respectively. |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 281 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Loss (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Distributions from Net Realized Capital Gains | ||||||||||||||||||
AllianzGI U.S. Small-Cap Growth: | ||||||||||||||||||||||
Class A | ||||||||||||||||||||||
3/31/2016+ | $ | 14.61 | $ | (0.05 | ) | $ | (0.81 | ) | $ | (0.86 | ) | $ | (1.17 | ) | ||||||||
12/1/2014 - 9/30/2015# | 17.45 | (0.12 | ) | (1.21 | ) | (1.33 | ) | (1.51 | ) | |||||||||||||
11/30/2014 | 19.09 | (0.19 | ) | 0.36 | 0.17 | (1.81 | ) | |||||||||||||||
11/30/2013 | 13.25 | (0.15 | ) | 6.27 | 6.12 | (0.28 | ) | |||||||||||||||
11/30/2012 | 13.34 | (0.08 | ) | 0.98 | 0.90 | (0.99 | ) | |||||||||||||||
12/20/2010* - 11/30/2011 | 13.77 | (0.11 | ) | (0.32 | ) | (0.43 | ) | — | �� | |||||||||||||
Class C | ||||||||||||||||||||||
3/31/2016+ | $ | 14.02 | $ | (0.10 | ) | $ | (0.78 | ) | $ | (0.88 | ) | $ | (1.17 | ) | ||||||||
12/1/2014 - 9/30/2015# | 16.90 | (0.22 | ) | (1.15 | ) | (1.37 | ) | (1.51 | ) | |||||||||||||
11/30/2014 | 18.68 | (0.31 | ) | 0.34 | 0.03 | (1.81 | ) | |||||||||||||||
11/30/2013 | 13.07 | (0.25 | ) | 6.14 | 5.89 | (0.28 | ) | |||||||||||||||
11/30/2012 | 13.25 | (0.18 | ) | 0.99 | 0.81 | (0.99 | ) | |||||||||||||||
12/20/2010* - 11/30/2011 | 13.77 | (0.22 | ) | (0.30 | ) | (0.52 | ) | — | ||||||||||||||
Class R | ||||||||||||||||||||||
3/31/2016+ | $ | 14.44 | $ | (0.07 | ) | $ | (0.80 | ) | $ | (0.87 | ) | $ | (1.17 | ) | ||||||||
12/1/2014 - 9/30/2015# | 17.29 | (0.15 | ) | (1.19 | ) | (1.34 | ) | (1.51 | ) | |||||||||||||
11/30/2014 | 18.98 | (0.22 | ) | 0.34 | 0.12 | (1.81 | ) | |||||||||||||||
11/30/2013 | 13.19 | (0.17 | ) | 6.24 | 6.07 | (0.28 | ) | |||||||||||||||
11/30/2012 | 13.31 | (0.11 | ) | 0.98 | 0.87 | (0.99 | ) | |||||||||||||||
12/20/2010* - 11/30/2011 | 13.77 | (0.15 | ) | (0.31 | ) | (0.46 | ) | — | ||||||||||||||
Class P | ||||||||||||||||||||||
3/31/2016+ | $ | 14.81 | $ | (0.04 | ) | $ | (0.83 | ) | $ | (0.87 | ) | $ | (1.17 | ) | ||||||||
12/1/2014 - 9/30/2015# | 17.64 | (0.10 | ) | (1.22 | ) | (1.32 | ) | (1.51 | ) | |||||||||||||
11/30/2014 | 19.25 | (0.15 | ) | 0.35 | 0.20 | (1.81 | ) | |||||||||||||||
11/30/2013 | 13.32 | (0.11 | ) | 6.32 | 6.21 | (0.28 | ) | |||||||||||||||
11/30/2012 | 13.37 | (0.04 | ) | 0.98 | 0.94 | (0.99 | ) | |||||||||||||||
12/20/2010* - 11/30/2011 | 13.77 | (0.09 | ) | (0.31 | ) | (0.40 | ) | — | ||||||||||||||
Institutional Class | ||||||||||||||||||||||
3/31/2016+ | $ | 14.88 | $ | (0.04 | ) | $ | (0.82 | ) | $ | (0.86 | ) | $ | (1.17 | ) | ||||||||
12/1/2014 - 9/30/2015# | 17.71 | (0.09 | ) | (1.23 | ) | (1.32 | ) | (1.51 | ) | |||||||||||||
11/30/2014 | 19.30 | (0.14 | ) | 0.36 | 0.22 | (1.81 | ) | |||||||||||||||
11/30/2013 | 13.35 | (0.08 | ) | 6.31 | 6.23 | (0.28 | ) | |||||||||||||||
11/30/2012 | 13.39 | (0.04 | ) | 0.99 | 0.95 | (0.99 | ) | |||||||||||||||
11/30/2011 | 12.84 | (0.07 | ) | 0.62 | 0.55 | – | ||||||||||||||||
11/30/2010 | 10.05 | (0.06 | ) | 2.85 | 2.79 | – |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
282 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Loss to Average Net Assets | Portfolio Turnover Rate | ||||||||||||||||||||||
$ | 12.58 | (6.63 | )% | $ | 2,984 | 1.40 | %(c) | 2.08 | %(c) | (0.74 | )%(c) | 69 | % | |||||||||||||||
14.61 | (8.17 | ) | 3,057 | 1.40 | (c)(d) | 1.75 | (c)(d) | (0.86 | )(c)(d) | 79 | ||||||||||||||||||
17.45 | 1.31 | 3,277 | 1.44 | 1.89 | (1.05 | ) | 69 | |||||||||||||||||||||
19.09 | 47.16 | 4,971 | 1.50 | 1.91 | (0.90 | ) | 81 | |||||||||||||||||||||
13.25 | 7.67 | 1,359 | 1.50 | 2.45 | (0.59 | ) | 92 | |||||||||||||||||||||
13.34 | (3.12 | ) | 837 | 1.50 | (c) | 2.70 | (c) | (0.92 | )(c) | 111 | ||||||||||||||||||
$ | 11.97 | (7.07 | )% | $ | 553 | 2.20 | %(c) | 2.92 | %(c) | (1.54 | )%(c) | 69 | % | |||||||||||||||
14.02 | (8.72 | ) | 634 | 2.20 | (c)(d) | 2.59 | (c)(d) | (1.66 | )(c)(d) | 79 | ||||||||||||||||||
16.90 | 0.53 | 661 | 2.20 | 2.69 | (1.81 | ) | 69 | |||||||||||||||||||||
18.68 | 46.03 | 606 | 2.21 | 2.73 | (1.57 | ) | 81 | |||||||||||||||||||||
13.07 | 6.99 | 228 | 2.22 | 3.16 | (1.35 | ) | 92 | |||||||||||||||||||||
13.25 | (3.78 | ) | 134 | 2.25 | (c) | 3.04 | (c) | (1.60 | )(c) | 111 | ||||||||||||||||||
$ | 12.40 | (6.78 | )% | $ | 18 | 1.65 | %(c) | 2.40 | %(c) | (1.00 | )%(c) | 69 | % | |||||||||||||||
14.44 | (8.32 | ) | 22 | 1.65 | (c)(d) | 2.03 | (c)(d) | (1.10 | )(c)(d) | 79 | ||||||||||||||||||
17.29 | 1.03 | 29 | 1.66 | 2.20 | (1.26 | ) | 69 | |||||||||||||||||||||
18.98 | 46.99 | 26 | 1.67 | 2.16 | (1.03 | ) | 81 | |||||||||||||||||||||
13.19 | 7.44 | 10 | 1.70 | 2.60 | (0.84 | ) | 92 | |||||||||||||||||||||
13.31 | (3.34 | ) | 10 | 1.75 | (c) | 2.50 | (c) | (1.14 | )(c) | 111 | ||||||||||||||||||
$ | 12.77 | (6.60 | )% | $ | 297 | 1.25 | %(c) | 1.92 | %(c) | (0.58 | )%(c) | 69 | % | |||||||||||||||
14.81 | (8.01 | ) | 272 | 1.25 | (c)(d) | 1.55 | (c)(d) | (0.72 | )(c)(d) | 79 | ||||||||||||||||||
17.64 | 1.47 | 214 | 1.25 | 1.76 | (0.84 | ) | 69 | |||||||||||||||||||||
19.25 | 47.60 | 110 | 1.25 | 1.74 | (0.69 | ) | 81 | |||||||||||||||||||||
13.32 | 7.97 | 19 | 1.25 | 2.25 | (0.27 | ) | 92 | |||||||||||||||||||||
13.37 | (2.90 | ) | 15 | 1.25 | (c) | 2.13 | (c) | (0.65 | )(c) | 111 | ||||||||||||||||||
$ | 12.85 | (6.51 | )% | $ | 22,432 | 1.16 | %(c) | 1.85 | %(c) | (0.53 | )%(c) | 69 | % | |||||||||||||||
14.88 | (7.98 | ) | 32,670 | 1.16 | (c)(d) | 1.53 | (c)(d) | (0.62 | )(c)(d) | 79 | ||||||||||||||||||
17.71 | 1.57 | 33,231 | 1.16 | 1.66 | (0.76 | ) | 69 | |||||||||||||||||||||
19.30 | 47.64 | 29,116 | 1.16 | 1.69 | (0.48 | ) | 81 | |||||||||||||||||||||
13.35 | 8.05 | 20,140 | 1.15 | 2.09 | (0.29 | ) | 92 | |||||||||||||||||||||
13.39 | 4.28 | 20,862 | 1.15 | 1.99 | (0.53 | ) | 111 | |||||||||||||||||||||
12.84 | 27.76 | 20,079 | 1.19 | 1.71 | (0.57 | ) | 168 |
(c) | Annualized, unless otherwise noted. |
(d) | Certain expenses incurred by the Fund were not annualized. |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 283 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
Net Asset Value, Beginning of Period | Net Investment Loss (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Distributions | ||||||||||||||||||
AllianzGI Ultra Micro Cap: | ||||||||||||||||||||||
Class A | ||||||||||||||||||||||
3/31/2016+ | $ | 22.58 | $ | (0.19 | ) | $ | (1.04 | ) | $ | (1.23 | ) | $ | (1.99 | ) | ||||||||
12/1/2014 - 9/30/2015# | 23.75 | (0.35 | ) | (0.61 | ) | (0.96 | ) | (0.21 | ) | |||||||||||||
11/30/2014 | 24.34 | (0.44 | ) | (0.04 | ) | (0.48 | ) | (0.11 | ) | |||||||||||||
11/30/2013 | 15.53 | (0.29 | ) | 9.11 | 8.82 | (0.01 | ) | |||||||||||||||
12/19/2011* - 11/30/2012 | 12.82 | (0.14 | ) | 2.85 | 2.71 | — | ||||||||||||||||
Class P | ||||||||||||||||||||||
3/31/2016+ | $ | 22.74 | $ | (0.16 | ) | $ | (1.06 | ) | $ | (1.22 | ) | $ | (1.99 | ) | ||||||||
12/1/2014 - 9/30/2015# | 23.86 | (0.30 | ) | (0.61 | ) | (0.91 | ) | (0.21 | ) | |||||||||||||
11/30/2014 | 24.40 | (0.39 | ) | (0.04 | ) | (0.43 | ) | (0.11 | ) | |||||||||||||
11/30/2013 | 15.54 | (0.24 | ) | 9.11 | 8.87 | (0.01 | ) | |||||||||||||||
11/30/2012 | 13.26 | (0.20 | ) | 2.71 | 2.51 | (0.23 | ) | |||||||||||||||
12/27/2010* - 11/30/2011 | 13.80 | (0.29 | ) | (0.22 | ) | (0.51 | ) | (0.03 | ) | |||||||||||||
Institutional Class | ||||||||||||||||||||||
3/31/2016+ | $ | 22.77 | $ | (0.16 | ) | $ | (1.05 | ) | $ | (1.21 | ) | $ | (1.99 | ) | ||||||||
12/1/2014 - 9/30/2015# | 23.93 | (0.34 | ) | (0.61 | ) | (0.95 | ) | (0.21 | ) | |||||||||||||
11/30/2014 | 24.49 | (0.40 | ) | (0.05 | ) | (0.45 | ) | (0.11 | ) | |||||||||||||
11/30/2013 | 15.59 | (0.26 | ) | 9.17 | 8.91 | (0.01 | ) | |||||||||||||||
11/30/2012 | 13.29 | (0.19 | ) | 2.72 | 2.53 | (0.23 | ) | |||||||||||||||
11/30/2011 | 13.25 | (0.29 | ) | 1.08 | 0.79 | (0.75 | ) | |||||||||||||||
11/30/2010 | 8.93 | (0.22 | ) | 4.54 | 4.32 | — |
+ | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Annualized, unless otherwise noted. |
(d) | Certain expenses incurred by the Fund were not annualized. |
284 | Semiannual Report | | March 31, 2016 | | See accompanying Notes to Financial Statements |
Table of Contents
Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Loss to Average Net Assets | Portfolio Turnover Rate | ||||||||||||||||||||||
$ | 19.36 | (6.32 | )% | $ | 26,219 | 2.20 | %(c) | 2.20 | %(c) | (1.80 | )%(c) | 14 | % | |||||||||||||||
22.58 | (4.08 | ) | 41,119 | 2.08 | (c)(d) | 2.08 | (c)(d) | (1.70 | )(c)(d) | 43 | ||||||||||||||||||
23.75 | (1.98 | ) | 53,192 | 2.16 | 2.16 | (1.81 | ) | 66 | ||||||||||||||||||||
24.34 | 56.82 | 61,525 | 2.20 | 2.30 | (1.41 | ) | 59 | |||||||||||||||||||||
15.53 | 21.14 | 6,862 | 2.36 | (c) | 3.36 | (c) | (0.96 | )(c) | 114 | |||||||||||||||||||
$ | 19.53 | (6.22 | )% | $ | 5,990 | 1.91 | %(c) | 1.91 | %(c) | (1.51 | )%(c) | 14 | % | |||||||||||||||
22.74 | (3.84 | ) | 7,710 | 1.81 | (c)(d) | 1.81 | (c)(d) | (1.42 | )(c)(d) | 43 | ||||||||||||||||||
23.86 | (1.77 | ) | 10,561 | 1.94 | 1.94 | (1.67 | ) | 66 | ||||||||||||||||||||
24.40 | 57.10 | 858 | 2.01 | 2.07 | (1.19 | ) | 59 | |||||||||||||||||||||
15.54 | 19.26 | 252 | 2.18 | 3.08 | (1.38 | ) | 114 | |||||||||||||||||||||
13.26 | (3.64 | ) | 230 | 2.41 | (c) | 3.48 | (c) | (2.23 | )(c) | 101 | ||||||||||||||||||
$ | 19.57 | (6.17 | )% | $ | 29,089 | 1.90 | %(c) | 1.90 | %(c) | (1.51 | )%(c) | 14 | % | |||||||||||||||
22.77 | (4.00 | ) | 43,621 | 1.97 | (c)(d) | 1.97 | (c)(d) | (1.60 | )(c)(d) | 43 | ||||||||||||||||||
23.93 | (1.84 | ) | 49,525 | 2.00 | 2.00 | (1.65 | ) | 66 | ||||||||||||||||||||
24.49 | 57.18 | 62,641 | 2.00 | 2.00 | (1.24 | ) | 59 | |||||||||||||||||||||
15.59 | 19.37 | 9,296 | 2.08 | 3.15 | (1.32 | ) | 114 | |||||||||||||||||||||
13.29 | 6.04 | 9,757 | 2.24 | 3.53 | (2.06 | ) | 101 | |||||||||||||||||||||
13.25 | 48.38 | 4,629 | 2.29 | 5.40 | (1.99 | ) | 123 |
See accompanying Notes to Financial Statements | | March 31, 2016 | | Semiannual Report | 285 |
Table of Contents
March 31, 2016 (Unaudited)
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Allianz Funds Multi-Strategy Trust (the “Trust”) was organized on January 10, 2008, as an open-end registered investment management company organized as a Massachusetts business trust. The Trust follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services-Investment Companies. As of March 31, 2016, the Trust consisted of forty separate investment series (each a “Fund” and collectively the “Funds”). Allianz Global Investors Fund Management LLC (“AGIFM” or the “Investment Manager”) serves as the Funds’ investment manager and Allianz Global Investors U.S. LLC (“AllianzGI U.S.”) and NFJ Investment Group LLC (“NFJ”), each an affiliate of the Investment Manager (each a “Sub-Adviser” and collectively the “Sub-Advisers”) serve as the Funds’ sub-advisers. The Investment Manager, AllianzGI U.S. and NFJ are indirect, wholly-owned subsidiaries of Allianz Asset Management of America L.P. (“AAM”). AAM is an indirect, wholly-owned subsidiary of Allianz SE, a publicly traded European insurance and financial services company. Currently, the Trust may offer up to seven classes of shares to new and existing investors: A, C, R, P, Institutional, R6 and Administrative. Class B shares and Class D shares converted to Class A shares at the close of business on December 4, 2015 and November 13, 2015, respectively. Shares of AllianzGI Convertible are currently not available for purchase by any new investor, and shareholders of other series of the Trust or series of Allianz Funds are no longer permitted to exchange any of their shares for shares of AllianzGI Convertible, with certain exceptions.
The following Funds sold and issued shares of beneficial interest to Allianz Funds Investments, Inc. (“AFI”) during the periods ended March 31, 2016, September 30, 2015 and November 30, 2014. AFI is an indirect, wholly-owned subsidiary of Allianz SE.
AllianzGI Global Allocation | ||||||||||||
Class | Date | Shares | Amount | |||||||||
R6 | 9/8/15 | 908 | $ | 10,000 | ||||||||
AllianzGI Global Dynamic Allocation | ||||||||||||
Class | Date | Shares | Amount | |||||||||
R6 | 2/1/16 | 578 | $ | 10,000 | ||||||||
AllianzGI Global Megatrends | ||||||||||||
Class | Date | Shares | Amount | |||||||||
A | 2/2/15 | 667 | $ | 10,000 | ||||||||
P | 2/2/15 | 666 | 10,000 | |||||||||
Institutional | 2/2/15 | 200,000 | 3,000,000 | |||||||||
Totals | 201,333 | $ | 3,020,000 | |||||||||
AllianzGI Best Styles Emerging Markets Equity | ||||||||||||
Class | Date | Shares | Amount | |||||||||
P | 12/9/14 | 666 | $ | 10,000 | ||||||||
Institutional | 12/9/14 | 667 | 10,000 | |||||||||
R6 | 12/9/14 | 333,333 | 5,000,000 | |||||||||
Totals | 334,666 | $ | 5,020,000 | |||||||||
AllianzGI Best Styles Global Equity | ||||||||||||
Class | Date | Shares | Amount | |||||||||
A | 9/2/14 | 606 | $ | 10,000 | ||||||||
P | 12/22/14 | 641 | 10,000 | |||||||||
Institutional | 9/2/14 | 606 | 10,000 | |||||||||
R6 | 12/2/13 | 333,333 | 5,000,000 | |||||||||
Totals | 335,186 | $ | 5,030,000 | |||||||||
AllianzGI Best Styles International Equity | ||||||||||||
Class | Date | Shares | Amount | |||||||||
P | 12/9/14 | 666 | $ | 10,000 | ||||||||
Institutional | 12/9/14 | 667 | 10,000 | |||||||||
R6 | 12/9/14 | 333,333 | 5,000,000 | |||||||||
Totals | 334,666 | $ | 5,020,000 | |||||||||
AllianzGI Best Styles U.S. Equity | ||||||||||||
Class | Date | Shares | Amount | |||||||||
P | 12/1/14 | 666 | $ | 10,000 | ||||||||
Institutional | 12/1/14 | 667 | 10,000 | |||||||||
R6 | 12/1/14 | 200,000 | 3,000,000 | |||||||||
Totals | 201,333 | $ | 3,020,000 | |||||||||
AllianzGI Emerging Markets Consumer | ||||||||||||
Class | Date | Shares | Amount | |||||||||
A | 12/1/14 | 667 | $ | 10,000 | ||||||||
Institutional | 12/1/14 | 200,000 | 3,000,000 | |||||||||
Totals | 200,667 | $ | 3,010,000 | |||||||||
AllianzGI Emerging Markets Debt | ||||||||||||
Class | Date | Shares | Amount | |||||||||
A | 9/15/14 | 667 | $ | 10,000 | ||||||||
C | 9/15/14 | 666 | 10,000 | |||||||||
P | 9/15/14 | 667 | 10,000 | |||||||||
Institutional | 9/15/14 | 2,000,000 | 30,000,000 | |||||||||
Totals | 2,002,000 | $ | 30,030,000 | |||||||||
AllianzGI Emerging Markets Small-Cap | ||||||||||||
Class | Date | Shares | Amount | |||||||||
A | 12/1/14 | 667 | $ | 10,000 | ||||||||
Institutional | 12/1/14 | 200,000 | 3,000,000 | |||||||||
Totals | 200,667 | $ | 3,010,000 | |||||||||
286 | March 31, 2016 | | Semiannual Report |
Table of Contents
AllianzGI Europe Equity Dividend | ||||||||||||
Class | Date | Shares | Amount | |||||||||
A | 2/2/15 | 667 | $ | 10,000 | ||||||||
C | 2/2/15 | 667 | 10,000 | |||||||||
P | 2/2/15 | 666 | 10,000 | |||||||||
Institutional | 2/2/15 | 200,000 | 3,000,000 | |||||||||
Totals | 202,000 | $ | 3,030,000 | |||||||||
AllianzGI Global Sustainability | ||||||||||||
Class | Date | Shares | Amount | |||||||||
A | 12/9/14 | 667 | $ | 10,000 | ||||||||
P | 12/9/14 | 666 | 10,000 | |||||||||
Institutional | 12/9/14 | 200,000 | 3,000,000 | |||||||||
Totals | 201,333 | $ | 3,020,000 |
AllianzGI International Growth | ||||||||||||
Class | Date | Shares | Amount | |||||||||
A | 2/2/15 | 667 | $ | 10,000 | ||||||||
Institutional | 2/2/15 | 200,000 | 3,000,000 | |||||||||
Totals | 200,667 | $ | 3,010,000 | |||||||||
AllianzGI International Small-Cap | ||||||||||||
Class | Date | Shares | Amount | |||||||||
R6 | 2/1/16 | 298 | $ | 10,000 | ||||||||
AllianzGI NFJ International Small-Cap Value | ||||||||||||
Class | Date | Shares | Amount | |||||||||
R6 | 9/8/15 | 525 | $ | 10,000 |
The investment objective of the Funds are disclosed below. There can be no assurance that the Funds will meet their stated objectives.
Investment Objective | ||
AllianzGI Retirement 2015 | The Funds seek capital growth and preservation consistent with its asset allocation as the target date in the Fund name approaches, and thereafter current income and, secondarily, capital appreciation. | |
AllianzGI Retirement 2020 | ||
AllianzGI Retirement 2025 | ||
AllianzGI Retirement 2030 | ||
AllianzGI Retirement 2035 | ||
AllianzGI Retirement 2040 | ||
AllianzGI Retirement 2045 | ||
AllianzGI Retirement 2050 | ||
AllianzGI Retirement 2055 | ||
AllianzGI Retirement Income | The Fund seeks current income and secondarily, capital appreciation. | |
AllianzGI Global Allocation | The Fund seeks after-inflation capital appreciation and current income. | |
AllianzGI Global Dynamic Allocation | The Fund seeks after-inflation capital appreciation and, secondarily, current income. | |
AllianzGI Global Megatrends | The Funds seek long-term capital appreciation. | |
AllianzGI Best Styles Emerging Markets Equity | ||
AllianzGI Best Styles Global Equity | ||
AllianzGI Best Styles International Equity | ||
AllianzGI Best Styles U.S. Equity | ||
AllianzGI China Equity | ||
AllianzGI Emerging Markets Consumer | ||
AllianzGI Emerging Markets Small-Cap | ||
AllianzGI Europe Equity Dividend | ||
AllianzGI Global Sustainability | ||
AllianzGI Global Water | ||
AllianzGI International Growth | ||
AllianzGI NFJ Emerging Markets Value | ||
AllianzGI NFJ International Small-Cap Value | ||
AllianzGI NFJ International Value II | ||
AllianzGI Structured Return | ||
AllianzGI Convertible | The Fund seeks maximum total return, consisting of capital appreciation and current income. | |
AllianzGI Emerging Markets Debt | The Fund seeks long-term capital appreciation and current income. | |
AllianzGI Global Fundamental Strategy | The Fund seeks to generate positive real absolute returns through a complete market cycle (rolling 3-year period) by investing in broad range of global asset classes. |
Semiannual Report | | March 31, 2016 | 287 |
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March 31, 2016 (Unaudited)
Investment Objective | ||
AllianzGI High Yield Bond | The Fund seeks a high level of current income and capital growth. | |
AllianzGI International Small-Cap | The Funds seek maximum long-term capital appreciation. | |
AllianzGI Micro Cap | ||
AllianzGI U.S. Small-Cap Growth | ||
AllianzGI Ultra Micro Cap | ||
AllianzGI NFJ Global Dividend Value | The Fund seeks long-term growth of capital and income. | |
AllianzGI Multi-Asset Real Return | The Fund seeks long-term capital appreciation emphasizing inflation-adjusted returns. | |
AllianzGI Short Duration High Income | The Fund seeks a high level of current income with lower volatility than the broader high yield market. | |
AllianzGI U.S. Equity Hedged | The Fund seeks capital appreciation, with added emphasis on the protection of capital during unfavorable market conditions. |
The preparation of the Funds’ financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires the Funds’ management to make estimates and assumptions that affect the reported amounts and disclosures in each Fund’s financial statements. Actual results could differ from those estimates.
In the normal course of business, the Funds enter into contracts that contain a variety of representations that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred.
The following is a summary of significant accounting policies consistently followed by the Funds:
(a) Valuation of Investments. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Market value is generally determined on the basis of official closing prices, last reported sales prices, or if no sales or closing prices are reported, on the basis of quotes obtained from a quotation reporting system, established market makers, or independent pricing services. Investments in mutual funds are valued at the NAV as reported on each business day. The Funds’ investments are valued daily using prices supplied by an independent pricing service or broker/dealer quotations, or by using the last sale or settlement price on the exchange that is the primary market for such securities, or the mean between the last bid and ask quotations. The market value for NASDAQ Global Market and NASDAQ Capital Market securities may also be calculated using the NASDAQ Official Closing Price instead of the last reported sales price. Independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Exchange traded futures are valued at the price determined by the relevant exchange. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily until settlement at the forward settlement date.
The Board of Trustees (the “Board”) has adopted procedures for valuing portfolio securities and other financial instruments in circumstances where market quotations are not readily available
(including in cases where available market quotations are deemed to be unreliable), and has delegated primary responsibility for applying the valuation methods to the Investment Manager and the Sub-Advisers. The Trust’s Valuation Committee was established by the Board to oversee the implementation of the Funds’ valuation methods and to make fair value determinations on behalf of the Board, as instructed by the Board. Each Sub-Adviser monitors the continued appropriateness of methods applied and identifies to the Investment Manager circumstances and events that may require fair valuation. The Investment Manager, in turn, determines if adjustments should be made in light of market changes, events affecting the issuer or other factors. If the Investment Manager (in consultation with the Sub-Advisers) determines that a valuation method may no longer be appropriate, another valuation method may be selected or the Valuation Committee will be convened to consider the matter and take any appropriate action in accordance with procedures set forth by the Board. The Board shall review and ratify the appropriateness of the valuation methods and these methods may be amended or supplemented from time to time by the Valuation Committee.
Short-term debt instruments maturing in 60 days or less are valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing premiums or discounts based on their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.
Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of each share class of a Fund may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the New York Stock Exchange (“NYSE”) is closed.
The prices used by the Funds to value investments may differ from the value that would be realized if the investments were sold, and these differences could be material to the Funds’ financial statements. The NAV of each share class of a Fund is normally determined as of the close of regular trading (normally, 4:00 p.m. Eastern Time) on the NYSE on each day the NYSE is open for business.
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The prices of certain portfolio securities or financial instruments may be determined at a time prior to the close of regular trading on the NYSE. When fair-valuing the securities, the Funds may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the time the NAV of each share class of a Fund is calculated. With respect to certain foreign securities, the Funds may fair-value securities using modeling tools provided by third-party vendors. The Funds have retained a statistical research service to assist in determining the fair value of foreign securities. This service utilizes statistics and programs based on historical performance of markets and other economic data to assist in making fair value estimates. Fair value estimates used by the Funds for foreign securities may differ from the value realized from the sale of those securities and the difference could be material to the financial statements. Fair value pricing may require subjective determinations about the value of a security or other assets, and fair values used to determine the NAV of each share class of a Fund may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities or other assets held by a Fund.
(b) Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants. The three levels of the fair value hierarchy are described below:
n | Level 1—quoted prices in active markets for identical investments that the Funds have the ability to access |
n | Level 2—valuations based on other significant observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates or other market corroborated inputs |
n | Level 3—valuations based on significant unobservable inputs (including the Sub-Advisers’ or Valuation Committee’s own assumptions and securities whose price was determined by using a single broker’s quote) |
The valuation techniques used by the Funds to measure fair value during the six months ended March 31, 2016 were intended to maximize the use of observable inputs and to minimize the use of unobservable inputs.
The Funds’ policy is to recognize transfers between levels at the end of the reporting period. An investment asset’s or liability’s level within the fair value hierarchy is based on the lowest level input, individually or in aggregate, that is significant to the fair value measurement. The objective of fair value measurement remains the same even when there is a significant decrease in the volume and level of activity for an asset or liability and regardless of the valuation techniques used. Investments categorized as Level 1 or 2 as of period end may have been transferred between Levels 1 and 2 since the prior period due to changes in the valuation method utilized in valuing the investments.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following are certain inputs and techniques that the Funds generally use to evaluate how to classify each major category of assets and liabilities within Level 2 and Level 3, in accordance with U.S. GAAP.
Equity Securities (Common and Preferred Stock)—Equity securities traded in inactive markets and certain foreign equity securities are valued using inputs which include broker-dealer quotes, recently executed transactions adjusted for changes in the benchmark index, or evaluated price quotes received from independent pricing services that take into account the integrity of the market sector and issuer, the individual characteristics of the security, and information received from broker-dealers and other market sources pertaining to the issuer or security. To the extent that these inputs are observable, the values of equity securities are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
U.S. Treasury Obligations—U.S. Treasury obligations are valued by independent pricing services based on pricing models that evaluate the mean between the most recently quoted bid and ask price. The models also take into consideration data received from active market makers and broker-dealers, yield curves, and the spread over comparable U.S. Treasury issues. The spreads change daily in response to market conditions and are generally obtained from the new issue market and broker-dealer sources. To the extent that these inputs are observable, the values of U.S. Treasury obligations are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
Government Sponsored Enterprise and Mortgage-Backed Securities—Government sponsored enterprise and mortgage-backed securities are valued by independent pricing services using pricing models based on inputs that include issuer type, coupon, cash flows, mortgage prepayment projection tables and Adjustable Rate Mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent that these inputs are observable, the values of government sponsored enterprise and mortgage-backed securities are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
Sovereign Debt Obligations—Sovereign debt obligations are valued by independent pricing services based on discounted cash flow models that incorporate option adjusted spreads along with benchmark curves and credit spreads. In addition, international bond markets are monitored regularly for information pertaining to the issuer and/or the specific issue. To the extent that these inputs are observable, the values of sovereign debt obligations are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
Corporate Bonds & Notes—Corporate bonds & notes are generally comprised of two main categories: investment grade bonds and high yield bonds. Investment grade bonds are valued by independent
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March 31, 2016 (Unaudited)
pricing services using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer or comparable issuers, and option adjusted spread models that include base curve and spread curve inputs. Adjustments to individual bonds can be applied to recognize trading differences compared to other bonds issued by the same issuer. High yield bonds are valued by independent pricing services based primarily on broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds and sector-specific trends. To the extent that these inputs are observable, the values of corporate bonds & notes are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
Convertible Bonds—Convertible bonds are valued by independent pricing services based on various inputs and techniques, which include broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds and sector-specific trends. To the extent that these inputs are observable, the values of convertible bonds are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
Option Contracts—Option contracts traded over-the-counter (“OTC”) and FLexible EXchange (“FLEX”) options are valued by independent pricing services based on pricing models that incorporate various inputs such as interest rates, credit spreads, currency exchange rates
and volatility measurements for in-the-money, at-the-money, and out-of-the-money contracts based on a given strike price. To the extent that these inputs are observable, the values of OTC and FLEX option contracts are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
Forward Foreign Currency Contracts—Forward foreign currency contracts are valued by independent pricing services using various inputs and techniques, which include broker-dealer quotations, actual trading information and foreign currency exchange rates gathered from leading market makers and foreign currency exchange trading centers throughout the world. To the extent that these inputs are observable, the values of forward foreign currency contracts are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
Credit Default Swaps—OTC credit default swaps are valued by independent pricing services using pricing models that take into account, among other factors, information received from market makers and broker/dealers, default probabilities from index specific credit spread curves, recovery rates, and cash flows. To the extent that these inputs are observable, the values of credit default swaps are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
Senior Loans—Senior Loans generally are valued by independent pricing services based on the average of quoted prices received from multiple dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. These quoted prices are based on interest rates, yield curves, option adjusted spreads, credit spreads and/or other criteria. To the extent that these inputs are observable, the values of Senior Loans are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
A summary of the inputs used at March 31, 2016 in valuing each Fund’s assets and liabilities is listed below (refer to the Schedules of Investments and Notes 7(b), 7(c) and 7(d) for more detailed information on Investments in Securities and Other Financial Instruments):
AllianzGI Retirement 2015: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Mutual Funds | $ | 19,172,391 | — | — | $ | 19,172,391 | ||||||||||
Exchange-Traded Funds | 7,160,404 | — | — | 7,160,404 | ||||||||||||
Repurchase Agreements | — | $ | 273,000 | — | 273,000 | |||||||||||
Totals | $ | 26,332,795 | $ | 273,000 | — | $ | 26,605,795 | |||||||||
AllianzGI Retirement 2020: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Mutual Funds | $ | 41,098,715 | — | — | $ | 41,098,715 | ||||||||||
Exchange-Traded Funds | 13,284,395 | — | — | 13,284,395 | ||||||||||||
Repurchase Agreements | — | $ | 929,000 | — | 929,000 | |||||||||||
Totals | $ | 54,383,110 | $ | 929,000 | — | $ | 55,312,110 |
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AllianzGI Retirement 2025: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Mutual Funds | $ | 45,960,418 | — | — | $ | 45,960,418 | ||||||||||
Exchange-Traded Funds | 13,229,385 | — | — | 13,229,385 | ||||||||||||
Repurchase Agreements | — | $ | 1,035,000 | — | 1,035,000 | |||||||||||
Totals | $ | 59,189,803 | $ | 1,035,000 | — | $ | 60,224,803 | |||||||||
AllianzGI Retirement 2030: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Mutual Funds | $ | 50,252,012 | — | — | $ | 50,252,012 | ||||||||||
Exchange-Traded Funds | 11,938,754 | — | — | 11,938,754 | ||||||||||||
Repurchase Agreements | — | $ | 1,396,000 | — | 1,396,000 | |||||||||||
Totals | $ | 62,190,766 | $ | 1,396,000 | — | $ | 63,586,766 | |||||||||
AllianzGI Retirement 2035: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Mutual Funds | $ | 39,060,758 | — | — | $ | 39,060,758 | ||||||||||
Exchange-Traded Funds | 8,428,205 | — | — | 8,428,205 | ||||||||||||
Repurchase Agreements | — | $ | 2,399,000 | — | 2,399,000 | |||||||||||
47,488,963 | 2,399,000 | — | 49,887,963 | |||||||||||||
Other Financial Instruments* – Assets |
| |||||||||||||||
Market Price | 10,600 | — | — | 10,600 | ||||||||||||
Totals | $ | 47,499,563 | $ | 2,399,000 | — | $ | 49,898,563 | |||||||||
AllianzGI Retirement 2040: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Mutual Funds | $ | 33,048,051 | — | — | $ | 33,048,051 | ||||||||||
Exchange-Traded Funds | 6,792,927 | — | — | 6,792,927 | ||||||||||||
Repurchase Agreements | — | $ | 2,101,000 | — | 2,101,000 | |||||||||||
39,840,978 | 2,101,000 | — | 41,941,978 | |||||||||||||
Other Financial Instruments* – Assets |
| |||||||||||||||
Market Price | 21,201 | — | — | 21,201 | ||||||||||||
Other Financial Instruments* – Liabilities |
| |||||||||||||||
Market Price | (573 | ) | — | — | (573 | ) | ||||||||||
Totals | $ | 39,861,606 | $ | 2,101,000 | — | $ | 41,962,606 | |||||||||
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AllianzGI Retirement 2045: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Mutual Funds | $ | 20,938,548 | — | — | $ | 20,938,548 | ||||||||||
Exchange-Traded Funds | 2,680,843 | — | — | 2,680,843 | ||||||||||||
Repurchase Agreements | — | $ | 1,292,000 | — | 1,292,000 | |||||||||||
23,619,391 | 1,292,000 | — | 24,911,391 | |||||||||||||
Other Financial Instruments* – Assets |
| |||||||||||||||
Market Price | 14,840 | — | — | 14,840 | ||||||||||||
Other Financial Instruments* – Liabilities |
| |||||||||||||||
Market Price | (573 | ) | — | — | (573 | ) | ||||||||||
Totals | $ | 23,633,658 | $ | 1,292,000 | — | $ | 24,925,658 | |||||||||
AllianzGI Retirement 2050: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Mutual Funds | $ | 18,366,750 | — | — | $ | 18,366,750 | ||||||||||
Exchange-Traded Funds | 2,442,427 | — | — | 2,442,427 | ||||||||||||
Repurchase Agreements | — | $ | 1,019,000 | — | 1,019,000 | |||||||||||
20,809,177 | 1,019,000 | — | 21,828,177 | |||||||||||||
Other Financial Instruments* – Assets |
| |||||||||||||||
Market Price | 12,720 | — | — | 12,720 | ||||||||||||
Other Financial Instruments* – Liabilities |
| |||||||||||||||
Market Price | (716 | ) | — | �� | — | (716 | ) | |||||||||
Totals | $ | 20,821,181 | $ | 1,019,000 | — | $ | 21,840,181 | |||||||||
AllianzGI Retirement 2055: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Mutual Funds | $ | 5,136,866 | — | — | $ | 5,136,866 | ||||||||||
Exchange-Traded Funds | 656,960 | — | — | 656,960 | ||||||||||||
Repurchase Agreements | — | $ | 354,000 | — | 354,000 | |||||||||||
5,793,826 | 354,000 | — | 6,147,826 | |||||||||||||
Other Financial Instruments* – Assets | ||||||||||||||||
Market Price | 4,240 | — | — | 4,240 | ||||||||||||
Other Financial Instruments* – Liabilities | ||||||||||||||||
Market Price | (286 | ) | — | — | (286 | ) | ||||||||||
Totals | $ | 5,797,780 | $ | 354,000 | — | $ | 6,151,780 | |||||||||
AllianzGI Retirement Income: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Mutual Funds | $ | 21,294,607 | — | — | $ | 21,294,607 | ||||||||||
Exchange-Traded Funds | 2,405,676 | — | — | 2,405,676 | ||||||||||||
Repurchase Agreements | — | $ | 345,000 | — | 345,000 | |||||||||||
Totals | $ | 23,700,283 | $ | 345,000 | — | $ | 24,045,283 | |||||||||
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AllianzGI Global Allocation: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Mutual Funds | $ | 432,242,813 | — | — | $ | 432,242,813 | ||||||||||
Exchange-Traded Funds | 59,102,527 | — | — | 59,102,527 | ||||||||||||
Repurchase Agreements | — | $ | 1,878,000 | — | 1,878,000 | |||||||||||
491,345,340 | 1,878,000 | — | 493,223,340 | |||||||||||||
Other Financial Instruments* – Assets | ||||||||||||||||
Foreign Exchange Contracts | — | 53,839 | — | 53,839 | ||||||||||||
Interest Rate Contracts | 285,715 | — | — | 285,715 | ||||||||||||
Market Price | 158,756 | — | — | 158,756 | ||||||||||||
444,471 | 53,839 | — | 498,310 | |||||||||||||
Other Financial Instruments* – Liabilities | ||||||||||||||||
Interest Rate Contracts | (201,194 | ) | — | — | (201,194 | ) | ||||||||||
Market Price | (56,458 | ) | — | — | (56,458 | ) | ||||||||||
(257,652 | ) | — | — | (257,652 | ) | |||||||||||
Totals | $ | 491,532,159 | $ | 1,931,839 | — | $ | 493,463,998 | |||||||||
AllianzGI Global Dynamic Allocation: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Mutual Funds | $ | 24,479,592 | — | — | $ | 24,479,592 | ||||||||||
U.S. Treasury Obligations | — | $ | 3,552,289 | — | 3,552,289 | |||||||||||
Exchange-Traded Funds | 3,007,042 | — | — | 3,007,042 | ||||||||||||
U.S. Government Agency Securities | — | 370,525 | — | 370,525 | ||||||||||||
Repurchase Agreements | — | 5,794,000 | — | 5,794,000 | ||||||||||||
27,486,634 | 9,716,814 | — | 37,203,448 | |||||||||||||
Other Financial Instruments* – Assets | ||||||||||||||||
Interest Rate Contracts | 5,548 | — | — | 5,548 | ||||||||||||
Market Price | 94,787 | — | — | 94,787 | ||||||||||||
100,335 | — | — | 100,335 | |||||||||||||
Other Financial Instruments* – Liabilities | ||||||||||||||||
Interest Rate Contracts | (950 | ) | — | — | (950 | ) | ||||||||||
Market Price | (29,703 | ) | — | — | (29,703 | ) | ||||||||||
(30,653 | ) | — | — | (30,653 | ) | |||||||||||
Totals | $ | 27,556,316 | $ | 9,716,814 | — | $ | 37,273,130 | |||||||||
AllianzGI Global Megatrends: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Mutual Funds | $ | 2,835,788 | — | — | $ | 2,835,788 | ||||||||||
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March 31, 2016 (Unaudited)
AllianzGI Best Styles Emerging Markets Equity: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Common Stock: |
| |||||||||||||||
Argentina | $ | 19,470 | — | — | $ | 19,470 | ||||||||||
Brazil | 366,177 | — | — | 366,177 | ||||||||||||
Chile | 59,018 | — | — | 59,018 | ||||||||||||
China | 15,885 | $ | 2,012,046 | — | 2,027,931 | |||||||||||
Colombia | 16,874 | — | — | 16,874 | ||||||||||||
India | 39,379 | 27,533 | — | 66,912 | ||||||||||||
Malaysia | 49,723 | 183,905 | — | 233,628 | ||||||||||||
Mexico | 324,944 | — | — | 324,944 | ||||||||||||
Poland | 5,153 | 45,670 | — | 50,823 | ||||||||||||
Russian Federation | 92,102 | 97,885 | — | 189,987 | ||||||||||||
South Africa | 175,669 | 317,810 | — | 493,479 | ||||||||||||
Taiwan | 71,162 | 1,086,787 | — | 1,157,949 | ||||||||||||
Thailand | — | 45,855 | $ | 93,929 | 139,784 | |||||||||||
United States | 3,137 | — | — | 3,137 | ||||||||||||
All Other | — | 2,181,628 | — | 2,181,628 | ||||||||||||
Preferred Stock: |
| |||||||||||||||
Korea (Republic of) | — | 32,918 | — | 32,918 | ||||||||||||
All Other | 404,046 | — | — | 404,046 | ||||||||||||
Repurchase Agreements | — | 1,373,000 | — | 1,373,000 | ||||||||||||
1,642,739 | 7,405,037 | 93,929 | 9,141,705 | |||||||||||||
Other Financial Instruments* – Assets | ||||||||||||||||
Market Price | 8,780 | — | — | 8,780 | ||||||||||||
Totals | $ | 1,651,519 | $ | 7,405,037 | $ | 93,929 | $ | 9,150,485 | ||||||||
AllianzGI Best Styles Global Equity: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Common Stock: |
| |||||||||||||||
Bermuda | $ | 3,655,879 | $ | 63,823 | — | $ | 3,719,702 | |||||||||
Brazil | 2,280,737 | — | — | 2,280,737 | ||||||||||||
Canada | 24,571,512 | — | — | 24,571,512 | ||||||||||||
China | 214,078 | 16,730,479 | $ | 55,083 | 16,999,640 | |||||||||||
Finland | 120,813 | 3,478,288 | — | 3,599,101 | ||||||||||||
France | 88,927 | 20,629,026 | — | 20,717,953 | ||||||||||||
Greece | 37,902 | — | — | 37,902 | ||||||||||||
Hong Kong | 344,190 | 1,150,120 | — | 1,494,310 | ||||||||||||
India | 1,057,242 | — | — | 1,057,242 | ||||||||||||
Ireland | 4,278,778 | 1,670,766 | — | 5,949,544 | ||||||||||||
Japan | — | 27,401,580 | 429,957 | 27,831,537 | ||||||||||||
Malaysia | 424,526 | 1,588,343 | — | 2,012,869 | ||||||||||||
Mexico | 3,253,470 | — | — | 3,253,470 | ||||||||||||
Norway | 563,360 | 6,641,042 | — | 7,204,402 | ||||||||||||
Russian Federation | 190,897 | 136,157 | — | 327,054 | ||||||||||||
Singapore | 969,410 | 1,746,544 | — | 2,715,954 | ||||||||||||
South Africa | 583,136 | 1,123,375 | — | 1,706,511 | ||||||||||||
Switzerland | 1,158,734 | 5,680,693 | — | 6,839,427 | ||||||||||||
Thailand | — | 1,602,354 | 1,617,235 | 3,219,589 |
294 | March 31, 2016 | | Semiannual Report |
Table of Contents
AllianzGI Best Styles Global Equity (cont’d) | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
United Kingdom | $ | 1,309,922 | $ | 33,004,171 | — | $ | 34,314,093 | |||||||||
United States | 313,253,449 | 524,086 | — | 313,777,535 | ||||||||||||
All Other | — | 73,629,656 | — | 73,629,656 | ||||||||||||
Preferred Stock | 1,161,613 | — | — | 1,161,613 | ||||||||||||
Repurchase Agreements | — | 9,071,000 | — | 9,071,000 | ||||||||||||
359,518,575 | 205,871,503 | $ | 2,102,275 | 567,492,353 | ||||||||||||
Other Financial Instruments* – Assets | ||||||||||||||||
Foreign Exchange Contracts | — | 17 | — | 17 | ||||||||||||
Market Price | 208,582 | — | — | 208,582 | ||||||||||||
208,582 | 17 | — | 208,599 | |||||||||||||
Other Financial Instruments* – Liabilities | ||||||||||||||||
Foreign Exchange Contracts | — | (46,076 | ) | — | (46,076 | ) | ||||||||||
Market Price | (15,132 | ) | — | — | (15,132 | ) | ||||||||||
(15,132 | ) | (46,076 | ) | — | (61,208 | ) | ||||||||||
Totals | $ | 359,712,025 | $ | 205,825,444 | $ | 2,102,275 | $ | 567,639,744 | ||||||||
AllianzGI Best Styles International Equity: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Common Stock: |
| |||||||||||||||
Austria | $ | 88,347 | $ | 1,455,641 | — | $ | 1,543,988 | |||||||||
British Virgin Islands | 190,408 | — | — | 190,408 | ||||||||||||
France | 176,218 | 8,297,048 | — | 8,473,266 | ||||||||||||
Germany | 153,256 | 5,498,471 | — | 5,651,727 | ||||||||||||
Greece | 103,960 | 256,548 | — | 360,508 | ||||||||||||
Hong Kong | 257,454 | 2,622,333 | — | 2,879,787 | ||||||||||||
Ireland | 439,803 | 544,421 | — | 984,224 | ||||||||||||
Singapore | 324,027 | 53,593 | — | 377,620 | ||||||||||||
Sweden | 415,529 | 1,155,130 | — | 1,570,659 | ||||||||||||
United Kingdom | 2,574,060 | 14,518,306 | — | 17,092,366 | ||||||||||||
All Other | — | 41,686,153 | — | 41,686,153 | ||||||||||||
Preferred Stock | — | 533,647 | — | 533,647 | ||||||||||||
Repurchase Agreements | — | 775,000 | — | 775,000 | ||||||||||||
4,723,062 | 77,396,291 | — | 82,119,353 | |||||||||||||
Other Financial Instruments* – Liabilities |
| |||||||||||||||
Market Price | (7,528 | ) | — | — | (7,528 | ) | ||||||||||
Totals | $ | 4,715,534 | $ | 77,396,291 | — | $ | 82,111,825 | |||||||||
AllianzGI Best Styles U.S. Equity: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Common Stock | $ | 88,902,859 | — | — | $ | 88,902,859 | ||||||||||
Rights | — | $ | 11,868 | — | 11,868 | |||||||||||
Repurchase Agreements | — | 2,528,000 | — | 2,528,000 | ||||||||||||
88,902,859 | 2,539,868 | — | 91,442,727 | |||||||||||||
Other Financial Instruments* – Assets |
| |||||||||||||||
Market Price | 12,310 | — | — | 12,310 | ||||||||||||
Totals | $ | 88,915,169 | $ | 2,539,868 | — | $ | 91,455,037 |
Semiannual Report | | March 31, 2016 | 295 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI China Equity: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Common Stock: |
| |||||||||||||||
China | $ | 281,559 | $ | 3,704,311 | — | $ | 3,985,870 | |||||||||
Hong Kong | — | 486,951 | — | 486,951 | ||||||||||||
Totals | $ | 281,559 | $ | 4,191,262 | — | $ | 4,472,821 | |||||||||
AllianzGI Convertible: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Convertible Bonds | — | $ | 1,323,602,865 | — | $ | 1,323,602,865 | ||||||||||
Convertible Preferred Stock: |
| |||||||||||||||
Food & Beverage | — | 23,652,028 | — | 23,652,028 | ||||||||||||
All Other | $ | 370,000,308 | — | — | 370,000,308 | |||||||||||
Repurchase Agreements | — | 55,791,000 | — | 55,791,000 | ||||||||||||
Totals | $ | 370,000,308 | $ | 1,403,045,893 | — | $ | 1,773,046,201 | |||||||||
AllianzGI Emerging Markets Consumer: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Common Stock: |
| |||||||||||||||
Brazil | $ | 2,333,526 | — | — | $ | 2,333,526 | ||||||||||
China | 2,137,414 | $ | 3,240,334 | — | 5,377,748 | |||||||||||
India | 558,548 | 1,447,716 | — | 2,006,264 | ||||||||||||
Indonesia | 722,070 | 131,688 | — | 853,758 | ||||||||||||
Malaysia | 126,045 | 459,454 | — | 585,499 | ||||||||||||
Mexico | 800,661 | — | — | 800,661 | ||||||||||||
Russian Federation | 148,290 | — | — | 148,290 | ||||||||||||
South Africa | 165,371 | 1,816,106 | — | 1,981,477 | ||||||||||||
United States | 1,600,565 | — | — | 1,600,565 | ||||||||||||
All Other | — | 18,021,839 | — | 18,021,839 | ||||||||||||
Equity-Linked Securities | — | 420,959 | — | 420,959 | ||||||||||||
Preferred Stock | 229,621 | — | — | 229,621 | ||||||||||||
Exchange-Traded Funds | 148,618 | — | — | 148,618 | ||||||||||||
Repurchase Agreements | — | 216,000 | — | 216,000 | ||||||||||||
8,970,729 | 25,754,096 | — | 34,724,825 | |||||||||||||
Other Financial Instruments* – Assets |
| |||||||||||||||
Foreign Exchange Contracts | — | 4,161 | — | 4,161 | ||||||||||||
Totals | $ | 8,970,729 | $ | 25,758,257 | — | $ | 34,728,986 | |||||||||
AllianzGI Emerging Markets Debt: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Corporate Bonds & Notes | — | $ | 20,106,250 | — | $ | 20,106,250 | ||||||||||
Sovereign Debt Obligations | — | 10,891,653 | — | 10,891,653 | ||||||||||||
Repurchase Agreements | — | 13,571,000 | — | 13,571,000 | ||||||||||||
— | 44,568,903 | — | 44,568,903 |
296 | March 31, 2016 | | Semiannual Report |
Table of Contents
AllianzGI Emerging Markets Debt (cont’d) | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Other Financial Instruments* – Assets |
| |||||||||||||||
Credit Contracts | — | $ | 11,777 | — | $ | 11,777 | ||||||||||
Foreign Exchange Contracts | — | 40,508 | — | 40,508 | ||||||||||||
— | 52,285 | — | 52,285 | |||||||||||||
Other Financial Instruments* – Liabilities |
| |||||||||||||||
Credit Contracts | — | (15,000 | ) | — | (15,000 | ) | ||||||||||
Foreign Exchange Contracts | — | (101,682 | ) | — | (101,682 | ) | ||||||||||
— | (116,682 | ) | — | (116,682 | ) | |||||||||||
Totals | — | $ | 44,504,506 | — | $ | 44,504,506 | ||||||||||
AllianzGI Emerging Markets Small-Cap: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Common Stock: |
| |||||||||||||||
Brazil | $ | 98,789 | — | — | $ | 98,789 | ||||||||||
Chile | 13,330 | — | — | 13,330 | ||||||||||||
China | 19,105 | $ | 1,337,528 | — | 1,356,633 | |||||||||||
Colombia | 23,856 | — | — | 23,856 | ||||||||||||
Greece | 94,479 | 28,972 | — | 123,451 | ||||||||||||
Hong Kong | 27,752 | 362,000 | — | 389,752 | ||||||||||||
Korea (Republic of) | 11,459 | 1,436,151 | — | 1,447,610 | ||||||||||||
Malaysia | 205,417 | 237,422 | — | 442,839 | ||||||||||||
Mexico | 52,223 | — | — | 52,223 | ||||||||||||
Poland | 14,531 | 135,731 | — | 150,262 | ||||||||||||
Russian Federation | 123,022 | — | $ | 55,172 | 178,194 | |||||||||||
South Africa | 182,363 | 43,216 | — | 225,579 | ||||||||||||
Thailand | 83,820 | 483,182 | — | 567,002 | ||||||||||||
United States | 136,758 | — | — | 136,758 | ||||||||||||
All Other | — | 2,883,157 | — | 2,883,157 | ||||||||||||
Preferred Stock: |
| |||||||||||||||
Brazil | 180,392 | — | — | 180,392 | ||||||||||||
Russian Federation | — | — | 104,217 | 104,217 | ||||||||||||
Totals | $ | 1,267,296 | $ | 6,947,359 | $ | 159,389 | $ | 8,374,044 | ||||||||
AllianzGI Europe Equity Dividend: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Common Stock: |
| |||||||||||||||
Belgium | $ | 32,529 | $ | 79,093 | — | $ | 111,622 | |||||||||
All Other | — | 3,082,390 | — | 3,082,390 | ||||||||||||
Repurchase Agreements | — | 390,000 | — | 390,000 | ||||||||||||
Totals | $ | 32,529 | $ | 3,551,483 | — | $ | 3,584,012 | |||||||||
Semiannual Report | | March 31, 2016 | 297 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Global Fundamental Strategy: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Common Stock: |
| |||||||||||||||
Hong Kong | $ | 306,191 | $ | 231,448 | — | $ | 537,639 | |||||||||
Israel | 74,580 | — | — | 74,580 | ||||||||||||
United States | 2,467,145 | — | — | 2,467,145 | ||||||||||||
All Other | — | 4,200,787 | — | 4,200,787 | ||||||||||||
Corporate Bonds & Notes | — | 5,033,730 | — | 5,033,730 | ||||||||||||
Sovereign Debt Obligations | — | 4,004,214 | — | 4,004,214 | ||||||||||||
U.S. Treasury Obligations | — | 504,904 | — | 504,904 | ||||||||||||
Exchange-Traded Funds | 356,200 | — | — | 356,200 | ||||||||||||
Preferred Stock | 110,773 | — | — | 110,773 | ||||||||||||
Repurchase Agreements | — | 2,653,000 | — | 2,653,000 | ||||||||||||
Options Purchased: |
| |||||||||||||||
Market Price | 63,500 | — | — | 63,500 | ||||||||||||
3,378,389 | 16,628,083 | — | 20,006,472 | |||||||||||||
Investments in Securities – Liabilities |
| |||||||||||||||
Options Written: |
| |||||||||||||||
Market Price | (42,515 | ) | — | — | (42,515 | ) | ||||||||||
Other Financial Instruments* – Assets |
| |||||||||||||||
Foreign Exchange Contracts | — | 21,271 | — | 21,271 | ||||||||||||
Interest Rate Contracts | 308 | — | — | 308 | ||||||||||||
Market Price | 4,791 | — | — | 4,791 | ||||||||||||
5,099 | 21,271 | — | 26,370 | |||||||||||||
Other Financial Instruments* – Liabilities |
| |||||||||||||||
Foreign Exchange Contracts | — | (54,311 | ) | — | (54,311 | ) | ||||||||||
Interest Rate Contracts | (1,442 | ) | — | — | (1,442 | ) | ||||||||||
(1,442 | ) | (54,311 | ) | — | (55,753 | ) | ||||||||||
Totals | $ | 3,339,531 | $ | 16,595,043 | — | $ | 19,934,574 | |||||||||
AllianzGI Global Sustainability: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Common Stock: |
| |||||||||||||||
Australia | — | $ | 259,432 | �� | — | $ | 259,432 | |||||||||
Denmark | — | 404,311 | — | 404,311 | ||||||||||||
France | — | 572,165 | — | 572,165 | ||||||||||||
Germany | — | 1,208,002 | — | 1,208,002 | ||||||||||||
Japan | — | 744,644 | — | 744,644 | ||||||||||||
Norway | — | 259,162 | — | 259,162 | ||||||||||||
Spain | — | 819,202 | — | 819,202 | ||||||||||||
Sweden | — | 586,544 | — | 586,544 | ||||||||||||
Switzerland | — | 947,608 | — | 947,608 | ||||||||||||
United Kingdom | — | 2,534,153 | — | 2,534,153 | ||||||||||||
All Other | $ | 10,950,736 | — | — | 10,950,736 | |||||||||||
Preferred Stock | — | 401,308 | — | 401,308 | ||||||||||||
Repurchase Agreements | — | 1,022,000 | — | 1,022,000 | ||||||||||||
Totals | $ | 10,950,736 | $ | 9,758,531 | — | $ | 20,709,267 | |||||||||
298 | March 31, 2016 | | Semiannual Report |
Table of Contents
AllianzGI Global Water: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Common Stock: |
| |||||||||||||||
Brazil | $ | 5,472,027 | — | — | $ | 5,472,027 | ||||||||||
United States | 134,921,233 | — | — | 134,921,233 | ||||||||||||
All Other | — | $ | 234,183,067 | — | 234,183,067 | |||||||||||
Repurchase Agreements | — | 30,374,000 | — | 30,374,000 | ||||||||||||
Totals | $ | 140,393,260 | $ | 264,557,067 | — | $ | 404,950,327 | |||||||||
AllianzGI High Yield Bond: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Corporate Bonds & Notes | — | $ | 293,535,758 | — | $ | 293,535,758 | ||||||||||
Senior Loans | — | — | $ | 4,484,241 | 4,484,241 | |||||||||||
Common Stock | — | — | 908,391 | 908,391 | ||||||||||||
Repurchase Agreements | — | 6,473,000 | — | 6,473,000 | ||||||||||||
Totals | — | $ | 300,008,758 | $ | 5,392,632 | $ | 305,401,390 | |||||||||
AllianzGI International Growth: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Common Stock: |
| |||||||||||||||
Brazil | $ | 132,759 | — | — | $ | 132,759 | ||||||||||
Canada | 198,483 | — | — | 198,483 | ||||||||||||
China | 56,309 | $ | 63,295 | — | 119,604 | |||||||||||
Mexico | 40,384 | — | — | 40,384 | ||||||||||||
Sweden | 26,226 | 267,011 | — | 293,237 | ||||||||||||
All Other | — | 2,337,276 | — | 2,337,276 | ||||||||||||
Totals | $ | 454,161 | $ | 2,667,582 | — | $ | 3,121,743 | |||||||||
AllianzGI International Small-Cap: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Common Stock: |
| |||||||||||||||
Australia | $ | 137,697 | $ | 3,131,385 | — | $ | 3,269,082 | |||||||||
Ireland | 1,831,919 | 1,917,428 | — | 3,749,347 | ||||||||||||
United Kingdom | 1,384,946 | 6,544,815 | — | 7,929,761 | ||||||||||||
All Other | — | 86,052,904 | — | 86,052,904 | ||||||||||||
Repurchase Agreements | — | 3,043,000 | — | 3,043,000 | ||||||||||||
3,354,562 | 100,689,532 | — | 104,044,094 | |||||||||||||
Other Financial Instruments* – Liabilities |
| |||||||||||||||
Foreign Exchange Contracts | — | (713 | ) | — | (713 | ) | ||||||||||
Totals | $ | 3,354,562 | $ | 100,688,819 | — | $ | 104,043,381 | |||||||||
Semiannual Report | | March 31, 2016 | 299 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Micro Cap: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Common Stock | $ | 35,185,952 | — | — | $ | 35,185,952 | ||||||||||
Repurchase Agreements | — | $ | 525,000 | — | 525,000 | |||||||||||
Totals | $ | 35,185,952 | $ | 525,000 | — | $ | 35,710,952 | |||||||||
AllianzGI Multi-Asset Real Return: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Mutual Funds | $ | 1,443,539 | — | — | $ | 1,443,539 | ||||||||||
Common Stock: |
| |||||||||||||||
Australia | — | $ | 77,075 | — | 77,075 | |||||||||||
Austria | — | 2,165 | — | 2,165 | ||||||||||||
France | — | 39,384 | — | 39,384 | ||||||||||||
Germany | — | 22,373 | — | 22,373 | ||||||||||||
Hong Kong | — | 85,548 | — | 85,548 | ||||||||||||
Japan | — | 115,690 | — | 115,690 | ||||||||||||
Singapore | — | 23,339 | — | 23,339 | ||||||||||||
Switzerland | — | 4,934 | — | 4,934 | ||||||||||||
United Kingdom | — | 30,924 | — | 30,924 | ||||||||||||
All Other | 556,268 | — | — | 556,268 | ||||||||||||
Exchange-Traded Funds | 816,677 | — | — | 816,677 | ||||||||||||
Repurchase Agreements | — | 132,000 | — | 132,000 | ||||||||||||
2,816,484 | 533,432 | — | 3,349,916 | |||||||||||||
Other Financial Instruments* – Assets |
| |||||||||||||||
Interest Rate Contracts | 4,095 | — | — | 4,095 | ||||||||||||
Other Financial Instruments* – Liabilities |
| |||||||||||||||
Interest Rate Contracts | (358 | ) | — | — | (358 | ) | ||||||||||
Market Price | (1,193 | ) | — | — | (1,193 | ) | ||||||||||
(1,551 | ) | — | — | (1,551 | ) | |||||||||||
Totals | $ | 2,819,028 | $ | 533,432 | — | $ | 3,352,460 | |||||||||
AllianzGI NFJ Emerging Markets Value: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Common Stock: |
| |||||||||||||||
Brazil | $ | 621,075 | — | — | $ | 621,075 | ||||||||||
Chile | 107,492 | — | — | 107,492 | ||||||||||||
China | 57,945 | $ | 1,871,964 | — | 1,929,909 | |||||||||||
Egypt | 52,198 | — | — | 52,198 | ||||||||||||
Malaysia | 52,404 | 168,734 | — | 221,138 | ||||||||||||
Mexico | 217,348 | — | — | 217,348 | ||||||||||||
Peru | 55,143 | — | — | 55,143 | ||||||||||||
Russian Federation | 52,397 | — | $ | 204,177 | 256,574 | |||||||||||
Singapore | 54,253 | 54,225 | — | 108,478 | ||||||||||||
South Africa | 108,142 | 274,919 | — | 383,061 | ||||||||||||
Taiwan | 54,634 | 857,535 | — | 912,169 | ||||||||||||
Thailand | 52,334 | 106,046 | — | 158,380 | ||||||||||||
All Other | — | 2,327,978 | — | 2,327,978 |
300 | March 31, 2016 | | Semiannual Report |
Table of Contents
AllianzGI NFJ Emerging Markets Value (cont’d) | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Preferred Stock: |
| |||||||||||||||
Brazil | $ | 110,085 | — | — | $ | 110,085 | ||||||||||
Korea (Republic of) | — | $ | 228,452 | — | 228,452 | |||||||||||
Equity-Linked Securities | — | 102,015 | — | 102,015 | ||||||||||||
Repurchase Agreements | — | 124,000 | — | 124,000 | ||||||||||||
1,595,450 | 6,115,868 | $ | 204,177 | 7,915,495 | ||||||||||||
Other Financial Instruments* – Assets |
| |||||||||||||||
Foreign Exchange Contracts | — | 150 | — | 150 | ||||||||||||
Other Financial Instruments* – Liabilities |
| |||||||||||||||
Foreign Exchange Contracts | — | (1,943 | ) | — | (1,943 | ) | ||||||||||
Totals | $ | 1,595,450 | $ | 6,114,075 | $ | 204,177 | $ | 7,913,702 | ||||||||
AllianzGI NFJ Global Dividend Value: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Common Stock: |
| |||||||||||||||
China | — | $ | 589,824 | — | $ | 589,824 | ||||||||||
France | — | 286,249 | — | 286,249 | ||||||||||||
Germany | — | 316,224 | — | 316,224 | ||||||||||||
Japan | — | 513,451 | — | 513,451 | ||||||||||||
Korea (Republic of) | — | 288,123 | — | 288,123 | ||||||||||||
Norway | — | 294,614 | — | 294,614 | ||||||||||||
Spain | — | 583,309 | — | 583,309 | ||||||||||||
Switzerland | — | 279,974 | — | 279,974 | ||||||||||||
United Kingdom | $ | 290,700 | 1,941,039 | — | 2,231,739 | |||||||||||
All Other | 9,102,579 | — | — | 9,102,579 | ||||||||||||
Repurchase Agreements | — | 430,000 | — | 430,000 | ||||||||||||
Totals | $ | 9,393,279 | $ | 5,522,807 | — | $ | 14,916,086 | |||||||||
AllianzGI NFJ International Small-Cap Value: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Common Stock: |
| |||||||||||||||
Brazil | $ | 193,265 | — | — | $ | 193,265 | ||||||||||
Canada | 976,309 | — | — | 976,309 | ||||||||||||
Chile | 437,147 | — | — | 437,147 | ||||||||||||
Finland | 87,828 | $ | 95,727 | — | 183,555 | |||||||||||
Germany | 111,539 | 186,430 | — | 297,969 | ||||||||||||
Greece | 93,651 | — | — | 93,651 | ||||||||||||
Mexico | 93,551 | — | — | 93,551 | ||||||||||||
Singapore | 99,874 | 84,354 | — | 184,228 | ||||||||||||
Sweden | 89,203 | 738,677 | — | 827,880 | ||||||||||||
Switzerland | 107,868 | 129,268 | — | 237,136 | ||||||||||||
United Kingdom | 559,126 | 1,397,733 | — | 1,956,859 | ||||||||||||
All Other | — | 6,352,592 | — | 6,352,592 | ||||||||||||
2,849,361 | 8,984,781 | — | 11,834,142 | |||||||||||||
Other Financial Instruments* – Liabilities |
| |||||||||||||||
Foreign Exchange Contracts | — | (917 | ) | — | (917 | ) | ||||||||||
Totals | $ | 2,849,361 | $ | 8,983,864 | — | $ | 11,833,225 |
Semiannual Report | | March 31, 2016 | 301 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI NFJ International Value II: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Common Stock: |
| |||||||||||||||
Canada | $ | 2,537,678 | — | — | $ | 2,537,678 | ||||||||||
Chile | 284,625 | — | — | 284,625 | ||||||||||||
India | 355,136 | — | — | 355,136 | ||||||||||||
Israel | 524,398 | — | — | 524,398 | ||||||||||||
Japan | — | $ | 5,831,575 | $ | 347,625 | 6,179,200 | ||||||||||
Korea (Republic of) | 612,438 | — | — | 612,438 | ||||||||||||
Mexico | 409,992 | — | — | 409,992 | ||||||||||||
Russian Federation | 499,395 | — | — | 499,395 | ||||||||||||
South Africa | 298,354 | — | — | 298,354 | ||||||||||||
Taiwan | 558,060 | — | — | 558,060 | ||||||||||||
Turkey | 519,060 | — | — | 519,060 | ||||||||||||
United Kingdom | 756,360 | 10,784,538 | — | 11,540,898 | ||||||||||||
All Other | — | 18,835,177 | — | 18,835,177 | ||||||||||||
Repurchase Agreements | — | 966,000 | — | 966,000 | ||||||||||||
Totals | $ | 7,355,496 | $ | 36,417,290 | $ | 347,625 | $ | 44,120,411 | ||||||||
AllianzGI Short Duration High Income: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Corporate Bonds & Notes | — | $ | 750,659,841 | — | $ | 750,659,841 | ||||||||||
Senior Loans | — | 111,559,066 | — | 111,559,066 | ||||||||||||
Repurchase Agreements | — | 39,316,000 | — | 39,316,000 | ||||||||||||
Totals | — | $ | 901,534,907 | — | $ | 901,534,907 | ||||||||||
AllianzGI Structured Return: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Exchange-Traded Funds | $ | 164,653,560 | — | — | $ | 164,653,560 | ||||||||||
Repurchase Agreements | — | $ | 26,507,000 | — | 26,507,000 | |||||||||||
Options Purchased: |
| |||||||||||||||
Market Price | 348,426 | — | — | 348,426 | ||||||||||||
165,001,986 | 26,507,000 | — | 191,508,986 | |||||||||||||
Investments in Securities – Liabilities |
| |||||||||||||||
Options Written: |
| |||||||||||||||
Market Price | (10,214,663 | ) | — | — | (10,214,663 | ) | ||||||||||
Totals | $ | 154,787,323 | $ | 26,507,000 | — | $ | 181,294,323 | |||||||||
AllianzGI U.S. Equity Hedged: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Exchange-Traded Funds | $ | 6,372,360 | — | — | $ | 6,372,360 | ||||||||||
Repurchase Agreements | — | $ | 197,000 | — | 197,000 | |||||||||||
Options Purchased: |
| |||||||||||||||
Market Price | 201,870 | — | — | 201,870 | ||||||||||||
6,574,230 | 197,000 | — | 6,771,230 |
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AllianzGI U.S. Equity Hedged (cont’d) | ||||||||||||||||
Investments in Securities – Liabilities | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Options Written: |
| |||||||||||||||
Market Price | $ | (58,560 | ) | — | — | $ | (58,560 | ) | ||||||||
Totals | $ | 6,515,670 | $ | 197,000 | — | $ | 6,712,670 | |||||||||
AllianzGI U.S. Small-Cap Growth: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Common Stock | $ | 25,133,776 | — | — | $ | 25,133,776 | ||||||||||
Repurchase Agreements | — | $ | 1,272,000 | — | 1,272,000 | |||||||||||
Totals | $ | 25,133,776 | $ | 1,272,000 | — | $ | 26,405,776 | |||||||||
AllianzGI Ultra Micro Cap: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/16 | ||||||||||||
Common Stock | $ | 61,135,531 | — | — | $ | 61,135,531 | ||||||||||
Repurchase Agreements | — | $ | 232,000 | — | 232,000 | |||||||||||
Totals | $ | 61,135,531 | $ | 232,000 | — | $ | 61,367,531 |
At March 31, 2016, the following Funds had transfers between Levels 1 and 2:
Transfers | ||||||||
Level 1 to Level 2 | Level 2 to Level 1 | |||||||
AllianzGI Best Styles Emerging Markets Equity | — | $ | 153,142 | (b) | ||||
AllianzGI Best Styles Global Equity | $ | 1,562,511 | (a) | 2,046,642 | (b) | |||
AllianzGI Best Styles International Equity | 82,604 | (a) | — | |||||
AllianzGI Convertible | — | 16,807,831 | (c) | |||||
AllianzGI Emerging Markets Consumer | 1,287,879 | (a) | 291,416 | (b) | ||||
AllianzGI Emerging Markets Small-Cap | 114,413 | (a) | 11,459 | (b) | ||||
AllianzGI Europe Equity Dividend | 30,676 | (a) | — | |||||
AllianzGI Global Water | 8,105,753 | (a) | — | |||||
AllianzGI International Small-Cap | 5,082,870 | (a) | 3,216,865 | (b) | ||||
AllianzGI NFJ Emerging Markets Value | 275,395 | (a) | 52,334 | (b) | ||||
AllianzGI NFJ International Small-Cap Value | 76,453 | (a) | 201,100 | (b) | ||||
AllianzGI NFJ International Value II | 433,012 | (a) | — |
(a) | This transfer was a result of securities trading outside the U.S. whose values were not adjusted by the application of a modeling tool at September 30, 2015, which was applied on March 31, 2016. |
(b) | This transfer was a result of securities trading outside the U.S. whose values were adjusted by the application of a modeling tool at September 30, 2015, which was not applied on March 31, 2016. |
(c) | This transfer was a result of securities with an evaluated mean price at September 30, 2015, using an exchange-traded closing price March 31, 2016. |
A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the six months ended March 31, 2016, was as follows:
AllianzGI Best Styles Emerging Markets Equity: | ||||||||||||||||||||||||||||||||
Investments in Securities – Assets | Beginning Balance 9/30/15 | Purchases | Sales | Accrued Discount (Premiums) | Net Realized Loss | Net Change in Unrealized Appreciation/ Depreciation | Transfers into Level 3 | Transfers out of Level 3 | Ending Balance 3/31/16 | |||||||||||||||||||||||
Common Stock: |
| |||||||||||||||||||||||||||||||
Thailand | $ | 42,664 | $ 81,508 | $ (38,210) | — | $ | (19,484 | ) | $ | 27,451 | — | — | $ | 93,929 |
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Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Best Styles Global Equity: | ||||||||||||||||||||||||||||||||||||
Investments in Securities – Assets | Beginning Balance 9/30/15 | Purchases | Sales | Accrued Discount (Premiums) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation/ Depreciation | Transfers into Level 3** | Transfers out of Level 3 | Ending Balance 3/31/16 | |||||||||||||||||||||||||||
Common Stock: |
| |||||||||||||||||||||||||||||||||||
China | $ | 1,200 | — | — | — | — | $ | (1 | ) | $ | 53,884 | — | $ | 55,083 | ||||||||||||||||||||||
Japan | 157,213 | — | $ | (167,231 | )# | — | — | 10,018 | 429,957 | — | 429,957 | |||||||||||||||||||||||||
Thailand | 200,284 | $ | 1,368,059 | (165,004 | ) | — | $ | 21,362 | 192,534 | — | — | 1,617,235 | ||||||||||||||||||||||||
Rights: |
| |||||||||||||||||||||||||||||||||||
Korea (Republic of) | 7,625 | — | (3,260 | ) | — | (5,379 | ) | 1,014 | — | — | — | |||||||||||||||||||||||||
Totals | $ | 366,322 | $ | 1,368,059 | $ | (335,495 | ) | — | $ | 15,983 | $ | 203,565 | $ | 483,841 | — | $ | 2,102,275 | |||||||||||||||||||
AllianzGI Emerging Markets Consumer: | ||||||||||||||||||||||||||||||||||||
Investments in Securities – Assets | Beginning Balance 9/30/15 | Purchases | Sales | Accrued Discount (Premiums) | Net Realized Loss | Net Change in Unrealized Appreciation/ Depreciation | Transfers into Level 3 | Transfers out of Level 3 | Ending Balance 3/31/16 | |||||||||||||||||||||||||||
Common Stock: |
| |||||||||||||||||||||||||||||||||||
China | $ | 98,465 | — | $ (115,665) | — | $ | (266,745 | ) | $ | 283,945 | — | — | — | |||||||||||||||||||||||
AllianzGI Emerging Markets Small-Cap: | ||||||||||||||||||||||||||||||||||||
Investments in Securities – Assets | Beginning Balance 9/30/15 | Purchases | Sales | Accrued Discount (Premiums) | Net Realized Gain | Net Change in Unrealized Appreciation/ Depreciation | Transfers into Level 3 | Transfers out of Level 3 | Ending Balance 3/31/16 | |||||||||||||||||||||||||||
Common Stock: |
| |||||||||||||||||||||||||||||||||||
Russian Federation | $ | 73,498 | $ | 28,027 | $ | (53,883 | ) | — | $ | 9,648 | $ | (2,118 | ) | — | — | $ | 55,172 | |||||||||||||||||||
Preferred Stock: |
| |||||||||||||||||||||||||||||||||||
Russian Federation | 73,600 | 78,517 | (71,649 | ) | — | 12,608 | 11,141 | — | — | 104,217 | ||||||||||||||||||||||||||
Totals | $ | 147,098 | $ | 106,544 | $ | (125,532 | ) | — | $ | 22,256 | $ | 9,023 | — | — | $ | 159,389 | ||||||||||||||||||||
AllianzGI High Yield Bond: | ||||||||||||||||||||||||||||||||||||
Investments in Securities – Assets | Beginning Balance 9/30/15 | Purchases | Sales | Accrued Discount (Premiums) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation/ Depreciation | Transfers into Level 3 | Transfers out of Level 3*** | Ending Balance 3/31/16 | |||||||||||||||||||||||||||
Corporate Bonds & Notes: | ||||||||||||||||||||||||||||||||||||
Commercial Services | $ | 1,849,870 | — | — | — | — | $ | (1,767,040 | ) | — | $ | (82,830 | ) | — | ||||||||||||||||||||||
Senior Loans: | ||||||||||||||||||||||||||||||||||||
Media | — | $ | 4,484,241 | — | — | — | — | — | — | 4,484,241 | ||||||||||||||||||||||||||
Common Stock | — | 769,748 | † | — | — | — | 138,643 | — | — | 908,391 | ||||||||||||||||||||||||||
Totals | $ | 1,849,870 | $ | 5,253,989 | — | — | — | $ | (1,628,397 | ) | — | $ | (82,830 | ) | $ | 5,392,632 | ||||||||||||||||||||
AllianzGI International Small-Cap: | ||||||||||||||||||||||||||||||||||||
Investments in Securities – Assets | Beginning Balance 9/30/15 | Purchases | Sales | Accrued Discount (Premiums) | Net Realized Loss | Net Change in Unrealized Appreciation/ Depreciation | Transfers into Level 3 | Transfers out of Level 3 | Ending Balance 3/31/16 | |||||||||||||||||||||||||||
Common Stock: | ||||||||||||||||||||||||||||||||||||
Thailand | $ | 270,779 | $ | 30,546 | $ | (313,408 | ) | — | $ | (70,113 | ) | $ | 82,196 | — | — | — | ||||||||||||||||||||
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AllianzGI Multi-Asset Real Return: | ||||||||||||||||||||||||||||||||||||
Investments in Securities – Assets | Beginning Balance 9/30/15 | Purchases | Sales | Accrued Discount (Premiums) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation/ Depreciation | Transfers into Level 3 | Transfers out of Level 3 | Ending Balance 3/31/16 | |||||||||||||||||||||||||||
Common Stock: | ||||||||||||||||||||||||||||||||||||
Japan | $ | 4,526 | — | $ | (5,729 | )# | — | — | $ | 1,203 | — | — | — | |||||||||||||||||||||||
AllianzGI NFJ Emerging Markets Value: | ||||||||||||||||||||||||||||||||||||
Investments in Securities – Assets | Beginning Balance 9/30/15 | Purchases | Sales | Accrued Discount (Premiums) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation/ Depreciation | Transfers into Level 3 | Transfers out of Level 3 | Ending Balance 3/31/16 | |||||||||||||||||||||||||||
Common Stock: | ||||||||||||||||||||||||||||||||||||
Russian Federation | $ | 273,963 | $ | 86,120 | $ | (180,915 | ) | — | $ | (58,400 | ) | $ | 83,409 | — | — | $ | 204,177 | |||||||||||||||||||
Preferred Stock: | ||||||||||||||||||||||||||||||||||||
Russian Federation | 49,956 | 12,359 | (65,140 | ) | — | 8,680 | (5,855 | ) | — | — | — | |||||||||||||||||||||||||
Totals | $ | 323,919 | $ | 98,479 | $ | (246,055 | ) | — | $ | (49,720 | ) | $ | 77,554 | — | — | $ | 204,177 | |||||||||||||||||||
AllianzGI NFJ International Value II: | ||||||||||||||||||||||||||||||||||||
Investments in Securities – Assets | Beginning Balance 9/30/15 | Purchases | Sales | Accrued Discount (Premiums) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation/ Depreciation | Transfers into Level 3 | Transfers out of Level 3 | Ending Balance 3/31/16 | |||||||||||||||||||||||||||
Common Stock: | ||||||||||||||||||||||||||||||||||||
Japan | — | $ | 455,722 | — | — | — | $ | (108,097 | ) | — | — | $ | 347,625 |
The following tables present additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at March 31, 2016:
AllianzGI Best Styles Emerging Markets Equity: | ||||||||||||
Investments in Securities – Assets | Ending Balance at 3/31/16 | Valuation Technique Used | Unobservable Inputs | Input Values | ||||||||
Common Stock | $ | 93,929 | Value of Foreign Security Traded on Foreign Exchange | Price of Non-Resident Shares on Foreign Exchange | THB 45.69-60.40 |
AllianzGI Best Styles Global Equity: | ||||||||||||
Investments in Securities – Assets | Ending Balance at 3/31/16 | Valuation Technique Used | Unobservable Inputs | Input Values | ||||||||
Common Stock | $ | 1,617,235 | Value of Foreign Security Traded on Foreign Exchange | Price of Non-Resident Shares on Foreign Exchange | THB 5.04-401.63 | |||||||
1,199 | Discount on Publicly Traded Quote | Discount Applied to Last Exchange Price | HKD 0.15 (88% discount) | |||||||||
429,957 | Last Exchange-Traded Closing Price | Trading Volume | JPY 514.78 | |||||||||
53,884 | Broker Bid Price | Trading Volume | HKD 10.00 | |||||||||
AllianzGI Emerging Markets Small-Cap: | ||||||||||||
Investments in Securities – Assets | Ending Balance at 3/31/16 | Valuation Technique Used | Unobservable Inputs | Input Values | ||||||||
Common Stock | $ | 55,172 | Value of Foreign Security Traded on Foreign Exchange | Price of Non-Resident Shares on Foreign Exchange | $ 3.98-$54.82 | |||||||
Preferred Stock | 104,217 | Value of Foreign Security Traded on Foreign Exchange | Price of Non-Resident Shares on Foreign Exchange | $ 27.71 |
Semiannual Report | | March 31, 2016 | 305 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI High Yield Bond: | ||||||||||||
Investments in Securities – Assets | Ending Balance at 3/31/16 | Valuation Technique Used | Unobservable Inputs | Input Values | ||||||||
Senior Loans | $ | 4,484,241 | Model Price | Proprietary Data Used in Model | $ | 100.00 | ||||||
Common Stock | 908,391 | Fundamental Analytical Data Relating to the Investment | Price of Stock | $ 20.93 |
AllianzGI NFJ Emerging Markets Value: | ||||||||||||
Investments in Securities – Assets | Ending Balance at 3/31/16 | Valuation Technique Used | Unobservable Inputs | Input Values | ||||||||
Common Stock | $ | 204,177 | Value of Foreign Security Traded on Foreign Exchange | Price of Non-Resident Shares on Foreign Exchange | $ | 2.21-$39.22 |
AllianzGI NFJ International Value II: | ||||||||||||
Investments in Securities – Assets | Ending Balance at 3/31/16 | Valuation Technique Used | Unobservable Inputs | Input Values | ||||||||
Common Stock | $ | 347,625 | Last Exchange-Traded Closing Price | Trading Volume | JPY 514.78 |
HKD–Hong Kong Dollar
JPY–Japanese Yen
THB–Thai Baht
* | Other financial instruments are derivatives, such as swap agreements, futures contracts and forward foreign currency contracts, which are valued at the unrealized appreciation (depreciation) of the instrument. |
** | Transferred out of Level 2 into Level 3 because trading was halted and Sub-Adviser recommended the last closing price / broker bids available at March 31, 2016. |
*** | Transferred out of Level 3 into Level 2 because an evaluated mean price was available at March 31, 2016. |
# | Removed via corporate action. |
† | Issued via corporate action. |
The net change in unrealized appreciation/depreciation of Level 3 investments which the following Funds held at March 31, 2016 was:
AllianzGI Best Styles Emerging Markets Equity | $ | 12,413 | ||
AllianzGI Best Styles Global Equity | 239,216 | |||
AllianzGI Emerging Markets Small-Cap | 27,243 | |||
AllianzGI High Yield Bond | 138,643 | |||
AllianzGI NFJ Emerging Markets Value | 35,071 | |||
AllianzGI NFJ International Value II | (108,097 | ) |
Net realized gain (loss) and net change in unrealized appreciation/depreciation are reflected on the Statements of Operations.
(c) Investment Transactions and Investment Income. Investment transactions are accounted for on the trade date. Securities purchased and sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses on investments are determined on an identified cost basis. Interest income adjusted for the accretion of discounts and amortization of premiums is recorded on an accrual basis. Discounts or premiums on debt securities purchased are accreted or amortized, respectively, to interest income. Conversion premium is not amortized. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, and then are recorded as soon after the ex-dividend date as the Funds, using reasonable diligence, become aware of such dividends.
Dividend and interest income on the Statements of Operations are shown net of any foreign taxes withheld on income from foreign securities. Payments received from real estate investment trust securities may be comprised of dividends, realized gains and return of capital. The payment may initially be recorded as dividend income and may subsequently be reclassified as realized gains and/or return of capital upon receipt of information from the issuer. Payments considered return of capital reduce the cost basis of the respective security. Dividends from underlying funds are recorded as dividend income, while capital gain distributions are recorded as net capital gain distributions received from underlying funds on the Statements of Operations. Facility fees and other fees (such as origination fees) received on settlement date are amortized as income over the expected term of the senior loan. Facility fees and other fees received after settlement date relating to senior loans, commitment fees received relating to unfunded purchase commitments and consent fees relating to corporate actions are recorded as miscellaneous income upon receipt. Expenses are recorded on an accrual basis and such expenses exclude those of the underlying funds. Expenses of the underlying funds are reflected in the net asset values of those funds.
(d) Federal Income Taxes. The Funds intend to distribute all of their taxable income and to comply with the other requirements of Subchapter M of the U.S. Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, no provision for U.S. federal income taxes is required. The Funds may be subject to excise tax based on distributions to shareholders.
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Accounting for uncertainty in income taxes establishes for all entities, including pass-through entities such as the Funds, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. In accordance with provisions set forth under U.S. GAAP, the Investment Manager has reviewed the Funds’ tax positions for all open tax years. As of March 31, 2016, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken. The Funds’ federal income tax returns for the prior three years, as applicable, remain subject to examination by the Internal Revenue Service.
(e) Dividends and Distributions to Shareholders. The Funds (except AllianzGI Retirement Income, AllianzGI Global Allocation, AllianzGI Convertible, AllianzGI Emerging Markets Debt, AllianzGI Europe Equity Dividend, AllianzGI High Yield Bond, AllianzGI NFJ Emerging Markets Value, AllianzGI NFJ Global Dividend Value, AllianzGI NFJ International Value II and AllianzGI Short Duration High Income) declare dividends and distributions from net investment income and net realized capital gains, if any, annually. AllianzGI Retirement Income, AllianzGI Global Allocation, AllianzGI Convertible, AllianzGI Emerging Markets Debt, AllianzGI Europe Equity Dividend, AllianzGI NFJ Emerging Markets Value, AllianzGI NFJ Global Dividend Value and AllianzGI NFJ International Value II declare dividends from net investment income quarterly and distributions from net realized capital gains, if any, annually. AllianzGI High Yield Bond and AllianzGI Short Duration High Income declare dividends from net investment income monthly and distributions from net realized capital gains, if any, annually. The Funds record dividends and distributions to their respective shareholders on the ex-dividend date. The amount of dividends from net investment income and distributions from net realized capital gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book-tax” differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal income tax treatment; temporary differences do not require reclassification. To the extent dividends and/or distributions exceed current and accumulated earnings and profits for federal income tax purposes, they are reported as dividends and/or distributions to shareholders from return of capital.
(f) Multi-Class Operations. Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income, non-class specific expenses, and realized and unrealized capital gains and losses of each Fund are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, include administration, administrative servicing, distribution, recoupment, servicing and sub-transfer agent fees.
(g) Foreign Currency Translation. The Funds’ accounting records are maintained in U.S. dollars as follows: (1) the foreign currency
market values of investments and other assets and liabilities denominated in foreign currencies are translated at the prevailing exchange rate at the end of the period; and (2) purchases and sales, income and expenses are translated at the prevailing exchange rate on the respective dates of such transactions. The resulting net foreign currency gain (loss) is included in the Funds’ Statements of Operations.
The Funds do not generally isolate that portion of the results of operations arising as a result of changes in foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities. Accordingly, such foreign currency gain (loss) is included in net realized and unrealized gain (loss) on investments. However, the Funds do isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations pursuant to U.S. federal income tax regulations; such amount is categorized as foreign currency gain (loss) for both financial reporting and income tax reporting purposes.
(h) Repurchase Agreements. The Funds are parties to Master Repurchase Agreements (“Master Repo Agreements”) with select counterparties. The Master Repo Agreements maintain provisions for initiation, income payments, events of default, and maintenance of collateral.
The Funds enter into transactions, under the Master Repo Agreements, with their custodian bank or securities brokerage firms whereby they purchase securities under agreements to resell such securities at an agreed upon price and date (“repurchase agreements”). The Funds, through their custodian, take possession of securities collateralizing the repurchase agreement. Such agreements are carried at the contract amount in the financial statements, which is considered to represent fair value. Collateral pledged (the securities received), which consists primarily of U.S. government obligations and asset-backed securities, is held by the custodian bank for the benefit of the Funds until maturity of the repurchase agreement. Provisions of the repurchase agreements and the procedures adopted by the Funds require that the market value of the collateral, including accrued interest thereon, be sufficient in the event of default by the counterparty. If the counterparty defaults under the Master Repo Agreements, and the value of the collateral declines or if the counterparty enters an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited. The gross values are included in the Funds’ Schedules of Investments. The value of the related collateral exceeded the value of the repurchase agreements at March 31, 2016.
(i) Equity-Linked Securities. Certain Funds invest in equity-linked securities such as participatory notes (“P-Notes”). P-Notes are used to gain exposure to issuers in certain countries with a costly or lengthy registration process. They are generally traded over-the-counter and constitute general unsecured contractual obligations of the banks or broker-dealers that issue them. Generally, banks and broker-dealers associated with non-U.S.-based brokerage firms buy securities listed
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on certain foreign exchanges and then issue P-Notes which are designed to replicate the performance of certain issuers and markets. To the extent that the Funds invest in equity-linked securities whose return corresponds to the performance of a foreign securities index or one or more foreign stocks, investing in equity-linked securities will involve risks similar to the risks of investing in foreign securities. In addition, the Funds bear the risk that the issuer of an equity-linked security may default on its obligation under the terms of the arrangement with the counterparty.
(j) Warrants. The Funds may receive warrants. Warrants are securities that are usually issued together with a debt security or preferred stock and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants may be freely transferable and are often traded on major exchanges. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.
(k) Rights. The Funds may receive rights. A right is a privilege granted to existing shareholders of a corporation to subscribe for shares of a new issue of common stock before it is issued. Rights normally have a short life, usually two to four weeks, are freely transferable and entitle the holder to buy the new common stock at a lower price than the public offering price. Rights may entail greater risks than certain other types of investments. Generally, rights do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not
exceed the exercise price during the life of the right, the right will expire worthless. Rights may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities.
(l) Senior Loans. The Funds may purchase assignments of, and participations in, Senior Loans originated, negotiated and structured by a U.S. or foreign commercial bank, insurance company, finance company or other financial institution for a lending syndicate of financial institutions (the “Lender”). When purchasing an assignment, the Funds succeed to all the rights and obligations under the loan agreement with the same rights and obligations as the assigning Lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than, those held by the assigning Lender. The Funds may also enter into lending arrangements involving unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Funds to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the principal amounts may never be utilized by the borrower.
Certain Funds may purchase the securities of distressed companies, including companies engaged in restructurings or bankruptcy proceedings. Investments in distressed companies may include senior obligations of an issuer issued in connection with a restructuring under Chapter 11 of the U.S. Bankruptcy Code (commonly known as “debtor-in-possession” or “DIP” financings). Debtor-in-possession financings generally allow the issuer to continue its operations while reorganizing. Such financings constitute senior liens on unencumbered collateral (i.e., collateral not subject to other creditors’ claims). There is risk that the issuer under a debtor-in-possession financing will not emerge from Chapter 11 and be forced to liquidate its assets under Chapter 7 of the U.S. Bankruptcy Code. In the event of liquidation, the Funds’ only recourse would be against the collateral securing the debtor-in-possession financing.
(m) Payment In-Kind Securities. The Funds may invest in, payment in-kind securities, which are debt or preferred stock securities that require or permit payment of interest in the form of additional securities. Payment in-kind securities allow the issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater risk than securities that pay interest currently or in cash.
(n) U.S. Government Agencies or Government-Sponsored Enterprises. Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA” or “Ginnie Mae”), a wholly-owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or
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guaranteed by the Department of Veterans Affairs. Government-related guarantors not backed by the full faith and credit of the U.S. Government include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.
(o) Exchange-Traded Funds. Certain Funds may invest in exchange-traded funds (“ETFs”), which typically are index-based investment companies that hold substantially all of their assets in securities representing their specific index, but may also be actively-managed investment companies. Shares of ETFs trade throughout the day on an exchange and represent an investment in a portfolio of securities and other assets. As a shareholder of another investment company, the Funds would bear their pro rata portion of the other investment company’s expenses, including advisory fees, in addition to the expenses the Funds bear directly in connection with their own operations.
(p) Inflation-Indexed Bonds. Certain Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation.
(q) Convertible Securities. Certain Funds’ may invest a portion of their assets in convertible securities. Although convertible securities derive part of their value from that of the securities into which they are convertible, they are not considered derivative financial instruments. However, certain of the Funds’ investments in convertible securities include features which render them sensitive to price changes in their underlying securities.
(r) When-Issued/Delayed-Delivery Transactions. When-issued or delayed-delivery transactions involve a commitment to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Funds will set aside and maintain until the settlement date in a designated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations; consequently, such fluctuations are taken into account when determining the NAV. The Funds may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a realized gain or loss. When a security is sold on a delayed-delivery basis, the Funds do not participate in future gains and losses with respect to the security.
(s) Organizational and Offering Costs. Organizational costs are expensed at the inception of the Fund. Offering costs are amortized over a twelve-month period from the inception of the Fund.
(t) Loan Interest Expense. Loan interest expense relates to amounts borrowed under the credit facility (See Note 14). Loan interest expense is recorded as it is incurred.
2. | PRINCIPAL RISKS |
In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to, among other things, changes in the market (market risk) or failure of the other party to a transaction to perform (counterparty risk). The Funds are also exposed to other risks such as, but not limited to, interest rate, foreign currency, credit and leverage risks.
Interest rate risk is the risk that fixed income securities’ valuations will change because of changes in interest rates. During periods of rising nominal interest rates, the values of fixed income instruments are generally expected to decline. Conversely, during periods of declining nominal interest rates, the values of fixed income instruments are generally expected to rise. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is used primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e. yield) movements. Interest rate changes can be sudden and unpredictable, and the Funds may lose money as a result of movements in interest rates. The Funds may not be able to hedge against changes in interest rates or may choose not to do so for cost or other reasons. In addition, any hedges may not work as intended.
Variable and floating rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. Inverse floating rate securities may decrease in value if interest rates increase. Inverse floating rate securities may also exhibit greater price volatility than a fixed rate obligation with similar credit quality. When the Funds hold variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the NAV of the Funds’ shares.
The Funds are exposed to credit risk, which is the risk of losing money if the issuer or guarantor of a fixed income security is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings.
To the extent the Funds directly invest in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or
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in derivatives that provide exposure to foreign currencies, they will be subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including economic growth, inflation, changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or the imposition of currency controls or other political developments in the United States or abroad. As a result, the Funds’ investments in foreign currency-denominated securities may reduce the returns of the Funds. The local emerging market currencies in which the Funds may be invested may experience substantially greater volatility against the U.S. dollar than the major convertible currencies in developed countries.
The Funds are subject to elements of risk not typically associated with investments in the U.S., due to concentrated investments in foreign issuers located in a specific country or region. Such concentrations will subject the Funds to additional risks resulting from future political or economic conditions in such country or region and the possible imposition of adverse governmental laws or currency exchange restrictions affecting such country or region, which could cause the securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies.
The market values of securities may decline due to general market conditions (market risk) which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, adverse changes to credit markets or adverse investor sentiment. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity-related investments generally have greater market price volatility than fixed income securities, although under certain market conditions fixed income securities may have comparable or greater price volatility. Credit ratings downgrades may also negatively affect securities held by the Funds. Even when markets perform well, there is no assurance that the investments held by the Funds will increase in value along with the broader market. In addition, market risk includes the risk that geopolitical events will disrupt the economy on a national or global level.
The Funds are exposed to counterparty risk, or the risk that an institution or other entity with which the Funds have unsettled or open transactions will default. The potential loss to the Funds could exceed the value of the financial assets recorded in the Funds’ financial statements. Financial assets, which potentially expose the Funds to counterparty risk, consist principally of cash due from counterparties and investments. The Sub-Advisers seek to minimize the Funds’ counterparty risk by performing reviews of each counterparty and by minimizing concentration of counterparty risk by undertaking transactions with multiple customers and counterparties on
recognized and reputable exchanges. Delivery of securities sold is only made once the Funds have received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligation.
The Funds are exposed to risks associated with leverage. Leverage may cause the value of the Funds’ shares to be more volatile than if the Funds did not use leverage. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of the Funds’ portfolio securities. The Funds may engage in transactions or purchase instruments that give rise to forms of leverage. In addition, to the extent the Funds employ leverage, dividend and interest costs may not be recovered by any appreciation of the securities purchased with the leverage proceeds and could exceed the Funds’ investment returns, resulting in greater losses.
The Funds may hold defaulted securities that may involve special considerations including bankruptcy proceedings, other regulatory and legal restrictions affecting the Funds’ ability to trade, and the availability of prices from independent pricing services or dealer quotations. Defaulted securities are often illiquid and may not be actively traded. Sale of securities in bankrupt companies at an acceptable price may be difficult and differences compared to the value of the securities used by the Funds could be material. A Fund may incur additional expenses to the extent it is required to seek recovery upon a portfolio security’s default in the payment of principal or interest. In any bankruptcy proceeding relating to a defaulted investment, a Fund may lose its entire investment or may be required to accept cash or securities with a value substantially less than its original investment.
The Funds are party to International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) with select counterparties that govern transactions, over-the-counter derivatives and foreign exchange contracts entered into by the Funds and those counterparties. The ISDA Master Agreements contain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements of the Funds.
The considerations and factors surrounding the settlement of certain purchases and sales made on a delayed-delivery basis are governed by Master Securities Forward Transaction Agreements (“Master Forward Agreements”) between the Funds and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.
The counterparty risk associated with certain contracts may be reduced by master netting arrangements to the extent that if an event of default occurs, all amounts with the counterparty are terminated
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and settled on a net basis. The Funds’ overall exposure to counterparty risk with respect to transactions subject to master netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.
3. | UNDERLYING FUNDS AND OTHER ACQUIRED FUNDS RISK |
AllianzGI Retirement 2015, AllianzGI Retirement 2020, AllianzGI Retirement 2025, AllianzGI Retirement 2030, AllianzGI Retirement 2035, AllianzGI Retirement 2040, AllianzGI Retirement 2045, AllianzGI Retirement 2050, AllianzGI Retirement 2055 and AllianzGI Retirement Income (collectively the “Target Date Funds”) and AllianzGI Global Megatrends intend to invest their assets primarily in series of Allianz Funds, Allianz Funds Multi-Strategy Trust, AllianzGI Institutional Multi-Series Trust, PIMCO Equity Series, PIMCO Funds and PIMCO ETF Trust (together, “Underlying Funds”). AllianzGI Global Allocation, AllianzGI Global Dynamic Allocation, AllianzGI Emerging Markets Debt, AllianzGI Global Fundamental Strategy and AllianzGI Multi-Asset Real Return may invest their assets partially, significantly or primarily in Underlying Funds. The Funds may also invest a portion of their assets in unaffiliated ETFs and mutual funds and pooled vehicles (together, “Other Acquired Funds”). AllianzGI Structured Return and AllianzGI U.S. Equity Hedged expect to achieve their exposure to equity securities by investing in Other Acquired Funds. Accordingly, the investment performance of the Funds depends upon a favorable allocation among the Underlying Funds and Other Acquired Funds as well as the ability of the Underlying Funds and Other Acquired Funds to achieve their objectives. There can be no assurance that the investment objective of any Underlying Fund or Other Acquired Fund will be achieved. The risks associated with investing in each Fund are closely related to the risks associated with the securities and other investments held by the Underlying Funds and Other Acquired Funds.
Investing in the Underlying Funds and Other Acquired Funds involves certain additional expenses and tax results that would not be present in a direct investment in the Underlying Funds or Other Acquired Funds. Each Fund’s net asset value will fluctuate in response to changes in the net asset values of the Underlying Funds and Other Acquired Funds in which it invests. The extent to which the investment performance and risks associated with each Fund correlate to those of a particular Underlying Fund or Other Acquired Fund will depend upon the extent to which each Fund’s assets are allocated from time to time for investment in the Underlying Fund or Other Acquired Fund, which will vary. Each Fund’s investment in a particular Underlying Fund may exceed 25% of its assets. To the extent that a Fund invests a significant portion of its assets in an Underlying Fund, it will be particularly sensitive to the risks associated with that Underlying Fund.
4. | FINANCIAL DERIVATIVE INSTRUMENTS |
Disclosure about derivatives and hedging activities requires qualitative disclosure regarding objectives and strategies for using derivatives, quantitative disclosure about fair value amounts of gains and losses on derivatives, and disclosure about credit-risk-related contingent features in derivative agreements. The disclosure requirements
distinguish between derivatives which are accounted for as “hedges”, and those that do not qualify for such accounting. Although the Funds at times use derivatives for hedging purposes, the Funds reflect derivatives at fair value and recognize changes in fair value through the Funds’ Statements of Operations, and such derivatives do not qualify for hedge accounting treatment.
Option Transactions. The Funds purchase put and call options on securities and indices for hedging purposes, risk management purposes or otherwise as part of their investment strategies. The risks associated with purchasing an option include the risk that the Funds pay a premium whether or not the option is exercised. Additionally, the Funds bear the risk of loss of premiums and changes in market value should the counterparty not perform under the contract. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.
The Funds may write (sell) put and call options on securities and indices to earn premiums, for hedging purposes, risk management purposes or otherwise as part of their investment strategies. When an option is written, the premium received is recorded as an asset with an equal liability that is subsequently marked to market to reflect the market value of the option written. These liabilities, if any, are reflected as options written in the Funds’ Statements of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option written is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a put option written is exercised, the premium reduces the cost basis of the security. In writing an option, the Funds bear the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Funds purchasing a security at a price different from its current market value.
Futures Contracts. The Funds use futures contracts to manage their exposure to the securities markets or the movements in interest rates and currency values. A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into such a contract, the Funds are required to pledge to the broker an amount of cash or securities equal to the minimum “initial margin” requirements of the exchange. Pursuant to the contracts, the Funds agree to receive from or pay to the broker an amount of cash or securities equal to the daily fluctuation in the value of the contracts. Such receipts or payments are known as “variation margin” and are recorded by the Funds as unrealized appreciation or depreciation. When the contracts are closed, the Funds record a realized gain or loss equal to the difference between the value of the
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contracts at the time they were opened and the value at the time they were closed. Any unrealized appreciation or depreciation recorded is simultaneously reversed. The use of futures transactions involves various risks, including the risk of an imperfect correlation in the movements in the price of futures contracts, interest rates and underlying hedging assets, and possible inability or unwillingness of counterparties to meet the terms of their contracts.
Swap Agreements. Swap agreements are bilaterally negotiated agreements between the Funds and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market or event-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over-the-counter market (“OTC swaps”) or may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The Funds may enter into credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements in order, among other things, manage their exposure to credit, currency and interest rate risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.
OTC swap payments received or made at the beginning of the measurement period, if any, are reflected as such on the Funds’ Statements of Assets and Liabilities and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Funds’ Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Funds’ Statements of Operations. Net periodic payments received or paid by the Funds are included as part of realized gains or losses on the Funds’ Statements of Operations. Changes in market value, if any, are reflected as a component of net changes in unrealized appreciation/depreciation on the Funds’ Statements of Operations.
Entering into these agreements involves, to varying degrees, elements of credit, legal, market and documentation risk in excess of the amounts recognized on the Funds’ Statements of Assets and Liabilities. Such risks include the possibility that there will be no liquid market for these agreements, that the counterparties to the agreements may default on their obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.
Credit Default Swap Agreements—Credit default swap agreements involve one party (referred to as the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or
index. As the sellers of protection on credit default swap agreements, the Funds will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the sellers, the Funds would effectively add leverage to their investment portfolios because, in addition to their total net assets, the Funds would be subject to investment exposure on the notional amount of the swap.
If the Funds are sellers of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Funds are buyers of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.
Credit default swap agreements on corporate or sovereign issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). The Funds use credit default swaps on corporate or sovereign issues to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Funds own or have exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.
Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end are disclosed in Note 7(b), serve as an indicator of the current status of the payment/performance risk, and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include
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upfront payments required to be made to enter into the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
The maximum potential amount of future payments (undiscounted) that the Funds as sellers of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of March 31, 2016 for which the Funds are sellers of protection are disclosed in Note 7(b). These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Funds for the same referenced entity or entities.
Forward Foreign Currency Contracts. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. The Funds enter into forward foreign currency contracts for the purpose of hedging against foreign currency risk arising from the investment or anticipated investment in securities denominated in foreign currencies. The Funds also enter into these contracts for purposes of increasing exposure to a foreign currency or shifting exposure to foreign currency fluctuations from one country to another. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. All commitments are marked to market daily at the applicable exchange rates and any resulting unrealized appreciation or depreciation is recorded. Realized gains or losses are recorded at the time the forward contract matures or by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In addition, these contracts may involve market risk in excess of the unrealized appreciation (depreciation) reflected in the Funds’ Statements of Assets and Liabilities.
The following is a summary of the Funds’ derivatives categorized by risk exposure.
The effect of derivatives on the Statements of Assets and Liabilities at March 31, 2016:
AllianzGI Retirement 2035: | ||||
Location | Market Price | |||
Asset derivatives: | ||||
Receivable for variation margin on futures contracts* | $ | 10,600 |
* | Included in net unrealized appreciation of $10,600 on futures contracts as reported in Note 7(c). |
AllianzGI Retirement 2040: | ||||
Location | Market Price | |||
Asset derivatives: | ||||
Receivable for variation margin on futures contracts* | $ | 21,201 | ||
Liability derivatives: | ||||
Payable for variation margin on futures contracts* | $ | (573 | ) |
* | Included in net unrealized appreciation of $20,628 on futures contracts as reported in Note 7(c). |
AllianzGI Retirement 2045: | ||||
Location | Market Price | |||
Asset derivatives: | ||||
Receivable for variation margin on futures contracts* | $ | 14,840 | ||
Liability derivatives: | ||||
Payable for variation margin on futures contracts* | $ | (573 | ) |
* | Included in net unrealized appreciation of $14,267 on futures contracts as reported in Note 7(c). |
AllianzGI Retirement 2050: | ||||
Location | Market Price | |||
Asset derivatives: | ||||
Receivable for variation margin on futures contracts* | $ | 12,720 | ||
Liability derivatives: | ||||
Payable for variation margin on futures contracts* | $ | (716 | ) |
* | Included in net unrealized appreciation of $12,004 on futures contracts as reported in Note 7(c). |
AllianzGI Retirement 2055: | ||||
Location | Market Price | |||
Asset derivatives: | ||||
Receivable for variation margin on futures contracts* | $ | 4,240 | ||
Liability derivatives: | ||||
Payable for variation margin on futures contracts* | $ | (286 | ) |
* | Included in net unrealized appreciation of $3,954 on futures contracts as reported in Note 7(c). |
Semiannual Report | | March 31, 2016 | 313 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Global Allocation: | ||||||||||||||||
Location | Market Price | Interest Rate Contracts | Foreign Exchange Contracts | Total | ||||||||||||
Asset derivatives: | ||||||||||||||||
Receivable for variation margin on futures contracts* | $ | 158,756 | $ | 285,715 | — | $ | 444,471 | |||||||||
Unrealized appreciation of forward foreign currency contracts | — | — | $ | 53,839 | 53,839 | |||||||||||
Total asset derivatives | $ | 158,756 | $ | 285,715 | $ | 53,839 | $ | 498,310 | ||||||||
Liability derivatives: | ||||||||||||||||
Payable for variation margin on futures contracts* | $ | (56,458 | ) | $ | (201,194 | ) | — | $ | (257,652 | ) |
* | Included in net unrealized appreciation of $186,819 on futures contracts as reported in Note 7(c). |
AllianzGI Global Dynamic Allocation: | ||||||||||||
Location | Market Price | Interest Rate Contracts | Total | |||||||||
Asset derivatives: | ||||||||||||
Receivable for variation margin on futures contracts* | $ | 94,787 | $ | 5,548 | $ | 100,335 | ||||||
Liability derivatives: | ||||||||||||
Payable for variation margin on futures contracts* | $ | (29,703 | ) | $ | (950 | ) | $ | (30,653 | ) |
* | Included in net unrealized appreciation of $69,682 on futures contracts as reported in Note 7(c). |
AllianzGI Best Styles Emerging Markets Equity: | ||||
Location | Market Price | |||
Asset derivatives: | ||||
Receivable for variation margin on futures contracts* | $ | 8,780 |
* | Included in net unrealized appreciation of $8,780 on futures contracts as reported in Note 7(c). |
AllianzGI Best Styles Global Equity: | ||||||||||||
Location | Market Price | Foreign Exchange Contracts | Total | |||||||||
Asset derivatives: | ||||||||||||
Receivable for variation margin on futures contracts* | $ | 208,582 | — | $ | 208,582 | |||||||
Unrealized appreciation of forward foreign currency contracts | — | $ | 17 | 17 | ||||||||
Total asset derivatives | $ | 208,582 | $ | 17 | $ | 208,599 | ||||||
Liability derivatives: | ||||||||||||
Payable for variation margin on futures contracts* | $ | (15,132 | ) | — | $ | (15,132 | ) | |||||
Unrealized depreciation of forward foreign currency contracts | — | $ | (46,076 | ) | (46,076 | ) | ||||||
Total liability derivatives | $ | (15,132 | ) | $ | (46,076 | ) | $ | (61,208 | ) |
* | Included in net unrealized appreciation of $193,450 on futures contracts as reported in Note 7(c). |
AllianzGI Best Styles International Equity: | ||||
Location | Market Price | |||
Liability derivatives: | ||||
Payable for variation margin on futures contracts* | $ | (7,528 | ) |
* | Included in net unrealized depreciation of $7,528 on futures contracts as reported in Note 7(c). |
AllianzGI Best Styles U.S. Equity: | ||||
Location | Market Price | |||
Asset derivatives: | ||||
Receivable for variation margin on futures contracts* | $ | 12,310 |
* | Included in net unrealized appreciation of $12,310 on futures contracts as reported in Note 7(c). |
314 | March 31, 2016 | | Semiannual Report |
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AllianzGI Emerging Markets Consumer: | ||||
Location | Foreign Exchange Contracts | |||
Asset derivatives: | ||||
Unrealized appreciation of forward foreign currency contracts | $ | 4,161 |
AllianzGI Emerging Markets Debt: | ||||||||||||
Location | Credit Contracts | Foreign Exchange Contracts | Total | |||||||||
Asset derivatives: | ||||||||||||
Unrealized appreciation of OTC Swaps | $ | 11,777 | — | $ | 11,777 | |||||||
Unrealized appreciation of forward foreign currency contracts | — | $ | 40,508 | 40,508 | ||||||||
Total asset derivatives | $ | 11,777 | $ | 40,508 | $ | 52,285 | ||||||
Liability derivatives: | ||||||||||||
Unrealized depreciation of OTC Swaps | $ | (15,000 | ) | — | $ | (15,000 | ) | |||||
Unrealized depreciation of forward foreign currency contracts | — | $ | (101,682 | ) | (101,682 | ) | ||||||
Total liability derivatives | $ | (15,000 | ) | $ | (101,682 | ) | $ | (116,682 | ) |
AllianzGI Global Fundamental Strategy: | ||||||||||||||||
Location | Market Price | Interest Rate Contracts | Foreign Exchange Contracts | Total | ||||||||||||
Asset derivatives: | ||||||||||||||||
Investments, at value (options purchased) | $ | 63,500 | — | — | $ | 63,500 | ||||||||||
Receivable for variation margin on futures contracts* | 4,791 | $ | 308 | — | 5,099 | |||||||||||
Unrealized appreciation of forward foreign currency contracts | — | — | $ | 21,271 | 21,271 | |||||||||||
Total asset derivatives | $ | 68,291 | $ | 308 | $ | 21,271 | $ | 89,870 | ||||||||
Liability derivatives: | ||||||||||||||||
Payable for variation margin on futures contracts* | — | $ | (1,442 | ) | — | $ | (1,442 | ) | ||||||||
Options written, at value | $ | (42,515 | ) | — | — | (42,515 | ) | |||||||||
Unrealized depreciation of forward foreign currency contracts | — | — | $ | (54,311 | ) | (54,311 | ) | |||||||||
Total liability derivatives | $ | (42,515 | ) | $ | (1,442 | ) | $ | (54,311 | ) | $ | (98,268 | ) |
* | Included in net unrealized appreciation of $3,657 on futures contracts as reported in Note 7(c). |
AllianzGI International Small-Cap: | ||||
Location | Foreign Exchange Contracts | |||
Liability derivatives: | ||||
Unrealized depreciation of forward foreign currency contracts | $ | (713 | ) |
AllianzGI Multi-Asset Real Return: | ||||||||||||
Location | Market Price | Interest Rate Contracts | Total | |||||||||
Asset derivatives: | ||||||||||||
Receivable for variation margin on futures contracts* | — | $ | 4,095 | $ | 4,095 | |||||||
Liability derivatives: | ||||||||||||
Payable for variation margin on futures contracts* | $ | (1,193 | ) | $ | (358 | ) | $ | (1,551 | ) |
* | Included in net unrealized appreciation of $2,544 on futures contracts as reported in Note 7(c). |
Semiannual Report | | March 31, 2016 | 315 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI NFJ Emerging Markets Value: | ||||
Location | Foreign Exchange Contracts | |||
Asset derivatives: | ||||
Unrealized appreciation of forward foreign currency contracts | $ | 150 | ||
Liability derivatives: | ||||
Unrealized depreciation of forward foreign currency contracts | $ | (1,943 | ) |
AllianzGI NFJ International Small-Cap Value: | ||||
Location | Foreign Exchange Contracts | |||
Liability derivatives: | ||||
Unrealized depreciation of forward foreign currency contracts | $ | (917 | ) |
AllianzGI Structured Return: | ||||
Location | Market Price | |||
Asset derivatives: | ||||
Investments, at value (options purchased) | $ | 348,426 | ||
Liability derivatives: | ||||
Options written, at value | $ | (10,214,663 | ) |
AllianzGI U.S. Equity Hedged: | ||||
Location | Market Price | |||
Asset derivatives: | ||||
Investments, at value (options purchased) | $ | 201,870 | ||
Liability derivatives: | ||||
Options written, at value | $ | (58,560 | ) |
The effect of derivatives on the Statements of Operations for the six months ended March 31, 2016:
AllianzGI Retirement 2015: | ||||
Location | Foreign Exchange Contracts | |||
Net realized gain on: | ||||
Futures contracts | $ | 6,092 | ||
Net change in unrealized appreciation/depreciation of: | ||||
Futures contracts | $ | (4,151 | ) |
AllianzGI Retirement 2020: | ||||
Location | Foreign Exchange Contracts | |||
Net realized gain on: | ||||
Futures contracts | $ | 16,830 | ||
Net change in unrealized appreciation/depreciation of: | ||||
Futures contracts | $ | (10,793 | ) |
AllianzGI Retirement 2025: | ||||
Location | Foreign Exchange Contracts | |||
Net realized gain on: | ||||
Futures contracts | $ | 21,983 | ||
Net change in unrealized appreciation/depreciation of: | ||||
Futures contracts | $ | (14,114 | ) |
AllianzGI Retirement 2030: | ||||
Location | Foreign Exchange Contracts | |||
Net realized gain on: | ||||
Futures contracts | $ | 28,070 | ||
Net change in unrealized appreciation/depreciation of: | ||||
Futures contracts | $ | (18,266 | ) |
AllianzGI Retirement 2035: | ||||||||||||
Location | Market Price | Foreign Exchange Contracts | Total | |||||||||
Net realized gain on: | ||||||||||||
Futures contracts | $ | 90,298 | $ | 28,079 | $ | 118,377 | ||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||
Futures contracts | $ | 10,600 | $ | (18,266 | ) | $ | (7,666 | ) |
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AllianzGI Retirement 2040: | ||||||||||||
Location | Market Price | Foreign Exchange Contracts | Total | |||||||||
Net realized gain on: | ||||||||||||
Futures contracts | $ | 122,805 | $ | 26,777 | $ | 149,582 | ||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||
Futures contracts | $ | 20,628 | $ | (17,435 | ) | $ | 3,193 |
AllianzGI Retirement 2045: | ||||||||||||
Location | Market Price | Foreign Exchange Contracts | Total | |||||||||
Net realized gain on: | ||||||||||||
Futures contracts | $ | 96,427 | $ | 18,482 | $ | 114,909 | ||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||
Futures contracts | $ | 14,267 | $ | (11,624 | ) | $ | 2,643 |
AllianzGI Retirement 2050: | ||||||||||||
Location | Market Price | Foreign Exchange Contracts | Total | |||||||||
Net realized gain on: | ||||||||||||
Futures contracts | $ | 96,353 | $ | 17,189 | $ | 113,542 | ||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||
Futures contracts | $ | 12,004 | $ | (10,793 | ) | $ | 1,211 |
AllianzGI Retirement 2055: | ||||||||||||
Location | Market Price | Foreign Exchange Contracts | Total | |||||||||
Net realized gain on: | ||||||||||||
Futures contracts | $ | 35,027 | $ | 6,446 | $ | 41,473 | ||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||
Futures contracts | $ | 3,954 | $ | (4,151 | ) | $ | (197 | ) |
AllianzGI Retirement Income: | ||||
Location | Foreign Exchange Contracts | |||
Net realized gain on: | ||||
Futures contracts | $ | 3,142 | ||
Net change in unrealized appreciation/depreciation of: | ||||
Futures contracts | $ | (2,491 | ) |
Semiannual Report | | March 31, 2016 | 317 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Global Allocation: | ||||||||||||||||
Location | Market Price | Interest Rate Contracts | Foreign Exchange Contracts | Total | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Futures contracts | $ | (2,006,069 | ) | $ | 354,175 | $ | (166,231 | ) | $ | (1,818,125 | ) | |||||
Foreign currency transaction (forward currency contracts) | — | — | (506,411 | ) | (506,411 | ) | ||||||||||
Total net realized gain (loss) | $ | (2,006,069 | ) | $ | 354,175 | $ | (672,642 | ) | $ | (2,324,536 | ) | |||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||||||
Futures contracts | $ | (172,301 | ) | $ | (147,940 | ) | $ | (10,690 | ) | $ | (330,931 | ) | ||||
Foreign currency transaction (forward currency contracts) | — | — | (1,042 | ) | (1,042 | ) | ||||||||||
Total net change in unrealized appreciation/depreciation | $ | (172,301 | ) | $ | (147,940 | ) | $ | (11,732 | ) | $ | (331,973 | ) |
AllianzGI Global Dynamic Allocation: | ||||||||||||
Location | Market Price | Interest Rate Contracts | Total | |||||||||
Net realized loss on: | ||||||||||||
Futures contracts | $ | (527,574 | ) | $ | (26,177 | ) | $ | (553,751 | ) | |||
Net change in unrealized appreciation/depreciation of: | ||||||||||||
Futures contracts | $ | 56,076 | $ | (7,650 | ) | $ | 48,426 |
AllianzGI Best Styles Emerging Markets Equity: | ||||||||||||
Location | Market Price | Foreign Exchange Contracts | Total | |||||||||
Net realized loss on: | ||||||||||||
Futures contracts | $ | (29,485 | ) | — | $ | (29,485 | ) | |||||
Foreign currency transaction (forward currency contracts) | — | $ | (3,856 | ) | (3,856 | ) | ||||||
Total net realized loss | $ | (29,485 | ) | $ | (3,856 | ) | $ | (33,341 | ) | |||
Net change in unrealized appreciation/depreciation of: | ||||||||||||
Futures contracts | $ | 6,288 | — | $ | 6,288 |
AllianzGI Best Styles Global Equity: | ||||||||||||
Location | Market Price | Foreign Exchange Contracts | Total | |||||||||
Net realized gain on: | ||||||||||||
Futures contracts | $ | 463,773 | — | $ | 463,773 | |||||||
Foreign currency transaction (forward currency contracts) | — | $ | 90,804 | 90,804 | ||||||||
Total net realized gain | $ | 463,773 | $ | 90,804 | $ | 554,577 | ||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||
Futures contracts | $ | 162,905 | — | $ | 162,905 | |||||||
Foreign currency transaction (forward currency contracts) | — | $ | (44,792 | ) | (44,792 | ) | ||||||
Total net change in unrealized appreciation/depreciation | $ | 162,905 | $ | (44,792 | ) | $ | 118,113 |
318 | March 31, 2016 | | Semiannual Report |
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AllianzGI Best Styles International Equity: | ||||||||||||
Location | Market Price | Foreign Exchange Contracts | Total | |||||||||
Net realized loss on: | ||||||||||||
Futures contracts | $ | (199,753 | ) | — | $ | (199,753 | ) | |||||
Foreign currency transaction (forward currency contracts) | — | $ | (50,231 | ) | (50,231 | ) | ||||||
Total net realized loss | $ | (199,753 | ) | $ | (50,231 | ) | $ | (249,984 | ) | |||
Net change in unrealized appreciation/depreciation of: | ||||||||||||
Futures contracts | $ | (7,528 | ) | — | $ | (7,528 | ) | |||||
Foreign currency transaction (forward currency contracts) | — | $ | 181 | 181 | ||||||||
Total net change in unrealized appreciation/depreciation | $ | (7,528 | ) | $ | 181 | $ | (7,347 | ) |
AllianzGI Best Styles U.S. Equity: | ||||||||||||
Location | Market Price | Foreign Contracts | Total | |||||||||
Net realized gain on: | ||||||||||||
Futures contracts | $ | 786,541 | — | $ | 786,541 | |||||||
Foreign currency transaction (forward currency contracts) | — | $ | 2,041 | 2,041 | ||||||||
Total net realized gain | $ | 786,541 | $ | 2,041 | $ | 788,582 | ||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||
Futures contracts | $ | 23,263 | — | $ | 23,263 |
AllianzGI China Equity: | ||||
Location | Foreign Exchange Contracts | |||
Net realized gain on: | ||||
Foreign currency transaction (forward currency contracts) | $ | 14 | ||
Net change in unrealized appreciation/depreciation of: | ||||
Foreign currency transaction (forward currency contracts) | $ | 10 |
AllianzGI Emerging Markets Consumer: | ||||
Location | Foreign Exchange Contracts | |||
Net realized gain on: | ||||
Foreign currency transaction (forward currency contracts) | $ | 2,038 | ||
Net change in unrealized appreciation/depreciation of: | ||||
Foreign currency transaction (forward currency contracts) | $ | 4,217 |
AllianzGI Emerging Markets Debt: | ||||||||||||||||
Location | Interest Rate Contracts | Credit Contracts | Foreign Exchange Contracts | Total | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments (options purchased) | $ | 30,041 | — | — | $ | 30,041 | ||||||||||
Swaps | — | $ | 178,777 | — | 178,777 | |||||||||||
Options written | 12,060 | — | — | 12,060 | ||||||||||||
Foreign currency transaction (forward currency contracts) | — | — | $ | (6,335 | ) | (6,335 | ) | |||||||||
Total net realized gain (loss) | $ | 42,101 | $ | 178,777 | $ | (6,335 | ) | $ | 214,543 | |||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||||||
Swaps | — | $ | (9,004 | ) | — | $ | (9,004 | ) | ||||||||
Foreign currency transaction (forward currency contracts) | — | — | $ | (58,203 | ) | (58,203 | ) | |||||||||
Total net change in unrealized appreciation/depreciation | — | $ | (9,004 | ) | $ | (58,203 | ) | $ | (67,207 | ) |
Semiannual Report | | March 31, 2016 | 319 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Emerging Markets Small-Cap: | ||||
Location | Foreign Exchange Contracts | |||
Net realized gain on: | ||||
Foreign currency transaction (forward currency contracts) | $ | 8,979 | ||
Net change in unrealized appreciation/depreciation of: | ||||
Foreign currency transaction (forward currency contracts) | $ | 28 |
AllianzGI Europe Equity Dividend: | ||||
Location | Foreign Exchange Contracts | |||
Net realized gain on: | ||||
Foreign currency transaction (forward currency contracts) | $ | 146,624 | ||
Net change in unrealized appreciation/depreciation of: | ||||
Foreign currency transaction (forward currency contracts) | $ | (12,212 | ) |
AllianzGI Global Fundamental Strategy: | ||||||||||||||||
Location | Market Price | Interest Rate Contracts | Foreign Exchange Contracts | Total | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments (options purchased) | $ | (22,952 | ) | — | — | $ | (22,952 | ) | ||||||||
Futures contracts | — | $ | (46,083 | ) | — | (46,083 | ) | |||||||||
Options written | 6,609 | — | — | 6,609 | ||||||||||||
Foreign currency transaction (forward currency contracts) | — | — | $ | (25,512 | ) | (25,512 | ) | |||||||||
Total net realized gain (loss) | $ | (16,343 | ) | $ | (46,083 | ) | $ | (25,512 | ) | $ | (87,938 | ) | ||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||||||
Investments (options purchased) | $ | 10,353 | — | — | $ | 10,353 | ||||||||||
Futures contracts | 4,791 | $ | 11,436 | — | 16,227 | |||||||||||
Options written | 14,455 | — | — | 14,455 | ||||||||||||
Foreign currency transaction (forward currency contracts) | — | — | $ | (23,672 | ) | (23,672 | ) | |||||||||
Total net change in unrealized appreciation/depreciation | $ | 29,599 | $ | 11,436 | $ | (23,672 | ) | $ | 17,363 |
AllianzGI Global Sustainability: | ||||
Location | Foreign Exchange Contracts | |||
Net realized gain on: | ||||
Foreign currency transaction (forward currency contracts) | $ | 973 |
AllianzGI Global Water: | ||||
Location | Foreign Exchange Contracts | |||
Net realized loss on: | ||||
Foreign currency transaction (forward currency contracts) | $ | (93,848 | ) |
AllianzGI International Growth: | ||||
Location | Foreign Exchange Contracts | |||
Net realized gain on: | ||||
Foreign currency transaction (forward currency contracts) | $ | 390 |
AllianzGI International Small-Cap: | ||||
Location | Foreign Exchange Contracts | |||
Net realized loss on: | ||||
Foreign currency transaction (forward currency contracts) | $ | (3,149 | ) | |
Net change in unrealized appreciation/depreciation of: | ||||
Foreign currency transaction (forward currency contracts) | $ | (713 | ) |
AllianzGI Multi-Asset Real Return: | ||||||||||||||||
Location | Market Price | Interest Rate Contracts | Foreign Exchange Contracts | Total | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Futures contracts | $ | (58,778 | ) | $ | 2,887 | $ | 369 | $ | (55,522 | ) | ||||||
Foreign currency transaction (forward currency contracts) | — | — | (112 | ) | (112 | ) | ||||||||||
Total net realized gain (loss) | $ | (58,778 | ) | $ | 2,887 | $ | 257 | $ | (55,634 | ) | ||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||||||
Futures contracts | $ | 2,845 | $ | (39 | ) | — | $ | 2,806 |
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AllianzGI NFJ Emerging Markets Value: | ||||
Location | Foreign Exchange Contracts | |||
Net realized gain on: | ||||
Foreign currency transaction (forward currency contracts) | $ | 2,576 | ||
Net change in unrealized appreciation/depreciation of: | ||||
Foreign currency transaction (forward currency contracts) | $ | (1,823 | ) |
AllianzGI NFJ Global Dividend Value: | ||||
Location | Foreign Exchange Contracts | |||
Net realized loss on: | ||||
Foreign currency transaction (forward currency contracts) | $ | (2,698 | ) |
AllianzGI NFJ International Small-Cap Value: | ||||
Location | Foreign Exchange Contracts | |||
Net realized gain on: | ||||
Foreign currency transaction (forward currency contracts) | $ | 1,449 | ||
Net change in unrealized appreciation/depreciation of: | ||||
Foreign currency transaction (forward currency contracts) | $ | 1,216 |
AllianzGI NFJ International Value II: | ||||
Location | Foreign Exchange Contracts | |||
Net realized loss on: | ||||
Foreign currency transaction (forward currency contracts) | $ | (788 | ) | |
Net change in unrealized appreciation/depreciation of: | ||||
Foreign currency transaction (forward currency contracts) | $ | 35 |
AllianzGI Structured Return: | ||||
Location | Market Price | |||
Net realized loss on: | ||||
Investments (options purchased) | $ | (2,622,387 | ) | |
Options written | (2,205,661 | ) | ||
Total net realized loss | $ | (4,828,048 | ) | |
Net change in unrealized appreciation/depreciation of: | ||||
Investments (options purchased) | $ | (173,730 | ) | |
Options written | (4,148,858 | ) | ||
Total net change in unrealized appreciation/depreciation | $ | (4,322,588 | ) |
AllianzGI U.S. Equity Hedged: | ||||
Location | Market Price | |||
Net realized gain (loss) on: | ||||
Investments (options purchased) | $ | (864,407 | ) | |
Options written | 235,426 | |||
Total net realized loss | $ | (628,981 | ) | |
Net change in unrealized appreciation/depreciation of: | ||||
Investments (options purchased) | $ | (143,457 | ) | |
Options written | 21,698 | |||
Total net change in unrealized appreciation/depreciation | $ | (121,759 | ) |
The average volume (based on the open positions at each fiscal quarter-end) of derivative activity for the six months ended March 31, 2016:
Options Purchased Contracts(1) | Options Written Contracts(1) | Forward Foreign Currency Contracts(2) | Futures Contracts(1) | Credit Default Swap Agreements(3) | ||||||||||||||||||||||||||||
Purchased | Sold | Long | Short | Buy | Sell | |||||||||||||||||||||||||||
AllianzGI Retirement 2015 | — | — | — | — | 2 | — | — | — | ||||||||||||||||||||||||
AllianzGI Retirement 2020 | — | — | — | — | 6 | — | — | — | ||||||||||||||||||||||||
AllianzGI Retirement 2025 | — | — | — | — | 9 | — | — | — | ||||||||||||||||||||||||
AllianzGI Retirement 2030 | — | — | — | — | 11 | — | — | — | ||||||||||||||||||||||||
AllianzGI Retirement 2035 | — | — | — | — | 13 | — | — | — | ||||||||||||||||||||||||
AllianzGI Retirement 2040 | — | — | — | — | 15 | — | — | — | ||||||||||||||||||||||||
AllianzGI Retirement 2045 | — | — | — | — | 11 | — | — | — | ||||||||||||||||||||||||
AllianzGI Retirement 2050 | — | — | — | — | 10 | — | — | — | ||||||||||||||||||||||||
AllianzGI Retirement 2055 | — | — | — | — | 4 | — | — | — | ||||||||||||||||||||||||
AllianzGI Retirement Income | — | — | — | — | 1 | — | — | — | ||||||||||||||||||||||||
AllianzGI Global Allocation | — | — | $ | 3,363,062 | $ | 7,024,851 | 545 | 394 | — | — | ||||||||||||||||||||||
AllianzGI Global Dynamic Allocation | — | — | — | — | 54 | 20 | — | — | ||||||||||||||||||||||||
AllianzGI Best Styles Emerging Markets Equity | — | — | — | — | 42 | — | — | — |
Semiannual Report | | March 31, 2016 | 321 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
Options Purchased Contracts(1) | Options Contracts(1) | Forward Foreign Currency Contracts(2) | Futures Contracts(1) | Credit Default Swap Agreements(3) | ||||||||||||||||||||||||||||
Purchased | Sold | Long | Short | Buy | Sell | |||||||||||||||||||||||||||
AllianzGI Best Styles Global Equity | — | — | $ | 635,181 | $ | 412,761 | 134 | — | — | — | ||||||||||||||||||||||
AllianzGI Best Styles International Equity | — | — | 265,597 | — | 8 | — | — | — | ||||||||||||||||||||||||
AllianzGI Best Styles U.S. Equity | — | — | — | — | 25 | — | — | — | ||||||||||||||||||||||||
AllianzGI China Equity | — | — | 12,895 | 79,716 | — | — | — | — | ||||||||||||||||||||||||
AllianzGI Emerging Markets Consumer | — | — | 170,268 | — | — | — | — | — | ||||||||||||||||||||||||
AllianzGI Emerging Markets Debt | — | — | 352,381 | 1,538,955 | — | — | $ | 2,867 | $ | 2,867 | ||||||||||||||||||||||
AllianzGI Emerging Markets Small-Cap | — | — | 7,953 | — | — | — | — | — | ||||||||||||||||||||||||
AllianzGI Europe Equity Dividend | — | — | 24,678 | 1,948,687 | — | — | — | — | ||||||||||||||||||||||||
AllianzGI Global Fundamental Strategy | 87 | 15 | 520,878 | 1,154,028 | 10 | 16 | — | — | ||||||||||||||||||||||||
AllianzGI International Small-Cap | — | — | — | 28,226 | — | — | — | — | ||||||||||||||||||||||||
AllianzGI Multi-Asset Real Return | — | — | — | — | 1 | 7 | — | — | ||||||||||||||||||||||||
AllianzGI NFJ Emerging Markets Value | — | — | 1,859 | 15,436 | — | — | — | — | ||||||||||||||||||||||||
AllianzGI NFJ International Small-Cap Value | — | — | — | 515,391 | — | — | — | — | ||||||||||||||||||||||||
AllianzGI NFJ International Value II | — | — | 23,421 | 3,680 | — | — | — | — | ||||||||||||||||||||||||
AllianzGI Structured Return | 1,895 | 1,346 | — | — | — | — | — | — | ||||||||||||||||||||||||
AllianzGI U.S. Equity Hedged | 125 | 89 | — | — | — | — | — | — |
(1) | Number of contracts |
(2) | U.S. $ value on origination date |
(3) | Notional Amount (in thousands) |
The following tables present by counterparty, the Funds’ derivative assets and liabilities net of related collateral held by the Funds at March 31, 2016 which has not been offset in the Statements of Assets and Liabilities, but would be available for offset to the extent of a default by the counterparty to the transaction.
Financial Assets and Derivative Assets, and Collateral Received at March 31, 2016:
AllianzGI Global Allocation: | ||||||||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Gross Asset Derivatives Presented in Statement of Assets and Liabilities | Financial Instrument/ Derivative Offset | Cash Collateral Received | Net Amount | ||||||||||||
Foreign Currency Exchange Contracts |
| |||||||||||||||
State Street Bank | $ | 53,839 | — | — | $ | 53,839 |
AllianzGI Best Styles Global Equity: | ||||||||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Gross Asset Derivatives Presented in Statement of Assets and Liabilities | Financial Instrument/ Derivative Offset | Cash Collateral Received | Net Amount | ||||||||||||
Foreign Currency Exchange Contracts |
| |||||||||||||||
Northern Trust Company | $ | 17 | $ | (17 | ) | — | — |
AllianzGI Emerging Markets Consumer: | ||||||||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Gross Asset Derivatives Presented in Statement of Assets and Liabilities | Financial Instrument/ Derivative Offset | Cash Collateral Received | Net Amount | ||||||||||||
Foreign Currency Exchange Contracts |
| |||||||||||||||
Northern Trust Company | $ | 4,161 | — | — | $ | 4,161 |
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AllianzGI Emerging Markets Debt: | ||||||||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Gross Asset Derivatives Presented in Statement of Assets and Liabilities | Financial Instrument/ Derivative Offset | Cash Collateral Received | Net Amount | ||||||||||||
Foreign Currency Exchange Contracts | ||||||||||||||||
State Street Bank | $ | 40,508 | $ | (40,508 | ) | — | — | |||||||||
Swaps | ||||||||||||||||
Bank of America | 11,777 | (9,686 | ) | $ | (2,091 | )#,## | — | |||||||||
Totals | $ | 52,285 | $ | (50,194 | ) | $ | (2,091 | ) | — |
AllianzGI Global Fundamental Strategy: | ||||||||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Gross Asset Derivatives Presented in Statement of Assets and Liabilities | Financial Instrument/ Derivative Offset | Cash Collateral Received | Net Amount | ||||||||||||
Foreign Currency Exchange Contracts |
| |||||||||||||||
State Street Bank | $ | 21,271 | $ | (21,271 | ) | — | — |
AllianzGI NFJ Emerging Markets Value: | ||||||||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Gross Asset Derivatives Presented in Statement of Assets and Liabilities | Financial Instrument/ Derivative Offset | Cash Collateral Received | Net Amount | ||||||||||||
Foreign Currency Exchange Contracts |
| |||||||||||||||
Northern Trust Company | $ | 150 | $ | (150 | ) | — | — |
Financial Liabilities and Derivative Liabilities, and Collateral Received (Pledged) at March 31, 2016:
AllianzGI Best Styles Global Equity: | ||||||||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Gross Liability Derivatives Presented in Statement of Assets and Liabilities | Financial Instrument/ Derivative Offset | Cash Collateral Received (Pledged) | Net Amount | ||||||||||||
Foreign Currency Exchange Contracts | ||||||||||||||||
Northern Trust Company | $ | 46,076 | $ | (17 | ) | — | $ | 46,059 |
AllianzGI Emerging Markets Debt: | ||||||||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Gross Liability Derivatives Presented in Statement of Assets and Liabilities | Financial Instrument/ Derivative Offset | Cash Collateral Received (Pledged) | Net Amount | ||||||||||||
Foreign Currency Exchange Contracts | ||||||||||||||||
State Street Bank | $ | 101,682 | $ | (40,508 | ) | — | $ | 61,174 | ||||||||
Swaps | ||||||||||||||||
Bank of America | 9,686 | (9,686 | ) | — | — | |||||||||||
JPMorgan Chase | 5,314 | — | $ | (5,314 | )#,## | — | ||||||||||
15,000 | (9,686 | ) | (5,314 | ) | — | |||||||||||
Totals | $ | 116,682 | $ | (50,194 | ) | $ | (5,314 | ) | $ | 61,174 |
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Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Global Fundamental Strategy: | ||||||||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Gross Liability Derivatives Presented in Statement of Assets and Liabilities | Financial Instrument/ Derivative Offset | Cash Collateral Received (Pledged) | Net Amount | ||||||||||||
Foreign Currency Exchange Contracts | ||||||||||||||||
State Street Bank | $ | 54,311 | $ | (21,271 | ) | — | $ | 33,040 |
AllianzGI International Small-Cap: | ||||||||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Gross Liability Derivatives Presented in Statement of Assets and Liabilities | Financial Instrument/ Derivative Offset | Cash Received (Pledged) | Net Amount | ||||||||||||
Foreign Currency Exchange Contracts | ||||||||||||||||
Northern Trust Company | $ | 713 | — | — | $ | 713 |
AllianzGI NFJ Emerging Markets Value: | ||||||||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Gross Liability Derivatives Presented in Statement of Assets and Liabilities | Financial Instrument/ Derivative Offset | Cash Collateral Received (Pledged) | Net Amount | ||||||||||||
Foreign Currency Exchange Contracts | ||||||||||||||||
Northern Trust Company | $ | 1,943 | $ | (150 | ) | — | $ | 1,793 |
AllianzGI NFJ International Small-Cap Value: | ||||||||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Gross Liability Derivatives Presented in Statement of Assets and Liabilities | Financial Instrument/ Derivative Offset | Cash Collateral Received (Pledged) | Net Amount | ||||||||||||
Foreign Currency Exchange Contracts | ||||||||||||||||
Northern Trust Company | $ | 917 | — | — | $ | 917 |
# | The amount includes upfront premiums received. |
## | The amount includes upfront premiums paid. |
5. | INVESTMENT MANAGER/ADMINISTRATOR/DISTRIBUTOR FEES/ DEFERRED COMPENSATION |
Investment Management Fee. Each Fund has an Investment Management Agreement (for the purpose of this section, collectively the “Agreements”) with the Investment Manager. Subject to the supervision of the Trust’s Board, the Investment Manager is responsible for managing, either directly or through others selected by it, each Fund’s investment activities, business affairs and administrative matters. Pursuant to the Agreements, the Investment Manager receives an annual fee, payable monthly (net of any fee waivers, reimbursements and recoupment), at an annual rate of each Fund’s average daily net assets (the “Investment Management Fee”).
The Investment Manager has retained the Sub-Advisers to manage the Funds’ investments. Subject to the supervision of the Investment Manager, the Sub-Advisers are responsible for making all of the investment decisions for the Funds for which they serve as sub-adviser. The Investment Manager, not the Funds, pays a portion of the fees it receives as Investment Manager to the Sub-Advisers in return for their services.
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Sub-Adviser | Funds | |
AllianzGI U.S. | AllianzGI Retirement 2015, AllianzGI Retirement 2020, AllianzGI Retirement 2025, AllianzGI Retirement 2030, AllianzGI Retirement 2035, AllianzGI Retirement 2040, AllianzGI Retirement 2045, AllianzGI Retirement 2050, AllianzGI Retirement 2055, AllianzGI Retirement Income, AllianzGI Global Allocation, AllianzGI Global Dynamic Allocation, AllianzGI Global Megatrends, AllianzGI Best Styles Emerging Markets Equity, AllianzGI Best Styles Global Equity, AllianzGI Best Styles International Equity, AllianzGI Best Styles U.S. Equity, AllianzGI China Equity, AllianzGI Convertible, AllianzGI Emerging Markets Consumer, AllianzGI Emerging Markets Debt, AllianzGI Emerging Markets Small-Cap, AllianzGI Europe Equity Dividend, AllianzGI Global Fundamental Strategy, AllianzGI Global Sustainability, AllianzGI Global Water, AllianzGI High Yield Bond, AllianzGI International Growth, AllianzGI International Small-Cap, AllianzGI Micro Cap, AllianzGI Multi-Asset Real Return, AllianzGI Short Duration High Income, AllianzGI Structured Return, AllianzGI U.S. Equity Hedged, AllianzGI U.S. Small-Cap Growth, AllianzGI Ultra Micro Cap |
Sub-Adviser | Funds | |
NFJ | AllianzGI NFJ Emerging Markets Value, AllianzGI NFJ Global Dividend Value, AllinazGI NFJ International Small-Cap Value, AllianzGI NFJ International Value II |
Administration Fee. The Investment Manager provides administrative services to the Target Date Funds and also bears the cost of most third-party administrative services required by the Target Date Funds, and in return it receives from each share class of each Target Date Fund a monthly administration fee based on each share class’ average daily net assets (the “Administration Fee”).
The Investment Management Fee and Administration Fee for all classes are charged at an annual rate as indicated in the following table:
All Classes | Class A,C,D† and R | Class P and Administrative | Class R6 | |||||||||||||||||
Management Fee | Effective Management Fee | Administration Fee | ||||||||||||||||||
AllianzGI Retirement 2015 | 0.05 | % | 0.05 | % | 0.30 | % | 0.15 | % | 0.05 | % | ||||||||||
AllianzGI Retirement 2020 | 0.05 | 0.05 | 0.30 | 0.15 | 0.05 | |||||||||||||||
AllianzGI Retirement 2025 | 0.05 | 0.05 | 0.30 | 0.15 | 0.05 | |||||||||||||||
AllianzGI Retirement 2030 | 0.05 | 0.05 | 0.30 | 0.15 | 0.05 | |||||||||||||||
AllianzGI Retirement 2035 | 0.05 | 0.05 | 0.30 | 0.15 | 0.05 | |||||||||||||||
AllianzGI Retirement 2040 | 0.05 | 0.05 | 0.30 | 0.15 | 0.05 | |||||||||||||||
AllianzGI Retirement 2045 | 0.05 | 0.05 | 0.30 | 0.15 | 0.05 | |||||||||||||||
AllianzGI Retirement 2050 | 0.05 | 0.05 | 0.30 | 0.15 | 0.05 | |||||||||||||||
AllianzGI Retirement 2055 | 0.05 | 0.05 | 0.30 | 0.15 | 0.05 | |||||||||||||||
AllianzGI Retirement Income | 0.05 | 0.05 | 0.30 | 0.15 | 0.05 | |||||||||||||||
AllianzGI Global Allocation | 0.70 | 0.19 | N/A | N/A | N/A | |||||||||||||||
AllianzGI Global Dynamic Allocation | 0.70 | 0.35 | N/A | N/A | N/A | |||||||||||||||
AllianzGI Global Megatrends | 0.00 | 0.00 | N/A | N/A | N/A | |||||||||||||||
AllianzGI Best Styles Emerging Markets Equity | 0.40 | 0.40 | N/A | N/A | N/A | |||||||||||||||
AllianzGI Best Styles Global Equity | 0.30 | 0.30 | N/A | N/A | N/A | |||||||||||||||
AllianzGI Best Styles International Equity | 0.30 | 0.30 | N/A | N/A | N/A | |||||||||||||||
AllianzGI Best Styles U.S. Equity | 0.30 | 0.30 | N/A | N/A | N/A | |||||||||||||||
AllianzGI China Equity | 1.10 | 1.10 | N/A | N/A | N/A | |||||||||||||||
AllianzGI Convertible | 0.57 | 0.57 | N/A | N/A | N/A | |||||||||||||||
AllianzGI Emerging Markets Consumer | 0.90 | (1) | 0.96 | N/A | N/A | N/A | ||||||||||||||
AllianzGI Emerging Markets Debt | 0.75 | 0.75 | N/A | N/A | N/A | |||||||||||||||
AllianzGI Emerging Markets Small-Cap | 1.20 | 1.20 | N/A | N/A | N/A | |||||||||||||||
AllianzGI Europe Equity Dividend | 0.80 | 0.80 | N/A | N/A | N/A | |||||||||||||||
AllianzGI Global Fundamental Strategy | 0.75 | 0.75 | N/A | N/A | N/A | |||||||||||||||
AllianzGI Global Sustainability | 0.80 | 0.80 | N/A | N/A | N/A | |||||||||||||||
AllianzGI Global Water | 0.95 | 0.95 | N/A | N/A | N/A | |||||||||||||||
AllianzGI High Yield Bond | 0.48 | 0.48 | N/A | N/A | N/A | |||||||||||||||
AllianzGI International Growth | 0.80 | 0.80 | N/A | N/A | N/A | |||||||||||||||
AllianzGI International Small-Cap | 1.00 | 1.00 | N/A | N/A | N/A |
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Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
All Classes | Class A,C,D† and R | Class P and Administrative | Class R6 | |||||||||||||||||
Management Fee | Effective Management Fee | Administration Fee | ||||||||||||||||||
AllianzGI Micro Cap | 1.25 | % | 1.25 | % | N/A | N/A | N/A | |||||||||||||
AllianzGI Multi-Asset Real Return | 0.75 | 0.75 | N/A | N/A | N/A | |||||||||||||||
AllianzGI NFJ Emerging Markets Value | 0.85 | (2) | 0.87 | N/A | N/A | N/A | ||||||||||||||
AllianzGI NFJ Global Dividend Value | 0.80 | 0.78 | N/A | N/A | N/A | |||||||||||||||
AllianzGI NFJ International Small-Cap Value | 0.85 | (3) | 0.87 | N/A | N/A | N/A | ||||||||||||||
AllianzGI NFJ International Value II | 0.80 | 0.80 | N/A | N/A | N/A | |||||||||||||||
AllianzGI Short Duration High Income | 0.48 | 0.48 | N/A | N/A | N/A | |||||||||||||||
AllianzGI Structured Return | 0.60 | 0.60 | N/A | N/A | N/A | |||||||||||||||
AllianzGI U.S. Equity Hedged | 0.70 | 0.70 | N/A | N/A | N/A | |||||||||||||||
AllianzGI U.S. Small-Cap Growth | 0.90 | 0.90 | N/A | N/A | N/A | |||||||||||||||
AllianzGI Ultra Micro Cap | 1.50 | 1.50 | N/A | N/A | N/A |
† | Class D shares were converted into Class A shares at the close of business on November 13, 2015. See Note 12(d). |
(1) | The Fund’s investment management fee was reduced from 1.00% to 0.90% on February 1, 2016. |
(2) | The Fund’s investment management fee was reduced from 1.00% to 0.85% on February 1, 2016. |
(3) | The Fund’s investment management fee was reduced from 0.95% to 0.85% on November 1, 2015. |
Distribution and Servicing Fees. Allianz Global Investors Distributors LLC (the “Distributor”), an affiliate of AAM, the Investment Manager and the Sub-Advisers, serves as the distributor of the Funds’ shares pursuant to separate Distribution Servicing Plans for Class A, B, C, D and R. The Distributor, for each of the Funds, receives (i) servicing fees of 0.25% of the average daily net assets of each of Class A, B, C, D and R in connection with services rendered to shareholders of each class and the maintenance of shareholder accounts, and (ii) distribution fees of 0.75% of the average daily net assets of each of Class B and C (with the exception of Class C for AllianzGI Short Duration High Income which is 0.25%) and 0.25% of average daily net assets of Class R in connection with the distribution of Class B, C and R shares.
Pursuant to the Distribution and Servicing Plans adopted by the A, B, C, D and R classes, the Funds compensate the Distributor for services provided and expenses incurred in connection with assistance rendered in the sale of shares and services rendered to shareholders and for maintenance of shareholder accounts.
Pursuant to the Distribution Plan for the Administrative Class shares, the Funds are permitted to reimburse the Distributor out of the Administrative Class’ assets of each Fund offering Administrative Class shares, in an amount up to 0.25% on an annual basis of the average net assets of the Administrative Class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration plans or programs that use fund shares as their funding medium. Unreimbursed costs may be carried forward for reimbursement for up to twelve months beyond
the date in which they are incurred, subject always to the limit that no more than 0.25% of the average daily net assets attributable to the Administrative Class may be expensed.
The Distributor also receives the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares and contingent deferred sales charges (“CDSC”) paid by the shareholders upon certain redemptions of Class A, B and C shares. For the six months ended March 31, 2016, the Distributor received $136,896, representing commissions (sales charges) and CDSC from the Funds.
Class B share and Class D shares were converted into Class A shares at the close of business on December 4, 2015 and November 13, 2015, respectively. See Note 12(d).
Deferred Compensation. Trustees do not currently receive any pension or retirement benefits from the Trust. The Trust has adopted a deferred compensation plan for the Trustees that went into place on January 1, 2015 and permits the Trustees to defer their receipt of compensation from the Trust, at their election, in accordance with the terms of the plan. Under the plan, each Trustee may elect not to receive all or a portion of his or her fees from the Trust on a current basis but to receive in a subsequent period chosen by the Trustee an amount equal to the value of such compensation if such compensation had been invested in one or more series of the Trust or Allianz Funds selected by the Trustees from and after the normal payment dates for such compensation. The deferred compensation program is structured such that the Trust remains in substantially the same financial position whether Trustee fees are paid when earned or deferred.
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6. | EXPENSE LIMITATION AND RECOUPMENT |
The Trust and the Investment Manager have entered into Expense Limitation and Management Fee Waiver Agreements as indicated below:
Expense Limitation | ||||||||||||||||||||||||||||||||||||||||
Management Fee Waiver(1) | Class A | Class B† | Class C | Class D† | Class R | Class P | Institutional Class | Class R6 | Administrative Class | |||||||||||||||||||||||||||||||
AllianzGI Retirement 2015(2) | N/A | 0.97 | % | N/A | 1.72 | % | 1.07 | % | 1.32 | % | 0.67 | % | N/A | 0.57 | % | 0.92 | % | |||||||||||||||||||||||
AllianzGI Retirement 2020(2) | N/A | 0.99 | N/A | 1.74 | 1.09 | 1.34 | 0.69 | N/A | 0.59 | 0.94 | ||||||||||||||||||||||||||||||
AllianzGI Retirement 2025(2) | N/A | 1.01 | N/A | N/A | N/A | 1.36 | 0.71 | N/A | 0.61 | 0.96 | ||||||||||||||||||||||||||||||
AllianzGI Retirement 2030(2) | N/A | 1.03 | N/A | 1.78 | 1.13 | 1.38 | 0.73 | N/A | 0.63 | 0.98 | ||||||||||||||||||||||||||||||
AllianzGI Retirement 2035(2) | N/A | 1.06 | N/A | N/A | N/A | 1.41 | 0.76 | N/A | 0.66 | 1.01 | ||||||||||||||||||||||||||||||
AllianzGI Retirement 2040(2) | N/A | 1.09 | N/A | 1.84 | 1.19 | 1.44 | 0.79 | N/A | 0.69 | 1.04 | ||||||||||||||||||||||||||||||
AllianzGI Retirement 2045(2) | N/A | 1.10 | N/A | N/A | N/A | 1.45 | 0.80 | N/A | 0.70 | 1.05 | ||||||||||||||||||||||||||||||
AllianzGI Retirement 2050(2) | N/A | 1.10 | N/A | 1.85 | 1.20 | 1.45 | 0.80 | N/A | 0.70 | 1.05 | ||||||||||||||||||||||||||||||
AllianzGI Retirement 2055(2) | N/A | 1.10 | N/A | N/A | N/A | 1.45 | 0.80 | N/A | 0.70 | 1.05 | ||||||||||||||||||||||||||||||
AllianzGI Retirement Income(2) | N/A | 0.95 | N/A | 1.70 | 1.05 | 1.30 | 0.65 | N/A | 0.55 | * | 0.90 | |||||||||||||||||||||||||||||
AllianzGI Global Allocation(3) | 0.55 | % | 0.64 | 1.36 | % | 1.38 | 0.64 | 0.81 | 0.41 | 0.40 | % | 0.30 | 0.65 | |||||||||||||||||||||||||||
AllianzGI Global Dynamic Allocation(3) | 0.55 | 0.76 | N/A | 1.49 | 0.76 | 1.01 | 0.61 | 0.51 | 0.36 | 0.76 | ||||||||||||||||||||||||||||||
AllianzGI Global Megatrends(4) | N/A | 1.30 | N/A | N/A | N/A | N/A | 1.15 | * | 1.05 | * | N/A | N/A | ||||||||||||||||||||||||||||
AllianzGI Best Styles Emerging Markets Equity(5) | N/A | N/A | N/A | N/A | N/A | N/A | 0.80 | 0.70 | 0.60 | N/A | ||||||||||||||||||||||||||||||
AllianzGI Best Styles Global Equity(5) | N/A | 0.75 | N/A | N/A | N/A | N/A | 0.60 | 0.50 | 0.40 | N/A | ||||||||||||||||||||||||||||||
AllianzGI Best Styles International Equity(5) | N/A | N/A | N/A | N/A | N/A | N/A | 0.65 | 0.55 | 0.45 | N/A | ||||||||||||||||||||||||||||||
AllianzGI Best Styles U.S. Equity(5) | N/A | N/A | N/A | N/A | N/A | N/A | 0.60 | 0.50 | 0.40 | N/A | ||||||||||||||||||||||||||||||
AllianzGI China Equity(5) | N/A | 1.70 | N/A | 2.45 | 1.77 | N/A | 1.51 | 1.45 | N/A | N/A | ||||||||||||||||||||||||||||||
AllianzGI Convertible | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
AllianzGI Emerging Markets Consumers(6) | N/A | 1.55 | N/A | N/A | N/A | N/A | N/A | 1.20 | N/A | N/A | ||||||||||||||||||||||||||||||
AllianzGI Emerging Markets Debt(5) | N/A | 1.20 | N/A | 1.95 | N/A | N/A | 1.05 | 0.95 | N/A | N/A | ||||||||||||||||||||||||||||||
AllianzGI Emerging Markets Small-Cap(5) | N/A | 1.85 | N/A | N/A | N/A | N/A | N/A | 1.50 | N/A | N/A | ||||||||||||||||||||||||||||||
AllianzGI Europe Equity Dividend(5) | N/A | 1.20 | N/A | 1.95 | N/A | N/A | 1.05 | 0.95 | N/A | N/A | ||||||||||||||||||||||||||||||
AllianzGI Global Fundamental Strategy(6) | N/A | 1.25 | N/A | 2.00 | 1.25 | N/A | 1.10 | 1.00 | N/A | N/A | ||||||||||||||||||||||||||||||
AllianzGI Global Sustainability(5) | N/A | 1.20 | N/A | N/A | N/A | N/A | 1.05 | 0.95 | N/A | N/A | ||||||||||||||||||||||||||||||
AllianzGI Global Water | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
AllianzGI High Yield Bond | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
AllianzGI International Growth(5) | N/A | 1.20 | N/A | N/A | N/A | N/A | N/A | 0.95 | N/A | N/A | ||||||||||||||||||||||||||||||
AllianzGI International Small-Cap(5) | N/A | 1.45 | N/A | 2.19 | 1.45 | 1.70 | 1.28 | 1.21 | 1.11 | N/A | ||||||||||||||||||||||||||||||
AllianzGI Micro Cap(6) | N/A | 1.62 | N/A | N/A | N/A | N/A | 1.54 | 1.54 | N/A | N/A | ||||||||||||||||||||||||||||||
AllianzGI Multi-Asset Real Return(6) | N/A | 0.85 | N/A | 1.60 | 0.85 | N/A | 0.70 | 0.60 | N/A | N/A | ||||||||||||||||||||||||||||||
AllianzGI NFJ Emerging Markets Value(5) | N/A | 1.34 | N/A | 2.09 | 1.55 | N/A | 1.18 | 1.09 | N/A | N/A | ||||||||||||||||||||||||||||||
AllianzGI NFJ Global Dividend Value(5) | N/A | 1.20 | N/A | 1.99 | 1.20 | N/A | 1.04 | 0.95 | N/A | N/A | ||||||||||||||||||||||||||||||
AllianzGI NFJ International Small-Cap Value(5) | N/A | 1.30 | N/A | 2.05 | 1.30 | N/A | 1.15 | 1.05 | 0.95 | N/A | ||||||||||||||||||||||||||||||
AllianzGI NFJ International Value II(5) | N/A | 1.20 | N/A | 1.95 | 1.20 | N/A | 1.00 | 0.95 | N/A | N/A | ||||||||||||||||||||||||||||||
AllianzGI Short Duration High Income(5) | N/A | N/A | N/A | N/A | 0.85 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
AllianzGI Structured Return(6) | N/A | 1.15 | N/A | 1.90 | 1.15 | N/A | 1.00 | 0.90 | N/A | N/A | ||||||||||||||||||||||||||||||
AllianzGI U.S. Equity Hedged(6) | N/A | 1.25 | N/A | 2.00 | 1.25 | N/A | 1.10 | 1.00 | N/A | N/A | ||||||||||||||||||||||||||||||
AllianzGI U.S. Small-Cap Growth(5) | N/A | 1.40 | N/A | 2.20 | 1.42 | 1.65 | 1.25 | 1.16 | N/A | N/A | ||||||||||||||||||||||||||||||
AllianzGI Ultra Micro Cap | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
(1) | The Investment Manager has contractually agreed to irrevocably waive a portion of its management fee with respect to the noted Funds. The waiver is calculated on the average daily net assets of each applicable Fund that are attributable to investments in either Underlying Funds or Other Acquired Funds based on the rates disclosed in the above table. This waiver with respect to investments in Underlying Funds and Other Acquired Funds for which the Investment Manager or an affiliated person thereof serves as investment adviser is terminable only by the Board of Trustees of the Trust, and the waiver with respect to investments in unaffiliated Other Acquired Funds will continue through at least January 31, 2017. This waiver does not apply to net assets of the Funds not invested in shares of Underlying Funds or Other Acquired Funds (e.g., direct investments in other securities and instruments). |
Semiannual Report | | March 31, 2016 | 327 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
(2) | The Investment Manager has contractually agreed, until January 31, 2017, to irrevocably waive its management and administrative fees and reimburse any additional other expenses or acquired fund fees and expenses, to the extent that Total Annual Fund Operating Expenses after Expense Reductions, excluding, interest, taxes, and extraordinary expenses, exceed the rates noted in the table above based on the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such waiver or reimbursement. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties. |
(3) | Effective February 1, 2016, the Investment Manager has contractually agreed, until January 31, 2017, to irrevocably waive its management fee and/or reimburse the Fund, to the extent that, after the application of the fee waiver described in footnote (1) above, Total Annual Fund Operating Expenses, excluding interest, taxes, and extraordinary expenses, acquired fund fees and expenses and certain credits and other expenses, exceed the rates noted in the table above based on the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such waiver or reimbursement. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties. |
(4) | The Investment Manager has contractually agreed, until January 31, 2017, to reimburse other expenses or acquired fund fees and expenses, to the extent that Total Annual Fund Operating Expenses after Expense Reductions, excluding, interest, taxes, and extraordinary expenses, exceed the rates noted in the table above based on the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such waiver or reimbursement. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties. |
(5) | Effective February 1, 2016, the Investment Manager has contractually agreed, until January 31, 2017, to irrevocably waive its management fee and/or reimburse the Fund, to the extent that, Total Annual Fund Operating Expenses, excluding interest, taxes, and extraordinary expenses, and certain credits and other expenses, exceed the rates noted in the table above based upon the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such waiver or reimbursement. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties. |
(6) | Effective February 1, 2016, the Investment Manager has contractually agreed, until January 31, 2017, to irrevocably waive its management fee and/or reimburse the Fund, to the extent that, Total Annual Fund Operating Expenses, excluding interest, taxes, and extraordinary expenses, acquired fund fees and expenses, and certain credits and other expenses, exceed the rates noted in the table above based upon the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such waiver or reimbursement. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties. |
* | As a result of reimbursing expenses inclusive of acquired fund fees and expenses, the Investment Manager reimbursed amounts in excess of the respective share class’ operating expenses. The aggregate excess reimbursement of each share class is accounted for as “Contribution from Investment Manager” on the Statements of Operations. |
† | Class B shares and Class D shares were converted into Class A shares at the close of business on December 4, 2015 and November 13, 2015, respectively. See Note 12(d). |
The Investment Manager, in connection with the conversion of Class D shares into Class A shares, reimbursed AllianzGI Convertible, AllianzGI Global Water, AllianzGI High Yield Bond and AllianzGI Short Duration High Income for certain sub-transfer agent fees.
The Investment Manager, as per expense limitation agreements, may recoup waived/reimbursed amounts for a period of up to three years, provided total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such waiver/reimbursement. During the six months ended March 31, 2016, the Investment Manager recouped a total of $14,217 from the Funds as disclosed on the Statements of Operations. The following represents the amounts that still can be recouped by the Investment Manager as of March 31, 2016.
Unrecouped Expenses Waived/Reimbursed through Fiscal Year ended | ||||||||||||||||
11/30/2013 | 11/30/2014 | 9/30/2015 | Totals | |||||||||||||
AllianzGI Retirement 2015 | $ | 29,817 | $ | 38,450 | $ | 26,249 | $ | 94,516 | ||||||||
AllianzGI Retirement 2020 | 41,091 | 67,722 | 54,591 | 163,404 | ||||||||||||
AllianzGI Retirement 2025 | 40,739 | 77,249 | 64,766 | 182,754 | ||||||||||||
AllianzGI Retirement 2030 | 63,348 | 85,969 | 76,424 | 225,741 | ||||||||||||
AllianzGI Retirement 2035 | 39,569 | 66,529 | 66,388 | 172,486 | ||||||||||||
AllianzGI Retirement 2040 | 39,733 | 62,943 | 60,282 | 162,958 | ||||||||||||
AllianzGI Retirement 2045 | 21,258 | 38,603 | 38,645 | 98,506 | ||||||||||||
AllianzGI Retirement 2050 | 23,759 | 31,927 | 34,200 | 89,886 | ||||||||||||
AllianzGI Retirement 2055 | 9,226 | 10,500 | 11,552 | 31,278 | ||||||||||||
AllianzGI Retirement Income | 43,580 | 39,055 | 25,007 | 107,642 | ||||||||||||
AllianzGI Global Allocation | 515,434 | 516,476 | 333,368 | 1,365,278 | ||||||||||||
AllianzGI Global Dynamic Allocation | 208,305 | 217,360 | 204,882 | 630,547 | ||||||||||||
AllianzGI Global Megatrends | — | — | 150,527 | 150,527 | ||||||||||||
AllianzGI Best Styles Emerging Markets Equity | — | — | 236,952 | 236,952 | ||||||||||||
AllianzGI Best Styles Global Equity | — | 455,753 | 266,552 | 722,305 | ||||||||||||
AllianzGI Best Styles International Equity | — | — | 342,608 | 342,608 | ||||||||||||
AllianzGI Best Styles U.S. Equity | — | — | 184,303 | 184,303 |
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Unrecouped Expenses Waived/Reimbursed through Fiscal Year ended | ||||||||||||||||
11/30/2013 | 11/30/2014 | 9/30/2015 | Totals | |||||||||||||
AllianzGI China Equity | $ | 164,625 | $ | 206,219 | $ | 182,102 | $ | 552,946 | ||||||||
AllianzGI Emerging Markets Consumer | — | — | 244,097 | 244,097 | ||||||||||||
AllianzGI Emerging Markets Debt | — | 217,381 | 305,163 | 522,544 | ||||||||||||
AllianzGI Emerging Markets Small-Cap | — | — | 293,821 | 293,821 | ||||||||||||
AllianzGI Europe Equity Dividend | — | — | 230,355 | 230,355 | ||||||||||||
AllianzGI Global Fundamental Strategy | 171,914 | 249,637 | 153,697 | 575,248 | ||||||||||||
AllianzGI Global Sustainability | — | — | 202,111 | 202,111 | ||||||||||||
AllianzGI High Yield Bond | 6,686 | 508 | — | 7,194 | ||||||||||||
AllianzGI International Growth | — | — | 161,358 | 161,358 | ||||||||||||
AllianzGI International Small-Cap | 259,262 | 260,803 | 141,751 | 661,816 | ||||||||||||
AllianzGI Micro Cap | 162,476 | 117,388 | 115,571 | 395,435 | ||||||||||||
AllianzGI Multi-Asset Real Return | 364,268 | 239,165 | 206,099 | 809,532 | ||||||||||||
AllianzGI NFJ Emerging Markets Value | 344,104 | 262,863 | 303,098 | 910,065 | ||||||||||||
AllianzGI NFJ Global Dividend Value | 174,551 | 170,631 | 170,807 | 515,989 | ||||||||||||
AllianzGI NFJ International Small-Cap Value | 271,427 | 228,562 | 214,424 | 714,413 | ||||||||||||
AllianzGI NFJ International Value II | 242,059 | 235,983 | 181,260 | 659,302 | ||||||||||||
AllianzGI Short Duration High Income | 95,769 | 74,554 | 10,170 | 180,493 | ||||||||||||
AllianzGI Structured Return | 279,883 | 356,079 | 88,864 | 724,826 | ||||||||||||
AllianzGI U.S. Equity Hedged | 359,611 | 200,633 | 129,361 | 689,605 | ||||||||||||
AllianzGI U.S. Small-Cap Growth | 157,694 | 177,424 | 132,180 | 467,298 |
7. | INVESTMENTS IN SECURITIES |
For the six months ended March 31, 2016, purchases and sales of investments, other than short-term securities and U.S. government obligations were:
Purchases | Sales | |||||||
AllianzGI Retirement 2015 | $ | 20,711,501 | $ | 25,229,884 | ||||
AllianzGI Retirement 2020 | 40,789,211 | 53,331,065 | ||||||
AllianzGI Retirement 2025 | 47,051,919 | 55,948,617 | ||||||
AllianzGI Retirement 2030 | 45,997,372 | 52,160,345 | ||||||
AllianzGI Retirement 2035 | 31,183,220 | 37,836,694 | ||||||
AllianzGI Retirement 2040 | 28,725,166 | 32,883,647 | ||||||
AllianzGI Retirement 2045 | 16,323,510 | 17,248,945 | ||||||
AllianzGI Retirement 2050 | 12,103,348 | 13,081,962 | ||||||
AllianzGI Retirement 2055 | 4,427,227 | 4,701,524 | ||||||
AllianzGI Retirement Income | 17,319,911 | 17,073,443 | ||||||
AllianzGI Global Allocation | 291,560,109 | 103,969,998 | ||||||
AllianzGI Global Dynamic Allocation | 25,096,475 | 2,778,214 | ||||||
AllianzGI Global Megatrends | 362,442 | 141,944 | ||||||
AllianzGI Best Styles Emerging Markets Equity | 6,418,064 | 2,951,700 | ||||||
AllianzGI Best Styles Global Equity | 391,321,931 | 140,881,974 | ||||||
AllianzGI Best Styles International Equity | 84,125,268 | 59,889,459 | ||||||
AllianzGI Best Styles U.S. Equity | 33,179,141 | 33,790,881 | ||||||
AllianzGI China Equity | 1,364,252 | 1,702,130 | ||||||
AllianzGI Convertible | 677,207,643 | 1,061,103,237 |
Purchases | Sales | |||||||
AllianzGI Emerging Markets Consumer | $ | 26,962,285 | $ | 8,779,668 | ||||
AllianzGI Emerging Markets Debt | 23,584,609 | 18,226,920 | ||||||
AllianzGI Emerging Markets Small-Cap | 5,992,925 | 6,085,007 | ||||||
AllianzGI Europe Equity Dividend | 839,858 | 534,421 | ||||||
AllianzGI Global Fundamental Strategy | 86,216 | 470,500 | ||||||
AllianzGI Global Sustainability | 17,109,231 | 338,585 | ||||||
AllianzGI Global Water | 143,528,927 | 126,394,371 | ||||||
AllianzGI High Yield Bond | 80,876,937 | 85,806,024 | ||||||
AllianzGI International Growth | 317,227 | 325,604 | ||||||
AllianzGI International Small-Cap | 45,034,817 | 50,230,973 | ||||||
AllianzGI Micro Cap | 6,245,017 | 18,786,060 | ||||||
AllianzGI Multi-Asset Real Return | 952,151 | 2,087,707 | ||||||
AllianzGI NFJ Emerging Markets Value | 4,794,208 | 5,207,864 | ||||||
AllianzGI NFJ Global Dividend Value | 6,116,826 | 13,731,231 | ||||||
AllianzGI NFJ International Small-Cap Value | 6,286,657 | 6,383,050 | ||||||
AllianzGI NFJ International Value II | 9,649,286 | 8,410,342 | ||||||
AllianzGI Short Duration High Income | 199,477,144 | 319,865,983 | ||||||
AllianzGI Structured Return | 226,920,323 | 141,472,118 | ||||||
AllianzGI U.S. Equity Hedged | 77,234 | 8,115,340 | ||||||
AllianzGI U.S. Small-Cap Growth | 18,891,219 | 27,672,401 | ||||||
AllianzGI Ultra Micro Cap | 10,157,312 | 33,783,048 |
Semiannual Report | | March 31, 2016 | 329 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
Purchases and sales in U.S. government obligations were:
Purchases | Sales | |||||||
AllianzGI Global Dynamic Allocation | $ | 3,201,149 | — | |||||
AllianzGI Global Fundamental Strategy | 478,110 | — |
At March 31, 2016, AllianzGI High Yield Bond had the following unfunded commitment under a debtor-in-possession financing which could be extended at the option of the in-bankruptcy issuer:
Issuer | Principal Amount | |||
SFX Entertainment, Inc. | $ | 422,113 |
(a) Transactions in options written for the six months ended March 31, 2016:
AllianzGI Emerging Markets Debt: | ||||||||
Contracts | Premiums | |||||||
Options outstanding, September 30, 2015 | — | — | ||||||
Options written | 172 | $ | 49,668 | |||||
Options expired | (172 | ) | (49,668 | ) | ||||
Options outstanding, March 31, 2016 | — | — | ||||||
AllianzGI Global Fundamental Strategy: | ||||||||
Contracts | Premiums | |||||||
Options outstanding, September 30, 2015 | — | — | ||||||
Options written | 65 | $ | 63,579 | |||||
Options expired | (20 | ) | (6,609 | ) | ||||
Options outstanding, March 31, 2016 | 45 | $ | 56,970 |
AllianzGI Structured Return: | ||||||||
Contracts | Premiums | |||||||
Options outstanding, September 30, 2015 | 1,393 | $ | 7,717,110 | |||||
Options written | 9,643 | 48,668,967 | ||||||
Options terminated in closing transactions | (4,498 | ) | (41,478,473 | ) | ||||
Options expired | (4,466 | ) | (6,048,650 | ) | ||||
Options outstanding, March 31, 2016 | 2,072 | $ | 8,858,954 | |||||
AllianzGI U.S. Equity Hedged: | ||||||||
Contracts | Premiums | |||||||
Options outstanding, September 30, 2015 | 151 | $ | 106,405 | |||||
Options written | 965 | 842,137 | ||||||
Options terminated in closing transactions | (241 | ) | (122,300 | ) | ||||
Options expired | (799 | ) | (727,664 | ) | ||||
Options outstanding, March 31, 2016 | 76 | $ | 98,578 |
(b) Credit default swap agreements outstanding at March 31, 2016:
OTC buy protection swap agreements:
AllianzGI Emerging Markets Debt: | ||||||||||||||||||||||||||||
Swap Counterparty/ Referenced Debt Issuer | Notional Amount (000s)(1) | Implied Credit Spread | Termination Date | Fixed Deal Pay Rate | Value(2) | Upfront Premiums Paid (Received) | Unrealized Depreciation | |||||||||||||||||||||
Bank of America: | ||||||||||||||||||||||||||||
Republic of Peru | $ | 2,000 | 1.54 | % | 6/20/21 | 1.00 | % | $ | (7,704 | ) | $ | 1,982 | $ | (9,686 | ) | |||||||||||||
JPMorgan Chase: | ||||||||||||||||||||||||||||
CDX.EM-24 | 2,300 | 3.00 | % | 12/20/20 | 1.00 | % | (194,650 | ) | (189,336 | ) | (5,314 | ) | ||||||||||||||||
$ | (202,354 | ) | $ | (187,354 | ) | $ | (15,000 | ) |
OTC sell protection swap agreements:
AllianzGI Emerging Markets Debt: | ||||||||||||||||||||||||||||
Swap Counterparty/ Referenced Debt Issuer | Notional Amount (000s)(1) | Implied Credit Spread | Termination Date | Fixed Deal Received Rate | Value(2) | Upfront Premiums Received | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Bank of America: | ||||||||||||||||||||||||||||
Republic of Chile | $ | 2,000 | 0.92 | % | 6/20/21 | 1.00 | % | $ | (56,008 | ) | $ | (67,785 | ) | $ | 11,777 |
(1) | This represents the maximum potential amount the Fund could be required to make available as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
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(2) | The quoted market prices and resulting values for credit default swap agreements serve as an indicator of the status at March 31, 2016 of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement have been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(c) Futures contracts outstanding at March 31, 2016:
AllianzGI Retirement 2035: | ||||||||||||||||
Type | Contracts | Market Value (000s) | Expiration Date | Unrealized Appreciation | ||||||||||||
Long: E-mini S&P 500 Index | 5 | $ | 513 | 6/17/16 | $ | 10,600 | ||||||||||
AllianzGI Retirement 2040: | ||||||||||||||||
Type | Contracts | Market Value (000s) | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||
Long: E-mini S&P 500 Index | 10 | $ | 1,026 | 6/17/16 | $ | 21,201 | ||||||||||
Mini MSCI EAFE Index | 4 | 325 | 6/17/16 | (573 | ) | |||||||||||
$ | 20,628 |
AllianzGI Retirement 2045: | ||||||||||||||||
Type | Contracts | Market Value (000s) | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||
Long: E-mini S&P 500 Index | 7 | $ | 718 | 6/17/16 | $ | 14,840 | ||||||||||
Mini MSCI EAFE Index | 4 | 325 | 6/17/16 | (573 | ) | |||||||||||
$ | 14,267 | |||||||||||||||
AllianzGI Retirement 2050: | ||||||||||||||||
Type | Contracts | Market Value (000s) | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||
Long: E-mini S&P 500 Index | 6 | $ | 616 | 6/17/16 | $ | 12,720 | ||||||||||
Mini MSCI EAFE Index | 5 | 406 | 6/17/16 | (716 | ) | |||||||||||
$ | 12,004 | |||||||||||||||
AllianzGI Retirement 2055: | ||||||||||||||||
Type | Contracts | Market Value (000s) | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||
Long: E-mini S&P 500 Index | 2 | $ | 205 | 6/17/16 | $ | 4,240 | ||||||||||
Mini MSCI EAFE Index | 2 | 163 | 6/17/16 | (286 | ) | |||||||||||
$ | 3,954 | |||||||||||||||
AllianzGI Global Allocation: | ||||||||||||||||
Type | Contracts | Market Value (000s) | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||
Long: 10-Year U.S. Treasury Note | 139 | $ | 18,124 | 6/21/16 | $ | (50,349 | ) | |||||||||
2-Year U.S. Treasury Note | 83 | 18,156 | 6/30/16 | (6,538 | ) | |||||||||||
5-Year U.S. Treasury Note | 394 | 47,739 | 6/30/16 | (42,694 | ) | |||||||||||
Dow Jones U.S. Real Estate Index | 148 | 4,535 | 6/17/16 | 3,249 | ||||||||||||
Euro-BTP | 108 | 17,281 | 6/8/16 | 285,715 | ||||||||||||
U.S. Treasury Ultra Bond | 67 | 11,559 | 6/21/16 | (101,613 | ) |
Semiannual Report | | March 31, 2016 | 331 |
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Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Global Allocation (cont’d) | ||||||||||||||||
Type | Contracts | Market Value (000s) | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||
Short: Euro Stoxx 50 Index | (153 | ) | $ | (5,103 | ) | 6/17/16 | $ | 152,954 | ||||||||
Hang Seng Index | (20 | ) | (2,682 | ) | 4/28/16 | (54,249 | ) | |||||||||
SPI 200 Index | (47 | ) | (4,563 | ) | 6/16/16 | 2,553 | ||||||||||
TOPIX Index | (36 | ) | (4,310 | ) | 6/9/16 | (2,209 | ) | |||||||||
$ | 186,819 | |||||||||||||||
AllianzGI Global Dynamic Allocation: | ||||||||||||||||
Type | Contracts | Market Value (000s) | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||
Long: 10-Year U.S. Treasury Note | 6 | $ | 783 | 6/21/16 | $ | 1,237 | ||||||||||
2-Year U.S. Treasury Note | 7 | 1,531 | 6/30/16 | 1,096 | ||||||||||||
5-Year U.S. Treasury Note | 10 | 1,212 | 6/30/16 | 3,215 | ||||||||||||
Dow Jones U.S. Real Estate Index | 38 | 1,164 | 6/17/16 | 43,569 | ||||||||||||
E-mini S&P 500 Index | 16 | 1,641 | 6/17/16 | 49,714 | ||||||||||||
U.S. Treasury Ultra Bond | 2 | 345 | 6/21/16 | (950 | ) | |||||||||||
Short: Mini MSCI EAFE | (11 | ) | (894 | ) | 6/17/16 | 1,504 | ||||||||||
Mini MSCI Emerging Markets Index | (19 | ) | (792 | ) | 6/17/16 | (29,703 | ) | |||||||||
$ | 69,682 | |||||||||||||||
AllianzGI Best Styles Emerging Markets Equity: | ||||||||||||||||
Type | Contracts | Market Value (000s) | Expiration Date | Unrealized Appreciation | ||||||||||||
Long: Mini MSCI Emerging Markets Index | 24 | $ | 1,000 | 6/17/16 | $ | 2,801 | ||||||||||
SGX Nifty 50 Index | 36 | 561 | 4/28/16 | 5,979 | ||||||||||||
$ | 8,780 |
AllianzGI Best Styles Global Equity: | ||||||||||||||||
Type | Contracts | Market Value (000s) | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||
Long: E-mini S&P 500 Index | 55 | $ | 5,641 | 6/17/16 | $ | 124,579 | ||||||||||
Euro STOXX 600 Index | 85 | 1,604 | 6/17/16 | (15,132 | ) | |||||||||||
Mini MSCI Emerging Markets Index | 63 | 2,627 | 6/17/16 | 61,070 | ||||||||||||
TOPIX Index | 10 | 1,197 | 6/9/16 | 22,933 | ||||||||||||
$ | 193,450 | |||||||||||||||
AllianzGI Best Styles International Equity: | ||||||||||||||||
Type | Contracts | Market Value (000s) | Expiration Date | Unrealized Depreciation | ||||||||||||
Long: Mini MSCI EAFE Index | 13 | $ | 1,057 | 6/17/16 | $ | (7,528 | ) | |||||||||
AllianzGI Best Styles U.S. Equity: | ||||||||||||||||
Type | Contracts | Market Value (000s) | Expiration Date | Unrealized Appreciation | ||||||||||||
Long: E-mini S&P 500 Index | 32 | $ | 3,282 | 6/17/16 | $ | 12,310 | ||||||||||
332 | March 31, 2016 | | Semiannual Report |
Table of Contents
AllianzGI Global Fundamental Strategy: | ||||||||||||||||
Type | Contracts | Market Value (000s) | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||
Long: Euro Stoxx 50 Index | 31 | $ | 1,034 | 6/17/16 | $ | 2,065 | ||||||||||
Short: 10-Year U.S. Treasury Note | (5 | ) | (652 | ) | 6/21/16 | 107 | ||||||||||
5-Year U.S. Treasury Note | (4 | ) | (485 | ) | 6/30/16 | (883 | ) | |||||||||
E-mini S&P 500 Index | (10 | ) | (1,026 | ) | 6/17/16 | 2,726 | ||||||||||
Euro-Bobl | (3 | ) | (447 | ) | 6/8/16 | 201 | ||||||||||
Euro-Bund | (1 | ) | (186 | ) | 6/8/16 | (559 | ) | |||||||||
$ | 3,657 | |||||||||||||||
AllianzGI Multi-Asset Real Return: | ||||||||||||||||
Type | Contracts | Market Value (000s) | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||
Long: 10-Year U.S. Treasury Note | 1 | $ | 130 | 6/21/16 | $ | (151 | ) | |||||||||
Euro-BTP | 1 | 160 | 6/8/16 | 4,095 | ||||||||||||
Short: 2-Year U.S. Treasury Note | (2 | ) | (437 | ) | 6/30/16 | (207 | ) | |||||||||
Dow Jones U.S. Real Estate Index | (1 | ) | (31 | ) | 6/17/16 | (1,193 | ) | |||||||||
$ | 2,544 |
(d) Forward foreign currency contracts outstanding at March 31, 2016:
AllianzGI Global Allocation: | ||||||||||||||||
Counterparty | U.S.$ Value on Origination Date | U.S.$ Value March 31, 2016 | Unrealized Appreciation | |||||||||||||
Purchased: | ||||||||||||||||
1,136,496,200 Japanese Yen settling 5/11/16 | State Street Bank | $ | 10,089,185 | $ | 10,108,672 | $ | 19,487 | |||||||||
Sold: | ||||||||||||||||
7,000,000 British Pound settling 5/11/16 | State Street Bank | 10,089,185 | 10,054,833 | 34,352 | ||||||||||||
$ | 53,839 | |||||||||||||||
AllianzGI Best Styles Global Equity: | ||||||||||||||||
Counterparty | U.S.$ Value on Origination Date | U.S.$ Value March 31, 2016 | Unrealized Appreciation (Depreciation) | |||||||||||||
Sold: | ||||||||||||||||
1,187,096 Hong Kong Dollar settling 4/1/16 | Northern Trust Company | $ | 153,046 | $ | 153,029 | $ | 17 | |||||||||
16,702,432 South African Rand settling 4/1/16 | Northern Trust Company | 1,085,238 | 1,131,314 | (46,076 | ) | |||||||||||
$ | (46,059 | ) | ||||||||||||||
AllianzGI Emerging Markets Consumer: | ||||||||||||||||
Counterparty | U.S.$ Value on Origination Date | U.S.$ Value March 31, 2016 | Unrealized Appreciation | |||||||||||||
Purchased: | ||||||||||||||||
1,236,733 South African Rand settling 4/4/16 | Northern Trust Company | $ | 79,607 | $ | 83,768 | $ | 4,161 | |||||||||
AllianzGI Emerging Markets Debt: | ||||||||||||||||
Counterparty | U.S.$ Value on Origination Date | U.S.$ Value March 31, 2016 | Unrealized Appreciation (Depreciation) | |||||||||||||
Purchased: | ||||||||||||||||
786,011 Euro settling 4/13/16 | State Street Bank | $ | 854,143 | $ | 894,651 | $ | 40,508 | |||||||||
Sold: |
| |||||||||||||||
2,657,581 Euro settling 4/13/16 | State Street Bank | 2,923,221 | 3,024,903 | (101,682 | ) | |||||||||||
$ | (61,174 | ) |
Semiannual Report | | March 31, 2016 | 333 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Global Fundamental Strategy: | ||||||||||||||||
Counterparty | U.S.$ Value on Origination Date | U.S.$ Value March 31, 2016 | Unrealized Appreciation (Depreciation) | |||||||||||||
Purchased: | ||||||||||||||||
35,000,000 Indian Rupee settling 5/27/16 | State Street Bank | $ | 502,188 | $ | 523,459 | $ | 21,271 | |||||||||
Sold: |
| |||||||||||||||
1,500,000 Euro settling 5/27/16 | State Street Bank | 1,655,250 | 1,709,561 | (54,311 | ) | |||||||||||
$ | (33,040 | ) | ||||||||||||||
AllianzGI International Small-Cap: | ||||||||||||||||
Counterparty | U.S.$ Value on Origination Date | U.S.$ Value March 31, 2016 | Unrealized Depreciation | |||||||||||||
Sold: | ||||||||||||||||
9,610,473 Japanese Yen settling 4/1/16 | Northern Trust Company | $ | 84,679 | $ | 85,392 | $ | (713 | ) | ||||||||
AllianzGI NFJ Emerging Markets Value: | ||||||||||||||||
Counterparty | U.S.$ Value on Origination Date | U.S.$ Value March 31, 2016 | Unrealized Appreciation (Depreciation) | |||||||||||||
Purchased: | ||||||||||||||||
48,684 South African Rand settling 4/5/16 | Northern Trust Company | $ | 3,147 | $ | 3,297 | $ | 150 | |||||||||
Sold: | ||||||||||||||||
631,342 South African Rand settling 4/5/16 | Northern Trust Company | 40,812 | 42,755 | (1,943 | ) | |||||||||||
$ | (1,793 | ) | ||||||||||||||
AllianzGI NFJ International Small-Cap Value: | ||||||||||||||||
Counterparty | U.S.$ Value on Origination Date | U.S.$ Value March 31, 2016 | Unrealized Depreciation | |||||||||||||
Sold: | ||||||||||||||||
50,039 Euro settling 4/1/16 | Northern Trust Company | $ | 56,022 | $ | 56,939 | $ | (917 | ) |
At March 31, 2016, the following Funds pledged cash as collateral for derivatives:
Collateral | ||||
AllianzGI Retirement 2035 | $ | 242,451 | ||
AllianzGI Retirement 2040 | 262,123 | |||
AllianzGI Retirement 2045 | 191,200 | |||
AllianzGI Retirement 2050 | 187,146 | |||
AllianzGI Retirement 2055 | 87,055 | |||
AllianzGI Global Allocation | 6,939,302 | |||
AllianzGI Global Dynamic Allocation | 294,490 | |||
AllianzGI Best Styles Emerging Markets Equity | 291,940 | |||
AllianzGI Best Styles Global Equity | 2,975,083 | |||
AllianzGI Best Styles International Equity | 100,138 | |||
AllianzGI Best Styles U.S. Equity | 986,434 | |||
AllianzGI Emerging Markets Debt | 40,000 | |||
AllianzGI Global Fundamental Strategy | 141,779 | |||
AllianzGI Multi-Asset Real Return | 101,214 | |||
AllianzGI Structured Return | 471,456 | |||
AllianzGI U.S. Equity Hedged | 37,343 |
Glossary:
CDX.EM—Credit Derivatives Index Emerging Markets
EAFE—Europe, Australasia and Far East
334 | March 31, 2016 | | Semiannual Report |
Table of Contents
MSCI—Morgan Stanley Capital International
OTC—Over-the-Counter
SGX—Singapore Exchange
TOPIX—Tokyo Stock Price Index
8. | INCOME TAX INFORMATION |
At March 31, 2016, the aggregate cost basis and the net unrealized appreciation (depreciation) of investments (before options written) for federal income tax purposes were:
Federal Tax Cost Basis(1) | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
AllianzGI Retirement 2015 | $ | 26,975,010 | $ | 325,903 | $ | 695,118 | $ | (369,215 | ) | |||||||
AllianzGI Retirement 2020 | 56,545,991 | 478,493 | 1,712,374 | (1,233,881 | ) | |||||||||||
AllianzGI Retirement 2025 | 61,816,632 | 554,213 | 2,146,042 | (1,591,829 | ) | |||||||||||
AllianzGI Retirement 2030 | 65,161,066 | 634,230 | 2,208,530 | (1,574,300 | ) | |||||||||||
AllianzGI Retirement 2035 | 51,321,520 | 510,697 | 1,944,254 | (1,433,557 | ) | |||||||||||
AllianzGI Retirement 2040 | 43,128,180 | 394,257 | 1,580,459 | (1,186,202 | ) | |||||||||||
AllianzGI Retirement 2045 | 25,512,911 | 257,460 | 858,980 | (601,520 | ) | |||||||||||
AllianzGI Retirement 2050 | 22,419,747 | 68,973 | 660,543 | (591,570 | ) | |||||||||||
AllianzGI Retirement 2055 | 6,292,919 | 112,355 | 257,448 | (145,093 | ) | |||||||||||
AllianzGI Retirement Income | 24,293,585 | 96,474 | 344,776 | (248,302 | ) | |||||||||||
AllianzGI Global Allocation | 484,359,691 | 9,410,335 | 546,686 | 8,863,649 | ||||||||||||
AllianzGI Global Dynamic Allocation | 37,545,277 | 197,528 | 539,357 | (341,829 | ) | |||||||||||
AllianzGI Global Megatrends | 3,215,928 | 24,705 | 404,845 | (380,140 | ) | |||||||||||
AllianzGI Best Styles Emerging Markets Equity | 9,222,983 | 480,017 | 561,295 | (81,278 | ) | |||||||||||
AllianzGI Best Styles Global Equity | 549,523,003 | 27,418,107 | 9,448,757 | 17,969,350 | ||||||||||||
AllianzGI Best Styles International Equity | 84,008,938 | 3,012,118 | 4,901,703 | (1,889,585 | ) | |||||||||||
AllianzGI Best Styles U.S. Equity | 91,975,430 | 4,547,515 | 5,080,218 | (532,703 | ) | |||||||||||
AllianzGI China Equity | 4,984,607 | 175,545 | 687,331 | (511,786 | ) | |||||||||||
AllianzGI Convertible | 1,700,439,871 | 134,737,704 | 62,131,374 | 72,606,330 | ||||||||||||
AllianzGI Emerging Markets Consumer | 34,448,979 | 1,086,345 | 810,499 | 275,846 | ||||||||||||
AllianzGI Emerging Markets Debt | 45,268,238 | 525,158 | 1,224,493 | (699,335 | ) | |||||||||||
AllianzGI Emerging Markets Small-Cap | 8,043,887 | 761,742 | 431,585 | 330,157 | ||||||||||||
AllianzGI Europe Equity Dividend | 3,718,026 | 127,680 | 261,694 | (134,014 | ) | |||||||||||
AllianzGI Global Fundamental Strategy | 20,235,528 | 1,327,596 | 1,556,652 | (229,056 | ) | |||||||||||
AllianzGI Global Sustainability | 20,642,993 | 816,737 | 750,463 | 66,274 | ||||||||||||
AllianzGI Global Water | 352,047,834 | 57,913,423 | 5,010,930 | 52,902,493 | ||||||||||||
AllianzGI High Yield Bond | 332,080,093 | 4,428,828 | 31,107,531 | (26,678,703 | ) | |||||||||||
AllianzGI International Growth | 3,032,062 | 279,326 | 189,645 | 89,681 | ||||||||||||
AllianzGI International Small-Cap | 89,075,918 | 19,720,792 | 4,752,616 | 14,968,176 | ||||||||||||
AllianzGI Micro Cap | 30,178,587 | 8,665,038 | 3,132,673 | 5,532,365 | ||||||||||||
AllianzGI Multi-Asset Real Return | 3,768,571 | 186,693 | 605,348 | (418,655 | ) | |||||||||||
AllianzGI NFJ Emerging Markets Value | 7,984,082 | 378,277 | 446,864 | (68,587 | ) | |||||||||||
AllianzGI NFJ Global Dividend Value | 15,867,876 | 739,372 | 1,691,162 | (951,790 | ) | |||||||||||
AllianzGI NFJ International Small-Cap Value | 11,839,478 | 602,819 | 608,155 | (5,336 | ) | |||||||||||
AllianzGI NFJ International Value II | 46,514,418 | 2,123,990 | 4,517,997 | (2,394,007 | ) | |||||||||||
AllianzGI Short Duration High Income | 969,101,823 | 1,522,202 | 69,089,118 | (67,566,916 | ) | |||||||||||
AllianzGI Structured Return | 186,879,797 | 5,014,781 | 385,592 | 4,629,189 | ||||||||||||
AllianzGI U.S. Equity Hedged | 6,975,077 | 38,907 | 242,754 | (203,847 | ) | |||||||||||
AllianzGI U.S. Small-Cap Growth | 22,887,583 | 4,010,264 | 492,071 | 3,518,193 | ||||||||||||
AllianzGI Ultra Micro Cap | 50,073,897 | 17,088,166 | 5,794,532 | 11,293,634 |
(1) | Differences, if any, between book and tax cost basis were attributable to wash sale loss deferrals and the differing treatment of bond premium amortization. |
Semiannual Report | | March 31, 2016 | 335 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
9. | SHARES OF BENEFICIAL INTEREST |
The Trust may issue an unlimited number of shares of beneficial interest with $0.0001 par value. Changes in shares of beneficial interest were as
follows:
AllianzGI Retirement 2015 | ||||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from through | Year ended 11/30/2014 | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||||
Class A | 112,605 | $ | 2,046,053 | 89,143 | $ | 1,696,448 | 565,795 | $ | 11,168,574 | |||||||||||||||||
Class A - from Class D(a) | 2,801 | 52,044 | — | — | — | — | ||||||||||||||||||||
Class C | 2,155 | 38,616 | 3,911 | 72,140 | 15,337 | 298,797 | ||||||||||||||||||||
Class D | 151 | 2,848 | 343 | 6,522 | 17 | 332 | ||||||||||||||||||||
Class R | 8,844 | 166,372 | 4,569 | 87,148 | 1,134 | 22,530 | ||||||||||||||||||||
Class P | 39,254 | 717,615 | 447,718 | 8,680,317 | 171,764 | 3,325,289 | ||||||||||||||||||||
Class R6 | 41,696 | 766,232 | 276,445 | 5,197,624 | 715,197 | 14,343,900 | ||||||||||||||||||||
Administrative Class | 7,577 | 142,509 | 39,583 | 762,012 | 16,965 | 335,842 | ||||||||||||||||||||
Issued in reinvestment of dividends and distributions: | ||||||||||||||||||||||||||
Class A | 11,175 | 200,812 | 24,968 | 472,907 | 10,510 | 201,688 | ||||||||||||||||||||
Class C | 1,026 | 18,356 | 1,603 | 30,238 | 736 | 14,041 | ||||||||||||||||||||
Class D(a) | — | — | 131 | 2,519 | 120 | 2,326 | ||||||||||||||||||||
Class R | 645 | 11,638 | 342 | 6,532 | 76 | 1,464 | ||||||||||||||||||||
Class P | 23,153 | 418,614 | 12,422 | 237,540 | 4,379 | 84,782 | ||||||||||||||||||||
Class R6 | 22,305 | 403,507 | 29,248 | 559,535 | 9,220 | 178,596 | ||||||||||||||||||||
Administrative Class | 1,787 | 32,236 | 6,206 | 118,530 | 3,808 | 73,602 | ||||||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||||||||||
Class A | (307,018 | ) | (5,708,865 | ) | (216,708 | ) | (4,121,293 | ) | (205,257 | ) | (4,032,346 | ) | ||||||||||||||
Class C | (5,455 | ) | (98,693 | ) | (22,186 | ) | (421,446 | ) | (35,474 | ) | (694,946 | ) | ||||||||||||||
Class D | (1 | ) | (6 | ) | (2,430 | ) | (47,622 | ) | (5,313 | ) | (104,936 | ) | ||||||||||||||
Class D - to Class A(a) | (2,770 | ) | (52,044 | ) | — | — | — | — | ||||||||||||||||||
Class R | (8,666 | ) | (155,636 | ) | (2,915 | ) | (56,290 | ) | (2,592 | ) | (50,484 | ) | ||||||||||||||
Class P | (83,129 | ) | (1,515,614 | ) | (90,011 | ) | (1,744,140 | ) | (190,596 | ) | (3,761,904 | ) | ||||||||||||||
Class R6 | (88,526 | ) | (1,615,077 | ) | (462,989 | ) | (9,048,552 | ) | (440,624 | ) | (8,878,990 | ) | ||||||||||||||
Administrative Class | (3,633 | ) | (68,875 | ) | (163,979 | ) | (3,127,761 | ) | (47,231 | ) | (938,663 | ) | ||||||||||||||
Net increase (decrease) resulting from Fund share transactions | (224,024 | ) | $ | (4,197,358 | ) | (24,586 | ) | $ | (637,092 | ) | 587,971 | $ | 11,589,494 |
† | Fiscal year end changed from November 30th to September 30th. |
(a) | Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d). |
336 | March 31, 2016 | | Semiannual Report |
Table of Contents
AllianzGI Retirement 2020 | AllianzGI Retirement 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from through | Year ended 11/30/2014 | Six Months ended 3/31/2016 (unaudited) | Period from through | Year ended 11/30/2014 | |||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||
139,026 | $ | 2,508,144 | 132,585 | $ | 2,507,411 | 1,433,411 | $ | 28,178,631 | 183,841 | $ | 2,955,214 | 192,193 | $ | 3,192,650 | 1,335,068 | $ | 22,916,623 | |||||||||||||||||||||||||||||||
31,682 | 582,312 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
1,183 | 21,112 | 753 | 14,262 | 4,810 | 94,427 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
32 | 600 | 20,789 | 394,104 | 2,880 | 56,444 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
11,161 | 204,824 | 6,858 | 131,554 | 5,007 | 97,615 | 4,988 | 78,373 | 17,234 | 284,623 | 35,394 | 595,164 | |||||||||||||||||||||||||||||||||||||
60,874 | 1,100,788 | 794,195 | 15,354,249 | 333,605 | 6,405,645 | 103,062 | 1,641,954 | 1,239,633 | 20,766,984 | 703,711 | 11,746,860 | |||||||||||||||||||||||||||||||||||||
81,191 | 1,472,382 | 451,840 | 8,499,450 | 159,121 | 3,113,834 | 115,273 | 1,822,230 | 353,842 | 5,780,122 | 225,478 | 3,834,014 | |||||||||||||||||||||||||||||||||||||
11,107 | 204,079 | 34,999 | 669,041 | 82,204 | 1,617,550 | 12,286 | 195,059 | 33,256 | 559,615 | 117,954 | 2,028,052 | |||||||||||||||||||||||||||||||||||||
33,310 | 594,911 | 59,497 | 1,121,609 | 19,810 | 376,585 | 34,415 | 543,416 | 56,031 | 928,554 | 25,283 | 421,464 | |||||||||||||||||||||||||||||||||||||
426 | 7,610 | 574 | 10,834 | 225 | 4,276 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
— | — | 403 | 7,649 | 262 | 5,007 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
1,130 | 20,265 | 1,600 | 30,240 | 772 | 14,703 | 1,131 | 17,842 | 1,547 | 25,614 | 1,097 | 18,248 | |||||||||||||||||||||||||||||||||||||
44,277 | 797,874 | 28,592 | 545,068 | 8,058 | 154,714 | 68,215 | 1,080,525 | 34,127 | 569,048 | 4,784 | 80,182 | |||||||||||||||||||||||||||||||||||||
24,231 | 436,891 | 10,546 | 201,268 | 8,358 | 160,647 | 24,126 | 382,398 | 10,660 | 177,836 | 6,502 | 108,975 | |||||||||||||||||||||||||||||||||||||
3,337 | 59,872 | 12,357 | 234,411 | 7,237 | 138,300 | 2,552 | 40,396 | 21,013 | 349,868 | 11,996 | 200,811 | |||||||||||||||||||||||||||||||||||||
(869,005 | ) | (16,023,129 | ) | (267,327 | ) | (5,063,177 | ) | (168,555 | ) | (3,278,677 | ) | (915,952 | ) | (14,855,608 | ) | (366,880 | ) | (6,074,933 | ) | (318,923 | ) | (5,466,861 | ) | |||||||||||||||||||||||||
(1,575 | ) | (29,279 | ) | (7,050 | ) | (133,941 | ) | (4,003 | ) | (78,690 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
(935 | ) | (17,595 | ) | (2,670 | ) | (51,348 | ) | (5,733 | ) | (113,637 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
(31,478 | ) | (582,312 | ) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
(35,335 | ) | (649,646 | ) | (2,000 | ) | (38,099 | ) | (7,690 | ) | (150,766 | ) | (27,278 | ) | (438,211 | ) | (9,777 | ) | (163,736 | ) | (22,892 | ) | (383,869 | ) | |||||||||||||||||||||||||
(62,871 | ) | (1,129,694 | ) | (301,065 | ) | (5,850,830 | ) | (99,035 | ) | (1,960,444 | ) | (113,061 | ) | (1,768,372 | ) | (243,270 | ) | (4,080,092 | ) | (167,809 | ) | (2,872,130 | ) | |||||||||||||||||||||||||
(89,250 | ) | (1,640,832 | ) | (95,928 | ) | (1,834,478 | ) | (270,027 | ) | (5,377,317 | ) | (27,294 | ) | (439,709 | ) | (124,282 | ) | (2,129,609 | ) | (142,236 | ) | (2,478,415 | ) | |||||||||||||||||||||||||
(10,605 | ) | (195,389 | ) | (353,385 | ) | (6,700,959 | ) | (58,748 | ) | (1,155,300 | ) | (5,356 | ) | (85,047 | ) | (679,887 | ) | (11,278,230 | ) | (55,774 | ) | (962,168 | ) | |||||||||||||||||||||||||
(658,087 | ) | $ | (12,256,212 | ) | 526,163 | $ | 10,048,318 | 1,451,969 | $ | 28,303,547 | (539,052 | ) | $ | (8,829,540 | ) | 535,440 | $ | 8,908,314 | 1,759,633 | $ | 29,786,950 |
Semiannual Report | | March 31, 2016 | 337 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Retirement 2030 | ||||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from through | Year ended 11/30/2014 | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||||
Class A | 205,826 | $ | 3,943,451 | 174,222 | $ | 3,470,882 | 928,027 | $ | 19,420,259 | |||||||||||||||||
Class A - from Class D(a) | 28,638 | 552,431 | — | — | — | — | ||||||||||||||||||||
Class C | 1,377 | 25,580 | 2,243 | 44,713 | 6,650 | 138,830 | ||||||||||||||||||||
Class D | 977 | 18,955 | 910 | 18,395 | 2,113 | 43,399 | ||||||||||||||||||||
Class R | 34,188 | 663,164 | 18,004 | 358,845 | 18,581 | 388,307 | ||||||||||||||||||||
Class P | 77,539 | 1,475,845 | 893,531 | 18,121,370 | 541,841 | 11,072,179 | ||||||||||||||||||||
Class R6 | 160,857 | 3,044,162 | 431,514 | 8,680,478 | 268,513 | 5,654,075 | ||||||||||||||||||||
Administrative Class | 9,192 | 176,317 | 29,310 | 594,012 | 92,910 | 1,960,346 | ||||||||||||||||||||
Issued in reinvestment of dividends and distributions: | ||||||||||||||||||||||||||
Class A | 22,860 | 431,590 | 58,437 | 1,160,152 | 21,054 | 427,836 | ||||||||||||||||||||
Class C | 726 | 13,670 | 1,246 | 24,683 | 495 | 10,033 | ||||||||||||||||||||
Class D(a) | — | — | 1,350 | 26,993 | 637 | 13,023 | ||||||||||||||||||||
Class R | 2,473 | 46,771 | 2,223 | 44,348 | 896 | 18,290 | ||||||||||||||||||||
Class P | 49,188 | 940,472 | 45,311 | 911,963 | 8,988 | 184,881 | ||||||||||||||||||||
Class R6 | 22,406 | 429,074 | 21,483 | 433,036 | 12,548 | 258,616 | ||||||||||||||||||||
Administrative Class | 2,955 | 56,360 | 21,222 | 425,945 | 9,758 | 200,325 | ||||||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||||||||||
Class A | (720,409 | ) | (13,890,444 | ) | (239,288 | ) | (4,787,605 | ) | (225,966 | ) | (4,705,694 | ) | ||||||||||||||
Class C | (1,875 | ) | (34,109 | ) | (3,626 | ) | (71,625 | ) | (10,583 | ) | (219,126 | ) | ||||||||||||||
Class D | (668 | ) | (13,136 | ) | (4,330 | ) | (87,469 | ) | (3,534 | ) | (74,687 | ) | ||||||||||||||
Class D - to Class A(a) | (28,464 | ) | (552,431 | ) | — | — | — | — | ||||||||||||||||||
Class R | (3,343 | ) | (63,179 | ) | (11,094 | ) | (224,740 | ) | (10,198 | ) | (211,997 | ) | ||||||||||||||
Class P | (70,204 | ) | (1,340,446 | ) | (275,257 | ) | (5,689,229 | ) | (90,735 | ) | (1,921,242 | ) | ||||||||||||||
Class R6 | (87,559 | ) | (1,645,376 | ) | (190,260 | ) | (3,857,262 | ) | (389,999 | ) | (8,258,015 | ) | ||||||||||||||
Administrative Class | (2,643 | ) | (52,225 | ) | (405,786 | ) | (8,103,240 | ) | (80,462 | ) | (1,695,999 | ) | ||||||||||||||
Net increase (decrease) resulting from Fund share transactions | (295,963 | ) | $ | (5,773,504 | ) | 571,365 | $ | 11,494,645 | 1,101,534 | $ | 22,703,639 |
† | Fiscal year end changed from November 30th to September 30th. |
(a) | Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d). |
338 | March 31, 2016 | | Semiannual Report |
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AllianzGI Retirement 2035 | AllianzGI Retirement 2040 | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from through | Year ended 11/30/2014 | Six Months | Period from through | Year ended 11/30/2014 | |||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||
139,772 | $ | 2,344,775 | 147,413 | $ | 2,594,889 | 816,929 | $ | 14,941,272 | 88,582 | $ | 1,735,383 | 103,660 | $ | 2,114,947 | 602,125 | $ | 13,046,627 | |||||||||||||||||||||||||||||||
— | — | — | — | — | — | 11,576 | 226,889 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | 521 | 9,871 | 1,905 | 38,082 | 3,035 | 65,077 | |||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | 15 | 291 | 5,578 | 115,893 | 1,915 | 41,790 | |||||||||||||||||||||||||||||||||||||
12,352 | 204,998 | 42,588 | 742,117 | 9,352 | 170,961 | 8,676 | 163,986 | 16,725 | 340,684 | 13,129 | 283,949 | |||||||||||||||||||||||||||||||||||||
92,642 | 1,535,026 | 1,044,654 | 18,440,918 | 572,738 | 10,179,074 | 72,713 | 1,385,017 | 494,445 | 10,152,899 | 396,823 | 8,391,622 | |||||||||||||||||||||||||||||||||||||
117,112 | 1,950,380 | 205,966 | 3,546,141 | 155,191 | 2,843,057 | 183,357 | 3,524,998 | 415,826 | 8,439,147 | 207,481 | 4,538,383 | |||||||||||||||||||||||||||||||||||||
6,667 | 112,567 | 19,717 | 352,794 | 78,765 | 1,447,310 | 4,175 | 80,921 | 19,468 | 404,657 | 37,217 | 809,484 | |||||||||||||||||||||||||||||||||||||
20,021 | 333,945 | 51,340 | 897,707 | 16,679 | 297,724 | 8,943 | 174,099 | 52,985 | 1,074,907 | 14,621 | 309,393 | |||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | 165 | 3,214 | 672 | 13,636 | 239 | 5,039 | |||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | 609 | 12,389 | 203 | 4,300 | |||||||||||||||||||||||||||||||||||||
1,374 | 22,893 | 2,540 | 44,450 | 922 | 16,445 | 1,266 | 24,525 | 3,740 | 75,763 | 1,013 | 21,388 | |||||||||||||||||||||||||||||||||||||
48,314 | 810,229 | 45,774 | 806,090 | 6,302 | 113,126 | 23,577 | 462,104 | 37,310 | 764,222 | 5,671 | 121,070 | |||||||||||||||||||||||||||||||||||||
11,017 | 184,982 | 9,856 | 173,746 | 7,644 | 137,282 | 17,072 | 335,128 | 28,425 | 583,008 | 12,498 | 266,724 | |||||||||||||||||||||||||||||||||||||
1,165 | 19,510 | 27,828 | 488,677 | 12,521 | 224,389 | 640 | 12,488 | 15,822 | 322,618 | 5,623 | 119,471 | |||||||||||||||||||||||||||||||||||||
(549,427 | ) | (9,395,544 | ) | (136,463 | ) | (2,399,574 | ) | (116,775 | ) | (2,135,925 | ) | (424,451 | ) | (8,412,893 | ) | (204,151 | ) | (4,131,972 | ) | (114,672 | ) | (2,480,516 | ) | |||||||||||||||||||||||||
— | — | — | — | — | — | (4,318 | ) | (78,375 | ) | (4,292 | ) | (88,674 | ) | (5,844 | ) | (125,784 | ) | |||||||||||||||||||||||||||||||
— | — | — | — | — | — | (61 | ) | (1,218 | ) | (4,504 | ) | (94,006 | ) | (2,906 | ) | (62,937 | ) | |||||||||||||||||||||||||||||||
— | — | — | — | — | — | (11,553 | ) | (226,889 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||
(15,224 | ) | (255,653 | ) | (7,137 | ) | (125,026 | ) | (4,604 | ) | (85,076 | ) | (633 | ) | (12,104 | ) | (14,983 | ) | (302,654 | ) | (7,288 | ) | (158,731 | ) | |||||||||||||||||||||||||
(118,087 | ) | (1,936,117 | ) | (242,848 | ) | (4,320,264 | ) | (115,777 | ) | (2,127,542 | ) | (61,563 | ) | (1,173,877 | ) | (179,180 | ) | (3,778,135 | ) | (90,176 | ) | (1,975,572 | ) | |||||||||||||||||||||||||
(58,925 | ) | (1,005,496 | ) | (198,771 | ) | (3,657,433 | ) | (131,228 | ) | (2,440,381 | ) | (86,470 | ) | (1,680,164 | ) | (183,462 | ) | (3,754,224 | ) | (315,133 | ) | (6,958,416 | ) | |||||||||||||||||||||||||
(6,147 | ) | (103,926 | ) | (626,008 | ) | (10,923,840 | ) | (43,975 | ) | (806,171 | ) | (3,619 | ) | (69,484 | ) | (249,495 | ) | (5,056,247 | ) | (37,880 | ) | (821,095 | ) | |||||||||||||||||||||||||
(297,374 | ) | $ | (5,177,431 | ) | 386,449 | $ | 6,661,392 | 1,264,684 | $ | 22,775,545 | (171,390 | ) | $ | (3,516,090 | ) | 357,103 | $ | 7,246,940 | 727,694 | $ | 15,441,266 |
Semiannual Report | | March 31, 2016 | 339 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Retirement 2045 | ||||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from through | Year ended 11/30/2014 | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||||
Class A | 81,336 | $ | 1,387,451 | 121,815 | $ | 2,189,486 | 351,881 | $ | 6,635,440 | |||||||||||||||||
Class A - from Class D(a) | — | — | — | — | — | — | ||||||||||||||||||||
Class C | — | — | — | — | — | — | ||||||||||||||||||||
Class D | — | — | — | — | — | — | ||||||||||||||||||||
Class R | 4,436 | 73,524 | 7,124 | 128,195 | 5,261 | 99,251 | ||||||||||||||||||||
Class P | 67,166 | 1,121,049 | 248,013 | 4,484,334 | 374,167 | 6,834,798 | ||||||||||||||||||||
Class R6 | 180,421 | 3,025,240 | 163,238 | 2,855,929 | 55,303 | 1,043,172 | ||||||||||||||||||||
Administrative Class | 10,119 | 175,096 | 18,257 | 334,546 | 25,662 | 486,607 | ||||||||||||||||||||
Issued in reinvestment of dividends and distributions: | ||||||||||||||||||||||||||
Class A | 8,652 | 148,117 | 31,319 | 560,986 | 10,650 | 196,475 | ||||||||||||||||||||
Class C | — | — | — | — | — | — | ||||||||||||||||||||
Class D(a) | — | — | — | — | — | — | ||||||||||||||||||||
Class R | 597 | 10,186 | 1,310 | 23,426 | 412 | 7,597 | ||||||||||||||||||||
Class P | 16,864 | 289,885 | 30,252 | 544,974 | 3,796 | 70,620 | ||||||||||||||||||||
Class R6 | 6,299 | 108,540 | 15,015 | 270,810 | 6,710 | 124,598 | ||||||||||||||||||||
Administrative Class | 518 | 8,887 | 5,111 | 91,806 | 2,123 | 39,271 | ||||||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||||||||||
Class A | (302,017 | ) | (5,273,041 | ) | (81,428 | ) | (1,446,463 | ) | (65,555 | ) | (1,241,169 | ) | ||||||||||||||
Class C | — | — | — | — | — | — | ||||||||||||||||||||
Class D | — | — | — | — | — | — | ||||||||||||||||||||
Class D - to Class A(a) | — | — | — | — | — | — | ||||||||||||||||||||
Class R | (668 | ) | (10,835 | ) | (4,200 | ) | (75,685 | ) | (1,225 | ) | (23,327 | ) | ||||||||||||||
Class P | (68,004 | ) | (1,149,206 | ) | (103,062 | ) | (1,876,505 | ) | (42,668 | ) | (819,648 | ) | ||||||||||||||
Class R6 | (16,118 | ) | (271,153 | ) | (251,359 | ) | (4,704,870 | ) | (21,916 | ) | (422,785 | ) | ||||||||||||||
Administrative Class | (9,798 | ) | (169,373 | ) | (94,775 | ) | (1,688,865 | ) | (18,161 | ) | (345,338 | ) | ||||||||||||||
Net increase (decrease) resulting from Fund share transactions | (20,197 | ) | $ | (525,633 | ) | 106,630 | $ | 1,692,104 | 686,440 | $ | 12,685,562 |
† | Fiscal year end changed from November 30th to September 30th. |
(a) | Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d). |
340 | March 31, 2016 | | Semiannual Report |
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AllianzGI Retirement 2050 | AllianzGI Retirement 2055 | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from through | Year ended 11/30/2014 | Six Months ended 3/31/2016 (unaudited) | Period from through | Year ended 11/30/2014 | |||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||
32,184 | $ | 612,656 | 67,481 | $ | 1,368,741 | 184,392 | $ | 4,003,253 | 27,049 | $ | 438,299 | 39,299 | $ | 681,612 | 62,661 | $ | 1,165,536 | |||||||||||||||||||||||||||||||
10,929 | 211,250 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
813 | 15,043 | 1,168 | 23,563 | 848 | 18,153 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
29 | 577 | 1,525 | 31,580 | 1,934 | 41,897 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
3,989 | 73,988 | 6,970 | 140,877 | 5,260 | 114,561 | 4,642 | 73,524 | 6,391 | 110,220 | 4,091 | 75,584 | |||||||||||||||||||||||||||||||||||||
56,427 | 1,059,021 | 206,132 | 4,309,416 | 218,872 | 4,652,264 | 45,948 | 735,899 | 67,485 | 1,171,954 | 61,933 | 1,143,776 | |||||||||||||||||||||||||||||||||||||
134,760 | 2,550,328 | 268,274 | 5,399,782 | 142,748 | 3,131,628 | 77,741 | 1,232,493 | 52,689 | 886,677 | 17,208 | 327,478 | |||||||||||||||||||||||||||||||||||||
8,755 | 170,664 | 17,301 | 358,324 | 15,235 | 333,045 | 5,012 | 83,061 | 8,006 | 141,084 | 7,983 | 149,207 | |||||||||||||||||||||||||||||||||||||
3,922 | 74,677 | 17,095 | 344,624 | 4,363 | 93,070 | 1,992 | 32,490 | 4,664 | 80,679 | 1,172 | 21,356 | |||||||||||||||||||||||||||||||||||||
240 | 4,525 | 452 | 9,070 | 157 | 3,333 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
— | — | 754 | 15,284 | 472 | 10,080 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
993 | 18,855 | 1,973 | 39,816 | 663 | 14,134 | 385 | 6,253 | 558 | 9,642 | 153 | 2,791 | |||||||||||||||||||||||||||||||||||||
15,779 | 302,797 | 23,598 | 480,976 | 3,259 | 70,571 | 4,114 | 67,556 | 4,703 | 81,946 | 859 | 15,862 | |||||||||||||||||||||||||||||||||||||
16,534 | 318,280 | 27,481 | 561,437 | 13,791 | 296,988 | 5,888 | 96,972 | 20,218 | 352,983 | 9,281 | 170,105 | |||||||||||||||||||||||||||||||||||||
1,144 | 21,887 | 4,076 | 82,801 | 1,765 | 37,821 | 461 | 7,532 | 1,432 | 24,871 | 492 | 8,985 | |||||||||||||||||||||||||||||||||||||
(180,774 | ) | (3,552,572 | ) | (42,998 | ) | (872,728 | ) | (17,588 | ) | (384,126 | ) | (48,842 | ) | (814,111 | ) | (14,937 | ) | (259,710 | ) | (12,856 | ) | (234,967 | ) | |||||||||||||||||||||||||
(2,088 | ) | (37,296 | ) | (3 | ) | (65 | ) | (214 | ) | (4,743 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
(51 | ) | (1,009 | ) | (4,513 | ) | (95,320 | ) | (4,712 | ) | (102,260 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
(10,876 | ) | (211,250 | ) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
(1,831 | ) | (34,419 | ) | (3,213 | ) | (65,947 | ) | (2,304 | ) | (49,752 | ) | (1,405 | ) | (22,808 | ) | (1,076 | ) | (18,673 | ) | (465 | ) | (8,626 | ) | |||||||||||||||||||||||||
(31,009 | ) | (589,377 | ) | (57,502 | ) | (1,206,504 | ) | (49,914 | ) | (1,093,827 | ) | (17,557 | ) | (287,248 | ) | (35,517 | ) | (639,651 | ) | (3,433 | ) | (64,844 | ) | |||||||||||||||||||||||||
(74,402 | ) | (1,413,278 | ) | (285,193 | ) | (6,040,756 | ) | (150,620 | ) | (3,320,055 | ) | (100,995 | ) | (1,566,626 | ) | (174,240 | ) | (2,955,478 | ) | (815 | ) | (15,132 | ) | |||||||||||||||||||||||||
(8,484 | ) | (165,872 | ) | (45,825 | ) | (928,103 | ) | (15,510 | ) | (343,282 | ) | (3,497 | ) | (59,118 | ) | (15,010 | ) | (258,934 | ) | (1,368 | ) | (25,758 | ) | |||||||||||||||||||||||||
(23,017 | ) | $ | (570,525 | ) | 205,033 | $ | 3,956,868 | 352,897 | $ | 7,522,753 | 936 | $ | 24,168 | (35,335 | ) | $ | (590,778 | ) | 146,896 | $ | 2,731,353 |
Semiannual Report | | March 31, 2016 | 341 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Retirement Income | ||||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from through | Year ended 11/30/2014 | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||||
Class A | 146,708 | $ | 2,529,477 | 74,101 | $ | 1,357,874 | 277,751 | $ | 5,324,689 | |||||||||||||||||
Class A - from Class B and Class D(a) | 53,324 | 939,041 | — | — | — | — | ||||||||||||||||||||
Class B | — | — | — | — | — | — | ||||||||||||||||||||
Class C | 20,609 | 354,571 | 33,621 | 608,084 | 29,059 | 554,674 | ||||||||||||||||||||
Class D | 6 | 105 | 3,122 | 57,336 | 4,586 | 89,080 | ||||||||||||||||||||
Class R | 405 | 7,218 | 1,876 | 35,333 | 3,714 | 73,267 | ||||||||||||||||||||
Class P | 14,990 | 261,063 | 154,273 | 2,877,660 | 259,938 | 4,960,657 | ||||||||||||||||||||
Institutional Class | — | — | — | — | — | — | ||||||||||||||||||||
Class R6 | 106,686 | 1,789,205 | 130,350 | 2,315,516 | 121,093 | 2,307,728 | ||||||||||||||||||||
Administrative Class | 215 | 3,642 | 1,058 | 20,106 | 12,601 | 245,703 | ||||||||||||||||||||
Issued in reinvestment of dividends and distributions: | ||||||||||||||||||||||||||
Class A | 10,920 | 187,895 | 21,439 | 391,225 | 5,138 | 98,989 | ||||||||||||||||||||
Class B(a) | — | — | — | — | — | — | ||||||||||||||||||||
Class C | 4,711 | 80,646 | 11,636 | 210,553 | 2,353 | 45,087 | ||||||||||||||||||||
Class D(a) | — | — | 3,291 | 60,391 | 872 | 16,924 | ||||||||||||||||||||
Class R | 401 | 7,155 | 662 | 12,486 | 126 | 2,510 | ||||||||||||||||||||
Class P | 12,687 | 220,562 | 19,389 | 358,423 | 7,746 | 151,273 | ||||||||||||||||||||
Institutional Class | — | — | — | — | — | — | ||||||||||||||||||||
Class R6 | 19,815 | 336,573 | 31,290 | 566,932 | 11,265 | 215,784 | ||||||||||||||||||||
Administrative Class | 44 | 774 | 4,530 | 83,891 | 1,903 | 37,092 | ||||||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||||||||||
Class A | (188,864 | ) | (3,308,326 | ) | (75,956 | ) | (1,392,748 | ) | (184,344 | ) | (3,547,224 | ) | ||||||||||||||
Class B | — | — | — | — | — | — | ||||||||||||||||||||
Class B - to Class A(a) | — | — | — | — | — | — | ||||||||||||||||||||
Class C | (31,960 | ) | (543,194 | ) | (79,285 | ) | (1,431,144 | ) | (55,702 | ) | (1,055,914 | ) | ||||||||||||||
Class D | (788 | ) | (14,091 | ) | (4,612 | ) | (84,823 | ) | (11,788 | ) | (227,211 | ) | ||||||||||||||
Class D - to Class A(a) | (53,027 | ) | (939,041 | ) | — | — | — | — | ||||||||||||||||||
Class R | (974 | ) | (17,842 | ) | (42 | ) | (787 | ) | (828 | ) | (16,175 | ) | ||||||||||||||
Class P | (14,924 | ) | (260,296 | ) | (187,437 | ) | (3,536,367 | ) | (174,487 | ) | (3,404,901 | ) | ||||||||||||||
Institutional Class | — | — | — | — | — | — | ||||||||||||||||||||
Class R6 | (81,183 | ) | (1,399,894 | ) | (187,221 | ) | (3,460,594 | ) | (142,315 | ) | (2,735,083 | ) | ||||||||||||||
Administrative Class | (6 | ) | (100 | ) | (106,488 | ) | (1,969,104 | ) | (40,737 | ) | (786,766 | ) | ||||||||||||||
Net increase (decrease) resulting from Fund share transactions | 19,795 | $ | 235,143 | (150,403 | ) | $ | (2,919,757 | ) | 127,944 | $ | 2,350,183 |
# | For the period September 8, 2015 (commencement of share class) through September 30, 2015. “Shares sold” includes shares sold to AFI. |
## | For the period February 1, 2016 (commencement of share class) through March 31, 2016. “Shares sold” include shares sold to AFI. |
† | Fiscal year end changed from November 30th to September 30th. |
(a) | Class B shares and Class D shares converted to Class A shares at the close of business on December 4, 2015 and November 13, 2015, respectively. See Note 12(d). |
342 | March 31, 2016 | | Semiannual Report |
Table of Contents
AllianzGI Global Allocation | AllianzGI Global Dynamic Allocation | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from through | Year ended 11/30/2014 | Six Months ended 3/31/2016 (unaudited) | Period from through | Year ended 11/30/2014 | |||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||
832,336 | $ | 9,061,623 | 3,523,988 | $ | 39,351,005 | 488,819 | $ | 5,873,282 | 243,839 | $ | 4,332,359 | 34,651 | $ | 642,318 | 13,404 | $ | 292,209 | |||||||||||||||||||||||||||||||
245,249 | 2,744,859 | — | — | — | — | 4,509 | 82,248 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
— | — | 373 | 4,453 | 2,464 | 30,262 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
384,862 | 4,313,493 | 222,765 | 2,640,080 | 213,160 | 2,598,606 | 7,724 | 133,105 | 4,502 | 83,761 | 4,738 | 101,602 | |||||||||||||||||||||||||||||||||||||
304 | 3,398 | 39,007 | 453,715 | 113,628 | 1,360,961 | 137 | 2,515 | 3,454 | 64,818 | 4,698 | 104,018 | |||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | 1,045 | 18,682 | 2,683 | 51,113 | 6,213 | 141,517 | |||||||||||||||||||||||||||||||||||||
101,882 | 1,116,526 | 76,405 | 895,666 | 90,351 | 1,093,598 | 9,045 | 160,000 | 693 | 12,676 | 237 | 5,393 | |||||||||||||||||||||||||||||||||||||
1,572,371 | 16,831,186 | 1,465,204 | 16,934,460 | 1,399,068 | 16,736,242 | 1,717,316 | 31,342,024 | 119,615 | 2,270,977 | 10,994 | 247,967 | |||||||||||||||||||||||||||||||||||||
18,039,312 | 187,775,145 | 8,472,265 | # | 92,327,464 | # | — | — | 578 | ## | 10,000 | ## | — | — | — | — | |||||||||||||||||||||||||||||||||
— | — | 297 | 3,526 | 1,043 | 12,798 | — | — | 58 | 1,102 | 252 | 5,517 | |||||||||||||||||||||||||||||||||||||
171,060 | 1,860,906 | 216,721 | 2,530,019 | 107,244 | 1,295,082 | 4,276 | 76,661 | 7,190 | 134,828 | 8,921 | 191,140 | |||||||||||||||||||||||||||||||||||||
— | — | 4,438 | 53,033 | 2,373 | 29,152 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
150,361 | 1,657,325 | 166,107 | 1,967,395 | 64,439 | 786,340 | 1,007 | 17,877 | 9,196 | 170,038 | 8,945 | 189,428 | |||||||||||||||||||||||||||||||||||||
— | — | 9,237 | 107,355 | 2,898 | 34,933 | — | — | 870 | 16,245 | 2,579 | 54,881 | |||||||||||||||||||||||||||||||||||||
63 | 677 | 68 | 795 | 29 | 351 | 200 | 3,573 | 1,048 | 19,537 | 774 | 16,508 | |||||||||||||||||||||||||||||||||||||
3,761 | 40,911 | 1,829 | 21,293 | 978 | 11,777 | 79 | 1,410 | 308 | 5,765 | 279 | 5,969 | |||||||||||||||||||||||||||||||||||||
301,684 | 3,245,733 | 326,558 | 3,771,423 | 149,348 | 1,787,276 | 35,654 | 639,634 | 24,181 | 453,433 | 21,933 | 470,228 | |||||||||||||||||||||||||||||||||||||
487,422 | 5,232,799 | 3 | # | 32 | # | — | — | — | ## | — | ## | — | — | — | — | |||||||||||||||||||||||||||||||||
97 | 1,080 | 94 | 1,128 | 47 | 587 | 25 | 448 | 185 | 3,455 | 131 | 2,792 | |||||||||||||||||||||||||||||||||||||
(1,068,364 | ) | (11,653,541 | ) | (1,089,087 | ) | (12,724,136 | ) | (1,067,994 | ) | (12,901,939 | ) | (22,388 | ) | (393,726 | ) | (15,729 | ) | (291,968 | ) | (29,245 | ) | (638,957 | ) | |||||||||||||||||||||||||
(8,090 | ) | (92,948 | ) | (108,220 | ) | (1,295,494 | ) | (95,177 | ) | (1,166,655 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
(35,082 | ) | (408,147 | ) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
(575,556 | ) | (6,288,643 | ) | (829,151 | ) | (9,816,943 | ) | (940,056 | ) | (11,488,956 | ) | (6,214 | ) | (111,385 | ) | (8,536 | ) | (161,093 | ) | (11,062 | ) | (244,700 | ) | |||||||||||||||||||||||||
(1,894 | ) | (21,601 | ) | (21,121 | ) | (246,602 | ) | (32,083 | ) | (386,436 | ) | — | — | (6,228 | ) | (119,890 | ) | (17,776 | ) | (391,639 | ) | |||||||||||||||||||||||||||
(210,299 | ) | (2,336,712 | ) | — | — | — | — | (4,531 | ) | (82,248 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||
— | — | — | — | — | — | (453 | ) | (8,134 | ) | (1,858 | ) | (34,909 | ) | (4,815 | ) | (110,410 | ) | |||||||||||||||||||||||||||||||
(81,611 | ) | (858,077 | ) | (65,242 | ) | (763,867 | ) | (80,551 | ) | (982,880 | ) | (281 | ) | (4,844 | ) | — | — | (237 | ) | (5,266 | ) | |||||||||||||||||||||||||||
(1,362,083 | ) | (14,510,137 | ) | (1,189,573 | ) | (13,790,520 | ) | (1,163,787 | ) | (13,963,585 | ) | (342,706 | ) | (6,172,886 | ) | (36,744 | ) | (700,616 | ) | (11,524 | ) | (264,374 | ) | |||||||||||||||||||||||||
(789,897 | ) | (8,475,230 | ) | (3,027 | )# | (32,709 | )# | — | — | — | ## | — | ## | — | — | — | — | |||||||||||||||||||||||||||||||
— | — | (669 | ) | (8,318 | ) | (432 | ) | (5,198 | ) | — | — | (351 | ) | (6,674 | ) | — | — | |||||||||||||||||||||||||||||||
18,157,888 | $ | 189,240,625 | 11,219,269 | $ | 122,384,253 | (744,191 | ) | $ | (9,244,402 | ) | 1,648,861 | $ | 30,047,313 | 139,188 | $ | 2,614,916 | 9,439 | $ | 173,823 |
Semiannual Report | | March 31, 2016 | 343 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Global Megatrends | ||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 2/2/2015†† through 9/30/2015† | |||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||
Shares sold: | ||||||||||||||||||
Class A | 855 | $ | 12,474 | — | — | |||||||||||||
Class P | — | — | 1,612 | $ | 25,000 | |||||||||||||
Institutional Class | 259 | 3,544 | 190 | 3,000 | ||||||||||||||
Class R6 | — | — | — | — | ||||||||||||||
Issued in reinvestment of dividends and distributions: | ||||||||||||||||||
Class A | 16 | 225 | — | — | ||||||||||||||
Class P | 41 | 582 | — | — | ||||||||||||||
Institutional Class | 4,139 | 59,473 | — | — | ||||||||||||||
Class R6 | — | — | — | — | ||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||
Class A | (715 | ) | (10,433 | ) | — | — | ||||||||||||
Class P | (1,320 | ) | (16,774 | ) | (319 | ) | (4,581 | ) | ||||||||||
Institutional Class | (190 | ) | (2,820 | ) | — | — | ||||||||||||
Class R6 | — | — | — | — | ||||||||||||||
Net increase resulting from Fund share transactions | 3,085 | $ | 46,271 | 1,483 | $ | 23,419 |
# | For the period December 22, 2014 (commencement of share class) through September 30, 2015. “Shares sold” includes shares sold to AFI. |
* | Actual amount rounds to less than one share. |
† | Fiscal year end changed from November 30th to September 30th. |
†† | Commencement of operations. |
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AllianzGI Best Styles Emerging Markets Equity | AllianzGI Best Styles Global Equity | |||||||||||||||||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 12/9/2014†† through 9/30/2015† | Six Months ended 3/31/2016 (unaudited) | Period from through | Period from 12/2/2013†† through 11/30/2014 | ||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||
— | — | — | — | 336,183 | $ | 4,980,201 | 2,236,215 | $ | 33,595,570 | — | — | |||||||||||||||||||||||||||||
441 | $ | 6,168 | — | — | 143,045 | 2,204,059 | 297,463 | # | 4,866,887 | # | — | — | ||||||||||||||||||||||||||||
— | — | — | — | 27,849 | 424,280 | 25,402 | 402,955 | — | — | |||||||||||||||||||||||||||||||
385,708 | 5,117,579 | 39,500 | $ | 580,298 | 18,555,936 | 263,899,900 | 16,607,294 | 252,142,372 | 2,418,239 | $ | 36,454,373 | |||||||||||||||||||||||||||||
— | — | — | — | 749 | 11,238 | 38 | 610 | — | — | |||||||||||||||||||||||||||||||
32 | 402 | — | * | 2 | 1,118 | 16,931 | 69 | # | 1,116 | # | — | — | ||||||||||||||||||||||||||||
25 | 306 | — | * | 3 | 400 | 6,010 | 37 | 578 | — | — | ||||||||||||||||||||||||||||||
24,745 | 306,433 | 112 | 1,617 | 176,375 | 2,666,787 | 105,898 | 1,662,454 | — | — | |||||||||||||||||||||||||||||||
— | — | — | — | (189,421 | ) | (2,785,106 | ) | (18,416 | ) | (270,058 | ) | — | — | |||||||||||||||||||||||||||
(450 | ) | (5,473 | ) | — | — | (205,858 | ) | (3,160,701 | ) | (20,374 | )# | (325,958 | )# | — | — | |||||||||||||||||||||||||
— | — | — | — | (3,796 | ) | (55,982 | ) | (1,040 | ) | (15,000 | ) | — | — | |||||||||||||||||||||||||||
(48,659 | ) | (618,354 | ) | (1,359 | ) | (20,758 | ) | (587,563 | ) | (8,755,244 | ) | (1,704,169 | ) | (26,738,507 | ) | (736,256 | ) | (11,914,060 | ) | |||||||||||||||||||||
361,842 | $ | 4,807,061 | 38,253 | $ | 561,162 | 18,255,017 | $ | 259,452,373 | 17,528,417 | $ | 265,323,019 | 1,681,983 | $ | 24,540,313 |
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Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Best Styles International Equity | ||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 12/9/2014†† through 9/30/2015† | |||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||
Shares sold: | ||||||||||||||||||
Class A | — | — | — | — | ||||||||||||||
Class A - from Class D(a) | — | — | — | — | ||||||||||||||
Class C | — | — | — | — | ||||||||||||||
Class D | — | — | — | — | ||||||||||||||
Class P | — | — | — | — | ||||||||||||||
Institutional Class | 1,840 | $ | 25,000 | — | — | |||||||||||||
Class R6 | 2,917,981 | 40,468,990 | 4,696,379 | $ | 69,498,928 | |||||||||||||
Issued in reinvestment of dividends and distributions: | ||||||||||||||||||
Class A | — | — | — | — | ||||||||||||||
Class C | — | — | — | — | ||||||||||||||
Class D(a) | — | — | — | — | ||||||||||||||
Class P | 12 | 169 | 1 | 7 | ||||||||||||||
Institutional Class | 12 | 177 | — | * | 7 | |||||||||||||
Class R6 | 105,129 | 1,495,177 | 268 | 3,930 | ||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||
Class A | — | — | — | — | ||||||||||||||
Class C | — | — | — | — | ||||||||||||||
Class D | — | — | — | — | ||||||||||||||
Class D - to Class A(a) | — | — | — | — | ||||||||||||||
Class P | — | — | — | — | ||||||||||||||
Institutional Class | — | — | — | — | ||||||||||||||
Class R6 | (1,107,529 | ) | (15,743,716 | ) | (972,584 | ) | (15,102,473 | ) | ||||||||||
Net increase (decrease) resulting from Fund share transactions | 1,917,445 | $ | 26,245,797 | 3,724,064 | $ | 54,400,399 |
* | Actual amount rounds to less than one share. |
† | Fiscal year end changed from November 30th to September 30th. |
†† | Commencement of operations. |
(a) | Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d). |
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AllianzGI Best Styles U.S. Equity | AllianzGI China Equity | |||||||||||||||||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014†† through 9/30/2015† | Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | ||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||
— | — | — | — | 14,933 | $ | 231,628 | 257,894 | $ | 5,393,871 | 47,977 | $ | 836,508 | ||||||||||||||||||||||||||||
— | — | — | — | 47,859 | 775,310 | — | — | — | — | |||||||||||||||||||||||||||||||
— | — | — | — | 44 | 601 | 6,605 | 137,663 | 333 | 5,524 | |||||||||||||||||||||||||||||||
— | — | — | — | 995 | 16,459 | 171,878 | 3,569,094 | 97,121 | 1,696,266 | |||||||||||||||||||||||||||||||
3,383 | $ | 50,485 | 1,104 | $ | 16,784 | 767 | 13,060 | 5,313 | 115,097 | 118,589 | 2,120,128 | |||||||||||||||||||||||||||||
14,030 | 208,087 | 123,958 | 1,842,492 | 441 | 6,754 | 24,387 | 461,464 | 4,105 | 65,077 | |||||||||||||||||||||||||||||||
2,052,638 | 29,783,827 | 7,409,955 | $ | 111,292,201 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
— | — | — | — | 3,219 | 48,828 | 1,992 | 34,891 | 72 | 1,192 | |||||||||||||||||||||||||||||||
— | — | — | — | 83 | 1,290 | 116 | 2,137 | — | * | 2 | ||||||||||||||||||||||||||||||
— | — | — | — | — | — | 1,472 | 26,487 | 96 | 1,635 | |||||||||||||||||||||||||||||||
32 | 479 | 1 | 14 | 7 | 111 | 34 | 635 | 3 | 45 | |||||||||||||||||||||||||||||||
2,572 | 37,908 | 1 | 15 | 6,864 | 104,748 | 11,528 | 194,198 | 1,934 | 31,446 | |||||||||||||||||||||||||||||||
96,799 | 1,430,613 | 309 | 4,632 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
— | — | — | — | (23,362 | ) | (342,557 | ) | (224,080 | ) | (4,156,046 | ) | (34,924 | ) | (587,180 | ) | |||||||||||||||||||||||||
— | — | — | — | (4,197 | ) | (68,362 | ) | (1,124 | ) | (18,909 | ) | (1,878 | ) | (29,652 | ) | |||||||||||||||||||||||||
— | — | — | — | (3,009 | ) | (49,775 | ) | (140,813 | ) | (2,649,126 | ) | (93,591 | ) | (1,640,283 | ) | |||||||||||||||||||||||||
— | — | — | — | (47,170 | ) | (775,310 | ) | — | — | — | — | |||||||||||||||||||||||||||||
(1 | ) | (25 | ) | — | — | (952 | ) | (15,989 | ) | (6,539 | ) | (122,327 | ) | (117,198 | ) | (2,030,207 | ) | |||||||||||||||||||||||
(1,059 | ) | (15,674 | ) | — | — | (6,715 | ) | (99,815 | ) | (78,076 | ) | (1,270,459 | ) | (4,222 | ) | (71,492 | ) | |||||||||||||||||||||||
(2,134,613 | ) | (31,931,227 | ) | (1,525,644 | ) | (23,212,297 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||
33,781 | $ | (435,527 | ) | 6,009,684 | $ | 89,943,841 | (10,193 | ) | $ | (153,019 | ) | 30,587 | $ | 1,718,670 | 18,417 | $ | 399,009 |
Semiannual Report | | March 31, 2016 | 347 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Convertible | ||||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||||
Class A | 915,433 | $ | 27,850,483 | 3,626,484 | $ | 125,525,300 | 9,378,536 | $ | 333,949,448 | |||||||||||||||||
Class A - from Class D(a) | 1,723,800 | 56,402,720 | — | — | — | — | ||||||||||||||||||||
Class C | 123,153 | 3,761,299 | 196,378 | 6,720,245 | 783,892 | 27,624,284 | ||||||||||||||||||||
Class D | 16,113 | 532,542 | 279,673 | 9,669,768 | 1,531,177 | 54,245,530 | ||||||||||||||||||||
Class R | 11,453 | 355,834 | 17,546 | 600,277 | 36,759 | 1,298,733 | ||||||||||||||||||||
Class P | 633,155 | 19,072,664 | 858,668 | 29,451,200 | 2,654,621 | 94,076,352 | ||||||||||||||||||||
Institutional Class | 2,263,027 | 67,262,975 | 2,978,224 | 101,761,273 | 16,075,929 | 572,163,253 | ||||||||||||||||||||
Administrative Class | 542 | 15,562 | 2,435 | 84,297 | 29,719 | 1,046,515 | ||||||||||||||||||||
Issued in reinvestment of dividends and distributions: | ||||||||||||||||||||||||||
Class A | 1,145,789 | 34,588,920 | 1,081,811 | 36,459,875 | 480,991 | 16,815,149 | ||||||||||||||||||||
Class C | 168,868 | 5,108,811 | 175,845 | 5,912,739 | 83,150 | 2,880,924 | ||||||||||||||||||||
Class D(a) | — | — | 177,909 | 5,987,160 | 144,620 | 5,010,224 | ||||||||||||||||||||
Class R | 3,784 | 113,986 | 2,831 | 95,130 | 866 | 30,474 | ||||||||||||||||||||
Class P | 351,867 | 10,596,717 | 392,319 | 13,196,296 | 206,303 | 7,175,753 | ||||||||||||||||||||
Institutional Class | 2,237,765 | 67,237,001 | 2,113,040 | 71,027,752 | 1,272,195 | 44,097,511 | ||||||||||||||||||||
Administrative Class | 5,767 | 174,112 | 8,456 | 284,529 | 12,056 | 413,373 | ||||||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||||||||||
Class A | (6,807,844 | ) | (210,733,999 | ) | (3,477,495 | ) | (119,395,110 | ) | (5,777,035 | ) | (206,419,460 | ) | ||||||||||||||
Class C | (645,015 | ) | (19,349,342 | ) | (705,403 | ) | (24,249,719 | ) | (645,134 | ) | (23,108,475 | ) | ||||||||||||||
Class D | (186,106 | ) | (6,206,021 | ) | (735,602 | ) | (25,167,460 | ) | (2,993,607 | ) | (106,473,571 | ) | ||||||||||||||
Class D - to Class A(a) | (1,723,742 | ) | (56,402,720 | ) | — | — | — | — | ||||||||||||||||||
Class R | (14,895 | ) | (455,853 | ) | (10,248 | ) | (350,965 | ) | (9,438 | ) | (340,913 | ) | ||||||||||||||
Class P | (2,024,929 | ) | (60,293,117 | ) | (2,396,779 | ) | (81,213,495 | ) | (3,911,003 | ) | (139,870,968 | ) | ||||||||||||||
Institutional Class | (5,508,274 | ) | (162,319,990 | ) | (9,389,385 | ) | (322,160,501 | ) | (13,963,182 | ) | (496,357,887 | ) | ||||||||||||||
Administrative Class | (15,530 | ) | (435,814 | ) | (52,262 | ) | (1,769,916 | ) | (309,931 | ) | (11,049,724 | ) | ||||||||||||||
Net increase (decrease) resulting from Fund share transactions | (7,325,819 | ) | $ | (223,123,230 | ) | (4,855,555 | ) | $ | (167,531,325 | ) | 5,081,484 | $ | 177,206,525 |
† | Fiscal year end changed from November 30th to September 30th. |
†† | Commencement of operations. |
(a) | Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d). |
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AllianzGI Emerging Markets Consumer | AllianzGI Emerging Markets Debt | |||||||||||||||||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014†† through 9/30/2015† | Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Period from 9/15/2014†† through 11/30/2014 | ||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||
— | — | 2,339 | $ | 36,200 | 10,759 | $ | 145,669 | — | — | — | — | |||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
— | — | — | — | 3,574 | 48,682 | — | — | — | — | |||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
1,721,118 | $ | 19,923,738 | 1,346,070 | 19,039,784 | 912,594 | 12,552,775 | 31,388 | $ | 456,358 | 201 | $ | 3,000 | ||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
15 | 183 | — | — | 80 | 1,093 | 25 | 361 | — | — | |||||||||||||||||||||||||||||||
— | — | — | — | 32 | 439 | 20 | 284 | — | — | |||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
— | — | — | — | 17 | 222 | 26 | 376 | — | — | |||||||||||||||||||||||||||||||
7,182 | 87,687 | — | — | 55,960 | 751,574 | 82,465 | 1,171,645 | — | — | |||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
(11 | ) | (138 | ) | — | — | (57 | ) | (785 | ) | — | — | — | — | |||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
(147,213 | ) | (1,826,718 | ) | (276,639 | ) | (3,771,216 | ) | (20,111 | ) | (273,291 | ) | (515 | ) | (7,372 | ) | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
| 1,581,091 | | $ | 18,184,752 | 1,071,770 | $ | 15,304,768 | 962,848 | $ | 13,226,378 | 113,409 | $ | 1,621,652 | 201 | $ | 3,000 |
Semiannual Report | | March 31, 2016 | 349 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Emerging Markets Small-Cap | ||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014†† through 9/30/2015† | |||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||
Shares sold: | ||||||||||||||||||
Class A | 73,138 | $ | 956,993 | 45,335 | $ | 702,466 | ||||||||||||
Class A - from Class D(a) | — | — | — | — | ||||||||||||||
Class C | — | — | — | — | ||||||||||||||
Class D | — | — | — | — | ||||||||||||||
Class P | — | — | — | — | ||||||||||||||
Institutional Class | 46,075 | 624,246 | 366,947 | 5,771,342 | ||||||||||||||
Issued in reinvestment of dividends and distributions: | ||||||||||||||||||
Class A | 709 | 9,645 | — | * | 1 | |||||||||||||
Class C | — | — | — | — | ||||||||||||||
Class D(a) | — | — | — | — | ||||||||||||||
Class P | — | — | — | — | ||||||||||||||
Institutional Class | 5,781 | 79,256 | 53 | 768 | ||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||
Class A | (52,945 | ) | (702,870 | ) | (1,775 | ) | (25,793 | ) | ||||||||||
Class C | — | — | — | — | ||||||||||||||
Class D | — | — | — | — | ||||||||||||||
Class D - to Class A(a) | — | — | — | — | ||||||||||||||
Class P | — | — | — | — | ||||||||||||||
Institutional Class | (79,798 | ) | (1,093,630 | ) | (4,278 | ) | (70,502 | ) | ||||||||||
Net increase (decrease) resulting from Fund share transactions | (7,040 | ) | $ | (126,360 | ) | 406,282 | $ | 6,378,282 |
* | Actual amount rounds to less than one share. |
† | Fiscal year end changed from November 30th to September 30th. |
†† | Commencement of operations. |
(a) | Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d). |
350 | March 31, 2016 | | Semiannual Report |
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AllianzGI Europe Equity Dividend | AllianzGI Global Fundamental Strategy | |||||||||||||||||||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 2/2/2015†† through 9/30/2015† | Six Months ended 3/31/2016 (unaudited) | Period from through | Year ended 11/30/2014 | ||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||
1,847 | $ | 25,572 | 484 | $ | 7,083 | 5,277 | $ | 74,542 | 8,480 | $ | 129,240 | 343 | $ | 5,500 | ||||||||||||||||||||||||||||
— | — | — | — | 2,778 | 41,695 | — | — | — | — | |||||||||||||||||||||||||||||||||
222 | 3,000 | 10,194 | 153,413 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
— | — | — | — | 66 | 1,000 | 107 | 1,659 | 132,894 | 2,108,226 | |||||||||||||||||||||||||||||||||
— | — | 962 | 15,000 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
38,370 | 540,843 | 14,173 | 210,543 | 5,676 | 83,194 | 11,881 | 181,058 | 32,885 | 514,733 | |||||||||||||||||||||||||||||||||
24 | 341 | — | — | 564 | 8,097 | 38 | 573 | 8 | 121 | |||||||||||||||||||||||||||||||||
8 | 114 | — | — | 25 | 360 | 18 | 267 | 5 | 82 | |||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | * | 1 | 8 | 123 | ||||||||||||||||||||||||||||||||
7 | 102 | — | — | 32 | 460 | 24 | 363 | 8 | 127 | |||||||||||||||||||||||||||||||||
2,624 | 37,572 | — | — | 59,967 | 867,547 | 50,430 | 766,540 | 17,551 | 266,990 | |||||||||||||||||||||||||||||||||
— | — | (484 | ) | (6,537 | ) | (10,051 | ) | (142,960 | ) | (1 | ) | (12 | ) | — | — | |||||||||||||||||||||||||||
— | — | (10,079 | ) | (148,969 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
— | — | — | — | (98 | ) | (1,549 | ) | (805 | ) | (12,813 | ) | (130,158 | ) | (2,102,958 | ) | |||||||||||||||||||||||||||
— | — | — | — | (2,680 | ) | (41,695 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
(963 | ) | (12,643 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
(5,426 | ) | (78,187 | ) | — | — | (14,880 | ) | (211,458 | ) | (138,007 | ) | (2,065,788 | ) | (4,577 | ) | (72,550 | ) | |||||||||||||||||||||||||
36,713 | $ | 516,714 | 15,250 | $ | 230,533 | 46,676 | $ | 679,233 | (67,835 | ) | $ | (998,912 | ) | 48,967 | $ | 720,394 |
Semiannual Report | | March 31, 2016 | 351 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Global Sustainability | ||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 12/9/2014†† through 9/30/2015† | |||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||
Shares sold: | ||||||||||||||||||
Class A | — | — | 3,760 | $ | 58,034 | |||||||||||||
Class A - from Class D(a) | — | — | — | — | ||||||||||||||
Class C | — | — | — | — | ||||||||||||||
Class D | — | — | — | — | ||||||||||||||
Class R | — | — | — | — | ||||||||||||||
Class P | — | — | — | — | ||||||||||||||
Institutional Class | 1,186,357 | $ | 17,273,301 | — | — | |||||||||||||
Administrative Class | — | — | — | — | ||||||||||||||
Issued in reinvestment of dividends and distributions: | ||||||||||||||||||
Class A | 58 | 863 | — | — | ||||||||||||||
Class C | — | — | — | — | ||||||||||||||
Class D(a) | — | — | — | — | ||||||||||||||
Class R | — | — | — | — | ||||||||||||||
Class P | 6 | 86 | — | — | ||||||||||||||
Institutional Class | 1,960 | 28,973 | — | — | ||||||||||||||
Administrative Class | — | — | — | — | ||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||
Class A | — | — | — | — | ||||||||||||||
Class C | — | — | — | — | ||||||||||||||
Class D | — | — | — | — | ||||||||||||||
Class D - to Class A(a) | — | — | — | — | ||||||||||||||
Class R | — | — | — | — | ||||||||||||||
Class P | — | — | — | — | ||||||||||||||
Institutional Class | — | — | — | — | ||||||||||||||
Administrative Class | — | — | — | — | ||||||||||||||
Net increase (decrease) resulting from Fund share transactions | 1,188,381 | $ | 17,303,223 | 3,760 | $ | 58,034 |
† | Fiscal year end changed from November 30th to September 30th. |
†† | Commencement of operations. |
(a) | Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d). |
352 | March 31, 2016 | | Semiannual Report |
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AllianzGI Global Water | AllianzGI High Yield Bond | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from through 9/30/2015† | Year ended 11/30/2014 | Six Months ended 3/31/2016 (unaudited) | Period from through | Year ended 11/30/2014 | |||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||
2,694,350 | $ | 34,042,222 | 2,322,401 | $ | 29,625,554 | 5,054,690 | $ | 65,144,593 | 1,571,858 | $ | 13,642,774 | 1,364,492 | $ | 13,110,367 | 6,399,597 | $ | 65,986,882 | |||||||||||||||||||||||||||||||
2,269,510 | 28,595,829 | — | — | — | — | 3,657,229 | 32,732,201 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
638,171 | 7,805,211 | 940,340 | 11,649,674 | 2,639,550 | 33,090,769 | 250,385 | 2,182,101 | 291,672 | 2,801,104 | 364,999 | 3,734,373 | |||||||||||||||||||||||||||||||||||||
83,423 | 1,054,329 | 1,376,165 | 17,504,567 | 1,045,385 | 13,370,723 | 372,481 | 3,279,750 | 2,091,969 | 19,355,524 | 5,266,270 | 52,650,764 | |||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | 62,725 | 527,491 | 142,994 | 1,296,335 | 85,466 | 850,770 | |||||||||||||||||||||||||||||||||||||
1,745,309 | 22,091,856 | 2,139,815 | 27,388,730 | 4,361,682 | 56,618,924 | 1,252,921 | 10,301,633 | 6,470,732 | 60,593,764 | 4,704,306 | 46,908,733 | |||||||||||||||||||||||||||||||||||||
1,018,811 | 12,695,471 | 1,456,590 | 18,341,034 | 1,221,512 | 15,284,070 | 7,319,811 | 61,329,811 | 12,030,221 | 112,440,931 | 8,139,958 | 81,218,091 | |||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | 20,106 | 163,599 | 710,182 | 6,640,460 | 975,031 | 9,674,170 | |||||||||||||||||||||||||||||||||||||
40,036 | 510,450 | 18,859 | 239,882 | 16,616 | 206,530 | 205,212 | 1,743,706 | 186,524 | 1,783,663 | 478,710 | 4,882,230 | |||||||||||||||||||||||||||||||||||||
6,307 | 78,080 | 3 | 35 | 2 | 24 | 46,833 | 399,542 | 81,675 | 779,989 | 132,332 | 1,350,402 | |||||||||||||||||||||||||||||||||||||
— | — | 4,513 | 57,175 | 2,130 | 26,435 | 20,317 | 178,995 | 204,690 | 1,897,122 | 559,184 | 5,567,301 | |||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | 1,507 | 12,379 | 5,502 | 51,180 | 14,407 | 142,605 | |||||||||||||||||||||||||||||||||||||
19,294 | 246,508 | 22,371 | 285,226 | 3,092 | 38,644 | 218,669 | 1,804,776 | 402,343 | 3,720,623 | 164,872 | 1,616,090 | |||||||||||||||||||||||||||||||||||||
21,478 | 270,231 | 10,993 | 138,288 | 14,188 | 174,654 | 736,985 | 6,082,133 | 1,055,611 | 9,780,635 | 1,231,774 | 12,214,737 | |||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | 8,439 | 68,640 | 167,390 | 1,558,600 | 267,511 | 2,642,365 | |||||||||||||||||||||||||||||||||||||
(1,677,768 | ) | (21,132,499 | ) | (2,512,747 | ) | (31,894,824 | ) | (3,715,316 | ) | (47,547,688 | ) | (2,641,444 | ) | (22,763,398 | ) | (5,467,195 | ) | (53,019,512 | ) | (6,267,650 | ) | (64,238,196 | ) | |||||||||||||||||||||||||
(493,116 | ) | (6,017,552 | ) | (1,179,895 | ) | (14,579,076 | ) | (659,979 | ) | (8,184,199 | ) | (640,416 | ) | (5,506,231 | ) | (731,894 | ) | (7,022,542 | ) | (792,200 | ) | (8,123,429 | ) | |||||||||||||||||||||||||
(485,542 | ) | (6,153,974 | ) | (521,589 | ) | (6,550,005 | ) | (649,666 | ) | (8,288,640 | ) | (404,947 | ) | (3,540,018 | ) | (2,380,785 | ) | (21,961,088 | ) | (12,671,964 | ) | (125,729,678 | ) | |||||||||||||||||||||||||
(2,278,824 | ) | (28,595,829 | ) | — | — | — | — | (3,775,079 | ) | (32,732,201 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||
— | — | — | — | — | — | (52,922 | ) | (443,001 | ) | (313,976 | ) | (2,925,498 | ) | (87,196 | ) | (864,515 | ) | |||||||||||||||||||||||||||||||
(1,356,452 | ) | (17,116,956 | ) | (1,917,597 | ) | (24,437,674 | ) | (1,132,432 | ) | (14,452,539 | ) | (2,706,326 | ) | (22,399,122 | ) | (4,498,298 | ) | (41,676,496 | ) | (7,622,734 | ) | (75,348,847 | ) | |||||||||||||||||||||||||
(212,937 | ) | (2,629,170 | ) | (823,038 | ) | (10,354,914 | ) | (524,519 | ) | (6,774,923 | ) | (5,810,773 | ) | (48,010,893 | ) | (10,180,309 | ) | (94,126,329 | ) | (6,073,414 | ) | (60,369,062 | ) | |||||||||||||||||||||||||
— | — | — | — | — | — | (28,887 | ) | (236,266 | ) | (4,283,752 | ) | (39,183,493 | ) | (859,602 | ) | (8,497,846 | ) | |||||||||||||||||||||||||||||||
2,032,050 | $ | 25,744,207 | 1,337,184 | $ | 17,413,672 | 7,676,935 | $ | 98,707,377 | (315,316 | ) | $ | (1,181,599 | ) | (2,650,212 | ) | $ | (24,104,661 | ) | (5,590,343 | ) | $ | (53,732,060 | ) |
Semiannual Report | | March 31, 2016 | 353 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI International Growth | ||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 2/2/2015†† through 9/30/2015† | |||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||
Shares sold: | ||||||||||||||||||
Class A | 3,280 | $ | 49,286 | 390 | $ | 6,035 | ||||||||||||
Class A - from Class D(a) | — | — | — | — | ||||||||||||||
Class C | — | — | — | — | ||||||||||||||
Class D | — | — | — | — | ||||||||||||||
Class R | — | — | — | — | ||||||||||||||
Class P | — | — | — | — | ||||||||||||||
Institutional Class | — | — | 5,290 | 82,898 | ||||||||||||||
Class R6 | — | — | — | — | ||||||||||||||
Issued in reinvestment of dividends and distributions: | ||||||||||||||||||
Class A | 26 | 382 | — | — | ||||||||||||||
Class C | — | — | — | — | ||||||||||||||
Class D(a) | — | — | — | — | ||||||||||||||
Class R | — | — | — | — | ||||||||||||||
Class P | — | — | — | — | ||||||||||||||
Institutional Class | 1,403 | 20,891 | — | — | ||||||||||||||
Administrative Class# | — | — | — | — | ||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||
Class A | (672 | ) | (9,993 | ) | (325 | ) | (4,669 | ) | ||||||||||
Class C | — | — | — | — | ||||||||||||||
Class D | — | — | — | — | ||||||||||||||
Class D - to Class A(a) | — | — | — | — | ||||||||||||||
Class R | — | — | — | — | ||||||||||||||
Class P | — | — | — | — | ||||||||||||||
Institutional Class | — | — | (2,133 | ) | (34,901 | ) | ||||||||||||
Administrative Class# | — | — | — | — | ||||||||||||||
Net increase (decrease) resulting from Fund share transactions | 4,037 | $ | 60,566 | 3,222 | $ | 49,363 |
# | The Administrative Class of AllianzGI International Small-Cap liquidated on May 21, 2014 |
## | For the period February 1, 2016 (commencement of share class) through March 31, 2016. “Shares sold” include shares sold to AFI. |
† | Fiscal year end changed from November 30th to September 30th. |
†† | Commencement of operations. |
(a) | Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d). |
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AllianzGI International Small-Cap | AllianzGI Micro Cap | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from through | Year ended 11/30/2014 | Six Months ended 3/31/2016 (unaudited) | Period from through | Year ended 11/30/2014 | |||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||
195,555 | $ | 6,811,986 | 294,704 | $ | 10,611,852 | 73,277 | $ | 2,791,007 | 78,278 | $ | 1,099,432 | 889,909 | $ | 13,908,457 | 399,661 | $ | 6,160,930 | |||||||||||||||||||||||||||||||
138,078 | 4,962,527 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
34,533 | 1,183,153 | 53,052 | 1,891,253 | 16,672 | 631,732 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
71,682 | 2,606,512 | 102,914 | 3,717,360 | 37,572 | 1,458,900 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
1,087 | 35,815 | 1,045 | 37,418 | 1,648 | 65,427 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
237,096 | 8,127,230 | 394,147 | 14,128,753 | 62,438 | 2,371,208 | 79,828 | 1,107,021 | 220,941 | 3,380,877 | 114,922 | 1,727,101 | |||||||||||||||||||||||||||||||||||||
464,925 | 16,532,685 | 803,673 | 29,188,478 | 617,404 | 24,247,569 | 277,775 | 3,628,339 | 736,716 | 11,168,951 | 523,355 | 8,114,834 | |||||||||||||||||||||||||||||||||||||
298 | ## | 10,000 | ## | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
20,279 | 712,490 | 3,808 | 123,274 | 3,662 | 139,022 | 49,331 | 693,095 | 29,336 | 397,207 | 6,704 | 96,626 | |||||||||||||||||||||||||||||||||||||
4,213 | 145,323 | 3,106 | 98,211 | 1,882 | 70,221 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
— | — | 4,643 | 150,882 | 1,781 | 67,541 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
153 | 5,296 | 238 | 7,520 | 126 | 4,691 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
47,306 | 1,662,355 | 89,071 | 2,839,828 | 84,995 | 3,203,373 | 9,445 | 133,274 | 9,656 | 131,124 | 8,303 | 121,008 | |||||||||||||||||||||||||||||||||||||
83,072 | 3,021,616 | 173,226 | 5,694,757 | 167,967 | 6,493,882 | 133,528 | 1,892,094 | 203,545 | 2,776,351 | 168,032 | 2,457,259 | |||||||||||||||||||||||||||||||||||||
— | — | — | — | 32 | 1,233 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
(228,408 | ) | (7,422,202 | ) | (104,210 | ) | (3,689,058 | ) | (37,081 | ) | (1,424,052 | ) | (943,683 | ) | (12,712,776 | ) | (140,336 | ) | (2,035,487 | ) | (157,911 | ) | (2,360,756 | ) | |||||||||||||||||||||||||
(8,953 | ) | (299,711 | ) | (4,706 | ) | (158,635 | ) | (3,235 | ) | (121,551 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
(2,884 | ) | (105,933 | ) | (80,179 | ) | (2,891,446 | ) | (7,002 | ) | (270,483 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
(136,357 | ) | (4,962,527 | ) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
(1,018 | ) | (32,950 | ) | (413 | ) | (14,807 | ) | (338 | ) | (12,555 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
(168,588 | ) | (5,523,145 | ) | (210,681 | ) | (7,361,542 | ) | (165,391 | ) | (6,340,580 | ) | (86,355 | ) | (1,082,232 | ) | (173,306 | ) | (2,598,365 | ) | (155,672 | ) | (2,371,249 | ) | |||||||||||||||||||||||||
(865,549 | ) | (29,047,279 | ) | (839,772 | ) | (30,058,632 | ) | (939,731 | ) | (36,977,150 | ) | (484,436 | ) | (6,653,121 | ) | (725,752 | ) | (10,822,370 | ) | (1,038,064 | ) | (16,274,113 | ) | |||||||||||||||||||||||||
— | — | — | — | (395 | ) | (15,734 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
(113,480 | ) | $ | (1,576,759 | ) | 683,666 | $ | 24,315,466 | (83,717 | ) | $ | (3,616,299 | ) | (886,289 | ) | $ | (11,894,874 | ) | 1,050,709 | $ | 16,306,745 | (130,670 | ) | $ | (2,328,360 | ) |
Semiannual Report | | March 31, 2016 | 355 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Multi-Asset Real Return | ||||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from through | Year ended 11/30/2014 | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||||
Class A | 148 | $ | 1,763 | 1,162 | $ | 16,784 | 8,570 | $ | 136,109 | |||||||||||||||||
Class A - from Class D(a) | 1,661 | 21,309 | — | — | — | — | ||||||||||||||||||||
Class C | 64 | 784 | 920 | 13,255 | 2,305 | 36,791 | ||||||||||||||||||||
Class D | — | — | 371 | 5,115 | 2,801 | 45,392 | ||||||||||||||||||||
Class P | — | — | — | — | — | — | ||||||||||||||||||||
Institutional Class | 20,883 | 259,023 | 18,283 | 260,466 | 63,174 | 1,009,479 | ||||||||||||||||||||
Issued in reinvestment of dividends and distributions: | ||||||||||||||||||||||||||
Class A | 238 | 2,941 | 119 | 1,726 | 67 | 1,027 | ||||||||||||||||||||
Class C | 65 | 800 | 49 | 703 | 101 | 1,522 | ||||||||||||||||||||
Class D(a) | — | — | 16 | 237 | 16 | 247 | ||||||||||||||||||||
Class P | 16 | 201 | 8 | 113 | 13 | 206 | ||||||||||||||||||||
Institutional Class | 5,187 | 64,521 | 5,207 | 75,299 | 7,729 | 117,589 | ||||||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||||||||||
Class A | (1,487 | ) | (18,588 | ) | (533 | ) | (7,902 | ) | (1,962 | ) | (30,566 | ) | ||||||||||||||
Class C | — | — | (2,607 | ) | (37,361 | ) | — | — | ||||||||||||||||||
Class D | (1 | ) | (10 | ) | (270 | ) | (3,673 | ) | (1,948 | ) | (31,022 | ) | ||||||||||||||
Class D - to Class A(a) | (1,652 | ) | (21,309 | ) | — | — | — | — | ||||||||||||||||||
Class P | — | — | — | — | — | — | ||||||||||||||||||||
Institutional Class | (112,148 | ) | (1,431,256 | ) | (94,360 | ) | (1,395,803 | ) | (3,081 | ) | (47,323 | ) | ||||||||||||||
Net increase (decrease) resulting from Fund share transactions | (87,026 | ) | $ | (1,119,821 | ) | (71,635 | ) | $ | (1,071,041 | ) | 77,785 | $ | 1,239,451 |
† | Fiscal year end changed from November 30th to September 30th. |
(a) | Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d). |
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AllianzGI NFJ Emerging Markets Value | AllianzGI NFJ Global Dividend Value | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from through | Year ended 11/30/2014 | Six Months ended 3/31/2016 (unaudited) | Period from through | Year ended 11/30/2014 | |||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||
14,595 | $ | 185,776 | 10,302 | $ | 137,621 | 6,386 | $ | 104,381 | 17,722 | $ | 288,965 | 176,545 | $ | 3,443,121 | 162,083 | $ | 3,477,503 | |||||||||||||||||||||||||||||||
80,849 | 1,044,575 | — | — | — | — | 38,580 | 658,941 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
773 | 8,646 | 5,808 | 83,874 | 4,960 | 77,501 | 115,999 | 1,762,766 | 91,116 | 1,797,126 | 39,372 | 842,560 | |||||||||||||||||||||||||||||||||||||
125 | 1,670 | 26,049 | 399,799 | 32,709 | 498,303 | 66 | 1,186 | 29,892 | 614,955 | 153,952 | 3,252,570 | |||||||||||||||||||||||||||||||||||||
1,637 | 21,000 | — | — | — | — | 3,458 | 59,826 | 18,335 | 374,165 | 33,279 | 725,436 | |||||||||||||||||||||||||||||||||||||
74,860 | 946,740 | 120,083 | 1,721,611 | 145,860 | 2,193,154 | 29,017 | 452,334 | 189,769 | 3,716,028 | 694,994 | 14,914,749 | |||||||||||||||||||||||||||||||||||||
1,284 | 15,872 | 567 | 7,876 | 82 | 1,302 | 41,293 | 629,775 | 28,864 | 557,285 | 17,710 | 379,306 | |||||||||||||||||||||||||||||||||||||
75 | 921 | 283 | 3,931 | 40 | 619 | 43,881 | 656,568 | 29,039 | 553,459 | 17,882 | 378,057 | |||||||||||||||||||||||||||||||||||||
— | — | 5,496 | 78,302 | 1,798 | 27,988 | — | — | 15,135 | 299,716 | 2,747 | 59,528 | |||||||||||||||||||||||||||||||||||||
50 | 614 | 43 | 600 | 16 | 251 | 8,290 | 127,047 | 8,421 | 164,345 | 5,717 | 123,263 | |||||||||||||||||||||||||||||||||||||
8,732 | 108,800 | 31,682 | 450,246 | 11,041 | 171,834 | 76,855 | 1,165,273 | 158,570 | 3,085,698 | 188,251 | 4,014,390 | |||||||||||||||||||||||||||||||||||||
(11,594 | ) | (143,188 | ) | (1,257 | ) | (16,980 | ) | (555 | ) | (8,452 | ) | (83,439 | ) | (1,298,725 | ) | (478,784 | ) | (8,423,422 | ) | (103,941 | ) | (2,256,133 | ) | |||||||||||||||||||||||||
(661 | ) | (8,255 | ) | (2,416 | ) | (36,098 | ) | (1,911 | ) | (30,191 | ) | (72,198 | ) | (1,153,797 | ) | (78,666 | ) | (1,474,450 | ) | (54,948 | ) | (1,154,599 | ) | |||||||||||||||||||||||||
(87 | ) | (1,178 | ) | (47,433 | ) | (680,133 | ) | (8,879 | ) | (138,625 | ) | (7,946 | ) | (141,496 | ) | (179,350 | ) | (3,533,555 | ) | (10,177 | ) | (219,368 | ) | |||||||||||||||||||||||||
(80,065 | ) | (1,044,575 | ) | — | — | — | — | (38,075 | ) | (658,941 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||
— | — | — | — | — | — | (21,480 | ) | (336,370 | ) | (44,018 | ) | (854,359 | ) | (30,781 | ) | (649,884 | ) | |||||||||||||||||||||||||||||||
(105,514 | ) | (1,275,593 | ) | (122,094 | ) | (1,750,063 | ) | (68,819 | ) | (1,079,616 | ) | (506,270 | ) | (7,797,798 | ) | (1,721,731 | ) | (33,650,247 | ) | (1,200,205 | ) | (25,678,653 | ) | |||||||||||||||||||||||||
(14,941 | ) | $ | (138,175 | ) | 27,113 | $ | 400,586 | 122,728 | $ | 1,818,449 | (354,247 | ) | $ | (5,584,446 | ) | (1,756,863 | ) | $ | (33,330,135 | ) | (84,065 | ) | $ | (1,791,275 | ) |
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Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI NFJ International Small-Cap Value | ||||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||||
Class A | 278,194 | $ | 4,679,377 | 48,389 | $ | 980,748 | 48,712 | $ | 1,066,486 | |||||||||||||||||
Class A - from Class D(a) | 137,320 | 2,570,636 | — | — | — | — | ||||||||||||||||||||
Class C | 3,330 | 60,450 | 8,945 | 176,923 | 40,730 | 871,407 | ||||||||||||||||||||
Class D | 1,450 | 27,614 | 88,074 | 1,824,331 | 29,335 | 652,498 | ||||||||||||||||||||
Class P | 1,083 | 20,000 | 728 | 15,000 | 1,118 | 23,872 | ||||||||||||||||||||
Institutional Class | 25,154 | 469,275 | 390,816 | 7,834,824 | 410,371 | 9,023,170 | ||||||||||||||||||||
Class R6 | 7,670 | 130,466 | 525 | # | 10,000 | # | — | — | ||||||||||||||||||
Issued in reinvestment of dividends and distributions: | ||||||||||||||||||||||||||
Class A | 13,961 | 250,035 | 15,935 | 305,720 | 3,742 | 76,805 | ||||||||||||||||||||
Class C | 3,637 | 64,423 | 7,743 | 146,706 | 1,339 | 27,556 | ||||||||||||||||||||
Class D(a) | — | — | 8,785 | 169,221 | 1,400 | 28,792 | ||||||||||||||||||||
Class P | 215 | 3,869 | 234 | 4,559 | 22 | 458 | ||||||||||||||||||||
Institutional Class | 15,338 | 281,360 | 68,771 | 1,335,376 | 22,916 | 475,973 | ||||||||||||||||||||
Class R6 | 38 | 684 | — | — | — | — | ||||||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||||||||||
Class A | (93,070 | ) | (1,517,030 | ) | (101,282 | ) | (2,026,722 | ) | (32,328 | ) | (702,239 | ) | ||||||||||||||
Class C | (10,677 | ) | (191,676 | ) | (10,354 | ) | (204,250 | ) | (3,342 | ) | (68,903 | ) | ||||||||||||||
Class D | (4,072 | ) | (77,582 | ) | (21,753 | ) | (424,270 | ) | (11,231 | ) | (243,022 | ) | ||||||||||||||
Class D - to Class A(a) | (137,204 | ) | (2,570,636 | ) | — | — | — | — | ||||||||||||||||||
Class P | — | — | (209 | ) | (4,000 | ) | — | — | ||||||||||||||||||
Institutional Class | (230,852 | ) | (4,253,147 | ) | (737,410 | ) | (14,565,723 | ) | (343,755 | ) | (7,612,375 | ) | ||||||||||||||
Net increase (decrease) resulting from Fund share transactions | 11,515 | $ | (51,882 | ) | (232,063 | ) | $ | (4,421,557 | ) | 169,029 | $ | 3,620,478 |
# | For the period September 8, 2015 (commencement of share class) through September 30, 2015. “Shares sold” includes shares sold to AFI. |
* | Actual amount rounds to less than one share. |
† | Fiscal year end changed from November 30th to September 30th. |
(a) | Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d). |
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AllianzGI NFJ International Value II | AllianzGI Short Duration High Income | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | |||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||
9,313 | $ | 145,588 | 9,399 | $ | 162,566 | 8,104 | $ | 151,790 | 3,393,212 | $ | 49,706,436 | 4,630,069 | $ | 71,665,144 | 8,802,328 | $ | 139,766,217 | |||||||||||||||||||||||||||||||
950 | 15,297 | — | — | — | — | 2,008,883 | 30,093,068 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
6,391 | 102,099 | 6,531 | 113,285 | 1,926 | 37,144 | 2,057,565 | 30,152,584 | 2,319,008 | 35,779,338 | 2,765,867 | 43,795,323 | |||||||||||||||||||||||||||||||||||||
61 | 1,000 | 134 | 2,500 | 26 | 500 | 80,405 | 1,217,635 | 976,036 | 15,148,793 | 1,731,511 | 27,518,112 | |||||||||||||||||||||||||||||||||||||
2,290 | 34,331 | 31,184 | 544,275 | 5,818 | 111,255 | 6,878,055 | 100,438,622 | 16,031,201 | 248,487,097 | 14,537,631 | 230,330,859 | |||||||||||||||||||||||||||||||||||||
17,379 | 279,610 | 493,769 | 8,948,089 | 2,121,556 | 39,404,304 | 10,075,451 | 144,734,959 | 22,906,737 | 355,964,051 | 7,422,378 | 117,961,273 | |||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
187 | 2,932 | 242 | 4,275 | 305 | 5,554 | 347,449 | 5,044,356 | 344,099 | 5,314,868 | 452,185 | 7,148,746 | |||||||||||||||||||||||||||||||||||||
— | * | 2 | 100 | 1,782 | 161 | 2,894 | 177,354 | 2,571,083 | 183,201 | 2,823,846 | 176,297 | 2,778,106 | ||||||||||||||||||||||||||||||||||||
— | — | 17 | 309 | 47 | 858 | 7,747 | 117,286 | 79,539 | 1,228,503 | 92,995 | 1,467,256 | |||||||||||||||||||||||||||||||||||||
384 | 6,015 | 560 | 9,985 | 83 | 1,546 | 515,252 | 7,483,612 | 517,533 | 7,984,308 | 354,585 | 5,582,863 | |||||||||||||||||||||||||||||||||||||
29,162 | 458,460 | 59,148 | 1,050,891 | 47,479 | 890,282 | 803,864 | 11,665,638 | 824,892 | 12,746,201 | 665,136 | 10,513,478 | |||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
(3,535 | ) | (57,018 | ) | (2,491 | ) | (41,847 | ) | (3,021 | ) | (54,207 | ) | (4,805,934 | ) | (70,139,774 | ) | (4,463,392 | ) | (68,933,554 | ) | (9,381,755 | ) | (148,623,880 | ) | |||||||||||||||||||||||||
(1,806 | ) | (28,391 | ) | (3,483 | ) | (55,526 | ) | (110 | ) | (2,017 | ) | (1,634,651 | ) | (23,726,889 | ) | (1,571,633 | ) | (24,251,623 | ) | (1,177,178 | ) | (18,572,287 | ) | |||||||||||||||||||||||||
— | — | (26 | ) | (488 | ) | — | — | (40,050 | ) | (606,496 | ) | (1,393,612 | ) | (21,482,103 | ) | (713,830 | ) | (11,264,468 | ) | |||||||||||||||||||||||||||||
(948 | ) | (15,297 | ) | — | — | — | — | (2,008,266 | ) | (30,093,068 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||
(6,754 | ) | (106,202 | ) | (1,462 | ) | (24,607 | ) | (25 | ) | (473 | ) | (9,941,227 | ) | (145,704,374 | ) | (10,505,661 | ) | (161,982,438 | ) | (6,601,562 | ) | (104,185,257 | ) | |||||||||||||||||||||||||
(40,903 | ) | (625,199 | ) | (243 | ) | (4,125 | ) | (223,854 | ) | (4,349,794 | ) | (16,913,357 | ) | (248,625,039 | ) | (8,587,399 | ) | (132,375,902 | ) | (4,901,969 | ) | (77,529,321 | ) | |||||||||||||||||||||||||
12,171 | $ | 213,227 | 593,379 | $ | 10,711,364 | 1,958,495 | $ | 36,199,636 | (8,998,248 | ) | $ | (135,670,361 | ) | 22,290,618 | $ | 348,116,529 | 14,224,619 | $ | 226,687,020 |
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Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Structured Return | ||||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||||
Class A | 2,717,543 | $ | 41,743,277 | 481,358 | $ | 7,459,234 | 189,741 | $ | 2,890,355 | |||||||||||||||||
Class A - from Class D(a) | 1,001,795 | 15,547,861 | — | — | — | — | ||||||||||||||||||||
Class C | 301,638 | 4,534,281 | 244,592 | 3,734,705 | 5,533 | 85,059 | ||||||||||||||||||||
Class D | 395,471 | 6,153,143 | 342,842 | 5,294,130 | 349,214 | 5,418,511 | ||||||||||||||||||||
Class R | — | — | — | — | — | — | ||||||||||||||||||||
Class P | 671,467 | 10,319,513 | 30,931 | 483,773 | — | — | ||||||||||||||||||||
Institutional Class | 4,540,520 | 69,908,002 | 3,197,234 | 49,643,644 | 505,005 | 7,704,923 | ||||||||||||||||||||
Issued in reinvestment of dividends and distributions: | ||||||||||||||||||||||||||
Class A | 29,569 | 459,565 | 6,622 | 98,943 | 2,455 | 37,417 | ||||||||||||||||||||
Class C | 5,283 | 80,188 | 373 | 5,474 | 365 | 5,488 | ||||||||||||||||||||
Class D(a) | — | — | 17,897 | 267,594 | 4,562 | 69,417 | ||||||||||||||||||||
Class R | — | — | — | — | — | — | ||||||||||||||||||||
Class P | 3,446 | 53,656 | 96 | 1,436 | 184 | 2,794 | ||||||||||||||||||||
Institutional Class | 56,251 | 879,101 | 41,937 | 629,718 | 26,958 | 410,919 | ||||||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||||||||||
Class A | (358,765 | ) | (5,525,937 | ) | (132,954 | ) | (2,044,298 | ) | (61,661 | ) | (949,899 | ) | ||||||||||||||
Class C | (66,322 | ) | (986,995 | ) | (2,355 | ) | (35,135 | ) | (1,683 | ) | (25,011 | ) | ||||||||||||||
Class D | (6,595 | ) | (102,772 | ) | (108,002 | ) | (1,658,005 | ) | (76,704 | ) | (1,180,937 | ) | ||||||||||||||
Class D - to Class A(a) | (1,007,802 | ) | (15,547,861 | ) | — | — | — | — | ||||||||||||||||||
Class R | — | — | — | — | — | — | ||||||||||||||||||||
Class P | (80,176 | ) | (1,230,031 | ) | (1,033 | ) | (16,132 | ) | (1,646 | ) | (25,650 | ) | ||||||||||||||
Institutional Class | (1,901,047 | ) | (29,592,991 | ) | (661,822 | ) | (10,156,263 | ) | (70,361 | ) | (1,089,070 | ) | ||||||||||||||
Net increase (decrease) resulting from Fund share transactions | 6,302,276 | $ | 96,692,000 | 3,457,716 | $ | 53,708,818 | 871,962 | $ | 13,354,316 |
† | Fiscal year end changed from November 30th to September 30th. |
(a) | Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d). |
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AllianzGI U.S. Equity Hedged | AllianzGI U.S. Small-Cap Growth | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 | Year ended 11/30/2014 | |||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||
1,340 | $ | 21,788 | 15,510 | $ | 257,697 | 5,702 | $ | 98,134 | 41,509 | $ | 558,792 | 67,090 | $ | 1,100,445 | 116,635 | $ | 2,074,433 | |||||||||||||||||||||||||||||||
18,094 | 290,224 | — | — | — | — | 5,639 | 85,651 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
10,397 | 151,158 | 7,084 | 119,500 | 2,695 | 46,001 | 6,896 | 82,428 | 15,135 | 239,881 | 13,014 | 221,431 | |||||||||||||||||||||||||||||||||||||
8 | 125 | 4,960 | 84,105 | 56,879 | 1,009,584 | 67 | 1,003 | 772 | 12,604 | 4,249 | 75,185 | |||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | 721 | 11,338 | 1,768 | 31,487 | |||||||||||||||||||||||||||||||||||||
— | — | 1,743 | 29,761 | — | — | 5,926 | 79,963 | 12,044 | 210,311 | 60,907 | 1,091,044 | |||||||||||||||||||||||||||||||||||||
22,209 | 359,785 | 99,036 | 1,693,916 | 396,021 | 7,063,457 | 217,884 | 2,821,616 | 835,803 | 14,107,861 | 735,980 | 13,220,216 | |||||||||||||||||||||||||||||||||||||
1,016 | 16,120 | 4,726 | 79,881 | 5,505 | 93,117 | 4,435 | 61,647 | 3,731 | 58,237 | 5,794 | 99,232 | |||||||||||||||||||||||||||||||||||||
416 | 6,391 | 750 | 12,413 | 673 | 11,251 | 3,045 | 40,382 | 4,071 | 61,355 | 3,724 | 61,995 | |||||||||||||||||||||||||||||||||||||
— | — | 3,680 | 62,559 | 958 | 16,282 | — | — | 658 | 10,288 | 436 | 7,436 | |||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | 114 | 1,567 | 163 | 2,525 | 155 | 2,639 | |||||||||||||||||||||||||||||||||||||
20 | 313 | 43 | 737 | 40 | 685 | 1,251 | 17,638 | 1,149 | 18,156 | 716 | 12,307 | |||||||||||||||||||||||||||||||||||||
8,739 | 138,687 | 48,202 | 820,440 | 35,110 | 598,382 | 129,992 | 1,844,590 | 178,643 | 2,835,068 | 161,597 | 2,795,276 | |||||||||||||||||||||||||||||||||||||
(45,197 | ) | (700,051 | ) | (36,657 | ) | (612,873 | ) | (9,234 | ) | (161,102 | ) | (23,630 | ) | (312,382 | ) | (49,378 | ) | (823,703 | ) | (195,058 | ) | (3,411,792 | ) | |||||||||||||||||||||||||
(4,567 | ) | (67,182 | ) | (20 | ) | (325 | ) | (162 | ) | (2,818 | ) | (8,925 | ) | (122,483 | ) | (13,127 | ) | (200,978 | ) | (10,068 | ) | (173,417 | ) | |||||||||||||||||||||||||
(361 | ) | (5,766 | ) | (56,890 | ) | (968,545 | ) | (6,414 | ) | (114,397 | ) | (1,620 | ) | (25,241 | ) | (936 | ) | (15,160 | ) | (1,565 | ) | (27,694 | ) | |||||||||||||||||||||||||
(18,165 | ) | (290,224 | ) | — | — | — | — | (5,631 | ) | (85,651 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||
— | — | — | — | — | — | (206 | ) | (3,083 | ) | (1,011 | ) | (15,913 | ) | (1,645 | ) | (29,492 | ) | |||||||||||||||||||||||||||||||
— | — | (1,743 | ) | (30,161 | ) | — | — | (2,262 | ) | (33,639 | ) | (6,940 | ) | (118,804 | ) | (55,190 | ) | (995,922 | ) | |||||||||||||||||||||||||||||
(423,517 | ) | (6,808,396 | ) | (38,305 | ) | (643,898 | ) | (34,082 | ) | (592,691 | ) | (797,159 | ) | (12,062,189 | ) | (695,529 | ) | (11,493,933 | ) | (529,922 | ) | (9,622,916 | ) | |||||||||||||||||||||||||
(429,568 | ) | $ | (6,887,028 | ) | 52,119 | $ | 905,207 | 453,691 | $ | 8,065,885 | (422,675 | ) | $ | (7,049,391 | ) | 353,059 | $ | 5,999,578 | 311,527 | $ | 5,431,448 |
Semiannual Report | | March 31, 2016 | 361 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Ultra Micro Cap | ||||||||||||||||||||||||
Six Months ended 3/31/2016 (unaudited) | Period from 12/1/2014 through 9/30/2015† | Year ended 11/30/2014 | ||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||
Class A | 30,229 | $ | 652,102 | 99,743 | $ | 2,482,448 | 1,370,175 | $ | 33,698,669 | |||||||||||||||
Class P | 17,517 | 349,604 | 27,579 | 690,794 | 534,674 | 12,662,933 | ||||||||||||||||||
Institutional Class | 146,833 | 3,019,428 | 503,899 | 12,722,743 | 1,150,490 | 28,475,146 | ||||||||||||||||||
Issued in reinvestment of distributions: | ||||||||||||||||||||||||
Class A | 154,216 | 3,315,653 | 19,448 | 451,977 | 12,155 | 280,120 | ||||||||||||||||||
Class P | 30,083 | 651,902 | 3,789 | 88,470 | 517 | 11,847 | ||||||||||||||||||
Institutional Class | 142,585 | 3,095,525 | 17,561 | 411,280 | 10,825 | 251,234 | ||||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||||||||
Class A | (650,650 | ) | (13,152,333 | ) | (537,691 | ) | (13,122,529 | ) | (1,670,308 | ) | (39,729,663 | ) | ||||||||||||
Class P | (80,050 | ) | (1,616,586 | ) | (134,862 | ) | (3,298,941 | ) | (127,739 | ) | (2,926,317 | ) | ||||||||||||
Institutional Class | (718,059 | ) | (15,794,735 | ) | (675,519 | ) | (16,774,415 | ) | (1,650,136 | ) | (39,661,168 | ) | ||||||||||||
Net decrease resulting from Fund share transactions | (927,296 | ) | $ | (19,479,440 | ) | (676,053 | ) | $ | (16,348,173 | ) | (369,347 | ) | $ | (6,937,199 | ) |
† | Fiscal year end changed from November 30th to September 30th. |
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10. | SIGNIFICANT ACCOUNT HOLDERS |
From time to time, a Fund may have a concentration of shareholders, which may include the Investment Manager or affiliates of the Investment Manager, holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact to a Fund.
At March 31, 2016, the significant account-holders, owners of 5% or greater of each respective Fund’s outstanding shares were as follows:
Unaffiliated | Affiliated Approximate Ownership | |||||||||||||||||||||||||||||||||||||||||||||||
Number of Account Holders | Approximate Ownership | AFI | AllianzGI 2020 | AllianzGI 2025 | AllianzGI 2030 | AllianzGI 2035 | AllianzGI 2040 | AllianzGI 2045 | AllianzGI 2050 | AllianzGI Global Allocation | AllianzGI Global Dynamic Allocation | |||||||||||||||||||||||||||||||||||||
AllianzGI Retirement 2015 | 7 | 75 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
AllianzGI Retirement 2020 | 5 | 74 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
AllianzGI Retirement 2025 | 5 | 79 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
AllianzGI Retirement 2030 | 4 | 67 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
AllianzGI Retirement 2035 | 5 | 76 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
AllianzGI Retirement 2040 | 5 | 71 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
AllianzGI Retirement 2045 | 5 | 72 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
AllianzGI Retirement 2050 | 4 | 72 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
AllianzGI Retirement 2055 | 6 | 68 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
AllianzGI Retirement Income | 6 | 62 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
AllianzGI Global Allocation | 4 | 76 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
AllianzGI Global Dynamic Allocation | 3 | 79 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
AllianzGI Global Megatrends | — | — | 100 | % | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
AllianzGI Best Styles Emerging Markets Equity | 1 | 6 | % | 47 | % | 6 | % | 6 | % | — | — | — | 6 | % | — | — | 9 | % | ||||||||||||||||||||||||||||||
AllianzGI Best Styles Global Equity | 3 | 44 | % | — | — | — | — | — | — | — | — | 45 | % | — | ||||||||||||||||||||||||||||||||||
AllianzGI Best Styles International Equity | 4 | 41 | % | — | — | 7 | % | 8 | % | 9 | % | 10 | % | 6 | % | 6 | % | — | — | |||||||||||||||||||||||||||||
AllianzGI Best Styles U.S. Equity | 4 | 30 | % | — | 7 | % | 7 | % | 11 | % | 11 | % | 10 | % | 7 | % | 6 | % | — | 6 | % | |||||||||||||||||||||||||||
AllianzGI China Equity | 3 | 28 | % | 62 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
AllianzGI Convertible | 5 | �� | 68 | % | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
AllianzGI Emerging Markets Consumer | 4 | 67 | % | 7 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
AllianzGI Emerging Markets Debt | — | — | 69 | % | — | — | — | — | — | — | — | 29 | % | — | ||||||||||||||||||||||||||||||||||
AllianzGI Emerging Markets Small-Cap | 1 | 28 | % | 34 | % | — | — | 8 | % | 9 | % | 10 | % | 6 | % | 5 | % | — | — | |||||||||||||||||||||||||||||
AllianzGI Europe Equity Dividend | 2 | 15 | % | 80 | % | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
AllianzGI Global Fundamental Strategy | — | — | 97 | % | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
AllianzGI Global Sustainability | 1 | 85 | % | 15 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
AllianzGI Global Water | 8 | 85 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
AllianzGI High Yield Bond | 3 | 63 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
AllianzGI International Growth | — | — | 97 | % | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
AllianzGI International Small-Cap | 3 | 61 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
AllianzGI Micro Cap | 5 | 86 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
AllianzGI Multi-Asset Real Return | 1 | 15 | % | 79 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
AllianzGI NFJ Emerging Markets Value | 1 | 57 | % | 36 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
AllianzGI NFJ Global Dividend Value | 6 | 76 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
AllianzGI NFJ International Small-Cap Value | 5 | 94 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
AllianzGI NFJ International Value II | 1 | 94 | % | — | — | — | — | — | — | — | — | — | — |
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Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
Unaffiliated | Affiliated Approximate Ownership | |||||||||||||||||||||||||||||||||||||||||||||||
Number of Account Holders | Approximate Ownership | AFI | AllianzGI 2020 | AllianzGI 2025 | AllianzGI 2030 | AllianzGI 2035 | AllianzGI 2040 | AllianzGI 2045 | AllianzGI 2050 | AllianzGI Global Allocation | AllianzGI Global Dynamic Allocation | |||||||||||||||||||||||||||||||||||||
AllianzGI Short Duration High Income | 7 | 69 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
AllianzGI Structured Return | 4 | 71 | % | — | — | — | — | — | — | — | — | 11 | % | — | ||||||||||||||||||||||||||||||||||
AllianzGI U.S. Equity Hedged | 3 | 45 | % | 47 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
AllianzGI U.S. Small-Cap Growth | 2 | 76 | % | — | — | — | 6 | % | 6 | % | 5 | % | — | — | — | — | ||||||||||||||||||||||||||||||||
AllianzGI Ultra Micro Cap | 6 | 83 | % | — | — | — | — | — | — | — | — | — | — |
11. | AFFILIATED TRANSACTIONS |
An affiliate includes any company in which a Sub-Adviser owns 5% or more of a company’s outstanding voting securities at any point during the fiscal year. The table below represents transactions in and earnings from these affiliated issuers during the six months ended March 31, 2016.
AllianzGI Best Styles Emerging Markets Equity: | ||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation | Market Value 3/31/2016 | Dividend Income | Net Realized Gain (Loss) | ||||||||||||||||||||||
LG Life Sciences Ltd.†† | — | $ | 46,048 | — | $ | 10,118 | $ | 56,166 | — | — |
AllianzGI Best Styles Global Equity: | ||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Market Value 3/31/2016 | Dividend Income | Net Realized Gain (Loss) | ||||||||||||||||||||||
A Schulman, Inc. | $ | 312,199 | $ | 189,237 | $ | (324,217 | ) | $ | (12,574 | ) | $ | 129,622 | $ | 3,942 | $ | (53,100 | ) | |||||||||||
Aareal Bank AG† | 416,770 | 266,388 | — | (23,287 | ) | 685,509 | — | — | ||||||||||||||||||||
Bechtle AG | 106,276 | 59,777 | — | 34,982 | 193,135 | — | — | |||||||||||||||||||||
Coface S.A.†,†† | — | 225,146 | (204,693 | ) | — | — | — | (20,453 | ) | |||||||||||||||||||
DCC PLC† | 178,185 | 306,739 | (516,835 | ) | — | — | 1,192 | 53,677 | ||||||||||||||||||||
Freenet AG | 721,672 | 719,173 | — | (45,031 | ) | 1,379,589 | — | — | ||||||||||||||||||||
Fresenius SE & Co. KgAA†† | 680,810 | 396,900 | — | 116,938 | 1,176,776 | — | — | |||||||||||||||||||||
Infineon Technologies AG | 322,232 | 281,154 | (261,145 | ) | 93,533 | 470,763 | 7,242 | 48,756 | ||||||||||||||||||||
Ingenico Group†,†† | — | 629,194 | (596,370 | ) | — | — | — | (32,824 | ) | |||||||||||||||||||
Jenoptik AG† | 167,731 | — | (186,043 | ) | — | — | — | 26,706 | ||||||||||||||||||||
Kingspan Group PLC†† | — | 559,059 | — | (5,182 | ) | 553,877 | — | — | ||||||||||||||||||||
NCC AB† | 183,691 | 165,064 | — | 53,663 | 400,298 | 3,647 | — | |||||||||||||||||||||
Ryder System, Inc. | 258,474 | 160,016 | — | (39,369 | ) | 409,150 | 3,058 | — | ||||||||||||||||||||
Smurfit Kappa Group PLC†† | 1,232,759 | 877,256 | (447,109 | ) | 18,848 | 1,670,766 | 10,253 | (6,799 | ) | |||||||||||||||||||
Totals | $ | 4,580,799 | $ | 4,835,103 | $ | (2,536,412 | ) | $ | 192,521 | $ | 7,069,485 | $ | 29,334 | $ | 15,963 |
AllianzGI Best Styles International Equity: | ||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Market Value 3/31/2016 | Dividend Income | Net Realized Gain (Loss) | ||||||||||||||||||||||
bpost S.A.† | $ | 91,361 | $ | 22,820 | $ | (131,827 | ) | — | — | $ | 3,289 | $ | 11,864 | |||||||||||||||
Coface S.A.† | 35,264 | 90,337 | (122,852 | ) | — | — | — | (20,556 | ) | |||||||||||||||||||
Fresenius SE & Co. KgAA†† | — | 464,420 | (81,178 | ) | $ | 24,541 | $ | 409,947 | — | 2,164 | ||||||||||||||||||
Ontex Group NV† | 91,582 | 26,412 | (118,314 | ) | — | — | — | 5,483 | ||||||||||||||||||||
Smurfit Kappa Group PLC†† | — | 146,516 | — | (6,786 | ) | 139,730 | — | — | ||||||||||||||||||||
Spotless Group Holdings Ltd.†† | — | 138,358 | — | (43,211 | ) | 95,147 | 2,232 | — | ||||||||||||||||||||
Totals | $ | 218,207 | $ | 888,863 | $ | (454,171 | ) | $ | (25,456 | ) | $ | 644,824 | $ | 5,521 | $ | (1,045 | ) |
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AllianzGI Best Styles U.S. Equity: | ||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Depreciation | Market Value 3/31/2016 | Dividend Income | Net Realized Loss | ||||||||||||||||||||||
Ryder System, Inc.† | $ | 345,841 | — | $ | (310,155 | ) | — | — | $ | 1,743 | $ | (103,658 | ) | |||||||||||||||
Universal Insurance Holdings, Inc.† | — | $ | 316,789 | — | $ | (42,758 | ) | $ | 274,031 | 5,587 | — | |||||||||||||||||
Totals | $ | 345,841 | $ | 316,789 | $ | (310,155 | ) | $ | (42,758 | ) | $ | 274,031 | $ | 7,330 | $ | (103,658 | ) |
AllianzGI China Equity: | ||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Market Value 3/31/2016 | Dividend Income | Net Realized Loss | ||||||||||||||||||||||
Digital China Holdings Ltd. | $ | 253,374 | — | $ | (114,263 | ) | $ | 13,505 | $ | 216,597 | — | $ | (23,640 | ) | ||||||||||||||
Qingling Motors Co., Ltd. | 218,075 | — | — | (7,665 | ) | 205,723 | — | — | ||||||||||||||||||||
Totals | $ | 471,449 | — | $ | (114,263 | ) | $ | 5,840 | $ | 422,320 | — | $ | (23,640 | ) |
AllianzGI Emerging Markets Small-Cap: | ||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Market Value 3/31/2016 | Dividend Income | Net Realized Loss | ||||||||||||||||||||||
S&T Corp.†,†† | — | $ | 47,679 | $ | (43,753 | ) | — | — | $ | 492 | $ | (3,926 | ) |
AllianzGI Europe Equity Dividend: | ||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Market Value 3/31/2016 | Dividend Income | Net Realized Gain (Loss) | ||||||||||||||||||||||
Ashmore Group PLC | $ | 60,331 | $ | 9,144 | — | $ | (2,541 | ) | $ | 76,164 | $ | 4,038 | — | |||||||||||||||
bpost S.A.† | 57,071 | 11,119 | — | 4,982 | 79,093 | 2,055 | — | |||||||||||||||||||||
Cembra Money Bank AG | 44,767 | 24,276 | — | 10,180 | 80,059 | — | — | |||||||||||||||||||||
Cia de Distribucion Integral Logista Holdings S.A. | 67,548 | 15,282 | — | 12,370 | 97,025 | 1,946 | — | |||||||||||||||||||||
Coface S.A. | 28,690 | 3,655 | — | (12,991 | ) | 30,676 | — | — | ||||||||||||||||||||
CTT-Correios de Portugal S.A. | 39,315 | 11,763 | $ | (567 | ) | (3,756 | ) | 44,555 | — | $ | 20 | |||||||||||||||||
Drillisch AG | 64,490 | 6,200 | — | 1,683 | 55,650 | — | — | |||||||||||||||||||||
EVS Broadcast Equipment S.A. | 20,151 | 3,467 | — | 2,270 | 32,529 | 311 | — | |||||||||||||||||||||
Freenet AG | 99,254 | 11,383 | (8,179 | ) | (668 | ) | 92,857 | — | (104 | ) | ||||||||||||||||||
MARR SPA† | 27,534 | — | (27,587 | ) | — | — | — | 2,191 | ||||||||||||||||||||
NCC AB† | 64,363 | 6,388 | (28,233 | ) | 6,276 | 54,232 | 1,278 | 1,151 | ||||||||||||||||||||
Sunrise Communications Group AG | 58,323 | 53,471 | — | 1,114 | 132,893 | — | — | |||||||||||||||||||||
UBM PLC | 62,655 | 27,222 | (6,773 | ) | 7,253 | 96,845 | — | 53 | ||||||||||||||||||||
Totals | $ | 694,492 | $ | 183,370 | $ | (71,339 | ) | $ | 26,172 | $ | 872,578 | $ | 9,628 | $ | 3,311 |
AllianzGI Global Fundamental Strategy: | ||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Market Value 3/31/2016 | Dividend Income | Net Realized Gain (Loss) | ||||||||||||||||||||||
bpost S.A.† | $ | 142,678 | — | — | $ | 28,619 | $ | 166,512 | $ | 5,137 | — | |||||||||||||||||
CTT-Correios de Portugal S.A. | 223,383 | — | — | (12,473 | ) | 187,997 | — | — | ||||||||||||||||||||
TLG Immobilien AG | 113,926 | — | — | 51,377 | 136,926 | — | — | |||||||||||||||||||||
Totals | $ | 479,987 | — | — | $ | 67,523 | $ | 491,435 | $ | 5,137 | — |
AllianzGI Global Sustainability: | ||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation | Market Value 3/31/2016 | Dividend Income | Net Realized Gain (Loss) | ||||||||||||||||||||||
Bureau Veritas S.A. | $ | 42,917 | $ | 226,987 | — | $ | 29,732 | $ | 302,574 | — | — |
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Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Global Water: | ||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation | Market Value 3/31/2016 | Dividend Income | Net Realized Gain (Loss) | ||||||||||||||||||||||
Norma Group SE† | $ | 3,448,666 | — | $ | (3,464,888 | ) | — | — | — | $ | (2,899 | ) | ||||||||||||||||
Spirax-Sarco Engineering PLC†,†† | — | $ | 3,713,966 | (559,530 | ) | $ | 861,699 | $ | 4,112,080 | — | 95,945 | |||||||||||||||||
Totals | $ | 3,448,666 | $ | 3,713,966 | $ | (4,024,418 | ) | $ | 861,699 | $ | 4,112,080 | — | $ | 93,046 |
AllianzGI International Growth: | ||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Market Value 3/31/2016 | Dividend Income | Net Realized Gain | ||||||||||||||||||||||
Bechtle AG | $ | 37,621 | — | — | $ | 7,767 | $ | 42,976 | — | — | ||||||||||||||||||
Bureau Veritas S.A. | 35,001 | — | — | 2,104 | 36,863 | — | — | |||||||||||||||||||||
DCC PLC | 41,864 | — | — | 7,633 | 48,859 | $ | 280 | — | ||||||||||||||||||||
DSV A/S | 63,038 | — | — | 17,164 | 70,169 | 313 | — | |||||||||||||||||||||
Fresenius SE & Co. KgAA†† | 48,265 | — | $ | (8,607 | ) | 9,369 | 43,444 | — | $ | 1,574 | ||||||||||||||||||
Hexpol AB† | 55,919 | — | — | 5,142 | 55,475 | — | — | |||||||||||||||||||||
HUGO BOSS AG | 53,184 | — | — | (30,479 | ) | 30,922 | — | — | ||||||||||||||||||||
Infineon Technologies AG | 58,098 | — | — | 15,041 | 73,316 | 1,149 | — | |||||||||||||||||||||
Ingenico Group†† | — | $ | 50,192 | — | (5,257 | ) | 44,935 | — | — | |||||||||||||||||||
Legrand S.A.† | 66,930 | — | (28,034 | ) | 1,404 | 41,306 | — | 11 | ||||||||||||||||||||
Norma Group SE | 25,328 | — | — | 1,691 | 28,747 | — | — | |||||||||||||||||||||
SimCorp A/S | 49,259 | — | (12,051 | ) | 13,006 | 34,941 | — | 5,685 | ||||||||||||||||||||
Spirax-Sarco Engineering PLC† | 25,677 | — | — | 2,519 | 31,585 | 192 | — | |||||||||||||||||||||
Trelleborg AB† | 26,695 | — | — | 2,996 | 33,273 | — | — | |||||||||||||||||||||
Totals | $ | 586,879 | $ | 50,192 | $ | (48,692 | ) | $ | 50,100 | $ | 616,811 | $ | 1,934 | $ | 7,270 |
AllianzGI International Small-Cap: | ||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Market Value 3/31/2016 | Dividend Income | Net Realized Gain (Loss) | ||||||||||||||||||||||
Aareal Bank AG† | $ | 2,024,629 | $ | 176,733 | $ | (1,582,385 | ) | — | — | — | $ | (132,953 | ) | |||||||||||||||
ams AG† | 1,852,434 | 170,661 | (1,503,493 | ) | — | — | — | (196,416 | ) | |||||||||||||||||||
Bechtle AG | 1,918,390 | 174,168 | (281,700 | ) | $ | 449,540 | $ | 2,055,543 | — | (3,450 | ) | |||||||||||||||||
Bertrandt AG | 582,501 | 48,346 | (193,795 | ) | (132,891 | ) | 475,813 | $ | 10,383 | (91,088 | ) | |||||||||||||||||
Betsson AB†† | 2,857,386 | 251,812 | (746,398 | ) | 875,800 | 2,085,291 | — | 12,943 | ||||||||||||||||||||
CANCOM SE | 1,317,301 | 132,400 | (275,745 | ) | 178,566 | 1,776,672 | — | 13,751 | ||||||||||||||||||||
De’ Longhi SpA | 1,693,893 | 134,148 | (520,286 | ) | 92,743 | 1,191,026 | — | 9,783 | ||||||||||||||||||||
Fagron† | 750,584 | — | (371,668 | ) | — | — | — | (1,502,548 | ) | |||||||||||||||||||
GameLoft SE | 607,812 | 97,877 | — | (150,023 | ) | 1,550,264 | — | — | ||||||||||||||||||||
Interroll Holding AG | 1,725,021 | 163,926 | (618,664 | ) | 564,194 | 1,615,178 | — | 77,700 | ||||||||||||||||||||
Kingspan Group PLC | 2,214,953 | 187,152 | (750,567 | ) | 441,543 | 1,831,919 | — | 92,690 | ||||||||||||||||||||
NetEnt AB† | 2,982,541 | 275,572 | (702,544 | ) | 1,440,791 | 2,568,495 | — | 177,917 | ||||||||||||||||||||
Ontex Group NV | 1,736,091 | 170,207 | (438,057 | ) | 385,707 | 1,609,220 | — | 48,960 | ||||||||||||||||||||
Opera Software ASA† | 547,496 | 58,231 | (868,904 | ) | — | — | — | (134,512 | ) | |||||||||||||||||||
Primax Electronics Ltd.† | 478,453 | 108,368 | (542,470 | ) | — | — | — | (69,633 | ) | |||||||||||||||||||
SimCorp A/S | 2,588,817 | 274,544 | (504,850 | ) | 1,364,733 | 2,095,709 | — | 134,050 | ||||||||||||||||||||
Spirax-Sarco Engineering PLC† | 1,777,168 | — | (1,860,292 | ) | — | — | — | 342,860 | ||||||||||||||||||||
Spotless Group Holdings Ltd.†† | 1,040,646 | 358,319 | (84,888 | ) | (312,802 | ) | 930,269 | 20,945 | (82,500 | ) | ||||||||||||||||||
Totals | $ | 28,696,116 | $ | 2,782,464 | $ | (11,846,706 | ) | $ | 5,197,901 | $ | 19,785,399 | $ | 31,328 | $ | (1,302,446 | ) |
366 | March 31, 2016 | | Semiannual Report |
Table of Contents
AllianzGI Micro Cap: | ||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation | Market Value 3/31/2016 | Dividend Income | Net Realized Gain | ||||||||||||||||||||||
Autobytel, Inc.†,†† | $ | 509,976 | — | $ | (162,927 | ) | $ | 40,370 | $ | 385,409 | — | $ | 18,247 | |||||||||||||||
Neenah Paper, Inc.† | 374,507 | — | (98,780 | ) | 228,308 | 303,213 | $ | 3,487 | 23,804 | |||||||||||||||||||
Totals | $ | 884,483 | — | $ | (261,707 | ) | $ | 268,678 | $ | 688,622 | $ | 3,487 | $ | 42,051 |
AllianzGI NFJ Emerging Markets Value: | ||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation | Market Value 3/31/2016 | Dividend Income | Net Realized Gain (Loss) | ||||||||||||||||||||||
Primax Electronics Ltd.†,†† | — | $ | 50,180 | — | $ | 215 | $ | 50,395 | — | — |
AllianzGI NFJ Global Dividend Value: | ||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Depreciation | Market Value 3/31/2016 | Dividend Income | Net Realized Gain (Loss) | ||||||||||||||||||||||
A Schulman, Inc.†† | — | $ | 326,722 | — | $ | (32,746 | ) | $ | 293,976 | $ | 2,214 | — |
AllianzGI NFJ International Small-Cap Value: | ||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation | Market Value 3/31/2016 | Dividend Income | Net Realized Gain | ||||||||||||||||||||||
Cembra Money Bank AG | $ | 106,448 | $ | 24,609 | $ | (21,427 | ) | $ | 18,869 | $ | 129,268 | — | $ | 1,856 | ||||||||||||||
Cia de Distribucion Integral Logista Holdings S.A. | 97,643 | 21,251 | (22,950 | ) | 16,158 | 115,979 | $ | 2,326 | 1,371 | |||||||||||||||||||
UBM PLC | 99,394 | 22,147 | (136,526 | ) | — | — | — | 3,520 | ||||||||||||||||||||
Totals | $ | 303,485 | $ | 68,007 | $ | (180,903 | ) | $ | 35,027 | $ | 245,247 | $ | 2,326 | $ | 6,747 |
AllianzGI NFJ International Value II: | ||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Market Value 3/31/2016 | Dividend Income | Net Realized Gain | ||||||||||||||||||||||
Smurfit Kappa Group PLC†† | $ | 591,404 | — | — | $ | 50,714 | $ | 564,656 | $ | 4,919 | — | |||||||||||||||||
UBM PLC† | 337,204 | — | $ | (385,314 | ) | — | — | — | $ | 9,214 | ||||||||||||||||||
Totals | $ | 928,608 | — | $ | (385,314 | ) | $ | 50,714 | $ | 564,656 | $ | 4,919 | $ | 9,214 |
AllianzGI U.S. Small-Cap Growth: | ||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Market Value 3/31/2016 | Dividend Income | Net Realized Loss | ||||||||||||||||||||||
Autobytel, Inc.†,†† | — | $ | 193,629 | $ | (151,365 | ) | — | — | — | $ | (42,264 | ) |
AllianzGI Ultra Micro Cap: | ||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation | Market Value 3/31/2016 | Dividend Income | Net Realized Gain | ||||||||||||||||||||||
Autobytel, Inc.†,†† | $ | 1,290,016 | — | $ | (394,302 | ) | $ | 503,774 | $ | 958,654 | — | $ | 208,707 |
† | Not affiliated at March 31, 2016. |
†† | Not affiliated at September 30, 2015. |
Certain additional purchases of existing portfolio holdings that were not considered affiliated in prior years, resulted in the Funds owning in excess of 5% of the outstanding shares of certain issues at March 31, 2016. The percentages and market values of the affiliated transactions represented below include both acquisitions of new investments and prior year holdings that became affiliated during the reporting period.
Semiannual Report | | March 31, 2016 | 367 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Best Styles Emerging Markets Equity: | ||||||||||||
Issuer Name | Sub-Adviser’s % Holding | Market Value | Market Value as a % of Fund’s Net Assets | |||||||||
LG Life Sciences Ltd. | 5.22 | % | $ | 56,166 | 0.59 | % |
AllianzGI Best Styles Global Equity: | ||||||||||||
Issuer Name | Sub-Adviser’s % Holding | Market Value | Market Value as a % of Fund’s Net Assets | |||||||||
A Schulman, Inc. | 6.38 | % | $ | 129,622 | 0.02 | % | ||||||
Bechtle AG | 9.01 | % | 193,135 | 0.03 | % | |||||||
Freenet AG | 7.51 | % | 1,379,589 | 0.24 | % | |||||||
Fresenius SE & Co. KGaA | 5.89 | % | 1,176,776 | 0.20 | % | |||||||
Infineon Technologies AG | 8.23 | % | 470,763 | 0.08 | % | |||||||
Kingspan Group PLC | 6.76 | % | 553,877 | 0.10 | % | |||||||
Ryder System, Inc. | 7.21 | % | 409,150 | 0.07 | % | |||||||
Smurfit Kappa Group PLC | 6.04 | % | 1,670,766 | 0.29 | % | |||||||
Totals | $ | 5,983,678 | 1.03 | % |
AllianzGI Best Styles International Equity: | ||||||||||||
Issuer Name | Sub-Adviser’s % Holding | Market Value | Market Value as a % of Fund’s Net Assets | |||||||||
Fresenius SE & Co. KGaA | 5.89 | % | $ | 409,947 | 0.49 | % | ||||||
Smurfit Kappa Group PLC | 6.04 | % | 139,730 | 0.17 | % | |||||||
Spotless Group Holdings Ltd. | 6.08 | % | 95,147 | 0.11 | % | |||||||
Totals | $ | 644,824 | 0.77 | % |
AllianzGI China Equity: | ||||||||||||
Issuer Name | Sub-Adviser’s % Holding | Market Value | Market Value as a % of Fund’s Net Assets | |||||||||
Digital China Holdings Ltd. | 8.08 | % | $ | 216,597 | 4.78 | % | ||||||
Qingling Motors Co., Ltd., Class H | 8.72 | % | 205,723 | 4.54 | % | |||||||
Totals | $ | 422,320 | 9.32 | % |
AllianzGI Europe Equity Dividend: | ||||||||||||
Issuer Name | Sub-Adviser’s % Holding | Market Value | Market Value as a % of Fund’s Net Assets | |||||||||
Ashmore Group PLC | 5.38 | % | $ | 76,164 | 2.11 | % | ||||||
Cembra Money Bank AG | 7.88 | % | 80,059 | 2.22 | % | |||||||
Cia de Distribucion Integral Logista Holdings S.A. | 6.90 | % | 97,025 | 2.68 | % | |||||||
Coface S.A. | 8.88 | % | 30,676 | 0.85 | % | |||||||
CTT-Correios de Portugal S.A. | 9.28 | % | 44,555 | 1.23 | % | |||||||
Drillisch AG | 7.67 | % | 55,650 | 1.54 | % | |||||||
EVS Broadcast Equipment S.A. | 10.25 | % | 32,529 | 0.90 | % | |||||||
Freenet AG | 7.51 | % | 92,857 | 2.57 | % | |||||||
Sunrise Communications Group AG | 10.93 | % | 132,893 | 3.68 | % | |||||||
UBM PLC | 6.72 | % | 96,845 | 2.68 | % | |||||||
Totals | $ | 739,253 | 20.46 | % |
368 | March 31, 2016 | | Semiannual Report |
Table of Contents
AllianzGI Global Fundamental Strategy: | ||||||||||||
Issuer Name | Sub-Adviser’s % Holding | Market Value | Market Value as a % of Fund’s Net Assets | |||||||||
CTT-Correios de Portugal S.A. | 9.28 | % | $ | 187,997 | 0.93 | % | ||||||
TLG Immobilien AG | 8.70 | % | 136,926 | 0.68 | % | |||||||
Totals | $ | 324,923 | 1.61 | % |
AllianzGI Global Sustainability: | ||||||||||||
Issuer Name | Sub-Adviser’s % Holding | Market Value | Market Value as a % of Fund’s Net Assets | |||||||||
Bureau Veritas S.A. | 5.87 | % | $ | 302,574 | 1.48 | % |
AllianzGI International Growth: | ||||||||||||
Issuer Name | Sub-Adviser’s % Holding | Market Value | Market Value as a % of Fund’s | |||||||||
Bechtle AG | 9.01 | % | $ | 42,976 | 1.36 | % | ||||||
Bureau Veritas S.A. | 5.87 | % | 36,863 | 1.16 | % | |||||||
DCC PLC | 6.20 | % | 48,859 | 1.54 | % | |||||||
DSV A/S | 6.54 | % | 70,169 | 2.22 | % | |||||||
Fresenius SE & Co. KGaA | 5.89 | % | 43,444 | 1.37 | % | |||||||
HUGO BOSS AG | 11.06 | % | 30,922 | 0.98 | % | |||||||
Infineon Technologies AG | 8.23 | % | 73,316 | 2.32 | % | |||||||
Ingenico Group | 9.68 | % | 44,935 | 1.42 | % | |||||||
Norma Group SE | 7.18 | % | 28,747 | 0.91 | % | |||||||
SimCorp A/S | 12.56 | % | 34,941 | 1.10 | % | |||||||
Totals | $ | 455,172 | 14.38 | % |
AllianzGI International Small-Cap: | ||||||||||||
Issuer Name | Sub-Adviser’s % Holding | Market Value | Market Value as a % of Fund’s Net Assets | |||||||||
Bechtle AG | 9.01 | % | $ | 2,055,543 | 1.97 | % | ||||||
Bertrandt AG | 5.23 | % | 475,813 | 0.46 | % | |||||||
Betsson AB | 5.24 | % | 2,085,291 | 2.00 | % | |||||||
CANCOM SE | 13.01 | % | 1,776,672 | 1.70 | % | |||||||
De’ Longhi SpA | 5.84 | % | 1,191,026 | 1.14 | % | |||||||
GameLoft SE | 11.76 | % | 1,550,264 | 1.48 | % | |||||||
Interroll Holding AG | 11.29 | % | 1,615,178 | 1.55 | % | |||||||
Kingspan Group PLC | 6.76 | % | 1,831,919 | 1.75 | % | |||||||
Ontex Group NV | 9.93 | % | 1,609,220 | 1.54 | % | |||||||
SimCorp A/S | 12.56 | % | 2,095,709 | 2.01 | % | |||||||
Spotless Group Holdings Ltd. | 6.08 | % | 930,269 | 0.89 | % | |||||||
Totals | $ | 17,216,904 | 16.49 | % |
AllianzGI NFJ Global Dividend Value: | ||||||||||||
Issuer Name | Sub-Adviser’s % Holding | Market Value | Market Value as a % of Fund’s Net Assets | |||||||||
A Schulman, Inc. | 6.38 | % | $ | 293,976 | 1.97 | % |
Semiannual Report | | March 31, 2016 | 369 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI NFJ International Small-Cap Value: | ||||||||||||
Issuer Name | Sub-Adviser’s % Holding | Market Value | Market Value as a % of Fund’s Net Assets | |||||||||
Cembra Money Bank AG | 7.88 | % | $ | 129,268 | 1.06 | % | ||||||
Cia de Distribucion Integral Logista Holdings S.A. | 6.90 | % | 115,979 | 0.96 | % | |||||||
Totals | $ | 245,247 | 2.02 | % |
The following tables show the transactions in and earnings from affiliates for the six months ended March 31, 2016:
AllianzGI Retirement 2015: | ||||||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Market Value 3/31/2016 | Dividend Income | Net Realized Gain (Loss) | Net Capital Gain Distributions Received | |||||||||||||||||||||||||
AllianzGI Advanced Core Bond | — | $ | 2,178,008 | $ | (58,157 | ) | $ | 27,656 | $ | 2,147,676 | — | $ | 169 | — | ||||||||||||||||||
AllianzGI Best Styles Emerging Markets Equity | — | 182,996 | (60,780 | ) | 1,064 | 118,939 | $ | 1,508 | (4,341 | ) | $ | 1,643 | ||||||||||||||||||||
AllianzGI Best Styles International Equity | $ | 1,541,844 | 577,853 | (525,290 | ) | (45,690 | ) | 1,604,969 | 20,116 | (20,173 | ) | 14,614 | ||||||||||||||||||||
AllianzGI Best Styles U.S. Equity | 4,311,316 | 332,658 | (2,206,133 | ) | 30,623 | 2,687,790 | 38,133 | (18,888 | ) | 9,552 | ||||||||||||||||||||||
AllianzGI Emerging Markets Consumer | 533,843 | 2,732 | �� | (73,842 | ) | (65,144 | ) | 462,277 | 2,732 | (7,660 | ) | — | ||||||||||||||||||||
AllianzGI Global Natural Resources | 490,834 | 26,984 | (253,614 | ) | (891 | ) | 292,484 | 1,984 | (43,368 | ) | — | |||||||||||||||||||||
AllianzGI High Yield Bond | — | 2,009,824 | (309,334 | ) | (67,994 | ) | 1,618,875 | 45,589 | (13,621 | ) | — | |||||||||||||||||||||
AllianzGI International Managed Volatility | 463,556 | — | (488,450 | ) | — | — | — | 1,106 | — | |||||||||||||||||||||||
AllianzGI International Small-Cap | — | 499,377 | (484,568 | ) | — | — | — | (14,809 | ) | 16,002 | ||||||||||||||||||||||
AllianzGI Mid-Cap | 459,648 | — | (483,125 | ) | — | — | — | (12,888 | ) | — | ||||||||||||||||||||||
AllianzGI NFJ Mid-Cap Value | 1,077,990 | — | (1,147,828 | ) | — | — | — | (12,555 | ) | — | ||||||||||||||||||||||
AllianzGI Short Duration High Income | 3,681,563 | 760,194 | (963,005 | ) | (143,381 | ) | 3,364,283 | 129,852 | (58,014 | ) | — | |||||||||||||||||||||
AllianzGI Structured Return | 1,240,710 | 31,216 | (473,428 | ) | 13,750 | 803,234 | 5,997 | 11,880 | 9,299 | |||||||||||||||||||||||
AllianzGI U.S. Small-Cap Growth | 603,162 | — | (635,590 | ) | — | — | — | (45,664 | ) | — | ||||||||||||||||||||||
PIMCO 15+ Year U.S. TIPS Index | 2,774,363 | 2,162,346 | (4,486,908 | ) | 20,829 | 539,741 | 1,652 | (31,732 | ) | — | ||||||||||||||||||||||
PIMCO 25+ Year Zero Coupon U.S. Treasury Index | — | 1,543,692 | (1,026,475 | ) | 7,400 | 555,253 | — | 30,636 | — | |||||||||||||||||||||||
PIMCO Broad U.S. TIPS Index | 4,658,045 | 2,256,955 | (2,251,824 | ) | 134,536 | 4,832,576 | — | (47,771 | ) | — | ||||||||||||||||||||||
PIMCO Capital Securities and Financials | — | 1,021,117 | (307,832 | ) | (34,470 | ) | 669,991 | 24,494 | (8,824 | ) | — | |||||||||||||||||||||
PIMCO Foreign Bond (U.S. Dollar-Hedged) | 774,008 | — | (779,850 | ) | — | — | 1,022 | (9,301 | ) | — | ||||||||||||||||||||||
PIMCO Income | 4,185,850 | 1,278,171 | (2,680,908 | ) | 29,049 | 2,698,769 | 156,735 | (66,037 | ) | 2,655 | ||||||||||||||||||||||
PIMCO Long-Term Credit | 1,397,084 | 1,503,851 | (766,285 | ) | 20,806 | 2,160,148 | 47,326 | (64,810 | ) | 57,394 | ||||||||||||||||||||||
PIMCO Mortgage Opportunities | 930,807 | 2,377,223 | (3,252,182 | ) | — | — | 53,794 | (48,899 | ) | — | ||||||||||||||||||||||
Totals | $ | 29,124,623 | $ | 18,745,197 | $ | (23,715,408 | ) | $ | (71,857 | ) | $ | 24,557,005 | $ | 530,934 | $ | (485,564 | ) | $ | 111,159 |
AllianzGI Retirement 2020: | ||||||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Market Value 3/31/2016 | Dividend Income | Net Realized Gain (Loss) | Net Capital Gain Distributions Received | |||||||||||||||||||||||||
AllianzGI Advanced Core Bond | — | $ | 4,080,869 | — | $ | 51,253 | $ | 4,132,122 | — | — | — | |||||||||||||||||||||
AllianzGI Best Styles Emerging Markets Equity | — | 675,379 | $ | (96,108 | ) | (20,259 | ) | 558,942 | $ | 8,021 | $ | (70 | ) | $ | 8,739 | |||||||||||||||||
AllianzGI Best Styles International Equity | $ | 4,010,554 | 1,429,214 | (1,576,583 | ) | (139,522 | ) | 3,892,314 | 50,150 | (69,853 | ) | 36,433 | ||||||||||||||||||||
AllianzGI Best Styles U.S. Equity | 9,676,662 | 567,253 | (4,682,295 | ) | 9,859 | 6,126,355 | 83,474 | (25,042 | ) | 20,911 |
370 | March 31, 2016 | | Semiannual Report |
Table of Contents
AllianzGI Retirement 2020 (cont’d) | ||||||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Market Value 3/31/2016 | Dividend Income | Net Realized Gain (Loss) | Net Capital Gain Distributions Received | |||||||||||||||||||||||||
AllianzGI Emerging Markets Consumer | $ | 1,157,576 | $ | 5,445 | $ | (246,001 | ) | $ | (141,913 | ) | $ | 921,162 | $ | 5,445 | $ | (25,412 | ) | — | ||||||||||||||
AllianzGI Focused Growth | — | 770,303 | (159,478 | ) | (46,446 | ) | 562,085 | — | (2,294 | ) | $ | 37,005 | ||||||||||||||||||||
AllianzGI Global Natural Resources | 1,331,589 | 79,146 | (612,818 | ) | (63,324 | ) | 872,294 | 5,926 | (124,424 | ) | — | |||||||||||||||||||||
AllianzGI High Yield Bond | — | 4,190,032 | (719,024 | ) | (143,773 | ) | 3,304,613 | 91,915 | (22,622 | ) | — | |||||||||||||||||||||
AllianzGI International Managed Volatility | 1,005,648 | — | (1,059,653 | ) | — | — | — | 3,034 | — | |||||||||||||||||||||||
AllianzGI International Small-Cap | — | 1,069,823 | (1,039,964 | ) | — | — | — | (29,859 | ) | 32,103 | ||||||||||||||||||||||
AllianzGI Mid-Cap | 1,129,561 | 94,516 | (662,656 | ) | (28,044 | ) | 597,253 | — | (29,097 | ) | 29,844 | |||||||||||||||||||||
AllianzGI NFJ Mid-Cap Value | 2,668,941 | — | (2,841,850 | ) | — | — | — | 149,057 | — | |||||||||||||||||||||||
AllianzGI Short Duration High Income | 7,653,025 | 1,266,536 | (2,093,044 | ) | (321,931 | ) | 6,595,579 | 252,713 | (134,530 | ) | — | |||||||||||||||||||||
AllianzGI Structured Return | 2,555,627 | 66,540 | (1,013,501 | ) | 28,202 | 1,618,982 | 12,032 | 25,889 | 18,657 | |||||||||||||||||||||||
AllianzGI U.S. Managed Volatility | 666,911 | — | (700,838 | ) | — | — | — | 71,543 | — | |||||||||||||||||||||||
AllianzGI U.S. Small-Cap Growth | 1,633,054 | — | (1,720,853 | ) | — | — | — | (138,433 | ) | — | ||||||||||||||||||||||
PIMCO 15+ Year U.S. TIPS Index | 5,685,583 | 4,277,037 | (9,018,586 | ) | 43,206 | 1,123,777 | 3,283 | (58,371 | ) | — | ||||||||||||||||||||||
PIMCO 25+ Year Zero Coupon U.S. Treasury Index | — | 3,125,812 | (2,112,414 | ) | 14,519 | 1,089,519 | — | 61,602 | — | |||||||||||||||||||||||
PIMCO Broad U.S. TIPS Index | 9,433,494 | 3,853,366 | (5,033,345 | ) | 233,771 | 8,541,596 | — | (132,513 | ) | — | ||||||||||||||||||||||
PIMCO Capital Securities and Financials | — | 2,145,584 | (981,220 | ) | (57,005 | ) | 1,088,589 | 40,255 | (18,772 | ) | — | |||||||||||||||||||||
PIMCO Foreign Bond (U.S. Dollar-Hedged) | 1,007,702 | — | (1,015,309 | ) | — | — | 1,330 | (12,443 | ) | — | ||||||||||||||||||||||
PIMCO Income | 8,275,546 | 2,610,591 | (5,485,756 | ) | (75,016 | ) | 5,254,213 | 285,702 | (195,099 | ) | 4,810 | |||||||||||||||||||||
PIMCO Long-Term Credit | 3,032,313 | 2,883,318 | (1,528,626 | ) | 14,170 | 4,447,491 | 95,790 | (101,321 | ) | 107,676 | ||||||||||||||||||||||
PIMCO Mortgage Opportunities | 1,885,317 | 3,088,033 | (4,888,457 | ) | — | — | 82,770 | (74,624 | ) | — | ||||||||||||||||||||||
Totals | $ | 62,809,103 | $ | 36,278,797 | $ | (49,288,379 | ) | $ | (642,253 | ) | $ | 50,726,886 | $ | 1,018,806 | $ | (883,654 | ) | $ | 296,178 |
AllianzGI Retirement 2025: | ||||||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Market Value 3/31/2016 | Dividend Income | Net Realized Gain (Loss) | Net Capital Gain Distributions Received | |||||||||||||||||||||||||
AllianzGI Advanced Core Bond | — | $ | 2,960,380 | — | $ | 38,519 | $ | 2,998,899 | — | — | — | |||||||||||||||||||||
AllianzGI Best Styles Emerging Markets Equity | — | 696,179 | $ | (64,420 | ) | (23,321 | ) | 608,391 | $ | 8,811 | $ | (47 | ) | $ | 9,601 | |||||||||||||||||
AllianzGI Best Styles International Equity | $ | 5,435,700 | 2,455,638 | (1,866,753 | ) | (206,676 | ) | 6,023,236 | 76,915 | (103,604 | ) | 55,877 | ||||||||||||||||||||
AllianzGI Best Styles U.S. Equity | 12,209,452 | 560,167 | (6,846,652 | ) | 125,486 | 6,648,628 | 91,648 | (26,774 | ) | 22,958 | ||||||||||||||||||||||
AllianzGI Emerging Markets Consumer | 1,522,918 | 7,746 | (218,036 | ) | (202,309 | ) | 1,310,500 | 7,746 | (24,094 | ) | — | |||||||||||||||||||||
AllianzGI Focused Growth | 698,659 | 799,379 | (543,305 | ) | (494 | ) | 911,810 | — | (26,437 | ) | 80,597 | |||||||||||||||||||||
AllianzGI Global Natural Resources | 1,691,539 | 121,787 | (612,755 | ) | (129,323 | ) | 1,284,421 | 8,684 | (125,565 | ) | — | |||||||||||||||||||||
AllianzGI High Yield Bond | — | 4,906,215 | (562,865 | ) | (122,599 | ) | 4,197,289 | 108,275 | (23,462 | ) | — | |||||||||||||||||||||
AllianzGI International Managed Volatility | 1,022,377 | — | (1,077,280 | ) | — | — | — | 2,692 | — | |||||||||||||||||||||||
AllianzGI International Small-Cap | — | 1,155,716 | (492,113 | ) | (41,923 | ) | 609,751 | 3,258 | (11,929 | ) | 34,961 | |||||||||||||||||||||
AllianzGI Mid-Cap | 1,349,375 | 147,481 | (560,432 | ) | (47,333 | ) | 968,929 | — | (25,152 | ) | 48,754 | |||||||||||||||||||||
AllianzGI NFJ Mid-Cap Value | 2,915,407 | — | (3,104,282 | ) | — | — | — | 167,891 | — | |||||||||||||||||||||||
AllianzGI Short Duration High Income | 6,765,715 | 2,202,340 | (2,127,056 | ) | (306,410 | ) | 6,582,098 | 265,642 | (142,974 | ) | — | |||||||||||||||||||||
AllianzGI Structured Return | 2,187,802 | 44,866 | (784,733 | ) | 26,418 | 1,455,914 | 10,919 | 20,309 | 16,932 | |||||||||||||||||||||||
AllianzGI U.S. Managed Volatility | 677,914 | — | (712,400 | ) | — | — | — | 68,363 | — | |||||||||||||||||||||||
AllianzGI U.S. Small-Cap Growth | 1,659,481 | — | (1,748,701 | ) | — | — | — | (150,471 | ) | — | ||||||||||||||||||||||
AllianzGI Ultra Micro Cap | 658,244 | — | (692,934 | ) | — | — | — | (46,515 | ) | — | ||||||||||||||||||||||
PIMCO 15+ Year U.S. TIPS Index | 6,460,525 | 4,694,609 | (10,140,044 | ) | 50,178 | 1,212,502 | 3,626 | (50,621 | ) | — | ||||||||||||||||||||||
PIMCO 25+ Year Zero Coupon U.S. Treasury Index | — | 3,354,381 | (2,261,076 | ) | 15,666 | 1,175,582 | — | 66,611 | — |
Semiannual Report | | March 31, 2016 | 371 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Retirement 2025 (cont’d) | ||||||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Market Value 3/31/2016 | Dividend Income | Net Realized Gain (Loss) | Net Capital Gain Distributions Received | |||||||||||||||||||||||||
PIMCO Broad U.S. TIPS Index | $ | 6,165,631 | $ | 4,589,862 | $ | (3,795,361 | ) | $ | 202,066 | $ | 7,198,911 | — | $ | (95,167 | ) | — | ||||||||||||||||
PIMCO Capital Securities and Financials | — | 2,199,320 | (942,333 | ) | (61,640 | ) | 1,174,707 | $ | 44,021 | (20,640 | ) | — | ||||||||||||||||||||
PIMCO EqS Long/Short | 1,023,892 | — | (1,020,714 | ) | — | — | — | (17,005 | ) | — | ||||||||||||||||||||||
PIMCO Foreign Bond (U.S. Dollar-Hedged) | 887,995 | — | (894,696 | ) | — | — | 1,172 | (10,874 | ) | — | ||||||||||||||||||||||
PIMCO Income | 7,524,733 | 2,290,889 | (4,568,665 | ) | (125,334 | ) | 5,117,078 | 260,304 | (158,842 | ) | $ | 4,253 | ||||||||||||||||||||
PIMCO Long-Term Credit | 2,740,382 | 3,097,928 | (1,050,717 | ) | 8,159 | 4,841,758 | 101,202 | (85,466 | ) | 124,972 | ||||||||||||||||||||||
PIMCO Mortgage Opportunities | — | 4,798,081 | (4,726,203 | ) | — | — | 69,427 | (71,878 | ) | — | ||||||||||||||||||||||
PIMCO Short-Term | — | 603,648 | (598,827 | ) | — | — | 3,035 | (4,821 | ) | — | ||||||||||||||||||||||
Totals | $ | 63,597,741 | $ | 41,686,612 | $ | (52,013,353 | ) | $ | (800,870 | ) | $ | 54,320,404 | $ | 1,064,685 | $ | (896,472 | ) | $ | 398,905 |
AllianzGI Retirement 2030: | ||||||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Market Value 3/31/2016 | Dividend Income | Net Realized Gain (Loss) | Net Capital Gain Distributions Received | |||||||||||||||||||||||||
AllianzGI Advanced Core Bond | — | $ | 3,118,169 | — | $ | 40,188 | $ | 3,158,357 | — | — | — | |||||||||||||||||||||
AllianzGI Best Styles Emerging Markets Equity | — | 413,824 | $ | (24,562 | ) | (5,375 | ) | 383,869 | $ | 3,400 | $ | (18 | ) | $ | 3,705 | |||||||||||||||||
AllianzGI Best Styles International Equity | $ | 6,840,762 | 1,960,743 | (1,846,902 | ) | (274,088 | ) | 6,977,123 | 88,082 | (116,636 | ) | 63,988 | ||||||||||||||||||||
AllianzGI Best Styles U.S. Equity | 12,976,083 | 1,042,282 | (4,513,657 | ) | (3,134 | ) | 10,184,070 | 138,995 | (66,032 | ) | 34,819 | |||||||||||||||||||||
AllianzGI Emerging Markets Consumer | 1,533,123 | 7,970 | (188,984 | ) | (217,420 | ) | 1,348,351 | 7,970 | (22,021 | ) | — | |||||||||||||||||||||
AllianzGI Emerging Markets Small-Cap | 690,644 | 6,413 | (63,146 | ) | (82,054 | ) | 641,570 | 6,413 | (9,920 | ) | — | |||||||||||||||||||||
AllianzGI Focused Growth | 703,556 | 881,881 | (576,500 | ) | (13,498 | ) | 956,248 | — | (23,086 | ) | 83,493 | |||||||||||||||||||||
AllianzGI Global Natural Resources | 1,699,236 | 134,679 | (584,982 | ) | (130,574 | ) | 1,333,125 | 8,947 | (127,373 | ) | — | |||||||||||||||||||||
AllianzGI High Yield Bond | — | 5,111,671 | (529,568 | ) | (140,942 | ) | 4,420,817 | 114,106 | (20,344 | ) | — | |||||||||||||||||||||
AllianzGI International Managed Volatility | 1,372,438 | — | (1,446,632 | ) | — | — | — | 8,344 | — | |||||||||||||||||||||||
AllianzGI International Small-Cap | 347,527 | 821,969 | (491,475 | ) | (25,336 | ) | 636,548 | 3,379 | (12,334 | ) | 36,217 | |||||||||||||||||||||
AllianzGI Mid-Cap | 2,037,210 | 115,319 | (1,238,816 | ) | (40,294 | ) | 967,013 | — | (52,671 | ) | 50,504 | |||||||||||||||||||||
AllianzGI NFJ Mid-Cap Value | 3,070,382 | 111,736 | (2,381,313 | ) | 204,648 | 951,854 | 14,218 | (23,681 | ) | 25,074 | ||||||||||||||||||||||
AllianzGI Short Duration High Income | 6,131,060 | 2,093,701 | (2,014,657 | ) | (245,746 | ) | 5,987,222 | 235,428 | (152,662 | ) | — | |||||||||||||||||||||
AllianzGI Structured Return | 2,065,085 | 77,422 | (635,075 | ) | 27,360 | 1,512,552 | 11,311 | 14,860 | 17,540 | |||||||||||||||||||||||
AllianzGI U.S. Managed Volatility | 682,418 | — | (717,133 | ) | — | — | — | 77,723 | — | |||||||||||||||||||||||
AllianzGI U.S. Small-Cap Growth | 2,335,449 | 229,516 | (1,541,356 | ) | (102,816 | ) | 973,786 | — | (180,238 | ) | 71,737 | |||||||||||||||||||||
AllianzGI Ultra Micro Cap | 1,657,638 | — | (1,744,997 | ) | — | — | — | (121,081 | ) | — | ||||||||||||||||||||||
PIMCO 15+ Year U.S. TIPS Index | 5,684,244 | 4,540,657 | (9,147,293 | ) | 54,022 | 1,259,928 | 3,224 | (52,376 | ) | — | ||||||||||||||||||||||
PIMCO 25+ Year Zero Coupon U.S. Treasury Index | — | 3,775,253 | (2,338,350 | ) | 20,348 | 1,526,916 | — | 69,665 | — | |||||||||||||||||||||||
PIMCO Broad U.S. TIPS Index | 4,139,423 | 3,399,550 | (2,352,309 | ) | 163,298 | 5,370,276 | — | (51,389 | ) | — | ||||||||||||||||||||||
PIMCO Capital Securities and Financials | — | 2,235,386 | (1,232,323 | ) | (49,172 | ) | 915,295 | 40,842 | (38,596 | ) | — | |||||||||||||||||||||
PIMCO EqS Long/Short | 1,374,796 | 50,523 | (1,421,120 | ) | — | — | — | 28,766 | — | |||||||||||||||||||||||
PIMCO Income | 5,855,715 | 3,708,182 | (6,239,229 | ) | (9,459 | ) | 3,171,376 | 229,090 | (201,687 | ) | 3,851 | |||||||||||||||||||||
PIMCO Long-Term Credit | 2,760,007 | 3,345,599 | (1,393,991 | ) | 32,826 | 4,779,507 | 91,581 | (115,453 | ) | 108,734 | ||||||||||||||||||||||
PIMCO Mortgage Opportunities | — | 2,627,844 | (2,587,890 | ) | — | — | 38,448 | (39,954 | ) | — | ||||||||||||||||||||||
PIMCO Short-Term | — | 626,074 | (621,033 | ) | — | — | 3,153 | (5,041 | ) | — | ||||||||||||||||||||||
Totals | $ | 63,956,796 | $ | 40,436,363 | $ | (47,873,293 | ) | $ | (797,218 | ) | $ | 57,455,803 | $ | 1,038,587 | $ | (1,233,235 | ) | $ | 499,662 |
372 | March 31, 2016 | | Semiannual Report |
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AllianzGI Retirement 2035: | ||||||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Market Value 3/31/2016 | Dividend Income | Net Realized Gain (Loss) | Net Capital Gain Distributions Received | |||||||||||||||||||||||||
AllianzGI Advanced Core Bond | — | $ | 1,999,214 | $ | (36,328 | ) | $ | 26,579 | $ | 1,989,776 | — | $ | 311 | — | ||||||||||||||||||
AllianzGI Best Styles Emerging Markets Equity | — | 521,208 | (45,981 | ) | (20,953 | ) | 454,240 | $ | 7,247 | (34 | ) | $ | 7,897 | |||||||||||||||||||
AllianzGI Best Styles International Equity | $ | 7,042,377 | 2,381,357 | (1,677,656 | ) | (344,127 | ) | 7,743,361 | 96,094 | (148,192 | ) | 69,811 | ||||||||||||||||||||
AllianzGI Best Styles U.S. Equity | 10,815,676 | 727,829 | (2,279,535 | ) | (67,771 | ) | 9,774,358 | 136,024 | (53,284 | ) | 34,074 | |||||||||||||||||||||
AllianzGI Emerging Markets Consumer | 1,213,973 | 6,371 | (138,952 | ) | (172,835 | ) | 1,077,850 | 6,371 | (15,811 | ) | — | |||||||||||||||||||||
AllianzGI Emerging Markets Small-Cap | 820,870 | 7,690 | (68,282 | ) | (92,454 | ) | 769,271 | 7,690 | (10,727 | ) | — | |||||||||||||||||||||
AllianzGI Focused Growth | 1,097,856 | 1,014,874 | (798,422 | ) | (7,319 | ) | 1,254,641 | — | (37,901 | ) | 114,022 | |||||||||||||||||||||
AllianzGI Global Natural Resources | 1,615,154 | 103,494 | (494,238 | ) | (168,176 | ) | 1,297,860 | 8,933 | (110,023 | ) | — | |||||||||||||||||||||
AllianzGI High Yield Bond | — | 3,926,912 | (335,419 | ) | (96,970 | ) | 3,481,408 | 86,379 | (13,115 | ) | — | |||||||||||||||||||||
AllianzGI International Managed Volatility | 1,086,706 | — | (1,145,457 | ) | — | — | — | 37,127 | — | |||||||||||||||||||||||
AllianzGI International Small-Cap | 275,160 | 941,990 | (675,156 | ) | (19,370 | ) | 501,284 | 2,635 | (18,331 | ) | 38,339 | |||||||||||||||||||||
AllianzGI Mid-Cap | 1,613,644 | 145,659 | (508,794 | ) | (76,929 | ) | 1,268,807 | — | (19,736 | ) | 64,984 | |||||||||||||||||||||
AllianzGI NFJ International Small-Cap Value | 540,145 | — | (568,773 | ) | — | — | — | (34,410 | ) | — | ||||||||||||||||||||||
AllianzGI NFJ Mid-Cap Value | 2,593,957 | 72,054 | (2,045,198 | ) | 197,117 | 749,611 | 11,288 | 5,571 | 19,907 | |||||||||||||||||||||||
AllianzGI Short Duration High Income | 4,045,467 | 578,516 | (2,016,950 | ) | (110,147 | ) | 2,481,563 | 132,530 | (151,187 | ) | — | |||||||||||||||||||||
AllianzGI Structured Return | 1,090,413 | 18,325 | (153,052 | ) | 23,407 | 955,983 | 7,184 | 4,549 | 11,141 | |||||||||||||||||||||||
AllianzGI U.S. Managed Volatility | 540,533 | — | (568,031 | ) | — | — | — | 54,677 | — | |||||||||||||||||||||||
AllianzGI U.S. Small-Cap Growth | 2,274,696 | 141,038 | (1,629,931 | ) | (87,039 | ) | 766,857 | — | (175,780 | ) | 57,349 | |||||||||||||||||||||
AllianzGI Ultra Micro Cap | 1,312,871 | — | (1,382,061 | ) | — | — | — | (36,726 | ) | — | ||||||||||||||||||||||
PIMCO 15+ Year U.S. TIPS Index | 2,982,146 | 3,777,722 | (5,905,090 | ) | 43,972 | 991,157 | 2,089 | (1,074 | ) | — | ||||||||||||||||||||||
PIMCO 25+ Year Zero Coupon U.S. Treasury Index | — | 1,516,735 | (1,070,455 | ) | 6,403 | 480,491 | — | 27,808 | — | |||||||||||||||||||||||
PIMCO Broad U.S. TIPS Index | 3,277,194 | 2,627,118 | (2,060,788 | ) | 122,236 | 3,980,481 | — | (41,601 | ) | — | ||||||||||||||||||||||
PIMCO Capital Securities and Financials | — | 1,408,109 | (873,766 | ) | (24,385 | ) | 480,369 | 23,964 | (29,589 | ) | — | |||||||||||||||||||||
PIMCO EqS Long/Short | 1,088,513 | 62,099 | (1,147,122 | ) | — | — | — | 22,381 | — | |||||||||||||||||||||||
PIMCO Income | 3,272,832 | 1,493,711 | (3,733,932 | ) | 16,283 | 998,911 | 66,996 | (99,644 | ) | 853 | ||||||||||||||||||||||
PIMCO Long-Term Credit | 1,966,995 | 1,577,856 | (1,049,800 | ) | 5,320 | 2,510,020 | 64,599 | (90,702 | ) | 79,144 | ||||||||||||||||||||||
PIMCO Mortgage Opportunities | — | 1,294,339 | (1,275,706 | ) | — | — | 18,863 | (18,633 | ) | — | ||||||||||||||||||||||
PIMCO Short-Term | — | 486,812 | (482,853 | ) | — | — | 2,457 | (3,959 | ) | — | ||||||||||||||||||||||
Totals | $ | 50,567,178 | $ | 26,831,032 | $ | (34,167,728 | ) | $ | (847,158 | ) | $ | 44,008,299 | $ | 681,343 | $ | (958,035 | ) | $ | 497,521 |
AllianzGI Retirement 2040: | ||||||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Market Value 3/31/2016 | Dividend Income | Net Realized Gain (Loss) | Net Capital Gain Distributions Received | |||||||||||||||||||||||||
AllianzGI Advanced Core Bond | — | $ | 861,341 | $ | (39,988 | ) | $ | 14,055 | $ | 835,751 | — | $ | 343 | — | ||||||||||||||||||
AllianzGI Best Styles Emerging Markets Equity | — | 437,850 | (42,316 | ) | (14,219 | ) | 381,284 | $ | 5,188 | (31 | ) | $ | 5,652 | |||||||||||||||||||
AllianzGI Best Styles International Equity | $ | 7,476,691 | 2,483,838 | (1,586,658 | ) | (375,768 | ) | 8,391,064 | 99,615 | (115,565 | ) | 72,368 | ||||||||||||||||||||
AllianzGI Best Styles U.S. Equity | 10,184,046 | 922,601 | (1,921,388 | ) | (20,922 | ) | 9,683,723 | 128,993 | (26,887 | ) | 32,313 | |||||||||||||||||||||
AllianzGI Emerging Markets Consumer | 1,030,940 | 5,447 | (111,544 | ) | (140,139 | ) | 921,493 | 5,447 | (12,582 | ) | — | |||||||||||||||||||||
AllianzGI Emerging Markets Small-Cap | 887,528 | 8,384 | (66,780 | ) | (99,828 | ) | 838,742 | 8,384 | (10,491 | ) | — | |||||||||||||||||||||
AllianzGI Focused Growth | 1,243,057 | 1,056,672 | (764,706 | ) | (12,150 | ) | 1,476,152 | — | (33,483 | ) | 120,814 | |||||||||||||||||||||
AllianzGI Global Natural Resources | 1,310,821 | 83,452 | (391,679 | ) | (95,961 | ) | 1,060,459 | 7,308 | (87,011 | ) | — | |||||||||||||||||||||
AllianzGI High Yield Bond | — | 3,351,762 | (336,620 | ) | (76,552 | ) | 2,924,790 | 71,125 | (13,800 | ) | — | |||||||||||||||||||||
AllianzGI International Managed Volatility | 882,196 | 67,800 | (949,592 | ) | — | — | 32,460 | 36,549 | — | |||||||||||||||||||||||
AllianzGI International Small-Cap | 446,754 | 839,684 | (618,412 | ) | (17,918 | ) | 631,591 | 3,234 | (13,630 | ) | 38,628 | |||||||||||||||||||||
AllianzGI Mid-Cap | 1,747,474 | 219,609 | (716,077 | ) | (62,251 | ) | 1,278,255 | — | (28,651 | ) | 64,655 | |||||||||||||||||||||
AllianzGI NFJ International Small-Cap Value | 438,361 | — | (461,595 | ) | — | — | — | (29,073 | ) | — |
Semiannual Report | | March 31, 2016 | 373 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Retirement 2040 (cont’d) | ||||||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Market Value 3/31/2016 | Dividend Income | Net Realized Gain (Loss) | Net Capital Gain Distributions Received | |||||||||||||||||||||||||
AllianzGI NFJ Mid-Cap Value | $ | 2,412,554 | $ | 105,136 | $ | (1,791,556 | ) | $ | 194,540 | $ | 839,569 | $ | 12,022 | $ | (14,936 | ) | $ | 21,202 | ||||||||||||||
AllianzGI Short Duration High Income | 2,846,550 | 577,095 | (3,396,641 | ) | — | — | 48,282 | (122,018 | ) | — | ||||||||||||||||||||||
AllianzGI U.S. Managed Volatility | 526,592 | 509,085 | (933,191 | ) | — | — | 26,914 | (31,654 | ) | 70,837 | ||||||||||||||||||||||
AllianzGI U.S. Small-Cap Growth | 1,932,531 | 319,726 | (1,096,404 | ) | (202,767 | ) | 1,073,315 | — | (35,826 | ) | 78,168 | |||||||||||||||||||||
AllianzGI Ultra Micro Cap | 1,493,650 | 100,000 | (1,678,241 | ) | — | — | — | (55,015 | ) | — | ||||||||||||||||||||||
PIMCO 15+ Year U.S. TIPS Index | 1,320,426 | 3,209,836 | (3,784,462 | ) | 36,365 | 819,703 | 1,028 | (17,060 | ) | — | ||||||||||||||||||||||
PIMCO 25+ Year Zero Coupon U.S. Treasury Index | — | 1,142,289 | (890,827 | ) | 3,706 | 278,061 | — | 22,893 | — | |||||||||||||||||||||||
PIMCO Broad U.S. TIPS Index | 1,330,168 | 3,178,290 | (2,167,708 | ) | 81,153 | 2,424,468 | — | (11,797 | ) | — | ||||||||||||||||||||||
PIMCO Capital Securities and Financials | — | 759,509 | (327,525 | ) | (20,360 | ) | 397,276 | 16,365 | (14,348 | ) | — | |||||||||||||||||||||
PIMCO EqS Long/Short | 1,325,481 | 369,761 | (1,690,782 | ) | — | — | — | 27,075 | — | |||||||||||||||||||||||
PIMCO Income | 664,177 | 1,760,522 | (2,400,953 | ) | — | — | 26,406 | (18,351 | ) | 526 | ||||||||||||||||||||||
PIMCO Long-Term Credit | 1,552,264 | 1,224,408 | (885,850 | ) | (6,921 | ) | 1,896,441 | 42,978 | (52,929 | ) | 55,586 | |||||||||||||||||||||
PIMCO Mortgage Opportunities | — | 641,147 | (632,546 | ) | — | — | 8,916 | (8,601 | ) | — | ||||||||||||||||||||||
PIMCO Short-Term | — | 399,317 | (396,118 | ) | — | — | 2,012 | (3,199 | ) | — | ||||||||||||||||||||||
Totals | $ | 41,052,261 | $ | 24,634,561 | $ | (30,080,159 | ) | $ | (815,937 | ) | $ | 36,152,137 | $ | 546,677 | $ | (670,078 | ) | $ | 560,749 | �� |
AllianzGI Retirement 2045: | ||||||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Market Value 3/31/2016 | Dividend Income | Net Realized Gain (Loss) | Net Capital Gain Distributions Received | |||||||||||||||||||||||||
AllianzGI Best Styles Emerging Markets Equity | — | $ | 567,960 | $ | (31,269 | ) | $ | (6,403 | ) | $ | 530,265 | $ | 4,199 | $ | (23 | ) | $ | 4,575 | ||||||||||||||
AllianzGI Best Styles International Equity | $ | 4,404,949 | 1,941,947 | (1,124,721 | ) | (217,680 | ) | 5,244,879 | 58,381 | (83,160 | ) | 42,413 | ||||||||||||||||||||
AllianzGI Best Styles U.S. Equity | 5,863,115 | 1,387,344 | (1,279,305 | ) | (10,944 | ) | 6,266,758 | 78,639 | (14,848 | ) | 19,699 | |||||||||||||||||||||
AllianzGI Emerging Markets Consumer | 747,959 | 37,402 | (101,664 | ) | (102,229 | ) | 681,174 | 4,026 | (11,234 | ) | — | |||||||||||||||||||||
AllianzGI Emerging Markets Small-Cap | 499,734 | 32,310 | (62,314 | ) | (49,810 | ) | 475,494 | 4,753 | (9,789 | ) | — | |||||||||||||||||||||
AllianzGI Focused Growth | 740,653 | 785,252 | (485,327 | ) | (7,574 | ) | 1,004,155 | — | (21,194 | ) | 76,289 | |||||||||||||||||||||
AllianzGI Global Natural Resources | 730,742 | 40,432 | (209,152 | ) | (72,310 | ) | 593,471 | 4,140 | (47,344 | ) | — | |||||||||||||||||||||
AllianzGI High Yield Bond | — | 2,232,058 | (437,653 | ) | (26,041 | ) | 1,743,310 | 42,037 | (25,054 | ) | — | |||||||||||||||||||||
AllianzGI International Managed Volatility | 613,511 | 193,427 | (799,312 | ) | — | — | 27,329 | 24,846 | — | |||||||||||||||||||||||
AllianzGI International Small-Cap | 248,561 | 670,685 | (389,339 | ) | (17,487 | ) | 501,283 | 2,425 | (8,417 | ) | 26,398 | |||||||||||||||||||||
AllianzGI Mid-Cap | 972,222 | 274,167 | (242,642 | ) | (43,860 | ) | 1,014,438 | — | (11,209 | ) | 49,087 | |||||||||||||||||||||
AllianzGI NFJ International Small-Cap Value | 243,920 | — | (256,848 | ) | — | — | — | (15,933 | ) | — | ||||||||||||||||||||||
AllianzGI NFJ Mid-Cap Value | 1,343,727 | 408,050 | (925,263 | ) | 162,236 | 874,681 | 11,789 | (4,279 | ) | 20,793 | ||||||||||||||||||||||
AllianzGI Short Duration High Income | 682,164 | 730,188 | (1,413,995 | ) | — | — | 13,299 | (26,304 | ) | — | ||||||||||||||||||||||
AllianzGI U.S. Managed Volatility | 366,235 | 210,476 | (523,602 | ) | — | — | 15,135 | (27,774 | ) | 39,835 | ||||||||||||||||||||||
AllianzGI U.S. Small-Cap Growth | 1,241,958 | 210,371 | (780,356 | ) | (70,114 | ) | 638,800 | — | (84,897 | ) | 44,292 | |||||||||||||||||||||
AllianzGI Ultra Micro Cap | 950,201 | 80,000 | (1,084,977 | ) | — | — | — | (25,947 | ) | — | ||||||||||||||||||||||
PIMCO 15+ Year U.S. TIPS Index | 734,639 | 1,081,653 | (1,276,716 | ) | 25,949 | 584,903 | 385 | (11,921 | ) | — | ||||||||||||||||||||||
PIMCO 25+ Year Zero Coupon U.S. Treasury Index | — | 138,633 | (139,016 | ) | — | — | — | 383 | — | |||||||||||||||||||||||
PIMCO Broad U.S. TIPS Index | 369,982 | 1,012,431 | (1,156,358 | ) | 10,142 | 248,893 | — | 8,949 | — | |||||||||||||||||||||||
PIMCO EqS Long/Short | 934,095 | 152,464 | (1,084,109 | ) | — | — | — | 16,683 | — | |||||||||||||||||||||||
PIMCO Income | 369,527 | 520,221 | (896,936 | ) | — | — | 2,508 | 9,305 | — | |||||||||||||||||||||||
PIMCO Long-Term Credit | 863,495 | 1,090,067 | (727,318 | ) | 23,158 | 1,254,028 | 17,547 | (23,909 | ) | 15,920 | ||||||||||||||||||||||
PIMCO Short-Term | — | 224,601 | (222,983 | ) | — | — | 1,110 | (1,618 | ) | — | ||||||||||||||||||||||
Totals | $ | 22,921,389 | $ | 14,022,139 | $ | (15,651,175 | ) | $ | (402,967 | ) | $ | 21,656,532 | $ | 287,702 | $ | (394,688 | ) | $ | 339,301 |
374 | March 31, 2016 | | Semiannual Report |
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AllianzGI Retirement 2050: | ||||||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Market Value 3/31/2016 | Dividend Income | Net Realized Gain (Loss) | Net Capital Gain Distributions Received | |||||||||||||||||||||||||
AllianzGI Best Styles Emerging Markets Equity | — | $ | 505,803 | $ | (28,340 | ) | $ | (14,219 | ) | $ | 463,223 | $ | 5,730 | $ | (21 | ) | $ | 6,243 | ||||||||||||||
AllianzGI Best Styles International Equity | $ | 4,120,503 | 1,074,176 | (635,018 | ) | (225,196 | ) | 4,584,064 | 53,252 | (45,772 | ) | 38,688 | ||||||||||||||||||||
AllianzGI Best Styles U.S. Equity | 5,198,515 | 833,381 | (804,816 | ) | (12,061 | ) | 5,476,471 | 71,303 | (14,723 | ) | 17,862 | |||||||||||||||||||||
AllianzGI Emerging Markets Consumer | 662,786 | 3,663 | (43,088 | ) | (93,989 | ) | 619,692 | 3,663 | (4,761 | ) | — | |||||||||||||||||||||
AllianzGI Emerging Markets Small-Cap | 437,889 | 4,322 | (14,279 | ) | (51,188 | ) | 432,370 | 4,322 | (2,243 | ) | — | |||||||||||||||||||||
AllianzGI Focused Growth | 767,333 | 530,858 | (393,488 | ) | (2,337 | ) | 877,741 | — | (15,421 | ) | 68,248 | |||||||||||||||||||||
AllianzGI Global Natural Resources | 754,647 | 37,938 | (287,703 | ) | (27,593 | ) | 541,414 | 3,769 | (61,247 | ) | — | |||||||||||||||||||||
AllianzGI High Yield Bond | — | 1,949,751 | (278,670 | ) | (24,222 | ) | 1,630,513 | 39,893 | (16,346 | ) | — | |||||||||||||||||||||
AllianzGI International Managed Volatility | 652,270 | 24,910 | (675,676 | ) | — | — | 24,910 | 25,016 | — | |||||||||||||||||||||||
AllianzGI International Small-Cap | 330,271 | 435,806 | (307,827 | ) | (9,740 | ) | 438,149 | 2,195 | (6,748 | ) | 23,572 | |||||||||||||||||||||
AllianzGI Mid-Cap | 861,879 | 174,750 | (158,079 | ) | (43,169 | ) | 886,779 | — | (6,145 | ) | 43,840 | |||||||||||||||||||||
AllianzGI NFJ International Small-Cap Value | 214,574 | — | (225,947 | ) | — | — | — | (16,460 | ) | — | ||||||||||||||||||||||
AllianzGI NFJ Mid-Cap Value | 1,406,481 | 116,907 | (700,017 | ) | 93,947 | 873,674 | 12,294 | (8,461 | ) | 21,681 | ||||||||||||||||||||||
AllianzGI Short Duration High Income | — | 524,773 | (520,503 | ) | — | — | 9,109 | (4,270 | ) | — | ||||||||||||||||||||||
AllianzGI U.S. Managed Volatility | 432,692 | 52,708 | (442,602 | ) | — | — | 13,795 | 16,265 | 36,308 | |||||||||||||||||||||||
AllianzGI U.S. Small-Cap Growth | 1,165,914 | 200,306 | (644,886 | ) | (122,685 | ) | 670,018 | — | 8,885 | 48,376 | ||||||||||||||||||||||
AllianzGI Ultra Micro Cap | 841,709 | 75,000 | (965,474 | ) | — | — | — | (26,590 | ) | — | ||||||||||||||||||||||
PIMCO 15+ Year U.S. TIPS Index | 542,258 | 1,018,555 | (966,110 | ) | 28,271 | 637,258 | 349 | (5,557 | ) | — | ||||||||||||||||||||||
PIMCO 25+ Year Zero Coupon U.S. Treasury Index | — | 120,945 | (121,279 | ) | — | — | — | 334 | — | |||||||||||||||||||||||
PIMCO Broad U.S. TIPS Index | 327,737 | 770,084 | (1,108,648 | ) | — | — | — | 7,567 | — | |||||||||||||||||||||||
PIMCO EqS Long/Short | 870,953 | 79,327 | (947,791 | ) | — | — | — | 11,675 | — | |||||||||||||||||||||||
PIMCO Income | — | 388,967 | (392,328 | ) | — | — | 799 | 3,361 | — | |||||||||||||||||||||||
PIMCO Long-Term Credit | 764,927 | 796,956 | (829,224 | ) | 25,966 | 767,083 | 9,242 | (16,278 | ) | — | ||||||||||||||||||||||
PIMCO Short-Term | — | 208,381 | (206,758 | ) | — | — | 1,025 | (1,623 | ) | — | ||||||||||||||||||||||
Totals | $ | 20,353,338 | $ | 9,928,267 | $ | (11,698,551 | ) | $ | (478,215 | ) | $ | 18,898,449 | $ | 255,650 | $ | (179,563 | ) | $ | 304,818 |
AllianzGI Retirement 2055: | ||||||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Market Value 3/31/2016 | Dividend Income | Net Realized Gain (Loss) | Net Capital Gain Distributions Received | |||||||||||||||||||||||||
AllianzGI Best Styles Emerging Markets Equity | — | $ | 122,339 | — | $ | 9,350 | $ | 131,689 | — | — | — | |||||||||||||||||||||
AllianzGI Best Styles International Equity | $ | 1,165,621 | 534,427 | $ | (386,732 | ) | (44,443 | ) | 1,303,720 | $ | 15,868 | $ | (44,172 | ) | $ | 11,528 | ||||||||||||||||
AllianzGI Best Styles U.S. Equity | 1,409,954 | 603,879 | (513,196 | ) | 8,497 | 1,557,136 | 21,501 | (27,397 | ) | 5,386 | ||||||||||||||||||||||
AllianzGI Emerging Markets Consumer | 256,076 | 11,518 | (78,559 | ) | (27,931 | ) | 180,497 | 1,518 | (20,453 | ) | — | |||||||||||||||||||||
AllianzGI Emerging Markets Small-Cap | 142,596 | 11,508 | (49,715 | ) | (10,485 | ) | 101,170 | 1,508 | (13,096 | ) | — | |||||||||||||||||||||
AllianzGI Focused Growth | 229,195 | 182,196 | (153,060 | ) | 939 | 249,564 | — | (7,444 | ) | 20,470 | ||||||||||||||||||||||
AllianzGI Global Natural Resources | 203,902 | 35,284 | (99,803 | ) | (4,576 | ) | 147,328 | 1,122 | (19,283 | ) | — | |||||||||||||||||||||
AllianzGI High Yield Bond | — | 655,395 | (146,562 | ) | (552 | ) | 494,652 | 12,465 | (13,629 | ) | — | |||||||||||||||||||||
AllianzGI International Managed Volatility | 215,597 | 10,658 | (226,825 | ) | — | — | 7,591 | 19,186 | — | |||||||||||||||||||||||
AllianzGI International Small-Cap | 93,613 | 196,626 | (158,022 | ) | 2,575 | 124,565 | 663 | (9,204 | ) | 7,577 | ||||||||||||||||||||||
AllianzGI Mid-Cap | 244,732 | 138,098 | (129,446 | ) | 2,204 | 252,029 | — | (17,101 | ) | 12,927 | ||||||||||||||||||||||
AllianzGI NFJ International Small-Cap Value | 60,983 | — | (64,215 | ) | — | — | — | (4,379 | ) | — | ||||||||||||||||||||||
AllianzGI NFJ Mid-Cap Value | 428,619 | 103,467 | (298,473 | ) | 65,146 | 248,412 | 3,688 | (5,546 | ) | 6,504 | ||||||||||||||||||||||
AllianzGI Short Duration High Income | — | 216,116 | (214,752 | ) | — | — | 2,829 | (1,364 | ) | — | ||||||||||||||||||||||
AllianzGI U.S. Managed Volatility | 153,287 | 18,618 | (160,078 | ) | — | — | 4,204 | 2,744 | 11,064 |
Semiannual Report | | March 31, 2016 | 375 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Retirement 2055 (cont’d) | ||||||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Market Value 3/31/2016 | Dividend Income | Net Realized Gain (Loss) | Net Capital Gain Distributions Received | |||||||||||||||||||||||||
AllianzGI U.S. Small-Cap Growth | $ | 329,337 | $ | 87,093 | $ | (209,826 | ) | $ | (20,737 | ) | $ | 190,311 | — | $ | (15,528 | ) | $ | 14,674 | ||||||||||||||
AllianzGI Ultra Micro Cap | 238,181 | 11,052 | (262,196 | ) | — | — | — | (2,582 | ) | — | ||||||||||||||||||||||
PIMCO 15+ Year U.S. TIPS Index | 141,424 | 293,758 | (272,834 | ) | 7,725 | 174,119 | $ | 105 | (1,102 | ) | — | |||||||||||||||||||||
PIMCO 25+ Year Zero Coupon U.S. Treasury Index | — | 34,493 | (34,588 | ) | — | — | — | 95 | — | |||||||||||||||||||||||
PIMCO Broad U.S. TIPS Index | 74,376 | 235,302 | (313,084 | ) | — | — | — | 2,646 | — | |||||||||||||||||||||||
PIMCO EqS Long/Short | 236,901 | 35,503 | (271,711 | ) | — | — | — | 5,213 | — | |||||||||||||||||||||||
PIMCO Long-Term Credit | 157,624 | 179,962 | (188,661 | ) | 5,328 | 155,793 | 2,106 | (1,809 | ) | — | ||||||||||||||||||||||
PIMCO Short-Term | — | 64,777 | (64,298 | ) | — | — | 309 | (479 | ) | — | ||||||||||||||||||||||
Totals | $ | 5,782,018 | $ | 3,782,069 | $ | (4,296,636 | ) | $ | (6,960 | ) | $ | 5,310,985 | $ | 75,477 | $ | (174,684 | ) | $ | 90,130 |
AllianzGI Retirement Income: | ||||||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Market Value 3/31/2016 | Dividend Income | Net Realized Gain (Loss) | Net Capital Gain Distributions Received | |||||||||||||||||||||||||
AllianzGI Advanced Core Bond | — | $ | 1,181,510 | — | $ | 19,546 | $ | 1,201,056 | — | — | — | |||||||||||||||||||||
AllianzGI Best Styles Emerging Markets Equity | — | 100,000 | — | 1,408 | 101,408 | — | — | — | ||||||||||||||||||||||||
AllianzGI Best Styles International Equity | $ | 1,136,642 | 270,949 | $ | (556,727 | ) | (25,717 | ) | 840,787 | $ | 13,535 | $ | (70,600 | ) | $ | 9,619 | ||||||||||||||||
AllianzGI Best Styles U.S. Equity | 3,311,819 | 641,300 | (1,628,707 | ) | 22,097 | 2,421,621 | 43,119 | (118,131 | ) | 10,653 | ||||||||||||||||||||||
AllianzGI Emerging Markets Consumer | 361,803 | 16,941 | (58,240 | ) | (46,653 | ) | 320,119 | 1,941 | (6,608 | ) | — | |||||||||||||||||||||
AllianzGI High Yield Bond | — | 1,425,265 | (33,338 | ) | 44,733 | 1,437,120 | 24,615 | 460 | — | |||||||||||||||||||||||
AllianzGI Income & Growth | 2,711,075 | 336,298 | (2,907,875 | ) | — | — | 26,144 | (306,254 | ) | 45,682 | ||||||||||||||||||||||
AllianzGI Short Duration High Income | 4,009,919 | 1,714,324 | (801,609 | ) | (211,789 | ) | 4,772,758 | 164,780 | (41,249 | ) | — | |||||||||||||||||||||
PIMCO 15+ Year U.S. TIPS Index | 2,773,815 | 1,901,394 | (4,296,542 | ) | 24,007 | 465,671 | 1,493 | (65,306 | ) | — | ||||||||||||||||||||||
PIMCO 25+ Year Zero Coupon U.S. Treasury Index | — | 1,257,115 | (1,076,011 | ) | 3,007 | 225,653 | — | 41,542 | — | |||||||||||||||||||||||
PIMCO Capital Securities and Financials | 1,416,719 | 260,643 | (843,740 | ) | (34,926 | ) | 804,689 | 34,318 | (29,914 | ) | — | |||||||||||||||||||||
PIMCO Emerging Markets Bond | — | 1,148,442 | — | 63,536 | 1,211,978 | 6,704 | — | — | ||||||||||||||||||||||||
PIMCO Income | 4,770,365 | 1,382,097 | (1,972,420 | ) | 68,571 | 4,081,761 | 194,272 | (63,637 | ) | 3,453 | ||||||||||||||||||||||
PIMCO Long-Term Credit | 2,388,981 | 2,180,223 | (903,900 | ) | (25,690 | ) | 3,666,002 | 84,963 | (71,976 | ) | 120,209 | |||||||||||||||||||||
PIMCO Mortgage Opportunities | — | 1,949,895 | (1,928,748 | ) | — | — | 20,929 | (21,147 | ) | — | ||||||||||||||||||||||
Totals | $ | 22,881,138 | $ | 15,766,396 | $ | (17,007,857 | ) | $ | (97,870 | ) | $ | 21,550,623 | $ | 616,813 | $ | (752,820 | ) | $ | 189,616 |
AllianzGI Global Allocation: | ||||||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Market Value 3/31/2016 | Dividend Income | Net Realized Gain (Loss) | Net Capital Gain Distributions Received | |||||||||||||||||||||||||
AllianzGI Advanced Core Bond | — | $ | 128,932,541 | — | $ | 2,164,144 | $ | 131,096,685 | $ | 367,544 | — | — | ||||||||||||||||||||
AllianzGI Best Styles Global Equity | $ | 160,559,907 | 86,205,183 | — | 4,271,630 | 258,072,246 | 1,644,483 | — | — | |||||||||||||||||||||||
AllianzGI Emerging Markets Debt Fund | — | 12,364,843 | — | 98,766 | 12,463,609 | 27,659 | — | — | ||||||||||||||||||||||||
AllianzGI International Managed Volatility | 4,798,619 | 199,460 | $ | (4,887,642 | ) | — | — | 199,460 | $ | 963,748 | — |
376 | March 31, 2016 | | Semiannual Report |
Table of Contents
AllianzGI Global Allocation (cont’d) | ||||||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Market Value 3/31/2016 | Dividend Income | Net Realized Gain (Loss) | Net Capital Gain Distributions Received | |||||||||||||||||||||||||
AllianzGI Short Duration High Income | $ | 22,337,055 | $ | 1,569,478 | $ | (11,167,215 | ) | $ | (546,686 | ) | $ | 12,443,052 | $ | 503,111 | $ | (381,254 | ) | — | ||||||||||||||
AllianzGI Structured Return | 15,697,925 | 10,254,536 | (8,000,000 | ) | 293,631 | 18,167,221 | 100,027 | (30,678 | ) | $ | 155,109 | |||||||||||||||||||||
AllianzGI U.S. Managed Volatility | 6,761,836 | 871,191 | (6,851,252 | ) | — | — | 256,721 | 76,618 | 614,469 | |||||||||||||||||||||||
PIMCO 15+ Year U.S. TIPS Index | 4,523,810 | — | (4,830,287 | ) | — | — | 2,686 | 5,756 | — | |||||||||||||||||||||||
PIMCO Broad U.S. TIPS Index | — | 9,795,908 | — | 154,687 | 9,950,595 | — | — | — | ||||||||||||||||||||||||
PIMCO Income | 28,028,646 | 128,664 | (28,458,904 | ) | — | — | 137,578 | 1,464,732 | — | |||||||||||||||||||||||
PIMCO Investment Grade Corporate Bond | 15,756,457 | 6,973,288 | (22,913,329 | ) | — | — | — | (300,242 | ) | — | ||||||||||||||||||||||
Totals | $ | 258,464,255 | $ | 257,295,092 | $ | (87,108,629 | ) | $ | 6,436,172 | $ | 442,193,408 | $ | 3,239,269 | $ | 1,798,680 | $ | 769,578 |
AllianzGI Global Dynamic Allocation: | ||||||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Market Value 3/31/2016 | Dividend Income | Net Realized Gain (Loss) | Net Capital Gain Distributions Received | |||||||||||||||||||||||||
AllianzGI Advanced Core Bond | — | $ | 1,013,193 | — | $ | 8,125 | $ | 1,021,318 | — | — | — | |||||||||||||||||||||
AllianzGI Best Styles Emerging Markets Equity | $ | 348,345 | 575,935 | — | (77,511 | ) | 900,102 | $ | 16,039 | — | $ | 17,476 | ||||||||||||||||||||
AllianzGI Best Styles Global Equity | — | 5,731,071 | — | 68,776 | 5,799,847 | — | — | — | ||||||||||||||||||||||||
AllianzGI Best Styles International Equity | 1,165,967 | 2,382,337 | — | (214,840 | ) | 3,420,661 | 37,374 | — | 27,152 | |||||||||||||||||||||||
AllianzGI Best Styles U.S. Equity | 1,468,980 | 4,213,288 | — | (159,109 | ) | 5,635,517 | 78,286 | — | 19,611 | |||||||||||||||||||||||
AllianzGI International Managed Volatility | 112,961 | 4,695 | $ | (110,188 | ) | — | — | 4,695 | $ | 5,638 | — | |||||||||||||||||||||
AllianzGI Short Duration High Income | 149,553 | 799,810 | (2,817 | ) | (1,183 | ) | 950,890 | 11,682 | — | — | ||||||||||||||||||||||
PIMCO Income | 284,145 | 986,950 | (220,803 | ) | (28,162 | ) | 1,023,621 | 37,493 | (4,680 | ) | 693 | |||||||||||||||||||||
PIMCO Investment Grade Corporate Bond | 338,295 | 2,172,455 | (523,676 | ) | (24,417 | ) | 1,945,973 | 40,826 | (25,178 | ) | 28,013 | |||||||||||||||||||||
PIMCO Long-Term Credit | 142,173 | 330,674 | — | (2,940 | ) | 481,425 | 7,358 | — | 9,762 | |||||||||||||||||||||||
PIMCO Mortgage Opportunities | 348,502 | 862,929 | (109,374 | ) | (11,139 | ) | 1,089,628 | 21,207 | (738 | ) | — | |||||||||||||||||||||
PIMCO Mortgage-Backed Securities | 598,293 | 1,799,139 | (193,595 | ) | 10,141 | 2,210,610 | 24,761 | (1,152 | ) | — | ||||||||||||||||||||||
Totals | $ | 4,957,214 | $ | 20,872,476 | $ | (1,160,453 | ) | $ | (432,259 | ) | $ | 24,479,592 | $ | 279,721 | $ | (26,110 | ) | $ | 102,707 |
AllianzGI Global Megatrends: | ||||||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized (Depreciation) | Market Value 3/31/2016 | Dividend Income | Net Realized Gain (Loss) | Net Capital Gain Distributions Received | |||||||||||||||||||||||||
AllianzGI Emerging Markets Consumer | $ | 507,620 | $ | 68,965 | $ | (5,669 | ) | $ | (95,521 | ) | $ | 566,567 | $ | 2,991 | $ | (1,208 | ) | — | ||||||||||||||
AllianzGI Global Natural Resources | 476,281 | 72,342 | (5,600 | ) | (112,712 | ) | 552,692 | 3,663 | (1,338 | ) | — | |||||||||||||||||||||
AllianzGI Global Water | 569,184 | 4,501 | (66,934 | ) | 24,705 | 565,000 | 3,496 | 2,728 | $ | 1,005 | ||||||||||||||||||||||
AllianzGI Health Sciences | 619,946 | 126,638 | (5,825 | ) | (140,619 | ) | 578,482 | — | (1,711 | ) | 122,579 | |||||||||||||||||||||
AllianzGI Technology | 593,621 | 89,995 | (57,915 | ) | (52,246 | ) | 573,047 | — | (6,786 | ) | 89,995 | |||||||||||||||||||||
Totals | $ | 2,766,652 | $ | 362,441 | $ | (141,943 | ) | $ | (376,393 | ) | $ | 2,835,788 | $ | 10,150 | $ | (8,315 | ) | $ | 213,579 |
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Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
AllianzGI Multi-Asset Real Return: | ||||||||||||||||||||||||||||
Market Value 9/30/2015 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Market Value 3/31/2016 | Dividend Income | Net Realized Gain (Loss) | ||||||||||||||||||||||
AllianzGI Global Natural Resources | $ | 1,084,240 | $ | 48,143 | $ | (384,220 | ) | $ | (125,830 | ) | $ | 764,998 | $ | 6,413 | $ | (106,482 | ) | |||||||||||
AllianzGI Structured Return | 210,317 | — | (212,347 | ) | — | — | — | 5,549 | ||||||||||||||||||||
PIMCO Broad U.S. TIPS Index | 586,740 | 369,035 | (446,616 | ) | 12,434 | 522,152 | — | (6,178 | ) | |||||||||||||||||||
PIMCO Commodity RealReturn Strategy | 964,087 | 13,385 | (201,300 | ) | (412,957 | ) | 678,541 | 13,385 | (142,236 | ) | ||||||||||||||||||
Totals | $ | 2,845,384 | $ | 430,563 | $ | (1,244,483 | ) | $ | (526,353 | ) | $ | 1,965,691 | $ | 19,798 | $ | (249,347 | ) |
12. | FUND EVENTS |
(a) Management Fee and Expense Limitation Changes
Effective November 1, 2015, the management fee for AllianzGI NFJ International Small-Cap Value was reduced from 0.95% to 0.85%. Additionally, the expense limitation for each share class was reduced by 0.15% through January 31, 2017.
Effective February 1, 2016, the management fee for AllianzGI Emerging Markets Consumer was reduced from 1.00% to 0.90%. Additionally, the expense limitation for each share class was reduced by 0.10% through January 31, 2017.
Effective February 1, 2016, the management fee for AllianzGI NFJ Emerging Markets Value was reduced from 1.00% to 0.85%. Additionally, the expense limitation for each share class was reduced by 0.21% through January 31, 2017.
On February 18, 2016 the Board of Trustees, approved, subject to shareholder approval, changes to the fee structure of each of the Target Date Funds. In connection with and subject to shareholder approval of a proposed increase in each Target Date Fund’s investment advisory fee to be considered at a special meeting of shareholders, each Target Date Fund will adopt a new principal investment strategy, name new portfolio managers and institute a new glide-path and benchmark. In connection with the adoption of a new investment strategy, AllianzGI Retirement Income will change its name to “AllianzGI Dynamic Multi-Asset Income Fund.” The aforementioned changes, if the revised fee struture is approved by shareholders, are expected to be implemented on or about June 30, 2016.
(b) Reorganization
On October 21, 2015, shareholders of AllianzGI Behavioral Advantage Large Cap Fund approved a reorganization of the Fund with and into Fuller & Thaler Behavioral Core Equity Fund. The reorganization was completed on October 23, 2015.
On February 18, 2016 the Board of Trustees, approved the reorganization of AllianzGI Retirement 2015 with and into AllianzGI Retirement Income (the “Reorganization”). The closing date of the Reorganization is expected to be on or about August 1, 2016.
(c) Policy Change
On November 4, 2015, shareholders of AllianzGI Global Water approved certain changes to the Fund’s fundamental investment restriction regarding its concentration policy. The Fund may not invest
more than 25% of the value of its total assets in the securities of companies primarily engaged in any one industry, except that it will concentrate more than 25% of its total assets in the water-related resources sector. The Fund currently considers the water-related resources sector to include companies that are principally engaged in water-related activities. “Water-related activities” consist of those that relate to the quality or availability of or demand for potable and non-potable water and include the following: water production, storage, transport and distribution; water supply-enhancing or water demand-reducing technologies and materials; water planning, control and research; water conditioning, such as filtering, desalination, disinfection and purification; sewage and liquid waste treatment; and water delivery-related equipment and technology, consulting or engineering services relating to any of the above-mentioned activities. The specific activities that the Fund may from time to time consider to qualify as “water-related activities” will change as markets, technologies and investment practices develop.
(d) Share Class Conversion
Effective November 13, 2015, Class D shares of each Fund were converted into Class A shares of the same Fund. The Class D conversion was effected on the basis of the relative net asset values of the Class D and Class A shares involved and, following the conversion, each Fund ceased to have any Class D shares authorized or outstanding.
Effective December 4, 2015, Class B shares of AllianzGI Global Allocation were converted into Class A shares of the same Fund. The Class B conversion was effected on the basis of the relative net asset values of the Class B and Class A shares involved and, following the conversion, AllianzGI Global Allocation ceased to have any Class B shares authorized or outstanding.
(e) Fund Liquidation
On December 11, 2015, AllianzGI Global Managed Volatility Fund liquidated as a series of the Trust.
(f) New Share Classes
Effective February 1, 2016, AllianzGI Global Dynamic Allocation and AllianzGI International Small-Cap began offering Class R6 shares.
13. | PAYMENTS FROM AFFILIATES |
During the six months ended March 31, 2016, AllianzGI U.S. reimbursed AllianzGI Best Styles Emerging Markets Equity, AllianzGI
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NFJ Emerging Markets Value and AllianzGI U.S. Equity Hedged $1,397, $41 and $254, respectively, for realized losses resulting from trading errors.
There were no payments from affiliates for the period ended September 30, 2015.
During the fiscal year ended November 30, 2014, AllianzGI U.S. reimbursed AllianzGI Convertible, AllianzGI Global Fundamental Strategy, AllianzGI High Yield Bond and AllianzGI U.S. Equity Hedged $475,282, $575, $174,513 and $317, respectively, for realized losses resulting from trading errors.
14. | BORROWINGS |
On July 31, 2015, the Trust entered into a new credit agreement (the “Northern Trust Agreement”), among the Trust, AllianzGI Institutional Multi-Series Trust, Allianz Funds and Premier Multi-Series VIT, as
borrowers (collectively, the “AllianzGI Borrowers” and each series
thereof, an “AllianzGI Borrower Fund”), and Northern Trust Company, as lender, for a committed line of credit. The Northern Trust Agreement has a 364-day term and permits the AllianzGI Borrowers to borrow up to $200 million in aggregate, subject to (i) a requirement that each AllianzGI Borrower Fund’s asset coverage with respect to senior securities representing indebtedness be 300% or higher, and (ii) certain other limitations and conditions. Each AllianzGI Borrower Fund will pay interest on any amounts borrowed under the facility at the greater of (i) the federal funds overnight rate plus 1.00% or (ii) 1.50%, subject to upward adjustment when any past-due payments are outstanding. The AllianzGI Borrowers will also pay a usage fee at an annualized rate of 0.15% on undrawn amounts, allocated pro rata among the AllianzGI Borrower Funds on the basis of net assets. Amounts borrowed may be repaid and reborrowed on a revolving basis during the term of the facility.
The following Funds utilized the line of credit during the six months ended March 31, 2016. The average balance outstanding is for the number of days that the Funds had an outstanding balance.
Average Amount Borrowed During the Six Months Ended March 31, 2016 | Average Interest Rate | Number of Days Outstanding During the Six Months Ended March 31, 2016 | Outstanding Borrowings at March 31, 2016 | |||||||||||||
AllianzGI Retirement 2015 | $ | 3,235,000 | 1.50 | % | 3 | — | ||||||||||
AllianzGI Retirement 2020 | 8,065,000 | 1.50 | 3 | — | ||||||||||||
AllianzGI Retirement 2025 | 8,985,000 | 1.50 | 3 | — | ||||||||||||
AllianzGI Retirement 2030 | 6,375,000 | 1.50 | 3 | — | ||||||||||||
AllianzGI Retirement 2035 | 6,485,000 | 1.50 | 3 | — | ||||||||||||
AllianzGI Retirement 2040 | 5,530,000 | 1.50 | 3 | — | ||||||||||||
AllianzGI Retirement 2045 | 3,315,000 | 1.50 | 3 | — | ||||||||||||
AllianzGI Retirement 2050 | 2,260,000 | 1.50 | 3 | — | ||||||||||||
AllianzGI Retirement 2055 | 400,000 | 1.50 | 3 | — | ||||||||||||
AllianzGI Retirement Income | 1,325,000 | 1.50 | 3 | — | ||||||||||||
AllianzGI Best Styles International Equity | 5,000,000 | 1.50 | 2 | — |
15. | RELATED PARTY TRANSACTIONS |
The Investment Manager is a related party. Fees payable to this party are disclosed in Note 5 and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.
Certain Funds are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.
During the six months ended March 31, 2016, the following Funds engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act:
Purchases | Sales | |||||||
AllianzGI Convertible | $ | 5,293,156 | $ | 20,197,119 | ||||
AllianzGI High Yield Bond | 200,808 | 341,994 |
16. | SUBSEQUENT EVENTS |
In preparing these financial statements, the Funds’ management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
Effective April 1, 2016, AGIFM will temporarily waive the management fee for AllianzGI NFJ Global Dividend Value by 0.10%. Additionally, the expense limitation for each share class was reduced by 0.10% through March 31, 2017.
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Notes to Financial Statements (cont’d)
March 31, 2016 (Unaudited)
Effective April 1, 2016, AGIFM will temporarily waive the management fee for AllianzGI NFJ International Value II by 0.05%. Additionally, the expense limitation for each share class was reduced by 0.05% through March 31, 2017.
Effective April 1, 2016, AGIFM will temporarily waive the management fee for AllianzGI U.S. Small-Cap Growth was reduced from 0.90% to 0.80%. Additionally, the expense limitation for each share class was reduced by 0.20% through March 31, 2017.
On April 11, 2016, AllianzGI Ultra Micro Cap re-opened to new purchases.
On April 21, 2016 the following Funds declared per-share net investment income dividends to shareholders, payable April 21, 2016 to shareholders of record on April 20, 2016.
Class A | Class C | Class R | Class P | Institutional Class | Administrative Class | |||||||||||||||||||
AllianzGI High Yield Bond | $ | 0.04499 | $ | 0.03995 | $ | 0.04455 | $ | 0.04743 | $ | 0.04750 | $ | 0.04208 | ||||||||||||
AllianzGI Short Duration High Income | 0.06000 | 0.05660 | N/A | 0.06297 | 0.06300 | N/A |
Effective April 26, 2016, AllianzGI Best Styles Global Equity began offering Class C shares and AllianzGI Best Styles Emerging Markets Equity, AllianzGI Best Styles International Equity and AllianzGI Best Styles U.S. Equity began offering Class A and Class C shares.
On May 19, 2016, the following Funds declared per-share net investment income dividends to shareholders, payable May 19, 2016 to shareholders of record on May 18, 2016.
Class A | Class C | Class R | Class P | Institutional Class | Administrative Class | |||||||||||||||||||
AllianzGI High Yield Bond | $ | 0.04462 | $ | 0.03962 | $ | 0.04398 | $ | 0.04691 | $ | 0.04750 | $ | 0.04150 | ||||||||||||
AllianzGI Short Duration High Income | 0.06000 | 0.05679 | N/A | 0.06378 | 0.06318 | N/A |
There were no other subsequent events identified that require recognition or disclosure.
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Unaudited
Changes to Board of Trustees & Fund Officers
Effective October 8, 2015, Barbara R. Claussen became a Trustee of the Funds. Ms. Claussen is an “interested person” of the Funds, as defined in Section 2(a) (19) of the 1940 Act, due to her positions with the Investment Manager and its affiliates.
Effective April 15, 2016, Julian Sluyters resigned as a Trustee of the Funds.
Effective April 25, 2016, A. Douglas Eu became a Trustee of the Funds. Mr. Eu is an “interested person” of the Funds, as defined in Section 2(a) (19) of the 1940 Act, due to his positions with the Investment Manager and its affiliates.
Effective April 25, 2016, Thomas J. Fuccillo, formerly the Vice President, Chief Legal Officer and Secretary to the Funds was appointed President and Chief Executive Officer to the Funds.
Effective April 25, 2016, Angela Borreggine, formerly an Assistant Secretary to the Funds was appointed Chief Legal Officer and Secretary to the Funds.
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Unaudited
Matters Relating to the Trustees’ Consideration of the Investment Management and Sub-Advisory Agreements
The Investment Company Act of 1940, as amended (the “1940 Act”), requires that both the full Board of Trustees (the “Trustees”) and a majority of the Trustees who are not interested persons of the Trust (the “Independent Trustees”), voting separately, annually approve the continuation of (i) the Trust’s Amended and Restated Investment Management Agreement (the “Investment Management Agreement”) on behalf of each Fund (as defined below) with Allianz Global Investors Fund Management LLC (the “Investment Manager”), and (ii) the Sub-Advisory Agreements between the Investment Manager and the applicable sub-adviser for each Fund. The Investment Management Agreement and the Sub-Advisory Agreements are collectively referred to herein as the “Agreements.” The sub-advisers for the Funds include Allianz Global Investors U.S. LLC (“AllianzGI U.S.”) and NFJ Investment Group LLC (“NFJ”) (collectively, the “Sub-Advisers”).
With respect to the Funds, the Independent Trustees had a pre-meeting on March 10, 2016 with independent counsel to discuss the materials provided by the Investment Manager in response to the Independent Trustees’ written request for information regarding the annual renewals. Representatives from Fund management attended portions of that meeting to review, among other matters, the comparative fee and expense information and comparative performance information prepared and provided by Broadridge Inc. (“Broadridge”) for each Fund using its respective Lipper Inc. (“Lipper”) peer universe for performance comparison and Broadridge peer universe for expense comparisons.
At an in-person meeting held on March 22, 2016, the Board and the Independent Trustees unanimously approved the continuation of the Agreements for an additional one-year period from April 1, 2016 through March 31, 2017 with respect to AllianzGI Retirement 2015 Fund (the “2015 Fund”), AllianzGI Retirement 2020 Fund (the “2020 Fund”), AllianzGI Retirement 2025 Fund (the “2025 Fund”), AllianzGI Retirement 2030 Fund (the “2030 Fund”), AllianzGI Retirement 2035 Fund (the “2035 Fund”), AllianzGI Retirement 2040 Fund (the “2040 Fund”), AllianzGI Retirement 2045 Fund (the “2045 Fund”), AllianzGI Retirement 2050 Fund (the “2050 Fund”), AllianzGI Retirement 2055 Fund (the “2055 Fund”), AllianzGI Retirement Income Fund (the “Retirement Income Fund” and, together with the 2015 Fund, the 2020 Fund, the 2025 Fund, the 2030 Fund, the 2035 Fund, the 2040 Fund, the 2045 Fund, the 2050 Fund and the 2055 Fund, the “Retirement Funds”), AllianzGI Global Allocation Fund (the “Global Allocation Fund”), AllianzGI Global Dynamic Allocation Fund (the “Global Dynamic Fund” and, together with the Global Allocation Fund, the “Allocation Funds”), AllianzGI Best Styles Emerging Markets Equity Fund (the “Best Styles Emerging Markets Fund”), AllianzGI Best Styles Global Equity Fund (the “Best Styles Global Equity Fund”), AllianzGI Best Styles International Equity Fund (the “Best Styles International Equity Fund”), AllianzGI Best Styles U.S. Equity Fund (the “Best Styles US Equity Fund”), AllianzGI China Equity Fund (the “China Equity Fund”), AllianzGI Convertible Fund (the “Convertible Fund”), AllianzGI Emerging Markets Consumer Fund (the “Emerging Markets Consumer
Fund”), AllianzGI Emerging Markets Debt Fund (the “Emerging Markets Debt Fund”), AllianzGI Emerging Markets Small-Cap Fund (the “Emerging Markets Small-Cap Fund”), AllianzGI Europe Equity Dividend Fund (the “Europe Equity Fund”) AllianzGI Global Fundamental Strategy Fund (the “Global Fundamental Strategy Fund”), AllianzGI Global Megatrends Fund (the “Global Megatrends Fund”), AllianzGI Global Sustainability Fund (the “Global Sustainability Fund”), AllianzGI Global Water Fund (the “Global Water Fund”), AllianzGI High Yield Bond Fund (the “High Yield Bond Fund”), AllianzGI International Growth Fund (the “International Growth Fund”), AllianzGI International Small-Cap Fund (the “International Small-Cap Fund”), AllianzGI Micro Cap Fund (the “Micro Cap Fund”), AllianzGI Multi-Asset Real Return Fund (the “Multi-Asset Real Return Fund”), AllianzGI Short Duration High Income Fund (the “Short Duration High Income Fund”), AllianzGI Structured Return Fund (the “Structured Return Fund”), AllianzGI Ultra Micro Cap Fund (the “Ultra Micro Cap Fund”), AllianzGI U.S. Equity Hedged Fund (the “U.S. Equity Hedged Fund”), AllianzGI U.S. Small-Cap Growth Fund (the “U.S. Small-Cap Growth Fund”, and, together with the Best Styles Emerging Markets Fund, the Best Styles Global Equity Fund, the Best Styles International Equity Fund, the Best Styles US Equity Fund, the China Equity Fund, the Convertible Fund, the Emerging Markets Consumer Fund, the Emerging Markets Debt Fund, the Emerging Markets Small-Cap Fund, the Europe Equity Fund, the Global Fundamental Strategy Fund, the Global Megatrends Fund, the Global Sustainability Fund, the Global Water Fund, the High Yield Bond Fund, the International Growth Fund, the International Small-Cap Fund, the Micro Cap Fund, the Multi-Asset Real Return Fund, the Short Duration High Income Fund, the Structured Return Fund, the Ultra Micro Cap Fund and the U.S. Equity Hedged Fund, the “AllianzGI Funds”), AllianzGI NFJ Emerging Markets Value Fund (the “NFJ Emerging Markets Value Fund”), AllianzGI NFJ Global Dividend Value Fund (the “NFJ Global Dividend Value Fund”), AllianzGI NFJ International Small-Cap Value Fund (the “NFJ International Small-Cap Value Fund”), AllianzGI NFJ International Value II Fund (the “NFJ International Value II Fund” and, together with the NFJ Emerging Markets Value Fund, the NFJ Global Dividend Fund and the NFJ International Small-Cap Value Fund, the “NFJ Funds” and, together with the Retirement Funds, the Allocation Funds and the AllianzGI Funds, the “Funds”).
The material factors and conclusions that formed the basis of these approvals for the Funds are discussed below.
The Independent Trustees were assisted in their evaluation of the Agreements and the factors that they deemed to be material, including those factors described below, by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Fund management during their contract review meetings.
In connection with their deliberations regarding the approval of the Agreements, the Trustees, including the Independent Trustees, considered such information and factors as they believed, in light of
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the legal advice furnished to them and their own business judgment, to be relevant. As described below, the Trustees considered the nature, quality and extent of the various investment management, administrative and other services to be performed by the Investment Manager and the Sub-Advisers under the Agreements.
In connection with their deliberations, the Trustees received and relied upon materials provided by the Investment Manager including, among other items: (i) information provided by Broadridge, an independent third party, for the Funds on the investment performance of a group of funds with investment classifications and/or objectives comparable to those of the Funds identified by Lipper (the “Lipper performance universe”), the performance of applicable benchmark indices and the total return investment performance (based on net assets) of the Funds for various time periods; (ii) information on the Funds’ management fees and other expenses and information compiled from Broadridge, as applicable, on the management fees and other expenses of comparable funds identified by Broadridge; (iii) to the extent applicable, information regarding the investment performance and fees for other funds and accounts managed by the Investment Manager and the Sub-Advisers or their affiliates, including institutional and separate accounts, with similar investment objective(s) and policies to those of the Funds, if any; (iv) an estimate of the profitability to the Investment Manager from its relationship with the Funds for the twelve months ended December 31, 2015; (v) descriptions of various functions performed by the Investment Manager and the Sub-Advisers for the Funds, such as portfolio management, compliance monitoring and portfolio trading practices; and (vi) information regarding the overall organization and business functions of the Investment Manager and the Sub-Advisers, including, without limitation, information regarding senior management, portfolio managers and other personnel providing or proposed to provide investment management, administrative and other services to the Funds.
The Trustees’ conclusions as to the approval of the Agreements were based on a comprehensive consideration of all information provided to the Trustees and were not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. The Trustees recognized that the fee arrangements for the Funds are the result of years of review and discussion between the Independent Trustees and the Investment Manager, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years. The Trustees evaluated information available to them on a Fund-by-Fund basis, and their determinations were made separately in respect of each Fund. However, they also took into account the common interests of all series of the Trust in their review. The Trustees also took into account that the Investment Manager had proposed the
continuation of certain advisory fee waivers and expense caps for the Funds, with various proposed modifications and advisory fee reductions for certain Funds. The Trustees also considered the risk profiles of each Fund.
Performance Information
Fund-specific performance results for the Funds reviewed by the Trustees are discussed below. The comparative performance information was prepared and provided by Broadridge and was not independently verified by the Trustees. Due to the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report. With respect to all Funds, the Trustees reviewed, among other information, comparative information showing performance for Class A and Institutional Class (or, in the case of the Retirement Funds, Class R6) shares of the Funds against their respective Lipper performance universes for the one-year, three-year, five-year and ten-year periods (to the extent each such Fund had been in existence) ended September 30, 2015. For Funds that commenced operations during the Trust’s fiscal year ended September 30, 2015, the Trustees reviewed comparative information showing performance for Class A and Institutional Class shares of the Funds against their respective Lipper performance universes for the period from the Fund’s inception through September 30, 2015. Institutional Class performance (or, in the case of the Retirement Funds, Class R6 performance) relative to the median for each Fund’s Lipper performance universe is described below, and for those Funds with performance that ranked below the median for their respective Lipper performance universes, the specific quintile rankings for Institutional Class shares are also noted below with respect to the relevant periods of underperformance.
Retirement Funds and Allocation Funds. For the 2015 Fund, performance was below median (in the fifth quintile) for the one-year, three-year and five-year periods. For the 2020 Fund, performance was below median (in the fifth quintile) for the one-year, three-year and five-year periods. For the 2025 Fund, performance was below median (in the fifth quintile) for the one-year and three-year periods. For the 2030 Fund, performance was below median (in the fifth quintile) for the one-year, three-year and five-year periods. For the 2035 Fund, performance was below median (in the fifth quintile) for the one-year and three-year periods. For the 2040 Fund, performance was below median (in the fifth quintile) for the one-year, three-year and five-year periods. For the 2045 Fund, performance was below median (in the fifth quintile) for the one-year and three-year periods. For the 2050 Fund, performance was below median (in the fifth quintile) for the one-year, three-year and five-year periods. For the 2055 Fund, performance was below median (in the fifth quintile) for the one-year and three-year periods. For the Retirement Income Fund, performance was below median for the one-year, three-year and five-year periods (in the fifth quintile for the one-year period and the fourth quintile for the three-year and five-year periods). For the Global Dynamic Allocation Fund, performance was at the median for the one-year period and above
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Unaudited
Matters Relating to the Trustees’ Consideration of the Investment Management and Sub-Advisory Agreements (cont’d)
median for the three-year period. For the Global Allocation Fund, performance was above median for the one-year, three-year, five-year and ten-year periods.
AllianzGI Funds. For the Best Styles Emerging Markets Fund, performance was above median in the period since the Fund’s inception. For the Best Styles Global Equity Fund, performance was above median in the period since the Fund’s inception. For the Best Styles International Equity Fund, performance was above median in the period since the Fund’s inception. For the Best Styles U.S. Equity Fund, performance was above median in the period since the Fund’s inception. For the China Equity Fund, performance was above median for the one-year, three-year and five-year periods. For the Convertible Fund, performance was above median for the one-year, three-year, five-year and ten-year periods. For the Emerging Markets Consumer Fund, performance was above median in the period since the Fund’s inception. For the Emerging Markets Debt Fund, performance was above median in the period since the Fund’s inception. For the Emerging Markets Small-Cap Fund, performance was above median in the period since the Fund’s inception. For Europe Equity Dividend, performance was below median in the period since the Fund’s inception (fifth quintile). For the Global Fundamental Strategy Fund, performance was below median for the one-year period (fourth quintile). For the Global Megatrends Fund, performance was below median for the period since the Fund’s inception (fifth quartile). For the Global Sustainability Fund, performance was above median for the period since the Fund’s inception. For the Global Water Fund, performance was above median for the one-year, three-year and five-year periods. For the High Yield Bond Fund, performance was below median for the one-year and three-year periods (in the fourth and third quintile, respectively), and above median for the five-year and ten-year periods. For the International Growth Fund, performance was below median for the period since the Fund’s inception (fourth quintile). For the International Small-Cap Fund, performance was above median for the one-year, three-year, five-year and ten-year periods. For the Micro Cap Fund, performance was above median for the one-year, three-year, five-year and ten-year periods. For the Multi-Asset Real Return Fund, performance was below median (in the fifth quintile) for the one-year period. For the Short Duration High Income Fund, performance was above median for the one-year and three-year periods. For the Structured Return Fund, performance was above median for the one-year period. For the Ultra Micro Cap Fund, performance was below median (in the fourth quintile) for the one-year period, and above median for the three-year and five-year periods. For the U.S. Equity Hedged Fund, performance was at median for the one-year period. For the U.S. Small-Cap Growth Fund, performance was below median (in the fifth, fourth and fourth quintile, respectively) for the one-year, three-year and five-year periods and above median for the ten-year period.
NFJ Funds. For the NFJ Emerging Markets Value Fund, performance was above median for the one-year period. For the NFJ Global Dividend Value Fund, performance was below median (in the fifth
quintile) for the one-year, three-year and five-year periods. For the NFJ International Small-Cap Value Fund, performance was above median for the one-year and three-year periods. For the NFJ International Value II Fund, performance was below median (fourth and fifth quintile, respectively) for the one-year and three-year periods.
In addition, the Trustees considered matters bearing on the Funds and their advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting.
As part of their review, the Trustees examined the ability of the Investment Manager and the Sub-Advisers to provide high-quality investment management and other services to the Funds. Among other information, the Trustees considered the investment philosophy and research and decision making processes of the Sub-Advisers; the experience of key advisory personnel of the Investment Manager, Sub-Advisers or their affiliates, as applicable, responsible for portfolio management of the Funds; the ability of the Investment Manager and the Sub-Advisers to attract and retain capable personnel; and the capability of the senior management and staff of the Investment Manager and the Sub-Advisers. In addition, the Trustees reviewed the quality of the Investment Manager’s and the Sub-Advisers’ services with respect to regulatory compliance and ability to comply with the investment and compliance policies and procedures of the Funds; the nature, extent and quality of certain administrative services the Investment Manager is responsible for providing to the Funds; and conditions that might affect the ability of the Investment Manager or the Sub-Advisers to provide high quality services to the Funds in the future under the Agreements, including each organization’s respective financial condition and operational stability. Based on the foregoing, the Trustees concluded that the Sub-Advisers’ investment process, research capabilities and philosophy were well-suited to each Fund given its investment objectives and policies, and that the Investment Manager and the Sub-Advisers would be able to continue to meet any reasonably foreseeable obligations under each Agreement.
Fee and Expense Information
In assessing the reasonableness of the Funds’ fees and expenses under the Agreements, the Trustees considered, among other information, each Fund’s management fee (or, in the case of the Retirement Funds, each Retirement Fund’s advisory fee) and each Fund’s total expense ratio as a percentage of average daily net assets and the management fees and total expense ratios of peer groups of funds based on information provided by Broadridge. The Trustees also noted the management fee waiver and/or expense limitation agreements observed by the Investment Manager for the Funds that cap fees or expenses of their various share classes, as certain of these arrangements were proposed to be modified by the Investment Manager. The Trustees also considered, among other items: (i) the level of the Funds’ Sub-Advisory fees; (ii) the allocation of the Management Fee between the Investment Manager and the Sub-Advisers, and the services provided by
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the Investment Manager, on the one hand, and the Sub-Advisers, on the other hand; and (iii) that the Investment Manager (and not the Funds) pays the Sub-Advisory fees.
In comparing the Funds to their respective Broadridge peers with respect to expenses, the Trustees noted that the Funds (other than the Retirement Funds) were not charged a separate administration fee, recognizing that their management fee includes a component for administrative services, while many of the Funds’ Broadridge peers have separate advisory and administration agreements with separate fees. The Trustees also took into account the “unitary” administrative fee structure applicable to the Retirement Funds, under which certain third-party services that are ordinarily the financial responsibility of a mutual fund (e.g., audit, custody, accounting, legal, transfer agency and printing services) are, in the case of the Retirement Funds, paid for by the Investment Manager out of the administrative fee.
The Trustees also considered information showing the advisory fees charged by the Investment Manager and Sub-Advisers to other funds and accounts, including institutional and separate accounts, with similar investment objective(s) and policies to those of the Funds, if any. In comparing these fees, the Trustees considered information provided by the Investment Manager as to the generally broader and more extensive services provided to the Funds in comparison to institutional or separate accounts, the higher demands placed on the Investment Manager’s investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Funds, the greater entrepreneurial risk in managing retail mutual funds, and the impact on the Investment Manager and expenses associated with the more extensive regulatory regime to which the Funds are subject in comparison to institutional or separate accounts.
The Trustees reviewed information provided by Broadridge comparing each Fund’s advisory fee or management fee, as applicable, and ratios of total expenses to net assets (“total expense ratios”) for two share classes (Class A and Institutional Class share classes (or, in the case of the Funds, Class R6)) to those of a group of comparable funds for the most recent fiscal year ended September 30, 2015. Class A shares of the applicable Broadridge-selected group of comparable funds are referred to below as the “retail expense group,” and Institutional Class or Class R6 shares, as applicable, are referred to as the “institutional expense group.” The Trustees noted that the Broadridge data takes into account any fee reductions or expense limitations that were in effect during a Fund’s last fiscal year. The Fund-specific fee and expense results discussed below were prepared and provided by Broadridge and were not independently verified by the Trustees. The Funds’ fee and expense rankings are discussed below relative to the median of the applicable Broadridge-selected group of comparable funds. A Fund whose fees and expenses were below median had fees and expenses that were less than the median fees and expenses of its peer group, while a Fund whose fees and expenses were above median had fees and expenses that were higher than the median fees and expenses of its peer group. For those Funds whose fees or
expenses were higher than the median, the specific quintile rankings are also noted below with respect to the relevant above-median fee or expense categories (unless quintile rankings were not provided to the Trustees by Broadridge, in which case fund rankings are provided). For these purposes, higher fees and expenses result in a lower quintile ranking, with the first quintile being the highest and the fifth quintile being the lowest ranking. For example, a Fund with the highest fees and expenses relative to its peer group would rank in the fifth quintile, while a Fund with the lowest fees and expenses relative to its peer group would rank in the first quintile.
Retirement Funds and Allocation Funds. For the 2015 Fund, 2020 Fund, 2025 Fund, 2030 Fund, 2035 Fund and Retirement Income Fund advisory fees were below median for both the retail and institutional expense groups, and total expense ratios (taking fee waivers and/or expense limitations into account) were above the median for the retail expense group and below the median for the institutional expense group. For the 2040 Fund and 2050 Fund, advisory fees were below median for both the retail and institutional expense groups, and total expense ratios (taking fee waivers and/or expense limitations into account) were at median for the retail expense group and below the median for the institutional expense group. For the 2045 Fund, advisory fees were below median for both the retail and institutional expense groups, and total expense ratios (taking fee waivers and/or expense limitations into account) were above median for the retail expense group and at median for the institutional expense group. For the 2055 Fund, advisory fees were below median for both the retail and institutional expense groups, and total expense ratios (taking fee waivers and/or expense limitations into account) were at median for both the retail expense group and institutional expense group. For the Global Dynamic Allocation Fund and Global Allocation Fund, management fees and total expense ratios (taking fee waivers and/or expense limitations into account) were below median for both the retail and institutional expense groups.
AllianzGI Funds. For the Best Styles Emerging Markets Equity Fund, Best Styles International Equity Fund and Best Styles US Fund, management fees and total expense ratios (taking fee waivers and/or expense limitations into account) were below median for the institutional expense group (the Funds began offering Class A and Class C shares on April 26, 2016 and the Best Styles Global Equity Fund began offering Class C shares on April 26, 2016). For the Best Styles Global Equity Fund, China Equity Fund, Emerging Markets Consumer Fund, Europe Equity Dividend Fund, Global Fundamental Strategy Fund, Global Sustainability Fund, High Yield Bond Fund, Multi-Asset Real Return, Short Duration High Income Fund, Structured Return and US Equity Hedged Fund, management fees and total expense ratios (taking fee waivers and/or expense limitations into account) were below median for both the retail and institutional expense groups. For the Convertible Fund, management fees for both retail and institutional expense groups were below median and total expense ratios (taking fee waivers and/or expense limitations into account) were at median for the retail expense group and below median for the
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institutional expense group. For the Emerging Markets Small-Cap Fund, management fees were below median for both the retail and institutional expense groups, and total expense ratios (taking fee waivers and/or expense limitations into account) were at median for the retail expense group and below median for the institutional expense group. For the Emerging Markets Debt Fund and Global Megatrends Fund management fees were below median (Global Megatrends Fund does not charge a management fee) for both the retail and institutional expense groups, and total expense ratios (taking fee waivers and/or expense limitations into account) were above median for both the retail and institutional expense groups. For the International Growth Fund, management fees were at median for the retail expense group and below median for the institutional expense group, and total expense ratios (taking fee waivers and/or expense limitations into account) were below median for both the retail and institutional expense groups. For the International Small-Cap Fund, management fees were below median for both the retail and institutional expense groups, and total expense ratios (taking fee waivers and/or expense limitations into account) were below median for the retail expense group and above median (in the fourth quintile) for the institutional expense group. For the Micro Cap Fund, management fees were above median (in the fifth quintile) for the retail expense group and at median for the institutional expense group, and total expense ratios (taking fee waivers and/or expense limitations into account) were above (fourth quintile) median for the retail expense group and at median for the institutional expense group. For the Ultra Micro Cap Fund, management fees and total expense ratios (taking fee waivers and/or expense limitations into account) were above median (in the fifth quintile) for both the retail and institutional expense groups. For the Global Water Fund, management fees were above median (in the fifth quintile and fourth quintile, respectively) for both the retail and institutional expense groups, and total expense ratios (taking fee waivers and/or expense limitations into account) were above median (in the fifth quintile) for both the retail and institutional expense groups. For the U.S. Small-Cap Growth Fund, management fees were below median for both the retail and institutional expense groups, and total expense ratios (taking fee waivers and/or expense limitations into account) were below median for the retail expense group and above median (in the fourth quintile) for the institutional expense group.
NFJ Funds. For the NFJ Emerging Markets Value Fund, NFJ International Small-Cap Value Fund and the NFJ International Value II Fund, management fees and total expense ratios (taking fee waivers and/or expense limitations into account) were below median for both the retail and institutional expense groups. For the NFJ Global Dividend Value Fund, management fees were above the median (in the fourth quintile) for both the retail and institutional expense groups, and total expense ratios (taking fee waivers and/or expense limitations into account) were below median for both the retail and institutional expense groups.
The Trustees considered the estimated profitability to the Investment Manager of its relationship with each Fund and determined that such profitability did not appear to be excessive. The Trustees considered the extent to which the Investment Manager and Sub-Advisers may realize economies of scale or other efficiencies in managing and supporting the Funds. The Trustees took into account that, as open-end investment companies, the Funds intend to raise additional assets, so as the assets of the Funds grow over time, certain economies of scale and other efficiencies may be realized through spreading certain fixed costs across a larger asset base or across a variety of products and services, while also taking into account the fee waiver and expense limitation arrangements observed by the Investment Manager for applicable Funds. Additionally, the Trustees considered so-called “fall-out benefits” to the Investment Manager, the Sub-Advisers and their affiliates, such as reputational value derived from serving as Investment Manager and Sub-Advisers to the Funds.
The Trustees considered and approved fee reductions and waivers to certain Funds effective April 1, 2016 through March 31, 2017. For the NFJ Global Dividend Value Fund, the Trustees approved a temporary 0.10% waiver of the investment management fee paid by the Fund to the Investment Manager. The Trustees approved a corresponding 0.10% waiver of the sub-advisory fee paid by the Investment Manager to NFJ, the Fund’s sub-adviser and approved a 0.10% reduction in the Fund’s expense cap for each share class. For the NFJ International Value II Fund, Trustees approved a temporary 0.05% waiver of the investment management fee paid by the Fund to the Investment Manager. The Trustees approved a corresponding 0.05% waiver of the sub-advisory fee paid by the Investment Manager to NFJ, the Fund’s sub-adviser and approved a 0.05% reduction in the Fund’s expense cap for each share class. For the US Small-Cap Growth Fund, the Trustees approved a permanent 0.10% reduction in the investment management fee paid by the Fund to the Investment Manager. The Trustees approved a corresponding 0.10% reduction in the sub-advisory fee paid by the Investment Manager to AllianzGI US, the Fund’s sub-adviser and approved a 0.20% reduction in the Fund’s expense cap for each share class.
After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the Agreements, that they were satisfied with the Investment Manager’s and Sub-Advisers’ responses and efforts relating to the investment performance of the Funds, including efforts to improve performance for underperforming Funds. With respect to the Funds, the Trustees also concluded that the fees payable under each Agreement represent reasonable compensation in light of the nature, extent and quality of services provided by the Investment Manager or Sub-Advisers, as the case may be, and should be continued. Based on their evaluation of factors that they deemed to be material, including those factors described above, the Trustees, including the Independent Trustees, unanimously concluded that the continuation of the Agreements with respect to the Funds were in the interests of the applicable Funds and their shareholders, and should be approved.
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Please read this Policy carefully. It gives you important information about how Allianz Global Investors U.S. and its U.S. affiliates (“AllianzGI US,” “we” or “us”) handle non-public personal information (“Personal Information”) that we may receive about you. It applies to all of our past, present and future clients and shareholders of AllianzGI US and the funds and accounts it manages, advises, sub-advises, administers or distributes, and will continue to apply when you are no longer a client or shareholder. As used throughout this Policy, “AllianzGI US” means Allianz Global Investors U.S. LLC, Allianz Global Investors Fund Management LLC, Allianz Global Investors Distributors LLC, NFJ Investment Group LLC and the family of registered and unregistered funds managed by one or more of these firms. AllianzGI US is part of a global investment management group, and the privacy policies of other Allianz Global Investors entities outside of the United States may have provisions in their policies that differ from this Privacy Policy. Please refer to the website of the specific non-US Allianz Global Investors entity for its policy on privacy.
We Care about Your Privacy
We consider your privacy to be a fundamental aspect of our relationship with you, and we strive to maintain the confidentiality, integrity and security of your Personal Information. To ensure your privacy, we have developed policies that are designed to protect your Personal Information while allowing your needs to be served.
Information We May Collect
In the course of providing you with products and services, we may obtain Personal Information about you, which may come from sources such as account application and other forms, from other written, electronic, or verbal communications, from account transactions, from a brokerage or financial advisory firm, financial advisor or consultant, and/or from information you provide on our website.
You are not required to supply any of the Personal Information that we may request. However, failure to do so may result in us being unable to open and maintain your account, or to provide services to you.
How Your Information Is Shared
We do not disclose your Personal Information to anyone for marketing purposes. We disclose your Personal Information only to those service providers, affiliated and non-affiliated, who need the information for everyday business purposes, such as to respond to your inquiries, to perform services, and/or to service and maintain your account. This applies to all of the categories of Personal Information we collect about you. The affiliated and non-affiliated service providers who receive your Personal Information also may use it to process your transactions, provide you with materials (including preparing and mailing prospectuses and shareholder reports and gathering shareholder proxies), and provide you with account statements and other materials relating to your account. These service providers provide services at our direction, and under their agreements with us, are required to keep your Personal Information confidential and to use it only for providing the contractually required services. Our service providers may not use your Personal Information to market products and services to you except in conformance with applicable laws and regulations. We also may provide your Personal Information to your respective brokerage or financial advisory firm, custodian, and/or to your financial advisor or consultant.
In addition, we reserve the right to disclose or report Personal Information to non-affiliated third parties, in limited circumstances, where we believe in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities or pursuant to other legal process, or to protect our rights or property, including to enforce our Privacy Policy or other agreements with you. Personal Information collected by us may also be transferred as part of a corporate sale, restructuring, bankruptcy, or other transfer of assets.
Security of Your Information
We maintain your Personal Information for as long as necessary for legitimate business purposes or otherwise as required by law. In maintaining this information, we have implemented appropriate procedures that are designed to restrict access to your Personal Information only to those who need to know that information in order to provide products and/or services to you. In addition, we have implemented physical, electronic and procedural safeguards to help protect your Personal Information.
Privacy and the Internet
The Personal Information that you provide through our website, as applicable, is handled in the same way as the Personal Information that you provide by any other means, as described above. This section of the Policy gives you additional information about the way in which Personal Information that is obtained online is handled.
n | Online Enrollment, Account Access and Transactions: When you visit our website, you can visit pages that are open to the general public, or, where available, log into protected pages to enroll online, access information about your account, or conduct certain transactions. Access to the secure pages of our website is permitted only after you have created a User ID and Password. The User ID and Password must be supplied each time |
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Privacy Policy (cont’d)
you want to access your account information online. This information serves to verify your identity. When you enter Personal Information into our website (including your Social Security Number or Taxpayer Identification Number and your password) to enroll or access your account online, you will log into secure pages. By using our website, you consent to this Privacy Policy and to the use of your Personal Information in accordance with the practices described in this Policy. If you provide Personal Information to effect transactions on our website, a record of the transactions you have performed while on the site is retained by us. For additional terms and conditions governing your use of our website, please refer to the Investor Mutual Fund Access — Disclaimer which is incorporated herein by reference and is available on our website. |
n | Cookies and Similar Technologies: Cookies are small text files stored in your computer’s hard drive when you visit certain web pages. Cookies and similar technologies help us to provide customized services and information. We use these technologies on our website to improve our website and services, including to evaluate the effectiveness of our site, and to enhance the site user experience. Because an industry-standard Do-Not-Track protocol is not yet established, our website will continue to operate as described in this Privacy Policy and will not be affected by any Do-Not-Track signals from any browser. |
Changes to Our Privacy Policy
We may modify this Privacy Policy from time-to-time to reflect changes in related practices and procedures, or applicable laws and regulations. If we make changes, we will notify you on our website and the revised Policy will become effective immediately upon posting to our website. We also will provide account owners with a copy of our Privacy Policy annually. We encourage you to visit our website periodically to remain up to date on our Privacy Policy. You acknowledge that by using our website after we have posted changes to this Privacy Policy, you are agreeing to the terms of the Privacy Policy as modified.
Obtaining Additional Information
If you have any questions about this Privacy Policy or our privacy related practices in the United States, you may contact us via our dedicated email at PrivacyUS@allianzgi.com.
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Allianz Multi-Strategy Funds
Trustees
Davey S. Scoon
Chairman of the Board of Trustees
Barbara R. Claussen
Deborah A. DeCotis
F. Ford Drummond
A. Douglas Eu
Bradford K. Gallagher
James A. Jacobson
Hans W. Kertess
James S. MacLeod
William B. Ogden, IV
Alan Rappaport
Officers
Thomas J. Fuccillo
President & Chief Executive Officer
Lawrence G. Altadonna
Treasurer, Principal Financial & Accounting Officer
Angela Borreggine
Chief Legal Officer & Secretary
Thomas L. Harter
Chief Compliance Officer
Scott Whisten
Assistant Treasurer
Richard J. Cochran
Assistant Treasurer
Orhan Dzemaili
Assistant Treasurer
Debra Rubano
Assistant Secretary
Paul Koo(1)
Assistant Secretary
Morley D. Campbell(2)
Assistant Secretary
Thomas W. Oliver(2)
Assistant Secretary
Investment Manager
Allianz Global Investors Fund Management LLC
1633 Broadway
New York, NY 10019
Sub-Advisers
Allianz Global Investors U.S. LLC
1633 Broadway
New York, NY 10019
NFJ Investment Group LLC
2100 Ross Avenue, Suite 700
Dallas, TX 75201
Distributor
Allianz Global Investors Distributors LLC
1633 Broadway
New York, NY 10019
Custodian & Accounting Agent
State Street Bank & Trust Co.
801 Pennsylvania Avenue
Kansas City, MO 64105
Shareholder Servicing and Transfer Agents
Boston Financial Data Services, Inc.
(Class A, Class C and Class R shares)
P.O. Box 8050
Boston, MA 02266-8050
(Class P, Institutional Class, Class R6 and Administrative Class shares)
330 West 9th Street, 5th Floor
Kansas City, MO 64105
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
300 Madison Avenue
New York, NY 10017
Legal Counsel
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, MA 02199
This report, including the financial information herein, is transmitted to the shareholders of the Funds for their information. It is not a prospectus, circular or representation intended for use in the purchase of shares of each Fund or any securities mentioned in this report.
The Financial information included herein is taken from the records of the Funds without examination by an independent registered public accounting firm, who did not express an opinion herein.
For Account Information
Contact your financial adviser, or if you receive account statements directly from Allianz Global Investors, you can also call (800) 988-8380 for Class A, C and R shares or (800) 498-5413 for Class P, Institutional, R6 and Administrative shares. Telephone representatives are available Monday-Friday 8:30 am to 6:00 pm Eastern Time. Or visit our website, us.allianzgi.com.
(1) | Paul Koo is Assistant Secretary of the Trust with a limited authority to open, maintain and close certain custodial and trading accounts for all series of the Trust. |
(2) | Morley D. Campbell and Thomas W. Oliver are Assistant Secretaries of the Trust with a limited authority to open, maintain and close certain custodial and training accounts for the AllianzGI NFJ Emerging Markets Value Fund. |
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About Allianz Global Investors
Understand. Act. This two-word philosophy is at the core of what we do. To stand out as the investment partner our clients trust, we listen closely to understand their needs, then act decisively to deliver solutions. We are a diversified active investment manager with a strong parent company, a culture of risk management and $495 billion in assets under management.* With 25 offices in 18 countries and over 500 investment professionals, we provide global investment and research capabilities with consultative local delivery.
For more information about any of our investment solutions or client services, call your financial advisor or visit us.allianzgi.com.
Investors should consider the investment objectives, risks, charges and expenses of the above mentioned Funds carefully before investing. This and other information is contained in the Fund’s prospectus, which may be obtained by contacting your financial advisor, by visiting us.allianzgi.com or by calling 1-800-988-8380 (retail classes: A, C & R) or 1-800-498-5413 (Class P, Class R6, Institutional & Administrative classes). Please read the prospectus carefully before you invest or send money.
* Combined worldwide AUM as of March 31, 2016.
Allianz Global Investors Fund Management LLC serves as the investment manager for the Allianz Funds and the Allianz Multi-Strategy Funds. Allianz Funds and the Allianz Multi-Strategy Funds are distributed by Allianz Global Investors Distributors LLC. © 2016. For information about any product, contact your financial advisor.
us.allianzgi.com
Receive this report electronically and eliminate paper mailings.
To enroll, go to us.allianzgi.com/edelivery
AZ750SA_033116 |
AGI-2016-04-01-14929
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ITEM 2. | CODE OF ETHICS |
(a) | Not required in this filing. |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
Not required in this filing.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
Not required in this filing.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANT |
Disclosure not required for open-end management investment companies.
ITEM 6. | SCHEDULE OF INVESTMENTS |
(a) | Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this form. |
(b) | Not applicable. |
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Disclosure not required for open-end management investment companies.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Disclosure not required for open-end management investment companies.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED COMPANIES. |
Disclosure not required for open-end management investment companies.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Trustees since the Fund’s last provided disclosure in response to this item.
ITEM 11. | CONTROLS AND PROCEDURES |
(a) | The registrant’s President and Treasurer, Principal Financial & Accounting Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))), are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document. |
(b) | There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
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ITEM 12. | EXHIBITS |
(a) (1) Not required in this filing.
(a) (2) Exhibit 99.302 Cert. — Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
(a) (3) Not applicable
(b) Exhibit 99.906 Cert. — Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Allianz Funds Multi-Strategy Trust | ||
By: | /s/ Thomas J. Fuccillo | |
Thomas J. Fuccillo, | ||
President & Chief Executive Officer | ||
Date: | June 2, 2016 |
By: | /s/ Lawrence G. Altadonna | |
Lawrence G. Altadonna | ||
Treasurer, Principal Financial & Accounting Officer | ||
Date: | June 2, 2016 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Thomas J. Fuccillo | |
Thomas J. Fuccillo, | ||
President & Chief Executive Officer | ||
Date: | June 2, 2016 |
By: | /s/ Lawrence G. Altadonna | |
Lawrence G. Altadonna, | ||
Treasurer, Principal Financial & Accounting Officer | ||
Date: | June 2, 2016 |