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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: November 30, 2015
Date of reporting period: May 31, 2015
Table of Contents
Item 1. Report to Shareholders
Allianz Multi-Strategy Funds
SHARE CLASSES A, B, C, D, R, P, INSTITUTIONAL, R6, ADMINISTRATIVE
Semiannual Report
May 31, 2015
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 | |||
| 4–105 | Fund Summaries | |||
| 106-107 | Important Information | |||
| 108-111 | Benchmark Descriptions | |||
| 112-166 | Schedules of Investments | |||
| 168-183 | Statements of Assets and Liabilities | |||
| 184-199 | Statements of Operations | |||
| 200-216 | Statements of Changes in Net Assets | |||
| 218-281 | Financial Highlights | |||
| 282-368 | Notes to Financial Statements | |||
| 369 | Shareholder Meeting Results/Changes to Board of Trustees | |||
| 370-375 | Matters Relating to the Trustees’ Consideration of the Investment Management and Sub-Advisory Agreements | |||
| 376-377 | 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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| 2 | May 31, 2015 | | Semiannual Report |
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Outlook
For the second time in two years, the US economy stumbled during the first quarter. In both cases, this was partially attributed to extreme winter weather. Whether we see the type of snapback in 2015 that we saw in 2014 is subject to debate. One factor that is likely to play a pivotal role is consumer spending. Despite lower oil prices, a significant job recovery and stronger personal balance sheets than a few years ago, consumer spending during the first quarter of 2015 grew at a tepid pace. In our view, we should experience an uptick in spending in the coming quarters. In terms of the Fed and the projected start of interest rate “liftoff,” we believe Federal Reserve Chair Janet Yellen will be true to her word, as she said in late May, “…if the economy continues to improve as I expect, I think it will be appropriate at some point this year to take the initial step to raise the federal funds rate target and begin the process of normalizing monetary policy… After we begin raising the federal funds rate, I anticipate that the pace of normalization is likely to be gradual.”
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,
Julian Sluyters
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.
| Semiannual Report | | May 31, 2015 | 3 |
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Unaudited
For the period of December 1, 2014 through May 31, 2015, as provided by the Multi-Asset US Group.
Fund Insights
For the reporting period ended May 31, 2015, all AllianzGI Target-Date Funds produced positive absolute returns. Each of the Funds underperformed its respective benchmark index (Morningstar Lifetime Conservative series) for the period.
Market Overview
For the six-month period of December 1, 2014 through May 31, 2015, global equities outperformed global bonds with developed country equities leading emerging market equities by more than 3%. In fixed income, global bonds fell 3.3% for the period as measured by the Barclays Global Aggregate Index. However, in the US, as uncertainty about the Fed’s future policy decisions persisted, yields on the 10-year Treasury fell marginally for the period and broad US bonds returned 1.1% as measured by the Barclays US Aggregate Bond Index.
Certain themes from late 2014 persisted in the period, including the continued strength of the US dollar against most major currencies. For the period, one of the best performing assets was the trade-weighted dollar, which returned 10.2%. On the other hand, commodities, led by energy, continued to weaken: commodities remained one of the worst performing asset classes, returning -10.6% for the period as measured by the Bloomberg Commodity Index.
Mid-April marked a period of dislocations across markets. A sell-off in European bonds, most notably in German bunds, which produced swings in bond yields globally, contributed to broad market volatility. The US dollar fell against every major developed market currency and most emerging market currencies in April, while the euro appreciated by 4.6% for the month. In commodities, oil entered positive territory for the year in mid-April, contributing to the perception of stability in oil prices. These events and trends culminated in a renewed focus on inflationary—as opposed to deflationary—trends in the global economy and a pickup in inflation expectations.
Mid-April Market Volatility
The magnitude and rapid pace of the move in European bond yields in late April was unprecedented. The spike in yields was most pronounced in German bunds, with the 10-year yield increasing from a low on April 17, 2015 of 0.05% to a high of 0.78% on May 7, 2015. Several factors contributed to the move, including speculation of tapering on the part of the European Central Bank (“ECB”) on the back of stronger macroeconomic data throughout the region. Concerns about the ability of Greece to reach a deal with the Eurogroup over its obligations to the International Monetary Fund (“IMF”) and other creditors intensified through April and early May, further contributing to bond market volatility. Stronger inflation data released in mid-April, including an increase in the Eurozone Aggregate Consumer Price Index of 1.1% month over month—nearly two times the increase of the previous month—contributed to higher inflation expectations, which in turn paved the way for higher yields. The increase in yields was not limited to Europe. Through mid-May, the US yield curve steepened as rates followed European yields higher and the US 10-year Treasury hit a high for the six-month period of 2.4% on May 12, 2015.
Currencies also underwent a temporary correction in April. The trade-weighted dollar suffered its first monthly decline since July 2014. For the month, the trade-weighted dollar fell 3.8%. In connection with the spike in yields on European bonds and the more solid inflation data, the euro increased more than 6% from its low in mid-April to the end of the month. However, in May, the dollar once again strengthened against all major currencies and the euro resumed its weaker trend against the dollar, falling 2.1%.
The Return of Inflation after Disinflation
Despite significant volatility during the period including a low close to $43 in mid-March, the price of WTI crude stabilized in the $58-60/barrel range by mid-April, leading to a jump in inflation expectations. For example, in late April, one of the Fed’s preferred market based inflation gauges, the 5 year/5 year forward breakeven inflation level from the Treasury Inflation Protected Securities (“TIPS”) market moved above the 2% threshold suggesting that, while short term inflation expectations still lag, the 5-year inflation expectation had reached—and exceeded—the Fed’s inflation target. In the context of moderate global growth, stable energy prices and initial increases in core consumer price inflation, overall inflation expectations inched closer to central bank targets during the period. This may finally signal the dawn of a new era of inflation.
Portfolio Review
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 portfolio managers consider Morningstar Lifetime Conservative series 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.
Relative to the benchmark index, the Funds were underweight nominal bonds and overweight US inflation linked securities, while exposure to global equities was roughly in line with the benchmark. Within fixed income, the Funds were positioned with an overweight to credit and underweight to duration. Within global equities, the Funds were also overweight developed large-cap equities outside the US and were underweight US small-cap equities. The Funds also held opportunistic asset classes such as real estate, commodities and managed futures.
In the fixed income portion of each Fund’s portfolio, performance trailed the benchmark primarily due to an emphasis on inflation linked securities, which trailed nominal treasuries over the full period. Each Fund’s portfolio benefited from the nominal portion of the portfolio, with an emphasis on credit related exposure through the AllianzGI Short Duration High Income Fund (+3%) and PIMCO Income Fund (+2%), which contributed to results.
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Unaudited
AllianzGI Target-Date Funds (cont’d)
In the equity portion of each Fund’s portfolio, allocation and selection effects ultimately detracted from the Funds’ overall relative result. In the US equity exposure, an underweight to small-cap equities relative to the benchmark index detracted from relative performance as small-caps outperformed the broader market. Outside the US, the Funds’ overweight to developed markets contributed to the Funds’ results. However, selection in emerging market equities detracted.
The Funds’ exposure to opportunistic asset classes, including commodities, detracted from results over the period. Partially offsetting this were positive contributions from exposure to global Real Estate Investment Trusts (REITs) and commodity-related equities, which posted positive results over the period.
In aggregate, the Funds’ emphasis on TIPS within the fixed income component and an underweight to small-cap stocks in the US detracted from relative results over the period. The AllianzGI Target-Date Funds place a strong emphasis on the Department of Labor’s guidelines for a Qualified Default Investment Alternative (“QDIA”), which contains language such as “to be diversified as to minimize the risk of large losses.” It is within this framework that the Funds continue to emphasize diversification in the portfolio construction process as well as to include commodities, real estate, convertible bonds, floating rate debt, frontier market equities, and emerging market bonds to provide potential benefits to clients’ retirement assets.
Outlook
We expect that the volatility experienced in the period will continue for the rest of 2015. Overall, we continue to expect global growth to slow in 2015 compared to 2014. Despite some softness in the US economy in the period, we expect the growth differential between the US and other developed countries to persist.
The objective of recent changes to the portfolios has been to further insulate them from risks. The Funds remain overweight US equities compared to other developed countries. Part of the international equity exposure remains dollar-hedged, reflecting our view that the USD will continue to benefit from divergent monetary policies and divergent GDP growth. We maintain the Funds’ exposure to frontier-market equities to help further diversify the portfolios.
On interest rates, the biggest question mark for 2015 continues to be the direction, magnitude and timing of short-term interest rate moves, especially in the US, and the overall steepness of the US yield curve. As a result of such uncertainty, we added some duration back into the portfolios through TIPS and US credit (investment grade and high yield). This is partly a way to express our view that core inflation expectations in the US have most likely bottomed. However, even with such changes, we remain close to benchmark duration.
We continue to see an important role for credit in the portfolios. If interest rates remain low or decline further, high yield and investment-grade credit are among the few remaining sectors that can earn income. In the event that US interest rates rise, it will likely be a result of improved economic fundamentals and pickup in inflation, which should benefit US companies. We remain overweight credit strategies that will benefit in a rising interest rate environment.
We remain underweight commodities and REITs. In commodities, we reduced exposure to energy futures during the period. We continue to hold commodity equities, however, and have benefitted during certain periods of commodity-price shocks, when commodity equities behave more like “equities” and less like “commodity futures,” as occurred in the first part of the period.
While the aforementioned risks loom large, the goal of our recent changes is to move closer to having all-weather portfolios that will be able to better withstand the ongoing volatility in oil and other commodity prices, the uncertainty surrounding short-term interest rates, and the slow overall global economic growth that may potentially impact equities. We remain vigilant and ready to respond if markets evolve in a different direction.
* 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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Unaudited
AllianzGI Retirement 2015 Fund
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
| AllianzGI Retirement 2015 Fund Class A | 0.50% | 0.55% | 5.77% | 8.06% | ||||||||||||||
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AllianzGI Retirement 2015 Fund Class A (adjusted) | –5.03% | –4.98% | 4.58% | 7.11% | |||||||||||||
| AllianzGI Retirement 2015 Fund Class C | 0.08% | –0.22% | 4.97% | 7.24% | ||||||||||||||
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AllianzGI Retirement 2015 Fund Class C (adjusted) | –0.89% | –1.19% | 4.97% | 7.24% | |||||||||||||
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AllianzGI Retirement 2015 Fund Class D | 0.47% | 0.47% | 5.68% | 8.00% | |||||||||||||
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AllianzGI Retirement 2015 Fund Class R | 0.30% | 0.20% | 5.43% | 7.74% | |||||||||||||
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AllianzGI Retirement 2015 Fund Class P | 0.66% | 0.86% | 6.06% | 8.35% | |||||||||||||
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AllianzGI Retirement 2015 Fund Class R6 | 0.69% | 0.94% | 6.16% | 8.45% | |||||||||||||
| AllianzGI Retirement 2015 Fund Administrative Class | 0.49% | 0.54% | 5.80% | 8.10% | ||||||||||||||
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Morningstar Lifetime Conservative 2015 Index | 0.65% | 1.75% | 7.43% | 8.45% | |||||||||||||
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Real Return Target 2015 Index** | 0.30% | –0.15% | 5.67% | 7.23% | |||||||||||||
| Lipper Mixed-Asset Target 2015 Funds Average | 1.68% | 3.41% | 8.11% | 9.87% | ||||||||||||||
† 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 106 and 107 for more information. The Fund’s gross expense ratios are 1.16% for Class A shares, 1.91% for Class C shares, 1.16% for Class D 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. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. The Fund’s expense ratios net of this reduction are 0.97% for Class A shares, 1.72% for Class C shares, 1.07% for Class D 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 April 1, 2015, as supplemented to date.
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Unaudited
AllianzGI Retirement 2015 Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||||||
| Class A | Class C | Class D | Class R | Class P | Class R6 | Administrative Class | ||||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
| Ending Account Value (5/31/15) | $1,005.00 | $1,000.80 | $1,004.70 | $1,003.00 | $1,006.60 | $1,006.90 | $1,004.90 | |||||||
| Expenses Paid During Period | $2.50 | $6.24 | $3.00 | $4.29 | $1.05 | $0.45 | $2.25 | |||||||
| Hypothetical Performance | ||||||||||||||
| (5% return before expenses) | ||||||||||||||
| Class A | Class C | Class D | Class R | Class P | Class R6 | Administrative Class | ||||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
| Ending Account Value (5/31/15) | $1,022.44 | $1,018.70 | $1,021.94 | $1,020.64 | $1,023.88 | $1,024.48 | $1,022.69 | |||||||
| Expenses Paid During Period | $2.52 | $6.29 | $3.02 | $4.33 | $1.06 | $0.45 | $2.27 | |||||||
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 (0.50% for Class A, 1.25% for Class C, 0.60% for Class D, 0.86% for Class R, 0.21% for Class P, 0.09% for Class R6 and 0.45% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. 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 Retirement 2020 Fund
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year |
5 Year |
Since Inception† | |||||||||||||||
| AllianzGI Retirement 2020 Fund Class A | 0.25% | 0.04% | 5.93% | 8.28% | ||||||||||||||
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AllianzGI Retirement 2020 Fund Class A (adjusted) | –5.27% | –5.46% | 4.74% | 7.33% | |||||||||||||
| AllianzGI Retirement 2020 Fund Class C | –0.15% | –0.75% | 5.11% | 7.45% | ||||||||||||||
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AllianzGI Retirement 2020 Fund Class C (adjusted) | –1.12% | –1.72% | 5.11% | 7.45% | |||||||||||||
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AllianzGI Retirement 2020 Fund Class D | 0.19% | –0.06% | 5.84% | 8.21% | |||||||||||||
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AllianzGI Retirement 2020 Fund Class R | 0.07% | –0.33% | 5.58% | 7.95% | |||||||||||||
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AllianzGI Retirement 2020 Fund Class P | 0.43% | 0.33% | 6.22% | 8.56% | |||||||||||||
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AllianzGI Retirement 2020 Fund Class R6 | 0.45% | 0.40% | 6.32% | 8.66% | |||||||||||||
| AllianzGI Retirement 2020 Fund Administrative Class | 0.26% | 0.06% | 5.96% | 8.32% | ||||||||||||||
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Morningstar Lifetime Conservative 2020 Index | 0.83% | 2.16% | 8.18% | 9.35% | |||||||||||||
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Real Return Target 2020 Index** | 0.36% | 0.00% | 5.97% | 7.64% | |||||||||||||
| Lipper Mixed-Asset Target 2020 Funds Average | 1.97% | 3.98% | 8.55% | 10.27% | ||||||||||||||
† 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 106 and 107 for more information. The Fund’s gross expense ratios are 1.17% for Class A shares, 1.92% for Class C shares, 1.17% for Class D shares, 1.42% for Class R shares, 0.77% for Class P shares, 0.67% for Class R6 shares and 1.02% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. The Fund’s expense ratios net of this reduction are 0.99% for Class A shares, 1.74% for Class C shares, 1.09% for Class D 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 April 1, 2015, as supplemented to date.
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Unaudited
AllianzGI Retirement 2020 Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||||||
| Class A | Class C | Class D | Class R | Class P | Class R6 | Administrative Class | ||||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
| Ending Account Value (5/31/15) | $1,002.50 | $998.50 | $1,001.90 | $1,000.70 | $1,004.30 | $1,004.50 | $1,002.60 | |||||||
| Expenses Paid During Period | $2.50 | $6.23 | $2.99 | $4.24 | $1.00 | $0.50 | $2.25 | |||||||
| Hypothetical Performance | ||||||||||||||
| (5% return before expenses) | ||||||||||||||
| Class A | Class C | Class D | Class R | Class P | Class R6 | Administrative Class | ||||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
| Ending Account Value (5/31/15) | $1,022.44 | $1,018.70 | $1,021.94 | $1,020.69 | $1,023.93 | $1,024.43 | $1,022.69 | |||||||
| Expenses Paid During Period | $2.52 | $6.29 | $3.02 | $4.28 | $1.01 | $0.50 | $2.27 | |||||||
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 (0.50% for Class A, 1.25% for Class C, 0.60% for Class D, 0.85% for Class R, 0.20% for Class P, 0.10% for Class R6 and 0.45% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. 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 May 31, 2015
| 6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI Retirement 2025 Fund Class A | 0.54% | 0.19% | 6.05% | |||||||||||
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AllianzGI Retirement 2025 Fund Class A (adjusted) | –4.99% | –5.32% | 4.32% | ||||||||||
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AllianzGI Retirement 2025 Fund Class R | 0.35% | –0.17% | 5.67% | ||||||||||
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AllianzGI Retirement 2025 Fund Class P | 0.63% | 0.46% | 6.36% | ||||||||||
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AllianzGI Retirement 2025 Fund Class R6 | 0.70% | 0.58% | 6.46% | ||||||||||
| AllianzGI Retirement 2025 Fund Administrative Class | 0.48% | 0.19% | 6.08% | |||||||||||
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Morningstar Lifetime Conservative 2025 Index |
1.08% | 2.64% | 8.93% | ||||||||||
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Real Return Target 2025 Index** | 0.43% | 0.13% | 5.17% | ||||||||||
| Lipper Mixed-Asset Target 2025 Funds Average | 2.31% | 4.72% | 10.70% | |||||||||||
† 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 106 and 107 for more information. The Fund’s gross expense ratios are 1.19% for Class A 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. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. 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 April 1, 2015, as supplemented to date.
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AllianzGI Retirement 2025 Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||
| Class A | Class R | Class P | Class R6 | Administrative Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,005.40 | $1,003.50 | $1,006.30 | $1,007.00 | $1,004.80 | |||||
| Expenses Paid During Period | $2.40 | $4.15 | $0.90 | $0.40 | $2.10 | |||||
| Hypothetical Performance | ||||||||||
| (5% return before expenses) | ||||||||||
| Class A | Class R | Class P | Class R6 | Administrative Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,022.54 | $1,020.79 | $1,024.03 | $1,024.53 | $1,022.84 | |||||
| Expenses Paid During Period | $2.42 | $4.18 | $0.91 | $0.40 | $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 (0.48% for Class A, 0.83% for Class R, 0.18% for Class P, 0.08% for Class R6 and 0.42% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. 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 | | May 31, 2015 | 11 |
Table of Contents
Unaudited
AllianzGI Retirement 2030 Fund
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
| AllianzGI Retirement 2030 Fund Class A | 0.64% | 0.16% | 7.08% | 9.78% | ||||||||||||||
|
|
AllianzGI Retirement 2030 Fund Class A (adjusted) | –4.89% | –5.34% | 5.88% | 8.82% | |||||||||||||
| AllianzGI Retirement 2030 Fund Class C | 0.24% | –0.62% | 6.29% | 9.01% | ||||||||||||||
|
|
AllianzGI Retirement 2030 Fund Class C (adjusted) | –0.72% | –1.57% | 6.29% | 9.01% | |||||||||||||
|
|
AllianzGI Retirement 2030 Fund Class D | 0.56% | 0.04% | 7.01% | 9.76% | |||||||||||||
|
|
AllianzGI Retirement 2030 Fund Class R | 0.44% | –0.23% | 6.75% | 9.50% | |||||||||||||
|
|
AllianzGI Retirement 2030 Fund Class P | 0.76% | 0.43% | 7.39% | 10.12% | |||||||||||||
|
|
AllianzGI Retirement 2030 Fund Class R6 | 0.84% | 0.56% | 7.50% | 10.23% | |||||||||||||
| AllianzGI Retirement 2030 Fund Administrative Class | 0.66% | 0.19% | 7.15% | 9.89% | ||||||||||||||
|
|
Morningstar Lifetime Conservative 2030 Index | 1.45% | 3.26% | 10.07% | 11.69% | |||||||||||||
|
|
Real Return Target 2030 Index** | 0.52% | 0.26% | 7.06% | 9.09% | |||||||||||||
| Lipper Mixed-Asset Target 2030 Funds Average | 2.67% | 5.17% | 10.34% | 12.07% | ||||||||||||||
† 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 106 and 107 for more information. The Fund’s gross expense ratios are 1.24% for Class A shares, 1.99% for Class C shares, 1.24% for Class D shares, 1.49% for Class R shares, 0.84% for Class P shares, 0.74% for Class R6 shares and 1.09% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. The Fund’s expense ratios net of this reduction are 1.03% for Class A shares, 1.78% for Class C shares, 1.13% for Class D 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 April 1, 2015, as supplemented to date.
| 12 | May 31, 2015 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Retirement 2030 Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||||||
| Class A | Class C | Class D | Class R | Class P | Class R6 | Administrative Class | ||||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
| Ending Account Value (5/31/15) | $1,006.40 | $1,002.40 | $1,005.60 | $1,004.40 | $1,007.60 | $1,008.40 | $1,006.60 | |||||||
| Expenses Paid During Period | $2.30 | $6.04 | $2.80 | $4.05 | $0.80 | $0.30 | $2.05 | |||||||
| Hypothetical Performance | ||||||||||||||
| (5% return before expenses) | ||||||||||||||
| Class A | Class C | Class D | Class R | Class P | Class R6 | Administrative Class | ||||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
| Ending Account Value (5/31/15) | $1,022.64 | $1,018.90 | $1,022.14 | $1,020.89 | $1,024.13 | $1,024.63 | $1,022.89 | |||||||
| Expenses Paid During Period | $2.32 | $6.09 | $2.82 | $4.08 | $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, 0.56% for Class D, 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 182/365. 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 | | May 31, 2015 | 13 |
Table of Contents
Unaudited
AllianzGI Retirement 2035 Fund
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year |
Since Inception† | ||||||||||||
| AllianzGI Retirement 2035 Fund Class A | 0.98% | 0.49% | 8.47% | |||||||||||
|
|
AllianzGI Retirement 2035 Fund Class A (adjusted) | –4.57% | –5.04% | 6.71% | ||||||||||
|
|
AllianzGI Retirement 2035 Fund Class R | 0.79% | 0.14% | 8.10% | ||||||||||
|
|
AllianzGI Retirement 2035 Fund Class P | 1.10% | 0.78% | 8.81% | ||||||||||
|
|
AllianzGI Retirement 2035 Fund Class R6 | 1.18% | 0.85% | 8.91% | ||||||||||
| AllianzGI Retirement 2035 Fund Administrative Class | 0.95% | 0.47% | 8.51% | |||||||||||
|
|
Morningstar Lifetime Conservative 2035 Index | 1.89% | 3.89% | 12.11% | ||||||||||
|
|
Real Return Target 2035 Index** | 0.64% | 0.38% | 7.59% | ||||||||||
| Lipper Mixed-Asset Target 2035 Funds Average | 3.06% | 5.94% | 12.73% | |||||||||||
† 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 106 and 107 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 3/31/16. 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 April 1, 2015, as supplemented to date.
| 14 | May 31, 2015 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Retirement 2035 Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||
| Class A | Class R | Class P | Class R6 | Administrative Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,009.80 | $1,007.90 | $1,011.00 | $1,011.80 | $1,009.50 | |||||
| Expenses Paid During Period | $2.15 | $3.95 | $0.65 | $0.15 | $1.90 | |||||
| Hypothetical Performance | ||||||||||
| (5% return before expenses) | ||||||||||
| Class A | Class R | Class P | Class R6 | Administrative Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,022.79 | $1,020.99 | $1,024.28 | $1,024.78 | $1,023.04 | |||||
| Expenses Paid During Period | $2.17 | $3.98 | $0.66 | $0.15 | $1.92 | |||||
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 (0.43% for Class A, 0.79% for Class R, 0.13% for Class P, 0.03% for Class R6 and 0.38% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. 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 | | May 31, 2015 | 15 |
Table of Contents
Unaudited
AllianzGI Retirement 2040 Fund
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
| AllianzGI Retirement 2040 Fund Class A | 1.19% | 0.61% | 8.44% | 11.34% | ||||||||||||||
|
|
AllianzGI Retirement 2040 Fund Class A (adjusted) | –4.38% | –4.93% | 7.22% | 10.37% | |||||||||||||
| AllianzGI Retirement 2040 Fund Class C | 0.83% | –0.16% | 7.64% | 10.49% | ||||||||||||||
|
|
AllianzGI Retirement 2040 Fund Class C (adjusted) | –0.12% | –1.11% | 7.64% | 10.49% | |||||||||||||
|
|
AllianzGI Retirement 2040 Fund Class D | 1.19% | 0.52% | 8.36% | 11.25% | |||||||||||||
|
|
AllianzGI Retirement 2040 Fund Class R | 1.02% | 0.25% | 8.10% | 11.00% | |||||||||||||
|
|
AllianzGI Retirement 2040 Fund Class P | 1.35% | 0.91% | 8.76% | 11.64% | |||||||||||||
|
|
AllianzGI Retirement 2040 Fund Class R6 | 1.43% | 1.04% | 8.85% | 11.74% | |||||||||||||
| AllianzGI Retirement 2040 Fund Administrative Class | 1.14% | 0.56% | 8.48% | 11.38% | ||||||||||||||
|
|
Morningstar Lifetime Conservative 2040 Index | 2.29% | 4.36% | 11.70% | 13.53% | |||||||||||||
|
|
Real Return Target 2040 Index** | 0.79% | 0.53% | 8.41% | 10.73% | |||||||||||||
| Lipper Mixed-Asset Target 2040 Funds Average | 3.18% | 6.02% | 11.34% | 12.97% | ||||||||||||||
† 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 106 and 107 for more information. The Fund’s gross expense ratios are 1.30% for Class A shares, 2.05% for Class C shares, 1.30% for Class D shares, 1.55% for Class R shares, 0.90% for Class P shares, 0.80% for Class R6 shares and 1.15% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. The Fund’s expense ratios net of this reduction are 1.09% for Class A shares, 1.84% for Class C shares, 1.19% for Class D 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 April 1, 2015, as supplemented to date.
| 16 | May 31, 2015 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Retirement 2040 Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||||||
| Class A | Class C | Class D | Class R | Class P | Class R6 | Administrative Class | ||||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
| Ending Account Value (5/31/15) | $1,011.90 | $1,008.30 | $1,011.90 | $1,010.20 | $1,013.50 | $1,014.30 | $1,011.40 | |||||||
| Expenses Paid During Period | $2.06 | $5.81 | $2.56 | $3.81 | $0.55 | $0.05 | $1.81 | |||||||
| Hypothetical Performance | ||||||||||||||
| (5% return before expenses) | ||||||||||||||
| Class A | Class C | Class D | Class R | Class P | Class R6 | Administrative Class | ||||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
| Ending Account Value (5/31/15) | $1,022.89 | $1,019.15 | $1,022.39 | $1,021.14 | $1,024.38 | $1,024.88 | $1,023.14 | |||||||
| Expenses Paid During Period | $2.07 | $5.84 | $2.57 | $3.83 | $0.56 | $0.05 | $1.82 | |||||||
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 (0.41% for Class A, 1.16% for Class C, 0.51% for Class D, 0.76% for Class R, 0.11% for Class P, 0.01% for Class R6 and 0.36% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. 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 | | May 31, 2015 | 17 |
Table of Contents
Unaudited
AllianzGI Retirement 2045 Fund
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year |
Since Inception† |
||||||||||||
| AllianzGI Retirement 2045 Fund Class A | 1.58% | 1.10% | 10.01% | |||||||||||
|
|
AllianzGI Retirement 2045 Fund Class A (adjusted) | –4.01% | –4.46% | 8.22% | ||||||||||
|
|
AllianzGI Retirement 2045 Fund Class R | 1.40% | 0.71% | 9.62% | ||||||||||
|
|
AllianzGI Retirement 2045 Fund Class P | 1.73% | 1.42% | 10.35% | ||||||||||
|
|
AllianzGI Retirement 2045 Fund Class R6 | 1.79% | 1.53% | 10.44% | ||||||||||
| AllianzGI Retirement 2045 Fund Administrative Class | 1.53% | 1.06% | 10.01% | |||||||||||
|
|
Morningstar Lifetime Conservative 2045 Index | 2.53% | 4.51% | 13.78% | ||||||||||
|
|
Real Return Target 2045 Index** | 0.95% | 0.72% | 9.80% | ||||||||||
| Lipper Mixed-Asset Target 2045 Funds Average | 3.34% | 6.40% | 13.92% | |||||||||||
† 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 106 and 107 for more information. The Fund’s gross expense ratios are 1.33% for Class A shares, 1.58% for Class R shares, 0.93% for Class P shares, 0.83% for Class R6 shares and 1.18% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. 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 April 1, 2015, as supplemented to date.
| 18 | May 31, 2015 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Retirement 2045 Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||
| Class A | Class R | Class P | Class R6 | Administrative Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,015.80 | $1,014.00 | $1,017.30 | $1,017.90 | $1,015.30 | |||||
| Expenses Paid During Period | $2.01 | $3.77 | $0.50 | $— | $1.76 | |||||
| Hypothetical Performance | ||||||||||
| (5% return before expenses) | ||||||||||
| Class A | Class R | Class P | Class R6 | Administrative Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,022.94 | $1,021.19 | $1,024.43 | $1,024.93 | $1,023.19 | |||||
| Expenses Paid During Period | $2.02 | $3.78 | $0.50 | $— | $1.77 | |||||
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 (0.40% for Class A, 0.75% for Class R, 0.10% for Class P, 0.00% for Class R6 and 0.35% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. 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 | | May 31, 2015 | 19 |
Table of Contents
Unaudited
AllianzGI Retirement 2050 Fund
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
| AllianzGI Retirement 2050 Fund Class A | 1.53% | 0.91% | 9.13% | 11.88% | ||||||||||||||
|
|
AllianzGI Retirement 2050 Fund Class A (adjusted) | –4.06% | –4.64% | 7.90% | 10.90% | |||||||||||||
| AllianzGI Retirement 2050 Fund Class C | 1.20% | 0.16% | 8.30% | 11.06% | ||||||||||||||
|
|
AllianzGI Retirement 2050 Fund Class C (adjusted) | 0.25% | –0.77% | 8.30% | 11.06% | |||||||||||||
|
|
AllianzGI Retirement 2050 Fund Class D | 1.55% | 0.84% | 9.05% | 11.83% | |||||||||||||
|
|
AllianzGI Retirement 2050 Fund Class R | 1.39% | 0.54% | 8.78% | 11.57% | |||||||||||||
|
|
AllianzGI Retirement 2050 Fund Class P | 1.71% | 1.24% | 9.44% | 12.20% | |||||||||||||
|
|
AllianzGI Retirement 2050 Fund Class R6 | 1.75% | 1.32% | 9.54% | 12.30% | |||||||||||||
| AllianzGI Retirement 2050 Fund Administrative Class | 1.53% | 0.96% | 9.18% | 11.95% | ||||||||||||||
|
|
Morningstar Lifetime Conservative 2050 Index | 2.60% | 4.44% | 12.00% | 13.91% | |||||||||||||
|
|
Real Return Target 2050 Index** | 1.15% | 1.00% | 9.30% | 11.66% | |||||||||||||
| Lipper Mixed-Asset Target 2050 Funds Average | 3.36% | 6.34% | 11.65% | 13.23% | ||||||||||||||
† 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 106 and 107 for more information. The Fund’s gross expense ratios are 1.35% for Class A shares, 2.10% for Class C shares, 1.35% for Class D shares, 1.60% for Class R shares, 0.95% for Class P shares, 0.85% for Class R6 shares and 1.20% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. The Fund’s expense ratios net of this reduction are 1.10% for Class A shares, 1.85% for Class C shares, 1.20% for Class D 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 April 1, 2015, as supplemented to date.
| 20 | May 31, 2015 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Retirement 2050 Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||||||
| Class A | Class C | Class D | Class R | Class P | Class R6 | Administrative Class | ||||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
| Ending Account Value (5/31/15) | $1,015.30 | $1,012.00 | $1,015.50 | $1,013.90 | $1,017.10 | $1,017.50 | $1,015.30 | |||||||
| Expenses Paid During Period | $1.81 | $5.57 | $2.31 | $3.56 | $0.30 | $— | $1.56 | |||||||
| Hypothetical Performance | ||||||||||||||
| (5% return before expenses) | ||||||||||||||
| Class A | Class C | Class D | Class R | Class P | Class R6 | Administrative Class | ||||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
| Ending Account Value (5/31/15) | $1,023.14 | $1,019.40 | $1,022.64 | $1,021.39 | $1,024.63 | $1,024.93 | $1,023.39 | |||||||
| Expenses Paid During Period | $1.82 | $5.59 | $2.32 | $3.58 | $0.30 | $— | $1.56 | |||||||
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 (0.36% for Class A, 1.11% for Class C, 0.46% for Class D, 0.71% for Class R, 0.06% for Class P, 0.00% for Class R6 and 0.31% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. 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 Retirement 2055 Fund
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year |
Since Inception† | ||||||||||||
| AllianzGI Retirement 2055 Fund Class A | 1.62% | 0.97% | 10.40% | |||||||||||
|
|
AllianzGI Retirement 2055 Fund Class A (adjusted) | –3.97% | –4.58% | 8.61% | ||||||||||
|
|
AllianzGI Retirement 2055 Fund Class R | 1.45% | 0.65% | 10.04% | ||||||||||
|
|
AllianzGI Retirement 2055 Fund Class P | 1.79% | 1.31% | 10.76% | ||||||||||
|
|
AllianzGI Retirement 2055 Fund Class R6 | 1.78% | 1.36% | 10.84% | ||||||||||
| AllianzGI Retirement 2055 Fund Administrative Class | 1.58% | 0.94% | 10.44% | |||||||||||
|
|
Morningstar Lifetime Conservative 2055 Index | 2.61% | 4.29% | 13.85% | ||||||||||
|
|
Real Return Target 2040+ Index** | 1.26% | 1.15% | 10.78% | ||||||||||
| Lipper Mixed-Asset Target 2055+ Funds Average | 3.49% | 6.54% | 14.20% | |||||||||||
† 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 106 and 107 for more information. The Fund’s gross expense ratios are 1.35% for Class A shares, 1.60% for Class R shares, 0.95% for Class P shares, 0.85% for Class R6 shares and 1.20% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. 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 April 1, 2015, as supplemented to date.
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AllianzGI Retirement 2055 Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||
| Class A | Class R | Class P | Class R6 | Administrative Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,016.20 | $1,014.50 | $1,017.90 | $1,017.80 | $1,015.80 | |||||
| Expenses Paid During Period | $1.86 | $3.62 | $0.35 | $— | $1.61 | |||||
| Hypothetical Performance | ||||||||||
| (5% return before expenses) | ||||||||||
| Class A | Class R | Class P | Class R6 | Administrative Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,023.09 | $1,021.34 | $1,024.58 | $1,024.93 | $1,023.34 | |||||
| Expenses Paid During Period | $1.87 | $3.63 | $0.35 | $— | $1.61 | |||||
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 (0.37% for Class A, 0.72% for Class R, 0.07% for Class P, 0.00% for Class R6 and 0.32% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. 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 | | May 31, 2015 | 23 |
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Unaudited
AllianzGI Retirement Income Fund
For the period of December 1, 2014 through May 31, 2015, as provided by the US Multi-Asset Group.
Fund Insights
For the reporting period ended May 31, 2015, Class A shares at NAV of the AllianzGI Retirement Income Fund (the “Fund”) returned 0.57%, outperforming the Morningstar Lifetime Conservative Income Index (the “benchmark index”), which returned 0.38%.
Market Overview
For the six-month period of December 1, 2014 through May 31, 2015, global equities outperformed global bonds with developed country equities leading emerging market equities by more than 3%. In fixed income, global bonds fell 3.3% for the period as measured by the Barclays Global Aggregate Index. However, in the US, as uncertainty about the Fed’s future policy decisions persisted, yields on the 10-year Treasury fell marginally for the period and broad US bonds returned 1.1% as measured by the Barclays US Aggregate Bond Index.
Certain themes from late 2014 persisted in the period, including the continued strength of the US dollar against most major currencies. For the period, one of the best performing assets was the trade-weighted dollar, which returned 10.2%. On the other hand, commodities, led by energy, continued to weaken: commodities remained one of the worst performing asset classes returning, -10.6% for the period as measured by the Bloomberg Commodity Index.
Mid-April marked a period of dislocations across markets. A sell-off in European bonds, most notably in German bunds, which produced swings in bond yields globally, contributed to broad market volatility. The US dollar fell against every major developed market currency and most emerging market currencies in April, while the euro appreciated by 4.6% for the month. In commodities, oil entered positive territory for the year in mid-April, contributing to the perception of stability in oil prices. These events and trends culminated in a renewed focus on inflationary—as opposed to deflationary—trends in the global economy and a pickup in inflation expectations.
Mid-April Market Volatility
The magnitude and rapid pace of the move in European bond yields in late April was unprecedented. The spike in yields was most pronounced in German bunds, with the 10-year yield increasing from a low on April 17, 2015 of 0.05% to a high of 0.78% on May 7, 2015. Several factors contributed to the move, including speculation of tapering on the part of the ECB on the back of stronger macroeconomic data throughout the region. Concerns about the ability of Greece to reach a deal with the Eurogroup over its obligations to the IMF and other creditors intensified through April and early May, further contributing to bond market volatility. Stronger inflation data released in mid-April, including an increase in the Eurozone Aggregate Consumer Price Index of 1.1% month over month—nearly two times the increase of the previous month—contributed to higher inflation expectations, which in turn paved the way for higher yields. The increase in yields was not limited to Europe. Through mid-May, the US yield curve steepened as rates followed European yields higher and the US 10-year Treasury hit a high for the six-month period of 2.4% on May 12, 2015.
Currencies also underwent a temporary correction in April. The trade-weighted dollar suffered its first monthly decline since July 2014. For the month, the trade-weighted dollar fell 3.8%. In connection with the spike in yields on European bonds and the more solid inflation data, the euro increased more than 6% from its low in mid-April to the end of the month. However, in May, the dollar once again strengthened versus all major currencies and the euro resumed its weaker trend against the dollar, falling 2.1%.
The Return of Inflation after Disinflation
Despite significant volatility during the period including a low close to $43 in mid-March, the price of WTI crude stabilized in the $58-60/barrel range by mid-April, leading to a jump in inflation expectations. For example, in late April, one of the Fed’s preferred market based inflation gauges, the 5 year/5 year forward breakeven inflation level from the TIPS market moved above the 2% threshold suggesting that, while short term inflation expectations still lag, the 5-year inflation expectation had reached—and exceeded—the Fed’s inflation target. In the context of moderate global growth, stable energy prices and initial increases in core consumer price inflation, overall inflation expectations inched closer to central bank targets during the period. This may finally signal the dawn of a new era of inflation.
Portfolio Review
Effective April 1, 2015, the Fund’s benchmark index changed from the Real Return Target Today Index to the Morningstar Lifetime Conservative Income Index as the portfolio managers consider Morningstar Lifetime Conservative Income Index to be a better representation of the Fund’s investment strategy. Previously, the Real Return Target Today Index replaced the Dow Jones Real Return Target Today Index. 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.
During the six-month period ending May 31, 2015, and relative to the benchmark, the Fund was positioned with a roughly neutral weight to fixed income, an overweight to global equities, and an underweight to cash/equivalents. During the period, the Fund also held opportunistic asset classes such as real estate and managed futures. Within the fixed income exposure, the Fund favored US inflation linked securities with a modest overweight and conversely was underweight nominal bonds. Within global equities, the Fund favored large-cap equities outside the US with an overweight and was conversely underweight US small-cap equities.
In the fixed income portion of the portfolio, performance ended roughly in-line with the benchmark index. Results benefited from an emphasis on credit related exposures gained in part through the AllianzGI Short Duration High Income Fund (+3%) and PIMCO Income Fund (+2%). The Fund also benefited from the non-US fixed income exposure, outpacing the return of the benchmark index’s non-US fixed income holdings. This contribution was partially offset by the inflation linked exposure. The modest overweight to inflation linked securities was a headwind for the period as the Barclays US TIPS Index’s returned 0.19%, trailing the 1.09% return of the Barclays US Aggregate Bond Index.
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Unaudited
AllianzGI Retirement Income Fund (cont’d)
In the equity portion of the portfolio, performance ended roughly in line with the benchmark index. Results benefited from an overweight to developed markets outside the US. This contribution to results was conversely limited by an underweight to the strong performance of small-cap equities in the US, as reflected by the 6.94% return of the Russell 2000 Index. Selections in emerging market equities also impacted returns in the segment.
The Fund’s exposure to opportunistic asset classes contributed to results over the period. The off-benchmark positions in global real estate and commodity related equities respectively returned 1.0% and 4.5%, contributing to the overall result. The Fund also included exposure to commodities which generally declined over the period. However, relative to the benchmark index, the Fund was underweight this asset class, contributing to relative results over the period.
In aggregate, the Fund’s equity and fixed income positioning ended roughly in-line with the benchmark index returns, while positioning in the Fund’s opportunistic exposure and an underweight to cash/equivalents contributed to the period’s favorable relative result. The AllianzGI Target-Date Funds place a strong emphasis on the Department of Labor’s guidelines for a Qualified Default Investment Alternative (“QDIA”), which contains language such as “to be diversified as to minimize the risk of large losses.” It is within this framework that the Funds continue to include commodities, real estate, convertible bonds, floating rate debt, frontier market equities, and emerging market bonds to help provide diversification benefits to clients’ retirement assets.
Outlook
We expect that the volatility experienced in the period will continue for the rest of 2015. Overall, we continue to expect global growth to slow in 2015 compared to 2014. Despite some softness in the US economy in the first quarter, we expect the growth differential between the US and other developed countries to persist.
The objective of recent changes to the portfolios has been to further insulate them from risks. The Funds remain overweight US equities compared to other developed countries. Part of the international equity exposure remains dollar-hedged, reflecting our view that the USD will continue to benefit from divergent monetary policies and divergent GDP growth. We maintain the Fund’s exposure to frontier-market equities to help further diversify the portfolios.
On interest rates, the biggest question mark for 2015 continues to be the direction, magnitude and timing of short-term interest rate moves, especially in the US, and the overall steepness of the US yield curve. As a result of such uncertainty, we added some duration back into the portfolios through TIPS and US credit (investment grade and high yield). This is partly a way to express our view that core inflation expectations in the US have most likely bottomed. However, even with such changes, we remain close to benchmark duration.
We continue to see an important role for credit in the portfolios. If interest rates remain low or decline further, high yield and investment-grade credit are among the few remaining sectors that can earn income. In the event that US interest rates rise, it will likely be a result of improved economic fundamentals and pickup in inflation, which should benefit US companies. We remain overweight credit strategies that will benefit in a rising interest rate environment.
We remain underweight commodities and REITs. In commodities, we reduced exposure to energy futures during the period. We continue to hold commodity equities, and have benefitted during certain periods of commodity-price shocks, when commodity equities behave more like “equities” and less like “commodity futures,” as occurred in the first part of the period.
While the aforementioned risks loom large, the goal of our recent changes is to move closer to having all-weather portfolios that will be able to better withstand the ongoing volatility in oil and other commodity prices, the uncertainty surrounding short-term interest rates, and the slow overall global economic growth that may potentially impact equities. We remain vigilant and ready to respond if markets evolve in a different direction.
| Semiannual Report | | May 31, 2015 | 25 |
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Unaudited
AllianzGI Retirement Income Fund (cont’d)
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
| AllianzGI Retirement Income Fund Class A | 0.57% | 0.66% | 5.57% | 7.79% | ||||||||||||||
|
|
AllianzGI Retirement Income Fund Class A (adjusted) | –4.96% | –4.88% | 4.38% | 6.84% | |||||||||||||
| AllianzGI Retirement Income Fund Class C | 0.19% | –0.13% | 4.78% | 6.99% | ||||||||||||||
|
|
AllianzGI Retirement Income Fund Class C (adjusted) | –0.77% | –1.07% | 4.78% | 6.99% | |||||||||||||
|
|
AllianzGI Retirement Income Fund Class D | 0.51% | 0.55% | 5.49% | 7.72% | |||||||||||||
|
|
AllianzGI Retirement Income Fund Class R | 0.38% | 0.29% | 5.22% | 7.46% | |||||||||||||
|
|
AllianzGI Retirement Income Fund Class P | 0.70% | 0.94% | 5.88% | 8.08% | |||||||||||||
|
|
AllianzGI Retirement Income Fund Class R6 | 0.77% | 1.07% | 5.97% | 8.19% | |||||||||||||
| AllianzGI Retirement Income Fund Administrative Class | 0.31% | 0.42% | 5.57% | 7.81% | ||||||||||||||
|
|
Morningstar Lifetime Conservative Income Index | 0.38% | 0.77% | 5.36% | 6.28% | |||||||||||||
|
|
Real Return Target Today Index** | 0.30% | –0.16% | 5.59% | 7.08% | |||||||||||||
| Lipper Mixed-Asset Target Today Funds Average | 1.23% | 2.45% | 5.93% | 7.55% | ||||||||||||||
† 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 106 and 107 for more information. The Fund’s gross expense ratios are 1.15% for Class A shares, 1.90% for Class C shares, 1.15% for Class D shares, 1.40% for Class R shares, 0.75% for Class P shares, 0.65% for Class R6 shares and 1.00% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. The Fund’s expense ratios net of this reduction are 0.95% for Class A shares, 1.70% for Class C shares, 1.05% for Class D 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 April 1, 2015, as supplemented to date.
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AllianzGI Retirement Income Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||||||
| Class A | Class C | Class D | Class R | Class P | Class R6 | Administrative Class | ||||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
| Ending Account Value (5/31/15) | $1,005.70 | $1,001.90 | $1,005.10 | $1,003.80 | $1,007.00 | $1,007.70 | $1,003.10 | |||||||
| Expenses Paid During Period | $2.35 | $6.09 | $2.85 | $4.10 | $0.85 | $0.35 | $2.00 | |||||||
| Hypothetical Performance | ||||||||||||||
| (5% return before expenses) | ||||||||||||||
| Class A | Class C | Class D | Class R | Class P | Class R6 | Administrative Class | ||||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
| Ending Account Value (5/31/15) | $1,022.59 | $1,018.85 | $1,022.09 | $1,020.84 | $1,024.08 | $1,024.58 | $1,022.94 | |||||||
| Expenses Paid During Period | $2.37 | $6.14 | $2.87 | $4.13 | $0.86 | $0.35 | $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 (0.47% for Class A, 1.22% for Class C, 0.57% for Class D, 0.82% for Class R, 0.17% for Class P, 0.07% for Class R6 and 0.40% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. 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 | | May 31, 2015 | 27 |
Table of Contents
Unaudited
AllianzGI Global Allocation Fund
For the period of December 1, 2014 through May 31, 2015, as provided by the Multi-Asset US Group.
Fund Insights
For the reporting period ended May 31, 2015, Class A shares at NAV of the AllianzGI Global Allocation Fund (the “Fund”) returned 2.40%, in line with the 60% MSCI AC World Index and 40% Barclays US Aggregate Bond Index (the “benchmark index”), which returned 2.39%.
Market Overview
For the six-month period of December 1, 2014 through May 31, 2015, global equities outperformed global bonds with developed country equities leading emerging market equities by more than 3%. In fixed income, global bonds fell 3.3% for the period as measured by the Barclays Global Aggregate Index. However, in the US, as uncertainty about the Fed’s future policy decisions persisted, yields on the 10-year Treasury fell marginally for the period and broad US bonds returned 1.1% as measured by the Barclays US Aggregate Bond Index.
Certain themes from late 2014 persisted in the period, including the continued strength of the US dollar against most major currencies. For the period, one of the best performing assets was the trade-weighted dollar, which returned 10.2%. On the other hand, commodities, led by energy continued to weaken: commodities remained one of the worst performing asset classes, returning -10.6% for the period as measured by the Bloomberg Commodity Index.
The Fund was well positioned to take advantage of these themes, given its global and diversified profile and its flexible approach to asset allocation. During the period, the Fund benefitted from increased exposure to global equities while maintaining long exposure to the trade-weighted US dollar.
Mid-April marked a period of dislocations across markets. A sell-off in European bonds, most notably in German bunds, which produced swings in bond yields globally, contributed to broad market volatility. The US dollar fell against every major developed market currency and most emerging market currencies in April, while the euro appreciated by 4.6% for the month. In commodities, oil entered positive territory for the year in mid-April, contributing to the perception of stability in oil prices. These events and trends culminated in a renewed focus on inflationary—as opposed to deflationary—trends in the global economy and a pickup in inflation expectations.
Mid-April Market Volatility
The magnitude and rapid pace of the move in European bond yields in late April was unprecedented. The spike in yields was most pronounced in German bunds, with the 10-year yield increasing from a low on April 17 of 0.05% to a high of 0.78% on May 7. Several factors contributed to the move, including speculation of tapering on the part of the ECB on the back of stronger macroeconomic data throughout the region. Concerns about the ability of Greece to reach a deal with the Eurogroup over its obligations to the IMF and other creditors intensified through April and early May further contributing to bond market volatility. Stronger inflation data released in mid-April, including an increase in the Eurozone Aggregate Consumer Price Index of 1.1% month over month—nearly two times the increase of the previous month—contributed to higher inflation expectations, which in turn paved the way for higher yields. The increase in yields was not limited to Europe. Through mid-May, the US yield curve steepened as rates followed higher European yields and the US 10-year Treasury hit a high for the six-month period of 2.4% on May 12.
Currencies also underwent a temporary correction in April. The trade-weighted dollar suffered its first monthly decline since July 2014. For the month, the trade-weighted dollar fell 3.8%. In connection with the spike in yields on European bonds and the more solid inflation data, the euro increased more than 6% from its low in mid-April to the end of the month. However, in May, the dollar once again strengthened versus all major currencies and the euro resumed its weaker trend against the dollar, falling 2.1%.
The Return of Inflation after Disinflation
Despite significant volatility during the period including a low close to $43 in mid-March, the price of WTI crude stabilized in the $58-60/barrel range by mid-April, leading to a jump in inflation expectations. As a result, inflation expectations jumped. For example, in late April, one of the Fed’s preferred market based inflation gauges, the 5 year/5 year forward breakeven inflation level from the TIPS market moved above the 2% threshold suggesting that, while short term inflation expectations still lag, the 5-year inflation expectation had reached—and exceeded—the Fed’s inflation target. In the context of moderate global growth, stable energy prices and initial increases in core consumer price inflation, overall inflation expectations inched closer to central bank targets during the period. This may finally signal the dawn of a new era of inflation.
Portfolio Review
The Fund maintained its broad and global diversification during the reporting period while taking active positions both across and within asset classes. Across asset classes, the Fund was overweight global equities and fixed income for the majority of the period. Outside of the Fund’s primary asset class exposures, the Fund also had exposure to TIPS and US small-cap equities, and modest exposure to REITs and commodities which were added later in the reporting period.
The Fund’s overweight to equities included a preference for developed markets, particularly outside the US, an overweight which was increased throughout the period. In addition, the Fund was long the trade-weighted US dollar and short the euro. The Fund’s fixed income positioning favored US corporate debt over US government bonds, and included exposure to TIPS throughout the period. While the Fund started the period with a modest underweight to government bonds, this active weight increased throughout the period and ended roughly in line with the benchmark index.
The Fund’s overall relative results benefitted from a combination of allocation and selection effects, primarily in the equity portion of the portfolio. Favorable contributors included the overweight to developed equities, primarily outside the US as the MSCI EAFE Index was up 4.84%, outpacing both the
| 28 | May 31, 2015 | | Semiannual Report |
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Unaudited
AllianzGI Global Allocation Fund (cont’d)
S&P 500 Index (+2.97%) and the MSCI Emerging Market Index (+0.82%) in USD terms over the period. The Fund’s equity exposure was primarily achieved through the AllianzGI Best Styles Global Equity Fund, which outperformed its benchmark index, further contributing to results over the period.
These favorable contributors to the Fund’s relative result were partially offset by the Fund’s relative duration position based on its holdings of US Treasury Bonds. Within equities, exposure to emerging market equities, which trailed developed markets over the period, also detracted from relative performance as the Fund moved from an underweight to a modest overweight in the asset class over the period.
Positioning in the Fund’s opportunistic asset classes contributed to the Fund’s overall performance, including US and international small-cap equities. During the period, US small-cap equities outperformed US large cap equities by more than 3.5%. In aggregate, the Fund’s overweight to developed equities outside the US was a top contributor, while positioning in US Treasuries detracted from the Fund’s relative result. As of the end of the period, the Fund remained overweight to developed markets outside the US, and continued to express a preference for corporate issues and TIPS in the fixed-income portion of the portfolio.
Outlook
In 2015, the seventh year of financial repression, we expect investment returns to remain low. Central banks around the developed world have committed to further monetary expansion as expected, although the significant levels of Quantitative Easing (“QE”) in Japan and Europe have been largely discounted by the markets.
In the US, we continue to expect short-term rates to remain lower for longer, but we recognize that Federal Open Market Committee’s (“FOMC”) voters have said that they will adjust policy as they consider new economic data. We also expect that inflation expectations will continue to move up incrementally and will likely push long-term rates above current levels. Therefore, we expect that 2015 could continue to be a volatile year.
Currently, the Fund is overweight US and developed non-US equities and underweight emerging market equities. We use enhanced-beta, low-tracking-error equity strategies in global equities to aim to take advantage of the outperformance of momentum- and value-related factors. There is also equity exposure through US and international managed volatility strategies. On the fixed-income side, the Fund’s biggest underweight is to US hard duration. Given that inflation expectations have likely approached a bottom, we have added off-benchmark exposure to TIPS, which we expect to benefit as inflation expectations rise again. The Fund has exposure to high-yield and short-term high-yield bonds as a way to attempt to generate income; it also has exposure to long-term corporate bonds, which have had a higher yield than like-duration Treasuries.
Beginning in the first quarter, the Fund uses a broader range of investments and a more tactical approach across markets. There is also a greater focus on mitigating downside risk. We believe that these adjustments will benefit the Fund going forward.
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Unaudited
AllianzGI Global Allocation Fund (cont’d)
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year | 5 Year | 10 Year | Since Inception† | ||||||||||||||||||
| AllianzGI Global Allocation Fund Class A | 2.40% | 2.36% | 8.32% | 5.83% | 6.00% | |||||||||||||||||
|
|
AllianzGI Global Allocation Fund Class A (adjusted) | –3.23% | –3.27% | 7.10% | 5.23% | 5.64% | ||||||||||||||||
| AllianzGI Global Allocation Fund Class B | 1.93% | 1.58% | 7.52% | 5.28% | 5.67% | |||||||||||||||||
|
|
AllianzGI Global Allocation Fund Class B (adjusted) | –2.97% | –3.29% | 7.22% | 5.28% | 5.67% | ||||||||||||||||
| AllianzGI Global Allocation Fund Class C | 2.00% | 1.59% | 7.51% | 5.05% | 5.22% | |||||||||||||||||
|
|
AllianzGI Global Allocation Fund Class C (adjusted) | 1.02% | 0.61% | 7.51% | 5.05% | 5.22% | ||||||||||||||||
|
|
AllianzGI Global Allocation Fund Class D | 2.34% | 2.31% | 8.31% | 5.83% | 6.00% | ||||||||||||||||
|
|
AllianzGI Global Allocation Fund Class R | 2.25% | 2.22% | 8.09% | 5.60% | 5.76% | ||||||||||||||||
|
|
AllianzGI Global Allocation Fund Class P | 2.52% | 2.61% | 8.53% | 6.05% | 6.23% | ||||||||||||||||
| AllianzGI Global Allocation Fund Institutional Class | 2.47% | 2.55% | 8.58% | 6.23% | 6.46% | |||||||||||||||||
| AllianzGI Global Allocation Fund Administrative Class | 2.31% | 2.28% | 8.32% | 5.86% | 6.05% | |||||||||||||||||
|
|
MSCI AC World Index | 3.11% | 5.08% | 11.76% | 6.77% | 5.91% | ||||||||||||||||
|
|
60% MSCI AC World Index/40% Barclays US Aggregate Bond Index | 2.39% | 4.36% | 8.82% | 6.26% | 5.96% | ||||||||||||||||
|
|
Barclays US Aggregate Bond Index | 1.09% | 3.03% | 3.90% | 4.61% | 5.15% | ||||||||||||||||
| Lipper Mixed-Asset Target Allocation Moderate Funds Average | 1.96% | 4.08% | 9.03% | 5.65% | 5.69% | |||||||||||||||||
† 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, 5% contingent deferred sales charge (CDSC) on Class B shares and 1% CDSC on Class C shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 106 and 107 for more information. The Fund’s gross expense ratios are 1.64% for Class A shares, 2.40% for Class B shares, 2.38% for Class C shares, 1.67% for Class D shares, 1.83% for Class R shares, 1.42% for Class P shares, 1.41% for Institutional Class shares and 1.57% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. The Fund’s expense ratios net of this reduction are 1.09% for Class A shares, 1.81% for Class B shares, 1.83% for Class C shares, 1.09% for Class D shares, 1.26% for Class R shares, 0.86% for Class P shares, 0.85% for Institutional Class shares and 1.10% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2015, as supplemented to date.
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AllianzGI Global Allocation Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||||||||
| Class A | Class B | Class C | Class D | Class R | Class P | Institutional Class |
Administrative Class | |||||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||||
| Ending Account Value (5/31/15) | $1,024.00 | $1,019.30 | $1,020.00 | $1,023.40 | $1,022.50 | $1,025.20 | $1,024.70 | $1,023.10 | ||||||||
| Expenses Paid During Period | $2.47 | $5.99 | $6.14 | $2.52 | $3.33 | $1.31 | $1.26 | $2.57 | ||||||||
| Hypothetical Performance | ||||||||||||||||
| (5% return before expenses) | ||||||||||||||||
| Class A | Class B | Class C | Class D | Class R | Class P | Institutional Class |
Administrative Class | |||||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||||
| Ending Account Value (5/31/15) | $1,022.49 | $1,019.00 | $1,018.85 | $1,022.44 | $1,021.64 | $1,023.64 | $1,023.68 | $1,022.39 | ||||||||
| Expenses Paid During Period | $2.47 | $5.99 | $6.14 | $2.52 | $3.33 | $1.31 | $1.26 | $2.57 | ||||||||
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 (0.49% for Class A, 1.19% for Class B, 1.22% for Class C, 0.50% for Class D, 0.66% for Class R, 0.26% for Class P, 0.25% for Institutional Class and 0.51% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. 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 | | May 31, 2015 | 31 |
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Unaudited
AllianzGI Global Dynamic Allocation Fund (formerly AllianzGI Global Growth Allocation Fund)
For the period of December 1, 2014 through May 31, 2015, as provided by the Multi-Asset US Group.
Fund Insights
For the reporting period ended May 31, 2015, Class A shares at NAV of the AllianzGI Global Dynamic Allocation Fund (the “Fund”) returned 1.66%, underperforming the 60% MSCI AC World Index 40% Barclays US Aggregate Bond Index (the “benchmark index”), which returned 2.39%.
Market Overview
For the six-month period of December 1, 2014 through May 31, 2015, global equities outperformed global bonds with developed country equities leading emerging market equities by more than 3%. In fixed income, global bonds fell 3.3% for the period as measured by the Barclays Global Aggregate Index. However, in the US, as uncertainty about the Fed’s future policy decisions persisted, yields on the 10-year Treasury fell marginally for the period and broad US bonds returned 1.1% as measured by the Barclays US Aggregate Bond Index.
Certain themes from late 2014 persisted in the period, including the continued strength of the US dollar against most major currencies. For the period, one of the best performing assets was the trade-weighted dollar, which returned 10.2%. On the other hand, commodities, led by energy, continued to weaken: commodities remained one of the worst performing asset classes, returning -10.6% for the period as measured by the Bloomberg Commodity Index.
The Fund was well positioned to take advantage of these themes given its global and diversified profile and its flexible approach to asset allocation. During the period, the Fund benefitted from increasing its exposure to developed equities, especially outside of the US, from investing in currency-hedged instruments and from avoiding exposure to commodities. On the fixed income side, given the uncertainty around US interest rates, the Fund gradually increased then shortened its duration and ended the period with an underweight.
Mid-April marked a period of dislocations across markets. A sell-off in European bonds, most notably in German bunds, which produced swings in bond yields globally, contributed to broad market volatility. The US dollar fell against every major developed market currency and most emerging market currencies in April, while the euro appreciated by 4.6% for the month. In commodities, oil entered positive territory for the year in mid-April, contributing to the perception of stability in oil prices. These events and trends culminated in a renewed focus on inflationary—as opposed to deflationary—trends in the global economy and a pickup in inflation expectations.
Mid-April Market Volatility
The magnitude and rapid pace of the move in European bond yields in late April was unprecedented. The spike in yields was most pronounced in German bunds, with the 10-year yield increasing from a low on April 17, 2015 of 0.05% to a high of 0.78% on May 7, 2015. Several factors contributed to the move, including talks of tapering from the ECB on the back of stronger macroeconomic data throughout the region. Concerns about the ability of Greece to reach a deal with the Eurogroup over its obligations to the IMF and other creditors intensified through April and early May, further contributing to bond market volatility. Stronger inflation data released in mid-April, including an increase in the Eurozone Aggregate Consumer Price Index of 1.1% month over month—nearly two times the increase of the previous month—contributed to higher inflation expectations, which in turn paved the way for higher yields. The increase in yields was not limited to Europe. Through mid-May, the US yield curve steepened as rates followed higher European yields and the US 10-year Treasury hit a high for the six-month period of 2.4% on May 12, 2015.
Currencies also underwent a temporary correction in April. The trade-weighted dollar suffered its first monthly decline since July 2014. For the month, the trade-weighted dollar fell 3.8%. In connection with the spike in yields on European bonds and the more solid inflation data, the euro increased more than 6% from its low in mid-April to the end of the month. However, in May, the dollar once again strengthened versus all major currencies and the euro resumed its weaker trend against the dollar, falling 2.1%.
The Return of Inflation after Disinflation
Despite significant volatility during the period including a low close to $43 in mid-March, the price of WTI crude stabilized in the $58-60/barrel range by mid-April, leading to a jump in inflation expectations. For example, in late April, one of the Fed’s preferred market based inflation gauges, the 5 year/5 year forward breakeven inflation level from the TIPS market moved above the 2% threshold suggesting that, while short term inflation expectations still lag, the 5-year inflation expectation had reached—and exceeded—the Fed’s inflation target. In the context of moderate global growth, stable energy prices and initial increases in core consumer price inflation, overall inflation expectations inched closer to central bank targets during the period. This may finally signal the dawn of a new era of inflation.
Portfolio Review
Effective January 1, 2015, the Fund’s benchmark changed from a custom-blended index comprised of 80% MSCI AC World Index and 20% Barclays US Aggregate Bond Index, to a custom-blended index comprised of 60% MSCI AC World Index and 40% Barclays US Aggregate Bond Index. In accordance with SEC Regulations, the custom 80/20 blend will continue to be displayed in the prospectus for one year following the change.
The Fund maintained its broad and global diversification during the reporting period while taking active positions both across and within asset classes. Across asset classes, the Fund was overweight global equities and underweight fixed income throughout the period. Outside of the benchmark index’s primary asset class exposure, the Fund also had positions in US small-cap equities, REITs and emerging market bonds, which were added later in the reporting period.
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Unaudited
AllianzGI Global Dynamic Allocation Fund (formerly AllianzGI Global Growth Allocation Fund) (cont’d)
The Fund’s overweight to equities included a preference for developed markets, particularly outside the US, an overweight which was increased throughout the period. In addition, the Fund favored the USD relative to foreign currencies, expressed with a hedge against the euro. In the Fund’s fixed income exposure, US corporate debt was favored over US government bonds and mortgage backed securities, a preference which was maintained over the period and which resulted in an overall underweight to duration.
The Fund’s overall result for the period included a combination of allocation and selection effects. With the previous blended benchmark index’s greater emphasis on global equities, the Fund’s corresponding global equity exposure for the month of December was above the current blended benchmark’s equity weight. Consequently, when comparing the Fund’s performance in December to the current blended benchmark index, a trailing result for that month can be traced to underperformance of global equities as the MSCI AC World Index returned (-1.9%) in December, as compared to the Barclays US Aggregate Bond Index which was conversely positive (+0.1%). With the current benchmark index and investment strategy in place from the start of the year, the Fund began with a roughly neutral weight to equities, and an underweight to fixed income. Exposure to equities was increased over the period with a preference for developed markets particularly outside the US. This preference contributed positively to relative results as the MSCI EAFE Index climbed 8.6%, outpacing both the S&P 500 Index (+3.2%) and the MSCI Emerging Market Index (+5.7%) in USD terms over the YTD period. Conversely, an underweight to emerging market equities detracted from relative results.
Additional detractors from the Fund’s relative result included effects in the fixed income portion of the Fund, where positioning to US government bonds relative to the current benchmark index detracted from relative results. For the first month of the full period, the Fund’s blended benchmark had a reduced emphasis on fixed income. As bonds performed well over this period, the Fund’s underweight to fixed income relative to the current benchmark detracted from results in December. For the YTD period, the positioning effects in the fixed income portion of the Fund were ultimately positive, as selection effects in the Fund’s corporate bond exposure included favorable performance from the PIMCO Investment Grade Corporate Bond Fund.
In aggregate, the benchmark index and investment strategy change during the reporting period influenced results for the six-month period as compared to the current benchmark index. Since the change, the Fund has delivered favorable relative results, benefiting from an overweight to the strong performance of developed market equities particularly outside the US, and positive selection effects in the fixed income portfolio. As of the end of the period, the Fund remained overweight equities, and continued to underweight US government bonds.
Outlook
In 2015, the seventh year of financial repression, we expect investment returns to remain low. Central banks around the developed world have committed to further monetary expansion as expected, although the significant levels of QE in Japan and Europe have been largely discounted by the markets.
In the US, we continue to expect short-term rates to remain lower for longer, but we recognize that FOMC voters have said that they will adjust policy as they consider new economic data. We also expect that inflation expectations will continue to move up incrementally and will likely push long-term rates above current levels. Therefore, we expect that 2015 could continue to be a volatile year.
Currently, the Fund is overweight US, non-US and emerging-market equities. We use enhanced-beta, low-tracking-error equity strategies in global equities to aim to take advantage of the outperformance of momentum- and value-related factors. There is also equity exposure through US and international managed volatility strategies. On the fixed-income side, the Fund is underweight US Treasuries. The Fund has exposure to short-term high-yield bonds as a way to attempt to generate income; it also has exposure to long-term corporate bonds, which have had a higher yield than like-duration Treasuries.
Beginning in the first quarter, the Fund uses a broader range of investments and a more tactical approach across markets. There is also a greater focus on mitigating downside risk. We believe that these adjustments will benefit the Fund going forward.
| Semiannual Report | | May 31, 2015 | 33 |
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Unaudited
AllianzGI Global Dynamic Allocation Fund (formerly AllianzGI Global Growth Allocation Fund) (cont’d)
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
| AllianzGI Global Dynamic Allocation Fund Class A | 1.66% | 0.04% | 9.22% | 12.51% | ||||||||||||||
|
|
AllianzGI Global Dynamic Allocation Fund Class A (adjusted) | –3.93% | –5.47% | 7.99% | 11.47% | |||||||||||||
| AllianzGI Global Dynamic Allocation Fund Class C | 1.27% | –0.75% | 8.39% | 11.68% | ||||||||||||||
|
|
AllianzGI Global Dynamic Allocation Fund Class C (adjusted) | 0.38% | –1.61% | 8.39% | 11.68% | |||||||||||||
|
|
AllianzGI Global Dynamic Allocation Fund Class D | 1.66% | 0.03% | 9.21% | 12.52% | |||||||||||||
|
|
AllianzGI Global Dynamic Allocation Fund Class R | 1.56% | –0.17% | 8.96% | 12.26% | |||||||||||||
|
|
AllianzGI Global Dynamic Allocation Fund Class P | 1.74% | 0.20% | 9.40% | 12.72% | |||||||||||||
| AllianzGI Global Dynamic Allocation Fund Institutional Class | 1.80% | 0.31% | 9.52% | 12.84% | ||||||||||||||
| AllianzGI Global Dynamic Allocation Fund Administrative Class | 1.70% | 0.07% | 9.25% | 12.56% | ||||||||||||||
|
|
MSCI AC World Index | 3.11% | 5.08% | 11.76% | 14.22% | |||||||||||||
|
|
Barclays US Aggregate Bond Index | 1.09% | 3.03% | 3.90% | 4.66% | |||||||||||||
|
|
60% MSCI AC World Index 40% Barclays US Aggregate Bond Index** | 2.39% | 4.36% | 8.82% | 10.61% | |||||||||||||
| Lipper Global Flexible Portfolio Funds Average | 1.29% | 2.02% | 8.63% | 11.29% | ||||||||||||||
† 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 U.S. 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 106 and 107 for more information. The Fund’s gross expense ratios are 4.72% for Class A shares, 5.50% for Class C shares, 4.70% for Class D shares, 5.18% for Class R shares, 4.59% for Class P shares, 4.49% for Institutional Class shares and 4.74% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. The Fund’s expense ratios net of this reduction are 1.10% for Class A shares, 1.83% for Class C shares, 1.10% for Class D shares, 1.35% for Class R shares, 0.95% for Class P shares, 0.85% for Institutional Class shares and 1.10% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2015, as supplemented to date.
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Unaudited
AllianzGI Global Dynamic Allocation Fund (formerly AllianzGI Global Growth Allocation Fund) (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||||||
| Class A | Class C | Class D | Class R | Class P | Institutional Class |
Administrative Class | ||||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
| Ending Account Value (5/31/15) | $1,016.60 | $1,012.70 | $1,016.60 | $1,015.60 | $1,017.40 | $1,018.00 | $1,017.00 | |||||||
| Expenses Paid During Period | $2.66 | $6.47 | $2.51 | $3.87 | $1.86 | $1.46 | $2.56 | |||||||
| Hypothetical Performance | ||||||||||||||
| (5% return before expenses) | ||||||||||||||
| Class A | Class C | Class D | Class R | Class P | Institutional Class |
Administrative Class | ||||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
| Ending Account Value (5/31/15) | $1,022.29 | $1,018.50 | $1,022.44 | $1,021.09 | $1,023.09 | $1,023.49 | $1,022.39 | |||||||
| Expenses Paid During Period | $2.67 | $6.49 | $2.52 | $3.88 | $1.87 | $1.46 | $2.57 | |||||||
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 (0.53% for Class A, 1.29% for Class C, 0.50% for Class D, 0.77% for Class R, 0.37% for Class P, 0.29% for Institutional Class and 0.51% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. 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 | | May 31, 2015 | 35 |
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Unaudited
AllianzGI Global Megatrends Fund
From inception on February 2, 2015 through May 31, 2015, as provided by John Schroer, CFA, Portfolio Manager.
Fund Insights
For the period since the Fund’s inception on February 2, 2015 through May 31, 2015, Class A shares at NAV of the AllianzGI Global Megatrends Fund (the “Fund”) returned 7.00%, outperforming the MSCI AC World Index (the “benchmark index”), which returned 5.83%.
Portfolio Review
The Fund is allocated to five underlying strategies with a target allocation weighting of 20% to each strategy. Below is a summary of the underlying sleeves since inception of the Global Megatrends Fund.
AllianzGI Emerging Markets Consumer:
For the period since the Fund’s inception on February 2, 2015 through May 31, 2015, the AllianzGI Emerging Markets Consumer sleeve (the “sleeve”) returned 2.49%, underperforming the MSCI Emerging Markets Index, which returned 4.80%.
The sleeve lagged the MSCI Emerging Markets Index during the reporting period due to more conservative stock selection. Selections in the consumer discretionary sector contributed to overall results, as did bottom-up stock picking in the industrials sector, due exclusively to the airline industry. The exclusion of the materials, energy and utilities sectors also contributed to results due to lackluster commodity-related demand. Conversely, a relative underweight coupled with stock picking in the information technology sector detracted from results, as did stock selection in the health care sector.
From a country standpoint, globally branded companies from developed markets, including the United States and France contributed to performance, as did consumer-related exposure in Mexico and Brazil. Meanwhile, an underweight allocation and avoidance of pro-cyclical stocks in China offset results, with stock selection in South Korea and Indonesia also lagging the more broadly based benchmark index.
AllianzGI Global Natural Resources:
For the period since the Fund’s inception on February 2, 2015 through May 31, 2015, the AllianzGI Global Natural Resources sleeve (the “sleeve”) returned 4.86%, rebounding from the recent lows in crude oil prices seen in March 2015. The Custom Commodity Equity Benchmark returned 4.11%.
From June 2014 through December 2014, the price of crude oil as measured by West Texas Intermediate (“WTI”) dropped over 50%. The sleeve maintains significant exposure to the energy sector and the fact that crude prices rebounded over 30% since March from what we believed were oversold conditions, helped propel the sleeve to a gain. We remain constructive on the outlook for crude oil through the remainder of 2015, looking for a continued steady rebound in WTI. Long-term we believe higher energy prices are sustainable given global demand growth.
AllianzGI Global Water:
For the period since the Fund’s inception on February 2, 2015 through May 31, 2015, the AllianzGI Global Water sleeve (the “sleeve”) returned 5.46%, underperforming the S&P Global Water Index, which returned 5.67%.
We see encouraging signs that funding for public infrastructure to target water supply is rising again, after many years of austerity. Water Merger & Acquisitions (“M&A”) continues to be an active theme as companies try to participate in the structural attractiveness of water technology.
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. Core holdings of the sleeve remain the leading water pump companies and companies with differentiated products needed for water infrastructure operations.
AllianzGI Health Sciences:
For the period since the Fund’s inception on February 2, 2015 through May 31, 2015, the AllianzGI Health Sciences sleeve (the “sleeve”) returned 14.56% as global health care stocks rose solidly in the first five months of the year. The MSCI World Healthcare and Consumer Blended benchmark returned 7.39%.
Global health care stocks as measured by the MSCI World Healthcare Index have delivered strong gains over the past several years, helped by heightened M&A activity, strong pipelines and new drug introductions to the marketplace. Despite the multi-year run we remain very constructive on the sector, as valuations remain reasonable and many health care stocks are supported by solid earnings streams. We continue to focus on companies that are delivering innovative and profitable drug treatments and cost-effective health care solutions.
AllianzGI Technology:
For the period since the Fund’s inception on February 2, 2015 through May 31, 2015, the AllianzGI Technology sleeve (the “sleeve”) returned 10.73%, as technology stocks have produced strong returns in the first five months of the year. The S&P North American Technology Sector Index returned 9.06%.
Technology is expanding its reach into more industries with new technologies that are providing more efficient and productive methods of doing things for businesses and consumers. Corporations and governments are starting to adopt these next generation solutions on a broader scale, and we expect this trend to continue. Despite the recent rally in technology stocks, we remain positive on the sector as valuations remain reasonable and many technology stocks are supported by solid earnings and cash flow streams. We continue to focus on high quality companies that are market leaders in delivering innovative solutions.
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AllianzGI Global Megatrends Fund (cont’d)
Cumulative Return for the period ended May 31, 2015
| Since Inception† | ||||||
| AllianzGI Global Megatrends Fund Class A | 7.00% | |||||
|
|
AllianzGI Global Megatrends Fund Class A (adjusted) | 1.12% | ||||
|
|
AllianzGI Global Megatrends Fund Class P | 7.07% | ||||
| AllianzGI Global Megatrends Fund Institutional Class | 7.07% | |||||
|
|
MSCI AC World Index | 5.83% | ||||
| Lipper Commodities General Funds Average | 0.16% | |||||
† 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.
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 106 and 107 for more information. The Fund’s gross expense ratios are 8.25% for Class A shares, 8.10% for Class P shares and 8.00% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. 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 April 1, 2015, as supplemented to date.
| Semiannual Report | | May 31, 2015 | 37 |
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Unaudited
AllianzGI Global Megatrends Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||
| Class A | Class P | Institutional Class | ||||
| Beginning Account Value (2/2/15) | $1,000.00 | $1,000.00 | $1,000.00 | |||
| Ending Account Value (5/31/15) | $1,070.00 | $1,070.70 | $1,070.70 | |||
| Expenses Paid During Period | $0.47 | $— | $— | |||
| Hypothetical Performance | ||||||
| (5% return before expenses) | ||||||
| Class A | Class P | Institutional Class | ||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | |||
| Ending Account Value (5/31/15) | $1,024.23 | $1,024.93 | $1,024.93 | |||
| Expenses Paid During Period | $0.71 | $— | $— | |||
The Fund commenced operations on February 2, 2015. The Actual expense example is based on the period since inception; the Hypothetical expense example is based on the period beginning December 1, 2014. If the Hypothetical expense example had been based on the period since inception, the Ending Account Value and Expenses Paid During Period would have been: $1,015.71 and $0.46, respectively, for Class A; $1,016.16 and $0.00, respectively, for Class P; and $1,016.16 and $0.00, respectively, for Institutional Class.
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 (0.14% 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 118/365 for the Actual expense example and 182/365 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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| Semiannual Report | | May 31, 2015 | 39 |
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Unaudited
AllianzGI Behavioral Advantage Large Cap Fund
For the period of December 1, 2014 through May 31, 2015, as provided by Raife Giovinazzo, CFA, PhD, Portfolio Manager.
Fund Insights
For the reporting period ended May 31, 2015, Class A shares at NAV of the AllianzGI Behavioral Advantage Large Cap Fund (the “Fund”) returned 2.99%, outperforming the S&P 500 Index (the “benchmark index”), which returned 2.97%.
Portfolio Review
Overall, this was a good six months for the Fund, and the economy continues to improve. Our performance was strong in the first quarter, but weak in April and May. We had positive sector allocation and strong stock selection.
We follow a two-step investment process: we begin with a proprietary “smart-beta” index that weights stocks proportional to size and valuation, and then we add an overlay based on behavioral finance. In our behavioral overlay, we buy stocks where investors are over-reacting to past bad performance or under-reacting to good news. For the six month period ended May 31, 2015, our proprietary smart-beta index underperformed, but our behavioral overlay outperformed. Within the behavioral overlay, our over-reaction strategies slightly underperformed, but our under-reaction strategies significantly outperformed. This was unexpected, but not unusual, as performance of each step will vary from period to period. In the long run, we expect our proprietary smart-beta index and both parts of our behavioral overlay to add alpha relative to the benchmark index.
Our stock picks were particularly strong in information technology, materials and health care. On a stock basis, UnitedHealth Group and Walt Disney were our two biggest contributors, both of which we owned primarily due to signs that investors had under-reacted to recent good performance. Our third biggest contributor was Home Depot. Our biggest detractor, however, was Walmart.
Outlook
Our short-term outlook for the stock market is typically neutral, while our long-term outlook is optimistic. In the near term, we believe the US economy is continuing recovery, and volatility is pleasantly low; however, we do see some near-term risks to the global economy from the Greek financial crisis. Over the long run, we expect the stock market to provide superior returns for investors.
Our portfolio is constructed using a “bottom-up” approach that forms an indirect view of the market, but we purposely do not try to base our portfolio on macroeconomic or “top-down” forecasts. Most recently, our bottom-up approach has built a portfolio that is slightly more conservative than average. We continue to have a very positive outlook for our stock-picking approach. Our stock selection process starts with a proprietary “smart-beta” index based on accounting-level measures of size and value, and then adds an active overlay driven by behavioral finance-based strategies. We believe our disciplined approach, used in the Fund’s stock selection and portfolio construction processes, helps to provide a repeatable source of above-benchmark index returns over the long term.
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI Behavioral Advantage Large Cap Fund Class A | 2.99% | 10.98% | 20.24% | |||||||||||
|
|
AllianzGI Behavioral Advantage Large Cap Fund Class A (adjusted) | –2.68% | 4.88% | 18.43% | ||||||||||
| AllianzGI Behavioral Advantage Large Cap Fund Class C | 2.57% | 10.14% | 19.33% | |||||||||||
|
|
AllianzGI Behavioral Advantage Large Cap Fund Class C (adjusted) | 1.79% | 9.31% | 19.33% | ||||||||||
|
|
AllianzGI Behavioral Advantage Large Cap Fund Class D | 3.03% | 11.05% | 20.25% | ||||||||||
|
|
AllianzGI Behavioral Advantage Large Cap Fund Class P | 3.04% | 11.13% | 20.47% | ||||||||||
| AllianzGI Behavioral Advantage Large Cap Fund Institutional Class | 3.14% | 11.33% | 20.62% | |||||||||||
|
|
S&P 500 Index | 2.97% | 11.81% | 19.21% | ||||||||||
| Lipper Multi-Cap Core Funds Average | 3.71% | 9.75% | 16.69% | |||||||||||
† The Fund began operations on 9/8/11. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 8/31/11.
* 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 106 and 107 for more information. The Fund’s gross expense ratios are 1.02% for Class A shares, 1.83% for Class C shares, 4.22% for Class D shares, 0.81% for Class P shares and 0.76% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. The Fund’s expense ratios net of this reduction are 0.81% for Class A shares, 1.57% for Class C shares, 0.81% for Class D shares, 0.65% for Class P shares and 0.55% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2015, as supplemented to date.
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Unaudited
AllianzGI Behavioral Advantage Large Cap Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||
| Class A | Class C | Class D | Class P | Institutional Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,029.90 | $1,025.70 | $1,030.30 | $1,030.40 | $1,031.40 | |||||
| Expenses Paid During Period | $4.10 | $7.93 | $4.10 | $3.29 | $2.79 | |||||
| Hypothetical Performance | ||||||||||
| (5% return before expenses) | ||||||||||
| Class A | Class C | Class D | Class P | Institutional Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,020.89 | $1,017.10 | $1,020.89 | $1,021.69 | $1,022.19 | |||||
| Expenses Paid During Period | $4.08 | $7.90 | $4.08 | $3.28 | $2.77 | |||||
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 (0.81% for Class A, 1.57% for Class C, 0.81% for Class D, 0.65% for Class P and 0.55% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
| Semiannual Report | | May 31, 2015 | 41 |
Table of Contents
Unaudited
AllianzGI Best Styles Emerging Markets Equity Fund
From inception on December 9, 2014 through May 31, 2015, as provided by Dr. Michael Heldmann, CFA, Portfolio Manager.
Fund Insights
For the period from inception on December 9, 2014 through May 31, 2015, Class R6 shares at NAV of the AllianzGI Best Styles Emerging Markets Equity Fund (the “Fund”) returned 4.50%, underperforming the MSCI Emerging Markets Index (the “benchmark index”), which returned 4.90%.
Portfolio Review
The Fund implemented a well-diversified blend of the five long-term successful investment styles, emphasizing value, momentum, earnings change, growth and quality, and as such established a well-diversified mix of contrarian and trend-following investment styles.
In the first half of the reporting period, the Fund underperformed the benchmark index. This was a reflection of the balance of positive performance of trend following investment styles like momentum, revisions and to a lesser extent the negative performance of contrarian investment styles like dividend yield, cash yield, free-cash-flow yield and others. During the reporting period, we saw a pattern of quick moves from investor risk aversion to risk seeking, resulting in increased volatility of high-risk stocks.
Due to high volatility in market sub-segments, the Fund underperformed for the entire reporting period. However, the Fund was able to keep up with the benchmark index and outperform it in the second half of the reporting period, demonstrating the benefits of a well-diversified investment style mix.
The Fund’s 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 outperformance in the second half of the reporting period came from stock selection. Stock selection was strong within the financials and industrials sectors but weaker for stocks within the materials sector.
From a regional point of view, the overall contribution from active weightings was also small. Overweighting Australian companies with a strong focus in emerging markets helped, but an underweight in Asia hurt.
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 contributions from stock selection was strong over the reporting period.
Cumulative Return for the period ended May 31, 2015
| Since Inception† | ||||||
|
|
AllianzGI Best Styles Emerging Markets Equity Fund Class P | 4.42% | ||||
| AllianzGI Best Styles Emerging Markets Equity Fund Institutional Class | 4.43% | |||||
|
|
AllianzGI Best Styles Emerging Markets Equity Fund Class R6 | 4.50% | ||||
|
|
MSCI Emerging Markets Index | 4.90% | ||||
| Lipper Emerging Markets Fund Average | –1.07% | |||||
† 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.
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 106 and 107 for more information. The Fund’s gross expense ratios are 6.14% for Class P shares, 6.04% for Institutional Class shares and 6.04% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. 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 April 1, 2015, as supplemented to date.
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Unaudited
AllianzGI Best Styles Emerging Markets Equity Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||
| Class P | Institutional Class |
Class R6 | ||||
| Beginning Account Value (12/9/14) | $1,000.00 | $1,000.00 | $1,000.00 | |||
| Ending Account Value (5/31/15) | $1,044.20 | $1,044.30 | $1,045.00 | |||
| Expenses Paid During Period | $3.88 | $3.39 | $2.91 | |||
| Hypothetical Performance | ||||||
| (5% return before expenses) | ||||||
| Class P | Institutional Class |
Class R6 | ||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | |||
| Ending Account Value (5/31/15) | $1,020.94 | $1,021.44 | $1,021.94 | |||
| Expenses Paid During Period | $4.03 | $3.53 | $3.02 | |||
The Fund commenced operations on December 9, 2014. The Actual expense example is based on the period since inception; the Hypothetical expense example is based on the period beginning December 1, 2014. If the Hypothetical expense example had been based on the period since inception, the Ending Account Value and Expenses Paid During Period would have been: $1,019.91 and $3.83, respectively, for Class P; $1,020.38 and $3.35, respectively, for Institutional Class; and $1,020.85 and $2.87, respectively, for Class R6.
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 173/365 for the Actual expense example and 182/365 for the Hypothetical expense example.
| Semiannual Report | | May 31, 2015 | 43 |
Table of Contents
Unaudited
AllianzGI Best Styles Global Equity Fund
For the period of December 1, 2014 through May 31, 2015, as provided by Dr. Rainer Tafelmayer, Portfolio Manager.
Fund Insights
For the reporting period ended May 31, 2015, Class A shares at NAV of the AllianzGI Best Styles Global Equity Fund (the “Fund”) returned 5.06%, outperforming the MSCI AC World Index (the “benchmark index”), which returned 3.11%.
Portfolio Review
With respect to the whole reporting period, the Fund’s performance was 1.95% ahead of the benchmark index and exceeded expectations.
In the last month of 2014, the Fund generated stable and strong outperformance of about 0.8% over the benchmark index in sideways markets. During this time trend-following investment styles of momentum and earnings revisions were outperforming the broad market with mostly neutral contributions from the investment style value.
The first quarter of 2015 was an uninspiring quarter for style investing, and hence for the Fund, as most investment style returns were rather low. Small caps were the only major investment style to post strong returns. Consistency of investment style returns was low in the first quarter as January’s investment style winners, earnings revisions and momentum, were February’s investment style losers. This reversed again in March with earnings revisions and momentum once again becoming investment style winners. This pattern resulted in broadly neutral investment style returns. In April, the strong drawdown in trend-following investment styles was not overcompensated by positive contributions from value and small caps. On the other hand, May 2015 was very positive, as the weak investment style performance of the previous month was reversed. The trend-following investment styles of momentum, earnings revisions and growth as well as quality showed strong outperformance. Value was flat to the benchmark index, resulting in an overall outperformance of 1.3% in May.
The Fund’s 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 positive with the largest contributors coming from overweights in the health care sector and underweights in the energy sector. From a regional point of view, the overall contribution from active weightings was also positive, especially from overweights in Japanese stocks and underweights in UK stocks. 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, however in total the performance contributions from stock selection were strongly positive over the past six months. Sector-wise, stock selection was most successful in health care and consumer staples as well as consumer discretionary. Stock selection within regions was particularly successful in the US. Europe and Japan also contributed positively, while the contributions from stock selection in Latin America and Emerging Europe were slightly negative during the reporting period.
Cumulative Return for the period ended May 31, 2015
| 6 Month | 1 Year | Since Inception† | ||||||||||||
| AllianzGI Best Styles Global Equity Fund Class A | 5.06% | 8.57% | 10.29% | |||||||||||
|
|
AllianzGI Best Styles Global Equity Fund Class A (adjusted) | –0.72% | 2.59% | 6.19% | ||||||||||
|
|
AllianzGI Best Styles Global Equity Fund Class P | 5.24% | 8.81% | 10.51% | ||||||||||
| AllianzGI Best Styles Global Equity Fund Institutional Class | 5.20% | 8.86% | 10.58% | |||||||||||
|
|
AllianzGI Best Styles Global Equity Fund Class R6 | 5.31% | 9.00% | 10.71% | ||||||||||
|
|
MSCI AC World Index | 3.11% | 5.08% | 7.82% | ||||||||||
| Lipper Global Multi-Cap Core Funds Average | 3.79% | 5.34% | 6.80% | |||||||||||
† 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.
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 106 and 107 for more information. The Fund’s gross expense ratios are 2.53% for Class A shares, 1.68% for Class P shares, 2.27% for Institutional Class shares and 1.80% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. 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 April 1, 2015, as supplemented to date.
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Unaudited
AllianzGI Best Styles Global Equity Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||
| Class A | Class P | Institutional Class |
Class R6 | |||||
| Beginning Account Value* | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
| Ending Account Value (5/31/15) | $1,050.60 | $1,059.30 | $1,052.00 | $1,053.10 | ||||
| Expenses Paid During Period | $3.83 | $2.71 | $2.56 | $2.05 | ||||
| Hypothetical Performance | ||||||||
| (5% return before expenses) | ||||||||
| Class A | Class P | Institutional Class |
Class R6 | |||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
| Ending Account Value (5/31/15) | $1,021.19 | $1,021.94 | $1,022.44 | $1,022.94 | ||||
| Expenses Paid During Period | $3.78 | $3.02 | $2.52 | $2.02 | ||||
* Class P commenced operations on December 22, 2014. The Actual expense example for Class P is based on the period since inception; the Actual expense example for Class A, Institutional Class and Class R6 and the Hypothetical expense example are based on the period beginning December 1, 2014. If the Hypothetical expense example for Class P had been based on the period since inception, the Ending Account Value and Expenses Paid During Period would have been: $1,019.29 and $2.66, 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 (0.75% 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 182 (160 for Class P)/365 for the Actual expense example and 182/365 for the Hypothetical expense example.
| Semiannual Report | | May 31, 2015 | 45 |
Table of Contents
Unaudited
AllianzGI Best Styles International Equity Fund
From inception on December 9, 2014 through May 31, 2015, as provided by Dr. Michael Heldmann, CFA, Portfolio Manager.
Fund Insights
For the period from inception on December 9, 2014 through May 31, 2015, Class R6 shares at NAV of the AllianzGI Best Styles International Equity Fund (the “Fund”) returned 5.09%, underperforming the MSCI EAFE Index (the “benchmark index”), which returned 6.46%.
Portfolio Review
The Fund implemented a well-diversified blend of the five long-term successful investment styles, emphasizing value, momentum, earnings change, growth and quality, and as such established a well-diversified mix of contrarian and trend-following investment styles.
In the first half of the reporting period, the Fund was in line with the benchmark index. This was a reflection of the balance of the positive performance of trend following investment styles like momentum, revisions and the negative performance of contrarian investment styles like dividend yield, cash yield, free-cash-flow yield and others. During the reporting period, we saw a pattern of quick moves from investor risk aversion to risk seeking, resulting in increased volatility of high-risk stocks.
Due to the high volatility in market sub-segments, the Fund was unable to keep up with the benchmark index and underperformed it in the second half of the reporting period. This was mainly due to a negative contribution from companies in the Asia Pacific region, where in April in particular the outperformance of value did not overcompensate the losses from trend–following investment styles.
The Fund’s 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. Stock selection was strong within the consumer discretionary sector and the health care sector, but weaker for stocks within the consumer staples and energy sectors.
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.
Cumulative Return for the period ended May 31, 2015
| Since Inception† | ||||||
|
|
AllianzGI Best Styles International Equity Fund Class P | 5.01% | ||||
| AllianzGI Best Styles International Equity Fund Institutional Class | 5.01% | |||||
|
|
AllianzGI Best Styles International Equity Fund Class R6 | 5.09% | ||||
|
|
MSCI EAFE Index | 6.46% | ||||
| Lipper International Multi-Cap Core Funds Average | 4.98% | |||||
† 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.
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 106 and 107 for more information. The Fund’s gross expense ratios are 5.90% for Class P shares, 5.80% for Institutional Class shares and 5.80% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. 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 April 1, 2015, as supplemented to date.
| 46 | May 31, 2015 | | Semiannual Report |
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Unaudited
AllianzGI Best Styles International Equity Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||
| Class P | Institutional Class |
Class R6 | ||||
| Beginning Account Value (12/9/14) | $1,000.00 | $1,000.00 | $1,000.00 | |||
| Ending Account Value (5/31/15) | $1,050.10 | $1,050.10 | $1,050.90 | |||
| Expenses Paid During Period | $3.16 | $2.67 | $2.19 | |||
| Hypothetical Performance | ||||||
| (5% return before expenses) | ||||||
| Class P | Institutional Class |
Class R6 | ||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | |||
| Ending Account Value (5/31/15) | $1,021.69 | $1,022.19 | $1,022.69 | |||
| Expenses Paid During Period | $3.28 | $2.77 | $2.27 | |||
The Fund commenced operations on December 9, 2014. The Actual expense example is based on the period since inception; the Hypothetical expense example is based on the period beginning December 1, 2014. If the Hypothetical expense example had been based on the period since inception, the Ending Account Value and Expenses Paid During Period would have been: $1,020.62 and $3.11, respectively, for Class P; $1,021.09 and $2.63, respectively, for Institutional Class; and $1,021.57 and $2.16, respectively, for Class R6.
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 173/365 for the Actual expense example and 182/365 for the Hypothetical expense example.
| Semiannual Report | | May 31, 2015 | 47 |
Table of Contents
Unaudited
AllianzGI Best Styles U.S. Equity Fund
From inception on December 1, 2014 through May 31, 2015, as provided by Karsten Niemann, CFA, Portfolio Manager.
Fund Insights
For the period from inception on December 1, 2014 through May 31, 2015, Class R6 shares at NAV of the AllianzGI Best Styles U.S. Equity Fund (the “Fund”) returned 3.83%, outperforming the S&P 500 Index (the “benchmark index”), which returned 3.67%.
Portfolio Review
The reporting period was positive for the Fund and includes the inception date and is marked by significant flows.
Best Styles centers upon the conviction that investment styles like value or momentum carry risk premiums that can be harvested in a disciplined systematic approach, largely independent from the economic or market environment.
During the reporting period, the performance of the individual investment styles targeted by the fund displayed more volatility compared to the prior twelve months. A very noticeable and positive contributor to the excess returns of the Fund was the strong performance of smaller companies’ style from January onwards. The contribution of trend-following investment styles, momentum and earnings revisions, were neutral to the performance of the Fund as both styles strongly under-performed the market in April, erasing the positive contributions made from December to March. Also noteworthy is the performance of the value investment style. The contribution of value was neutral, but helped stabilize the excess returns due to the low correlation to other styles, especially to momentum and revision.
Stock selection proved successful within the consumer staples (especially Krogers) and health care sectors.
Cumulative Return for the period ended May 31, 2015
| Since Inception† | ||||||
|
|
AllianzGI Best Styles U.S. Equity Fund Class P | 3.68% | ||||
| AllianzGI Best Styles U.S. Equity Fund Institutional Class | 3.82% | |||||
|
|
AllianzGI Best Styles U.S. Equity Fund Class R6 | 3.83% | ||||
|
|
S&P 500 Index | 3.67% | ||||
| Lipper Multi-Cap Core Funds Average | 2.70% | |||||
† 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.
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 106 and 107 for more information. The Fund’s gross expense ratios are 8.80% for Class P shares, 8.70% for Institutional Class shares and 8.70% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. 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 April 1, 2015, as supplemented to date.
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Unaudited
AllianzGI Best Styles U.S. Equity Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||
| Class P | Institutional Class |
Class R6 | ||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | |||
| Ending Account Value (5/31/15) | $1,036.80 | $1,038.20 | $1,038.30 | |||
| Expenses Paid During Period | $3.03 | $2.53 | $2.02 | |||
| Hypothetical Performance | ||||||
| (5% return before expenses) | ||||||
| Class P | Institutional Class |
Class R6 | ||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | |||
| Ending Account Value (5/31/15) | $1,021.94 | $1,022.44 | $1,022.94 | |||
| Expenses Paid During Period | $3.02 | $2.52 | $2.02 | |||
The Fund commenced operations on December 1, 2014. The Actual expense example is based on the period since inception; the Hypothetical expense example is based on the period beginning December 1, 2014. If the Hypothetical expense example had been based on the period since inception, the Ending Account Value and Expenses Paid During Period would have been: $1,021.82 and $3.01, respectively, for Class P; $1,022.32 and $2.51, respectively, for Institutional Class; and $1,022.81 and $2.01, respectively, for Class R6.
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 181/365 for the Actual expense example and 182/365 for the Hypothetical expense example.
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Unaudited
AllianzGI China Equity Fund
For the period of December 1, 2014 through May 31, 2015, as provided by Christina Chung, CFA, Portfolio Manager.
Fund Insights
For the reporting period ended May 31, 2015, Class A shares at NAV of the AllianzGI China Equity Fund (the “Fund”) returned 28.00%, outperforming the MSCI China Index (the “benchmark index”), which returned 22.89%.
Market Environment
For the six-month period ending May 31, 2015, Chinese equities have been one of the best performing asset classes in the world. The major catalyst for such performance was the interest rate cut by the People’s Bank of China (“PBoC”) in November 2014, which was interpreted by investors as the start of an easing cycle in China. Beijing did not fail to meet investors’ expectations—since November 2014, the PBoC conducted three rounds of interest rate cuts and two rounds of reserve requirement ratio (“RRR”) cuts to support the weakening economy and inject liquidity into the market. At the same time, we have seen policy easing on the fiscal front as well. However, this was different from the post financial crisis fiscal easing package; this time around, more effort has been focused on particular industries such as water utilities and environmental protection related industries.
Portfolio Review
Both asset allocation and stock selection have contributed to the Fund’s outperformance over the period. In particular, stock selection in the financials sector contributed strongly, given the liquidity in the market, as well as the pace of financial reforms. These reforms arrived much faster than most investors had anticipated and benefitted companies such as securities firms, insurance companies and exchanges. In terms of financial reforms, the Shanghai-Hong Kong Stock Connect Scheme was launched and became fully operational in the first quarter of 2015. Now foreign investors can participate in the Chinese A-share market without obtaining the Qualified Foreign Institutional Investor quota. In contrast, stock selection in the consumer discretionary sector detracted from the Fund’s relative performance as a result of weakness in the auto sector. Although the Fund has reduced its exposure to the sector over the last six months, we continue to hold our exposure to these companies on the basis of China’s growing and more affluent middle class and the increasing momentum of domestically branded vehicles, which should drive future earnings growth.
The macroeconomic situation in China remains weak, with first quarter 2015 GDP readings at 7.0% year-over-year. Other indicators such as industrial production and export growth continue to decline. The good news is that we have seen a sequential stabilization in the economy, in areas such as retail sales and new home sales.
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI China Equity Fund Class A | 28.00% | 41.96% | 11.79% | |||||||||||
|
|
AllianzGI China Equity Fund Class A (adjusted) | 20.96% | 34.16% | 10.53% | ||||||||||
| AllianzGI China Equity Fund Class C | 27.51% | 40.85% | 10.98% | |||||||||||
|
|
AllianzGI China Equity Fund Class C (adjusted) | 26.51% | 39.85% | 10.98% | ||||||||||
|
|
AllianzGI China Equity Fund Class D | 28.01% | 41.88% | 11.81% | ||||||||||
|
|
AllianzGI China Equity Fund Class P | 28.12% | 42.22% | 12.09% | ||||||||||
| AllianzGI China Equity Fund Institutional Class | 28.17% | 42.31% | 12.18% | |||||||||||
|
|
MSCI China Index | 22.89% | 36.22% | 9.69% | ||||||||||
| Lipper China Region Funds Average | 22.19% | 33.42% | 9.34% | |||||||||||
† 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 106 and 107 for more information. The Fund’s gross expense ratios are 5.73% for Class A shares, 6.92% for Class C shares, 9.06% for Class D shares, 4.74% for Class P shares and 5.93% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. The Fund’s expense ratios net of this reduction are 1.70% for Class A shares, 2.45% for Class C shares, 1.77% for Class D 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 April 1, 2015, as supplemented to date.
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AllianzGI China Equity Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||
| Class A | Class C | Class D | Class P | Institutional Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,280.00 | $1,275.10 | $1,280.10 | $1,281.20 | $1,281.70 | |||||
| Expenses Paid During Period | $9.66 | $13.90 | $10.06 | $8.59 | $8.25 | |||||
| Hypothetical Performance | ||||||||||
| (5% return before expenses) | ||||||||||
| Class A | Class C | Class D | Class P | Institutional Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,016.45 | $1,012.72 | $1,016.11 | $1,017.40 | $1,017.70 | |||||
| Expenses Paid During Period | $8.55 | $12.29 | $8.90 | $7.59 | $7.29 | |||||
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, 1.77% for Class D, 1.51% for Class P and 1.45% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
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Unaudited
AllianzGI Convertible Fund
For the period of December 1, 2014 through May 31, 2015, as provided by Doug Forsyth, CFA, Portfolio Manager.
Fund Insights
For the reporting period ended May 31, 2015, Class A shares at NAV of the AllianzGI Convertible Fund (the “Fund”) returned 5.67%, outperforming the BofA Merrill Lynch All Convertibles Index (the “benchmark index”), which returned 5.28%.
Market Environment
Several factors influenced the convertible market during the period. Risk assets, in general, respond to a wide variety of factors. However, when analyzing the market prices of equities and convertibles, one of the most important elements is an individual company’s operational earnings. The market has enjoyed earnings expansion since the crisis of 2008, and while this pace has not been linear, it has been on an upward trajectory. During the reporting period, a strengthening dollar, severe weather conditions in the Northeast and a West Coast US port shutdown impacted some companies’ earnings.
Energy prices continued to have an effect on the prices of high-yield energy issuers and the day-to-day volatility remained a challenge. Market participants, however, did a better job of isolating the commodity-price impact to those relevant issuers—which was not the case in the second half of 2014. Although prices moved lower overall among issuers in the energy industry, specifically among those in the exploration and production space, many issuers executed capital-market transactions. These transactions, both in new financing and in M&A activity, solidified balance sheets and extended the liquidity runway.
Treasury-rate volatility remained a factor and had a mixed impact on the convertible market. The interest rate-sensitive issuers generally underperformed the overall convertible market.
Another influential factor was the ongoing trend in economic indicators. Data generally pointed to a US economy that is slowly grinding higher. The data was arguably mixed, but the overall neutral to higher economic trend confirms the prospects for a continued low default rate for convertibles. Furthermore, mixed US economic data reinforced the message that the Fed would remain “patient” and the rate hike cycle would be gradual—a positive for risk assets.
Finally, global central banks have continued to be generally accommodative, and the Fed governors have maintained a dovish stance. We believe that the outlook for convertibles under these conditions is clearly positive. Furthermore, we believe investors need to focus on the fact that the Fed will tighten only in response to a more robust economy, which we believe contributes to a more constructive outlook for corporate profits and defaults.
Against this backdrop, convertible bonds advanced alongside stocks. They proved resilient in the face of rising yields and increased volatility in the US Treasury, as well as in the investment grade corporate bond markets.
Portfolio Review
The Fund rallied with the market during the reporting period. The attribution for the period included several positive single-name performers from a variety of sectors. The majority of the Fund’s issuers exceeded earnings expectations, which helped contribute to absolute performance.
The sector allocations that helped relative performance in the period included health care, financials and energy. Negative security selection in health care was more than offset by the Fund’s higher-than-benchmark index allocation. An underweight in the financial sector, along with a stronger issue-specific performance, were beneficial. In the energy sector, the portfolio selections lagged, but an underweight to this underperforming sector more than offset this impact.
In contrast, the Fund’s consumer staples, technology and transportation exposure weighed on relative performance during the reporting period. In particular, an overweight and negative security selection within technology negatively impacted relative performance. The Fund’s underperformance in the consumer staples and transportation sectors was a detractor.
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AllianzGI Convertible Fund (cont’d)
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year | 5 Year | 10 Year | Since Inception† | ||||||||||||||||||
| AllianzGI Convertible Fund Class A | 5.67% | 8.12% | 13.14% | 10.07% | 10.63% | |||||||||||||||||
|
|
AllianzGI Convertible Fund Class A (adjusted) | –0.15% | 2.17% | 11.87% | 9.46% | 10.34% | ||||||||||||||||
| AllianzGI Convertible Fund Class C | 5.27% | 7.33% | 12.32% | 9.26% | 9.80% | |||||||||||||||||
|
|
AllianzGI Convertible Fund Class C (adjusted) | 4.29% | 6.34% | 12.32% | 9.26% | 9.80% | ||||||||||||||||
|
|
AllianzGI Convertible Fund Class D | 5.60% | 7.98% | 13.09% | 10.05% | 10.61% | ||||||||||||||||
|
|
AllianzGI Convertible Fund Class R | 5.49% | 7.77% | 12.77% | 9.76% | 10.33% | ||||||||||||||||
|
|
AllianzGI Convertible Fund Class P | 5.79% | 8.38% | 13.37% | 10.30% | 10.86% | ||||||||||||||||
| AllianzGI Convertible Fund Institutional Class | 5.82% | 8.46% | 13.49% | 10.42% | 10.97% | |||||||||||||||||
| AllianzGI Convertible Fund Administrative Class | 5.68% | 8.19% | 13.20% | 10.10% | 10.64% | |||||||||||||||||
|
|
BofA Merrill Lynch All Convertibles Index | 5.28% | 8.98% | 12.46% | 8.35% | 8.65% | ||||||||||||||||
| Lipper Convertible Securities Funds Average | 4.06% | 6.43% | 10.36% | 6.97% | 8.11% | |||||||||||||||||
† 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 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 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 106 and 107 for more information. The Fund’s expense ratios are 0.97% for Class A shares, 1.70% for Class C shares, 1.02% for Class D shares, 1.30% for Class R shares, 0.74% for Class P shares, 0.65% for Institutional Class shares and 0.89% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2015, as supplemented to date.
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AllianzGI Convertible Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||||||
| Class A | Class C | Class D | Class R | Class P | Institutional Class |
Administrative Class | ||||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
| Ending Account Value (5/31/15) | $1,056.70 | $1,052.70 | $1,056.00 | $1,054.90 | $1,057.90 | $1,058.20 | $1,056.80 | |||||||
| Expenses Paid During Period | $4.82 | $8.70 | $5.48 | $6.56 | $3.75 | $3.28 | $4.62 | |||||||
| Hypothetical Performance | ||||||||||||||
| (5% return before expenses) | ||||||||||||||
| Class A | Class C | Class D | Class R | Class P | Institutional Class |
Administrative Class | ||||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
| Ending Account Value (5/31/15) | $1,020.24 | $1,016.45 | $1,019.60 | $1,018.55 | $1,021.29 | $1,021.74 | $1,020.44 | |||||||
| Expenses Paid During Period | $4.73 | $8.55 | $5.39 | $6.44 | $3.68 | $3.23 | $4.53 | |||||||
For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.94% for Class A, 1.70% for Class C, 1.07% for Class D, 1.28% for Class R, 0.73% for Class P, 0.64% for Institutional Class and 0.90% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365.
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AllianzGI Emerging Markets Consumer Fund
From inception on December 1, 2014 through May 31, 2015, as provided by Kunal Ghosh, Portfolio Manager.
Fund Insights
For the period from inception on December 1, 2014 through May 31, 2015, Class A shares at NAV of the AllianzGI Emerging Markets Consumer Fund (the “Fund”) returned -1.27%, underperforming the MSCI Emerging Markets Index (the “benchmark index”), which returned 2.83%.
Market Environment
During the reporting period, emerging market equities experienced moderate levels of volatility due to changing investor sentiment. In December, equities were hampered by concerns of a strong dollar and the ensuing impact on non-US markets. At the start of calendar year, this trend reversed, given the attractive growth and valuation mix of emerging market equities. Investors then focused on additional stimulus packages and a potentially accommodative US monetary policy which broadly boosted returns in April, particularly for pro-cyclical stocks, which were among the top benchmark index performers. Market performance reversed again in May as sentiment moderated.
During the reporting period, Chinese equities were among the best performers, benefitting from interest rate cuts and investor demand for local market shares. Other Asian countries, including Taiwan, the Philippines and South Korea, were also among the outperformers. Meanwhile, Greece was lower due to the potential impact from its financial calamity, while Latin American economies, including Brazil and Colombia, declined due to slowing growth in the region. Sectors were led by positive performance in information technology, industrials and health care, which were offset by declines in utilities, materials and telecommunications.
Performance impacted by allocation decisions and stock selection
The Fund lagged the benchmark index during the reporting period due to more conservative stock selection. The Fund is strategically focused on local emerging market consumption while avoiding hard-asset and export-oriented stocks, which do not capture secular growth of the rising middle class. The resulting exposure trailed the benchmark index due to investor preference for pro-cyclical stocks during the reporting period.
Selections in consumer discretionary contributed to overall results as did bottom-up stockpicking in the industrials sector, due exclusively to the airline industry. The exclusion of the materials, energy and utilities sectors also contributed to results due to lackluster commodity-related demand. Conversely, a relative underweight coupled with stockpicking in the information technology sector detracted from results, as did stock selection in the health care sector. From a country standpoint, globally-branded companies from developed markets, including the United States and France, contributed to performance, as did consumer-related exposure in Mexico and Brazil. Meanwhile, an underweight allocation and avoidance of pro-cyclical stocks in China offset results, with stock selection in South Korea and Indonesia also lagging the more broadly-based benchmark index.
The largest individual active contributor to performance was China Southern Airlines, which rallied due to higher commercial airline traffic, thanks in part to a surge in Lunar New Year travel. South Korean cosmetics company Amorepacific Corp benefitted from higher demand for skin care, make-up and fragrance products. The largest active detractor for the reporting period was Brazilian insurance provider Qualicorp SA, which was lower due to investor trepidation that the government may attempt to loosen regulations and allow greater portability among plans. Indonesian cigarette manufacturer Gudang Garam Tbk was lower following concerns that the government may raise excise taxes, which could negatively impact gross margins.
We believe investment results will be supported by secular growth in consumer-related stocks. Furthermore, we believe that our behavioral finance-focused investment process and focus on higher quality securities with strong company fundamentals will be drivers of returns for the coming quarters.
Cumulative Return for the period ended May 31, 2015
| Since Inception† | ||||||
| AllianzGI Emerging Markets Consumer Fund Class A | –1.27% | |||||
|
|
AllianzGI Emerging Markets Consumer Fund Class A (adjusted) | –6.70% | ||||
|
|
AllianzGI Emerging Markets Consumer Fund Institutional Class | –1.07% | ||||
|
|
MSCI Emerging Markets Index | 2.83% | ||||
| Lipper Emerging Markets Fund Average | –1.07% | |||||
† 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.
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 106 and 107 for more information. The Fund’s gross expense ratios are 10.32% for Class A shares and 10.07% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. The Fund’s expense ratios net of this reduction are 1.65% for Class A shares and 1.30% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2015, as supplemented to date.
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AllianzGI Emerging Markets Consumer Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||
| Class A | Institutional Class | |||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | ||
| Ending Account Value (5/31/15) | $987.30 | $989.30 | ||
| Expenses Paid During Period | $8.13 | $6.41 | ||
| Hypothetical Performance | ||||
| (5% return before expenses) | ||||
| Class A | Institutional Class | |||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | ||
| Ending Account Value (5/31/15) | $1,016.70 | $1,018.45 | ||
| Expenses Paid During Period | $8.30 | $6.54 | ||
The Fund commenced operations on December 1, 2014. The Actual expense example is based on the period since inception; the Hypothetical expense example is based on the period beginning December 1, 2014. If the Hypothetical expense example had been based on the period since inception, the Ending Account Value and Expenses Paid During Period would have been: $1,016.61 and $8.25, respectively, for Class A; and $1,018.35 and $6.51, respectively, for Institutional Class.
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 (1.65% for Class A and 1.30% for Institutional Class), multiplied by the average account value over the period, multiplied by 181/365 for the Actual expense example and 182/365 for the Hypothetical expense example.
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Unaudited
AllianzGI Emerging Markets Debt Fund
For the period of December 1, 2014 through May 31, 2015, as provided by Zeke Diwan, Portfolio Manager.
Fund Insights
For the reporting period ended May 31, 2015, Class A shares at NAV of the AllianzGI Emerging Markets Debt Fund (the “Fund”) returned 0.55%, outperforming the 40% JPM EMBI Global Diversified, 40% JPM CEMBI Broad Diversified, 20% JPM GBI Global EM Diversified Index (the “benchmark index”), which returned -0.55%.
Portfolio Review
Over the reporting period, the emerging markets hard currency sovereign debt universe posted a 0.89% return and hard currency corporate debt posted a 2.63% return. Relative to the US dollar, emerging markets local currencies dramatically underperformed, returning -9.42% for the period. Our weighting in local currencies throughout the reporting period averaged below 5%, whereas the blended benchmark index has a weighting of 20%. This contributed positively to our relative performance.
Throughout December 2014 and January 2015, the emerging market debt universe continued to be negatively impacted by a seasonal lack of liquidity, as well as the down-trade in commodity prices, in particular the continued sell-off in crude oil prices. Net oil exporters, including Venezuela, Russia, Nigeria, Iraq, Azerbaijan, Kazakhstan and Malaysia fared poorly. Negative risk sentiment was compounded by specific, idiosyncratic risks in benchmark index countries. Venezuela, impacted by oil, continues to fail to implement macro adjustments. The conflict between Russia and the Ukraine weighed on both economies, due to the Ukraine verging on default, and the embargo against Russia driving the economy into recession.
The corruption scandal at Petrobras in Brazil led to spread widening across Brazilian sovereign and corporate credits. Our portfolio was negatively impacted by holdings in Brazilian assets, including sovereign/quasi-sovereign names and exposure to OAS, a company implicated in the Petrobras ‘car wash’ investigation. Malaysia was also impacted by a corruption investigation of the state development bank.
The Fund was positioned favorably with over weights, primarily in oil importers, including India, Indonesia, Pakistan, Morocco and the Dominican Republic. These holdings saw positive gains as the market ultimately differentiated between oil importers and exporters, and improvements began to show in importers’ fiscal balance sheets. Holdings in KazMunayGas detracted from performance, and these holdings were paired during 1Q and early 2Q 2015. Holdings in PDVSA and Peru similarly came under pressure, contributing negatively to performance.
Political considerations played an important role in our positioning throughout the spring of 2015. The Fund avoided sovereign risk in Nigeria and Turkey in advance of Presidential elections, while underweighted positioning in Zambia yielded outperformance as the debt of these countries came under pressure. Conversely, we increased exposure in Argentine debt as the country heads to elections in the second half of this year and sentiment improves. The improved sentiment comes on the back of an anticipated regime change, subsequent economic reforms and a potential settlement with hold-out creditors on defaulted securities following elections.
Other improvements in idiosyncratic factors came into play in March 2015. Russia enacted a $50 billion repo facility in the markets, providing liquidity to banks, who, in turn, invested in sovereign and quasi-sovereign bonds, dramatically re-pricing the Russian secondary market. Our positioning in quasi-sovereign and corporate Russian credits benefited from strong relative gains as the market tightened.
Asian markets benefited from a number of factors. A majority of countries in the region are net oil importers, thus profiting from lower oil prices. Growth relative to the rest of emerging markets continues to be led by China, and an absence of net issuance in Central Europe and Latin America, due to the exclusion of Russia and Brazil from the primary markets, led to capital repositioning into Asia. Chinese property developers, a significant sector in the market, benefited from a 100 basis points reduction in the RRR by China’s central bank. Additionally, easing measures were announced that included reduction in the down-payment ratio and business tax on secondary house transactions, which improved sentiment in this investment area and thus benefitted holdings in our portfolio.
Sentiment continued to improve in emerging markets in April and May as oil prices stabilized around $60 per barrel. Tail-risks were reduced in Russia, as fighting in Eastern Ukraine lulled somewhat. Petrobras released audited financials, alleviating investors’ worst-case concerns, and followed with financing raises from Chinese investors as well as the issuance of a $2.5 billion hundred-year bond.
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, we aim to allocate risk across these strategies within the portfolio in order to achieve maximized returns on a risk adjusted basis. While the blended benchmark index is offered for relative comparison, the Fund is managed on a total return rather than a benchmark index basis.
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AllianzGI Emerging Markets Debt Fund (cont’d)
Cumulative Return for the period ended May 31, 2015
| 6 Month* | Since Inception† | |||||||||
| AllianzGI Emerging Markets Debt Fund Class A | 0.55% | 0.01% | ||||||||
|
|
AllianzGI Emerging Markets Debt Fund Class A (adjusted) | –3.22% | –3.74% | |||||||
| AllianzGI Emerging Markets Debt Fund Class C | 0.15% | –0.52% | ||||||||
|
|
AllianzGI Emerging Markets Debt Fund Class C (adjusted) | –0.84% | –1.50% | |||||||
|
|
AllianzGI Emerging Markets Debt Fund Class P | 0.63% | 0.09% | |||||||
|
|
AllianzGI Emerging Markets Debt Fund Institutional Class | 0.69% | 0.22% | |||||||
|
|
40% JPM EMBI Global Div, 40% JPM CEMBI Broad Div, 20% JPM GBI Global EM Div | –0.55% | –0.29% | |||||||
† 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 106 and 107 for more information. The Fund’s gross expense ratios are 2.10% for Class A shares, 2.84% for Class C shares, 1.87% for Class P shares and 1.84% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. 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 April 1, 2015, as supplemented to date.
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Unaudited
AllianzGI Emerging Markets Debt Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||
| Class A | Class C | Class P | Institutional Class | |||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
| Ending Account Value (5/31/15) | $1,005.50 | $1,001.50 | $1,006.30 | $1,006.90 | ||||
| Expenses Paid During Period | $6.20 | $9.93 | $5.45 | $4.95 | ||||
| Hypothetical Performance | ||||||||
| (5% return before expenses) | ||||||||
| Class A | Class C | Class P | Institutional Class | |||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
| Ending Account Value (5/31/15) | $1,018.75 | $1,015.01 | $1,019.50 | $1,020.00 | ||||
| Expenses Paid During Period | $6.24 | $10.00 | $5.49 | $4.99 | ||||
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 (1.24% for Class A, 1.99% for Class C, 1.09% for Class P and 0.99% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
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Unaudited
AllianzGI Emerging Markets Small-Cap Fund
From inception on December 1, 2014 through May 31, 2015, as provided by Kunal Ghosh, Portfolio Manager.
Fund Insights
For the period from inception on December 1, 2014 through May 31, 2015, Class A shares at NAV of the AllianzGI Emerging Markets Small-Cap Fund (the “Fund”) returned 12.01%, outperforming the MSCI Emerging Markets Small Cap Index (the “benchmark index”), which returned 11.79%.
Market Environment
During the reporting period, emerging market equities experienced moderate levels of volatility due to changing investor sentiment. In December, equities were hampered by concerns of a strong dollar and the ensuing impact on non-US markets. At the start of the calendar year, this trend reversed, given the attractive growth and valuation mix of emerging market equities. Investors then focused on additional stimulus packages and a potentially accommodative US monetary policy which broadly boosted returns in April, particularly for pro-cyclical stocks, which were among the top benchmark index performers. Market performance reversed again in May as sentiment moderated.
During the reporting period, Chinese equities were among the best performers, benefitting from interest rate cuts and investor demand for local market shares. Other Asian countries, including Taiwan, the Philippines and South Korea, were also among the outperformers. Meanwhile, Greece was lower due to the potential impact from its financial calamity, while Latin American economies, including Brazil and Colombia, declined due to slowing growth in the region. Sectors were led by positive performance in information technology, industrials and health care, which were offset by declines in utilities, materials and telecommunications.
Performance driven by positive stock selection
The Fund benefitted from the vast inefficiencies in emerging market small-cap equities. Positive stock selection and allocation decisions at both the country and sector level contributed to performance during the reporting period.
Specifically, stockpicking in industrials added meaningfully to results due to selections in transportation infrastructure, airlines and construction & engineering industries, which benefitting from pro-cyclical demand. Bottom-up selections in consumer discretionary, financials and materials also proved advantageous. Conversely, stock selection in utilities and information technology lagged the benchmark index. From a country standpoint, overweight allocations and positive stockpicking in China and South Korea contributed to results, as did bottom-up selections in Brazil. Meanwhile, selections in Taiwan and Poland moderated results during the reporting period.
The largest individual active contributor to performance was China Southern Airlines, which rallied due to higher commercial airline traffic, thanks in part to a surge in Lunar New Year travel. Shares of Chinese transportation infrastructure company Xiamen International Port Co. Ltd. advanced due to government stimulus packages and positive investor sentiment. The largest active detractor for the reporting period was Polish electric utility Tauron Polska Energia SA, which was lower on concerns about earnings before interest, taxes, depreciation and amortization (“EBITDA”) margin declines. Shares of United Laboratories International declined for the quarter following Wall Street analyst’s concerns of moderation in sales growth and declining gross margins.
We believe investment results will be supported by earnings growth and that our behavioral finance-focused investment process and focus on higher quality securities with strong company fundamentals will be a driver of returns for the coming periods.
Cumulative Return for the period ended May 31, 2015
| Since Inception† | ||||||
| AllianzGI Emerging Markets Small-Cap Fund Class A | 12.01% | |||||
|
|
AllianzGI Emerging Markets Small-Cap Fund Class A (adjusted) | 5.85% | ||||
|
|
AllianzGI Emerging Markets Small-Cap Fund Institutional Class | 12.16% | ||||
|
|
MSCI Emerging Markets Small Cap Index | 11.79% | ||||
| Lipper Emerging Markets Hard Currency Debt Funds Average | –1.07% | |||||
† 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.
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 106 and 107 for more information. The Fund’s gross expense ratios are 10.34% for Class A shares and 10.09% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. 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 April 1, 2015, as supplemented to date.
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Unaudited
AllianzGI Emerging Markets Small-Cap Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||
| Class A | Institutional Class | |||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | ||
| Ending Account Value (5/31/15) | $1,120.10 | $1,121.60 | ||
| Expenses Paid During Period | $9.72 | $7.89 | ||
| Hypothetical Performance | ||||
| (5% return before expenses) | ||||
| Class A | Institutional Class | |||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | ||
| Ending Account Value (5/31/15) | $1,015.71 | $1,017.45 | ||
| Expenses Paid During Period | $9.30 | $7.54 | ||
The Fund commenced operations on December 1, 2014. The Actual expense example is based on the period since inception; the Hypothetical expense example is based on the period beginning December 1, 2014. If the Hypothetical expense example had been based on the period since inception, the Ending Account Value and Expenses Paid During Period would have been: $1,015.62 and $9.25, respectively, for Class A; and $1,017.36 and $7.50, respectively, for Institutional Class.
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 181/365 for the Actual expense example and 182/365 for the Hypothetical expense example.
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Unaudited
AllianzGI Europe Equity Dividend Fund
From inception on February 2, 2015 through May 31, 2015, as provided by Neil Dwane, CFA, and Joerg de Vries-Hippen, CFA, Co-Portfolio Managers.
Fund Insights
For the period from inception on February 2, 2015 through May 31, 2015, Class A shares at NAV of the AllianzGI Europe Equity Dividend Fund (the “Fund”) returned 1.80%, underperforming the MSCI Europe Total Return (NET) Index (the “benchmark index”), which returned 6.43%.
Market Environment
European companies posted absolute gains over the course of the reporting period. Smaller European companies registered the strongest gains, posting double-digit absolute gains.
The ECB’s launch of its Quantitative Easing (“QE”) program, the weak euro, improving euro-zone economic data, the more dovish-than-expected Fed meeting in March, the rate cut in China and the Minsk II ceasefire agreement all provided tailwinds for equity markets in the first quarter of 2015. Weakening economic data in the US and China, the lackluster US earnings season, the Swiss National Bank (“SNB”) scrapping the euro cap on the franc and the win of left-wing party Syriza in the Greek election temporarily put pressure on equity markets. Share prices vaulted to new all-time highs in May amid a wave of monetary easing from the world’s central banks. Policymakers in more than 20 countries have slashed borrowing costs in an effort to spur growth and fight weak—and in some cases negative—inflation. The ECB offered the biggest tailwind for equity markets. In January, the ECB announced the launch of its QE program of €60bn a month from March 2015 to September 2016, which began on March 9th. The ECB raised its 2015 GDP growth forecast for the euro zone from 1.0% to 1.5%. Against the backdrop of ECB’s QE program, global investors steadily increased their exposure to European equities. Towards the end of the reporting period worries over a deadlock in Greece’s attempts to strike a deal with its international creditors unsettled investors. Greece made a payment to the International Monetary Fund (“IMF”) in mid-May, but investors are worried that Greece might not be able to make the next payment due in early June. Market participants were also worried about the upcoming elections in the UK, however, the pro-business conservatives won a further five years in power. The sell-off in eurozone bond markets continued in the first half of May due to heavy debt supply, less pessimism about the eurozone economy and easing downward pressure on inflation.
Portfolio Review
Stock selection contributed negatively to the Fund’s active performance. Selection detracted most within the financials, utilities and health care sectors. Country structure detracted from active performance due to an overweight in the UK and an underweight in Switzerland, Denmark and the Netherlands. Sector structure was the main detractor from performance due to an overweight in the energy and utilities sectors and an underweight in the health care sector.
During the reporting period, the Fund’s largest overweights relative to the benchmark index were in the energy and telecom services sectors, while the largest underweights were in the health care sector followed by the materials sector. With regard to country exposure, the largest overweights were in the UK and Norway, while the largest underweights were in Switzerland and Germany.
The strongest stock contributors to performance were the positions in Nokian Renkaat (Finland), Drillisch (Germany) and Freenet (Germany), whilst the positions in Munich Re (Germany), Centrica (UK) and Total (France) were the largest detractors. Finnish tire producer Nokian Renkaat benefitted from a stabilization of the situation in Russia, which is an important market for the company. Drillisch, a German telecom-reseller, and Freenet, an internet and telecom services company, benefitted from a combination of good results, market consolidation and fading concerns about the companies’ market positions. Munich Re, the world’s leading re-insurance company, suffered from softer pricing within the sector. UK utility Centrica disappointed on results. In line with the other oil and gas companies, French integrated oil company Total was weighed down by a sideward move in the oil price.
Cumulative Return for the period ended May 31, 2015
| Since Inception† | ||||||
| AllianzGI Europe Equity Dividend Fund Class A | 1.80% | |||||
|
|
AllianzGI Europe Equity Dividend Fund Class A (adjusted) | –3.80% | ||||
| AllianzGI Europe Equity Dividend Fund Class C | 1.60% | |||||
|
|
AllianzGI Europe Equity Dividend Fund Class C (adjusted) | 0.60% | ||||
|
|
AllianzGI Europe Equity Dividend Fund Class P | 1.87% | ||||
|
|
AllianzGI Europe Equity Dividend Fund Institutional Class | 1.87% | ||||
|
|
MSCI Europe Total Return (Net) Index |
6.43% | ||||
| Lipper European Region Fund Average |
8.69% | |||||
† 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.
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 106 and 107 for more information. The Fund’s gross expense ratios are 10.59% for Class A shares, 11.34% for Class C shares, 10.44% for Class P shares and 10.34% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. 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 April 1, 2015, as supplemented to date.
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AllianzGI Europe Equity Dividend Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||
| Class A | Class C | Class P | Institutional Class | |||||
| Beginning Account Value (2/2/15) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
| Ending Account Value (5/31/15) | $1,018.00 | $1,016.00 | $1,018.70 | $1,018.70 | ||||
| Expenses Paid During Period | $3.91 | $6.35 | $3.43 | $3.10 | ||||
| Hypothetical Performance | ||||||||
| (5% return before expenses) | ||||||||
| Class A | Class C | Class P | Institutional Class | |||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
| Ending Account Value (5/31/15) | $1,018.95 | $1,015.21 | $1,019.70 | $1,020.19 | ||||
| Expenses Paid During Period | $6.04 | $9.80 | $5.29 | $4.78 | ||||
The Fund commenced operations on February 2, 2015. The Actual expense example is based on the period since inception; the Hypothetical expense example is based on the period beginning December 1, 2014. If the Hypothetical expense example had been based on the period since inception, the Ending Account Value and Expenses Paid During Period would have been: $1,012.28 and $3.90, respectively, for Class A; $1,009.86 and $6.34, respectively, for Class C; $1,012.77 and $3.42, respectively, for Class P; and $1,013.09 and $3.09, respectively, for Institutional Class.
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, 1.05% for Class P and 0.95% for Institutional Class), multiplied by the average account value over the period, multiplied by 118/365 for the Actual expense example and 182/365 for the Hypothetical expense example.
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Unaudited
AllianzGI Global Fundamental Strategy Fund
For the period of December 1, 2014 through May 31, 2015, as provided by Andreas Utermann, Portfolio Manager.
Fund Insights
For the period ended May 31, 2015, Class A shares at NAV of the AllianzGI Global Fundamental Strategy Fund (the “Fund”), returned 0.90%, outperforming the USD Overnight LIBOR, which returned 0.06%.
Market Environment
During this six-month period, global equity markets recovered well from their initial negative start. US markets were affected by the strong dollar, an economic slowdown in the first quarter of the year and are lagging almost every major stock market. As expected, the ECB introduced QE on March 9, 2015, which inflated European bond prices and drove yields down. This expansionary policy put extreme pressure on the euro and was compounded by the election success of the anti-austerity Syriza party in the Greek elections. Investors are still unsettled by the situation in Greece, although so far all payments to the IMF have been made on time.
Italy, Spain and France have all reported positive growth during the past six months, however, economic data from Germany in May was weak.
Portfolio Review
The Fund performed well during this period. Some investments proved to be very profitable and the sale of our holdings in the German real estate market returned a healthy profit. Other positive contributors were tech stocks and Italian government bonds. We continue to overwrite equity positions with derivatives—selling call positions in the Fund on various names like Amazon, Microsoft and Apple.
On the negative side, the oil, materials and cyclicals sectors had a difficult first half of the year and dragged performance down. Oil has recently begun to pick up again and our holdings showed double-digit returns in April.
During the reporting period, emerging markets local currency bonds did not contribute as strongly to performance as in the previous period. Though emerging markets bonds and currencies are not performing well in the current low-rate environment, they are still attractive for long-term investors. Nominal returns seem attractive and many local currencies are undervalued.
At the close of the reporting period, the Fund held approximately 49% of the portfolio in fixed income securities, 36% in equities and the remaining holdings in cash and derivatives.
We continue to believe that emerging markets will turn around this year, as we believe there are signs of the early stages of recovery in some countries. We have been wary of government bonds and duration and this position is being vindicated. Having a reasonably short duration position did not have a negative impact on our return-oriented fund. We continue to maintain our stance that emerging markets and cyclical equities are valuable investments within the context of a recovering global economy. Although these holdings are currently lagging other asset classes, we believe that they will satisfy our minimum yield and risk criteria over the mid to longer term. The strength of the USD is likely to re-distribute global growth. The US is already showing signs of a weakening economy, while Europe is making strong advances on the back of a weaker euro. We believe it is likely that the emerging markets will benefit from currency depreciation at some point later in the cycle.
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI Global Fundamental Strategy Fund Class A | 0.90% | 0.03% | 4.38% | |||||||||||
|
|
AllianzGI Global Fundamental Strategy Fund Class A (adjusted) | –4.65% | –5.47% | 1.34% | ||||||||||
| AllianzGI Global Fundamental Strategy Fund Class C | 0.48% | –0.77% | 3.57% | |||||||||||
|
|
AllianzGI Global Fundamental Strategy Fund Class C (adjusted) | –0.50% | –1.74% | 3.57% | ||||||||||
|
|
AllianzGI Global Fundamental Strategy Fund Class D | 0.88% | 0.01% | 4.37% | ||||||||||
|
|
AllianzGI Global Fundamental Strategy Fund Class P | 0.88% | 0.13% | 4.51% | ||||||||||
|
|
AllianzGI Global Fundamental Strategy Fund Institutional Class | 0.99% | 0.24% | 4.63% | ||||||||||
|
|
USD Overnight LIBOR | 0.06% | 0.11% | 0.10% | ||||||||||
|
|
70% MSCI ACWI/30% Barclays Global Aggregate Index | 1.19% | 1.69% | 8.90% | ||||||||||
|
|
USD Overnight LIBOR + 4% | 2.10% | 4.24% | 4.24% | ||||||||||
| Lipper Absolute Return Funds Average | 1.29% | 2.19% | 3.29% | |||||||||||
† 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 106 and 107 for more information. The Fund’s gross expense ratios are 2.36% for Class A shares, 3.14% for Class C shares, 2.95% for Class D shares, 2.14% for Class P shares and 2.15% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. The Fund’s expense ratios net of this reduction are 1.25% for Class A shares, 2.00% for Class C shares, 1.25% for Class D 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 April 1, 2015, as supplemented to date.
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AllianzGI Global Fundamental Strategy Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||
| Class A | Class C | Class D | Class P | Institutional Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,009.00 | $1,004.80 | $1,008.80 | $1,008.80 | $1,009.90 | |||||
| Expenses Paid During Period | $6.26 | $10.00 | $6.26 | $5.51 | $5.01 | |||||
| Hypothetical Performance | ||||||||||
| (5% return before expenses) | ||||||||||
| Class A | Class C | Class D | Class P | Institutional Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,018.70 | $1,014.96 | $1,018.70 | $1,019.45 | $1,019.95 | |||||
| Expenses Paid During Period | $6.29 | $10.05 | $6.29 | $5.54 | $5.04 | |||||
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, 1.25% for Class D, 1.10% for Class P and 1.00% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
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Unaudited
AllianzGI Global Managed Volatility Fund
For the period from December 1, 2014 to May 31, 2015, as provided by Steve Tael, Ph.D., CFA, Portfolio Manager.
Fund Insights
For the reporting period ended May 31, 2015, Class A shares at NAV of the AllianzGI Global Managed Volatility Fund (the “Fund”) returned 0.32%, underperforming the MSCI World Index (the “benchmark index”), which returned 3.38%.
Market Environment
During the reporting period, developed market stocks advanced as investors weighed the eventual Fed interest rate hike with the ECB’s and the Bank of Japan’s (“BOJ”) continued quantitative easing (“QE”) policies.
The continuation of QE in Japan led equities in that market to be the star benchmark index performers. Countries composing smaller benchmark index weights, including Denmark and Israel, also performed well for the benchmark index. The United States, which represents the largest weight in the benchmark index, performed near the middle of the pack in terms of returns. Canadian and Spanish equities in the benchmark index trailed the broader benchmark index.
Sector performance was mostly positive for the period. The health care and consumer discretionary sectors contributed positively to the benchmark index, while the energy and utilities sectors were the only two to contribute negatively to benchmark index performance.
We anticipate continued “risk on/risk off” periods for the foreseeable future, as volatility and market risk remain given divergences in the global macroeconomic environment. As in previous periods, we anticipate that macro events will likely continue to have significant influence on equity markets.
Portfolio Review
The managed volatility investment process takes advantage of the fact that stocks can have complementary risk characteristics, and creates a portfolio with lower expected risk than the benchmark index over time. Our expectation is that this lower risk profile will result in outperformance over time by minimizing the impact of market downturns and allowing our clients to benefit through the role of compounding.
An important driver of the Fund’s performance relative to the benchmark index was country selection. The Fund’s underweight in Japan and overweight in Canada, relative to the benchmark index, were negative contributors to the Fund’s performance. The Fund was underweight Japanese equities during a period of significant policy stimulus and positive performance of Japanese equities overall. With regards to Canadian equities, the oil and gas and financial services industries account for a significant portion of the Canadian equity market capitalization. The rapid fall of oil and gas prices and an indebted Canadian consumer dragged down the performance of Canadian equities. The Fund’s underweight in United Kingdom equities relative to the benchmark index was a positive contributor to the Fund’s performance. The run up to the May 2015 general election generated significant uncertainty over whether a single party would have a clear majority to govern.
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI Global Managed Volatility Fund Class A | 0.32% | 5.19% | 10.10% | |||||||||||
|
|
AllianzGI Global Managed Volatility Fund Class A (adjusted) | –5.19% | -0.59% | 8.31% | ||||||||||
| AllianzGI Global Managed Volatility Fund Class C | 0.03% | 4.53% | 9.33% | |||||||||||
|
|
AllianzGI Global Managed Volatility Fund Class C (adjusted) | –0.87% | 3.60% | 9.33% | ||||||||||
|
|
AllianzGI Global Managed Volatility Fund Class D | 0.31% | 5.17% | 10.11% | ||||||||||
|
|
AllianzGI Global Managed Volatility Fund Class P | 0.42% | 5.43% | 10.37% | ||||||||||
|
|
AllianzGI Global Managed Volatility Fund Institutional Class | 0.50% | 5.52% | 10.46% | ||||||||||
|
|
MSCI World Index | 3.38% | 5.70% | 16.37% | ||||||||||
|
|
MSCI World Minimum Volatility Index | 4.00% | 10.50% | 13.40% | ||||||||||
| Lipper Global Multi-Cap Value Funds Average | 2.96% | 2.21% | 12.75% | |||||||||||
† 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
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 106 and 107 for more information. The Fund’s gross expense ratios are 2.68% for Class A shares, 3.39% for Class C shares, 2.79% for Class D shares, 2.38% for Class P shares and 2.30% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. The Fund’s expense ratios net of this reduction are 1.02% for Class A shares, 1.71% for Class C shares, 0.98% for Class D shares, 0.78% for Class P shares and 0.69% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2015, as supplemented to date.
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AllianzGI Global Managed Volatility Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||
| Class A | Class C | Class D | Class P | Institutional Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,003.20 | $1,000.30 | $1,003.10 | $1,004.20 | $1,005.00 | |||||
| Expenses Paid During Period | $4.74 | $8.13 | $4.64 | $3.50 | $3.00 | |||||
| Hypothetical Performance | ||||||||||
| (5% return before expenses) | ||||||||||
| Class A | Class C | Class D | Class P | Institutional Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,020.19 | $1,016.80 | $1,020.29 | $1,021.44 | $1,021.94 | |||||
| Expenses Paid During Period | $4.78 | $8.20 | $4.68 | $3.53 | $3.02 | |||||
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 (0.95% for Class A, 1.63% for Class C, 0.93% for Class D, 0.70% for Class P and 0.60% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
| Semiannual Report | | May 31, 2015 | 69 |
Table of Contents
Unaudited
AllianzGI Global Sustainability Fund
From inception on December 9, 2014 through May 31, 2015, as provided by Paul Schofield, Portfolio Manager.
Fund Insights
For the period from inception on December 9, 2014 through May 31, 2015, Class A shares at NAV of the AllianzGI Global Sustainability Fund (the “Fund”) returned 3.87%, underperforming the MSCI AC World Index (the “benchmark index”), which returned 4.45%.
Market Environment
Global equities continued to post modest gains, underpinned by accommodative monetary policies, particularly in Europe and Japan. Uncertainty over the timing of a Fed interest rate hike remained. Nevertheless, in April, bond markets began to sell off in the US and Europe. Among developed markets, Japan led the way higher, followed by the Eurozone. In emerging markets China outperformed.
In the US, weak first quarter corporate earnings announcements initially weighed on equities, but they soon recovered as the weakness was mainly due to the stronger dollar and lower oil prices. April industrial production declined for the fifth consecutive month and retail sales once again disappointed. However, the labor market remained buoyant with 223,000 new jobs created in April and the unemployment rate fell to a seven year low of 5.4%. Core consumer price inflation rose 0.3% month-on-month, increasing the odds that the Fed will raise interest rates later this year.
In Europe, euro-zone first quarter GDP was mixed. Germany’s disappointing growth of 0.3% quarter-on-quarter was offset by better-than-expected growth from France and Italy. The ECB boosted sentiments by announcing its frontload bond purchases, due to low market liquidity in the summer months. However, the ongoing stalemate between Greece and its international creditors to restructure its debt obligations was an ongoing concern.
In Japan, the Nikkei 225 Index reached a 15-year high, aided by positive macroeconomic indicators and solid earnings announcements. Equity markets in China continued to move higher, although volatility increased due to concerns that the liquidity-fueled buying frenzy was creating a bubble.
Portfolio Review
Stock selection was positive in the consumer staples, consumer discretionary and energy sectors. An underweight in the utilities sector and an overweight in the health care sector also contributed positively, while stock selection in the financials and health care sectors detracted. From a country stock selection perspective, Spain and the UK were positive contributors, while stockpicking in Japan detracted.
Starbucks was the top contributor for the second quarter of the 2015 fiscal year, as earnings per share rose 18% year-on-year, driven by strong same-store-sales growth of 7% globally. The company continues to have multiple growth opportunities in the times ahead. The roll out of their mobile “order and pay” feature is proceeding smoothly and Starbucks aims to double food revenue to over $4 billion over the next five years. The company also has a target of doubling its store count in China by 2019.
American Express was the top detractor. The company lost a major US corporate customer which will present a short-term headwind but we believe the company continues to be well-positioned in the longer term. The card payments market remains robust and first quarter 2015 results showed a 7% increase in card spending (in constant currency). In addition, we believe the American Express brand and closed loop network have major competitive advantages and the company has good management with a deep bench.
Outlook
The ongoing rise in asset prices continues unabated, supported by abundant liquidity and the receding concerns over the pace, size and impact of the Fed’s tightening. This steady build-up in valuations is occurring against a backdrop of uncertainty over the strength of the global economy, weak earnings growth, and significant political noise and rising concerns over central banks’ exit strategies from quantitative easing. In short, some caution is warranted. If interest rates eventually rise as a result of improving global economic momentum, we believe markets are likely to grow into current valuations through higher corporate earnings. We believe that this implies that market gains over the near term are likely to be muted and active management is required to augment returns.
Cumulative Return for the period ended May 31, 2015
| Since Inception† | ||||||
| AllianzGI Global Sustainability Fund Class A | 3.87% | |||||
|
|
AllianzGI Global Sustainability Fund Class A (adjusted) | –1.85% | ||||
|
|
AllianzGI Global Sustainability Fund Class P | 3.93% | ||||
|
|
AllianzGI Global Sustainability Fund Institutional Class | 4.00% | ||||
|
|
MSCI AC World Index |
4.45% | ||||
|
|
Dow Jones Sustainability World Total Return Index | 2.05% | ||||
| Lipper Global Multi-Cap Growth Fund Average | 4.44% | |||||
† 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.
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 106 and 107 for more information. The Fund’s gross expense ratios are 10.02% for Class A shares, 9.87% for Class P shares and 9.77% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. 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 April 1, 2015, as supplemented to date.
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Table of Contents
Unaudited
AllianzGI Global Sustainability Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||
| Class A | Class P | Institutional Class | ||||
| Beginning Account Value (12/9/14) | $1,000.00 | $1,000.00 | $1,000.00 | |||
| Ending Account Value (5/31/15) | $1,038.70 | $1,039.30 | $1,040.00 | |||
| Expenses Paid During Period | $5.80 | $5.07 | $4.59 | |||
| Hypothetical Performance | ||||||
| (5% return before expenses) | ||||||
| Class A | Class P | Institutional Class | ||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | |||
| Ending Account Value (5/31/15) | $1,018.95 | $1,019.70 | $1,020.19 | |||
| Expenses Paid During Period | $6.04 | $5.29 | $4.78 | |||
The Fund commenced operations on December 9, 2014. The Actual expense example is based on the period since inception; the Hypothetical expense example is based on the period beginning December 1, 2014. If the Hypothetical expense example had been based on the period since inception, the Ending Account Value and Expenses Paid During Period would have been: $1,018.01 and $5.74, respectively, for Class A; $1,018.72 and $5.02, respectively, for Class P; and $1,019.20 and $4.55, respectively, for Institutional Class.
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 173/365 for the Actual expense example and 182/365 for the Hypothetical expense example.
| Semiannual Report | | May 31, 2015 | 71 |
Table of Contents
Unaudited
AllianzGI Global Water Fund
For the period from December 1, 2014 through May 31, 2015, as provided by Andreas Fruschki, CFA, Portfolio Manager.
Fund Insights
For the reporting period ended May 31, 2015, Class A shares at NAV of the AllianzGI Global Water Fund (the “Fund”) returned 4.57%, outperforming the S&P Global Water Index (the “benchmark index”), which returned 4.55%.
Portfolio Review
The performance of water-related stocks as measured by the benchmark index’s absolute performance was strong over the period and the Fund outperformed the benchmark index, the S&P 500 Index and the MSCI AC World Index.
The best performing stocks during the period included Georg Fischer and Uponor, both leaders in modern light-weight water pipes, and Beijing Enterprises Water, a company actively working to improve China’s water quality.
Stocks that detracted from performance for the period included those active in water technology, such as Franklin Electric, Xylem, Watts Water, Arcadis and Mueller Water. The fight against water shortages and the increase in droughts has made investments in water infrastructure high on the list of priorities. Meanwhile, the demand for water technology products from clients in oil and gas or mining exploration has declined recently, due to the depressed prices of oil. Global growth is still too low to encourage investments in new projects of any kind, leading to the diminishing demand for water pumps, pipes and services.
On the positive side, after many years of austerity, we are beginning to see encouraging signs of increases in funding for public infrastructure that targets water supply. Brazil and China have both announced large infrastructure plans, California is aiming to invest in water supply and water efficiency programs and Europe’s slow recovery should also allow for more public funding.
Water M&A continues to be an active theme as companies—such as Danaher acquiring Pall Corp, a leader in water filtration (both owned in the Fund)—try to participate in the structural attractiveness of water technology. We expect consolidation to continue in the still fragmented water industry.
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. Core holdings of the Fund remain the leading water pump companies and companies with differentiated products needed for water infrastructure operations. We continue to focus on bottom-up stock-picking, as well as screening for the leading players along the water supply chain with products to enhance water supply, improve water efficiency or water quality.
Due to further urbanization, increased farmland irrigation needs and higher per capita consumption preferences, water demand continues to rise. We expect increased water prices as well as an increase in the attractiveness of investments in products that enhance water efficiency or water supply availability.
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
| AllianzGI Global Water Fund Class A | 4.57% | 0.46% | 12.98% | 4.76% | ||||||||||||||
|
|
AllianzGI Global Water Fund Class A (adjusted) | –1.18% | –5.06% | 11.71% | 3.94% | |||||||||||||
| AllianzGI Global Water Fund Class C | 4.14% | –0.31% | 12.12% | 3.97% | ||||||||||||||
|
|
AllianzGI Global Water Fund Class C (adjusted) | 3.14% | –1.31% | 12.12% | 3.97% | |||||||||||||
|
|
AllianzGI Global Water Fund Class D | 4.53% | 0.40% | 12.94% | 4.71% | |||||||||||||
|
|
AllianzGI Global Water Fund Class P | 4.66% | 0.73% | 13.24% | 5.00% | |||||||||||||
|
|
AllianzGI Global Water Fund Institutional Class | 4.73% | 0.74% | 13.37% | 5.09% | |||||||||||||
|
|
MSCI AC World Index | 3.11% | 5.08% | 11.76% | 4.79% | |||||||||||||
|
|
S&P Global Water Index | 4.55% | 1.99% | 14.80% | 6.94% | |||||||||||||
| Lipper Global Natural Resources Funds Average | –0.79% | –17.43% | 1.75% | –3.82% | ||||||||||||||
† 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 106 and 107 for more information. The Fund’s expense ratios are 1.46% for Class A shares, 2.22% for Class C shares, 1.49% for Class D shares, 1.21% for Class P shares and 1.15% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2015, as supplemented to date.
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Unaudited
AllianzGI Global Water Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||
| Class A | Class C | Class D | Class P | Institutional Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,045.70 | $1,041.40 | $1,045.30 | $1,046.60 | $1,047.30 | |||||
| Expenses Paid During Period | $7.29 | $11.25 | $7.55 | $6.12 | $5.77 | |||||
| Hypothetical Performance | ||||||||||
| (5% return before expenses) | ||||||||||
| Class A | Class C | Class D | Class P | Institutional Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,017.80 | $1,013.91 | $1,017.55 | $1,018.95 | $1,019.30 | |||||
| Expenses Paid During Period | $7.19 | $11.10 | $7.44 | $6.04 | $5.69 | |||||
For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.43% for Class A, 2.21% for Class C, 1.48% for Class D, 1.20% for Class P and 1.13% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
| Semiannual Report | | May 31, 2015 | 73 |
Table of Contents
Unaudited
AllianzGI High Yield Bond Fund
For the period of December 1, 2014 through May 31, 2015, as provided by Doug Forsyth, CFA, Portfolio Manager.
Fund Insights
For the reporting period ended May 31, 2015, Class A shares at NAV of the AllianzGI High Yield Bond Fund (the “Fund”) returned 2.25%, underperforming the BofA Merrill Lynch High Yield Master II Index (the “benchmark index”), which returned 2.55%.
Market Environment
In the beginning of the reporting period, there were several factors that influenced the high-yield market. Investors digested non-earnings-related influences, including the strengthening US dollar, harsh winter weather conditions that plagued the Northeast and the West Coast port shutdown. The impact of these factors was to be accepted as short-lived, since they should not affect the positive financial condition of the core credit market. Energy prices continued to have an effect on the prices of high-yield energy issuers and the day-to-day volatility remained a challenge. Market participants, however, did a better job of isolating the commodity-price impact to those relevant issuers than was the case in the second half of 2014. Although prices moved lower overall among issuers in the energy industry, specifically among those in the exploration and production space, many issuers executed capital-market transactions. These transactions, both in new financing and in merger and acquisition activity, solidified balance sheets and extended the liquidity runway. Treasury-rate volatility remained a factor and the impact on the high-yield market was mixed. In addition, indicators generally pointed to a US economy that is slowly grinding higher. The data was arguably mixed, but the overall neutral to higher economic trends confirms the prospects for a continued low default rate for high-yield bonds. Finally, global central banks continued to be generally accommodative, and the Fed governors’ comments have maintained a dovish stance.
In the final months of the period, high-yield bonds continued to move higher and advanced alongside stocks, while providing diversification benefits as yields rose for US government bonds and US investment grade corporate bonds. The asset class proved resilient in the face of rising rates and increased volatility in the treasury market. The high-yield market was aided by strength in energy issuers, which traded up concurrent with the rise in the price of crude oil. In addition, a better-than-feared start to the first-quarter earnings season had a positive impact on investor sentiment. Finally, mixed US economic data reinforced the message that the Fed would remain “patient” and the rate hike cycle would be gradual—a positive for risk assets.
Portfolio Review
The Fund gained along with the market for the six-month period but performance lagged the benchmark index return. In the beginning of the reporting period, BB rated bonds outperformed the lower-quality credit categories as lower-coupon, tighter-spread issues benefited from declining US treasury yields. Consequently, the portfolio was held back by an underweight in these issues. Conversely, the environment toward the end of the reporting period set up well for the portfolio’s positioning as the 10-year treasury sold off and yields increased. A higher-than-benchmark index weight in B rated issues, which outperformed the BB and CCC rated credit categories, had a positive impact on relative performance.
Industry allocations that helped relative performance during the period included metals/mining ex steel, health care and telecom-wireline integrated and services. An underweight in metals/mining ex steel, which trailed the overall market, was a positive impact on relative performance. Positive security selection in the health care and telecom-wireline integrated and services industries also beneficial.
Industry allocations that detracted from relative performance during the period included diversified media, diversified financial services and capital goods. All three of the aforementioned industries exhibited weaker-than-peer performance.
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year |
5 Year |
10 Year |
Since Inception† |
||||||||||||||||||
| AllianzGI High Yield Bond Fund Class A |
2.25% | 0.42% | 8.28% | 7.46% | 7.74% | |||||||||||||||||
|
|
AllianzGI High Yield Bond Fund Class A (adjusted) |
–1.59% | –3.34% | 7.46% | 7.05% | 7.53% | ||||||||||||||||
| AllianzGI High Yield Bond Fund Class C |
1.99% | –0.18% | 7.53% | 6.69% | 6.96% | |||||||||||||||||
|
|
AllianzGI High Yield Bond Fund Class C (adjusted) |
1.00% | –1.13% | 7.53% | 6.69% | 6.96% | ||||||||||||||||
|
|
AllianzGI High Yield Bond Fund Class D |
2.31% | 0.44% | 8.26% | 7.45% | 7.74% | ||||||||||||||||
|
|
AllianzGI High Yield Bond Fund Class R |
2.09% | –0.12% | 7.97% | 7.17% | 7.46% | ||||||||||||||||
|
|
AllianzGI High Yield Bond Fund Class P |
2.46% | 0.82% | 8.55% | 7.67% | 7.93% | ||||||||||||||||
|
|
AllianzGI High Yield Bond Fund Institutional Class |
2.49% | 0.78% | 8.68% | 7.90% | 8.22% | ||||||||||||||||
| AllianzGI High Yield Bond Fund Administrative Class |
2.37% | 0.44% | 8.34% | 7.49% | 7.76% | |||||||||||||||||
|
|
BofA Merrill Lynch High Yield Master II Index |
2.55% | 1.84% | 9.03% | 8.12% | 7.42% | ||||||||||||||||
| Lipper High Yield Fund Average |
2.01% | 0.85% | 8.10% | 6.88% | 6.43% | |||||||||||||||||
† 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 106 and 107 for more information. The Fund’s expense ratios are 0.94% for Class A shares, 1.67% for Class C shares, 1.01% for Class D shares, 1.45% for Class R shares, 0.71% for Class P shares, 0.64% for Institutional Class shares and 0.97% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2015, as supplemented to date.
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Unaudited
AllianzGI High Yield Bond Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||||||
| Class A | Class C | Class D | Class R | Class P | Institutional Class |
Administrative Class | ||||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
| Ending Account Value (5/31/15) | $1,022.50 | $1,019.90 | $1,023.10 | $1,020.90 | $1,024.60 | $1,024.90 | $1,023.70 | |||||||
| Expenses Paid During Period | $4.59 | $8.26 | $5.04 | $5.95 | $3.48 | $3.03 | $4.49 | |||||||
| Hypothetical Performance | ||||||||||||||
| (5% return before expenses) | ||||||||||||||
| Class A | Class C | Class D | Class R | Class P | Institutional Class |
Administrative Class | ||||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
| Ending Account Value (5/31/15) | $1,020.39 | $1,016.75 | $1,019.95 | $1,019.05 | $1,021.49 | $1,021.94 | $1,020.49 | |||||||
| Expenses Paid During Period | $4.58 | $8.25 | $5.04 | $5.94 | $3.48 | $3.02 | $4.48 | |||||||
For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.91% for Class A, 1.64% for Class C, 1.00% for Class D, 1.18% for Class R, 0.69% for Class P, 0.60% for Institutional Class and 0.89% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365.
| Semiannual Report | | May 31, 2015 | 75 |
Table of Contents
Unaudited
AllianzGI International Growth Fund
From inception on February 2, 2015 through May 31, 2015, as provided by the Europe Equity Growth Team.
Fund Insights
For the period from inception on February 2, 2015 through May 31, 2015, Class A shares at NAV of the AllianzGI International Growth Fund (the “Fund”) returned 6.40%, underperforming the MSCI AC World Index ex-USA Growth Total Return (Net) (the “benchmark index”), which returned 7.08%.
Portfolio Review
During the reporting period, the ECB introduced quantitative easing, which fueled European equity markets at the start of the calendar year. This, however, was not necessarily the only driver for the Fund performance as the Fund’s securities are characterized by strong earnings profiles and attractive balance sheets. Separately, currency shifts led to volatility in ex-European markets during the reporting period, driven by growing speculation of US interest rate hikes.
Stock selection overall was positive and contributed to the Fund’s performance, whereas sector allocation detracted. Stock selection within the information technology, health care and consumer staples sectors was additive to performance. Conversely, stock picking within the consumer discretionary and industrials sectors detracted. This was due to the fact that Switzerland unpegged the Swiss Franc from the euro in early 2015 which led to a market correction in Swiss stocks with significant euro exposure (exporters). In terms of sector allocation, an overweight in consumer staples and an underweight in financials detracted.
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 relative level. Biostime, Hexpol, Keyence and Sundrug were also additive.
On the other hand, shares of Elekta, Canadian National Railway and Hugo Boss detracted from relative 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.
Cumulative Return for the period ended May 31, 2015
| Since Inception† | ||||||
| AllianzGI International Growth Fund Class A | 6.40% | |||||
|
|
AllianzGI International Growth Fund Class A (adjusted) | 0.55% | ||||
|
|
AllianzGI International Growth Fund Institutional Class | 6.47% | ||||
|
|
MSCI ACWI ex-US |
6.59% | ||||
|
|
MSCI AC World Index Ex USA Growth Total Return (Net) | 7.08% | ||||
| Lipper International Multi-Cap Growth Fund Average | 8.56% | |||||
† 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.
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 106 and 107 for more information. The Fund’s gross expense ratios are 10.59% for Class A shares and 10.34% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. 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 April 1, 2015, as supplemented to date.
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Unaudited
AllianzGI International Growth Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||
| Class A | Institutional Class | |||
| Beginning Account Value (2/2/15) | $1,000.00 | $1,000.00 | ||
| Ending Account Value (5/31/15) | $1,064.00 | $1,064.70 | ||
| Expenses Paid During Period | $4.00 | $3.17 | ||
| Hypothetical Performance | ||||
| (5% return before expenses) | ||||
| Class A | Institutional Class | |||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | ||
| Ending Account Value (5/31/15) | $1,018.95 | $1,020.19 | ||
| Expenses Paid During Period | $6.04 | $4.78 | ||
The Fund commenced operations on February 2, 2015. The Actual expense example is based on the period since inception; the Hypothetical expense example is based on the period beginning December 1, 2014. If the Hypothetical expense example had been based on the period since inception, the Ending Account Value and Expenses Paid During Period would have been: $1,012.28 and $3.90, respectively, for Class A; and $1,013.09 and $3.09, respectively, for Institutional Class.
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 118/365 for the Actual expense example and 182/365 for the Hypothetical expense example.
| Semiannual Report | | May 31, 2015 | 77 |
Table of Contents
Unaudited
AllianzGI International Small-Cap Fund
For the period of December 1, 2014 through May 31, 2015, as provided by Andrew Neville, Portfolio Manager.
Fund Insights
For the reporting period ended May 31, 2015, Class A shares at NAV of the AllianzGI International Small-Cap Fund (the “Fund”) returned 15.41%, outperforming the MSCI World ex USA Small Cap Index (the “benchmark index”), which returned 9.13%.
Market Environment
International Smaller Companies posted strong absolute gains over the course of the reporting period. European and Japanese smaller companies registered the strongest gains, posting double-digit absolute gains. Smaller companies from the Asia ex Japan region also performed positively but lagged their counterparts from the other regions.
The ECB’s launch of its QE program, the weak euro, improving euro-zone economic data, the more dovish-than-expected Fed meeting in March, the rate cut in China and the Minsk II ceasefire agreement provided tailwinds for equity markets in the first quarter of 2015. Weakening economic data in the US and China, the lackluster US earnings season, the SNB scrapping the euro cap on the franc and the win of left-wing party Syriza in the Greek election temporarily put pressure on equity markets. Share prices vaulted to new all-time highs in May amid a wave of monetary easing from the world’s central banks. Policymakers in more than 20 countries have slashed borrowing costs in an effort to spur growth and fight weak—and in some cases negative—inflation. The ECB offered the biggest tailwind for equity markets. In January, the ECB announced the launch of its QE program of €60bn a month from March 2015 to September 2016, which began on March 9th. The ECB raised its 2015 GDP growth forecast for the euro zone from 1.0% to 1.5%. Against the backdrop of ECB’s QE program, global investors steadily increased their exposure to European equities. Towards the end of the reporting period, Greece’s nontransparent financial situation made the markets increasingly nervous. Market participants were also worried about the upcoming elections in the UK, however, the pro-business conservatives won a further five years in power.
During February, in China, the central bank made a system-wide cut to the reserve requirement ratio for big banks. In March, China’s central bank cut its benchmark one-year rate, the second cut over the last four months. Annual consumer price inflation in China fell to a five-year low. The Chinese stock market surged to a seven-year high. In late March, the government announced a relaxation in the requirement for China’s mutual funds to invest in Hong Kong stocks via Stock Connect. Reports on Japan’s economy were mixed, with labor conditions continuing to strengthen, job openings hitting an eight-year high and unemployment falling to the lowest level since 1997. While hiring has improved, consumer spending remains tepid. The Bank of Japan delayed the 2% inflation target timing from fiscal year 2015 to the first half of fiscal year 2016 and left the current monetary policy unchanged.
Portfolio Review
Stock selection was the main driver of the Fund’s relative performance. All three regional sleeve portfolios achieved strong relative returns versus their regional market. Sector-wise, selection contributed positively in all sectors except consumer discretionary and energy. Sector structure also contributed positively due to the underweight positions in the energy and utilities sectors and the overweight in the information technology sector.
During the reporting period, the Fund’s largest overweights relative to the benchmark index were in the information technology, industrials and consumer staples sectors, while the largest underweights were in the financials sector followed by the materials and energy sectors. Geographically the largest overweights were in China and France, while the largest underweights were in Canada and the UK.
The strongest stock contributors to performance were the positions in AMS AG (Switzerland), Axis (Sweden) and Sartorius Stedim Biotech (France), while the positions in Topdanmark (Denmark), Aareal Bank (Germany) and Cancom (Germany) were the largest detractors. AMS develops and manufactures high performance analog semiconductors and has benefitted from sustained high growth rates due to increasing demand for electronics devices and requirements in new application areas. Axis is a leading global provider of digital surveillance cameras. The company received a takeover bid by Canon. Sartorius Stedim is one of the world’s leading providers of laboratory and process technologies and equipment with clear focus on the attractive biopharma market, where it benefits from growth driven by global trends like aging population and an increase in chronic diseases.
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AllianzGI International Small-Cap Fund (cont’d)
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year | 5 Year | 10 Year | Since Inception† | ||||||||||||||||||
| AllianzGI International Small-Cap Fund Class A | 15.41% | 6.75% | 14.22% | 10.08% | 12.69% | |||||||||||||||||
|
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AllianzGI International Small-Cap Fund Class A (adjusted) | 9.07% | 0.87% | 12.93% | 9.46% | 12.32% | ||||||||||||||||
| AllianzGI International Small-Cap Fund Class C | 14.98% | 5.96% | 13.38% | 9.27% | 11.85% | |||||||||||||||||
|
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AllianzGI International Small-Cap Fund Class C (adjusted) | 13.98% | 5.03% | 13.38% | 9.27% | 11.85% | ||||||||||||||||
|
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AllianzGI International Small-Cap Fund Class D | 15.43% | 6.75% | 14.21% | 10.08% | 12.68% | ||||||||||||||||
|
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AllianzGI International Small-Cap Fund Class R | 15.28% | 6.48% | 13.94% | 9.81% | 12.41% | ||||||||||||||||
|
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AllianzGI International Small-Cap Fund Class P | 15.52% | 6.93% | 14.44% | 10.34% | 13.02% | ||||||||||||||||
|
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AllianzGI International Small-Cap Fund Institutional Class | 15.56% | 7.00% | 14.56% | 10.47% | 13.12% | ||||||||||||||||
|
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MSCI World ex USA Small Cap Index | 9.13% | –0.31% | 11.22% | 6.73% | 7.96% | ||||||||||||||||
|
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MSCI EAFE Small Cap Index | 10.95% | 2.00% | 12.59% | 7.01% | 8.03% | ||||||||||||||||
| Lipper International Small/Mid-Cap Growth Funds Average | 8.98% | 1.15% | 12.77% | 8.52% | 9.36% | |||||||||||||||||
† 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 106 and 107 for more information. The Fund’s gross expense ratios are 1.76% for Class A shares, 2.45% for Class C shares, 1.71% for Class D shares, 2.10% for Class R shares, 1.54% for Class P shares and 1.46% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. The Fund’s expense ratios net of this reduction are 1.45% for Class A shares, 2.19% for Class C shares, 1.45% for Class D shares, 1.70% for Class R shares, 1.28% for Class P shares and 1.21% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2015, as supplemented to date.
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AllianzGI International Small-Cap Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||||
| Class A | Class C | Class D | Class R | Class P | Institutional Class | |||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
| Ending Account Value (5/31/15) | $1,154.10 | $1,149.80 | $1,154.30 | $1,152.80 | $1,155.20 | $1,155.60 | ||||||
| Expenses Paid During Period | $7.79 | $11.74 | $7.79 | $9.12 | $6.88 | $6.50 | ||||||
| Hypothetical Performance | ||||||||||||
| (5% return before expenses) | ||||||||||||
| Class A | Class C | Class D | Class R | Class P | Institutional Class | |||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
| Ending Account Value (5/31/15) | $1,017.70 | $1,014.01 | $1,017.70 | $1,016.45 | $1,018.55 | $1,018.90 | ||||||
| Expenses Paid During Period | $7.29 | $11.00 | $7.29 | $8.55 | $6.44 | $6.09 | ||||||
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, 1.45% for Class D, 1.70% for Class R, 1.28% for Class P and 1.21% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
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AllianzGI Micro Cap Fund
For the period of December 1, 2014 through May 31, 2015, as provided by John McCraw, Portfolio Manager.
Fund Insights
For the reporting period ended May 31, 2015, Class A shares at NAV of the AllianzGI Micro Cap Fund (the “Fund”) returned 11.81%, underperforming the Russell Microcap Growth Index (the “benchmark index”), which returned 14.28%.
Market Environment
Overall, US stocks closed higher despite episodes of equity market volatility.
Early in the period, the decline in the price of crude oil accelerated and spilled into the broader market; however, stocks found their footing and moved higher towards year end with oil prices stabilizing. The FOMC meeting and subsequent communication to remain “patient” as it relates to future interest rate increases was a positive catalyst for the market. Lastly, a stronger-than-expected final third-quarter GDP report helped lift investor sentiment.
In the months that followed, volatility in the energy and currency markets as well as global macro-related headlines had an impact on day-to-day stock prices; however, Fed commentary and uncertainty surrounding the path of monetary policy arguably had a greater influence on investor sentiment. Aggressive actions by the ECB and other overseas central banks did not directly impact the stock market, but they reinforced the fact that the global landscape remains highly accommodative. Separately, fourth-quarter earnings and corporate actions including share buybacks, dividend increases and merger and acquisition activities, supported a positive fundamental backdrop, while mixed economic reports signaled continued modest growth in the US.
As the end of the reporting period neared, equity prices weakened concurrent with a move higher in volatility and government bond yields, but stabilized and rebounded as US Treasury Securities rallied up to the end of the period. On the economic front, reports were mixed, suggesting that the Fed would remain patient and the rate hike cycle would be gradual—a positive for risk assets. With respect to corporate profits, first-quarter earnings reported a meager gain, but were impressive nonetheless given Wall Street’s estimates heading into April. Ultimately, stocks proved resilient in the face of interest rate volatility, macro uncertainties abroad and slower growth.
Against this backdrop, the Russell Microcap Index returned 9.07% and outperformed the Russell 2000 Index, which returned 6.94%. Within the microcap universe, growth-oriented stocks bested value-oriented stocks. Specific to the benchmark index, sector performance was predominantly positive. Health care and information technology were the strongest-performing sectors, followed by utilities and financials. In contrast, the energy sector declined the most, followed by the consumer staples and materials sectors.
Portfolio Review
The Fund underperformed the benchmark index over the reporting period. From an attribution perspective, asset allocation effects were the primary drivers of relative underperformance whereas security selection impacts were negligible. For example, stock picking was positive in the industrials, consumer discretionary and materials sectors, but was offset by negative security selection in information technology, health care and consumer staples. Separately, an underweight in the health care sector and an overweight in the industrials sector hindered performance; however, an underweight in the consumer staples sector was partially offsetting.
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year | 5 Year | 10 Year | Since Inception† | ||||||||||||||||||
| AllianzGI Micro Cap Fund Class A | 11.81% | 11.52% | 15.96% | 9.73% | 11.77% | |||||||||||||||||
|
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AllianzGI Micro Cap Fund Class A (adjusted) | 5.66% | 5.38% | 14.66% | 9.11% | 11.45% | ||||||||||||||||
|
|
AllianzGI Micro Cap Fund Class P | 11.85% | 11.63% | 16.14% | 9.94% | 12.00% | ||||||||||||||||
|
|
AllianzGI Micro Cap Fund Institutional Class | 11.79% | 11.58% | 16.23% | 10.04% | 12.11% | ||||||||||||||||
|
|
Russell Microcap Growth Index | 14.28% | 18.51% | 17.43% | 8.33% | 7.29% | ||||||||||||||||
| Lipper Small-Cap Growth Funds Average | 8.31% | 14.73% | 16.15% | 9.13% | 9.46% | |||||||||||||||||
† 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 106 and 107 for more information. The Fund’s gross expense ratios are 2.11% for Class A shares, 1.82% for Class P shares and 1.81% for Institutional Class shares. This ratio does not include an expense reduction, contractually guaranteed through at least 3/31/16. The Fund’s expense ratios net of this reduction are 1.63% for Class A shares, 1.55% for Class P shares and 1.55% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2015, as supplemented to date.
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AllianzGI Micro Cap Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||
| Class A | Class P | Institutional Class | ||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | |||
| Ending Account Value (5/31/15) | $1,118.10 | $1,118.50 | $1,117.90 | |||
| Expenses Paid During Period | $8.55 | $7.87 | $8.13 | |||
| Hypothetical Performance | ||||||
| (5% return before expenses) | ||||||
| Class A | Class P | Institutional Class | ||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | |||
| Ending Account Value (5/31/15) | $1,016.85 | $1,017.50 | $1,017.25 | |||
| Expenses Paid During Period | $8.15 | $7.49 | $7.75 | |||
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, 1.49% for Class P and 1.54% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
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AllianzGI Multi-Asset Real Return Fund
For the period of December 1, 2014 through May 31, 2015, as provided by the Multi-Asset US Group.
Fund Insights
For the reporting period ended May 31, 2015, Class A shares at NAV of the AllianzGI Multi-Asset Real Return Fund (the “Fund”) returned -2.07%, underperforming the Barclays US Government Inflation-Linked Bond Index (the “benchmark index”), which returned 0.20%.
Market Overview
For the six-month period of December 1, 2014 through May 31, 2015, global equities outperformed global bonds with developed country equities leading emerging market equities by more than 3%. In fixed income, global bonds fell 3.3% for the period as measured by the Barclays Global Aggregate Index. However, in the US, as uncertainty about the Fed’s future policy decisions persisted, yields on the 10-year Treasury fell marginally for the period and broad US bonds returned 1.1% as measured by the Barclays US Aggregate Bond Index.
Certain themes from late 2014 persisted in the period, including the continued strength of the US dollar against most major currencies. For the period, one of the best performing assets was the trade-weighted dollar, which returned 10.2%. On the other hand, commodities, led by energy, continued to weaken: commodities remained one of the worst performing asset classes returning -10.6% for the period as measured by the Bloomberg Commodity Index.
Mid-April marked a period of dislocation across markets. A sell-off in European bonds, most notably in German bunds, which produced swings in bond yields globally contributed to broad market volatility. The US dollar fell against every major developed market currency and most emerging market currencies in April, while the euro appreciated by 4.6% for the month. In commodities, oil entered positive territory for the year in mid-April, contributing to the perception of stability in oil prices. These events and trends culminated in a renewed focus on inflationary—as opposed to deflationary—trends in the global economy and a pickup in inflation expectations.
Mid-April Market Volatility
The magnitude and rapid pace of the move in European bond yields in late April was unprecedented. The spike in yields was most pronounced in German bunds, with the 10-year yield increasing from a low on April 17, 2015 of 0.05% to a high of 0.78% on May 7, 2015. Several factors contributed to the move, including speculation of tapering on the part of the ECB on the back of stronger macroeconomic data throughout the region. Concerns about the ability of Greece to reach a deal with the Eurogroup over its obligations to the IMF and other creditors intensified through April and early May, further contributing to bond market volatility. Stronger inflation data released in mid-April, including an increase in the Eurozone Aggregate Consumer Price Index of 1.1% month over month—nearly two times the increase of the previous month—contributed to higher inflation expectations, which in turn paved the way for higher yields. The increase in yields was not limited to Europe. Through mid-May, the US yield curve steepened as rates followed European yields higher and the US 10-year Treasury hit a high for the six-month period of 2.4% on May 12, 2015.
Currencies also underwent a temporary correction in April. The trade-weighted dollar suffered its first monthly decline since July 2014. For the month, the trade-weighted dollar fell 3.8%. In connection with the spike in yields on European bonds and the more solid inflation data, the euro increased more than 6% from its low in mid-April to the end of the month. However, in May, the dollar once again strengthened against all major currencies and the euro resumed its weaker trend against the dollar, falling 2.1%.
The Return of Inflation after Disinflation
Despite significant volatility during the period including a low close to $43 in mid-March, the price of WTI crude stabilized in the $58-60/barrel range by mid-April, leading to a jump in inflation expectations. For example, in late April, one of the Fed’s preferred market based inflation gauges, the 5 year/5 year forward breakeven inflation level from the TIPS market, moved above the 2% threshold, suggesting that, while short term inflation expectations still lag, the 5-year inflation expectation had reached—and exceeded—the Fed’s inflation target. In the context of moderate global growth, stable energy prices and initial increases in core consumer price inflation, overall inflation expectations inched closer to central banks’ targets during the period. This may finally signal the dawn of a new era of inflation.
Portfolio Review
Inflation related asset classes had mixed results over the period, as reflected by declining commodity prices with the 10.6% fall in the Bloomberg Commodity Index. Conversely, stocks of commodity related companies rose 2.4% and global real estate returned 1.5% based on the MSCI World/Real Estate Index. TIPS posted modest gains as the Barclays US Government Inflation-Linked Bond Index returned 0.2%. Over the period, the Fund’s custom blended benchmark index, an equal weighted combination of these four inflation related asset classes, declined 1.6%.
The diverging asset class returns were influenced by the strengthening US dollar and supply/demand imbalances specifically in the energy markets. While the US dollar appreciated against most major currencies, commodities denominated in dollars became less expensive from a USD based perspective, translating into lower commodity prices for USD based investors. In addition, supply/demand imbalances further contributed to declines in the energy markets as the price of crude oil (WTI) fell briefly to $43/bbl, the lowest level since March 2009. Global REITs continued to exhibit strength amidst a backdrop of low borrowing rates and continued strong demand.
The modestly positive return provided by TIPS included declining real yields, particularly at the front end of the term structure. The shorter dated 5-year TIPS constant maturity Index ended with a yield of -0.08% (down from 0.13% at the beginning of the period) after spending the latter half of the period in negative territory. TIPS priced in modestly higher inflation expectations over the period, as breakeven inflation rose particularly at the front end of the curve. The 5-year breakeven rate ended the period at 1.57% (up from 1.39% at the beginning of the period), while the 10 year breakeven rate ended roughly flat at 1.80%.
At the start of the period and relative to the internal custom blended benchmark index, the portfolio was overweight global REITs. This position was gradually reduced to below benchmark index weight by the end of the quarter. In contrast, the portfolio had entered the period with underweights to the remaining core asset classes: commodities, commodity equities and TIPS. Over the period, exposure to commodities was increased to roughly benchmark index weight, while the portfolio remained underweight TIPS and commodity related equities for the majority of the period. Outside of these core exposures, the portfolio held additional asset classes over the period, including emerging market bonds, a hedge against the euro and large-cap US equities.
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AllianzGI Multi-Asset Real Return Fund (cont’d)
The Fund’s relative performance benefited from an overweight to global real estate, which continued to advance against a backdrop of low borrowing rates and strong demand. Performance was also helped by an underweight to commodities. Mitigating these positive contributions to relative performance was the Fund’s underweight position to TIPS and commodity related equities as these asset classes posted positive returns over the period.
At the end of the period, the Fund’s exposure to commodities was roughly in line with the benchmark index, while the other primary inflation related asset classes, global real estate, commodity related equities and TIPS, were underweighted in the portfolio. Offsetting these underweight positions were the Fund’s cash/equivalent holdings and opportunistic asset class exposures, including equity exposure in the US, Europe and emerging markets. Duration continued to be a concern for US Treasury bonds, so the portfolio continued to hedge the duration on its fixed income holdings via Treasury futures.
Outlook
The stimulative measures pursued by central banks over the past several years have well known and notable repercussions to potential future inflation risks. In addition to the US’s efforts to spark inflation by keeping interest rates low, actions of central banks outside the US have been providing further fuel to the risks of future inflation. For example, this year, the ECB has planned asset purchases in excess of their scheduled net new issuance of euro-zone government bonds. We believe that the current backdrop of global central bank easing, persistent weakness in certain commodity prices, and dollar strength creates a potentially favorable entry point for long term investors to gain exposure to a diversified and actively managed portfolio of inflation hedging asset classes.
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI Multi-Asset Real Return Fund Class A | –2.07% | –9.31% | –0.27% | |||||||||||
|
|
AllianzGI Multi-Asset Real Return Fund Class A (adjusted) | –7.46% | –14.29% | –2.54% | ||||||||||
| AllianzGI Multi-Asset Real Return Fund Class C | –2.43% | –9.94% | –0.97% | |||||||||||
|
|
AllianzGI Multi-Asset Real Return Fund Class C (adjusted) | –3.40% | –10.83% | –0.97% | ||||||||||
|
|
AllianzGI Multi-Asset Real Return Fund Class D | –2.08% | –9.30% | –0.27% | ||||||||||
|
|
AllianzGI Multi-Asset Real Return Fund Class P | –2.03% | –9.19% | –0.13% | ||||||||||
|
|
AllianzGI Multi-Asset Real Return Fund Institutional Class | –1.96% | –9.06% | –0.02% | ||||||||||
|
|
Barclays US Government Inflation-Linked Bond Index | 0.20% | –0.30% | –1.76% | ||||||||||
| Custom Real Asset Benchmark** | –1.57% | –6.40% | –0.34% | |||||||||||
| Lipper Alternative Global Macro Portfolio Funds Average | 0.64% | 0.17% | 2.86% | |||||||||||
† 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 106 and 107 for more information. The Fund’s gross expense ratios are 5.08% for Class A shares, 5.93% for Class C shares, 61.23% for Class D shares, 4.97% for Class P shares and 4.95% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. The Fund’s expense ratios net of this reduction are 1.32% for Class A shares, 2.07% for Class C shares, 1.32% for Class D shares, 1.17% for Class P shares and 1.07% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2015, as supplemented to date.
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AllianzGI Multi-Asset Real Return Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||
| Class A | Class C | Class D | Class P | Institutional Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $979.30 | $975.70 | $979.20 | $979.70 | $980.40 | |||||
| Expenses Paid During Period | $4.19 | $7.88 | $4.19 | $3.45 | $2.96 | |||||
| Hypothetical Performance | ||||||||||
| (5% return before expenses) | ||||||||||
| Class A | Class C | Class D | Class P | Institutional Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,020.69 | $1,016.95 | $1,020.69 | $1,021.44 | $1,021.94 | |||||
| Expenses Paid During Period | $4.28 | $8.05 | $4.28 | $3.53 | $3.02 | |||||
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 (0.85% for Class A, 1.60% for Class C, 0.85% for Class D, 0.70% for Class P and 0.60% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365. 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 December 1, 2014 through May 31, 2015, as provided by Krysta Hill, Product Specialist Associate, and reviewed by Morley D. Campbell, CFA, Portfolio Manager/Analyst.
Fund Insights
For the reporting period ended May 31, 2015, Class A shares at NAV of the AllianzGI NFJ Emerging Markets Value Fund (the “Fund”) returned 3.37%, outperforming the MSCI Emerging Markets Index (the “benchmark index”), which returned 0.82%.
Market Environment
The benchmark index appreciated 0.82% over a choppy, six-month reporting period, as strength from February and April was somewhat offset by weakness from December and May. The emerging markets equities generally trailed developed international as well as US-based equities, which climbed 4.84% and 2.97%, respectively, as measured by the MSCI EAFE and S&P 500 Indices. Emerging economies experienced some weakness toward the end of 2014, as the benchmark index fell 4.56% in the month of December, with results dampened in part by the sharp decline in oil prices. During the early months of 2015, the emerging markets were boosted in part by lending rate cuts in China, India, Indonesia, South Korea and Thailand. The benchmark index returned 7.72% in April as comments from the Fed deferred a rate increase until data indicates a more robust economic recovery and as monetary easing in China boosted equities’ performance there. However, the benchmark index swung to a loss in May—down 3.99%—with many local emerging markets currencies down against the US dollar and weak commodity prices negatively impacting more commodity-sensitive countries. Of the 23 countries in the benchmark index, just seven delivered a positive total return for the period, led by double-digit performance from China and Hungary. Conversely, Greece, Colombia, Brazil, Turkey, Qatar and United Arab Emirates fell to a double-digit loss over the reporting period. Four of ten economic sectors in the benchmark index were positive over the trailing six-month period, led by information technology, industrials and health care names. In contrast, the utilities, materials and telecom services sectors were the poorest-performers, declining 4.34%, 3.78% and 3.27%, respectively.
Portfolio Review
The Fund’s outperformance versus the benchmark index was due to favorable stock selection and country allocation, while sector allocation was marginally negative over the reporting period.
Stock selection added value across the industrials, materials and consumer discretionary sectors. This was only slightly offset by the Fund’s holdings in the financials, consumer staples and utilities sectors.
By country, selection was strong in China, Turkey and Brazil but somewhat dampened by weaker selection in India, South Korea and the Philippines.
From a sector allocation perspective, underweight positions in the telecom services and consumer staples sectors contributed to results. The Fund’s overweight in utilities and underweight in information technology detracted during the reporting period.
Overweight positions in Hong Kong and Norway contributed to relative performance, while an underweight in China and an overweight in Turkey muted results during the period.
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 consumer discretionary and utilities sectors, whereas the largest relative underweights were in the telecom services and consumer staples sectors.
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI NFJ Emerging Markets Value Fund Class A | 3.37% | 2.36% | 4.31% | |||||||||||
|
|
AllianzGI NFJ Emerging Markets Value Fund Class A (adjusted) | –2.32% | –3.27% | 1.93% | ||||||||||
| AllianzGI NFJ Emerging Markets Value Fund Class C | 3.02% | 1.57% | 3.52% | |||||||||||
|
|
AllianzGI NFJ Emerging Markets Value Fund Class C (adjusted) | 2.03% | 0.60% | 3.52% | ||||||||||
|
|
AllianzGI NFJ Emerging Markets Value Fund Class D | 3.45% | 2.37% | 4.33% | ||||||||||
|
|
AllianzGI NFJ Emerging Markets Value Fund Class P | 3.47% | 2.54% | 4.48% | ||||||||||
|
|
AllianzGI NFJ Emerging Markets Value Fund Institutional Class | 3.53% | 2.56% | 4.57% | ||||||||||
|
|
MSCI Emerging Markets Index | 0.82% | –0.01% | 0.66% | ||||||||||
| Lipper Emerging Markets Funds Average | –1.07% | –2.57% | 0.21% | |||||||||||
† 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 106 and 107 for more information. The Fund’s gross expense ratios are 4.86% for Class A shares, 5.60% for Class C shares, 5.76% for Class D shares, 4.64% for Class P shares and 4.63% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. The Fund’s expense ratios net of this reduction are 1.55% for Class A shares, 2.30% for Class C shares, 1.55% for Class D shares, 1.39% for Class P shares and 1.30% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2015, as supplemented to date.
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AllianzGI NFJ Emerging Markets Value Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||
| Class A | Class C | Class D | Class P | Institutional Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,033.70 | $1,030.20 | $1,034.50 | $1,034.70 | $1,035.30 | |||||
| Expenses Paid During Period | $7.86 | $11.64 | $7.86 | $7.05 | $6.60 | |||||
| Hypothetical Performance | ||||||||||
| (5% return before expenses) | ||||||||||
| Class A | Class C | Class D | Class P | Institutional Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,017.20 | $1,013.46 | $1,017.20 | $1,018.00 | $1,018.45 | |||||
| Expenses Paid During Period | $7.80 | $11.55 | $7.80 | $6.99 | $6.54 | |||||
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 (1.55% for Class A, 2.30% for Class C, 1.55% for Class D, 1.39% for Class P and 1.30% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
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Unaudited
AllianzGI NFJ Global Dividend Value Fund
For the period of December 1, 2014 through May 31, 2015, as provided by Krysta Hill, Product Specialist Associate, and reviewed by R. Burns McKinney, CFA, Portfolio Manager/Analyst.
Fund Insights
For the reporting period ended May 31, 2015, Class A shares at NAV of the AllianzGI NFJ Global Dividend Value Fund (the “Fund”) returned -0.05%, underperforming the MSCI AC World Index (the “benchmark index”), which returned 3.11%.
Market Environment
Global equities appreciated 3.11% during the trialing six months ended May 31, 2015, as measured by the benchmark index. The strongest returns were generated in the international developed economies, with the MSCI EAFE Net Index up 4.84% during the reporting period. US equities, as measured by the S&P 500 Index, gained 2.97%, while the MSCI Emerging Markets Index climbed a more moderated 0.82%. Monetary policy was a key theme across the international landscape, led by the ECB’s €60 billion monthly bond purchase program, which began in early March. Sweden’s central bank also announced a bond-buying package worth 10 billion Swedish kronor to spur inflation and initiated a negative benchmark index rate of -0.1%. Strength from the Asia/Pacific region was due in part to lending rate cuts across Australia, China, India, Indonesia, South Korea and Thailand. Within the US, comments from the US FOMC indicated a willingness to raise rates should the economic data support such a move. Of the 46 countries in the MSCI ACWI Net Index, China, Hungary, Denmark, Japan and Hong Kong were the strongest-performing countries over the trailing six-month period. Conversely, many countries in the emerging markets region swung to double-digit losses, including Greece, Colombia, Brazil, Turkey, Qatar, the United Arab Emirates and Malaysia. The spread between the best (health care) and worst (utilities) performing sectors within the MSCI ACWI Net Index was 11%. All but three benchmark sectors generated positive returns across the six-month period, with the utilities, energy and telecom services sectors sinking to a loss. The strongest performance was realized by health care, consumer discretionary and information technology names.
Portfolio Review
The Fund’s underperformance versus the benchmark index was largely due to stock selection, though sector allocation also contributed to negative relative returns. Conversely, country allocation was positive during the period.
In terms of stock selection, the Fund’s holdings in the information technology, telecom services and utilities sectors were the primary laggards versus sector counterparts. This was somewhat offset by the Fund’s holdings across the financials and consumer discretionary sectors, which contributed to relative results.
From a sector allocation perspective, an underweight in health care and overweight positions in telecom services and energy hampered relative results. An underweight in utilities aided performance over the reporting period.
By country, relative allocation strength was sourced from an overweight in China and overweight positions in the United States and Hong Kong, but somewhat offset by weakness from overweights in Brazil and Indonesia as well as an underweight in Japan.
Selection within the United States, France and Brazil dampened relative results while stock picks in the United Kingdom and Japan aided the Fund’s relative performance.
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 telecom services and energy sectors, whereas the largest relative underweights were in the health care and consumer staples sectors.
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
| AllianzGI NFJ Global Dividend Value Fund Class A | –0.05% | –0.20% | 10.00% | 10.79% | ||||||||||||||
|
|
AllianzGI NFJ Global Dividend Value Fund Class A (adjusted) | –5.55% | –5.69% | 8.76% | 9.74% | |||||||||||||
| AllianzGI NFJ Global Dividend Value Fund Class C | –0.48% | –1.00% | 9.15% | 9.93% | ||||||||||||||
|
|
AllianzGI NFJ Global Dividend Value Fund Class C (adjusted) | –1.42% | –1.91% | 9.15% | 9.93% | |||||||||||||
|
|
AllianzGI NFJ Global Dividend Value Fund Class D | –0.09% | –0.24% | 9.95% | 10.74% | |||||||||||||
|
|
AllianzGI NFJ Global Dividend Value Fund Class P | 0.02% | –0.04% | 10.19% | 10.99% | |||||||||||||
|
|
AllianzGI NFJ Global Dividend Value Fund Institutional Class | 0.05% | 0.01% | 10.30% | 11.09% | |||||||||||||
|
|
MSCI AC World Index | 3.11% | 5.08% | 11.76% | 12.51% | |||||||||||||
| Lipper Global Equity Income Funds Average | 1.72% | 1.30% | 10.91% | 11.47% | ||||||||||||||
† 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 106 and 107 for more information. The Fund’s gross expense ratios are 1.46% for Class A shares, 2.22% for Class C shares, 1.47% for Class D shares, 1.28% for Class P shares and 1.18% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. The Fund’s expense ratios net of this reduction are 1.20% for Class A shares, 1.99% for Class C shares, 1.20% for Class D 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 April 1, 2015, as supplemented to date.
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Unaudited
AllianzGI NFJ Global Dividend Value Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||
| Class A | Class C | Class D | Class P | Institutional Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $999.50 | $995.20 | $999.10 | $1,000.20 | $1,000.50 | |||||
| Expenses Paid During Period | $5.98 | $9.90 | $6.28 | $5.19 | $4.74 | |||||
| Hypothetical Performance | ||||||||||
| (5% return before expenses) | ||||||||||
| Class A | Class C | Class D | Class P | Institutional Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,018.95 | $1,015.01 | $1,018.65 | $1,019.75 | $1,020.19 | |||||
| Expenses Paid During Period | $6.04 | $10.00 | $6.34 | $5.24 | $4.78 | |||||
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, 1.26% for Class D, 1.04% for Class P and 0.95% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
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Unaudited
AllianzGI NFJ International Small-Cap Value Fund
For the period of December 1, 2014 through May 31, 2015, as provided by Krysta Hill, Product Specialist Associate, and reviewed by L. Baxter Hines, CFA, Portfolio Manager/Analyst.
Fund Insights
For the reporting period ended May 31, 2015, Class A shares at NAV of the AllianzGI NFJ International Small-Cap Fund (the “Fund”) returned 10.07%, outperforming the MSCI World ex USA Small Cap Index (the “benchmark index”), which returned 9.13%
Market Environment
International small-capitalization equities rose 9.13% during the trailing six months ended May 31, 2015, as measured by the benchmark index. This performance vastly outpaced other international indices, including the MSCI EAFE Net, which appreciated 4.84%, the MSCI AC World ex-USA Net, which climbed 3.16%, and the MSCI Emerging Markets Index, which gained 0.82% over the reporting period. Of the 22 countries in the benchmark index, just four swung to a loss: Canada, Norway, Portugal and Singapore. Top performers over the period were stocks largely based in Europe, including Ireland, Italy, the United Kingdom, Denmark and Switzerland, as well as companies in Japan and Hong Kong. The spread between the best (consumer discretionary) and worst (energy) performing sectors within the benchmark index was broad at almost 20%. All but two of the ten economic sectors generated positive returns across the six-month period, with six sectors, led by consumer discretionary, information technology, health care and materials names, leading performance gains. Conversely, the energy and utilities sectors dipped to a loss. Two sectors each comprised over 20% of the benchmark index, industrials, which secured a 10.96% return, and financials, which realized an 8.52% gain during the reporting period.
Portfolio Review
The Fund’s outperformance versus the benchmark index was due primarily to positive stock selection, while sector and country allocations were slightly negative during the period.
In terms of stock selection, the Fund’s holdings in the materials, consumer discretionary and industrials sectors contributed to performance. This was only slightly dampened by the Fund’s holdings in the financials and utilities sectors, which failed to keep pace with benchmark index shares.
By country, selection was strong in Japan and the United Kingdom, but partially diminished by poor selection in Canada and Switzerland.
From a sector allocation perspective, an overweight in telecom services and underweights in the energy and consumer discretionary sectors detracted during the reporting period. Conversely, underweight positions in the health care and utilities sectors contributed to results.
The Fund’s overweight positions in off-benchmark countries including Taiwan, the Philippines and Brazil, were primary detractors from relative returns. These negative results were somewhat offset by the Fund’s overweights in China and Cambodia and underweights in Canada and Singapore.
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 financials and telecom services sectors, whereas the largest relative underweights were in the consumer staples and consumer discretionary sectors.
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI NFJ International Small-Cap Value Fund Class A | 10.07% | 5.68 | % | 18.44% | ||||||||||
|
|
AllianzGI NFJ International Small-Cap Value Fund Class A (adjusted) | 4.01% | –0.14 | % | 16.23% | |||||||||
| AllianzGI NFJ International Small-Cap Value Fund Class C | 9.61% | 4.84 | % | 17.58% | ||||||||||
|
|
AllianzGI NFJ International Small-Cap Value Fund Class C (adjusted) | 8.63% | 3.91 | % | 17.58% | |||||||||
|
|
AllianzGI NFJ International Small-Cap Value Fund Class D | 10.07% | 5.65 | % | 18.45% | |||||||||
|
|
AllianzGI NFJ International Small-Cap Value Fund Class P | 10.14% | 5.81 | % | 18.62% | |||||||||
|
|
AllianzGI NFJ International Small-Cap Value Fund Institutional Class | 10.24% | 5.98 | % | 18.76% | |||||||||
|
|
MSCI World ex USA Small Cap Index | 9.13% | –0.31 | % | 16.25% | |||||||||
| Lipper International Small/Mid-Cap Value Funds Average | 9.05% | 1.46 | % | 17.75% | ||||||||||
† 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 106 and 107 for more information. The Fund’s gross expense ratios are 2.64% for Class A shares, 3.40% for Class C shares, 3.47% for Class D shares, 2.39% for Class P shares and 2.31% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. The Fund’s expense ratios net of this reduction are 1.45% for Class A shares, 2.20% for Class C shares, 1.45% for Class D shares, 1.30% for Class P shares and 1.20% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2015, as supplemented to date.
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Unaudited
AllianzGI NFJ International Small-Cap Value Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||
| Class A | Class C | Class D | Class P | Institutional Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,100.70 | $1,096.10 | $1,100.70 | $1,101.40 | $1,102.40 | |||||
| Expenses Paid During Period | $7.65 | $11.55 | $7.65 | $6.86 | $6.34 | |||||
| Hypothetical Performance | ||||||||||
| (5% return before expenses) | ||||||||||
| Class A | Class C | Class D | Class P | Institutional Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,017.65 | $1,013.91 | $1,017.65 | $1,018.40 | $1,018.90 | |||||
| Expenses Paid During Period | $7.34 | $11.10 | $7.34 | $6.59 | $6.09 | |||||
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 (1.46% for Class A, 2.21% for Class C, 1.46% for Class D, 1.31% for Class P and 1.21% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
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Table of Contents
Unaudited
AllianzGI NFJ International Value II Fund
For the period of December 1, 2014 through May 31, 2015, as provided by Krysta Hill, Product Specialist Associate, and reviewed by L. Baxter Hines, CFA, Portfolio Manager/Analyst.
Fund Insights
For the reporting period ended May 31, 2015, Class A shares at NAV of the AllianzGI NFJ International Value II Fund (the “Fund”) returned 5.04%, outperforming the MSCI EAFE Index (the “benchmark index”), which returned 4.84%.
Market Environment
International developed economies generated some of the strongest returns over the trailing six-month reporting period, with the benchmark index up 4.84%, US equities, as measured by the S&P 500 Index, gaining 2.97% and the MSCI Emerging Markets Index climbing a more moderate 0.82%. Monetary policy was a key theme across the international landscape, led by the ECB’s €60 billion monthly bond purchase program, which began in early March. Sweden’s central bank also announced a bond-buying package worth 10 billion Swedish kronor to spur inflation and initiated a negative benchmark index rate of -0.1%. Strength from the Asia/Pacific region was due in part to lending rate cuts across Australia, China, India, Indonesia, South Korea and Thailand. Of the 21 countries in the benchmark index, Denmark, Japan, Hong Kong, Israel and Ireland were the strongest-performing countries. Conversely, six countries dipped to a loss during the reporting period, including Spain, New Zealand, Finland, Singapore, Austria and Australia. The spread between the best (consumer discretionary) and worst (utilities) performing sectors within the benchmark index was over 11%. All but two benchmark index sectors generated positive returns across the six-month period, with the utilities and energy sinking to 2% losses. The strongest performance was realized by consumer discretionary, information technology and industrials names.
Portfolio Review
The Fund’s outperformance versus the benchmark index was due to positive stock selection, while country and sector allocations detracted somewhat from relative performance.
In terms of stock selection, the Fund’s holdings in the financials, consumer discretionary and materials sectors added to relative performance. This was somewhat offset by negative selection in the industrials and utilities sectors.
By country, selection was strong in the United Kingdom, France and Japan and only somewhat offset by negative selection across Hong Kong and Denmark.
From a sector allocation perspective, an overweight in the energy sector and an underweight in the industrials sector dampened relative results. Conversely, an overweight in the consumer discretionary sector and an underweight in the consumer staples sector boosted performance during the reporting period.
Overweight positions in the off-benchmark index countries of Canada, India and Brazil, as well as an underweight in Japan, hindered relative performance. The portfolio’s underweight positions in Switzerland, Spain and Australia added to gains.
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 consumer discretionary and energy sectors, whereas the largest relative underweights were in the consumer staples and health care sectors.
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI NFJ International Value II Fund Class A | 5.04% | –0.68% | 9.86% | |||||||||||
|
|
AllianzGI NFJ International Value II Fund Class A (adjusted) | –0.74% | –6.14% | 8.10% | ||||||||||
| AllianzGI NFJ International Value II Fund Class C | 4.67% | –1.41% | 9.04% | |||||||||||
|
|
AllianzGI NFJ International Value II Fund Class C (adjusted) | 3.67% | –2.38% | 9.04% | ||||||||||
|
|
AllianzGI NFJ International Value II Fund Class D | 5.10% | –0.65% | 9.86% | ||||||||||
|
|
AllianzGI NFJ International Value II Fund Class P | 5.21% | –0.46% | 10.09% | ||||||||||
|
|
AllianzGI NFJ International Value II Fund Institutional Class | 5.21% | –0.44% | 10.17% | ||||||||||
|
|
MSCI EAFE Index | 4.84% | –0.48% | 11.63% | ||||||||||
| Lipper International Multi-Cap Value Funds Average | 4.84% | –2.20% | 10.12% | |||||||||||
† 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 106 and 107 for more information. The Fund’s gross expense ratios are 2.46% for Class A shares, 3.23% for Class C shares, 2.45% for Class D shares, 2.11% for Class P shares and 1.78% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. The Fund’s expense ratios net of this reduction are 1.20% for Class A shares, 1.95% for Class C shares, 1.20% for Class D 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 April 1, 2015, as supplemented to date.
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AllianzGI NFJ International Value II Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||
| Class A | Class C | Class D | Class P | Institutional Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,050.40 | $1,046.70 | $1,051.00 | $1,052.10 | $1,052.10 | |||||
| Expenses Paid During Period | $6.13 | $9.95 | $6.14 | $5.12 | $4.86 | |||||
| Hypothetical Performance | ||||||||||
| (5% return before expenses) | ||||||||||
| Class A | Class C | Class D | Class P | Institutional Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,018.95 | $1,015.21 | $1,018.95 | $1,019.95 | $1,020.19 | |||||
| Expenses Paid During Period | $6.04 | $9.80 | $6.04 | $5.04 | $4.78 | |||||
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% for Class D, 1.00% for Class P and 0.95% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
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Table of Contents
Unaudited
AllianzGI Short Duration High Income Fund
For the period of December 1, 2014 through May 31, 2015, as provided by Doug Forsyth, CFA, Portfolio Manager.
Fund Insights
For the reporting period ended May 31, 2015, Class A shares at NAV of the AllianzGI Short Duration High Income Fund (the “Fund”) returned 3.20%, outperforming the BofA Merrill Lynch 1-3 Year BB US Cash Pay High Yield Index (the “benchmark index”), which returned 2.52%.
Market Environment
In the beginning of the reporting period, there were several factors that influenced the high-yield market. Investors digested non-earnings-related influences, including the strengthening US dollar, harsh winter weather conditions that plagued the Northeast and the West Coast port shutdown. The impact of these factors is considered short-lived, since they should not affect the positive financial condition of the core credit market. Energy prices continued to have an effect on the prices of high-yield energy issuers and the day-to-day volatility remained a challenge; however, market participants did a better job of isolating the commodity-price impact to those relevant issuers than was the case in the second half of 2014. Although prices moved lower overall among issuers in the energy industry, specifically among those in the exploration and production space, many issuers executed capital-market transactions. These transactions, both in new financing and in M&A activity, solidified balance sheets and extended the liquidity runway. Treasury-rate volatility remained a factor and its impact on the high-yield market was mixed. In addition, indicators generally pointed to a US economy that is slowly grinding higher. The data were arguably mixed, but the overall neutral to higher economic trend confirms the prospects for a continued low default rate for high-yield bonds. Finally, global central banks continued to be generally accommodative, and the Fed governors’ comments have maintained a dovish stance.
In the final months of the period, high-yield bonds advanced alongside stocks and provided diversification benefits as yields rose for US government bonds and US investment-grade corporate bonds. The asset class proved resilient in the face of rising rates and increased volatility in the treasury market. The high-yield market was aided by strong positions among energy issuers, which traded up concurrent with the rise in the price of crude oil. In addition, a better-than-feared start to the first-quarter earnings season had a positive impact on investor sentiment. Finally, mixed US economic data reinforced the message that the Fed would remain “patient” and the rate hike cycle would be gradual—a positive for risk assets.
Portfolio Review
For the period, performance of the Fund was positive and returns increased more than the benchmark index. Credit quality in the portfolio remains relatively high. The industries that contributed meaningfully to relative performance included weightings in metals/mining ex steel, gaming and energy. Contributions from energy were primarily in the subsector of gas distribution. These issuers have greater revenue visibility and less sensitivity to short term changes in commodity prices versus exploration and production companies. Minimal weightings versus the benchmark index in aerospace/defense also benefited performance. Offsetting these contributors to relative performance included weights in capital goods, steel and chemicals.
The Fund seeks a high level of current income while emphasizing the preservation of capital. The Fund’s outperformance these past six months can be largely attributed to the yield generated from the portfolio versus that of the benchmark index. Yield to worst for the Fund was consistently over 100 basis points higher than that of the benchmark index over the period. At the same time, duration for the Fund was lower than 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.
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI Short Duration High Income Fund Class A | 3.20% | 3.40% | 5.93% | |||||||||||
|
|
AllianzGI Short Duration High Income Fund Class A (adjusted) | 0.88% | 1.08% | 5.28% | ||||||||||
| AllianzGI Short Duration High Income Fund Class C | 3.09% | 3.18% | 5.56% | |||||||||||
|
|
AllianzGI Short Duration High Income Fund Class C (adjusted) | 2.09% | 2.19% | 5.56% | ||||||||||
|
|
AllianzGI Short Duration High Income Fund Class D | 3.18% | 3.40% | 5.93% | ||||||||||
|
|
AllianzGI Short Duration High Income Fund Class P | 3.30% | 3.56% | 6.10% | ||||||||||
|
|
AllianzGI Short Duration High Income Fund Institutional Class | 3.35% | 3.62% | 6.21% | ||||||||||
|
|
BofA Merrill Lynch 1-3 Year BB US Cash Pay High Yield Index | 2.52% | 2.84% | 6.69% | ||||||||||
† 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 106 and 107 for more information. The Fund’s gross expense ratios are 0.88% for Class A shares, 1.13% for Class C shares, 0.97% for Class D shares, 0.68% for Class P shares and 0.60% for Institutional Class shares. The ratio for Class D shares does not include an expense reduction, contractually guaranteed through at least 3/31/16. The Fund’s expense ratio net of this reduction is 0.85% for Class D shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2015, as supplemented to date.
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Unaudited
AllianzGI Short Duration High Income Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||
| Class A | Class C | Class D | Class P | Institutional Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,032.00 | $1,030.90 | $1,031.80 | $1,033.00 | $1,033.50 | |||||
| Expenses Paid During Period | $4.31 | $5.62 | $4.31 | $3.35 | $3.04 | |||||
| Hypothetical Performance | ||||||||||
| (5% return before expenses) | ||||||||||
| Class A | Class C | Class D | Class P | Institutional Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,020.69 | $1,019.40 | $1,020.69 | $1,021.64 | $1,021.94 | |||||
| Expenses Paid During Period | $4.28 | $5.59 | $4.28 | $3.33 | $3.02 | |||||
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 (0.85% for Class A, 1.11% for Class C, 0.85% for Class D, 0.66% for Class P and 0.60% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
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Unaudited
AllianzGI Structured Return Fund
For the period of December 1, 2014, through May 31, 2015, as provided by Greg Tournant, Portfolio Manager.
Fund Insights
For the reporting period ended May 31, 2015, Class A shares at NAV of the AllianzGI Structured Return Fund (the “Fund”) returned 3.79%, outperforming the BofA Merrill Lynch 3-Month US Treasury Bill Index (the “benchmark index”), which returned 0.01%.
Portfolio Review
The Fund delivered consistent, positive returns for the period ended May 31, 2015. While equity markets exhibited increased choppiness during the period, the Fund demonstrated its ability to achieve its all-weather investment objective.
In December, equities destabilized as oil prices plunged, with the S&P 500 Index declining 4.5% in just a few days of trading. In response, we moved our
in-the-money call strikes from 2% to 4% to cushion the portfolio against the market decline. The benchmark index recovered to finish the month down just 0.25%.
Equity indices fluctuated throughout the period, yet ultimately did not get very far. The S&P 500 Index returned -3.00% in January, 5.75% in February and -1.58% in March, culminating in a quarterly return of 0.95%. Implied volatility, which in mid-December began its longest-lasting increase in years as oil-price instability roiled markets, was elevated at the start of the year.
Higher-volatility environments are often tied to a decline, or at least the fear of one, in the equity markets, and typically are characterized by a CBOE Volatility Index (“VIX”) level greater than 20. Increased volatility is advantageous for the Fund, in two ways: larger return potential and lower expected risk. In such environments, we are usually able to construct short in-the-money covered call positions that we believe can endure a larger equity-market decline without the need to restructure any positions, and which at the same time are more lucrative. Despite the S&P 500 Index’s sizable fluctuations throughout the quarter, we were able to hold all our positions to expiration, as is our objective.
In addition to realizing gains from in-the-money call selling at the beginning of the year, the Fund also profited from directional premium collection positions in February. As a reminder, directional positions are opportunistically incorporated into the portfolio to pursue additional incremental returns. These positions, in combination with the benefit of higher implied volatility in January, contributed to the above-target return of 1.11% in February. There were no notable detractors during the reporting period.
In March, equity markets fluctuated as investors reacted to varying news. Markets declined on worries about corporate earnings after the ECB stimulus prompted the dollar to strengthen, and then climb, as fears of a near-term Federal Reserve interest rate hike abated. The VIX declined to the mid-teens, as volatility dampened. The Fund performed in line with expectations, returning 0.39%.
In April, the S&P 500 Index climbed 0.96% on speculation that weaker than expected economic data would push out the timeline for an expected Fed interest-rate hike. Stronger economic results in May extended the equity rally as the broad market appreciated 1.96%. Implied volatility remained well below its historical average during this time. The Fund delivered returns in line with expectations, gaining 0.58% in April and 0.52% in May.
In an environment in which predicting the direction of equity and fixed income markets has been as challenging as ever, the non-directional nature of its investment approach has served the Fund well. The absence of a clear trend thus far this year has been problematic for other types of liquid alternative strategies, but so far the Fund has been able to withstand the choppiness and benefit from it.
Regardless of what lies ahead, we believe the Fund is well positioned to pursue steady returns with bond-like risk, low sensitivity to equity markets and the ability to navigate a wide range of market scenarios.
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI Structured Return Fund Class A | 3.79 | % | 5.89 | % | 5.28 | % | ||||||||
|
|
AllianzGI Structured Return Fund Class A (adjusted) | –1.92 | % | 0.07 | % | 2.92 | % | |||||||
| AllianzGI Structured Return Fund Class C | 3.46 | % | 5.16 | % | 4.49 | % | ||||||||
|
|
AllianzGI Structured Return Fund Class C (adjusted) | 2.46 | % | 4.16 | % | 4.49 | % | |||||||
|
|
AllianzGI Structured Return Fund Class D | 3.82 | % | 5.92 | % | 5.35 | % | |||||||
|
|
AllianzGI Structured Return Fund Class P | 3.85 | % | 6.08 | % | 5.44 | % | |||||||
|
|
AllianzGI Structured Return Fund Institutional Class | 3.94 | % | 6.17 | % | 5.56 | % | |||||||
|
|
BofA Merrill Lynch 3-Month US Treasury Bill Index | 0.01 | % | 0.02 | % | 0.05 | % | |||||||
| Lipper Absolute Return Funds Average | 1.29 | % | 2.19 | % | 3.38 | % | ||||||||
† 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 106 and 107 for more information. The Fund’s gross expense ratios are 4.31% for Class A shares, 4.83% for Class C shares, 5.14% for Class D shares, 3.82% for Class P shares and 3.74% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. The Fund’s expense ratios net of this reduction are 1.24% for Class A shares, 1.99% for Class C shares, 1.24% for Class D 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 April 1, 2015, as supplemented to date.
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Unaudited
AllianzGI Structured Return Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||
| Class A | Class C | Class D | Class P | Institutional Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,037.90 | $1,034.60 | $1,038.20 | $1,038.50 | $1,039.40 | |||||
| Expenses Paid During Period | $5.84 | $9.64 | $5.84 | $5.08 | $4.58 | |||||
| Hypothetical Performance | ||||||||||
| (5% return before expenses) | ||||||||||
| Class A | Class C | Class D | Class P | Institutional Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,019.20 | $1,015.46 | $1,019.20 | $1,019.95 | $1,020.44 | |||||
| Expenses Paid During Period | $5.79 | $9.55 | $5.79 | $5.04 | $4.53 | |||||
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, 1.15% for Class D, 1.00% for Class P and 0.90% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365. 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 U.S. Equity Hedged Fund
For the period of December 1, 2014 through May 31, 2015, as provided by Greg Tournant, Portfolio Manager.
Fund Insights
For the reporting period ended May 31, 2015, Class A shares at NAV of the AllianzGI U.S. Equity Hedged Fund (the “Fund”) returned 0.46%, underperforming the S&P 500 Index (the “benchmark index”), which returned 2.97%.
Portfolio Review
With equity markets undergoing increased choppiness, the Fund performed in line with expectations. While performance trailed the benchmark index for the period, the Fund provided a hedge during the market’s pullbacks and smoothed out its fluctuations.
The Fund seeks to provide protection against equity market declines while preserving the upside of the underlying passive equity market portfolio. The Fund pursues this objective by buying laddered, deep out-of-money put options while simultaneously selling calls at varying strike distances.
One of the distinguishing features of the strategy is the duration mismatch between its put and call option positions. The Fund’s long puts have approximately one-year duration at purchase, while its short calls have a weighted average duration of approximately one month. This enables the underlying equity portfolio to participate in a rising equity market, while remaining hedged against potential equity market declines. Longer-term, the Fund seeks to capture the majority of the benchmark index’s upside, while reducing the variability of returns by as much as 50% and creating a downside floor in the event of a market crash.
Volatility returned to the equity markets in December. With oil prices plunging, the S&P 500 Index dropped 4.5% in a few trading days. However, continued strong positive US economic data and GDP growth offset oil and euro zone concerns, enabling the benchmark index to finish the month down 0.25%. The Fund again smoothed out the intra-month volatility, outperforming the index and declining 0.07% for the month.
In January, disappointing US economic data and concerns surrounding the election in Greece caused equity markets to fluctuate sharply. The Fund’s long put protection provided a cushion during the declines while gains from its short call positions helped smooth performance. For the month, the Fund declined 2.11% while the benchmark index fell 3.00%.
From there, equities rallied on positive economic data and news of increased euro-zone stability. The benchmark index went on to gain 5.75% in February. The rapid ascent of the equity market, coupled with the decline in implied volatility, created a performance drag for the Fund. Our short call positions, which had been written between 3% and 4% out-of-the-money, were unable to avoid interfering with the run-up of the underlying passive equity portfolio, causing the Fund to miss out on approximately 60 bps of upside participation. In addition, our long put positions decreased in value as the market rose and the VIX declined, further curtailing gains. The Fund appreciated 2.76% for the month.
In March, equity markets first declined on worries about corporate earnings after the ECB’s stimulus prompted the dollar to strengthen, and then climbed as fears of a near-term Federal Reserve interest rate hike abated. Amid the volatility, the Fund fell 1.34% for the month compared with a decline of 1.58% for the benchmark index.
In April, the benchmark index climbed 0.96% on speculation that weaker than expected economic data would push out the timeline for an expected Fed interest rate hike. Stronger economic results in May extended the equity rally as the broad market appreciated 1.96%. Our short S&P 500 Index calls were written approximately 3% away from the benchmark index level at inception, allowing the fund to meaningfully participate in the market’s advance. The A share class of the Fund returned 0.59% and 0.71% in April and May, respectively.
The Fund is best positioned to outperform during a market correction, which, to the delight of equity investors, has yet to materialize over the past several years. January 2015 and October 2014 are the most recent examples of market pullbacks, and in both cases the rebound was swift. While the Fund can help smooth equity returns in such environments, they typically do not give the portfolio much opportunity to impact performance.
By seeking to maximize upside participation, reduce downside exposure and protect against crash risk, the Fund aims to give equity investors confidence without missing most of the upside.
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI U.S. Equity Hedged Fund Class A | 0.46% | 5.48% | 9.95% | |||||||||||
|
|
AllianzGI U.S. Equity Hedged Fund Class A (adjusted) | –5.07% | –0.32% | 7.48% | ||||||||||
| AllianzGI U.S. Equity Hedged Fund Class C | 0.05% | 4.64% | 9.15% | |||||||||||
|
|
AllianzGI U.S. Equity Hedged Fund Class C (adjusted) | –0.91% | 3.68% | 9.15% | ||||||||||
|
|
AllianzGI U.S. Equity Hedged Fund Class D | 0.41% | 5.40% | 9.94% | ||||||||||
|
|
AllianzGI U.S. Equity Hedged Fund Class P | 0.53% | 5.63% | 10.14% | ||||||||||
|
|
AllianzGI U.S. Equity Hedged Fund Institutional Class | 0.57% | 5.74% | 10.25% | ||||||||||
|
|
S&P 500 Index | 2.97% | 11.81% | 20.03% | ||||||||||
| Lipper Alternative Long/Short Equity Funds Average | 2.45% | 3.95% | 8.54% | |||||||||||
† 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 106 and 107 for more information. The Fund’s gross expense ratios are 3.79% for Class A shares, 4.57% for Class C shares, 8.52% for Class D shares, 3.47% for Class P shares and 3.13% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. The Fund’s expense ratios net of this reduction are 1.34% for Class A shares, 2.09% for Class C shares, 1.34% for Class D shares, 1.19% for Class P shares and 1.09% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2015, as supplemented to date.
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Unaudited
AllianzGI U.S. Equity Hedged Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||
| Class A | Class C | Class D | Class P | Institutional Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,004.60 | $1,000.50 | $1,004.10 | $1,005.30 | $1,005.70 | |||||
| Expenses Paid During Period | $6.30 | $10.02 | $6.30 | $5.55 | $5.05 | |||||
| Hypothetical Performance | ||||||||||
| (5% return before expenses) | ||||||||||
| Class A | Class C | Class D | Class P | Institutional Class | ||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (5/31/15) | $1,018.65 | $1,014.91 | $1,018.65 | $1,019.40 | $1,019.90 | |||||
| Expenses Paid During Period | $6.34 | $10.10 | $6.34 | $5.59 | $5.09 | |||||
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 (1.26% for Class A, 2.01% for Class C, 1.26% for Class D, 1.11% for Class P and 1.01% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365. 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 U.S. Small-Cap Growth Fund
For the period of December 1, 2014 through May 31, 2015, as provided by John McCraw, Portfolio Manager.
Fund Insights
For the reporting period ended May 31, 2015, Class A shares at NAV of the AllianzGI U.S. Small-Cap Growth Fund (the “Fund”) returned 6.73%, underperforming the Russell 2000 Growth Index (the “benchmark index”), which returned 10.48%.
Market Environment
Overall, US stocks closed higher during the reporting period despite episodes of equity market volatility.
Early in the period, the decline in the price of crude oil accelerated and spilled into the broader market; however, stocks found their footing and moved higher into year-end with oil prices stabilizing. The FOMC’s meeting and subsequent communication to remain “patient” as it relates to future interest rate increases was a positive catalyst for the market. Lastly, a stronger-than-expected final third-quarter GDP report helped lift investor sentiment.
In the months that followed, volatility in the energy and currency markets as well as global macro-related headlines had an impact on day-to-day stock prices; however, Fed commentary and uncertainty surrounding the path of monetary policy arguably had a greater influence on investor sentiment. Aggressive actions by the ECB and other overseas central banks did not directly impact the stock market, but they reinforced the fact that the global landscape remains highly accommodative. Separately, fourth-quarter earnings and corporate actions including share buybacks, dividend increases and merger and acquisition activities supported a positive fundamental backdrop, while mixed economic reports signaled continued modest growth in the US.
As the end of the reporting period neared, equity prices weakened concurrent with a move higher in volatility and government bond yields, but stabilized and rebounded as Treasuries rallied into the end of the period. On the economic front, reports were mixed, suggesting that the Fed would remain patient and the rate hike cycle would be gradual—a positive for risk assets. With respect to corporate profits, first-quarter earnings reported a meager gain, but were impressive nonetheless given Wall Street’s estimates heading into April. Ultimately, stocks proved resilient in the face of interest rate volatility, macro uncertainties abroad and slower growth.
Against this backdrop, the Russell 2000 Index returned 6.94% and outperformed the Russell 1000 Index, which returned 3.41%. Within the small-cap universe, growth-oriented stocks outperformed value-oriented stocks. Specific to the benchmark index, sector performance was predominantly positive. Health care, utilities and information technology were the strongest-performing sectors, followed by financials, consumer discretionary and energy. By contrast, consumer staples was the only sector to decline and the materials and telecommunication services sectors gained the least.
Portfolio Review
The Fund underperformed its benchmark index over the reporting period. From an attribution perspective, security selection effects were the primary driver of relative underperformance, whereas asset allocation impacts were negligible. For example, stock picking was negative in the information technology, industrials, consumer discretionary, and health care sectors, whereas security selection in energy, financials and telecom services was positive. Separately, an overweight in the health care and financials sectors hindered relative performance, but was offset by an underweight in the consumer staples and consumer discretionary sectors.
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year | 5 Year | 10 Year | Since Inception† | ||||||||||||||||||
| AllianzGI U.S. Small-Cap Growth Fund Class A | 6.73% | 9.00% | 15.10% | 10.11% | 7.95% | |||||||||||||||||
|
|
AllianzGI U.S. Small-Cap Growth Fund Class A (adjusted) | 0.86% | 3.00% | 13.81% | 9.49% | 7.67% | ||||||||||||||||
| AllianzGI U.S. Small-Cap Growth Fund Class C | 6.32% | 8.14% | 14.26% | 9.30% | 7.15% | |||||||||||||||||
|
|
AllianzGI U.S. Small-Cap Growth Fund Class C (adjusted) | 5.35% | 7.19% | 14.26% | 9.30% | 7.15% | ||||||||||||||||
|
|
AllianzGI U.S. Small-Cap Growth Fund Class D | 6.72% | 8.99% | 15.12% | 10.12% | 7.95% | ||||||||||||||||
|
|
AllianzGI U.S. Small-Cap Growth Fund Class R | 6.60% | 8.70% | 14.85% | 9.85% | 7.69% | ||||||||||||||||
|
|
AllianzGI U.S. Small-Cap Growth Fund Class P | 6.77% | 9.14% | 15.36% | 10.37% | 8.21% | ||||||||||||||||
|
|
AllianzGI U.S. Small-Cap Growth Fund Institutional Class | 6.86% | 9.23% | 15.48% | 10.48% | 8.32% | ||||||||||||||||
|
|
Russell 2000 Growth Index | 10.48% | 17.73% | 17.37% | 10.06% | 7.56% | ||||||||||||||||
| Lipper Small-Cap Growth Funds Average | 8.31% | 14.73% | 16.15% | 9.13% | 9.19% | |||||||||||||||||
† 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 106 and 107 for more information. The Fund’s gross expense ratios are 1.89% for Class A shares, 2.69% for Class C shares, 1.92% for Class D shares, 2.20% for Class R shares, 1.76% for Class P shares and 1.66% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. The Fund’s expense ratios net of this reduction are 1.40% for Class A shares, 2.20% for Class C shares, 1.42% for Class D 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 April 1, 2015, as supplemented to date.
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AllianzGI U.S. Small-Cap Growth Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||||
| Class A | Class C | Class D | Class R | Class P | Institutional Class | |||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
| Ending Account Value (5/31/15) | $1,067.30 | $1,063.20 | $1,067.20 | $1,066.00 | $1,067.70 | $1,068.60 | ||||||
| Expenses Paid During Period | $7.22 | $11.32 | $7.32 | $8.50 | $6.44 | $5.98 | ||||||
| Hypothetical Performance | ||||||||||||
| (5% return before expenses) | ||||||||||||
| Class A | Class C | Class D | Class R | Class P | Institutional Class | |||||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
| Ending Account Value (5/31/15) | $1,017.95 | $1,013.96 | $1,017.85 | $1,016.70 | $1,018.70 | $1,019.15 | ||||||
| Expenses Paid During Period | $7.04 | $11.05 | $7.14 | $8.30 | $6.29 | $5.84 | ||||||
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, 1.42% for Class D, 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 182/365.
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AllianzGI Ultra Micro Cap Fund
For the period of December 1, 2014 through May 31, 2015, as provided by John McCraw, Portfolio Manager.
Fund Insights
For the reporting period ended May 31, 2015, Class A shares at NAV of the AllianzGI Ultra Micro Cap Fund (the “Fund”) returned 8.24%, underperforming the Russell Microcap Growth Index (the “benchmark index”), which returned 14.28%.
Market Environment
Overall, US stocks closed higher during the reporting period despite episodes of equity market volatility.
Early in the period, the decline in the price of crude oil accelerated and spilled into the broader market; however, stocks found their footing and moved higher into year-end with oil prices stabilizing. The FOMC’s meeting and subsequent communication to remain “patient” as it relates to future interest rate increases was a positive catalyst for the market. Lastly, a stronger-than-expected final third-quarter GDP report helped lift investor sentiment.
In the months that followed, volatility in the energy and currency markets as well as global macro-related headlines had an impact on day-to-day stock prices; however, Fed commentary and uncertainty surrounding the path of monetary policy arguably had a greater influence on investor sentiment. Aggressive action by the ECB and other overseas central banks did not directly impact the stock market, but they reinforced the fact that the global landscape remains highly accommodative. Separately, fourth-quarter earnings and corporate actions, including share buybacks, dividend increases and merger and acquisition activities, supported a positive fundamental backdrop, while mixed economic reports signaled continued modest growth in the US.
As the end of the reporting period neared, equity prices weakened concurrent with a move higher in volatility and government bond yields, but stabilized and rebounded as Treasuries rallied into the end of the period. On the economic front, reports were mixed, suggesting that the Fed would remain patient and the rate hike cycle would be gradual—a positive for risk assets. With respect to corporate profits, first-quarter earnings reported a meager gain, but impressive nonetheless given Wall Street’s estimates heading into April. Ultimately, stocks proved resilient in the face of interest rate volatility, macro uncertainties abroad and slower growth.
Against this backdrop, the Russell Microcap Index returned 9.07% and outperformed the Russell 2000 Index, which returned 6.94%. Within the microcap universe, growth-oriented stocks bested value-oriented stocks. Specific to the benchmark index, sector performance was predominantly positive. Health care and information technology were the strongest-performing sectors, followed by utilities and financials. In contrast, the energy sector declined the most, followed by the consumer staples and materials sectors.
Portfolio Review
The Fund underperformed its benchmark index over the reporting period. From an attribution perspective, security selection and asset allocation effects both negatively influenced relative performance. In particular, stock picking in the health care, information technology and consumer staples sectors weighed on relative returns. Conversely, security selection in the materials, industrials and consumer discretionary sectors had a positive impact and was partially offsetting. Separately, an underweight in the health care sector and an overweight in the industrials sector hindered performance; however, an underweight in the materials sector was partly equalizing.
Average Annual Total Return for the period ended May 31, 2015
| 6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
| AllianzGI Ultra Micro Cap Fund Class A | 8.24% | 8.10% | 19.67% | 14.72% | ||||||||||||||
|
|
AllianzGI Ultra Micro Cap Fund Class A (adjusted) | 2.29% | 2.15% | 18.33% | 13.84% | |||||||||||||
|
|
AllianzGI Ultra Micro Cap Fund Class P | 8.38% | 8.41% | 19.94% | 14.99% | |||||||||||||
|
|
AllianzGI Ultra Micro Cap Fund Institutional Class | 8.27% | 8.26% | 20.00% | 15.07% | |||||||||||||
|
|
Russell Microcap Growth Index | 14.28% | 18.51% | 17.43% | 10.19% | |||||||||||||
| Lipper Small-Cap Growth Funds Average | 8.31% | 14.73% | 16.15% | 9.65% | ||||||||||||||
† 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 106 and 107 for more information. The Fund’s expense ratios are 2.10% for Class A shares, 1.84% for Class P shares and 1.89% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2015, as supplemented to date.
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AllianzGI Ultra Micro Cap Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||
| Class A | Class P | Institutional Class | ||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | |||
| Ending Account Value (5/31/15) | $1,082.40 | $1,083.80 | $1,082.70 | |||
| Expenses Paid During Period | $10.85 | $9.40 | $10.38 | |||
| Hypothetical Performance | ||||||
| (5% return before expenses) | ||||||
| Class A | Class P | Institutional Class | ||||
| Beginning Account Value (12/1/14) | $1,000.00 | $1,000.00 | $1,000.00 | |||
| Ending Account Value (5/31/15) | $1,014.51 | $1,015.91 | $1,014.96 | |||
| Expenses Paid During Period | $10.50 | $9.10 | $10.05 | |||
For each class of the Fund, expenses are equal to the annualized expense ratio for the class (2.09% for Class A, 1.81% for Class P and 2.00% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
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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 is an unmanaged index that consists of inflation-protected securities issued by the US Treasury. | |
| 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. | |
| 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. | |
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| Index | Description | |
| 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. | |
| Consumer Price Index | The Consumer Price Index (CPI) is an unmanaged index representing the rate of inflation of the US consumer prices as determined by the US Department of Labor Statistics. There can be no guarantee that the CPI or other indexes will reflect the exact level of inflation at any given time. | |
| 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. | |
| Eurozone Aggregate Consumer Price Index | The Eurozone Aggregate Consumer Price Index is an aggregation of harmonized indices across various items and across member countries in the European Monetary Union. | |
| Five-Year TIPS Constant Maturity Index | The Five-Year TIPS Constant Maturity Index is an index published by the Federal Reserve Board based on the average yield of a range of Treasury securities, all adjusted to the equivalent of a five-year maturity. | |
| JP Morgan Corporate Emerging Markets Bond 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. | |
| JP Morgan Government Bond Index-Emerging Markets (GBI-EM) | The JP Morgan Government Bond Index-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. | |
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Benchmark Descriptions (cont’d)
| Index | Description | |
| 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 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 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 AC World Index ex USA | The MSCI AC World Index ex USA is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. | |
| 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 All Country World Index (Also known as: MSCI AC World Index and MSCI ACWI) |
The MSCI All Country World Index (MSCI ACWI) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 45 country indices comprising 24 developed and 21 emerging market country indices. | |
| MSCI China Index | The MSCI China Index is a free float-adjusted market capitalization-weighted index of Chinese equities that includes China-affiliated corporations (“Red-chips” or “P-chips”) and China-incorporated corporations listed as “H-shares” on the Hong Kong Exchange or listed as “B-shares” on the Shanghai and Shenzhen exchanges. | |
| MSCI EAFE Net Index | The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US and Canada. | |
| 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 is a free float-adjusted market capitalization index that is designed to measure equity market performance in emerging markets. | |
| 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. | |
| MSCI World Energy Index | The MSCI World Energy Index is designed to capture the large and mid-cap segments across 23 Developed Markets (DM) countries*. All securities in the index are classified in the Energy sector as per the Global Industry Classification Standard (GICS®). | |
| MSCI World ex USA Small Cap Index | The MSCI World ex USA Small Cap Index captures small cap representation across 23 of 24 of developed market countries (excluding the United States). | |
| MSCI World Healthcare and Consumer Blended Benchmark Index | The World Healthcare and Consumer Blended Benchmark is a blend of 70% MSCI World Healthcare Index, 15% MSCI World Consumer Discretionary Index and 15% MSCI World Consumer Staples Index. The World Healthcare and Consumer Blended Benchmark Index represent the performance of hypothetical index developed by the Adviser. | |
| MSCI World Index | The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. | |
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| Index | Description | |
| MSCI World Minimum Volatility Index | MSCI World Minimum Volatility Index aims to reflect the performance characteristics of a minimum variance strategy applied to the MSCI large and mid cap equity universe across 24 developed market countries. The index is calculated by optimizing the MSCI World Index, its parent index, for the lowest absolute risk (within a given set of constraints). Historically, the index has shown lower beta and volatility characteristics relative to the MSCI World Index. | |
| 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. | |
| 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. | |
| S&P North American Technology Sector Index | The S&P North American Tech Sector Index measures the performance of the technology sector of the US equity market. | |
| 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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May 31, 2015 (Unaudited)
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 149 |
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Schedule of Investments
May 31, 2015 (Unaudited)
| 150 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
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Schedule of Investments
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| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 151 |
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Schedule of Investments
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| 152 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
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Schedule of Investments
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| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 153 |
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Schedule of Investments
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| 154 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
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Schedule of Investments
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| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 155 |
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Schedule of Investments
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| 156 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
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Schedule of Investments
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| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 157 |
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Schedule of Investments
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| 158 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
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Schedule of Investments
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| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 159 |
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Schedule of Investments
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| 160 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
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Schedule of Investments
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| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 161 |
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Schedule of Investments
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| 162 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
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Schedule of Investments
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Schedule of Investments
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| 164 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
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Schedule of Investments
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| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 165 |
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Schedule of Investments
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| 166 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
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| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 167 |
Table of Contents
Statements of Assets and Liabilities
May 31, 2015 (Unaudited)
| AllianzGI Retirement 2015 |
AllianzGI Retirement 2020 |
AllianzGI Retirement 2025 |
AllianzGI Retirement 2030 |
AllianzGI Retirement 2035 |
||||||||||||||||||
| Assets: | ||||||||||||||||||||||
| Investments, at value | $ | 1,700,460 | $ | 3,798,286 | $ | 3,832,587 | $ | 4,368,260 | $ | 3,914,584 | ||||||||||||
| Investments in Affiliates, at value | 26,605,291 | 59,747,613 | 64,356,775 | 62,193,107 | 50,686,349 | |||||||||||||||||
| Repurchase agreements, at value | 165,000 | 379,000 | 805,000 | 803,000 | 592,000 | |||||||||||||||||
| Cash | 86 | 519 | 891 | 332 | 902 | |||||||||||||||||
| Dividends receivable from Affiliates | 31,803 | 64,911 | 65,457 | 51,865 | 36,407 | |||||||||||||||||
| Receivable for Fund shares sold | 12,462 | 18,211 | 12,583 | 35,749 | 19,092 | |||||||||||||||||
| Investments in Affiliated Funds — Trustee Deferred Compensation Plan (see Note 5) | 163 | 283 | 302 | 296 | 239 | |||||||||||||||||
| Receivable for variation margin on futures contracts | — | — | — | — | — | |||||||||||||||||
| Dividends and interest receivable (net of foreign withholding taxes) | — | — | — | — | — | |||||||||||||||||
| Unrealized appreciation of forward foreign currency contracts | — | — | — | — | — | |||||||||||||||||
| Receivable from Investment Manager | — | — | — | — | — | |||||||||||||||||
| Deposits with brokers for derivatives collateral | — | — | — | — | — | |||||||||||||||||
| Prepaid expenses and other assets | — | — | — | — | — | |||||||||||||||||
| Total Assets |
28,515,265 | 64,008,823 | 69,073,595 | 67,452,609 | 55,249,573 | |||||||||||||||||
| Liabilities: | ||||||||||||||||||||||
| Payable for investments in Affiliates purchased | 31,803 | 64,911 | 65,457 | 51,865 | 36,407 | |||||||||||||||||
| Payable for Fund shares redeemed | 64,560 | 1,926 | 165,038 | 15,690 | 325,539 | |||||||||||||||||
| Payable for variation margin on futures contracts | — | — | — | — | — | |||||||||||||||||
| Administration fees payable | 4,528 | 10,997 | 10,392 | 8,535 | 6,401 | |||||||||||||||||
| Servicing fees payable | 2,622 | 7,459 | 6,921 | 5,705 | 4,640 | |||||||||||||||||
| Distribution fees payable | 933 | 1,145 | 693 | 1,429 | 754 | |||||||||||||||||
| Trustees Deferred Compensation Plan payable (see Note 5) | 163 | 283 | 302 | 296 | 239 | |||||||||||||||||
| Unrealized depreciation of forward foreign currency contracts | — | — | — | — | — | |||||||||||||||||
| Investment management fees payable | — | — | — | — | — | |||||||||||||||||
| Accrued expenses and other liabilities | — | — | — | — | — | |||||||||||||||||
| Total Liabilities |
104,609 | 86,721 | 248,803 | 83,520 | 373,980 | |||||||||||||||||
| Net Assets | $ | 28,410,656 | $ | 63,922,102 | $ | 68,824,792 | $ | 67,369,089 | $ | 54,875,593 | ||||||||||||
| Net Assets Consist of: | ||||||||||||||||||||||
| Paid-in-capital | $ | 27,626,368 | $ | 63,331,483 | $ | 67,979,623 | $ | 65,618,023 | $ | 53,309,974 | ||||||||||||
| Undistributed (dividends in excess of) net investment income | 281,961 | 360,365 | 409,870 | 324,978 | 152,555 | |||||||||||||||||
| Accumulated net realized gain (loss) | 97,009 | (381,214 | ) | (207,039 | ) | 175,313 | 443,002 | |||||||||||||||
| Net unrealized appreciation | 405,318 | 611,468 | 642,338 | 1,250,775 | 970,062 | |||||||||||||||||
| Net Assets | $ | 28,410,656 | $ | 63,922,102 | $ | 68,824,792 | $ | 67,369,089 | $ | 54,875,593 | ||||||||||||
| Cost of Investments | $ | 1,692,676 | $ | 3,971,240 | $ | 4,021,342 | $ | 4,527,002 | $ | 4,100,170 | ||||||||||||
| Cost of Investments in Affiliates | $ | 26,207,757 | $ | 58,963,191 | $ | 63,525,682 | $ | 60,783,590 | $ | 49,530,701 | ||||||||||||
| Cost of Repurchase Agreements | $ | 165,000 | $ | 379,000 | $ | 805,000 | $ | 803,000 | $ | 592,000 | ||||||||||||
| 168 | Semiannual Report | | May 31, 2015 | | 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 |
||||||||||||||||||||||
| $ | 3,202,871 | $ | 1,823,351 | $ | 1,549,084 | $ | 633,751 | $ | 1,468,712 | $ | 13,858,642 | $ | 1,216,701 | |||||||||||||||
| 40,112,757 | 22,255,752 | 18,970,294 | 7,738,639 | 23,301,370 | 176,517,556 | 5,476,543 | ||||||||||||||||||||||
| 463,000 | 270,000 | 269,000 | 102,000 | 213,000 | 10,601,000 | 1,071,000 | ||||||||||||||||||||||
| 532 | 741 | 127 | 498 | 53 | 526 | 104 | ||||||||||||||||||||||
| 23,427 | 10,422 | 6,103 | 1,739 | 29,384 | 104,785 | 5,630 | ||||||||||||||||||||||
| 117,296 | 11,002 | 14,199 | 10,718 | 88,660 | 25,366 | 947 | ||||||||||||||||||||||
| 191 | 119 | 98 | 35 | 120 | 900 | 34 | ||||||||||||||||||||||
| — | — | — | — | — | 550,879 | 39,758 | ||||||||||||||||||||||
| — | — | — | — | — | — | 2,934 | ||||||||||||||||||||||
| — | — | — | — | — | 87,200 | — | ||||||||||||||||||||||
| — | — | — | — | — | — | 26,840 | ||||||||||||||||||||||
| — | — | — | — | — | 3,591,850 | 203,618 | ||||||||||||||||||||||
| — | — | — | — | — | 49,200 | 59,202 | ||||||||||||||||||||||
| 43,920,074 | 24,371,387 | 20,808,905 | 8,487,380 | 25,101,299 | 205,387,904 | 8,103,311 | ||||||||||||||||||||||
| 23,427 | 10,422 | 6,103 | 1,739 | 29,384 | 74,879 | 5,630 | ||||||||||||||||||||||
| 10,572 | 30,616 | 113 | 2,462 | 3,710 | 2,431,261 | 88,725 | ||||||||||||||||||||||
| — | — | — | — | — | 197,938 | 3,183 | ||||||||||||||||||||||
| 4,241 | 2,268 | 712 | 149 | 3,170 | — | — | ||||||||||||||||||||||
| 3,775 | 2,437 | 1,327 | 333 | 2,390 | 26,060 | 571 | ||||||||||||||||||||||
| 761 | 284 | 605 | 183 | 2,586 | 38,396 | 1,141 | ||||||||||||||||||||||
| 191 | 119 | 98 | 35 | 120 | 900 | 34 | ||||||||||||||||||||||
| — | — | — | — | — | 38,103 | 1,721 | ||||||||||||||||||||||
| — | — | — | — | — | 19,091 | — | ||||||||||||||||||||||
| — | — | — | — | — | 91,129 | 39,114 | ||||||||||||||||||||||
| 42,967 | 46,146 | 8,958 | 4,901 | 41,360 | 2,917,757 | 140,119 | ||||||||||||||||||||||
| $ | 43,877,107 | $ | 24,325,241 | $ | 20,799,947 | $ | 8,482,479 | $ | 25,059,939 | $ | 202,470,147 | $ | 7,963,192 | |||||||||||||||
| $ | 41,925,656 | $ | 22,987,374 | $ | 19,246,421 | $ | 7,898,226 | $ | 24,225,232 | $ | 181,006,525 | $ | 7,269,386 | |||||||||||||||
| (68,088 | ) | (65,598 | ) | (80,847 | ) | (43,389 | ) | 27,443 | (1,185,498 | ) | (19,730 | ) | ||||||||||||||||
| 806,649 | 605,942 | 728,578 | 320,092 | 410,547 | 12,721,666 | 412,706 | ||||||||||||||||||||||
| 1,212,890 | 797,523 | 905,795 | 307,550 | 396,717 | 9,927,454 | 300,830 | ||||||||||||||||||||||
| $ | 43,877,107 | $ | 24,325,241 | $ | 20,799,947 | $ | 8,482,479 | $ | 25,059,939 | $ | 202,470,147 | $ | 7,963,192 | |||||||||||||||
| $ | 3,363,588 | $ | 1,909,041 | $ | 1,614,113 | $ | 662,702 | $ | 1,462,369 | $ | 14,373,179 | $ | 1,195,921 | |||||||||||||||
| $ | 38,739,150 | $ | 21,372,539 | $ | 17,999,470 | $ | 7,402,138 | $ | 22,910,996 | $ | 166,439,693 | $ | 5,228,763 | |||||||||||||||
| $ | 463,000 | $ | 270,000 | $ | 269,000 | $ | 102,000 | $ | 213,000 | $ | 10,601,000 | $ | 1,071,000 | |||||||||||||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 169 |
Table of Contents
Statements of Assets and Liabilities (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI Retirement 2015 |
AllianzGI Retirement 2020 |
AllianzGI Retirement 2025 |
AllianzGI Retirement 2030 |
AllianzGI Retirement 2035 |
||||||||||||||||||
| Net Assets: | ||||||||||||||||||||||
| Class A | $ | 11,088,889 | $ | 33,002,096 | $ | 31,483,249 | $ | 24,042,292 | $ | 20,244,663 | ||||||||||||
| Class B | — | — | — | — | — | |||||||||||||||||
| Class C | 898,942 | 384,776 | — | 682,937 | — | |||||||||||||||||
| Class D | 62,795 | 289,687 | — | 602,419 | — | |||||||||||||||||
| Class R | 246,278 | 1,096,168 | 1,112,283 | 1,551,265 | 1,630,650 | |||||||||||||||||
| Class P | 10,286,240 | 21,949,502 | 29,422,270 | 29,315,224 | 28,532,231 | |||||||||||||||||
| Institutional Class | — | — | — | — | — | |||||||||||||||||
| Class R6 | 5,473,405 | 5,244,732 | 5,621,471 | 9,419,308 | 3,561,451 | |||||||||||||||||
| Administrative Class | 354,107 | 1,955,141 | 1,185,519 | 1,755,644 | 906,598 | |||||||||||||||||
| Shares Issued and Outstanding: | ||||||||||||||||||||||
| Class A | 575,734 | 1,724,511 | 1,866,543 | 1,188,432 | 1,133,117 | |||||||||||||||||
| Class B | — | — | — | — | — | |||||||||||||||||
| Class C | 46,988 | 20,138 | — | 33,926 | — | |||||||||||||||||
| Class D | 3,223 | 15,034 | — | 29,577 | — | |||||||||||||||||
| Class R | 12,682 | 57,193 | 66,097 | 76,414 | 91,358 | |||||||||||||||||
| Class P | 528,394 | 1,132,627 | 1,732,493 | 1,427,828 | 1,584,429 | |||||||||||||||||
| Institutional Class | — | — | — | — | — | |||||||||||||||||
| Class R6 | 280,848 | 270,239 | 330,698 | 457,770 | 197,449 | |||||||||||||||||
| Administrative Class | 18,236 | 101,489 | 69,998 | 85,809 | 50,514 | |||||||||||||||||
| Net Asset Value and Redemption Price Per Share:* |
||||||||||||||||||||||
| Class A | $ | 19.26 | $ | 19.14 | $ | 16.87 | $ | 20.23 | $ | 17.87 | ||||||||||||
| Class B | — | — | — | — | — | |||||||||||||||||
| Class C | 19.13 | 19.11 | — | 20.13 | — | |||||||||||||||||
| Class D | 19.48 | 19.27 | — | 20.37 | — | |||||||||||||||||
| Class R | 19.42 | 19.17 | 16.83 | 20.30 | 17.85 | |||||||||||||||||
| Class P | 19.47 | 19.38 | 16.98 | 20.53 | 18.01 | |||||||||||||||||
| Institutional Class | — | — | — | — | — | |||||||||||||||||
| Class R6 | 19.49 | 19.41 | 17.00 | 20.58 | 18.04 | |||||||||||||||||
| Administrative Class | 19.42 | 19.26 | 16.94 | 20.46 | 17.95 | |||||||||||||||||
| * | Net asset value and redemption price per share may not recalculate exactly due to rounding. |
| 170 | Semiannual Report | | May 31, 2015 | | 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 |
||||||||||||||||||||||
| $ | 16,003,213 | $ | 10,929,641 | $ | 5,183,869 | $ | 1,372,979 | $ | 6,388,424 | $ | 59,623,280 | $ | 1,107,696 | |||||||||||||||
| — | — | — | — | — | 968,779 | — | ||||||||||||||||||||||
| 204,709 | — | 154,694 | — | 3,689,471 | 58,541,628 | 1,317,886 | ||||||||||||||||||||||
| 290,390 | — | 236,670 | — | 974,871 | 2,379,303 | 96,073 | ||||||||||||||||||||||
| 1,248,265 | 509,204 | 664,822 | 202,780 | 227,976 | 17,831 | 159,742 | ||||||||||||||||||||||
| 16,920,355 | 11,043,074 | 8,006,772 | 1,600,124 | 6,684,837 | 2,245,143 | 48,910 | ||||||||||||||||||||||
| — | — | — | — | — | 78,668,943 | 5,205,602 | ||||||||||||||||||||||
| 8,753,246 | 1,524,685 | 6,055,621 | 5,138,553 | 7,049,205 | — | — | ||||||||||||||||||||||
| 456,929 | 318,637 | 497,499 | 168,043 | 45,155 | 25,240 | 27,283 | ||||||||||||||||||||||
| 770,016 | 594,049 | 250,261 | 77,212 | 344,992 | 4,990,978 | 57,325 | ||||||||||||||||||||||
| — | — | — | — | — | 79,340 | — | ||||||||||||||||||||||
| 9,879 | — | 7,527 | — | 201,538 | 4,839,903 | 69,404 | ||||||||||||||||||||||
| 13,936 | — | 11,364 | — | 52,362 | 200,110 | 4,998 | ||||||||||||||||||||||
| 60,233 | 27,748 | 32,115 | 11,430 | 11,923 | 1,500 | 8,326 | ||||||||||||||||||||||
| 805,664 | 596,101 | 381,858 | 89,261 | 355,970 | 187,933 | 2,535 | ||||||||||||||||||||||
| — | — | — | — | — | 6,653,537 | 269,164 | ||||||||||||||||||||||
| 416,052 | 82,114 | 288,012 | 285,881 | 383,222 | — | — | ||||||||||||||||||||||
| 21,881 | 17,269 | 23,826 | 9,417 | 2,408 | 2,061 | 1,417 | ||||||||||||||||||||||
| $ | 20.78 | $ | 18.40 | $ | 20.71 | $ | 17.78 | $ | 18.52 | $ | 11.95 | $ | 19.32 | |||||||||||||||
| — | — | — | — | — | 12.21 | — | ||||||||||||||||||||||
| 20.72 | — | 20.55 | — | 18.31 | 12.10 | 18.99 | ||||||||||||||||||||||
| 20.84 | — | 20.83 | — | 18.62 | 11.89 | 19.23 | ||||||||||||||||||||||
| 20.72 | 18.35 | 20.70 | 17.74 | 19.12 | 11.89 | 19.19 | ||||||||||||||||||||||
| 21.00 | 18.53 | 20.97 | 17.93 | 18.78 | 11.95 | 19.29 | ||||||||||||||||||||||
| — | — | — | — | — | 11.82 | 19.34 | ||||||||||||||||||||||
| 21.04 | 18.57 | 21.03 | 17.97 | 18.39 | — | — | ||||||||||||||||||||||
| 20.88 | 18.45 | 20.88 | 17.84 | 18.75 | 12.24 | 19.26 | ||||||||||||||||||||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 171 |
Table of Contents
Statements of Assets and Liabilities (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI Global Megatrends |
AllianzGI Behavioral Advantage Large Cap |
AllianzGI Best Styles Emerging Markets Equity |
AllianzGI Best Styles Global Equity |
AllianzGI Best Styles International Equity |
||||||||||||||||||
| Assets: | ||||||||||||||||||||||
| Investments, at value | $ | — | $ | 43,969,575 | $ | 5,373,817 | $ | 109,538,160 | $ | 32,842,125 | ||||||||||||
| Investments in Affiliates, at value | 3,213,015 | — | 12,330 | 458,021 | 186,269 | |||||||||||||||||
| Repurchase agreements, at value | — | 280,000 | 283,000 | 4,517,000 | 557,000 | |||||||||||||||||
| Cash | 26,364 | 157 | 698 | 984 | 584 | |||||||||||||||||
| Foreign currency, at value | — | — | 26,748 | 182,376 | 23,407 | |||||||||||||||||
| Unrealized appreciation of forward foreign currency contracts | — | — | — | — | — | |||||||||||||||||
| Dividends and interest receivable (net of foreign withholding taxes) | — | 98,434 | 14,998 | 341,595 | 180,707 | |||||||||||||||||
| Receivable for investments sold | — | — | — | — | — | |||||||||||||||||
| Swap premiums paid | — | — | — | — | — | |||||||||||||||||
| Unrealized appreciation of OTC swaps | — | — | — | — | — | |||||||||||||||||
| Deposits with brokers for derivatives collateral | — | — | 152,210 | 1,009,268 | — | |||||||||||||||||
| Receivable for Fund shares sold | — | 27,411 | — | 28,570 | — | |||||||||||||||||
| Receivable from Investment Manager | 9,966 | 219 | 15,256 | 2,821 | 14,996 | |||||||||||||||||
| Deferred offering costs | 55,239 | — | 39,626 | — | 39,046 | |||||||||||||||||
| Tax reclaims receivable | — | — | — | 27,119 | 29,415 | |||||||||||||||||
| Dividends receivable from Affiliates | — | 120 | — | 634 | 323 | |||||||||||||||||
| Investments in Affiliated Funds — Trustee Deferred Compensation Plan (see Note 5) | 14 | 277 | 24 | 489 | 148 | |||||||||||||||||
| Receivable for variation margin on futures contracts | — | — | — | 26,215 | — | |||||||||||||||||
| Prepaid expenses and other assets | 3,303 | 22,296 | 4,225 | 25,865 | 4,225 | |||||||||||||||||
| Total Assets |
3,307,901 | 44,398,489 | 5,922,932 | 116,159,117 | 33,878,245 | |||||||||||||||||
| Liabilities: | ||||||||||||||||||||||
| Payable for investments purchased | — | — | — | — | — | |||||||||||||||||
| Payable for investments in Affiliates purchased | — | — | — | — | — | |||||||||||||||||
| Payable for Fund shares redeemed | — | 50,337 | — | 13,356 | 2,106 | |||||||||||||||||
| Payable to custodian for cash overdraft | — | — | — | — | — | |||||||||||||||||
| Payable for variation margin on futures contracts | — | — | — | 3,129 | — | |||||||||||||||||
| Investment management fees payable | — | — | — | — | — | |||||||||||||||||
| Distribution fees payable | — | 611 | — | — | — | |||||||||||||||||
| Servicing fees payable | 2 | 3,137 | — | 37 | — | |||||||||||||||||
| Swap premiums received | — | — | — | — | — | |||||||||||||||||
| Unrealized depreciation of forward foreign currency contracts | — | — | — | — | — | |||||||||||||||||
| Unrealized depreciation of OTC swaps | — | — | — | — | — | |||||||||||||||||
| Due to Investment Manager | 55,239 | — | 39,626 | — | 39,046 | |||||||||||||||||
| Trustees Deferred Compensation Plan payable (see Note 5) | 14 | 277 | 24 | 489 | 148 | |||||||||||||||||
| Accrued expenses and other liabilities | 18,515 | 28,595 | 33,075 | 52,289 | 4,575 | |||||||||||||||||
| Total Liabilities |
73,770 | 82,957 | 72,725 | 69,300 | 45,875 | |||||||||||||||||
| Net Assets | $ | 3,234,131 | $ | 44,315,532 | $ | 5,850,207 | $ | 116,089,817 | $ | 33,832,370 | ||||||||||||
| 172 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
Table of Contents
| 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 |
||||||||||||||||||||||
| $ | 56,364,636 | $ | 11,291,398 | $ | 2,441,254,675 | $ | 12,663,879 | $ | 29,632,272 | $ | 5,116,533 | $ | 2,363,305 | |||||||||||||||
| 102,042 | 973,317 | — | — | — | — | 805,805 | ||||||||||||||||||||||
| 3,653,000 | 920,000 | 83,492,000 | 183,000 | 599,000 | — | 219,000 | ||||||||||||||||||||||
| 537 | 426 | 537 | 391 | — | 66,617 | 8 | ||||||||||||||||||||||
| 783 | 7,202 | — | 23,607 | 16,704 | 29,545 | 4,407 | ||||||||||||||||||||||
| — | — | — | — | 6,223 | — | 639 | ||||||||||||||||||||||
| 114,731 | 37,744 | 9,249,088 | 17,065 | 436,336 | 10,952 | 8,647 | ||||||||||||||||||||||
| — | — | 24,828,022 | 188,362 | 2,569,427 | — | 896 | ||||||||||||||||||||||
| — | — | — | — | 101,797 | — | — | ||||||||||||||||||||||
| — | — | — | — | 103,531 | — | — | ||||||||||||||||||||||
| 363,671 | — | — | — | 520,000 | — | — | ||||||||||||||||||||||
| — | 360,850 | 2,526,789 | 1,000 | — | 16,840 | — | ||||||||||||||||||||||
| — | 11,925 | — | 491 | — | 11,087 | 13,157 | ||||||||||||||||||||||
| 39,414 | — | — | 29,204 | 51,860 | 29,555 | 62,218 | ||||||||||||||||||||||
| — | — | — | 917 | — | — | 1,551 | ||||||||||||||||||||||
| 356 | — | — | — | — | — | — | ||||||||||||||||||||||
| 317 | 22 | 11,038 | 58 | 129 | 19 | 13 | ||||||||||||||||||||||
| 10,228 | — | — | — | — | — | — | ||||||||||||||||||||||
| 4,225 | 69,571 | 85,118 | 3,455 | 12,786 | 41,444 | 4,071 | ||||||||||||||||||||||
| 60,653,940 | 13,672,455 | 2,561,447,267 | 13,111,429 | 34,050,065 | 5,322,592 | 3,483,717 | ||||||||||||||||||||||
| — | 299,839 | 46,269,611 | 80,334 | 2,657,336 | — | 3,038 | ||||||||||||||||||||||
| — | — | — | — | — | — | 640 | ||||||||||||||||||||||
| 15,566 | 22,055 | 1,952,662 | 6,172 | 199 | 32,137 | — | ||||||||||||||||||||||
| — | — | — | — | 149,652 | — | — | ||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||
| 3,996 | — | 1,199,432 | — | 6,983 | — | — | ||||||||||||||||||||||
| — | 31 | 77,444 | — | 6 | — | 82 | ||||||||||||||||||||||
| — | 1,256 | 144,790 | 5 | 4 | 4 | 30 | ||||||||||||||||||||||
| — | — | — | — | 603,083 | — | — | ||||||||||||||||||||||
| — | — | — | — | 12,904 | — | 92,439 | ||||||||||||||||||||||
| — | — | — | — | 2,858 | — | — | ||||||||||||||||||||||
| 39,414 | — | — | 29,204 | 51,860 | 29,555 | 62,218 | ||||||||||||||||||||||
| 317 | 22 | 11,038 | 58 | 129 | 19 | 13 | ||||||||||||||||||||||
| 31,947 | 45,379 | 789,815 | 5,017 | 47,959 | 22,477 | 25,906 | ||||||||||||||||||||||
| 91,240 | 368,582 | 50,444,792 | 120,790 | 3,532,973 | 84,192 | 184,366 | ||||||||||||||||||||||
| $ | 60,562,700 | $ | 13,303,873 | $ | 2,511,002,475 | $ | 12,990,639 | $ | 30,517,092 | $ | 5,238,400 | $ | 3,299,351 | |||||||||||||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 173 |
Table of Contents
Statements of Assets and Liabilities (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI Global Megatrends |
AllianzGI Behavioral Advantage Large Cap |
AllianzGI Best Styles Emerging Markets Equity |
AllianzGI Best Styles Global Equity |
AllianzGI Best Styles International Equity |
||||||||||||||||||
| Net Assets Consist of: | ||||||||||||||||||||||
| Paid-in-capital | $ | 3,020,000 | $ | 40,114,638 | $ | 5,587,414 | $ | 108,081,589 | $ | 31,491,032 | ||||||||||||
| Undistributed (dividends in excess of) net investment income | 1,116 | 42,798 | 44,950 | 1,102,475 | 614,811 | |||||||||||||||||
| Accumulated net realized gain (loss) | — | (8,401 | ) | 129,062 | (204,013 | ) | 289,005 | |||||||||||||||
| Net unrealized appreciation (depreciation) | 213,015 | 4,166,497 | 88,781 | 7,109,766 | 1,437,522 | |||||||||||||||||
| Net Assets | $ | 3,234,131 | $ | 44,315,532 | $ | 5,850,207 | $ | 116,089,817 | $ | 33,832,370 | ||||||||||||
| Cost of Investments | $ | — | $ | 39,803,078 | $ | 5,287,159 | $ | 102,469,120 | $ | 31,407,274 | ||||||||||||
| Cost of Investments in Affiliates | $ | 3,000,000 | $ | — | $ | 10,009 | $ | 434,651 | $ | 179,219 | ||||||||||||
| Cost of Repurchase Agreements | $ | — | $ | 280,000 | $ | 283,000 | $ | 4,517,000 | $ | 557,000 | ||||||||||||
| Cost of Foreign Currency | $ | — | $ | — | $ | 26,765 | $ | 178,754 | $ | 23,434 | ||||||||||||
| Net Assets: | ||||||||||||||||||||||
| Class A | $ | 10,700 | $ | 10,850,865 | $ | — | $ | 242,284 | $ | — | ||||||||||||
| Class C | — | 954,652 | — | — | — | |||||||||||||||||
| Class D | — | 2,954,836 | — | — | — | |||||||||||||||||
| Class R | — | — | — | — | — | |||||||||||||||||
| Class P | 10,706 | 108,754 | 10,441 | 4,291,334 | 10,500 | |||||||||||||||||
| Institutional Class | 3,212,725 | 29,446,425 | 10,445 | 106,133 | 10,504 | |||||||||||||||||
| Class R6 | — | — | 5,829,321 | 111,450,066 | 33,811,366 | |||||||||||||||||
| Administrative Class | — | — | — | — | — | |||||||||||||||||
| Shares Issued and Outstanding: | ||||||||||||||||||||||
| Class A | 667 | 538,972 | — | 14,663 | — | |||||||||||||||||
| Class C | — | 48,622 | — | — | — | |||||||||||||||||
| Class D | — | 148,142 | — | — | — | |||||||||||||||||
| Class R | — | — | — | — | — | |||||||||||||||||
| Class P | 666 | 5,386 | 666 | 258,347 | 666 | |||||||||||||||||
| Institutional Class | 200,000 | 1,453,565 | 667 | 6,416 | 667 | |||||||||||||||||
| Class R6 | — | — | 372,012 | 6,706,368 | 2,146,805 | |||||||||||||||||
| Administrative Class | — | — | — | — | — | |||||||||||||||||
| Net Asset Value and Redemption Price Per Share:* |
||||||||||||||||||||||
| Class A | $ | 16.05 | $ | 20.13 | $ | — | $ | 16.52 | $ | — | ||||||||||||
| Class C | — | 19.63 | — | — | — | |||||||||||||||||
| Class D | — | 19.95 | — | — | — | |||||||||||||||||
| Class R | — | — | — | — | — | |||||||||||||||||
| Class P | 16.06 | 20.19 | 15.66 | 16.61 | 15.74 | |||||||||||||||||
| Institutional Class | 16.06 | 20.26 | 15.66 | 16.54 | 15.74 | |||||||||||||||||
| Class R6 | — | — | 15.67 | 16.62 | 15.75 | |||||||||||||||||
| Administrative Class | — | — | — | — | — | |||||||||||||||||
| * | Net asset value and redemption price per share may not recalculate exactly due to rounding. |
| 174 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
Table of Contents
| 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 |
||||||||||||||||||||||
| $ | 59,323,598 | $ | 11,695,517 | $ | 2,057,935,045 | $ | 12,607,377 | $ | 31,163,093 | $ | 4,678,774 | $ | 3,240,753 | |||||||||||||||
| 441,929 | (17,879 | ) | (1,057,105 | ) | 13,692 | 70,359 | 21,142 | 63,077 | ||||||||||||||||||||
| 239,836 | 236,812 | 146,213,039 | 31,621 | (536,062 | ) | 98,500 | (16,582 | ) | ||||||||||||||||||||
| 557,337 | 1,389,423 | 307,911,496 | 337,949 | (180,298 | ) | 439,984 | 12,103 | |||||||||||||||||||||
| $ | 60,562,700 | $ | 13,303,873 | $ | 2,511,002,475 | $ | 12,990,639 | $ | 30,517,092 | $ | 5,238,400 | $ | 3,299,351 | |||||||||||||||
| $ | 55,849,290 | $ | 10,146,356 | $ | 2,133,343,179 | $ | 12,325,916 | $ | 29,904,836 | $ | 4,676,391 | $ | 2,311,377 | |||||||||||||||
| $ | 70,265 | $ | 728,891 | $ | — | $ | — | $ | — | $ | — | $ | 753,805 | |||||||||||||||
| $ | 3,653,000 | $ | 920,000 | $ | 83,492,000 | $ | 183,000 | $ | 599,000 | $ | — | $ | 219,000 | |||||||||||||||
| $ | 782 | $ | 7,204 | $ | — | $ | 23,739 | $ | 17,839 | $ | 29,536 | $ | 4,363 | |||||||||||||||
| $ | — | $ | 4,695,340 | $ | 496,355,222 | $ | 44,524 | $ | 10,002 | $ | 21,067 | $ | 10,182 | |||||||||||||||
| — | 61,199 | 119,089,592 | — | 9,949 | — | 163,737 | ||||||||||||||||||||||
| — | 2,877,937 | 70,256,596 | — | — | — | — | ||||||||||||||||||||||
| — | — | 1,706,415 | — | — | — | — | ||||||||||||||||||||||
| 27,507 | 91,314 | 191,182,145 | — | 10,012 | — | 24,881 | ||||||||||||||||||||||
| 283,955 | 5,578,083 | 1,630,173,437 | 12,946,115 | 30,487,129 | 5,217,333 | 3,100,551 | ||||||||||||||||||||||
| 60,251,238 | — | — | — | — | — | — | ||||||||||||||||||||||
| — | — | 2,239,068 | — | — | — | — | ||||||||||||||||||||||
| — | 219,125 | 13,871,490 | 3,006 | 683 | 1,254 | 667 | ||||||||||||||||||||||
| — | 2,814 | 3,326,343 | — | 680 | — | 10,746 | ||||||||||||||||||||||
| — | 132,495 | 1,964,526 | — | — | — | — | ||||||||||||||||||||||
| — | — | 47,799 | — | — | — | — | ||||||||||||||||||||||
| 1,771 | 4,086 | 5,352,373 | — | 683 | — | 1,628 | ||||||||||||||||||||||
| 18,265 | 259,845 | 45,697,533 | 872,464 | 2,078,729 | 310,099 | 202,855 | ||||||||||||||||||||||
| 3,875,637 | — | — | — | — | — | — | ||||||||||||||||||||||
| — | — | 62,555 | — | — | — | — | ||||||||||||||||||||||
| $ | — | $ | 21.43 | $ | 35.78 | $ | 14.81 | $ | 14.66 | $ | 16.80 | $ | 15.27 | |||||||||||||||
| — | 21.75 | 35.80 | — | 14.64 | — | 15.24 | ||||||||||||||||||||||
| — | 21.72 | 35.76 | — | — | — | — | ||||||||||||||||||||||
| — | — | 35.70 | — | — | — | — | ||||||||||||||||||||||
| 15.53 | 22.35 | 35.72 | — | 14.66 | — | 15.28 | ||||||||||||||||||||||
| 15.55 | 21.47 | 35.67 | 14.84 | 14.67 | 16.82 | 15.28 | ||||||||||||||||||||||
| 15.55 | — | — | — | — | — | — | ||||||||||||||||||||||
| — | — | 35.79 | — | — | — | — | ||||||||||||||||||||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 175 |
Table of Contents
Statements of Assets and Liabilities (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI Global Fundamental Strategy |
AllianzGI Global Managed Volatility |
AllianzGI Global Sustainability |
AllianzGI Global Water |
AllianzGI High Yield Bond |
||||||||||||||||||
| Assets: | ||||||||||||||||||||||
| Investments, at value | $ | 18,470,401 | $ | 2,741,544 | $ | 2,952,784 | $ | 338,316,478 | $ | 387,549,145 | ||||||||||||
| Investments in Affiliates, at value | 481,196 | — | 46,537 | 3,603,814 | — | |||||||||||||||||
| Repurchase agreements, at value | 3,346,000 | — | 145,000 | 25,507,000 | 10,810,000 | |||||||||||||||||
| Cash | 691 | 84,862 | 152 | 996 | 130 | |||||||||||||||||
| Foreign currency, at value | 21,799 | 458 | — | 6 | — | |||||||||||||||||
| Unrealized appreciation of forward foreign currency contracts | 7,320 | — | — | — | — | |||||||||||||||||
| Dividends and interest receivable (net of foreign withholding taxes) | 151,472 | 6,707 | 4,891 | 789,738 | 6,615,338 | |||||||||||||||||
| Receivable for investments sold | 14,975 | — | — | 1,029 | — | |||||||||||||||||
| Receivable for investments in Affiliates sold | — | — | — | — | — | |||||||||||||||||
| Deposits with brokers for derivatives collateral | 82,763 | — | — | — | — | |||||||||||||||||
| Receivable for Fund shares sold | — | — | — | 1,077,042 | 245,511 | |||||||||||||||||
| Receivable from Investment Manager | 5,135 | 26,389 | 10,549 | — | — | |||||||||||||||||
| Deferred offering costs | — | — | 42,019 | — | — | |||||||||||||||||
| Tax reclaims receivable | 11,844 | 7,438 | 1,474 | 437,874 | — | |||||||||||||||||
| Dividends receivable from Affiliates | — | — | — | 72,271 | — | |||||||||||||||||
| Investments in Affiliated Funds — Trustee Deferred Compensation Plan (see Note 5) | 97 | 12 | 13 | 1,519 | 1,709 | |||||||||||||||||
| Receivable for variation margin on futures contracts | — | — | — | — | — | |||||||||||||||||
| Prepaid expenses and other assets | 44,429 | 31,997 | 4,225 | 49,040 | 59,897 | |||||||||||||||||
| Total Assets |
22,638,122 | 2,899,407 | 3,207,644 | 369,856,807 | 405,281,730 | |||||||||||||||||
| Liabilities: | ||||||||||||||||||||||
| Payable for investments purchased | 36,025 | — | — | 1,223,337 | 2,680,000 | |||||||||||||||||
| Payable for Fund shares redeemed | 46,753 | — | — | 1,014,115 | 533,163 | |||||||||||||||||
| Payable to custodian for cash overdraft | — | — | — | — | — | |||||||||||||||||
| Payable for variation margin on futures contracts | 7,557 | — | — | — | — | |||||||||||||||||
| Options written, at value | 45,098 | — | — | — | — | |||||||||||||||||
| Investment management fees payable | — | — | — | 295,507 | 166,561 | |||||||||||||||||
| Distribution fees payable | 7 | 209 | — | 50,403 | 20,310 | |||||||||||||||||
| Servicing fees payable | 18 | 201 | 2 | 52,614 | 20,916 | |||||||||||||||||
| Unrealized depreciation of forward foreign currency contracts | 18,473 | — | — | — | — | |||||||||||||||||
| Due to Investment Manager | — | — | 42,019 | — | — | |||||||||||||||||
| Trustees Deferred Compensation Plan payable (see Note 5) | 97 | 12 | 13 | 1,519 | 1,709 | |||||||||||||||||
| Accrued expenses and other liabilities | 37,407 | 41,905 | 25,030 | 297,799 | 176,533 | |||||||||||||||||
| Total Liabilities |
191,435 | 42,327 | 67,064 | 2,935,294 | 3,599,192 | |||||||||||||||||
| Net Assets | $ | 22,446,687 | $ | 2,857,080 | $ | 3,140,580 | $ | 366,921,513 | $ | 401,682,538 | ||||||||||||
| 176 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI International Growth |
AllianzGI International Small-Cap |
AllianzGI Micro Cap |
AllianzGI Multi-Asset Real Return |
AllianzGI NFJ Emerging Markets Value |
AllianzGI NFJ Global Dividend Value |
AllianzGI NFJ International Small-Cap Value |
||||||||||||||||||||||
| $ | 2,781,787 | $ | 85,213,281 | $ | 40,324,222 | $ | 2,012,568 | $ | 9,096,641 | $ | 39,825,571 | $ | 18,200,055 | |||||||||||||||
| 369,163 | 26,810,565 | 1,310,184 | 2,664,869 | — | — | 643,139 | ||||||||||||||||||||||
| — | 7,946,000 | — | 369,000 | 184,000 | 553,000 | — | ||||||||||||||||||||||
| 62,608 | 965 | — | 428 | 64,370 | 90 | 89,068 | ||||||||||||||||||||||
| 2,299 | 251,595 | — | 12,015 | 148,654 | 173,260 | 375,576 | ||||||||||||||||||||||
| — | — | — | — | 20 | — | — | ||||||||||||||||||||||
| 2,363 | 174,498 | 3,504 | 4,803 | 40,304 | 229,277 | 71,094 | ||||||||||||||||||||||
| — | 1,151,046 | 2,379,571 | 99,678 | 33,356 | — | 14,665 | ||||||||||||||||||||||
| — | — | 171,382 | — | — | — | — | ||||||||||||||||||||||
| — | — | — | 130,917 | — | — | — | ||||||||||||||||||||||
| — | 906,313 | 4,339 | — | 500 | 47,475 | 82,555 | ||||||||||||||||||||||
| 11,929 | — | — | 20,211 | 23,973 | — | 17,466 | ||||||||||||||||||||||
| 44,956 | — | — | — | — | — | — | ||||||||||||||||||||||
| 1,076 | 85,088 | — | 25 | 6,004 | 7,479 | 14,156 | ||||||||||||||||||||||
| — | 8,783 | 4,839 | — | — | — | — | ||||||||||||||||||||||
| 14 | 447 | 186 | 27 | 38 | 169 | 76 | ||||||||||||||||||||||
| — | — | — | 8,725 | — | — | — | ||||||||||||||||||||||
| 2,533 | 51,108 | 26,468 | 32,803 | 28,329 | 43,735 | 70,931 | ||||||||||||||||||||||
| 3,278,728 | 122,599,689 | 44,224,695 | 5,356,069 | 9,626,189 | 40,880,056 | 19,578,781 | ||||||||||||||||||||||
| — | 1,282,491 | 869,666 | — | 114,343 | — | — | ||||||||||||||||||||||
| — | 34,698 | 119,981 | — | — | 29,605 | 17,624 | ||||||||||||||||||||||
| — | — | 47,524 | — | — | — | — | ||||||||||||||||||||||
| — | — | — | 6,625 | — | — | — | ||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||
| — | 84,083 | 33,497 | — | — | 927 | — | ||||||||||||||||||||||
| — | 1,302 | — | 71 | 41 | 4,049 | 970 | ||||||||||||||||||||||
| 2 | 3,218 | 1,465 | 60 | 373 | 4,647 | 1,297 | ||||||||||||||||||||||
| — | 143 | — | — | 66 | — | — | ||||||||||||||||||||||
| 44,956 | — | — | — | — | — | — | ||||||||||||||||||||||
| 14 | 447 | 186 | 27 | 38 | 169 | 76 | ||||||||||||||||||||||
| 28,314 | 213,039 | 56,111 | 47,710 | 45,680 | 56,441 | 46,715 | ||||||||||||||||||||||
| 73,286 | 1,619,421 | 1,128,430 | 54,493 | 160,541 | 95,838 | 66,682 | ||||||||||||||||||||||
| $ | 3,205,442 | $ | 120,980,268 | $ | 43,096,265 | $ | 5,301,576 | $ | 9,465,648 | $ | 40,784,218 | $ | 19,512,099 | |||||||||||||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 177 |
Table of Contents
Statements of Assets and Liabilities (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI Global Fundamental Strategy |
AllianzGI Global Managed Volatility |
AllianzGI Global Sustainability |
AllianzGI Global Water |
AllianzGI High Yield Bond |
||||||||||||||||||
| Net Assets Consist of: | ||||||||||||||||||||||
| Paid-in-capital | $ | 21,603,592 | $ | 1,410,855 | $ | 3,020,000 | $ | 326,391,622 | $ | 410,662,832 | ||||||||||||
| Undistributed (dividends in excess of) net investment income | 89,829 | 52,938 | 24,564 | 1,468,265 | (2,797,803 | ) | ||||||||||||||||
| Accumulated net realized gain (loss) | 434,832 | 1,140,339 | (19,303 | ) | (2,347,809 | ) | (8,471,537 | ) | ||||||||||||||
| Net unrealized appreciation (depreciation) | 318,434 | 252,948 | 115,319 | 41,409,435 | 2,289,046 | |||||||||||||||||
| Net Assets | $ | 22,446,687 | $ | 2,857,080 | $ | 3,140,580 | $ | 366,921,513 | $ | 401,682,538 | ||||||||||||
| Cost of Investments | $ | 18,219,736 | $ | 2,485,726 | $ | 2,838,089 | $ | 297,324,202 | $ | 385,260,099 | ||||||||||||
| Cost of Investments in Affiliates | $ | 423,912 | $ | — | $ | 45,856 | $ | 3,151,684 | $ | — | ||||||||||||
| Cost of Repurchase Agreements | $ | 3,346,000 | $ | — | $ | 145,000 | $ | 25,507,000 | $ | 10,810,000 | ||||||||||||
| Cost of Foreign Currency | $ | 21,791 | $ | 463 | $ | — | $ | 6 | $ | — | ||||||||||||
| Premiums Received for Options Written | $ | 78,094 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
| Net Assets: | ||||||||||||||||||||||
| Class A | $ | 24,595 | $ | 202,838 | $ | 10,387 | $ | 140,175,003 | $ | 38,826,658 | ||||||||||||
| Class C | 10,697 | 335,079 | — | 78,409,629 | 20,419,891 | |||||||||||||||||
| Class D | 50,455 | 414,612 | — | 29,081,976 | 38,325,764 | |||||||||||||||||
| Class R | — | — | — | — | 1,017,693 | |||||||||||||||||
| Class P | 10,885 | 14,053 | 10,394 | 88,533,579 | 79,037,297 | |||||||||||||||||
| Institutional Class | 22,350,055 | 1,890,498 | 3,119,799 | 30,721,326 | 187,304,109 | |||||||||||||||||
| Administrative Class | — | — | — | — | 36,751,126 | |||||||||||||||||
| Shares Issued and Outstanding: | ||||||||||||||||||||||
| Class A | 1,585 | 12,103 | 667 | 10,579,259 | 3,977,693 | |||||||||||||||||
| Class C | 690 | 20,512 | — | 6,107,835 | 2,095,199 | |||||||||||||||||
| Class D | 3,136 | 24,810 | — | 2,203,903 | 4,050,524 | |||||||||||||||||
| Class R | — | — | — | — | 107,760 | |||||||||||||||||
| Class P | 699 | 831 | 666 | 6,657,623 | 8,375,333 | |||||||||||||||||
| Institutional Class | 1,434,374 | 111,838 | 200,000 | 2,339,790 | 19,792,307 | |||||||||||||||||
| Administrative Class | — | — | — | — | 3,901,433 | |||||||||||||||||
| Net Asset Value and Redemption Price Per Share:* |
||||||||||||||||||||||
| Class A | $ | 15.52 | $ | 16.76 | $ | 15.58 | $ | 13.25 | $ | 9.76 | ||||||||||||
| Class C | 15.51 | 16.34 | — | 12.84 | 9.75 | |||||||||||||||||
| Class D | 16.09 | 16.71 | — | 13.20 | 9.46 | |||||||||||||||||
| Class R | — | — | — | — | 9.44 | |||||||||||||||||
| Class P | 15.57 | 16.91 | 15.59 | 13.30 | 9.44 | |||||||||||||||||
| Institutional Class | 15.58 | 16.90 | 15.60 | 13.13 | 9.46 | |||||||||||||||||
| Administrative Class | — | — | — | — | 9.42 | |||||||||||||||||
| * | Net asset value and redemption price per share may not recalculate exactly due to rounding. |
| 178 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI International Growth |
AllianzGI International Small-Cap |
AllianzGI Micro Cap |
AllianzGI Multi-Asset Real Return |
AllianzGI NFJ Emerging Markets Value |
AllianzGI NFJ Global Dividend Value |
AllianzGI NFJ International Small-Cap Value |
||||||||||||||||||||||
| $ | 3,011,056 | $ | 97,746,928 | $ | 32,766,337 | $ | 5,554,493 | $ | 9,313,638 | $ | 34,529,265 | $ | 17,317,825 | |||||||||||||||
| 22,074 | 425,128 | (753,822 | ) | (43 | ) | 56,658 | 426,400 | 161,879 | ||||||||||||||||||||
| (6,651 | ) | 3,616,518 | (2,881,145 | ) | (143,838 | ) | (108,283 | ) | 1,815,419 | 618,689 | ||||||||||||||||||
| 178,963 | 19,191,694 | 13,964,895 | (109,036 | ) | 203,635 | 4,013,134 | 1,413,706 | |||||||||||||||||||||
| $ | 3,205,442 | $ | 120,980,268 | $ | 43,096,265 | $ | 5,301,576 | $ | 9,465,648 | $ | 40,784,218 | $ | 19,512,099 | |||||||||||||||
| $ | 2,631,440 | $ | 68,752,637 | $ | 26,983,596 | $ | 1,904,728 | $ | 8,891,834 | $ | 35,806,361 | $ | 16,772,325 | |||||||||||||||
| $ | 340,524 | $ | 24,064,060 | $ | 685,915 | $ | 2,880,055 | $ | — | $ | — | $ | 651,107 | |||||||||||||||
| $ | — | $ | 7,946,000 | $ | — | $ | 369,000 | $ | 184,000 | $ | 553,000 | $ | — | |||||||||||||||
| $ | 2,301 | $ | 251,519 | $ | — | $ | 12,280 | $ | 148,748 | $ | 177,426 | $ | 378,639 | |||||||||||||||
| $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
| $ | 11,673 | $ | 10,241,358 | $ | 6,916,198 | $ | 144,597 | $ | 154,609 | $ | 12,645,770 | $ | 3,131,388 | |||||||||||||||
| — | 2,123,198 | — | 109,132 | 73,455 | 6,349,771 | 1,517,261 | ||||||||||||||||||||||
| — | 3,828,069 | — | 23,953 | 1,549,119 | 2,484,226 | 1,631,066 | ||||||||||||||||||||||
| — | 107,121 | — | — | — | — | — | ||||||||||||||||||||||
| — | 41,478,182 | 1,784,505 | 9,974 | 11,133 | 1,850,644 | 54,275 | ||||||||||||||||||||||
| 3,193,769 | 63,202,340 | 34,395,562 | 5,013,920 | 7,677,332 | 17,453,807 | 13,178,109 | ||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||
| 732 | 276,701 | 454,442 | 10,025 | 10,110 | 626,898 | 149,160 | ||||||||||||||||||||||
| — | 58,240 | — | 7,631 | 4,815 | 319,169 | 73,210 | ||||||||||||||||||||||
| — | 102,140 | — | 1,651 | 100,529 | 121,956 | 77,628 | ||||||||||||||||||||||
| — | 2,937 | — | — | — | — | — | ||||||||||||||||||||||
| — | 1,123,500 | 116,845 | 688 | 722 | 91,162 | 2,558 | ||||||||||||||||||||||
| 200,000 | 1,657,698 | 2,242,402 | 345,961 | 497,751 | 867,814 | 618,218 | ||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||
| $ | 15.96 | $ | 37.01 | $ | 15.22 | $ | 14.43 | $ | 15.29 | $ | 20.17 | $ | 20.99 | |||||||||||||||
| — | 36.46 | — | 14.30 | 15.25 | 19.89 | 20.72 | ||||||||||||||||||||||
| — | 37.48 | — | 14.50 | 15.41 | 20.37 | 21.01 | ||||||||||||||||||||||
| — | 36.48 | — | — | — | — | — | ||||||||||||||||||||||
| — | 36.92 | 15.27 | 14.50 | 15.41 | 20.30 | 21.22 | ||||||||||||||||||||||
| 15.97 | 38.13 | 15.34 | 14.49 | 15.42 | 20.11 | 21.32 | ||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 179 |
Table of Contents
Statements of Assets and Liabilities (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI NFJ International Value II |
AllianzGI Short Duration High Income |
AllianzGI Structured Return |
AllianzGI U.S. Equity Hedged |
|||||||||||||||
| Assets: | ||||||||||||||||||
| Investments, at value | $ | 46,758,421 | $ | 770,233,000 | $ | 30,283,124 | $ | 15,874,615 | ||||||||||
| Investments in Affiliates, at value | 833,395 | — | — | — | ||||||||||||||
| Repurchase agreements, at value | 2,464,000 | 55,837,000 | 2,553,000 | 381,000 | ||||||||||||||
| Cash | 552 | — | 25 | 569 | ||||||||||||||
| Foreign currency, at value | 44,148 | — | — | — | ||||||||||||||
| Dividends and interest receivable (net of foreign withholding taxes) | 221,295 | 13,949,628 | — | — | ||||||||||||||
| Receivable for investments sold | 54,707 | 4,625,968 | 291,290 | 45,059 | ||||||||||||||
| Receivable for investments in Affiliates sold | — | — | — | — | ||||||||||||||
| Deposits with brokers for derivatives collateral | — | — | 11,123 | 85,599 | ||||||||||||||
| Receivable for Fund shares sold | — | 15,505,488 | 142,750 | — | ||||||||||||||
| Receivable from Investment Manager | — | — | 1,257 | 8,727 | ||||||||||||||
| Tax reclaims receivable | 24,669 | — | — | — | ||||||||||||||
| Dividends receivable from Affiliates | — | — | — | — | ||||||||||||||
| Investments in Affiliated Funds — Trustee Deferred Compensation Plan (see Note 5) | 211 | 3,136 | 118 | 72 | ||||||||||||||
| Prepaid expenses and other assets | 20,329 | 29,286 | 22,171 | 22,344 | ||||||||||||||
| Total Assets |
50,421,727 | 860,183,506 | 33,304,858 | 16,417,985 | ||||||||||||||
| Liabilities: | ||||||||||||||||||
| Payable for investments purchased | 119,221 | 27,685,642 | 203,822 | 305 | ||||||||||||||
| Payable for Fund shares redeemed | 72 | 865,972 | 39,409 | 196,767 | ||||||||||||||
| Payable to custodian for cash overdraft | — | 783,745 | — | — | ||||||||||||||
| Options written, at value | — | — | 1,304,350 | 48,080 | ||||||||||||||
| Investment management fees payable | 17,046 | 329,521 | — | — | ||||||||||||||
| Distribution fees payable | 112 | 19,148 | 808 | 136 | ||||||||||||||
| Servicing fees payable | 86 | 58,318 | 2,794 | 590 | ||||||||||||||
| Trustees Deferred Compensation Plan payable (see Note 5) | 211 | 3,136 | 118 | 72 | ||||||||||||||
| Accrued expenses and other liabilities | 47,119 | 327,461 | 66,540 | 59,146 | ||||||||||||||
| Total Liabilities |
183,867 | 30,072,943 | 1,617,841 | 305,096 | ||||||||||||||
| Net Assets | $ | 50,237,860 | $ | 830,110,563 | $ | 31,687,017 | $ | 16,112,889 | ||||||||||
| Net Assets Consist of: | ||||||||||||||||||
| Paid-in-capital | $ | 48,471,659 | $ | 843,481,027 | $ | 31,019,709 | $ | 15,722,002 | ||||||||||
| Undistributed (dividends in excess of) net investment income | 429,191 | (6,275,037 | ) | 32,222 | 54,583 | |||||||||||||
| Accumulated net realized gain (loss) | (642,153 | ) | (7,971,199 | ) | (629,918 | ) | 419,429 | |||||||||||
| Net unrealized appreciation (depreciation) | 1,979,163 | 875,772 | 1,265,004 | (83,125 | ) | |||||||||||||
| Net Assets | $ | 50,237,860 | $ | 830,110,563 | $ | 31,687,017 | $ | 16,112,889 | ||||||||||
| Cost of Investments | $ | 44,546,085 | $ | 769,357,228 | $ | 29,208,319 | $ | 15,978,034 | ||||||||||
| Cost of Investments in Affiliates | $ | 1,062,239 | $ | — | $ | — | $ | — | ||||||||||
| Cost of Repurchase Agreements | $ | 2,464,000 | $ | 55,837,000 | $ | 2,553,000 | $ | 381,000 | ||||||||||
| Cost of Foreign Currency | $ | 44,149 | $ | — | $ | — | $ | — | ||||||||||
| Premiums Received for Options Written | $ | — | $ | — | $ | 1,494,549 | $ | 68,929 | ||||||||||
| 180 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI U.S. Small-Cap Growth |
AllianzGI Ultra Micro Cap |
|||||||
| $ | 43,451,321 | $ | 99,102,754 | |||||
| 678,262 | 1,313,829 | |||||||
| 1,108,000 | 1,248,000 | |||||||
| 154 | 964 | |||||||
| — | — | |||||||
| 12,767 | 8,439 | |||||||
| 447,981 | 1,465,207 | |||||||
| — | 312,526 | |||||||
| — | — | |||||||
| 20,328 | 3,766 | |||||||
| — | — | |||||||
| — | — | |||||||
| — | 7,180 | |||||||
| 171 | 458 | |||||||
| 43,524 | 25,621 | |||||||
| 45,762,508 | 103,488,744 | |||||||
| 238,687 | 922,422 | |||||||
| 13,719 | 120,916 | |||||||
| — | — | |||||||
| — | — | |||||||
| 17,213 | 139,978 | |||||||
| 428 | — | |||||||
| 922 | 10,243 | |||||||
| 171 | 458 | |||||||
| 45,809 | 100,471 | |||||||
| 316,949 | 1,294,488 | |||||||
| $ | 45,445,559 | $ | 102,194,256 | |||||
| $ | 34,089,889 | $ | 71,984,884 | |||||
| (524,685 | ) | (3,043,578 | ) | |||||
| 1,897,984 | 2,347,797 | |||||||
| 9,982,371 | 30,905,153 | |||||||
| $ | 45,445,559 | $ | 102,194,256 | |||||
| $ | 33,446,632 | $ | 68,726,047 | |||||
| $ | 700,580 | $ | 785,383 | |||||
| $ | 1,108,000 | $ | 1,248,000 | |||||
| $ | — | $ | — | |||||
| $ | — | $ | — | |||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 181 |
Table of Contents
Statements of Assets and Liabilities (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI NFJ International Value II |
AllianzGI Short Duration High Income |
AllianzGI Structured Return |
AllianzGI U.S. Equity Hedged |
|||||||||||||||
| Net Assets: | ||||||||||||||||||
| Class A | $ | 214,170 | $ | 157,389,965 | $ | 4,076,763 | $ | 1,515,386 | ||||||||||
| Class C | 173,140 | 90,785,237 | 1,367,076 | 281,911 | ||||||||||||||
| Class D | 14,424 | 30,100,813 | 8,244,089 | 358,314 | ||||||||||||||
| Class R | — | — | — | — | ||||||||||||||
| Class P | 587,151 | 240,006,136 | 128,866 | 12,717 | ||||||||||||||
| Institutional Class | 49,248,975 | 311,828,412 | 17,870,223 | 13,944,561 | ||||||||||||||
| Shares Issued and Outstanding: | ||||||||||||||||||
| Class A | 11,446 | 10,047,757 | 261,305 | 88,465 | ||||||||||||||
| Class C | 9,344 | 5,808,851 | 89,431 | 16,789 | ||||||||||||||
| Class D | 770 | 1,921,845 | 531,664 | 20,995 | ||||||||||||||
| Class R | — | — | — | — | ||||||||||||||
| Class P | 31,384 | 15,332,917 | 8,227 | 737 | ||||||||||||||
| Institutional Class | 2,626,087 | 19,894,762 | 1,140,834 | 810,855 | ||||||||||||||
| Net Asset Value and Redemption Price Per Share:* | ||||||||||||||||||
| Class A | $ | 18.71 | $ | 15.66 | $ | 15.60 | $ | 17.13 | ||||||||||
| Class C | 18.53 | 15.63 | 15.29 | 16.79 | ||||||||||||||
| Class D | 18.74 | 15.66 | 15.51 | 17.07 | ||||||||||||||
| Class R | — | — | — | — | ||||||||||||||
| Class P | 18.71 | 15.65 | 15.66 | 17.27 | ||||||||||||||
| Institutional Class | 18.75 | 15.67 | 15.66 | 17.20 | ||||||||||||||
| * | Net asset value and redemption price per share may not recalculate exactly due to rounding. |
| 182 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI U.S. Small-Cap Growth |
AllianzGI Ultra Micro Cap |
|||||||
| $ | 3,561,871 | $ | 48,394,953 | |||||
| 670,765 | — | |||||||
| 121,582 | — | |||||||
| 25,920 | — | |||||||
| 330,813 | 8,762,013 | |||||||
| 40,734,608 | 45,037,290 | |||||||
| 209,805 | 1,899,530 | |||||||
| 41,081 | — | |||||||
| 7,152 | — | |||||||
| 1,543 | — | |||||||
| 19,241 | 341,862 | |||||||
| 2,357,648 | 1,753,704 | |||||||
| $ | 16.98 | $ | 25.48 | |||||
| 16.33 | — | |||||||
| 17.00 | — | |||||||
| 16.79 | — | |||||||
| 17.19 | 25.63 | |||||||
| 17.28 | 25.68 | |||||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 183 |
Table of Contents
Six Months ended May 31, 2015 (Unaudited)
| AllianzGI Retirement 2015 |
AllianzGI Retirement 2020 |
AllianzGI Retirement 2025 |
AllianzGI Retirement 2030 |
AllianzGI Retirement 2035 |
||||||||||||||||||
| Investment Income: | ||||||||||||||||||||||
| Dividends from investments in Affiliates | $ | 688,690 | $ | 1,192,712 | $ | 1,271,832 | $ | 1,293,352 | $ | 1,051,897 | ||||||||||||
| Dividends | 48,299 | 102,450 | 108,150 | 120,067 | 100,575 | |||||||||||||||||
| Interest | — | — | — | — | — | |||||||||||||||||
| Contribution from Investment Manager (see Note 6) | — | — | — | — | — | |||||||||||||||||
| Total Investment Income |
736,989 | 1,295,162 | 1,379,982 | 1,413,419 | 1,152,472 | |||||||||||||||||
| Expenses: | ||||||||||||||||||||||
| Investment management | 8,785 | 16,163 | 16,984 | 16,662 | 13,536 | |||||||||||||||||
| Administration | 29,973 | 72,308 | 72,412 | 65,991 | 54,879 | |||||||||||||||||
| Distribution — Class B | — | — | — | — | — | |||||||||||||||||
| Distribution — Class C | 3,710 | 1,528 | — | 2,497 | — | |||||||||||||||||
| Distribution — Class R | 293 | 1,324 | 1,421 | 1,835 | 1,827 | |||||||||||||||||
| Administrative servicing — Class P | — | — | — | — | — | |||||||||||||||||
| Servicing — Class A | 14,583 | 41,999 | 38,847 | 30,819 | 24,968 | |||||||||||||||||
| Servicing — Class B | — | — | — | — | — | |||||||||||||||||
| Servicing — Class C | 1,237 | 509 | — | 832 | — | |||||||||||||||||
| Servicing — Class D | 91 | 326 | — | 748 | — | |||||||||||||||||
| Servicing — Class R | 293 | 1,323 | 1,421 | 1,835 | 1,827 | |||||||||||||||||
| Distribution and/or servicing — Administrative Class | 1,142 | 3,814 | 4,173 | 4,070 | 3,655 | |||||||||||||||||
| 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 | — | — | — | — | — | |||||||||||||||||
| Excise tax | 7,145 | 10,242 | 11,945 | 10,653 | 7,389 | |||||||||||||||||
| Trustees | — | — | — | — | — | |||||||||||||||||
| Custodian and accounting agent | — | — | — | — | — | |||||||||||||||||
| Shareholder communications | — | — | — | — | — | |||||||||||||||||
| Transfer agent | — | — | — | — | — | |||||||||||||||||
| Legal | — | — | — | — | — | |||||||||||||||||
| Insurance | — | — | — | — | — | |||||||||||||||||
| Audit and tax services | — | — | — | — | — | |||||||||||||||||
| Registration | — | — | — | — | — | |||||||||||||||||
| Proxy | — | — | — | — | — | |||||||||||||||||
| Miscellaneous | — | — | — | — | — | |||||||||||||||||
| Total Expenses |
67,252 | 149,536 | 147,203 | 135,942 | 108,081 | |||||||||||||||||
| Less: Fee Waiver/Reimbursement from Investment Manager |
(9,790 | ) | (23,387 | ) | (29,031 | ) | (32,562 | ) | (31,569 | ) | ||||||||||||
| Net Expenses |
57,462 | 126,149 | 118,172 | 103,380 | 76,512 | |||||||||||||||||
| Net Investment Income | 679,527 | 1,169,013 | 1,261,810 | 1,310,039 | 1,075,960 | |||||||||||||||||
| 184 | Semiannual Report | | May 31, 2015 | | 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 |
||||||||||||||||||||||
| $ | 813,908 | $ | 523,857 | $ | 404,014 | $ | 138,273 | $ | 525,997 | $ | 3,972,047 | $ | 128,331 | |||||||||||||||
| 90,847 | 53,287 | 45,552 | 16,466 | 37,499 | 236,511 | 8,450 | ||||||||||||||||||||||
| — | — | — | — | — | 307 | 4,611 | ||||||||||||||||||||||
| — | 208 | 1,836 | 741 | — | — | — | ||||||||||||||||||||||
| 904,755 | 577,352 | 451,402 | 155,480 | 563,496 | 4,208,865 | 141,392 | ||||||||||||||||||||||
| 10,799 | 6,552 | 5,335 | 1,994 | 6,764 | 812,983 | 27,250 | ||||||||||||||||||||||
| 41,396 | 25,828 | 16,841 | 4,533 | 24,667 | — | — | ||||||||||||||||||||||
| — | — | — | — | — | 4,888 | — | ||||||||||||||||||||||
| 878 | — | 543 | — | 14,128 | 223,120 | 4,945 | ||||||||||||||||||||||
| 1,539 | 590 | 791 | 212 | 274 | 22 | 188 | ||||||||||||||||||||||
| — | — | — | — | — | 1,037 | 21 | ||||||||||||||||||||||
| 20,022 | 13,078 | 6,228 | 1,527 | 8,074 | 76,979 | 1,291 | ||||||||||||||||||||||
| — | — | — | — | — | 1,629 | — | ||||||||||||||||||||||
| 293 | — | 181 | — | 4,709 | 74,373 | 1,648 | ||||||||||||||||||||||
| 301 | — | 289 | — | 1,236 | 2,827 | 147 | ||||||||||||||||||||||
| 1,539 | 590 | 791 | 212 | 274 | 22 | 188 | ||||||||||||||||||||||
| 1,717 | 734 | 802 | 251 | 547 | 31 | 33 | ||||||||||||||||||||||
| — | — | — | — | — | 15,561 | 419 | ||||||||||||||||||||||
| — | — | — | — | — | 624 | — | ||||||||||||||||||||||
| — | — | — | — | — | 13,702 | 320 | ||||||||||||||||||||||
| — | — | — | — | — | 590 | 90 | ||||||||||||||||||||||
| — | — | — | — | — | — | 116 | ||||||||||||||||||||||
| — | — | — | — | — | 26,108 | — | ||||||||||||||||||||||
| 1,191 | 2,263 | 1,125 | 49 | 4,512 | 13,234 | — | ||||||||||||||||||||||
| — | — | — | — | — | 12,305 | 368 | ||||||||||||||||||||||
| — | — | — | — | — | 26,550 | 32,686 | ||||||||||||||||||||||
| — | — | — | — | — | 17,860 | 6,531 | ||||||||||||||||||||||
| — | — | — | — | — | 32,764 | 5,330 | ||||||||||||||||||||||
| — | — | — | — | — | 17,411 | 9,718 | ||||||||||||||||||||||
| — | — | — | — | — | 5,063 | 2,602 | ||||||||||||||||||||||
| — | — | — | — | — | 19,609 | 14,881 | ||||||||||||||||||||||
| — | — | — | — | — | 27,003 | 27,278 | ||||||||||||||||||||||
| — | — | — | — | — | 3,433 | 83 | ||||||||||||||||||||||
| — | — | — | — | — | 1,921 | 1,719 | ||||||||||||||||||||||
| 79,675 | 49,635 | 32,926 | 8,778 | 65,185 | 1,431,649 | 137,852 | ||||||||||||||||||||||
| |
(27,504 |
) |
(19,401 | ) | (16,732 | ) | (5,043 | ) | (11,840 | ) | (796,991 | ) | (119,462 | ) | ||||||||||||||
| 52,171 | 30,234 | 16,194 | 3,735 | 53,345 | 634,658 | 18,390 | ||||||||||||||||||||||
| 852,584 | 547,118 | 435,208 | 151,745 | 510,151 | 3,574,207 | 123,002 | ||||||||||||||||||||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 185 |
Table of Contents
Statements of Operations (cont’d)
Six Months ended May 31, 2015 (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 |
$ | 70,951 | $ | 115,100 | $ | 152,102 | $ | 150,178 | $ | 143,254 | ||||||||||||
| Investments in Affiliates |
(109,238 | ) | (909,294 | ) | (819,457 | ) | (606,173 | ) | (465,716 | ) | ||||||||||||
| Futures contracts |
— | — | — | — | — | |||||||||||||||||
| Foreign currency transactions |
— | — | — | — | — | |||||||||||||||||
| Net capital gain distributions received from underlying Affiliated funds | 320,555 | 635,045 | 801,325 | 859,427 | 805,631 | |||||||||||||||||
| Net capital gain distributions received from underlying funds | 14,853 | 39,137 | 41,097 | 45,920 | 36,717 | |||||||||||||||||
| Net change in unrealized appreciation/depreciation of: | ||||||||||||||||||||||
| Investments |
(105,872 | ) | (283,594 | ) | (339,532 | ) | (376,396 | ) | (341,375 | ) | ||||||||||||
| Investments in Affiliates |
(616,092 | ) | (587,879 | ) | (673,883 | ) | (885,951 | ) | (676,635 | ) | ||||||||||||
| Futures contracts |
— | — | — | — | — | |||||||||||||||||
| Foreign currency transactions |
— | — | — | — | — | |||||||||||||||||
| Net realized and change in unrealized gain (loss) | (424,843 | ) | (991,485 | ) | (838,348 | ) | (812,995 | ) | (498,124 | ) | ||||||||||||
| Net Increase in Net Assets Resulting from Investment Operations | $ | 254,684 | $ | 177,528 | $ | 423,462 | $ | 497,044 | $ | 577,836 | ||||||||||||
| 186 | Semiannual Report | | May 31, 2015 | | 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 |
||||||||||||||||||||||
| $ | 99,646 | $ | 45,954 | $ | 47,563 | $ | 24,228 | $ | 124,449 | $ | 359,249 | $ | (55,552 | ) | ||||||||||||||
| (7,170 | ) | (56,437 | ) | 250,614 | 73,622 | 127,069 | 10,298,227 | 376,778 | ||||||||||||||||||||
| — | — | — | — | — | (350,871 | ) | 5,706 | |||||||||||||||||||||
| — | — | — | — | — | 180,537 | (528 | ) | |||||||||||||||||||||
| |
819,485 |
|
574,789 | 480,844 | 182,847 | 246,383 | 3,588,230 | 129,988 | ||||||||||||||||||||
| |
37,833 |
|
21,659 | 19,630 | 7,145 | 9,639 | 33,217 | 3,849 | ||||||||||||||||||||
| (302,785 | ) | (160,272 | ) | (151,392 | ) | (60,595 | ) | (146,846 | ) | (1,309,062 | ) | 46,762 | ||||||||||||||||
| (958,533 | ) | (475,633 | ) | (686,786 | ) | (229,053 | ) | (707,953 | ) | (12,194,328 | ) | (522,454 | ) | |||||||||||||||
| — | — | — | — | — | 352,941 | 36,575 | ||||||||||||||||||||||
| — | — | — | — | — | 11,187 | (4,305 | ) | |||||||||||||||||||||
| (311,524 | ) | (49,940 | ) | (39,527 | ) | (1,806 | ) | (347,259 | ) | 969,327 | 16,819 | |||||||||||||||||
| $ |
541,060 |
|
$ | 497,178 | $ | 395,681 | $ | 149,939 | $ | 162,892 | $ | 4,543,534 | $ | 139,821 | ||||||||||||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 187 |
Table of Contents
Statements of Operations (cont’d)
Six Months ended May 31, 2015 (Unaudited)
| AllianzGI Global Megatrends (1) |
AllianzGI Behavioral Advantage Large Cap |
AllianzGI Best Styles Emerging Markets Equity (2) |
AllianzGI Best Styles Global Equity |
AllianzGI Best Styles International Equity (2) |
||||||||||||||||||
| Investment Income: | ||||||||||||||||||||||
| Interest | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
| Dividends, net of foreign withholding taxes* | — | 602,171 | 61,922 | 1,313,183 | 681,385 | |||||||||||||||||
| Dividends from investments in Affiliates | — | — | 387 | 19,772 | 2,603 | |||||||||||||||||
| Contribution from Investment Manager (see Note 6) | 1,120 | — | — | — | — | |||||||||||||||||
| Miscellaneous | — | 4 | — | 24 | 211 | |||||||||||||||||
| Total Investment Income |
1,120 | 602,175 | 62,309 | 1,332,979 | 684,199 | |||||||||||||||||
| Expenses: | ||||||||||||||||||||||
| Investment management | — | 127,927 | 10,481 | 139,652 | 43,601 | |||||||||||||||||
| Distribution — Class C | — | 3,235 | — | — | — | |||||||||||||||||
| Distribution — Class R | — | — | — | — | — | |||||||||||||||||
| Administrative servicing — Class P | — | 58 | — | — | — | |||||||||||||||||
| Servicing — Class A | 8 | 13,154 | — | 88 | — | |||||||||||||||||
| Servicing — Class C | — | 1,078 | — | — | — | |||||||||||||||||
| Servicing — Class D | — | 2,443 | — | — | — | |||||||||||||||||
| Servicing — Class R | — | — | — | — | — | |||||||||||||||||
| Distribution and/or servicing — Administrative Class | — | — | — | — | — | |||||||||||||||||
| Sub-transfer agent — Class A | — | 327 | — | 68 | — | |||||||||||||||||
| Sub-transfer agent — Class C | — | 116 | — | — | — | |||||||||||||||||
| Sub-transfer agent — Class D | — | 5,917 | — | — | — | |||||||||||||||||
| Sub-transfer agent — Class R | — | — | — | — | — | |||||||||||||||||
| Sub-transfer agent — Institutional Class | — | 106 | — | — | — | |||||||||||||||||
| Sub-transfer agent — Administrative Class | — | — | — | — | — | |||||||||||||||||
| Legal | 2,745 | 8,020 | 5,350 | 9,787 | 5,359 | |||||||||||||||||
| Trustees | 309 | 4,382 | 368 | 2,115 | 777 | |||||||||||||||||
| Audit and tax services | 10,244 | 13,871 | 16,022 | 16,576 | 16,022 | |||||||||||||||||
| Registration | 1,833 | 14,783 | 5,780 | 28,107 | 5,081 | |||||||||||||||||
| Custodian and accounting agent | 15,600 | 47,669 | 57,574 | 137,363 | 86,446 | |||||||||||||||||
| Shareholder communications | 1,445 | 6,673 | 5,271 | 15,913 | 6,106 | |||||||||||||||||
| Transfer agent | 716 | 6,676 | 2,587 | 2,537 | 2,594 | |||||||||||||||||
| Organizational | 6,729 | — | 1,866 | — | 1,920 | |||||||||||||||||
| Offering | 26,388 | — | 35,703 | 467 | 35,181 | |||||||||||||||||
| Excise tax | — | — | — | — | — | |||||||||||||||||
| Insurance | — | 3,577 | — | 3,078 | — | |||||||||||||||||
| Proxy | — | 460 | — | 165 | — | |||||||||||||||||
| Miscellaneous | 1,384 | 1,902 | 1,134 | 1,575 | 1,519 | |||||||||||||||||
| Total Expenses |
67,401 | 262,374 | 142,136 | 357,491 | 204,606 | |||||||||||||||||
| Less: Fee Waiver/Reimbursement from Investment Manager |
(67,397 | ) | (65,336 | ) | (126,399 | ) | (169,743 | ) | (139,162 | ) | ||||||||||||
| Net Expenses |
4 | 197,038 | 15,737 | 187,748 | 65,444 | |||||||||||||||||
| Net Investment Income (Loss) | 1,116 | 405,137 | 46,572 | 1,145,231 | 618,755 | |||||||||||||||||
| 188 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI Best Styles U.S. Equity (3) |
AllianzGI China Equity |
AllianzGI Convertible |
AllianzGI Emerging Markets Consumer (3) |
AllianzGI Emerging Markets Debt |
AllianzGI Emerging Markets Small-Cap (3) |
AllianzGI Europe Equity Dividend (1) |
||||||||||||||||||||||
| $ | — | $ | — | $ | 16,153,560 | $ | — | $ | 748,728 | $ | — | $ | — | |||||||||||||||
| 550,455 | 47,289 | 9,287,712 | 80,134 | — | 51,825 | 52,352 | ||||||||||||||||||||||
| 9,525 | — | — | — | — | — | 20,494 | ||||||||||||||||||||||
| |
— |
|
— | — | — | — | — | — | ||||||||||||||||||||
| — | — | 16,325 | — | 1,206 | — | — | ||||||||||||||||||||||
| 559,980 | 47,289 | 25,457,597 | 80,134 | 749,934 | 51,825 | 72,846 | ||||||||||||||||||||||
| 84,987 | 35,259 | 7,189,058 | 51,094 | 111,159 | 23,911 | 8,103 | ||||||||||||||||||||||
| — | 126 | 449,294 | — | 36 | — | 100 | ||||||||||||||||||||||
| — | — | 1,965 | — | — | — | — | ||||||||||||||||||||||
| — | — | 100,725 | — | — | — | — | ||||||||||||||||||||||
| — | 1,391 | 597,803 | 15 | 13 | 19 | 8 | ||||||||||||||||||||||
| — | 42 | 149,765 | — | 13 | — | 33 | ||||||||||||||||||||||
| — | 691 | 90,151 | — | — | — | — | ||||||||||||||||||||||
| — | — | 1,965 | — | — | — | — | ||||||||||||||||||||||
| |
— |
|
— | 3,371 | — | — | — | — | ||||||||||||||||||||
| — | 110 | 152,295 | — | — | — | — | ||||||||||||||||||||||
| — | — | 46,039 | — | — | — | — | ||||||||||||||||||||||
| — | 5,979 | 71,688 | — | — | — | — | ||||||||||||||||||||||
| — | — | 1,164 | — | — | — | — | ||||||||||||||||||||||
| — | 16 | 97,239 | — | — | — | — | ||||||||||||||||||||||
| — | — | 299 | — | — | — | — | ||||||||||||||||||||||
| 6,279 | 6,453 | 104,112 | 4,969 | 10,163 | 4,976 | 3,920 | ||||||||||||||||||||||
| 1,589 | 285 | 144,987 | 455 | 1,630 | 448 | 235 | ||||||||||||||||||||||
| 14,389 | 13,646 | 35,146 | 16,570 | 20,548 | 15,690 | 10,766 | ||||||||||||||||||||||
| 5,012 | 18,102 | 58,396 | 3,981 | 7,434 | 4,181 | 3,514 | ||||||||||||||||||||||
| 45,643 | 52,312 | 136,828 | 39,691 | 44,528 | 42,473 | 31,537 | ||||||||||||||||||||||
| 6,245 | 5,648 | 72,025 | 5,433 | 6,975 | 6,070 | 1,747 | ||||||||||||||||||||||
| 2,896 | 3,102 | 65,995 | 1,982 | 3,128 | 2,890 | 2,157 | ||||||||||||||||||||||
| 2,177 | — | — | 3,643 | — | 3,134 | 10,007 | ||||||||||||||||||||||
| 38,775 | — | — | 28,725 | 88,210 | 29,071 | 29,723 | ||||||||||||||||||||||
| — | — | — | — | 488 | — | — | ||||||||||||||||||||||
| — | 2,558 | 30,063 | — | — | — | — | ||||||||||||||||||||||
| — | 112 | 47,316 | — | 149 | — | — | ||||||||||||||||||||||
| 1,738 | 2,442 | 13,438 | 2,580 | 8,365 | 1,674 | 1,568 | ||||||||||||||||||||||
| 209,730 | 148,274 | 9,661,127 | 159,138 | 302,839 | 134,537 | 103,418 | ||||||||||||||||||||||
| |
(96,340 |
) |
(99,229 | ) | — | (92,696 | ) | (156,462 | ) | (104,623 | ) | (93,649 | ) | |||||||||||||||
| 113,390 | 49,045 | 9,661,127 | 66,442 | 146,377 | 29,914 | 9,769 | ||||||||||||||||||||||
| 446,590 | (1,756 | ) | 15,796,470 | 13,692 | 603,557 | 21,911 | 63,077 | |||||||||||||||||||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 189 |
Table of Contents
Statements of Operations (cont’d)
Six Months ended May 31, 2015 (Unaudited)
| AllianzGI Global Megatrends (1) |
AllianzGI Behavioral Advantage Large Cap |
AllianzGI Best Styles Emerging Markets Equity (2) |
AllianzGI Best Styles Global Equity |
AllianzGI Best Styles International Equity (2) |
||||||||||||||||||
| Realized and Change in Unrealized Gain (Loss): |
||||||||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||||||||
| Investments |
$ | — | $ | 10,471,101 | $ | 111,243 | $ | (85,975 | ) | $ | 362,233 | |||||||||||
| Investments in Affiliates |
— | — | 3,571 | (9,974 | ) | — | ||||||||||||||||
| Futures contracts |
— | — | 22,957 | (87,306 | ) | — | ||||||||||||||||
| Swaps |
— | — | — | — | — | |||||||||||||||||
| Foreign currency transactions |
— | — | (8,709 | ) | (58,270 | ) | (73,228 | ) | ||||||||||||||
| Net change in unrealized appreciation/depreciation of: | ||||||||||||||||||||||
| Investments |
— | (8,801,756 | ) | 86,658 | 4,820,050 | 1,434,851 | ||||||||||||||||
| Investments in Affiliates |
213,015 | — | 2,321 | 37,125 | 7,050 | |||||||||||||||||
| Futures contracts |
— | — | — | 2,139 | — | |||||||||||||||||
| Swaps |
— | — | — | — | — | |||||||||||||||||
| Foreign currency transactions |
— | — | (198 | ) | (2,435 | ) | (4,379 | ) | ||||||||||||||
| Net realized and change in unrealized gain (loss) | 213,015 | 1,669,345 | 217,843 | 4,615,354 | 1,726,527 | |||||||||||||||||
| Net Increase in Net Assets Resulting from Investment Operations | $ | 214,131 | $ | 2,074,482 | $ | 264,415 | $ | 5,760,585 | $ | 2,345,282 | ||||||||||||
| * Foreign withholding taxes | $ | — | $ | 11 | $ | 7,950 | $ | 91,229 | $ | 74,008 | ||||||||||||
| (1) | Commencement of operations, February 2, 2015. |
| (2) | Commencement of operations, December 9, 2014. |
| (3) | Commencement of operations, December 1, 2014. |
| 190 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI Best Styles U.S. Equity (3) |
AllianzGI China Equity |
AllianzGI Convertible |
AllianzGI Emerging Markets Consumer (3) |
AllianzGI Emerging Markets Debt |
AllianzGI Emerging Markets Small-Cap (3) |
AllianzGI Europe Equity Dividend (1) |
||||||||||||||||||||||
| $ | 56,980 | $ | (30,088 | ) | $ | 153,449,636 | $ | 31,158 | $ | (388,892 | ) | $ | 107,035 | $ | (9,029 | ) | ||||||||||||
| 28,018 | 196,737 | — | — | — | — | 2,547 | ||||||||||||||||||||||
| 163,671 | — | — | — | — | — | — | ||||||||||||||||||||||
| — | — | — | — | 778 | — | — | ||||||||||||||||||||||
| (8,833 | ) | (288 | ) | — | 463 | 31,477 | (8,535 | ) | (10,100 | ) | ||||||||||||||||||
| 515,346 | 951,719 | (29,004,877 | ) | 337,963 | (114,987 | ) | 440,142 | 51,928 | ||||||||||||||||||||
| 31,777 | 281,158 | — | — | — | — | 52,000 | ||||||||||||||||||||||
| 10,228 | — | — | — | — | — | — | ||||||||||||||||||||||
| — | — | — | — | 100,673 | — | — | ||||||||||||||||||||||
| (14 | ) | (19 | ) | — | (14 | ) | (19,002 | ) | (158 | ) | (91,825 | ) | ||||||||||||||||
| 797,173 | 1,399,219 | 124,444,759 | 369,570 | (389,953 | ) | 538,484 | (4,479 | ) | ||||||||||||||||||||
| $ |
1,243,763 |
|
$ | 1,397,463 | $ | 140,241,229 | $ | 383,262 | $ | 213,604 | $ | 560,395 | $ | 58,598 | ||||||||||||||
| $ | 3,864 | $ | 1,023 | $ | — | $ | 9,511 | $ | — | $ | 5,750 | $ | 7,814 | |||||||||||||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 191 |
Table of Contents
Statements of Operations (cont’d)
Six Months ended May 31, 2015 (Unaudited)
| AllianzGI Global Fundamental Strategy |
AllianzGI Global Managed Volatility |
AllianzGI Global Sustainability (1) |
AllianzGI Global Water |
AllianzGI High Yield Bond |
||||||||||||||||||
| Investment Income: | ||||||||||||||||||||||
| Interest, net of foreign withholding taxes* | $ | 167,477 | $ | — | $ | — | $ | — | $ | 13,600,364 | ||||||||||||
| Dividends, net of foreign withholding taxes* | 167,288 | 131,689 | 38,239 | 4,112,983 | — | |||||||||||||||||
| Dividends from investments in Affiliates | 14,463 | — | — | 113,493 | — | |||||||||||||||||
| Miscellaneous | — | — | — | — | 10,615 | |||||||||||||||||
| Total Investment Income |
349,228 | 131,689 | 38,239 | 4,226,476 | 13,610,979 | |||||||||||||||||
| Expenses: | ||||||||||||||||||||||
| Investment management | 83,059 | 14,140 | 11,502 | 1,656,748 | 944,391 | |||||||||||||||||
| Distribution — Class C | 40 | 1,065 | — | 287,312 | 80,217 | |||||||||||||||||
| Distribution — Class R | — | — | — | — | 2,826 | |||||||||||||||||
| Administrative servicing — Class P | — | — | — | 42,641 | 38,036 | |||||||||||||||||
| Servicing — Class A | 21 | 248 | 12 | 170,030 | 49,820 | |||||||||||||||||
| Servicing — Class C | 13 | 355 | — | 95,771 | 26,739 | |||||||||||||||||
| Servicing — Class D | 67 | 458 | — | 30,553 | 45,565 | |||||||||||||||||
| Servicing — Class R | — | — | — | — | 2,826 | |||||||||||||||||
| Distribution and/or servicing — Administrative Class | — | — | — | — | 43,935 | |||||||||||||||||
| Sub-transfer agent — Class A | — | 75 | — | 54,884 | 12,334 | |||||||||||||||||
| Sub-transfer agent — Class C | — | 37 | — | 42,110 | 5,704 | |||||||||||||||||
| Sub-transfer agent — Class D | 1,045 | 104 | — | 15,200 | 22,676 | |||||||||||||||||
| Sub-transfer agent — Class R | — | — | — | — | 1,156 | |||||||||||||||||
| Sub-transfer agent — Institutional Class | 65 | — | — | 4,215 | 9,235 | |||||||||||||||||
| Sub-transfer agent — Administrative Class | — | — | — | — | 6,385 | |||||||||||||||||
| Legal | 5,986 | 5,875 | 4,867 | 24,605 | 15,887 | |||||||||||||||||
| Trustees | 1,218 | 825 | 228 | 18,540 | 23,100 | |||||||||||||||||
| Audit and tax services | 16,773 | 16,948 | 16,022 | 23,736 | 25,064 | |||||||||||||||||
| Registration | 15,236 | 23,886 | 5,833 | 31,798 | 26,743 | |||||||||||||||||
| Custodian and accounting agent | 46,521 | 77,248 | 34,817 | 87,103 | 46,174 | |||||||||||||||||
| Shareholder communications | 4,459 | 6,657 | 4,093 | 26,916 | 30,132 | |||||||||||||||||
| Transfer agent | 3,032 | 3,717 | 2,624 | 19,431 | 22,137 | |||||||||||||||||
| Organizational | — | — | 2,040 | — | — | |||||||||||||||||
| Offering | — | — | 37,859 | — | — | |||||||||||||||||
| Recoupment | — | — | — | 939 | 12,521 | |||||||||||||||||
| Insurance | 2,845 | 2,756 | — | 6,440 | 8,183 | |||||||||||||||||
| Proxy | 118 | 98 | — | 12,475 | 10,309 | |||||||||||||||||
| Miscellaneous | 2,171 | 2,646 | 1,196 | 3,206 | 4,595 | |||||||||||||||||
| Total Expenses |
182,669 | 157,138 | 121,093 | 2,654,653 | 1,516,690 | |||||||||||||||||
| Less: Fee Waiver/Reimbursement from Investment Manager |
(71,657 | ) | (133,367 | ) | (107,418 | ) | — | — | ||||||||||||||
| Net Expenses |
111,012 | 23,771 | 13,675 | 2,654,653 | 1,516,690 | |||||||||||||||||
| Net Investment Income (Loss) | 238,216 | 107,918 | 24,564 | 1,571,823 | 12,094,289 | |||||||||||||||||
| 192 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI International Growth (2) |
AllianzGI International Small-Cap |
AllianzGI Micro Cap |
AllianzGI Multi-Asset Real Return |
AllianzGI NFJ Emerging Markets Value |
AllianzGI NFJ Global Dividend Value |
AllianzGI NFJ International Small-Cap Value |
||||||||||||||||||||||
| $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
| 26,377 | 743,831 | 38,301 | 29,045 | 188,727 | 916,206 | 300,362 | ||||||||||||||||||||||
| 5,412 | 275,739 | 10,068 | 3,045 | — | — | 22,111 | ||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||
| 31,789 | 1,019,570 | 48,369 | 32,090 | 188,727 | 916,206 | 322,473 | ||||||||||||||||||||||
| 8,173 | 500,537 | 257,904 | 22,671 | 44,588 | 192,015 | 77,833 | ||||||||||||||||||||||
| — | 5,068 | — | 448 | 245 | 22,090 | 5,141 | ||||||||||||||||||||||
| — | 104 | — | — | — | — | — | ||||||||||||||||||||||
| — | — | 1,114 | — | — | 907 | 20 | ||||||||||||||||||||||
| 9 | 8,169 | 6,774 | 179 | 167 | 15,058 | 3,392 | ||||||||||||||||||||||
| — | 1,689 | — | 149 | 82 | 7,363 | 1,714 | ||||||||||||||||||||||
| — | 2,737 | — | 30 | 1,621 | 4,454 | 1,758 | ||||||||||||||||||||||
| — | 104 | — | — | — | — | — | ||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||
| — | 570 | 1,878 | 32 | — | 1,725 | 847 | ||||||||||||||||||||||
| — | 144 | — | 22 | — | 1,746 | 482 | ||||||||||||||||||||||
| — | 100 | — | 5,527 | 4,665 | 623 | 5,607 | ||||||||||||||||||||||
| — | 44 | — | — | — | — | — | ||||||||||||||||||||||
| — | 6,782 | 19,155 | 93 | 716 | 1,259 | 557 | ||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||
| 3,920 | 7,051 | 5,197 | 9,295 | 4,864 | 6,706 | 4,074 | ||||||||||||||||||||||
| 231 | 5,074 | 2,316 | 336 | 514 | 3,550 | 1,048 | ||||||||||||||||||||||
| 10,766 | 18,479 | 17,281 | 15,520 | 18,522 | 16,739 | 14,664 | ||||||||||||||||||||||
| 3,011 | 22,353 | 14,552 | 24,453 | 23,698 | 18,270 | 18,281 | ||||||||||||||||||||||
| 30,924 | 100,679 | 33,714 | 44,232 | 107,966 | 60,979 | 88,451 | ||||||||||||||||||||||
| 1,742 | 7,018 | 6,136 | 5,881 | 5,888 | 7,154 | 5,605 | ||||||||||||||||||||||
| 2,157 | 9,770 | 5,539 | 2,694 | 3,404 | 8,524 | 4,354 | ||||||||||||||||||||||
| 4,623 | — | — | — | — | — | — | ||||||||||||||||||||||
| 21,475 | — | — | — | — | — | — | ||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||
| — | 3,924 | 3,138 | 2,605 | 2,680 | 3,575 | 2,915 | ||||||||||||||||||||||
| — | 937 | 560 | 40 | 81 | 765 | 310 | ||||||||||||||||||||||
| 1,441 | 3,469 | 1,992 | 2,506 | 2,001 | 2,735 | 2,384 | ||||||||||||||||||||||
| 88,472 | 704,802 | 377,250 | 136,713 | 221,702 | 376,237 | 239,437 | ||||||||||||||||||||||
| (78,757 | ) | (69,913 | ) | (57,356 | ) | (117,726 | ) | (161,438 | ) | (95,448 | ) | (128,591 | ) | |||||||||||||||
| 9,715 | 634,889 | 319,894 | 18,987 | 60,264 | 280,789 | 110,846 | ||||||||||||||||||||||
| 22,074 | 384,681 | (271,525 | ) | 13,103 | 128,463 | 635,417 | 211,627 | |||||||||||||||||||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 193 |
Table of Contents
Statements of Operations (cont’d)
Six Months ended May 31, 2015 (Unaudited)
| AllianzGI Global Fundamental Strategy |
AllianzGI Global Managed Volatility |
AllianzGI Global Sustainability (1) |
AllianzGI Global Water |
AllianzGI High Yield Bond |
||||||||||||||||||
| Realized and Change in Unrealized Gain (Loss): |
||||||||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||||||||
| Investments |
$ | 269,074 | $ | 1,108,947 | $ | (13,855 | ) | $ | 7,185,905 | $ | (3,283,373 | ) | ||||||||||
| Investments in Affiliates |
7,108 | — | (113 | ) | (1,236,796 | ) | — | |||||||||||||||
| Futures contracts |
(47,374 | ) | — | — | — | — | ||||||||||||||||
| Options written |
6,830 | — | — | — | — | |||||||||||||||||
| Foreign currency transactions |
318,988 | (8,328 | ) | (5,335 | ) | (200,340 | ) | — | ||||||||||||||
| Net capital gain distributions received from underlying Affiliated funds | — | — | — | — | — | |||||||||||||||||
| Net change in unrealized appreciation/depreciation of: | ||||||||||||||||||||||
| Investments |
(674,905 | ) | (1,058,848 | ) | 114,695 | 7,620,377 | 339,784 | |||||||||||||||
| Investments in Affiliates |
57,689 | — | 681 | 543,429 | — | |||||||||||||||||
| Futures contracts |
21,187 | — | — | — | — | |||||||||||||||||
| Options written |
36,589 | — | — | — | — | |||||||||||||||||
| Foreign currency transactions |
(13,170 | ) | 1,613 | (57 | ) | (10,275 | ) | — | ||||||||||||||
| Net realized and change in unrealized gain (loss) | (17,984 | ) | 43,384 | 96,016 | 13,902,300 | (2,943,589 | ) | |||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations | $ | 220,232 | $ | 151,302 | $ | 120,580 | $ | 15,474,123 | $ | 9,150,700 | ||||||||||||
| * Foreign withholding taxes | $ | 18,875 | $ | 3,545 | $ | 2,479 | $ | 381,852 | $ | — | ||||||||||||
| (1) | Commencement of operations, December 9, 2014. |
| (2) | Commencement of operations, February 2, 2015. |
| 194 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI International Growth (2) |
AllianzGI International Small-Cap |
AllianzGI Micro Cap |
AllianzGI Multi-Asset Real Return |
AllianzGI NFJ Emerging Markets Value |
AllianzGI NFJ Global Dividend Value |
AllianzGI NFJ International Small-Cap Value |
||||||||||||||||||||||
| $ | (37 | ) | $ | 3,821,284 | $ | 1,586,548 | $ | (41,706 | ) | $ | (81,707 | ) | $ | 693,431 | $ | 625,627 | ||||||||||||
| — | 136,804 | 76,131 | (19,369 | ) | — | — | (30,514 | ) | ||||||||||||||||||||
| — | — | — | 15,569 | — | — | — | ||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||
| (6,614 | ) | (55,276 | ) | — | (982 | ) | (9,728 | ) | (46,356 | ) | 22,525 | |||||||||||||||||
| — | — | — | 3,520 | — | — | — | ||||||||||||||||||||||
| 150,347 | 8,125,617 | 2,584,959 | 36,649 | 271,431 | (1,335,827 | ) | 801,180 | |||||||||||||||||||||
| 28,639 | 1,708,749 | 324,849 | (95,651 | ) | — | — | (9,082 | ) | ||||||||||||||||||||
| — | — | — | 1,934 | — | — | — | ||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||
| (23 | ) | 3,626 | — | (157 | ) | (875 | ) | 963 | 4,823 | |||||||||||||||||||
| 172,312 | 13,740,804 | 4,572,487 | (100,193 | ) | 179,121 | (687,789 | ) | 1,414,559 | ||||||||||||||||||||
| $ | 194,386 | $ | 14,125,485 | $ | 4,300,962 | $ | (87,090 | ) | $ | 307,584 | $ | (52,372 | ) | $ | 1,626,186 | |||||||||||||
| $ | 2,986 | $ | 111,682 | $ | — | $ | 1,023 | $ | 19,858 | $ | 63,917 | $ | 25,345 | |||||||||||||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 195 |
Table of Contents
Statements of Operations (cont’d)
Six Months ended May 31, 2015 (Unaudited)
| AllianzGI NFJ International Value II |
AllianzGI Short Duration High Income |
AllianzGI Structured Return |
AllianzGI U.S. Equity Hedged |
|||||||||||||
| Investment Income: | ||||||||||||||||
| Interest | $ | — | $ | 19,147,692 | $ | — | $ | — | ||||||||
| Dividends, net of foreign withholding taxes* | 824,974 | — | 245,732 | 151,063 | ||||||||||||
| Dividends from investments in Affiliates | 14,080 | — | — | — | ||||||||||||
| Miscellaneous | — | 166,039 | — | 6 | ||||||||||||
| Total Investment Income |
839,054 | 19,313,731 | 245,732 | 151,069 | ||||||||||||
| Expenses: | ||||||||||||||||
| Investment management | 178,447 | 1,736,294 | 80,203 | 56,020 | ||||||||||||
| Distribution — Class C | 534 | 110,386 | 1,730 | 693 | ||||||||||||
| Distribution — Class R | — | — | — | — | ||||||||||||
| Administrative servicing — Class P | 213 | 110,813 | — | — | ||||||||||||
| Servicing — Class A | 218 | 188,870 | 3,994 | 1,864 | ||||||||||||
| Servicing — Class C | 178 | 110,386 | 577 | 231 | ||||||||||||
| Servicing — Class D | 17 | 35,848 | 8,343 | 1,426 | ||||||||||||
| Servicing — Class R | — | — | — | — | ||||||||||||
| Sub-transfer agent — Class A | 38 | 41,008 | 1,681 | 405 | ||||||||||||
| Sub-transfer agent — Class C | 16 | 21,346 | 35 | 72 | ||||||||||||
| Sub-transfer agent — Class D | — | 22,335 | 2,733 | 5,658 | ||||||||||||
| Sub-transfer agent — Class R | — | — | — | — | ||||||||||||
| Sub-transfer agent — Institutional Class | 47 | 13,800 | 503 | 352 | ||||||||||||
| Legal | 2,105 | 22,757 | 11,379 | 6,823 | ||||||||||||
| Trustees | 2,206 | 40,515 | 1,292 | 774 | ||||||||||||
| Audit and tax services | 18,023 | 18,269 | 16,762 | 14,602 | ||||||||||||
| Registration | 32,252 | 39,219 | 33,632 | 31,189 | ||||||||||||
| Custodian and accounting agent | 60,170 | 59,776 | 54,310 | 55,410 | ||||||||||||
| Shareholder communications | 5,969 | 35,622 | 7,357 | 6,034 | ||||||||||||
| Transfer agent | 3,592 | 44,131 | 2,718 | 2,774 | ||||||||||||
| Excise tax | 1,145 | — | 360 | 1,440 | ||||||||||||
| Recoupment | — | 36,827 | — | — | ||||||||||||
| Insurance | 3,080 | 10,779 | 2,779 | 2,637 | ||||||||||||
| Proxy | 180 | 15,338 | 384 | 94 | ||||||||||||
| Miscellaneous | 2,635 | 3,798 | 2,860 | 2,851 | ||||||||||||
| Total Expenses |
311,065 | 2,718,117 | 233,632 | 191,349 | ||||||||||||
| Less: Fee Waiver/Reimbursement from Investment Manager |
(96,647 | ) | (26,068 | ) | (97,877 | ) | (105,554 | ) | ||||||||
| Net Expenses |
214,418 | 2,692,049 | 135,755 | 85,795 | ||||||||||||
| Net Investment Income (Loss) | 624,636 | 16,621,682 | 109,977 | 65,274 | ||||||||||||
| 196 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI U.S. Small-Cap Growth |
AllianzGI Ultra Micro Cap |
|||||||
| $ | — | $ | — | |||||
| 119,593 | 187,836 | |||||||
| 1,840 | 17,552 | |||||||
| — | — | |||||||
| 121,433 | 205,388 | |||||||
| 176,530 | 800,932 | |||||||
| 2,443 | — | |||||||
| 34 | — | |||||||
| 117 | 4,651 | |||||||
| 4,263 | 62,567 | |||||||
| 814 | — | |||||||
| 151 | — | |||||||
| 34 | — | |||||||
| 169 | 32,273 | |||||||
| 124 | — | |||||||
| 12 | — | |||||||
| 6 | — | |||||||
| 3,212 | 11,808 | |||||||
| 6,928 | 6,973 | |||||||
| 2,092 | 6,465 | |||||||
| 13,905 | 17,281 | |||||||
| 27,828 | 14,402 | |||||||
| 40,999 | 34,368 | |||||||
| 8,425 | 12,733 | |||||||
| 7,457 | 9,706 | |||||||
| — | — | |||||||
| — | 57,807 | |||||||
| 3,084 | 4,155 | |||||||
| 271 | 3,525 | |||||||
| 2,464 | 2,213 | |||||||
| 301,362 | 1,081,859 | |||||||
| (65,755 | ) | — | ||||||
| 235,607 | 1,081,859 | |||||||
| (114,174 | ) | (876,471 | ) | |||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 197 |
Table of Contents
Statements of Operations (cont’d)
Six Months ended May 31, 2015 (Unaudited)
| AllianzGI NFJ International Value II |
AllianzGI Short Duration High Income |
AllianzGI Structured Return |
AllianzGI U.S. Equity Hedged |
|||||||||||||
| Realized and Change in Unrealized Gain (Loss): | ||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments |
$ | (679,984 | ) | $ | (3,196,035 | ) | $ | (946,297 | ) | $ | 2,146,278 | |||||
| Investments in Affiliates |
— | — | — | — | ||||||||||||
| Options written |
— | — | 1,006,919 | 182,675 | ||||||||||||
| Foreign currency transactions |
(14,203 | ) | — | — | — | |||||||||||
| Net change in unrealized appreciation/depreciation of: | ||||||||||||||||
| Investments |
2,727,733 | 9,188,711 | 569,070 | (2,312,277 | ) | |||||||||||
| Investments in Affiliates |
(228,080 | ) | — | — | — | |||||||||||
| Options written |
— | — | 260,316 | 18,587 | ||||||||||||
| Foreign currency transactions |
36 | — | — | — | ||||||||||||
| Net realized and change in unrealized gain | 1,805,502 | 5,992,676 | 890,008 | 35,263 | ||||||||||||
| Net Increase in Net Assets Resulting from Investment Operations | $ | 2,430,138 | $ | 22,614,358 | $ | 999,985 | $ | 100,537 | ||||||||
| * Foreign withholding taxes | $ | 85,948 | $ | — | $ | — | $ | — | ||||||||
| 198 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI U.S. Small-Cap Growth |
AllianzGI Ultra Micro Cap |
|||||||
| $ | 2,269,681 | $ | 3,609,749 | |||||
| (109,087 | ) | 374,257 | ||||||
| — | — | |||||||
| — | — | |||||||
| 654,089 | 4,767,769 | |||||||
| (205,807 | ) | 528,446 | ||||||
| — | — | |||||||
| — | — | |||||||
| 2,608,876 | 9,280,221 | |||||||
| $ | 2,494,702 | $ | 8,403,750 | |||||
| $ | 733 | $ | — | |||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 199 |
Table of Contents
Statements of Changes in Net Assets
| AllianzGI Retirement 2015 | AllianzGI Retirement 2020 | |||||||||||||||||
| Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
|||||||||||||||
| Increase (Decrease) in Net Assets from: | ||||||||||||||||||
| Investment Operations: |
||||||||||||||||||
| Net investment income | $ | 679,527 | $ | 692,615 | $ | 1,169,013 | $ | 1,176,208 | ||||||||||
| Net realized gain (loss) | 297,121 | 739,814 | (120,012 | ) | 675,957 | |||||||||||||
| Net change in unrealized appreciation/depreciation | (721,964 | ) | (194,407 | ) | (871,473 | ) | 93,961 | |||||||||||
| Net increase in net assets resulting from investment operations | 254,684 | 1,238,022 | 177,528 | 1,946,126 | ||||||||||||||
| Dividends and Distributions to Shareholders from: | ||||||||||||||||||
| Net investment income: | ||||||||||||||||||
| Class A |
(335,648 | ) | (202,351 | ) | (975,546 | ) | (376,596 | ) | ||||||||||
| Class C |
(18,133 | ) | (14,041 | ) | (8,972 | ) | (4,276 | ) | ||||||||||
| Class D |
(1,671 | ) | (2,326 | ) | (6,522 | ) | (5,007 | ) | ||||||||||
| Class R |
(4,383 | ) | (1,465 | ) | (25,688 | ) | (14,740 | ) | ||||||||||
| Class P |
(170,923 | ) | (84,782 | ) | (470,625 | ) | (154,714 | ) | ||||||||||
| Class R6 |
(410,232 | ) | (178,596 | ) | (174,103 | ) | (160,647 | ) | ||||||||||
| Administrative Class |
(83,769 | ) | (73,602 | ) | (209,026 | ) | (138,300 | ) | ||||||||||
| Net realized capital gains: | ||||||||||||||||||
| Class A |
(135,070 | ) | — | (106,444 | ) | — | ||||||||||||
| Class C |
(11,810 | ) | — | (1,385 | ) | — | ||||||||||||
| Class D |
(829 | ) | — | (796 | ) | — | ||||||||||||
| Class R |
(2,103 | ) | — | (3,288 | ) | — | ||||||||||||
| Class P |
(62,912 | ) | — | (47,542 | ) | — | ||||||||||||
| Class R6 |
(147,028 | ) | — | (17,182 | ) | — | ||||||||||||
| Administrative Class |
(34,472 | ) | — | (23,125 | ) | — | ||||||||||||
| Total dividends and distributions to shareholders | (1,418,983 | ) | (557,163 | ) | (2,070,244 | ) | (854,280 | ) | ||||||||||
| Fund Share Transactions: | ||||||||||||||||||
| Net proceeds from the sale of shares | 9,712,185 | 29,495,264 | 16,618,663 | 39,564,146 | ||||||||||||||
| Issued in reinvestment of dividends and distributions | 1,417,374 | 556,499 | 2,069,603 | 854,232 | ||||||||||||||
| Cost of shares redeemed | (15,833,918 | ) | (18,462,269 | ) | (15,460,311 | ) | (12,114,831 | ) | ||||||||||
| Net increase (decrease) from Fund share transactions | (4,704,359 | ) | 11,589,494 | 3,227,955 | 28,303,547 | |||||||||||||
| Total increase (decrease) in net assets | (5,868,658 | ) | 12,270,353 | 1,335,239 | 29,395,393 | |||||||||||||
| Net Assets: | ||||||||||||||||||
| Beginning of period | 34,279,314 | 22,008,961 | 62,586,863 | 33,191,470 | ||||||||||||||
| End of period* | $ | 28,410,656 | $ | 34,279,314 | $ | 63,922,102 | $ | 62,586,863 | ||||||||||
| * Including undistributed net investment income of: |
$ | 281,961 | $ | 627,193 | $ | 360,365 | $ | 1,061,834 | ||||||||||
| 200 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI Retirement 2025 | AllianzGI Retirement 2030 | AllianzGI Retirement 2035 | ||||||||||||||||||||||
| Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
|||||||||||||||||||
| $ | 1,261,810 | $ | 1,286,786 | $ | 1,310,039 | $ | 1,406,560 | $ | 1,075,960 | $ | 1,097,824 | |||||||||||||
| 175,067 | 434,739 | 449,352 | 1,199,068 | 519,886 | 910,969 | |||||||||||||||||||
| (1,013,415 | ) | 622,984 | (1,262,347 | ) | (86,428 | ) | (1,018,010 | ) | 179,591 | |||||||||||||||
| 423,462 | 2,344,509 | 497,044 | 2,519,200 | 577,836 | 2,188,384 | |||||||||||||||||||
| (914,877 | ) | (426,739 | ) | (832,150 | ) | (428,196 | ) | (688,726 | ) | (300,338 | ) | |||||||||||||
| — | — | (15,900 | ) | (10,033 | ) | — | — | |||||||||||||||||
| — | — | (19,313 | ) | (13,222 | ) | — | — | |||||||||||||||||
| (24,873 | ) | (18,248 | ) | (39,434 | ) | (21,599 | ) | (32,992 | ) | (16,445 | ) | |||||||||||||
| (545,013 | ) | (80,183 | ) | (652,591 | ) | (184,881 | ) | (607,188 | ) | (113,126 | ) | |||||||||||||
| (172,571 | ) | (108,975 | ) | (313,706 | ) | (258,616 | ) | (133,916 | ) | (137,282 | ) | |||||||||||||
| (348,778 | ) | (200,811 | ) | (314,079 | ) | (200,325 | ) | (388,586 | ) | (224,389 | ) | |||||||||||||
| — | — | (290,155 | ) | — | (173,568 | ) | — | |||||||||||||||||
| — | — | (7,640 | ) | — | — | — | ||||||||||||||||||
| — | — | (7,109 | ) | — | — | — | ||||||||||||||||||
| — | — | (15,563 | ) | — | (9,405 | ) | — | |||||||||||||||||
| — | — | (210,887 | ) | — | (143,165 | ) | — | |||||||||||||||||
| — | — | (99,015 | ) | — | (30,957 | ) | — | |||||||||||||||||
| — | — | (108,740 | ) | — | (98,543 | ) | — | |||||||||||||||||
| (2,006,112 | ) | (834,956 | ) | (2,926,282 | ) | (1,116,872 | ) | (2,307,046 | ) | (791,580 | ) | |||||||||||||
| 20,669,619 | 41,120,713 | 20,405,106 | 38,677,395 | 19,050,452 | 29,581,674 | |||||||||||||||||||
| 1,997,280 | 829,680 | 2,910,216 | 1,113,004 | 2,300,803 | 788,966 | |||||||||||||||||||
| (17,366,992 | ) | (12,163,443 | ) | (17,822,455 | ) | (17,086,760 | ) | (18,428,496 | ) | (7,595,095 | ) | |||||||||||||
| 5,299,907 | 29,786,950 | 5,492,867 | 22,703,639 | 2,922,759 | 22,775,545 | |||||||||||||||||||
| 3,717,257 | 31,296,503 | 3,063,629 | 24,105,967 | 1,193,549 | 24,172,349 | |||||||||||||||||||
| 65,107,535 | 33,811,032 | 64,305,460 | 40,199,493 | 53,682,044 | 29,509,695 | |||||||||||||||||||
| $ | 68,824,792 | $ | 65,107,535 | $ | 67,369,089 | $ | 64,305,460 | $ | 54,875,593 | $ | 53,682,044 | |||||||||||||
| $ | 409,870 | $ | 1,154,172 | $ | 324,978 | $ | 1,202,112 | $ | 152,555 | $ | 928,003 | |||||||||||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 201 |
Table of Contents
Statements of Changes in Net Assets (cont’d)
| AllianzGI Retirement 2040 | AllianzGI Retirement 2045 | |||||||||||||||||
| Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
|||||||||||||||
| Increase (Decrease) in Net Assets from: | ||||||||||||||||||
| Investment Operations: |
||||||||||||||||||
| Net investment income | $ | 852,584 | $ | 955,485 | $ | 547,118 | $ | 517,862 | ||||||||||
| Net realized gain | 949,794 | 1,285,907 | 585,965 | 526,086 | ||||||||||||||
| Net change in unrealized appreciation/depreciation | (1,261,318 | ) | (213,031 | ) | (635,905 | ) | 187,541 | |||||||||||
| Net increase in net assets resulting from investment operations |
541,060 | 2,028,361 | 497,178 | 1,231,489 | ||||||||||||||
| Dividends and Distributions to Shareholders from: | ||||||||||||||||||
| Net investment income: | ||||||||||||||||||
| Class A |
(634,069 | ) | (299,358 | ) | (383,760 | ) | (181,709 | ) | ||||||||||
| Class C |
(6,919 | ) | (4,849 | ) | — | — | ||||||||||||
| Class D |
(7,206 | ) | (4,271 | ) | — | — | ||||||||||||
| Class R |
(45,420 | ) | (22,265 | ) | (15,841 | ) | (6,954 | ) | ||||||||||
| Class P |
(448,321 | ) | (113,845 | ) | (378,055 | ) | (56,921 | ) | ||||||||||
| Class R6 |
(349,785 | ) | (262,190 | ) | (199,794 | ) | (115,794 | ) | ||||||||||
| Administrative Class |
(197,536 | ) | (116,327 | ) | (67,503 | ) | (36,633 | ) | ||||||||||
| Net realized capital gains: | ||||||||||||||||||
| Class A |
(396,764 | ) | (10,167 | ) | (129,553 | ) | (14,940 | ) | ||||||||||
| Class C |
(6,074 | ) | (190 | ) | — | — | ||||||||||||
| Class D |
(4,720 | ) | (119 | ) | — | — | ||||||||||||
| Class R |
(31,620 | ) | (827 | ) | (5,852 | ) | (658 | ) | ||||||||||
| Class P |
(262,971 | ) | (7,225 | ) | (119,406 | ) | (13,700 | ) | ||||||||||
| Class R6 |
(201,138 | ) | (4,534 | ) | (62,179 | ) | (8,805 | ) | ||||||||||
| Administrative Class |
(123,496 | ) | (3,144 | ) | (22,696 | ) | (2,638 | ) | ||||||||||
| Total dividends and distributions to shareholders | (2,716,039 | ) | (849,311 | ) | (1,384,639 | ) | (438,752 | ) | ||||||||||
| Fund Share Transactions: | ||||||||||||||||||
| Net proceeds from the sale of shares | 12,197,171 | 27,176,932 | 5,226,675 | 15,099,268 | ||||||||||||||
| Issued in reinvestment of dividends and distributions | 2,705,665 | 847,385 | 1,383,981 | 438,561 | ||||||||||||||
| Cost of shares redeemed | (12,393,967 | ) | (12,583,051 | ) | (7,960,308 | ) | (2,852,267 | ) | ||||||||||
| Net increase (decrease) from Fund share transactions | 2,508,869 | 15,441,266 | (1,349,652 | ) | 12,685,562 | |||||||||||||
| Total increase (decrease) in net assets | 333,890 | 16,620,316 | (2,237,113 | ) | 13,478,299 | |||||||||||||
| Net Assets: | ||||||||||||||||||
| Beginning of period | 43,543,217 | 26,922,901 | 26,562,354 | 13,084,055 | ||||||||||||||
| End of period* | $ | 43,877,107 | $ | 43,543,217 | $ | 24,325,241 | $ | 26,562,354 | ||||||||||
| * Including undistributed (dividends in excess of) net investment income of: |
$ | (68,088 | ) | $ | 768,584 | $ | (65,598 | ) | $ | 432,237 | ||||||||
| 202 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI Retirement 2050 | AllianzGI Retirement 2055 | AllianzGI Retirement Income | ||||||||||||||||||||||
| Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
|||||||||||||||||||
| $ | 435,208 | $ | 439,654 | $ | 151,745 | $ | 156,879 | $ | 510,151 | $ | 677,809 | |||||||||||||
| 798,651 | 746,452 | 287,842 | 245,428 | 507,540 | 855,090 | |||||||||||||||||||
| (838,178 | ) | (183,686 | ) | (289,648 | ) | (84,342 | ) | (854,799 | ) | (257,664 | ) | |||||||||||||
| 395,681 | 1,002,420 | 149,939 | 317,965 | 162,892 | 1,275,235 | |||||||||||||||||||
| (192,203 | ) | (68,062 | ) | (45,481 | ) | (13,942 | ) | (154,777 | ) | (99,066 | ) | |||||||||||||
| (4,538 | ) | (2,510 | ) | — | — | (81,258 | ) | (45,087 | ) | |||||||||||||||
| (8,207 | ) | (8,335 | ) | — | — | (23,678 | ) | (16,960 | ) | |||||||||||||||
| (21,154 | ) | (10,670 | ) | (5,539 | ) | (1,668 | ) | (4,750 | ) | (2,510 | ) | |||||||||||||
| (271,151 | ) | (37,456 | ) | (45,785 | ) | (6,547 | ) | (145,959 | ) | (151,273 | ) | |||||||||||||
| (324,615 | ) | (245,688 | ) | (213,835 | ) | (118,426 | ) | (234,719 | ) | (215,784 | ) | |||||||||||||
| (47,447 | ) | (30,843 | ) | (15,068 | ) | (5,836 | ) | (35,871 | ) | (37,092 | ) | |||||||||||||
| (129,289 | ) | (25,014 | ) | (24,465 | ) | (7,419 | ) | (150,834 | ) | — | ||||||||||||||
| (3,775 | ) | (823 | ) | — | — | (95,583 | ) | — | ||||||||||||||||
| (6,029 | ) | (1,745 | ) | — | — | (23,950 | ) | — | ||||||||||||||||
| (15,822 | ) | (3,662 | ) | (3,224 | ) | (1,123 | ) | (5,023 | ) | — | ||||||||||||||
| (172,288 | ) | (33,116 | ) | (23,661 | ) | (9,316 | ) | (125,434 | ) | — | ||||||||||||||
| (204,365 | ) | (51,300 | ) | (109,285 | ) | (51,679 | ) | (215,863 | ) | — | ||||||||||||||
| (32,173 | ) | (6,978 | ) | (8,161 | ) | (3,149 | ) | (47,564 | ) | — | ||||||||||||||
| (1,433,056 | ) | (526,202 | ) | (494,504 | ) | (219,105 | ) | (1,345,263 | ) | (567,772 | ) | |||||||||||||
| 6,448,896 | 12,294,801 | 1,454,059 | 2,861,581 | 4,535,768 | 13,555,798 | |||||||||||||||||||
| 1,430,821 | 525,997 | 493,806 | 219,099 | 1,344,896 | 567,659 | |||||||||||||||||||
| (7,530,323 | ) | (5,298,045 | ) | (1,006,550 | ) | (349,327 | ) | (9,018,947 | ) | (11,773,274 | ) | |||||||||||||
| 349,394 | 7,522,753 | 941,315 | 2,731,353 | (3,138,283 | ) | 2,350,183 | ||||||||||||||||||
| (687,981 | ) | 7,998,971 | 596,750 | 2,830,213 | (4,320,654 | ) | 3,057,646 | |||||||||||||||||
| 21,487,928 | 13,488,957 | 7,885,729 | 5,055,516 | 29,380,593 | 26,322,947 | |||||||||||||||||||
| $ | 20,799,947 | $ | 21,487,928 | $ | 8,482,479 | $ | 7,885,729 | $ | 25,059,939 | $ | 29,380,593 | |||||||||||||
| $ | (80,847 | ) | $ | 353,260 | $ | (43,389 | ) | $ | 130,574 | $ | 27,443 | $ | 198,304 | |||||||||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 203 |
Table of Contents
Statements of Changes in Net Assets (cont’d)
| AllianzGI Global Allocation | AllianzGI Global Dynamic Allocation |
|||||||||||||||||
| Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
Six months ended |
Year ended November 30, 2014 |
|||||||||||||||
| Increase (Decrease) in Net Assets from: | ||||||||||||||||||
| Investment Operations: |
||||||||||||||||||
| Net investment income | $ | 3,574,207 | $ | 4,997,925 | $ | 123,002 | $ | 124,498 | ||||||||||
| Net realized gain | 14,108,589 | 11,590,534 | 460,241 | 609,442 | ||||||||||||||
| Net change in unrealized appreciation/depreciation | (13,139,262 | ) | (7,044,237 | ) | (443,422 | ) | (515,792 | ) | ||||||||||
| Net increase in net assets resulting from investment operations |
4,543,534 | 9,544,222 | 139,821 | 218,148 | ||||||||||||||
| Dividends and Distributions to Shareholders from: | ||||||||||||||||||
| Net investment income: | ||||||||||||||||||
| Class A |
(1,957,987 | ) | (1,515,468 | ) | (37,530 | ) | (36,024 | ) | ||||||||||
| Class B |
(40,110 | ) | (31,583 | ) | — | — | ||||||||||||
| Class C |
(1,641,882 | ) | (941,983 | ) | (40,272 | ) | (26,791 | ) | ||||||||||
| Class D |
(71,006 | ) | (34,957 | ) | (4,316 | ) | (10,657 | ) | ||||||||||
| Class R |
(530 | ) | (351 | ) | (5,287 | ) | (3,112 | ) | ||||||||||
| Class P |
(64,231 | ) | (48,927 | ) | (1,681 | ) | (1,171 | ) | ||||||||||
| Institutional Class |
(2,464,741 | ) | (1,801,068 | ) | (134,390 | ) | (92,056 | ) | ||||||||||
| Class R6 |
— | — | — | — | ||||||||||||||
| Administrative Class |
(739 | ) | (588 | ) | (994 | ) | (523 | ) | ||||||||||
| Net realized capital gains: | ||||||||||||||||||
| Class A |
(710,721 | ) | — | (96,863 | ) | (155,116 | ) | |||||||||||
| Class B |
(17,867 | ) | — | — | — | |||||||||||||
| Class C |
(668,774 | ) | — | (129,299 | ) | (163,735 | ) | |||||||||||
| Class D |
(24,515 | ) | — | (11,895 | ) | (44,224 | ) | |||||||||||
| Class R |
(192 | ) | — | (14,193 | ) | (13,397 | ) | |||||||||||
| Class P |
(21,906 | ) | — | (4,067 | ) | (4,798 | ) | |||||||||||
| Institutional Class |
(826,712 | ) | — | (317,122 | ) | (378,173 | ) | |||||||||||
| Administrative Class |
(265 | ) | — | (2,452 | ) | (2,270 | ) | |||||||||||
| Total dividends and distributions to shareholders | (8,512,178 | ) | (4,374,925 | ) | (800,361 | ) | (932,047 | ) | ||||||||||
| Fund Share Transactions: | ||||||||||||||||||
| Net proceeds from the sale of shares | 16,634,010 | 27,705,749 | 2,187,301 | 898,223 | ||||||||||||||
| Issued in reinvestment of dividends and distributions | 7,662,357 | 3,945,498 | 800,361 | 930,946 | ||||||||||||||
| Cost of shares redeemed | (26,842,016 | ) | (40,895,649 | ) | (503,564 | ) | (1,655,346 | ) | ||||||||||
| Net increase (decrease) from Fund share transactions | (2,545,649 | ) | (9,244,402 | ) | 2,484,098 | 173,823 | ||||||||||||
| Total increase (decrease) in net assets | (6,514,293 | ) | (4,075,105 | ) | 1,823,558 | (540,076 | ) | |||||||||||
| Net Assets: | ||||||||||||||||||
| Beginning of period | 208,984,440 | 213,059,545 | 6,139,634 | 6,679,710 | ||||||||||||||
| End of period* | $ | 202,470,147 | $ | 208,984,440 | $ | 7,963,192 | $ | 6,139,634 | ||||||||||
| * Including undistributed (dividends in excess of) net investment income of: |
$ | (1,185,498 | ) | $ | 1,481,521 | $ | (19,730 | ) | $ | 81,738 | ||||||||
| ** | Commencement of operations. |
| 204 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI Global Megatrends |
AllianzGI Behavioral Advantage Large Cap |
AllianzGI Best Styles Emerging Markets Equity |
||||||||||||||
| Period from February 2, 2015** through May 31, 2015 (Unaudited) |
Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
Period from December 9, 2014** through May 31, 2015 (Unaudited) |
|||||||||||||
| $ | 1,116 | $ | 405,137 | $ | 981,337 | $ | 46,572 | |||||||||
| — | 10,471,101 | 6,048,044 | 129,062 | |||||||||||||
| 213,015 | (8,801,756 | ) | 3,453,370 | 88,781 | ||||||||||||
| 214,131 | 2,074,482 | 10,482,751 | 264,415 | |||||||||||||
| — | (151,343 | ) | (90,468 | ) | — | |||||||||||
| — | — | — | — | |||||||||||||
| — | (7,028 | ) | (1,785 | ) | — | |||||||||||
| — | (33,727 | ) | (454 | ) | — | |||||||||||
| — | — | — | — | |||||||||||||
| — | (2,311 | ) | (111 | ) | (2 | ) | ||||||||||
| — | (1,119,347 | ) | (412,898 | ) | (3 | ) | ||||||||||
| — | — | — | (1,617 | ) | ||||||||||||
| — | — | — | — | |||||||||||||
| — | (2,518,110 | ) | (306,379 | ) | — | |||||||||||
| — | — | — | — | |||||||||||||
| — | (208,608 | ) | (8,829 | ) | — | |||||||||||
| — | (588,302 | ) | (6,517 | ) | — | |||||||||||
| — | — | — | — | |||||||||||||
| — | (27,964 | ) | (603 | ) | — | |||||||||||
| — | (13,174,278 | ) | (1,759,764 | ) | — | |||||||||||
| — | — | — | — | |||||||||||||
| — | (17,831,018 | ) | (2,587,808 | ) | (1,622 | ) | ||||||||||
| — | 10,417,726 | 49,243,234 | 565,792 | |||||||||||||
| — | 15,396,960 | 2,233,422 | 1,622 | |||||||||||||
| — | (51,402,072 | ) | (31,003,981 | ) | — | |||||||||||
| — | (25,587,386 | ) | 20,472,675 | 567,414 | ||||||||||||
| 214,131 | (41,343,922 | ) | 28,367,618 | 830,207 | ||||||||||||
| 3,020,000 | 85,659,454 | 57,291,836 | 5,020,000 | |||||||||||||
| $ | 3,234,131 | $ | 44,315,532 | $ | 85,659,454 | $ | 5,850,207 | |||||||||
| $ | 1,116 | $ | 42,798 | $ | 951,417 | $ | 44,950 | |||||||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 205 |
Table of Contents
Statements of Changes in Net Assets (cont’d)
| AllianzGI Best Styles Global Equity |
AllianzGI Best Styles International Equity |
|||||||||||||
| Six months ended May 31, 2015 (Unaudited) |
Period from December 2, 2013** through November 30, 2014 |
Period from December 9, 2014** through May 31, 2015 (Unaudited) |
||||||||||||
| Increase (Decrease) in Net Assets from: | ||||||||||||||
| Investment Operations: |
||||||||||||||
| Net investment income (loss) | $ | 1,145,231 | $ | 785,022 | $ | 618,755 | ||||||||
| Net realized gain (loss) | (241,525 | ) | 843,623 | 289,005 | ||||||||||
| Net change in unrealized appreciation/depreciation | 4,856,879 | 2,253,182 | 1,437,522 | |||||||||||
| Net increase in net assets resulting from investment operations |
5,760,585 | 3,881,827 | 2,345,282 | |||||||||||
| Dividends and Distributions to Shareholders from: | ||||||||||||||
| Net investment income: | ||||||||||||||
| Class A |
(265 | ) | — | — | ||||||||||
| Class C |
— | — | — | |||||||||||
| Class D |
— | — | — | |||||||||||
| Class R |
— | — | — | |||||||||||
| Class P |
— | — | (7 | ) | ||||||||||
| Institutional Class |
(273 | ) | — | (7 | ) | |||||||||
| Class R6 |
(813,579 | ) | — | (3,930 | ) | |||||||||
| Administrative Class |
— | — | — | |||||||||||
| Net realized capital gains: | ||||||||||||||
| Class A |
(244 | ) | — | — | ||||||||||
| Class C |
— | — | — | |||||||||||
| Class D |
— | — | — | |||||||||||
| Class R |
— | — | — | |||||||||||
| Class P |
— | — | — | |||||||||||
| Institutional Class |
(244 | ) | — | — | ||||||||||
| Class R6 |
(820,158 | ) | — | — | ||||||||||
| Administrative Class |
— | — | — | |||||||||||
| Total dividends and distributions to shareholders | (1,634,763 | ) | — | (3,944 | ) | |||||||||
| Fund Share Transactions: | ||||||||||||||
| Net proceeds from the sale of shares | 99,777,020 | 36,454,373 | 34,152,135 | |||||||||||
| Issued in reinvestment of dividends and distributions | 1,634,763 | — | 3,944 | |||||||||||
| Cost of shares redeemed | (22,899,928 | ) | (11,914,060 | ) | (7,685,047 | ) | ||||||||
| Net increase (decrease) from Fund share transactions | 78,511,855 | 24,540,313 | 26,471,032 | |||||||||||
| Total increase (decrease) in net assets | 82,637,677 | 28,422,140 | 28,812,370 | |||||||||||
| Net Assets: | ||||||||||||||
| Beginning of period | 33,452,140 | 5,020,000 | 5,020,000 | |||||||||||
| End of period* | $ | 116,089,817 | $ | 33,442,140 | $ | 33,832,370 | ||||||||
| * Including undistributed (dividends in excess of) net investment income of: |
$ | 1,102,475 | $ | 771,361 | $ | 614,811 | ||||||||
| ** | Commencement of operations. |
| 206 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI Best Styles U.S. Equity |
AllianzGI China Equity | AllianzGI Convertible | ||||||||||||||||||
| Period from December 1, 2014** through May 31, 2015 (Unaudited) |
Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
||||||||||||||||
| $ | 446,590 | $ | (1,756 | ) | $ | 67,404 | $ | 15,796,470 | $ | 33,329,413 | ||||||||||
| 239,836 | 166,361 | 402,768 | 153,449,636 | 174,588,949 | ||||||||||||||||
| 557,337 | 1,232,858 | (385,396 | ) | (29,004,877 | ) | 29,600,080 | ||||||||||||||
| 1,243,763 | 1,397,463 | 84,776 | 140,241,229 | 237,518,442 | ||||||||||||||||
| — | (9,049 | ) | (1,192 | ) | (5,162,209 | ) | (8,036,190 | ) | ||||||||||||
| — | (43 | ) | (2 | ) | (868,353 | ) | (1,651,959 | ) | ||||||||||||
| — | (4,326 | ) | (1,635 | ) | (736,317 | ) | (2,363,380 | ) | ||||||||||||
| — | — | — | (13,733 | ) | (16,226 | ) | ||||||||||||||
| (14 | ) | (1 | ) | (45 | ) | (2,446,235 | ) | (5,514,465 | ) | |||||||||||
| (15 | ) | (97,475 | ) | (31,446 | ) | (20,224,139 | ) | (39,138,558 | ) | |||||||||||
| (4,632 | ) | — | — | — | — | |||||||||||||||
| — | — | — | (35,956 | ) | (209,464 | ) | ||||||||||||||
| — | (2,796 | ) | — | (30,559,402 | ) | (9,748,925 | ) | |||||||||||||
| — | (200 | ) | — | (7,902,259 | ) | (2,953,239 | ) | |||||||||||||
| — | (2,162 | ) | — | (4,909,717 | ) | (2,652,574 | ) | |||||||||||||
| — | — | — | (90,285 | ) | (19,171 | ) | ||||||||||||||
| — | (153 | ) | — | (14,081,872 | ) | (5,628,426 | ) | |||||||||||||
| — | (31,534 | ) | — | (111,971,539 | ) | (38,746,943 | ) | |||||||||||||
| — | — | — | — | — | ||||||||||||||||
| — | — | — | (236,630 | ) | (203,909 | ) | ||||||||||||||
| (4,661 | ) | (147,739 | ) | (34,320 | ) | (199,238,646 | ) | (116,883,429 | ) | |||||||||||
| 76,375,571 | 7,822,864 | 4,723,503 | 178,305,216 | 1,084,404,115 | ||||||||||||||||
| 4,661 | 147,739 | 34,320 | 123,698,254 | 76,423,408 | ||||||||||||||||
| (20,076,634 | ) | (863,776 | ) | (4,358,814 | ) | (433,631,126 | ) | (983,620,998 | ) | |||||||||||
| 56,303,598 | 7,106,827 | 399,009 | (131,627,656 | ) | 177,206,525 | |||||||||||||||
| 57,542,700 | 8,356,551 | 449,465 | (190,625,073 | ) | 297,841,538 | |||||||||||||||
| 3,020,000 | 4,947,322 | 4,497,857 | 2,701,627,548 | 2,403,786,010 | ||||||||||||||||
| $ | 60,562,700 | $ | 13,303,873 | $ | 4,947,322 | $ | 2,511,002,475 | $ | 2,701,627,548 | |||||||||||
| $ | 441,929 | $ | (17,879 | ) | $ | 94,771 | $ | (1,057,105 | ) | $ | 12,633,367 | |||||||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 207 |
Table of Contents
Statements of Changes in Net Assets (cont’d)
| AllianzGI Emerging Markets Consumer |
AllianzGI Emerging Markets Debt |
|||||||||||||
| Period from December 1, 2014** through May 31, 2015 (Unaudited) |
Six months ended May 31, 2015 (Unaudited) |
Period from September 15, 2014** through November 30, 2014 |
||||||||||||
| Increase (Decrease) in Net Assets from: | ||||||||||||||
| Investment Operations: |
||||||||||||||
| Net investment income | $ | 13,692 | $ | 603,557 | $ | 243,119 | ||||||||
| Net realized gain (loss) | 31,621 | (356,637 | ) | (243,113 | ) | |||||||||
| Net change in unrealized appreciation/depreciation | 337,949 | (33,316 | ) | (146,982 | ) | |||||||||
| Net increase (decrease) in net assets resulting from investment operations |
383,262 | 213,604 | (146,976 | ) | ||||||||||
| Dividends and Distributions to Shareholders from: | ||||||||||||||
| Net investment income: | ||||||||||||||
| Class A |
— | (222 | ) | — | ||||||||||
| Class C |
— | (183 | ) | — | ||||||||||
| Class D |
— | — | — | |||||||||||
| Class P |
— | (230 | ) | — | ||||||||||
| Institutional Class |
— | (712,020 | ) | — | ||||||||||
| Net realized capital gains: | ||||||||||||||
| Class A |
— | — | — | |||||||||||
| Class C |
— | — | — | |||||||||||
| Class D |
— | — | — | |||||||||||
| Class P |
— | — | — | |||||||||||
| Institutional Class |
— | — | — | |||||||||||
| Total dividends and distributions to shareholders | — | (712,655 | ) | — | ||||||||||
| Fund Share Transactions: | ||||||||||||||
| Net proceeds from the sale of shares | 10,699,433 | 424,090 | 3,000 | |||||||||||
| Issued in reinvestment of dividends and distributions | — | 712,655 | — | |||||||||||
| Cost of shares redeemed | (1,102,056 | ) | (6,626 | ) | — | |||||||||
| Net increase from Fund share transactions | 9,597,377 | 1,130,119 | 3,000 | |||||||||||
| Total increase (decrease) in net assets | 9,980,639 | 631,068 | (143,976 | ) | ||||||||||
| Net Assets: | ||||||||||||||
| Beginning of period | 3,010,000 | 29,886,024 | 30,030,000 | |||||||||||
| End of period* | $ | 12,990,639 | $ | 30,517,092 | $ | 29,886,024 | ||||||||
| * Including undistributed net investment income of: |
$ | 13,692 | $ | 70,359 | $ | 179,457 | ||||||||
| ** | Commencement of operations. |
| 208 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI Emerging Markets Small-Cap |
AllianzGI Europe Equity Dividend |
AllianzGI Global Fundamental Strategy |
||||||||||||||
| Period from December 1, 2014** through May 31, 2015 (Unaudited) |
Period from February 2, 2015** through May 31, 2015 (Unaudited) |
Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
|||||||||||||
| $ | 21,911 | $ | 63,077 | $ | 238,216 | $ | 423,304 | |||||||||
| 98,500 | (16,582 | ) | 554,626 | 186,964 | ||||||||||||
| 439,984 | 12,103 | (572,610 | ) | 421,354 | ||||||||||||
| 560,395 | 58,598 | 220,232 | 1,031,622 | |||||||||||||
| (1 | ) | — | (573 | ) | (78 | ) | ||||||||||
| — | — | (267 | ) | (40 | ) | |||||||||||
| — | — | (1 | ) | (78 | ) | |||||||||||
| — | — | (363 | ) | (86 | ) | |||||||||||
| (768 | ) | — | (766,540 | ) | (183,029 | ) | ||||||||||
| — | — | — | (42 | ) | ||||||||||||
| — | — | — | (42 | ) | ||||||||||||
| — | — | — | (45 | ) | ||||||||||||
| — | — | — | (42 | ) | ||||||||||||
| — | — | — | (83,961 | ) | ||||||||||||
| (769 | ) | — | (767,744 | ) | (267,443 | ) | ||||||||||
| 1,711,029 | 210,753 | 89,887 | 2,628,459 | |||||||||||||
| 769 | — | 767,744 | 267,443 | |||||||||||||
| (43,024 | ) | — | (70,395 | ) | (2,175,508 | ) | ||||||||||
| 1,668,774 | 210,753 | 787,236 | 720,394 | |||||||||||||
| 2,228,400 | 269,351 | 239,724 | 1,484,573 | |||||||||||||
| 3,010,000 | 3,030,000 | 22,206,963 | 20,722,390 | |||||||||||||
| $ | 5,238,400 | $ | 3,299,351 | $ | 22,446,687 | $ | 22,206,963 | |||||||||
| $ | 21,142 | $ | 63,077 | $ | 89,829 | $ | 619,357 | |||||||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 209 |
Table of Contents
Statements of Changes in Net Assets (cont’d)
| AllianzGI Global Managed Volatility |
AllianzGI Global Sustainability |
|||||||||||||
| Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
Period from December 9, 2014** through May 31, 2015 (Unaudited) |
||||||||||||
| Increase (Decrease) in Net Assets from: | ||||||||||||||
| Investment Operations: |
||||||||||||||
| Net investment income | $ | 107,918 | $ | 407,635 | $ | 24,564 | ||||||||
| Net realized gain (loss) | 1,100,619 | 1,459,982 | (19,303 | ) | ||||||||||
| Net change in unrealized appreciation/depreciation | (1,057,235 | ) | (83,908 | ) | 115,319 | |||||||||
| Net increase in net assets resulting from investment operations |
151,302 | 1,783,709 | 120,580 | |||||||||||
| Dividends and Distributions to Shareholders from: | ||||||||||||||
| Net investment income: | ||||||||||||||
| Class A |
(5,231 | ) | (3,296 | ) | — | |||||||||
| Class C |
(5,508 | ) | (4,877 | ) | — | |||||||||
| Class D |
(6,160 | ) | (1,358 | ) | — | |||||||||
| Class R |
— | — | — | |||||||||||
| Class P |
(367 | ) | (368 | ) | — | |||||||||
| Institutional Class |
(443,411 | ) | (466,258 | ) | — | |||||||||
| Administrative Class |
— | — | — | |||||||||||
| Net realized capital gains: | ||||||||||||||
| Class A |
(16,252 | ) | (4,082 | ) | — | |||||||||
| Class C |
(21,867 | ) | (6,056 | ) | — | |||||||||
| Class D |
(17,969 | ) | (2,421 | ) | — | |||||||||
| Class R |
— | — | — | |||||||||||
| Class P |
(1,148 | ) | (397 | ) | — | |||||||||
| Institutional Class |
(1,336,798 | ) | (470,054 | ) | — | |||||||||
| Administrative Class |
— | — | — | |||||||||||
| Total dividends and distributions to shareholders | (1,854,711 | ) | (959,167 | ) | — | |||||||||
| Fund Share Transactions: | ||||||||||||||
| Net proceeds from the sale of shares | 1,283,106 | 6,745,131 | — | |||||||||||
| Issued in reinvestment of dividends and distributions | 1,854,032 | 958,921 | — | |||||||||||
| Cost of shares redeemed | (15,334,909 | ) | (6,297,535 | ) | — | |||||||||
| Net increase (decrease) from Fund share transactions | (12,197,771 | ) | 1,406,517 | — | ||||||||||
| Total increase (decrease) in net assets | (13,901,180 | ) | 2,231,059 | 120,580 | ||||||||||
| Net Assets: | ||||||||||||||
| Beginning of period | 16,758,260 | 14,527,201 | 3,020,000 | |||||||||||
| End of period* | $ | 2,857,080 | $ | 16,758,260 | $ | 3,140,580 | ||||||||
| * Including undistributed (dividends in excess of) net investment income of: |
$ | 52,938 | $ | 405,697 | $ | 24,564 | ||||||||
| ** | Commencement of operations. |
| 210 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI Global Water | AllianzGI High Yield Bond | AllianzGI International Growth |
||||||||||||||||||
| Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
Period from February 2, 2015** through May 31, 2015 (Unaudited) |
||||||||||||||||
| $ | 1,571,823 | $ | 1,281,291 | $ | 12,094,289 | $ | 26,751,720 | $ | 22,074 | |||||||||||
| 5,748,769 | 12,071,081 | (3,283,373 | ) | (2,594,450 | ) | (6,651 | ) | |||||||||||||
| 8,153,531 | (9,066,116 | ) | 339,784 | (13,254,415 | ) | 178,963 | ||||||||||||||
| 15,474,123 | 4,286,256 | 9,150,700 | 10,902,855 | 194,386 | ||||||||||||||||
| (320,545 | ) | (269,464 | ) | (1,227,499 | ) | (4,652,555 | ) | — | ||||||||||||
| (62 | ) | (44 | ) | (595,671 | ) | (1,492,477 | ) | — | ||||||||||||
| (58,560 | ) | (27,063 | ) | (1,177,541 | ) | (4,685,232 | ) | — | ||||||||||||
| — | — | (67,695 | ) | (186,866 | ) | — | ||||||||||||||
| (617,050 | ) | (164,700 | ) | (2,584,902 | ) | (5,226,144 | ) | — | ||||||||||||
| (138,567 | ) | (175,053 | ) | (6,169,146 | ) | (11,638,201 | ) | — | ||||||||||||
| — | — | (1,158,674 | ) | (2,355,230 | ) | — | ||||||||||||||
| — | — | — | (619,224 | ) | — | |||||||||||||||
| — | — | — | (228,112 | ) | — | |||||||||||||||
| — | — | — | (937,624 | ) | — | |||||||||||||||
| — | — | — | (24,919 | ) | — | |||||||||||||||
| — | — | — | (667,219 | ) | — | |||||||||||||||
| — | — | — | (1,221,439 | ) | — | |||||||||||||||
| — | — | — | (287,135 | ) | — | |||||||||||||||
| (1,134,784 | ) | (636,324 | ) | (12,981,128 | ) | (34,222,377 | ) | — | ||||||||||||
| 62,707,728 | 183,509,079 | 142,754,986 | 261,023,783 | 35,957 | ||||||||||||||||
| 720,606 | 446,287 | 12,181,960 | 28,415,730 | — | ||||||||||||||||
| (57,723,051 | ) | (85,247,989 | ) | (134,423,001 | ) | (343,171,573 | ) | (34,901 | ) | |||||||||||
| 5,705,283 | 98,707,377 | 20,513,945 | (53,732,060 | ) | 1,056 | |||||||||||||||
| 20,044,622 | 102,357,309 | 16,683,517 | (77,051,582 | ) | 195,442 | |||||||||||||||
| 346,876,891 | 244,519,582 | 384,999,021 | 462,050,603 | 3,010,000 | ||||||||||||||||
| $ | 366,921,513 | $ | 346,876,891 | $ | 401,682,538 | $ | 384,999,021 | $ | 3,205,442 | |||||||||||
| $ | 1,468,265 | $ | 1,031,226 | $ | (2,797,803 | ) | $ | (1,910,964 | ) | $ | 22,074 | |||||||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 211 |
Table of Contents
Statements of Changes in Net Assets (cont’d)
| AllianzGI International Small-Cap |
AllianzGI Micro Cap | |||||||||||||||||
| Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
|||||||||||||||
| Increase (Decrease) in Net Assets from: | ||||||||||||||||||
| Investment Operations: |
||||||||||||||||||
| Net investment income (loss) | $ | 384,681 | $ | 486,533 | $ | (271,525 | ) | $ | (529,827 | ) | ||||||||
| Net realized gain (loss) | 3,902,812 | 8,929,778 | 1,662,679 | 5,318,065 | ||||||||||||||
| Net change in unrealized appreciation/depreciation | 9,837,992 | (14,951,435 | ) | 2,909,808 | (5,003,191 | ) | ||||||||||||
| Net increase (decrease) in net assets resulting from investment operations |
14,125,485 | (5,535,124 | ) | 4,300,962 | (214,953 | ) | ||||||||||||
| Dividends and Distributions to Shareholders from: | ||||||||||||||||||
| Net investment income: | ||||||||||||||||||
| Class A |
(13,607 | ) | (76,677 | ) | — | — | ||||||||||||
| Class C |
(1 | ) | (7,882 | ) | — | — | ||||||||||||
| Class D |
(2,486 | ) | (24,442 | ) | — | — | ||||||||||||
| Class R |
(83 | ) | (1,445 | ) | — | — | ||||||||||||
| Class P |
(60,241 | ) | (413,514 | ) | — | — | ||||||||||||
| Institutional Class |
(111,297 | ) | (712,548 | ) | — | — | ||||||||||||
| Administrative Class** |
— | (143 | ) | — | — | |||||||||||||
| Net realized capital gains: | ||||||||||||||||||
| Class A |
(527,948 | ) | (401,037 | ) | (401,198 | ) | (99,298 | ) | ||||||||||
| Class C |
(108,272 | ) | (67,871 | ) | — | — | ||||||||||||
| Class D |
(144,512 | ) | (43,636 | ) | — | — | ||||||||||||
| Class R |
(7,377 | ) | (3,246 | ) | — | — | ||||||||||||
| Class P |
(2,809,567 | ) | (2,839,970 | ) | (131,124 | ) | (121,008 | ) | ||||||||||
| Institutional Class |
(5,583,444 | ) | (5,781,334 | ) | (2,778,216 | ) | (2,458,693 | ) | ||||||||||
| Administrative Class** |
— | (1,090 | ) | — | — | |||||||||||||
| Total dividends and distributions to shareholders | (9,368,835 | ) | (10,374,835 | ) | (3,310,538 | ) | (2,678,999 | ) | ||||||||||
| Fund Share Transactions: | ||||||||||||||||||
| Net proceeds from the sale of shares | 38,584,696 | 31,565,843 | 10,566,757 | 16,002,865 | ||||||||||||||
| Issued in reinvestment of dividends and distributions | 8,878,523 | 9,979,963 | 3,304,682 | 2,674,893 | ||||||||||||||
| Cost of shares redeemed | (22,815,315 | ) | (45,162,105 | ) | (11,512,885 | ) | (21,006,118 | ) | ||||||||||
| Net increase (decrease) from Fund share transactions | 24,647,904 | (3,616,299 | ) | 2,358,554 | (2,328,360 | ) | ||||||||||||
| Total increase (decrease) in net assets | 29,404,554 | (19,526,258 | ) | 3,348,978 | (5,222,312 | ) | ||||||||||||
| Net Assets: | ||||||||||||||||||
| Beginning of period | 91,575,714 | 111,101,972 | 39,747,287 | 44,969,599 | ||||||||||||||
| End of period* | $ | 120,980,268 | $ | 91,575,714 | $ | 43,096,265 | $ | 39,747,287 | ||||||||||
| * Including undistributed (dividends in excess of) net investment income of: |
$ | 425,128 | $ | 228,162 | $ | (753,822 | ) | $ | (482,297 | ) | ||||||||
| ** | AllianzGI International Small-Cap liquidated its Administrative Class on May 21, 2014. |
| 212 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI Multi-Asset Real Return |
AllianzGI NFJ Emerging Markets Value |
AllianzGI NFJ Global Dividend Value |
||||||||||||||||||||||
| Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
|||||||||||||||||||
| $ | 13,103 | $ | 74,280 | $ | 128,463 | $ | 270,969 | $ | 635,417 | $ | 2,181,257 | |||||||||||||
| (42,968 | ) | (53,943 | ) | (91,435 | ) | 325,266 | 647,075 | 4,043,646 | ||||||||||||||||
| (57,225 | ) | (116,868 | ) | 270,556 | (247,980 | ) | (1,334,864 | ) | (2,887,427 | ) | ||||||||||||||
| (87,090 | ) | (96,531 | ) | 307,584 | 348,255 | (52,372 | ) | 3,337,476 | ||||||||||||||||
| (1,726 | ) | (677 | ) | (2,763 | ) | (1,302 | ) | (215,624 | ) | (289,279 | ) | |||||||||||||
| (703 | ) | (1,050 | ) | (1,447 | ) | (619 | ) | (82,567 | ) | (106,170 | ) | |||||||||||||
| (237 | ) | (136 | ) | (35,249 | ) | (27,988 | ) | (72,878 | ) | (22,598 | ) | |||||||||||||
| — | — | — | — | — | — | |||||||||||||||||||
| (113 | ) | (152 | ) | (269 | ) | (251 | ) | (35,398 | ) | (50,720 | ) | |||||||||||||
| (75,299 | ) | (88,246 | ) | (200,949 | ) | (171,834 | ) | (679,175 | ) | (1,494,313 | ) | |||||||||||||
| — | — | — | — | — | — | |||||||||||||||||||
| — | (350 | ) | (1,806 | ) | — | (457,799 | ) | (524,358 | ) | |||||||||||||||
| — | (473 | ) | (1,142 | ) | — | (225,690 | ) | (278,781 | ) | |||||||||||||||
| — | (111 | ) | (24,209 | ) | — | (156,981 | ) | (37,086 | ) | |||||||||||||||
| — | — | — | — | — | — | |||||||||||||||||||
| — | (53 | ) | (174 | ) | — | (73,929 | ) | (87,797 | ) | |||||||||||||||
| — | (29,343 | ) | (127,949 | ) | — | (1,638,984 | ) | (2,562,825 | ) | |||||||||||||||
| — | — | — | — | — | — | |||||||||||||||||||
| (78,078 | ) | (120,591 | ) | (395,957 | ) | (201,994 | ) | (3,639,025 | ) | (5,453,927 | ) | |||||||||||||
| 263,702 | 1,227,771 | 1,211,116 | 2,873,339 | 7,841,807 | 23,212,818 | |||||||||||||||||||
| 78,078 | 120,591 | 395,957 | 201,994 | 3,203,956 | 4,954,544 | |||||||||||||||||||
| (1,198,632 | ) | (108,911 | ) | (1,628,511 | ) | (1,256,884 | ) | (32,843,814 | ) | (29,958,637 | ) | |||||||||||||
| (856,852 | ) | 1,239,451 | (21,438 | ) | 1,818,449 | (21,798,051 | ) | (1,791,275 | ) | |||||||||||||||
| (1,022,020 | ) | 1,022,329 | (109,811 | ) | 1,964,710 | (25,489,448 | ) | (3,907,726 | ) | |||||||||||||||
| 6,323,596 | 5,301,267 | 9,575,459 | 7,610,749 | 66,273,666 | 70,181,392 | |||||||||||||||||||
| $ | 5,301,576 | $ | 6,323,596 | $ | 9,465,648 | $ | 9,575,459 | $ | 40,784,218 | $ | 66,273,666 | |||||||||||||
| $ | (43 | ) | $ | 64,932 | $ | 56,658 | $ | 168,872 | $ | 426,400 | $ | 876,625 | ||||||||||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 213 |
Table of Contents
Statements of Changes in Net Assets (cont’d)
| AllianzGI NFJ International Small-Cap Value |
AllianzGI NFJ International Value II |
|||||||||||||||||
| Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
|||||||||||||||
| Increase in Net Assets from: | ||||||||||||||||||
| Investment Operations: |
||||||||||||||||||
| Net investment income (loss) | $ | 211,627 | $ | 414,397 | $ | 624,636 | $ | 864,809 | ||||||||||
| Net realized gain (loss) | 617,638 | 1,461,108 | (694,187 | ) | 158,105 | |||||||||||||
| Net change in unrealized appreciation/depreciation | 796,921 | (1,033,876 | ) | 2,499,689 | (1,278,749 | ) | ||||||||||||
| Net increase (decrease) in net assets resulting from investment operations |
1,626,186 | 841,629 | 2,430,138 | (255,835 | ) | |||||||||||||
| Dividends and Distributions to Shareholders from: | ||||||||||||||||||
| Net investment income: | ||||||||||||||||||
| Class A |
(77,148 | ) | (28,563 | ) | (1,192 | ) | (2,980 | ) | ||||||||||
| Class C |
(32,806 | ) | (13,235 | ) | (356 | ) | (1,279 | ) | ||||||||||
| Class D |
(43,395 | ) | (8,011 | ) | (99 | ) | (410 | ) | ||||||||||
| Class P |
(1,235 | ) | (134 | ) | (2,385 | ) | (1,094 | ) | ||||||||||
| Institutional Class |
(320,408 | ) | (198,102 | ) | (375,521 | ) | (735,960 | ) | ||||||||||
| Net realized capital gains: | ||||||||||||||||||
| Class A |
(216,087 | ) | (49,292 | ) | (421 | ) | (2,574 | ) | ||||||||||
| Class C |
(107,054 | ) | (14,329 | ) | (202 | ) | (1,615 | ) | ||||||||||
| Class D |
(111,960 | ) | (20,783 | ) | (35 | ) | (448 | ) | ||||||||||
| Class P |
(3,064 | ) | (325 | ) | (306 | ) | (452 | ) | ||||||||||
| Institutional Class |
(958,204 | ) | (277,871 | ) | (97,903 | ) | (154,322 | ) | ||||||||||
| Total dividends and distributions to shareholders | (1,871,361 | ) | (610,645 | ) | (478,420 | ) | (901,134 | ) | ||||||||||
| Fund Share Transactions: | ||||||||||||||||||
| Net proceeds from the sale of shares | 5,623,273 | 11,637,433 | 8,474,323 | 39,704,993 | ||||||||||||||
| Issued in reinvestment of dividends and distributions | 1,867,740 | 609,584 | 478,420 | 901,134 | ||||||||||||||
| Cost of shares redeemed | (7,216,021 | ) | (8,626,539 | ) | (27,489 | ) | (4,406,491 | ) | ||||||||||
| Net increase from Fund share transactions | 274,992 | 3,620,478 | 8,925,254 | 36,199,636 | ||||||||||||||
| Total increase in net assets | 29,817 | 3,851,462 | 10,876,972 | 35,042,667 | ||||||||||||||
| Net Assets: | ||||||||||||||||||
| Beginning of period | 19,482,282 | 15,630,820 | 39,360,888 | 4,318,221 | ||||||||||||||
| End of period* | $ | 19,512,099 | $ | 19,482,282 | $ | 50,237,860 | $ | 39,360,888 | ||||||||||
| * Including undistributed (dividends in excess of) net investment income of: |
$ | 161,879 | $ | 425,244 | $ | 429,191 | $ | 184,108 | ||||||||||
| 214 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI Short Duration High Income |
AllianzGI Structured Return | AllianzGI U.S. Equity Hedged | ||||||||||||||||||||||
| Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
|||||||||||||||||||
| $ | 16,621,682 | $ | 28,755,543 | $ | 109,977 | $ | (99,064 | ) | $ | 65,274 | $ | 91,071 | ||||||||||||
| (3,196,035 | ) | 2,167,612 | 60,622 | 478,651 | 2,328,953 | (425,013 | ) | |||||||||||||||||
| 9,188,711 | (14,120,813 | ) | 829,386 | 348,559 | (2,293,690 | ) | 1,330,644 | |||||||||||||||||
| 22,614,358 | 16,802,342 | 999,985 | 728,146 | 100,537 | 996,702 | |||||||||||||||||||
| (4,133,452 | ) | (8,370,337 | ) | (2 | ) | — | (1,746 | ) | (13,056 | ) | ||||||||||||||
| (2,287,695 | ) | (3,564,709 | ) | (2 | ) | — | (1 | ) | (1,801 | ) | ||||||||||||||
| (760,345 | ) | (1,473,888 | ) | (43,262 | ) | — | (11,090 | ) | (1,167 | ) | ||||||||||||||
| (6,248,292 | ) | (9,035,739 | ) | (1 | ) | — | (39 | ) | (47 | ) | ||||||||||||||
| (6,667,116 | ) | (10,905,778 | ) | (34,488 | ) | — | (89,019 | ) | (36,196 | ) | ||||||||||||||
| — | — | (99,623 | ) | (37,417 | ) | (55,780 | ) | (80,061 | ) | |||||||||||||||
| — | — | (5,430 | ) | (5,488 | ) | (6,863 | ) | (9,450 | ) | |||||||||||||||
| — | — | (224,129 | ) | (69,417 | ) | (44,348 | ) | (15,115 | ) | |||||||||||||||
| — | — | (1,428 | ) | (2,794 | ) | (469 | ) | (638 | ) | |||||||||||||||
| — | — | (595,738 | ) | (410,919 | ) | (476,318 | ) | (562,186 | ) | |||||||||||||||
| (20,096,900 | ) | (33,350,451 | ) | (1,004,103 | ) | (526,035 | ) | (685,673 | ) | (719,717 | ) | |||||||||||||
| 288,055,359 | 559,371,784 | 10,042,575 | 16,098,848 | 1,627,603 | 8,217,176 | |||||||||||||||||||
| 16,491,556 | 27,490,449 | 1,002,067 | 526,035 | 685,673 | 719,717 | |||||||||||||||||||
| (239,633,901 | ) | (360,175,213 | ) | (2,956,071 | ) | (3,270,567 | ) | (1,168,157 | ) | (871,008 | ) | |||||||||||||
| 64,913,014 | 226,687,020 | 8,088,571 | 13,354,316 | 1,145,119 | 8,065,885 | |||||||||||||||||||
| 67,430,472 | 210,138,911 | 8,084,453 | 13,556,427 | 559,983 | 8,342,870 | |||||||||||||||||||
| 762,680,091 | 552,541,180 | 23,602,564 | 10,046,137 | 15,552,906 | 7,210,036 | |||||||||||||||||||
| $ | 830,110,563 | $ | 762,680,091 | $ | 31,687,017 | $ | 23,602,564 | $ | 16,112,889 | $ | 15,552,906 | |||||||||||||
| $ | (6,275,037 | ) | $ | (2,799,819 | ) | $ | 32,222 | $ | — | $ | 54,583 | $ | 91,204 | |||||||||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 215 |
Table of Contents
Statements of Changes in Net Assets (cont’d)
| AllianzGI U.S. Small-Cap Growth |
AllianzGI Ultra Micro Cap | |||||||||||||||
| Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
Six months ended May 31, 2015 (Unaudited) |
Year ended November 30, 2014 |
|||||||||||||
| Increase (Decrease) in Net Assets from: | ||||||||||||||||
| Investment Operations: |
||||||||||||||||
| Net investment loss | $ | (114,174 | ) | $ | (297,538 | ) | $ | (876,471 | ) | $ | (2,310,720 | ) | ||||
| Net realized gain (loss) | 2,160,594 | 3,004,047 | 3,984,006 | (290,346 | ) | |||||||||||
| Net change in unrealized appreciation/depreciation | 448,282 | (2,125,589 | ) | 5,296,215 | (1,655,282 | ) | ||||||||||
| Net increase (decrease) in net assets resulting from investment operations |
2,494,702 | 580,920 | 8,403,750 | (4,256,348 | ) | |||||||||||
| Dividends and Distributions to Shareholders from: | ||||||||||||||||
| Net realized capital gains: | ||||||||||||||||
| Class A |
(284,924 | ) | (497,317 | ) | (459,304 | ) | (280,502 | ) | ||||||||
| Class C |
(61,355 | ) | (62,072 | ) | — | — | ||||||||||
| Class D |
(10,288 | ) | (7,759 | ) | — | — | ||||||||||
| Class R |
(2,525 | ) | (2,639 | ) | — | — | ||||||||||
| Class P |
(18,156 | ) | (12,307 | ) | (88,470 | ) | (11,847 | ) | ||||||||
| Institutional Class |
(2,837,538 | ) | (2,798,232 | ) | (428,047 | ) | (259,818 | ) | ||||||||
| Total dividends and distributions to shareholders | (3,214,786 | ) | (3,380,326 | ) | (975,821 | ) | (552,167 | ) | ||||||||
| Fund Share Transactions: | ||||||||||||||||
| Net proceeds from the sale of shares | 10,556,540 | 16,713,796 | 7,638,679 | 74,836,748 | ||||||||||||
| Issued in reinvestment of dividends and distributions | 2,985,630 | 2,978,885 | 951,727 | 543,201 | ||||||||||||
| Cost of shares redeemed | (4,905,308 | ) | (14,261,233 | ) | (27,101,884 | ) | (82,317,148 | ) | ||||||||
| Net increase (decrease) from Fund share transactions | 8,636,862 | 5,431,448 | (18,511,478 | ) | (6,937,199 | ) | ||||||||||
| Total increase (decrease) in net assets | 7,916,778 | 2,632,042 | (11,083,549 | ) | (11,745,714 | ) | ||||||||||
| Net Assets: | ||||||||||||||||
| Beginning of period | 37,528,781 | 34,896,739 | 113,277,805 | 125,023,519 | ||||||||||||
| End of period* | $ | 45,445,559 | $ | 37,528,781 | $ | 102,194,256 | $ | 113,277,805 | ||||||||
| * Including dividends in excess of net investment income of: |
$ | (524,685 | ) | $ | (410,511 | ) | $ | (3,043,578 | ) | $ | (2,167,107 | ) | ||||
| 216 | Semiannual Report | | May 31, 2015 | | See accompanying Notes to Financial Statements |
Table of Contents
(THIS PAGE INTENTIONALLY LEFT BLANK)
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 217 |
Table of Contents
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 2015: | ||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 19.95 | $ | 0.36 | $ | (0.28 | ) | $ | 0.08 | $ | (0.55 | ) | $ | (0.22 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 19.68 | $ | 0.29 | $ | (0.28 | ) | $ | 0.01 | $ | (0.34 | ) | $ | (0.22 | ) | |||||||||
| 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 D | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 20.07 | $ | 0.35 | $ | (0.28 | ) | $ | 0.07 | $ | (0.44 | ) | $ | (0.22 | ) | |||||||||
| 11/30/2014 |
19.54 | 0.41 | 0.36 | 0.77 | (0.24 | ) | — | |||||||||||||||||
| 11/30/2013 |
19.52 | 0.88 | (0.32 | ) | 0.56 | (0.54 | ) | — | ||||||||||||||||
| 11/30/2012 |
18.87 | 0.41 | 1.34 | 1.75 | (0.71 | ) | (0.39 | ) | ||||||||||||||||
| 11/30/2011 |
19.30 | 0.58 | — | 0.58 | (0.72 | ) | (0.29 | ) | ||||||||||||||||
| 11/30/2010 |
18.40 | 0.52 | 1.18 | 1.70 | (0.68 | ) | (0.12 | ) | ||||||||||||||||
| Class R | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 20.05 | $ | 0.27 | $ | (0.22 | ) | $ | 0.05 | $ | (0.46 | ) | $ | (0.22 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 20.17 | $ | 0.31 | $ | (0.19 | ) | $ | 0.12 | $ | (0.60 | ) | $ | (0.22 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 20.20 | $ | 0.41 | $ | (0.29 | ) | $ | 0.12 | $ | (0.61 | ) | $ | (0.22 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 20.10 | $ | 0.89 | $ | (0.82 | ) | $ | 0.07 | $ | (0.53 | ) | $ | (0.22 | ) | |||||||||
| 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 |
| (a) | Calculated on average shares outstanding during the period. |
| 218 | Semiannual Report | | May 31, 2015 | | 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 |
|||||||||||||||||||||||||
| $ | (0.77 | ) | $ | 19.26 | 0.45 | % | $ | 11,090 | 0.50 | %(d) | 0.62 | %(d) | 3.71 | %(d) | 109 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (0.56 | ) | $ | 19.13 | 0.08 | % | $ | 899 | 1.25 | %(d) | 1.37 | %(d) | 3.02 | %(d) | 109 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (0.66 | ) | $ | 19.48 | 0.42 | % | $ | 63 | 0.60 | %(d) | 0.62 | %(d) | 3.57 | %(d) | 109 | % | ||||||||||||||||
| (0.24 | ) | 20.07 | 3.99 | 92 | 0.51 | 0.60 | 2.09 | 114 | ||||||||||||||||||||||||
| (0.54 | ) | 19.54 | 2.95 | 191 | 0.50 | 0.60 | 4.52 | 94 | ||||||||||||||||||||||||
| (1.10 | ) | 19.52 | 9.82 | 1,290 | 0.50 | 0.60 | 2.19 | 70 | ||||||||||||||||||||||||
| (1.01 | ) | 18.87 | 3.20 | 251 | 0.50 | 2.22 | 3.07 | 108 | ||||||||||||||||||||||||
| (0.80 | ) | 19.30 | 9.62 | 204 | 0.50 | 5.74 | 2.84 | 24 | ||||||||||||||||||||||||
| $ | (0.68 | ) | $ | 19.42 | 0.30 | % | $ | 246 | 0.86 | %(d) | 0.88 | %(d) | 2.85 | %(d) | 109 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (0.82 | ) | $ | 19.47 | 0.66 | % | $ | 10,286 | 0.21 | %(d) | 0.23 | %(d) | 3.18 | %(d) | 109 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (0.83 | ) | $ | 19.49 | 0.69 | % | $ | 5,473 | 0.09 | %(d) | 0.11 | %(d) | 4.24 | %(d) | 109 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (0.75 | ) | $ | 19.42 | 0.44 | % | $ | 354 | 0.45 | %(d) | 0.46 | %(d) | 8.94 | %(d) | 109 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| (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. |
| See accompanying Notes to Financial Statements | | May 31, 2015 | | 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 19.72 | $ | 0.33 | $ | (0.29 | ) | $ | 0.04 | $ | (0.56 | ) | $ | (0.06 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 19.60 | $ | 0.27 | $ | (0.31 | ) | $ | (0.04 | ) | $ | (0.39 | ) | $ | (0.06 | ) | ||||||||
| 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 D | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 19.80 | $ | 0.32 | $ | (0.29 | ) | $ | 0.03 | $ | (0.50 | ) | $ | (0.06 | ) | |||||||||
| 11/30/2014 |
19.37 | 0.40 | 0.36 | 0.76 | (0.33 | ) | — | |||||||||||||||||
| 11/30/2013 |
19.16 | 0.49 | 0.20 | 0.69 | (0.43 | ) | (0.05 | ) | ||||||||||||||||
| 11/30/2012 |
18.84 | 0.39 | 1.36 | 1.75 | (0.68 | ) | (0.75 | ) | ||||||||||||||||
| 11/30/2011 |
19.43 | 0.72 | (0.19 | ) | 0.53 | (0.81 | ) | (0.31 | ) | |||||||||||||||
| 11/30/2010 |
18.59 | 0.52 | 1.17 | 1.69 | (0.66 | ) | (0.19 | ) | ||||||||||||||||
| Class R | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 19.70 | $ | 0.29 | $ | (0.28 | ) | $ | 0.01 | $ | (0.48 | ) | $ | (0.06 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 19.98 | $ | 0.32 | $ | (0.26 | ) | $ | 0.06 | $ | (0.60 | ) | $ | (0.06 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 20.01 | $ | 0.38 | $ | (0.30 | ) | $ | 0.08 | $ | (0.62 | ) | $ | (0.06 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 19.84 | $ | 0.66 | $ | (0.63 | ) | $ | 0.03 | $ | (0.55 | ) | $ | (0.06 | ) | |||||||||
| 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 |
| (a) | Calculated on average shares outstanding during the period. |
| 220 | Semiannual Report | | May 31, 2015 | | 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 |
|||||||||||||||||||||||||
| $ | (0.62 | ) | $ | 19.14 | 0.25 | % | $ | 33,001 | 0.50 | %(d) | 0.62 | %(d) | 3.50 | %(d) | 99 | % | ||||||||||||||||
| (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 | ) | $ | 19.11 | (0.15 | )% | $ | 385 | 1.25 | %(d) | 1.37 | %(d) | 2.88 | %(d) | 99 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (0.56 | ) | $ | 19.27 | 0.19 | % | $ | 290 | 0.60 | %(d) | 0.62 | %(d) | 3.33 | %(d) | 99 | % | ||||||||||||||||
| (0.33 | ) | 19.80 | 3.98 | 274 | 0.52 | 0.60 | 2.06 | 89 | ||||||||||||||||||||||||
| (0.48 | ) | 19.37 | 3.67 | 319 | 0.50 | 0.60 | 2.58 | 86 | ||||||||||||||||||||||||
| (1.43 | ) | 19.16 | 10.02 | 266 | 0.48 | 0.60 | 2.12 | 55 | ||||||||||||||||||||||||
| (1.12 | ) | 18.84 | 2.85 | 115 | 0.52 | 2.91 | 3.80 | 56 | ||||||||||||||||||||||||
| (0.85 | ) | 19.43 | 9.54 | 187 | 0.53 | 5.95 | 2.80 | 23 | ||||||||||||||||||||||||
| $ | (0.54 | ) | $ | 19.17 | 0.07 | % | $ | 1,096 | 0.85 | %(d) | 0.87 | %(d) | 3.05 | %(d) | 99 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (0.66 | ) | $ | 19.38 | 0.38 | % | $ | 21,950 | 0.20 | %(d) | 0.22 | %(d) | 3.31 | %(d) | 99 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (0.68 | ) | $ | 19.41 | 0.45 | % | $ | 5,245 | 0.10 | %(d) | 0.12 | %(d) | 3.96 | %(d) | 99 | % | ||||||||||||||||
| (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 | — | (e) | 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 | ||||||||||||||||||||||||
| $ | (0.61 | ) | $ | 19.26 | 0.21 | % | $ | 1,955 | 0.45 | %(d) | 0.46 | %(d) | 6.75 | %(d) | 99 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| (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. |
| (e) | See Note 6 in the Notes to Financial Statements. |
| See accompanying Notes to Financial Statements | | May 31, 2015 | | 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 17.30 | $ | 0.30 | $ | (0.23 | ) | $ | 0.07 | $ | (0.50 | ) | $ | — | ||||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 17.21 | $ | 0.25 | $ | (0.21 | ) | $ | 0.04 | $ | (0.42 | ) | $ | — | ||||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 17.43 | $ | 0.26 | $ | (0.16 | ) | $ | 0.10 | $ | (0.55 | ) | $ | — | ||||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 17.45 | $ | 0.34 | $ | (0.23 | ) | $ | 0.11 | $ | (0.56 | ) | $ | — | ||||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 17.37 | $ | 0.83 | $ | (0.76 | ) | $ | 0.07 | $ | (0.50 | ) | $ | — | ||||||||||
| 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 |
| * | 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. |
| (e) | See Note 6 in the Notes to Financial Statements. |
| 222 | Semiannual Report | | May 31, 2015 | | 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 | ) | $ | 16.87 | 0.48 | % | $ | 31,483 | 0.48 | %(d) | 0.62 | %(d) | 3.62 | %(d) | 92 | % | ||||||||||||||||
| (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 | |||||||||||||||||||||
| $ | (0.42 | ) | $ | 16.83 | 0.29 | % | $ | 1,112 | 0.83 | %(d) | 0.87 | %(d) | 2.98 | %(d) | 92 | % | ||||||||||||||||
| (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 | |||||||||||||||||||||
| $ | (0.55 | ) | $ | 16.98 | 0.63 | % | $ | 29,422 | 0.18 | %(d) | 0.22 | %(d) | 3.07 | %(d) | 92 | % | ||||||||||||||||
| (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 | |||||||||||||||||||||
| $ | (0.56 | ) | $ | 17.00 | 0.70 | % | $ | 5,622 | 0.08 | %(d) | 0.12 | %(d) | 3.97 | %(d) | 92 | % | ||||||||||||||||
| (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)(e) | 0.15 | (d) | 2.94 | (d) | 55 | |||||||||||||||||||||
| $ | (0.50 | ) | $ | 16.94 | 0.48 | % | $ | 1,186 | 0.42 | %(d) | 0.46 | %(d) | 9.69 | %(d) | 92 | % | ||||||||||||||||
| (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 | | May 31, 2015 | | Semiannual Report | 223 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
|
Net Asset Beginning |
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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.05 | $ | 0.39 | $ | (0.28 | ) | $ | 0.11 | $ | (0.69 | ) | $ | (0.24 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 20.83 | $ | 0.30 | $ | (0.26 | ) | $ | 0.04 | $ | (0.50 | ) | $ | (0.24 | ) | |||||||||
| 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 D | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.16 | $ | 0.38 | $ | (0.28 | ) | $ | 0.10 | $ | (0.65 | ) | $ | (0.24 | ) | |||||||||
| 11/30/2014 |
20.74 | 0.47 | 0.38 | 0.85 | (0.43 | ) | — | |||||||||||||||||
| 11/30/2013 |
19.84 | 0.52 | 0.90 | 1.42 | (0.48 | ) | (0.04 | ) | ||||||||||||||||
| 11/30/2012 |
19.82 | 0.52 | 1.36 | 1.88 | (0.69 | ) | (1.17 | ) | ||||||||||||||||
| 11/30/2011 |
20.82 | 0.53 | (0.12 | ) | 0.41 | (0.85 | ) | (0.56 | ) | |||||||||||||||
| 11/30/2010 |
19.40 | 0.47 | 1.62 | 2.09 | (0.51 | ) | (0.16 | ) | ||||||||||||||||
| Class R | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.07 | $ | 0.33 | $ | (0.25 | ) | $ | 0.08 | $ | (0.61 | ) | $ | (0.24 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.37 | $ | 0.34 | $ | (0.20 | ) | $ | 0.14 | $ | (0.74 | ) | $ | (0.24 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.42 | $ | 0.42 | $ | (0.26 | ) | $ | 0.16 | $ | (0.76 | ) | $ | (0.24 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.28 | $ | 0.94 | $ | (0.83 | ) | $ | 0.11 | $ | (0.69 | ) | $ | (0.24 | ) | |||||||||
| 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 |
| (a) | Calculated on average shares outstanding during the period. |
| 224 | Semiannual Report | | May 31, 2015 | | 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 |
|||||||||||||||||||||||||
| $ | (0.93 | ) | $ | 20.23 | 0.59 | % | $ | 24,043 | 0.46 | %(d) | 0.62 | %(d) | 3.86 | %(d) | 95 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (0.74 | ) | $ | 20.13 | 0.24 | % | $ | 683 | 1.21 | %(d) | 1.37 | %(d) | 3.01 | %(d) | 95 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (0.89 | ) | $ | 20.37 | 0.56 | % | $ | 602 | 0.56 | %(d) | 0.62 | %(d) | 3.80 | %(d) | 95 | % | ||||||||||||||||
| (0.43 | ) | 21.16 | 4.17 | 639 | 0.49 | 0.60 | 2.22 | 93 | ||||||||||||||||||||||||
| (0.52 | ) | 20.74 | 7.34 | 643 | 0.45 | 0.60 | 2.60 | 79 | ||||||||||||||||||||||||
| (1.86 | ) | 19.84 | 10.48 | 519 | 0.39 | 0.60 | 2.69 | 47 | ||||||||||||||||||||||||
| (1.41 | ) | 19.82 | 1.89 | 377 | 0.48 | 2.51 | 2.59 | 52 | ||||||||||||||||||||||||
| (0.67 | ) | 20.82 | 11.04 | 295 | 0.63 | 5.63 | 2.41 | 33 | ||||||||||||||||||||||||
| $ | (0.85 | ) | $ | 20.30 | 0.44 | % | $ | 1,551 | 0.81 | %(d) | 0.87 | %(d) | 3.27 | %(d) | 95 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (0.98 | ) | $ | 20.53 | 0.76 | % | $ | 29,315 | 0.16 | %(d) | 0.22 | %(d) | 3.38 | %(d) | 95 | % | ||||||||||||||||
| (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 | — | (e) | 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 | ||||||||||||||||||||||||
| $ | (1.00 | ) | $ | 20.58 | 0.84 | % | $ | 9,419 | 0.06 | %(d) | 0.12 | %(d) | 4.11 | %(d) | 95 | % | ||||||||||||||||
| (0.51 | ) | 21.42 | 4.63 | 8,752 | — | (e) | 0.10 | 2.79 | 93 | |||||||||||||||||||||||
| (0.60 | ) | 20.98 | 7.87 | 10,854 | — | (e) | 0.12 | 3.05 | 79 | |||||||||||||||||||||||
| (1.92 | ) | 20.04 | 11.07 | 9,182 | — | (e) | 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 | ||||||||||||||||||||||||
| $ | (0.93 | ) | $ | 20.46 | 0.61 | % | $ | 1,756 | 0.41 | %(d) | 0.46 | %(d) | 9.06 | %(d) | 95 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| (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. |
| (e) | See Note 6 in the Notes to Financial Statements. |
| See accompanying Notes to Financial Statements | | May 31, 2015 | | 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 18.49 | $ | 0.34 | $ | (0.17 | ) | $ | 0.17 | $ | (0.63 | ) | $ | (0.16 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 18.43 | $ | 0.24 | $ | (0.11 | ) | $ | 0.13 | $ | (0.55 | ) | $ | (0.16 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 18.65 | $ | 0.28 | $ | (0.09 | ) | $ | 0.19 | $ | (0.67 | ) | $ | (0.16 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 18.68 | $ | 0.38 | $ | (0.18 | ) | $ | 0.20 | $ | (0.68 | ) | $ | (0.16 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 18.58 | $ | 1.14 | $ | (0.99 | ) | $ | 0.15 | $ | (0.62 | ) | $ | (0.16 | ) | |||||||||
| 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 |
| * | 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. |
| (e) | See Note 6 in the Notes to Financial Statements. |
| 226 | Semiannual Report | | May 31, 2015 | | 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 |
|||||||||||||||||||||||||
| $ | (0.79 | ) | $ | 17.87 | 0.98 | % | $ | 20,245 | 0.43 | %(d) | 0.61 | %(d) | 3.88 | %(d) | 87 | % | ||||||||||||||||
| (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 | |||||||||||||||||||||
| $ | (0.71 | ) | $ | 17.85 | 0.79 | % | $ | 1,631 | 0.79 | %(d) | 0.87 | %(d) | 2.76 | %(d) | 87 | % | ||||||||||||||||
| (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 | |||||||||||||||||||||
| $ | (0.83 | ) | $ | 18.01 | 1.10 | % | $ | 28,532 | 0.13 | %(d) | 0.21 | %(d) | 3.13 | %(d) | 87 | % | ||||||||||||||||
| (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 | |||||||||||||||||||||
| $ | (0.84 | ) | $ | 18.04 | 1.18 | % | $ | 3,561 | 0.03 | %(d) | 0.11 | %(d) | 4.26 | %(d) | 87 | % | ||||||||||||||||
| (0.42 | ) | 18.68 | 4.89 | 6,587 | — | (e) | 0.10 | 2.66 | 90 | |||||||||||||||||||||||
| (0.48 | ) | 18.23 | 10.24 | 5,850 | — | (e) | 0.12 | 3.10 | 67 | |||||||||||||||||||||||
| (0.18 | ) | 17.00 | 14.65 | 5,132 | — | (d)(e) | 0.15 | (d) | 3.00 | (d) | 38 | |||||||||||||||||||||
| $ | (0.78 | ) | $ | 17.95 | 0.90 | % | $ | 907 | 0.38 | %(d) | 0.45 | %(d) | 12.41 | %(d) | 87 | % | ||||||||||||||||
| (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 | | May 31, 2015 | | 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.91 | $ | 0.39 | $ | (0.17 | ) | $ | 0.22 | $ | (0.83 | ) | $ | (0.52 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.68 | $ | 0.32 | $ | (0.17 | ) | $ | 0.15 | $ | (0.59 | ) | $ | (0.52 | ) | |||||||||
| 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 D | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.93 | $ | 0.32 | $ | (0.09 | ) | $ | 0.23 | $ | (0.80 | ) | $ | (0.52 | ) | |||||||||
| 11/30/2014 |
21.42 | 0.47 | 0.48 | 0.95 | (0.43 | ) | (0.01 | ) | ||||||||||||||||
| 11/30/2013 |
19.61 | 0.56 | 1.74 | 2.30 | (0.45 | ) | (0.04 | ) | ||||||||||||||||
| 11/30/2012 |
20.16 | 0.41 | 1.44 | 1.85 | (0.68 | ) | (1.72 | ) | ||||||||||||||||
| 11/30/2011 |
21.88 | 0.76 | (0.51 | ) | 0.25 | (1.03 | ) | (0.94 | ) | |||||||||||||||
| 11/30/2010 |
20.05 | 0.52 | 1.92 | 2.44 | (0.46 | ) | (0.15 | ) | ||||||||||||||||
| Class R | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.80 | $ | 0.36 | $ | (0.17 | ) | $ | 0.19 | $ | (0.75 | ) | $ | (0.52 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 22.15 | $ | 0.35 | $ | (0.09 | ) | $ | 0.26 | $ | (0.89 | ) | $ | (0.52 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 22.19 | $ | 0.43 | $ | (0.15 | ) | $ | 0.28 | $ | (0.91 | ) | $ | (0.52 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 22.02 | $ | 1.25 | $ | (1.03 | ) | $ | 0.22 | $ | (0.84 | ) | $ | (0.52 | ) | |||||||||
| 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 |
| (a) | Calculated on average shares outstanding during the period. |
| 228 | Semiannual Report | | May 31, 2015 | | 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 |
|||||||||||||||||||||||||
| $ | (1.35 | ) | $ | 20.78 | 1.19 | % | $ | 16,004 | 0.41 | %(d) | 0.60 | %(d) | 3.79 | %(d) | 89 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (1.11 | ) | $ | 20.72 | 0.83 | % | $ | 205 | 1.16 | %(d) | 1.35 | %(d) | 3.14 | %(d) | 89 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (1.32 | ) | $ | 20.84 | 1.19 | % | $ | 290 | 0.51 | %(d) | 0.60 | %(d) | 3.11 | %(d) | 89 | % | ||||||||||||||||
| (0.44 | ) | 21.93 | 4.53 | 217 | 0.48 | 0.60 | 2.15 | 84 | ||||||||||||||||||||||||
| (0.49 | ) | 21.42 | 11.94 | 229 | 0.45 | 0.60 | 2.76 | 61 | ||||||||||||||||||||||||
| (2.40 | ) | 19.61 | 10.42 | 245 | 0.38 | 0.60 | 2.16 | 45 | ||||||||||||||||||||||||
| (1.97 | ) | 20.16 | 0.77 | 187 | 0.46 | 3.00 | 3.57 | 53 | ||||||||||||||||||||||||
| (0.61 | ) | 21.88 | 12.49 | 177 | 0.56 | 6.58 | 2.51 | 44 | ||||||||||||||||||||||||
| $ | (1.27 | ) | $ | 20.72 | 1.02 | % | $ | 1,248 | 0.76 | %(d) | 0.85 | %(d) | 3.52 | %(d) | 89 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (1.41 | ) | $ | 21.00 | 1.35 | % | $ | 16,920 | 0.11 | %(d) | 0.20 | %(d) | 3.41 | %(d) | 89 | % | ||||||||||||||||
| (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 | — | (e) | 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 | ||||||||||||||||||||||||
| $ | (1.43 | ) | $ | 21.04 | 1.43 | % | $ | 8,753 | 0.01 | %(d) | 0.10 | %(d) | 4.09 | %(d) | 89 | % | ||||||||||||||||
| (0.55 | ) | 22.19 | 5.09 | 8,071 | — | (e) | 0.10 | 2.78 | 84 | |||||||||||||||||||||||
| (0.58 | ) | 21.66 | 12.51 | 9,939 | — | (e) | 0.12 | 2.93 | 61 | |||||||||||||||||||||||
| (2.47 | ) | 19.83 | 11.04 | 7,782 | — | (e) | 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 | ||||||||||||||||||||||||
| $ | (1.36 | ) | $ | 20.88 | 1.14 | % | $ | 457 | 0.36 | %(d) | 0.45 | %(d) | 11.64 | %(d) | 89 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| (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. |
| (e) | See Note 6 in the Notes to Financial Statements. |
| See accompanying Notes to Financial Statements | | May 31, 2015 | | 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 19.09 | $ | 0.35 | $ | (0.08 | ) | $ | 0.27 | $ | (0.72 | ) | $ | (0.24 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 19.01 | $ | 0.31 | $ | (0.07 | ) | $ | 0.24 | $ | (0.66 | ) | $ | (0.24 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 19.24 | $ | 0.35 | $ | (0.05 | ) | $ | 0.30 | $ | (0.77 | ) | $ | (0.24 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 19.28 | $ | 0.47 | $ | (0.16 | ) | $ | 0.31 | $ | (0.78 | ) | $ | (0.24 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 19.15 | $ | 1.00 | $ | (0.74 | ) | $ | 0.26 | $ | (0.72 | ) | $ | (0.24 | ) | |||||||||
| 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 |
| * | 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. |
| (e) | See Note 6 in the Notes to Financial Statements. |
| (f) | Less than 0.01%. |
| 230 | Semiannual Report | | May 31, 2015 | | 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 |
|||||||||||||||||||||||||
| $ | (0.96 | ) | $ | 18.40 | 1.58 | % | $ | 10,929 | 0.40 | %(d) | 0.61 | %(d) | 3.82 | %(d) | 90 | % | ||||||||||||||||
| (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 | |||||||||||||||||||||
| $ | (0.90 | ) | $ | 18.35 | 1.40 | % | $ | 509 | 0.75 | %(d) | 0.86 | %(d) | 3.45 | %(d) | 90 | % | ||||||||||||||||
| (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 | |||||||||||||||||||||
| $ | (1.01 | ) | $ | 18.53 | 1.73 | % | $ | 11,043 | 0.10 | %(d) | 0.21 | %(d) | 3.84 | %(d) | 90 | % | ||||||||||||||||
| (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)(e) | 0.20 | (d) | 2.46 | (d) | 38 | |||||||||||||||||||||
| $ | (1.02 | ) | $ | 18.57 | 1.79 | % | $ | 1,525 | — | %(d)(e)(f) | 0.10 | %(d) | 5.08 | %(d) | 90 | % | ||||||||||||||||
| (0.50 | ) | 19.28 | 5.33 | 5,477 | — | (e) | 0.10 | 2.55 | 69 | |||||||||||||||||||||||
| (0.55 | ) | 18.80 | 13.80 | 4,587 | — | (e) | 0.12 | 2.91 | 51 | |||||||||||||||||||||||
| (0.22 | ) | 17.07 | 15.44 | 3,733 | — | (d)(e) | 0.15 | (d) | 3.23 | (d) | 38 | |||||||||||||||||||||
| $ | (0.96 | ) | $ | 18.45 | 1.53 | % | $ | 319 | 0.35 | %(d) | 0.45 | %(d) | 10.77 | %(d) | 90 | % | ||||||||||||||||
| (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 | | May 31, 2015 | | 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.87 | $ | 0.38 | $ | (0.09 | ) | $ | 0.29 | $ | (0.87 | ) | $ | (0.58 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.62 | $ | 0.30 | $ | (0.09 | ) | $ | 0.21 | $ | (0.70 | ) | $ | (0.58 | ) | |||||||||
| 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 D | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.91 | $ | 0.43 | $ | (0.13 | ) | $ | 0.30 | $ | (0.80 | ) | $ | (0.58 | ) | |||||||||
| 11/30/2014 |
21.58 | 0.46 | 0.52 | 0.98 | (0.52 | ) | (0.13 | ) | ||||||||||||||||
| 11/30/2013 |
19.48 | 0.45 | 2.28 | 2.73 | (0.56 | ) | (0.07 | ) | ||||||||||||||||
| 11/30/2012 |
20.15 | 0.48 | 1.37 | 1.85 | (0.73 | ) | (1.79 | ) | ||||||||||||||||
| 11/30/2011 |
22.01 | 0.59 | (0.34 | ) | 0.25 | (1.09 | ) | (1.02 | ) | |||||||||||||||
| 11/30/2010 |
20.09 | 0.62 | 1.93 | 2.55 | (0.44 | ) | (0.19 | ) | ||||||||||||||||
| Class R | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.80 | $ | 0.33 | $ | (0.07 | ) | $ | 0.26 | $ | (0.78 | ) | $ | (0.58 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 22.14 | $ | 0.39 | $ | (0.06 | ) | $ | 0.33 | $ | (0.92 | ) | $ | (0.58 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 22.20 | $ | 0.47 | $ | (0.13 | ) | $ | 0.34 | $ | (0.93 | ) | $ | (0.58 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 22.03 | $ | 0.73 | $ | (0.44 | ) | $ | 0.29 | $ | (0.86 | ) | $ | (0.58 | ) | |||||||||
| 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 |
| (a) | Calculated on average shares outstanding during the period. |
| 232 | Semiannual Report | | May 31, 2015 | | 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 |
|||||||||||||||||||||||||
| $ | (1.45 | ) | $ | 20.71 | 1.53 | % | $ | 5,184 | 0.36 | %(d) | 0.61 | %(d) | 3.74 | %(d) | 95 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (1.28 | ) | $ | 20.55 | 1.15 | % | $ | 155 | 1.11 | %(d) | 1.36 | %(d) | 2.96 | %(d) | 95 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (1.38 | ) | $ | 20.83 | 1.55 | % | $ | 237 | 0.46 | %(d) | 0.61 | %(d) | 4.19 | %(d) | 95 | % | ||||||||||||||||
| (0.65 | ) | 21.91 | 4.68 | 288 | 0.45 | 0.60 | 2.13 | 78 | ||||||||||||||||||||||||
| (0.63 | ) | 21.58 | 14.42 | 333 | 0.40 | 0.60 | 2.21 | 54 | ||||||||||||||||||||||||
| (2.52 | ) | 19.48 | 10.51 | 202 | 0.36 | 0.60 | 2.55 | 47 | ||||||||||||||||||||||||
| (2.11 | ) | 20.15 | 0.75 | 189 | 0.44 | 3.02 | 2.74 | 51 | ||||||||||||||||||||||||
| (0.63 | ) | 22.01 | 12.99 | 166 | 0.56 | 6.36 | 3.04 | 37 | ||||||||||||||||||||||||
| $ | (1.36 | ) | $ | 20.70 | 1.39 | % | $ | 665 | 0.71 | %(d) | 0.86 | %(d) | 3.24 | %(d) | 95 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (1.50 | ) | $ | 20.97 | 1.71 | % | $ | 8,007 | 0.06 | %(d) | 0.21 | %(d) | 3.77 | %(d) | 95 | % | ||||||||||||||||
| (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 | — | (e) | 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 | ||||||||||||||||||||||||
| $ | (1.51 | ) | $ | 21.03 | 1.75 | % | $ | 6,055 | — | %(d)(e)(f) | 0.10 | %(d) | 4.46 | %(d) | 95 | % | ||||||||||||||||
| (0.72 | ) | 22.20 | 5.27 | 9,227 | — | (e) | 0.10 | 2.58 | 78 | |||||||||||||||||||||||
| (0.70 | ) | 21.80 | 14.94 | 8,935 | — | (e) | 0.12 | 2.68 | 54 | |||||||||||||||||||||||
| (2.60 | ) | 19.66 | 11.06 | 6,431 | — | (e) | 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 | ||||||||||||||||||||||||
| $ | (1.44 | ) | $ | 20.88 | 1.53 | % | $ | 497 | 0.31 | %(d) | 0.45 | %(d) | 7.00 | %(d) | 95 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| (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. |
| (e) | See Note 6 in the Notes to Financial Statements. |
| (f) | Less than 0.01%. |
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 233 |
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 Gains |
|||||||||||||||||||
| AllianzGI Retirement 2055: | ||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 18.70 | $ | 0.29 | $ | (0.02 | ) | $ | 0.27 | $ | (0.77 | ) | $ | (0.42 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 18.63 | $ | 0.25 | $ | (0.01 | ) | $ | 0.24 | $ | (0.71 | ) | $ | (0.42 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 18.85 | $ | 0.30 | $ | — | $ | 0.30 | $ | (0.80 | ) | $ | (0.42 | ) | ||||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 18.90 | $ | 0.35 | $ | (0.05 | ) | $ | 0.30 | $ | (0.81 | ) | $ | (0.42 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 18.76 | $ | 0.58 | $ | (0.31 | ) | $ | 0.27 | $ | (0.77 | ) | $ | (0.42 | ) | |||||||||
| 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 |
| (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. |
| (e) | See Note 6 in the Notes to Financial Statements. |
| (f) | Less than 0.01%. |
| 234 | Semiannual Report | | May 31, 2015 | | 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 |
|||||||||||||||||||||||||
| $ | (1.19 | ) | $ | 17.78 | 1.62 | % | $ | 1,373 | 0.37 | %(d) | 0.60 | %(d) | 3.28 | %(d) | 85 | % | ||||||||||||||||
| (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 | |||||||||||||||||||||
| $ | (1.13 | ) | $ | 17.74 | 1.45 | % | $ | 203 | 0.72 | %(d) | 0.85 | %(d) | 2.79 | %(d) | 85 | % | ||||||||||||||||
| (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 | |||||||||||||||||||||
| $ | (1.22 | ) | $ | 17.93 | 1.79 | % | $ | 1,600 | 0.07 | %(d) | 0.20 | %(d) | 3.38 | %(d) | 85 | % | ||||||||||||||||
| (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)(e) | 0.20 | (d) | 2.77 | (d) | 31 | |||||||||||||||||||||
| $ | (1.23 | ) | $ | 17.97 | 1.78 | % | $ | 5,138 | — | %(d)(e)(f) | 0.10 | %(d) | 3.98 | %(d) | 85 | % | ||||||||||||||||
| (0.71 | ) | 18.90 | 5.37 | 4,934 | — | (e) | 0.10 | 2.52 | 74 | |||||||||||||||||||||||
| (0.90 | ) | 18.64 | 15.06 | 4,388 | — | (e) | 0.12 | 2.77 | 41 | |||||||||||||||||||||||
| (0.22 | ) | 17.09 | 15.52 | 3,509 | — | (d)(e) | 0.15 | (d) | 3.21 | (d) | 31 | |||||||||||||||||||||
| $ | (1.19 | ) | $ | 17.84 | 1.58 | % | $ | 168 | 0.32 | %(d) | 0.45 | %(d) | 6.45 | %(d) | 85 | % | ||||||||||||||||
| (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 | | May 31, 2015 | | 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 19.35 | $ | 0.33 | $ | (0.24 | ) | $ | 0.09 | $ | (0.46 | ) | $ | (0.46 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 19.14 | $ | 0.27 | $ | (0.25 | ) | $ | 0.02 | $ | (0.39 | ) | $ | (0.46 | ) | |||||||||
| 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 D | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 19.45 | $ | 0.33 | $ | (0.25 | ) | $ | 0.08 | $ | (0.45 | ) | $ | (0.46 | ) | |||||||||
| 11/30/2014 |
19.05 | 0.40 | 0.32 | 0.72 | (0.32 | ) | — | |||||||||||||||||
| 11/30/2013 |
19.29 | 0.45 | 0.05 | 0.50 | (0.63 | ) | (0.08 | ) | ||||||||||||||||
| 11/30/2012 |
18.36 | 0.30 | 1.41 | 1.71 | (0.58 | ) | (0.20 | ) | ||||||||||||||||
| 11/30/2011 |
18.60 | 0.49 | 0.13 | 0.62 | (0.66 | ) | (0.20 | ) | ||||||||||||||||
| 11/30/2010 |
17.83 | 0.49 | 1.04 | 1.53 | (0.56 | ) | (0.20 | ) | ||||||||||||||||
| Class R | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 19.95 | $ | 0.31 | $ | (0.25 | ) | $ | 0.06 | $ | (0.43 | ) | $ | (0.46 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 19.61 | $ | 0.34 | $ | (0.22 | ) | $ | 0.12 | $ | (0.49 | ) | $ | (0.46 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 19.23 | $ | 0.38 | $ | (0.26 | ) | $ | 0.12 | $ | (0.50 | ) | $ | (0.46 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 19.56 | $ | 1.06 | $ | (1.01 | ) | $ | 0.05 | $ | (0.40 | ) | $ | (0.46 | ) | |||||||||
| 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 |
| (a) | Calculated on average shares outstanding during the period. |
| 236 | Semiannual Report | | May 31, 2015 | | 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 |
||||||||||||||||||||||||||||
| $ | — | $ | (0.92 | ) | $ | 18.52 | 0.57 | % | $ | 6,389 | 0.47 | %(d) | 0.62 | %(d) | 3.55 | %(d) | 96 | % | ||||||||||||||||||
| — | (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 | |||||||||||||||||||||||||||
| $ | — | $ | (0.85 | ) | $ | 18.31 | 0.19 | % | $ | 3,689 | 1.22 | %(d) | 1.37 | %(d) | 2.94 | %(d) | 96 | % | ||||||||||||||||||
| — | (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 | |||||||||||||||||||||||||||
| $ | — | $ | (0.91 | ) | $ | 18.62 | 0.51 | % | $ | 975 | 0.57 | %(d) | 0.62 | %(d) | 3.53 | %(d) | 96 | % | ||||||||||||||||||
| — | (0.32 | ) | 19.45 | 3.79 | 1,012 | 0.50 | 0.60 | 2.07 | 101 | |||||||||||||||||||||||||||
| (0.03 | ) | (0.74 | ) | 19.05 | 2.70 | 1,111 | 0.49 | 0.60 | 2.37 | 81 | ||||||||||||||||||||||||||
| — | (0.78 | ) | 19.29 | 9.53 | 1,553 | 0.50 | 0.60 | 1.59 | 51 | |||||||||||||||||||||||||||
| — | (0.86 | ) | 18.36 | 3.42 | 326 | 0.51 | 2.21 | 2.65 | 74 | |||||||||||||||||||||||||||
| — | (0.76 | ) | 18.60 | 8.89 | 179 | 0.52 | 5.75 | 2.75 | 22 | |||||||||||||||||||||||||||
| $ | — | $ | (0.89 | ) | $ | 19.12 | 0.38 | % | $ | 228 | 0.82 | %(d) | 0.87 | %(d) | 3.22 | %(d) | 96 | % | ||||||||||||||||||
| — | (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 | |||||||||||||||||||||||||||
| $ | — | $ | (0.95 | ) | $ | 18.78 | 0.70 | % | $ | 6,685 | 0.17 | %(d) | 0.22 | %(d) | 3.59 | %(d) | 96 | % | ||||||||||||||||||
| — | (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 | 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 | |||||||||||||||||||||||||||
| $ | — | $ | (0.96 | ) | $ | 18.39 | 0.72 | % | $ | 7,049 | 0.07 | %(d) | 0.11 | %(d) | 4.13 | %(d) | 96 | % | ||||||||||||||||||
| — | (0.42 | ) | 19.23 | 4.36 | 9,496 | — | (e)(f) | 0.10 | 2.56 | 101 | ||||||||||||||||||||||||||
| (0.03 | ) | (0.84 | ) | 18.83 | 3.23 | 9,487 | — | (e) | 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 | |||||||||||||||||||||||||||
| $ | — | $ | (0.86 | ) | $ | 18.75 | 0.31 | % | $ | 45 | 0.40 | %(d) | 0.45 | %(d) | 10.82 | %(d) | 96 | % | ||||||||||||||||||
| — | (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 | |||||||||||||||||||||||||||
| (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. |
| (c) | Does not include expenses of the investment companies in which the Fund invests. |
| (d) | Annualized. |
| (e) | See Note 6 in the Notes to Financial Statements. |
| (f) | Less than 0.01%. |
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 237 |
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 Allocation: | ||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 12.18 | $ | 0.22 | $ | 0.05 | $ | 0.27 | $ | (0.37 | ) | $ | (0.13 | ) | ||||||||||
| 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 B | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 12.44 | $ | 0.22 | $ | — | $ | 0.22 | $ | (0.32 | ) | $ | (0.13 | ) | ||||||||||
| 11/30/2014 |
12.13 | 0.23 | 0.25 | 0.48 | (0.17 | ) | — | |||||||||||||||||
| 11/30/2013 |
11.27 | 0.26 | 0.94 | 1.20 | (0.34 | ) | — | |||||||||||||||||
| 11/30/2012 |
10.48 | 0.21 | 0.81 | 1.02 | (0.23 | ) | — | |||||||||||||||||
| 11/30/2011 |
10.74 | 0.22 | (0.20 | ) | 0.02 | (0.28 | ) | — | ||||||||||||||||
| 11/30/2010 |
9.92 | 0.22 | 0.83 | 1.05 | (0.23 | ) | — | |||||||||||||||||
| Class C | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 12.33 | $ | 0.18 | $ | 0.05 | $ | 0.23 | $ | (0.33 | ) | $ | (0.13 | ) | ||||||||||
| 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 D | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 12.13 | $ | 0.21 | $ | 0.05 | $ | 0.26 | $ | (0.37 | ) | $ | (0.13 | ) | ||||||||||
| 11/30/2014 |
11.85 | 0.28 | 0.27 | 0.55 | (0.27 | ) | — | |||||||||||||||||
| 11/30/2013 |
11.03 | 0.23 | 1.03 | 1.26 | (0.44 | ) | — | |||||||||||||||||
| 11/30/2012 |
10.27 | 0.24 | 0.84 | 1.08 | (0.32 | ) | — | |||||||||||||||||
| 11/30/2011 |
10.56 | 0.17 | (0.06 | ) | 0.11 | (0.40 | ) | — | ||||||||||||||||
| 11/30/2010 |
9.83 | 0.23 | 0.87 | 1.10 | (0.37 | ) | — | |||||||||||||||||
| Class R | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 12.13 | $ | 0.20 | $ | 0.05 | $ | 0.25 | $ | (0.36 | ) | $ | (0.13 | ) | ||||||||||
| 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 | ) | — | |||||||||||||||||
| + | Unaudited |
| (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. |
| 238 | Semiannual Report | | May 31, 2015 | | 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 | ) | $ | 11.95 | 2.40 | % | $ | 59,623 | 0.49 | %(d) | 1.27 | %(d) | 3.74 | %(d) | 98 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (0.45 | ) | $ | 12.21 | 1.93 | % | $ | 969 | 1.19 | %(d) | 2.07 | %(d) | 3.69 | %(d) | 98 | % | ||||||||||||||||
| (0.17 | ) | 12.44 | 3.96 | 1,823 | 1.11 | 2.10 | 1.88 | 48 | ||||||||||||||||||||||||
| (0.34 | ) | 12.13 | 10.84 | 2,874 | 1.14 | 2.18 | 2.25 | 45 | ||||||||||||||||||||||||
| (0.23 | ) | 11.27 | 9.90 | 4,307 | 1.19 | 2.09 | 1.96 | 57 | ||||||||||||||||||||||||
| (0.28 | ) | 10.48 | 0.15 | 9,467 | 1.22 | 2.10 | 1.95 | 64 | ||||||||||||||||||||||||
| (0.23 | ) | 10.74 | 10.86 | 18,030 | 1.26 | 2.19 | 2.13 | 46 | ||||||||||||||||||||||||
| $ | (0.46 | ) | $ | 12.10 | 2.00 | % | $ | 58,542 | 1.22 | %(d) | 2.01 | %(d) | 2.96 | %(d) | 98 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (0.50 | ) | $ | 11.89 | 2.34 | % | $ | 2,379 | 0.50 | %(d) | 1.27 | %(d) | 3.52 | %(d) | 98 | % | ||||||||||||||||
| (0.27 | ) | 12.13 | 4.68 | 2,241 | 0.39 | 1.37 | 2.31 | 48 | ||||||||||||||||||||||||
| (0.44 | ) | 11.85 | 11.70 | 1,189 | 0.37 | 1.39 | 1.99 | 45 | ||||||||||||||||||||||||
| (0.32 | ) | 11.03 | 10.68 | 266 | 0.46 | 1.33 | 2.25 | 57 | ||||||||||||||||||||||||
| (0.40 | ) | 10.27 | 0.95 | 197 | 0.45 | 1.38 | 1.56 | 64 | ||||||||||||||||||||||||
| (0.37 | ) | 10.56 | 11.48 | 34 | 0.51 | 1.41 | 2.28 | 46 | ||||||||||||||||||||||||
| $ | (0.49 | ) | $ | 11.89 | 2.25 | % | $ | 18 | 0.66 | %(d) | 1.48 | %(d) | 3.42 | %(d) | 98 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | 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 Allocation (cont’d) | ||||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 12.19 | $ | 0.22 | $ | 0.06 | $ | 0.28 | $ | (0.39 | ) | $ | (0.13 | ) | ||||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 12.07 | $ | 0.22 | $ | 0.05 | $ | 0.27 | $ | (0.39 | ) | $ | (0.13 | ) | ||||||||||
| 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 | ) | — | |||||||||||||||||
| Administrative Class | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 12.47 | $ | 0.22 | $ | 0.05 | $ | 0.27 | $ | (0.37 | ) | $ | (0.13 | ) | ||||||||||
| 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 |
| (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. |
| 240 | Semiannual Report | | May 31, 2015 | | 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 |
|||||||||||||||||||||||||
| $ | (0.52 | ) | $ | 11.95 | 2.44 | % | $ | 2,245 | 0.26 | %(d) | 1.07 | %(d) | 3.71 | %(d) | 98 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (0.52 | ) | $ | 11.82 | 2.38 | % | $ | 78,669 | 0.25 | %(d) | 1.03 | %(d) | 3.75 | %(d) | 98 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (0.50 | ) | $ | 12.24 | 2.31 | % | $ | 25 | 0.51 | %(d) | 1.21 | %(d) | 3.56 | %(d) | 98 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | 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: | ||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.93 | $ | 0.38 | $ | (0.10 | ) | $ | 0.28 | $ | (0.81 | ) | $ | (2.08 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.52 | $ | 0.31 | $ | (0.11 | ) | $ | 0.20 | $ | (0.65 | ) | $ | (2.08 | ) | |||||||||
| 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 D | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.79 | $ | 0.43 | $ | (0.16 | ) | $ | 0.27 | $ | (0.75 | ) | $ | (2.08 | ) | |||||||||
| 11/30/2014 |
24.58 | 0.50 | 0.25 | 0.75 | (0.68 | ) | (2.86 | ) | ||||||||||||||||
| 11/30/2013 |
22.00 | 0.31 | 3.16 | 3.47 | (0.67 | ) | (0.22 | ) | ||||||||||||||||
| 11/30/2012 |
20.78 | 0.37 | 1.85 | 2.22 | (0.69 | ) | (0.31 | ) | ||||||||||||||||
| 11/30/2011 |
22.06 | 0.48 | (0.36 | ) | 0.12 | (0.88 | ) | (0.52 | ) | |||||||||||||||
| 11/30/2010 |
19.96 | 0.63 | 1.94 | 2.57 | (0.33 | ) | (0.14 | ) | ||||||||||||||||
| Class R | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.79 | $ | 0.35 | $ | (0.09 | ) | $ | 0.26 | $ | (0.78 | ) | $ | (2.08 | ) | |||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.94 | $ | 0.38 | $ | (0.09 | ) | $ | 0.29 | $ | (0.86 | ) | $ | (2.08 | ) | |||||||||
| 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 | ) | ||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 22.00 | $ | 0.34 | $ | (0.04 | ) | $ | 0.30 | $ | (0.88 | ) | $ | (2.08 | ) | |||||||||
| 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 | ) | ||||||||||||||||
| Administrative Class | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.90 | $ | 0.38 | $ | (0.10 | ) | $ | 0.28 | $ | (0.84 | ) | $ | (2.08 | ) | |||||||||
| 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 |
| (a) | Calculated on average shares outstanding during the period. |
| 242 | Semiannual Report | | May 31, 2015 | | 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 |
|||||||||||||||||||||||||
| $ | (2.89 | ) | $ | 19.32 | 1.66 | % | $ | 1,108 | 0.53 | %(d) | 4.06 | %(d) | 3.97 | %(d) | 104 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (2.73 | ) | $ | 18.99 | 1.27 | % | $ | 1,318 | 1.29 | %(d) | 4.75 | %(d) | 3.25 | %(d) | 104 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (2.83 | ) | $ | 19.23 | 1.66 | % | $ | 96 | 0.50 | %(d) | 3.92 | %(d) | 4.46 | %(d) | 104 | % | ||||||||||||||||
| (3.54 | ) | 21.79 | 3.41 | 137 | 0.40 | 4.51 | 2.29 | 62 | ||||||||||||||||||||||||
| (0.89 | ) | 24.58 | 16.43 | 413 | 0.40 | 4.16 | 1.36 | 101 | ||||||||||||||||||||||||
| (1.00 | ) | 22.00 | 11.13 | 105 | 0.41 | 3.95 | 1.73 | 51 | ||||||||||||||||||||||||
| (1.40 | ) | 20.78 | 0.19 | 37 | 0.45 | 3.60 | 2.20 | 85 | ||||||||||||||||||||||||
| (0.47 | ) | 22.06 | 13.15 | 22 | 0.54 | 5.48 | 3.05 | 66 | ||||||||||||||||||||||||
| $ | (2.86 | ) | $ | 19.19 | 1.56 | % | $ | 160 | 0.77 | %(d) | 4.39 | %(d) | 3.67 | %(d) | 104 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (2.94 | ) | $ | 19.29 | 1.74 | % | $ | 49 | 0.37 | %(d) | 3.75 | %(d) | 3.90 | %(d) | 104 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (2.96 | ) | $ | 19.34 | 1.80 | % | $ | 5,205 | 0.29 | %(d) | 3.75 | %(d) | 3.54 | %(d) | 104 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (2.92 | ) | $ | 19.26 | 1.70 | % | $ | 27 | 0.51 | %(d) | 3.95 | %(d) | 3.91 | %(d) | 104 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| (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. |
| See accompanying Notes to Financial Statements | | May 31, 2015 | | 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 |
Total from Investment Operations |
Dividends from Net Investment Income |
Distributions from Net Realized Capital Gains |
|||||||||||||||||||
| AllianzGI Global Megatrends: | ||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 2/2/2015* - 5/31/2015+ |
$ | 15.00 | $ | (0.01 | ) | $ | 1.06 | $ | 1.05 | $ | — | $ | — | |||||||||||
| Class P | ||||||||||||||||||||||||
| 2/2/2015* - 5/31/2015+ |
$ | 15.00 | $ | — | (g) | $ | 1.06 | $ | 1.06 | $ | — | $ | — | |||||||||||
| Institutional Class | ||||||||||||||||||||||||
| 2/2/2015* - 5/31/2015+ |
$ | 15.00 | $ | 0.01 | $ | 1.05 | $ | 1.06 | $ | — | $ | — | ||||||||||||
| AllianzGI Behavioral Advantage Large Cap: | ||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 25.67 | $ | 0.13 | $ | 0.54 | $ | 0.67 | $ | (0.35 | ) | $ | (5.86 | ) | ||||||||||
| 11/30/2014 |
23.72 | 0.24 | 2.79 | 3.03 | (0.24 | ) | (0.84 | ) | ||||||||||||||||
| 11/30/2013 |
19.04 | 0.24 | 5.73 | 5.97 | (0.20 | ) | (1.09 | ) | ||||||||||||||||
| 11/30/2012 |
16.05 | 0.29 | 2.76 | 3.05 | (0.06 | ) | — | |||||||||||||||||
| 9/8/2011* - 11/30/2011 |
15.00 | 0.04 | 1.01 | 1.05 | — | — | ||||||||||||||||||
| Class C | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 25.17 | $ | 0.04 | $ | 0.52 | $ | 0.56 | $ | (0.24 | ) | $ | (5.86 | ) | ||||||||||
| 11/30/2014 |
23.34 | 0.07 | 2.74 | 2.81 | (0.14 | ) | (0.84 | ) | ||||||||||||||||
| 11/30/2013 |
18.90 | 0.09 | 5.65 | 5.74 | (0.21 | ) | (1.09 | ) | ||||||||||||||||
| 11/30/2012 |
16.02 | 0.16 | 2.74 | 2.90 | (0.02 | ) | — | |||||||||||||||||
| 9/8/2011* - 11/30/2011 |
15.00 | 0.01 | 1.01 | 1.02 | — | — | ||||||||||||||||||
| Class D | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 25.63 | $ | 0.13 | $ | 0.54 | $ | 0.67 | $ | (0.49 | ) | $ | (5.86 | ) | ||||||||||
| 11/30/2014 |
23.50 | 0.28 | 2.75 | 3.03 | (0.06 | ) | (0.84 | ) | ||||||||||||||||
| 11/30/2013 |
19.04 | 0.23 | 5.68 | 5.91 | (0.36 | ) | (1.09 | ) | ||||||||||||||||
| 11/30/2012 |
16.05 | 0.28 | 2.77 | 3.05 | (0.06 | ) | — | |||||||||||||||||
| 9/8/2011* - 11/30/2011 |
15.00 | 0.04 | 1.01 | 1.05 | — | — | ||||||||||||||||||
| Class P | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 25.84 | $ | 0.15 | $ | 0.53 | $ | 0.68 | $ | (0.47 | ) | $ | (5.86 | ) | ||||||||||
| 11/30/2014 |
23.74 | 0.31 | 2.78 | 3.09 | (0.15 | ) | (0.84 | ) | ||||||||||||||||
| 11/30/2013 |
19.09 | 0.29 | 5.71 | 6.00 | (0.26 | ) | (1.09 | ) | ||||||||||||||||
| 11/30/2012 |
16.05 | 0.32 | 2.79 | 3.11 | (0.07 | ) | — | |||||||||||||||||
| 9/8/2011* - 11/30/2011 |
15.00 | 0.05 | 1.00 | 1.05 | — | — | ||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 25.83 | $ | 0.16 | $ | 0.55 | $ | 0.71 | $ | (0.42 | ) | $ | (5.86 | ) | ||||||||||
| 11/30/2014 |
23.74 | 0.31 | 2.81 | 3.12 | (0.19 | ) | (0.84 | ) | ||||||||||||||||
| 11/30/2013 |
19.10 | 0.30 | 5.73 | 6.03 | (0.30 | ) | (1.09 | ) | ||||||||||||||||
| 11/30/2012 |
16.06 | 0.34 | 2.77 | 3.11 | (0.07 | ) | — | |||||||||||||||||
| 9/8/2011* - 11/30/2011 |
15.00 | 0.05 | 1.01 | 1.06 | — | — | ||||||||||||||||||
| + | Unaudited |
| * | Commencement of operations. |
| (a) | Calculated on average shares outstanding during the period. |
| 244 | Semiannual Report | | May 31, 2015 | | 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 Fee Waiver/ |
Ratio of Expenses to |
Ratio of Net to Average |
Portfolio Turnover Rate |
|||||||||||||||||||||||||
| $ | — | $ | 16.05 | 7.00 | % | $ | 11 | 0.14 | %(c)(e) | 5.76 | %(c)(e) | (0.14 | )%(c)(e) | — | % | |||||||||||||||||
| $ | — | $ | 16.06 | 7.07 | % | $ | 11 | — | %(c)(e)(f) | 5.51 | %(c)(e) | 0.01 | %(c)(e) | — | % | |||||||||||||||||
| $ | — | $ | 16.06 | 7.07 | % | $ | 3,213 | — | %(c)(e)(f) | 5.51 | %(c)(e) | 0.11 | %(c)(e) | — | % | |||||||||||||||||
| $ | (6.21 | ) | $ | 20.13 | 2.99 | % | $ | 10,851 | 0.81 | %(c) | 1.00 | %(c) | 1.10 | %(c) | 53 | % | ||||||||||||||||
| (1.08 | ) | 25.67 | 13.43 | 10,023 | 0.82 | 1.02 | 1.02 | 89 | ||||||||||||||||||||||||
| (1.29 | ) | 23.72 | 33.61 | 8,607 | 0.83 | 1.25 | 1.09 | 64 | ||||||||||||||||||||||||
| (0.06 | ) | 19.04 | 19.07 | 49 | 0.90 | 2.76 | 1.59 | 76 | ||||||||||||||||||||||||
| — | 16.05 | 7.00 | 11 | 0.90 | (c) | 2.84 | (c) | 1.14 | (c) | — | (d) | |||||||||||||||||||||
| $ | (6.10 | ) | $ | 19.63 | 2.57 | % | $ | 955 | 1.57 | %(c) | 1.78 | %(c) | 0.36 | %(c) | 53 | % | ||||||||||||||||
| (0.98 | ) | 25.17 | 12.61 | 450 | 1.57 | 1.83 | 0.29 | 89 | ||||||||||||||||||||||||
| (1.30 | ) | 23.34 | 32.60 | 204 | 1.59 | 2.08 | 0.44 | 64 | ||||||||||||||||||||||||
| (0.02 | ) | 18.90 | 18.15 | 64 | 1.65 | 3.62 | 0.89 | 76 | ||||||||||||||||||||||||
| — | 16.02 | 6.80 | 10 | 1.65 | (c) | 3.59 | (c) | 0.38 | (c) | — | (d) | |||||||||||||||||||||
| $ | (6.35 | ) | $ | 19.95 | 3.03 | % | $ | 2,955 | 0.81 | %(c) | 1.62 | %(c) | 1.14 | %(c) | 53 | % | ||||||||||||||||
| (0.90 | ) | 25.63 | 13.45 | 1,025 | 0.81 | 4.22 | 1.19 | 89 | ||||||||||||||||||||||||
| (1.45 | ) | 23.50 | 33.57 | 183 | 0.85 | 2.08 | 1.15 | 64 | ||||||||||||||||||||||||
| (0.06 | ) | 19.04 | 19.07 | 19 | 0.90 | 2.61 | 1.55 | 76 | ||||||||||||||||||||||||
| — | 16.05 | 7.00 | 11 | 0.90 | (c) | 2.84 | (c) | 1.14 | (c) | — | (d) | |||||||||||||||||||||
| $ | (6.33 | ) | $ | 20.19 | 3.04 | % | $ | 109 | 0.65 | %(c) | 0.84 | %(c) | 1.26 | %(c) | 53 | % | ||||||||||||||||
| (0.99 | ) | 25.84 | 13.64 | 117 | 0.65 | 0.81 | 1.29 | 89 | ||||||||||||||||||||||||
| (1.35 | ) | 23.74 | 33.83 | 17 | 0.65 | 1.20 | 1.42 | 64 | ||||||||||||||||||||||||
| (0.07 | ) | 19.09 | 19.43 | 13 | 0.65 | 2.38 | 1.76 | 76 | ||||||||||||||||||||||||
| — | 16.05 | 7.00 | 11 | 0.65 | (c) | 2.70 | (c) | 1.39 | (c) | — | (d) | |||||||||||||||||||||
| $ | (6.28 | ) | $ | 20.26 | 3.14 | % | $ | 29,446 | 0.55 | %(c) | 0.74 | %(c) | 1.32 | %(c) | 53 | % | ||||||||||||||||
| (1.03 | ) | 25.83 | 13.79 | 74,044 | 0.55 | 0.76 | 1.29 | 89 | ||||||||||||||||||||||||
| (1.39 | ) | 23.74 | 34.02 | 48,281 | 0.55 | 1.05 | 1.44 | 64 | ||||||||||||||||||||||||
| (0.07 | ) | 19.10 | 19.46 | 17,172 | 0.55 | 2.32 | 1.88 | 76 | ||||||||||||||||||||||||
| — | 16.06 | 7.07 | 10,705 | 0.55 | (c) | 2.58 | (c) | 1.48 | (c) | — | (d) | |||||||||||||||||||||
| (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. |
| (d) | Less than 1%. |
| (e) | Does not include expenses of the investment companies in which the Fund invests. |
| (f) | See Note 6 in the Notes to Financial Statements. |
| (g) | Less than $0.01 per share. |
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 245 |
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 |
Total from Investment Operations |
Dividends from Net Investment Income |
Distributions from Net Realized Capital Gains |
|||||||||||||||||||
| AllianzGI Best Styles Emerging Markets Equity: | ||||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||
| 12/9/2014* - 5/31/2015+ |
$ | 15.00 | $ | 0.11 | $ | 0.55 | $ | 0.66 | $ | — | (d) | $ | — | |||||||||||
| Institutional Class | ||||||||||||||||||||||||
| 12/9/2014* - 5/31/2015+ |
$ | 15.00 | $ | 0.12 | $ | 0.54 | $ | 0.66 | $ | — | (d) | $ | — | |||||||||||
| Class R6 | ||||||||||||||||||||||||
| 12/9/2014* - 5/31/2015+ |
$ | 15.00 | $ | 0.13 | $ | 0.54 | $ | 0.67 | $ | — | (d) | $ | — | |||||||||||
| AllianzGI Best Styles Global Equity: | ||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 16.57 | $ | 0.20 | $ | 0.58 | $ | 0.78 | $ | (0.43 | ) | $ | (0.40 | ) | ||||||||||
| 9/2/2014* - 11/30/2014 |
16.51 | 0.05 | 0.01 | 0.06 | — | — | ||||||||||||||||||
| Class P | ||||||||||||||||||||||||
| 12/22/2014* - 5/31/2015+ |
$ | 15.68 | $ | 0.23 | $ | 0.70 | $ | 0.93 | $ | — | $ | — | ||||||||||||
| Institutional Class | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 16.58 | $ | 0.25 | $ | 0.55 | $ | 0.80 | $ | (0.44 | ) | $ | (0.40 | ) | ||||||||||
| 9/2/2014* - 11/30/2014 |
16.51 | 0.06 | 0.01 | 0.07 | — | — | ||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 16.58 | $ | 0.20 | $ | 0.62 | $ | 0.82 | $ | (0.38 | ) | $ | (0.40 | ) | ||||||||||
| 12/2/2013* - 11/30/2014 |
15.00 | 0.38 | 1.20 | 1.58 | — | — | ||||||||||||||||||
| AllianzGI Best Styles International Equity: | ||||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||
| 12/9/2014* - 5/31/2015+ |
$ | 15.00 | $ | 0.27 | $ | 0.48 | $ | 0.75 | $ | (0.01 | ) | $ | — | |||||||||||
| Institutional Class | ||||||||||||||||||||||||
| 12/9/2014* - 5/31/2015+ |
$ | 15.00 | $ | 0.28 | $ | 0.47 | $ | 0.75 | $ | (0.01 | ) | $ | — | |||||||||||
| Class R6 | ||||||||||||||||||||||||
| 12/9/2014* - 5/31/2015+ |
$ | 15.00 | $ | 0.31 | $ | 0.45 | $ | 0.76 | $ | (0.01 | ) | $ | — | |||||||||||
| AllianzGI Best Styles U.S. Equity: | ||||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||
| 12/1/2014* - 5/31/2015+ |
$ | 15.00 | $ | 0.10 | $ | 0.45 | $ | 0.55 | $ | (0.02 | ) | $ | — | |||||||||||
| Institutional Class | ||||||||||||||||||||||||
| 12/1/2014* - 5/31/2015+ |
$ | 15.00 | $ | 0.12 | $ | 0.45 | $ | 0.57 | $ | (0.02 | ) | $ | — | |||||||||||
| Class R6 | ||||||||||||||||||||||||
| 12/1/2014* - 5/31/2015+ |
$ | 15.00 | $ | 0.12 | $ | 0.45 | $ | 0.57 | $ | (0.02 | ) | $ | — | |||||||||||
| + | Unaudited |
| * | 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. |
| (d) | Less than $(0.01) per share. |
| 246 | Semiannual Report | | May 31, 2015 | | 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 |
|||||||||||||||||||||||||
| $ | — | (d) | $ | 15.66 | 4.42 | % | $ | 10 | 0.80 | %(c) | 5.39 | %(c) | 1.54 | %(c) | 27 | % | ||||||||||||||||
| $ | — | (d) | $ | 15.66 | 4.43 | % | $ | 10 | 0.70 | %(c) | 5.39 | %(c) | 1.64 | %(c) | 27 | % | ||||||||||||||||
| $ | — | (d) | $ | 15.67 | 4.50 | % | $ | 5,830 | 0.60 | %(c) | 5.34 | %(c) | 1.78 | %(c) | 27 | % | ||||||||||||||||
| $ | (0.83 | ) | $ | 16.52 | 5.06 | % | $ | 242 | 0.75 | %(c) | 1.22 | %(c) | 2.58 | %(c) | 20 | % | ||||||||||||||||
| — | 16.57 | 0.36 | 10 | 0.75 | (c) | 2.53 | (c) | 1.31 | (c) | 76 | ||||||||||||||||||||||
| $ | — | $ | 16.61 | 5.93 | % | $ | 4,292 | 0.60 | %(c) | 0.78 | %(c) | 3.24 | %(c) | 20 | % | |||||||||||||||||
| $ | (0.84 | ) | $ | 16.54 | 5.20 | % | $ | 106 | 0.50 | %(c) | 0.79 | %(c) | 3.17 | %(c) | 20 | % | ||||||||||||||||
| — | 16.58 | 0.42 | 10 | 0.50 | (c) | 2.27 | (c) | 1.56 | (c) | 76 | ||||||||||||||||||||||
| $ | (0.78 | ) | $ | 16.62 | 5.31 | % | $ | 111,450 | 0.40 | %(c) | 0.77 | %(c) | 2.45 | %(c) | 20 | % | ||||||||||||||||
| — | 16.58 | 10.53 | 33,422 | 0.40 | (c) | 1.80 | (c) | 2.40 | (c) | 76 | ||||||||||||||||||||||
| $ | (0.01 | ) | $ | 15.74 | 5.01 | % | $ | 11 | 0.65 | %(c) | 2.06 | %(c) | 3.73 | %(c) | 18 | % | ||||||||||||||||
| $ | (0.01 | ) | $ | 15.74 | 5.01 | % | $ | 10 | 0.55 | %(c) | 2.06 | %(c) | 3.83 | %(c) | 18 | % | ||||||||||||||||
| $ | (0.01 | ) | $ | 15.75 | 5.09 | % | $ | 33,811 | 0.45 | %(c) | 1.39 | %(c) | 4.26 | %(c) | 18 | % | ||||||||||||||||
| $ | (0.02 | ) | $ | 15.53 | 3.68 | % | $ | 28 | 0.60 | %(c) | 1.74 | %(c) | 1.34 | %(c) | 52 | % | ||||||||||||||||
| $ | (0.02 | ) | $ | 15.55 | 3.82 | % | $ | 284 | 0.50 | %(c) | 0.81 | %(c) | 1.56 | %(c) | 52 | % | ||||||||||||||||
| $ | (0.02 | ) | $ | 15.55 | 3.83 | % | $ | 60,251 | 0.40 | %(c) | 0.74 | %(c) | 1.58 | %(c) | 52 | % | ||||||||||||||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 247 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
| Net
Asset |
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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 17.31 | $ | 0.11 | $ | 4.55 | $ | 4.66 | $ | (0.41 | ) | $ | (0.13 | ) | ||||||||||
| 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 | ) | — | (e) | (0.82 | ) | ||||||||||||||
| 6/7/2010* - 11/30/2010 |
15.00 | (0.09 | ) | 4.90 | 4.81 | — | — | |||||||||||||||||
| Class C | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 17.22 | $ | (0.11 | ) | $ | 4.80 | $ | 4.69 | $ | (0.03 | ) | $ | (0.13 | ) | |||||||||
| 11/30/2014 |
16.78 | (0.02 | ) | 0.46 | 0.44 | — | (e) | — | ||||||||||||||||
| 11/30/2013 |
14.63 | (0.03 | ) | 2.18 | 2.15 | — | (e) | — | ||||||||||||||||
| 11/30/2012 |
14.88 | 0.06 | 0.89 | 0.95 | — | (e) | (1.20 | ) | ||||||||||||||||
| 11/30/2011 |
19.78 | (0.10 | ) | (3.98 | ) | (4.08 | ) | — | (e) | (0.82 | ) | |||||||||||||
| 6/7/2010* - 11/30/2010 |
15.00 | (0.17 | ) | 4.95 | 4.78 | — | — | |||||||||||||||||
| Class D | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 17.38 | $ | 0.11 | $ | 4.62 | $ | 4.73 | $ | (0.26 | ) | $ | (0.13 | ) | ||||||||||
| 11/30/2014 |
16.86 | 0.23 | 0.34 | 0.57 | (0.05 | ) | — | |||||||||||||||||
| 11/30/2013 |
14.91 | 0.07 | 2.23 | 2.30 | (0.35 | ) | — | |||||||||||||||||
| 11/30/2012 |
15.04 | 0.16 | 0.91 | 1.07 | — | (e) | (1.20 | ) | ||||||||||||||||
| 11/30/2011 |
19.84 | 0.02 | (3.99 | ) | (3.97 | ) | (0.01 | ) | (0.82 | ) | ||||||||||||||
| 6/7/2010* - 11/30/2010 |
15.00 | (0.08 | ) | 4.92 | 4.84 | — | — | |||||||||||||||||
| Class P | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 17.58 | $ | 0.04 | $ | 4.86 | $ | 4.90 | $ | — | (e) | $ | (0.13 | ) | ||||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 17.30 | $ | (0.04 | ) | $ | 4.74 | $ | 4.70 | $ | (0.40 | ) | $ | (0.13 | ) | |||||||||
| 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 |
| * | 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. |
| (d) | Payments from Affiliates increased the net asset value and the total return by $0.12 and 0.82%, respectively. |
| (e) | Less than $(0.01) per share. |
| 248 | Semiannual Report | | May 31, 2015 | | 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 |
|||||||||||||||||||||||||
| $ | (0.54 | ) | $ | 21.43 | 28.00 | % | $ | 4,696 | 1.70 | %(c) | 4.26 | %(c) | 1.10 | %(c) | 36 | % | ||||||||||||||||
| (0.12 | ) | 17.31 | 3.47 | 367 | 1.70 | 5.73 | 1.21 | 123 | ||||||||||||||||||||||||
| (0.21 | ) | 16.85 | (d) | 15.58 | (d) | 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 | ||||||||||||||||||||||
| $ | (0.16 | ) | $ | 21.75 | 27.51 | % | $ | 61 | 2.45 | %(c) | 5.43 | %(c) | (1.19 | )%(c) | 36 | % | ||||||||||||||||
| — | (e) | 17.22 | 2.63 | 27 | 2.50 | 6.92 | (0.10 | ) | 123 | |||||||||||||||||||||||
| — | (e) | 16.78 | (d) | 14.70 | (d) | 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 | ||||||||||||||||||||||
| $ | (0.39 | ) | $ | 21.72 | 27.94 | % | $ | 2,878 | 1.77 | %(c) | 6.46 | %(c) | 1.12 | %(c) | 36 | % | ||||||||||||||||
| (0.05 | ) | 17.38 | 3.40 | 289 | 1.77 | 9.06 | 1.34 | 123 | ||||||||||||||||||||||||
| (0.35 | ) | 16.86 | (d) | 15.64 | (d) | 220 | 1.77 | 13.23 | 0.42 | 36 | ||||||||||||||||||||||
| (1.20 | ) | 14.91 | 8.26 | 362 | 1.74 | 15.31 | 1.14 | 36 | ||||||||||||||||||||||||
| (0.83 | ) | 15.04 | (20.40 | ) | 232 | 1.77 | 6.76 | 0.14 | 132 | |||||||||||||||||||||||
| — | 19.84 | 32.27 | 386 | 1.90 | (c) | 8.10 | (c) | (0.91 | )(c) | 21 | ||||||||||||||||||||||
| $ | (0.13 | ) | $ | 22.35 | 28.12 | % | $ | 91 | 1.51 | %(c) | 4.18 | %(c) | 0.39 | %(c) | 36 | % | ||||||||||||||||
| (0.03 | ) | 17.58 | 3.62 | 38 | 1.51 | 4.74 | 1.07 | 123 | ||||||||||||||||||||||||
| (0.13 | ) | 16.99 | (d) | 15.93 | (d) | 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 | ||||||||||||||||||||||
| $ | (0.53 | ) | $ | 21.47 | 28.17 | % | $ | 5,578 | 1.45 | %(c) | 4.49 | %(c) | (0.46 | )%(c) | 36 | % | ||||||||||||||||
| (0.13 | ) | 17.30 | 3.68 | 4,226 | 1.45 | 5.93 | 1.37 | 123 | ||||||||||||||||||||||||
| (0.32 | ) | 16.82 | (d) | 15.99 | (d) | 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 | | May 31, 2015 | | 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 (a) |
Net Realized and Change in Unrealized Gain |
Total from Investment Operations |
Dividends from Net Investment Income |
Distributions from Net Realized Capital Gains |
|||||||||||||||||||
| AllianzGI Convertible: | ||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 36.54 | $ | 0.19 | $ | 1.71 | $ | 1.90 | $ | (0.37 | ) | $ | (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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 36.55 | $ | 0.05 | $ | 1.73 | $ | 1.78 | $ | (0.24 | ) | $ | (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 | — | (e) | — | |||||||||||||||||
| Class D | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 36.51 | $ | 0.16 | $ | 1.72 | $ | 1.88 | $ | (0.34 | ) | $ | (2.29 | ) | ||||||||||
| 11/30/2014 |
34.86 | 0.38 | 2.79 | 3.17 | (0.68 | ) | (0.84 | ) | ||||||||||||||||
| 11/30/2013 |
28.22 | 0.52 | 6.57 | 7.09 | (0.45 | ) | — | |||||||||||||||||
| 11/30/2012 |
28.08 | 0.51 | 1.95 | 2.46 | (0.75 | ) | (1.57 | ) | ||||||||||||||||
| 11/30/2011 |
28.16 | 0.54 | 0.03 | 0.57 | (0.65 | ) | — | |||||||||||||||||
| 4/12/2010* - 11/30/2010 |
26.22 | 0.40 | 1.79 | 2.19 | (0.25 | ) | — | |||||||||||||||||
| Class R | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 36.45 | $ | 0.13 | $ | 1.72 | $ | 1.85 | $ | (0.31 | ) | $ | (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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 36.47 | $ | 0.22 | $ | 1.72 | $ | 1.94 | $ | (0.40 | ) | $ | (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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 36.42 | $ | 0.24 | $ | 1.72 | $ | 1.96 | $ | (0.42 | ) | $ | (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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 36.54 | $ | 0.19 | $ | 1.72 | $ | 1.91 | $ | (0.37 | ) | $ | (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 |
| * | Commencement of operations. |
| (a) | Calculated on average shares outstanding during the period. |
| 250 | Semiannual Report | | May 31, 2015 | | 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 |
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 Income to Average |
Portfolio Turnover Rate |
|||||||||||||||||||||||||
| $ | (2.66 | ) | $ | 35.78 | 5.75 | % | $ | 496,355 | 0.94 | %(c) | 0.94 | %(c) | 1.08 | %(c) | 46 | % | ||||||||||||||||
| (1.57 | ) | 36.54 | (d) | 9.47 | (d) | 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 | |||||||||||||||||||||
| $ | (2.53 | ) | $ | 35.80 | 5.38 | % | $ | 119,090 | 1.70 | %(c) | 1.70 | %(c) | 0.31 | %(c) | 46 | % | ||||||||||||||||
| (1.31 | ) | 36.55 | (d) | 8.66 | (d) | 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 | ||||||||||||||||||||||||
| — | (e) | 28.30 | 7.94 | 227 | 1.77 | (c) | 1.77 | (c) | 1.40 | (c) | 116 | |||||||||||||||||||||
| $ | (2.63 | ) | $ | 35.76 | 5.69 | % | $ | 70,257 | 1.07 | %(c) | 1.07 | %(c) | 0.94 | %(c) | 46 | % | ||||||||||||||||
| (1.52 | ) | 36.51 | (d) | 9.41 | (d) | 79,288 | 1.02 | 1.02 | 1.05 | 94 | ||||||||||||||||||||||
| (0.45 | ) | 34.86 | 25.41 | 121,663 | 1.02 | 1.02 | 1.60 | 81 | ||||||||||||||||||||||||
| (2.32 | ) | 28.22 | 9.57 | 35,886 | 1.06 | 1.06 | 1.85 | 108 | ||||||||||||||||||||||||
| (0.65 | ) | 28.08 | 1.99 | 30,176 | 0.98 | 0.98 | 1.83 | 129 | ||||||||||||||||||||||||
| (0.25 | ) | 28.16 | 8.46 | 2,180 | 0.93 | (c) | 0.94 | (c) | 2.31 | (c) | 116 | |||||||||||||||||||||
| $ | (2.60 | ) | $ | 35.70 | 5.61 | % | $ | 1,706 | 1.28 | %(c) | 1.28 | %(c) | 0.75 | %(c) | 46 | % | ||||||||||||||||
| (1.49 | ) | 36.45 | (d) | 9.10 | (d) | 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 | |||||||||||||||||||||
| $ | (2.69 | ) | $ | 35.72 | 5.88 | % | $ | 191,182 | 0.73 | %(c) | 0.73 | %(c) | 1.29 | %(c) | 46 | % | ||||||||||||||||
| (1.64 | ) | 36.47 | (d) | 9.71 | (d) | 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 | |||||||||||||||||||||
| $ | (2.71 | ) | $ | 35.67 | 5.94 | % | $ | 1,630,173 | 0.64 | %(c) | 0.64 | %(c) | 1.38 | %(c) | 46 | % | ||||||||||||||||
| (1.67 | ) | 36.42 | (d) | 9.79 | (d) | 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 | ||||||||||||||||||||||||
| $ | (2.66 | ) | $ | 35.79 | 5.77 | % | $ | 2,239 | 0.90 | %(c) | 0.90 | %(c) | 1.11 | %(c) | 46 | % | ||||||||||||||||
| (1.52 | ) | 36.54 | (d) | 9.57 | (d) | 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 | |||||||||||||||||||||
| (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. |
| (d) | Payments from Affiliates increased net asset value and total return by less than $0.01 and 0.01%, respectively. |
| (e) | Less than $(0.01) per share. |
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 251 |
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 Consumer: | ||||||||||||||||||||||
| Class A | ||||||||||||||||||||||
| 12/1/2014* - 5/31/2015+ |
$ | 15.00 | $ | — | (d) | $ | (0.19 | ) | $ | (0.19 | ) | $ | — | |||||||||
| Institutional Class | ||||||||||||||||||||||
| 12/1/2014* - 5/31/2015+ |
$ | 15.00 | $ | 0.02 | $ | (0.18 | ) | $ | (0.16 | ) | $ | — | ||||||||||
| AllianzGI Emerging Markets Debt: | ||||||||||||||||||||||
| Class A | ||||||||||||||||||||||
| 5/31/2015+ |
$ | 14.92 | $ | 0.28 | $ | (0.21 | ) | $ | 0.07 | $ | (0.33 | ) | ||||||||||
| 9/15/2014* - 11/30/2014 |
15.00 | 0.11 | (0.19 | ) | (0.08 | ) | — | |||||||||||||||
| Class C | ||||||||||||||||||||||
| 5/31/2015+ |
$ | 14.90 | $ | 0.22 | $ | (0.21 | ) | $ | 0.01 | $ | (0.27 | ) | ||||||||||
| 9/15/2014* - 11/30/2014 |
15.00 | 0.09 | (0.19 | ) | (0.10 | ) | — | |||||||||||||||
| Class P | ||||||||||||||||||||||
| 5/31/2015+ |
$ | 14.92 | $ | 0.29 | $ | (0.21 | ) | $ | 0.08 | $ | (0.34 | ) | ||||||||||
| 9/15/2014* - 11/30/2014 |
15.00 | 0.12 | (0.20 | ) | (0.08 | ) | — | |||||||||||||||
| Institutional Class | ||||||||||||||||||||||
| 5/31/2015+ |
$ | 14.93 | $ | 0.29 | $ | (0.20 | ) | $ | 0.09 | $ | (0.35 | ) | ||||||||||
| 9/15/2014* - 11/30/2014 |
15.00 | 0.12 | (0.19 | ) | (0.07 | ) | — | |||||||||||||||
| AllianzGI Emerging Markets Small-Cap: | ||||||||||||||||||||||
| Class A | ||||||||||||||||||||||
| 12/1/2014* - 5/31/2015+ |
$ | 15.00 | $ | 0.07 | $ | 1.73 | $ | 1.80 | $ | — | (d) | |||||||||||
| Institutional Class | ||||||||||||||||||||||
| 12/1/2014* - 5/31/2015+ |
$ | 15.00 | $ | 0.09 | $ | 1.73 | $ | 1.82 | $ | — | (d) | |||||||||||
| AllianzGI Europe Equity Dividend: | ||||||||||||||||||||||
| Class A | ||||||||||||||||||||||
| 2/2/2015* - 5/31/2015+ |
$ | 15.00 | $ | 0.29 | $ | (0.02 | ) | $ | 0.27 | $ | — | |||||||||||
| Class C | ||||||||||||||||||||||
| 2/2/2015* - 5/31/2015+ |
$ | 15.00 | $ | 0.39 | $ | (0.15 | ) | $ | 0.24 | $ | — | |||||||||||
| Class P | ||||||||||||||||||||||
| 2/2/2015* - 5/31/2015+ |
$ | 15.00 | $ | 0.38 | $ | (0.10 | ) | $ | 0.28 | $ | — | |||||||||||
| Institutional Class | ||||||||||||||||||||||
| 2/2/2015* - 5/31/2015+ |
$ | 15.00 | $ | 0.31 | $ | (0.03 | ) | $ | 0.28 | $ | — | |||||||||||
| + | Unaudited |
| * | 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. |
| (d) | Less than $(0.01) per share. |
| 252 | Semiannual Report | | May 31, 2015 | | 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 |
||||||||||||||||||||||
| $ | 14.81 | (1.27 | )% | $ | 45 | 1.65 | %(c) | 3.86 | %(c) | (0.01 | )%(c) | 34 | % | |||||||||||||||
| $ | 14.84 | (1.07 | )% | $ | 12,946 | 1.30 | %(c) | 3.08 | %(c) | 0.27 | %(c) | 34 | % | |||||||||||||||
| $ | 14.66 | 0.55 | % | $ | 10 | 1.24 | %(c) | 2.17 | %(c) | 3.82 | %(c) | 77 | % | |||||||||||||||
| 14.92 | (0.53 | ) | 10 | 1.20 | (c) | 2.51 | (c) | 3.65 | (c) | 27 | ||||||||||||||||||
| $ | 14.64 | 0.15 | % | $ | 10 | 1.99 | %(c) | 2.91 | %(c) | 3.08 | %(c) | 77 | % | |||||||||||||||
| 14.90 | (0.67 | ) | 10 | 1.95 | (c) | 3.25 | (c) | 2.90 | (c) | 27 | ||||||||||||||||||
| $ | 14.66 | 0.63 | % | $ | 10 | 1.09 | %(c) | 1.91 | %(c) | 3.97 | %(c) | 77 | % | |||||||||||||||
| 14.92 | (0.53 | ) | 10 | 1.05 | (c) | 2.25 | (c) | 3.80 | (c) | 27 | ||||||||||||||||||
| $ | 14.67 | 0.69 | % | $ | 30,487 | 0.99 | %(c) | 1.92 | %(c) | 4.07 | %(c) | 77 | % | |||||||||||||||
| 14.93 | (0.47 | ) | 29,856 | 0.95 | (c) | 2.28 | (c) | 3.91 | (c) | 27 | ||||||||||||||||||
| $ | 16.80 | 12.01 | % | $ | 21 | 1.85 | %(c) | 6.69 | %(c) | 0.87 | %(c) | 56 | % | |||||||||||||||
| $ | 16.82 | 12.16 | % | $ | 5,217 | 1.50 | %(c) | 6.67 | %(c) | 1.10 | %(c) | 56 | % | |||||||||||||||
| $ | 15.27 | 1.80 | % | $ | 10 | 1.20 | %(c) | 9.10 | %(c) | 5.93 | %(c) | 12 | % | |||||||||||||||
| $ | 15.24 | 1.60 | % | $ | 164 | 1.95 | %(c) | 9.23 | %(c) | 8.07 | %(c) | 12 | % | |||||||||||||||
| $ | 15.28 | 1.87 | % | $ | 25 | 1.05 | %(c) | 8.64 | %(c) | 7.71 | %(c) | 12 | % | |||||||||||||||
| $ | 15.28 | 1.87 | % | $ | 3,100 | 0.95 | %(c) | 8.84 | %(c) | 6.20 | %(c) | 12 | % | |||||||||||||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | 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 |
Distributions from Net Realized Capital Gains |
|||||||||||||||||||
| AllianzGI Global Fundamental Strategy: | ||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 15.95 | $ | 0.16 | $ | (0.03 | ) | $ | 0.13 | $ | (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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 15.84 | $ | 0.09 | $ | (0.02 | ) | $ | 0.07 | $ | (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 D | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 15.95 | $ | 0.15 | $ | (0.01 | ) | $ | 0.14 | $ | — | (e) | $ | — | ||||||||||
| 11/30/2014 |
15.45 | 0.43 | 0.25 | 0.68 | (0.12 | ) | (0.06 | ) | ||||||||||||||||
| 7/1/2013* - 11/30/2013 |
15.00 | 0.06 | 0.39 | 0.45 | — | — | ||||||||||||||||||
| Class P | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 15.98 | $ | 0.16 | $ | (0.03 | ) | $ | 0.13 | $ | (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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 15.99 | $ | 0.17 | $ | (0.03 | ) | $ | 0.14 | $ | (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 | — | — | ||||||||||||||||||
| AllianzGI Global Managed Volatility: | ||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 18.73 | $ | 0.21 | $ | (0.17 | ) | $ | 0.04 | $ | (0.46 | ) | $ | (1.55 | ) | |||||||||
| 11/30/2014 |
17.96 | 0.40 | 1.42 | 1.82 | (0.49 | ) | (0.56 | ) | ||||||||||||||||
| 11/30/2013 |
16.68 | 0.39 | 1.63 | 2.02 | (0.59 | ) | (0.15 | ) | ||||||||||||||||
| 12/19/2011* - 11/30/2012 |
15.00 | 0.39 | 1.29 | 1.68 | — | — | ||||||||||||||||||
| Class C | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 18.26 | $ | 0.15 | $ | (0.16 | ) | $ | (0.01 | ) | $ | (0.36 | ) | $ | (1.55 | ) | ||||||||
| 11/30/2014 |
17.62 | 0.26 | 1.40 | 1.66 | (0.46 | ) | (0.56 | ) | ||||||||||||||||
| 11/30/2013 |
16.56 | 0.24 | 1.64 | 1.88 | (0.67 | ) | (0.15 | ) | ||||||||||||||||
| 12/19/2011* - 11/30/2012 |
15.00 | 0.33 | 1.23 | 1.56 | — | — | ||||||||||||||||||
| Class D | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 18.72 | $ | 0.21 | $ | (0.18 | ) | $ | 0.03 | $ | (0.49 | ) | $ | (1.55 | ) | |||||||||
| 11/30/2014 |
17.88 | 0.39 | 1.43 | 1.82 | (0.42 | ) | (0.56 | ) | ||||||||||||||||
| 11/30/2013 |
16.68 | 0.45 | 1.58 | 2.03 | (0.68 | ) | (0.15 | ) | ||||||||||||||||
| 12/19/2011* - 11/30/2012 |
15.00 | 0.39 | 1.29 | 1.68 | — | — | ||||||||||||||||||
| Class P | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 18.86 | $ | 0.23 | $ | (0.18 | ) | $ | 0.05 | $ | (0.45 | ) | $ | (1.55 | ) | |||||||||
| 11/30/2014 |
18.06 | 0.43 | 1.45 | 1.88 | (0.52 | ) | (0.56 | ) | ||||||||||||||||
| 11/30/2013 |
16.71 | 0.48 | 1.61 | 2.09 | (0.59 | ) | (0.15 | ) | ||||||||||||||||
| 12/19/2011* - 11/30/2012 |
15.00 | 0.48 | 1.23 | 1.71 | — | — | ||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 18.85 | $ | 0.27 | $ | (0.20 | ) | $ | 0.07 | $ | (0.47 | ) | $ | (1.55 | ) | |||||||||
| 11/30/2014 |
18.06 | 0.46 | 1.42 | 1.88 | (0.53 | ) | (0.56 | ) | ||||||||||||||||
| 11/30/2013 |
16.73 | 0.50 | 1.60 | 2.10 | (0.62 | ) | (0.15 | ) | ||||||||||||||||
| 12/19/2011* - 11/30/2012 |
15.00 | 0.49 | 1.24 | 1.73 | — | — | ||||||||||||||||||
| + | Unaudited |
| * | Commencement of operations. |
| (a) | Calculated on average shares outstanding during the period. |
| 254 | Semiannual Report | | May 31, 2015 | | 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 Assets without |
Ratio of Net Investment Income to Average Net Assets |
Portfolio Turnover Rate |
|||||||||||||||||||||||||
| $ | (0.56 | ) | $ | 15.52 | 0.90 | % | $ | 25 | 1.25 | %(c) | 1.91 | %(c) | 2.13 | %(c) | 11 | % | ||||||||||||||||
| (0.18 | ) | 15.95 | (d) | 4.45 | (d) | 16 | 1.25 | 2.36 | 1.62 | 28 | ||||||||||||||||||||||
| — | 15.45 | 3.00 | 10 | 1.25 | (c) | 2.41 | (c) | 0.96 | (c) | 2 | ||||||||||||||||||||||
| $ | (0.40 | ) | $ | 15.51 | 0.48 | % | $ | 11 | 2.00 | %(c) | 2.65 | %(c) | 1.15 | %(c) | 11 | % | ||||||||||||||||
| (0.12 | ) | 15.84 | (d) | 3.69 | (d) | 11 | 2.00 | 3.14 | 0.88 | 28 | ||||||||||||||||||||||
| — | 15.40 | 2.67 | 10 | 2.00 | (c) | 3.16 | (c) | 0.21 | (c) | 2 | ||||||||||||||||||||||
| $ | — | (e) | $ | 16.09 | 0.88 | % | $ | 50 | 1.25 | %(c) | 5.81 | %(c) | 1.85 | %(c) | 11 | % | ||||||||||||||||
| (0.18 | ) | 15.95 | (d) | 4.45 | (d) | 54 | 1.25 | 2.95 | 2.75 | 28 | ||||||||||||||||||||||
| — | 15.45 | 3.00 | 10 | 1.25 | (c) | 2.41 | (c) | 0.97 | (c) | 2 | ||||||||||||||||||||||
| $ | (0.54 | ) | $ | 15.57 | 0.88 | % | $ | 11 | 1.10 | %(c) | 1.65 | %(c) | 2.05 | %(c) | 11 | % | ||||||||||||||||
| (0.19 | ) | 15.98 | (d) | 4.66 | (d) | 11 | 1.10 | 2.14 | 1.79 | 28 | ||||||||||||||||||||||
| — | 15.46 | 3.07 | 10 | 1.10 | (c) | 2.16 | (c) | 1.12 | (c) | 2 | ||||||||||||||||||||||
| $ | (0.55 | ) | $ | 15.58 | 0.99 | % | $ | 22,350 | 1.00 | %(c) | 1.64 | %(c) | 2.15 | %(c) | 11 | % | ||||||||||||||||
| (0.20 | ) | 15.99 | (d) | 4.72 | (d) | 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 | ||||||||||||||||||||||
| $ | (2.01 | ) | $ | 16.76 | 0.32 | % | $ | 203 | 0.95 | %(c) | 7.44 | %(c) | 2.51 | %(c) | 56 | % | ||||||||||||||||
| (1.05 | ) | 18.73 | 10.88 | 197 | 0.94 | 2.59 | 2.25 | 118 | ||||||||||||||||||||||||
| (0.74 | ) | 17.96 | 12.66 | 117 | 0.95 | 2.63 | 2.28 | 92 | ||||||||||||||||||||||||
| — | 16.68 | 11.20 | 50 | 0.95 | (c) | 3.24 | (c) | 2.56 | (c) | 92 | ||||||||||||||||||||||
| $ | (1.91 | ) | $ | 16.34 | 0.03 | % | $ | 335 | 1.63 | %(c) | 8.35 | %(c) | 1.82 | %(c) | 56 | % | ||||||||||||||||
| (1.02 | ) | 18.26 | 10.07 | 258 | 1.62 | 3.30 | 1.49 | 118 | ||||||||||||||||||||||||
| (0.82 | ) | 17.62 | 11.90 | 184 | 1.64 | 3.26 | 1.40 | 92 | ||||||||||||||||||||||||
| — | 16.56 | 10.40 | 12 | 1.70 | (c) | 4.02 | (c) | 2.18 | (c) | 92 | ||||||||||||||||||||||
| $ | (2.04 | ) | $ | 16.71 | 0.31 | % | $ | 415 | 0.93 | %(c) | 7.84 | %(c) | 2.49 | %(c) | 56 | % | ||||||||||||||||
| (0.98 | ) | 18.72 | 10.87 | 220 | 0.93 | 2.70 | 2.23 | 118 | ||||||||||||||||||||||||
| (0.83 | ) | 17.88 | 12.74 | 57 | 0.90 | 2.84 | 2.61 | 92 | ||||||||||||||||||||||||
| — | 16.68 | 11.20 | 38 | 0.95 | (c) | 3.37 | (c) | 2.63 | (c) | 92 | ||||||||||||||||||||||
| $ | (2.00 | ) | $ | 16.91 | 0.42 | % | $ | 14 | 0.70 | %(c) | 7.04 | %(c) | 2.75 | %(c) | 56 | % | ||||||||||||||||
| (1.08 | ) | 18.86 | 11.14 | 14 | 0.69 | 2.29 | 2.45 | 118 | ||||||||||||||||||||||||
| (0.74 | ) | 18.06 | 13.03 | 13 | 0.70 | 2.38 | 2.78 | 92 | ||||||||||||||||||||||||
| — | 16.71 | 11.40 | 11 | 0.70 | (c) | 3.11 | (c) | 3.19 | (c) | 92 | ||||||||||||||||||||||
| $ | (2.02 | ) | $ | 16.90 | 0.50 | % | $ | 1,890 | 0.60 | %(c) | 3.96 | %(c) | 3.16 | %(c) | 56 | % | ||||||||||||||||
| (1.09 | ) | 18.85 | 11.19 | 16,069 | 0.60 | 2.21 | 2.59 | 118 | ||||||||||||||||||||||||
| (0.77 | ) | 18.06 | 13.09 | 14,156 | 0.60 | 2.32 | 2.92 | 92 | ||||||||||||||||||||||||
| — | 16.73 | 11.53 | 14,585 | 0.60 | (c) | 2.98 | (c) | 3.22 | (c) | 92 | ||||||||||||||||||||||
| (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. |
| (d) | Payments from Affiliates increased net asset value and total return by less than $0.01 and 0.01%, respectively. |
| (e) | Less than $(0.01) per share. |
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 255 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
| Net
Asset |
Net Investment Income (Loss) (a) |
Net Realized and Change in Unrealized Gain |
Total from Investment Operations |
Dividends from Net Investment Income |
||||||||||||||||||
| AllianzGI Global Sustainability: | ||||||||||||||||||||||
| Class A | ||||||||||||||||||||||
| 12/9/2014* - 5/31/2015+ |
$ | 15.00 | $ | 0.10 | $ | 0.48 | $ | 0.58 | $ | — | ||||||||||||
| Class P | ||||||||||||||||||||||
| 12/9/2014* - 5/31/2015+ |
$ | 15.00 | $ | 0.11 | $ | 0.48 | $ | 0.59 | $ | — | ||||||||||||
| Institutional Class | ||||||||||||||||||||||
| 12/9/2014* - 5/31/2015+ |
$ | 15.00 | $ | 0.12 | $ | 0.48 | $ | 0.60 | $ | — | ||||||||||||
| AllianzGI Global Water: | ||||||||||||||||||||||
| Class A | ||||||||||||||||||||||
| 5/31/2015+ |
$ | 12.70 | $ | 0.06 | $ | 0.52 | $ | 0.58 | $ | (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 | — | (d) | ||||||||||||||||
| 11/30/2010 |
7.99 | 0.03 | 0.74 | 0.77 | (0.01 | ) | ||||||||||||||||
| Class C | ||||||||||||||||||||||
| 5/31/2015+ |
$ | 12.33 | $ | 0.01 | $ | 0.50 | $ | 0.51 | $ | — | (d) | |||||||||||
| 11/30/2014 |
12.11 | (0.03 | ) | 0.25 | 0.22 | — | (d) | |||||||||||||||
| 11/30/2013 |
10.02 | (0.02 | ) | 2.16 | 2.14 | (0.05 | ) | |||||||||||||||
| 11/30/2012 |
8.70 | 0.05 | 1.27 | 1.32 | — | (d) | ||||||||||||||||
| 11/30/2011 |
8.62 | (0.01 | ) | 0.09 | 0.08 | — | (d) | |||||||||||||||
| 11/30/2010 |
7.93 | (0.03 | ) | 0.72 | 0.69 | — | (d) | |||||||||||||||
| Class D | ||||||||||||||||||||||
| 5/31/2015+ |
$ | 12.66 | $ | 0.07 | $ | 0.50 | $ | 0.57 | $ | (0.03 | ) | |||||||||||
| 11/30/2014 |
12.38 | 0.05 | 0.25 | 0.30 | (0.02 | ) | ||||||||||||||||
| 11/30/2013 |
10.25 | 0.07 | 2.19 | 2.26 | (0.13 | ) | ||||||||||||||||
| 11/30/2012 |
8.87 | 0.10 | 1.32 | 1.42 | (0.04 | ) | ||||||||||||||||
| 11/30/2011 |
8.73 | 0.04 | 0.10 | 0.14 | — | (d) | ||||||||||||||||
| 11/30/2010 |
7.98 | 0.03 | 0.73 | 0.76 | (0.01 | ) | ||||||||||||||||
| Class P | ||||||||||||||||||||||
| 5/31/2015+ |
$ | 12.80 | $ | 0.08 | $ | 0.51 | $ | 0.59 | $ | (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 | — | (d) | ||||||||||||||||
| 11/30/2010 |
7.99 | 0.05 | 0.74 | 0.79 | (0.01 | ) | ||||||||||||||||
| Institutional Class | ||||||||||||||||||||||
| 5/31/2015+ |
$ | 12.61 | $ | 0.09 | $ | 0.50 | $ | 0.59 | $ | (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 | — | (d) | ||||||||||||||||
| 11/30/2010 |
7.94 | 0.05 | 0.74 | 0.79 | (0.02 | ) | ||||||||||||||||
| + | Unaudited |
| * | Commencement of Operations. |
| (a) | Calculated on average shares outstanding during the period. |
| 256 | Semiannual Report | | May 31, 2015 | | 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 |
||||||||||||||||||||||
| $ | 15.58 | 3.87 | % | $ | 10 | 1.20 | %(c) | 8.50 | %(c) | 1.46 | %(c) | 24 | % | |||||||||||||||
| $ | 15.59 | 3.93 | % | $ | 11 | 1.05 | %(c) | 8.25 | %(c) | 1.61 | %(c) | 24 | % | |||||||||||||||
| $ | 15.60 | 4.00 | % | $ | 3,120 | 0.95 | %(c) | 8.25 | %(c) | 1.71 | %(c) | 24 | % | |||||||||||||||
| $ | 13.25 | 4.57 | % | $ | 140,175 | 1.43 | %(c) | 1.43 | %(c) | 0.98 | %(c) | 41 | % | |||||||||||||||
| 12.70 | 2.57 | 138,219 | 1.46 | 1.46 | 0.55 | 28 | ||||||||||||||||||||||
| 12.41 | 22.31 | 118,252 | 1.54 | 1.54 | 0.63 | 28 | ||||||||||||||||||||||
| 10.26 | 16.12 | 59,611 | 1.57 | 1.60 | 1.27 | 73 | ||||||||||||||||||||||
| 8.89 | 1.62 | 27,101 | 1.68 | 1.68 | 0.60 | 73 | ||||||||||||||||||||||
| 8.75 | 9.63 | 22,774 | 1.80 | 1.80 | 0.41 | 40 | ||||||||||||||||||||||
| $ | 12.84 | 4.14 | % | $ | 78,410 | 2.21 | %(c) | 2.21 | %(c) | 0.21 | %(c) | 41 | % | |||||||||||||||
| 12.33 | 1.82 | 77,082 | 2.23 | 2.23 | (0.26 | ) | 28 | |||||||||||||||||||||
| 12.11 | 21.41 | 51,767 | 2.33 | 2.33 | (0.18 | ) | 28 | |||||||||||||||||||||
| 10.02 | 15.17 | 25,870 | 2.33 | 2.41 | 0.48 | 73 | ||||||||||||||||||||||
| 8.70 | 0.93 | 20,842 | 2.44 | 2.44 | (0.15 | ) | 73 | |||||||||||||||||||||
| 8.62 | 8.70 | 22,225 | 2.56 | 2.60 | (0.37 | ) | 40 | |||||||||||||||||||||
| $ | 13.20 | 4.53 | % | $ | 29,082 | 1.48 | %(c) | 1.48 | %(c) | 1.04 | %(c) | 41 | % | |||||||||||||||
| 12.66 | 2.42 | 23,056 | 1.60 | 1.60 | 0.37 | 28 | ||||||||||||||||||||||
| 12.38 | 22.30 | 17,624 | 1.60 | 1.60 | 0.62 | 28 | ||||||||||||||||||||||
| 10.25 | 16.09 | 5,869 | 1.64 | 2.25 | 1.02 | 73 | ||||||||||||||||||||||
| 8.87 | 1.60 | 5,214 | 1.72 | 2.00 | 0.47 | 73 | ||||||||||||||||||||||
| 8.73 | 9.70 | 1,157 | 1.84 | 2.74 | 0.34 | 40 | ||||||||||||||||||||||
| $ | 13.30 | 4.66 | % | $ | 88,534 | 1.20 | %(c) | 1.20 | %(c) | 1.21 | %(c) | 41 | % | |||||||||||||||
| 12.80 | 2.87 | 84,835 | 1.21 | 1.21 | 0.67 | 28 | ||||||||||||||||||||||
| 12.49 | 22.58 | 42,448 | 1.34 | 1.34 | 0.81 | 28 | ||||||||||||||||||||||
| 10.30 | 16.22 | 16,820 | 1.41 | 1.47 | 1.49 | 73 | ||||||||||||||||||||||
| 8.93 | 1.85 | 16,118 | 1.49 | 1.52 | 0.79 | 73 | ||||||||||||||||||||||
| 8.77 | 9.95 | 10,432 | 1.56 | 1.64 | 0.62 | 40 | ||||||||||||||||||||||
| $ | 13.13 | 4.73 | % | $ | 30,721 | 1.13 | %(c) | 1.13 | %(c) | 1.39 | %(c) | 41 | % | |||||||||||||||
| 12.61 | 2.82 | 23,685 | 1.15 | 1.15 | 0.84 | 28 | ||||||||||||||||||||||
| 12.37 | 22.77 | 14,429 | 1.19 | 1.19 | 0.77 | 28 | ||||||||||||||||||||||
| 10.25 | 16.44 | 3,105 | 1.29 | 1.29 | 1.28 | 73 | ||||||||||||||||||||||
| 8.88 | 1.99 | 1,267 | 1.37 | 1.39 | 0.91 | 73 | ||||||||||||||||||||||
| 8.71 | 9.96 | 1,378 | 1.46 | 1.48 | 0.61 | 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. |
| (d) | Less than $(0.01) per share. |
| See accompanying Notes to Financial Statements | | May 31, 2015 | | 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 High Yield Bond: | ||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 9.85 | $ | 0.29 | $ | (0.08 | ) | $ | 0.21 | $ | (0.30 | ) | $ | — | ||||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 9.83 | $ | 0.25 | $ | (0.06 | ) | $ | 0.19 | $ | (0.27 | ) | $ | — | ||||||||||
| 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 D | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 9.55 | $ | 0.28 | $ | (0.07 | ) | $ | 0.21 | $ | (0.30 | ) | $ | — | ||||||||||
| 11/30/2014 |
10.08 | 0.59 | (0.37 | ) | 0.22 | (0.66 | ) | (0.09 | ) | |||||||||||||||
| 11/30/2013 |
9.91 | 0.64 | 0.22 | 0.86 | (0.68 | ) | (0.01 | ) | ||||||||||||||||
| 11/30/2012 |
9.47 | 0.70 | 0.60 | 1.30 | (0.73 | ) | (0.13 | ) | ||||||||||||||||
| 11/30/2011 |
9.79 | 0.72 | (0.28 | ) | 0.44 | (0.76 | ) | — | ||||||||||||||||
| 4/12/2010* - 11/30/2010 |
9.65 | 0.48 | 0.18 | 0.66 | (0.52 | ) | — | |||||||||||||||||
| Class R | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 9.53 | $ | 0.27 | $ | (0.08 | ) | $ | 0.19 | $ | (0.28 | ) | $ | — | ||||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 9.53 | $ | 0.29 | $ | (0.06 | ) | $ | 0.23 | $ | (0.32 | ) | $ | — | ||||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 9.55 | $ | 0.30 | $ | (0.07 | ) | $ | 0.23 | $ | (0.32 | ) | $ | — | ||||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 9.51 | $ | 0.28 | $ | (0.06 | ) | $ | 0.22 | $ | (0.31 | ) | $ | — | ||||||||||
| 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 |
| * | Commencement of operations. |
| (a) | Calculated on average shares outstanding during the period. |
| 258 | Semiannual Report | | May 31, 2015 | | 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 |
|||||||||||||||||||||||||
| $ | (0.30 | ) | $ | 9.76 | 2.25 | % | $ | 38,827 | 0.91 | %(c) | 0.91 | %(c) | 5.98 | %(c) | 26 | % | ||||||||||||||||
| (0.76 | ) | 9.85 | (d) | 2.39 | (d) | 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 | |||||||||||||||||||||
| $ | (0.27 | ) | $ | 9.75 | 1.99 | % | $ | 20,420 | 1.64 | %(c) | 1.64 | %(c) | 5.27 | %(c) | 26 | % | ||||||||||||||||
| (0.69 | ) | 9.83 | (d) | 1.57 | (d) | 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 | |||||||||||||||||||||
| $ | (0.30 | ) | $ | 9.46 | 2.31 | % | $ | 38,326 | 1.00 | %(c) | 1.00 | %(c) | 5.91 | %(c) | 26 | % | ||||||||||||||||
| (0.75 | ) | 9.55 | (d) | 2.17 | (d) | 36,987 | 1.01 | 1.01 | 5.90 | 66 | ||||||||||||||||||||||
| (0.69 | ) | 10.08 | 8.92 | 108,011 | 1.00 | 1.02 | 6.40 | 67 | ||||||||||||||||||||||||
| (0.86 | ) | 9.91 | 14.33 | 43,921 | 0.96 | 1.07 | 7.14 | 86 | ||||||||||||||||||||||||
| (0.76 | ) | 9.47 | 4.42 | 20,378 | 1.07 | 1.12 | 7.36 | 168 | ||||||||||||||||||||||||
| (0.52 | ) | 9.79 | 7.09 | 169 | 1.11 | (c) | 1.47 | (c) | 7.84 | (c) | 144 | |||||||||||||||||||||
| $ | (0.28 | ) | $ | 9.44 | 2.09 | % | $ | 1,018 | 1.18 | %(c) | 1.18 | %(c) | 5.73 | %(c) | 26 | % | ||||||||||||||||
| (0.72 | ) | 9.53 | (d) | 1.91 | (d) | 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 | |||||||||||||||||||||
| $ | (0.32 | ) | $ | 9.44 | 2.46 | % | $ | 79,037 | 0.69 | %(c) | 0.69 | %(c) | 6.24 | %(c) | 26 | % | ||||||||||||||||
| (0.79 | ) | 9.53 | (d) | 2.63 | (d) | 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 | |||||||||||||||||||||
| $ | (0.32 | ) | $ | 9.46 | 2.49 | % | $ | 187,304 | 0.60 | %(c) | 0.60 | %(c) | 6.32 | %(c) | 26 | % | ||||||||||||||||
| (0.80 | ) | 9.55 | (d) | 2.59 | (d) | 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 | ||||||||||||||||||||||||
| $ | (0.31 | ) | $ | 9.42 | 2.37 | % | $ | 36,751 | 0.89 | %(c) | 0.89 | %(c) | 6.03 | %(c) | 26 | % | ||||||||||||||||
| (0.76 | ) | 9.51 | (d) | 2.27 | (d) | 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. |
| (d) | 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 | | May 31, 2015 | | Semiannual Report | 259 |
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 |
Total from Investment Operations |
|||||||||||||
| AllianzGI International Growth: | ||||||||||||||||
| Class A | ||||||||||||||||
| 2/2/2015* - 5/31/2015+ |
$ | 15.00 | $ | 0.10 | $ | 0.86 | $ | 0.96 | ||||||||
| Institutional Class | ||||||||||||||||
| 2/2/2015* - 5/31/2015+ |
$ | 15.00 | $ | 0.11 | $ | 0.86 | $ | 0.97 | ||||||||
| + | Unaudited |
| * | 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. |
| (d) | Less than 1%. |
| 260 | Semiannual Report | | May 31, 2015 | | 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 |
||||||||||||||||||||||
| $ | 15.96 | 6.40 | % | $ | 12 | 1.20 | %(c) | 7.99 | %(c) | 1.95 | %(c) | — | %(d) | |||||||||||||||
| $ | 15.97 | 6.47 | % | $ | 3,193 | 0.95 | %(c) | 7.80 | %(c) | 2.16 | %(c) | — | %(d) | |||||||||||||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | 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 (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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 35.77 | $ | 0.13 | $ | 4.79 | $ | 4.92 | $ | (0.08 | ) | $ | (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 | — | (d) | — | |||||||||||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 35.33 | $ | 0.02 | $ | 4.71 | $ | 4.73 | $ | — | $ | (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 D | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 36.15 | $ | 0.18 | $ | 4.81 | $ | 4.99 | $ | (0.06 | ) | $ | (3.60 | ) | ||||||||||
| 11/30/2014 |
43.24 | 0.16 | (2.52 | ) | (2.36 | ) | (1.16 | ) | (3.57 | ) | ||||||||||||||
| 11/30/2013 |
32.60 | 0.05 | 10.59 | 10.64 | — | (d) | — | |||||||||||||||||
| 11/30/2012 |
28.33 | 0.24 | 4.03 | 4.27 | — | (d) | — | |||||||||||||||||
| 11/30/2011 |
31.37 | 0.07 | (2.53 | ) | (2.46 | ) | (0.58 | ) | — | |||||||||||||||
| 4/12/2010* - 11/30/2010 |
28.30 | 0.04 | 3.03 | 3.07 | — | — | ||||||||||||||||||
| Class R | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 35.30 | $ | 0.06 | $ | 4.76 | $ | 4.82 | $ | (0.04 | ) | $ | (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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 35.65 | $ | 0.13 | $ | 4.81 | $ | 4.94 | $ | (0.07 | ) | $ | (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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 36.68 | $ | 0.14 | $ | 4.97 | $ | 5.11 | $ | (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 | ) | — | |||||||||||||||||
| + | Unaudited |
| * | Commencement of operations. |
| (a) | Calculated on average shares outstanding during the period. |
| 262 | Semiannual Report | | May 31, 2015 | | 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 |
|||||||||||||||||||||||||
| $ | (3.68 | ) | $ | 37.01 | 15.41 | % | $ | 10,241 | 1.45 | %(c) | 1.63 | %(c) | 0.77 | %(c) | 25 | % | ||||||||||||||||
| (4.21 | ) | 35.77 | (5.84 | ) | 5,290 | 1.45 | 1.76 | 0.23 | 77 | |||||||||||||||||||||||
| — | (d) | 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 | ||||||||||||||||||||||
| $ | (3.60 | ) | $ | 36.46 | 14.98 | % | $ | 2,123 | 2.19 | %(c) | 2.38 | %(c) | 0.09 | %(c) | 25 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||
| $ | (3.66 | ) | $ | 37.48 | 15.43 | % | $ | 3,828 | 1.45 | %(c) | 1.61 | %(c) | 1.05 | %(c) | 25 | % | ||||||||||||||||
| (4.73 | ) | 36.15 | (5.83 | ) | 1,453 | 1.45 | 1.71 | 0.41 | 77 | |||||||||||||||||||||||
| — | (d) | 43.24 | 32.65 | 339 | 1.45 | 1.73 | 0.13 | 92 | ||||||||||||||||||||||||
| — | (d) | 32.60 | 15.07 | 112 | 1.56 | 5.66 | 0.77 | 117 | ||||||||||||||||||||||||
| (0.58 | ) | 28.33 | (8.08 | ) | 1,440 | 1.61 | 2.83 | 0.22 | 66 | |||||||||||||||||||||||
| — | 31.37 | 10.85 | 38 | 1.66 | (c) | 1.83 | (c) | 0.22 | (c) | 57 | ||||||||||||||||||||||
| $ | (3.64 | ) | $ | 36.48 | 15.28 | % | $ | 107 | 1.70 | %(c) | 1.96 | %(c) | 0.37 | %(c) | 25 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||
| $ | (3.67 | ) | $ | 36.92 | 15.52 | % | $ | 41,478 | 1.28 | %(c) | 1.36 | %(c) | 0.78 | %(c) | 25 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (3.66 | ) | $ | 38.13 | 15.56 | % | $ | 63,203 | 1.21 | %(c) | 1.38 | %(c) | 0.77 | %(c) | 25 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| (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. |
| (d) | Less than $(0.01) per share. |
| See accompanying Notes to Financial Statements | | May 31, 2015 | | Semiannual Report | 263 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
| Net
Asset |
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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 14.88 | $ | (0.10 | ) | $ | 1.70 | $ | 1.60 | $ | — | $ | (1.26 | ) | ||||||||||
| 11/30/2014 |
16.06 | (0.21 | ) | — | (d) | (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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 14.92 | $ | (0.09 | ) | $ | 1.70 | $ | 1.61 | $ | — | $ | (1.26 | ) | ||||||||||
| 11/30/2014 |
16.08 | (0.19 | ) | — | (d) | (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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 14.99 | $ | (0.10 | ) | $ | 1.71 | $ | 1.61 | $ | — | $ | (1.26 | ) | ||||||||||
| 11/30/2014 |
16.15 | (0.19 | ) | — | (d) | (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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 14.91 | $ | 0.02 | $ | (0.32 | ) | $ | (0.30 | ) | $ | (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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 14.74 | $ | (0.04 | ) | $ | (0.32 | ) | $ | (0.36 | ) | $ | (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 D | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 14.94 | $ | 0.02 | $ | (0.32 | ) | $ | (0.30 | ) | $ | (0.14 | ) | $ | — | |||||||||
| 11/30/2014 |
15.34 | 0.14 | (0.25 | ) | (0.11 | ) | (0.21 | ) | (0.08 | ) | ||||||||||||||
| 12/17/2012* - 11/30/2013 |
15.00 | 0.14 | 0.20 | 0.34 | — | — | ||||||||||||||||||
| Class P | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 14.96 | $ | 0.03 | $ | (0.32 | ) | $ | (0.29 | ) | $ | (0.17 | ) | $ | — | |||||||||
| 11/30/2014 |
15.36 | 0.18 | (0.27 | ) | (0.09 | ) | (0.23 | ) | (0.08 | ) | ||||||||||||||
| 12/17/2012* - 11/30/2013 |
15.00 | 0.16 | 0.20 | 0.36 | — | — | ||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 14.97 | $ | 0.03 | $ | (0.32 | ) | $ | (0.29 | ) | $ | (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 |
| * | Commencement of operations. |
| (a) | Calculated on average shares outstanding during the period. |
| 264 | Semiannual Report | | May 31, 2015 | | 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 |
|||||||||||||||||||||||||
| $ | (1.26 | ) | $ | 15.22 | 11.81 | % | $ | 6,916 | 1.62 | %(c) | 2.02 | %(c) | (1.39 | )%(c) | 30 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||
| $ | (1.26 | ) | $ | 15.27 | 11.85 | % | $ | 1,784 | 1.49 | %(c) | 1.79 | %(c) | (1.25 | )%(c) | 30 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||
| $ | (1.26 | ) | $ | 15.34 | 11.79 | % | $ | 34,396 | 1.54 | %(c) | 1.80 | %(c) | (1.31 | )%(c) | 30 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (0.18 | ) | $ | 14.43 | (2.00 | )% | $ | 145 | 0.85 | %(c)(e) | 4.66 | %(c)(e) | 0.24 | %(c)(e) | 23 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||
| $ | (0.08 | ) | $ | 14.30 | (2.43 | )% | $ | 109 | 1.60 | %(c)(e) | 5.36 | %(c)(e) | (0.54 | )%(c)(e) | 23 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||
| $ | (0.14 | ) | $ | 14.50 | (2.01 | )% | $ | 24 | 0.85 | %(c)(e) | 50.28 | %(c)(e) | 0.23 | %(c)(e) | 23 | % | ||||||||||||||||
| (0.29 | ) | 14.94 | (0.79 | ) | 23 | 0.85 | (e) | 60.76 | (e) | 0.88 | (e) | 41 | ||||||||||||||||||||
| — | 15.34 | 2.27 | 10 | 0.86 | (c)(e) | 19.52 | (c)(e) | 0.96 | (c)(e) | 46 | ||||||||||||||||||||||
| $ | (0.17 | ) | $ | 14.50 | (1.96 | )% | $ | 10 | 0.70 | %(c)(e) | 4.34 | %(c)(e) | 0.38 | %(c)(e) | 23 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||
| $ | (0.19 | ) | $ | 14.49 | (1.96 | )% | $ | 5,014 | 0.60 | %(c)(e) | 4.31 | %(c)(e) | 0.46 | %(c)(e) | 23 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||
| (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. |
| (d) | Less than $0.01 per share. |
| (e) | Does not include expenses of the investment companies in which the Fund invests. |
| See accompanying Notes to Financial Statements | | May 31, 2015 | | 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 (a) |
Net Realized and Change in Unrealized Gain |
Total from Investment Operations |
Dividends from Net Investment Income |
Distributions from Net Realized Capital Gains |
|||||||||||||||||||
| AllianzGI NFJ Emerging Markets Value: | ||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 15.45 | $ | 0.21 | $ | 0.25 | $ | 0.46 | $ | (0.37 | ) | $ | (0.25 | ) | ||||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 15.40 | $ | 0.14 | $ | 0.27 | $ | 0.41 | $ | (0.31 | ) | $ | (0.25 | ) | ||||||||||
| 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 D | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 15.55 | $ | 0.21 | $ | 0.27 | $ | 0.48 | $ | (0.37 | ) | $ | (0.25 | ) | ||||||||||
| 11/30/2014 |
15.45 | 0.42 | 0.03 | 0.45 | (0.35 | ) | — | |||||||||||||||||
| 12/18/2012* - 11/30/2013 |
15.00 | 0.25 | 0.36 | 0.61 | (0.16 | ) | — | |||||||||||||||||
| Class P | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 15.56 | $ | 0.21 | $ | 0.27 | $ | 0.48 | $ | (0.38 | ) | $ | (0.25 | ) | ||||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 15.57 | $ | 0.21 | $ | 0.28 | $ | 0.49 | $ | (0.39 | ) | $ | (0.25 | ) | ||||||||||
| 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 |
| * | 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. |
| 266 | Semiannual Report | | May 31, 2015 | | 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 |
|||||||||||||||||||||||||
| $ | (0.62 | ) | $ | 15.29 | 3.37 | % | $ | 155 | 1.55 | %(c) | 5.05 | %(c) | 2.88 | %(c) | 53 | % | ||||||||||||||||
| (0.42 | ) | 15.45 | 2.94 | 110 | 1.55 | 4.86 | 2.33 | 85 | ||||||||||||||||||||||||
| (0.20 | ) | 15.42 | 4.14 | 19 | 1.55 | (c) | 17.07 | (c) | 2.41 | (c) | 67 | |||||||||||||||||||||
| $ | (0.56 | ) | $ | 15.25 | 3.02 | % | $ | 74 | 2.30 | %(c) | 5.79 | %(c) | 1.85 | %(c) | 53 | % | ||||||||||||||||
| (0.28 | ) | 15.40 | 2.19 | 73 | 2.30 | 5.60 | 1.82 | 85 | ||||||||||||||||||||||||
| (0.15 | ) | 15.35 | 3.40 | 25 | 2.30 | (c) | 19.41 | (c) | 1.00 | (c) | 67 | |||||||||||||||||||||
| $ | (0.62 | ) | $ | 15.41 | 3.45 | % | $ | 1,549 | 1.55 | %(c) | 5.78 | %(c) | 2.81 | %(c) | 53 | % | ||||||||||||||||
| (0.35 | ) | 15.55 | 2.95 | 1,492 | 1.55 | 5.76 | 2.68 | 85 | ||||||||||||||||||||||||
| (0.16 | ) | 15.45 | 4.10 | 1,086 | 1.55 | (c) | 8.48 | (c) | 1.75 | (c) | 67 | |||||||||||||||||||||
| $ | (0.63 | ) | $ | 15.41 | 3.47 | % | $ | 11 | 1.39 | %(c) | 4.80 | %(c) | 2.84 | %(c) | 53 | % | ||||||||||||||||
| (0.37 | ) | 15.56 | 3.13 | 11 | 1.39 | 4.64 | 2.77 | 85 | ||||||||||||||||||||||||
| (0.18 | ) | 15.45 | 4.25 | 11 | 1.41 | (c) | 7.72 | (c) | 2.49 | (c) | 67 | |||||||||||||||||||||
| $ | (0.64 | ) | $ | 15.42 | 3.53 | % | $ | 7,677 | 1.30 | %(c) | 4.82 | %(c) | 2.90 | %(c) | 53 | % | ||||||||||||||||
| (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 | (c) | 7.78 | (c) | 2.70 | (c) | 67 | |||||||||||||||||||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | 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 (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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.40 | $ | 0.28 | $ | (0.32 | ) | $ | (0.04 | ) | $ | (0.37 | ) | $ | (0.82 | ) | ||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.13 | $ | 0.20 | $ | (0.33 | ) | $ | (0.13 | ) | $ | (0.29 | ) | $ | (0.82 | ) | ||||||||
| 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 D | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.61 | $ | 0.26 | $ | (0.31 | ) | $ | (0.05 | ) | $ | (0.37 | ) | $ | (0.82 | ) | ||||||||
| 11/30/2014 |
22.30 | 0.55 | 0.36 | 0.91 | (0.56 | ) | (1.04 | ) | ||||||||||||||||
| 11/30/2013 |
18.44 | 0.52 | 3.80 | 4.32 | (0.42 | ) | (0.04 | ) | ||||||||||||||||
| 11/30/2012 |
17.38 | 0.60 | 1.05 | 1.65 | (0.25 | ) | (0.34 | ) | ||||||||||||||||
| 11/30/2011 |
17.86 | 0.61 | (0.23 | ) | 0.38 | (0.58 | ) | (0.28 | ) | |||||||||||||||
| 11/30/2010 |
18.17 | 0.43 | 0.37 | 0.80 | (0.76 | ) | (0.35 | ) | ||||||||||||||||
| Class P | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.53 | $ | 0.29 | $ | (0.32 | ) | $ | (0.03 | ) | $ | (0.38 | ) | $ | (0.82 | ) | ||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.30 | $ | 0.27 | $ | (0.29 | ) | $ | (0.02 | ) | $ | (0.35 | ) | $ | (0.82 | ) | ||||||||
| 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 |
| (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. |
| 268 | Semiannual Report | | May 31, 2015 | | 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 |
|||||||||||||||||||||||||
| $ | (1.19 | ) | $ | 20.17 | (0.05 | )% | $ | 12,646 | 1.20 | %(c) | 1.65 | %(c) | 2.79 | %(c) | 22 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (1.11 | ) | $ | 19.89 | (0.48 | )% | $ | 6,350 | 1.99 | %(c) | 2.43 | %(c) | 2.02 | %(c) | 22 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (1.19 | ) | $ | 20.37 | (0.09 | )% | $ | 2,484 | 1.26 | %(c) | 1.63 | %(c) | 2.56 | %(c) | 22 | % | ||||||||||||||||
| (1.60 | ) | 21.61 | 4.25 | 3,896 | 1.28 | 1.47 | 2.55 | 49 | ||||||||||||||||||||||||
| (0.46 | ) | 22.30 | 23.72 | 753 | 1.31 | 1.55 | 2.53 | 43 | ||||||||||||||||||||||||
| (0.59 | ) | 18.44 | 9.83 | 480 | 1.38 | 3.04 | 3.31 | 41 | ||||||||||||||||||||||||
| (0.86 | ) | 17.38 | 1.91 | 558 | 1.50 | 3.74 | 3.27 | 66 | ||||||||||||||||||||||||
| (1.11 | ) | 17.86 | 4.68 | 203 | 1.50 | 4.53 | 2.44 | 40 | ||||||||||||||||||||||||
| $ | (1.20 | ) | $ | 20.30 | 0.02 | % | $ | 1,851 | 1.04 | %(c) | 1.47 | %(c) | 2.91 | %(c) | 22 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||||
| $ | (1.17 | ) | $ | 20.11 | 0.05 | % | $ | 17,453 | 0.95 | %(c) | 1.32 | %(c) | 2.72 | %(c) | 22 | % | ||||||||||||||||
| (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 | | May 31, 2015 | | 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 |
Total from Investment Operations |
Dividends from Net |
Distributions from Net Realized Capital Gains |
|||||||||||||||||||
| AllianzGI NFJ International Small-Cap Value: | ||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.37 | $ | 0.24 | $ | 1.64 | $ | 1.88 | $ | (0.57 | ) | $ | (1.69 | ) | ||||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.11 | $ | 0.16 | $ | 1.62 | $ | 1.78 | $ | (0.48 | ) | $ | (1.69 | ) | ||||||||||
| 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 D | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.44 | $ | 0.24 | $ | 1.64 | $ | 1.88 | $ | (0.62 | ) | $ | (1.69 | ) | ||||||||||
| 11/30/2014 |
21.04 | 0.38 | 0.63 | 1.01 | (0.17 | ) | (0.44 | ) | ||||||||||||||||
| 11/30/2013 |
17.11 | 0.42 | 3.95 | 4.37 | (0.35 | ) | (0.09 | ) | ||||||||||||||||
| 6/1/2012* - 11/30/2012 |
15.00 | 0.13 | 1.98 | 2.11 | — | — | ||||||||||||||||||
| Class P | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.70 | $ | 0.27 | $ | 1.64 | $ | 1.91 | $ | (0.70 | ) | $ | (1.69 | ) | ||||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 21.59 | $ | 0.28 | $ | 1.66 | $ | 1.94 | $ | (0.52 | ) | $ | (1.69 | ) | ||||||||||
| 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 | — | — | ||||||||||||||||||
| + | Unaudited |
| * | 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. |
| 270 | Semiannual Report | | May 31, 2015 | | 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 |
|||||||||||||||||||||||||
| $ | (2.26 | ) | $ | 20.99 | 10.07 | % | $ | 3,132 | 1.46 | %(c) | 2.98 | %(c) | 2.43 | %(c) | 56 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||
| $ | (2.17 | ) | $ | 20.72 | 9.61 | % | $ | 1,517 | 2.21 | %(c) | 3.74 | %(c) | 1.66 | %(c) | 56 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||
| $ | (2.31 | ) | $ | 21.01 | 10.07 | % | $ | 1,631 | 1.46 | %(c) | 3.72 | %(c) | 2.39 | %(c) | 56 | % | ||||||||||||||||
| (0.61 | ) | 21.44 | 4.98 | 1,388 | 1.45 | 3.47 | 1.74 | 76 | ||||||||||||||||||||||||
| (0.44 | ) | 21.04 | 26.03 | 951 | 1.45 | 6.56 | 2.17 | 50 | ||||||||||||||||||||||||
| — | 17.11 | 14.07 | 84 | 1.45 | (c) | 7.85 | (c) | 1.59 | (c) | 19 | ||||||||||||||||||||||
| $ | (2.39 | ) | $ | 21.22 | 10.14 | % | $ | 54 | 1.31 | %(c) | 2.80 | %(c) | 2.74 | %(c) | 56 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||
| $ | (2.21 | ) | $ | 21.32 | 10.24 | % | $ | 13,178 | 1.21 | %(c) | 2.70 | %(c) | 2.76 | %(c) | 56 | % | ||||||||||||||||
| (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 | ||||||||||||||||||||||
| See accompanying Notes to Financial Statements | | May 31, 2015 | | 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 International Value II: | ||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 17.99 | $ | 0.23 | $ | 0.67 | $ | 0.90 | $ | (0.13 | ) | $ | (0.05 | ) | ||||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 17.82 | $ | 0.16 | $ | 0.67 | $ | 0.83 | $ | (0.07 | ) | $ | (0.05 | ) | ||||||||||
| 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 D | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 18.01 | $ | 0.22 | $ | 0.69 | $ | 0.91 | $ | (0.13 | ) | $ | (0.05 | ) | ||||||||||
| 11/30/2014 |
19.20 | 0.51 | (0.49 | ) | 0.02 | (0.56 | ) | (0.65 | ) | |||||||||||||||
| 11/30/2013 |
16.36 | 0.33 | 2.73 | 3.06 | (0.20 | ) | (0.02 | ) | ||||||||||||||||
| 12/1/2011* - 11/30/2012 |
15.00 | 0.34 | 1.28 | 1.62 | (0.26 | ) | — | |||||||||||||||||
| Class P | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 17.99 | $ | 0.27 | $ | 0.66 | $ | 0.93 | $ | (0.16 | ) | $ | (0.05 | ) | ||||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 18.03 | $ | 0.25 | $ | 0.68 | $ | 0.93 | $ | (0.16 | ) | $ | (0.05 | ) | ||||||||||
| 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 |
| * | 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. |
| 272 | Semiannual Report | | May 31, 2015 | | 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 |
|||||||||||||||||||||||||
| $ | (0.18 | ) | $ | 18.71 | 5.04 | % | $ | 214 | 1.20 | %(c) | 1.68 | %(c) | 2.58 | %(c) | 31 | % | ||||||||||||||||
| (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 | |||||||||||||||||||||
| $ | (0.12 | ) | $ | 18.53 | 4.67 | % | $ | 173 | 1.95 | %(c) | 2.40 | %(c) | 1.81 | %(c) | 31 | % | ||||||||||||||||
| (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 | |||||||||||||||||||||
| $ | (0.18 | ) | $ | 18.74 | 5.10 | % | $ | 14 | 1.20 | %(c) | 1.62 | %(c) | 2.41 | %(c) | 31 | % | ||||||||||||||||
| (1.21 | ) | 18.01 | 0.20 | 14 | 1.20 | 2.45 | 2.72 | 34 | ||||||||||||||||||||||||
| (0.22 | ) | 19.20 | 18.93 | 13 | 1.23 | 7.04 | 1.87 | 20 | ||||||||||||||||||||||||
| (0.26 | ) | 16.36 | 10.97 | 11 | 1.30 | (c) | 10.07 | (c) | 2.20 | (c) | 22 | |||||||||||||||||||||
| $ | (0.21 | ) | $ | 18.71 | 5.21 | % | $ | 587 | 1.00 | %(c) | 1.46 | %(c) | 2.98 | %(c) | 31 | % | ||||||||||||||||
| (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 | |||||||||||||||||||||
| $ | (0.21 | ) | $ | 18.75 | 5.21 | % | $ | 49,250 | 0.95 | %(c) | 1.39 | %(c) | 2.80 | %(c) | 31 | % | ||||||||||||||||
| (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 | | May 31, 2015 | | 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 Short Duration High Income: | ||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 15.59 | $ | 0.35 | $ | 0.14 | $ | 0.49 | $ | (0.42 | ) | $ | — | |||||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 15.56 | $ | 0.33 | $ | 0.14 | $ | 0.47 | $ | (0.40 | ) | $ | — | |||||||||||
| 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 D | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 15.59 | $ | 0.35 | $ | 0.14 | $ | 0.49 | $ | (0.42 | ) | $ | — | |||||||||||
| 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 | 0.65 | 0.67 | 1.32 | (0.67 | ) | — | |||||||||||||||||
| 10/3/2011* - 11/30/2011 |
15.00 | 0.12 | 0.25 | 0.37 | (0.05 | ) | — | |||||||||||||||||
| Class P | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 15.58 | $ | 0.36 | $ | 0.14 | $ | 0.50 | $ | (0.43 | ) | $ | — | |||||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 15.60 | $ | 0.37 | $ | 0.14 | $ | 0.51 | $ | (0.44 | ) | $ | — | |||||||||||
| 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 |
| * | 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. |
| 274 | Semiannual Report | | May 31, 2015 | | 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 |
|||||||||||||||||||||||||
| $ | (0.42 | ) | $ | 15.66 | 3.20 | % | $ | 157,390 | 0.85 | %(c) | 0.87 | %(c) | 4.49 | %(c) | 49 | % | ||||||||||||||||
| (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 | |||||||||||||||||||||
| $ | (0.40 | ) | $ | 15.63 | 3.09 | % | $ | 90,785 | 1.11 | %(c) | 1.11 | %(c) | 4.24 | %(c) | 49 | % | ||||||||||||||||
| (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 | |||||||||||||||||||||
| $ | (0.42 | ) | $ | 15.66 | 3.18 | % | $ | 30,101 | 0.85 | %(c) | 0.97 | %(c) | 4.48 | %(c) | 49 | % | ||||||||||||||||
| (0.74 | ) | 15.59 | 2.62 | 35,821 | 0.85 | 0.97 | 4.05 | 94 | ||||||||||||||||||||||||
| (0.77 | ) | 15.92 | 4.61 | 18,902 | 0.85 | 1.08 | 3.99 | 63 | ||||||||||||||||||||||||
| (0.67 | ) | 15.97 | 8.78 | 10,018 | 0.90 | 1.18 | 4.16 | 51 | ||||||||||||||||||||||||
| (0.05 | ) | 15.32 | 2.50 | 65 | 0.95 | (c) | 2.88 | (c) | 4.95 | (c) | 10 | |||||||||||||||||||||
| $ | (0.43 | ) | $ | 15.65 | 3.30 | % | $ | 240,006 | 0.66 | %(c) | 0.66 | %(c) | 4.67 | %(c) | 49 | % | ||||||||||||||||
| (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 | |||||||||||||||||||||
| $ | (0.44 | ) | $ | 15.67 | 3.35 | % | $ | 311,829 | 0.60 | %(c) | 0.60 | %(c) | 4.74 | %(c) | 49 | % | ||||||||||||||||
| (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 | | May 31, 2015 | | 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 (Loss) (a) |
Net Realized and Change in Unrealized Gain |
Total from Investment Operations |
Dividends from Net Investment Income |
Distributions from Net Realized Capital Gains |
|||||||||||||||||||
| AllianzGI Structured Return: | ||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 15.64 | $ | 0.05 | $ | 0.52 | $ | 0.57 | $ | — | (c) | $ | (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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 15.39 | $ | (0.08 | ) | $ | 0.59 | $ | 0.51 | $ | — | (c) | $ | (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 D | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 15.66 | $ | 0.05 | $ | 0.52 | $ | 0.57 | $ | (0.11 | ) | $ | (0.61 | ) | ||||||||||
| 11/30/2014 |
15.89 | (0.11 | ) | 0.64 | 0.53 | — | (0.76 | ) | ||||||||||||||||
| 12/3/2012* - 11/30/2013 |
15.00 | (0.28 | ) | 1.17 | 0.89 | — | — | |||||||||||||||||
| Class P | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 15.69 | $ | 0.05 | $ | 0.53 | $ | 0.58 | $ | — | (c) | $ | (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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 15.72 | $ | 0.08 | $ | 0.50 | $ | 0.58 | $ | (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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 17.74 | $ | 0.05 | $ | 0.02 | $ | 0.07 | $ | (0.02 | ) | $ | (0.66 | ) | ||||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 17.45 | $ | (0.01 | ) | $ | 0.01 | $ | — | $ | — | (c) | $ | (0.66 | ) | |||||||||
| 11/30/2014 |
17.14 | (0.01 | ) | 1.44 | 1.43 | (0.18 | ) | (0.94 | ) | |||||||||||||||
| 12/3/2012* - 11/30/2013 |
15.00 | — | (c) | 2.14 | 2.14 | — | — | |||||||||||||||||
| Class D | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 17.83 | $ | 0.06 | $ | — | $ | 0.06 | $ | (0.16 | ) | $ | (0.66 | ) | ||||||||||
| 11/30/2014 |
17.26 | 0.12 | 1.47 | 1.59 | (0.08 | ) | (0.94 | ) | ||||||||||||||||
| 12/3/2012* - 11/30/2013 |
15.00 | 0.12 | 2.14 | 2.26 | — | — | ||||||||||||||||||
| Class P | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 17.90 | $ | 0.07 | $ | 0.01 | $ | 0.08 | $ | (0.05 | ) | $ | (0.66 | ) | ||||||||||
| 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 | ||||||||||||||||||||||||
| 5/31/2015+ |
$ | 17.89 | $ | 0.07 | $ | 0.02 | $ | 0.09 | $ | (0.12 | ) | $ | (0.66 | ) | ||||||||||
| 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 |
| * | 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. |
| 276 | Semiannual Report | | May 31, 2015 | | 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 |
|||||||||||||||||||||||||
| $ | (0.61 | ) | $ | 15.60 | 3.79 | % | $ | 4,077 | 1.15 | %(d) | 1.95 | %(d) | 0.59 | %(d) | 1 | % | ||||||||||||||||
| (0.76 | ) | 15.64 | 3.52 | 2,551 | 1.52 | 4.22 | (0.75 | ) | 229 | |||||||||||||||||||||||
| — | 15.87 | 5.80 | 517 | 1.90 | (d) | 7.34 | (d) | (1.86 | )(d) | — | ||||||||||||||||||||||
| $ | (0.61 | ) | $ | 15.29 | 3.46 | % | $ | 1,367 | 1.90 | %(d) | 2.60 | %(d) | (1.09 | )%(d) | 1 | % | ||||||||||||||||
| (0.76 | ) | 15.39 | 2.82 | 138 | 2.31 | 4.74 | (1.64 | ) | 229 | |||||||||||||||||||||||
| — | 15.73 | 4.87 | 74 | 2.65 | (d) | 6.91 | (d) | (2.60 | )(d) | — | ||||||||||||||||||||||
| $ | (0.72 | ) | $ | 15.51 | 3.82 | % | $ | 8,244 | 1.15 | %(d) | 1.93 | %(d) | 0.65 | %(d) | 1 | % | ||||||||||||||||
| (0.76 | ) | 15.66 | 3.52 | 5,735 | 1.45 | 5.05 | (0.72 | ) | 229 | |||||||||||||||||||||||
| — | 15.89 | 5.93 | 1,416 | 1.90 | (d) | 6.29 | (d) | (1.85 | )(d) | — | ||||||||||||||||||||||
| $ | (0.61 | ) | $ | 15.66 | 3.85 | % | $ | 129 | 1.00 | %(d) | 1.59 | %(d) | 0.62 | %(d) | 1 | % | ||||||||||||||||
| (0.76 | ) | 15.69 | 3.72 | 37 | 1.50 | 3.73 | (1.00 | ) | 229 | |||||||||||||||||||||||
| — | 15.89 | 5.93 | 61 | 1.75 | (d) | 5.97 | (d) | (1.69 | )(d) | — | ||||||||||||||||||||||
| $ | (0.64 | ) | $ | 15.66 | 3.88 | % | $ | 17,870 | 0.90 | %(d) | 1.61 | %(d) | 0.99 | %(d) | 1 | % | ||||||||||||||||
| (0.76 | ) | 15.72 | 3.84 | 15,142 | 1.28 | 3.65 | (0.54 | ) | 229 | |||||||||||||||||||||||
| — | 15.90 | 6.00 | 7,978 | 1.65 | (d) | 5.64 | (d) | (1.60 | )(d) | — | ||||||||||||||||||||||
| $ | (0.68 | ) | $ | 17.13 | 0.46 | % | $ | 1,515 | 1.26 | %(d) | 2.55 | %(d) | 0.62 | %(d) | 94 | % | ||||||||||||||||
| (1.09 | ) | 17.74 | (e) | 9.57 | (e) | 1,491 | 1.25 | 3.70 | 0.70 | 5 | ||||||||||||||||||||||
| — | 17.26 | 15.07 | 1,416 | 1.25 | (d) | 9.81 | (d) | 0.74 | (d) | 6 | ||||||||||||||||||||||
| $ | (0.66 | ) | $ | 16.79 | 0.05 | % | $ | 282 | 2.01 | %(d) | 3.32 | %(d) | (0.18 | )%(d) | 94 | % | ||||||||||||||||
| (1.12 | ) | 17.45 | (e) | 8.78 | (e) | 180 | 2.00 | 4.48 | (0.05 | ) | 5 | |||||||||||||||||||||
| — | 17.14 | 14.27 | 122 | 2.00 | (d) | 11.10 | (d) | (0.01 | )(d) | 6 | ||||||||||||||||||||||
| $ | (0.82 | ) | $ | 17.07 | 0.41 | % | $ | 358 | 1.26 | %(d) | 3.49 | %(d) | 0.67 | %(d) | 94 | % | ||||||||||||||||
| (1.02 | ) | 17.83 | (e) | 9.59 | (e) | 1,191 | 1.25 | 8.43 | 0.72 | 5 | ||||||||||||||||||||||
| — | 17.26 | 15.07 | 265 | 1.25 | (d) | 9.77 | (d) | 0.76 | (d) | 6 | ||||||||||||||||||||||
| $ | (0.71 | ) | $ | 17.27 | 0.53 | % | $ | 13 | 1.11 | %(d) | 2.22 | %(d) | 0.78 | %(d) | 94 | % | ||||||||||||||||
| (1.01 | ) | 17.90 | (e) | 9.77 | (e) | 13 | 1.10 | 3.38 | 0.85 | 5 | ||||||||||||||||||||||
| — | 17.29 | 15.27 | 12 | 1.11 | (d) | 8.71 | (d) | 0.96 | (d) | 6 | ||||||||||||||||||||||
| $ | (0.78 | ) | $ | 17.20 | 0.57 | % | $ | 13,945 | 1.01 | %(d) | 2.25 | %(d) | 0.86 | %(d) | 94 | % | ||||||||||||||||
| (1.05 | ) | 17.89 | (e) | 9.87 | (e) | 12,678 | 1.00 | 3.04 | 1.00 | 5 | ||||||||||||||||||||||
| — | 17.31 | 15.40 | 5,395 | 1.00 | (d) | 8.82 | (d) | 1.05 | (d) | 6 | ||||||||||||||||||||||
| (d) | 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 | | May 31, 2015 | | 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 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 | ||||||||||||||||||||||
| 5/31/2015+ |
$ | 17.45 | $ | (0.06 | ) | $ | 1.10 | $ | 1.04 | $ | (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 | ||||||||||||||||||||||
| 5/31/2015+ |
$ | 16.90 | $ | (0.13 | ) | $ | 1.07 | $ | 0.94 | $ | (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 D | ||||||||||||||||||||||
| 5/31/2015+ |
$ | 17.47 | $ | (0.07 | ) | $ | 1.11 | $ | 1.04 | $ | (1.51 | ) | ||||||||||
| 11/30/2014 |
19.11 | (0.18 | ) | 0.35 | 0.17 | (1.81 | ) | |||||||||||||||
| 11/30/2013 |
13.25 | (0.11 | ) | 6.25 | 6.14 | (0.28 | ) | |||||||||||||||
| 11/30/2012 |
13.34 | (0.09 | ) | 0.99 | 0.90 | (0.99 | ) | |||||||||||||||
| 12/20/2010* - 11/30/2011 |
13.77 | (0.11 | ) | (0.32 | ) | (0.43 | ) | — | ||||||||||||||
| Class R | ||||||||||||||||||||||
| 5/31/2015+ |
$ | 17.29 | $ | (0.08 | ) | $ | 1.09 | $ | 1.01 | $ | (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 | ||||||||||||||||||||||
| 5/31/2015+ |
$ | 17.64 | $ | (0.05 | ) | $ | 1.11 | $ | 1.06 | $ | (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 | ||||||||||||||||||||||
| 5/31/2015+ |
$ | 17.71 | $ | (0.05 | ) | $ | 1.13 | $ | 1.08 | $ | (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 |
| * | Commencement of operations. |
| (a) | Calculated on average shares outstanding during the period. |
| 278 | Semiannual Report | | May 31, 2015 | | 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 |
||||||||||||||||||||||
| $ | 16.98 | 6.73 | % | $ | 3,561 | 1.40 | %(c) | 1.73 | %(c) | (0.78 | )%(c) | 43 | % | |||||||||||||||
| 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 | ||||||||||||||||||
| $ | 16.33 | 6.32 | % | $ | 671 | 2.20 | %(c) | 2.52 | %(c) | (1.59 | )%(c) | 43 | % | |||||||||||||||
| 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 | ||||||||||||||||||
| $ | 17.00 | 6.72 | % | $ | 122 | 1.42 | %(c) | 1.74 | %(c) | (0.80 | )%(c) | 43 | % | |||||||||||||||
| 17.47 | 1.31 | 117 | 1.42 | 1.92 | (1.01 | ) | 69 | |||||||||||||||||||||
| 19.11 | 47.32 | 68 | 1.44 | 2.00 | (0.71 | ) | 81 | |||||||||||||||||||||
| 13.25 | 7.67 | 57 | 1.49 | 2.36 | (0.65 | ) | 92 | |||||||||||||||||||||
| 13.34 | (3.12 | ) | 27 | 1.50 | (c) | 2.31 | (c) | (0.86 | )(c) | 111 | ||||||||||||||||||
| $ | 16.79 | 6.60 | % | $ | 26 | 1.65 | %(c) | 2.01 | %(c) | (1.03 | )%(c) | 43 | % | |||||||||||||||
| 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 | ||||||||||||||||||
| $ | 17.19 | 6.77 | % | $ | 331 | 1.25 | %(c) | 1.59 | %(c) | (0.63 | )%(c) | 43 | % | |||||||||||||||
| 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 | ||||||||||||||||||
| $ | 17.28 | 6.86 | % | $ | 40,735 | 1.16 | %(c) | 1.50 | %(c) | (0.54 | )%(c) | 43 | % | |||||||||||||||
| 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 | |||||||||||||||||||||
| (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. |
| See accompanying Notes to Financial Statements | | May 31, 2015 | | 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 Loss (a) |
Net Realized and Change in Unrealized Gain (Loss) |
Total from Investment Operations |
Distributions from Net Realized Capital Gains |
||||||||||||||||||
| AllianzGI Ultra Micro Cap: | ||||||||||||||||||||||
| Class A | ||||||||||||||||||||||
| 5/31/2015+ |
$ | 23.75 | $ | (0.21 | ) | $ | 2.15 | $ | 1.94 | $ | (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 | ||||||||||||||||||||||
| 5/31/2015+ |
$ | 23.86 | $ | (0.17 | ) | $ | 2.15 | $ | 1.98 | $ | (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 | ||||||||||||||||||||||
| 5/31/2015+ |
$ | 23.93 | $ | (0.20 | ) | $ | 2.16 | $ | 1.96 | $ | (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 |
| * | 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. |
| 280 | Semiannual Report | | May 31, 2015 | | 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 |
||||||||||||||||||||||
| $ | 25.48 | 8.24 | % | $ | 48,395 | 2.09 | %(c) | 2.09 | %(c) | (1.70 | )%(c) | 23 | % | |||||||||||||||
| 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 | |||||||||||||||||||
| $ | 25.63 | 8.38 | % | $ | 8,762 | 1.81 | %(c) | 1.81 | %(c) | (1.42 | )%(c) | 23 | % | |||||||||||||||
| 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 | ||||||||||||||||||
| $ | 25.68 | 8.27 | % | $ | 45,037 | 2.00 | %(c) | 2.00 | %(c) | (1.62 | )%(c) | 23 | % | |||||||||||||||
| 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 | | May 31, 2015 | | Semiannual Report | 281 |
Table of Contents
May 31, 2015 (Unaudited)
| 282 | May 31, 2015 | | Semiannual Report |
Table of Contents
| Semiannual Report | | May 31, 2015 | 283 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| 284 | May 31, 2015 | | Semiannual Report |
Table of Contents
| Semiannual Report | | May 31, 2015 | 285 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
interest rates, yield curves, option adjusted spreads and credit spreads. 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 May 31, 2015 in valuing each Fund’s assets and liabilities is listed below (refer to the Schedules of Investments and Notes 7(a), 7(b) and 7(c) 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 5/31/15 |
||||||||||||
| Mutual Funds |
$ | 21,508,415 | — | — | $ | 21,508,415 | ||||||||||
| Exchange-Traded Funds |
6,797,336 | — | — | 6,797,336 | ||||||||||||
| Repurchase Agreements |
— | $ | 165,000 | — | 165,000 | |||||||||||
| Totals |
$ | 28,305,751 | $ | 165,000 | — | $ | 28,470,751 | |||||||||
| AllianzGI Retirement 2020: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 5/31/15 |
||||||||||||
| Mutual Funds |
$ | 48,924,511 | — | — | $ | 48,924,511 | ||||||||||
| Exchange-Traded Funds |
14,621,388 | — | — | 14,621,388 | ||||||||||||
| Repurchase Agreements |
— | $ | 379,000 | — | 379,000 | |||||||||||
| Totals |
$ | 63,545,899 | $ | 379,000 | — | $ | 63,924,899 | |||||||||
| AllianzGI Retirement 2025: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 5/31/15 |
||||||||||||
| Mutual Funds |
$ | 54,356,760 | — | — | $ | 54,356,760 | ||||||||||
| Exchange-Traded Funds |
13,832,602 | — | — | 13,832,602 | ||||||||||||
| Repurchase Agreements |
— | $ | 805,000 | — | 805,000 | |||||||||||
| Totals |
$ | 68,189,362 | $ | 805,000 | — | $ | 68,994,362 | |||||||||
| AllianzGI Retirement 2030: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 5/31/15 |
||||||||||||
| Mutual Funds |
$ | 55,727,464 | — | — | $ | 55,727,464 | ||||||||||
| Exchange-Traded Funds |
10,833,903 | — | — | 10,833,903 | ||||||||||||
| Repurchase Agreements |
— | $ | 803,000 | — | 803,000 | |||||||||||
| Totals |
$ | 66,561,367 | $ | 803,000 | — | $ | 67,364,367 | |||||||||
| AllianzGI Retirement 2035: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 5/31/15 |
||||||||||||
| Mutual Funds |
$ | 47,717,035 | — | — | $ | 47,717,035 | ||||||||||
| Exchange-Traded Funds |
6,883,898 | — | — | 6,883,898 | ||||||||||||
| Repurchase Agreements |
— | $ | 592,000 | — | 592,000 | |||||||||||
| Totals |
$ | 54,600,933 | $ | 592,000 | — | $ | 55,192,933 | |||||||||
| 286 | May 31, 2015 | | Semiannual Report |
Table of Contents
| AllianzGI Retirement 2040: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 5/31/15 |
||||||||||||
| Mutual Funds |
$ | 40,234,076 | — | — | $ | 40,234,076 | ||||||||||
| Exchange-Traded Funds |
3,081,552 | — | — | 3,081,552 | ||||||||||||
| Repurchase Agreements |
— | $ | 463,000 | — | 463,000 | |||||||||||
| Totals |
$ | 43,315,628 | $ | 463,000 | — | $ | 43,778,628 | |||||||||
| AllianzGI Retirement 2045: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 5/31/15 |
||||||||||||
| Mutual Funds |
$ | 22,482,132 | — | — | $ | 22,482,132 | ||||||||||
| Exchange-Traded Funds |
1,596,971 | — | — | 1,596,971 | ||||||||||||
| Repurchase Agreements |
— | $ | 270,000 | — | 270,000 | |||||||||||
| Totals |
$ | 24,079,103 | $ | 270,000 | — | $ | 24,349,103 | |||||||||
| AllianzGI Retirement 2050: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 5/31/15 |
||||||||||||
| Mutual Funds |
$ | 19,280,333 | — | — | $ | 19,280,333 | ||||||||||
| Exchange-Traded Funds |
1,239,045 | — | — | 1,239,045 | ||||||||||||
| Repurchase Agreements |
— | $ | 269,000 | — | 269,000 | |||||||||||
| Totals |
$ | 20,519,378 | $ | 269,000 | — | $ | 20,788,378 | |||||||||
| AllianzGI Retirement 2055: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 5/31/15 |
||||||||||||
| Mutual Funds |
$ | 7,915,328 | — | — | $ | 7,915,328 | ||||||||||
| Exchange-Traded Funds |
457,062 | — | — | 457,062 | ||||||||||||
| Repurchase Agreements |
— | $ | 102,000 | — | 102,000 | |||||||||||
| Totals |
$ | 8,372,390 | $ | 102,000 | — | $ | 8,474,390 | |||||||||
| AllianzGI Retirement Income: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 5/31/15 |
||||||||||||
| Mutual Funds |
$ | 18,825,598 | — | — | $ | 18,825,598 | ||||||||||
| Exchange-Traded Funds |
5,944,484 | — | — | 5,944,484 | ||||||||||||
| Repurchase Agreements |
— | $ | 213,000 | — | 213,000 | |||||||||||
| Totals |
$ | 24,770,082 | $ | 213,000 | — | $ | 24,983,082 | |||||||||
| AllianzGI Global Allocation: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 5/31/15 |
||||||||||||
| Mutual Funds |
$ | 160,602,311 | — | — | $ | 160,602,311 | ||||||||||
| Exchange-Traded Funds |
29,773,887 | — | — | 29,773,887 | ||||||||||||
| Repurchase Agreements |
— | $ | 10,601,000 | — | 10,601,000 | |||||||||||
| 190,376,198 | 10,601,000 | — | 200,977,198 | |||||||||||||
| Semiannual Report | | May 31, 2015 | 287 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI Global Allocation (cont’d) | ||||||||||||||||
| Other Financial Instruments* – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 5/31/15 |
||||||||||||
| Foreign Exchange Contracts |
— | $ | 87,200 | — | $ | 87,200 | ||||||||||
| Interest Rate Contracts |
$ | 202,225 | — | — | 202,225 | |||||||||||
| Market Price |
348,654 | — | — | 348,654 | ||||||||||||
| 550,879 | 87,200 | — | 638,079 | |||||||||||||
| Other Financial Instruments* – Liabilities |
||||||||||||||||
| Foreign Exchange Contracts |
(24,140 | ) | (38,103 | ) | — | (62,243 | ) | |||||||||
| Market Price |
(173,798 | ) | — | — | (173,798 | ) | ||||||||||
| (197,938 | ) | (38,103 | ) | — | (236,041 | ) | ||||||||||
| Totals |
$ | 190,729,139 | $ | 10,650,097 | — | $ | 201,379,236 | |||||||||
| AllianzGI Global Dynamic Allocation: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 5/31/15 |
||||||||||||
| Mutual Funds |
$ | 5,476,543 | — | — | $ | 5,476,543 | ||||||||||
| Exchange-Traded Funds |
670,011 | — | — | 670,011 | ||||||||||||
| U.S. Treasury Obligations |
— | $ | 442,900 | — | 442,900 | |||||||||||
| U.S. Government Agency Securities |
— | 39,385 | — | 39,385 | ||||||||||||
| Short-Term Investments |
— | 1,135,405 | — | 1,135,405 | ||||||||||||
| 6,146,554 | 1,617,690 | — | 7,764,244 | |||||||||||||
| Other Financial Instruments* – Assets |
||||||||||||||||
| Interest Rate Contracts |
1,095 | — | — | 1,095 | ||||||||||||
| Market Price |
38,663 | — | — | 38,663 | ||||||||||||
| 39,758 | — | — | 39,758 | |||||||||||||
| Other Financial Instruments* – Liabilities |
||||||||||||||||
| Foreign Exchange Contracts |
— | (1,721 | ) | — | (1,721 | ) | ||||||||||
| Market Price |
(3,183 | ) | — | — | (3,183 | ) | ||||||||||
| (3,183 | ) | (1,721 | ) | — | (4,904 | ) | ||||||||||
| Totals |
$ | 6,183,129 | $ | 1,615,969 | — | $ | 7,799,098 | |||||||||
| AllianzGI Global Megatrends: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 5/31/15 |
||||||||||||
| Mutual Funds |
$ | 3,213,015 | — | — | $ | 3,213,015 | ||||||||||
| AllianzGI Behavioral Advantage Large Cap: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 5/31/15 |
||||||||||||
| Common Stock |
$ | 43,969,575 | — | — | $ | 43,969,575 | ||||||||||
| Repurchase Agreements |
— | $ | 280,000 | — | 280,000 | |||||||||||
| Totals |
$ | 43,969,575 | $ | 280,000 | — | $ | 44,249,575 | |||||||||
| 288 | May 31, 2015 | | Semiannual Report |
Table of Contents
| 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 5/31/15 |
||||||||||||
| Common Stock: |
||||||||||||||||
| China |
$ | 16,214 | $ | 1,336,826 | — | $ | 1,353,040 | |||||||||
| Hong Kong |
42,143 | 134,449 | $ | 35,738 | 212,330 | |||||||||||
| Indonesia |
— | 166,890 | — | 166,890 | ||||||||||||
| Israel |
— | 3,174 | — | 3,174 | ||||||||||||
| Korea (Republic of) |
109,348 | 706,257 | — | 815,605 | ||||||||||||
| Malaysia |
— | 143,953 | 207 | 144,160 | ||||||||||||
| Philippines |
— | 81,794 | — | 81,794 | ||||||||||||
| Poland |
— | 54,615 | — | 54,615 | ||||||||||||
| Russian Federation |
119,422 | 20,420 | — | 139,842 | ||||||||||||
| Singapore |
— | 135,799 | — | 135,799 | ||||||||||||
| South Africa |
97,568 | 417,121 | — | 514,689 | ||||||||||||
| Taiwan |
136,416 | 417,485 | — | 553,901 | ||||||||||||
| Thailand |
— | 9,252 | 59,244 | 68,496 | ||||||||||||
| Turkey |
— | 162,317 | — | 162,317 | ||||||||||||
| United Arab Emirates |
— | 10,453 | — | 10,453 | ||||||||||||
| All Other |
673,020 | — | — | 673,020 | ||||||||||||
| Preferred Stock: |
||||||||||||||||
| Korea (Republic of) |
— | 35,916 | — | 35,916 | ||||||||||||
| All Other |
260,106 | — | — | 260,106 | ||||||||||||
| Repurchase Agreements |
— | 283,000 | — | 283,000 | ||||||||||||
| Totals |
$ | 1,454,237 | $ | 4,119,721 | $ | 95,189 | $ | 5,669,147 | ||||||||
| 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 5/31/15 |
||||||||||||
| Common Stock: |
||||||||||||||||
| Australia |
— | $ | 996,172 | — | $ | 996,172 | ||||||||||
| Austria |
— | 393,414 | — | 393,414 | ||||||||||||
| Belgium |
— | 293,037 | — | 293,037 | ||||||||||||
| Canada |
$ | 4,261,194 | 59,979 | — | 4,321,173 | |||||||||||
| China |
201,552 | 3,469,102 | $ | 1,199 | 3,671,853 | |||||||||||
| Denmark |
— | 725,507 | — | 725,507 | ||||||||||||
| Finland |
— | 525,488 | — | 525,488 | ||||||||||||
| France |
138,392 | 3,157,333 | — | 3,295,725 | ||||||||||||
| Germany |
— | 2,979,824 | — | 2,979,824 | ||||||||||||
| Hong Kong |
46,275 | 511,778 | 12,149 | 570,202 | ||||||||||||
| Indonesia |
— | 494,635 | — | 494,635 | ||||||||||||
| Ireland |
604,912 | 511,392 | — | 1,116,304 | ||||||||||||
| Israel |
— | 180,591 | — | 180,591 | ||||||||||||
| Italy |
61,640 | 1,104,184 | — | 1,165,824 | ||||||||||||
| Japan |
— | 11,384,182 | — | 11,384,182 | ||||||||||||
| Korea (Republic of) |
802,160 | 1,015,867 | — | 1,818,027 | ||||||||||||
| Malaysia |
— | 218,455 | — | 218,455 | ||||||||||||
| Netherlands |
303,044 | 986,623 | — | 1,289,667 | ||||||||||||
| New Zealand |
— | 188,679 | — | 188,679 | ||||||||||||
| Norway |
— | 1,572,305 | — | 1,572,305 | ||||||||||||
| Semiannual Report | | May 31, 2015 | 289 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| 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 5/31/15 |
||||||||||||
| Philippines |
— | $ | 96,993 | — | $ | 96,993 | ||||||||||
| Poland |
— | 106,211 | — | 106,211 | ||||||||||||
| Singapore |
— | 771,881 | — | 771,881 | ||||||||||||
| South Africa |
$ | 72,559 | 179,795 | — | 252,354 | |||||||||||
| Spain |
— | 656,180 | — | 656,180 | ||||||||||||
| Sweden |
— | 1,045,120 | — | 1,045,120 | ||||||||||||
| Switzerland |
358,199 | 1,012,906 | — | 1,371,105 | ||||||||||||
| Taiwan |
— | 1,220,723 | — | 1,220,723 | ||||||||||||
| Thailand |
— | 154,972 | $ | 62,847 | 217,819 | |||||||||||
| Turkey |
— | 407,362 | — | 407,362 | ||||||||||||
| United Kingdom |
355,893 | 6,689,057 | — | 7,044,950 | ||||||||||||
| All Other |
58,955,814 | — | — | 58,955,814 | ||||||||||||
| Preferred Stock: |
||||||||||||||||
| Brazil |
352,544 | — | — | 352,544 | ||||||||||||
| Korea (Republic of) |
— | 296,061 | — | 296,061 | ||||||||||||
| Rights |
— | — | — | † | — | † | ||||||||||
| Repurchase Agreements |
— | 4,517,000 | — | 4,517,000 | ||||||||||||
| 66,514,178 | 47,922,808 | 76,195 | 114,513,181 | |||||||||||||
| Other Financial Instruments* – Assets |
||||||||||||||||
| Market Price |
26,215 | — | — | 26,215 | ||||||||||||
| Other Financial Instruments* – Liabilities |
||||||||||||||||
| Market Price |
(3,129 | ) | — | — | (3,129 | ) | ||||||||||
| Totals |
$ | 66,537,264 | $ | 47,922,808 | $ | 76,195 | $ | 114,536,267 | ||||||||
| 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 5/31/15 |
||||||||||||
| Common Stock: |
||||||||||||||||
| Belgium |
$ | 19,495 | $ | 380,794 | — | $ | 400,289 | |||||||||
| Bermuda |
26,089 | — | — | 26,089 | ||||||||||||
| Denmark |
21,654 | 462,462 | — | 484,116 | ||||||||||||
| France |
91,377 | 2,268,892 | — | 2,360,269 | ||||||||||||
| Hong Kong |
63,210 | 196,383 | $ | 74,159 | 333,752 | |||||||||||
| Ireland |
269,373 | — | — | 269,373 | ||||||||||||
| Japan |
29,638 | 8,045,467 | — | 8,075,105 | ||||||||||||
| Netherlands |
120,503 | 469,885 | — | 590,388 | ||||||||||||
| Norway |
142,325 | 975,994 | — | 1,118,319 | ||||||||||||
| Singapore |
67,087 | 139,321 | — | 206,408 | ||||||||||||
| Spain |
76,579 | 1,080,486 | — | 1,157,065 | ||||||||||||
| Sweden |
98,712 | 1,073,257 | — | 1,171,969 | ||||||||||||
| Switzerland |
253,628 | 2,650,908 | — | 2,904,536 | ||||||||||||
| United Kingdom |
230,939 | 6,295,697 | — | 6,526,636 | ||||||||||||
| All Other |
— | 6,595,257 | — | 6,595,257 | ||||||||||||
| Preferred Stock |
— | 808,610 | — | 808,610 | ||||||||||||
| Rights |
213 | — | — | 213 | ||||||||||||
| Repurchase Agreements |
— | 557,000 | — | 557,000 | ||||||||||||
| Totals |
$ | 1,510,822 | $ | 32,000,413 | $ | 74,159 | $ | 33,585,394 | ||||||||
| 290 | May 31, 2015 | | Semiannual Report |
Table of Contents
| 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 5/31/15 |
||||||||||||
| Common Stock |
$ | 56,454,810 | — | — | $ | 56,454,810 | ||||||||||
| Rights |
— | $ | 11,868 | — | 11,868 | |||||||||||
| Repurchase Agreements |
— | 3,653,000 | — | 3,653,000 | ||||||||||||
| 56,454,810 | 3,664,868 | — | 60,119,678 | |||||||||||||
| Other Financial Instruments* – Assets |
||||||||||||||||
| Market Price |
10,228 | — | — | 10,228 | ||||||||||||
| Totals |
$ | 56,465,038 | $ | 3,664,868 | — | $ | 60,129,906 | |||||||||
| AllianzGI China Equity: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 5/31/15 |
||||||||||||
| Common Stock: |
||||||||||||||||
| China |
$ | 961,234 | $ | 9,644,202 | $ | 166,373 | $ | 10,771,809 | ||||||||
| Hong Kong |
313,530 | 1,179,376 | — | 1,492,906 | ||||||||||||
| Repurchase Agreements |
— | 920,000 | — | 920,000 | ||||||||||||
| Totals |
$ | 1,274,764 | $ | 11,743,578 | $ | 166,373 | $ | 13,184,715 | ||||||||
| AllianzGI Convertible: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 5/31/15 |
||||||||||||
| Convertible Bonds |
— | $ | 2,021,372,166 | — | $ | 2,021,372,166 | ||||||||||
| Convertible Preferred Stock: |
||||||||||||||||
| Health Care Providers & Services |
— | 18,342,704 | — | 18,342,704 | ||||||||||||
| Machinery |
$ | 1,946,713 | 28,534,935 | — | 30,481,648 | |||||||||||
| Oil, Gas & Consumable Fuels |
21,176,773 | 39,167,124 | — | 60,343,897 | ||||||||||||
| All Other |
310,714,260 | — | — | 310,714,260 | ||||||||||||
| Repurchase Agreements |
— | 83,492,000 | — | 83,492,000 | ||||||||||||
| Totals |
$ | 333,837,746 | $ | 2,190,908,929 | — | $ | 2,524,746,675 | |||||||||
| 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 5/31/15 |
||||||||||||
| Common Stock: |
||||||||||||||||
| Brazil |
$ | 727,383 | — | — | $ | 727,383 | ||||||||||
| China |
108,868 | $ | 2,570,404 | $ | 233,658 | 2,912,930 | ||||||||||
| India |
742,450 | — | — | 742,450 | ||||||||||||
| Malaysia |
26,942 | 79,437 | — | 106,379 | ||||||||||||
| Mexico |
185,915 | — | — | 185,915 | ||||||||||||
| Russian Federation |
60,668 | — | — | 60,668 | ||||||||||||
| United States |
464,080 | — | — | 464,080 | ||||||||||||
| All Other |
— | 6,992,598 | — | 6,992,598 | ||||||||||||
| Equity-Linked Securities |
— | 410,356 | — | 410,356 | ||||||||||||
| Exchange-Traded Funds |
61,120 | — | — | 61,120 | ||||||||||||
| Repurchase Agreements |
— | 183,000 | — | 183,000 | ||||||||||||
| Totals |
$ | 2,377,426 | $ | 10,235,795 | $ | 233,658 | $ | 12,846,879 | ||||||||
| Semiannual Report | | May 31, 2015 | 291 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| 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 5/31/15 |
||||||||||||
| Corporate Bonds & Notes |
— | $ | 18,930,633 | — | $ | 18,930,633 | ||||||||||
| Sovereign Debt Obligations: |
||||||||||||||||
| Sri Lanka |
— | — | $ | 248,125 | 248,125 | |||||||||||
| All Other |
— | 10,453,514 | — | 10,453,514 | ||||||||||||
| Repurchase Agreements |
— | 599,000 | — | 599,000 | ||||||||||||
| — | 29,983,147 | 248,125 | 30,231,272 | |||||||||||||
| Other Financial Instruments* – Assets |
||||||||||||||||
| Credit Contracts |
— | 103,531 | — | 103,531 | ||||||||||||
| Foreign Exchange Contracts |
— | 6,223 | — | 6,223 | ||||||||||||
| — | 109,754 | — | 109,754 | |||||||||||||
| Other Financial Instruments* – Liabilities |
||||||||||||||||
| Credit Contracts |
— | (2,858 | ) | — | (2,858 | ) | ||||||||||
| Foreign Exchange Contracts |
— | (12,904 | ) | — | (12,904 | ) | ||||||||||
| — | (15,762 | ) | — | (15,762 | ) | |||||||||||
| Totals |
— | $ | 30,077,139 | $ | 248,125 | $ | 30,325,264 | |||||||||
| 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 5/31/15 |
||||||||||||
| Common Stock: |
||||||||||||||||
| China |
$ | 35,261 | $ | 900,806 | — | $ | 936,067 | |||||||||
| Greece |
— | 9,997 | — | 9,997 | ||||||||||||
| Hong Kong |
160,749 | 105,636 | — | 266,385 | ||||||||||||
| Indonesia |
— | 6,935 | — | 6,935 | ||||||||||||
| Korea (Republic of) |
103,181 | 948,265 | — | 1,051,446 | ||||||||||||
| Malaysia |
140,604 | 5,935 | — | 146,539 | ||||||||||||
| Poland |
73,816 | 125,868 | — | 199,684 | ||||||||||||
| Russian Federation |
— | — | $ | 48,013 | 48,013 | |||||||||||
| Singapore |
— | 36,091 | — | 36,091 | ||||||||||||
| South Africa |
305,172 | 140,124 | — | 445,296 | ||||||||||||
| Taiwan |
139,429 | 921,760 | — | 1,061,189 | ||||||||||||
| Thailand |
52,667 | 180,417 | — | 233,084 | ||||||||||||
| Turkey |
23,341 | 100,848 | — | 124,189 | ||||||||||||
| All Other |
135,995 | — | — | 135,995 | ||||||||||||
| Exchange-Traded Funds |
248,907 | — | — | 248,907 | ||||||||||||
| Equity-Linked Securities |
— | 104,944 | — | 104,944 | ||||||||||||
| Preferred Stock |
61,772 | — | — | 61,772 | ||||||||||||
| Totals |
$ | 1,480,894 | $ | 3,587,626 | $ | 48,013 | $ | 5,116,533 | ||||||||
| 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 5/31/15 |
||||||||||||
| Common Stock: |
||||||||||||||||
| Austria |
$ | 8,882 | — | — | $ | 8,882 | ||||||||||
| Spain |
72,499 | $ | 117,155 | — | 189,654 | |||||||||||
| United Kingdom |
33,535 | 1,243,296 | — | 1,276,831 | ||||||||||||
| All Other |
— | 1,693,743 | — | 1,693,743 | ||||||||||||
| Repurchase Agreements |
— | 219,000 | — | 219,000 | ||||||||||||
| 114,916 | 3,273,194 | — | 3,388,110 | |||||||||||||
| 292 | May 31, 2015 | | Semiannual Report |
Table of Contents
| AllianzGI Europe Equity Dividend (cont’d) | ||||||||||||||||
| Other Financial Instruments* – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 5/31/15 |
||||||||||||
| Foreign Exchange Contracts |
— | $ | 639 | — | $ | 639 | ||||||||||
| Other Financial Instruments* – Liabilities |
||||||||||||||||
| Foreign Exchange Contracts |
— | (92,439 | ) | — | (92,439 | ) | ||||||||||
| Totals |
$ | 114,916 | $ | 3,181,394 | — | $ | 3,296,310 | |||||||||
| 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 5/31/15 |
||||||||||||
| Common Stock: |
||||||||||||||||
| Australia |
$ | 16,012 | — | — | $ | 16,012 | ||||||||||
| Belgium |
105,788 | $ | 173,195 | — | 278,983 | |||||||||||
| Germany |
106,253 | 682,493 | — | 788,746 | ||||||||||||
| Hong Kong |
279,949 | 216,110 | — | 496,059 | ||||||||||||
| United States |
2,601,202 | — | — | 2,601,202 | ||||||||||||
| All Other |
— | 3,440,817 | — | 3,440,817 | ||||||||||||
| Corporate Bonds & Notes |
— | 6,726,950 | — | 6,726,950 | ||||||||||||
| Sovereign Debt Obligations |
— | 4,133,192 | — | 4,133,192 | ||||||||||||
| Exchange-Traded Funds |
427,648 | — | — | 427,648 | ||||||||||||
| Repurchase Agreements |
— | 3,346,000 | — | 3,346,000 | ||||||||||||
| Options Purchased: |
||||||||||||||||
| Market Price |
41,988 | — | — | 41,988 | ||||||||||||
| 3,578,840 | 18,718,757 | — | 22,297,597 | |||||||||||||
| Investments in Securities – Liabilities |
||||||||||||||||
| Options Written: |
||||||||||||||||
| Market Price |
(45,098 | ) | — | — | (45,098 | ) | ||||||||||
| Other Financial Instruments* – Assets |
||||||||||||||||
| Foreign Exchange Contracts |
— | 7,320 | — | 7,320 | ||||||||||||
| Other Financial Instruments* – Liabilities |
||||||||||||||||
| Foreign Exchange Contracts |
— | (18,473 | ) | — | (18,473 | ) | ||||||||||
| Interest Rate Contracts |
(7,557 | ) | — | — | (7,557 | ) | ||||||||||
| (7,557 | ) | (18,473 | ) | — | (26,030 | ) | ||||||||||
| Totals |
$ | 3,526,185 | $ | 18,707,604 | — | $ | 22,233,789 | |||||||||
| AllianzGI Global Managed Volatility: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 5/31/15 |
||||||||||||
| Common Stock: |
||||||||||||||||
| Australia |
— | $ | 98,670 | — | $ | 98,670 | ||||||||||
| China |
— | 40,147 | — | 40,147 | ||||||||||||
| France |
— | 51,981 | — | 51,981 | ||||||||||||
| Germany |
— | 91,717 | — | 91,717 | ||||||||||||
| Hong Kong |
$ | 19,039 | 95,066 | — | 114,105 | |||||||||||
| Israel |
— | 70,528 | — | 70,528 | ||||||||||||
| Japan |
— | 154,010 | — | 154,010 | ||||||||||||
| Netherlands |
— | 12,018 | — | 12,018 | ||||||||||||
| Singapore |
— | 110,758 | — | 110,758 | ||||||||||||
| Sweden |
— | 7,984 | — | 7,984 | ||||||||||||
| Switzerland |
— | 17,066 | — | 17,066 | ||||||||||||
| Semiannual Report | | May 31, 2015 | 293 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI Global Managed Volatility (cont’d) | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 5/31/15 |
||||||||||||
| United Kingdom |
$ | 8,703 | $ | 38,674 | — | $ | 47,377 | |||||||||
| All Other |
1,925,183 | — | — | 1,925,183 | ||||||||||||
| Totals |
$ | 1,952,925 | $ | 788,619 | — | $ | 2,741,544 | |||||||||
| AllianzGI Global Sustainability: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 5/31/15 |
||||||||||||
| Common Stock: |
||||||||||||||||
| Australia |
$ | 3,317 | $ | 101,812 | — | $ | 105,129 | |||||||||
| Denmark |
— | 63,254 | — | 63,254 | ||||||||||||
| France |
— | 94,844 | — | 94,844 | ||||||||||||
| Germany |
— | 164,632 | — | 164,632 | ||||||||||||
| Japan |
— | 127,578 | — | 127,578 | ||||||||||||
| Norway |
— | 31,275 | — | 31,275 | ||||||||||||
| Spain |
— | 125,917 | — | 125,917 | ||||||||||||
| Sweden |
— | 109,422 | — | 109,422 | ||||||||||||
| Switzerland |
— | 183,198 | — | 183,198 | ||||||||||||
| United Kingdom |
— | 460,328 | — | 460,328 | ||||||||||||
| All Other |
1,468,504 | — | — | 1,468,504 | ||||||||||||
| Preferred Stock |
— | 65,240 | — | 65,240 | ||||||||||||
| Repurchase Agreements |
— | 145,000 | — | 145,000 | ||||||||||||
| Totals |
$ | 1,471,821 | $ | 1,672,500 | — | $ | 3,144,321 | |||||||||
| AllianzGI Global Water: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 5/31/15 |
||||||||||||
| Common Stock: |
||||||||||||||||
| Austria |
— | $ | 7,070,473 | — | $ | 7,070,473 | ||||||||||
| China |
— | 16,015,176 | — | 16,015,176 | ||||||||||||
| Finland |
— | 11,112,288 | — | 11,112,288 | ||||||||||||
| France |
— | 19,042,535 | — | 19,042,535 | ||||||||||||
| Germany |
— | 14,374,293 | — | 14,374,293 | ||||||||||||
| Hong Kong |
— | 17,147,933 | — | 17,147,933 | ||||||||||||
| Italy |
— | 3,751,871 | — | 3,751,871 | ||||||||||||
| Japan |
— | 14,520,951 | — | 14,520,951 | ||||||||||||
| Netherlands |
— | 3,768,985 | — | 3,768,985 | ||||||||||||
| Sweden |
$ | 4,211,873 | 5,208,094 | — | 9,419,967 | |||||||||||
| Switzerland |
3,828,595 | 27,618,591 | — | 31,447,186 | ||||||||||||
| United Kingdom |
17,172,236 | 27,987,389 | — | 45,159,625 | ||||||||||||
| All Other |
149,089,009 | — | — | 149,089,009 | ||||||||||||
| Repurchase Agreements |
— | 25,507,000 | — | 25,507,000 | ||||||||||||
| Totals |
$ | 174,301,713 | $ | 193,125,579 | — | $ | 367,427,292 | |||||||||
| 294 | May 31, 2015 | | Semiannual Report |
Table of Contents
| 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 5/31/15 |
||||||||||||
| Corporate Bonds & Notes |
— | $ | 387,549,145 | — | $ | 387,549,145 | ||||||||||
| Repurchase Agreements |
— | 10,810,000 | — | 10,810,000 | ||||||||||||
| Totals |
— | $ | 398,359,145 | — | $ | 398,359,145 | ||||||||||
| AllianzGI International Growth: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 5/31/15 |
||||||||||||
| Common Stock: |
||||||||||||||||
| Brazil |
$ | 200,426 | — | — | $ | 200,426 | ||||||||||
| Canada |
174,382 | — | — | 174,382 | ||||||||||||
| Denmark |
36,714 | $ | 205,541 | — | 242,255 | |||||||||||
| Korea (Republic of) |
49,577 | — | — | 49,577 | ||||||||||||
| Mexico |
37,299 | — | — | 37,299 | ||||||||||||
| Sweden |
19,015 | 207,300 | — | 226,315 | ||||||||||||
| All Other |
— | 2,220,696 | — | 2,220,696 | ||||||||||||
| Totals |
$ | 517,413 | $ | 2,633,537 | — | $ | 3,150,950 | |||||||||
| 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 5/31/15 |
||||||||||||
| Common Stock: |
||||||||||||||||
| Denmark |
$ | 1,929,520 | — | — | $ | 1,929,520 | ||||||||||
| France |
6,518,466 | $ | 813,742 | — | 7,332,208 | |||||||||||
| Hong Kong |
805,128 | 2,648,537 | — | 3,453,665 | ||||||||||||
| Ireland |
1,293,390 | 2,089,958 | — | 3,383,348 | ||||||||||||
| Sweden |
73,213 | 7,113,127 | $ | 31,414 | 7,217,754 | |||||||||||
| Switzerland |
1,277,600 | 3,153,025 | — | 4,430,625 | ||||||||||||
| Thailand |
— | — | 613,666 | 613,666 | ||||||||||||
| United Kingdom |
5,137,245 | 10,058,031 | — | 15,195,276 | ||||||||||||
| All Other |
— | 68,467,784 | — | 68,467,784 | ||||||||||||
| Repurchase Agreements |
— | 7,946,000 | — | 7,946,000 | ||||||||||||
| 17,034,562 | 102,290,204 | 645,080 | 119,969,846 | |||||||||||||
| Other Financial Instruments* – Liabilities |
||||||||||||||||
| Foreign Exchange Contracts |
— | (143 | ) | — | (143 | ) | ||||||||||
| Totals |
$ | 17,034,562 | $ | 102,290,061 | $ | 645,080 | $ | 119,969,703 | ||||||||
| AllianzGI Micro Cap: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 5/31/15 |
||||||||||||
| Common Stock |
$ | 41,634,406 | — | — | $ | 41,634,406 | ||||||||||
| Semiannual Report | | May 31, 2015 | 295 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| 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 5/31/15 |
||||||||||||
| Mutual Funds |
$ | 2,664,869 | — | — | $ | 2,664,869 | ||||||||||
| Common Stock: |
||||||||||||||||
| Australia |
— | $ | 111,569 | — | 111,569 | |||||||||||
| Austria |
— | 2,031 | — | 2,031 | ||||||||||||
| France |
— | 58,433 | — | 58,433 | ||||||||||||
| Germany |
— | 28,017 | — | 28,017 | ||||||||||||
| Hong Kong |
— | 161,982 | $ | 10,302 | 172,284 | |||||||||||
| Japan |
— | 168,246 | — | 168,246 | ||||||||||||
| Singapore |
— | 47,862 | — | 47,862 | ||||||||||||
| Switzerland |
— | 8,803 | — | 8,803 | ||||||||||||
| United Kingdom |
7,491 | 55,899 | — | 63,390 | ||||||||||||
| All Other |
735,251 | — | — | 735,251 | ||||||||||||
| U.S. Treasury Obligations |
— | 581,914 | — | 581,914 | ||||||||||||
| Exchange-Traded Funds |
34,752 | — | — | 34,752 | ||||||||||||
| Rights |
16 | — | — | 16 | ||||||||||||
| Repurchase Agreements |
— | 369,000 | — | 369,000 | ||||||||||||
| 3,442,379 | 1,593,756 | 10,302 | 5,046,437 | |||||||||||||
| Other Financial Instruments* – Assets |
||||||||||||||||
| Foreign Exchange Contracts |
2,803 | — | — | 2,803 | ||||||||||||
| Market Price |
5,922 | — | — | 5,922 | ||||||||||||
| 8,725 | — | — | 8,725 | |||||||||||||
| Other Financial Instruments* – Liabilities |
||||||||||||||||
| Interest Rate Contracts |
(1,870 | ) | — | — | (1,870 | ) | ||||||||||
| Market Price |
(4,755 | ) | — | — | (4,755 | ) | ||||||||||
| (6,625 | ) | — | — | (6,625 | ) | |||||||||||
| Totals |
$ | 3,444,479 | $ | 1,593,756 | $ | 10,302 | $ | 5,048,537 | ||||||||
| 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 5/31/15 |
||||||||||||
| Common Stock: |
||||||||||||||||
| China |
$ | 436,656 | $ | 1,453,867 | — | $ | 1,890,523 | |||||||||
| Greece |
— | 60,888 | — | 60,888 | ||||||||||||
| Hong Kong |
— | 197,121 | — | 197,121 | ||||||||||||
| India |
156,684 | 554,605 | — | 711,289 | ||||||||||||
| Indonesia |
— | 129,563 | — | 129,563 | ||||||||||||
| Korea (Republic of) |
63,672 | 1,000,036 | — | 1,063,708 | ||||||||||||
| Malaysia |
186,276 | 119,884 | — | 306,160 | ||||||||||||
| Norway |
— | 57,376 | — | 57,376 | ||||||||||||
| Poland |
— | 129,698 | — | 129,698 | ||||||||||||
| Russian Federation |
113,163 | — | $ | 303,888 | 417,051 | |||||||||||
| Singapore |
63,144 | 185,725 | — | 248,869 | ||||||||||||
| South Africa |
347,963 | 182,931 | — | 530,894 | ||||||||||||
| Taiwan |
66,297 | 1,266,252 | — | 1,332,549 | ||||||||||||
| Thailand |
127,718 | 66,243 | — | 193,961 | ||||||||||||
| Turkey |
63,075 | 186,087 | — | 249,162 | ||||||||||||
| All Other |
1,177,484 | — | — | 1,177,484 | ||||||||||||
| 296 | May 31, 2015 | | 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 5/31/15 |
||||||||||||
| Preferred Stock: |
||||||||||||||||
| Brazil |
$ | 238,127 | — | — | $ | 238,127 | ||||||||||
| Russian Federation |
— | — | $ | 56,547 | 56,547 | |||||||||||
| Equity-Linked Securities |
— | $ | 105,671 | — | 105,671 | |||||||||||
| Repurchase Agreements |
— | 184,000 | — | 184,000 | ||||||||||||
| 3,040,259 | 5,879,947 | 360,435 | 9,280,641 | |||||||||||||
| Other Financial Instruments* – Assets |
||||||||||||||||
| Foreign Exchange Contracts |
— | 20 | — | 20 | ||||||||||||
| Other Financial Instruments* – Liabilities |
||||||||||||||||
| Foreign Exchange Contracts |
— | (66 | ) | — | (66 | ) | ||||||||||
| Totals |
$ | 3,040,259 | $ | 5,879,901 | $ | 360,435 | $ | 9,280,595 | ||||||||
| 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 5/31/15 |
||||||||||||
| Common Stock: |
||||||||||||||||
| China |
— | $ | 1,747,660 | — | $ | 1,747,660 | ||||||||||
| France |
— | 1,508,867 | — | 1,508,867 | ||||||||||||
| Germany |
— | 737,576 | — | 737,576 | ||||||||||||
| Indonesia |
$ | 724,289 | 624,632 | — | 1,348,921 | |||||||||||
| Israel |
829,380 | 775,820 | — | 1,605,200 | ||||||||||||
| Japan |
— | 2,719,488 | — | 2,719,488 | ||||||||||||
| Korea (Republic of) |
— | 723,973 | — | 723,973 | ||||||||||||
| Norway |
— | 721,647 | — | 721,647 | ||||||||||||
| Spain |
— | 1,481,642 | — | 1,481,642 | ||||||||||||
| Switzerland |
— | 773,020 | — | 773,020 | ||||||||||||
| United Kingdom |
710,668 | 5,119,763 | — | 5,830,431 | ||||||||||||
| All Other |
20,627,146 | — | — | 20,627,146 | ||||||||||||
| Repurchase Agreements |
— | 553,000 | — | 553,000 | ||||||||||||
| Totals |
$ | 22,891,483 | $ | 17,487,088 | — | $ | 40,378,571 | |||||||||
| 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 5/31/15 |
||||||||||||
| Common Stock: |
||||||||||||||||
| Brazil |
$ | 300,702 | — | — | $ | 300,702 | ||||||||||
| Canada |
1,761,895 | — | — | 1,761,895 | ||||||||||||
| Chile |
182,911 | — | — | 182,911 | ||||||||||||
| China |
142,848 | $ | 826,097 | — | 968,945 | |||||||||||
| Hong Kong |
348,436 | 635,315 | — | 983,751 | ||||||||||||
| Italy |
188,998 | 458,841 | — | 647,839 | ||||||||||||
| Panama |
172,881 | — | — | 172,881 | ||||||||||||
| Philippines |
177,996 | — | — | 177,996 | ||||||||||||
| Portugal |
139,135 | — | — | 139,135 | ||||||||||||
| Singapore |
150,184 | — | — | 150,184 | ||||||||||||
| South Africa |
309,090 | 184,548 | — | 493,638 | ||||||||||||
| Spain |
136,664 | 292,224 | — | 428,888 | ||||||||||||
| Semiannual Report | | May 31, 2015 | 297 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI NFJ International Small-Cap Value (cont’d) | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 5/31/15 |
||||||||||||
| Switzerland |
$ | 211,855 | $ | 140,775 | — | $ | 352,630 | |||||||||
| United Kingdom |
1,395,645 | 1,993,209 | — | 3,388,854 | ||||||||||||
| All Other |
— | 8,542,058 | — | 8,542,058 | ||||||||||||
| Preferred Stock |
150,887 | — | — | 150,887 | ||||||||||||
| Totals |
$ | 5,770,127 | $ | 13,073,067 | — | $ | 18,843,194 | |||||||||
| 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 5/31/15 |
||||||||||||
| Common Stock: |
||||||||||||||||
| Canada |
$ | 3,263,586 | — | — | $ | 3,263,586 | ||||||||||
| Chile |
374,877 | — | — | 374,877 | ||||||||||||
| China |
490,298 | $ | 1,723,864 | — | 2,214,162 | |||||||||||
| Hong Kong |
946,570 | 3,258,149 | $ | 151,864 | 4,356,583 | |||||||||||
| India |
409,810 | — | — | 409,810 | ||||||||||||
| Israel |
661,100 | 438,321 | — | 1,099,421 | ||||||||||||
| Italy |
376,636 | — | — | 376,636 | ||||||||||||
| Korea (Republic of) |
491,615 | — | — | 491,615 | ||||||||||||
| Mexico |
554,400 | — | — | 554,400 | ||||||||||||
| Philippines |
428,150 | — | — | 428,150 | ||||||||||||
| Russian Federation |
338,954 | — | — | 338,954 | ||||||||||||
| South Africa |
358,247 | — | — | 358,247 | ||||||||||||
| Taiwan |
1,595,265 | — | — | 1,595,265 | ||||||||||||
| Turkey |
426,312 | — | — | 426,312 | ||||||||||||
| United Kingdom |
644,902 | 10,402,851 | — | 11,047,753 | ||||||||||||
| All Other |
— | 19,605,243 | — | 19,605,243 | ||||||||||||
| Preferred Stock |
— | 650,802 | — | 650,802 | ||||||||||||
| Repurchase Agreements |
— | 2,464,000 | — | 2,464,000 | ||||||||||||
| Totals |
$ | 11,360,722 | $ | 38,543,230 | $ | 151,864 | $ | 50,055,816 | ||||||||
| 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 5/31/15 |
||||||||||||
| Corporate Bonds & Notes |
— | $ | 679,532,180 | — | $ | 679,532,180 | ||||||||||
| Senior Loans |
— | 90,700,820 | — | 90,700,820 | ||||||||||||
| Repurchase Agreements |
— | 55,837,000 | — | 55,837,000 | ||||||||||||
| Totals |
— | $ | 826,070,000 | — | $ | 826,070,000 | ||||||||||
| AllianzGI Structured Return: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 5/31/15 |
||||||||||||
| Exchange-Traded Funds |
$ | 30,191,590 | — | — | $ | 30,191,590 | ||||||||||
| Repurchase Agreements |
— | $ | 2,553,000 | — | 2,553,000 | |||||||||||
| Options Purchased: |
||||||||||||||||
| Market Price |
91,534 | — | — | 91,534 | ||||||||||||
| 30,283,124 | 2,553,000 | — | 32,836,124 | |||||||||||||
| 298 | May 31, 2015 | | Semiannual Report |
Table of Contents
| AllianzGI Structured Return (cont’d) | ||||||||||||||||
| Investments in Securities – Liabilities | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 5/31/15 |
||||||||||||
| Options Written: |
||||||||||||||||
| Market Price |
$ | (1,304,350 | ) | — | — | $ | (1,304,350 | ) | ||||||||
| Totals |
$ | 28,978,774 | $ | 2,553,000 | — | $ | 31,531,774 | |||||||||
| 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 5/31/15 |
||||||||||||
| Exchange-Traded Funds |
$ | 15,623,620 | — | — | $ | 15,623,620 | ||||||||||
| Repurchase Agreements |
— | $ | 381,000 | — | 381,000 | |||||||||||
| Options Purchased: |
||||||||||||||||
| Market Price |
250,995 | — | — | 250,995 | ||||||||||||
| 15,874,615 | 381,000 | — | 16,255,615 | |||||||||||||
| Investments in Securities – Liabilities |
||||||||||||||||
| Options Written: |
||||||||||||||||
| Market Price |
(48,080 | ) | — | — | (48,080 | ) | ||||||||||
| Totals |
$ | 15,826,535 | $ | 381,000 | — | $ | 16,207,535 | |||||||||
| 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 5/31/15 |
||||||||||||
| Common Stock |
$ | 44,129,583 | — | — | $ | 44,129,583 | ||||||||||
| Repurchase Agreements |
— | $ | 1,108,000 | — | 1,108,000 | |||||||||||
| Totals |
$ | 44,129,583 | $ | 1,108,000 | — | $ | 45,237,583 | |||||||||
| 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 5/31/15 |
||||||||||||
| Common Stock |
$ | 100,416,583 | — | — | $ | 100,416,583 | ||||||||||
| Repurchase Agreements |
— | $ | 1,248,000 | — | 1,248,000 | |||||||||||
| Totals |
$ | 100,416,583 | $ | 1,248,000 | — | $ | 101,664,583 | |||||||||
| † | Security fair-valued at $0. |
At May 31, 2015, the following Funds had transfers between Levels 1 and 2:
| Transfers | ||||||||
| Level 1 to Level 2 | Level 2 to Level 1 | |||||||
| AllianzGI Best Styles Global Equity |
$ | 477,140 | (a) | $ | 149,717 | (b) | ||
| AllianzGI China Equity |
— | 109,239 | (b) | |||||
| AllianzGI Convertible |
18,342,704 | (c) | 44,596,458 | (d) | ||||
| AllianzGI Global Fundamental Strategy |
350,186 | (a) | 279,949 | (b) | ||||
| AllianzGI Global Managed Volatility |
7,962 | (a) | — | |||||
| AllianzGI Global Water |
— | 3,828,595 | (b) | |||||
| AllianzGI International Small-Cap |
2,556,971 | (a) | 5,623,560 | (b) | ||||
| AllianzGI Multi-Asset Real Return |
4,673 | (a) | 7,491 | (b) | ||||
| AllianzGI NFJ Emerging Markets Value |
319,946 | (a) | 273,536 | (b) | ||||
| AllianzGI NFJ International Small-Cap Value |
1,513,672 | (a) | 865,364 | (b) | ||||
| AllianzGI NFJ International Value II |
1,200,930 | (a) | 946,570 | (b) | ||||
| Semiannual Report | | May 31, 2015 | 299 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| (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 November 30, 2014, which was applied on May 31, 2015. |
| (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 November 30, 2014, which was not applied on May 31, 2015. |
| (c) | This transfer was a result of securities with an exchange-traded closing price at November 30, 2014, which was not available on May 31, 2015. |
| (d) | This transfer was a result of securities without an exchange-traded closing price at November 30, 2014, which was available on May 31, 2015. |
A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the period or six months ended May 31, 2015, was as follows:
| AllianzGI Best Styles Emerging Markets Equity: | ||||||||||||||||||||||||||||||||||||
| Investments in Securities – Assets | Beginning Balance 12/9/14** |
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 5/31/15 |
|||||||||||||||||||||||||||
| Common Stock: |
||||||||||||||||||||||||||||||||||||
| Hong Kong |
— | $ | 40,900 | $ | (14,853 | ) | — | $ | 2,928 | $ | 6,763 | — | — | $ | 35,738 | |||||||||||||||||||||
| Malaysia |
— | — | †† | — | — | — | 207 | — | — | 207 | ||||||||||||||||||||||||||
| Thailand |
— | 63,997 | (2,596 | ) | — | (46 | ) | (2,111 | ) | — | — | 59,244 | ||||||||||||||||||||||||
| Totals |
— | $ | 104,897 | $ | (17,449 | ) | — | $ | 2,882 | $ | 4,859 | — | — | $ | 95,189 | |||||||||||||||||||||
| AllianzGI Best Styles Global Equity: | ||||||||||||||||||||||||||||||||||||
| Investments in Securities – Assets | Beginning 11/30/14 |
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 5/31/15 |
|||||||||||||||||||||||||||
| Common Stock: |
||||||||||||||||||||||||||||||||||||
| China |
$ | 9,993 | — | — | — | — | $ | (8,794 | ) | — | — | $ | 1,199 | |||||||||||||||||||||||
| Hong Kong |
— | $ | 9,626 | — | — | — | 2,523 | — | — | 12,149 | ||||||||||||||||||||||||||
| Thailand |
43,865 | 106,185 | $ | (73,062 | ) | — | $ | (2,589 | ) | (11,552 | ) | — | — | 62,847 | ||||||||||||||||||||||
| Rights: |
||||||||||||||||||||||||||||||||||||
| Italy |
— | — | †† | — | — | — | — | — | — | — | † | |||||||||||||||||||||||||
| Totals |
$ | 53,858 | $ | 115,811 | $ | (73,062 | ) | — | $ | (2,589 | ) | $ | (17,823 | ) | — | — | $ | 76,195 | ||||||||||||||||||
| AllianzGI Best Styles International Equity: | ||||||||||||||||||||||||||||||||||||
| Investments in Securities – Assets | Beginning Balance 12/9/14** |
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 5/31/15 |
|||||||||||||||||||||||||||
| Common Stock: |
||||||||||||||||||||||||||||||||||||
| Hong Kong |
— | $ | 59,433 | — | — | — | $ | 14,726 | — | — | $ | 74,159 | ||||||||||||||||||||||||
| AllianzGI China Equity: | ||||||||||||||||||||||||||||||||||||
| Investments in Securities – Assets | Beginning Balance 11/30/14 |
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 5/31/15 |
|||||||||||||||||||||||||||
| Common Stock: |
||||||||||||||||||||||||||||||||||||
| China |
$ | 320,473 | $ | 24,065 | $ | (431,638 | ) | — | $ | 216,376 | $ | 37,097 | — | — | $ | 166,373 | ||||||||||||||||||||
| AllianzGI Emerging Markets Consumer: | ||||||||||||||||||||||||||||||||||||
| Investments in Securities – Assets | Beginning Balance 12/1/14** |
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 5/31/15 |
|||||||||||||||||||||||||||
| Common Stock: |
||||||||||||||||||||||||||||||||||||
| China |
— | $ | 382,411 | — | — | — | $ | (148,753 | ) | — | — | $ | 233,658 | |||||||||||||||||||||||
| 300 | May 31, 2015 | | Semiannual Report |
Table of Contents
| AllianzGI Emerging Markets Debt: | ||||||||||||||||||||||||||||||||||||
| Investments in Securities – Assets | Beginning Balance 11/30/14 |
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 5/31/15 |
|||||||||||||||||||||||||||
| Sovereign Debt Obligations: |
||||||||||||||||||||||||||||||||||||
| Sri Lanka |
— | $ | 250,000 | — | — | — | $ | (1,875 | ) | — | — | $ | 248,125 | |||||||||||||||||||||||
| AllianzGI Emerging Markets Small-Cap: | ||||||||||||||||||||||||||||||||||||
| Investments in Securities – Assets | Beginning Balance 12/1/14** |
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 5/31/15 |
|||||||||||||||||||||||||||
| Common Stock: |
||||||||||||||||||||||||||||||||||||
| Russian Federation |
— | $ | 108,914 | $ | (68,032 | ) | — | $ | (1,702 | ) | $ | 8,833 | — | — | $ | 48,013 | ||||||||||||||||||||
| AllianzGI International Small-Cap: | ||||||||||||||||||||||||||||||||||||
| Investments in Securities – Assets | Beginning Balance 11/30/14 |
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 5/31/15 |
|||||||||||||||||||||||||||
| Common Stock: |
||||||||||||||||||||||||||||||||||||
| Sweden |
— | $ | 32,317 | — | — | — | $ | (903 | ) | — | — | $ | 31,414 | |||||||||||||||||||||||
| Thailand |
$ | 816,875 | 236,155 | $ | (512,951 | ) | — | $ | 38,942 | 34,645 | — | — | 613,666 | |||||||||||||||||||||||
| Totals |
$ | 816,875 | $ | 268,472 | $ | (512,951 | ) | — | $ | 38,942 | $ | 33,742 | — | — | $ | 645,080 | ||||||||||||||||||||
| AllianzGI Multi-Asset Real Return: | ||||||||||||||||||||||||||||||||||||
| Investments in Securities – Assets | Beginning Balance 11/30/14 |
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 5/31/15 |
|||||||||||||||||||||||||||
| Common Stock: |
||||||||||||||||||||||||||||||||||||
| Hong Kong |
— | $ | 7,500 | — | — | — | $ | 2,802 | — | — | $ | 10,302 | ||||||||||||||||||||||||
| AllianzGI NFJ Emerging Markets Value: | ||||||||||||||||||||||||||||||||||||
| Investments in Securities – Assets | Beginning Balance 11/30/14 |
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 5/31/15 |
|||||||||||||||||||||||||||
| Common Stock: |
||||||||||||||||||||||||||||||||||||
| Russian Federation |
$ | 276,596 | $ | 121,413 | $ | (128,097 | ) | — | $ | (63,517 | ) | $ | 97,493 | — | — | $ | 303,888 | |||||||||||||||||||
| Thailand |
93,210 | — | (85,845 | ) | — | (21,230 | ) | 13,865 | — | — | — | |||||||||||||||||||||||||
| Preferred Stock |
60,144 | 23,450 | (35,924 | ) | — | (2,054 | ) | 10,931 | — | — | 56,547 | |||||||||||||||||||||||||
| Totals |
$ | 429,950 | $ | 144,863 | $ | (249,866 | ) | — | $ | (86,801 | ) | $ | 122,289 | — | — | $ | 360,435 | |||||||||||||||||||
| AllianzGI NFJ International Value II: | ||||||||||||||||||||||||||||||||||||
| Investments in Securities – Assets | Beginning Balance 11/30/14 |
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 5/31/15 |
|||||||||||||||||||||||||||
| Common Stock: |
||||||||||||||||||||||||||||||||||||
| Hong Kong |
— | $ | 125,354 | — | — | — | $ | 26,510 | — | — | $ | 151,864 | ||||||||||||||||||||||||
| Israel |
$ | 363,356 | — | $ | (460,419 | ) | — | — | 97,063 | — | — | — | ||||||||||||||||||||||||
| Totals |
$ | 363,356 | $ | 125,354 | $ | (460,419 | ) | — | — | $ | 123,573 | — | — | $ | 151,864 | |||||||||||||||||||||
| Semiannual Report | | May 31, 2015 | 301 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI Short Duration High Income: | ||||||||||||||||||||||||||||||||||||
| Investments in Securities – Assets | Beginning Balance 11/30/14 |
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 5/31/15 |
|||||||||||||||||||||||||||
| Senior Loans: |
||||||||||||||||||||||||||||||||||||
| Real Estate Investment Trust |
$ | 6,264,439 | — | $ | (6,210,302 | ) | $ | 124 | $ | (80,775 | ) | $ | 26,514 | — | — | — | ||||||||||||||||||||
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 May 31, 2015:
| AllianzGI Best Styles Emerging Markers Equity: | ||||||||||||
| Investments in Securities – Assets | Ending Balance at 5/31/15 |
Valuation Technique Used | Unobservable Inputs |
Input Values | ||||||||
| Common Stock |
$ | 59,244 | Value of Foreign Security Traded on Foreign Exchange | Price of Non-Resident Shares on Foreign Exchange | THB 65.44-297.21 | |||||||
| $ | 6,075 | Fundamental Analytical Data Relating to the Investment | Trading Volume |
HKD 47.10 | ||||||||
| $ | 29,663 | Last Exchange-Traded Closing Price | Trading Volume |
HKD 115.00 | ||||||||
| AllianzGI Best Styles Global Equity: | ||||||||||||
| Investments in Securities – Assets | Ending Balance at 5/31/15 |
Valuation Technique Used | Unobservable Inputs |
Input Values | ||||||||
| Common Stock |
$ | 62,847 | Value of Foreign Security Traded on Foreign Exchange | Price of Non-Resident Shares on Foreign Exchange | THB 18.06-20.42 | |||||||
| $ | 12,149 | Fundamental Analytical Data Relating to the Investment | Trading Volume |
HKD 47.10 | ||||||||
| $ | 1,199 | Discount of Publicly Trading Quote | Discount Applied to Last Exchange Price |
|
HKD 0.15 (88% Discount) |
| ||||||
| AllianzGI Best Styles International Equity: | ||||||||||||
| Investments in Securities – Assets | Ending Balance at 5/31/15 |
Valuation Technique Used | Unobservable Inputs |
Input Values | ||||||||
| Common Stock |
$ | 74,159 | Last Exchange-Traded Closing Price | Trading Volume | HKD 115.00 | |||||||
| AllianzGI China Equity: | ||||||||||||
| Investments in Securities – Assets | Ending Balance at 5/31/15 |
Valuation Technique Used | Unobservable Inputs |
Input Values | ||||||||
| Common Stock |
$ | 166,373 | Last Exchange-Traded Closing Price | Trading Volume | HKD 15.00 | |||||||
| AllianzGI Emerging Markets Consumer: | ||||||||||||
| Investments in Securities – Assets | Ending Balance at 5/31/15 |
Valuation Technique Used | Unobservable Inputs |
Input Values | ||||||||
| Common Stock |
$ | 233,658 | Fundamental Analytical Data Relating to the Investment |
Price of Stock |
HKD 3.30 | |||||||
| AllianzGI Emerging Markets Debt: | ||||||||||||
| Investments in Securities – Assets | Ending Balance at 5/31/15 |
Valuation Technique Used | Unobservable Inputs |
Input Values | ||||||||
| Sovereign Debt Obligations |
$ | 248,125 | Third-Party Pricing Vendor | Single Broker Quote | $ | 99.25 | ||||||
| 302 | May 31, 2015 | | Semiannual Report |
Table of Contents
| AllianzGI Emerging Markets Small-Cap: | ||||||||||||
| Investments in Securities – Assets |
Ending Balance at 5/31/15 |
Valuation Technique Used | Unobservable Inputs |
Input Values | ||||||||
| Common Stock |
$ | 48,013 | Value of Foreign Security Traded on Foreign Exchange | Price of Non-Resident Shares on Foreign Exchange | $ | 0.28-$42.18 | ||||||
| AllianzGI International Small-Cap: | ||||||||||||
| Investments in Securities – Assets | Ending Balance at 5/31/15 |
Valuation Technique Used | Unobservable Inputs |
Input Values | ||||||||
| Common Stock |
$ | 613,666 | Value of Foreign Security Traded on Foreign Exchange | Price of Non-Resident Shares on Foreign Exchange | THB 6.99 | |||||||
| $ | 31,414 | Fundamental Analytical Data Relating to the Investment | Price of Interim Share |
SEK 5.00 | ||||||||
| AllianzGI Multi-Asst real Return: |
||||||||||||
| Investments in Securities – Assets | Ending Balance at 5/31/15 |
Valuation Technique Used | Unobservable Inputs |
Input Values | ||||||||
| Common Stock |
$ | 10,302 | Fundamental Analytical Data Relating to the Investment | Trading Volume |
HKD 47.10 | |||||||
| AllianzGI NFJ Emerging Markets Value: | ||||||||||||
| Investments in Securities – Assets | Ending Balance at 5/31/15 |
Valuation Technique Used | Unobservable Inputs |
Input Values | ||||||||
| Common Stock |
$ | 303,888 | Value of Foreign Security Traded on Foreign Exchange | Price of Non-Resident Shares on Foreign Exchange | $ | 1.37-$46.85 | ||||||
| Preferred Stock |
$ | 56,547 | Value of Foreign Security Traded on Foreign Exchange | Price of Non-Resident Shares on Foreign Exchange | $ | 0.71 | ||||||
| AllianzGI NFJ International Value II: | ||||||||||||
| Investments in Securities – Assets | Ending Balance at 5/31/15 |
Valuation Technique Used | Unobservable Inputs |
Input Values | ||||||||
| Common Stock |
$ | 151,864 | Fundamental Analytical Data Relating to the Investment | Trading Volume |
HKD 47.10 | |||||||
HKD – Hong Kong Dollar
MYR – Malaysian Ringgit
SEK – Swedish Krona
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. |
| ** | Commencement of operations. |
| Semiannual Report | | May 31, 2015 | 303 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| 304 | May 31, 2015 | | Semiannual Report |
Table of Contents
| Semiannual Report | | May 31, 2015 | 305 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| 306 | May 31, 2015 | | Semiannual Report |
Table of Contents
| Semiannual Report | | May 31, 2015 | 307 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| 308 | May 31, 2015 | | Semiannual Report |
Table of Contents
| Semiannual Report | | May 31, 2015 | 309 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| 310 | May 31, 2015 | | Semiannual Report |
Table of Contents
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 May 31, 2015:
| AllianzGI Global Allocation: | ||||||||||||||||
| Location | Market Price |
Interest Rate Contracts |
Foreign Exchange Contracts |
Total | ||||||||||||
| Asset derivatives: |
||||||||||||||||
| Receivable for variation margin on futures contracts* |
$ | 348,654 | $ | 202,225 | — | $ | 550,879 | |||||||||
| Unrealized appreciation of forward foreign currency contracts |
— | — | $ | 87,200 | 87,200 | |||||||||||
| Total asset derivatives |
$ | 348,654 | $ | 202,225 | $ | 87,200 | $ | 638,079 | ||||||||
| Liability derivatives: |
||||||||||||||||
| Payable for variation margin on futures contracts* |
$ | (173,798 | ) | — | $ | (24,140 | ) | $ | (197,938 | ) | ||||||
| Unrealized depreciation of forward foreign currency contracts |
— | — | (38,103 | ) | (38,103 | ) | ||||||||||
| Total liability derivatives |
$ | (173,798 | ) | — | $ | (62,243 | ) | $ | (236,041 | ) | ||||||
| * | Included in net unrealized appreciation of $352,941 on futures contracts as reported in Note 7(c). |
| AllianzGI Global Dynamic Allocation: | ||||||||||||||||
| Location | Market Price |
Interest Rate Contracts |
Foreign Exchange Contracts |
Total | ||||||||||||
| Asset derivatives: |
||||||||||||||||
| Receivable for variation margin on futures contracts* |
$ | 38,663 | $ | 1,095 | — | $ | 39,758 | |||||||||
| Liability derivatives: |
||||||||||||||||
| Payable for variation margin on futures contracts* |
$ | (3,183 | ) | — | — | $ | (3,183 | ) | ||||||||
| Unrealized depreciation of forward foreign currency contracts |
— | — | $ | (1,721 | ) | (1,721 | ) | |||||||||
| Total liability derivatives |
$ | (3,183 | ) | — | $ | (1,721 | ) | $ | (4,904 | ) | ||||||
| * | Included in net unrealized appreciation of $36,575 on futures contracts as reported in Note 7(c). |
| AllianzGI Emerging Markets Debt: | ||||||||||||
| Location | Credit Contracts |
Foreign Exchange Contracts |
Total | |||||||||
| Asset derivatives: |
||||||||||||
| Unrealized appreciation of OTC swaps |
$ | 103,531 | — | $ | 103,531 | |||||||
| Unrealized appreciation of forward foreign currency contracts |
— | $ | 6,223 | 6,223 | ||||||||
| Total asset derivatives |
$ | 103,531 | $ | 6,223 | $ | 109,754 | ||||||
| Liability derivatives: |
||||||||||||
| Unrealized depreciation of OTC swaps |
$ | (2,858 | ) | — | $ | (2,858 | ) | |||||
| Unrealized depreciation of forward foreign currency contracts |
— | $ | (12,904 | ) | (12,904 | ) | ||||||
| Total liability derivatives |
$ | (2,858 | ) | $ | (12,904 | ) | $ | (15,762 | ) | |||
| Semiannual Report | | May 31, 2015 | 311 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI Global Fundamental Strategy: | ||||||||||||||||
| Location | Market Price |
Interest Rate Contracts |
Foreign Exchange Contracts |
Total | ||||||||||||
| Asset derivatives: |
||||||||||||||||
| Investments, at value (options purchased) |
$ | 41,988 | — | — | $ | 41,988 | ||||||||||
| Unrealized appreciation of forward foreign currency contracts |
— | — | $ | 7,320 | 7,320 | |||||||||||
| Total asset derivatives |
$ | 41,988 | — | $ | 7,320 | $ | 49,308 | |||||||||
| Liability derivatives: |
||||||||||||||||
| Options written, at value |
$ | (45,098 | ) | — | — | $ | (45,098 | ) | ||||||||
| Payable for variation margin on futures contracts* |
— | $ | (7,557 | ) | — | (7,557 | ) | |||||||||
| Unrealized depreciation of forward foreign currency contracts |
— | — | $ | (18,473 | ) | (18,473 | ) | |||||||||
| Total liability derivatives |
$ | (45,098 | ) | $ | (7,557 | ) | $ | (18,473 | ) | $ | (71,128 | ) | ||||
| * | Included in net unrealized depreciation of $7,557 on futures contracts as reported in Note 7(c). |
| AllianzGI Multi-Asset Real Return: | ||||||||||||||||
| Location | Market Price |
Interest Rate Contracts |
Foreign Exchange Contracts |
Total | ||||||||||||
| Asset derivatives: |
||||||||||||||||
| Receivable for variation margin on futures contracts* |
$ | 5,922 | — | $ | 2,803 | $ | 8,725 | |||||||||
| Liability derivatives: |
||||||||||||||||
| Payable for variation margin on futures contracts* |
$ | (4,755 | ) | $ | (1,870 | ) | — | $ | (6,625 | ) | ||||||
| * | Included in net unrealized appreciation of $2,100 on futures contracts as reported in Note 7(c). |
| 312 | May 31, 2015 | | Semiannual Report |
Table of Contents
The effect of derivatives on the Statements of Operations for the period or six months ended May 31, 2015:
| AllianzGI Global Allocation: | ||||||||||||||||
| Location | Market Price |
Interest Rate Contracts |
Foreign Exchange Contracts |
Total | ||||||||||||
| Net realized gain (loss) on: |
||||||||||||||||
| Futures contracts |
$ | 143,825 | $ | (490,491 | ) | $ | (4,205 | ) | $ | (350,871 | ) | |||||
| Foreign currency transactions (forward foreign currency contracts) |
— | — | 86,596 | 86,596 | ||||||||||||
| Total net realized gain (loss) |
$ | 143,825 | $ | (490,491 | ) | $ | 82,391 | $ | (264,275 | ) | ||||||
| Net change in unrealized appreciation/depreciation of: |
||||||||||||||||
| Futures contracts |
$ | 174,856 | $ | 202,225 | $ | (24,140 | ) | $ | 352,941 | |||||||
| Foreign currency transactions (forward foreign currency contracts) |
— | — | 49,097 | 49,097 | ||||||||||||
| Total net change in unrealized appreciation/depreciation |
$ | 174,856 | $ | 202,225 | $ | 24,957 | $ | 402,038 | ||||||||
| AllianzGI Global Dynamic Allocation: | ||||||||||||||||
| Location | Market Price |
Interest Rate Contracts |
Foreign Exchange Contracts |
Total | ||||||||||||
| Net realized gain (loss) on: |
||||||||||||||||
| Futures contracts |
$ | 2,253 | $ | 3,453 | — | $ | 5,706 | |||||||||
| Foreign currency transactions (forward foreign currency contracts) |
— | — | $ | (3,708 | ) | (3,708 | ) | |||||||||
| Total net realized gain (loss) |
$ | 2,253 | $ | 3,453 | $ | (3,708 | ) | $ | 1,998 | |||||||
| Net change in unrealized appreciation/depreciation of: |
||||||||||||||||
| Futures contracts |
$ | 35,480 | $ | 1,095 | — | $ | 36,575 | |||||||||
| Foreign currency transactions (forward foreign currency contracts) |
— | — | $ | (1,721 | ) | (1,721 | ) | |||||||||
| Total net change in unrealized appreciation/depreciation |
$ | 35,480 | $ | 1,095 | $ | (1,721 | ) | $ | 34,854 | |||||||
| AllianzGI Best Styles Emerging Markets Equity: | ||||||||||||
| Location | Market Price |
Foreign Exchange Contracts |
Total | |||||||||
| Net realized gain (loss) on: |
||||||||||||
| Futures contracts |
$ | 22,957 | — | $ | 22,957 | |||||||
| Foreign currency transactions (forward foreign currency contracts) |
— | $ | (13,524 | ) | (13,524 | ) | ||||||
| Total net realized gain (loss) |
$ | 22,957 | $ | (13,524 | ) | $ | 9,433 | |||||
| AllianzGI Best Styles Global Equity: | ||||||||||||
| Location | Market Price |
Foreign Exchange Contracts |
Total | |||||||||
| Net realized loss on: |
||||||||||||
| Futures contracts |
$ | (87,306 | ) | — | $ | (87,306 | ) | |||||
| Foreign currency transactions (forward foreign currency contracts) |
— | $ | (13,513 | ) | (13,513 | ) | ||||||
| Total net realized loss |
$ | (87,306 | ) | $ | (13,513 | ) | $ | (100,819 | ) | |||
| Net change in unrealized appreciation/depreciation of: |
||||||||||||
| Futures contracts |
$ | 2,139 | — | $ | 2,139 | |||||||
| Semiannual Report | | May 31, 2015 | 313 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI Best Styles U.S. Equity: | ||||||||||||
| Location | Market Price |
Foreign Exchange Contracts |
Total | |||||||||
| Net realized gain (loss) on: |
||||||||||||
| Futures contracts |
$ | 163,671 | — | $ | 163,671 | |||||||
| Foreign currency transactions (forward foreign currency contracts) |
— | $ | (1,687 | ) | (1,687 | ) | ||||||
| Total net realized gain (loss) |
$ | 163,671 | $ | (1,687 | ) | $ | 161,984 | |||||
| Net change in unrealized appreciation/depreciation of: |
||||||||||||
| Futures contracts |
$ | 10,228 | — | $ | 10,228 | |||||||
| AllianzGI Emerging Markets Debt: | ||||||||||||
| Location | Credit Contracts |
Foreign Exchange Contracts |
Total | |||||||||
| Net realized gain on: |
||||||||||||
| Swaps |
$ | 778 | — | $ | 778 | |||||||
| Foreign currency transactions (forward foreign currency contracts) |
— | $ | 52,724 | 52,724 | ||||||||
| Total net realized gain |
$ | 778 | $ | 52,724 | $ | 53,502 | ||||||
| Net change in unrealized appreciation/depreciation of: |
||||||||||||
| Swaps |
$ | 100,673 | — | $ | 100,673 | |||||||
| Foreign currency transactions (forward foreign currency contracts) |
— | $ | (31,245 | ) | (31,245 | ) | ||||||
| Total net change in unrealized appreciation/depreciation |
$ | 100,673 | $ | (31,245 | ) | $ | 69,428 | |||||
| 314 | May 31, 2015 | | Semiannual Report |
Table of Contents
| AllianzGI Global Fundamental Strategy: | ||||||||||||||||
| Location | Market Price |
Interest Rate Contracts |
Foreign Exchange Contracts |
Total | ||||||||||||
| Net realized gain (loss) on: |
||||||||||||||||
| Investments (options purchased) |
$ | (4,883 | ) | — | — | $ | (4,883 | ) | ||||||||
| Futures contracts |
(26,912 | ) | $ | (20,461 | ) | — | (47,374 | ) | ||||||||
| Options written |
6,830 | — | — | 6,830 | ||||||||||||
| Foreign currency transactions (forward foreign currency contracts) |
— | — | $ | 336,075 | 336,075 | |||||||||||
| Total net realized gain (loss) |
$ | (24,965 | ) | $ | (20,461 | ) | $ | 336,075 | $ | 290,648 | ||||||
| Net change in unrealized appreciation/depreciation of: |
||||||||||||||||
| Investments (options purchased) |
$ | 7,300 | — | — | $ | 7,300 | ||||||||||
| Futures contracts |
20,320 | $ | 867 | — | 21,187 | |||||||||||
| Options written |
36,589 | — | — | 36,589 | ||||||||||||
| Foreign currency transactions (forward foreign currency contracts) |
— | — | $ | (15,027 | ) | (15,027 | ) | |||||||||
| Total net change in unrealized appreciation/depreciation |
$ | 64,209 | $ | 867 | $ | (15,027 | ) | $ | 50,049 | |||||||
| AllianzGI Multi-Asset Real Return: | ||||||||||||||||
| Location | Market Price |
Interest Rate Contracts |
Foreign Exchange Contracts |
Total | ||||||||||||
| Net realized gain (loss) on: |
||||||||||||||||
| Futures contracts |
$ | 11,011 | $ | (4,292 | ) | $ | 8,851 | $ | 15,569 | |||||||
| Foreign currency transactions (forward foreign currency contracts) |
— | — | (703 | ) | (703 | ) | ||||||||||
| Total net realized gain (loss) |
$ | 11,011 | $ | (4,292 | ) | $ | 8,148 | $ | 14,866 | |||||||
| Net change in unrealized appreciation/depreciation of: |
||||||||||||||||
| Futures contracts |
$ | (8,528 | ) | $ | 7,659 | $ | 2,803 | $ | 1,934 | |||||||
| Semiannual Report | | May 31, 2015 | 315 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
The average volume (based on the open positions at each fiscal quarter-end) of derivative activity for the period or six months ended May 31, 2015:
|
Options 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 Global Allocation |
— | — | $ | 379,163 | $ | 4,508,578 | 318 | 13 | — | — | ||||||||||||||||||||||
| AllianzGI Global Dynamic Allocation |
— | — | — | 58,024 | 17 | 3 | — | — | ||||||||||||||||||||||||
| AllianzGI Best Styles Global Equity |
— | — | — | — | 16 | — | — | — | ||||||||||||||||||||||||
| AllianzGI Best Styles U.S. Equity |
— | — | — | — | 16 | — | — | — | ||||||||||||||||||||||||
| AllianzGI Emerging Markets Debt |
— | — | 2,664,217 | 2,817,666 | — | — | $ | 667 | $ | 2,000 | ||||||||||||||||||||||
| AllianzGI Europe Equity Dividend |
— | — | 42,641 | 1,578,617 | — | — | — | — | ||||||||||||||||||||||||
| AllianzGI Global Fundamental Strategy |
38 | 119 | 529,719 | 2,215,026 | — | 17 | — | — | ||||||||||||||||||||||||
| AllianzGI International Small-Cap |
— | — | — | 31,939 | — | — | — | — | ||||||||||||||||||||||||
| AllianzGI Multi-Asset Real Return |
— | — | — | — | 9 | 13 | — | — | ||||||||||||||||||||||||
| AllianzGI NFJ Emerging Markets Value |
— | — | 4,433 | 3,594 | — | — | — | — | ||||||||||||||||||||||||
| AllianzGI Structured Return |
694 | 490 | — | — | — | — | — | — | ||||||||||||||||||||||||
| AllianzGI U.S. Equity Hedged |
94 | 81 | — | — | — | — | — | — | ||||||||||||||||||||||||
| (1) | Number of contracts |
| (2) | U.S. $ value on origination date |
| (3) | Notional Amount (in thousands) |
| 316 | May 31, 2015 | | Semiannual Report |
Table of Contents
The following tables present by counterparty, the Funds’ derivative assets and liabilities net of related collateral held by the Funds at May 31, 2015 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 May 31, 2015:
| 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 |
$ | 87,200 | $ | (38,103 | ) | — | $ | 49,097 | ||||||||
| 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 |
$ | 6,223 | $ | (6,223 | ) | — | — | |||||||||
| Swaps |
||||||||||||||||
| Barclays Bank PLC |
103,531 | (2,858 | ) | $ | (18,714 | )#,## | $ | 81,959 | ||||||||
| Totals |
$ | 109,754 | $ | (9,081 | ) | $ | (18,714 | ) | $ | 81,959 | ||||||
| AllianzGI Europe 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 |
||||||||||||||||
| State Street Bank |
$ | 639 | $ | (639 | ) | — | — | |||||||||
| 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 |
$ | 7,320 | $ | (7,320 | ) | — | — | |||||||||
| 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 |
$ | 20 | $ | (20 | ) | — | — | |||||||||
| Semiannual Report | | May 31, 2015 | 317 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
Financial Liabilities and Derivative Liabilities, and Collateral Received at May 31, 2015:
| AllianzGI Global Allocation: | ||||||||||||||||
| 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 |
$ | 38,103 | $ | (38,103 | ) | — | — | |||||||||
| AllianzGI Global Dynamic Allocation: | ||||||||||||||||
| 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 |
$ | 1,721 | — | — | $ | 1,721 | ||||||||||
| 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 |
$ | 12,904 | $ | (6,223 | ) | — | $ | 6,681 | ||||||||
| Swaps |
||||||||||||||||
| Barclays Bank PLC |
2,858 | (2,858 | ) | — | — | |||||||||||
| Totals |
$ | 15,762 | $ | (9,081 | ) | — | $ | 6,681 | ||||||||
| AllianzGI Europe 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 |
||||||||||||||||
| State Street Bank |
$ | 92,439 | $ | (639 | ) | — | $ | 91,800 | ||||||||
| 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 |
$ | 18,473 | $ | (7,320 | ) | — | $ | 11,153 | ||||||||
| 318 | May 31, 2015 | | Semiannual Report |
Table of Contents
| 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 Collateral Received (Pledged) |
Net Amount | ||||||||||||
| Foreign Currency Exchange Contracts |
||||||||||||||||
| Northern Trust Company |
$ | 143 | — | — | $ | 143 | ||||||||||
| 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 |
$ | 66 | $ | (20 | ) | — | $ | 46 | ||||||||
| # | The amount includes upfront premiums received. |
| ## | The amount includes upfront premiums paid. |
| Semiannual Report | | May 31, 2015 | 319 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
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 | * | 0.21 | N/A | N/A | N/A | ||||||||||||||
| AllianzGI Global Dynamic Allocation |
0.70 | * | 0.34 | N/A | N/A | N/A | ||||||||||||||
| AllianzGI Global Megatrends |
0.00 | 0.00 | N/A | N/A | N/A | |||||||||||||||
| AllianzGI Behavioral Advantage Large Cap |
0.40 | 0.40 | 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 |
1.00 | 1.00 | 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 Managed Volatility |
0.40 | 0.40 | 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 | |||||||||||||||
| 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 |
1.00 | 1.00 | N/A | N/A | N/A | |||||||||||||||
| AllianzGI NFJ Global Dividend Value |
0.80 | 0.80 | N/A | N/A | N/A | |||||||||||||||
| AllianzGI NFJ International Small-Cap Value |
0.95 | 0.95 | 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 | |||||||||||||||
| * | Effective April 1, 2015, the management fee rate was decreased from 0.85% to 0.70% and the management fee waiver was decreased from 0.70% to 0.55%. |
| 320 | May 31, 2015 | | Semiannual Report |
Table of Contents
| 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 | % | N/A | 0.65 | |||||||||||||||||||||||||||
| AllianzGI Global Dynamic Allocation(3) |
0.55 | 0.76 | N/A | 1.49 | 0.76 | 1.01 | 0.61 | 0.51 | N/A | 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 Behavioral Advantage Large Cap(5) |
N/A | 0.81 | N/A | 1.57 | 0.81 | N/A | 0.65 | 0.55 | N/A | N/A | ||||||||||||||||||||||||||||||
| AllianzGI Best Styles Emerging Markets |
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 |
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(6) |
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 | ||||||||||||||||||||||||||||||
| Semiannual Report | | May 31, 2015 | 321 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| 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 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 | 1.65 | % | N/A | N/A | N/A | N/A | N/A | 1.30 | % | N/A | N/A | ||||||||||||||||||||||||||||
| AllianzGI Emerging Markets Debt(6) |
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(6) |
N/A | 1.85 | N/A | N/A | N/A | N/A | N/A | 1.50 | N/A | N/A | ||||||||||||||||||||||||||||||
| AllianzGI Europe Equity Dividend(6) |
N/A | 1.20 | N/A | 1.95 | N/A | N/A | 1.05 | 0.95 | N/A | N/A | ||||||||||||||||||||||||||||||
| AllianzGI Global Fundamental Strategy(5) |
N/A | 1.25 | N/A | 2.00 | 1.25 | % | N/A | 1.10 | 1.00 | N/A | N/A | |||||||||||||||||||||||||||||
| AllianzGI Global Managed Volatility(7) |
N/A | 0.93 | N/A | 1.62 | 0.89 | N/A | 0.69 | 0.60 | N/A | N/A | ||||||||||||||||||||||||||||||
| AllianzGI Global Sustainability(6) |
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(6) |
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 | N/A | N/A | |||||||||||||||||||||||||||||
| AllianzGI Micro Cap(7) |
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(7) |
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 | 1.55 | N/A | 2.30 | 1.55 | N/A | 1.39 | 1.30 | 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 | 1.45 | N/A | 2.20 | 1.45 | N/A | 1.30 | 1.20 | N/A | 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(7) |
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(7) |
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) | Effective April 1, 2015, 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 March 31, 2016. This waiver does not apply to net assets of the Fund not invested in shares of Underlying Funds or Other Acquired Funds (e.g., direct investments in other securities and instruments). |
| (2) | The Investment Manager has contractually agreed, until March 31, 2016, 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 April 1, 2015, the Investment Manager has contractually agreed, until March 31, 2016, 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 March 31, 2016, to reimburse other expenses or acquired fund fees and expenses, to the extent that Total Annual Fund Operating Expenses after Expense Reductions, including payment of organizational expenses, but 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 April 1, 2015, the Investment Manager has contractually agreed, until March 31, 2016, 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) | The Investment Manager has contractually agreed, until March 31, 2016, to irrevocably waive its management fee and/or reimburse the Fund, to the extent that, Total Annual Fund Operating Expenses, including payment of organizational expenses, but 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. |
| 322 | May 31, 2015 | | Semiannual Report |
Table of Contents
| (7) | Effective April 1, 2015, the Investment Manager has contractually agreed, until March 31, 2016, to irrevocably waive its management fee and/or reimburse the Fund, to the extent that, Total Annual Fund Operating Expenses, including payment of organizational expenses, but 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 estimated 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. |
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/recoupment. During the period or six months ended May 31, 2015, the Investment Manager recouped a total of $108,094 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 May 31, 2015.
| Unrecouped Expenses Waived/Reimbursed through Year ended November 30, |
||||||||||||||||
| 2012 | 2013 | 2014 | Total | |||||||||||||
| AllianzGI Retirement 2015 |
$ | 18,532 | $ | 30,313 | $ | 38,573 | $ | 87,418 | ||||||||
| AllianzGI Retirement 2020 |
14,067 | 41,366 | 67,973 | 123,406 | ||||||||||||
| AllianzGI Retirement 2025 |
7,439 | 40,739 | 77,249 | 125,427 | ||||||||||||
| AllianzGI Retirement 2030 |
30,870 | 64,152 | 86,688 | 181,710 | ||||||||||||
| AllianzGI Retirement 2035 |
10,573 | 39,569 | 66,529 | 116,671 | ||||||||||||
| AllianzGI Retirement 2040 |
20,733 | 40,074 | 63,194 | 124,001 | ||||||||||||
| AllianzGI Retirement 2045 |
9,262 | 21,258 | 38,603 | 69,123 | ||||||||||||
| AllianzGI Retirement 2050 |
19,237 | 24,243 | 32,386 | 75,866 | ||||||||||||
| AllianzGI Retirement 2055 |
8,988 | 9,226 | 10,500 | 28,714 | ||||||||||||
| AllianzGI Retirement Income |
35,421 | 45,280 | 40,092 | 120,793 | ||||||||||||
| AllianzGI Global Allocation |
529,000 | 529,090 | 527,620 | 1,585,710 | ||||||||||||
| AllianzGI Global Dynamic Allocation |
211,891 | 215,351 | 225,735 | 652,977 | ||||||||||||
| AllianzGI Behavioral Advantage Large Cap |
235,009 | 179,849 | 177,064 | 591,922 | ||||||||||||
| AllianzGI Best Styles Global Equity |
— | — | 457,171 | 457,171 | ||||||||||||
| AllianzGI China Equity |
217,554 | 198,512 | 231,354 | 647,420 | ||||||||||||
| AllianzGI Emerging Markets Debt |
— | — | 217,381 | 217,381 | ||||||||||||
| AllianzGI Global Fundamental Strategy |
— | 172,001 | 255,965 | 427,966 | ||||||||||||
| AllianzGI Global Managed Volatility |
286,597 | 263,268 | 256,403 | 806,268 | ||||||||||||
| AllianzGI High Yield Bond |
22,180 | 16,068 | 508 | 38,756 | ||||||||||||
| AllianzGI International Small-Cap |
266,568 | 259,712 | 263,862 | 790,142 | ||||||||||||
| AllianzGI Micro Cap |
131,890 | 162,476 | 117,388 | 411,754 | ||||||||||||
| AllianzGI Multi-Asset Real Return |
— | 366,103 | 255,119 | 621,222 | ||||||||||||
| AllianzGI NFJ Emerging Markets Value |
— | 385,249 | 322,923 | 708,172 | ||||||||||||
| AllianzGI NFJ Global Dividend Value |
171,065 | 175,973 | 172,847 | 519,885 | ||||||||||||
| AllianzGI NFJ International Small-Cap Value |
175,822 | 311,827 | 251,942 | 739,591 | ||||||||||||
| AllianzGI NFJ International Value II |
302,633 | 242,764 | 236,156 | 781,553 | ||||||||||||
| AllianzGI Short Duration High Income |
109,027 | 137,195 | 113,125 | 359,347 | ||||||||||||
| AllianzGI Structured Return |
— | 317,508 | 423,380 | 740,888 | ||||||||||||
| AllianzGI U.S. Equity Hedged |
— | 375,759 | 222,985 | 598,744 | ||||||||||||
| AllianzGI U.S. Small-Cap Growth |
197,501 | 158,039 | 177,919 | 533,459 | ||||||||||||
| AllianzGI Ultra Micro Cap |
13,282 | — | — | 13,282 | ||||||||||||
| Semiannual Report | | May 31, 2015 | 323 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| 324 | May 31, 2015 | | Semiannual Report |
Table of Contents
(b) Credit default swap agreements outstanding at May 31, 2015:
OTC buy protection swap agreements:
| AllianzGI Emerging Markets Debt: | ||||||||||||||||||||||||||||
| Swap Counterparty/ Referenced Debt Issuer |
Notional Amount (000s)(1) |
Credit Spread |
Termination Date |
Payments Made |
Value(2) | Upfront Premiums Paid |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||
| Barclays Bank PLC: |
||||||||||||||||||||||||||||
| Republic of Turkey |
$ | 1,000 | 2.08 | % | 6/20/20 | (1.00 | )% | $ | 49,766 | $ | 49,061 | $ | 705 | |||||||||||||||
| Republic of Turkey |
1,000 | 2.08 | % | 6/20/20 | (1.00 | )% | 49,878 | 52,736 | (2,858 | ) | ||||||||||||||||||
| $ | 99,644 | $ | 101,797 | $ | (2,153 | ) | ||||||||||||||||||||||
OTC sell protection swap agreements:
| AllianzGI Emerging Markets Debt: | ||||||||||||||||||||||||||||
| Swap Counterparty/ Referenced Debt Issuer |
Notional Amount (000s)(1) |
Credit Spread |
Termination Date |
Payments Received |
Value(2) | Upfront Premiums Received |
Unrealized Appreciation |
|||||||||||||||||||||
| Barclays Bank PLC: |
||||||||||||||||||||||||||||
| CDX.EM-22 5-Year Index |
$ | 4,000 | 3.52 | % | 12/20/19 | 1.00 | % | $ | (405,975 | ) | $ | (508,000 | ) | $ | 102,025 | |||||||||||||
| Republic of South Africa |
2,000 | 2.03 | % | 6/20/20 | 1.00 | % | (94,282 | ) | (95,083 | ) | 801 | |||||||||||||||||
| $ | (500,257 | ) | $ | (603,083 | ) | $ | 102,826 | |||||||||||||||||||||
| (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. |
| (2) | The quoted market prices and resulting values for credit default swap agreements serve as an indicator of the status at May 31, 2015 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 May 31, 2015:
| AllianzGI Global Allocation: | ||||||||||||||||
| Type | Contracts | Market Value (000s) |
Expiration Date |
Unrealized Appreciation (Depreciation) |
||||||||||||
| Long: 10-Year U.S. Treasury Note Futures |
24 | $ | 3,065 | 9/21/15 | $ | 25,463 | ||||||||||
| Bovespa Index |
45 | 749 | 6/17/15 | (50,306 | ) | |||||||||||
| Dow Jones U.S. Real Estate Index |
30 | 880 | 6/19/15 | (30,104 | ) | |||||||||||
| Euro STOXX 50 Index |
257 | 5,030 | 6/19/15 | 4,522 | ||||||||||||
| FTSE 100 Index |
13 | 1,384 | 6/19/15 | 24,452 | ||||||||||||
| FTSE/JSE Top 40 Index |
25 | 956 | 6/18/15 | (3,792 | ) | |||||||||||
| Hang Seng Index |
10 | 1,752 | 6/29/15 | (51,597 | ) | |||||||||||
| MSCI Taiwan Index |
26 | 937 | 6/29/15 | (4,680 | ) | |||||||||||
| Russell 2000 Mini Index |
22 | 2,737 | 6/19/15 | 66,873 | ||||||||||||
| SPI 200 Index |
4 | 442 | 6/18/15 | (14,539 | ) | |||||||||||
| TOPIX Index |
21 | 2,827 | 6/11/15 | 252,807 | ||||||||||||
| U.S. Dollar Index |
20 | 1,940 | 6/15/15 | (24,140 | ) | |||||||||||
| U.S. Treasury 5-Year Note |
114 | 13,649 | 9/30/15 | 73,698 | ||||||||||||
| U.S. Treasury Ultra Long-Term Bond |
25 | 4,007 | 9/21/15 | 103,064 | ||||||||||||
| Short: Mini MSCI Emerging Markets Index |
(9 | ) | (449 | ) | 6/19/15 | (18,780 | ) | |||||||||
| $ | 352,941 | |||||||||||||||
| Semiannual Report | | May 31, 2015 | 325 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI Global Dynamic Allocation: | ||||||||||||||||
| Type | Contracts | Market Value (000s) |
Expiration Date |
Unrealized Appreciation (Depreciation) |
||||||||||||
| Long: 10-Year U.S. Treasury Note Futures |
1 | $ | 128 | 9/21/15 | $ | 396 | ||||||||||
| E-mini S&P 500 Index |
8 | 842 | 6/19/15 | 16,863 | ||||||||||||
| Euro STOXX 600 Index |
11 | 241 | 6/19/15 | 5,337 | ||||||||||||
| TOPIX Index |
2 | 269 | 6/11/15 | 16,463 | ||||||||||||
| U.S. Treasury 5-Year Note |
2 | 240 | 9/30/15 | 699 | ||||||||||||
| Short: Mini MSCI Emerging Markets Index |
(1 | ) | (50 | ) | 6/19/15 | (3,183 | ) | |||||||||
| $ | 36,575 | |||||||||||||||
| AllianzGI Best Styles Global Equity: | ||||||||||||||||
| Type | Contracts | Market Value (000s) |
Expiration Date |
Unrealized Appreciation (Depreciation) |
||||||||||||
| Long: E-mini S&P 500 Index |
8 | $ | 842 | 6/19/15 | $ | 11,731 | ||||||||||
| Euro STOXX 50 Index |
6 | 235 | 6/19/15 | (3,129 | ) | |||||||||||
| FTSE 100 Index |
1 | 106 | 6/19/15 | 1,993 | ||||||||||||
| Mini MSCI Emerging Markets Index |
3 | 150 | 6/19/15 | 2,830 | ||||||||||||
| TOPIX Index |
1 | 135 | 6/11/15 | 9,661 | ||||||||||||
| $ | 23,086 | |||||||||||||||
| AllianzGI Best Styles U.S. Equity: | ||||||||||||||||
| Type | Contracts | Market Value (000s) |
Expiration Date |
Unrealized Appreciation |
||||||||||||
| Long: E-mini S&P 500 Index |
35 | $ | 3,686 | 6/19/15 | $ | 10,228 | ||||||||||
| AllianzGI Global Fundamental Strategy: | ||||||||||||||||
| Type | Contracts | Market Value (000s) |
Expiration Date |
Unrealized Depreciation |
||||||||||||
| Short: 10-Year U.S. Treasury Note Futures |
(5 | ) | $ | (638 | ) | 9/21/15 | $ | (3,213 | ) | |||||||
| Euro-Bobl |
(3 | ) | (429 | ) | 9/8/15 | (268 | ) | |||||||||
| Euro-Bund 10-Year Bond |
(3 | ) | (4 | ) | 6/26/15 | (1,124 | ) | |||||||||
| Euro-Bund 10-Year Bond |
(1 | ) | (170 | ) | 9/8/15 | (913 | ) | |||||||||
| U.S. Treasury 5-Year Note |
(4 | ) | (479 | ) | 9/30/15 | (2,039 | ) | |||||||||
| $ | (7,557 | ) | ||||||||||||||
| AllianzGI Multi-Asset Real Return: | ||||||||||||||||
| Type | Contracts | Market Value (000s) |
Expiration Date |
Unrealized Appreciation (Depreciation) |
||||||||||||
| Long: E-mini S&P 500 Index |
2 | $ | 211 | 6/19/15 | $ | 2,623 | ||||||||||
| Euro STOXX 50 Index |
3 | 117 | 6/19/15 | (927 | ) | |||||||||||
| Mini MSCI Emerging Markets Index |
1 | 50 | 6/19/15 | (1,538 | ) | |||||||||||
| Short: 10-Year U.S. Treasury Note Futures |
(4 | ) | (511 | ) | 9/21/15 | (1,602 | ) | |||||||||
| Dow Jones U.S. Real Estate Index |
(9 | ) | (264 | ) | 6/19/15 | 3,299 | ||||||||||
| Euro Currency |
(1 | ) | (137 | ) | 6/15/15 | 2,803 | ||||||||||
| U.S. Treasury 2-Year Note |
(1 | ) | (219 | ) | 9/30/15 | (268 | ) | |||||||||
| XAB Materials |
(4 | ) | (214 | ) | 6/19/15 | (2,290 | ) | |||||||||
| $ | 2,100 | |||||||||||||||
| 326 | May 31, 2015 | | Semiannual Report |
Table of Contents
(d) Forward foreign currency contracts outstanding at May 31, 2015:
| AllianzGI Global Allocation: | ||||||||||||||||
| Counterparty | U.S.$ Value on Origination Date |
U.S.$ Value May 31, 2015 |
Unrealized Appreciation (Depreciation) |
|||||||||||||
| Purchased: |
||||||||||||||||
| 1,000,000 Euro settling 8/12/15 |
State Street Bank | $ | 1,137,490 | $ | 1,099,387 | $ | (38,103 | ) | ||||||||
| Sold: |
||||||||||||||||
| 5,000,000 Euro settling 8/12/15 |
State Street Bank | 5,584,135 | 5,496,935 | 87,200 | ||||||||||||
| $ | 49,097 | |||||||||||||||
| AllianzGI Global Dynamic Allocation: | ||||||||||||||||
| Counterparty | U.S.$ Value on Origination Date |
U.S.$ Value May 31, 2015 |
Unrealized Depreciation |
|||||||||||||
| Sold: |
||||||||||||||||
| 160,000 Euro settling 7/1/15 |
State Street Bank | $ | 174,073 | $ | 175,794 | $ | (1,721 | ) | ||||||||
| AllianzGI Emerging Markets Debt: | ||||||||||||||||
| Counterparty | U.S.$ Value on Origination Date |
U.S.$ Value May 31, 2015 |
Unrealized Appreciation (Depreciation) |
|||||||||||||
| Purchased: |
||||||||||||||||
| 270,484 Euro settling 7/10/15 |
State Street Bank | $ | 291,000 | $ | 297,223 | $ | 6,223 | |||||||||
| Sold: |
||||||||||||||||
| 545,934 Euro settling 7/10/15 |
State Street Bank | 587,000 | 599,904 | (12,904 | ) | |||||||||||
| $ | (6,681 | ) | ||||||||||||||
| AllianzGI Europe Equity Dividend: | ||||||||||||||||
| Counterparty | U.S.$ Value on Origination Date |
U.S.$ Value May 31, 2015 |
Unrealized Appreciation (Depreciation) |
|||||||||||||
| Purchased: |
||||||||||||||||
| 78,034 Euro settling 6/12/15 |
State Street Bank | $ | 85,075 | $ | 85,714 | $ | 639 | |||||||||
| Sold: |
||||||||||||||||
| 849,135 British Pound settling 6/12/15 |
State Street Bank | 1,272,840 | 1,297,713 | (24,873 | ) | |||||||||||
| 1,320,000 Euro settling 6/12/15 |
State Street Bank | 1,400,936 | 1,449,933 | (48,996 | ) | |||||||||||
| 1,400,000 Norwegian Krone settling 6/12/15 |
State Street Bank | 171,074 | 180,098 | (9,024 | ) | |||||||||||
| 200,000 Polish Zloty settling 6/12/15 |
State Street Bank | 50,931 | 53,422 | (2,491 | ) | |||||||||||
| 1,300,000 Swedish Krona settling 6/12/15 |
State Street Bank | 151,084 | 152,493 | (1,409 | ) | |||||||||||
| 109,000 Swiss Franc settling 6/12/15 |
State Street Bank | 110,368 | 116,014 | (5,646 | ) | |||||||||||
| $ | (91,800 | ) | ||||||||||||||
| AllianzGI Global Fundamental Strategy: | ||||||||||||||||
| Counterparty | U.S.$ Value on Origination Date |
U.S.$ Value May 31, 2015 |
Unrealized Appreciation (Depreciation) |
|||||||||||||
| Purchased: |
||||||||||||||||
| 35,000,000 Indian Rupee settling 2/26/16 |
State Street Bank | $ | 530,222 | $ | 521,299 | $ | (8,923 | ) | ||||||||
| Sold: |
||||||||||||||||
| 250,000 British Pound settling 8/28/15 |
State Street Bank | 385,192 | 381,857 | 3,335 | ||||||||||||
| 1,400,000 Euro settling 8/28/15 |
State Street Bank | 1,529,958 | 1,539,508 | (9,550 | ) | |||||||||||
| 55,000,000 Japanese Yen settling 8/28/15 |
State Street Bank | 447,607 | 443,622 | 3,985 | ||||||||||||
| $ | (11,153 | ) | ||||||||||||||
| Semiannual Report | | May 31, 2015 | 327 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI International Small-Cap: | ||||||||||||||||
| Counterparty | U.S.$ Value on Origination Date |
U.S.$ Value May 31, 2015 |
Unrealized Depreciation |
|||||||||||||
| Purchased: |
||||||||||||||||
| 125,145 Australian Dollar settling 6/3/15 |
Northern Trust Company | $ | 95,818 | $ | 95,675 | $ | (143 | ) | ||||||||
| AllianzGI NFJ Emerging Markets Value: | ||||||||||||||||
| Counterparty | U.S.$ Value on Origination Date |
U.S.$ Value May 31, 2015 |
Unrealized Appreciation (Depreciation) |
|||||||||||||
| Purchased: |
||||||||||||||||
| 66,670 South African Rand settling 6/3/15 |
Northern Trust Company | $ | 5,513 | $ | 5,489 | $ | (24 | ) | ||||||||
| 34,591 South African Rand settling 6/4/15 |
Northern Trust Company | 2,852 | 2,847 | (5 | ) | |||||||||||
| 59,741 South African Rand settling 6/5/15 |
Northern Trust Company | 4,933 | 4,917 | (16 | ) | |||||||||||
| Sold: |
||||||||||||||||
| 20,638 Hong Kong Dollar settling 6/1/15 |
Northern Trust Company | 2,662 | 2,662 | — | ||||||||||||
| 7,387 Singapore Dollar settling 6/2/15 |
Northern Trust Company | 5,458 | 5,479 | (21 | ) | |||||||||||
| 33,335 South African Rand settling 6/3/15 |
Northern Trust Company | 2,764 | 2,744 | 20 | ||||||||||||
| $ | (46 | ) | ||||||||||||||
At May 31, 2015, the following Funds pledged cash as collateral for derivatives:
| Collateral | ||||
| AllianzGI Global Allocation |
$ | 3,591,850 | ||
| AllianzGI Global Dynamic Allocation |
203,618 | |||
| AllianzGI Best Styles Global Equity |
1,009,268 | |||
| AllianzGI Emerging Markets Debt |
520,000 | |||
| AllianzGI Global Fundamental Strategy |
82,763 | |||
| AllianzGI Multi-Asset Real Return |
130,917 | |||
Glossary:
CDX.EM—Credit Derivatives Index Emerging Markets
FTSE—Financial Times Stock Exchange
JSE—Johannesburg Stock Exchange Limited
MSCI—Morgan Stanley Capital International
OTC—Over-the-Counter
TOPIX—Tokyo Stock Price Index
| 8. | INCOME TAX INFORMATION |
At May 31, 2015, 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 |
Unrealized Appreciation |
Unrealized Depreciation |
Net Unrealized Appreciation |
|||||||||||||
| AllianzGI Retirement 2015 |
$ | 28,209,385 | $ | 474,034 | $ | 212,668 | $ | 261,366 | ||||||||
| AllianzGI Retirement 2020 |
63,582,026 | 974,157 | 631,284 | 342,873 | ||||||||||||
| AllianzGI Retirement 2025 |
68,616,163 | 1,055,420 | 677,221 | 378,199 | ||||||||||||
| AllianzGI Retirement 2030 |
66,629,766 | 1,403,227 | 668,626 | 734,601 | ||||||||||||
| AllianzGI Retirement 2035 |
54,619,632 | 1,186,801 | 613,500 | 573,301 | ||||||||||||
| AllianzGI Retirement 2040 |
42,896,396 | 1,404,563 | 522,331 | 882,232 | ||||||||||||
| AllianzGI Retirement 2045 |
23,721,439 | 887,985 | 260,321 | 627,664 | ||||||||||||
| AllianzGI Retirement 2050 |
20,045,163 | 965,974 | 222,759 | 743,215 | ||||||||||||
| AllianzGI Retirement 2055 |
8,217,527 | 365,664 | 108,801 | 256,863 | ||||||||||||
| AllianzGI Retirement Income |
24,657,032 | 522,816 | 196,766 | 326,050 | ||||||||||||
| 328 | May 31, 2015 | | Semiannual Report |
Table of Contents
| Federal Tax Cost Basis |
Unrealized Appreciation |
Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
|||||||||||||
| AllianzGI Global Allocation |
$ | 191,844,106 | $ | 10,290,083 | $ | 1,156,991 | $ | 9,133,092 | ||||||||
| AllianzGI Global Dynamic Allocation |
7,507,693 | 263,561 | 7,010 | 256,551 | ||||||||||||
| AllianzGI Global Megatrends |
3,000,000 | 213,015 | — | 213,015 | ||||||||||||
| AllianzGI Behavioral Advantage Large Cap |
40,091,493 | 4,625,662 | 467,580 | 4,158,082 | ||||||||||||
| AllianzGI Best Styles Emerging Markets Equity |
5,580,168 | 381,480 | 292,501 | 88,979 | ||||||||||||
| AllianzGI Best Styles Global Equity |
107,429,484 | 9,545,218 | 2,461,521 | 7,083,697 | ||||||||||||
| AllianzGI Best Styles International Equity |
32,198,104 | 2,203,043 | 815,753 | 1,387,290 | ||||||||||||
| AllianzGI Best Styles U.S. Equity |
59,594,764 | 2,452,465 | 1,927,551 | 524,914 | ||||||||||||
| AllianzGI China Equity |
11,818,649 | 1,550,665 | 184,599 | 1,366,066 | ||||||||||||
| AllianzGI Convertible |
2,220,718,408 | 328,422,602 | 24,394,335 | 304,028,267 | ||||||||||||
| AllianzGI Emerging Markets Consumer |
12,533,283 | 1,061,120 | 747,524 | 313,596 | ||||||||||||
| AllianzGI Emerging Markets Debt |
30,603,375 | 280,207 | 652,310 | (372,103 | ) | |||||||||||
| AllianzGI Emerging Markets Small-Cap |
4,684,459 | 581,805 | 149,731 | 432,074 | ||||||||||||
| AllianzGI Europe Equity Dividend |
3,284,182 | 162,485 | 58,557 | 103,928 | ||||||||||||
| AllianzGI Global Fundamental Strategy |
22,115,027 | 1,167,922 | 985,352 | 182,570 | ||||||||||||
| AllianzGI Global Managed Volatility |
2,520,400 | 255,221 | 34,077 | 221,144 | ||||||||||||
| AllianzGI Global Sustainability |
3,028,945 | 169,008 | 53,632 | 115,376 | ||||||||||||
| AllianzGI Global Water |
326,442,937 | 48,705,233 | 7,720,878 | 40,984,355 | ||||||||||||
| AllianzGI High Yield Bond |
398,583,104 | 11,561,849 | 11,785,808 | (223,959 | ) | |||||||||||
| AllianzGI International Growth |
2,971,964 | 251,745 | 72,759 | 178,986 | ||||||||||||
| AllianzGI International Small-Cap |
100,786,121 | 23,154,119 | 3,970,394 | 19,183,725 | ||||||||||||
| AllianzGI Micro Cap |
27,765,561 | 14,716,008 | 847,163 | 13,868,845 | ||||||||||||
| AllianzGI Multi-Asset Real Return |
5,164,322 | 273,253 | 391,138 | (117,885 | ) | |||||||||||
| AllianzGI NFJ Emerging Markets Value |
9,132,556 | 844,094 | 696,009 | 148,085 | ||||||||||||
| AllianzGI NFJ Global Dividend Value |
36,609,984 | 4,963,019 | 1,194,432 | 3,768,587 | ||||||||||||
| AllianzGI NFJ International Small-Cap Value |
17,428,767 | 2,054,455 | 640,028 | 1,414,427 | ||||||||||||
| AllianzGI NFJ International Value II |
48,073,834 | 4,145,331 | 2,163,349 | 1,981,982 | ||||||||||||
| AllianzGI Short Duration High Income |
831,967,195 | 4,057,702 | 9,954,897 | (5,897,195 | ) | |||||||||||
| AllianzGI Structured Return |
31,761,319 | 1,120,518 | 45,713 | 1,074,805 | ||||||||||||
| AllianzGI U.S. Equity Hedged |
16,359,034 | 305,711 | 409,130 | (103,419 | ) | |||||||||||
| AllianzGI U.S. Small-Cap Growth |
35,330,252 | 10,739,379 | 832,048 | 9,907,331 | ||||||||||||
| AllianzGI Ultra Micro Cap |
71,141,503 | 33,197,026 | 2,673,946 | 30,523,080 | ||||||||||||
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 | | May 31, 2015 | 329 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (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 | AllianzGI Retirement 2020 | |||||||||||||||||||||||||||||||||
| Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
|||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||
| Shares sold: |
||||||||||||||||||||||||||||||||||
| Class A |
59,308 | $ | 1,134,068 | 565,795 | $ | 11,168,574 | 81,329 | $ | 1,546,748 | 1,433,411 | $ | 28,178,631 | ||||||||||||||||||||||
| Class C |
1,368 | 26,258 | 15,337 | 298,797 | 524 | 10,005 | 4,810 | 94,427 | ||||||||||||||||||||||||||
| Class D |
128 | 2,478 | 17 | 332 | 1,697 | 32,804 | 2,880 | 56,444 | ||||||||||||||||||||||||||
| Class R |
4,378 | 83,545 | 1,134 | 22,530 | 5,726 | 110,395 | 5,007 | 97,615 | ||||||||||||||||||||||||||
| Class P |
407,573 | 7,917,777 | 171,764 | 3,325,289 | 719,167 | 13,941,521 | 333,605 | 6,405,645 | ||||||||||||||||||||||||||
| Class R6 |
25,904 | 502,110 | 715,197 | 14,343,900 | 41,734 | 802,549 | 159,121 | 3,113,834 | ||||||||||||||||||||||||||
| Administrative Class |
2,354 | 45,949 | 16,965 | 335,842 | 9,076 | 174,641 | 82,204 | 1,617,550 | ||||||||||||||||||||||||||
| Issued in reinvestment of dividends and distributions: |
|
|||||||||||||||||||||||||||||||||
| Class A |
24,769 | 469,122 | 10,510 | 201,688 | 57,371 | 1,081,443 | 19,810 | 376,585 | ||||||||||||||||||||||||||
| Class C |
1,587 | 29,943 | 736 | 14,041 | 549 | 10,356 | 225 | 4,276 | ||||||||||||||||||||||||||
| Class D |
130 | 2,500 | 120 | 2,326 | 386 | 7,318 | 262 | 5,007 | ||||||||||||||||||||||||||
| Class R |
339 | 6,473 | 76 | 1,464 | 1,528 | 28,883 | 772 | 14,703 | ||||||||||||||||||||||||||
| Class P |
12,230 | 233,835 | 4,379 | 84,782 | 27,186 | 518,167 | 8,058 | 154,714 | ||||||||||||||||||||||||||
| Class R6 |
29,130 | 557,260 | 9,220 | 178,596 | 10,025 | 191,285 | 8,358 | 160,647 | ||||||||||||||||||||||||||
| Administrative Class |
6,191 | 118,241 | 3,808 | 73,602 | 12,238 | 232,151 | 7,237 | 138,300 | ||||||||||||||||||||||||||
| Cost of shares redeemed: |
||||||||||||||||||||||||||||||||||
| Class A |
(129,903 | ) | (2,491,839 | ) | (205,257 | ) | (4,032,346 | ) | (169,947 | ) | (3,236,253 | ) | (168,555 | ) | (3,278,677 | ) | ||||||||||||||||||
| Class C |
(11,679 | ) | (223,804 | ) | (35,474 | ) | (694,946 | ) | (4,825 | ) | (92,208 | ) | (4,003 | ) | (78,690 | ) | ||||||||||||||||||
| Class D |
(1,611 | ) | (31,823 | ) | (5,313 | ) | (104,936 | ) | (908 | ) | (17,841 | ) | (5,733 | ) | (113,637 | ) | ||||||||||||||||||
| Class R |
(2,312 | ) | (44,798 | ) | (2,592 | ) | (50,484 | ) | (1,216 | ) | (23,700 | ) | (7,690 | ) | (150,766 | ) | ||||||||||||||||||
| Class P |
(75,815 | ) | (1,472,265 | ) | (190,596 | ) | (3,761,904 | ) | (247,686 | ) | (4,836,431 | ) | (99,035 | ) | (1,960,444 | ) | ||||||||||||||||||
| Class R6 |
(446,235 | ) | (8,726,828 | ) | (440,624 | ) | (8,878,990 | ) | (60,046 | ) | (1,152,584 | ) | (270,027 | ) | (5,377,317 | ) | ||||||||||||||||||
| Administrative Class |
(149,054 | ) | (2,842,561 | ) | (47,231 | ) | (938,663 | ) | (321,771 | ) | (6,101,294 | ) | (58,748 | ) | (1,155,300 | ) | ||||||||||||||||||
| Net increase (decrease) resulting from Fund share transactions |
(241,220 | ) | $ | (4,704,359 | ) | 587,971 | $ | 11,589,494 | 162,137 | $ | 3,227,955 | 1,451,969 | $ | 28,303,547 | ||||||||||||||||||||
| 330 | May 31, 2015 | | Semiannual Report |
Table of Contents
| AllianzGI Retirement 2025 | AllianzGI Retirement 2030 | AllianzGI Retirement 2035 | ||||||||||||||||||||||||||||||||||||||||||||||
| Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
|||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||
| 109,250 | $ | 1,831,946 | 1,335,068 | $ | 22,916,623 | 103,760 | $ | 2,085,353 | 928,027 | $ | 19,420,259 | 85,264 | $ | 1,510,605 | 816,929 | $ | 14,941,272 | |||||||||||||||||||||||||||||||
| — | — | — | — | 1,779 | 35,603 | 6,650 | 138,830 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| — | — | — | — | 681 | 13,830 | 2,113 | 43,399 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| 14,689 | 242,987 | 35,394 | 595,164 | 12,928 | 259,266 | 18,581 | 388,307 | 35,076 | 612,302 | 9,352 | 170,961 | |||||||||||||||||||||||||||||||||||||
| 1,065,630 | 17,878,987 | 703,711 | 11,746,860 | 768,981 | 15,644,318 | 541,841 | 11,072,179 | 924,682 | 16,361,124 | 572,738 | 10,179,074 | |||||||||||||||||||||||||||||||||||||
| 29,926 | 505,279 | 225,478 | 3,834,014 | 106,854 | 2,191,650 | 268,513 | 5,654,075 | 20,204 | 363,260 | 155,191 | 2,843,057 | |||||||||||||||||||||||||||||||||||||
| 12,426 | 210,420 | 117,954 | 2,028,052 | 8,523 | 175,086 | 92,910 | 1,960,346 | 11,304 | 203,161 | 78,765 | 1,447,310 | |||||||||||||||||||||||||||||||||||||
| 54,681 | 906,067 | 25,283 | 421,464 | 56,387 | 1,119,279 | 21,054 | 427,836 | 48,988 | 856,311 | 16,679 | 297,724 | |||||||||||||||||||||||||||||||||||||
| — | — | — | — | 1,188 | 23,540 | 495 | 10,033 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| — | — | — | — | 1,301 | 26,010 | 637 | 13,023 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| 1,501 | 24,851 | 1,097 | 18,248 | 2,124 | 42,369 | 896 | 18,290 | 2,409 | 42,137 | 922 | 16,445 | |||||||||||||||||||||||||||||||||||||
| 32,694 | 545,013 | 4,784 | 80,182 | 42,916 | 863,478 | 8,988 | 184,881 | 42,634 | 750,353 | 6,302 | 113,126 | |||||||||||||||||||||||||||||||||||||
| 10,346 | 172,571 | 6,502 | 108,975 | 20,482 | 412,721 | 12,548 | 258,616 | 9,357 | 164,873 | 7,644 | 137,282 | |||||||||||||||||||||||||||||||||||||
| 20,948 | 348,778 | 11,996 | 200,811 | 21,067 | 422,819 | 9,758 | 200,325 | 27,741 | 487,129 | 12,521 | 224,389 | |||||||||||||||||||||||||||||||||||||
| (110,498 | ) | (1,849,539 | ) | (318,923 | ) | (5,466,861 | ) | (182,706 | ) | (3,675,677 | ) | (225,966 | ) | (4,705,694 | ) | (101,506 | ) | (1,790,820 | ) | (116,775 | ) | (2,135,925 | ) | |||||||||||||||||||||||||
| — | — | — | — | (1,670 | ) | (33,810 | ) | (10,583 | ) | (219,126 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||
| — | — | — | — | (2,630 | ) | (53,390 | ) | (3,534 | ) | (74,687 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||
| (8,424 | ) | (141,869 | ) | (22,892 | ) | (383,869 | ) | (6,007 | ) | (122,976 | ) | (10,198 | ) | (211,997 | ) | (5,187 | ) | (90,689 | ) | (4,604 | ) | (85,076 | ) | |||||||||||||||||||||||||
| (161,298 | ) | (2,731,984 | ) | (167,809 | ) | (2,872,130 | ) | (214,296 | ) | (4,455,185 | ) | (90,735 | ) | (1,921,242 | ) | (139,142 | ) | (2,486,908 | ) | (115,777 | ) | (2,127,542 | ) | |||||||||||||||||||||||||
| (96,122 | ) | (1,662,160 | ) | (142,236 | ) | (2,478,415 | ) | (78,109 | ) | (1,608,039 | ) | (389,999 | ) | (8,258,015 | ) | (184,706 | ) | (3,413,327 | ) | (131,228 | ) | (2,440,381 | ) | |||||||||||||||||||||||||
| (661,995 | ) | (10,981,440 | ) | (55,774 | ) | (962,168 | ) | (394,366 | ) | (7,873,378 | ) | (80,462 | ) | (1,695,999 | ) | (610,310 | ) | (10,646,752 | ) | (43,975 | ) | (806,171 | ) | |||||||||||||||||||||||||
| |
313,754 |
|
$ | 5,299,907 | 1,759,633 | $ | 29,786,950 | 269,187 | $ | 5,492,867 | 1,101,534 | $ | 22,703,639 | 166,808 | $ | 2,922,759 | 1,264,684 | $ | 22,775,545 | |||||||||||||||||||||||||||||
| Semiannual Report | | May 31, 2015 | 331 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI Retirement 2040 | AllianzGI Retirement 2045 | |||||||||||||||||||||||||||||||||
| Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
|||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||
| Shares sold: |
||||||||||||||||||||||||||||||||||
| Class A |
63,217 | $ | 1,296,846 | 602,125 | $ | 13,046,627 | 79,278 | $ | 1,432,979 | 351,881 | $ | 6,635,440 | ||||||||||||||||||||||
| Class C |
1,038 | 21,119 | 3,035 | 65,077 | — | — | — | — | ||||||||||||||||||||||||||
| Class D |
5,542 | 115,150 | 1,915 | 41,790 | — | — | — | — | ||||||||||||||||||||||||||
| Class R |
9,507 | 194,143 | 13,129 | 283,949 | 4,441 | 80,687 | 5,261 | 99,251 | ||||||||||||||||||||||||||
| Class P |
383,362 | 7,926,688 | 396,823 | 8,391,622 | 184,632 | 3,367,053 | 374,167 | 6,834,798 | ||||||||||||||||||||||||||
| Class R6 |
120,420 | 2,524,777 | 207,481 | 4,538,383 | 15,546 | 287,758 | 55,303 | 1,043,172 | ||||||||||||||||||||||||||
| Administrative Class |
5,631 | 118,448 | 37,217 | 809,484 | 3,159 | 58,198 | 25,662 | 486,607 | ||||||||||||||||||||||||||
| Issued in reinvestment of dividends and distributions: |
|
|||||||||||||||||||||||||||||||||
| Class A |
50,572 | 1,025,602 | 14,621 | 309,393 | 28,656 | 512,944 | 10,650 | 196,475 | ||||||||||||||||||||||||||
| Class C |
640 | 12,993 | 239 | 5,039 | — | — | — | — | ||||||||||||||||||||||||||
| Class D |
573 | 11,659 | 203 | 4,300 | — | — | — | — | ||||||||||||||||||||||||||
| Class R |
3,564 | 72,164 | 1,013 | 21,388 | 1,197 | 21,404 | 412 | 7,597 | ||||||||||||||||||||||||||
| Class P |
34,748 | 711,292 | 5,671 | 121,070 | 27,637 | 497,461 | 3,796 | 70,620 | ||||||||||||||||||||||||||
| Class R6 |
26,874 | 550,923 | 12,498 | 266,724 | 14,530 | 261,973 | 6,710 | 124,598 | ||||||||||||||||||||||||||
| Administrative Class |
15,745 | 321,032 | 5,623 | 119,471 | 5,022 | 90,199 | 2,123 | 39,271 | ||||||||||||||||||||||||||
| Cost of shares redeemed: |
||||||||||||||||||||||||||||||||||
| Class A |
(102,907 | ) | (2,110,174 | ) | (114,672 | ) | (2,480,516 | ) | (41,873 | ) | (757,289 | ) | (65,555 | ) | (1,241,169 | ) | ||||||||||||||||||
| Class C |
(4,188 | ) | (86,613 | ) | (5,844 | ) | (125,784 | ) | — | — | — | — | ||||||||||||||||||||||
| Class D |
(2,095 | ) | (43,910 | ) | (2,906 | ) | (62,937 | ) | — | — | — | — | ||||||||||||||||||||||
| Class R |
(14,432 | ) | (291,653 | ) | (7,288 | ) | (158,731 | ) | (1,534 | ) | (27,532 | ) | (1,225 | ) | (23,327 | ) | ||||||||||||||||||
| Class P |
(142,232 | ) | (3,040,071 | ) | (90,176 | ) | (1,975,572 | ) | (73,231 | ) | (1,343,604 | ) | (42,668 | ) | (819,648 | ) | ||||||||||||||||||
| Class R6 |
(94,881 | ) | (1,976,101 | ) | (315,133 | ) | (6,958,416 | ) | (232,068 | ) | (4,356,369 | ) | (21,916 | ) | (422,785 | ) | ||||||||||||||||||
| Administrative Class |
(239,212 | ) | (4,845,445 | ) | (37,880 | ) | (821,095 | ) | (82,973 | ) | (1,475,514 | ) | (18,161 | ) | (345,338 | ) | ||||||||||||||||||
| Net increase (decrease) resulting from Fund share transactions |
121,486 | $ | 2,508,869 | 727,694 | $ | 15,441,266 | (67,581 | ) | $ | (1,349,652 | ) | 686,440 | $ | 12,685,562 | ||||||||||||||||||||
| 332 | May 31, 2015 | | Semiannual Report |
Table of Contents
| AllianzGI Retirement 2050 | AllianzGI Retirement 2055 | AllianzGI Retirement Income | ||||||||||||||||||||||||||||||||||||||||||||||
| Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
|||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||
| 38,374 | $ | 787,854 | 184,392 | $ | 4,003,253 | 21,000 | $ | 369,426 | 62,661 | $ | 1,165,536 | 51,895 | $ | 956,720 | 277,751 | $ | 5,324,689 | |||||||||||||||||||||||||||||||
| 739 | 15,035 | 848 | 18,153 | — | — | — | — | 20,921 | 383,305 | 29,059 | 554,674 | |||||||||||||||||||||||||||||||||||||
| 1,428 | 29,632 | 1,934 | 41,897 | — | — | — | — | 1,049 | 19,329 | 4,586 | 89,080 | |||||||||||||||||||||||||||||||||||||
| 5,188 | 105,546 | 5,260 | 114,561 | 3,802 | 66,622 | 4,091 | 75,584 | 646 | 12,351 | 3,714 | 73,267 | |||||||||||||||||||||||||||||||||||||
| 165,825 | 3,509,748 | 218,872 | 4,652,264 | 39,889 | 702,664 | 61,933 | 1,143,776 | 142,783 | 2,668,771 | 259,938 | 4,960,657 | |||||||||||||||||||||||||||||||||||||
| 93,706 | 1,949,038 | 142,748 | 3,131,628 | 16,013 | 281,727 | 17,208 | 327,478 | 25,896 | 476,491 | 121,093 | 2,307,728 | |||||||||||||||||||||||||||||||||||||
| 2,491 | 52,043 | 15,235 | 333,045 | 1,874 | 33,620 | 7,983 | 149,207 | 987 | 18,801 | 12,601 | 245,703 | |||||||||||||||||||||||||||||||||||||
| 15,847 | 319,309 | 4,363 | 93,070 | 4,037 | 69,796 | 1,172 | 21,356 | 16,655 | 305,349 | 5,138 | 98,989 | |||||||||||||||||||||||||||||||||||||
| 414 | 8,313 | 157 | 3,333 | — | — | — | — | 9,743 | 176,840 | 2,353 | 45,087 | |||||||||||||||||||||||||||||||||||||
| 702 | 14,236 | 472 | 10,080 | — | — | — | — | 2,578 | 47,525 | 872 | 16,924 | |||||||||||||||||||||||||||||||||||||
| 1,831 | 36,924 | 663 | 14,134 | 475 | 8,215 | 153 | 2,791 | 516 | 9,773 | 126 | 2,510 | |||||||||||||||||||||||||||||||||||||
| 21,769 | 443,439 | 3,259 | 70,571 | 3,989 | 69,446 | 859 | 15,862 | 14,607 | 271,393 | 7,746 | 151,273 | |||||||||||||||||||||||||||||||||||||
| 25,905 | 528,980 | 13,791 | 296,988 | 18,517 | 323,120 | 9,281 | 170,105 | 24,763 | 450,581 | 11,265 | 215,784 | |||||||||||||||||||||||||||||||||||||
| 3,920 | 79,620 | 1,765 | 37,821 | 1,338 | 23,229 | 492 | 8,985 | 4,505 | 83,435 | 1,903 | 37,092 | |||||||||||||||||||||||||||||||||||||
| (22,188 | ) | (458,132 | ) | (17,588 | ) | (384,126 | ) | (6,078 | ) | (108,803 | ) | (12,856 | ) | (234,967 | ) | (50,322 | ) | (932,603 | ) | (184,344 | ) | (3,547,224 | ) | |||||||||||||||||||||||||
| — | — | (214 | ) | (4,743 | ) | — | — | — | — | (37,256 | ) | (682,953 | ) | (55,702 | ) | (1,055,914 | ) | |||||||||||||||||||||||||||||||
| (3,898 | ) | (82,713 | ) | (4,712 | ) | (102,260 | ) | — | — | — | — | (3,273 | ) | (61,102 | ) | (11,788 | ) | (227,211 | ) | |||||||||||||||||||||||||||||
| (1,685 | ) | (34,938 | ) | (2,304 | ) | (49,752 | ) | (560 | ) | (10,089 | ) | (465 | ) | (8,626 | ) | (30 | ) | (573 | ) | (828 | ) | (16,175 | ) | |||||||||||||||||||||||||
| (42,128 | ) | (891,508 | ) | (49,914 | ) | (1,093,827 | ) | (26,875 | ) | (494,273 | ) | (3,433 | ) | (64,844 | ) | (125,176 | ) | (2,392,466 | ) | (174,487 | ) | (3,404,901 | ) | |||||||||||||||||||||||||
| (247,285 | ) | (5,270,974 | ) | (150,620 | ) | (3,320,055 | ) | (9,750 | ) | (172,646 | ) | (815 | ) | (15,132 | ) | (161,244 | ) | (3,001,207 | ) | (142,315 | ) | (2,735,083 | ) | |||||||||||||||||||||||||
| (39,115 | ) | (792,058 | ) | (15,510 | ) | (343,282 | ) | (12,826 | ) | (220,739 | ) | (1,368 | ) | (25,758 | ) | (105,342 | ) | (1,948,043 | ) | (40,737 | ) | (786,766 | ) | |||||||||||||||||||||||||
| 21,840 | $ | 349,394 | 352,897 | $ | 7,522,753 | 54,845 | $ | 941,315 | 146,896 | $ | 2,731,353 | (165,099 | ) | $ | (3,138,283 | ) | 127,944 | $ | 2,350,183 | |||||||||||||||||||||||||||||
| Semiannual Report | | May 31, 2015 | 333 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI Global Allocation | AllianzGI Global Dynamic Allocation |
|||||||||||||||||||||||||||||||||
| Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
|||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||
| Shares sold: |
||||||||||||||||||||||||||||||||||
| Class A |
192,123 | $ | 2,273,631 | 488,819 | $ | 5,873,282 | 6,900 | $ | 133,000 | 13,404 | $ | 292,209 | ||||||||||||||||||||||
| Class B |
370 | 4,422 | 2,464 | 30,262 | — | — | — | — | ||||||||||||||||||||||||||
| Class C |
141,428 | 1,700,184 | 213,160 | 2,598,606 | 2,672 | 50,583 | 4,738 | 101,602 | ||||||||||||||||||||||||||
| Class D |
22,395 | 261,366 | 113,628 | 1,360,961 | 3,052 | 57,162 | 4,698 | 104,018 | ||||||||||||||||||||||||||
| Class R |
— | — | — | — | 2,043 | 39,191 | 6,213 | 141,517 | ||||||||||||||||||||||||||
| Class P |
58,408 | 686,826 | 90,351 | 1,093,598 | 273 | 5,156 | 237 | 5,393 | ||||||||||||||||||||||||||
| Institutional Class |
1,006,729 | 11,707,581 | 1,399,068 | 16,736,242 | 100,334 | 1,901,137 | 10,994 | 247,967 | ||||||||||||||||||||||||||
| Class R6 |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Administrative Class |
— | — | 1,043 | 12,798 | 57 | 1,072 | 252 | 5,517 | ||||||||||||||||||||||||||
| Issued in reinvestment of dividends and distributions: |
|
|||||||||||||||||||||||||||||||||
| Class A |
195,954 | 2,289,927 | 107,244 | 1,295,082 | 7,168 | 134,393 | 8,921 | 191,140 | ||||||||||||||||||||||||||
| Class B |
4,393 | 52,485 | 2,373 | 29,152 | — | — | — | — | ||||||||||||||||||||||||||
| Class C |
161,707 | 1,915,172 | 64,439 | 786,340 | 9,171 | 169,571 | 8,945 | 189,428 | ||||||||||||||||||||||||||
| Class D |
8,204 | 95,476 | 2,898 | 34,933 | 869 | 16,211 | 2,579 | 54,881 | ||||||||||||||||||||||||||
| Class R |
62 | 722 | 29 | 351 | 1,045 | 19,480 | 774 | 16,508 | ||||||||||||||||||||||||||
| Class P |
1,440 | 16,824 | 978 | 11,777 | 307 | 5,748 | 279 | 5,969 | ||||||||||||||||||||||||||
| Institutional Class |
284,462 | 3,290,747 | 149,348 | 1,787,276 | 24,081 | 451,512 | 21,933 | 470,228 | ||||||||||||||||||||||||||
| Class R6 |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Administrative Class |
84 | 1,004 | 47 | 587 | 184 | 3,446 | 131 | 2,792 | ||||||||||||||||||||||||||
| Cost of shares redeemed: |
||||||||||||||||||||||||||||||||||
| Class A |
(772,714 | ) | (9,112,826 | ) | (1,067,994 | ) | (12,901,939 | ) | (4,243 | ) | (83,043 | ) | (29,245 | ) | (638,957 | ) | ||||||||||||||||||
| Class B |
(72,004 | ) | (869,287 | ) | (95,177 | ) | (1,166,655 | ) | — | — | — | — | ||||||||||||||||||||||
| Class C |
(513,577 | ) | (6,142,446 | ) | (940,056 | ) | (11,488,956 | ) | (4,970 | ) | (94,512 | ) | (11,062 | ) | (244,700 | ) | ||||||||||||||||||
| Class D |
(15,255 | ) | (178,823 | ) | (32,083 | ) | (386,436 | ) | (5,221 | ) | (100,830 | ) | (17,776 | ) | (391,639 | ) | ||||||||||||||||||
| Class R |
— | — | — | — | (1,435 | ) | (26,974 | ) | (4,815 | ) | (110,410 | ) | ||||||||||||||||||||||
| Class P |
(47,423 | ) | (558,415 | ) | (80,551 | ) | (982,880 | ) | — | — | (237 | ) | (5,266 | ) | ||||||||||||||||||||
| Institutional Class |
(850,344 | ) | (9,971,901 | ) | (1,163,787 | ) | (13,963,585 | ) | (9,873 | ) | (198,205 | ) | (11,524 | ) | (264,374 | ) | ||||||||||||||||||
| Class R6 |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Administrative Class |
(670 | ) | (8,318 | ) | (432 | ) | (5,198 | ) | — | — | — | — | ||||||||||||||||||||||
| Net increase (decrease) resulting from Fund share transactions |
(194,228 | ) | $ | (2,545,649 | ) | (744,191 | ) | $ | (9,244,402 | ) | 132,414 | $ | 2,484,098 | 9,439 | $ | 173,823 | ||||||||||||||||||
| * | Actual amount rounds to less than 1 share. |
| † | For the period December 22, 2014 (commencement of share class) through May 31, 2015. “Shares sold” includes shares sold to AFI. |
| 334 | May 31, 2015 | | Semiannual Report |
Table of Contents
| AllianzGI Behavioral Advantage Large Cap | AllianzGI Best Styles Emerging Markets Equity |
AllianzGI Best Styles Global Equity | ||||||||||||||||||||||||||||||||||||||
| Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
Period from December 9, 2014** through May 31, 2015 (unaudited) |
Six Months ended May 31, 2015 (unaudited) |
Period from December 2, 2013** through November 30, 2014 |
||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||
| 186,233 | $ | 4,097,027 | 162,296 | $ | 3,827,973 | — | — | 14,230 | $ | 232,230 | — | — | ||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
| 23,199 | 545,469 | 12,353 | 284,894 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
| 109,504 | 2,581,364 | 33,945 | 821,450 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
| — | — | 3,788 | 92,492 | — | — | 259,792 | † | 4,267,981 | † | — | — | |||||||||||||||||||||||||||||
| 135,058 | 3,193,866 | 1,871,574 | 44,216,425 | — | — | 5,777 | 93,755 | — | — | |||||||||||||||||||||||||||||||
| — | — | — | — | 38,568 | $ | 565,792 | 6,034,822 | 95,183,054 | 2,418,239 | $ | 36,454,373 | |||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
| 11,273 | 236,093 | 1,899 | 42,711 | — | — | 33 | 509 | — | — | |||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
| 10,623 | 215,605 | 468 | 10,364 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
| 30,443 | 621,362 | 313 | 6,971 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
| 1,427 | 30,275 | 32 | 714 | – | * | 2 | — | — | — | — | ||||||||||||||||||||||||||||||
| 664,256 | 14,293,625 | 96,471 | 2,172,662 | – | * | 3 | 33 | 517 | — | — | ||||||||||||||||||||||||||||||
| — | — | — | — | 111 | 1,617 | 104,130 | 1,633,737 | — | — | |||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
| (48,935 | ) | (1,147,825 | ) | (136,703 | ) | (3,281,256 | ) | — | — | (206 | ) | (3,387 | ) | — | — | |||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
| (3,088 | ) | (64,832 | ) | (3,656 | ) | (89,007 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||
| (31,798 | ) | (713,935 | ) | (2,052 | ) | (49,299 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
| (553 | ) | (11,358 | ) | (28 | ) | (684 | ) | — | — | (2,086 | ) | (34,921 | ) | — | — | |||||||||||||||||||||||||
| (2,212,530 | ) | (49,464,122 | ) | (1,134,784 | ) | (27,583,735 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||
| — | — | — | — | — | — | (1,447,900 | ) | (22,861,620 | ) | (736,256 | ) | (11,914,060 | ) | |||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
| |
(1,124,888 |
) |
$ | (25,587,386 | ) | 905,916 | $ | 20,472,675 | 38,680 | $ | 567,414 | 4,968,625 | $ | 78,511,855 | 1,681,983 | $ | 24,540,313 | |||||||||||||||||||||||
| Semiannual Report | | May 31, 2015 | 335 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI Best Styles International Equity |
AllianzGI Best Styles U.S. Equity |
|||||||||||||||||
| Period from December 9, 2014** through May 31, 2015 (unaudited) |
Period from December 1, 2014** through May 31, 2015 (unaudited) |
|||||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||||
| Shares sold: |
||||||||||||||||||
| Class A |
— | — | — | — | ||||||||||||||
| Class C |
— | — | — | — | ||||||||||||||
| Class D |
— | — | — | — | ||||||||||||||
| Class R |
— | — | — | — | ||||||||||||||
| Class P |
— | — | 1,104 | $ | 16,784 | |||||||||||||
| Institutional Class |
— | — | 17,597 | 271,325 | ||||||||||||||
| Class R6 |
2,299,672 | $ | 34,152,135 | 4,992,087 | 76,087,462 | |||||||||||||
| Administrative Class |
— | — | — | — | ||||||||||||||
| Issued in reinvestment of dividends and distributions: |
||||||||||||||||||
| Class A |
— | — | — | — | ||||||||||||||
| Class C |
— | — | — | — | ||||||||||||||
| Class D |
— | — | — | — | ||||||||||||||
| Class R |
— | — | — | — | ||||||||||||||
| Class P |
1 | 7 | 1 | 14 | ||||||||||||||
| Institutional Class |
— | * | 7 | 1 | 15 | |||||||||||||
| Class R6 |
268 | 3,930 | 309 | 4,632 | ||||||||||||||
| Administrative Class |
— | — | — | — | ||||||||||||||
| Cost of shares redeemed: |
||||||||||||||||||
| Class A |
— | — | — | — | ||||||||||||||
| Class C |
— | — | — | — | ||||||||||||||
| Class D |
— | — | — | — | ||||||||||||||
| Class R |
— | — | — | — | ||||||||||||||
| Class P |
— | — | — | — | ||||||||||||||
| Institutional Class |
— | — | — | — | ||||||||||||||
| Class R6 |
(486,468 | ) | (7,685,047 | ) | (1,316,759 | ) | (20,076,634 | ) | ||||||||||
| Administrative Class |
— | — | — | — | ||||||||||||||
| Net increase (decrease) resulting from Fund share transactions |
1,813,473 | $ | 26,471,032 | 3,694,340 | $ | 56,303,598 | ||||||||||||
| * | Actual amount rounds to less than 1 share. |
| ** | Commencement of operations. |
| 336 | May 31, 2015 | | Semiannual Report |
Table of Contents
| AllianzGI China Equity | AllianzGI Convertible | AllianzGI Emerging Markets Consumer |
||||||||||||||||||||||||||||||||||||||
| Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
Period from December 1, 2014** through May 31, 2015 (unaudited) |
||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||
| 213,746 | $ | 4,594,283 | 47,977 | $ | 836,508 | 2,202,006 | $ | 76,198,018 | 9,378,536 | $ | 333,949,448 | 2,339 | $ | 36,199 | ||||||||||||||||||||||||||
| 1,257 | 25,607 | 333 | 5,524 | 148,930 | 5,075,349 | 783,892 | 27,624,284 | — | — | |||||||||||||||||||||||||||||||
| 129,156 | 2,784,494 | 97,121 | 1,696,266 | 163,276 | 5,595,784 | 1,531,177 | 54,245,530 | — | — | |||||||||||||||||||||||||||||||
| — | — | — | — | 12,786 | 435,881 | 36,759 | 1,298,733 | — | — | |||||||||||||||||||||||||||||||
| 3,188 | 69,600 | 118,589 | 2,120,128 | 412,986 | 14,152,008 | 2,654,621 | 94,076,352 | — | — | |||||||||||||||||||||||||||||||
| 18,645 | 348,880 | 4,105 | 65,077 | 2,248,614 | 76,807,384 | 16,075,929 | 572,163,253 | 744,085 | 10,663,234 | |||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
| — | — | — | — | 1,192 | 40,792 | 29,719 | 1,046,515 | — | — | |||||||||||||||||||||||||||||||
| 735 | 11,845 | 72 | 1,192 | 1,013,075 | 34,059,857 | 480,991 | 16,815,149 | — | — | |||||||||||||||||||||||||||||||
| 15 | 243 | — | * | 2 | 173,497 | 5,830,710 | 83,150 | 2,880,924 | — | — | ||||||||||||||||||||||||||||||
| 397 | 6,488 | 96 | 1,635 | 168,001 | 5,641,841 | 144,620 | 5,010,224 | — | — | |||||||||||||||||||||||||||||||
| — | — | — | — | 2,715 | 91,065 | 866 | 30,474 | — | — | |||||||||||||||||||||||||||||||
| 9 | 154 | 3 | 45 | 365,029 | 12,246,483 | 206,303 | 7,175,753 | — | — | |||||||||||||||||||||||||||||||
| 8,001 | 129,009 | 1,934 | 31,446 | 1,955,885 | 65,555,713 | 1,272,195 | 44,097,511 | — | — | |||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
| — | — | — | — | 8,114 | 272,585 | 12,056 | 413,373 | — | — | |||||||||||||||||||||||||||||||
| (16,586 | ) | (335,438 | ) | (34,924 | ) | (587,180 | ) | (2,587,271 | ) | (88,809,697 | ) | (5,777,035 | ) | (206,419,460 | ) | — | — | |||||||||||||||||||||||
| — | — | (1,878 | ) | (29,652 | ) | (475,882 | ) | (16,399,103 | ) | (645,134 | ) | (23,108,475 | ) | — | — | |||||||||||||||||||||||||
| (13,705 | ) | (268,743 | ) | (93,591 | ) | (1,640,283 | ) | (538,506 | ) | (18,451,954 | ) | (2,993,607 | ) | (106,473,571 | ) | — | — | |||||||||||||||||||||||
| — | — | — | — | (7,201 | ) | (245,264 | ) | (9,438 | ) | (340,913 | ) | — | — | |||||||||||||||||||||||||||
| (1,288 | ) | (23,652 | ) | (117,198 | ) | (2,030,207 | ) | (1,591,545 | ) | (54,472,174 | ) | (3,911,003 | ) | (139,870,968 | ) | — | — | |||||||||||||||||||||||
| (11,026 | ) | (235,943 | ) | (4,222 | ) | (71,492 | ) | (7,407,303 | ) | (253,549,788 | ) | (13,963,182 | ) | (496,357,887 | ) | (71,621 | ) | (1,102,056 | ) | |||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
| — | — | — | — | (50,291 | ) | (1,703,146 | ) | (309,931 | ) | (11,049,724 | ) | — | — | |||||||||||||||||||||||||||
| 332,544 | $ | 7,106,827 | 18,417 | $ | 399,009 | (3,781,893 | ) | $ | (131,627,656 | ) | 5,081,484 | $ | 177,206,525 | 674,803 | $ | 9,597,377 | ||||||||||||||||||||||||
| Semiannual Report | | May 31, 2015 | 337 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI Emerging Markets Debt | AllianzGI Emerging Markets Small-Cap |
|||||||||||||||||||||||||
| Six Months ended May 31, 2015 (unaudited) |
Period from September 15, 2014** through November 30, 2014 |
Period from December 1, 2014** through May 31, 2015 (unaudited) |
||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||
| Shares sold: |
||||||||||||||||||||||||||
| Class A |
— | — | — | — | 587 | $ | 9,000 | |||||||||||||||||||
| Class C |
— | — | — | — | — | — | ||||||||||||||||||||
| Class D |
— | — | — | — | — | — | ||||||||||||||||||||
| Class P |
— | — | — | — | — | — | ||||||||||||||||||||
| Institutional Class |
29,169 | $ | 424,090 | 201 | $ | 3,000 | 112,607 | 1,702,029 | ||||||||||||||||||
| Issued in reinvestment of dividends and distributions: |
||||||||||||||||||||||||||
| Class A |
16 | 222 | — | — | — | * | 1 | |||||||||||||||||||
| Class C |
13 | 183 | — | — | — | — | ||||||||||||||||||||
| Class D |
— | — | — | — | — | — | ||||||||||||||||||||
| Class P |
16 | 230 | — | — | — | — | ||||||||||||||||||||
| Institutional Class |
49,820 | 712,020 | — | — | 53 | 768 | ||||||||||||||||||||
| Cost of shares redeemed: |
||||||||||||||||||||||||||
| Class A |
— | — | — | — | — | — | ||||||||||||||||||||
| Class C |
— | — | — | — | — | — | ||||||||||||||||||||
| Class D |
— | — | — | — | — | — | ||||||||||||||||||||
| Institutional Class |
(461 | ) | (6,626 | ) | — | — | (2,561 | ) | (43,024 | ) | ||||||||||||||||
| Net increase (decrease) resulting from Fund share transactions |
78,573 | $ | 1,130,119 | 201 | $ | 3,000 | 110,686 | $ | 1,668,774 | |||||||||||||||||
| * | Actual amount rounds to less than 1 share. |
| ** | Commencement of operations. |
| 338 | May 31, 2015 | | Semiannual Report |
Table of Contents
| AllianzGI Europe Equity Dividend |
AllianzGI Global Fundamental Strategy | AllianzGI Global Managed Volatility | ||||||||||||||||||||||||||||||||||||||
| Period from February 2, 2015** through May 31, 2015 (unaudited) |
Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||
| — | $ | — | 529 | $ | 8,200 | 343 | $ | 5,500 | 556 | $ | 9,323 | 7,703 | $ | 139,507 | ||||||||||||||||||||||||||
| 10,079 | 151,690 | — | — | — | — | 5,470 | 89,613 | 4,210 | 72,759 | |||||||||||||||||||||||||||||||
| — | — | 39 | 629 | 132,894 | 2,108,226 | 14,557 | 242,027 | 10,278 | 185,119 | |||||||||||||||||||||||||||||||
| 962 | 15,000 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
| 2,855 | 44,063 | 5,284 | 81,058 | 32,885 | 514,733 | 54,727 | 942,143 | 355,169 | 6,347,746 | |||||||||||||||||||||||||||||||
| — | — | 38 | 573 | 8 | 121 | 1,273 | 21,483 | 433 | 7,378 | |||||||||||||||||||||||||||||||
| — | — | 18 | 267 | 5 | 82 | 1,623 | 26,696 | 640 | 10,688 | |||||||||||||||||||||||||||||||
| — | — | — | * | 1 | 8 | 123 | 1,432 | 24,129 | 221 | 3,779 | ||||||||||||||||||||||||||||||
| — | — | 24 | 363 | 8 | 127 | 89 | 1,515 | 45 | 765 | |||||||||||||||||||||||||||||||
| — | — | 50,430 | 766,540 | 17,551 | 266,990 | 104,711 | 1,780,209 | 54,920 | 936,311 | |||||||||||||||||||||||||||||||
| — | — | — | — | — | — | (267 | ) | (4,463 | ) | (4,131 | ) | (74,348 | ) | |||||||||||||||||||||||||||
| — | — | — | — | — | — | (715 | ) | (11,786 | ) | (1,169 | ) | (20,156 | ) | |||||||||||||||||||||||||||
| — | — | (313 | ) | (4,999 | ) | (130,158 | ) | (2,102,958 | ) | (2,936 | ) | (49,458 | ) | (1,907 | ) | (32,956 | ) | |||||||||||||||||||||||
| — | — | (4,202 | ) | (65,396 | ) | (4,577 | ) | (72,550 | ) | (899,901 | ) | (15,269,202 | ) | (341,676 | ) | (6,170,075 | ) | |||||||||||||||||||||||
| 13,896 | $ | 210,753 | 51,847 | $ | 787,236 | 48,967 | $ | 720,394 | (719,381 | ) | $ | (12,197,771 | ) | 84,736 | $ | 1,406,517 | ||||||||||||||||||||||||
| Semiannual Report | | May 31, 2015 | 339 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI Global Water |
AllianzGI High Yield Bond | |||||||||||||||||||||||||||||||||
| Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
|||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||
| Shares sold: |
||||||||||||||||||||||||||||||||||
| Class A |
1,250,472 | $ | 16,074,700 | 5,054,690 | $ | 65,144,593 | 960,406 | $ | 9,306,197 | 6,399,597 | $ | 65,986,882 | ||||||||||||||||||||||
| Class C |
569,220 | 7,095,772 | 2,639,550 | 33,090,769 | 214,190 | 2,063,098 | 364,999 | 3,734,373 | ||||||||||||||||||||||||||
| Class D |
719,294 | 9,253,733 | 1,045,385 | 13,370,723 | 1,212,872 | 11,417,909 | 5,266,270 | 52,650,764 | ||||||||||||||||||||||||||
| Class R |
— | — | — | — | 38,175 | 358,203 | 85,466 | 850,770 | ||||||||||||||||||||||||||
| Class P |
1,341,703 | 17,273,036 | 4,361,682 | 56,618,924 | 5,700,081 | 53,630,226 | 4,704,306 | 46,908,733 | ||||||||||||||||||||||||||
| Institutional Class |
1,027,054 | 13,010,487 | 1,221,512 | 15,284,070 | 6,459,463 | 60,962,022 | 8,139,958 | 81,218,091 | ||||||||||||||||||||||||||
| Administrative Class |
— | — | — | — | 535,109 | 5,017,331 | 975,031 | 9,674,170 | ||||||||||||||||||||||||||
| Issued in reinvestment of dividends and distributions: |
|
|||||||||||||||||||||||||||||||||
| Class A |
18,859 | 239,882 | 16,616 | 206,530 | 115,387 | 1,115,736 | 478,710 | 4,882,230 | ||||||||||||||||||||||||||
| Class C |
3 | 35 | 2 | 24 | 50,819 | 490,652 | 132,332 | 1,350,402 | ||||||||||||||||||||||||||
| Class D |
4,513 | 57,175 | 2,130 | 26,435 | 123,077 | 1,154,509 | 559,184 | 5,567,301 | ||||||||||||||||||||||||||
| Class R |
— | — | — | — | 4,891 | 45,630 | 14,407 | 142,605 | ||||||||||||||||||||||||||
| Class P |
22,371 | 285,226 | 3,092 | 38,644 | 247,138 | 2,311,704 | 164,872 | 1,616,090 | ||||||||||||||||||||||||||
| Institutional Class |
10,993 | 138,288 | 14,188 | 174,654 | 629,504 | 5,905,055 | 1,231,774 | 12,214,737 | ||||||||||||||||||||||||||
| Administrative Class* |
— | — | — | — | 124,081 | 1,158,674 | 267,511 | 2,642,365 | ||||||||||||||||||||||||||
| Cost of shares redeemed: |
||||||||||||||||||||||||||||||||||
| Class A |
(1,572,071 | ) | (20,113,645 | ) | (3,715,316 | ) | (47,547,688 | ) | (4,844,172 | ) | (47,183,960 | ) | (6,267,650 | ) | (64,238,196 | ) | ||||||||||||||||||
| Class C |
(715,227 | ) | (8,910,822 | ) | (659,979 | ) | (8,184,199 | ) | (535,123 | ) | (5,169,409 | ) | (792,200 | ) | (8,123,429 | ) | ||||||||||||||||||
| Class D |
(341,758 | ) | (4,320,110 | ) | (649,666 | ) | (8,288,640 | ) | (1,156,779 | ) | (10,881,408 | ) | (12,671,964 | ) | (125,729,678 | ) | ||||||||||||||||||
| Class R |
— | — | — | — | (231,567 | ) | (2,187,209 | ) | (87,196 | ) | (864,515 | ) | ||||||||||||||||||||||
| Class P |
(1,336,206 | ) | (17,079,533 | ) | (1,132,432 | ) | (14,452,539 | ) | (2,545,335 | ) | (23,794,037 | ) | (7,622,734 | ) | (75,348,847 | ) | ||||||||||||||||||
| Institutional Class |
(576,173 | ) | (7,298,941 | ) | (524,519 | ) | (6,774,923 | ) | (4,419,220 | ) | (41,391,055 | ) | (6,073,414 | ) | (60,369,062 | ) | ||||||||||||||||||
| Administrative Class* |
— | — | — | — | (407,175 | ) | (3,815,923 | ) | (859,602 | ) | (8,497,846 | ) | ||||||||||||||||||||||
| Net increase (decrease) resulting from Fund share transactions |
423,047 | $ | 5,705,283 | 7,676,935 | $ | 98,707,377 | 2,275,822 | $ | 20,513,945 | (5,590,343 | ) | $ | (53,732,060 | ) | ||||||||||||||||||||
| * | The Administrative Class of AllianzGI International Small-Cap liquidated on May 21, 2014 |
| 340 | May 31, 2015 | | Semiannual Report |
Table of Contents
| AllianzGI International Growth |
AllianzGI International Small-Cap | AllianzGI Micro Cap | ||||||||||||||||||||||||||||||||||||||
| Period from February 2, 2015** through May 31, 2015 (unaudited) |
Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||
| 65 | $ | 992 | 142,474 | $ | 5,088,084 | 73,277 | $ | 2,791,007 | 219,448 | $ | 3,299,897 | 399,661 | $ | 6,160,930 | ||||||||||||||||||||||||||
| — | — | 27,134 | 959,087 | 16,672 | 631,732 | — | — | — | — | |||||||||||||||||||||||||||||||
| — | — | 85,980 | 3,098,312 | 37,572 | 1,458,900 | — | — | — | — | |||||||||||||||||||||||||||||||
| — | — | 732 | 25,984 | 1,648 | 65,427 | — | — | — | — | |||||||||||||||||||||||||||||||
| — | — | 301,059 | 10,774,232 | 62,438 | 2,371,208 | 163,619 | 2,486,600 | 114,922 | 1,727,101 | |||||||||||||||||||||||||||||||
| 2,133 | 34,965 | 512,160 | 18,638,997 | 617,404 | 24,247,569 | 321,410 | 4,780,260 | 523,355 | 8,114,834 | |||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
| — | — | 3,515 | 112,387 | 3,662 | 139,022 | 29,336 | 397,207 | 6,704 | 96,626 | |||||||||||||||||||||||||||||||
| — | — | 3,043 | 95,904 | 1,882 | 70,221 | — | — | — | — | |||||||||||||||||||||||||||||||
| — | — | 4,516 | 146,117 | 1,781 | 67,541 | — | — | — | — | |||||||||||||||||||||||||||||||
| — | — | 237 | 7,459 | 126 | 4,691 | — | — | — | — | |||||||||||||||||||||||||||||||
| — | — | 88,587 | 2,821,915 | 84,995 | 3,203,373 | 9,656 | 131,124 | 8,303 | 121,008 | |||||||||||||||||||||||||||||||
| — | — | 173,226 | 5,694,741 | 167,967 | 6,493,882 | 203,545 | 2,776,351 | 168,032 | 2,457,259 | |||||||||||||||||||||||||||||||
| — | — | — | — | 32 | 1,233 | — | — | — | — | |||||||||||||||||||||||||||||||
| — | — | (17,172 | ) | (599,894 | ) | (37,081 | ) | (1,424,052 | ) | (109,097 | ) | (1,547,298 | ) | (157,911 | ) | (2,360,756 | ) | |||||||||||||||||||||||
| — | — | (4,057 | ) | (136,072 | ) | (3,235 | ) | (121,551 | ) | — | — | — | — | |||||||||||||||||||||||||||
| — | — | (28,537 | ) | (998,491 | ) | (7,002 | ) | (270,483 | ) | — | — | — | — | |||||||||||||||||||||||||||
| — | — | (112 | ) | (4,093 | ) | (338 | ) | (12,555 | ) | — | — | — | — | |||||||||||||||||||||||||||
| — | — | (48,220 | ) | (1,630,821 | ) | (165,391 | ) | (6,340,580 | ) | (160,324 | ) | (2,397,135 | ) | (155,672 | ) | (2,371,249 | ) | |||||||||||||||||||||||
| (2,133 | ) | (34,901 | ) | (547,377 | ) | (19,445,944 | ) | (939,731 | ) | (36,977,150 | ) | (518,982 | ) | (7,568,452 | ) | (1,038,064 | ) | (16,274,113 | ) | |||||||||||||||||||||
| — | — | — | — | (395 | ) | (15,734 | ) | — | — | — | — | |||||||||||||||||||||||||||||
| 65 | $ | 1,056 | 697,188 | $ | 24,647,904 | (83,717 | ) | $ | (3,616,299 | ) | 158,611 | $ | 2,358,554 | (130,670 | ) | $ | (2,328,360 | ) | ||||||||||||||||||||||
| Semiannual Report | | May 31, 2015 | 341 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI Multi-Asset Real Return | AllianzGI NFJ Emerging Markets Value | |||||||||||||||||||||||||||||||||
| Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
|||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||
| Shares sold: |
||||||||||||||||||||||||||||||||||
| Class A |
843 | $ | 12,307 | 8,570 | $ | 136,109 | 3,131 | $ | 45,235 | 6,386 | $ | 104,381 | ||||||||||||||||||||||
| Class C |
896 | 12,938 | 2,305 | 36,791 | 2,291 | 35,526 | 4,960 | 77,501 | ||||||||||||||||||||||||||
| Class D |
204 | 2,940 | 2,801 | 45,392 | 20,700 | 325,281 | 32,709 | 498,303 | ||||||||||||||||||||||||||
| Class P |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Institutional Class |
16,513 | 235,517 | 63,174 | 1,009,479 | 56,253 | 805,074 | 145,860 | 2,193,154 | ||||||||||||||||||||||||||
| Issued in reinvestment of dividends and distributions: |
||||||||||||||||||||||||||||||||||
| Class A |
120 | 1,726 | 67 | 1,027 | 322 | 4,569 | 82 | 1,302 | ||||||||||||||||||||||||||
| Class C |
49 | 703 | 101 | 1,522 | 182 | 2,589 | 40 | 619 | ||||||||||||||||||||||||||
| Class D |
16 | 237 | 16 | 247 | 4,156 | 59,458 | 1,798 | 27,988 | ||||||||||||||||||||||||||
| Class P |
8 | 113 | 13 | 206 | 31 | 443 | 16 | 251 | ||||||||||||||||||||||||||
| Institutional Class |
5,207 | 75,299 | 7,729 | 117,589 | 22,973 | 328,898 | 11,041 | 171,834 | ||||||||||||||||||||||||||
| Cost of shares redeemed: |
||||||||||||||||||||||||||||||||||
| Class A |
(533 | ) | (7,902 | ) | (1,962 | ) | (30,566 | ) | (500 | ) | (7,086 | ) | (555 | ) | (8,452 | ) | ||||||||||||||||||
| Class C |
(1,025 | ) | (15,000 | ) | — | — | (2,388 | ) | (35,712 | ) | (1,911 | ) | (30,191 | ) | ||||||||||||||||||||
| Class D |
(105 | ) | (1,539 | ) | (1,948 | ) | (31,022 | ) | (20,242 | ) | (291,197 | ) | (8,879 | ) | (138,625 | ) | ||||||||||||||||||
| Class P |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Institutional Class |
(78,880 | ) | (1,174,191 | ) | (3,081 | ) | (47,323 | ) | (88,140 | ) | (1,294,516 | ) | (68,819 | ) | (1,079,616 | ) | ||||||||||||||||||
| Net increase (decrease) resulting from Fund share transactions |
(56,687 | ) | $ | (856,852 | ) | 77,785 | $ | 1,239,451 | (1,231 | ) | $ | (21,438 | ) | 122,728 | $ | 1,818,449 | ||||||||||||||||||
| * | Actual amount rounds to less than 1 share. |
| ** | Commencement of operations. |
| 342 | May 31, 2015 | | Semiannual Report |
Table of Contents
| AllianzGI NFJ Global Dividend Value | AllianzGI NFJ International Small-Cap Value | AllianzGI NFJ International Value II | ||||||||||||||||||||||||||||||||||||||||||||||
| Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
|||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||
| 111,800 | $ | 2,233,294 | 162,083 | $ | 3,477,503 | 23,276 | $ | 469,823 | 48,712 | $ | 1,066,486 | 2,862 | $ | 53,923 | 8,104 | $ | 151,790 | |||||||||||||||||||||||||||||||
| 79,632 | 1,581,471 | 39,372 | 842,560 | 5,810 | 115,233 | 40,730 | 871,407 | 4,851 | 83,290 | 1,926 | 37,144 | |||||||||||||||||||||||||||||||||||||
| 29,243 | 603,098 | 153,952 | 3,252,570 | 18,967 | 386,241 | 29,335 | 652,498 | — | — | 26 | 500 | |||||||||||||||||||||||||||||||||||||
| 14,340 | 296,871 | 33,279 | 725,436 | 728 | 15,000 | 1,118 | 23,872 | 25,150 | 440,988 | 5,818 | 111,255 | |||||||||||||||||||||||||||||||||||||
| 157,662 | 3,127,073 | 694,994 | 14,914,749 | 235,725 | 4,636,976 | 410,371 | 9,023,170 | 437,608 | 7,896,122 | 2,121,556 | 39,404,304 | |||||||||||||||||||||||||||||||||||||
| 14,952 | 296,719 | 17,710 | 379,306 | 15,155 | 289,859 | 3,742 | 76,805 | 93 | 1,613 | 305 | 5,554 | |||||||||||||||||||||||||||||||||||||
| 14,869 | 291,411 | 17,882 | 378,057 | 7,389 | 139,615 | 1,339 | 27,556 | 32 | 558 | 161 | 2,894 | |||||||||||||||||||||||||||||||||||||
| 11,467 | 229,790 | 2,747 | 59,528 | 8,103 | 155,355 | 1,400 | 28,792 | 8 | 134 | 47 | 858 | |||||||||||||||||||||||||||||||||||||
| 5,022 | 100,258 | 5,717 | 123,263 | 222 | 4,299 | 22 | 458 | 152 | 2,691 | 83 | 1,546 | |||||||||||||||||||||||||||||||||||||
| 115,693 | 2,285,778 | 188,251 | 4,014,390 | 66,020 | 1,278,612 | 22,916 | 475,973 | 27,036 | 473,424 | 47,479 | 890,282 | |||||||||||||||||||||||||||||||||||||
| (60,459 | ) | (1,210,572 | ) | (103,941 | ) | (2,256,133 | ) | (17,284 | ) | (336,337 | ) | (32,328 | ) | (702,239 | ) | (802 | ) | (14,882 | ) | (3,021 | ) | (54,207 | ) | |||||||||||||||||||||||||
| (39,740 | ) | (770,424 | ) | (54,948 | ) | (1,154,599 | ) | (3,463 | ) | (66,723 | ) | (3,342 | ) | (68,903 | ) | — | — | (110 | ) | (2,017 | ) | |||||||||||||||||||||||||||
| (99,032 | ) | (1,993,018 | ) | (10,177 | ) | (219,368 | ) | (14,162 | ) | (280,658 | ) | (11,231 | ) | (243,022 | ) | — | — | — | — | |||||||||||||||||||||||||||||
| (12,316 | ) | (244,562 | ) | (30,781 | ) | (649,884 | ) | (209 | ) | (4,000 | ) | — | — | (483 | ) | (8,482 | ) | (25 | ) | (473 | ) | |||||||||||||||||||||||||||
| (1,423,178 | ) | (28,625,238 | ) | (1,200,205 | ) | (25,678,653 | ) | (330,936 | ) | (6,528,303 | ) | (343,755 | ) | (7,612,375 | ) | (244 | ) | (4,125 | ) | (223,854 | ) | (4,349,794 | ) | |||||||||||||||||||||||||
| (1,080,045 | ) | $ | (21,798,051 | ) | (84,065 | ) | $ | (1,791,275 | ) | 15,341 | $ | 274,992 | 169,029 | $ | 3,620,478 | 496,263 | $ | 8,925,254 | 1,958,495 | $ | 36,199,636 | |||||||||||||||||||||||||||
| Semiannual Report | | May 31, 2015 | 343 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI Short Duration High Income | AllianzGI Structured Return | |||||||||||||||||||||||||||||||||
| Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
|||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||
| Shares sold: |
||||||||||||||||||||||||||||||||||
| Class A |
2,266,045 | $ | 35,190,076 | 8,802,328 | $ | 139,766,217 | 154,750 | $ | 2,383,294 | 189,741 | $ | 2,890,355 | ||||||||||||||||||||||
| Class C |
986,190 | 15,274,528 | 2,765,867 | 43,795,323 | 80,431 | 1,221,841 | 5,533 | 85,059 | ||||||||||||||||||||||||||
| Class D |
523,493 | 8,137,683 | 1,731,511 | 27,518,112 | 161,046 | 2,468,172 | 349,214 | 5,418,511 | ||||||||||||||||||||||||||
| Class R |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Class P |
4,924,517 | 76,554,516 | 14,537,631 | 230,330,859 | 5,777 | 88,873 | — | — | ||||||||||||||||||||||||||
| Institutional Class |
9,815,361 | 152,898,556 | 7,422,378 | 117,961,273 | 250,365 | 3,880,395 | 505,005 | 7,704,923 | ||||||||||||||||||||||||||
| Issued in reinvestment of dividends and distributions: |
|
|||||||||||||||||||||||||||||||||
| Class A |
212,820 | 3,291,514 | 452,185 | 7,148,746 | 6,615 | 98,822 | 2,455 | 37,417 | ||||||||||||||||||||||||||
| Class C |
113,028 | 1,744,761 | 176,297 | 2,778,106 | 370 | 5,432 | 365 | 5,488 | ||||||||||||||||||||||||||
| Class D |
49,047 | 758,553 | 92,995 | 1,467,256 | 17,884 | 267,391 | 4,562 | 69,417 | ||||||||||||||||||||||||||
| Class R |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Class P |
279,572 | 4,322,249 | 354,585 | 5,582,863 | 95 | 1,429 | 184 | 2,794 | ||||||||||||||||||||||||||
| Institutional Class |
411,471 | 6,374,479 | 665,136 | 10,513,478 | 41,891 | 628,993 | 26,958 | 410,919 | ||||||||||||||||||||||||||
| Cost of shares redeemed: |
||||||||||||||||||||||||||||||||||
| Class A |
(2,890,139 | ) | (44,676,836 | ) | (9,381,755 | ) | (148,623,880 | ) | (63,174 | ) | (971,614 | ) | (61,661 | ) | (949,899 | ) | ||||||||||||||||||
| Class C |
(1,062,426 | ) | (16,428,154 | ) | (1,177,178 | ) | (18,572,287 | ) | (322 | ) | (4,905 | ) | (1,683 | ) | (25,011 | ) | ||||||||||||||||||
| Class D |
(948,896 | ) | (14,629,524 | ) | (713,830 | ) | (11,264,468 | ) | (13,455 | ) | (204,525 | ) | (76,704 | ) | (1,180,937 | ) | ||||||||||||||||||
| Class R |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Class P |
(5,811,148 | ) | (89,738,576 | ) | (6,601,562 | ) | (104,185,257 | ) | — | — | (1,646 | ) | (25,650 | ) | ||||||||||||||||||||
| Institutional Class |
(4,792,886 | ) | (74,160,811 | ) | (4,901,969 | ) | (77,529,321 | ) | (114,640 | ) | (1,775,027 | ) | (70,361 | ) | (1,089,070 | ) | ||||||||||||||||||
| Net increase (decrease) resulting from Fund share transactions |
4,076,049 | $ | 64,913,014 | 14,224,619 | $ | 226,687,020 | 527,633 | $ | 8,088,571 | 871,962 | $ | 13,354,316 | ||||||||||||||||||||||
| 344 | May 31, 2015 | | Semiannual Report |
Table of Contents
| AllianzGI U.S. Equity Hedged | AllianzGI U.S. Small-Cap Growth | AllianzGI Ultra Micro Cap | ||||||||||||||||||||||||||||||||||||||||||||||
| Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
Six Months ended May 31, 2015 (unaudited) |
Year ended November 30, 2014 |
|||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||
| 2,853 | $ | 48,475 | 5,702 | $ | 98,134 | 35,584 | $ | 577,447 | 116,635 | $ | 2,074,433 | 68,434 | $ | 1,682,859 | 1,370,175 | $ | 33,698,669 | |||||||||||||||||||||||||||||||
| 6,039 | 102,000 | 2,695 | 46,001 | 8,597 | 136,952 | 13,014 | 221,431 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| 764 | 12,930 | 56,879 | 1,009,584 | 349 | 5,904 | 4,249 | 75,185 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| — | — | — | — | 720 | 11,338 | 1,768 | 31,487 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| — | — | — | — | 9,101 | 159,299 | 60,907 | 1,091,044 | 14,395 | 359,609 | 534,674 | 12,662,933 | |||||||||||||||||||||||||||||||||||||
| 85,589 | 1,464,198 | 396,021 | 7,063,457 | 563,139 | 9,665,600 | 735,980 | 13,220,216 | 227,603 | 5,596,211 | 1,150,490 | 28,475,146 | |||||||||||||||||||||||||||||||||||||
| 3,391 | 57,526 | 5,505 | 93,117 | 3,731 | 58,238 | 5,794 | 99,232 | 19,448 | 451,977 | 12,155 | 280,120 | |||||||||||||||||||||||||||||||||||||
| 412 | 6,864 | 673 | 11,251 | 4,071 | 61,355 | 3,724 | 61,995 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| 3,253 | 55,438 | 958 | 16,282 | 658 | 10,288 | 436 | 7,436 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| — | — | — | — | 163 | 2,525 | 155 | 2,639 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| 30 | 508 | 40 | 685 | 1,149 | 18,156 | 716 | 12,307 | 3,789 | 88,470 | 517 | 11,847 | |||||||||||||||||||||||||||||||||||||
| 33,044 | 565,337 | 35,110 | 598,382 | 178,643 | 2,835,068 | 161,597 | 2,795,276 | 17,561 | 411,280 | 10,825 | 251,234 | |||||||||||||||||||||||||||||||||||||
| (1,798 | ) | (30,539 | ) | (9,234 | ) | (161,102 | ) | (17,305 | ) | (285,534 | ) | (195,058 | ) | (3,411,792 | ) | (427,655 | ) | (10,317,856 | ) | (1,670,308 | ) | (39,729,663 | ) | |||||||||||||||||||||||||
| — | — | (162 | ) | (2,818 | ) | (10,702 | ) | (165,790 | ) | (10,068 | ) | (173,417 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
| (49,790 | ) | (854,386 | ) | (6,414 | ) | (114,397 | ) | (545 | ) | (9,232 | ) | (1,565 | ) | (27,694 | ) | — | — | — | — | |||||||||||||||||||||||||||||
| — | — | — | — | (1,010 | ) | (15,905 | ) | (1,645 | ) | (29,492 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||
| — | — | — | — | (3,127 | ) | (52,055 | ) | (55,190 | ) | (995,922 | ) | (118,928 | ) | (2,889,431 | ) | (127,739 | ) | (2,926,317 | ) | |||||||||||||||||||||||||||||
| (16,544 | ) | (283,232 | ) | (34,082 | ) | (592,691 | ) | (260,342 | ) | (4,376,792 | ) | (529,922 | ) | (9,622,916 | ) | (560,884 | ) | (13,894,597 | ) | (1,650,136 | ) | (39,661,168 | ) | |||||||||||||||||||||||||
| |
67,243 |
|
$ | 1,145,119 | 453,691 | $ | 8,065,885 | 512,874 | $ | 8,636,862 | 311,527 | $ | 5,431,448 | (756,237 | ) | $ | (18,511,478 | ) | (369,347 | ) | $ | (6,937,199 | ) | |||||||||||||||||||||||||
| Semiannual Report | | May 31, 2015 | 345 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| 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 May 31, 2015, 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 Global Allocation |
AllianzGI Global Dynamic Allocation |
AllianzGI 2015 |
AllianzGI 2020 |
AllianzGI 2025 |
AllianzGI 2030 |
AllianzGI 2035 |
AllianzGI 2040 |
AllianzGI 2045 |
AllianzGI 2045 |
||||||||||||||||||||||||||||||||||||||||
| AllianzGI Retirement 2015 |
7 | 86 | % | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| AllianzGI Retirement 2020 |
6 | 85 | % | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| AllianzGI Retirement 2025 |
7 | 91 | % | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| AllianzGI Retirement 2030 |
5 | 79 | % | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| AllianzGI Retirement 2035 |
5 | 80 | % | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| AllianzGI Retirement 2040 |
6 | 86 | % | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| AllianzGI Retirement 2045 |
5 | 79 | % | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| AllianzGI Retirement 2050 |
3 | 76 | % | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| AllianzGI Retirement 2055 |
2 | 23 | % | 51 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| AllianzGI Retirement Income |
6 | 69 | % | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| AllianzGI Global Allocation |
7 | 77 | % | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| AllianzGI Global Dynamic Allocation |
2 | 32 | % | 41 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| AllianzGI Global Megatrends |
— | — | 100 | % | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| AllianzGI Behavioral Advantage Large Cap |
5 | 86 | % | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| AllianzGI Best Styles Emerging Markets Equity |
— | — | 90 | % | — | 8 | % | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| AllianzGI Best Styles Global Equity |
— | — | — | 92 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| AllianzGI Best Styles International Equity |
— | — | 16 | % | — | — | — | 8 | % | 10 | % | 14 | % | 12 | % | 12 | % | 8 | % | 7 | % | |||||||||||||||||||||||||||||||
| AllianzGI Best Styles U.S. Equity |
— | — | 5 | % | — | — | 6 | % | 13 | % | 14 | % | 15 | % | 13 | % | 11 | % | 6 | % | 6 | % | ||||||||||||||||||||||||||||||
| AllianzGI China Equity |
4 | 49 | % | 40 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| AllianzGI Convertible |
5 | 65 | % | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| AllianzGI Emerging Markets Consumer |
— | — | 23 | % | — | — | — | 9 | % | 10 | % | 10 | % | 8 | % | 6 | % | 5 | % | — | ||||||||||||||||||||||||||||||||
| AllianzGI Emerging Markets Debt |
— | — | 99 | % | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| AllianzGI Emerging Markets Small-Cap |
1 | 35 | % | 65 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| AllianzGI Europe Equity Dividend |
1 | 6 | % | 94 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| AllianzGI Global Fundamental Strategy |
— | — | 97 | % | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| AllianzGI Global Managed Volatility |
2 | 47 | % | 34 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| AllianzGI Global Sustainability |
— | — | 100 | % | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| AllianzGI Global Water |
8 | 88 | % | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| AllianzGI High Yield Bond |
4 | 71 | % | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| 346 | May 31, 2015 | | Semiannual Report |
Table of Contents
| Unaffiliated | Affiliated Approximate Ownership | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Number of Account Holders |
Approximate Ownership |
AFI | AllianzGI Global Allocation |
AllianzGI Global Dynamic Allocation |
AllianzGI 2015 |
AllianzGI 2020 |
AllianzGI 2025 |
AllianzGI 2030 |
AllianzGI 2035 |
AllianzGI 2040 |
AllianzGI 2045 |
AllianzGI 2045 |
||||||||||||||||||||||||||||||||||||||||
| AllianzGI International Growth |
— | — | 100 | % | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| AllianzGI International Small-Cap |
5 | 72 | % | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| AllianzGI Micro Cap |
4 | 80 | % | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| AllianzGI Multi-Asset Real Return |
1 | 19 | % | 77 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| AllianzGI NFJ Emerging Markets Value |
1 | 57 | % | 36 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| AllianzGI NFJ Global Dividend Value |
6 | 79 | % | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| AllianzGI NFJ International Small-Cap Value |
5 | 65 | % | 26 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| AllianzGI NFJ International Value II |
1 | 96 | % | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| AllianzGI Short Duration High Income |
7 | 67 | % | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| AllianzGI Structured Return |
3 | 67 | % | 22 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| AllianzGI U.S. Equity Hedged |
4 | 75 | % | 24 | % | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| AllianzGI U.S. Small-Cap Growth |
3 | 63 | % | — | — | — | — | — | — | — | 5 | % | — | — | — | |||||||||||||||||||||||||||||||||||||
| AllianzGI Ultra Micro Cap |
6 | 82 | % | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| 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 period or six months ended May 31, 2015.
| AllianzGI Best Styles Emerging Markets Equity: | ||||||||||||||||||||||||||||
| Market Value 12/9/2014* |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain |
||||||||||||||||||||||
| Ju Teng International Holdings Ltd. |
— | $ | 24,021 | $ | (17,583 | ) | $ | 2,321 | $ | 12,330 | $ | 387 | $ | 3,571 | ||||||||||||||
| AllianzGI Best Styles Global Equity: | ||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
||||||||||||||||||||||
| Aareal Bank AG |
$ | 36,768 | $ | 135,346 | — | $ | (11,621 | ) | $ | 162,680 | $ | 4,020 | — | |||||||||||||||
| Andersons, Inc.† |
12,375 | 23,415 | $ | (26,846 | ) | — | — | 32 | $ | (9,951 | ) | |||||||||||||||||
| Bechtle AG |
15,843 | 28,549 | — | (2,924 | ) | 41,774 | — | — | ||||||||||||||||||||
| DCC PLC†† |
15,877 | 28,721 | — | 22,863 | 65,564 | 824 | — | |||||||||||||||||||||
| Freenet AG |
46,886 | 81,741 | — | 13,968 | 145,058 | 7,281 | — | |||||||||||||||||||||
| Home Loan Servicing Solutions Ltd.† |
42,031 | 87,188 | — | (19,865 | ) | 4,544 | 3,954 | — | ||||||||||||||||||||
| Iconix Brand Group, Inc.†,†† |
22,145 | 33,190 | — | (15,824 | ) | 39,221 | — | — | ||||||||||||||||||||
| Jenoptik AG† |
8,274 | 16,375 | (28,888 | ) | — | — | — | 1,077 | ||||||||||||||||||||
| Mentor Graphics Corp.† |
40,000 | 71,355 | — | 19,421 | 130,341 | 365 | — | |||||||||||||||||||||
| Montpelier Re Holdings Ltd.† |
19,715 | 37,150 | (57,570 | ) | — | — | 116 | 3,770 | ||||||||||||||||||||
| NCC AB†† |
14,944 | 27,205 | — | 1,084 | 42,945 | 831 | — | |||||||||||||||||||||
| Semiannual Report | | May 31, 2015 | 347 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI Best Styles Global Equity (cont’d) | ||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Loss |
||||||||||||||||||||||
| Olin Corp.† |
$ | 15,297 | $ | 25,257 | $ | — | $ | 9,247 | $ | 50,995 | $ | 698 | $ | — | ||||||||||||||
| Sanderson Farms, Inc.† |
33,596 | 154,986 | — | 5,710 | 188,253 | 744 | — | |||||||||||||||||||||
| Select Medical Holdings Corp.† |
17,893 | 32,945 | (45,002 | ) | — | — | 344 | (4,870 | ) | |||||||||||||||||||
| j2 Global, Inc.† |
19,393 | 38,406 | — | 9,117 | 63,090 | 563 | — | |||||||||||||||||||||
| Totals |
$ | 361,037 | $ | 821,829 | $ | (158,306 | ) | $ | 31,176 | $ | 934,465 | $ | 19,772 | $ | (9,974 | ) | ||||||||||||
| AllianzGI Best Styles International Equity: | ||||||||||||||||||||||||||||
| Market Value 12/9/2014* |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
||||||||||||||||||||||
| bpost S.A. |
— | $ | 67,212 | — | $ | 10,062 | $ | 77,274 | $ | 502 | — | |||||||||||||||||
| Coface S.A. |
— | 53,071 | — | (8,151 | ) | 44,920 | 1,778 | — | ||||||||||||||||||||
| Ontex Group NV |
— | 58,936 | — | 5,139 | 64,075 | 323 | — | |||||||||||||||||||||
| Totals |
— | $ | 179,219 | — | $ | 7,050 | $ | 186,269 | $ | 2,603 | — | |||||||||||||||||
| AllianzGI Best Styles U.S. Equity: | ||||||||||||||||||||||||||||
| Market Value 12/1/2014* |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
||||||||||||||||||||||
| Andersons, Inc.† |
— | $ | 62,485 | $ | (46,144 | ) | — | — | $ | 315 | $ | (16,341 | ) | |||||||||||||||
| Cal-Maine Foods, Inc. |
— | 70,265 | — | $ | 31,777 | $ | 102,042 | 630 | — | |||||||||||||||||||
| Home Loan Servicing Solutions Ltd.† |
— | 150,423 | (129,973 | ) | (12,527 | ) | 4,166 | 3,614 | (3,757 | ) | ||||||||||||||||||
| Iconix Brand Group, Inc.† |
— | 213,449 | (211,957 | ) | — | — | — | (1,492 | ) | |||||||||||||||||||
| Mentor Graphics Corp.† |
— | 82,093 | (88,224 | ) | — | — | 211 | 6,131 | ||||||||||||||||||||
| Montpelier Re Holdings Ltd.† |
— | 171,920 | (101,192 | ) | 4,052 | 81,546 | 996 | 6,766 | ||||||||||||||||||||
| Olin Corp.† |
— | 69,312 | (94,860 | ) | — | — | 592 | 25,548 | ||||||||||||||||||||
| Sanderson Farms, Inc.† |
— | 163,404 | (81,687 | ) | (3,983 | ) | 69,790 | 605 | (7,944 | ) | ||||||||||||||||||
| TAL International Group, Inc.† |
— | 58,164 | (55,161 | ) | — | — | — | (3,003 | ) | |||||||||||||||||||
| j2 Global, Inc.† |
— | 474,079 | (421,731 | ) | 4,238 | 78,696 | 2,562 | 22,110 | ||||||||||||||||||||
| Totals |
— | $ | 1,515,594 | $ | (1,230,929 | ) | $ | 23,557 | $ | 336,240 | $ | 9,525 | $ | 28,018 | ||||||||||||||
| AllianzGI China Equity: | ||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
||||||||||||||||||||||
| Comba Telecom Systems Holdings Ltd.† |
$ | 119,408 | — | $ | (91,034 | ) | — | — | — | $ | (22,475 | ) | ||||||||||||||||
| CSR Corp. Ltd.† |
320,473 | $ | 24,065 | (431,638 | ) | $ | 90,469 | $ | 166,373 | — | 216,375 | |||||||||||||||||
| Digital China Holdings Ltd. |
252,956 | 58,941 | — | 166,831 | 550,450 | — | — | |||||||||||||||||||||
| Qingling Motors Co., Ltd. |
300,075 | 97,722 | (26,270 | ) | 77,595 | 422,867 | — | 2,837 | ||||||||||||||||||||
| Totals |
$ | 992,912 | $ | 180,728 | $ | (548,942 | ) | $ | 334,895 | $ | 1,139,690 | — | $ | 196,737 | ||||||||||||||
| AllianzGI Europe Equity Dividend: | ||||||||||||||||||||||||||||
| Market Value 2/2/2015* |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
||||||||||||||||||||||
| Ashmore Group PLC |
— | $ | 67,613 | — | $ | 12,322 | $ | 79,934 | $ | 936 | — | |||||||||||||||||
| CTT-Correios de Portugal S.A.†† |
— | 36,256 | — | (1,555 | ) | 34,701 | 1,305 | — | ||||||||||||||||||||
| Cembra Money Bank AG†† |
— | 44,978 | — | 2,584 | 47,562 | 1,961 | — | |||||||||||||||||||||
| Cia de Distribucion Integral Logista Holdings S.A.†† |
— | 67,472 | — | 5,027 | 72,499 | 1,464 | — | |||||||||||||||||||||
| Coface S.A.† |
— | 39,085 | — | (3,436 | ) | 35,649 | 1,411 | — | ||||||||||||||||||||
| 348 | May 31, 2015 | | Semiannual Report |
Table of Contents
| AllianzGI Europe Equity Dividend (cont’d) | ||||||||||||||||||||||||||||
| Market Value 2/2/2015* |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain |
||||||||||||||||||||||
| Drillisch AG |
— | $ | 60,796 | — | $ | 10,866 | $ | 71,662 | $ | 2,635 | — | |||||||||||||||||
| EVS Broadcast Equipment S.A. |
— | 26,792 | — | (1,977 | ) | 24,815 | 638 | — | ||||||||||||||||||||
| Freenet AG |
— | 88,034 | — | 8,474 | 96,508 | 4,844 | — | |||||||||||||||||||||
| MARR SpA |
— | 24,831 | — | 1,365 | 26,196 | 717 | — | |||||||||||||||||||||
| NCC AB†† |
— | 63,949 | — | (2,333 | ) | 61,616 | 1,162 | — | ||||||||||||||||||||
| Sunrise Communications Group AG |
— | 68,618 | — | 3,728 | 72,346 | — | — | |||||||||||||||||||||
| Tullett Prebon PLC |
— | 41,095 | $ | (7,389 | ) | 6,969 | 41,524 | 1,331 | $ | 849 | ||||||||||||||||||
| UBM PLC |
— | 61,535 | — | 3,052 | 64,587 | 1,595 | — | |||||||||||||||||||||
| bpost S.A.†† |
— | 86,352 | (18,758 | ) | 6,914 | 76,206 | 495 | 1,698 | ||||||||||||||||||||
| Totals |
— | $ | 777,406 | $ | (26,147 | ) | $ | 52,000 | $ | 805,805 | $ | 20,494 | $ | 2,547 | ||||||||||||||
| AllianzGI Global Fundamental Strategy: | ||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain |
||||||||||||||||||||||
| bpost S.A.†† |
$ | 220,476 | — | $ | (64,586 | ) | $ | 35,302 | $ | 173,195 | $ | 6,877 | $ | 7,108 | ||||||||||||||
| CTT-Correios de Portugal S.A.†† |
— | $ | 200,470 | — | 1,278 | 201,748 | 7,586 | — | ||||||||||||||||||||
| TLG Immobilien AG |
85,144 | — | — | 20,704 | 106,253 | — | — | |||||||||||||||||||||
| Totals |
$ | 305,620 | $ | 200,470 | $ | (64,586 | ) | $ | 57,284 | $ | 481,196 | $ | 14,463 | $ | 7,108 | |||||||||||||
| AllianzGI Global Sustainability: | ||||||||||||||||||||||||||||
| Market Value 12/9/2014* |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Loss |
||||||||||||||||||||||
| Bureau Veritas S.A. |
— | $ | 46,961 | $ | (992 | ) | $ | 681 | $ | 46,537 | — | $ | (113 | ) | ||||||||||||||
| AllianzGI Global Water: | ||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
||||||||||||||||||||||
| Norma Group SE |
$ | 6,347,615 | — | $ | (3,180,758 | ) | $ | 452,130 | $ | 3,603,814 | $ | 41,222 | $ | 175,756 | ||||||||||||||
| Rotork PLC†,†† |
8,571,420 | $ | 3,019,920 | (12,623,400 | ) | — | — | — | (1,412,552 | ) | ||||||||||||||||||
| Spectris PLC† |
3,235,788 | 1,621,582 | — | 400,015 | 5,539,612 | 72,271 | — | |||||||||||||||||||||
| Totals |
$ | 18,154,823 | $ | 4,641,502 | $ | (15,804,158 | ) | $ | 852,145 | $ | 9,143,426 | $ | 113,493 | $ | (1,236,796 | ) | ||||||||||||
| AllianzGI International Growth: | ||||||||||||||||||||||||||||
| Market Value 2/2/2015* |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
||||||||||||||||||||||
| Bureau Veritas S.A. |
— | $ | 34,759 | — | $ | 3,194 | $ | 37,953 | — | — | ||||||||||||||||||
| DSV A/S |
— | 53,006 | — | 5,566 | 58,572 | $ | 278 | — | ||||||||||||||||||||
| Hexpol AB† |
— | 50,334 | — | 3,935 | 54,269 | 611 | — | |||||||||||||||||||||
| HUGO BOSS AG |
— | 61,399 | — | (7,337 | ) | 54,062 | 1,432 | — | ||||||||||||||||||||
| Infineon Technologies AG |
— | 46,660 | — | 7,824 | 54,484 | 856 | — | |||||||||||||||||||||
| Norma Group SE |
— | 27,056 | — | 594 | 27,650 | 316 | — | |||||||||||||||||||||
| Rotork PLC |
— | 29,972 | — | 3,436 | 33,408 | 393 | — | |||||||||||||||||||||
| SimCorp A/S |
— | 28,301 | — | 8,413 | 36,714 | 470 | — | |||||||||||||||||||||
| Spirax-Sarco Engineering PLC |
— | 29,094 | — | 4,350 | 33,444 | 434 | — | |||||||||||||||||||||
| Trelleborg AB, Class B |
— | 30,277 | — | 2,599 | 32,876 | 622 | — | |||||||||||||||||||||
| Totals |
— | $ | 390,858 | — | $ | 32,574 | $ | 423,432 | $ | 5,412 | — | |||||||||||||||||
| Semiannual Report | | May 31, 2015 | 349 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI International Small-Cap: | ||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
||||||||||||||||||||||
| Aareal Bank AG†† |
$ | 2,013,786 | $ | 315,169 | — | $ | 730,427 | $ | 2,125,095 | $ | 52,523 | — | ||||||||||||||||
| ams AG† |
1,970,177 | — | $ | (172,005 | ) | 1,423,034 | 2,952,282 | — | $ | 61,274 | ||||||||||||||||||
| Bechtle AG |
1,425,359 | 208,396 | — | (153,104 | ) | 1,563,881 | — | — | ||||||||||||||||||||
| Bertrandt AG† |
549,674 | 208,502 | — | (111,183 | ) | 734,059 | 8,327 | — | ||||||||||||||||||||
| Burckhardt Compression Holding AG |
958,931 | 209,875 | — | (85,880 | ) | 1,345,296 | — | — | ||||||||||||||||||||
| CANCOM SE |
1,376,429 | 208,971 | — | (311,467 | ) | 1,416,231 | — | — | ||||||||||||||||||||
| De’ Longhi†† |
1,058,073 | 209,672 | — | 166,450 | 1,497,353 | 23,561 | — | |||||||||||||||||||||
| GameLoft SE |
768,891 | — | — | (788,667 | ) | 813,742 | — | — | ||||||||||||||||||||
| Gerry Weber International AG |
878,846 | 208,072 | — | (423,065 | ) | 901,500 | 16,878 | — | ||||||||||||||||||||
| Interroll Holding AG |
1,172,740 | — | — | 137,676 | 1,277,600 | — | — | |||||||||||||||||||||
| Ju Teng International Holdings Ltd. |
724,037 | 88,432 | (136,199 | ) | 227,285 | 805,128 | 22,640 | 43,876 | ||||||||||||||||||||
| Kingspan Group PLC†† |
— | 1,861,101 | — | 228,857 | 2,089,958 | 9,899 | — | |||||||||||||||||||||
| NetEnt AB |
53,570 | 208,092 | — | 689,728 | 2,066,486 | 32,317 | — | |||||||||||||||||||||
| Ontex Group NV†† |
1,297,510 | 210,134 | — | 300,826 | 1,743,230 | 8,783 | — | |||||||||||||||||||||
| Opera Software ASA†† |
— | 945,185 | — | (67,482 | ) | 877,703 | — | — | ||||||||||||||||||||
| Primax Electronics Ltd. |
691,691 | 153,010 | (163,360 | ) | 1,873 | 741,509 | — | (33,111 | ) | |||||||||||||||||||
| Rotork PLC†† |
1,332,511 | — | — | 412,725 | 1,502,725 | 17,677 | — | |||||||||||||||||||||
| Schoeller-Bleckmann Oilfield Equipment AG |
1,093,104 | — | — | (253,464 | ) | 913,866 | 17,410 | — | ||||||||||||||||||||
| Senior PLC†† |
594,969 | 209,675 | — | 36,430 | 887,233 | 11,013 | — | |||||||||||||||||||||
| SimCorp A/S |
1,407,495 | — | — | 1,102,288 | 1,929,520 | 24,681 | — | |||||||||||||||||||||
| Spirax-Sarco Engineering PLC |
1,915,720 | 318,190 | (288,753 | ) | 795,070 | 2,312,509 | 30,030 | 64,765 | ||||||||||||||||||||
| Totals |
$ | 21,283,513 | $ | 5,562,476 | $ | (760,317 | ) | $ | 4,058,357 | $ | 30,496,906 | $ | 275,739 | $ | 136,804 | |||||||||||||
| AllianzGI Micro Cap: | ||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
||||||||||||||||||||||
| Cowen Group, Inc.†† |
$ | 335,613 | $ | 42,795 | $ | (51,738 | ) | $ | 171,015 | $ | 450,264 | — | $ | 7,159 | ||||||||||||||
| HCI Group, Inc.†† |
346,364 | 44,232 | (116,233 | ) | 193,749 | 297,466 | $ | 5,108 | 46,588 | |||||||||||||||||||
| IGI Laboratories, Inc.†,†† |
757,567 | 60,453 | (201,728 | ) | 78,662 | 308,243 | — | 9,923 | ||||||||||||||||||||
| Neenah Paper, Inc. |
413,044 | 49,497 | (58,933 | ) | 290,369 | 424,020 | 4,278 | 29,463 | ||||||||||||||||||||
| Strattec Security Corp.†† |
300,904 | 9,746 | (71,077 | ) | (30,864 | ) | 138,434 | 682 | (17,002 | ) | ||||||||||||||||||
| Totals |
$ | 2,153,492 | $ | 206,723 | $ | (499,709 | ) | $ | 702,931 | $ | 1,618,427 | $ | 10,068 | $ | 76,131 | |||||||||||||
| AllianzGI NFJ International Small-Cap Value: | ||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
||||||||||||||||||||||
| Aareal Bank AG†† |
— | $ | 136,520 | — | $ | (12,562 | ) | $ | 123,958 | $ | 3,064 | |||||||||||||||||
| Beach Energy Ltd.†† |
$ | 125,795 | — | $ | (27,925 | ) | (47,103 | ) | 93,225 | 871 | $ | (9,840 | ) | |||||||||||||||
| Cembra Money Bank AG†† |
205,294 | 41,307 | (116,119 | ) | 12,301 | 140,775 | 7,347 | (8,228 | ) | |||||||||||||||||||
| Cia de Distribucion Integral Logista Holdings S.A.†† |
— | 126,766 | — | 9,898 | 136,664 | 3,373 | — | |||||||||||||||||||||
| Coface S.A.† |
205,388 | 31,433 | (236,010 | ) | — | — | — | (26,572 | ) | |||||||||||||||||||
| Freenet AG |
197,458 | 31,332 | (97,021 | ) | 29,498 | 148,517 | 7,456 | 14,126 | ||||||||||||||||||||
| Totals |
$ | 733,935 | $ | 367,358 | $ | (477,075 | ) | $ | (7,968 | ) | $ | 643,139 | $ | 22,111 | $ | (30,514 | ) | |||||||||||
| 350 | May 31, 2015 | | Semiannual Report |
Table of Contents
| AllianzGI NFJ International Value II: | ||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
||||||||||||||||||||||
| Aareal Bank AG |
$ | 392,542 | $ | 57,318 | — | $ | (41,142 | ) | $ | 409,482 | $ | 10,121 | — | |||||||||||||||
| Beach Energy Ltd.†† |
230,191 | 187,736 | — | (187,701 | ) | 423,913 | 3,959 | — | ||||||||||||||||||||
| Totals |
$ | 622,733 | $ | 245,054 | — | $ | (228,843 | ) | $ | 833,395 | $ | 14,080 | — | |||||||||||||||
| AllianzGI U.S. Small-Cap Growth: | ||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
||||||||||||||||||||||
| Cowen Group, Inc.†† |
— | $ | 365,388 | — | $ | 15,186 | $ | 380,574 | — | — | ||||||||||||||||||
| IGI Laboratories, Inc.†,†† |
— | 272,082 | $ | (171,549 | ) | — | — | — | $ | (100,533 | ) | |||||||||||||||||
| Mentor Graphics Corp.† |
$ | 382,723 | 54,330 | (67,407 | ) | 241,719 | 436,168 | $ | 1,656 | 8,292 | ||||||||||||||||||
| Meritor, Inc.†,†† |
239,515 | — | (212,070 | ) | — | — | — | (16,846 | ) | |||||||||||||||||||
| Ryland Group, Inc.†† |
— | 335,192 | — | (37,504 | ) | 297,688 | 184 | — | ||||||||||||||||||||
| Totals |
$ | 622,238 | $ | 1,026,992 | $ | (451,026 | ) | $ | 219,401 | $ | 1,114,430 | $ | 1,840 | $ | (109,087 | ) | ||||||||||||
| AllianzGI Ultra Micro Cap: | ||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
||||||||||||||||||||||
| HCI Group, Inc.†† |
$ | 1,146,878 | — | $ | (434,580 | ) | $ | 508,298 | $ | 804,121 | $ | 14,624 | $ | 163,662 | ||||||||||||||
| IGI Laboratories, Inc.†,†† |
2,390,290 | — | (689,699 | ) | 236,292 | 877,663 | — | 213,867 | ||||||||||||||||||||
| Strattec Security Corp.†† |
1,526,725 | — | (504,940 | ) | 20,148 | 509,708 | 2,928 | (3,272 | ) | |||||||||||||||||||
| Totals |
$ | 5,063,893 | — | $ | (1,629,219 | ) | $ | 764,738 | $ | 2,191,492 | $ | 17,552 | $ | 374,257 | ||||||||||||||
| † | Not affiliated at May 31, 2015. |
| †† | Not affiliated at November 30, 2014. |
| * | Commencement of operations |
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 May 31, 2015. The percentages and market values of the affiliated transactions represent below include both acquisitions of new investments and prior year holdings that became affiliated during the fiscal year.
| AllianzGI Best Styles Emerging Markets Equity: | ||||||||||||
| Issuer Name | Sub-Adviser’s % Holding |
Market Value |
Market Value as a Net Assets |
|||||||||
| Ju Teng International Holdings Ltd. |
5.18 | % | $ | 12,330 | 0.21 | % | ||||||
| AllianzGI Best Styles Global Equity: | ||||||||||||
| Issuer Name | Sub-Adviser’s % Holding |
Market Value |
Market Value as a % of Fund’s Net Assets |
|||||||||
| Aareal Bank AG |
7.83 | % | $ | 162,680 | 0.14 | % | ||||||
| Bechtle AG |
7.30 | % | 41,774 | 0.04 | % | |||||||
| DCC PLC |
5.49 | % | 65,564 | 0.06 | % | |||||||
| Freenet AG |
8.50 | % | 145,058 | 0.12 | % | |||||||
| NCC AB |
5.27 | % | 42,945 | 0.04 | % | |||||||
| Totals |
$ | 458,021 | 0.40 | % | ||||||||
| Semiannual Report | | May 31, 2015 | 351 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI Best Styles International Equity: | ||||||||||||
| Issuer Name | Sub-Adviser’s % Holding |
Market Value |
Market Value as a % of Fund’s Net Assets |
|||||||||
| bpost S.A. |
5.67 | % | $ | 77,274 | 0.23 | % | ||||||
| Coface S.A. |
11.38 | % | 44,920 | 0.13 | % | |||||||
| Ontex Group NV |
8.38 | % | 64,075 | 0.19 | % | |||||||
| Totals |
$ | 186,269 | 0.55 | % | ||||||||
| AllianzGI Best Styles U.S. Equity: | ||||||||||||
| Issuer Name | Sub-Adviser’s % Holding |
Market Value |
Market Value as a % of Fund’s Net Assets |
|||||||||
| Cal-Maine Foods, Inc. |
5.34 | % | $ | 102,042 | 0.17 | % | ||||||
| AllianzGI China Equity: | ||||||||||||
| Issuer Name | Sub-Adviser’s % Holding |
Market Value |
Market Value as a % of Fund’s Net Assets |
|||||||||
| Digital China Holdings Ltd. |
8.83 | % | $ | 550,450 | 4.14 | % | ||||||
| Qingling Motors Co., Ltd. |
8.82 | % | 422,867 | 3.18 | % | |||||||
| Totals |
$ | 973,317 | 7.32 | % | ||||||||
| AllianzGI Europe Equity Dividend: | ||||||||||||
| Issuer Name | Sub-Adviser’s % Holding |
Market Value |
Market Value as a % of Fund’s Net Assets |
|||||||||
| Ashmore Group PLC |
5.24 | % | $ | 79,934 | 2.42 | % | ||||||
| bpost S.A. |
5.67 | % | 76,206 | 2.31 | % | |||||||
| Cembra Money Bank AG |
5.59 | % | 47,562 | 1.44 | % | |||||||
| Cia de Distribucion Integral Logista Holdings S.A. |
6.36 | % | 72,499 | 2.20 | % | |||||||
| Coface S.A. |
11.38 | % | 35,649 | 1.08 | % | |||||||
| CTT-Correios de Portugal S.A. |
8.35 | % | 34,701 | 1.05 | % | |||||||
| Drillisch AG |
7.70 | % | 71,662 | 2.17 | % | |||||||
| EVS Broadcast Equipment S.A. |
10.82 | % | 24,815 | 0.75 | % | |||||||
| Freenet AG |
8.50 | % | 96,508 | 2.93 | % | |||||||
| MARR SpA |
5.84 | % | 26,196 | 0.79 | % | |||||||
| NCC AB |
5.27 | % | 61,616 | 1.87 | % | |||||||
| Sunrise Communications Group AG |
5.70 | % | 72,346 | 2.19 | % | |||||||
| Tullett Prebon PLC |
6.33 | % | 41,524 | 1.26 | % | |||||||
| UBM PLC |
7.45 | % | 64,587 | 1.96 | % | |||||||
| Totals |
$ | 805,805 | 24.42 | % | ||||||||
| AllianzGI Global Fundamental Strategy: | ||||||||||||
| Issuer Name | Sub-Adviser’s % Holding |
Market Value |
Market Value as a % of Fund’s |
|||||||||
| bpost S.A. |
5.67 | % | $ | 173,195 | 0.77 | % | ||||||
| CTT-Correios de Portugal S.A. |
8.35 | % | 201,748 | 0.90 | % | |||||||
| TLG Immobilien AG |
8.47 | % | 106,253 | 0.47 | % | |||||||
| Totals |
$ | 481,196 | 2.14 | % | ||||||||
| 352 | May 31, 2015 | | Semiannual Report |
Table of Contents
| AllianzGI Global Sustainability: | ||||||||||||
| Issuer Name | Sub-Adviser’s % Holding |
Market Value |
Market Value as a % of Fund’s Net Assets |
|||||||||
| Bureau Veritas S.A. |
5.48 | % | $ | 46,537 | 1.48 | % | ||||||
| AllianzGI Global Water: | ||||||||||||
| Issuer Name | Sub-Adviser’s % Holding |
Market Value |
Market Value as a % of Fund’s Net Assets |
|||||||||
| Norma Group SE |
6.39 | % | $ | 3,603,814 | 0.98 | % | ||||||
| AllianzGI International Growth: | ||||||||||||
| Issuer Name | Sub-Adviser’s % Holding |
Market Value |
Market Value as a % of Fund’s Net Assets |
|||||||||
| Bureau Veritas S.A. |
5.48 | % | $ | 37,953.00 | 1.18 | % | ||||||
| DSV A/S |
5.71 | % | 58,572 | 1.83 | % | |||||||
| HUGO BOSS AG |
9.88 | % | 54,062 | 1.69 | % | |||||||
| Infineon Technologies AG |
7.13 | % | 54,484 | 1.70 | % | |||||||
| Norma Group SE |
6.39 | % | 27,650.0 | 0.86 | % | |||||||
| Rotork PLC |
6.03 | % | 33,408 | 1.04 | % | |||||||
| SimCorp A/S |
14.15 | % | 36,714 | 1.15 | % | |||||||
| Spirax-Sarco Engineering PLC |
5.77 | % | 33,444 | 1.04 | % | |||||||
| Trelleborg AB |
5.39 | % | 32,876 | 1.03 | % | |||||||
| Totals |
$ | 369,163 | 11.52 | % | ||||||||
| AllianzGI International Small-Cap: | ||||||||||||
| Issuer Name | Sub-Adviser’s % Holding |
Market Value |
Market Value as a % of Fund’s Net Assets |
|||||||||
| Aareal Bank AG |
7.83 | % | $ | 2,125,095 | 1.75 | % | ||||||
| Bechtle AG |
7.30 | % | 1,563,881 | 1.29 | % | |||||||
| Burckhardt Compression Holding AG |
5.77 | % | 1,345,296 | 1.11 | % | |||||||
| CANCOM SE |
14.27 | % | 1,416,231 | 1.17 | % | |||||||
| De’ Longhi |
5.37 | % | 1,497,353 | 1.24 | % | |||||||
| GameLoft SE |
12.71 | % | 813,742 | 0.67 | % | |||||||
| Gerry Weber International AG |
6.33 | % | 901,500 | 0.75 | % | |||||||
| Interroll Holding AG |
10.85 | % | 1,277,600 | 1.06 | % | |||||||
| Ju Teng International Holdings Ltd. |
5.18 | % | 805,128 | 0.67 | % | |||||||
| Kingspan Group PLC |
7.76 | % | 2,089,958 | 1.73 | % | |||||||
| NetEnt AB |
6.86 | % | 2,066,486 | 1.71 | % | |||||||
| Ontex Group NV |
8.38 | % | 1,743,230 | 1.44 | % | |||||||
| Opera Software ASA |
5.11 | % | 877,703 | 0.73 | % | |||||||
| Primax Electronics Ltd. |
7.37 | % | 741,509 | 0.61 | % | |||||||
| Rotork PLC |
6.03 | % | 1,502,725 | 1.24 | % | |||||||
| Schoeller-Bleckmann Oilfield Equipment AG |
5.53 | % | 913,866 | 0.76 | % | |||||||
| Senior PLC |
5.37 | % | 887,233 | 0.73 | % | |||||||
| SimCorp A/S |
14.15 | % | 1,929,520 | 1.59 | % | |||||||
| Spirax-Sarco Engineering PLC |
5.77 | % | 2,312,509 | 1.91 | % | |||||||
| Totals |
$ | 26,810,565 | 22.16 | % | ||||||||
| Semiannual Report | | May 31, 2015 | 353 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI Micro Cap: | ||||||||||||
| Issuer Name | Sub-Adviser’s % Holding |
Market Value |
Market Value as a % of Fund’s Net Assets |
|||||||||
| Cowen Group, Inc. |
5.19 | % | $ | 450,264 | 1.04 | % | ||||||
| HCI Group, Inc. |
6.56 | % | 297,466 | 0.69 | % | |||||||
| Neenah Paper, Inc. |
6.00 | % | 424,020 | 0.99 | % | |||||||
| Strattec Security Corp. |
5.30 | % | 138,434 | 0.32 | % | |||||||
| Totals |
$ | 1,310,184 | 3.04 | % | ||||||||
| AllianzGI NFJ International Small-Cap Value: | ||||||||||||
| Issuer Name | Sub-Adviser’s % Holding |
Market Value |
Market Value as a % of Fund’s Net Assets |
|||||||||
| Aareal Bank AG |
7.83 | % | $ | 123,958 | 0.64 | % | ||||||
| Beach Energy Ltd. |
6.26 | % | 93,225 | 0.48 | % | |||||||
| Cembra Money Bank AG |
5.59 | % | 140,775 | 0.72 | % | |||||||
| Cia de Distribucion Integral Logista Holdings S.A. |
6.36 | % | 136,664 | 0.70 | % | |||||||
| Freenet AG |
8.50 | % | 148,517 | 0.76 | % | |||||||
| Totals |
$ | 643,139 | 3.30 | % | ||||||||
| AllianzGI NFJ International Value II: | ||||||||||||
| Issuer Name | Sub-Adviser’s % Holding |
Market Value |
Market Value as a % of Fund’s Net Assets |
|||||||||
| Aareal Bank AG |
7.83 | % | $ | 409,482 | 0.82 | % | ||||||
| Beach Energy Ltd. |
6.26 | % | 423,913 | 0.84 | % | |||||||
| Totals |
$ | 833,395 | 1.66 | % | ||||||||
| AllianzGI U.S. Small-Cap Growth: | ||||||||||||
| Issuer Name | Sub-Adviser’s % Holding |
Market Value |
Market Value as a % of Fund’s Net Assets |
|||||||||
| Cowen Group, Inc. |
5.19 | % | $ | 380,574 | 0.84 | % | ||||||
| Ryland Group, Inc. |
5.36 | % | 297,688 | 0.66 | % | |||||||
| Totals |
$ | 678,262 | 1.50 | % | ||||||||
| AllianzGI Ultra Micro Cap: | ||||||||||||
| Issuer Name | Sub-Adviser’s % Holding |
Market Value |
Market Value as a % of Fund’s Net Assets |
|||||||||
| HCI Group, Inc. |
6.56 | % | $ | 804,121 | 0.79 | % | ||||||
| Strattec Security Corp. |
5.30 | % | 509,708 | 0.50 | % | |||||||
| Totals |
$ | 1,313,829 | 1.29 | % | ||||||||
| 354 | May 31, 2015 | | Semiannual Report |
Table of Contents
The tables below show the transactions in and earnings from affiliates for the period or six months ended May 31, 2015:
| AllianzGI Retirement 2015: | ||||||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI Behavioral Advantage Large Cap |
$ | 732,722 | $ | 47,183 | $ | (740,328 | ) | — | — | $ | 7,058 | $ | 70,687 | $ | 40,125 | |||||||||||||||||
| AllianzGI Best Styles Global Equity |
835,957 | 85,482 | (878,210 | ) | — | — | 20,720 | 48,734 | 21,400 | |||||||||||||||||||||||
| AllianzGI Best Styles International Equity |
— | 1,853,234 | (850,386 | ) | $ | 74,268 | $ | 1,114,967 | — | 37,851 | — | |||||||||||||||||||||
| AllianzGI Best Styles U.S. Equity |
— | 6,052,649 | (2,729,602 | ) | 77,794 | 3,402,292 | — | 1,451 | — | |||||||||||||||||||||||
| AllianzGI Emerging Markets Consumer |
— | 733,200 | (223,962 | ) | 21,091 | 549,108 | — | 18,779 | — | |||||||||||||||||||||||
| AllianzGI Emerging Markets Opportunities |
344,434 | 138,092 | (467,688 | ) | — | — | 6,616 | (14,903 | ) | — | ||||||||||||||||||||||
| AllianzGI Global Managed Volatility |
345,294 | 59,981 | (367,934 | ) | — | — | 9,873 | 15,719 | 29,993 | |||||||||||||||||||||||
| AllianzGI Global Natural Resources |
449,184 | 498,205 | (284,415 | ) | 52,394 | 689,986 | 955 | (4,230 | ) | — | ||||||||||||||||||||||
| AllianzGI Income & Growth |
687,634 | 60,589 | (722,693 | ) | — | — | 5,212 | 84,780 | — | |||||||||||||||||||||||
| AllianzGI International Managed Volatility |
342,803 | 322,567 | (229,928 | ) | 7,516 | 426,593 | 14,516 | (1,114 | ) | — | ||||||||||||||||||||||
| AllianzGI NFJ Dividend Value |
509,118 | 42,042 | (547,894 | ) | — | — | 2,958 | 139,703 | — | |||||||||||||||||||||||
| AllianzGI NFJ International Value |
510,111 | 57,842 | (551,556 | ) | — | — | 2,110 | 25,347 | — | |||||||||||||||||||||||
| AllianzGI NFJ Mid-Cap Value |
338,834 | 799,690 | (221,851 | ) | 11,492 | 930,659 | 6,213 | 1,223 | — | |||||||||||||||||||||||
| AllianzGI Short Duration High Income |
2,232,732 | 2,071,333 | (1,889,994 | ) | 30,549 | 2,440,322 | 82,007 | (34,004 | ) | — | ||||||||||||||||||||||
| AllianzGI U.S. Managed Volatility |
2,319,627 | 638,487 | (2,730,073 | ) | 243 | 1,350 | 44,480 | (49,222 | ) | 181,646 | ||||||||||||||||||||||
| AllianzGI U.S. Small-Cap Growth |
338,511 | 483,887 | (183,239 | ) | (2,221 | ) | 627,975 | — | (8,613 | ) | 31,752 | |||||||||||||||||||||
| PIMCO 1-5 Year U.S. TIPS Index |
6,584,871 | 427,764 | (6,933,995 | ) | — | — | — | (154,666 | ) | — | ||||||||||||||||||||||
| PIMCO 15+ Year U.S. TIPS Index |
— | 1,913,012 | (516,803 | ) | (53,512 | ) | 1,327,968 | — | (14,729 | ) | — | |||||||||||||||||||||
| PIMCO 25+ Year Zero Coupon U.S. Treasury Index |
— | 436,169 | — | 20,623 | 456,792 | — | — | — | ||||||||||||||||||||||||
| PIMCO Broad U.S. TIPS Index |
— | 7,027,714 | (2,190,971 | ) | (3,322 | ) | 4,788,335 | — | (45,086 | ) | — | |||||||||||||||||||||
| PIMCO CommoditiesPLUS® Strategy |
— | 929,378 | (285,746 | ) | 34,286 | 697,456 | — | 19,538 | — | |||||||||||||||||||||||
| PIMCO Commodity RealReturn Strategy |
890,836 | 203,687 | (956,719 | ) | — | — | — | (251,135 | ) | — | ||||||||||||||||||||||
| PIMCO Floating Income |
— | 1,781,605 | (1,782,140 | ) | — | — | 8,656 | 535 | — | |||||||||||||||||||||||
| PIMCO Foreign Bond (U.S. Dollar-Hedged) |
— | 939,428 | (212,342 | ) | (8,457 | ) | 717,914 | 5,153 | (715 | ) | — | |||||||||||||||||||||
| PIMCO Income |
4,893,441 | 1,752,690 | (2,989,794 | ) | 164,071 | 3,582,231 | 182,952 | (47,309 | ) | 11,725 | ||||||||||||||||||||||
| PIMCO Long-Term Credit |
— | 1,524,817 | (321,759 | ) | (36,905 | ) | 1,154,554 | 22,323 | (11,599 | ) | — | |||||||||||||||||||||
| PIMCO Mortgage Opportunities |
1,719,811 | 2,824,547 | (1,976,631 | ) | 18,357 | 2,576,226 | 39,083 | 5,398 | — | |||||||||||||||||||||||
| PIMCO Real Return |
5,850,474 | 717,081 | (6,402,855 | ) | — | — | 145,781 | 55,530 | 1,879 | |||||||||||||||||||||||
| PIMCO Senior Floating Rate |
1,032,636 | 63,894 | (1,076,124 | ) | — | — | 1,856 | (28,148 | ) | 2,035 | ||||||||||||||||||||||
| PIMCO StocksPLUS® International (U.S. Dollar-Hedged) |
1,031,092 | 215,492 | (974,211 | ) | 31,878 | 283,545 | 80,168 | 29,934 | — | |||||||||||||||||||||||
| PIMCO TRENDS Managed Futures Strategy |
— | 1,143,159 | (264,556 | ) | (42,611 | ) | 837,018 | — | 1,026 | — | ||||||||||||||||||||||
| Totals |
$ | 31,990,122 | $ | 35,844,900 | $ | (40,504,399 | ) | $ | 397,534 | $ | 26,605,291 | $ | 688,690 | $ | (109,238 | ) | $ | 320,555 | ||||||||||||||
| AllianzGI Retirement 2020: | ||||||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI Behavioral Advantage Large Cap |
$ | 1,353,780 | $ | 86,742 | $ | (1,367,738 | ) | — | — | $ | 12,975 | $ | 148,639 | $ | 73,767 | |||||||||||||||||
| AllianzGI Best Styles Global Equity |
1,580,708 | 219,782 | (1,716,160 | ) | — | — | 40,490 | 102,650 | 41,818 | |||||||||||||||||||||||
| AllianzGI Best Styles International Equity |
— | 3,660,111 | (1,059,389 | ) | $ | 186,655 | $ | 2,822,934 | — | 35,557 | — | |||||||||||||||||||||
| AllianzGI Best Styles U.S. Equity |
— | 10,669,173 | (3,122,062 | ) | 166,963 | 7,704,268 | — | (9,806 | ) | — | ||||||||||||||||||||||
| AllianzGI Emerging Markets Consumer |
— | 1,280,912 | (114,209 | ) | 46,924 | 1,221,666 | — | 8,039 | — | |||||||||||||||||||||||
| AllianzGI Emerging Markets Opportunities |
636,829 | 373,377 | (983,893 | ) | — | — | 12,149 | (27,073 | ) | — | ||||||||||||||||||||||
| Semiannual Report | | May 31, 2015 | 355 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI Retirement 2020 (cont’d) | ||||||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI Global Managed Volatility |
$ | 630,637 | $ | 124,676 | $ | (686,095 | ) | — | — | $ | 18,307 | $ | 13,104 | $ | 55,612 | |||||||||||||||||
| AllianzGI Global Natural Resources |
882,672 | 892,563 | (244,911 | ) | $ | 56,732 | $ | 1,560,361 | 1,907 | (27,857 | ) | — | ||||||||||||||||||||
| AllianzGI Income & Growth |
1,397,999 | 119,910 | (1,466,841 | ) | — | — | 10,555 | 68,986 | — | |||||||||||||||||||||||
| AllianzGI International Managed Volatility |
625,578 | 713,117 | (370,973 | ) | 17,162 | 948,192 | 27,070 | (10,408 | ) | — | ||||||||||||||||||||||
| AllianzGI NFJ Dividend Value |
934,687 | 93,000 | (1,022,221 | ) | — | — | 5,418 | 228,309 | — | |||||||||||||||||||||||
| AllianzGI NFJ International Value |
1,069,648 | 98,787 | (1,132,405 | ) | — | — | 4,286 | (4,886 | ) | — | ||||||||||||||||||||||
| AllianzGI NFJ Mid-Cap Value |
870,755 | 1,443,851 | (189,151 | ) | 212,186 | 2,157,832 | 15,869 | (1,106 | ) | — | ||||||||||||||||||||||
| AllianzGI Short Duration High Income |
4,098,179 | 3,558,047 | (2,251,155 | ) | 38,742 | 5,452,634 | 150,479 | (61,352 | ) | — | ||||||||||||||||||||||
| AllianzGI U.S. Managed Volatility |
4,548,262 | 1,360,407 | (4,832,683 | ) | 60,247 | 621,063 | 88,542 | (160,103 | ) | 360,077 | ||||||||||||||||||||||
| AllianzGI U.S. Small-Cap Growth |
813,714 | 889,452 | (223,143 | ) | 404 | 1,461,130 | — | (7,945 | ) | 74,338 | ||||||||||||||||||||||
| PIMCO 1-5 Year U.S. TIPS Index |
11,199,634 | 1,061,369 | (12,121,225 | ) | — | — | — | (279,900 | ) | — | ||||||||||||||||||||||
| PIMCO 15+ Year U.S. TIPS Index |
— | 3,189,852 | (454,407 | ) | (109,639 | ) | 2,623,572 | — | (2,234 | ) | — | |||||||||||||||||||||
| PIMCO 25+ Year Zero Coupon U.S. Treasury Index |
— | 646,226 | — | 30,554 | 676,780 | — | — | — | ||||||||||||||||||||||||
| PIMCO Broad U.S. TIPS Index |
— | 11,771,563 | (1,109,050 | ) | (51,307 | ) | 10,586,160 | — | (25,046 | ) | — | |||||||||||||||||||||
| PIMCO Commodities |
589,706 | 2,121,499 | (780,393 | ) | 92,873 | 1,889,222 | 17,416 | (228,350 | ) | 946 | ||||||||||||||||||||||
| PIMCO Commodity RealReturn Strategy |
1,680,506 | 500,440 | (1,913,936 | ) | — | — | — | (541,681 | ) | — | ||||||||||||||||||||||
| PIMCO Floating Income |
— | 3,321,841 | (3,324,881 | ) | — | — | 15,934 | 3,040 | — | |||||||||||||||||||||||
| PIMCO Foreign Bond (U.S. Dollar-Hedged) |
— | 1,637,299 | (24,558 | ) | (20,392 | ) | 1,592,481 | 9,628 | 132 | — | ||||||||||||||||||||||
| PIMCO Income |
8,961,393 | 1,711,685 | (2,617,897 | ) | 118,451 | 7,923,036 | 294,477 | (59,836 | ) | 21,737 | ||||||||||||||||||||||
| PIMCO Long-Term Credit |
— | 2,508,440 | (37,070 | ) | (81,100 | ) | 2,390,149 | 37,373 | (121 | ) | — | |||||||||||||||||||||
| PIMCO Mortgage Opportunities |
2,823,319 | 4,545,905 | (1,920,522 | ) | 31,752 | 5,462,076 | 68,153 | 4,934 | — | |||||||||||||||||||||||
| PIMCO Real Return |
9,194,165 | 1,945,735 | (10,854,611 | ) | — | — | 251,907 | (61,955 | ) | 2,982 | ||||||||||||||||||||||
| PIMCO Senior Floating Rate |
1,883,833 | 160,957 | (2,007,030 | ) | — | — | 3,439 | (54,058 | ) | 3,768 | ||||||||||||||||||||||
| PIMCO StocksPLUS® International (U.S. Dollar-Hedged) |
2,241,544 | 409,899 | (1,921,582 | ) | 81,917 | 767,681 | 106,338 | 40,767 | — | |||||||||||||||||||||||
| PIMCO TRENDS Managed Futures Strategy |
— | 2,067,503 | (86,691 | ) | (94,702 | ) | 1,886,376 | — | 266 | — | ||||||||||||||||||||||
| Totals |
$ | 58,017,548 | $ | 63,184,120 | $ | (59,956,882 | ) | $ | 784,422 | $ | 59,747,613 | $ | 1,192,712 | $ | (909,294 | ) | $ | 635,045 | ||||||||||||||
| AllianzGI Retirement 2025: | ||||||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI Behavioral Advantage Large Cap |
$ | 1,799,756 | $ | 82,853 | $ | (1,812,853 | ) | — | — | $ | 12,393 | $ | 256,756 | $ | 70,460 | |||||||||||||||||
| AllianzGI Best Styles Global Equity |
1,643,457 | 138,274 | (1,700,588 | ) | — | — | 40,032 | 113,763 | 40,486 | |||||||||||||||||||||||
| AllianzGI Best Styles International Equity |
— | 4,196,833 | (1,071,705 | ) | $ | 224,373 | $ | 3,385,580 | — | 36,079 | — | |||||||||||||||||||||
| AllianzGI Best Styles U.S. Equity |
— | 11,433,929 | (2,938,348 | ) | 182,296 | 8,668,890 | — | (8,987 | ) | — | ||||||||||||||||||||||
| AllianzGI Emerging Markets Consumer |
— | 1,335,041 | (80,816 | ) | 50,386 | 1,311,807 | — | 7,196 | — | |||||||||||||||||||||||
| AllianzGI Emerging Markets Opportunities |
657,324 | 373,581 | (1,005,051 | ) | — | — | 12,044 | (23,013 | ) | — | ||||||||||||||||||||||
| AllianzGI Global Managed Volatility |
856,028 | 112,621 | (879,356 | ) | — | — | 23,599 | 18,328 | 71,687 | |||||||||||||||||||||||
| AllianzGI Global Natural Resources |
1,216,646 | 965,337 | (253,401 | ) | 60,934 | 1,977,567 | 2,514 | (22,472 | ) | — | ||||||||||||||||||||||
| AllianzGI Income & Growth |
1,642,920 | 46,439 | (1,629,389 | ) | — | — | 11,894 | 24,895 | — | |||||||||||||||||||||||
| AllianzGI International Managed Volatility |
653,739 | 717,680 | (338,732 | ) | 18,860 | 1,013,943 | 26,838 | (5,704 | ) | — | ||||||||||||||||||||||
| AllianzGI International Small-Cap |
967,565 | 505,491 | (1,473,786 | ) | — | — | 2,587 | 29,501 | 129,771 | |||||||||||||||||||||||
| AllianzGI NFJ Dividend Value |
972,997 | 30,398 | (998,245 | ) | — | — | 5,373 | 232,843 | — | |||||||||||||||||||||||
| AllianzGI NFJ International Small-Cap Value |
327,456 | — | (326,546 | ) | — | — | — | 10,146 | — | |||||||||||||||||||||||
| 356 | May 31, 2015 | | Semiannual Report |
Table of Contents
| AllianzGI Retirement 2025 (cont’d) | ||||||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI NFJ International Value |
$ | 1,298,789 | $ | 96,498 | $ | (1,355,354 | ) | — | — | $ | 5,184 | $ | 9,383 | — | ||||||||||||||||||
| AllianzGI NFJ Mid-Cap Value |
971,280 | 1,818,066 | (85,117 | ) | $ | 247,038 | $ | 2,748,702 | 16,862 | (238 | ) | — | ||||||||||||||||||||
| AllianzGI Short Duration High Income |
4,263,208 | 3,517,167 | (1,972,380 | ) | 34,276 | 5,859,188 | 155,118 | (53,913 | ) | — | ||||||||||||||||||||||
| AllianzGI U.S. Managed Volatility |
4,605,053 | 1,575,601 | (5,010,149 | ) | 59,081 | 692,836 | 91,934 | (127,661 | ) | $ | 375,129 | |||||||||||||||||||||
| AllianzGI U.S. Small-Cap Growth |
980,604 | 852,216 | (64,231 | ) | (6,548 | ) | 1,747,724 | — | (2,799 | ) | 85,066 | |||||||||||||||||||||
| PIMCO 1-5 Year U.S. TIPS Index |
9,801,982 | 283,615 | (9,979,698 | ) | — | — | — | (223,220 | ) | — | ||||||||||||||||||||||
| PIMCO 15+ Year U.S. TIPS Index |
— | 3,382,307 | (472,322 | ) | (102,424 | ) | 2,805,228 | — | (2,333 | ) | — | |||||||||||||||||||||
| PIMCO 25+ Year Zero Coupon U.S. Treasury Index |
— | 691,037 | — | 32,673 | 723,710 | — | — | — | ||||||||||||||||||||||||
| PIMCO Broad U.S. TIPS Index |
— | 11,040,242 | (1,545,278 | ) | (52,894 | ) | 9,401,687 | — | (40,383 | ) | — | |||||||||||||||||||||
| PIMCO CommoditiesPLUS® Strategy |
611,342 | 2,254,953 | (804,175 | ) | 99,777 | 2,029,646 | 17,275 | (215,924 | ) | 938 | ||||||||||||||||||||||
| PIMCO Commodity RealReturn Strategy |
1,939,647 | 395,531 | (2,041,492 | ) | — | — | — | (587,416 | ) | — | ||||||||||||||||||||||
| PIMCO EqS Long/Short |
— | 1,040,075 | — | (6,032 | ) | 1,034,043 | — | — | — | |||||||||||||||||||||||
| PIMCO Floating Income |
— | 3,283,012 | (3,283,281 | ) | — | — | 16,020 | 269 | — | |||||||||||||||||||||||
| PIMCO Foreign Bond (U.S. Dollar-Hedged) |
— | 1,735,874 | — | (21,842 | ) | 1,714,032 | 10,226 | — | — | |||||||||||||||||||||||
| PIMCO Income |
9,208,903 | 1,471,395 | (2,714,540 | ) | 67,570 | 7,822,073 | 312,066 | (75,524 | ) | 21,251 | ||||||||||||||||||||||
| PIMCO Long-Term Credit |
— | 2,500,296 | — | (86,081 | ) | 2,414,215 | 32,920 | — | — | |||||||||||||||||||||||
| PIMCO Mortgage Opportunities |
2,626,379 | 4,352,739 | (1,482,617 | ) | 30,012 | 5,509,661 | 67,634 | 4,623 | — | |||||||||||||||||||||||
| PIMCO Real Return |
8,865,189 | 977,257 | (9,602,245 | ) | — | — | 217,085 | (105,466 | ) | 2,801 | ||||||||||||||||||||||
| PIMCO Senior Floating Rate |
1,969,358 | 44,064 | (1,975,844 | ) | — | — | 3,412 | (54,123 | ) | 3,736 | ||||||||||||||||||||||
| PIMCO StocksPLUS® International (U.S. Dollar-Hedged) |
2,634,560 | 406,240 | (1,914,969 | ) | 119,696 | 1,123,393 | 188,822 | (15,189 | ) | — | ||||||||||||||||||||||
| PIMCO TRENDS Managed Futures Strategy |
— | 2,540,242 | (48,460 | ) | (120,058 | ) | 2,372,850 | — | 1,126 | — | ||||||||||||||||||||||
| Totals |
$ | 60,514,182 | $ | 64,196,904 | $ | (58,860,968 | ) | $ | 831,093 | $ | 64,356,775 | $ | 1,271,832 | $ | (819,457 | ) | $ | 801,325 | ||||||||||||||
| AllianzGI Retirement 2030: | ||||||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI Behavioral Advantage Large Cap |
$ | 1,961,100 | $ | 85,897 | $ | (1,974,856 | ) | — | — | $ | 12,849 | $ | 315,384 | $ | 73,048 | |||||||||||||||||
| AllianzGI Best Styles Global Equity |
1,984,999 | 179,661 | (2,065,188 | ) | — | — | 48,284 | 133,837 | 49,169 | |||||||||||||||||||||||
| AllianzGI Best Styles International Equity |
— | 5,422,318 | (1,120,861 | ) | $ | 298,567 | $ | 4,631,797 | — | 31,773 | — | |||||||||||||||||||||
| AllianzGI Best Styles U.S. Equity |
— | 11,805,856 | (2,832,940 | ) | 189,911 | 9,150,596 | — | (12,231 | ) | — | ||||||||||||||||||||||
| AllianzGI Emerging Markets Consumer |
— | 1,335,888 | (107,951 | ) | 49,372 | 1,285,412 | — | 8,103 | — | |||||||||||||||||||||||
| AllianzGI Emerging Markets Opportunities |
647,721 | 721,486 | (723,354 | ) | 142,736 | 649,683 | 12,273 | 6,031 | — | |||||||||||||||||||||||
| AllianzGI Global Managed Volatility |
998,630 | 129,144 | (1,023,654 | ) | — | — | 27,474 | 35,022 | 83,458 | |||||||||||||||||||||||
| AllianzGI Global Natural Resources |
1,218,767 | 962,511 | (265,029 | ) | 111,333 | 1,962,326 | 2,550 | (18,610 | ) | — | ||||||||||||||||||||||
| AllianzGI Income & Growth |
1,752,327 | 101,274 | (1,790,322 | ) | — | — | 13,053 | 84,716 | — | |||||||||||||||||||||||
| AllianzGI International Managed Volatility |
1,601,557 | 1,145,811 | (1,357,361 | ) | 33,122 | 1,323,207 | 67,315 | (12,593 | ) | — | ||||||||||||||||||||||
| AllianzGI International Small-Cap |
972,106 | 536,829 | (1,516,312 | ) | — | — | 2,631 | 107,320 | 131,987 | |||||||||||||||||||||||
| AllianzGI NFJ Dividend Value |
971,079 | 51,394 | (1,017,100 | ) | — | — | 5,487 | 324,355 | — | |||||||||||||||||||||||
| AllianzGI NFJ International Small-Cap Value |
326,118 | — | (325,212 | ) | — | — | — | 9,955 | — | |||||||||||||||||||||||
| AllianzGI NFJ International Value |
1,292,347 | 98,576 | (1,349,759 | ) | — | — | 5,158 | 44,319 | — | |||||||||||||||||||||||
| AllianzGI NFJ Mid-Cap Value |
1,154,731 | 2,584,901 | (115,440 | ) | 329,901 | 3,697,739 | 20,437 | (1,102 | ) | — | ||||||||||||||||||||||
| AllianzGI Short Duration High Income |
4,166,696 | 3,550,245 | (2,652,729 | ) | 45,604 | 5,109,486 | 147,603 | (66,771 | ) | — | ||||||||||||||||||||||
| AllianzGI U.S. Managed Volatility |
4,544,976 | 1,856,012 | (5,223,253 | ) | 67,564 | 680,698 | 95,508 | (113,151 | ) | 387,070 | ||||||||||||||||||||||
| Semiannual Report | | May 31, 2015 | 357 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI Retirement 2030 (cont’d) | ||||||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI U.S. Small-Cap Growth |
$ | 1,163,697 | $ | 1,109,884 | $ | (188,789 | ) | $ | 116,405 | $ | 2,054,661 | — | $ | (10,875 | ) | $ | 103,728 | |||||||||||||||
| AllianzGI Ultra Micro Cap |
321,522 | 43,761 | (40,272 | ) | 25,122 | 349,922 | — | 864 | 3,013 | |||||||||||||||||||||||
| PIMCO 1-5 Year U.S. TIPS Index |
6,720,505 | 394,235 | (7,038,784 | ) | — | — | — | (165,655 | ) | — | ||||||||||||||||||||||
| PIMCO 15+ Year U.S. TIPS Index |
— | 2,960,964 | (483,641 | ) | (75,538 | ) | 2,399,438 | — | (2,347 | ) | — | |||||||||||||||||||||
| PIMCO 25+ Year Zero Coupon U.S. Treasury Index |
— | 337,760 | — | 15,970 | 353,730 | — | — | — | ||||||||||||||||||||||||
| PIMCO Broad U.S. TIPS Index |
— | 9,061,952 | (1,889,692 | ) | (56,241 | ) | 7,065,627 | — | (50,392 | ) | — | |||||||||||||||||||||
| PIMCO CommoditiesPLUS® Strategy |
1,205,828 | 1,718,163 | (793,609 | ) | (2,248 | ) | 1,971,521 | $ | 35,931 | (324,255 | ) | 1,851 | ||||||||||||||||||||
| PIMCO Commodity RealReturn Strategy |
2,161,718 | 364,333 | (2,200,749 | ) | — | — | — | (668,552 | ) | — | ||||||||||||||||||||||
| PIMCO EqS Long/Short |
— | 1,967,365 | — | 41,109 | 2,008,474 | — | — | — | ||||||||||||||||||||||||
| PIMCO Floating Income |
— | 3,322,658 | (3,325,282 | ) | — | — | 15,980 | 2,624 | — | |||||||||||||||||||||||
| PIMCO Foreign Bond (U.S. Dollar-Hedged) |
— | 1,712,680 | (41,796 | ) | (20,816 | ) | 1,650,532 | 9,969 | 466 | — | ||||||||||||||||||||||
| PIMCO Income |
8,392,384 | 1,439,665 | (3,608,226 | ) | 130,383 | 6,091,428 | 260,349 | (79,995 | ) | 19,869 | ||||||||||||||||||||||
| PIMCO Long-Term Credit |
— | 2,493,577 | (51,749 | ) | (82,130 | ) | 2,359,740 | 32,111 | 42 | — | ||||||||||||||||||||||
| PIMCO Mortgage Opportunities |
2,573,626 | 2,533,836 | (1,408,311 | ) | 26,229 | 3,706,107 | 44,645 | 3,606 | — | |||||||||||||||||||||||
| PIMCO Real Return |
7,749,971 | 766,303 | (8,324,488 | ) | — | — | 195,989 | (77,078 | ) | 2,460 | ||||||||||||||||||||||
| PIMCO Senior Floating Rate |
1,935,383 | 98,687 | (1,996,177 | ) | — | — | 3,447 | (54,103 | ) | 3,774 | ||||||||||||||||||||||
| PIMCO StocksPLUS® International (U.S. Dollar-Hedged) |
3,294,195 | 551,415 | (2,445,846 | ) | 137,139 | 1,372,384 | 234,309 | (62,515 | ) | — | ||||||||||||||||||||||
| PIMCO TRENDS Managed Futures Strategy |
— | 2,588,529 | (161,588 | ) | (113,977 | ) | 2,318,599 | — | 5,635 | — | ||||||||||||||||||||||
| Totals |
$ | 59,111,983 | $ | 64,033,570 | $ | (59,460,320 | ) | $ | 1,409,517 | $ | 62,193,107 | $ | 1,293,352 | $ | (606,173 | ) | $ | 859,427 | ||||||||||||||
| AllianzGI Retirement 2035: | ||||||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI Behavioral Advantage Large Cap |
$ | 1,790,460 | $ | 92,584 | $ | (1,805,248 | ) | — | — | $ | 13,849 | $ | 272,744 | $ | 78,735 | |||||||||||||||||
| AllianzGI Best Styles Global Equity |
2,974,801 | 142,481 | (2,970,784 | ) | — | — | 70,092 | 116,802 | 72,389 | |||||||||||||||||||||||
| AllianzGI Best Styles International Equity |
— | 4,749,140 | (967,528 | ) | $ | 266,884 | $ | 4,078,888 | — | 30,392 | — | |||||||||||||||||||||
| AllianzGI Best Styles U.S. Equity |
— | 10,157,769 | (2,231,442 | ) | 158,299 | 8,079,243 | — | (5,383 | ) | — | ||||||||||||||||||||||
| AllianzGI Emerging Markets Consumer |
— | 1,097,426 | (74,342 | ) | 40,994 | 1,067,287 | — | 3,209 | — | |||||||||||||||||||||||
| AllianzGI Emerging Markets Opportunities |
811,230 | 600,265 | (611,597 | ) | 71,523 | 802,308 | 14,563 | (5,066 | ) | — | ||||||||||||||||||||||
| AllianzGI Global Managed Volatility |
1,354,429 | 147,757 | (1,363,504 | ) | — | — | 36,594 | (35,215 | ) | 111,163 | ||||||||||||||||||||||
| AllianzGI Global Natural Resources |
1,000,972 | 731,307 | (155,982 | ) | 46,503 | 1,610,552 | 1,943 | (16,169 | ) | — | ||||||||||||||||||||||
| AllianzGI Income & Growth |
1,622,088 | 11,500 | (1,575,959 | ) | — | — | 11,500 | 19,399 | — | |||||||||||||||||||||||
| AllianzGI International Managed Volatility |
1,613,605 | 593,120 | (1,072,972 | ) | 55,192 | 1,087,739 | 64,208 | (14,339 | ) | — | ||||||||||||||||||||||
| AllianzGI International Small-Cap |
847,848 | 324,921 | (1,205,945 | ) | — | — | 2,083 | 91,378 | 104,483 | |||||||||||||||||||||||
| AllianzGI NFJ Dividend Value |
1,067,393 | 5,760 | (1,070,040 | ) | — | — | 5,760 | 300,821 | — | |||||||||||||||||||||||
| AllianzGI NFJ International Small-Cap Value |
269,426 | — | (268,677 | ) | — | — | — | 8,472 | — | |||||||||||||||||||||||
| AllianzGI NFJ International Value |
1,068,596 | 3,973 | (1,038,661 | ) | — | — | 3,973 | 45,027 | — | |||||||||||||||||||||||
| AllianzGI NFJ Mid-Cap Value |
1,065,519 | 2,201,576 | (20,937 | ) | 327,108 | 3,316,258 | 17,986 | (669 | ) | — | ||||||||||||||||||||||
| AllianzGI Short Duration High Income |
2,967,976 | 2,089,734 | (1,211,147 | ) | 16,487 | 3,883,575 | 109,584 | (28,098 | ) | — | ||||||||||||||||||||||
| AllianzGI U.S. Managed Volatility |
3,897,002 | 1,172,223 | (3,548,206 | ) | 74,157 | 1,113,947 | 74,342 | (78,471 | ) | 306,355 | ||||||||||||||||||||||
| AllianzGI U.S. Small-Cap Growth |
1,237,220 | 1,277,208 | (83,775 | ) | 80,094 | 2,410,240 | — | (9,974 | ) | 105,603 | ||||||||||||||||||||||
| AllianzGI Ultra Micro Cap |
706,801 | 63,186 | (94,966 | ) | 66,192 | 728,418 | — | 5,274 | 6,150 | |||||||||||||||||||||||
| PIMCO 1-5 Year U.S. TIPS Index |
4,301,188 | 55,934 | (4,307,885 | ) | — | — | — | (105,464 | ) | — | ||||||||||||||||||||||
| 358 | May 31, 2015 | | Semiannual Report |
Table of Contents
| AllianzGI Retirement 2035 (cont’d) | ||||||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| PIMCO 15+ Year U.S. TIPS Index |
— | $ | 1,813,347 | $ | (360,109 | ) | $ | (43,305 | ) | $ | 1,408,682 | — | $ | (1,251 | ) | — | ||||||||||||||||
| PIMCO 25+ Year Zero Coupon U.S. Treasury Index |
— | 277,543 | — | 13,123 | 290,666 | — | — | — | ||||||||||||||||||||||||
| PIMCO Broad U.S. TIPS Index |
— | 5,302,013 | (1,152,171 | ) | (39,314 | ) | 4,079,224 | — | (31,304 | ) | — | |||||||||||||||||||||
| PIMCO CommoditiesPLUS® Strategy |
$ | 1,005,925 | 1,396,874 | (421,636 | ) | (64,957 | ) | 1,888,328 | $ | 26,951 | (165,702 | ) | $ | 1,464 | ||||||||||||||||||
| PIMCO Commodity RealReturn Strategy |
2,110,582 | 343,115 | (2,150,555 | ) | — | — | — | (608,671 | ) | — | ||||||||||||||||||||||
| PIMCO EqS Long/Short |
— | 1,898,938 | — | 42,652 | 1,941,590 | — | — | — | ||||||||||||||||||||||||
| PIMCO Floating Income |
— | 2,615,863 | (2,615,709 | ) | — | — | 12,801 | (154 | ) | — | ||||||||||||||||||||||
| PIMCO Foreign Bond (U.S. Dollar-Hedged) |
— | 1,110,879 | (4,988 | ) | (13,173 | ) | 1,092,736 | 6,536 | 18 | — | ||||||||||||||||||||||
| PIMCO Income |
6,494,774 | 777,492 | (2,706,222 | ) | 55,814 | 4,450,943 | 198,172 | (76,312 | ) | 14,666 | ||||||||||||||||||||||
| PIMCO Long-Term Credit |
— | 1,604,351 | (1,757 | ) | (52,780 | ) | 1,549,834 | 22,101 | 20 | — | ||||||||||||||||||||||
| PIMCO Mortgage Opportunities |
1,080,640 | 1,969,712 | (562,837 | ) | 14,565 | 2,492,422 | 24,240 | 2,999 | — | |||||||||||||||||||||||
| PIMCO Real Return |
5,403,242 | 303,891 | (5,601,847 | ) | — | — | 114,748 | (72,684 | ) | 1,611 | ||||||||||||||||||||||
| PIMCO Senior Floating Rate |
1,620,231 | 3,012 | (1,592,856 | ) | — | — | 2,766 | (44,325 | ) | 3,012 | ||||||||||||||||||||||
| PIMCO StocksPLUS® International (U.S. Dollar-Hedged) |
3,251,478 | 336,904 | (2,149,531 | ) | 134,669 | 1,409,868 | 217,105 | (68,410 | ) | — | ||||||||||||||||||||||
| PIMCO TRENDS Managed Futures Strategy |
— | 2,136,144 | (142,854 | ) | (95,079 | ) | 1,903,601 | — | 5,390 | — | ||||||||||||||||||||||
| Totals |
$ | 49,563,426 | $ | 47,407,942 | $ | (45,142,669 | ) | $ | 1,155,648 | $ | 50,686,349 | $ | 1,051,897 | $ | (465,716 | ) | $ | 805,631 | ||||||||||||||
| AllianzGI Retirement 2040: | ||||||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI Behavioral Advantage Large Cap |
$ | 1,539,363 | $ | 96,169 | $ | (1,554,847 | ) | — | — | $ | 14,385 | $ | 249,144 | $ | 81,784 | |||||||||||||||||
| AllianzGI Best Styles Global Equity |
3,515,152 | 336,010 | (3,674,754 | ) | — | — | 85,909 | 151,703 | 87,872 | |||||||||||||||||||||||
| AllianzGI Best Styles International Equity |
— | 4,382,594 | (766,925 | ) | $ | 250,214 | $ | 3,889,772 | — | 23,889 | — | |||||||||||||||||||||
| AllianzGI Best Styles U.S. Equity |
— | 8,467,705 | (1,769,916 | ) | 130,917 | 6,818,541 | — | (10,165 | ) | — | ||||||||||||||||||||||
| AllianzGI Emerging Markets Consumer |
— | 863,187 | (59,316 | ) | 32,212 | 838,649 | — | 2,566 | — | |||||||||||||||||||||||
| AllianzGI Emerging Markets Opportunities |
667,120 | 891,475 | (718,650 | ) | 165,864 | 851,408 | 12,371 | 5,198 | — | |||||||||||||||||||||||
| AllianzGI Global Managed Volatility |
1,542,148 | 206,855 | (1,587,649 | ) | — | — | 42,613 | (44,501 | ) | 129,446 | ||||||||||||||||||||||
| AllianzGI Global Natural Resources |
829,708 | 584,593 | (141,874 | ) | 79,431 | 1,298,923 | 1,648 | (9,538 | ) | — | ||||||||||||||||||||||
| AllianzGI Income & Growth |
1,452,990 | 51,777 | (1,453,503 | ) | — | — | 10,596 | 104,076 | — | |||||||||||||||||||||||
| AllianzGI International Managed Volatility |
1,309,757 | 528,856 | (540,592 | ) | 93,835 | 1,289,460 | 53,949 | 2,680 | — | |||||||||||||||||||||||
| AllianzGI International Small-Cap |
871,302 | 438,406 | (1,324,740 | ) | — | — | 2,263 | 136,129 | 113,546 | |||||||||||||||||||||||
| AllianzGI NFJ Dividend Value |
1,085,310 | 44,783 | (1,128,285 | ) | — | — | 6,066 | 389,575 | — | |||||||||||||||||||||||
| AllianzGI NFJ International Small-Cap Value |
266,756 | — | (266,015 | ) | — | — | — | 9,897 | — | |||||||||||||||||||||||
| AllianzGI NFJ International Value |
1,095,142 | 75,164 | (1,136,544 | ) | — | — | 4,345 | 37,645 | — | |||||||||||||||||||||||
| AllianzGI NFJ Mid-Cap Value |
874,373 | 1,774,088 | (84,523 | ) | 298,037 | 2,617,919 | 15,197 | (616 | ) | — | ||||||||||||||||||||||
| AllianzGI Short Duration High Income |
2,177,612 | 1,516,223 | (760,144 | ) | 7,802 | 2,960,316 | 79,825 | (19,924 | ) | — | ||||||||||||||||||||||
| AllianzGI U.S. Managed Volatility |
3,734,952 | 1,022,295 | (3,054,609 | ) | 130,773 | 1,317,017 | 70,574 | (94,562 | ) | 289,130 | ||||||||||||||||||||||
| AllianzGI U.S. Small-Cap Growth |
1,098,885 | 1,048,224 | (132,906 | ) | 122,826 | 1,991,480 | — | (10,130 | ) | 97,127 | ||||||||||||||||||||||
| AllianzGI Ultra Micro Cap |
659,528 | 53,614 | (102,289 | ) | 53,767 | 659,012 | — | 3,460 | 5,962 | |||||||||||||||||||||||
| Semiannual Report | | May 31, 2015 | 359 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI Retirement 2040 (cont’d) | ||||||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| PIMCO 1-5 Year U.S. TIPS Index |
$ | 2,178,178 | $ | 54,852 | $ | (2,204,004 | ) | — | — | — | $ | (58,666 | ) | — | ||||||||||||||||||
| PIMCO 15+ Year U.S. TIPS Index |
— | 942,585 | (253,729 | ) | $ | (21,507 | ) | $ | 667,051 | — | (298 | ) | — | |||||||||||||||||||
| PIMCO 25+ Year Zero Coupon U.S. Treasury Index |
— | 219,062 | — | 10,357 | 229,419 | — | — | — | ||||||||||||||||||||||||
| PIMCO Broad U.S. TIPS Index |
— | 1,547,801 | (230,685 | ) | (20,720 | ) | 1,294,317 | — | (2,079 | ) | — | |||||||||||||||||||||
| PIMCO CommoditiesPLUS® Strategy |
862,101 | 1,432,294 | (342,643 | ) | (63,104 | ) | 1,872,886 | $ | 25,282 | (136,389 | ) | $ | 1,280 | |||||||||||||||||||
| PIMCO Commodity RealReturn Strategy |
2,017,889 | 333,890 | (2,056,150 | ) | — | — | — | (574,955 | ) | — | ||||||||||||||||||||||
| PIMCO EqS Long/Short |
— | 1,899,279 | (76,331 | ) | 39,989 | 1,864,040 | — | 1,103 | — | |||||||||||||||||||||||
| PIMCO Floating Income |
— | 1,981,742 | (1,983,310 | ) | — | — | 9,531 | 1,568 | — | |||||||||||||||||||||||
| PIMCO Foreign Bond (U.S. Dollar-Hedged) |
— | 920,761 | (24,913 | ) | (9,995 | ) | 885,982 | 5,139 | 129 | — | ||||||||||||||||||||||
| PIMCO Income |
4,598,106 | 417,664 | (2,291,473 | ) | 50,226 | 2,635,563 | 133,960 | (67,771 | ) | 10,599 | ||||||||||||||||||||||
| PIMCO Long-Term Credit |
— | 1,285,008 | (31,643 | ) | (37,616 | ) | 1,215,464 | 16,654 | (285 | ) | — | |||||||||||||||||||||
| PIMCO Mortgage Opportunities |
— | 1,538,989 | (13,158 | ) | 4,385 | 1,530,249 | 13,012 | 33 | — | |||||||||||||||||||||||
| PIMCO Real Return |
3,508,059 | 214,373 | (3,651,138 | ) | — | — | 63,923 | (79,799 | ) | 1,081 | ||||||||||||||||||||||
| PIMCO Senior Floating Rate |
874,988 | 26,410 | (884,632 | ) | — | — | 1,525 | (24,657 | ) | 1,658 | ||||||||||||||||||||||
| PIMCO StocksPLUS® International (U.S. Dollar-Hedged) |
3,313,772 | 400,069 | (2,208,115 | ) | 147,778 | 1,557,762 | 145,141 | 7,456 | — | |||||||||||||||||||||||
| PIMCO TRENDS Managed Futures Strategy |
— | 1,967,972 | (49,495 | ) | (91,864 | ) | 1,827,527 | — | 914 | — | ||||||||||||||||||||||
| Totals |
$ | 40,073,191 | $ | 37,564,769 | $ | (36,559,500 | ) | $ | 1,373,607 | $ | 40,112,757 | $ | 813,908 | $ | (7,170 | ) | $ | 819,485 | ||||||||||||||
| AllianzGI Retirement 2045: | ||||||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI Behavioral Advantage Large Cap |
$ | 1,205,983 | $ | 57,307 | $ | (1,215,099 | ) | — | — | $ | 8,572 | $ | 167,447 | $ | 48,735 | |||||||||||||||||
| AllianzGI Best Styles Global Equity |
2,412,208 | 115,535 | (2,408,950 | ) | — | — | 56,837 | 94,577 | 58,699 | |||||||||||||||||||||||
| AllianzGI Best Styles International Equity |
— | 3,311,345 | (756,710 | ) | $ | 171,777 | $ | 2,758,840 | — | 32,428 | — | |||||||||||||||||||||
| AllianzGI Best Styles U.S. Equity |
— | 5,282,114 | (1,427,822 | ) | 74,932 | 3,934,335 | — | 5,111 | — | |||||||||||||||||||||||
| AllianzGI Emerging Markets Consumer |
— | 782,123 | (115,994 | ) | 27,022 | 703,519 | — | 10,368 | — | |||||||||||||||||||||||
| AllianzGI Emerging Markets Opportunities |
535,994 | 684,731 | (643,307 | ) | 58,041 | 590,436 | 9,622 | 5,818 | — | |||||||||||||||||||||||
| AllianzGI Global Managed Volatility |
1,073,867 | 117,150 | (1,081,015 | ) | — | — | 29,014 | (35,191 | ) | 88,136 | ||||||||||||||||||||||
| AllianzGI Global Natural Resources |
496,005 | 318,669 | (114,512 | ) | 26,343 | 721,448 | 961 | 1,399 | — | |||||||||||||||||||||||
| AllianzGI Income & Growth |
937,779 | 6,648 | (910,762 | ) | — | — | 6,648 | 16,990 | — | |||||||||||||||||||||||
| AllianzGI International Managed Volatility |
879,557 | 262,520 | (304,961 | ) | 73,202 | 841,138 | 34,999 | 2,020 | — | |||||||||||||||||||||||
| AllianzGI International Small-Cap |
738,767 | 324,419 | (1,085,960 | ) | — | — | 1,854 | 77,098 | 93,031 | |||||||||||||||||||||||
| AllianzGI NFJ Dividend Value |
661,157 | 3,568 | (663,653 | ) | — | — | 3,568 | 205,256 | — | |||||||||||||||||||||||
| AllianzGI NFJ International Small-Cap Value |
240,308 | — | (239,640 | ) | — | — | — | 8,148 | — | |||||||||||||||||||||||
| AllianzGI NFJ International Value |
794,296 | 12,621 | (781,492 | ) | — | — | 2,989 | 40,095 | — | |||||||||||||||||||||||
| AllianzGI NFJ Mid-Cap Value |
686,407 | 1,222,104 | (168,350 | ) | 241,523 | 1,780,917 | 11,586 | 1,832 | — | |||||||||||||||||||||||
| AllianzGI Short Duration High Income |
1,203,345 | 36,635 | (663,707 | ) | (3,090 | ) | 571,675 | 21,028 | (22,568 | ) | — | |||||||||||||||||||||
| AllianzGI U.S. Managed Volatility |
2,628,396 | 856,964 | (2,220,794 | ) | 67,362 | 980,849 | 51,325 | (98,333 | ) | 211,504 | ||||||||||||||||||||||
| AllianzGI U.S. Small-Cap Growth |
746,389 | 592,437 | (141,031 | ) | 53,973 | 1,187,581 | — | (6,533 | ) | 63,708 | ||||||||||||||||||||||
| AllianzGI Ultra Micro Cap |
404,148 | 14,042 | (93,908 | ) | 34,520 | 355,293 | — | 5,932 | 3,517 | |||||||||||||||||||||||
| PIMCO 1-5 Year U.S. TIPS Index |
521,121 | — | (515,751 | ) | — | — | — | (7,554 | ) | — | ||||||||||||||||||||||
| 360 | May 31, 2015 | | Semiannual Report |
Table of Contents
| AllianzGI Retirement 2045 (cont’d) | ||||||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| PIMCO 15+ Year U.S. TIPS Index |
— | $ | 579,939 | $ | (197,388 | ) | $ | (7,052 | ) | $ | 374,926 | — | $ | (573 | ) | — | ||||||||||||||||
| PIMCO Broad U.S. TIPS Index |
— | 1,115,043 | (361,650 | ) | (11,504 | ) | 732,928 | — | (8,961 | ) | — | |||||||||||||||||||||
| PIMCO CommoditiesPLUS® Strategy |
$ | 548,268 | 876,226 | (300,475 | ) | (15,147 | ) | 1,079,338 | $ | 15,050 | (106,283 | ) | $ | 818 | ||||||||||||||||||
| PIMCO Commodity RealReturn Strategy |
1,275,364 | 247,192 | (1,336,013 | ) | — | — | — | (363,597 | ) | — | ||||||||||||||||||||||
| PIMCO EqS Long/Short |
— | 1,144,833 | (126,480 | ) | 25,593 | 1,045,329 | — | 1,383 | — | |||||||||||||||||||||||
| PIMCO Floating Income |
— | 1,039,943 | (1,039,767 | ) | — | — | 5,071 | (176 | ) | — | ||||||||||||||||||||||
| PIMCO Income |
2,547,779 | 613,473 | (1,400,818 | ) | 26,457 | 1,717,956 | 76,580 | (38,679 | ) | 5,738 | ||||||||||||||||||||||
| PIMCO Long-Term Credit |
— | 675,526 | (60,946 | ) | (19,191 | ) | 595,895 | 8,906 | 506 | — | ||||||||||||||||||||||
| PIMCO Real Return |
1,350,693 | 565,237 | (1,903,712 | ) | — | — | 19,214 | (6,133 | ) | 406 | ||||||||||||||||||||||
| PIMCO Senior Floating Rate |
267,621 | 498 | (263,099 | ) | — | — | 457 | (7,366 | ) | 497 | ||||||||||||||||||||||
| PIMCO StocksPLUS® International (U.S. Dollar-Hedged) |
2,282,537 | 234,282 | (1,286,891 | ) | 110,780 | 1,243,614 | 159,576 | (35,597 | ) | — | ||||||||||||||||||||||
| PIMCO TRENDS Managed Futures Strategy |
— | 1,237,677 | (150,313 | ) | (52,328 | ) | 1,039,735 | — | 4,699 | — | ||||||||||||||||||||||
| Totals |
$ | 24,437,989 | $ | 22,330,801 | $ | (23,980,970 | ) | $ | 883,213 | $ | 22,255,752 | $ | 523,857 | $ | (56,437 | ) | $ | 574,789 | ||||||||||||||
| AllianzGI Retirement 2050: | ||||||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI Behavioral Advantage Large Cap |
$ | 976,820 | $ | 53,937 | $ | (985,432 | ) | — | — | $ | 8,068 | $ | 156,185 | $ | 45,869 | |||||||||||||||||
| AllianzGI Best Styles Global Equity |
2,166,603 | 176,432 | (2,238,722 | ) | — | — | 50,424 | 89,199 | 51,712 | |||||||||||||||||||||||
| AllianzGI Best Styles International Equity |
— | 2,914,697 | (619,851 | ) | $ | 150,107 | $ | 2,467,315 | — | 22,362 | — | |||||||||||||||||||||
| AllianzGI Best Styles U.S. Equity |
— | 4,643,703 | (1,162,524 | ) | 70,207 | 3,549,995 | — | (1,391 | ) | — | ||||||||||||||||||||||
| AllianzGI Emerging Markets Consumer |
— | 656,615 | (84,726 | ) | 22,325 | 601,557 | — | 7,343 | — | |||||||||||||||||||||||
| AllianzGI Emerging Markets Opportunities |
478,354 | 646,724 | (528,501 | ) | 145,461 | 609,171 | 8,447 | 8,516 | — | |||||||||||||||||||||||
| AllianzGI Global Managed Volatility |
860,382 | 93,441 | (866,057 | ) | — | — | 23,142 | (16,233 | ) | 70,299 | ||||||||||||||||||||||
| AllianzGI Global Natural Resources |
506,521 | 283,167 | (88,441 | ) | 56,097 | 720,875 | 960 | (2,211 | ) | — | ||||||||||||||||||||||
| AllianzGI Income & Growth |
732,025 | 9,013 | (715,027 | ) | — | — | 5,155 | 98,239 | — | |||||||||||||||||||||||
| AllianzGI International Managed Volatility |
704,518 | 258,879 | (156,664 | ) | 69,368 | 816,537 | 28,227 | 1,398 | — | |||||||||||||||||||||||
| AllianzGI International Small-Cap |
646,511 | 298,995 | (961,879 | ) | — | — | 1,649 | 143,298 | 82,718 | |||||||||||||||||||||||
| AllianzGI NFJ Dividend Value |
644,311 | 3,425 | (647,244 | ) | — | — | 3,425 | 276,651 | — | |||||||||||||||||||||||
| AllianzGI NFJ International Small-Cap Value |
216,817 | — | (216,215 | ) | — | — | — | 6,322 | — | |||||||||||||||||||||||
| AllianzGI NFJ International Value |
642,574 | 2,389 | (624,573 | ) | — | — | 2,389 | 27,636 | — | |||||||||||||||||||||||
| AllianzGI NFJ Mid-Cap Value |
597,590 | 1,127,994 | (146,705 | ) | 168,595 | 1,616,026 | 10,032 | 992 | — | |||||||||||||||||||||||
| AllianzGI Short Duration High Income |
958,321 | 27,019 | (972,146 | ) | — | — | 4,930 | (27,226 | ) | — | ||||||||||||||||||||||
| AllianzGI U.S. Managed Volatility |
2,201,900 | 703,829 | (1,635,182 | ) | 102,035 | 1,040,627 | 40,897 | (75,479 | ) | 168,532 | ||||||||||||||||||||||
| AllianzGI U.S. Small-Cap Growth |
644,262 | 503,998 | (88,221 | ) | 101,517 | 1,050,461 | — | (2,673 | ) | 54,228 | ||||||||||||||||||||||
| AllianzGI Ultra Micro Cap |
386,149 | 27,511 | (89,978 | ) | 32,178 | 354,279 | — | 6,517 | 3,299 | |||||||||||||||||||||||
| PIMCO 15+ Year U.S. TIPS Index |
— | 341,111 | (121,587 | ) | (7,039 | ) | 212,063 | — | (422 | ) | — | |||||||||||||||||||||
| PIMCO Broad U.S. TIPS Index |
— | 782,779 | (153,880 | ) | (9,514 | ) | 615,967 | — | (3,418 | ) | — | |||||||||||||||||||||
| PIMCO CommoditiesPLUS® Strategy |
481,242 | 846,793 | (259,221 | ) | (10,351 | ) | 1,035,959 | 13,211 | (84,900 | ) | 716 | |||||||||||||||||||||
| PIMCO Commodity RealReturn Strategy |
1,128,875 | 214,553 | (1,176,761 | ) | — | — | — | (314,173 | ) | — | ||||||||||||||||||||||
| PIMCO EqS Long/Short |
— | 1,004,175 | (93,080 | ) | 20,170 | 932,106 | — | 841 | — | |||||||||||||||||||||||
| PIMCO Floating Income |
— | 723,785 | (723,742 | ) | — | — | 3,542 | (43 | ) | — | ||||||||||||||||||||||
| Semiannual Report | | May 31, 2015 | 361 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI Retirement 2050 (cont’d) | ||||||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| PIMCO Income |
$ | 1,396,484 | $ | 474,331 | $ | (1,010,965 | ) | $ | 25,688 | $ | 834,489 | $ | 41,355 | $ | (17,027 | ) | $ | 3,145 | ||||||||||||||
| PIMCO Long-Term Credit |
— | 587,027 | (38,889 | ) | (16,267 | ) | 532,186 | 7,432 | 315 | — | ||||||||||||||||||||||
| PIMCO Real Return |
1,072,223 | 364,198 | (1,424,019 | ) | — | — | 15,307 | (8,307 | ) | 326 | ||||||||||||||||||||||
| PIMCO StocksPLUS® International (U.S. Dollar-Hedged) |
2,194,928 | 275,148 | (1,413,876 | ) | 96,560 | 1,056,184 | 135,422 | (45,010 | ) | — | ||||||||||||||||||||||
| PIMCO TRENDS Managed Futures Strategy |
— | 1,081,871 | (114,374 | ) | (46,313 | ) | 924,497 | — | 3,313 | — | ||||||||||||||||||||||
| Totals |
$ | 19,637,410 | $ | 19,127,539 | $ | (19,358,482 | ) | $ | 970,824 | $ | 18,970,294 | $ | 404,014 | $ | 250,614 | $ | 480,844 | |||||||||||||||
| AllianzGI Retirement 2055: | ||||||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI Behavioral Advantage Large Cap |
$ | 401,624 | $ | 23,373 | $ | (405,395 | ) | — | — | $ | 3,496 | $ | 56,949 | $ | 19,877 | |||||||||||||||||
| AllianzGI Best Styles Global Equity |
791,484 | 37,313 | (790,349 | ) | — | — | 18,356 | 28,450 | 18,957 | |||||||||||||||||||||||
| AllianzGI Best Styles International Equity |
— | 1,074,483 | (131,918 | ) | $ | 60,114 | $ | 1,006,906 | — | 4,227 | — | |||||||||||||||||||||
| AllianzGI Best Styles U.S. Equity |
— | 1,768,366 | (261,692 | ) | 29,367 | 1,535,619 | — | (422 | ) | — | ||||||||||||||||||||||
| AllianzGI Emerging Markets Consumer |
— | 247,634 | (13,127 | ) | 8,759 | 244,330 | — | 1,065 | — | |||||||||||||||||||||||
| AllianzGI Emerging Markets Opportunities |
174,816 | 296,886 | (229,986 | ) | 29,803 | 246,206 | 3,072 | 1,058 | — | |||||||||||||||||||||||
| AllianzGI Global Managed Volatility |
358,473 | 38,237 | (360,728 | ) | — | — | 9,470 | (7,803 | ) | 28,767 | ||||||||||||||||||||||
| AllianzGI Global Natural Resources |
185,017 | 120,010 | (17,367 | ) | 11,799 | 294,226 | 349 | (2,716 | ) | — | ||||||||||||||||||||||
| AllianzGI Income & Growth |
237,959 | 1,655 | (231,332 | ) | — | — | 1,655 | 17,144 | — | |||||||||||||||||||||||
| AllianzGI International Managed Volatility |
284,711 | 108,570 | (61,843 | ) | 33,973 | 333,564 | 11,202 | (4,229 | ) | — | ||||||||||||||||||||||
| AllianzGI International Small-Cap |
244,683 | 103,078 | (354,281 | ) | — | — | 600 | 39,563 | 30,087 | |||||||||||||||||||||||
| AllianzGI NFJ Dividend Value |
274,044 | 1,453 | (275,458 | ) | — | — | 1,453 | 91,659 | — | |||||||||||||||||||||||
| AllianzGI NFJ International Small-Cap Value |
78,301 | — | (78,084 | ) | — | — | — | 1,943 | — | |||||||||||||||||||||||
| AllianzGI NFJ International Value |
274,601 | 12,747 | (278,901 | ) | — | — | 1,040 | 35,650 | — | |||||||||||||||||||||||
| AllianzGI NFJ Mid-Cap Value |
234,506 | 442,600 | (14,250 | ) | 89,348 | 677,098 | 3,909 | (210 | ) | — | ||||||||||||||||||||||
| AllianzGI Short Duration High Income |
340,760 | 6,245 | (342,434 | ) | — | — | 1,794 | (8,063 | ) | — | ||||||||||||||||||||||
| AllianzGI U.S. Managed Volatility |
838,657 | 265,180 | (591,950 | ) | 28,280 | 425,125 | 15,257 | (30,595 | ) | 62,873 | ||||||||||||||||||||||
| AllianzGI U.S. Small-Cap Growth |
234,490 | 229,620 | (31,389 | ) | 26,959 | 429,137 | — | (1,165 | ) | 19,706 | ||||||||||||||||||||||
| AllianzGI Ultra Micro Cap |
158,028 | 18,820 | (18,861 | ) | 14,343 | 169,706 | — | 249 | 1,333 | |||||||||||||||||||||||
| PIMCO 15+ Year U.S. TIPS Index |
— | 91,046 | — | (4,850 | ) | 86,195 | — | — | — | |||||||||||||||||||||||
| PIMCO Broad U.S. TIPS Index |
— | 246,569 | (41,206 | ) | (3,125 | ) | 200,980 | — | (1,258 | ) | — | |||||||||||||||||||||
| PIMCO CommoditiesPLUS® Strategy |
185,873 | 302,836 | (51,257 | ) | (17,859 | ) | 422,860 | 5,004 | (19,831 | ) | 272 | |||||||||||||||||||||
| PIMCO Commodity RealReturn Strategy |
418,671 | 84,836 | (442,804 | ) | — | — | — | (114,314 | ) | — | ||||||||||||||||||||||
| PIMCO EqS Long/Short |
— | 378,336 | (1,673 | ) | 7,037 | 383,704 | — | 4 | — | |||||||||||||||||||||||
| PIMCO Floating Income |
— | 248,364 | (248,349 | ) | — | — | 1,215 | (15 | ) | — | ||||||||||||||||||||||
| PIMCO Income |
397,475 | 70,520 | (288,874 | ) | 8,394 | 170,911 | 10,342 | (4,151 | ) | 880 | ||||||||||||||||||||||
| PIMCO Long-Term Credit |
— | 223,837 | — | (6,782 | ) | 217,056 | 2,846 | — | — | |||||||||||||||||||||||
| PIMCO Real Return |
317,595 | 162,067 | (477,264 | ) | — | — | 3,769 | (986 | ) | 95 | ||||||||||||||||||||||
| PIMCO StocksPLUS® International (U.S. Dollar-Hedged) |
792,926 | 118,069 | (409,669 | ) | 40,806 | 517,734 | 43,444 | (8,660 | ) | — | ||||||||||||||||||||||
| PIMCO TRENDS Managed Futures Strategy |
— | 408,422 | (11,354 | ) | (19,865 | ) | 377,282 | — | 79 | — | ||||||||||||||||||||||
| Totals |
$ | 7,224,694 | $ | 7,131,172 | $ | (6,461,795 | ) | $ | 336,501 | $ | 7,738,639 | $ | 138,273 | $ | 73,622 | $ | 182,847 | |||||||||||||||
| 362 | May 31, 2015 | | Semiannual Report |
Table of Contents
| AllianzGI Retirement Income: | ||||||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI Behavioral Advantage Large Cap |
$ | 614,440 | $ | 37,930 | $ | (620,544 | ) | — | — | $ | 5,674 | $ | 68,873 | $ | 32,256 | |||||||||||||||||
| AllianzGI Best Styles Global Equity |
594,407 | 28,470 | (593,604 | ) | — | — | 14,005 | 41,428 | 14,465 | |||||||||||||||||||||||
| AllianzGI Best Styles International Equity |
— | 1,254,266 | (337,671 | ) | $ | 59,884 | $ | 989,325 | — | 12,846 | — | |||||||||||||||||||||
| AllianzGI Best Styles U.S. Equity |
— | 4,266,488 | (1,576,173 | ) | 63,241 | 2,755,414 | — | 1,858 | — | |||||||||||||||||||||||
| AllianzGI Emerging Markets Consumer |
— | 553,547 | (100,603 | ) | 18,397 | 478,973 | — | 7,632 | — | |||||||||||||||||||||||
| AllianzGI Emerging Markets Opportunities |
294,966 | 5,295 | (287,526 | ) | — | — | 5,295 | (11,443 | ) | — | ||||||||||||||||||||||
| AllianzGI Global Managed Volatility |
295,593 | 32,247 | (297,633 | ) | — | — | 7,987 | 25,836 | 24,260 | |||||||||||||||||||||||
| AllianzGI Global Natural Resources |
332,962 | 313,865 | (123,965 | ) | 36,597 | 534,898 | 662 | (2,618 | ) | — | ||||||||||||||||||||||
| AllianzGI Income & Growth |
588,835 | 16,217 | (584,761 | ) | — | — | 4,175 | 87,108 | — | |||||||||||||||||||||||
| AllianzGI International Managed Volatility |
293,357 | 11,673 | (291,170 | ) | — | — | 11,673 | 4,528 | — | |||||||||||||||||||||||
| AllianzGI NFJ Dividend Value |
437,961 | — | (433,680 | ) | — | — | 2,364 | 129,891 | — | |||||||||||||||||||||||
| AllianzGI NFJ International Value |
436,458 | 22,393 | (446,646 | ) | — | — | 1,706 | 36,964 | — | |||||||||||||||||||||||
| AllianzGI NFJ Mid-Cap Value |
290,478 | 610,525 | (94,126 | ) | 9,877 | 817,765 | 4,903 | 32 | — | |||||||||||||||||||||||
| AllianzGI Short Duration High Income |
1,911,038 | 1,203,527 | (1,006,275 | ) | 18,955 | 2,127,755 | 65,044 | (22,695 | ) | — | ||||||||||||||||||||||
| AllianzGI U.S. Managed Volatility |
1,867,974 | 393,477 | (2,090,415 | ) | — | — | 34,017 | (11,371 | ) | 138,065 | ||||||||||||||||||||||
| AllianzGI U.S. Small-Cap Growth |
290,097 | 342,947 | (71,926 | ) | (3,424 | ) | 554,746 | — | (2,468 | ) | 24,761 | |||||||||||||||||||||
| PIMCO 1-5 Year U.S. TIPS Index |
6,053,514 | 106,088 | (6,089,201 | ) | — | — | — | (140,390 | ) | — | ||||||||||||||||||||||
| PIMCO 15+ Year U.S. TIPS Index |
— | 1,374,712 | (187,693 | ) | (48,902 | ) | 1,137,177 | — | (940 | ) | — | |||||||||||||||||||||
| PIMCO 25+ Year Zero Coupon U.S. Treasury Index |
— | 373,458 | — | 17,657 | 391,115 | — | — | — | ||||||||||||||||||||||||
| PIMCO Broad U.S. TIPS Index |
— | 5,167,640 | (916,901 | ) | (18,747 | ) | 4,214,549 | — | (17,443 | ) | — | |||||||||||||||||||||
| PIMCO CommoditiesPLUS® Strategy |
— | 692,204 | (107,704 | ) | 29,936 | 620,701 | — | 6,265 | — | |||||||||||||||||||||||
| PIMCO Commodity RealReturn Strategy |
704,264 | 71,664 | (675,077 | ) | — | — | — | (202,497 | ) | — | ||||||||||||||||||||||
| PIMCO Floating Income |
— | 1,461,077 | (1,462,579 | ) | — | — | 6,894 | 1,502 | — | |||||||||||||||||||||||
| PIMCO Foreign Bond (U.S. Dollar-Hedged) |
— | 710,424 | (73,865 | ) | (7,620 | ) | 629,667 | 3,947 | 728 | — | ||||||||||||||||||||||
| PIMCO Income |
4,191,035 | 1,074,049 | (1,561,339 | ) | 237,348 | 3,652,553 | 147,975 | (16,605 | ) | 9,421 | ||||||||||||||||||||||
| PIMCO Long-Term Credit |
— | 1,155,757 | (106,449 | ) | (33,705 | ) | 1,015,306 | 17,062 | (297 | ) | — | |||||||||||||||||||||
| PIMCO Mortgage Opportunities |
1,473,910 | 2,272,067 | (1,236,264 | ) | 14,150 | 2,516,481 | 32,365 | 4,018 | — | |||||||||||||||||||||||
| PIMCO Real Return |
5,009,648 | 138,651 | (5,009,709 | ) | — | — | 117,649 | 107,644 | 1,510 | |||||||||||||||||||||||
| PIMCO Senior Floating Rate |
885,030 | 1,645 | (870,077 | ) | — | — | 1,511 | (24,250 | ) | 1,645 | ||||||||||||||||||||||
| PIMCO StocksPLUS® International (U.S. Dollar-Hedged) |
882,592 | 88,631 | (732,480 | ) | 27,171 | 253,719 | 41,089 | 40,087 | — | |||||||||||||||||||||||
| PIMCO TRENDS Managed Futures Strategy |
— | 733,239 | (94,418 | ) | (30,441 | ) | 611,226 | — | 2,846 | — | ||||||||||||||||||||||
| Totals |
$ | 27,448,559 | $ | 24,514,173 | $ | (28,080,474 | ) | $ | 390,374 | $ | 23,301,370 | $ | 525,997 | $ | 127,069 | $ | 246,383 | |||||||||||||||
| AllianzGI Global Allocation: | ||||||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI Behavioral Advantage Large Cap |
$ | 8,221,846 | $ | 702,703 | $ | (8,336,164 | ) | — | — | $ | 105,112 | $ | 1,299,423 | $ | 597,591 | |||||||||||||||||
| AllianzGI Best Styles Global Equity |
8,498,079 | 94,247,770 | (688,138 | ) | $ | 5,991,052 | $ | 107,104,967 | 217,003 | (20,791 | ) | 206,793 | ||||||||||||||||||||
| AllianzGI Emerging Markets Opportunities |
4,255,106 | 76,386 | (4,112,314 | ) | — | — | 76,386 | 1,367,215 | — | |||||||||||||||||||||||
| AllianzGI Global Managed Volatility |
6,380,384 | 740,726 | (6,501,421 | ) | — | — | 172,387 | 629,309 | 523,659 | |||||||||||||||||||||||
| AllianzGI Global Natural Resources |
3,932,452 | 7,077 | (3,928,150 | ) | — | — | 7,077 | 842,869 | — | |||||||||||||||||||||||
| AllianzGI Income & Growth |
4,210,588 | 29,851 | (4,194,897 | ) | — | — | 29,851 | 879,273 | — | |||||||||||||||||||||||
| AllianzGI International Managed Volatility |
8,350,024 | 949,553 | (193,633 | ) | 1,843,503 | 9,350,549 | 332,262 | (1,320 | ) | — | ||||||||||||||||||||||
| AllianzGI International Small-Cap |
3,313,156 | 308,463 | (3,364,633 | ) | — | — | 6,028 | 1,130,595 | 302,435 | |||||||||||||||||||||||
| Semiannual Report | | May 31, 2015 | 363 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| AllianzGI Global Allocation (cont’d) | ||||||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI NFJ Dividend Value |
$ | 12,510,549 | $ | 67,517 | $ | (12,616,792 | ) | — | — | $ | 67,517 | $ | 3,467,315 | — | ||||||||||||||||||
| AllianzGI NFJ Global Dividend Value |
11,632,095 | 623,053 | (11,496,513 | ) | — | — | 177,173 | 1,733,845 | $ | 445,880 | ||||||||||||||||||||||
| AllianzGI NFJ International Small-Cap Value |
2,096,762 | 218,899 | (2,071,911 | ) | — | — | 55,102 | (195,968 | ) | 163,797 | ||||||||||||||||||||||
| AllianzGI NFJ International Value |
10,472,618 | 38,936 | (10,179,246 | ) | — | — | 38,936 | 777,520 | — | |||||||||||||||||||||||
| AllianzGI NFJ Mid-Cap Value |
6,059,886 | 102,289 | (6,124,303 | ) | — | — | 102,289 | 609,236 | — | |||||||||||||||||||||||
| AllianzGI Short Duration High Income |
10,412,267 | 4,380,945 | (689,740 | ) | $ | (11,975 | ) | $ | 14,196,150 | 355,347 | (22,769 | ) | — | |||||||||||||||||||
| AllianzGI U.S. Managed Volatility |
16,976,055 | 1,665,122 | (5,801,706 | ) | 1,131,896 | 11,070,236 | 276,036 | (365,261 | ) | 1,137,518 | ||||||||||||||||||||||
| PIMCO 15+ Year U.S. TIPS Index |
— | 3,963,576 | (651,009 | ) | (258,397 | ) | 3,021,075 | — | (33,095 | ) | — | |||||||||||||||||||||
| PIMCO 7-15 Year U.S. Treasury Index |
— | 4,124,941 | — | 4,317 | 4,129,258 | 23,026 | — | 8,247 | ||||||||||||||||||||||||
| PIMCO Commodities |
5,915,364 | 221,725 | (5,381,453 | ) | — | — | 151,843 | (1,907,976 | ) | — | ||||||||||||||||||||||
| PIMCO Commodity RealReturn Strategy |
— | 2,043,834 | — | (89,446 | ) | 1,954,388 | — | — | — | |||||||||||||||||||||||
| PIMCO Emerging Markets Bond |
8,369,850 | 98,321 | (7,942,640 | ) | — | — | 36,852 | (728,378 | ) | 98,321 | ||||||||||||||||||||||
| PIMCO Floating Income |
10,450,702 | — | (10,107,252 | ) | — | — | 55,452 | (677,655 | ) | — | ||||||||||||||||||||||
| PIMCO Foreign Bond (U.S. Dollar-Hedged) |
3,179,318 | 181,388 | (3,208,764 | ) | — | — | 175,667 | 428,951 | 11,156 | |||||||||||||||||||||||
| PIMCO Income |
17,235,145 | 8,367,844 | (8,411,223 | ) | 1,749,549 | 16,926,021 | 639,953 | (35,894 | ) | 38,611 | ||||||||||||||||||||||
| PIMCO Investment Grade Corporate Bond |
— | 9,047,548 | — | (282,636 | ) | 8,764,912 | 95,919 | — | — | |||||||||||||||||||||||
| PIMCO Long-Term Credit |
— | 10,215,983 | (10,718,893 | ) | — | — | 41,786 | 502,910 | — | |||||||||||||||||||||||
| PIMCO Long-Term U.S. Government |
— | 5,107,892 | (5,477,086 | ) | — | — | 9,010 | 369,194 | — | |||||||||||||||||||||||
| PIMCO Mortgage Opportunities |
4,189,877 | 6,135,803 | (10,343,721 | ) | — | — | 38,395 | 68,362 | — | |||||||||||||||||||||||
| PIMCO Real Return |
— | 10,213,662 | (10,543,076 | ) | — | — | 10,035 | 329,414 | — | |||||||||||||||||||||||
| PIMCO Senior Floating Rate |
7,321,724 | 14,713 | (7,235,613 | ) | — | — | 28,723 | (188,669 | ) | 13,611 | ||||||||||||||||||||||
| PIMCO Short-Term |
8,334,726 | 637,898 | (8,830,608 | ) | — | — | 50,431 | (23,628 | ) | 40,611 | ||||||||||||||||||||||
| PIMCO StocksPLUS® International (U.S. Dollar-Hedged) |
10,654,336 | 584,741 | (10,527,517 | ) | — | — | 596,449 | 64,200 | — | |||||||||||||||||||||||
| Totals |
$ | 192,972,909 | $ | 165,119,159 | $ | (179,678,416 | ) | $ | 10,077,863 | $ | 176,517,556 | $ | 3,972,047 | $ | 10,298,227 | $ | 3,588,230 | |||||||||||||||
| AllianzGI Global Dynamic Allocation: | ||||||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI Behavioral Advantage Large Cap |
$ | 317,663 | $ | 26,221 | $ | (321,862 | ) | — | — | $ | 3,922 | $ | 49,644 | $ | 22,299 | |||||||||||||||||
| AllianzGI Best Styles Emerging Markets Equity |
— | 421,769 | — | $ | 27,320 | $ | 449,089 | — | — | — | ||||||||||||||||||||||
| AllianzGI Best Styles Global Equity |
508,334 | 23,621 | (507,553 | ) | — | — | 11,620 | 23,689 | 12,001 | |||||||||||||||||||||||
| AllianzGI Best Styles International Equity |
— | 1,150,858 | — | 71,308 | 1,222,166 | — | — | — | ||||||||||||||||||||||||
| AllianzGI Best Styles U.S. Equity |
— | 1,230,895 | — | 26,263 | 1,257,158 | — | — | — | ||||||||||||||||||||||||
| AllianzGI Emerging Markets Opportunities |
95,731 | 1,719 | (92,519 | ) | — | — | 1,719 | 35,417 | — | |||||||||||||||||||||||
| AllianzGI Global Managed Volatility |
252,019 | 27,038 | (254,129 | ) | — | — | 6,696 | 24,406 | 20,342 | |||||||||||||||||||||||
| AllianzGI Global Natural Resources |
145,991 | 9,912 | (155,347 | ) | — | — | 280 | 46,008 | — | |||||||||||||||||||||||
| AllianzGI Income & Growth |
158,086 | 1,096 | (157,467 | ) | — | — | 1,096 | 38,737 | — | |||||||||||||||||||||||
| 364 | May 31, 2015 | | Semiannual Report |
Table of Contents
| AllianzGI Global Dynamic Allocation (cont’d) | ||||||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI International Managed Volatility |
$ | 311,847 | $ | 94,694 | $ | (93,142 | ) | $ | 43,802 | $ | 323,906 | $ | 12,295 | $ | (756 | ) | — | |||||||||||||||
| AllianzGI International Small-Cap |
155,170 | 15,529 | (155,002 | ) | — | — | 304 | 62,908 | $ | 15,225 | ||||||||||||||||||||||
| AllianzGI NFJ Dividend Value |
254,570 | 1,325 | (256,707 | ) | — | — | 1,325 | 73,370 | — | |||||||||||||||||||||||
| AllianzGI NFJ Emerging Markets Value |
49,089 | 1,933 | (46,818 | ) | — | — | 1,138 | (302 | ) | 795 | ||||||||||||||||||||||
| AllianzGI NFJ Global Dividend Value |
251,415 | 13,282 | (248,434 | ) | — | — | 3,777 | 39,863 | 9,505 | |||||||||||||||||||||||
| AllianzGI NFJ International Small-Cap Value |
156,054 | 16,292 | (154,204 | ) | — | — | 4,101 | 1,296 | 12,191 | |||||||||||||||||||||||
| AllianzGI NFJ International Value |
217,398 | 808 | (211,308 | ) | — | — | 808 | 35,681 | — | |||||||||||||||||||||||
| AllianzGI NFJ Mid-Cap Value |
281,142 | 4,706 | (284,082 | ) | — | — | 4,706 | 28,546 | — | |||||||||||||||||||||||
| AllianzGI Short Duration High Income |
187,083 | 32,114 | (65,977 | ) | 593 | 153,168 | 4,322 | (1,453 | ) | — | ||||||||||||||||||||||
| AllianzGI U.S. Managed Volatility |
505,573 | 146,969 | (249,633 | ) | 71,255 | 357,315 | 8,074 | 1,512 | 33,271 | |||||||||||||||||||||||
| AllianzGI Ultra Micro Cap |
154,900 | 1,348 | (157,518 | ) | — | — | — | 18,165 | 1,348 | |||||||||||||||||||||||
| PIMCO Broad U.S. TIPS Index |
— | 210,041 | (203,884 | ) | — | — | — | (6,157 | ) | — | ||||||||||||||||||||||
| PIMCO CommoditiesPLUS® Strategy |
293,978 | 17,029 | (271,466 | ) | — | — | 7,973 | (86,484 | ) | 433 | ||||||||||||||||||||||
| PIMCO Commodity RealReturn Strategy |
149,678 | — | (137,306 | ) | — | — | — | (23,316 | ) | — | ||||||||||||||||||||||
| PIMCO Emerging Markets Bond |
— | 162,746 | — | (1,996 | ) | 160,750 | 643 | — | — | |||||||||||||||||||||||
| PIMCO Income |
220,099 | 229,480 | (214,734 | ) | 2,587 | 231,578 | 5,890 | 18,509 | 489 | |||||||||||||||||||||||
| PIMCO Investment Grade Corporate Bond |
— | 897,681 | (431,523 | ) | 4,803 | 466,762 | 10,121 | (4,199 | ) | — | ||||||||||||||||||||||
| PIMCO Long-Term Credit |
— | 150,887 | — | (2,125 | ) | 148,762 | 3,028 | — | — | |||||||||||||||||||||||
| PIMCO Mortgage Opportunities |
125,821 | 104,744 | (3,113 | ) | 2,094 | 228,211 | 3,244 | 6 | — | |||||||||||||||||||||||
| PIMCO Mortgage-Backed Securities |
— | 652,059 | (177,427 | ) | 1,876 | 477,678 | 3,976 | 1,170 | — | |||||||||||||||||||||||
| PIMCO Short-Term |
437,032 | 2,089 | (433,896 | ) | — | — | 2,458 | (3,684 | ) | 2,089 | ||||||||||||||||||||||
| PIMCO StocksPLUS® International (U.S. Dollar-Hedged) |
444,843 | — | (415,132 | ) | — | — | 24,815 | 4,202 | — | |||||||||||||||||||||||
| Totals |
$ | 5,673,516 | $ | 5,648,885 | $ | (5,700,183 | ) | $ | 247,780 | $ | 5,476,543 | $ | 128,331 | $ | 376,778 | $ | 129,988 | |||||||||||||||
| AllianzGI Global Megatrends: | ||||||||||||||||||||||||||||||||
| Market Value 2/2/2015* |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI Emerging Markets Consumer |
— | $ | 600,000 | — | $ | 13,443 | $ | 613,443 | — | — | — | |||||||||||||||||||||
| AllianzGI Global Natural Resources |
— | 600,000 | — | 20,524 | 620,524 | — | — | — | ||||||||||||||||||||||||
| AllianzGI Global Water |
— | 600,000 | — | 28,015 | 628,015 | — | — | — | ||||||||||||||||||||||||
| AllianzGI Health Sciences |
— | 600,000 | — | 88,051 | 688,051 | — | — | — | ||||||||||||||||||||||||
| AllianzGI Technology |
— | 600,000 | — | 62,982 | 662,982 | — | — | — | ||||||||||||||||||||||||
| Totals |
— | $ | 3,000,000 | — | $ | 213,015 | $ | 3,213,015 | — | — | — | |||||||||||||||||||||
| AllianzGI Multi-Asset Real Return: | ||||||||||||||||||||||||||||||||
| Market Value 11/30/2014 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 5/31/2015 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI Global Natural Resources |
$ | 953,434 | $ | 415,716 | — | $ | 79,218 | $ | 1,412,605 | $ | 1,716 | — | — | |||||||||||||||||||
| PIMCO Commodity RealReturn Strategy |
1,128,836 | 264,000 | — | (294,403 | ) | 1,252,264 | — | — | — | |||||||||||||||||||||||
| PIMCO Emerging Markets Bond |
299,666 | 3,520 | $ | (284,371 | ) | — | — | 1,320 | $ | (19,369 | ) | $ | 3,520 | |||||||||||||||||||
| Rayonier Advanced Materials, Inc.† |
1,602 | — | — | (1,444 | ) | 1,072 | 9 | — | — | |||||||||||||||||||||||
| Totals |
$ | 2,383,538 | $ | 683,236 | $ | (284,371 | ) | $ | (216,629 | ) | $ | 2,665,941 | $ | 3,045 | $ | (19,369 | ) | $ | 3,520 | |||||||||||||
| † | Not affiliated at May 31, 2015. |
| * | Commencement of operations. |
| Semiannual Report | | May 31, 2015 | 365 |
Table of Contents
Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| 366 | May 31, 2015 | | Semiannual Report |
Table of Contents
On June 3, 2015, the Board approved a change to the Trust’s fiscal year end from November 30 to September 30. The change will be effective September 30, 2015.
Effective June 5, 2015, AllianzGI NFJ Global Dividend Value revised its principal investment strategy as follows: The Fund seeks to achieve its objective by normally investing primarily in common stocks of U.S. and non-U.S. companies with market capitalizations in excess of $100 million.
On June 18, 2015, the following Funds declared per-share net investment income dividends to shareholders, payable June 18, 2015 to shareholders of record on June 17, 2015.
| Fund Name | Class A | Class B | Class C | Class D | Class R | Class P | Institutional Class |
Class R6 | Administrative Class |
|||||||||||||||||||||||||||
| AllianzGI Retirement Income |
$ | 0.10448 | NA | $ | 0.07217 | $ | 0.10031 | $ | 0.08745 | $ | 0.11674 | NA | $ | 0.12330 | $ | 0.10693 | ||||||||||||||||||||
| AllianzGI Global Allocation |
0.02673 | $ | 0.00001 | 0.00378 | 0.02691 | 0.02213 | 0.03396 | $ | 0.03407 | NA | 0.02625 | |||||||||||||||||||||||||
| AllianzGI Convertible |
0.08616 | NA | 0.01641 | 0.07852 | 0.05784 | 0.10555 | 0.11402 | NA | 0.09062 | |||||||||||||||||||||||||||
| AllianzGI Emerging Markets Debt |
0.12530 | NA | 0.09806 | NA | NA | 0.13077 | 0.13444 | NA | NA | |||||||||||||||||||||||||||
| AllianzGI High Yield Bond |
0.04570 | NA | 0.04113 | 0.04764 | 0.04276 | 0.04960 | 0.05000 | NA | 0.04729 | |||||||||||||||||||||||||||
| AllianzGI International Value II |
0.14328 | NA | 0.10770 | 0.14748 | NA | 0.15238 | 0.15184 | NA | NA | |||||||||||||||||||||||||||
| AllianzGI NFJ Emerging Markets Value |
0.11022 | NA | 0.09037 | 0.10850 | NA | 0.10957 | 0.11669 | NA | NA | |||||||||||||||||||||||||||
| AllianzGI NFJ Global Dividend Value |
0.18995 | NA | 0.15269 | 0.16453 | NA | 0.18318 | 0.20243 | NA | NA | |||||||||||||||||||||||||||
| AllianzGI Short Duration High Income |
0.06000 | NA | 0.05620 | 0.05980 | NA | 0.06297 | 0.06383 | NA | NA | |||||||||||||||||||||||||||
On July 16, 2015, the following Funds declared per-share net investment income dividends to shareholders, payable July 16, 2015 to shareholders of record on July 15, 2015.
| Fund Name | Class A | Class C | Class D | Class R | Class P | Institutional Class |
Administrative Class |
|||||||||||||||||||||
| AllianzGI High Yield Bond |
$ | 0.04554 | $ | 0.04070 | $ | 0.04751 | $ | 0.04267 | $ | 0.04959 | $ | 0.05000 | $ | 0.04712 | ||||||||||||||
| AllianzGI Short Duration High Income |
0.06000 | 0.05598 | 0.05988 | NA | 0.06255 | 0.06399 | NA | |||||||||||||||||||||
On July 23, 2015, the following Funds declared per-share net investment income dividends and/or short-term and long-term capital gain distributions to shareholders, payable July 23, 2015 to shareholders of record on July 22, 2015.
| Fund Name | Class A | Class C | Class D | Class R | Class P | Institutional Class |
||||||||||||||||||
| AllianzGI China Equity |
$ | 0.11524 | $ | 0.05304 | $ | 0.09343 | NA | $ | 0.00039 | $ | 0.00875 | |||||||||||||
| AllianzGI International Small-Cap |
0.05389 | 0.03388 | 0.05760 | $ | 0.01987 | 0.01776 | 0.00001 | |||||||||||||||||
| Fund Name | Short-Term Capital Gains |
Long-Term Capital Gains |
||||||||||||||
| AllianzGI Retirement 2015 |
NA | $ | 0.00697 | |||||||||||||
| AllianzGI Retirement 2020 |
NA | 0.02363 | ||||||||||||||
| AllianzGI Retirement 2025 |
NA | 0.01345 | ||||||||||||||
| AllianzGI Retirement 2030 |
NA | 0.03423 | ||||||||||||||
| AllianzGI Retirement 2035 |
NA | 0.03618 | ||||||||||||||
| AllianzGI Retirement 2040 |
NA | 0.06437 | ||||||||||||||
| AllianzGI Retirement 2045 |
NA | 0.07877 | ||||||||||||||
| AllianzGI Retirement 2050 |
NA | 0.09755 | ||||||||||||||
| AllianzGI Retirement 2055 |
NA | 0.13127 | ||||||||||||||
| AllianzGI Retirement Income |
NA | 0.02178 | ||||||||||||||
| AllianzGI Global Allocation |
NA | 0.00950 | ||||||||||||||
| AllianzGI Global Dynamic Allocation |
NA | 0.00693 | ||||||||||||||
| AllianzGI Best Styles Global Equity |
$ | 0.00226 | 0.00202 | |||||||||||||
| AllianzGI China Equity |
NA | 0.23855 | ||||||||||||||
| AllianzGI Global Managed Volatility |
NA | 0.38776 | ||||||||||||||
| Semiannual Report | | May 31, 2015 | 367 |
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Notes to Financial Statements (cont’d)
May 31, 2015 (Unaudited)
| Fund Name | Short-Term Capital Gains |
Long-Term Capital Gains |
||||||||||||||
| AllianzGI NFJ Global Dividend Value |
NA | $ | 0.65455 | |||||||||||||
| AllianzGI NFJ International Small-Cap Value |
NA | 0.10143 | ||||||||||||||
| AllianzGI NFJ International Value II |
NA | 0.01950 | ||||||||||||||
| AllianzGI Structured Return |
NA | 0.00034 | ||||||||||||||
| AllianzGI U.S. Equity Hedged |
$ | 0.31119 | NA | |||||||||||||
On or about August 24, 2015, AllianzGI International Small-Cap is expected to revise its principal investment strategy as follows: The Fund seeks to achieve its objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in companies with smaller market capitalizations. The Fund currently defines companies with smaller market capitalizations as those with market capitalizations comparable to companies included in the MSCI World Small-Cap Index (between $18.4 million and $8.9 billion as of April 30, 2015). Under normal market and other conditions, the Fund expects to maintain a weighted-average market capitalization between 50% and 200% of the weighted-average market capitalization of the securities in the MSCI World Small-Cap Index, which as of April 30, 2015 would result in a weighted-average market capitalization ranging from $625 million to $2.5 billion.
There were no other subsequent events identified that require recognition or disclosure.
| 368 | May 31, 2015 | | Semiannual Report |
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Unaudited
Shareholder Meeting Results/Changes to Board of Trustees
Shareholder Meeting Results:
The Trust held a special shareholder meeting on December 18, 2014 for the election of Trustees to the Board.
Shareholders of the Trust voted as indicated below:
| Affirmative | Withholding Authority |
|||||||
| Re-election of Deborah A. Decotis |
169,787,171 | 3,064,959 | ||||||
| Re-election of Bradford K. Gallagher |
169,677,709 | 3,174,421 | ||||||
| Re-election of James A. Jacobson |
169,735,425 | 3,116,705 | ||||||
| Re-election of Hans W. Kertess |
169,675,709 | 3,176,421 | ||||||
| Re-election of William B. Ogden, IV |
169,655,209 | 3,196,921 | ||||||
| Re-election of Alan Rappaport |
169,446,660 | 3,405,470 | ||||||
| Election of F. Ford Drummond |
169,904,261 | 2,947,869 | ||||||
| Election of Susan M. King* |
169,523,449 | 3,328,681 | ||||||
| Election of James S. MacLeod |
169,879,451 | 2,972,679 | ||||||
| Election of Davey S. Scoon |
169,833,621 | 3,018,509 | ||||||
| Election of Julian Sluyters* |
169,609,020 | 3,243,110 | ||||||
| * | Interested Trustee |
There were no abstentions or broker non-votes with regards to this election.
Changes to Board of Trustees:
Effective December 18, 2014, John C. Maney resigned as a Trustee of the Trust.
Effective December 18, 2014, F. Ford Drummond, Susan M. King, James S. MacLeod, Davey S. Scoon and Julian Sluyters were elected as Trustees of the Trust.
| Semiannual Report | | May 31, 2015 | 369 |
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Unaudited
Matters Relating to the Trustees’ Consideration of the Investment Management and Sub-Advisory Agreements
| 370 | May 31, 2015 | | Semiannual Report |
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| Semiannual Report | | May 31, 2015 | 371 |
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Unaudited
Matters Relating to the Trustees’ Consideration of the Investment Management and Sub-Advisory Agreements (cont’d)
| 372 | May 31, 2015 | | Semiannual Report |
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| Semiannual Report | | May 31, 2015 | 373 |
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Unaudited
Matters Relating to the Trustees’ Consideration of the Investment Management and Sub-Advisory Agreements (cont’d)
| 374 | May 31, 2015 | | Semiannual Report |
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| Semiannual Report | | May 31, 2015 | 375 |
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Unaudited
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.
| 376 | May 31, 2015 | | Semiannual Report |
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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 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.
| Semiannual Report | | May 31, 2015 | 377 |
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Allianz Multi-Strategy Funds
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, B, C and R shares or (800) 498-5413 for Class D, 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 trading accounts for AllianzGI NFJ Emerging Markets Value Fund. |
| (3) | Fuller & Thaler Asset Management, Inc. is an independently owned investment firm. |
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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 $488 billion in assets under management.* With 24 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, B, C & R) or 1-800-498-5413 (Class P, Class R6, D, Institutional & Administrative classes). Please read the prospectus carefully before you invest or send money.
* Combined worldwide AUM as of March 31, 2015
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. © 2015. 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_053115 |
AGI-2015-05-20-12330
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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/ Julian Sluyters | |
| Julian Sluyters, | ||
| President & Chief Executive Officer | ||
| Date: | July 31, 2015 | |
| By: | /s/ Lawrence G. Altadonna | |
| Lawrence G. Altadonna | ||
| Treasurer, Principal Financial & Accounting Officer | ||
| Date: | July 31, 2015 | |
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/ Julian Sluyters | |
| Julian Sluyters, | ||
| President & Chief Executive Officer | ||
| Date: | July 31, 2015 | |
| By: | /s/ Lawrence G. Altadonna | |
| Lawrence G. Altadonna, | ||
| Treasurer, Principal Financial & Accounting Officer | ||
| Date: | July 31, 2015 | |