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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-22167
Allianz Funds Multi-Strategy Trust
(Exact name of registrant as specified in charter)
1633 Broadway, New York, NY 10019
(Address of principal executive offices) (Zip code)
Lawrence G. Altadonna
1633 Broadway, New York, NY 10019
(Name and address of agent for service)
Registrant’s telephone number, including area code: 212-739-3371
Date of fiscal year end: September 30
Date of reporting period: March 31, 2017
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Item 1. Report to Shareholders
Allianz Multi-Strategy Funds
SHARE CLASSES A, C, R, P, INSTITUTIONAL, R6, ADMINISTRATIVE
Semiannual Report
March 31, 2017
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.
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| 2–3 | Letter from the President | |||
| 4–132 | Fund Summaries | |||
| 133–134 | Important Information | |||
| 135–139 | Benchmark Descriptions | |||
| 140–199 | Schedules of Investments | |||
| 200–213 | Statements of Assets and Liabilities | |||
| 214–227 | Statements of Operations | |||
| 228–243 | Statements of Changes in Net Assets | |||
| 244–311 | Financial Highlights | |||
| 312–393 | Notes to Financial Statements | |||
| 394–395 | Matters Relating to the Trustees’ Consideration of the Investment Management and Sub-Advisory Agreements | |||
| 396–397 | 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 | March 31, 2017 | | Semiannual Report |
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Outlook
Looking ahead, we believe investors should expect muted growth as the US enters its late-cycle period, Japan struggles with its aging population and Europe suffers from the uncertainties related to“Brexit.” In our view, the US and European Union should ultimately avoid recessions, but remain mired in a relatively weak economic expansion. We expect the Fed to continue modestly increasing rates in 2017, prompting central banks in emerging markets to lower their rates as inflation falls. Elsewhere we predict the European Central Bank (“ECB”) and Bank of Japan should maintain their accommodative monetary policies. We believe we have passed peak global liquidity as central banks have pushed past negative interest rate policies to begin supporting government spending.
The tides of deregulation continued shifting in 2016, and nationalism and populism gained ground. Given the results from the November elections in the US and significant upcoming elections in Europe, politics should remain a key investment consideration. We also believe that monetary policy will become more political. As to where governments will spend the money their central banks print, we believe domestic infrastructure and defense spending will be the focus of many countries in the coming years.
Against this backdrop, we believe markets are increasingly susceptible to volatility as politics, geopolitics, divergent monetary policies and internal market structures all converge and evolve. We believe that navigating this sea of uncertainty requires a clear direction and an active management approach, with investors staying agile in their asset allocations, confident in their processes and thorough in their research.
On behalf of Allianz Global Investors U.S. LLC and NFJ Investment Group LLC, the sub-adviser to certain funds, thank you for investing with us. We encourage you to consult with your financial advisor and to visit our website, us.allianzgi.com, for additional information. We remain dedicated to serving your investment needs.
Sincerely,
Thomas J. Fuccillo
President & Chief Executive Officer
Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an index.
Receive this report electronically and eliminate paper mailings.
To enroll, go to http://us.allianzgi.com/edelivery.
| Semiannual Report | | March 31, 2017 | 3 |
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Unaudited
For the period of October 1, 2016 through March 31, 2017, as provided by the Multi-Asset US Group.
Fund Insights
For the six-month period ended March 31, 2017, Class A shares at net asset value (“NAV”) of the AllianzGI Target-Date Funds (the “Funds”) returned between 2.82% and 8.15% with longer dated Funds posting more favorable results. In terms of relative performance, all strategies outperformed their respective benchmarks (Morningstar Lifetime Moderate series) for the six-month period.
Market Overview
For the six-month period ending March 31, 2017, markets were dominated by the surprising outcome of the US presidential election relative to prevailing market expectations. The Trump victory ushered in a period of uncertainty regarding the magnitude and timing of future policy changes at the same time that it seemed to instill general optimism in market participants. The theme of reflation against the backdrop of supportive fiscal policy and stronger consumer demand percolated through markets for the period.
Throughout the first quarter, risk assets continued to outperform in a low volatility environment despite significant policy setbacks (including the failure to pass healthcare reform) and continued uncertainty about the future of US domestic and foreign policy. Moreover, global risk assets rallied in the context of the US Federal Reserve (the ‘‘Fed’’) hiking interest rates by 50 basis points in the period. Tighter Fed policy signaled a new regime of tighter global monetary policy in the future (even if the European Central Bank and Bank of Japan reiterated their current commitments to accommodative policies).
During the period, US stocks rallied in the aftermath of the election and continued to gain throughout the first quarter with US Small Cap stocks in particular leading the way: The Russell 2000 Index gained 11.5% and the Russell 2000 Value Index gained 13.9% outpacing larger stocks, which gained 10.1%, as measured by the Russell 1000 Index.
Global growth remained healthy as fundamental macro-economic data continued to either match or outperform economists’ expectations. During the first quarter, the gap between hard data and soft data, as measured by surveys of purchasing managers and consumers, widened substantially, revealing that much of what underpinned the rally in risk assets was associated with future expectations (as opposed to the current economic environment alone).
Optimistic assessments of global growth affected both developed and emerging markets: In broad terms, the MSCI All Country World Index returned 8.2% only slightly outpacing Emerging Markets, which returned 6.8%. Better economic data helped boost European equities for the period, despite persistent uncertainties about key elections in 2017 (in the Netherlands, France and Germany). For the period, the best performing stock markets were Spain and Italy, which returned 17.3% and 17.6% respectively (MSCI country indexes in USD).
Global Bonds declined for the period with the Bloomberg Barclays Global Aggregate Bond Index losing 5.4%. The long end of the US curve had the worst performance as long Treasuries (20+ years) lost 10.9% in the period due in part to a sharp initial increase in inflation expectations and a spike in yields. While the 10-year yield on US Treasuries initially increased by about 75 basis points from the election through mid-December, it remained relatively range bound for most of the first quarter, making US Treasuries one of the worst performing asset classes for the period. The Bloomberg Barclays US Aggregate Bond Index lost 2.2% for the period. Within fixed income, US High Yield was the best performer. Globally, Emerging Market hard currency debt outperformed developed market government bonds. Commodities, most notably precious metals and gold, were among the worst performing asset classes in the period.
Portfolio Review
Overweight positions to global equities provided tailwinds to performance, which were expressed by allocations to AllianzGI Global Dynamic Allocation and equity products featuring the Best Styles investment process. A strategic exposure to minimum volatility during the period was a detractor, as markets shifted to a risk-on environment following the US elections. The strategies benefited from below benchmark duration as yields rose in anticipation of a reflationary environment following the US election. Results further benefited from an overweight to corporate debt in the fixed income portion of the portfolio, as companies benefited from the anticipated fiscal reforms and improved global growth prospects.
At the end of the period, the portfolio maintained an underweight position in US government bonds (duration weighted) and an overweight to global equities including Emerging Markets, against a backdrop of favorable trend and fundamental views across risk assets.
Outlook
Looking ahead, we expect that global inflation will continue to steadily rise, in part attributable to firmer commodity prices and narrowing output gaps throughout developed markets. Emerging markets are expected to continue to post solid growth in the near term, providing opportunities for much needed structural reforms that will ultimately contribute to longer term stability. We expect the global economy will likely continue to benefit from debt-financed growth for the foreseeable future on the back of leveraged households and businesses. We expect monetary policy to continue to tighten in the US, albeit at a slow and measured pace, while global central bank liquidity will remain abundant at least through 2018.
However, risks abound, including increased political risks, most notably in Europe in light of the busy election calendar but also in key emerging markets. In addition, we believe charged rhetoric about protectionism and zero-sum interactions threaten to undermine longstanding commitments to global trade in goods and financial assets. Finally, we believe risks related to inflated expectations on the part of market participants as well as market complacency may potentially intensify should stocks reverse their recent rally.
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AllianzGI Target-Date Funds (cont’d)
As of the end of the period, we expect to remain overweight risk assets and underweight most sovereign bonds with the idea in mind that sovereigns are nearing the end of a secular bull market. We believe the reflationary economic environment persists for now as long as the possibility of US Fiscal stimulus remains and cyclical data continue to show signs of improvement. We maintain a positive outlook on emerging markets while recognizing that an unexpected slowdown in the US or other developed markets would have real and immediate implication for EM broadly. We remain vigilant in this low volatility environment and are focused on monitoring cyclical data and relative valuations across asset classes.
* The “Target-Date Funds” are 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.
Certain changes to the Target Date Funds’ investment strategy, benchmarks and portfolio management team became effective on October 1, 2016. Please see the prospectus for complete details.
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AllianzGI Retirement 2020 Fund
Average Annual Total Return for the period ended March 31, 2017
| 6 Month** | 1 Year | 5 Year | Since Inception† | |||||||||||||||
| AllianzGI Retirement 2020 Fund Class A | 2.82% | 8.72% | 3.93% | 7.20% | ||||||||||||||
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AllianzGI Retirement 2020 Fund Class A (adjusted) | –2.83% | 2.74% | 2.76% | 6.47% | |||||||||||||
| AllianzGI Retirement 2020 Fund Class C | 2.43% | 7.91% | 3.14% | 6.39% | ||||||||||||||
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AllianzGI Retirement 2020 Fund Class C (adjusted) | 1.43% | 6.91% | 3.14% | 6.39% | |||||||||||||
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AllianzGI Retirement 2020 Fund Class R | –0.37% | 5.22% | 2.96% | 6.48% | |||||||||||||
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AllianzGI Retirement 2020 Fund Class P | 2.95% | 9.08% | 4.24% | 7.50% | |||||||||||||
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AllianzGI Retirement 2020 Fund Class R6 | 3.02% | 9.14% | 4.33% | 7.59% | |||||||||||||
| AllianzGI Retirement 2020 Fund Administrative Class | 2.84% | 8.76% | 3.97% | 7.25% | ||||||||||||||
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Morningstar Lifetime Moderate 2020 Index* | 2.81% | 8.60% | 6.30% | 9.85% | |||||||||||||
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AllianzGI 2020 Strategic Benchmark* | 2.93% | 6.74% | 3.81% | 6.48% | |||||||||||||
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Morningstar Lifetime Conservative 2020 Index | 0.90% | 6.04% | 4.76% | 7.92% | |||||||||||||
| Lipper Mixed-Asset Target 2020 Funds Average | 3.07% | 8.24% | 5.57% | 8.60% | ||||||||||||||
† The Fund began operations on December 29, 2008. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2008.
* The Morningstar Lifetime Moderate series replaced the Morningstar Lifetime Conservative series as the Target Date Funds’ primary benchmark, and the AllianzGI Strategic Benchmark replaced the Real Return Target series (white label) as the Target Date Funds’ secondary benchmark as of October 1, 2016 in connection with certain changes to the Target Date Funds’ investment strategies that took effect on October 1, 2016.
** 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 133 and 134 for more information. The Fund’s gross expense ratios are 1.26% for Class A shares, 2.01% for Class C shares, 1.51% for Class R shares, 0.86% for Class P shares, 0.76% for Class R6 shares, and 1.11% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 0.95% for Class A shares, 1.70% for Class C shares, 1.30% for Class R shares, 0.65% for Class P shares, 0.55% for Class R6 shares and 0.90% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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Unaudited
AllianzGI Retirement 2020 Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||||
| Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
| Ending Account Value (3/31/17) | $1,028.20 | $1,024.30 | $996.30 | $1,029.50 | $1,030.20 | $1,028.40 | ||||||
| Expenses Paid During Period | $1.87 | $5.65 | $3.58 | $0.35 | $— | $1.62 | ||||||
| Hypothetical Performance | ||||||||||||
| (5% return before expenses) | ||||||||||||
| Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
| Ending Account Value (3/31/17) | $1,023.09 | $1,019.35 | $1,021.34 | $1,024.58 | $1,024.93 | $1,023.34 | ||||||
| Expenses Paid During Period | $1.87 | $5.64 | $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, 1.12% for Class C, 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. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
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AllianzGI Retirement 2025 Fund
Average Annual Total Return for the period ended March 31, 2017
| 6 Month** | 1 Year | 5 Year | Since Inception† | |||||||||||||||
| AllianzGI Retirement 2025 Fund Class A | 4.15% | 10.40% | 4.40% | 5.44% | ||||||||||||||
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AllianzGI Retirement 2025 Fund Class A (adjusted) | –1.58% | 4.33% | 3.22% | 4.32% | |||||||||||||
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AllianzGI Retirement 2025 Fund Class R | 3.90% | 9.96% | 4.02% | 5.05% | |||||||||||||
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AllianzGI Retirement 2025 Fund Class P | 4.30% | 10.74% | 4.71% | 5.75% | |||||||||||||
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AllianzGI Retirement 2025 Fund Class R6 | 4.37% | 10.87% | 4.81% | 5.85% | |||||||||||||
| AllianzGI Retirement 2025 Fund Administrative Class | 4.18% | 10.42% | 4.43% | 5.47% | ||||||||||||||
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Morningstar Lifetime Moderate 2025 Index* | 3.75% | 10.09% | 7.15% | 9.23% | |||||||||||||
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AllianzGI 2025 Strategic Benchmark* | 4.27% | 8.50% | 4.43% | 5.51% | |||||||||||||
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Morningstar Lifetime Conservative 2025 Index | 1.42% | 7.02% | 5.42% | 6.95% | |||||||||||||
| Lipper Mixed-Asset Target 2025 Fundw Average | 4.17% | 9.79% | 6.77% | 8.13% | ||||||||||||||
† The Fund began operations on December 19, 2011. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2011.
* The Morningstar Lifetime Moderate series replaced the Morningstar Lifetime Conservative series as the Target Date Funds’ primary benchmark, and the AllianzGI Strategic Benchmark replaced the Real Return Target series (white label) as the Target Date Funds’ secondary benchmark as of October 1, 2016 in connection with certain changes to the Target Date Funds’ investment strategies that took effect on October 1, 2016.
** Cumulative returns.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 133 and 134 for more information. The Fund’s gross expense ratios are 1.29% for Class A shares, 1.54% for Class R shares, 0.89% for Class P shares, 0.79% for Class R6 shares and 1.14% for Administrative Class Shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 0.95% for Class A shares, 1.30% for Class R shares, 0.65% for Class P shares, 0.55% for Class R6 shares and 0.90% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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Unaudited
AllianzGI Retirement 2025 Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||
| Class A | Class R | Class P | Class R6 | Administrative Class | ||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (3/31/17) | $1,041.50 | $1,039.00 | $1,043.00 | $1,043.70 | $1,041.80 | |||||
| Expenses Paid During Period | $1.73 | $3.51 | $0.20 | $— | $1.48 | |||||
| Hypothetical Performance | ||||||||||
| (5% return before expenses) | ||||||||||
| Class A | Class R | Class P | Class R6 | Administrative Class | ||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (3/31/17) | $1,023.24 | $1,021.49 | $1,024.73 | $1,024.93 | $1,023.49 | |||||
| Expenses Paid During Period | $1.72 | $3.48 | $0.20 | $— | $1.46 | |||||
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 (0.34% for Class A, 0.69% for Class R, 0.04% for Class P, 0.00% for Class R6 and 0.29% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
| Semiannual Report | | March 31, 2017 | 9 |
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AllianzGI Retirement 2030 Fund
Average Annual Total Return for the period ended March 31, 2017
| 6 Month** | 1 Year | 5 Year | Since Inception† | |||||||||||||||
| AllianzGI Retirement 2030 Fund Class A | 5.52% | 11.79% | 4.89% | 8.55% | ||||||||||||||
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AllianzGI Retirement 2030 Fund Class A (adjusted) | –0.29% | 5.65% | 3.71% | 7.81% | |||||||||||||
| AllianzGI Retirement 2030 Fund Class C | 5.05% | 10.94% | 4.10% | 7.78% | ||||||||||||||
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AllianzGI Retirement 2030 Fund Class C (adjusted) | 4.05% | 9.94% | 4.10% | 7.78% | |||||||||||||
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AllianzGI Retirement 2030 Fund Class R | 5.30% | 11.39% | 4.52% | 8.25% | |||||||||||||
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AllianzGI Retirement 2030 Fund Class P | 5.64% | 12.17% | 5.21% | 8.89% | |||||||||||||
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AllianzGI Retirement 2030 Fund Class R6 | 5.70% | 12.28% | 5.31% | 9.00% | |||||||||||||
| AllianzGI Retirement 2030 Fund Administrative Class | 5.53% | 11.86% | 4.95% | 8.65% | ||||||||||||||
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Morningstar Lifetime Moderate 2030 Index* | 5.00% | 11.95% | 8.00% | 11.67% | |||||||||||||
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AllianzGI 2030 Strategic Benchmark* | 5.45% | 10.23% | 5.07% | 8.11% | |||||||||||||
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Morningstar Lifetime Conservative 2030 Index | 2.30% | 8.43% | 6.25% | 9.84% | |||||||||||||
| Lipper Mixed-Asset Target 2030 Funds Average | 5.05% | 11.36% | 7.09% | 10.20% | ||||||||||||||
† The Fund began operations on December 29, 2008. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2008.
* The Morningstar Lifetime Moderate series replaced the Morningstar Lifetime Conservative series as the Target Date Funds’ primary benchmark, and the AllianzGI Strategic Benchmark replaced the Real Return Target series (white label) as the Target Date Funds’ secondary benchmark as of October 1, 2016 in connection with certain changes to the Target Date Funds’ investment strategies that took effect on October 1, 2016.
** 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 133 and 134 for more information. The Fund’s gross expense ratios are 1.24% for Class A shares, 1.99% for Class C 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 January 31, 2020. The Fund’s expense ratios net of this reduction are 0.95% for Class A shares, 1.70% for Class C shares, 1.30% for Class R shares, 0.65% for Class P shares, 0.55% for Class R6 shares and 0.90% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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Unaudited
AllianzGI Retirement 2030 Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||||
| Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
| Ending Account Value (3/31/17) | $1,055.20 | $1,050.50 | $1,053.00 | $1,056.40 | $1,057.00 | $1,055.30 | ||||||
| Expenses Paid During Period | $1.79 | $5.62 | $3.58 | $0.26 | $— | $1.54 | ||||||
| Hypothetical Performance | ||||||||||||
| (5% return before expenses) | ||||||||||||
| Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
| Ending Account Value (3/31/17) | $1,023.19 | $1,019.45 | $1,021.44 | $1,024.68 | $1,024.93 | $1,023.44 | ||||||
| Expenses Paid During Period | $1.77 | $5.54 | $3.53 | $0.25 | $— | $1.51 | ||||||
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 (0.35% for Class A, 1.10% for Class C, 0.70% for Class R, 0.05% for Class P, 0.00% for Class R6 and 0.30% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
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AllianzGI Retirement 2035 Fund
Average Annual Total Return for the period ended March 31, 2017
| 6 Month** | 1 Year | 5 Year | Since Inception† | |||||||||||||||
| AllianzGI Retirement 2035 Fund Class A | 6.82% | 13.15% | 5.50% | 7.13% | ||||||||||||||
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AllianzGI Retirement 2035 Fund Class A (adjusted) | 0.94% | 6.93% | 4.32% | 5.99% | |||||||||||||
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AllianzGI Retirement 2035 Fund Class R | 6.62% | 12.69% | 5.13% | 6.76% | |||||||||||||
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AllianzGI Retirement 2035 Fund Class P | 7.04% | 13.54% | 5.83% | 7.47% | |||||||||||||
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AllianzGI Retirement 2035 Fund Class R6 | 7.03% | 13.58% | 5.93% | 7.56% | |||||||||||||
| AllianzGI Retirement 2035 Fund Administrative Class | 6.86% | 13.23% | 5.55% | 7.19% | ||||||||||||||
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Morningstar Lifetime Moderate 2035 Index* | 6.23% | 13.71% | 8.61% | 11.07% | |||||||||||||
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AllianzGI 2035 Strategic Benchmark* | 6.56% | 11.92% | 5.69% | 7.52% | |||||||||||||
|
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Morningstar Lifetime Conservative 2035 Index | 3.55% | 10.29% | 7.13% | 9.21% | |||||||||||||
| Lipper Mixed-Asset Target 2035 Funds Average | 6.16% | 12.75% | 7.90% | 9.56% | ||||||||||||||
† The Fund began operations on December 19, 2011. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2011.
* The Morningstar Lifetime Moderate series replaced the Morningstar Lifetime Conservative series as the Target Date Funds’ primary benchmark, and the AllianzGI Strategic Benchmark replaced the Real Return Target series (white label) as the Target Date Funds’ secondary benchmark as of October 1, 2016 in connection with certain changes to the Target Date Funds’ investment strategies that took effect on October 1, 2016.
** Cumulative returns.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 133 and 134 for more information. The Fund’s gross expense ratios are 1.16% 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. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 0.95% for Class A shares, 1.30% for Class R shares, 0.65% for Class P shares, 0.55% for Class R6 shares and 0.90% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
| 12 | March 31, 2017 | | Semiannual Report |
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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 (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (3/31/17) | $1,068.20 | $1,066.20 | $1,070.40 | $1,070.30 | $1,068.60 | |||||
| Expenses Paid During Period | $2.17 | $3.97 | $0.62 | $0.10 | $1.91 | |||||
| Hypothetical Performance | ||||||||||
| (5% return before expenses) | ||||||||||
| Class A | Class R | Class P | Class R6 | Administrative Class | ||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (3/31/17) | $1,022.84 | $1,021.09 | $1,024.33 | $1,024.83 | $1,023.09 | |||||
| Expenses Paid During Period | $2.12 | $3.88 | $0.61 | $0.10 | $1.87 | |||||
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 (0.42% for Class A, 0.77% for Class R, 0.12% for Class P, 0.02% for Class R6 and 0.37% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
| Semiannual Report | | March 31, 2017 | 13 |
Table of Contents
Unaudited
AllianzGI Retirement 2040 Fund
Average Annual Total Return for the period ended March 31, 2017
| 6 Month** | 1 Year | 5 Year | Since Inception† | |||||||||||||||
| AllianzGI Retirement 2040 Fund Class A | 7.55% | 13.88% | 5.83% | 9.83% | ||||||||||||||
|
|
AllianzGI Retirement 2040 Fund Class A (adjusted) | 1.64% | 7.62% | 4.64% | 9.08% | |||||||||||||
| AllianzGI Retirement 2040 Fund Class C | 7.19% | 13.08% | 5.06% | 9.00% | ||||||||||||||
|
|
AllianzGI Retirement 2040 Fund Class C (adjusted) | 6.19% | 12.08% | 5.06% | 9.00% | |||||||||||||
|
|
AllianzGI Retirement 2040 Fund Class R | 7.40% | 13.53% | 5.49% | 9.49% | |||||||||||||
|
|
AllianzGI Retirement 2040 Fund Class P | 7.80% | 14.25% | 6.17% | 10.14% | |||||||||||||
|
|
AllianzGI Retirement 2040 Fund Class R6 | 7.82% | 14.33% | 6.26% | 10.23% | |||||||||||||
| AllianzGI Retirement 2040 Fund Administrative Class | 7.61% | 13.92% | 5.88% | 9.88% | ||||||||||||||
|
|
Morningstar Lifetime Moderate 2040 Index* | 7.05% | 14.90% | 8.88% | 12.43% | |||||||||||||
|
|
AllianzGI 2040 Strategic Benchmark* | 7.32% | 13.40% | 6.16% | 9.35% | |||||||||||||
|
|
Morningstar Lifetime Conservative 2040 Index | 4.89% | 12.19% | 7.84% | 11.40% | |||||||||||||
| Lipper Mixed-Asset Target 2040 Funds Average | 6.49% | 13.47% | 7.92% | 10.95% | ||||||||||||||
† The Fund began operations on December 29, 2008. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2008.
* The Morningstar Lifetime Moderate series replaced the Morningstar Lifetime Conservative series as the Target Date Funds’ primary benchmark, and the AllianzGI Strategic Benchmark replaced the Real Return Target series (white label) as the Target Date Funds’ secondary benchmark as of October 1, 2016 in connection with certain changes to the Target Date Funds’ investment strategies that took effect on October 1, 2016.
** 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 133 and 134 for more information. The Fund’s gross expense ratios are 1.11% for Class A shares, 1.86% for Class C 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. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 0.95% for Class A shares, 1.70% for Class C shares, 1.30% for Class R shares, 0.65% for Class P shares, 0.55% for Class R6 shares and 0.90% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
| 14 | March 31, 2017 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Retirement 2040 Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||||
| Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
| Ending Account Value (3/31/17) | $1,075.50 | $1,071.90 | $1,074.00 | $1,078.00 | $1,078.20 | $1,076.10 | ||||||
| Expenses Paid During Period | $2.43 | $6.30 | $4.24 | $0.88 | $0.36 | $2.17 | ||||||
| Hypothetical Performance | ||||||||||||
| (5% return before expenses) | ||||||||||||
| Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
| Ending Account Value (3/31/17) | $1,022.59 | $1,018.85 | $1,020.84 | $1,024.08 | $1,024.58 | $1,022.84 | ||||||
| Expenses Paid During Period | $2.37 | $6.14 | $4.13 | $0.86 | $0.35 | $2.12 | ||||||
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.47% for Class A, 1.22% for Class C, 0.82% for Class R, 0.17% for Class P, 0.07% for Class R6 and 0.42% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
| Semiannual Report | | March 31, 2017 | 15 |
Table of Contents
Unaudited
AllianzGI Retirement 2045 Fund
Average Annual Total Return for the period ended March 31, 2017
| 6 Month** | 1 Year | 5 Year | Since Inception† | |||||||||||||||
| AllianzGI Retirement 2045 Fund Class A | 8.06% | 14.86% | 6.22% | 8.17% | ||||||||||||||
|
|
AllianzGI Retirement 2045 Fund Class A (adjusted) | 2.12% | 8.55% | 5.03% | 7.02% | |||||||||||||
|
|
AllianzGI Retirement 2045 Fund Class R | 7.87% | 14.50% | 5.85% | 7.80% | |||||||||||||
|
|
AllianzGI Retirement 2045 Fund Class P | 8.27% | 15.31% | 6.55% | 8.52% | |||||||||||||
|
|
AllianzGI Retirement 2045 Fund Class R6 | 8.32% | 15.40% | 6.66% | 8.62% | |||||||||||||
| AllianzGI Retirement 2045 Fund Administrative Class | 8.07% | 14.92% | 6.25% | 8.20% | ||||||||||||||
|
|
Morningstar Lifetime Moderate 2045 Index* | 7.37% | 15.40% | 8.87% | 11.40% | |||||||||||||
|
|
AllianzGI 2045 Strategic Benchmark* | 7.74% | 14.27% | 6.33% | 8.53% | |||||||||||||
|
|
Morningstar Lifetime Conservative 2045 Index | 5.80% | 13.51% | 8.15% | 10.46% | |||||||||||||
| Lipper Mixed-Asset Target 2045 Funds Average | 7.02% | 13.99% | 8.43% | 10.32% | ||||||||||||||
† The Fund began operations on December 19, 2011. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2011.
* The Morningstar Lifetime Moderate series replaced the Morningstar Lifetime Conservative series as the Target Date Funds’ primary benchmark, and the AllianzGI Strategic Benchmark replaced the Real Return Target series (white label) as the Target Date Funds’ secondary benchmark as of October 1, 2016 in connection with certain changes to the Target Date Funds’ investment strategies that took effect on October 1, 2016.
** Cumulative returns.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 133 and 134 for more information. The Fund’s gross expense ratios are 1.08% for Class A shares, 1.33% for Class R shares, 0.68% for Class P shares, 0.58% for Class R6 shares and 0.93% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 0.95% for Class A shares, 1.30% for Class R shares, 0.65% for Class P shares, 0.55% for Class R6 shares and 0.90% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
| 16 | March 31, 2017 | | 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 (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (3/31/17) | $1,080.60 | $1,078.70 | $1,082.70 | $1,083.20 | $1,080.70 | |||||
| Expenses Paid During Period | $2.54 | $4.35 | $0.99 | $0.47 | $2.28 | |||||
| Hypothetical Performance | ||||||||||
| (5% return before expenses) | ||||||||||
| Class A | Class R | Class P | Class R6 | Administrative Class | ||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (3/31/17) | $1,022.49 | $1,020.74 | $1,023.98 | $1,024.48 | $1,022.74 | |||||
| Expenses Paid During Period | $2.47 | $4.23 | $0.96 | $0.45 | $2.22 | |||||
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, 0.84% for Class R, 0.19% for Class P, 0.09% for Class R6 and 0.44% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
| Semiannual Report | | March 31, 2017 | 17 |
Table of Contents
Unaudited
AllianzGI Retirement 2050 Fund
Average Annual Total Return for the period ended March 31, 2017
| 6 Month** | 1 Year | 5 Year | Since Inception† | |||||||||||||||
| AllianzGI Retirement 2050 Fund Class A | 8.15% | 14.96% | 6.25% | 10.24% | ||||||||||||||
|
|
AllianzGI Retirement 2050 Fund Class A (adjusted) | 2.20% | 8.64% | 5.06% | 9.49% | |||||||||||||
| AllianzGI Retirement 2050 Fund Class C | 7.75% | 14.15% | 5.44% | 9.43% | ||||||||||||||
|
|
AllianzGI Retirement 2050 Fund Class C (adjusted) | 6.75% | 13.15% | 5.44% | 9.43% | |||||||||||||
|
|
AllianzGI Retirement 2050 Fund Class R | 7.91% | 14.49% | 5.87% | 9.91% | |||||||||||||
|
|
AllianzGI Retirement 2050 Fund Class P | 8.32% | 15.36% | 6.57% | 10.56% | |||||||||||||
|
|
AllianzGI Retirement 2050 Fund Class R6 | 8.39% | 15.53% | 6.67% | 10.67% | |||||||||||||
| AllianzGI Retirement 2050 Fund Administrative Class | 8.22% | 15.11% | 6.30% | 10.32% | ||||||||||||||
|
|
Morningstar Lifetime Moderate 2050 Index* | 7.42% | 15.53% | 8.78% | 12.39% | |||||||||||||
|
|
AllianzGI 2050 Strategic Benchmark* | 7.87% | 14.51% | 6.35% | 9.45% | |||||||||||||
|
|
Morningstar Lifetime Conservative 2050 Index | 6.26% | 14.20% | 8.23% | 11.76% | |||||||||||||
| Lipper Mixed-Asset Target 2050 Funds Average | 6.90% | 14.17% | 8.29% | 11.15% | ||||||||||||||
† The Fund began operations on December 29, 2008. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2008.
* The Morningstar Lifetime Moderate series replaced the Morningstar Lifetime Conservative series as the Target Date Funds’ primary benchmark, and the AllianzGI Strategic Benchmark replaced the Real Return Target series (white label) as the Target Date Funds’ secondary benchmark as of October 1, 2016 in connection with certain changes to the Target Date Funds’ investment strategies that took effect on October 1, 2016.
** 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 133 and 134 for more information. The Fund’s gross expense ratios are 1.07% for Class A shares, 1.82% for Class C shares, 1.32% for Class R shares, 0.67% for Class P shares, 0.57% for Class R6 shares and 0.92% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 0.95% for Class A shares, 1.70% for Class C shares, 1.30% for Class R shares, 0.65% for Class P shares, 0.55% for Class R6 shares and 0.90% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
| 18 | March 31, 2017 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Retirement 2050 Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||||
| Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
| Ending Account Value (3/31/17) | $1,081.50 | $1,077.50 | $1,079.10 | $1,083.20 | $1,083.90 | $1,082.20 | ||||||
| Expenses Paid During Period | $2.59 | $6.47 | $4.41 | $1.04 | $0.52 | $2.34 | ||||||
| Hypothetical Performance | ||||||||||||
| (5% return before expenses) | ||||||||||||
| Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
| Ending Account Value (3/31/17) | $1,022.44 | $1,018.70 | $1,020.69 | $1,023.93 | $1,024.43 | $1,022.69 | ||||||
| Expenses Paid During Period | $2.52 | $6.29 | $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, 0.85% 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. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
| Semiannual Report | | March 31, 2017 | 19 |
Table of Contents
Unaudited
AllianzGI Retirement 2055 Fund
Average Annual Total Return for the period ended March 31, 2017
| 6 Month** | 1 Year | 5 Year | Since Inception† | |||||||||||||||
| AllianzGI Retirement 2055 Fund Class A | 8.09% | 14.64% | 6.24% | 8.33% | ||||||||||||||
|
|
AllianzGI Retirement 2055 Fund Class A (adjusted) | 2.15% | 8.33% | 5.04% | 7.17% | |||||||||||||
|
|
AllianzGI Retirement 2055 Fund Class R | 7.88% | 14.24% | 5.88% | 7.96% | |||||||||||||
|
|
AllianzGI Retirement 2055 Fund Class P | 8.26% | 15.03% | 6.58% | 8.67% | |||||||||||||
|
|
AllianzGI Retirement 2055 Fund Class R6 | 8.35% | 15.10% | 6.66% | 8.76% | |||||||||||||
| AllianzGI Retirement 2055 Fund Administrative Class | 8.15% | 14.75% | 6.29% | 8.37% | ||||||||||||||
|
|
Morningstar Lifetime Moderate 2055 Index* | 7.40% | 15.57% | 8.65% | 11.19% | |||||||||||||
|
|
AllianzGI 2055 Strategic Benchmark* | 7.87% | 14.51% | 6.35% | 8.55% | |||||||||||||
|
|
Morningstar Lifetime Conservative 2055 Index | 6.37% | 14.44% | 8.17% | 10.52% | |||||||||||||
| Lipper Mixed-Asset Target 2055 Funds Average | 7.32% | 14.32% | 8.81% | 10.65% | ||||||||||||||
† The Fund began operations on December 19, 2011. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2011.
* The Morningstar Lifetime Moderate series replaced the Morningstar Lifetime Conservative series as the Target Date Funds’ primary benchmark, and the AllianzGI Strategic Benchmark replaced the Real Return Target series (white label) as the Target Date Funds’ secondary benchmark as of October 1, 2016 in connection with certain changes to the Target Date Funds’ investment strategies that took effect on October 1, 2016.
** Cumulative returns.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 133 and 134 for more information. The Fund’s gross expense ratios are 1.07% for Class A 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. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 0.95% for Class A shares, 1.30% for Class R shares, 0.65% for Class P shares, 0.55% for Class R6 shares and 0.90% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
| 20 | March 31, 2017 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Retirement 2055 Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||
| Class A | Class R | Class P | Class R6 | Administrative Class | ||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (3/31/17) | $1,080.90 | $1,078.80 | $1,082.60 | $1,083.50 | $1,081.50 | |||||
| Expenses Paid During Period | $2.65 | $4.46 | $1.09 | $0.57 | $2.39 | |||||
| Hypothetical Performance | ||||||||||
| (5% return before expenses) | ||||||||||
| Class A | Class R | Class P | Class R6 | Administrative Class | ||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (3/31/17) | $1,022.39 | $1,020.64 | $1,023.88 | $1,024.38 | $1,022.64 | |||||
| Expenses Paid During Period | $2.57 | $4.33 | $1.06 | $0.56 | $2.32 | |||||
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 (0.51% for Class A, 0.86% for Class R, 0.21% for Class P, 0.11% for Class R6 and 0.46% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
| Semiannual Report | | March 31, 2017 | 21 |
Table of Contents
Unaudited
AllianzGI Retirement Income Fund
For the period of October 1, 2016 through March 31, 2017, as provided by the Multi-Asset US Group.
Fund Insights
For the six-month period ended March 31, 2017, Class A shares at net asset value (‘‘NAV’’) of the AllianzGI Retirement Income Fund (the “Fund”) returned 2.52%, outperforming the Bloomberg Barclay’s US Universal Bond Index (the “benchmark”), which returned -1.54%.
Market Overview
For the six-month period ending March 31, 2017, markets were dominated by the surprising outcome of the US presidential election relative to prevailing market expectations. The Trump victory ushered in a period of uncertainty regarding the magnitude and timing of future policy changes at the same time that it seemed to instill general optimism in market participants. The theme of reflation against the backdrop of supportive fiscal policy and stronger consumer demand percolated through markets for the period.
Throughout the first quarter, risk assets continued to outperform in a low volatility environment despite significant policy setbacks (including the failure to pass healthcare reform) and continued uncertainty about the future of US domestic and foreign policy. Moreover, global risk assets rallied in the context of the Federal Reserve (the ’’Fed’’) hiking interest rates by 50 basis points in the period. Tighter Fed policy signaled a new regime of tighter global monetary policy in the future (even if the European Central Bank and Bank of Japan reiterated their current commitments to accommodative policies).
During the period, US stocks rallied in the aftermath of the election and continued to gain throughout the first quarter with US Small Cap stocks in particular leading the way: The Russell 2000 Index gained 11.5% and the Russell 2000 Value Index gained 13.9% outpacing larger stocks, which gained 10.1%, as measured by the Russell 1000 Index.
Global growth remained healthy as fundamental macro-economic data continued to either match or outperform economists’ expectations. During the first quarter, the gap between hard data and soft data, as measured by surveys of purchasing managers and consumers widened substantially, revealing that much of what underpinned the rally in risk assets was associated with future expectations (as opposed to the current economic environment alone).
Optimistic assessments of global growth affected both developed and emerging markets: In broad terms, the MSCI All Country World Index returned 8.2% only slightly outpacing Emerging Markets (“EM”), which returned 6.8%. Better economic data, helped boost European equities for the period, despite persistent uncertainties about key elections in 2017 (in the Netherlands, France and Germany). For the period, the best performing stock markets were Spain and Italy, which returned 17.3% and 17.6% respectively (MSCI country indexes in USD).
Global Bonds declined for the period with the Bloomberg Barclays Global Aggregate Bond Index losing 5.4%. The long end of the US curve had the worst performance as long Treasuries (20+ years) lost 10.9% in the period due in part to a sharp initial increase in inflation expectations and a spike in yields. While the 10-year yield on US Treasuries initially increased by about 75 basis points from the election through mid-December, it remained relatively range bound for most of the first quarter, making US Treasuries one of the worst performing asset classes for the period. The Bloomberg Barclays US Aggregate Bond Index lost 2.2% for the period. Within fixed income, US High Yield was the best performer. Globally, Emerging Market hard currency debt outperformed developed market government bonds. Commodities, most notably precious metals and gold, were among the worst performing asset classes in the period.
Portfolio Review
Against a backdrop of favorable trend and fundamental views across risk assets, the portfolio expressed overweights to both US investment grade and high yield corporate bonds. Over the period, the Fund added an emphasis on higher yielding real estate investment trusts (“REITs”) while the emphasis on higher yielding credits was maintained. The emphasis on higher yielding issues contributed to results as reflected by the BofA Merrill Lynch High Yield Master II Index gaining 4.6% while the Bloomberg Barclays US Aggregate Bond Index conversely declined -2.2%.
At the end of the period, the portfolio maintained a positive view on risk assets including high yield bonds and higher yielding segments within US REITs.
Outlook
Looking ahead, we expect that global inflation will continue to steadily rise, in part attributable to firmer commodity prices and narrowing output gaps throughout developed markets. Emerging markets are expected to continue to post solid growth in the near term, providing opportunities for much needed structural reforms that will ultimately contribute to longer term stability. We expect the global economy will likely continue to benefit from debt-financed growth for the foreseeable future on the back of leveraged households and businesses. We expect monetary policy to continue to tighten in the US, albeit at a slow and measured pace, while global central bank liquidity will remain abundant at least through 2018.
However, risks abound, including increased political risks, most notably in Europe in light of the busy election calendar but also in key emerging markets. In addition, we believe charged rhetoric about protectionism and zero-sum interactions threaten to undermine longstanding commitments to global trade in goods and financial assets. Finally, we believe risks related to inflated expectations on the part of market participants as well as market complacency may potentially intensify should stocks reverse their recent rally.
As of the end of the period, we expect to remain overweight risk assets and underweight most sovereign bonds with the idea in mind that sovereigns are nearing the end of a secular bull market. We believe the “Reflation Trade” persists for now as long as the possibility of US Fiscal stimulus remains and cyclical data continue to show signs of improvement. We maintain a positive outlook on emerging markets while recognizing that an unexpected slowdown in the US or other developed markets would have real and immediate implication for EM broadly. We remain vigilant in this low volatility environment and are focused on monitoring cyclical data and relative valuations across asset classes.
Certain changes to the Fund’s investment strategy, benchmarks and portfolio management team became effective on October 1, 2016. Please see the prospectus for complete details.
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AllianzGI Retirement Income Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2017
| 6 Month** | 1 Year | 5 Year | Since Inception† | |||||||||||||||
| AllianzGI Retirement Income Fund Class A | 2.52% | 9.75% | 4.08% | 7.00% | ||||||||||||||
|
|
AllianzGI Retirement Income Fund Class A (adjusted) | –3.12% | 3.71% | 2.91% | 6.27% | |||||||||||||
| AllianzGI Retirement Income Fund Class C | 2.15% | 8.91% | 3.31% | 6.21% | ||||||||||||||
|
|
AllianzGI Retirement Income Fund Class C (adjusted) | 1.15% | 7.91% | 3.31% | 6.21% | |||||||||||||
|
|
AllianzGI Retirement Income Fund Class R | 2.39% | 9.43% | 3.73% | 6.67% | |||||||||||||
|
|
AllianzGI Retirement Income Fund Class P | 2.70% | 10.13% | 4.42% | 7.30% | |||||||||||||
|
|
AllianzGI Retirement Income Fund Class R6 | 2.76% | 10.22% | 4.51% | 7.41% | |||||||||||||
| AllianzGI Retirement Income Fund Administrative Class | 2.57% | 8.68% | 3.92% | 6.93% | ||||||||||||||
|
|
Bloomberg Barclays US Universal Bond Index* | –1.54% | 1.92% | 2.83% | 4.60% | |||||||||||||
|
|
AllianzGI Retirement Income Strategic Benchmark* | 0.98% | 4.47% | 2.96% | 5.38% | |||||||||||||
|
|
MSCI World High Dividend Yield Index | 5.57% | 11.54% | 8.37% | 10.84% | |||||||||||||
|
|
Morningstar Lifetime Conservative Income Index | 0.50% | 4.15% | 2.93% | 5.40% | |||||||||||||
| Lipper Mixed-Asset Target Today Funds Average | 1.79% | 6.09% | 3.95% | 6.58% | ||||||||||||||
† The Fund began operations on December 29, 2008. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2008.
* The Bloomberg Barclays US Universal Bond Index replaced the Morningstar Lifetime Conservative Income Index as the Fund’s primary benchmark and the MSCI World High Dividend Yield Index and the AllianzGI Strategic Benchmark replaced the Real Return Target Today Index as the Fund’s secondary benchmarks as of October 1, 2016 in connection with certain changes to the Fund’s investment strategies that took effect on October 1, 2016.
** 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 133 and 134 for more information. The Fund’s gross expense ratios are 1.20% for Class A shares, 1.95% for Class C shares, 1.45% for Class R shares, 0.80% for Class P shares, 0.70% for Class R6 shares and 1.05% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 0.95% for Class A shares, 1.70% for Class C shares, 1.30% for Class R shares, 0.65% for Class P shares, 0.55% for Class R6 shares and 0.90% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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AllianzGI Retirement Income Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||||
| Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
| Ending Account Value (3/31/17) | $1,025.20 | $1,021.50 | $1,023.90 | $1,027.00 | $1,027.60 | $1,025.70 | ||||||
| Expenses Paid During Period | $1.62 | $5.39 | $3.38 | $0.10 | $0.01 | $1.36 | ||||||
| Hypothetical Performance | ||||||||||||
| (5% return before expenses) | ||||||||||||
| Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
| Ending Account Value (3/31/17) | $1,023.34 | $1,019.60 | $1,021.59 | $1,024.83 | $1,024.92 | $1,023.59 | ||||||
| Expenses Paid During Period | $1.61 | $5.39 | $3.38 | $0.10 | $0.01 | $1.36 | ||||||
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.32% for Class A, 1.07% for Class C, 0.67% for Class R, 0.02% for Class P, 0.00% for Class R6 and 0.27% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
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AllianzGI Global Allocation Fund
For the period of October 1, 2016 through March 31, 2017, as provided by the Multi-Asset US Group.
Fund Insights
For the six-month period ended March 31, 2017, Class A shares at net asset value (‘‘NAV’’) of the AllianzGI Global Allocation Fund (the “Fund”) returned 3.88%, underperforming the 60% MSCI ACWI, 40% Bloomberg Barclays US Aggregate Bond Index (the “benchmark”), which returned 3.94%.
Market Overview
For the six-month period, markets were dominated by the surprising outcome of the US presidential election relative to prevailing market expectations. The Trump victory ushered in a period of uncertainty regarding the magnitude and timing of future policy changes at the same time that it seemed to instill general optimism in market participants. The theme of reflation against the backdrop of supportive fiscal policy and stronger consumer demand percolated through markets for the period.
Throughout the first quarter, risk assets continued to outperform in a low volatility environment despite significant policy setbacks (including the failure to pass healthcare reform) and continued uncertainty about the future of US domestic and foreign policy. Moreover, global risk assets rallied in the context of the Federal Reserve (the ‘‘Fed’’) raising interest rates by 50 basis points in the period. Tighter Fed policy signaled a new regime of tighter global monetary policy in the future (even if the European Central Bank and Bank of Japan reiterated their current commitments to accommodative policies).
During the period, US stocks rallied in the aftermath of the election and continued to gain throughout the first quarter with US Small Cap stocks in particular leading the way: The Russell 2000 Index gained 11.5% and the Russell 2000 Value Index gained 13.9% outpacing larger stocks, which gained 10.1%, as measured by the Russell 1000 Index.
Global growth remained healthy as fundamental macro-economic data continued to either match or outperform economists’ expectations. During the first quarter, the gap between hard data and soft data, as measured by surveys of purchasing managers and consumers, widened substantially, revealing that much of what underpinned the rally in risk assets was associated with future expectations (as opposed to the current economic environment alone).
Optimistic assessments of global growth affected both developed and emerging markets: In broad terms, the MSCI All Country World Index returned 8.2% only slightly outpacing Emerging Markets, which returned 6.8%. Better economic data helped boost European equities for the period despite persistent uncertainties about key elections in 2017 (in the Netherlands, France and Germany). For the period, the best performing stock markets were Spain and Italy, which returned 17.3% and 17.6% respectively (MSCI country indexes in USD).
Global Bonds declined for the period with the Bloomberg Barclays Global Aggregate Bond Index losing 5.4%. The long end of the US curve had the worst performance as long Treasuries (20+ years) lost 10.9% in the period due in part to a sharp initial increase in inflation expectations and a spike in yields. While the 10-year yield on US Treasuries initially increased by about 75 basis points from the election through mid-December, it remained relatively range bound for most of the first quarter, making US Treasuries one of the worst performing asset classes for the period. The Bloomberg Barclays US Aggregate Bond Index lost 2.2% for the period. Within fixed income, US High Yield was the best performer. Globally, Emerging Market hard currency debt outperformed developed market government bonds. Commodities, most notably precious metals and gold, were among the worst performing asset classes in the period.
Portfolio Review
Overweights to global equities provided a tailwind to performance during the period, particularly in North America, as the US equity market experienced strong performance following the US presidential election. The portfolio’s overweight to US Government debt detracted during the fourth quarter of 2016, as rates rallied sharply in the aftermath of the US election.
At the end of the period, the portfolio maintained an underweight position in US government bonds (duration weighted) and an overweight to global equities including Emerging Markets, against a backdrop of favorable trend and fundamental views across risk assets.
Outlook
Looking ahead, we expect that global inflation will continue to steadily rise, partly attributable to firmer commodity prices and narrowing output gaps throughout developed markets. Emerging markets are expected to continue to post solid growth in the near term, providing opportunities for much needed structural reforms that will ultimately contribute to longer term stability. We believe the global economy will likely continue to benefit from debt-financed growth for the foreseeable future on the back of leveraged households and businesses. We expect monetary policy to continue to tighten in the US, albeit at a slow and measured pace, while global central bank liquidity will remain abundant at least through 2018.
However, we believe that risks abound, including increased political risks, most notably in Europe in light of the busy election calendar, but also in key emerging markets. In addition, charged rhetoric about protectionism and zero-sum interactions may, in our opinion, threaten to undermine longstanding commitments to global trade in goods and financial assets. Finally, risks related to inflated expectations on the part of market participants as well as market complacency may potentially intensify should stocks reverse their recent rally.
As of the end of the period, we remain overweight risk assets and underweight most sovereign bonds with the idea in mind that sovereigns are nearing the end of a secular bull market. The “Reflation Trade” persists for now as long as the possibility of US fiscal stimulus remains and cyclical data continue to show signs of improvement. We maintain a positive outlook on emerging markets while recognizing that an unexpected slowdown in the US or other developed markets would have real and immediate implication for Emerging Markets (‘‘EM’’) broadly. We remain vigilant in this low volatility environment and are focused on monitoring cyclical data and relative valuations across asset classes.
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AllianzGI Global Allocation Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2017
| 6 Month* | 1 Year | 5 Year | 10 Year | Since Inception† | ||||||||||||||||||
| AllianzGI Global Allocation Fund Class A | 3.88% | 7.23% | 4.87% | 3.97% | 5.52% | |||||||||||||||||
|
|
AllianzGI Global Allocation Fund Class A (adjusted) | –1.83% | 1.33% | 3.69% | 3.38% | 5.19% | ||||||||||||||||
| AllianzGI Global Allocation Fund Class C | 3.55% | 6.37% | 4.10% | 3.20% | 4.73% | |||||||||||||||||
|
|
AllianzGI Global Allocation Fund Class C (adjusted) | 2.55% | 5.37% | 4.10% | 3.20% | 4.73% | ||||||||||||||||
|
|
AllianzGI Global Allocation Fund Class R | 3.87% | 7.04% | 4.70% | 3.75% | 5.28% | ||||||||||||||||
|
|
AllianzGI Global Allocation Fund Class P | 4.13% | 7.60% | 5.13% | 4.21% | 5.75% | ||||||||||||||||
|
|
AllianzGI Global Allocation Fund Institutional Class | 4.09% | 7.49% | 5.12% | 4.31% | 5.95% | ||||||||||||||||
|
|
AllianzGI Global Allocation Fund Class R6 | 4.10% | 7.52% | 5.21% | 4.40% | 6.05% | ||||||||||||||||
| AllianzGI Global Allocation Fund Administrative Class | 3.96% | 7.22% | 4.88% | 4.00% | 5.56% | |||||||||||||||||
|
|
MSCI ACWI | 8.18% | 15.04% | 8.37% | 4.00% | 5.70% | ||||||||||||||||
|
|
60% MSCI ACWI, 40% Bloomberg Barclays US Aggregate Bond Index | 3.94% | 9.02% | 6.09% | 4.48% | 5.68% | ||||||||||||||||
|
|
Bloomberg Barclays US Aggregate Bond Index | –2.18% | 0.44% | 2.34% | 4.27% | 4.79% | ||||||||||||||||
| Lipper Alternative Global Macro Funds Average | 2.06% | 6.41% | 2.36% | 3.21% | 5.30% | |||||||||||||||||
† The Fund began operations on September 30,1998. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on September 30,1998.
* 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 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 133 and 134 for more information. The Fund’s gross expense ratios are 1.56% for Class A shares, 2.33% for Class C shares, 1.76% for Class R shares, 1.26% for Class P shares, 1.35% for Institutional Class shares, 1.26% for Class R6 shares and 1.51% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2018. The Fund’s expense ratios net of this reduction are 1.03% for Class A shares, 1.80% for Class C shares, 1.23% for Class R shares, 0.83% for Class P shares, 0.83% for Institutional Class shares, 0.73% for Class R6 shares and 0.98% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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AllianzGI Global Allocation Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||||||
| Class A | Class C | Class R | Class P | Institutional Class |
Class R6 | Administrative Class | ||||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
| Ending Account Value (3/31/17) | $1,038.80 | $1,035.50 | $1,038.70 | $1,041.30 | $1,040.90 | $1,041.00 | $1,039.60 | |||||||
| Expenses Paid During Period | $3.05 | $6.85 | $4.02 | $1.48 | $1.93 | $1.43 | $2.70 | |||||||
| Hypothetical Performance | ||||||||||||||
| (5% return before expenses) | ||||||||||||||
| Class A | Class C | Class R | Class P | Institutional Class |
Class R6 | Administrative Class | ||||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
| Ending Account Value (3/31/17) | $1,021.94 | $1,018.20 | $1,020.99 | $1,023.49 | $1,023.04 | $1,023.54 | $1,022.29 | |||||||
| Expenses Paid During Period | $3.02 | $6.79 | $3.98 | $1.46 | $1.92 | $1.41 | $2.67 | |||||||
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 A, 1.35% for Class C, 0.79% for Class R, 0.29% for Class P, 0.38% for Institutional Class, 0.28% for Class R6 and 0.53% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
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AllianzGI Global Megatrends Fund
For the period of October 1, 2016 through March 31, 2017, as provided by John Schroer, CFA, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2017, Class A shares at net asset value (‘‘NAV’’) of the AllianzGI Global Megatrends Fund (the “Fund”) returned 3.24%, underperforming the MSCI ACWI (the “benchmark”), which returned 8.18%.
Market Overview
Global equities rallied strongly over the six-month period, with indices in the US and UK breaking previous record highs while many other markets reached multi-month peaks. In general, developed equity markets outperformed emerging markets, with Japan leading the advance as a weaker yen lifted prospects for the country’s exporters. In terms of sectors, financials delivered robust returns amid expectations that interest rates would rise faster than expected as a result of President Trump’s policies. Other growth-oriented sectors also performed well.
The period was characterized by gradually improving economic growth and rising inflation. The US Federal Reserve (the ‘‘Fed’’) raised US interest rates in December 2016 and March 2017 with expectations for at least two additional rate hikes in 2017. In contrast, in December 2016 the European Central Bank (‘‘ECB’’) extended its bond-buying program until at least the end of 2017, but reduced the size of its monthly bond purchases. Subsequently, rising inflation in the first quarter of 2017 led to speculation that the ECB would need to wind down these measures, with President Mario Draghi noting that battle against deflation had now been won. The Bank of England and Bank of Japan left monetary policy unchanged.
Portfolio Overview
The Fund is a thematic portfolio made up of five approximately equally weighted strategies or “sleeves”, providing exposure to technology, health sciences, global water, the emerging markets consumer, and global natural resources. The Fund underperformed its benchmark, as four out of its five sleeves trailed the broad global equity market.
The Technology sleeve posted strong double digits gains during the period and outperformed the benchmark. Technology stocks led the global equity rally, despite some weakness during the fourth quarter of 2016. Both the emerging market consumer and health sciences sleeves also posted positive returns during the period, however results trailed the benchmark.
The global water and global natural resources sleeves slid into negative territory. While water related securities performed well during the first quarter of 2017, performance suffered during the fourth quarter of 2016. This was due in part to the market’s reaction to a profit warning issued by one of its holdings. The global natural resources sleeve suffered from the drop in oil prices and the subsequent pull back in energy related stocks.
Outlook
Given the recent strong performance run in global equities in both developed and emerging markets, we believe that investors should not be surprised to see a near term pull back. However, we predict the prospect for solid first quarter earnings releases in the US in particular, where the Fund has its greatest exposure, remains a positive backdrop.
Equity market behavior has been heavily influenced by macroeconomic and political headlines, and recently the focus has shifted to geopolitical risks. Still, we believe fundamentals ultimately matter to share price performance. We believe that it is important to discern the difference between short term shifts in sentiment and actual changes in company fundamentals that could impact stock prices over the longer term.
We expect that rapid technological innovation, developments in healthcare and global energy, the emerging consumer class in developing economies and the increasing scarcity of clean water will remain powerful secular themes. In each segment of the Fund, we strive to find companies with under-appreciated company specific and industry fundamentals that can add value for our investors over the long-term, despite short-term market gyrations.
Average Annual Total Return for the period ended March 31, 2017
| 6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI Global Megatrends Fund Class A | 3.24% | 15.14% | 4.05% | |||||||||||
|
|
AllianzGI Global Megatrends Fund Class A (adjusted) | –2.44% | 8.81% | 1.36% | ||||||||||
|
|
AllianzGI Global Megatrends Fund Class P | 3.31% | 15.28% | 4.23% | ||||||||||
|
|
AllianzGI Global Megatrends Fund Institutional Class | 3.38% | 15.42% | 4.33% | ||||||||||
|
|
MSCI ACWI | 8.18% | 15.04% | 5.97% | ||||||||||
| Lipper Global Multi-Cap Core Funds Average | 7.52% | 13.83% | 5.84% | |||||||||||
† The Fund began operations on February 2, 2015. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on January 31, 2015.
* Cumulative returns.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 133 and 134 for more information. The Fund’s gross expense ratios are 6.57% for Class A shares, 6.25% for Class P shares and 6.07% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2018. The Fund’s expense ratios net of this reduction are 1.30% for Class A shares, 1.15% for Class P shares and 1.05% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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AllianzGI Global Megatrends Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||
| Class A | Class P | Institutional Class | ||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | |||
| Ending Account Value (3/31/17) | $1,032.40 | $1,033.10 | $1,033.80 | |||
| Expenses Paid During Period | $0.86 | $0.10 | $— | |||
| Hypothetical Performance | ||||||
| (5% return before expenses) | ||||||
| Class A | Class P | Institutional Class | ||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | |||
| Ending Account Value (3/31/17) | $1,024.08 | $1,024.83 | $1,024.93 | |||
| Expenses Paid During Period | $0.86 | $0.10 | $— | |||
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 (0.17% for Class A, 0.02% for Class P and 0.00% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
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Unaudited
AllianzGI Best Styles Emerging Markets Equity Fund
For the period of October 1, 2016 through March 31, 2017, as provided by Christian McCormick, Senior Product Specialist.
Fund Insights
For the six-month period ended March 31, 2017, Class A shares at net asset value (‘‘NAV’’) of the AllianzGI Best Styles Emerging Markets Equity Fund (the “Fund”) returned 6.42%, underperforming the MSCI Emerging Markets Index (the “benchmark”), which returned 6.80%.
Market Overview
Emerging market equities rallied over 2016. For much of the period, they were supported by higher commodity prices and a weakening US dollar, although they retreated in the fourth quarter of the year as Donald Trump’s victory in the US election boosted the US dollar, raised fears of higher US interest rates and increased concerns over more protectionist policies. All three regions gained Q2-Q4, with Eastern Europe leading the advance, followed by Latin America and then Asia. Emerging market equities delivered double digit returns over the first quarter, outperforming their more developed counterparts amid signs of stronger global growth and a weaker US dollar.
Portfolio Review
The Best Styles strategies implement a well-diversified blend of the five long-term successful investment styles that includes value, momentum, earnings revisions, growth and quality. Over the trailing 12 months, the value style outperformed the benchmark by approximately 11%, delivering a rebound in relative performance after having been mostly stagnant since 2009. The majority of the performance came in the second half of 2016. Momentum and revisions were also positive, with stable growth and quality lagging.
The Best Styles strategy has only moderate leeway for sector allocation with a maximum deviation of 3% vs. the benchmark for active sector weightings. The overall contribution from active sector allocation was positive. Consumer discretionary and consumer staples delivered a combined 65 basis points of outperformance while energy detracted 17 basis points.
Best Styles 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. Individual stocks contributed positively during the period. Information technology stocks contributed a strong 200+ basis points of outperformance, led by Samsung. Financial stocks were also strong with Banco de Brasil leading the way. Material stocks were the only significant detractor at -70 basis points, with Vale subtracting 42 basis points.
Outlook
We expect that Best Styles will continue to be overweight in stocks with attractive valuation and stocks with positive momentum and positive revisions, in line with the longer term strategic investment style mix.
Average Annual Total Return for the period ended March 31, 2017
| 6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI Best Styles Emerging Markets Equity Fund Class A | 6.42% | 18.28% | 2.52% | |||||||||||
|
|
AllianzGI Best Styles Emerging Markets Equity Fund Class A (adjusted) | 0.57% | 11.78% | 0.03% | ||||||||||
| AllianzGI Best Styles Emerging Markets Equity Fund Class C | 5.95% | 17.37% | 1.74% | |||||||||||
|
|
AllianzGI Best Styles Emerging Markets Equity Fund Class C (adjusted) | 4.96% | 16.37% | 1.74% | ||||||||||
|
|
AllianzGI Best Styles Emerging Markets Equity Fund Class P | 6.46% | 18.41% | 2.68% | ||||||||||
|
|
AllianzGI Best Styles Emerging Markets Equity Fund Institutional Class | 6.57% | 18.63% | 2.79% | ||||||||||
|
|
AllianzGI Best Styles Emerging Markets Equity Fund Class R6 | 6.57% | 18.74% | 2.89% | ||||||||||
|
|
MSCI Emerging Markets Index | 6.80% | 17.21% | 1.98% | ||||||||||
| Lipper Emerging Markets Funds Average | 5.66% | 16.23% | –0.51% | |||||||||||
† The Fund began operations on December 9, 2014. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on November 30, 2014.
* 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 133 and 134 for more information. The Fund’s gross expense ratios are 4.30% for Class A shares, 5.13% for Class C shares, 3.65% for Class P shares, 3.66% for Institutional Class shares and 3.73% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2018. The Fund’s expense ratios net of this reduction are 0.85% for Class A shares, 1.60% for Class C shares, 0.70% for Class P shares, 0.60% for Institutional Class shares and 0.60% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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AllianzGI Best Styles Emerging Markets Equity Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||
| Class A | Class C | Class P | Institutional Class |
Class R6 | ||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (3/31/17) | $1,064.20 | $1,059.50 | $1,064.60 | $1,065.70 | $1,065.70 | |||||
| Expenses Paid During Period | $4.68 | $8.57 | $3.96 | $3.19 | $3.09 | |||||
| Hypothetical Performance | ||||||||||
| (5% return before expenses) | ||||||||||
| Class A | Class C | Class P | Institutional Class |
Class R6 | ||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (3/31/17) | $1,020.39 | $1,016.60 | $1,021.09 | $1,021.84 | $1,021.94 | |||||
| Expenses Paid During Period | $4.58 | $8.40 | $3.88 | $3.13 | $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 (0.91% for Class A, 1.67% for Class C, 0.77% for Class P, 0.62% for Institutional Class and 0.60% for Class R6), multiplied by the average account value over the period, multiplied by 182/365.
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AllianzGI Best Styles Global Equity Fund
For the period of October 1, 2016 through March 31, 2017, as provided by Christian McCormick, Senior Product Specialist.
Fund Insights
For the six-month period ended March 31, 2017, Class A shares at net asset value (‘‘NAV’’) of the AllianzGI Best Styles Global Equity Fund (the “Fund”) returned 9.50%, outperforming the MSCI ACWI (the “benchmark”), which returned 8.18%.
Market Overview
Global equities closed 2016 with strong returns, despite suffering the worst start to a year in decades, as renewed fears about a slowdown in China and further declines in oil prices led to a significant sell-off in the first six weeks of 2016. Having recouped these losses, the UK’s unexpected vote in favor of leaving the EU led to another bout of weakness in late June. Shares prices recovered once more, ending the year with a Trump-inspired rally amid hopes of tax cuts and a more pro-growth policy stance. Global equities rallied over the first three months of 2017, buoyed by signs of strengthening growth and optimism over company earnings, although the rally faded towards the quarter end. In terms of monetary policy, the European Central Bank (“ECB”) and Bank of Japan continued with their easing policy, while the US Federal Reserve (the ‘‘Fed’’) raised interest rates in December by 25 basis points and then again in Q1 2017 by another 25 basis points, reflecting an improving macro-economic environment in the US.
Portfolio Review
The Best Styles strategies implement a well-diversified blend of the five long-term successful investment styles that include value, momentum, earnings revisions, growth and quality. Over the trailing 12 months, the value style outperformed the benchmark by approximately 8%, delivering a rebound in relative performance after having been mostly stagnant since 2009. The majority of the performance came in the second half of 2016. The other four investment styles had negative relative performance.
The Best Styles strategy has only moderate leeway for sector allocation with a maximum deviation of 3% vs. the benchmark for active sector weightings. The overall contribution from active sector allocation was neutral. Consumer discretionary was the largest relative contributor at +29 basis points, while the utilities allocation detracted 15 basis points. Country allocation effect was also neutral with no attribution of note.
Best Styles 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. Individual stocks contributed negatively during the period. Information technology stocks were the best performers, led by Activision Blizzard and Samsung, adding a combined 33 basis points of relative performance. Consumer discretionary stocks detracted 73 basis points of versus the benchmark, led by Amazon at -13 basis points.
Outlook
We expect that Best Styles will continue to be overweight in stocks with attractive valuations and stocks with positive momentum and revisions, in line with the longer term strategic investment style mix.
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AllianzGI Best Styles Global Equity Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2017
| 6 Month* | 1 Year | Since Inception† | ||||||||||
| AllianzGI Best Styles Global Equity Fund Class A | 9.50% | 13.50% | 5.93% | |||||||||
|
|
AllianzGI Best Styles Global Equity Fund Class A (adjusted) | 3.48% | 7.25% | 4.14% | ||||||||
| AllianzGI Best Styles Global Equity Fund Class C | 9.34% | 12.93% | 5.21% | |||||||||
|
|
AllianzGI Best Styles Global Equity Fund Class C (adjusted) | 8.34% | 11.93% | 5.21% | ||||||||
|
|
AllianzGI Best Styles Global Equity Fund Class P | 9.75% | 13.87% | 6.15% | ||||||||
|
|
AllianzGI Best Styles Global Equity Fund Institutional Class | 9.81% | 13.88% | 6.23% | ||||||||
|
|
AllianzGI Best Styles Global Equity Fund Class R6 | 9.85% | 14.04% | 6.33% | ||||||||
|
|
MSCI ACWI | 8.18% | 15.04% | 5.59% | ||||||||
| Lipper Global Multi-Cap Value Average | 9.43% | 14.94% | 4.12% | |||||||||
† The Fund began operations on December 2, 2013. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on November 30, 2013.
* 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 133 and 134 for more information. The Fund’s gross expense ratios are 0.79% for Class A shares, 1.49% for Class C shares, 0.62% for Class P shares, 0.51% for Institutional Class shares and 0.49% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2018. The Funds expense ratios net of this reduction are 0.70% for Class A shares, 1.40% for Class C shares, 0.50% for Class P shares, 0.40% for Institutional Class shares and 0.40% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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AllianzGI Best Styles Global Equity Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||
| Class A | Class C | Class P | Institutional Class |
Class R6 | ||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (3/31/17) | $1,095.00 | $1,093.40 | $1,097.50 | $1,098.10 | $1,098.50 | |||||
| Expenses Paid During Period | $3.92 | $7.25 | $2.98 | $2.30 | $2.09 | |||||
| Hypothetical Performance | ||||||||||
| (5% return before expenses) | ||||||||||
| Class A | Class C | Class P | Institutional Class |
Class R6 | ||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (3/31/17) | $1,021.19 | $1,018.00 | $1,022.09 | $1,022.74 | $1,022.94 | |||||
| Expenses Paid During Period | $3.78 | $6.99 | $2.87 | $2.22 | $2.02 | |||||
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.75% for Class A, 1.39% for Class C, 0.57% for Class P, 0.44% for Institutional Class and 0.40% for Class R6), multiplied by the average account value over the period, multiplied by 182/365.
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AllianzGI Best Styles International Equity Fund
For the period of October 1, 2016 through March 31, 2017, as provided by Christian McCormick, Senior Product Specialist.
Fund Insights
For the six-month period ended March 31, 2017, Class A shares at net asset value (‘‘NAV’’) of the AllianzGI Best Styles International Equity Fund (the “Fund”) returned 8.11%, outperforming the MSCI EAFE Index (the “benchmark”), which returned 6.48%.
Market Overview
European equities ended a volatile year with moderate gains (in EUR terms). Losses in the first half of the year were offset by gains in latter half when the weak euro helped to lift the outlook for the region’s exporters. However, political tensions continue to weigh on equity markets in Europe with peripheral markets, such as Italy and Ireland, suffering losses, while core markets, like France and Germany, rallied. Returns in Italy were affected by continued issues with the country’s banks, while Ireland suffered due to its close economic links with the EU. European equities continued to rally into 2017, reaching 15-month highs amid signs of strengthening growth. In addition, the election result in the Netherlands helped diffuse some of the political uncertainty that had previously weighed on sentiment. Japanese equities rebounded in the closing months of the year, boosted by a sharp fall in the yen versus the US dollar following the US presidential election, and by stimulus measures from both the government and the Bank of Japan. Japanese equities were essentially flat however, in the first quarter of 2017.
Portfolio Review
The Best Styles strategies implement a well-diversified blend of the five long-term successful investment styles that include value, momentum, earnings revisions, growth and quality. Over the trailing 12 months, the value style outperformed the benchmark by approximately 8%, delivering a rebound in relative performance after having been mostly stagnant since 2009. The majority of the performance came in the second half of 2016. Japanese value stocks outperformed by 10% and European value stocks by 7%. The other four investment styles had negative relative performance.
The Best Styles strategy has only moderate leeway for sector allocation with a maximum deviation of 3% vs. the benchmark for active sector weightings. The overall contribution from active sector allocation was positive. Telecom was the largest relative contributor at +21 basis points, while there were no significant detractors from a sector context. Country allocation effect was also neutral with no attribution of note except Austria, which contributed +19 basis points of relative performance.
Best Styles 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. Individual stocks contributed negatively during the period. Consumer staples and materials stocks were particularly strong, contributing an approximately combined 200 basis points of outperformance. However, this was offset by consumer discretionary and industrials holdings, which essentially detracted the same amount at -170 basis points, led by Easyjet at -21 basis points.
Outlook
We expect that Best Styles will continue to be overweight in stocks with attractive valuation and stocks with positive momentum and revisions, in line with the longer term strategic investment style mix.
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AllianzGI Best Styles International Equity Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2017
| 6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI Best Styles International Equity Fund Class A | 8.11% | 10.66% | 1.73% | |||||||||||
|
|
AllianzGI Best Styles International Equity Fund Class A (adjusted) | 2.16% | 4.57% | –0.73% | ||||||||||
| AllianzGI Best Styles International Equity Fund Class C | 7.70% | 9.87% | 0.98% | |||||||||||
|
|
AllianzGI Best Styles International Equity Fund Class C (adjusted) | 6.72% | 8.87% | 0.98% | ||||||||||
|
|
AllianzGI Best Styles International Equity Fund Class P | 8.23% | 10.80% | 1.89% | ||||||||||
|
|
AllianzGI Best Styles International Equity Fund Institutional Class |
8.17% | 10.90% | 1.97% | ||||||||||
|
|
AllianzGI Best Styles International Equity Fund R6 | 8.20% | 10.93% | 2.05% | ||||||||||
|
|
MSCI EAFE Index | 6.48% | 11.67% | 2.27% | ||||||||||
| Lipper International Multi-Cap Value Funds Average | 8.07% | 13.20% | 1.25% | |||||||||||
† The Fund began operations on December 9, 2014. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on November 30, 2014.
* 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 133 and 134 for more information. The Fund’s gross expense ratios are 1.24% for Class A shares, 2.02% for Class C shares, 0.95% for Class P shares, 1.00% for Institutional Class shares and 0.97% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2018. The Fund’s expense ratios net of this reduction are 0.70% for Class A shares, 1.45% for Class C shares, 0.55% for Class P shares, 0.45% for Institutional Class shares and 0.45% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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AllianzGI Best Styles International Equity Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||
| Class A | Class C | Class P | Institutional Class |
Class R6 | ||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (3/31/17) | $1,081.10 | $1,077.00 | $1,082.30 | $1,081.70 | $1,082.00 | |||||
| Expenses Paid During Period | $4.00 | $7.87 | $3.22 | $2.70 | $2.39 | |||||
| Hypothetical Performance | ||||||||||
| (5% return before expenses) | ||||||||||
| Class A | Class C | Class P | Institutional Class |
Class R6 | ||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (3/31/17) | $1,021.09 | $1,017.35 | $1,021.84 | $1,022.34 | $1,022.64 | |||||
| Expenses Paid During Period | $3.88 | $7.64 | $3.13 | $2.62 | $2.32 | |||||
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 (0.77% for Class A, 1.52% for Class C, 0.62% for Class P, 0.52% for Institutional Class and 0.46% for Class R6), multiplied by the average account value over the period, multiplied by 182/365.
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AllianzGI Best Styles U.S. Equity Fund
For the period of October 1, 2016 through March 31, 2017, as provided by Christian McCormick, Senior Product Specialist.
Fund Insights
For the six-month period ended March 31, 2017, Class A shares at net asset value (“NAV”) of the AllianzGI Best Styles U.S. Equity Fund (the “Fund”) returned 10.63%, outperforming the S&P 500 Index (the “benchmark”), which returned 10.12%.
Market Overview
The benchmark touched a series of fresh highs after Donald Trump’s surprise presidential election victory raised hopes that corporate profit margins would be boosted by tax cuts and a greater focus on growth. While smaller companies, which tend to be more exposed to the domestic economy, underperformed their larger counterparts at the start of 2016, they later surged on hopes that the new administration would introduce higher infrastructure spending and other measures aimed at boosting the US economy. US equities posted their strongest quarterly gain in four years to start 2017. Shares were bolstered by signs of improving economic momentum, optimism over company earnings and by hopes that the new administration would introduce tax and regulatory reform. However, the rally appeared to fade towards the quarter end amid concerns about President Trump’s ability to implement his election promises. As widely expected, in March the US Federal Reserve (the “Fed”) raised interest rates by 25 basis points to a range of 0.75% to 1.0%. However, the US central bank did not change its “dot plot” projections of interest rates in 2017 and 2018, allaying concerns that it would be more aggressive in raising rates compared to its earlier forecast of two further rate rises this year.
Portfolio Review
The Best Styles strategies implement a well-diversified blend of the five long-term successful investment styles that include value, momentum, earnings revisions, growth and quality. Over the trailing 12 months, the value style outperformed the benchmark by approximately 5%, delivering a rebound in relative performance after having been mostly stagnant since 2009. The majority of the performance came in the second half of 2016. The other four investment styles had negative relative performance.
The Best Styles strategy has only moderate leeway for sector allocation with a maximum deviation of 3% vs. the benchmark for active sector weightings. The overall contribution from active sector allocation was positive. Information technology was the largest relative contributor at +49 basis points, but the financial sector was a significant detractor at -78 basis points. The financial sector was the top performer during the period and the Fund held an average underweight.
Best Styles 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. Individual stocks contributed negatively during the period. Consumer staples and healthcare stocks were the best performers, led by Coca Cola and Bristol Myers Squibb, adding a combined 17 basis points of relative performance. Consumer discretionary and energy stocks detracted an aggregate of 175 basis points versus the benchmark.
Outlook
We expect that Best Styles will continue to be overweight in stocks with attractive valuation and stocks with positive momentum and positive revisions, in line with the longer term strategic investment style mix.
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AllianzGI Best Styles U.S. Equity Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2017
| 6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI Best Styles U.S. Equity Fund Class A | 10.63% | 15.86% | 6.61% | |||||||||||
|
|
AllianzGI Best Styles U.S. Equity Fund Class A (adjusted) | 4.55% | 9.48% | 4.05% | ||||||||||
| AllianzGI Best Styles U.S. Equity Fund Class C | 10.26% | 15.03% | 5.83% | |||||||||||
|
|
AllianzGI Best Styles U.S. Equity Fund Class C (adjusted) | 9.26% | 14.03% | 5.83% | ||||||||||
|
|
AllianzGI Best Styles U.S. Equity Fund Class P | 10.77% | 16.10% | 6.75% | ||||||||||
|
|
AllianzGI Best Styles U.S. Equity Fund Institutional Class | 10.76% | 16.16% | 6.88% | ||||||||||
|
|
AllianzGI Best Styles U.S. Equity Fund Class R6 | 10.87% | 16.26% | 6.98% | ||||||||||
|
|
S&P 500 Index | 10.12% | 17.17% | 8.49% | ||||||||||
| Lipper Multi-Cap Core Funds Average | 9.50% | 15.84% | 5.79% | |||||||||||
† The Fund began operations on December 1, 2014. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on November 30, 2014.
* 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 133 and 134 for more information. The Fund’s gross expense ratios are 0.93% for Class A shares, 1.61% for Class C shares, 0.70% for Class P shares, 0.73% for Institutional Class shares and 0.61% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2018. The Fund’s expense ratios net of this reduction are 0.65% for Class A shares, 1.40% for Class C shares, 0.50% for Class P shares, 0.50% for Institutional Class shares and 0.40% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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AllianzGI Best Styles U.S. Equity Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||
| Class A | Class C | Class P | Institutional Class |
Class R6 | ||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (3/31/17) | $1,106.30 | $1,102.60 | $1,107.70 | $1,107.60 | $1,108.70 | |||||
| Expenses Paid During Period | $3.68 | $7.65 | $3.00 | $2.63 | $2.10 | |||||
| Hypothetical Performance | ||||||||||
| (5% return before expenses) | ||||||||||
| Class A | Class C | Class P | Institutional Class |
Class R6 | ||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (3/31/17) | $1,021.44 | $1,017.65 | $1,022.09 | $1,022.44 | $1,022.94 | |||||
| Expenses Paid During Period | $3.53 | $7.34 | $2.87 | $2.52 | $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 (0.70% for Class A, 1.46% for Class C, 0.57% 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 182/365.
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AllianzGI Convertible Fund
For the period of October 1, 2016, through March 31, 2017, as provided by Doug Forsyth, CFA, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2017, Class A shares at net asset value (“NAV”) of the AllianzGI Convertible Fund (the “Fund”) returned 5.74%, underperforming the BofA Merrill Lynch US Convertibles Index (the “benchmark”), which returned 7.51%.
Market Overview
The convertible market’s upward trajectory in 2016 continued into the fourth quarter. In contrast to 2016’s start to the year, the outset of 2017 began on much firmer footing.
Several factors influenced convertibles throughout the period, including constructive economic trends, corporate health, the US Federal Reserve (the “Fed”) rate decision and outlook, US elections and the new administration’s pro-growth agenda, sustained appetite for risk assets, and commodity price strength.
In the US, positive economic reports outnumbered weaker releases, indicating ongoing growth and supporting the market’s advance. Overall, the trend in economic data reinforced the favorable credit conditions for convertible bonds.
Operating performance for most convertible issuers met or exceeded expectations. According to Thomson Reuters I/B/E/S, of the companies in the S&P 500 Index, the majority reported earnings that were above analyst expectations. We believe these statistics provide additional proof of the underlying fundamental strength of the convertible-bond market.
The convertible market responded positively to the Fed’s rate decisions and commentary. The central bank hiked the Fed funds rate a quarter point in both December 2016 and in March 2017. On balance, a Fed that did not deviate from its gradual approach toward policy adjustments, and a highly accommodative environment outside the US, continued to help support the performance of risk assets.
The unexpected election of Donald Trump triggered a rotation into risk assets that persisted throughout the reporting period. Investor appetite centered on optimism around the President’s pro-growth agenda and anticipation of a more favorable corporate earnings backdrop predicated on positive tax reform, decreased regulation, and increased fiscal spending.
This sentiment was also evident at the sub-asset class level and resulted in performance dispersion among the different convertible bond structures. For example, equity-like convertibles outperformed total-return convertibles, which outperformed bond-like or busted convertibles.
Finally, improving industry dynamics helped lift the price of crude oil and aided in the stabilization of other commodity prices. These developments had a positive impact on many energy and materials companies.
Portfolio Review
The Fund gained along with the market for the six-month period, but performance lagged the benchmark return.
The attribution for the period included several positive single-name performers from a variety of industries. The majority of the portfolio’s issuers exceeded earnings expectations, which contributed to absolute performance during the period.
Sector allocations that helped relative performance in the period included financials, telecommunications and utilities. In both financials and utilities, an underweight had a positive impact on relative performance. In the telecommunications industry, issue selection was the source of strength.
The sector allocations that hurt relative performance during the period included technology, healthcare, and materials. In technology, an overweight was beneficial, but the positive impact was more than offset by issue selection. An overweight and a lower relative return detracted in healthcare. In materials, the Fund exhibited negative issue selection.
Outlook
Currently, US equity markets continue to record new all-time highs, volatility is near all-time lows and interest rates are trending higher on an improving economic outlook. Historically, these factors have been positive indicators for both economic and corporate earnings growth and supportive of investments in risk assets.
Further, we predict redemptions and maturities should decline over the next couple of years and if new issuance remains steady compared to the last couple of years, we believe the convertible market could grow significantly. We expect this would likely improve sector diversification as well as provide more balanced convertible opportunities.
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Average Annual Total Return for the period ended March 31, 2017
| 6 Month* | 1 Year | 5 Year | 10 Year | Since Inception† | ||||||||||||||||||
| AllianzGI Convertible Fund Class A | 5.74% | 14.34% | 8.13% | 7.46% | 9.85% | |||||||||||||||||
|
|
AllianzGI Convertible Fund Class A (adjusted) | –0.07% | 8.05% | 6.91% | 6.85% | 9.59% | ||||||||||||||||
| AllianzGI Convertible Fund Class C | 5.42% | 13.57% | 7.35% | 6.68% | 9.04% | |||||||||||||||||
|
|
AllianzGI Convertible Fund Class C (adjusted) | 4.42% | 12.57% | 7.35% | 6.68% | 9.04% | ||||||||||||||||
|
|
AllianzGI Convertible Fund Class R | 5.53% | 13.81% | 7.69% | 7.11% | 9.54% | ||||||||||||||||
|
|
AllianzGI Convertible Fund Class P | 5.93% | 14.65% | 8.39% | 7.70% | 10.09% | ||||||||||||||||
|
|
AllianzGI Convertible Fund Institutional Class | 5.98% | 14.75% | 8.49% | 7.80% | 10.19% | ||||||||||||||||
| AllianzGI Convertible Fund Administrative Class | 5.84% | 14.48% | 8.22% | 7.51% | 9.87% | |||||||||||||||||
|
|
BofA Merrill Lynch US Convertibles Index | 7.51% | 18.12% | 9.97% | 6.73% | 8.23% | ||||||||||||||||
| Lipper Convertible Securities Funds Average | 5.53% | 14.65% | 7.16% | 5.03% | 7.26% | |||||||||||||||||
† The Fund began operations on April 19,1993. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on April 30,1993.
* 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 133 and 134 for more information. The Fund’s expense ratios are 0.99% for Class A shares, 1.71% for Class C shares, 1.43% for Class R shares, 0.73% for Class P shares, 0.67% for Institutional Class shares and 0.90% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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AllianzGI Convertible Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||||
| Class A | Class C | Class R | Class P | Institutional Class |
Administrative Class | |||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
| Ending Account Value (3/31/17) | $1,057.40 | $1,054.20 | $1,055.30 | $1,059.30 | $1,059.80 | $1,058.40 | ||||||
| Expenses Paid During Period | $5.33 | $8.86 | $7.58 | $3.85 | $3.49 | $4.67 | ||||||
| Hypothetical Performance | ||||||||||||
| (5% return before expenses) | ||||||||||||
| Class A | Class C | Class R | Class P | Institutional Class |
Administrative Class | |||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
| Ending Account Value (3/31/17) | $1,019.75 | $1,016.31 | $1,017.55 | $1,021.19 | $1,021.54 | $1,020.39 | ||||||
| Expenses Paid During Period | $5.24 | $8.70 | $7.44 | $3.78 | $3.43 | $4.58 | ||||||
For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.04% for Class A, 1.73% for Class C, 1.48% for Class R, 0.75% for Class P, 0.68% for Institutional Class and 0.91% 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
For the period of October 1, 2016 through March 31, 2017, as provided by Lu Yu, CFA, CIPM, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2017, Class A shares at net asset value (“NAV”) of the AllianzGI Emerging Markets Consumer Fund (the “Fund”) returned 5.02%, underperforming the MSCI Emerging Markets Index (the “benchmark”), which returned 6.80%.
Market Overview
During the reporting period, the macroeconomic environment continued to improve following a rebound in emerging market shares which began in early 2016, with positive sentiment driving investor flows to the asset class.
Initially, the benchmark was modestly positive in October 2016 as investors gravitated toward the attractive growth and valuation mix offered by emerging market shares. The unforeseen victory of President Trump in the November 2016 elections led market participants to telegraph a stronger US dollar, a greater likelihood of federal interest rate hikes, and concerns of more protectionist policies, which could slow growth in emerging markets. The rally was back on track with four consecutive monthly benchmark gains from December 2016 through March 2017, as emerging markets collectively outpaced their developed market peers due to robust growth expectations and currency strength.
During the reporting period, 18 of 23 emerging market countries advanced in terms of USD performance, led by double-digit gains in Poland, Chile, Russia and Brazil. Conversely, Egypt, the Philippines and Turkey were among the decliners due in part to country-specific geopolitical volatility. Sector performance for the benchmark was broadly higher, led by double-digit returns in materials and energy. Meanwhile, health care, consumer staples and real estate sectors each posted declines for the six-month period.
Portfolio Review
The Fund is strategically focused on local emerging markets consumption while avoiding hard-asset and export-oriented stocks, which do not capture the secular growth of the rising middle class. The Fund trailed the benchmark due primarily to asset allocation decisions, given the exclusion of pro-cyclical stocks, which were among the top performers for the benchmark.
During the reporting period, bottom-up stockpicking in industrials, information technology, telecommunication services and consumer discretionary was decidedly positive in each sector. Conversely, the exclusion of materials and energy - the two top performers for the benchmark - offset results, as did selections in financials and consumer staples. Country results were led by strong stock selection in Russia, followed by South Africa and emerging market-related investments in Japan. Conversely, more conservative stockpicking in Taiwan detracted from results followed by South Korea and China.
Outlook
We firmly believe emerging markets are at the beginning of an unrecognized bull market, with the asset flow and performance pendulum starting to swing back in their favor. In particular, we believe the forward-looking allocation mix targeted towards consumer-related growth in the asset class is likely to attract investors in the coming periods.
We predict that the combination of superior underlying growth rates and an expanding return on equity relative to developed markets, alongside a meaningful reduction in valuation, provides confidence that the turnaround is still in its early stages. Perhaps most importantly, analysts are upgrading earnings expectations in emerging markets for the first time in five years, which we predict is a signal that the market is beginning to give the asset class the certitude it deserves. A silver lining is that emerging market currencies have outperformed their developed market counterparts to begin 2017, providing a tailwind to many investors.
While asset flows have increased in eight of the last nine months, we believe the average investor remains underweight emerging market equities which could translate to future asset flows as the current level of skepticism is replaced with optimism. In addition, we believe the normalized market environment in the beginning of 2017 is increasingly led by idiosyncratic impacts rather than predominately sentiment and macroeconomic influences, which we believe should bode well for our bottom-up, behavioral finance-focused investment process.
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AllianzGI Emerging Markets Consumer Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2017
| 6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI Emerging Markets Consumer Fund Class A | 5.02% | 17.75% | –1.87% | |||||||||||
|
|
AllianzGI Emerging Markets Consumer Fund Class A (adjusted) | –0.76% | 11.27% | –4.23% | ||||||||||
|
|
AllianzGI Emerging Markets Consumer Fund Institutional Class | 5.23% | 18.29% | –1.50% | ||||||||||
|
|
MSCI Emerging Markets Index | 6.80% | 17.21% | 1.09% | ||||||||||
| Lipper Emerging Markets Funds Average | 5.66% | 16.23% | –0.51% | |||||||||||
† The Fund began operations on December 1, 2014. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on November 30, 2014.
* Cumulative returns.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 133 and 134 for more information. The Fund’s gross expense ratios are 38.81% for class A shares and 2.00% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2018. The Fund’s expense ratios net of this reduction are 1.56% for Class A shares and 1.21% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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AllianzGI Emerging Markets Consumer Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||
| Class A | Institutional Class | |||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | ||
| Ending Account Value (3/31/17) | $1,050.20 | $1,052.30 | ||
| Expenses Paid During Period | $7.92 | $6.14 | ||
| Hypothetical Performance | ||||
| (5% return before expenses) | ||||
| Class A | Institutional Class | |||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | ||
| Ending Account Value (3/31/17) | $1,017.20 | $1,018.95 | ||
| Expenses Paid During Period | $7.80 | $6.04 | ||
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 (1.55% for Class A and 1.20% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
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AllianzGI Emerging Markets Debt Fund
For the period of October 1, 2016 through March 31, 2017, as provided by the AllianzGI Emerging Markets Debt Team.
Fund Insights
For the six-month period ended March 31, 2017, Class A shares at net asset value (“NAV”) of the AllianzGI Emerging Markets Debt Fund (the “Fund”) returned 1.82%, outperforming the 40% JPM EMBI Global Diversified, 40% JPM CEMBI Broad Diversified, 20% JPM GBI-EM Diversified (the “benchmark”), which returned 0.55%.
Portfolio Review
Over the reporting period, the emerging markets hard currency sovereign debt universe posted a negative -0.31% return and hard currency corporate debt posted a positive +1.62% return. Relative to the US dollar, emerging markets local currencies saw a benign return of +0.01% for the period. Our weighting in local currencies throughout the reporting period averaged below 5%, but performed well, contributing +25 basis points to the portfolio’s returns. Our more conservative positioning reflected our view that technicals remained challenging in the Local Currencies and Foreign Exchange (“LCFX”) asset class leading up to US elections and through year end.
The net effect of the Trump election led to a –US$13bn knee-jerk outflow in fixed income Emerging Markets (“EM”) through November and the first three weeks of December 2016. Investors had seen healthy returns in 2016, and profit taking in the light of uncertainty was a natural position to take. As 2017 progressed, December’s federal interest rate hike was well absorbed, and optimism about growth stimulus in the US was on the rise. Interest in the emerging market asset class resumed.
The rebound in commodity prices added support, as oil found a new trading range in the $50-60/bbl. range; iron ore (IOE1) gained 54% and copper (HG1) rose 20% during the reporting period. Emerging markets were able to continue decoupling from developed markets and weather a +79 basis points steepening of the 10yr US Treasury yield curve. Sentiment was further supported as Chinese 4Q16 GDP came in at 6.8%, above expectations. Sovereign spreads on the Emerging Markets Bond Index Global Diversified (“EMBIG-D”) tightened by -26 basis points during the period, ending March at a spread of +310 basis points vs. US Treasury (“UST”).
Corporate assets outperformed even sovereigns, with the Corporate Emerging Markets Bond Index Broad Diversified (“CEMBI-BD”) tightening by -55 basis points to close Q117 at a spread of +261 basis points vs. UST (STW), at one point, touching tights not seen since 2007. Investors favored both the lower duration of this asset class and the positive technicals supporting it. Default rates in Emerging Market corporates are forecasted to be at 2.0% in 2017, below that of US High Yield, and there has been significant demand for new issuances, which has hit record pace this year. Even with substantial new issuances (US$120bn thus far, with $315bn forecast by JPMorgan (“JPM”) through year end), forward net issuances through year end is anticipated to be low at $18bn.
Within hard currency sovereigns, the more treasury sensitive investment grade component of the EMBIG-D suffered the brunt of the treasury widening, returning -1.80% during the period, whereas the high yield component benefited from renewed risk appetite and the higher yield cushion, returning +1.36%. On a regional basis, Latin America saw the poorest performance (-1.29%), due in part to concerns about North American Free Trade Agreement (“NAFTA”) trade renegotiations on the back Trump’s anti-trade rhetoric. Venezuela, too, saw an end-of-March wobble, in advance of maturing Petroleos de Venezuela (“PDVSA”) bonds, which were redeemed in April. Our portfolio benefited from owning these bonds. Asia was the next worst performer (-1.09%), similarly impacted by what have proven to be empty threats of labelling China a currency manipulator and other protectionist rhetoric from the US. Higher rated, more treasury sensitive countries in the region also suffered. Europe (-0.02%) was neutral in its contribution, with political issues in Turkey yielding the regions worst performance. Ukraine was the star performer, as its warrants were revalued up +25% by the market. Adding to gains in the region, early hopes that Russia might see more favorable treatment from the incoming US administration yielded the regions second highest returns. Africa (+1.88%), and the Middle East (+5.49%) were both buoyed by Chinese growth, adding to firmness in oil and commodities.
Portfolio Review
Within our portfolio the Corporate strategy produced the greatest alpha (+194 basis points), followed by the Momentum strategy (+50 basis points), the LCFX strategy (+25 basis points), and our Income strategy (+5 basis points). Sovereign holdings underperformed, detracting -26 basis points from returns, as did our Arbitrage strategy, which returned -10 basis points in the reporting period.
Within Corporates, Latin America (LATAM) was the outperformer, adding + 92 basis points of alpha, followed by Central Eastern Europe Middle East and Africa (“CEEMEA”), which returned +66 basis points during the month. Asia returned +36 basis points. Within LATAM, Brazilian commodity related names were the greatest contributors to returns. The only mildly negative performers were investment grade names, Coca-Cola Femsa in Mexico and Banco Santander in Chile, detracting a combined -1 basis points from performance. Oil and commodity credits dominated performance in CEEMEA, as well, with assets in Nigeria, Russia, and Kazakhstan leading the charge. Only a handful of credits in the portfolio saw negative performance, and none saw performance out of the -1 basis points range. Within our Asian holdings, high yielding credits in Indonesia performed best, with Indo Energy Finance, a coal producer, being the top performer.
Portfolio Review
During the reporting period, the Income Strategy contributed modestly to performance, adding +5 basis points of alpha, and our Arbitrage strategy had neutral performance owing to light positioning in a market where rising tides were lifting all boats. Performance from the Momentum strategy was led by holdings in Vedanta Resources plc, the largest mining and non-ferrous metals company in India, which added +35 basis points to returns. Positions in LATAM, spread across Argentina, Colombia, Mexico Guatemala, Trinidad & Tobago and Panama added a further +15 basis points to returns.
Barring the period of outflows and market weakness surrounding the US election cycle, we believe emerging markets have remained on a favorable spread tightening trend. Inflows to fixed income EM remain robust, totaling +$30.0bn. Of that, +$18.7bn has been in hard currency assets and +$11.3bn to local currency. Supply in the hard currency space has been well absorbed, with circa $61bn of sovereign and a record $120bn of corporate issuance coming to market. Net issuance figures were far lower and looking forward to year end, projected new issuance in sovereigns and corporates should total $19bn and $18bn, respectively (source: JPMorgan). We believe investors are now favoring LCFX positions over hard currency assets, given the relatively high carry and investment grade rating of the asset class. Recent inflows to that sub-asset class have been skewed toward non-traditional/ cross-over investors.
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AllianzGI Emerging Markets Debt Fund (cont’d)
As managers, we were able to capitalize on the distorted valuations stemming from volatility in commodities, elections and other idiosyncratic events impacting valuations in countries such as Brazil, Argentina, Venezuela, Russia and others throughout the reporting period. With the spread tightening following December’s widening, the market has reverted to a 10 year mean on the EMBIG-D sovereign benchmark. The Corporate CEMBI-BD index is currently trading at tights not seen since 2007. While it is hard to argue that there is room for significant spread tightening from here, we believe emerging market assets continue to offer attractive carry in a global environment devoid of yield. At present, growth in emerging markets continues to be roughly double that of developed markets.
Outlook
With markets trading at more ‘fully-priced’ levels, we believe that our flexible investment strategy provides us the greatest opportunities to capture alpha across the sub-asset classes in EM as and when pricing distortions occur. We expect that our strategy’s flexible duration offers protection in a rising rate environment. We believe dynamic management across all regions and sub-asset classes remains key to avoiding idiosyncratic surprises within the 68 countries we follow.
Average Annual Total Return for the period ended March 31, 2017
| 6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI Emerging Markets Debt Fund Class A | 1.82% | 11.68% | 3.77% | |||||||||||
|
|
AllianzGI Emerging Markets Debt Fund Class A (adjusted) | –1.99% | 7.49% | 2.22% | ||||||||||
| AllianzGI Emerging Markets Debt Fund Class C | 1.45% | 10.86% | 3.01% | |||||||||||
|
|
AllianzGI Emerging Markets Debt Fund Class C (adjusted) | 0.46% | 9.86% | 3.01% | ||||||||||
|
|
AllianzGI Emerging Markets Debt Fund Class P | 1.89% | 11.85% | 3.92% | ||||||||||
|
|
AllianzGI Emerging Markets Debt Fund Institutional Class | 1.97% | 12.03% | 4.04% | ||||||||||
|
|
40% JPM EMBI Global Div, 40% JPM CEMBI Broad Div, 20% JPM GBI-EM Div Index | 0.55% | 8.20% | 3.46% | ||||||||||
| Lipper Emerging Market Hard Currency Debt Funds Average | 1.64% | 10.52% | 3.22% | |||||||||||
† The Fund began operations on September 15, 2014. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on September 30, 2014.
* 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 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 133 and 134 for more information. The Fund’s gross expense ratios are 1.68% for Class A shares, 2.34% for Class C shares, and 1.40% for Class P shares and 1.40% shares for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2018. The Fund’s expense ratios net of this reduction are 1.20% for Class A shares, 1.95% for Class C shares, 1.05% for Class P shares and 0.95% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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AllianzGI Emerging Markets Debt Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||
| Class A | Class C | Class P | Institutional Class | |||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
| Ending Account Value (3/31/17) | $1,018.20 | $1,014.50 | $1,018.90 | $1,019.70 | ||||
| Expenses Paid During Period | $6.04 | $9.79 | $5.29 | $4.78 | ||||
| Hypothetical Performance | ||||||||
| (5% return before expenses) | ||||||||
| Class A | Class C | Class P | Institutional Class | |||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
| Ending Account Value (3/31/17) | $1,018.95 | $1,015.21 | $1,019.70 | $1,020.19 | ||||
| Expenses Paid During Period | $6.04 | $9.80 | $5.29 | $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, 1.05% 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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AllianzGI Emerging Markets Small-Cap Fund
For the period of October 1, 2016 through March 31, 2017, as provided by Jie Wei, CFA, Portfolio Manager
Fund Insights
For the six-month period ended March 31, 2017, Class A shares at net asset value (“NAV”) of the AllianzGI Emerging Markets Small-Cap Fund (the “Fund”) returned 10.30%, outperforming the MSCI Emerging Markets Small-Cap Index (the “benchmark”), which returned 5.98%.
Market Overview
During the reporting period, the macroeconomic environment continued to improve following a rebound in emerging market shares which began in early 2016, with positive sentiment driving investor flows to the asset class.
Initially, the benchmark was modestly positive in October as investors gravitated toward the attractive growth and valuation mix offered by emerging market shares. The unforeseen victory of President Trump in the November 2016 elections led market participants to telegraph a stronger US dollar, a greater likelihood of federal interest rate hikes, and concerns of more protectionist policies, which could slow growth in emerging markets. The rally was back on track with four consecutive monthly benchmark gains from December 2016 through March 2017, as emerging markets collectively outpaced their developed market peers due to robust growth expectations and currency strength. In this environment, emerging market small-cap equities modestly trailed their large-cap counterparts.
During the reporting period, 15 of the 22 emerging market small-cap countries posted positive results, led by strong gains in Russia, Poland and Greece. Conversely, Egypt, Turkey and United Arab Emirates were among the decliners due in part to country-specific geopolitical volatility. Sector results were broadly positive, led by strong results in energy, utilities, materials and information technology. Meanwhile, health care was the only sector laggard, positing a mid-single-digit decline during the reporting period.
Portfolio Review
The Fund seeks to benefit from the vast inefficiencies in emerging market small-cap equities. During the reporting period, the Fund outpaced the benchmark due to strong bottom-up stock picking.
During the reporting period, stock selection in information technology, energy, and utilities each topped the benchmark by a wide margin, as did the sizable underweight to health care – the worst performer for the benchmark. Conversely, materials and telecommunication services trailed the benchmark due to more conservative selections. Country performance was chiefly led by stock picking in China and South Korea. These results were offset by negative stock picking in India, followed more modest underperformance in the Philippines and Chile.
Outlook
We firmly believe emerging markets are at the beginning of an unrecognized bull market, with the asset flow and performance pendulum starting to swing back in their favor. In particular, We expect the high alpha potential in emerging market small-cap equities is likely to attract investors in the coming periods.
We believe the combination of superior underlying growth rates and an expanding return on equity relative to developed markets, alongside a meaningful reduction in valuation provides confidence that the turnaround is still in its early stages. Perhaps most importantly, analysts are upgrading earnings expectations in emerging markets for the first time in five years, which we predict is a signal that the market is beginning to give the asset class the certitude it deserves. A silver lining is that emerging market currencies have outperformed their developed market counterparts to begin 2017, providing what we expect will be a tailwind to many investors.
While asset flows have increased in eight of the last nine months, we believe the average investor remains underweight emerging market equities which could translate to future asset flows as the current level of skepticism is replaced with optimism. In addition, we believe the normalized market environment in the beginning of 2017 is increasingly led by idiosyncratic impacts rather than predominately sentiment and macroeconomic influences, which should bode well for our bottom-up, behavioral finance-focused investment process.
Average Annual Total Return for the period ended March 31, 2017
| 6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI Emerging Markets Small-Cap Fund Class A | 10.30% | 18.68% | 5.43% | |||||||||||
|
|
AllianzGI Emerging Markets Small-Cap Fund Class A (adjusted) | 4.23% | 12.15% | 2.90% | ||||||||||
|
|
AllianzGI Emerging Markets Small-Cap Fund Institutuional Class | 10.56% | 19.04% | 5.78% | ||||||||||
|
|
MSCI Emerging Markets Small-Cap Index | 5.98% | 14.49% | 2.58% | ||||||||||
| Lipper Emerging Markets Funds Average | 5.66% | 16.23% | –0.51% | |||||||||||
† The Fund began operations on December 1, 2014. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on November 30, 2014.
* Cumulative returns.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 133 and 134 for more information. The Fund’s gross expense ratios are 6.71% for Class A shares and 4.61% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2018. The Fund’s expense ratios net of this reduction are 1.85% for Class A shares and 1.50% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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AllianzGI Emerging Markets Small-Cap Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||
| Class A | Institutional Class | |||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | ||
| Ending Account Value (3/31/17) | $1,103.00 | $1,105.60 | ||
| Expenses Paid During Period | $9.70 | $7.87 | ||
| Hypothetical Performance | ||||
| (5% return before expenses) | ||||
| Class A | Institutional Class | |||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | ||
| Ending Account Value (3/31/17) | $1,015.71 | $1,017.45 | ||
| Expenses Paid During Period | $9.30 | $7.54 | ||
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 (1.85% for Class A and 1.50% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
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Unaudited
AllianzGI Europe Equity Dividend Fund
For the period of October 1, 2016 through March 31, 2017, as provided by Christian McCormick, Senior European Inter-Regional Product Specialist.
Fund Insights
For the six-month period ended March 31, 2017, Class A shares at net asset value (“NAV”) of the AllianzGI Europe Equity Dividend Fund (the “Fund”) returned 3.65%, underperforming the MSCI Europe Index (Net) (the “benchmark”), which returned 7.01%.
Market Overview
Global equities closed 2016 with strong returns, despite suffering the worst start to a year in decades as renewed fears of a slowdown in China and a further decline in oil prices led to a significant sell-off in the first six weeks of 2016. Having recouped these losses, the UK’s unexpected vote in favor of leaving the European Union led to another bout of weakness in late June 2016. Shares prices recovered once more, ending the year with a Trump-inspired rally amid hopes of tax cuts and a more pro-growth policy stance. Global equities rallied over the first three months of 2017, buoyed by signs of strengthening growth and optimism over company earnings, although the rally faded towards the quarter end. In terms of monetary policy, the European Central Bank (“ECB”) and Bank of Japan continued their easing policy, while the US Federal Reserve (the “Fed”) raised rates in December by 25 basis points and then again in the first quarter of 2017 by another 25 basis points, reflecting an improving macro-economic environment in the US.
Portfolio Review
The European Equity Dividend strategy maintains its disciplined two-step philosophy of screening companies based on dividend yields at least 25% higher than the benchmark, and which have a history of paying dividends while increasing the payout ratio. In addition, the Portfolio Manager takes into account current valuations when considering entry and exit points of the European based stocks which meet the dividend criteria.
During the period, the Fund had a positive contribution from sectors, despite being overweight traditional dividend paying sectors such as telecoms and utilities, both of which had negative absolute performance. The overweight to Financials helped, but from a stock selection standpoint this was the Fund’s worst contributor as it was underweight some of the best performing banks, which do not necessarily have high dividend yields. SES Sa, a consumer discretionary stock and the second biggest holding over the period contributed negative 57 basis points to relative performance. Axa, a French insurance company, was the biggest positive holding, contributing a relative 37 basis points.
Country allocation contributed a positive 130 basis points of relative performance. However, stock selection was worse from a country standpoint relative to sectors. Stock selection in Spain and the United Kingdom drove the vast majority of the underperformance. Despite is small allocation, Norwegian stocks were the largest positive contributors.
Outlook
There are currently a number of reasons to have a positive view on European equity markets. Despite numerous headwinds, leading indicators and GDP growth have proven remarkably resilient. Europe is in a much earlier stage of the economic cycle as compared to the US, for example, as indicated by unemployment numbers. With further room for economic recovery and a pickup in global inflation, we believe European company profits might now see the long-awaited turn. Larger parts of the European equity markets remain amongst those parts of the global markets with the lowest valuations. Current investor positioning toward the region appears overly bearish. We believe Europe to be the most attractive region for income oriented investors.
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Average Annual Total Return for the period ended March 31, 2017
| 6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI Europe Equity Dividend Fund Class A | 3.65% | 6.49% | 0.85% | |||||||||||
|
|
AllianzGI Europe Equity Dividend Fund Class A (adjusted) | –2.05% | 0.63% | –1.76% | ||||||||||
| AllianzGI Europe Equity Dividend Fund Class C | 3.23% | 5.62% | 0.10% | |||||||||||
|
|
AllianzGI Europe Equity Dividend Fund Class C (adjusted) | 2.23% | 4.62% | 0.10% | ||||||||||
|
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AllianzGI Europe Equity Dividend Fund Class P | 3.71% | 6.57% | 0.98% | ||||||||||
|
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AllianzGI Europe Equity Dividend Fund Institutional Class | 3.84% | 6.77% | 1.12% | ||||||||||
|
|
MSCI Europe Index (Net) | 7.01% | 9.76% | 1.52% | ||||||||||
| Lipper International Equity Income Average | 4.80% | 10.36% | 1.66% | |||||||||||
† The Fund began operations on February 2, 2015. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on January 31, 2015.
* 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 133 and 134 for more information. The Fund’s gross expense ratios are 9.51% for Class A shares, 10.14% for Class C shares, 9.11% for Class P shares and 9.07% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2018. The Fund’s expense ratios net of this reduction are 1.20% for Class A shares, 1.95% for Class C shares, 1.05% for Class P shares and 0.95% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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| Shareholder Expense Example | Actual Performance | |||||||
| Class A | Class C | Class P | Institutional Class | |||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
| Ending Account Value (3/31/17) | $1,036.50 | $1,032.30 | $1,037.10 | $1,038.40 | ||||
| Expenses Paid During Period | $6.35 | $10.23 | $5.59 | $5.08 | ||||
| Hypothetical Performance | ||||||||
| (5% return before expenses) | ||||||||
| Class A | Class C | Class P | Institutional Class | |||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
| Ending Account Value (3/31/17) | $1,018.70 | $1,014.86 | $1,019.45 | $1,019.95 | ||||
| Expenses Paid During Period | $6.29 | $10.15 | $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, 2.02% for Class C, 1.10% for Class P and 1.00% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
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AllianzGI Global Dynamic Allocation Fund
For the period of October 1, 2016 through March 31, 2017, as provided by the Multi-Asset US Group.
Fund Insights
For the six-month period ended March 31, 2017, Class A shares at net asset value (“NAV”) of the AllianzGI Global Dynamic Allocation Fund (the “Fund”) returned 3.88%, underperforming the 60% MSCI ACWI, 40% Bloomberg Barclays US Aggregate Bond Index (the “benchmark”), which returned 3.94%.
Market Overview
For the six month period ending March 31, 2017, markets were dominated by the surprising outcome of the US presidential election relative to prevailing market expectations. The Trump victory ushered in a period of uncertainty regarding the magnitude and timing of future policy changes at the same time that it seemed to instill general optimism in market participants. The theme of reflation against the backdrop of supportive fiscal policy and stronger consumer demand percolated through markets for the period.
Throughout the first quarter, risk assets continued to outperform in a low volatility environment despite significant policy setbacks (including the failure to pass healthcare reform) and continued uncertainty about the future of US domestic and foreign policy. Moreover, global risk assets rallied in the context of the US Federal Reserve (the “Fed”) hiking interest rates by 50 basis points in the period. Tighter Fed policy signaled a new regime of tighter global monetary policy in the future (even though the European Central Bank and Bank of Japan reiterated their current commitments to accommodative policies).
During the period, US stocks rallied in the aftermath of the election and continued to gain throughout the first quarter with US Small Cap stocks in particular leading the way: The Russell 2000 Index gained 11.5% and the Russell 2000 Value Index gained 13.9% outpacing larger stocks, which gained 10.1%, as measured by the Russell 1000 Index.
Global growth remained healthy as fundamental macro-economic data continued to either match or outperform economists’ expectations. During the first quarter, the gap between hard data and soft data, as measured by surveys of purchasing managers and consumers, widened substantially, revealing that much of what underpinned the rally in risk assets was associated with future expectations (as opposed to the current economic environment alone).
Optimistic assessments of global growth affected both developed and emerging markets: In broad terms, the MSCI All Country World Index returned 8.2%, only slightly outpacing Emerging Markets, which returned 6.8%. Better economic data helped boost European equities for the period, despite persistent uncertainties about key elections in 2017 (in the Netherlands, France and Germany). For the period, the best performing stock markets were Spain and Italy, which returned 17.3% and 17.6% respectively (MSCI country indexes in USD).
Global Bonds declined for the period with the Bloomberg Barclays Global Aggregate Bond Index losing 5.4%. The long end of the US curve had the worst performance as long Treasuries (20+ years) lost 10.9% in the period due in part to a sharp initial increase in inflation expectations and a spike in yields. While the 10-year yield on US Treasuries initially increased by about 75 basis points from the election through mid-December, it remained relatively range bound for most of the first quarter, making US Treasuries one of the worst performing asset classes for the period. The Bloomberg Barclays US Aggregate Bond Index lost 2.2% for the period. Within fixed income, US High Yield was the best performer. Globally, Emerging Market hard currency debt outperformed developed market government bonds. Commodities, most notably precious metals and gold, were among the worst performing asset classes in the period.
Portfolio Review
Overweights to global equities provided a tailwind to performance during the period, particularly in North America. Both allocation and selection effects contributed within North American equity exposure, as US equities experienced strong performance following the US presidential election. Conversely, allocation effects within emerging market equities detracted during the six-month period, as the asset class experienced volatile returns following the US election before rallying over the first quarter.
From an investment perspective, we maintain our underweight position in US government bonds (duration weighted) and an overweight to global equities including Emerging Markets, against a backdrop of favorable trend and fundamental views across risk assets.
Outlook
Looking ahead, we expect that global inflation will continue to steadily rise, partly attributable to firmer commodity prices and narrowing output gaps throughout developed markets. Emerging markets are expected to continue to post solid growth in the near term, providing opportunities for much needed structural reforms that will ultimately contribute to longer term stability. The global economy will likely continue to benefit from debt-financed growth for the foreseeable future on the back of leveraged households and businesses. We expect monetary policy to continue to tighten in the US, albeit at a slow and measured pace, while global central bank liquidity will remain abundant at least through 2018.
However, risks abound, including increased political risks, most notably in Europe in light of the busy election calendar, but also in key emerging markets. In addition, charged rhetoric about protectionism and zero-sum interactions threaten to undermine longstanding commitments to global trade in goods and financial assets. Finally, risks related to inflated expectations on the part of market participants as well as market complacency may potentially intensify should stocks reverse their recent rally.
As of the end of the period, we remain overweight risk assets and underweight most sovereign bonds with the idea in mind that sovereigns are nearing the end of a secular bull market. The “Reflation Trade” persists for now as long as the possibility of US fiscal stimulus remains and cyclical data continue to show signs of improvement. We maintain a positive outlook on emerging markets while recognizing that an unexpected slowdown in the US or other developed markets would have real and immediate implication for emerging markets broadly. We remain vigilant in this low volatility environment and are focused on monitoring cyclical data and relative valuations across asset classes.
Certain changes to the Fund’s investment strategy and portfolio management team became effective on October 1, 2016. Please see the prospectus for complete details.
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AllianzGI Global Dynamic Allocation Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2017
| 6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
| AllianzGI Global Dynamic Allocation Fund Class A | 3.88% | 7.70% | 4.81% | 9.66% | ||||||||||||||
|
|
AllianzGI Global Dynamic Allocation Fund Class A (adjusted) | –1.84% | 1.77% | 3.63% | 8.88% | |||||||||||||
| AllianzGI Global Dynamic Allocation Fund Class C | 3.44% | 6.81% | 4.00% | 8.84% | ||||||||||||||
|
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AllianzGI Global Dynamic Allocation Fund Class C (adjusted) | 2.44% | 5.81% | 4.00% | 8.84% | |||||||||||||
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AllianzGI Global Dynamic Allocation Fund Class R | 3.68% | 7.39% | 4.55% | 9.40% | |||||||||||||
|
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AllianzGI Global Dynamic Allocation Fund Class P | 3.91% | 7.85% | 4.97% | 9.86% | |||||||||||||
|
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AllianzGI Global Dynamic Allocation Fund Institutional Class | 3.99% | 7.98% | 5.09% | 9.97% | |||||||||||||
|
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AllianzGI Global Dynamic Allocation Fund Class R6 | 4.08% | 8.14% | 5.21% | 10.09% | |||||||||||||
| AllianzGI Global Dynamic Allocation Fund Administrative Class | 3.81% | 7.69% | 4.82% | 9.70% | ||||||||||||||
|
|
MSCI ACWI | 8.18% | 15.04% | 8.37% | 11.72% | |||||||||||||
|
|
Bloomberg Barclays US Aggregate Bond Index | –2.18% | 0.44% | 2.34% | 3.95% | |||||||||||||
|
|
60% MSCI ACWI, 40% Bloomberg Barclays US Aggregate Bond Index | 3.94% | 9.02% | 6.09% | 8.83% | |||||||||||||
| Lipper Alternative Global Macro Funds Average | 2.06% | 6.41% | 2.36% | 6.11% | ||||||||||||||
† The Fund began operations on April 27, 2009. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on April 30, 2009.
* 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 133 and 134 for more information. The Fund’s gross expense ratios are 1.78% for Class A shares, 2.74% for Class C shares, 2.30% for Class R shares, 1.52% for Class P shares, 1.50% for Institutional Class shares, 1.41% for Class R6 shares and 1.94% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2018. The Fund’s expense ratios net of this reduction are 1.02% for Class A shares, 1.79% for Class C shares, 1.39% for Class R shares, 0.85% for Class P shares, 0.75% for Institutional Class shares, 0.75% for Class R6 shares and 1.02% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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AllianzGI Global Dynamic Allocation Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||||||
| Class A | Class C | Class R | Class P | Institutional Class |
Class R6 | Administrative Class | ||||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
| Ending Account Value (3/31/17) | $1,038.80 | $1,034.40 | $1,036.80 | $1,039.10 | $1,039.90 | $1,040.80 | $1,038.10 | |||||||
| Expenses Paid During Period | $5.34 | $9.13 | $6.86 | $4.32 | $4.02 | $3.56 | $5.23 | |||||||
| Hypothetical Performance | ||||||||||||||
| (5% return before expenses) | ||||||||||||||
| Class A | Class C | Class R | Class P | Institutional Class |
Class R6 | Administrative Class | ||||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
| Ending Account Value (3/31/17) | $1,019.70 | $1,015.96 | $1,018.20 | $1,020.69 | $1,020.99 | $1,021.44 | $1,019.80 | |||||||
| Expenses Paid During Period | $5.29 | $9.05 | $6.79 | $4.28 | $3.98 | $3.53 | $5.19 | |||||||
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 (1.05% for Class A, 1.80% for Class C, 1.35% for Class R, 0.85% for Class P, 0.79% for Institutional Class, 0.70% for Class R6 and 1.03% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
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AllianzGI Global Fundamental Strategy Fund
For the period October 1, 2016 through March 31, 2017, as provided by Neil Dwane, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2017, Class A shares at net asset value (“NAV”) of the AllianzGI Global Fundamental Strategy Fund (the “Fund”) returned 1.68%, outperforming the USD Overnight LIBOR (the “benchmark”), which returned 0.30%.
Market Overview
Global equities surged during this period, with indices in the US and UK breaking previous record highs, while many other markets reached multi-month peaks. Financials stocks delivered robust returns, as did other growth-oriented sectors. In contrast, energy lagged while traditional defensive sectors underperformed. Both US and European equities rallied in this period. European stocks reached levels last seen in 2015.
Emerging market equities rallied, but lagged against their more developed counterparts. Brazilian equities posted moderate returns in the fourth-quarter 2016, surging in the first-quarter 2017. We believe Mexico, after performing poorly in 2016 having been a main casualty of Trump’s surprise victory, is recovering strongly in 2017. Eastern European performance was lifted by robust returns from Poland, Turkey and Hungary, all delivering double-digit gains.
US bonds fell over the six-month period, with yields rising sharply after the presidential election result. European bonds recorded negative returns over the period. In December 2016, the European Central Bank extended the duration of monthly bond purchases until at least the end of 2017, but reduced the size of bond purchases to EUR 60 billion per month. Emerging market bonds ended the period with mixed returns having fallen sharply in the final quarter of 2016. 2017 saw a change in investor sentiment, helping emerging market bonds to rebound as the US dollar weakened.
Portfolio Review
In the fourth-quarter of 2016, we sold some developed market equities (Centrica, Cisco and BASF) and reduced our exposure to Microsoft, locking in good profits. We invested in Keyence, Aecom and Yamaha and increased exposure to Mobileye. This was a profitable move as Mobileye rose over 30% in March due to a takeover-bid from Intel. We locked in profit and sold our entire holdings. We invested in Warehouses de Pauw, bought Thales and sold our stake in Yara. In 2017, we divested ourselves of Amazon, GameStop Corp, Intel and Johnson & Johnson, earning good profits.
Within the fixed income allocation, emerging market debt performed well and we took profits in March bringing our exposure to Mexico, Brazil and Argentina back in line with our standard allocation.
Despite good performance in 2016, both Royal Dutch Shell and BP contributed negatively YTD. We remain constructive on oil as a longer-term investment theme.
“Inflation Protection & Real Assets” was another successful theme of the Fund. Vonovia outperformed and we increased our weight in the theme through reinvestment in another German real-estate company, Deutsche Wohnen and a purchase of Two Harbors Corporation, a US real estate investment trust. We also added to this theme via investments in inflation-linked bonds in Spain and Australia.
Outlook
Our investment philosophy is predicated on generating consistent, positive returns by investing in multiple sources of diversified alpha using a fundamental and unconstrained approach, largely independent of the macroeconomic environment. We remain committed to generating outperformance for our clients by focusing on fundamentals. Tactically, we remain slightly cautious, and have taken this opportunity to attempt to de-risk the portfolio. After President Trump failed to garner enough support among fellow Republicans to replace “Obamacare” with his intended legislation, there is growing concern regarding his ability to implement other key election promises. As such, we have attempted to position the portfolio more defensively by locking in a number of profits and reducing our exposure to risk assets, while increasing our weight in cash to protect the portfolio against a downside turn.
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AllianzGI Global Fundamental Strategy Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2017
| 6 Month* | 1 Year | Since Inception† | ||||||||||
| AllianzGI Global Fundamental Strategy Fund Class A | 1.68% | 5.78% | 3.43% | |||||||||
|
|
AllianzGI Global Fundamental Strategy Fund Class A (adjusted) | –3.91% | –0.04% | 1.88% | ||||||||
| AllianzGI Global Fundamental Strategy Fund Class C | 1.30% | 5.03% | 2.64% | |||||||||
|
|
AllianzGI Global Fundamental Strategy Fund Class C (adjusted) | 0.32% | 4.03% | 2.64% | ||||||||
|
|
AllianzGI Global Fundamental Strategy Fund Class P | 1.70% | 5.91% | 3.56% | ||||||||
|
|
AllianzGI Global Fundamental Strategy Fund Institutional Class | 1.84% | 6.05% | 3.68% | ||||||||
|
|
USD Overnight LIBOR | 0.30% | 0.51% | 0.24% | ||||||||
|
|
70% MSCI ACWI, 30% Bloomberg Barclays Global Aggregate Bond Index | 3.95% | 9.75% | 6.16% | ||||||||
|
|
USD Overnight LIBOR + 4% | 2.35% | 4.67% | 4.39% | ||||||||
| Lipper Absolute Return Funds Average | 2.69% | 5.07% | 2.65% | |||||||||
† The Fund began operations on July 1, 2013. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on June 30, 2013.
* 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 133 and 134 for more information. The Fund’s gross expense ratios are 2.28% for Class A shares, 2.99% for Class C shares, 1.97% for Class P shares and 1.94% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least March 31, 2018. The Fund’s expense ratios net of this reduction are 1.12% for Class A shares, 1.87% for Class C shares, 0.97% for Class P shares and 0.87% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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| Shareholder Expense Example | Actual Performance | |||||||
| Class A | Class C | Class P | Institutional Class | |||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
| Ending Account Value (3/31/17) | $1,016.80 | $1,013.00 | $1,017.00 | $1,018.40 | ||||
| Expenses Paid During Period | $6.34 | $10.14 | $5.63 | $5.13 | ||||
| Hypothetical Performance | ||||||||
| (5% return before expenses) | ||||||||
| Class A | Class C | Class P | Institutional Class | |||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
| Ending Account Value (3/31/17) | $1,018.65 | $1,014.86 | $1,019.35 | $1,019.85 | ||||
| Expenses Paid During Period | $6.34 | $10.15 | $5.64 | $5.14 | ||||
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, 2.02% for Class C, 1.12% for Class P and 1.02% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
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AllianzGI Global Sustainability Fund
For the period of October 1, 2016 through March 31, 2017, as provided by the Global Equity Team.
Fund Insights
For the six-month period ended March 31, 2017, Class A shares at net asset value (“NAV”) of the AllianzGI Global Sustainability Fund (the “Fund”) returned 4.51%, underperforming the MSCI ACWI (the “benchmark”), which returned 8.18%.
Market Review
Global equities surged over the six-month period, with indices in the US and UK breaking previous record highs while many other markets reached multi-month peaks. Donald Trump’s victory in the US presidential election raised hopes that his pro-growth stance would boost company profits, outweighing fears about greater protectionism. In general, developed equity markets outperformed emerging markets, with Japan leading the advance as a weaker yen lifted the prospects of the country’s exporters.
In terms of sectors, financials stocks delivered robust returns amid expectations that interest rates would rise faster than expected as a result of President-elect Trump’s policies. In contrast, energy lagged as oil prices failed to build on earlier gains, while traditional defensive sectors, such as consumer staples, telecoms and utilities, underperformed, as did the newly-created real estate sector.
Global bonds fell over the six-month period, with yields in many markets touching multi-month highs. US bond yields jumped the most as President Trump’s policies were expected to result in higher inflation and an accelerated path of interest rate increases. Yields on European bonds also increased amid evidence that economic activity and inflation were strengthening. However, the upward movement in yields was less pronounced in Japan due to the Bank of Japan’s pledge to keep 10-year bond yields “around zero”.
In economic terms, the period was characterized by strengthening growth and rising inflation. The US Federal Reserve (the “Fed”) raised interest rates twice—in December 2016 and again in March 2017—taking the federal funds rate to 1.0%. In contrast, the European Central Bank (“ECB”) extended its bond-buying program in December until at least the end of 2017, but reduced the size of its monthly bond purchases. Subsequently, rising inflation in the first quarter of 2017 led to speculation that the ECB would need to wind down these measures, with President Mario Draghi noting that the battle against deflation had now been won. The Bank of England and Bank of Japan left monetary policy unchanged.
The US dollar strengthened significantly following Donald Trump’s surprise victory, approaching a 15-year high against its major trading partners. The Japanese yen, in particular, weakened. However, the Trump-inspired rally faded throughout the first quarter of 2017, causing the US dollar to give back some of its earlier gains.
Commodities delivered mixed returns. Oil prices initially strengthened following the news that OPEC had agreed to cut production, but later weakened amid signs of rising US supply. Elsewhere, a more optimistic growth outlook boosted prices for many industrials metals, such as copper, but gold lost ground.
Portfolio Review
The portfolio rose in absolute terms but underperformed the benchmark.
Our investment strategy of investing in attractively valued quality growth companies encountered headwinds in the fourth quarter as low quality value stocks rallied on hopes of stronger economic growth post the US elections, which led to higher inflation expectations and a rise in interest rates.
Financials were the largest detractor in relative performance terms, although Citigroup and American Express were among the top overall contributors. While our sector underweight was moderately negative, the bulk of the underperformance was a result of not owning some of the large US banks due to low returns on equity, compressed interest rate spreads, and an increasingly onerous regulatory regime. The banks that we do own, such as Citi and UBS, have clear paths to generating higher returns with Citi’s legacy book of distressed assets running off and UBS’s strategic decision to deemphasize its capital intensive investment banking activities and focus on growing its high margin private wealth management business. While the steepening of the yield curve, particularly in the US, will boost interest income for the banks, we question the quality of banks in general and will continue to be selective in owning them.
Industrials stock selection was negative as Nielsen Holdings declined due to weaker consumer purchasing and analytics demand from some consumer packaged goods customers. We view this as a short-term issue and the rest of the business remains strong, particularly in media audience measurement.
Overall, we have not made any major changes to the portfolio. We retain high conviction in the stocks that we own and believe the portfolio’s balanced risk profile in terms of sector and geographical exposure provides positive diversification benefits.
Outlook
The global economic indicators have continued to improve over the last few months. We believe this represents a favorable sign for equity investments. However, political risks in the US and Europe persist and attractive equity valuations become more difficult to find in several regions.
Low interest rates and the expansionary monetary policy of the Fed have helped to push US equity valuations to a comparatively high level. We predict this will reduce the return potential and might result in higher volatility. For now, equity prices are supported by healthy macro data, particularly for the labor market. Still, the economic cycle has reached a mature stage, which we believe suggests that a slowdown is more likely.
In Europe, favorable economic data have helped to keep equities largely insulated against political uncertainties and bond market volatility, but we expect further upside surprises are becoming increasingly unlikely. While equity valuations in Europe are roughly in line with the long-term average, we believe there is still attraction in individual countries.
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AllianzGI Global Sustainability Fund (cont’d)
The environment in China is now showing more stability and we predict that high-end spending will continue to grow at a healthy pace in 2017 as the country moves quickly towards a consumption-driven economy.
Our approach of investing in high return, reasonably valued, growth companies that can consistently grow earnings has added value to our clients’ portfolios over the long-term, and we believe it will continue to do so in the current low-return market environment.
Average Annual Total Return for the period ended March 31, 2017
| 6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI Global Sustainability Fund Class A | 4.51% | 12.95% | 4.85% | |||||||||||
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AllianzGI Global Sustainability Fund Class A (adjusted) | –1.24% | 6.74% | 2.31% | ||||||||||
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AllianzGI Global Sustainability Fund Class P | 4.59% | 13.04% | 5.00% | ||||||||||
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AllianzGI Global Sustainability Fund Institutional Class | 4.63% | 13.16% | 5.09% | ||||||||||
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MSCI ACWI | 8.18% | 15.04% | 4.97% | ||||||||||
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Dow Jones Sustainability World Total Return Composite Net | 10.42% | 17.79% | 3.80% | ||||||||||
| Lipper Global Large-Cap Growth Funds Average | 6.63% | 12.83% | 4.76% | |||||||||||
† The Fund began operations on December 9, 2014. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on November 30, 2014.
* Cumulative returns.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 133 and 134 for more information. The Fund’s gross expense ratios are 21.49% for Class A shares, 2.94% for Class P shares and 1.95% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least March 31, 2018. The Fund’s expense ratios net of this reduction are 1.09% for Class A shares, 0.94% for Class P shares and 0.84% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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AllianzGI Global Sustainability Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||
| Class A | Class P | Institutional Class | ||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | |||
| Ending Account Value (3/31/17) | $1,045.10 | $1,045.90 | $1,046.30 | |||
| Expenses Paid During Period | $6.12 | $5.36 | $4.85 | |||
| Hypothetical Performance | ||||||
| (5% return before expenses) | ||||||
| Class A | Class P | Institutional Class | ||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | |||
| Ending Account Value (3/31/17) | $1,018.95 | $1,019.70 | $1,020.19 | |||
| Expenses Paid During Period | $6.04 | $5.29 | $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, 1.05% 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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AllianzGI Global Water Fund
For the period of October 1, 2016 through March 31, 2017, as provided by Andreas Fruschki, CFA, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2017, Class A shares at net asset value (“NAV”) of the AllianzGI Global Water Fund (the “Fund”) returned -1.94%, underperforming the S&P Global Water Index (the “benchmark”), which returned 2.59%.
Market Overview
Global equities rallied strongly over the six-month period, with indices in the US and UK breaking previous record highs, while many other markets reached multi-month peaks. In general, developed equity markets outperformed emerging markets, with Japan leading the advance as a weaker yen lifted prospects for the country’s exporters. In terms of sectors, financials delivered robust returns amid expectations that US Federal interest rates would rise faster than expected as a result of President Trump’s policies. Other growth-oriented sectors also performed well.
With respect to the water market, we saw water related securities pull back during the first half of the reporting period and recover during the first quarter of 2017. The pull back toward the end of 2016 was caused by weakness of many European water stocks, especially those in the UK following the UK’s referendum vote to leave the European Union (“BREXIT”). Water utility stocks were also hurt by rising bond yields in late 2016; however, we view this as a short term reaction as water utilities differ from traditional utilities in that they are growth stocks. Water securities rebounded during the second half of the reporting period as utilities corrected and investors rotated back toward growth areas of the market.
Portfolio Overview:
The Fund slightly underperformed the benchmark during the reporting period due mainly to struggles during the fourth quarter and the Fund’s focus on pure water related securities. The first half of the quarter was largely a value rally, as investors rotated away from growth areas of the market which include our growth oriented water related stocks. Prior to 2017, the portfolio was weighted toward European names which suffered as the US dollar appreciated. During the second half of the reporting period, we saw these trends begin to reverse and performance returned to positive territory.
The Fund offers pure exposure to the water market, in that 80% of its securities derive over half of their revenue from water related businesses. These pure names tended to underperform the less pure names in the benchmark, hurting relative performance. We remain focused on more pure play names; as we expect these names to benefit from the needed infrastructure spending in the water networks and the overall global water scarcity problem in the long term.
Outlook
Currently the water infrastructure theme remains intact and continues to gain attention and attract investments. It has started to increasingly include technology such as real-time monitoring and sensors in its networks.
Demand for better water infrastructure and clean, potable drinking water in emerging markets remains strong. We predict uncertainty over upcoming elections in Europe and BREXIT related discussions will likely create noise; however we expect this long term investment theme will remain intact. We believe that the US economy is in expansion mode and we expect corporates to invest in water equipment as they take on new projects. We predict the M&A market for utilities is also likely to open up and create new opportunities.
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AllianzGI Global Water Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2017
| 6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
| AllianzGI Global Water Fund Class A | –1.94% | 6.85% | 8.15% | 4.60% | ||||||||||||||
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AllianzGI Global Water Fund Class A (adjusted) | –7.34% | 0.97% | 6.94% | 3.94% | |||||||||||||
| AllianzGI Global Water Fund Class C | –2.31% | 6.08% | 7.31% | 3.81% | ||||||||||||||
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AllianzGI Global Water Fund Class C (adjusted) | –3.28% | 5.08% | 7.31% | 3.81% | |||||||||||||
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AllianzGI Global Water Fund Class P | –1.83% | 7.16% | 8.41% | 4.85% | |||||||||||||
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AllianzGI Global Water Fund Institutional Class | –1.77% | 7.20% | 8.49% | 4.93% | |||||||||||||
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MSCI ACWI | 8.18% | 15.04% | 8.37% | 4.59% | |||||||||||||
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S&P Global Water Index | 2.59% | 12.59% | 10.69% | 6.68% | |||||||||||||
| Lipper Global Natural Resources Funds Average | 2.83% | 16.76% | –2.78% | –4.37% | ||||||||||||||
† The Fund began operations on March 31, 2008. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on March 31, 2008.
* 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 133 and 134 for more information. The Fund’s gross expense ratios are 1.49% for Class A shares, 2.25% for Class C shares 1.24% for Class P shares and 1.21% for Institutional Class shares. These ratios do not include an expense reduction contractually guaranteed through at least March 31, 2018. The Fund’s expense ratios net of this reduction are 1.27% for Class A shares, 2.03% for Class C shares, 1.02% for Class P shares, and 0.99% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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| Shareholder Expense Example | Actual Performance | |||||||
| Class A | Class C | Class P | Institutional Class | |||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
| Ending Account Value (3/31/17) | $980.60 | $976.90 | $981.70 | $982.30 | ||||
| Expenses Paid During Period | $7.06 | $10.79 | $5.88 | $5.63 | ||||
| Hypothetical Performance | ||||||||
| (5% return before expenses) | ||||||||
| Class A | Class C | Class P | Institutional Class | |||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
| Ending Account Value (3/31/17) | $1,017.80 | $1,014.01 | $1,019.00 | $1,019.25 | ||||
| Expenses Paid During Period | $7.19 | $11.00 | $5.99 | $5.74 | ||||
For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.43% for Class A, 2.19% for Class C, 1.19% for Class P and 1.14% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
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AllianzGI High Yield Bond Fund
For the period of October 1, 2016 through March 31, 2017, as provided by Doug Forsyth, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2017, Class A Shares at net asset value (“NAV”) of the AllianzGI High Yield Bond Fund (the “Fund”) returned 4.04%, underperforming the BofA Merrill Lynch High Yield Master II Index (the “benchmark”), which returned 4.64%.
Market Overview
The high-yield market’s upward trajectory in 2016 continued into the fourth quarter with the asset class recording its fifth-highest annual return historically. In contrast to 2016’s start to the year, the outset of 2017 began on a much firmer footing.
Several factors influenced high-yield bonds throughout the period, including constructive economic trends, corporate health, the US Federal Reserve’s (the “Fed”) rate decision and outlook, US elections and the new administration’s pro-growth agenda, sustained appetite for risk assets and commodity price strength.
In the US, positive economic reports outnumbered weaker releases, indicating ongoing growth and supporting the market’s advance. Overall, the trend in economic data reinforced the favorable credit conditions for high-yield bonds.
Credit fundamentals for most high-yield issuers displayed sustained improvement. According to BofA Merrill Lynch, both top- and bottom-line growth continued to trend higher. Furthermore, leverage continued to decline and coverage ratios increased. These statistics provided additional proof of the underlying fundamental strength of the high-yield bond market and substantiated the decline in the default rate.
The high-yield market responded positively to the Fed’s interest rate decisions and commentary. The central bank hiked the Fed funds rate a quarter point in both December 2016 and in March 2017. On balance, a Fed that did not deviate from its gradual approach toward policy adjustments, and a highly accommodative environment outside the US, continued to help support the performance of risk assets.
The unexpected election of Donald Trump triggered a rotation into risk assets that persisted throughout the reporting period. Investor appetite centered on optimism around the President’s pro-growth agenda and anticipation of a more favorable corporate earnings backdrop, predicated on positive tax reform, decreased regulation and increased fiscal spending.
This sentiment was also evident at the sub-asset class level and resulted in performance dispersion among the credit-rating categories. For example, within high-yield, the lowest-quality, most distressed issues outperformed higher-quality bonds.
Finally, improving industry dynamics helped lift the price of crude oil and aided in the stabilization of other commodity prices. These developments had a positive impact on many energy and materials companies.
Portfolio Review
The Fund gained along with the market for the six-month period, but performance lagged the benchmark return.
An underweight in CCC-rated bonds held back relative returns as the lowest-quality, most deeply distressed bonds, continued to outperform. On the other hand, BB-rated bonds, the lowest-coupon/lowest-yield issues, underperformed the market.
Industry allocations that helped relative performance during the period included healthcare, chemicals and diversified financial services. In healthcare, an underweight was beneficial and issue selection was positive. In chemicals, issue selection drove relative performance and an overweight was additive. In financial services, the portfolio return exceeded the industry return.
Industry allocations that hurt relative performance during the period included aerospace/defense, energy and support-services. Issue selection detracted in aerospace/defense and support-services. In energy, the Fund’s return was higher than the peer group, but the benefit was offset by an underweight.
Outlook
Among fixed-income alternatives, we expect high-yield bonds should contribute from both a diversification and a relative-performance perspective. In 2017, we believe a coupon-like return can be achieved. We expect interest rates should not have a significant impact on the high-yield market given the relative average spread and dollar market price today. We believe the Fed path, earnings trends, commodity prices and global growth will all influence the outlook.
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AllianzGI High Yield Bond Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2017
| 6 Month* | 1 Year | 5 Year | 10 Year | Since Inception† | ||||||||||||||||||
| AllianzGI High Yield Bond Fund Class A | 4.04% | 14.15% | 5.11% | 6.40% | 7.32% | |||||||||||||||||
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AllianzGI High Yield Bond Fund Class A (adjusted) | 0.14% | 9.87% | 4.31% | 6.00% | 7.13% | ||||||||||||||||
| AllianzGI High Yield Bond Fund Class C | 3.68% | 13.23% | 4.34% | 5.64% | 6.54% | |||||||||||||||||
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AllianzGI High Yield Bond Fund Class C (adjusted) | 2.68% | 12.23% | 4.34% | 5.64% | 6.54% | ||||||||||||||||
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AllianzGI High Yield Bond Fund Class R | 3.89% | 13.80% | 4.68% | 6.07% | 7.02% | ||||||||||||||||
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AllianzGI High Yield Bond Fund Class P | 4.25% | 14.44% | 5.39% | 6.64% | 7.52% | ||||||||||||||||
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AllianzGI High Yield Bond Fund Institutional Class | 4.26% | 14.41% | 5.44% | 6.82% | 7.79% | ||||||||||||||||
| AllianzGI High Yield Bond Fund Administrative Class | 4.10% | 13.96% | 4.97% | 6.35% | 7.30% | |||||||||||||||||
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BofA Merrill Lynch High Yield Master II Index | 4.64% | 16.88% | 6.85% | 7.35% | 7.26% | ||||||||||||||||
| Lipper High Yield Funds Average | 3.93% | 13.30% | 5.57% | 5.89% | 6.26% | |||||||||||||||||
† The Fund began operations on July 31, 1996. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on July 31, 1996.
* 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 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 133 and 134 for more information. The Fund’s expense ratios are 0.98% for Class A shares, 1.71% for Class C shares, 1.34% for Class R shares, 0.69% for Class P shares, 0.66% for Institutional Class shares and 1.07% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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AllianzGI High Yield Bond Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||||
| Class A | Class C | Class R | Class P | Institutional Class |
Administrative Class | |||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
| Ending Account Value (3/31/17) | $1,040.40 | $1,036.80 | $1,038.90 | $1,042.50 | $1,042.60 | $1,041.00 | ||||||
| Expenses Paid During Period | $5.09 | $8.58 | $7.17 | $3.51 | $3.26 | $4.38 | ||||||
| Hypothetical Performance | ||||||||||||
| (5% return before expenses) | ||||||||||||
| Class A | Class C | Class R | Class P | Institutional Class |
Administrative Class | |||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
| Ending Account Value (3/31/17) | $1,019.95 | $1,016.50 | $1,017.90 | $1,021.49 | $1,021.74 | $1,020.64 | ||||||
| Expenses Paid During Period | $5.04 | $8.50 | $7.09 | $3.48 | $3.23 | $4.33 | ||||||
For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.00% for Class A, 1.69% for Class C, 1.41% for Class R, 0.69% for Class P, 0.64% for Institutional Class and 0.86% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365.
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AllianzGI International Growth Fund
For the period of October 1, 2016 through March 31, 2017 as provided by Laura Villani, Product Specialist Associate, Equities.
Fund Insights
For the six-month period ended March 31, 2017, Class A shares at net asset value (“NAV”) of the AllianzGI International Growth Fund (the “Fund”) returned 0.92%, underperforming the MSCI ACWI ex USA Index (the “benchmark”), which returned 6.51% and underperforming the MSCI ACWI ex USA Growth Index , which returned 2.89%.
Market Overview
Global equities surged over the six-month period, with indices in the UK breaking previous record highs despite political uncertainty, while many other markets reached multi-month peaks. In general, developed equity markets outperformed emerging markets, with Japan leading the advance as a weaker yen lifted the prospects of the country’s exporters.
In terms of sectors, financials stocks delivered robust returns amid expectations that US Federal interest rates would rise faster than expected as a result of President Trump’s policies. Other growth-oriented sectors also performed well, including materials, industrials, consumer discretionary, and information technology. In contrast, energy lagged as oil prices failed to build on earlier gains, while traditional defensive sectors, such as consumer staples, telecoms and utilities, underperformed.
In economic terms, the period was characterized by strengthening growth and rising inflation. In December, the European Central Bank extended its bond-buying program until at least the end of 2017, but reduced the size of its monthly bond purchases. Meanwhile the Bank of England and Bank of Japan left monetary policy unchanged.
Portfolio Review
The International Growth Fund strategy maintains its strategy that takes a bottom-up approach to identifying structural growth, rather than chasing growth momentum. We believe that our focus on high quality businesses, displaying long term structural growth independent of the wider market, should shelter us to some extent from uncertainty in the markets.
During the period, the Fund saw negative contributions from both stock selection and sector allocation. While the overweight to the information technology sector certainly helped, this was outweighed by overweights to the consumer staples and health care sectors, which detracted from performance, along with the underweight to financials, which as previously mentioned, had a positive run. From a country perspective, stock selection in Switzerland and Canada contributed most positively, with Italy and Denmark detracting from performance. Both sector and country attributions are a result of the stock selection.
Restaurant Brands was the most supportive stock, with an active contribution of 41 basis points, followed by list of European stocks including Infineon, Richemont, ASML Holding and Kingspan. Meanwhile, Novo Nordisk, one of the Fund’s largest holdings and overweights, contributed -60 basis points to relative performance. Though health care stocks have had an especially difficult time recently with the continued uncertainty of the US health care system, we maintain our conviction in the stock.
Outlook
We take an increasingly constructive view on the European macro environment in particular, as an improvement in cyclical data, and a much awaited earnings recovery, overshadow the gradually subsiding political risk. Beyond Trump induced optimism, global markets are currently being supported by the continued loosening monetary conditions. China’s fiscal stimulus and a recovery of sales in wider Asia seen in the first quarter of 2017 was also positive. The most notable was the acceleration of growth in China to 6.9% over the recent quarter, which we believe could benefit many companies with exposure to China, providing further optimism.
Average Annual Total Return for the period ended March 31, 2017
| 6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI International Growth Fund Class A | 0.92% | 9.05% | 5.04% | |||||||||||
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AllianzGI International Growth Fund Class A (adjusted) | –4.63% | 3.05% | 2.32% | ||||||||||
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AllianzGI International Growth Fund Institutional Class | 0.96% | 9.32% | 5.29% | ||||||||||
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MSCI ACWI ex USA Index | 6.51% | 13.13% | 2.69% | ||||||||||
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MSCI ACWI ex USA Growth Total Return | 2.89% | 9.63% | 3.07% | ||||||||||
| Lipper International Multi-Cap Growth Funds Average | 3.33% | 9.05% | 3.04% | |||||||||||
† The Fund began operations on February 2, 2015. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on January 31, 2015.
* Cumulative returns
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A Shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 133 and 134 for more information. The Fund’s gross expense ratios are 6.26% for Class A shares and 5.08% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least March 31, 2018. The Fund’s expense ratios net of this reduction are 1.05% for Class A shares and 0.80% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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AllianzGI International Growth Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||
| Class A | Institutional Class | |||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | ||
| Ending Account Value (3/31/17) | $1,009.20 | $1,009.60 | ||
| Expenses Paid During Period | $6.01 | $4.76 | ||
| Hypothetical Performance | ||||
| (5% return before expenses) | ||||
| Class A | Institutional Class | |||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | ||
| Ending Account Value (3/31/17) | $1,018.95 | $1,020.19 | ||
| Expenses Paid During Period | $6.04 | $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 and 0.95% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
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AllianzGI International Small-Cap Fund
For the period of October 1, 2016 through March 31, 2017, as provided by Alexandra Russo, Product Specialist.
Fund Insights
For the six-month period ended March 31, 2017, Class A shares at net asset value (“NAV”) of the AllianzGI International Small-Cap Fund (the “Fund”) returned 0.71%, underperforming the MSCI World ex USA Small Cap Index (the “benchmark”), which returned 4.66%.
Market Overview
Global equities surged over the six-month period, with indices in the US and UK breaking previous record highs while many other markets reached multi-month peaks. Donald Trump’s surprise victory in the US presidential election raised hopes that his pro-growth stance would boost company profits, outweighing fears about greater protectionism. In general, developed equity markets outperformed emerging markets, with Japan leading the advance as a weaker yen lifted the prospects of the country’s exporters. Small caps were relatively in line with the global market.
In terms of sectors, financials stocks delivered robust returns amid expectations that US Federal interest rates would rise faster than expected as a result of President Trump’s policies. Other growth-oriented sectors also performed well, including materials, industrials and consumer discretionary companies, as did information technology. In contrast, energy lagged as oil prices failed to build on earlier gains, while traditional defensive sectors, such as consumer staples, telecommunications and utilities, underperformed, as did the newly-created real estate sector.
The period was characterized by gradually improving economic growth and rising inflation. The US Federal Reserve (the “Fed”) raised US interest rates in December 2016 and March 2017 with expectations for at least two additional rate hikes in 2017. In contrast, in December the European Central Bank (ECB) extended its bond-buying program until at least the end of 2017, but reduced the size of its monthly bond purchases. Subsequently, rising inflation in the first quarter of 2017 led to speculation that the ECB would need to wind down these measures, with President Mario Draghi noting that battle against deflation had now been won. The Bank of England and Bank of Japan left monetary policy unchanged.
Portfolio Review
Stock selection drove underperformance during the period while sector allocation was a modest contributor during the reporting period. In terms of sleeve performance, the Asia ex Japan sleeve slightly outperformed, where the Japanese and European portfolios lagged their relative regional benchmarks.
An overweight in information technology and an underweight to Real Estate helped performance as technology stocks led the first quarter rally and real estate names were hurt by rising interest rates. In contrast underweights to financials, healthcare and materials detracted from relative returns.
On an individual stock basis, the strongest contributors to relative returns included Ulvac, ams and Daifuku Co., while positions in Kyudenko Corp., Huhtamaki and Ambu detracted.
Outlook
Overall, we have a cyclical growth bias and believe in global economic acceleration. We have found our best ideas in industrials, technology and financials, and are underweight to neutral in the more defensive sectors such as consumer staples.
Currently, Central Banks are beginning to raise rates, coming off of negative to very low interest rates, as well as reduce Quantitative easing. Economic acceleration is underway and inflation is beginning to rise. We are looking to benefit from rising yields by being overweight financials and underweight real estate. The financials sector has been so unloved for so long that we are finding many businesses with improving profits at attractive valuations. We hope to also benefit from the potential of decreasing regulation in the financial sector, regulations that have been in place since the 2008 financial crisis.
We remain underweight in the UK due to our belief that rising inflation, caused by the currency depreciation, will slow consumer spending and so slow the economy as well as cause margin pressure to those companies that cannot pass the costs onto the consumer.
We generally intend to be overweight the disruptors while being underweight the disrupted (high street retailers, for example). This is classic stock picking of finding the winners and avoiding the value traps. We believe the disruptors tend to be spread across the market sectors, not just in technology. For the disrupted, the basic question is “If the internet had been invented first, would this business exist today? ” If the answer is “no” then perhaps that is all you need to know.
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AllianzGI International Small-Cap Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2017
| 6 Month* | 1 Year | 5 Year | 10 Year | Since Inception† | ||||||||||||||||||
| AllianzGI International Small-Cap Fund Class A | 0.71% | 4.77% | 7.80% | 4.08% | 11.35% | |||||||||||||||||
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AllianzGI International Small-Cap Fund Class A (adjusted) | –4.83% | –0.99% | 6.59% | 3.49% | 11.02% | ||||||||||||||||
| AllianzGI International Small-Cap Fund Class C | 0.33% | 3.99% | 7.00% | 3.30% | 10.52% | |||||||||||||||||
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AllianzGI International Small-Cap Fund Class C (adjusted) | –0.67% | 2.99% | 7.00% | 3.30% | 10.52% | ||||||||||||||||
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AllianzGI International Small-Cap Fund Class R | 0.58% | 4.51% | 7.53% | 3.82% | 11.07% | ||||||||||||||||
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AllianzGI International Small-Cap Fund Class P | 0.80% | 4.95% | 7.97% | 4.30% | 11.66% | ||||||||||||||||
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AllianzGI International Small-Cap Fund Institutional Class | 0.83% | 5.01% | 8.05% | 4.41% | 11.76% | ||||||||||||||||
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AllianzGI International Small-Cap Fund Class R6 | 0.86% | 5.12% | 8.16% | 4.52% | 11.87% | ||||||||||||||||
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MSCI World ex USA Small Cap Index | 4.66% | 11.58% | 7.78% | 2.72% | 7.59% | ||||||||||||||||
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MSCI EAFE Small Cap Index | 4.89% | 10.99% | 9.20% | 3.03% | 7.69% | ||||||||||||||||
| Lipper International Small/Mid-Cap Growth Funds Average | 3.17% | 8.63% | 7.66% | 3.48% | 8.37% | |||||||||||||||||
† The Fund began operations on December 31, 1997. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 1997.
* 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 133 and 134 for more information. The Fund’s gross expense ratios are 1.68% for Class A shares, 2.54% for Class C shares, 2.17% for Class R shares, 1.44% for Class P shares, 1.48% for Institutional Class shares and 1.56% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least March 31, 2018. The Fund’s expense ratios net of this reduction are 1.25% for Class A shares, 2.08% for Class C shares, 1.59% for Class R shares, 1.10% for Class P shares, 1.07% for Institutional Class shares and 1.00% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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AllianzGI International Small-Cap Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||||
| Class A | Class C | Class R | Class P | Institutional Class |
Class R6 | |||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
| Ending Account Value (3/31/17) | $1,007.10 | $1,003.30 | $1,005.80 | $1,008.00 | $1,008.30 | $1,008.60 | ||||||
| Expenses Paid During Period | $7.16 | $10.94 | $8.50 | $6.31 | $6.01 | $5.56 | ||||||
| Hypothetical Performance | ||||||||||||
| (5% return before expenses) | ||||||||||||
| Class A | Class C | Class R | Class P | Institutional Class |
Class R6 | |||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
| Ending Account Value (3/31/17) | $1,017.80 | $1,014.01 | $1,016.45 | $1,018.65 | $1,018.95 | $1,019.40 | ||||||
| Expenses Paid During Period | $7.19 | $11.00 | $8.55 | $6.34 | $6.04 | $5.59 | ||||||
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 (1.43% for Class A, 2.19% for Class C, 1.70% for Class R, 1.26% for Class P, 1.20% for Institutional Class and 1.11% for Class R6), 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 October 1, 2016 through March 31, 2017, as provided by Robert Marren, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2017, Class A Shares at net asset value (“NAV”) of the AllianzGI Micro Cap Fund (the “Fund”) returned 6.53%, outperforming the Russell Microcap Growth Index (the “benchmark”), which returned 4.13%.
Market Overview
US risk assets surged in the fourth quarter with equities posting some of the most robust gains. Although smaller-cap stocks were a beneficiary of this appetite for risk, the stock market rally was broad based with the S&P 500, Dow Jones Industrial Average, Russell 2000 and Nasdaq Composite Indexes recording new all-time highs in the period. Initially, equities declined during October 2016, but losses were quickly recovered after election results triggered a relentless rally that lasted into year-end.
This upward trend persisted through the remainder of the reporting period due to elevated sentiment, which in part, centered on continued optimism around President Trump’s policies and pro-growth agenda. Investor conviction was tested with the withdrawal of the health care bill and a decline in oil prices, but these events did little to shake their resolve as markets recovered into period end.
US equity markets responded favorably to the US Federal Reserve’s (the “Fed”) commentary and their decision to raise the Fed funds rate in December 2016 and again in March 2017. Outside of the US, global central banks maintained aggressive measures to stimulate their respective economies.
Corporate profits rose year-over-year the end of December 2016, and fourth-quarter fundamentals for most stocks displayed sustained improvement.
Finally, positive economic reports outnumbered weaker releases, indicating ongoing growth and supporting the market’s advance.
Against this backdrop, the Russell Microcap Index returned 10.47% and underperformed the Russell 2000 Index, which returned 11.52%. Within the microcap universe, growth-oriented stocks trailed value-oriented stocks. Specific to the benchmark, sector performance was predominantly positive. Among the more heavily weighted sectors, consumer discretionary, industrials and information technology were among the strongest-performing. In contrast, health care was the only sector to close with a loss, while the energy sector ended higher, underperforming the overall market.
Portfolio Review
The Fund outperformed its benchmark over the reporting period. From an attribution perspective, security selection drove relative outperformance, whereas asset weighting effects had a positive, but negligible impact. For example, stock picking was beneficial in health care, financials, materials and consumer staples among other sectors. Conversely, security selection was a source of weakness primarily in the information technology sector. Separately, an overweight in financials and underweight in health care helped relative performance, but the benefit was partially offset by underweights in utilities and real estate and an overweight in energy.
Outlook
The US economy is expected to expand at a moderate pace in 2017 and we believe the steepness of the Treasury yield curve confirms this notion. Outside of positive economic trends, we believe President Trump’s agenda could spur even faster economic growth. After bottoming in the second quarter, corporate profits accelerated into year-end, and based on bottom-up estimates, we predict they are poised to trend higher in 2017. Additionally, we believe the potential for decreased regulation, positive tax reform and increased fiscal spending could create what we expect to be the most favorable backdrop for corporate earnings in years. US monetary policy continues to be modestly accommodative with the Fed expected to take a gradual, measured approach toward adjustments. The Federal Open Market Committee is projecting two more interest rate hikes in 2017, signaling confidence in the US economy’s ability to grow.
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AllianzGI Micro Cap Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2017
| 6 Month* | 1 Year | 5 Year | 10 Year | Since Inception† | ||||||||||||||||||
| AllianzGI Micro Cap Fund Class A | 6.53% | 24.83% | 11.93% | 7.36% | 11.17% | |||||||||||||||||
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AllianzGI Micro Cap Fund Class A (adjusted) | 0.67% | 17.97% | 10.67% | 6.76% | 10.88% | ||||||||||||||||
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AllianzGI Micro Cap Fund Class P | 6.49% | 24.89% | 12.06% | 7.54% | 11.39% | ||||||||||||||||
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AllianzGI Micro Cap Fund Institutional Class | 6.53% | 24.94% | 12.11% | 7.61% | 11.49% | ||||||||||||||||
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Russell Microcap Growth Index | 4.13% | 20.24% | 10.72% | 5.51% | 6.54% | ||||||||||||||||
| Lipper Small-Cap Growth Funds Average | 8.56% | 22.09% | 10.49% | 7.24% | 8.92% | |||||||||||||||||
† The Fund began operations on July 12, 1995. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on June 30, 1995.
* Cumulative returns.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 133 and 134 for more information. The Fund’s gross expense ratios are 2.16% for Class A shares, 1.91% for Class P shares and 1.85% for Institutional Class shares. This ratio does not include an expense reduction, contractually guaranteed through at least January 31, 2018. The Fund’s expense ratios net of this reduction are 1.62% for Class A shares, 1.54% for Class P shares and 1.54% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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AllianzGI Micro Cap Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||
| Class A | Class P | Institutional Class | ||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | |||
| Ending Account Value (3/31/17) | $1,065.30 | $1,064.90 | $1,065.30 | |||
| Expenses Paid During Period | $8.34 | $7.93 | $7.93 | |||
| Hypothetical Performance | ||||||
| (5% return before expenses) | ||||||
| Class A | Class P | Institutional Class | ||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | |||
| Ending Account Value (3/31/17) | $1,016.85 | $1,017.25 | $1,017.25 | |||
| Expenses Paid During Period | $8.15 | $7.75 | $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, 1.54% 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 October 1, 2016 through March 31, 2017, as provided by the Multi-Asset US Group.
Fund Insights
For the six-month period ended March 31, 2017, Class A shares at net asset value (“NAV”) of the AllianzGI Multi-Asset Real Return Fund (the “Fund”) returned -2.40%, underperforming the Bloomberg Barclays US Government Inflation-Linked Bond Index (the “benchmark”), which returned -1.31%.
Market Overview
For the six month period ending March 31, 2017, markets were dominated by the surprising outcome of the US presidential election relative to prevailing market expectations. Trump’s victory ushered in a period of uncertainty regarding the magnitude and timing of future policy changes, while at the same time, it seemed to instill general optimism in market participants. The theme of reflation against the backdrop of supportive fiscal policy and stronger consumer demand, percolated through markets for the period.
Throughout the first quarter, risk assets continued to outperform in a low volatility environment despite significant policy setbacks, including the failure to pass healthcare reform and the continued uncertainty of future US domestic and foreign policy. Moreover, global risk assets rallied in the context of the US Federal Reserve (the “Fed”) raising interest rate by 50 basis points in the period. Tighter Fed policy signaled a new regime of tighter global monetary policy in the future (even though the European Central Bank and Bank of Japan reiterated their current commitments to accommodative policies).
During the period, US stocks rallied in the aftermath of the election and continued to gain throughout the first quarter, with US Small Cap stocks in particular leading the way: The Russell 2000 Index gained 11.5% and the Russell 2000 Value Index gained 13.9%, outpacing larger stocks, which gained 10.1%, as measured by the Russell 1000 Index.
Global growth remained healthy as fundamental macro-economic data continued to either match or outperform economists’ expectations. During the first quarter, the gap between hard data and soft data, as measured by surveys of purchasing managers and consumers widened substantially, revealing that much of what underpinned the rally in risk assets was associated with future expectations (as opposed to the current economic environment alone).
Optimistic assessments of global growth affected both developed and emerging markets. In broad terms, the MSCI ACWI returned 8.2%, only slightly outpacing Emerging Markets, which returned 6.8%. Better economic data helped boost European equities for the period, despite persistent uncertainties about key elections in 2017 (in the Netherlands, France and Germany). For the period, the best performing stock markets were Spain and Italy, which returned 17.3% and 17.6% respectively (MSCI country indexes in USD).
Global Bonds declined for the period with the Bloomberg Barclays Global Aggregate Bond Index losing 5.4%. The long end of the US curve had the worst performance as long Treasuries (20+ years) lost 10.9% in the period due, in part, to a sharp initial increase in inflation expectations and a spike in yields. While the 10-year yield on US Treasuries initially increased by about 75 basis points from the election through mid-December, it remained relatively range bound for most of the first quarter, making US Treasuries one of the worst performing asset classes for the period. The Bloomberg Barclays US Aggregate Bond Index lost 2.2% for the period. Within fixed income, US High Yield was the best performer. Globally, Emerging Market hard currency debt outperformed developed market government bonds. Commodities, most notably precious metals and gold, were among the worst performing asset classes in the period.
Portfolio Review:
Selection effects in commodity equities largely explain underperformance over the six-month period. Moderate negative allocation effects in commodities and real estate investment trusts (“REITs”) also detracted, as the portfolio was overweight commodities and underweight REITs for much of the period. This was partially offset by positive selection effects in TIPs, commodities, and positive allocation effects in commodity equities. Exposure to opportunistic assets including US equities and short duration high yield also contributed. Within opportunistic, allocations to emerging markets equities and debt detracted from performance.
At the end of the period, the portfolio was underweight TIPs, Commodity Equities, Commodities and REITs. Additionally, the portfolio had exposure to opportunistic assets, including emerging market bonds and equities, US high yield bonds and US equities. The portfolio had a long-USD versus EUR position and had a negative position in short-term Treasuries.
Outlook
Looking ahead, we expect that global inflation will continue to steadily rise, partly attributable to firmer commodity prices and narrowing output gaps throughout developed markets. Emerging markets are expected to continue to post solid growth in the near term, providing opportunities for much needed structural reforms that will ultimately contribute to longer term stability. We predict the global economy will likely continue to benefit from debt-financed growth for the foreseeable future on the back of leveraged households and businesses. We expect monetary policy to continue to tighten in the US, albeit at a slow and measured pace, while global central bank liquidity will remain abundant at least through 2018.
However, we believe that risks abound, including increased political risks, most notably in Europe in light of the busy election calendar but also in key emerging markets. In addition, we believe that charged rhetoric about protectionism and zero-sum interactions threaten to undermine longstanding commitments to global trade in goods and financial assets. Finally, we believe risks related to inflated expectations on the part of market participants as well as market complacency may potentially intensify should stocks reverse their recent rally.
As of the end of the period, we remain overweight risk assets and underweight most sovereign bonds, with the belief that sovereigns are nearing the end of a secular bull market. We believe the “Reflation Trade” persists for now as long as the possibility of US fiscal stimulus remains and cyclical data continue to show signs of improvement. We maintain a positive outlook on emerging markets, while recognizing that an unexpected slowdown in the US or other developed markets would have real and immediate implication for emerging markets broadly. We remain vigilant in this low volatility environment and are focused on monitoring cyclical data and relative valuations across asset classes.
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AllianzGI Multi-Asset Real Return Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2017
| 6 Month** | 1 Year | Since Inception† | ||||||||||||
| AllianzGI Multi-Asset Real Return Fund Class A | –2.40% | 5.63% | –1.44% | |||||||||||
|
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AllianzGI Multi-Asset Real Return Fund Class A (adjusted) | –7.77% | –0.18% | –2.74% | ||||||||||
| AllianzGI Multi-Asset Real Return Fund Class C | –2.74% | 4.83% | –2.16% | |||||||||||
|
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AllianzGI Multi-Asset Real Return Fund Class C (adjusted) | –3.71% | 3.83% | –2.16% | ||||||||||
|
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AllianzGI Multi-Asset Real Return Fund Class P | –2.27% | 5.89% | –1.28% | ||||||||||
|
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AllianzGI Multi-Asset Real Return Fund Institutional Class | –2.26% | 5.96% | –1.19% | ||||||||||
|
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Bloomberg Barclays US Government Inflation-Linked Bond Index | –1.31% | 1.54% | –0.28% | ||||||||||
| Custom Real Asset Benchmark* | 0.99% | 7.53% | –0.52% | |||||||||||
| Lipper Alternative Global Macro Funds Average | 2.06% | 6.41% | 1.84% | |||||||||||
† The Fund began operations on December 17, 2012. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2012.
* The Custom Real Asset Benchmark is comprised of 25% Dow Jones UBS Commodity Total Return Index, 25% MSCI World Real Estate Index, 25% Bloomberg 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.
** 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 133 and 134 for more information. The Fund’s gross expense ratios are 8.55% for Class A shares, 8.89% for Class C shares, 7.84% for Class P shares and 7.79% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least March 31, 2018. The Fund’s expense ratios net of this reduction are 1.21% for Class A shares, 1.96% for Class C shares, 1.06% for Class P shares and 0.96% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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AllianzGI Multi-Asset Real Return Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||
| Class A | Class C | Class P | Institutional Class | |||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
| Ending Account Value (3/31/17) | $976.00 | $972.60 | $977.30 | $977.40 | ||||
| Expenses Paid During Period | $4.19 | $7.87 | $3.45 | $2.96 | ||||
| Hypothetical Performance | ||||||||
| (5% return before expenses) | ||||||||
| Class A | Class C | Class P | Institutional Class | |||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
| Ending Account Value (3/31/17) | $1,020.69 | $1,016.95 | $1,021.44 | $1,021.94 | ||||
| Expenses Paid During Period | $4.28 | $8.05 | $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, 0.70% for Class P and 0.60% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
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AllianzGI NFJ Emerging Markets Value Fund
For the period of October 1, 2016 through March 31, 2017, as provided by Krysta Hill, Product Specialist Associate.
Fund Insights
For the six-month period ended March 31, 2017, Class A shares at net asset value (“NAV”) of the AllianzGI NFJ Emerging Markets Value Fund (the “Fund”) returned 7.80%, outperforming the MSCI Emerging Markets Index (the “benchmark”), which returned 6.80%.
Market Overview
Emerging market equities rallied over the six-month period, but lagged their more developed counterparts. This was mainly due to weak returns in the final quarter of 2016, when the strength of the US dollar and concerns over more protectionist policies weighed on sentiment. At a regional level, Latin American markets performed the best, followed by Eastern Europe and then Asia. While Brazilian equities posted moderate returns in the last three months of 2016, they surged in the first quarter of 2017, buoyed by two 75 basis point cuts in interest rates. Mexico also performed poorly in the closing months of 2016, being one of the main casualties of Trump’s surprise victory. However, it recovered strongly in early 2017, with the stock market hitting an all-time high as investors reacted positively to central bank measures to boost the peso and suppress inflation. Performance in Eastern Europe was lifted by robust returns from Poland, Turkey and Hungary, each of which delivered double-digit gains, helped by signs of economic improvement in Western Europe. Russian equities were among the major beneficiaries of the Trump victory, but gave back some of their gains in the first quarter of 2017 as oil prices weakened. It was a rollercoaster ride for Indian shares, which fell sharply in November after the government’s unexpected decision to withdraw 90% of its currency in circulation in an effort to tackle tax evasion. However, the market experienced a stronger start to 2017, helped by the news that India’s GDP had expanded at a better-than-expected annual rate of 7% in the final quarter of 2016. In terms of sectors, materials and energy stocks in the MSCI Emerging Markets Index climbed into the double digits, followed by robust gains in information technology and financials. In contrast, traditionally defensive sectors, such as health care, consumer staples, real estate and telecoms, underperformed.
Portfolio Review
The Fund’s relative outperformance versus the benchmark index was driven by robust stock selection. Country allocations had a moderately positive impact on relative performance while sector allocations modestly detracted during the trailing six-month period.
In terms of stock selection, Fund holdings in the consumer discretionary, information technology, energy and health care sectors were the largest contributors to performance. The Fund realized negative selection effects in just one sector—materials—over the reporting period.
From a sector allocation perspective, underweight positions in the consumer staples and telecom services sectors boosted relative performance results. Conversely, overweight exposures across the consumer discretionary and real estate sectors detracted from relative performance.
Selection by country was positive, particularly across China, India, Indonesia and Taiwan. In contract, holdings in South Korea and Mexico muted Fund performance during the reporting period.
Country allocation contributed to results, largely due to an overweight in Egypt and underweight in South Africa. This was somewhat offset by overweight positions across Hong Kong and Cambodia.
Sector and country weight deviations are a result of NFJ’s bottom-up investment process. On average during the reporting period, the Fund’s largest overweights relative to the benchmark index were in the utilities and consumer discretionary sectors. In contrast, the largest relative underweights were in the information technology and financials sectors.
Outlook
Emerging market equities soared 16.6% in the first 11 months of 2016, before pausing to examine the repercussions of a Donald Trump presidency. Thus far, many of the US President’s agenda items—tax and regulatory reform, infrastructure spending—paired with two recent interest rate hikes by the US Federal Reserve and the expectation of further increases in 2017, have seen US Treasury yields spike and the US dollar strengthen. Concerns that these structural forces may make the carry trade less compelling have yet to negatively impact equity returns.
As emerging markets investors look to juggle the consequences from today’s political machinations, better-than-expected GDP growth in China has somewhat ameliorated concerns for a ‘hard landing’ for the world’s second largest economy. China’s economy expanded 6.7% in 2016 overall, and 6.8% in the fourth quarter of 2016, boosted in part by public investment in infrastructure and a rise in bank lending. And while China may not always serve as the growth engine of tomorrow, it is worth noting that emerging countries have, in the past, often outperformed during periods of robust US growth. Further, should the Trump administration succeed in building out US infrastructure, we predict these efforts could spur demand for commodities, strengthen the standing of low cost producers of raw materials, and boost the prospects of many commodity-fueled emerging economies.
At NFJ, we target both attractively-valued stocks and dividend-paying companies to attempt to create portfolios of higher-quality equities that can help position investors for longer term outperformance and for downside protection during market drawdowns. We believe a focus on long term fundamental strength may benefit risk-on investors should today’s uncertainties fade amid favorable macroeconomic and political fallouts. Conversely, should risk become reality, causing earnings expectations—and thereby share prices—to appear stretched, we believe that managers focusing on higher-quality, dividend paying names offering downside protection may be most beneficial for clients. At NFJ, we expect our deep value, dividend-oriented process to strike this delicate balance for our investors.
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Average Annual Total Return for the period ended March 31, 2017
| 6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI NFJ Emerging Markets Value Fund Class A | 7.80% | 22.85% | 3.83% | |||||||||||
|
|
AllianzGI NFJ Emerging Markets Value Fund Class A (adjusted) | 1.87% | 16.09% | 2.46% | ||||||||||
| AllianzGI NFJ Emerging Markets Value Fund Class C | 7.35% | 21.89% | 3.04% | |||||||||||
|
|
AllianzGI NFJ Emerging Markets Value Fund Class C (adjusted) | 6.35% | 20.89% | 3.04% | ||||||||||
|
|
AllianzGI NFJ Emerging Markets Value Fund Class P | 7.88% | 23.07% | 4.00% | ||||||||||
|
|
AllianzGI NFJ Emerging Markets Value Fund Institutional Class | 7.89% | 23.14% | 4.08% | ||||||||||
|
|
MSCI Emerging Markets Index | 6.80% | 17.21% | 0.32% | ||||||||||
| Lipper Emerging Markets Funds Average | 5.66% | 16.23% | 0.32% | |||||||||||
† The Fund began operations on December 18, 2012. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2012.
* 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 133 and 134 for more information. The Fund’s gross expense ratios are 7.79% for Class A shares, 7.96% for Class C shares, 7.42% for Class P shares and 6.93% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least March 31, 2018. The Fund’s expense ratios net of this reduction are 1.14% for Class A shares, 1.89% for Class C shares, 0.98% for Class P shares and 0.89% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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| Shareholder Expense Example | Actual Performance | |||||||
| Class A | Class C | Class P | Institutional Class | |||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
| Ending Account Value (3/31/17) | $1,078.00 | $1,073.50 | $1,078.80 | $1,078.90 | ||||
| Expenses Paid During Period | $7.15 | $10.86 | $6.17 | $5.75 | ||||
| Hypothetical Performance | ||||||||
| (5% return before expenses) | ||||||||
| Class A | Class C | Class P | Institutional Class | |||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
| Ending Account Value (3/31/17) | $1,018.05 | $1,014.46 | $1,019.00 | $1,019.40 | ||||
| Expenses Paid During Period | $6.94 | $10.55 | $5.99 | $5.59 | ||||
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 (1.38% for Class A, 2.10% for Class C, 1.19% for Class P and 1.11% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
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AllianzGI NFJ Global Dividend Value Fund
For the period of October 1, 2016 through March 31, 2017, as provided by Krysta Hill, Product Specialist Associate.
Fund Insights
For the six-month period ended March 31, 2017, Class A shares at net asset value (“NAV”) of the AllianzGI NFJ Global Dividend Value Fund (the “Fund”) returned 7.66%, underperforming the MSCI ACWI (the “benchmark”), which returned 8.18%.
Market Overview
Global equities surged over the six-month period, with indices in the US and UK breaking previous record highs while many other markets reached multi-month peaks. Donald Trump’s surprise victory in the US presidential election raised hopes that his pro-growth stance would boost company profits, outweighing fears about greater protectionism. In general, developed equity markets outperformed emerging markets, with Japan leading the advance as a weaker yen lifted the prospects of the country’s exporters. In economic terms, the period was characterized by strengthening growth and rising inflation. The US Federal Reserve (the “Fed”) raised US interest rates twice—in December 2016 and again in March 2017—taking the federal funds rate to a range of 0.75% to 1.0%, with two further rate increases during 2017. In contrast, in December 2016 the European Central Bank (“ECB”) extended its bond-buying program until at least the end of 2017, but reduced the size of its monthly bond purchases. Subsequently, rising inflation in the first quarter of 2017 led to speculation that the ECB would need to wind down these measures, with President Mario Draghi noting that battle against deflation had now been won. The Bank of England and Bank of Japan left monetary policy unchanged. The US dollar strengthened significantly following Donald Trump’s surprise victory, approaching a 15-year high against its major trading partners. The Japanese yen, in particular, weakened. However, the Trump-inspired rally faded throughout the first quarter of 2017, causing the US dollar to give back some of its earlier gains. Commodities delivered mixed returns. Oil prices initially strengthened following the news that OPEC had agreed to cut production, but later weakened amid signs of rising US supply. Elsewhere, a more optimistic growth outlook boosted prices for many industrials metals, such as copper, but gold lost ground. In terms of sectors, financials stocks in the MSCI ACWI delivered robust returns amid expectations that US Federal interest rates would rise faster than expected as a result of President Trump’s policies. Other growth-oriented sectors also performed well, including information technology, materials, industrials and consumer discretionary companies. In contrast, energy lagged as oil prices failed to build on earlier gains, while traditionally defensive sectors, such as real estate, telecommunications, consumer staples, health care and utilities, underperformed.
Portfolio Review
The Fund’s relative performance versus the benchmark index was due to negative stock selection while regional allocations were positive and country allocations were neutral during the reporting period.
In terms of stock selection, the Fund’s holdings in the industrials and health care sectors contributed positively to performance during the reporting period but were overwhelmed by selection in the consumer discretionary, financials and energy sectors, which detracted from Fund returns.
Sector allocation overall contributed to relative performance, led by an overweight in financials and an underweight in real estate. Conversely, overweight positions in telecommunication services and energy detracted from the Fund’s relative returns during the reporting period.
Selection by country was modestly positive across the US, Japan and Germany, but was overwhelmed by negative selection across Spain, the UK and Norway.
Country allocation was effectively net neutral over the reporting period. The positive impact realized by the Fund’s overweight exposures in Chile and Spain was offset by overweights across the UK and Indonesia, which detracted from relative performance results.
Sector and country weight deviations are a result of NFJ’s bottom-up investment process. On average during the reporting period, the Fund’s largest overweights relative to the benchmark index were in the financials and telecommunication services sectors. In contrast, the largest relative underweights were in the materials and real estate sectors.
Outlook
The current macroeconomic and political backdrop highlights the complex and ambiguous market environment that investors face today. Europe’s election super-cycle has begun in earnest after Dutch voters largely rejected their populist, anti-European Union candidate in March. Looking ahead, elections in France and Germany are scheduled for April and September, respectively. Investors are also keeping a close watch on the UK as the country embarks on a two year process of divorcing from the EU. In other words, the events that we believe have the ability to drive the direction of markets in 2017 continue to dominate news headlines while their outcomes remain unknown.
Within the US, the Trump administration’s agenda continues to materialize. As the S&P 500 climbed into 2017, some indicators suggested froth as the index trades near 18x forward price-to-earnings, three turns above the 25-year average, but below highs reached in the late 90’s and early 2000’s, according to Bloomberg data. The direction of the market from here will partly hinge on how much patience investors have while waiting for broad tax reform, de-regulation and repatriation to emerge. Investors have the challenge of reconciling “hope vs. scope” for fiscal stimulus. While we predict a fiscal stimulus program is likely in the future, the early failure to pass the “Trumpcare” legislation could be an early indication for the administration’s policy outlook. Additionally, the Fed’s most recent move had long been priced in, but we expect the outlook for future monetary policy and the speed of interest rate rises in 2017/18 should keep the markets busy in the weeks to come. If stimulus efforts end up getting watered-down too much, we predict earnings and growth expectations may look stretched.
As the last few weeks of March have demonstrated, low volatility and particularly bullish sentiment can change quickly and lead to some turbulence in the market. The book titled “The Indomitable Investor”, by Steven M. Sears contends that investors with extraordinary long-term track records are inclined to focus on mitigating risk as much as—if not more than—maximizing returns. We agree. While different headline risks, fiscal policy delays and growth
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concerns have arisen, our core philosophy and approach to the markets have remained steadfast. We believe the abovementioned backdrop, in conjunction with looming political hurdles, favors active managers who can take advantage of major and revised policy announcements as well as shifts in sentiment. We predict that NFJ process-driven approach to low valuation investing should stand to benefit if progress towards rewarding fundamentals remains intact. Conversely, we believe that in a volatile environment where market movements are anything but certain, dividends can boost total return while removing some of the sting from capital losses if the market turns lower.
Average Annual Total Return for the period ended March 31, 2017
| 6 Month | * | 1 Year | 5 Year | Since Inception | † | |||||||||||||
| AllianzGI NFJ Global Dividend Value Fund Class A | 7.66% | 11.18% | 5.01% | 8.16% | ||||||||||||||
|
|
AllianzGI NFJ Global Dividend Value Fund Class A (adjusted) | 1.74% | 5.07% | 3.83% | 7.38% | |||||||||||||
| AllianzGI NFJ Global Dividend Value Fund Class C | 7.24% | 10.36% | 4.19% | 7.33% | ||||||||||||||
|
|
AllianzGI NFJ Global Dividend Value Fund Class C (adjusted) | 6.24% | 9.36% | 4.19% | 7.33% | |||||||||||||
|
|
AllianzGI NFJ Global Dividend Value Fund Class P | 7.71% | 11.36% | 5.17% | 8.35% | |||||||||||||
|
|
AllianzGI NFJ Global Dividend Value Fund Institutional Class | 7.83% | 11.52% | 5.28% | 8.45% | |||||||||||||
|
|
MSCI ACWI | 8.18% | 15.04% | 8.37% | 10.39% | |||||||||||||
| Lipper Global Equity Income Funds Average | 5.36% | 10.04% | 7.08% | 9.26% |
† The Fund began operations on June 26, 2009. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on June 30, 2009.
* 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 133 and 134 for more information. The Fund’s gross expense ratios are 2.77% for Class A shares, 3.40% for Class C shares, 2.47% for Class P shares and 2.32% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2018. The Fund’s expense ratios net of this reduction are 1.10% for Class A shares, 1.89% for Class C shares, 0.94% for Class P shares and 0.85% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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| Shareholder Expense Example | Actual Performance | |||||||
| Class A | Class C | Class P | Institutional Class | |||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
| Ending Account Value (3/31/17) | $1,076.60 | $1,072.40 | $1,077.10 | $1,078.30 | ||||
| Expenses Paid During Period | $5.70 | $9.77 | $4.87 | $4.40 | ||||
| Hypothetical Performance | ||||||||
| (5% return before expenses) | ||||||||
| Class A | Class C | Class P | Institutional Class | |||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
| Ending Account Value (3/31/17) | $1,019.45 | $1,015.51 | $1,020.24 | $1,020.69 | ||||
| Expenses Paid During Period | $5.54 | $9.50 | $4.73 | $4.28 | ||||
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.10% for Class A, 1.89% for Class C, 0.94% for Class P and 0.85% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
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AllianzGI NFJ International Small-Cap Value Fund
For the period of October 1, 2016 through March 31, 2017, as provided by Krysta Hill, Product Specialist Associate.
Fund Insights
For the six-month period ended March 31, 2017, Class A shares at net asset value (“NAV”) of the AllianzGI NFJ International Small-Cap Value Fund (the “Fund”) returned 0.83%, underperforming the MSCI World ex USA Small Cap Index (the “benchmark”), which returned 4.66%.
Market Overview
International equities surged over the six-month period, with indices in the UK breaking previous record highs while many other markets reached multi-month peaks. In general, developed equity markets outperformed emerging markets, with countries across Europe and Japan leading the advance. Within the benchmark, Italy and Switzerland rose 10% or more, followed by strength from France, the Netherlands, Denmark, Belgium and Germany as optimism over improving growth helped investors overcome concerns about rising political risk. Japanese equities were lifted in part by a weaker yen, which boosted prospects for the country’s exporters. In December the European Central Bank (“ECB”) extended its bond-buying program until at least the end of 2017, but reduced the size of its monthly bond purchases. Subsequently, rising inflation in the first quarter of 2017 led to speculation that the ECB would need to wind down these measures, with President Mario Draghi noting that battle against deflation had now been won. The Bank of England and Bank of Japan left monetary policy unchanged. Commodities delivered mixed returns. Oil prices initially strengthened following the news that OPEC had agreed to cut production, but later weakened amid signs of rising US supply. Elsewhere, a more optimistic growth outlook boosted prices for many industrials metals, such as copper, but gold lost ground. In terms of sectors, information technology and financials stocks in the benchmark climbed 9%. Other growth-oriented sectors also performed well, including industrials and materials companies, in addition to utilities names. In contrast, many of the traditionally defensive sectors, such as real estate, consumer staples, health care and telecoms, underperformed
Portfolio Review
The Fund’s relative underperformance versus the benchmark index was largely due to negative stock selection, though country and sector allocations were also negative over the reporting period.
In terms of stock selection, Fund holdings in the energy and consumer staples sectors were the largest contributors to performance. However, these gains were overwhelmed by negative selection across the information technology, industrials and consumer discretionary sectors.
From a sector allocation perspective, an overweight in materials as well as an underweight in real estate boosted relative returns. Conversely, an overweight in consumer staples coupled with underweight positions in information technology and energy detracted from performance over the reporting period.
Selection by country was negative, led by holdings based in the UK, Japan and Sweden, which failed to keep pace with benchmark shares. The Fund realized gains from strong selection in Canada, Australia and Hong Kong-based holdings.
Country allocation was negative, as the Fund’s overweights in Taiwan and Hong Kong weighed on relative performance results. In contrast, an overweight in Greece and underweight in Canada aided relative performance over the reporting period.
Sector and country weight deviations are a result of NFJ’s bottom-up investment process. On average during the reporting period, the Fund’s largest overweights relative to the benchmark index were in the consumer staples and materials sectors. In contrast, the largest relative underweights were in the information technology and financials sectors.
Outlook
The current macroeconomic and political backdrop highlights the complex and ambiguous market environment that investors face today. Europe’s election super-cycle has begun in earnest after Dutch voters largely rejected their populist, anti-European Union (EU) candidate in March. Looking ahead, elections in France and Germany are scheduled for April and September, respectively. Investors are also keeping a close watch on the UK as the country embarks on a two year process of divorcing from the EU. In other words, the events that we believe have the ability to drive the direction of markets in 2017 continue to dominate news headlines while their outcomes remain unknown.
At NFJ, we target both attractively-valued stocks and dividend-paying companies to attempt to create portfolios of higher-quality equities that can help position investors for longer term outperformance and for downside protection during market drawdowns. Though such a strategy may not keep pace during sharply rising investment environments, we believe a focus on long term fundamental strength may benefit risk-on investors, venturing into equities, should today’s uncertainties fade amid favorable European election results. Conversely, should risk become reality, causing earnings expectations—and thereby share prices—to appear stretched, we believe that managers focusing on higher-quality, dividend paying names offering downside protection may be most beneficial for clients. At NFJ, we expect our deep value, dividend oriented process to strike this delicate balance for our investors.
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Average Annual Total Return for the period ended March 31, 2017
| 6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI NFJ International Small-Cap Value Fund Class A | 0.83% | 4.09% | 9.44% | |||||||||||
|
|
AllianzGI NFJ International Small-Cap Value Fund Class A (adjusted) | –4.72% | –1.64% | 8.17% | ||||||||||
| AllianzGI NFJ International Small-Cap Value Fund Class C | 0.46% | 3.35% | 8.65% | |||||||||||
|
|
AllianzGI NFJ International Small-Cap Value Fund Class C (adjusted) | –0.48% | 2.38% | 8.65% | ||||||||||
|
|
AllianzGI NFJ International Small-Cap Value Fund Class P | 0.98% | 4.28% | 9.62% | ||||||||||
|
|
AllianzGI NFJ International Small-Cap Value Fund Institutional Class | 1.02% | 4.43% | 9.74% | ||||||||||
|
|
AllianzGI NFJ International Small-Cap Value Fund Class R6 | 1.01% | 4.54% | 9.84% | ||||||||||
|
|
MSCI World ex USA Small Cap Index | 4.66% | 11.58% | 11.47% | ||||||||||
| Lipper International Small/Mid-Cap Core Funds Average | 5.56% | 11.66% | 9.32% | |||||||||||
† The Fund began operations on June 1, 2012. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on May 31, 2012.
* 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 133 and 134 for more information. The Fund’s gross expense ratios are 4.47% for Class A shares, 5.01% for Class C shares, 4.05% for Class P shares, 3.81% for Institutional Class shares and 4.89% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2018. The Fund’s expense ratios net of this reduction are 1.30% for Class A shares, 2.05% for Class C shares, 1.05% for Class P shares, 1.01% for Institutional Class shares and 0.95% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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| Shareholder Expense Example | Actual Performance | |||||||||
| Class A | Class C | Class P | Institutional Class |
Class R6 | ||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (3/31/17) | $1,008.30 | $1,004.60 | $1,009.80 | $1,010.20 | $1,010.10 | |||||
| Expenses Paid During Period | $6.51 | $10.25 | $5.61 | $5.21 | $4.76 | |||||
| Hypothetical Performance | ||||||||||
| (5% return before expenses) | ||||||||||
| Class A | Class C | Class P | Institutional Class |
Class R6 | ||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (3/31/17) | $1,018.45 | $1,014.71 | $1,019.35 | $1,019.75 | $1,020.19 | |||||
| Expenses Paid During Period | $6.54 | $10.30 | $5.64 | $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 (1.30% for Class A, 2.05% for Class C, 1.12% for Class P, 1.04% for Institutional Class and 0.95% for Class R6), multiplied by the average account value over the period, multiplied by 182/365.
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AllianzGI NFJ International Value II Fund
For the period of October 1, 2016 through March 31, 2017, as provided by Krysta Hill, Product Specialist Associate.
Fund Insights
For the six-month period ended March 31, 2017, Class A shares at net asset value (“NAV”) of the AllianzGI NFJ International Value II Fund (the “Fund”) returned 5.02%, underperforming the MSCI EAFE Index (the “benchmark”), which returned 6.48%.
Market Overview
International equities surged over the six-month period, with indices in the UK breaking previous record highs while many other markets reached multi-month peaks. In general, developed equity markets outperformed emerging markets, with countries across Europe and Japan leading the advance. Within the benchmark, Italy, Spain, Austria, France and Germany rose 10% or more as optimism over strengthening growth helped investors overcome concerns about rising political risk. Japanese equities were lifted in part by a weaker yen, which boosted prospects for the country’s exporters. In December the European Central Bank (“ECB”) extended its bond-buying program until at least the end of 2017, but reduced the size of its monthly bond purchases. Subsequently, rising inflation in the first quarter of 2017 led to speculation that the ECB would need to wind down these measures, with President Mario Draghi noting that battle against deflation had now been won. The Bank of England and Bank of Japan left monetary policy unchanged. Commodities delivered mixed returns. Oil prices initially strengthened following the news that OPEC had agreed to cut production, but later weakened amid signs of rising US supply. Elsewhere, a more optimistic growth outlook boosted prices for many industrials metals, such as copper, but gold lost ground. In terms of sectors, financials stocks in the benchmark delivered robust returns amid expectations that interest rates would rise faster than expected as a result of President Trump’s policies. Other growth-oriented sectors also performed well, including materials, information technology and industrials companies, in addition to energy names. In contrast, traditionally defensive sectors, such as consumer staples, telecommunications, real estate, utilities and health care, underperformed.
Portfolio Review
The Fund’s relative underperformance versus the benchmark index was largely due to negative stock selection, though country allocations were also negative over the reporting period. Sector allocations modestly contributed to relative results over the reporting period.
In terms of stock selection, Fund holdings in the consumer staples sector outpaced benchmark shares, but those gains were overwhelmed by negative selection across the information technology, financials and materials sectors.
From a sector allocation perspective, underweight positions in consumer staples and real estate were primary performance contributors. Conversely, an overweight in telecommunication services and underweight in information technology somewhat detracted from Fund performance over the trailing six-month period.
Selection by country was negative due to holdings across the UK, Japan and the Netherlands, which failed to keep pace with benchmark shares. In contract, the Fund’s Hong Kong, Denmark and Ireland-based holdings boosted relative results.
Country allocations were negative due to the Fund’s overweight exposures in the off-benchmark countries of China and South Korea. Underweights in Switzerland and the UK contributed during the reporting period.
Sector and region weight deviations are a result of NFJ’s bottom-up investment process. On average during the reporting period, the Fund’s largest overweights relative to the benchmark index were in the financials and utilities sectors. In contrast, the largest relative underweights were in the consumer staples and health care sectors.
Outlook
The current macroeconomic and political backdrop highlights the complex and ambiguous market environment that investors face today. Europe’s election super-cycle has begun in earnest after Dutch voters largely rejected their populist, anti-European Union (EU) candidate in March. Looking ahead, elections in France and Germany are scheduled for April and September, respectively. Investors are also keeping a close watch on the UK as the country embarks on a two year process of divorcing from the EU. In other words, the events that we believe have the ability to drive the direction of markets in 2017 continue to dominate news headlines while their outcomes remain unknown.
At NFJ, we target both attractively-valued stocks and dividend-paying companies to attempt to create portfolios of higher-quality equities that can help position investors for longer term outperformance and for downside protection during market drawdowns. Though such a strategy may not keep pace during sharply rising investment environments, we believe a focus on long term fundamental strength may benefit risk-on investors, venturing into equities, should today’s uncertainties fade amid favorable European election results. Conversely, should risk become reality, causing earnings expectations—and thereby share prices—to appear stretched, we believe that managers focusing on higher-quality, dividend paying names offering downside protection may be most beneficial for clients. At NFJ, we expect our deep value, dividend oriented process to strike this delicate balance for our investors.
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Average Annual Total Return for the period ended March 31, 2017
| 6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
| AllianzGI NFJ International Value II Fund Class A | 5.02% | 6.96% | 3.22% | 4.65% | ||||||||||||||
|
|
AllianzGI NFJ International Value II Fund Class A (adjusted) | –0.75% | 1.08% | 2.06% | 3.55% | |||||||||||||
| AllianzGI NFJ International Value II Fund Class C | 4.63% | 6.13% | 2.43% | 3.85% | ||||||||||||||
|
|
AllianzGI NFJ International Value II Fund Class C (adjusted) | 3.63% | 5.13% | 2.43% | 3.85% | |||||||||||||
|
|
AllianzGI NFJ International Value II Fund Class P | 5.14% | 7.11% | 3.41% | 4.85% | |||||||||||||
|
|
AllianzGI NFJ International Value II Fund Institutional Class | 5.14% | 7.17% | 3.49% | 4.93% | |||||||||||||
|
|
MSCI EAFE Index | 6.48% | 11.67% | 5.83% | 7.26% | |||||||||||||
| Lipper International Multi-Cap Value Funds Average | 6.11% | 11.32% | 5.52% | 6.92% | ||||||||||||||
† The Fund began operations on December 1, 2011. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on November 30, 2011.
* 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 133 and 134 for more information. The Fund’s gross expense ratios are 1.82% for Class A shares, 2.58% for Class C shares, 1.54% for Class P shares and 1.45% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2018. The Fund’s expense ratios net of this reduction are 1.15% for Class A shares, 1.90% for Class C shares, 0.95% for Class P shares and 0.90% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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AllianzGI NFJ International Value II Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||
| Class A | Class C | Class P | Institutional Class | |||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
| Ending Account Value (3/31/17) | $1,050.20 | $1,046.30 | $1,051.40 | $1,051.40 | ||||
| Expenses Paid During Period | $5.88 | $9.69 | $4.86 | $4.60 | ||||
| Hypothetical Performance | ||||||||
| (5% return before expenses) | ||||||||
| Class A | Class C | Class P | Institutional Class | |||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
| Ending Account Value (3/31/17) | $1,019.20 | $1,015.46 | $1,020.19 | $1,020.44 | ||||
| Expenses Paid During Period | $5.79 | $9.55 | $4.78 | $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, 0.95% for Class P and 0.90% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
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AllianzGI Short Duration High Income Fund
For the period of October 1, 2016 through March 31, 2017, as provided by Doug Forsyth, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2017, Class A Shares at net asset value (“NAV”) of the AllianzGI Short Duration High Income Fund (the “Fund”) returned 2.00%, outperforming the BofA Merrill Lynch 1-3 Year BB US Cash Pay High Yield Index (the “benchmark”), which returned 1.87%.
Market Overview
The high-yield market’s upward trajectory in 2016 continued into the fourth quarter of 2016 with the asset class recording its fifth-highest annual return historically. In contrast to 2016’s start to the year, the outset of 2017 began on a much firmer footing.
Several factors influenced high-yield bonds throughout the period, including constructive economic trends, corporate health, the US Federal Reserve’s (the “Fed”) rate decision and outlook, US elections and the new administration’s pro-growth agenda, sustained appetite for risk assets and commodity price strength.
In the US, positive economic reports outnumbered weaker releases, indicating ongoing growth and supporting the market’s advance. Overall, the trend in economic data reinforced the favorable credit conditions for high-yield bonds.
Credit fundamentals for most high-yield issuers displayed sustained improvement. According to BofA Merrill Lynch, both top- and bottom-line growth continued to trend higher. Furthermore, leverage continued to decline and coverage ratios increased. These statistics provided additional proof of the underlying fundamental strength of the high-yield bond market and substantiated the decline in the default rate.
The high-yield market responded positively to the Fed’s rate decisions and commentary. The central bank hiked the Fed funds rate a quarter point in both December 2016 and in March 2017. On balance, a Fed that did not deviate from its gradual approach toward policy adjustments, and a highly accommodative environment outside the US, continued to help support the performance of risk assets.
The unexpected election of Donald Trump triggered a rotation into risk assets that persisted throughout the reporting period. Investor appetite centered on optimism around the President’s pro-growth agenda and anticipation of a more favorable corporate earnings backdrop, predicated on positive tax reform, decreased regulation and increased fiscal spending.
This sentiment was also evident at the sub-asset class level and resulted in performance dispersion among the credit-rating categories. For example, within high-yield, the lowest-quality, most distressed issues outperformed higher-quality bonds.
Finally, improving industry dynamics helped lift the price of crude oil and aided in the stabilization of other commodity prices. These developments had a positive impact on many energy and materials companies.
Portfolio Review
The Fund return was positive and exceeded the performance of the benchmark. In contrast, core US bonds reported a negative return.
Industries that contributed meaningfully to performance in the period included issues in metals/mining ex steel, insurance and homebuilders/real estate followed by energy and support-services. Conversely, only one industry, healthcare, detracted from the Fund’s performance.
Issues sourced from the primary market were very minimal, while the vast majority of positions added were seasoned bonds sourced in the secondary market. Market volatility and temporary declines of bond prices in the late in the period created opportunities to purchase securities at very attractive prices. Purchases of bank loans were minimal given the lack of call protection and repricing risk in the loan market, and more attractive relative value was found in the bond market.
Outlook
Currently fixed income alternatives remain limited as core bonds continue to trade at meaningful premiums, carry significant duration risk and offer relatively low returns. We expect the Fund should continue to perform within expectations as a highly liquid, absolute return-focused solution designed to protect principal, while providing a stable source of income with lower or negative correlations to riskier assets.
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AllianzGI Short Duration High Income Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2017
| 6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
| AllianzGI Short Duration High Income Fund Class A | 2.00% | 9.39% | 4.44% | 5.22% | ||||||||||||||
|
|
AllianzGI Short Duration High Income Fund Class A (adjusted) | –0.30% | 6.93% | 3.97% | 4.79% | |||||||||||||
| AllianzGI Short Duration High Income Fund Class C | 1.82% | 9.07% | 4.14% | 4.87% | ||||||||||||||
|
|
AllianzGI Short Duration High Income Fund Class C (adjusted) | 0.83% | 8.07% | 4.14% | 4.87% | |||||||||||||
|
|
AllianzGI Short Duration High Income Fund Class P | 2.13% | 9.54% | 4.63% | 5.40% | |||||||||||||
|
|
AllianzGI Short Duration High Income Fund Institutional Class | 2.16% | 9.65% | 4.71% | 5.50% | |||||||||||||
|
|
AllianzGI Short Duration High Income Fund Class R6 | 2.18% | 9.68% | 4.73% | 5.52% | |||||||||||||
|
|
BofA Merrill Lynch 1-3 Year BB US Cash Pay High Yield Index | 1.87% | 7.19% | 4.90% | 5.87% | |||||||||||||
| Lipper High Yield Funds Average | 3.93% | 13.30% | 5.57% | 7.15% | ||||||||||||||
† The Fund began operations on October 3, 2011. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on September 30, 2011.
* 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 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 133 and 134 for more information. The Fund’s gross expense ratios are 0.85% for Class A shares, 1.13% for Class C shares, 0.66% for Class P shares, 0.58% for Institutional Class shares and 0.57% for Class R6 shares. The Class R6 shares ratio does not include an expense reduction contractually guaranteed through at least March 31, 2018. The Class R6 shares expense ratio net of this reduction are 0.57% for R6 Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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AllianzGI Short Duration High Income Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||
| Class A | Class C | Class P | Institutional Class |
Class R6 | ||||||
| Beginning Account Value* | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (3/31/17) | $1,020.00 | $1,018.20 | $1,021.30 | $1,021.60 | $1,006.00 | |||||
| Expenses Paid During Period | $4.28 | $5.53 | $3.17 | $2.82 | $0.91 | |||||
| Hypothetical Performance | ||||||||||
| (5% return before expenses) | ||||||||||
| Class A | Class C | Class P | Institutional Class |
Class R6 | ||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (3/31/17) | $1,020.69 | $1,019.45 | $1,021.79 | $1,022.14 | $1,022.09 | |||||
| Expenses Paid During Period | $4.28 | $5.54 | $3.18 | $2.82 | $2.87 | |||||
*Class R6 commenced operations on February 1, 2017. The Actual expense example for Class R6 is based on the period since inception; the actual expense example for Class A, Class C, Class P and Institutional Class and the Hypothetical expense example are based on the period beginning October 1, 2016. If the Hypothetical expense example for Class R6 had been based on the period since inception, the Ending Account Value and Expenses Paid During the Period would have been: $1,007.04 and $0.91, 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(0.85% for Class A, 1.10% for Class C, 0.63% for Class P, 0.56% for Institutional Class and 0.57% for Class R6), multiplied by the average account value over the period, multiplied by 182 (58 for Class R6)/365 for the Actual expense example and 182/365 for the Hypothetical expense example.
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AllianzGI Structured Return Fund
For the period of October 1, 2016 through March 31, 2017, as provided by Greg Tournant and Stephen Bond-Nelson, Co-Portfolio Managers.
Fund Insights
For the six-month period ended March 31, 2017, Class A shares at net asset value of the AllianzGI Structured Return Fund (the “Fund”) returned 2.43%, outperforming the BofA Merrill Lynch 3-Month US Treasury Bill Index (the “benchmark”), which returned 0.19%.
Market Overview
Structured Return navigated challenging market conditions from October 2016 through March 2017 to generate consistent, risk-controlled gains.
There were several short-lived market dislocations in 2016, which were coupled with historically low levels of implied volatility—how much option-market participants believe the equity market is going to fluctuate. The most notable event of the fourth quarter 2016 was the US Presidential Election. A steep overnight decline and rally occurred as investors digested the US presidential election outcome in a matter of hours, with the US equity market ultimately extending its gains. The S&P 500 Index—which is the underlying for the option contracts we trade -- reversed its negative start to the period and wound up advancing 3.82% for the quarter, bringing its annual gain to 11.96%.
The low levels of implied volatility persisted into the first quarter of 2017 amid another period of strong equity market growth. While the portfolio was able to perform well, returns were curtailed by extremely muted levels of implied volatility. The Volatility Index (“VIX”), which measures implied volatility of the S&P 500 Index, averaged 11.69 for the period, a quarterly average not seen since 2006.
Portfolio Review
Despite the challenging market environment, the Fund delivered positives returns every month from October 2016 through March 2017.
Class A Shares of the Fund gained 0.32% in October, profiting from range-bound spread positions but slightly curtailed by the negative mark-to-market impact of the month-end VIX spike. In November, the Fund realized slight gains from S&P 500 Index upside directional call spread positions during the equity market rally. The portfolio also profited from range-bound spreads and realized a mark-to-market recovery from October. The Fund returned 0.69% for the month. Equity markets continued to advance into December, punctuating a year of gains that exceeded many investors’ expectations, while the VIX fell back to the low teens. During the month the Fund realized gains from range-bound spread positions en route to a 0.25% return.
The Fund generated gains exclusively from range-bound spread positions in January given the flat market environment. Structured Return gained 0.51% net of fees in January as the S&P 500 Index climbed 1.90% for the month. In February, equities strengthened further, with the S&P 500 rising 3.97%. Its ascent at the end of the month was steep enough that the index approached a few S&P 500 Index call strikes. This prompted some upside restructuring, at a cost of approximately 20 basis points. Beyond the realized cost, the portfolio also experienced some negative mark-to-market with the index so close to our strikes. Still, the Fund was positive for the month, returning 0.25%.
With equity indexes steadying in March 2017, the portfolio delivered above-target gains. Range-bound spreads led the way, with performance also boosted by the mark-to-market recovery from positions that had been marked down expiring intact. We were somewhat remiss that the portfolio was unable to capture gains from directional positions that we had tactically constructed in advance of the widely anticipated vote on health care legislation. These positions would have benefited from an equity-market decline in the days and weeks following the scheduled March 23rd vote. Yet as has frequently been the case in recent quarters, the issue turned out to be a non-event for the equity and volatility indexes.
Outlook
With equity markets showing remarkable resilience and the VIX unable to sustain any increase, we will attempt to continue to position the portfolio with prudence, even if it means lower return expectations. The Fund’s performance target already presumes a low VIX, but if volatility were to remain exceptionally low all year, realistically we expect the portfolio to perform at the bottom end of its typical range or perhaps slightly lower.
That said, we are only one quarter into 2017, and anything can happen from here. There are certainly many potential geopolitical and economic news catalysts—the French election in May, for example—that could disrupt the current sanguine environment, even though in our view, nothing has thus far. We believe that one or two equity-market corrections over the course of the year, which is statistically typical, would be a welcome occurrence if the moves were to bring about a higher prevailing VIX level.
In the meantime, we remain focused on attempting to pursue gains responsibly. As always, we believe the Fund is positioned to perform through as wide a range of market scenarios as possible.
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AllianzGI Structured Return Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2017
| 6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI Structured Return Fund Class A | 2.43% | 5.22% | 4.40% | |||||||||||
|
|
AllianzGI Structured Return Fund Class A (adjusted) | –3.20% | –0.57% | 3.04% | ||||||||||
| AllianzGI Structured Return Fund Class C | 2.01% | 4.39% | 3.61% | |||||||||||
|
|
AllianzGI Structured Return Fund Class C (adjusted) | 1.02% | 3.39% | 3.61% | ||||||||||
|
|
AllianzGI Structured Return Fund Class P | 2.54% | 5.40% | 4.57% | ||||||||||
|
|
AllianzGI Structured Return Fund Institutional Class | 2.53% | 5.43% | 4.64% | ||||||||||
|
|
AllianzGI Structured Return Fund Class R6 | 2.67% | 5.62% | 4.77% | ||||||||||
|
|
BofA Merrill Lynch 3-Month US Treasury Bill Index | 0.19% | 0.36% | 0.14% | ||||||||||
| Lipper Absolute Return Funds Average | 2.69% | 5.07% | 2.71% | |||||||||||
† The Fund began operations on December 3, 2012. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on November 30, 2012.
* 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 133 and 134 for more information. The Fund’s gross expense ratios are 1.29% for Class A shares, 2.09% for Class C shares, 1.06% for Class P shares, 1.00% for Institutional Class shares and 0.98% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2018. The Fund’s expense ratios net of this reduction are 1.10% for Class A shares, 1.90% for Class C shares, 0.89% for Class P shares, 0.81% for Institutional Class shares and 0.79% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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AllianzGI Structured Return Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||
| Class A | Class C | Class P | Institutional Class |
Class R6 | ||||||
| Beginning Account Value* | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (3/31/17) | $1,024.30 | $1,020.10 | $1,025.40 | $1,025.30 | $1,015.70 | |||||
| Expenses Paid During Period | $5.35 | $9.22 | $4.14 | $4.09 | $2.23 | |||||
| Hypothetical Performance | ||||||||||
| (5% return before expenses) | ||||||||||
| Class A | Class C | Class P | Institutional Class |
Class R6 | ||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (3/31/17) | $1,019.65 | $1,015.81 | $1,020.84 | $1,020.89 | $1,021.49 | |||||
| Expenses Paid During Period | $5.34 | $9.20 | $4.13 | $4.08 | $3.48 | |||||
* Class R6 commenced operations on December 2, 2016. The Actual expense example for Class R6 is based on the period since inception; the Actual expense example for Class A, Class C, Class P and Institutional Class and the Hypothetical expense example are based on the period beginning October 1, 2016. If the Hypothetical expense example for Class R6 had been based on the period since inception, the Ending Account Value and Expenses Paid During the Period would have been: $1,013.82 and $2.23, respectively.
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.06% for Class A, 1.83% for Class C, 0.82% for Class P, 0.81% for Institutional Class and 0.69% for Class R6), multiplied by the average account value over the period, multiplied by 182 (117 for Class R6)/365 for the Actual expense example and 182/365 for the Hypothetical expense example. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
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AllianzGI U.S. Equity Hedged Fund
For the period of October 1, 2016 through March 31, 2017, as provided by Greg Tournant and Stephen Bond-Nelson, Co-Portfolio Managers.
Fund Insights
For the six-month period ended March 31, 2017, Class A shares at net asset value (“NAV”) of the AllianzGI U.S. Equity Hedged Fund (the “Fund”) returned 6.24%, underperforming the S&P 500 Index (the “benchmark”), which returned 10.12%
Market Overview
The Fund generated positive returns from October 2016 through March 2017 during a period of strong equity-market growth, while continually hedging against downside equity market risk.
The most notable highlight of the period was the steep overnight S&P 500 Index decline and rally in November 2016 as investors digested the US presidential election outcome in a matter of hours. In October, the S&P 500 snapped a seven-month positive streak, with weakness intensifying toward the end of the month on election uncertainty. Subsequently, on November 8th, the Donald Trump victory initially shocked markets—with the S&P 500 Index futures plunging 5% overnight—the maximum decline allowed by trading limits. But after just a few hours a strong reversal took hold, with the S&P 500 actually finishing the trading day in positive territory. From there, the US equity climb continued through the end of the year, bringing the S&P 500’s annual gain to 11.96%.
Equity markets continued their surge to start the new year, extending the post-election trend, with several major indexes climbing to record highs. The equities markets climbed for all three months in the first quarter, while implied volatility, represented by the Volatility Index (“VIX”), remained in the low teens. The equity market ascent was steepest in February, with the S&P 500 Index rising 3.97% for the month.
Portfolio Review
The Fund is a collar strategy that seeks to provide protection against downside equity-market moves while asymmetrically preserving the upside potential of the underlying passive equity portfolio. The Fund pursues this objective by purchasing laddered, long-duration equity index put options and selling short-duration index calls at strike distances that vary depending on the level of the VIX, a measure of S&P 500 option prices. The goal of this duration mismatch is for the short call positions to stay out of the way of rising equity markets while the longer-dated put positions continuously hedge the downside risk associated with Fund’s long S&P 500 exposure.
In October, the Fund returned -1.48%, as the portfolio’s long put positions helped cushion the S&P 500 Index decline. Then, as the S&P 500 Index rebounded in November, the portfolio’s short-duration calls, which had been written approximately 3% out of the money, enabled the Fund to meaningfully participate. The Fund returned 2.88% in November, outperforming other comparable collar strategies for the month. The Fund largely kept pace with the equity market advance in December, returning 1.49% for the month.
Moving into the new year, the fund’s short call strikes, which had been written approximately 3-4% out-of-the-money at position inception in the low-VIX environment, were able to accommodate January’s equity market gain. In February, the market ascent at the end of the month was steep enough that the index approached a few of our short call strikes, prompting some restructuring. However, the Fund still captured the majority of the equity market upside, returning 2.40% for the month. The Fund’s level of participation in the equity rally compared favorably among collar strategies as many funds struggled to keep pace with the two-month surge. As markets steadied in March, the Fund lagged, with a return of -0.41% for the month.
Outlook
So far the equity markets have shown remarkable resilience at the start of the year. Recent US equity market dislocations have been very short-lived, with the underlying market trend having tended to prevail over any short-term surprise.
That said, we are only one quarter into 2017, and anything can happen from here. There are certainly many potential geopolitical and economic news catalysts—the French election in May, for example—that could disrupt the current sanguine environment, even though we believe that nothing has thus far.
If a sharp decline by the S&P 500 were to occur, we believe the Fund is positioned to limit losses and control risk. It is our opinion that the reliability of the Fund’s long put program not only offers some protection of capital, but presumably also enables investors to take more risk in other parts of their portfolio.
Until the markets undergo a longer-lasting, more significant period of decline, we believe the Fund will not have an opportunity to demonstrate the full scope of its benefit. Yet even in a persistent bull market, it is our opinion that the Fund has shown it can provide solid capital appreciation and a reassuring risk profile.
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AllianzGI U.S. Equity Hedged Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2017
| 6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI U.S. Equity Hedged Fund Class A | 6.24% | 10.83% | 6.55% | |||||||||||
|
|
AllianzGI U.S. Equity Hedged Fund Class A (adjusted) | 0.40% | 4.73% | 5.16% | ||||||||||
| AllianzGI U.S. Equity Hedged Fund Class C | 5.85% | 10.01% | 5.78% | |||||||||||
|
|
AllianzGI U.S. Equity Hedged Fund Class C (adjusted) | 4.85% | 9.01% | 5.78% | ||||||||||
|
|
AllianzGI U.S. Equity Hedged Fund Class P | 6.31% | 11.05% | 6.71% | ||||||||||
|
|
AllianzGI U.S. Equity Hedged Fund Institutional Class | 6.36% | 11.09% | 6.83% | ||||||||||
|
|
S&P 500 Index | 10.12% | 17.17% | 15.11% | ||||||||||
| Lipper Alternative Long/Short Equity Funds Average | 4.59% | 6.93% | 5.38% | |||||||||||
† The Fund began operations on December 3, 2012. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on November 30, 2012.
* 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 133 and 134 for more information. The Fund’s gross expense ratios are 3.72% for Class A shares, 4.46% for Class C shares, 3.38% for Class P shares and 3.18% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2018. The Fund’s expense ratios net of this reduction are 1.34% for Class A shares, 2.09% for Class C 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 February 1, 2017, as revised April 10, 2017.
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AllianzGI U.S. Equity Hedged Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||
| Class A | Class C | Class P | Institutional Class | |||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
| Ending Account Value (3/31/17) | $1,062.40 | $1,058.50 | $1,063.10 | $1,063.60 | ||||
| Expenses Paid During Period | $6.43 | $10.26 | $5.66 | $5.14 | ||||
| Hypothetical Performance | ||||||||
| (5% return before expenses) | ||||||||
| Class A | Class C | Class P | Institutional Class | |||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
| Ending Account Value (3/31/17) | $1,018.70 | $1,014.96 | $1,019.45 | $1,019.95 | ||||
| Expenses Paid During Period | $6.29 | $10.05 | $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, 1.10% for Class P and 1.00% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
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AllianzGI U.S. Small-Cap Growth Fund
For the period of October 1, 2016 through March 31, 2017, as provided by Steven Lyford, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2017, Class A Shares at net asset value (“NAV”) of the AllianzGI U.S. Small-Cap Growth Fund (the “Fund”) returned 8.20%, underperforming the Russell 2000 Growth Index (the “benchmark”), which returned 9.11%.
Market Overview
US risk assets surged in the fourth quarter, with equities posting some of the most robust gains. Although smaller-cap stocks were a beneficiary of this appetite for risk, the stock market rally was broad based with the S&P 500, Dow Jones Industrial Average, Russell 2000 and Nasdaq Composite Indexes recording new all-time highs in the period. Initially, equities declined during October 2016, but losses were quickly recovered after election results triggered a relentless rally that lasted into year-end.
This upward trend persisted through the remainder of the reporting period due to elevated sentiment, which in part, centered on continued optimism around President Trump’s policies and pro-growth agenda. Investor conviction was tested with the withdrawal of the health care bill and a decline in oil prices, but these events did little to shake their resolve as markets recovered into period end.
US equity markets responded favorably to the US Federal Reserve’s (the “Fed”) commentary and their decision to raise the Fed funds rate in December 2016 and again in March 2017. Outside of the US, global central banks maintained aggressive measures to stimulate their respective economies.
Corporate profits rose year-over-year at the end of December 2016, and fourth-quarter fundamentals for most stocks displayed sustained improvement.
Finally, positive economic reports outnumbered weaker releases, indicating ongoing growth and supporting the market’s advance.
Against this backdrop, the Russell 2000 Index returned 11.52% and outperformed the Russell 1000 Index, which returned 10.09%. Within the small cap universe, growth-oriented stocks underperformed value-oriented stocks. Specific to the benchmark, sector performance was predominantly positive. Financials, materials, and industrials were the strongest-performing sectors. In contrast, the energy sector declined and consumer staples, health care and real estate trailed the overall market.
Portfolio Review
The Fund underperformed its benchmark over the reporting period. From an attribution perspective, security selection was a positive contributor to relative performance, but the benefit was more than offset by asset weighting effects at the sector level. In particular, stock picking was additive in the information technology, healthcare, and energy sectors, followed by materials. Conversely, security selection in industrials, consumer discretionary and consumer staples detracted. Separately, overweights in energy and financials hurt relative performance, equalizing overall stock-picking strength.
Outlook
We expect, along with many others, the US economy to expand at a moderate pace in 2017 and we believe the steepness of the Treasury yield curve supports this notion. Outside of positive economic trends, we believe the President’s agenda could spur even faster economic growth. After bottoming in the second quarter, corporate profits accelerated into year-end, and, we believe, based on bottom-up estimates, are poised to trend higher in 2017. Additionally, we believe the potential for decreased regulation, positive tax reform and increased fiscal spending could create the most favorable backdrop for corporate earnings in years. US monetary policy continues to be modestly accommodative with the Fed expected to take a gradual, measured approach toward adjustments. The Federal Open Market Committee is projecting two more interest rate hikes in 2017, signaling its confidence in the US economy’s ability to grow.
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AllianzGI U.S. Small-Cap Growth Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2017
| 6 Month* | 1 Year | 5 Year | 10 Year | Since Inception† | ||||||||||||||||||
| AllianzGI U.S. Small-Cap Growth Fund Class A | 8.20% | 17.14% | 7.41% | 5.60% | 7.03% | |||||||||||||||||
|
|
AllianzGI U.S. Small-Cap Growth Fund Class A (adjusted) | 2.24% | 10.70% | 6.20% | 5.00% | 6.77% | ||||||||||||||||
| AllianzGI U.S. Small-Cap Growth Fund Class C | 7.66% | 16.11% | 6.57% | 4.80% | 6.22% | |||||||||||||||||
|
|
AllianzGI U.S. Small-Cap Growth Fund Class C (adjusted) | 6.80% | 15.19% | 6.57% | 4.80% | 6.22% | ||||||||||||||||
|
|
AllianzGI U.S. Small-Cap Growth Fund Class R | 8.01% | 16.80% | 7.16% | 5.35% | 6.77% | ||||||||||||||||
|
|
AllianzGI U.S. Small-Cap Growth Fund Class P | 8.22% | 17.20% | 7.59% | 5.82% | 7.28% | ||||||||||||||||
|
|
AllianzGI U.S. Small-Cap Growth Fund Institutional Class | 8.32% | 17.34% | 7.70% | 5.93% | 7.38% | ||||||||||||||||
|
|
Russell 2000 Growth Index | 9.11% | 23.03% | 12.10% | 8.06% | 7.29% | ||||||||||||||||
| Lipper Small-Cap Growth Funds Average | 8.56% | 22.09% | 10.49% | 7.24% | 8.29% | |||||||||||||||||
† The Fund began operations on December 1, 1993. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on September 30, 1993.
* 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 133 and 134 for more information. The Fund’s gross expense ratios are 1.97% for Class A shares, 2.83% for Class C shares, 2.24% for Class R shares, 1.76% for Class P shares, 1.75% for Institutional Class shares and 1.46% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2018. The Fund’s expense ratios net of this reduction are 1.20% for Class A shares, 2.00% for Class C shares, 1.45% for Class R shares, 1.05% for Class P shares, 0.96% for Institutional Class shares and 0.95% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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AllianzGI U.S. Small-Cap Growth Fund (cont’d)
| Shareholder Expense Example | Actual Performance | |||||||||
| Class A | Class C | Class R | Class P | Institutional Class | ||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (3/31/17) | $1,082.00 | $1,076.60 | $1,080.10 | $1,082.20 | $1,083.20 | |||||
| Expenses Paid During Period | $6.23 | $10.35 | $7.52 | $5.45 | $4.99 | |||||
| Hypothetical Performance | ||||||||||
| (5% return before expenses) | ||||||||||
| Class A | Class C | Class R | Class P | Institutional Class | ||||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
| Ending Account Value (3/31/17) | $1,018.95 | $1,014.96 | $1,017.70 | $1,019.70 | $1,020.14 | |||||
| Expenses Paid During Period | $6.04 | $10.05 | $7.29 | $5.29 | $4.84 | |||||
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 (1.20% for Class A, 2.00% for Class C, 1.45% for Class R, 1.05% for Class P and 0.96% 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 October 1, 2016 through March 31, 2017, as provided by Robert Marren, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2017, Class A Shares at net asset value (“NAV”) of the AllianzGI Ultra Micro Cap Fund (the “Fund”) returned 6.21%, outperforming the Russell Microcap Growth Index (the “benchmark”), which returned 4.13%.
Market Overview
US risk assets surged in the fourth, quarter of 2016 with equities posting some of the most robust gains. Although smaller-cap stocks were a beneficiary of this appetite for risk, the stock market rally was broad based with the S&P 500, Dow Jones Industrial Average, Russell 2000 and Nasdaq Composite Indexes recording new all-time highs in the period. Initially, equities declined during October, but losses were quickly recovered after election results triggered a relentless rally that lasted into year-end.
This upward trend persisted through the remainder of the reporting period due to elevated sentiment, which in part, centered on continued optimism around President Trump’s policies and pro-growth agenda. Investor conviction was tested with the withdrawal of the health care bill and a decline in oil prices, but these events did little to shake their resolve as markets recovered into period end.
US equity markets responded favorably to the US Federal Reserve’s (the “Fed”) commentary and their decision to raise the Fed funds rate in December 2016 and again in March 2017. Outside of the US, global central banks maintained aggressive measures to stimulate their respective economies.
Corporate profits rose year-over-year at the end of December 2016, and fourth-quarter fundamentals for most stocks displayed sustained improvement.
Finally, positive economic reports outnumbered weaker releases, indicating ongoing growth and supporting the market’s advance.
Against this backdrop, the benchmark returned 10.47% and underperformed the Russell 2000 Index, which returned 11.52%. Within the microcap universe, growth-oriented stocks trailed value-oriented stocks. Specific to the benchmark, sector performance was predominantly positive. Among the more heavily weighted sectors, consumer discretionary, industrials and information technology were among the strongest-performing.. In contrast, health care was the only sector to close with a loss, while the energy sector ended higher, underperforming the overall market.
Portfolio Review
The Fund outperformed its benchmark over the reporting period. From an attribution perspective, security selection drove relative outperformance whereas asset weighting effects were neutral. For example, stock picking was beneficial in health care, followed by financials, materials and consumer staples among other sectors. Conversely, security selection was a source of weakness in the information technology and consumer discretionary sectors. Separately, an overweight in financials and an underweight in health care helped relative performance, but the benefit was partially offset by underweights in utilities, real estate and telecom services.
Outlook
We expect, along with many others, the US economy to expand at a moderate pace in 2017 and the steepness of the Treasury yield curve supports this notion. Outside of positive economic trends, we believe President Trump’s agenda could spur even faster economic growth. After bottoming in the second quarter, corporate profits accelerated into year-end, and based on bottom-up estimates, we believe they are poised to trend higher in 2017. Additionally, we believe the potential for decreased regulation, positive tax reform and increased fiscal spending could create the most favorable backdrop for corporate earnings in years. US monetary policy continues to be modestly accommodative with the Fed expected to take a gradual, measured approach toward adjustments. The Federal Open Market Committee is projecting two more interest rate hikes in 2017, signaling confidence in the US economy’s ability to grow.
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AllianzGI Ultra Micro Cap Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2017
| 6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
| AllianzGI Ultra Micro Cap Fund Class A | 6.21% | 19.87% | 10.73% | 11.56% | ||||||||||||||
|
|
AllianzGI Ultra Micro Cap Fund Class A (adjusted) | 0.37% | 13.28% | 9.48% | 10.87% | |||||||||||||
|
|
AllianzGI Ultra Micro Cap Fund Class P | 6.38% | 20.27% | 11.01% | 11.83% | |||||||||||||
|
|
AllianzGI Ultra Micro Cap Fund Institutional Class | 6.37% | 20.28% | 10.99% | 11.89% | |||||||||||||
|
|
Russell Microcap Growth Index | 4.13% | 20.24% | 10.72% | 7.80% | |||||||||||||
| Lipper Small-Cap Growth Funds Average | 8.56% | 22.09% | 10.49% | 8.49% | ||||||||||||||
† The Fund began operations on January 28, 2008. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on January 31, 2008.
* Cumulative returns
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 133 and 134 for more information. The Fund’s expense ratios are 2.26% for Class A shares, 1.97% for Class P shares and 1.94% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2017, as revised April 10, 2017.
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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 (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | |||
| Ending Account Value (3/31/17) | $1,062.10 | $1,063.80 | $1,063.70 | |||
| Expenses Paid During Period | $12.34 | $10.65 | $10.65 | |||
| Hypothetical Performance | ||||||
| (5% return before expenses) | ||||||
| Class A | Class P | Institutional Class | ||||
| Beginning Account Value (10/1/16) | $1,000.00 | $1,000.00 | $1,000.00 | |||
| Ending Account Value (3/31/17) | $1,012.96 | $1,014.61 | $1,014.61 | |||
| Expenses Paid During Period | $12.04 | $10.40 | $10.40 | |||
For each class of the Fund, expenses are equal to the annualized expense ratio for the class (2.40% for Class A, 2.07% for Class P and 2.07% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
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Important Information (cont’d)
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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 | |
| AllianzGI 2020 Strategic Benchmark, AllianzGI 2025 Strategic Benchmark, AllianzGI 2030 Strategic Benchmark, AllianzGI 2035 Strategic Benchmark, AllianzGI 2040 Strategic Benchmark, AllianzGI 2045 Strategic Benchmark, AllianzGI 2050 Strategic Benchmark and AllianzGI 2055 Strategic Benchmark | The AllianzGI 2020 Strategic Benchmark, AllianzGI 2025 Strategic Benchmark, AllianzGI 2030 Strategic Benchmark, AllianzGI 2035 Strategic Benchmark, AllianzGI 2040 Strategic Benchmark, AllianzGI 2045 Strategic Benchmark, AllianzGI 2050 Strategic Benchmark and AllianzGI 2055 Strategic Benchmark each represents the performance of a custom blended index developed by AllianzGI U.S. For periods prior to October 1, 2016, the blended benchmark is comprised of six underlying indices: Bloomberg Barclays US Treasury Bills 1-3 Month Index, Bloomberg Barclays US TIPS Index, Bloomberg Barclays US Aggregate Bond Index, Dow Jones US Select REIT Index, Bloomberg Commodity Index and MSCI ACWI Index. The proportion of these underlying indices reflected each Target Fund’s strategic glidepath since inception. For this period, the glidepath started with 90% weight to the Equity, REIT and Commodity Indices, and became more conservative to end at the target retirement date with 25% in these indices. Starting October 1, 2016, the blended benchmark is comprised of three underlying indices: MSCI USA Index, MSCI ACWI ex USA Index and Bloomberg Barclays US Aggregate Bond Index. The strategic weights to these indices reflect the glidepath which starts with a 93% weight to the Equity Indices, becoming more conservative to end 5 years past the target retirement date with 30% weight to the equity indices. | |
| AllianzGI Retirement Income Strategic Benchmark | The AllianzGI Retirement Income Strategic Benchmark represents the performance of a custom blended index developed by the Adviser. For periods prior to October 1, 2016, the blended benchmark is comprised of six underlying indices: 10% Bloomberg Barclays US Treasury Bills 1-3 Month Index, 25% Bloomberg Barclays US Treasury US TIPS Index, 40% Bloomberg Barclays US Aggregate Bond Index, 1.5% Dow Jones US Select REIT Index, 3% Bloomberg Commodity Index and 20.5% MSCI ACWI Index. Starting October 1, 2016, the blended benchmark is comprised of three underlying indices: 20% MSCI USA Index, 10% MSCI ACWI ex USA Index and 70% Bloomberg Barclays US Aggregate Bond Index. | |
| Bloomberg Barclays Global Aggregate Bond Index | The Bloomberg Barclays Global Aggregate Bond Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities. | |
| Bloomberg Barclays Global High Yield Index | The Bloomberg Barclays Global High Yield Index is a multi-currency flagship measure of the global high yield debt market. The index represents the union of the US High Yield, the Pan-European High Yield, and Emerging Markets (EM) Hard Currency High Yield Indices. | |
| Bloomberg Barclays US Aggregate Bond Index | The Bloomberg Barclays US Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index is composed of securities from the Bloomberg Barclays Capital 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. | |
| Bloomberg Barclays US Credit Index | The Bloomberg 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, bonds must be SEC-registered. | |
| Bloomberg Barclays US Government Bond Index | The Bloomberg Barclays US Government Bond Index is the US Government component of the US Government/Credit Index. It includes US dollar-denominated, fixed-rate, nominal US Treasuries and US agency debentures (securities issued by US government owned or government sponsored entities, and debt explicitly guaranteed by the US government. | |
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Benchmark Descriptions (cont’d)
| Index | Description | |
| Bloomberg Barclays US Government Inflation-Linked Bond Index | The Bloomberg 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. | |
| Bloomberg Barclays US TIPS Index | The Bloomberg Barclays US Treasury US TIPS Index consists of Inflation-Protection securities issued by the US Treasury. | |
| Bloomberg Barclays US Treasury Bills 1-3 Month Index | The Bloomberg Barclays US Treasury Bills 1-3 Month Index includes US Treasury bills with a remaining maturity from 1 up to (but not including) 3 months. | |
| Bloomberg Barclays US Universal Bond Index | The Bloomberg Barclays US Universal Bond Index represents the union of the US Aggregate Index, the US High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, and the non-ERISA portion of the CMBS Index. Municipal debt, private placements, and non-dollar-denominated issues are excluded from the Universal Index. The only constituent of the index that includes floating-rate debt is the Emerging Markets Index. | |
| Bloomberg Commodity Index | The Bloomberg Commodity Index is a broadly diversified commodity price index distributed by Bloomberg Indexes. | |
| 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 US Convertibles Index |
The BofA Merrill Lynch US Convertibles Index tracks the performance of publicly issued US dollar denominated convertible securities of US companies. | |
| 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. | |
| Custom Real Asset Benchmark | The Custom Real Asset Benchmark represents the performance of a hypothetical index developed by AllianzGI U.S. 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% Bloomberg 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 Bloomberg 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. | |
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| Index | Description | |
| Dow Jones Sustainability World Total Return Index | The Dow Jones Sustainability World Total Return Index tracks the performance of the top 10% of the 2500 largest companies in the S&P Global Broad Market Index that are the world’s sustainability leaders based on economic, environmental and social criteria. | |
| Dow Jones US Select REIT Index | The Dow Jones US Select REIT Index measures the performance of publicly traded REITs and REIT-like securities. | |
| JP Morgan Corporate Emerging Markets Broad Diversified Index (CEMBI) | The JP Morgan Corporate Emerging Markets Broad 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 (EMBI Global) | The JP Morgan Emerging Markets Bond Index Global (EMBI Global) tracks total returns for US dollar-denominated debt instruments issued by emerging market sovereign entities: Brady bonds, loans, Eurobonds. | |
| 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. | |
| Morningstar Lifetime Conservative Series: Morningstar Lifetime Conservative 2020, Morningstar Lifetime Conservative 2025, Morningstar Lifetime Conservative 2030, Morningstar Lifetime Conservative 2035, Morningstar Lifetime Conservative 2040, Morningstar Lifetime Conservative 2045, Morningstar Lifetime Conservative 2050, Morningstar Lifetime Conservative 2055 and Morningstar Lifetime Conservative Income | The Morningstar Lifetime Conservative 2020, Morningstar Lifetime Conservative 2025, Morningstar Lifetime Conservative 2030, Morningstar Lifetime Conservative 2035, Morningstar Lifetime Conservative 2040, Morningstar Lifetime Conservative 2045, Morningstar Lifetime Conservative 2050, Morningstar Lifetime Conservative 2055 and Morningstar Lifetime Conservative Income Indices each represents a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. The portfolio is held in proportions appropriate for a US investor’s investment horizon until retirement. The conservative risk profile is for investors who are comfortable with below-average exposure to equity market volatility. | |
| Morningstar Lifetime Moderate 2020, Morningstar Lifetime Moderate 2025, Morningstar Lifetime Moderate 2030, Morningstar Lifetime Moderate 2035, Morningstar Lifetime Moderate 2040, Morningstar Lifetime Moderate 2045, Morningstar Lifetime Moderate 2050 and Morningstar Lifetime Moderate 2055 |
The Morningstar Lifetime Moderate 2020, Morningstar Lifetime Moderate 2025, Morningstar Lifetime Moderate 2030, Morningstar Lifetime Moderate 2035, Morningstar Lifetime Moderate 2040, Morningstar Lifetime Moderate 2045, Morningstar Lifetime Moderate 2050 and Morningstar Lifetime Moderate 2055 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 U.S. investor’s investment horizon until retirement. The moderate risk profile is for investors who are comfortable with average exposure to equity market volatility. | |
| MSCI ACWI ex USA Growth Index | The MSCI ACWI ex USA Growth Index captures large and mid-cap securities exhibiting overall growth style characteristics across developed and emerging markets, excluding the United States. | |
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Benchmark Descriptions (cont’d)
| Index | Description | |
| MSCI ACWI ex USA Index | The MSCI ACWI ex USA Index captures large and mid cap representation across Developed Markets countries (excluding the US) and Emerging Markets countries. The index covers approximately 85% of the global equity opportunity set outside the US. | |
| MSCI All Country World Index (Also known as: MSCI AC World Index and MSCI ACWI) |
The MSCI All Country World Index (ACWI) captures large and mid cap representation across Developed Markets and Emerging Markets countries. The index covers approximately 85% of the global investable equity opportunity set. | |
| MSCI EAFE Index |
The MSCI EAFE Index is an equity index which captures large and mid cap representation across Developed Markets countries around the world, excluding the US and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country. | |
| MSCI EAFE Small Cap Index | The MSCI EAFE Small Cap Index is an equity index which captures small cap representation across Developed Markets countries around the world, excluding the US and Canada. | |
| MSCI Emerging Markets Index | The MSCI Emerging Markets Index captures large and mid cap representation across Emerging Markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country. | |
| MSCI Emerging Markets Small Cap Index | The MSCI Emerging Markets Small Cap Index includes small cap representation across 23 Emerging Markets countries. The index covers approximately 14% of the free float-adjusted market capitalization in each country. The Small cap segment tends to capture more local economic and sector characteristics relative to larger Emerging Markets capitalization segments. | |
| MSCI Europe Index (Net) | The MSCI Europe Index (Net) ptures large and mid cap representation across Developed Markets countries in Europe. The index covers approximately 85% of the free float-adjusted market capitalization across the European Developed Markets equity universe. | |
| MSCI USA Index |
The MSCI USA Index is designed to measure the performance of the large and mid cap segments of the US market. The index covers approximately 85% of the free float-adjusted market capitalization in the US. | |
| MSCI World ex USA Small Cap Index | The MSCI World ex USA Small Cap Index captures small cap representation across Developed Markets countries excluding the United States. | |
| MSCI World High Dividend Yield Index |
The MSCI World High Dividend Yield Index is based on the MSCI World Index, its parent index, and includes large and mid cap stocks across 23 Developed Markets countries. The index is designed to reflect the performance of equities in the parent index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The index also applies quality screens and reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends. Performance data shown for the index is net of dividend tax withholding. | |
| MSCI World Index | The MSCI World Index captures large and mid cap representation across Developed Markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country. | |
| MSCI World Real Estate Index |
The MSCI World Real Estate Index is a free float-adjusted market capitalization index that consists of large and mid-cap equity across Developed Markets countries. All securities in the index are classified in the Real Estate Sector according to the Global Industry Classification Standard (GICS®). | |
| 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. | |
| 138 | March 31, 2017 | | Semiannual Report |
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| Index | Description | |
| 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 2000 Value Index | The Russell 2000 Value Index is an unmanaged index that measures the performance of those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values. | |
| 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. | |
| 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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| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 199 |
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Statements of Assets and Liabilities
March 31, 2017 (Unaudited)
| AllianzGI Retirement 2020 |
AllianzGI Retirement 2025 |
AllianzGI Retirement 2030 |
AllianzGI Retirement 2035 |
AllianzGI Retirement 2040 |
||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||
| Investments, at value | $ | 1,449,889 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
| Investments in Affiliates, at value | 49,241,938 | 58,322,684 | 63,104,978 | 49,542,897 | 45,347,327 | |||||||||||||||||||
| Repurchase agreements, at value | 2,349,000 | 2,309,000 | 951,000 | 1,578,000 | 1,155,000 | |||||||||||||||||||
| Cash | 132 | 561 | 750 | 619 | 701 | |||||||||||||||||||
| Foreign currency, at value | — | — | — | — | — | |||||||||||||||||||
| Deposits with brokers for derivatives collateral | 352,367 | 690,682 | 716,407 | 683,164 | 662,294 | |||||||||||||||||||
| Receivable for variation margin on futures contracts | 22,802 | 12,818 | 24,877 | 32,237 | 36,270 | |||||||||||||||||||
| Receivable for Fund shares sold | 10,936 | 40,055 | 29,030 | 14,849 | 18,209 | |||||||||||||||||||
| Dividends and interest receivable (net of foreign withholding taxes) | 6 | 6 | 2 | 4 | 3 | |||||||||||||||||||
| Receivable for investments sold | — | — | — | — | — | |||||||||||||||||||
| Receivable for investments in Affiliates sold | — | — | 834,429 | — | 390,310 | |||||||||||||||||||
| Dividends receivable from Affiliates | — | — | — | — | — | |||||||||||||||||||
| Receivable from Investment Manager | — | — | 1,245 | — | — | |||||||||||||||||||
| Uninvested Cash — Trustees Deferred Compensation Plan (see Note 5) | 832 | 907 | 944 | 755 | 636 | |||||||||||||||||||
| Investments in Affiliated Funds — Trustees Deferred Compensation Plan (see Note 5) | 2,755 | 2,604 | 3,923 | 5,434 | 2,011 | |||||||||||||||||||
| Prepaid expenses and other assets | — | — | — | — | — | |||||||||||||||||||
| Total Assets |
53,430,657 | 61,379,317 | 65,667,585 | 51,857,959 | 47,612,761 | |||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||
| Payable for investments purchased | — | — | — | — | — | |||||||||||||||||||
| Payable for investments in Affiliates purchased | — | — | — | — | — | |||||||||||||||||||
| Payable for Fund shares redeemed | 39,739 | 3,003 | 17,898 | 1,901 | 76,166 | |||||||||||||||||||
| Payable for variation margin on futures contracts | 30,809 | 54,135 | 60,599 | 56,122 | 54,721 | |||||||||||||||||||
| Administration fees payable | 6,674 | 3,094 | — | 4,740 | 5,111 | |||||||||||||||||||
| Trustees Deferred Compensation Plan payable (see Note 5) | 3,587 | 3,511 | 4,867 | 6,189 | 2,647 | |||||||||||||||||||
| Servicing fees payable | 2,810 | 1,552 | 1,949 | 1,948 | 1,109 | |||||||||||||||||||
| Distribution fees payable | 671 | 380 | 1,119 | 517 | 501 | |||||||||||||||||||
| Investment management fees payable | — | — | — | — | 282 | |||||||||||||||||||
| Accrued expenses and other liabilities | — | — | — | — | — | |||||||||||||||||||
| Total Liabilities |
84,290 | 65,675 | 86,432 | 71,417 | 140,537 | |||||||||||||||||||
| Net Assets | $ | 53,346,367 | $ | 61,313,642 | $ | 65,581,153 | $ | 51,786,542 | $ | 47,472,224 | ||||||||||||||
| 200 | Semiannual Report | | March 31, 2017 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI Retirement 2045 |
AllianzGI Retirement 2050 |
AllianzGI Retirement 2055 |
AllianzGI Retirement Income |
AllianzGI Global Allocation |
AllianzGI Global Megatrends |
AllianzGI Best Styles Emerging Markets Equity |
||||||||||||||||||||||||
| $ | — | $ | — | $ | — | $ | 12,162,620 | $ | 5,140,430 | $ | — | $ | 5,363,627 | |||||||||||||||||
| 28,062,529 | 26,826,541 | 10,931,901 | 38,716,036 | 426,246,085 | 3,280,699 | — | ||||||||||||||||||||||||
| 1,205,000 | 1,353,000 | 440,000 | 463,000 | 24,074,000 | 181,000 | 579,000 | ||||||||||||||||||||||||
| 768 | 834 | 501 | 132 | 633 | 559 | 160 | ||||||||||||||||||||||||
| — | — | — | 1,966 | — | — | 159,427 | ||||||||||||||||||||||||
| 419,727 | 391,147 | 202,214 | 884,587 | 1,707,393 | — | 68,505 | ||||||||||||||||||||||||
|
|
24,971 |
|
24,141 | 10,852 | 87,356 | 382,918 | — | 2,420 | ||||||||||||||||||||||
| 21,893 | 23,858 | 18,273 | 2,861 | 623,830 | — | — | ||||||||||||||||||||||||
|
|
3 |
|
3 | 1 | 103,191 | 17,153 | — | 13,943 | ||||||||||||||||||||||
| — | — | — | — | — | — | 11,210 | ||||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||||
| — | — | — | 49,633 | — | — | — | ||||||||||||||||||||||||
| — | — | — | 511 | — | 12,484 | 34,140 | ||||||||||||||||||||||||
|
|
374 |
|
339 | 118 | 529 | 5,628 | 45 | 109 | ||||||||||||||||||||||
|
|
1,323 |
|
2,313 | 742 | 7,781 | 16,600 | 1,856 | 450 | ||||||||||||||||||||||
| — | — | — | — | 60,723 | 30,578 | 47,775 | ||||||||||||||||||||||||
| 29,736,588 | 28,622,176 | 11,604,602 | 52,480,203 | 458,275,393 | 3,507,221 | 6,280,766 | ||||||||||||||||||||||||
| — | — | — | — | — | — | 4,094 | ||||||||||||||||||||||||
| — | 343,185 | — | 49,637 | — | — | — | ||||||||||||||||||||||||
| 18,831 | 1,267 | 2,281 | 42,641 | 423,006 | — | — | ||||||||||||||||||||||||
| 30,781 | 30,780 | 10,531 | 159,695 | 693,570 | — | — | ||||||||||||||||||||||||
| 3,375 | 2,959 | 1,275 | — | — | — | — | ||||||||||||||||||||||||
|
|
1,697 |
|
2,652 | 860 | 8,310 | 22,228 | 1,901 | 559 | ||||||||||||||||||||||
| 889 | 706 | 372 | 2,782 | 18,098 | 10 | 7 | ||||||||||||||||||||||||
| 270 | 625 | 255 | 2,590 | 26,192 | — | 9 | ||||||||||||||||||||||||
| 581 | 872 | 437 | — | 69,352 | — | — | ||||||||||||||||||||||||
| — | — | — | — | 140,922 | 28,603 | 32,426 | ||||||||||||||||||||||||
| 56,424 | 383,046 | 16,011 | 265,655 | 1,393,368 | 30,514 | 37,095 | ||||||||||||||||||||||||
| $ | 29,680,164 | $ | 28,239,130 | $ | 11,588,591 | $ | 52,214,548 | $ | 456,882,025 | $ | 3,476,707 | $ | 6,243,671 | |||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 201 |
Table of Contents
Statements of Assets and Liabilities (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI Retirement 2020 |
AllianzGI Retirement 2025 |
AllianzGI Retirement 2030 |
AllianzGI Retirement 2035 |
AllianzGI Retirement 2040 |
||||||||||||||||||||
| Net Assets Consist of: | ||||||||||||||||||||||||
| Paid-in-capital | $ | 52,534,194 | $ | 59,145,875 | $ | 62,143,516 | $ | 48,464,460 | $ | 44,235,672 | ||||||||||||||
| Undistributed (dividends in excess of) net investment income | 36,800 | (45,915 | ) | (52,527 | ) | (117,911 | ) | (139,380 | ) | |||||||||||||||
| Accumulated net realized gain (loss) | (482,176 | ) | 386,084 | 585,540 | 595,019 | 398,073 | ||||||||||||||||||
| Net unrealized appreciation | 1,257,549 | 1,827,598 | 2,904,624 | 2,844,974 | 2,977,859 | |||||||||||||||||||
| Net Assets | $ | 53,346,367 | $ | 61,313,642 | $ | 65,581,153 | $ | 51,786,542 | $ | 47,472,224 | ||||||||||||||
| Cost of Investments | $ | 1,462,708 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
| Cost of Investments in Affiliates | $ | 47,962,469 | $ | 56,453,495 | $ | 60,166,617 | $ | 46,675,114 | $ | 42,352,240 | ||||||||||||||
| Cost of Repurchase Agreements | $ | 2,349,000 | $ | 2,309,000 | $ | 951,000 | $ | 1,578,000 | $ | 1,155,000 | ||||||||||||||
| Cost of Foreign Currency | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
| Net Assets: | ||||||||||||||||||||||||
| Class A | $ | 12,835,253 | $ | 7,164,913 | $ | 8,127,247 | $ | 7,861,965 | $ | 4,733,578 | ||||||||||||||
| Class C | 422,738 | — | 740,298 | — | 123,324 | |||||||||||||||||||
| Class R | 1,275 | 203,367 | 443,592 | 659,153 | 366,471 | |||||||||||||||||||
| Class P | 21,842,483 | 35,004,658 | 34,205,377 | 30,663,691 | 22,425,881 | |||||||||||||||||||
| Institutional Class | — | — | — | — | — | |||||||||||||||||||
| Class R6 | 17,655,994 | 18,281,447 | 20,811,192 | 11,813,608 | 19,453,639 | |||||||||||||||||||
| Administrative Class | 588,624 | 659,257 | 1,253,447 | 788,125 | 369,331 | |||||||||||||||||||
| Shares Issued and Outstanding: | ||||||||||||||||||||||||
| Class A | 666,790 | 413,989 | 390,920 | 426,254 | 222,292 | |||||||||||||||||||
| Class C | 22,047 | — | 35,959 | — | 5,837 | |||||||||||||||||||
| Class R | 68 | 11,853 | 21,419 | 35,914 | 17,405 | |||||||||||||||||||
| Class P | 1,125,608 | 2,025,413 | 1,629,653 | 1,656,122 | 1,049,464 | |||||||||||||||||||
| Institutional Class | — | — | — | — | — | |||||||||||||||||||
| Class R6 | 908,707 | 1,056,750 | 989,241 | 637,117 | 908,463 | |||||||||||||||||||
| Administrative Class | 30,377 | 38,081 | 59,805 | 42,620 | 17,352 | |||||||||||||||||||
| Net Asset Value and Redemption Price Per Share:* |
||||||||||||||||||||||||
| Class A | $ | 19.25 | $ | 17.31 | $ | 20.79 | $ | 18.44 | $ | 21.29 | ||||||||||||||
| Class C | 19.17 | — | 20.59 | — | 21.13 | |||||||||||||||||||
| Class R | 18.76 | 17.16 | 20.71 | 18.35 | 21.06 | |||||||||||||||||||
| Class P | 19.41 | 17.28 | 20.99 | 18.52 | 21.37 | |||||||||||||||||||
| Institutional Class | — | — | — | — | — | |||||||||||||||||||
| Class R6 | 19.43 | 17.30 | 21.04 | 18.54 | 21.41 | |||||||||||||||||||
| Administrative Class | 19.38 | 17.31 | 20.96 | 18.49 | 21.28 | |||||||||||||||||||
| * | Net asset value and redemption price per share may not recalculate exactly due to rounding. |
| 202 | Semiannual Report | | March 31, 2017 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI Retirement 2045 |
AllianzGI Retirement 2050 |
AllianzGI Retirement 2055 |
AllianzGI Retirement Income |
AllianzGI Global Allocation |
AllianzGI Global Megatrends |
AllianzGI Best Styles Emerging Markets Equity |
||||||||||||||||||||||||
| $ | 27,645,946 | $ | 26,237,889 | $ | 10,863,203 | $ | 51,462,651 | $ | 426,113,619 | $ | 3,428,758 | $ | 5,573,508 | |||||||||||||||||
|
|
(96,206 |
) |
(95,289 | ) | (35,184 | ) | 192,496 | (1,966,357 | ) | (42,571 | ) | (64,139 | ) | |||||||||||||||||
| 186,109 | 210,655 | 33,964 | (463,638 | ) | 1,271,237 | 72,958 | (61,617 | ) | ||||||||||||||||||||||
| 1,944,315 | 1,885,875 | 726,608 | 1,023,039 | 31,463,526 | 17,562 | 795,919 | ||||||||||||||||||||||||
| $ | 29,680,164 | $ | 28,239,130 | $ | 11,588,591 | $ | 52,214,548 | $ | 456,882,025 | $ | 3,476,707 | $ | 6,243,671 | |||||||||||||||||
| $ | — | $ | — | $ | — | $ | 11,944,060 | $ | 5,135,304 | $ | — | $ | 4,577,920 | |||||||||||||||||
| $ | 26,113,824 | $ | 24,934,485 | $ | 10,206,239 | $ | 37,840,291 | $ | 394,488,554 | $ | 3,263,137 | $ | — | |||||||||||||||||
| $ | 1,205,000 | $ | 1,353,000 | $ | 440,000 | $ | 463,000 | $ | 24,074,000 | $ | 181,000 | $ | 579,000 | |||||||||||||||||
| $ | — | $ | — | $ | — | $ | 1,959 | $ | — | $ | — | $ | 152,239 | |||||||||||||||||
| $ | 4,107,235 | $ | 3,097,118 | $ | 1,691,665 | $ | 9,785,691 | $ | 43,884,980 | $ | 47,898 | $ | 18,465 | |||||||||||||||||
| — | 168,647 | — | 3,128,434 | 40,169,046 | — | 14,500 | ||||||||||||||||||||||||
| 138,893 | 95,582 | 85,791 | 124,197 | 18,707 | — | — | ||||||||||||||||||||||||
| 14,018,567 | 10,572,921 | 4,713,519 | 16,125,292 | 2,840,087 | 10,937 | 10,629 | ||||||||||||||||||||||||
| — | — | — | — | 70,436,186 | 3,417,872 | 74,309 | ||||||||||||||||||||||||
| 10,808,412 | 13,585,201 | 4,749,068 | 21,407,680 | 299,508,838 | — | 6,125,768 | ||||||||||||||||||||||||
| 607,057 | 719,661 | 348,548 | 1,643,254 | 24,181 | — | — | ||||||||||||||||||||||||
| 220,915 | 149,669 | 94,888 | 536,227 | 3,820,322 | 3,168 | 1,283 | ||||||||||||||||||||||||
| — | 8,269 | — | 171,436 | 3,454,647 | — | 1,010 | ||||||||||||||||||||||||
| 7,541 | 4,652 | 4,841 | 6,533 | 1,644 | — | — | ||||||||||||||||||||||||
| 752,994 | 507,272 | 262,611 | 875,066 | 248,486 | 722 | 736 | ||||||||||||||||||||||||
| — | — | — | — | 6,228,546 | 225,195 | 5,150 | ||||||||||||||||||||||||
| 579,045 | 649,450 | 263,566 | 1,190,179 | 26,545,516 | — | 423,290 | ||||||||||||||||||||||||
| 32,790 | 34,674 | 19,518 | 88,676 | 2,056 | — | — | ||||||||||||||||||||||||
| $ | 18.59 | $ | 20.69 | $ | 17.83 | $ | 18.25 | $ | 11.49 | $ | 15.12 | $ | 14.39 | |||||||||||||||||
| — | 20.39 | — | 18.25 | 11.63 | — | 14.35 | ||||||||||||||||||||||||
| 18.42 | 20.54 | 17.72 | 19.01 | 11.38 | — | — | ||||||||||||||||||||||||
| 18.62 | 20.84 | 17.95 | 18.43 | 11.43 | 15.15 | 14.44 | ||||||||||||||||||||||||
| — | — | — | — | 11.31 | 15.18 | 14.43 | ||||||||||||||||||||||||
| 18.67 | 20.92 | 18.02 | 17.99 | 11.28 | — | 14.47 | ||||||||||||||||||||||||
| 18.51 | 20.76 | 17.86 | 18.53 | 11.76 | — | — | ||||||||||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 203 |
Table of Contents
Statements of Assets and Liabilities (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI Best Styles Global Equity |
AllianzGI Best Styles International Equity |
AllianzGI Best Styles U.S. Equity |
AllianzGI Convertible |
AllianzGI Emerging Markets Consumer |
||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||
| Investments, at value | $ | 715,727,853 | $ | 31,465,141 | $ | 120,229,883 | $ | 1,118,048,915 | $ | 39,016,386 | ||||||||||||||
| Investments in Affiliates, at value | — | — | — | — | — | |||||||||||||||||||
| Repurchase agreements, at value | 6,511,000 | 412,000 | 161,000 | 50,654,000 | 675,000 | |||||||||||||||||||
| Cash | 1,034,067 | 727 | 362 | 627,025 | 494 | |||||||||||||||||||
| Foreign currency, at value | 2,133,475 | 189,929 | 642 | — | 41,918 | |||||||||||||||||||
| Unrealized appreciation of forward foreign currency contracts | — | — | — | — | — | |||||||||||||||||||
| Dividends and interest receivable (net of foreign withholding taxes) | 2,065,204 | 164,887 | 134,574 | 3,320,739 | 160,556 | |||||||||||||||||||
| Receivable for investments sold | — | — | — | 11,807,939 | — | |||||||||||||||||||
| Deposits with brokers for derivatives collateral | 2,239,434 | 154,222 | 114,129 | — | — | |||||||||||||||||||
| Receivable for Fund shares sold | 302,263 | 2,593 | 143,166 | 403,244 | — | |||||||||||||||||||
| Receivable from Investment Manager | — | 15,281 | — | — | — | |||||||||||||||||||
| Tax reclaims receivable | 166,024 | 85,628 | — | 2,362 | 1,735 | |||||||||||||||||||
| Uninvested Cash — Trustees Deferred Compensation Plan (see Note 5) | 6,905 | 765 | 1,332 | 26,039 | 420 | |||||||||||||||||||
| Investments in Affiliated Funds — Trustees Deferred Compensation Plan (see Note 5) | 19,161 | 2,660 | 3,589 | 72,805 | 1,283 | |||||||||||||||||||
| Receivable for variation margin on futures contracts | 96,492 | 13,144 | — | — | — | |||||||||||||||||||
| Prepaid expenses and other assets | 45,747 | 48,450 | 48,547 | 82,208 | 20,003 | |||||||||||||||||||
| Total Assets |
730,347,625 | 32,555,427 | 120,837,224 | 1,185,045,276 | 39,917,795 | |||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||
| Payable for investments purchased | — | — | — | 21,420,387 | — | |||||||||||||||||||
| Payable for Fund shares redeemed | 1,932,524 | — | 334,429 | 675,856 | — | |||||||||||||||||||
| Payable for TBA investments purchased | — | — | — | — | — | |||||||||||||||||||
| Payable for variation margin on futures contracts | 41,607 | — | — | — | — | |||||||||||||||||||
| Investment management fees payable | 172,450 | — | 14,321 | 568,368 | 10,893 | |||||||||||||||||||
| Distribution fees payable | 13 | 10 | 13 | 36,486 | — | |||||||||||||||||||
| Servicing fees payable | 252 | 6 | 111 | 30,254 | 14 | |||||||||||||||||||
| Unrealized depreciation of forward foreign currency contracts | — | — | — | — | — | |||||||||||||||||||
| Trustees Deferred Compensation Plan payable (see Note 5) | 26,066 | 3,425 | 4,921 | 98,844 | 1,703 | |||||||||||||||||||
| Accrued expenses and other liabilities | 43,002 | 53,111 | 47,254 | 518,787 | 66,524 | |||||||||||||||||||
| Total Liabilities |
2,215,914 | 56,552 | 401,049 | 23,348,982 | 79,134 | |||||||||||||||||||
| Net Assets | $ | 728,131,711 | $ | 32,498,875 | $ | 120,436,175 | $ | 1,161,696,294 | $ | 39,838,661 | ||||||||||||||
| 204 | Semiannual Report | | March 31, 2017 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI Emerging Markets Debt |
AllianzGI Emerging Markets Small-Cap |
AllianzGI Europe Equity Dividend |
AllianzGI Global Dynamic Allocation |
AllianzGI Global Fundamental Strategy |
AllianzGI Global Sustainability |
AllianzGI Global Water |
||||||||||||||||||||||||
| $ | 39,501,072 | $ | 13,504,663 | $ | 6,544,127 | $ | 256,953,823 | $ | 14,217,524 | $ | 24,039,152 | $ | 509,144,194 | |||||||||||||||||
| — | — | — | — | 510,150 | — | — | ||||||||||||||||||||||||
| 1,455,000 | 243,000 | 207,000 | 19,483,000 | 780,000 | 603,000 | 37,405,000 | ||||||||||||||||||||||||
| 8,902 | 355 | 155 | 143,785 | 746 | 107 | 382 | ||||||||||||||||||||||||
| 251,163 | 14,209 | 7,441 | 92,325 | 20,751 | 197 | 5 | ||||||||||||||||||||||||
|
|
6,451 |
|
— | — | — | 23,455 | — | — | ||||||||||||||||||||||
|
|
610,592 |
|
48,732 | 18,213 | 753,918 | 91,164 | 48,634 | 373,293 | ||||||||||||||||||||||
| 253,908 | — | — | 5,296 | — | — | 634,324 | ||||||||||||||||||||||||
|
|
295,474 |
|
— | — | 723,863 | 507,896 | — | — | ||||||||||||||||||||||
| — | 961 | 5,000 | 37,017 | — | 2,750 | 1,142,421 | ||||||||||||||||||||||||
| — | 5,867 | 22,717 | 92,015 | 4,361 | — | — | ||||||||||||||||||||||||
| — | — | 4,679 | 15,192 | 14,074 | 16,566 | 647,803 | ||||||||||||||||||||||||
|
|
528 |
|
143 | 61 | 1,383 | 270 | 227 | 6,349 | ||||||||||||||||||||||
|
|
1,486 |
|
413 | 519 | 3,131 | 1,123 | 680 | 17,405 | ||||||||||||||||||||||
|
|
— |
|
— | — | 1,203,133 | 34,408 | — | — | ||||||||||||||||||||||
| 27,105 | 19,557 | 38,694 | 71,684 | 20,302 | 26,640 | 56,216 | ||||||||||||||||||||||||
| 42,411,681 | 13,837,900 | 6,848,606 | 279,579,565 | 16,226,224 | 24,737,953 | 549,427,392 | ||||||||||||||||||||||||
| 500,000 | — | — | 4,990,616 | — | — | — | ||||||||||||||||||||||||
| — | — | 67,883 | 508,473 | — | 347 | 1,621,197 | ||||||||||||||||||||||||
| — | — | — | 19,026,606 | — | — | — | ||||||||||||||||||||||||
|
|
— |
|
— | — | 519,445 | — | — | — | ||||||||||||||||||||||
| 12,971 | — | — | — | — | 1,519 | 433,548 | ||||||||||||||||||||||||
| 61 | — | 21 | 1,045 | 9 | — | 54,368 | ||||||||||||||||||||||||
| 46 | 18 | 28 | 1,371 | 18 | 31 | 55,545 | ||||||||||||||||||||||||
|
|
— |
|
— | — | — | 7,053 | — | — | ||||||||||||||||||||||
|
|
2,014 |
|
556 | 580 | 4,514 | 1,393 | 907 | 23,754 | ||||||||||||||||||||||
| 58,585 | 98,096 | 60,193 | 133,170 | 49,504 | 45,048 | 326,208 | ||||||||||||||||||||||||
| 573,677 | 98,670 | 128,705 | 25,185,240 | 57,977 | 47,852 | 2,514,620 | ||||||||||||||||||||||||
| $ | 41,838,004 | $ | 13,739,230 | $ | 6,719,901 | $ | 254,394,325 | $ | 16,168,247 | $ | 24,690,101 | $ | 546,912,772 | |||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 205 |
Table of Contents
Statements of Assets and Liabilities (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI Best Styles Global Equity |
AllianzGI Best Styles International Equity |
AllianzGI Best Styles U.S. Equity |
AllianzGI Convertible |
AllianzGI Emerging Markets Consumer |
||||||||||||||||||||
| Net Assets Consist of: | ||||||||||||||||||||||||
| Paid-in-capital | $ | 635,715,770 | $ | 33,703,445 | $ | 107,019,138 | $ | 1,014,600,721 | $ | 35,486,887 | ||||||||||||||
| Undistributed (dividends in excess of) net investment income | 4,566,291 | (22,579 | ) | 585,303 | (1,682,321 | ) | 72,399 | |||||||||||||||||
| Accumulated net realized gain (loss) | 10,759,425 | (3,104,919 | ) | 1,580,539 | (3,101,984 | ) | (1,940,598 | ) | ||||||||||||||||
| Net unrealized appreciation | 77,090,225 | 1,922,928 | 11,251,195 | 151,879,878 | 6,219,973 | |||||||||||||||||||
| Net Assets | $ | 728,131,711 | $ | 32,498,875 | $ | 120,436,175 | $ | 1,161,696,294 | $ | 39,838,661 | ||||||||||||||
| Cost of Investments | $ | 638,801,892 | $ | 29,554,412 | $ | 108,965,095 | $ | 966,169,037 | $ | 32,803,606 | ||||||||||||||
| Cost of Investments in Affiliates | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
| Cost of Repurchase Agreements | $ | 6,511,000 | $ | 412,000 | $ | 161,000 | $ | 50,654,000 | $ | 675,000 | ||||||||||||||
| Cost of Foreign Currency | $ | 2,027,478 | $ | 187,980 | $ | 640 | $ | — | $ | 42,044 | ||||||||||||||
| Net Assets: | ||||||||||||||||||||||||
| Class A | $ | 1,201,885 | $ | 13,144 | $ | 506,390 | $ | 82,872,852 | $ | 65,113 | ||||||||||||||
| Class C | 21,223 | 16,598 | 21,377 | 55,023,401 | — | |||||||||||||||||||
| Class R | — | — | — | 963,469 | — | |||||||||||||||||||
| Class P | 3,250,486 | 10,445 | 60,262 | 78,322,097 | — | |||||||||||||||||||
| Institutional Class | 2,167,862 | 38,802 | 119,008 | 943,185,980 | 39,773,548 | |||||||||||||||||||
| Class R6 | 721,490,255 | 32,419,886 | 119,729,138 | — | — | |||||||||||||||||||
| Administrative Class | — | — | — | 1,328,495 | — | |||||||||||||||||||
| Shares Issued and Outstanding: | ||||||||||||||||||||||||
| Class A | 70,704 | 942 | 30,020 | 2,567,004 | 4,603 | |||||||||||||||||||
| Class C | 1,266 | 1,196 | 1,275 | 1,699,531 | — | |||||||||||||||||||
| Class R | — | — | — | 29,975 | — | |||||||||||||||||||
| Class P | 191,575 | 749 | 3,570 | 2,447,323 | — | |||||||||||||||||||
| Institutional Class | 128,781 | 2,778 | 7,038 | 29,549,578 | 2,797,864 | |||||||||||||||||||
| Class R6 | 42,610,222 | 2,323,976 | 7,055,175 | — | — | |||||||||||||||||||
| Administrative Class | — | — | — | 41,355 | — | |||||||||||||||||||
| Net Asset Value and Redemption Price Per Share:* |
||||||||||||||||||||||||
| Class A | $ | 17.00 | $ | 13.95 | $ | 16.87 | $ | 32.28 | $ | 14.15 | ||||||||||||||
| Class C | 16.77 | 13.87 | 16.77 | 32.38 | — | |||||||||||||||||||
| Class R | — | — | — | 32.14 | — | |||||||||||||||||||
| Class P | 16.97 | 13.95 | 16.88 | 32.00 | — | |||||||||||||||||||
| Institutional Class | 16.83 | 13.97 | 16.91 | 31.92 | 14.22 | |||||||||||||||||||
| Class R6 | 16.93 | 13.95 | 16.97 | — | — | |||||||||||||||||||
| Administrative Class | — | — | — | 32.12 | — | |||||||||||||||||||
| * | Net asset value and redemption price per share may not recalculate exactly due to rounding. |
| 206 | Semiannual Report | | March 31, 2017 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI Emerging Markets Debt |
AllianzGI Emerging Markets Small-Cap |
AllianzGI Europe Equity Dividend |
AllianzGI Global Dynamic Allocation |
AllianzGI Global Fundamental Strategy |
AllianzGI Global Sustainability |
AllianzGI Global Water |
||||||||||||||||||||||||
| $ | 41,810,232 | $ | 12,934,054 | $ | 6,743,916 | $ | 243,620,294 | $ | 16,144,367 | $ | 21,927,277 | $ | 478,653,390 | |||||||||||||||||
|
|
(290,022 |
) |
(202,619 | ) | 69,351 | 462,155 | (608,031 | ) | 105,153 | (961,499 | ) | |||||||||||||||||||
| (860,810 | ) | (1,018,934 | ) | (277,786 | ) | 1,615,139 | 370,001 | 155,916 | 3,901,019 | |||||||||||||||||||||
| 1,178,604 | 2,026,729 | 184,420 | 8,696,737 | 261,910 | 2,501,755 | 65,319,862 | ||||||||||||||||||||||||
| $ | 41,838,004 | $ | 13,739,230 | $ | 6,719,901 | $ | 254,394,325 | $ | 16,168,247 | $ | 24,690,101 | $ | 546,912,772 | |||||||||||||||||
| $ | 38,323,700 | $ | 11,463,771 | $ | 6,359,498 | $ | 248,963,848 | $ | 14,017,234 | $ | 21,536,751 | $ | 443,773,741 | |||||||||||||||||
| $ | — | $ | — | $ | — | $ | — | $ | 498,354 | $ | — | $ | — | |||||||||||||||||
| $ | 1,455,000 | $ | 243,000 | $ | 207,000 | $ | 19,483,000 | $ | 780,000 | $ | 603,000 | $ | 37,405,000 | |||||||||||||||||
| $ | 256,288 | $ | 13,968 | $ | 7,407 | $ | 88,266 | $ | 20,835 | $ | 197 | $ | 6 | |||||||||||||||||
| $ | 122,369 | $ | 86,288 | $ | 154,104 | $ | 4,175,535 | $ | 72,055 | $ | 150,053 | $ | 174,586,388 | |||||||||||||||||
| 93,190 | — | 33,970 | 1,003,817 | 14,067 | — | 86,182,708 | ||||||||||||||||||||||||
| — | — | — | 190,839 | — | — | — | ||||||||||||||||||||||||
| 11,029 | — | 10,215 | 10,975,400 | 11,402 | 17,851 | 190,680,590 | ||||||||||||||||||||||||
| 41,611,416 | 13,652,942 | 6,521,612 | 34,408,687 | 16,070,723 | 24,522,197 | 95,463,086 | ||||||||||||||||||||||||
| — | — | — | 203,619,224 | — | — | — | ||||||||||||||||||||||||
| — | — | — | 20,823 | — | — | — | ||||||||||||||||||||||||
| 8,345 | 5,164 | 10,598 | 219,470 | 4,833 | 9,191 | 12,433,132 | ||||||||||||||||||||||||
| 6,325 | — | 2,350 | 53,795 | 943 | — | 6,390,320 | ||||||||||||||||||||||||
| — | — | — | 10,096 | — | — | — | ||||||||||||||||||||||||
| 754 | — | 698 | 578,423 | 760 | 1,084 | 13,525,409 | ||||||||||||||||||||||||
| 2,847,774 | 833,087 | 446,748 | 1,802,867 | 1,066,718 | 1,489,964 | 6,883,852 | ||||||||||||||||||||||||
| — | — | — | 10,696,862 | — | — | — | ||||||||||||||||||||||||
| — | — | — | 1,093 | — | — | — | ||||||||||||||||||||||||
| $ | 14.66 | $ | 16.71 | $ | 14.54 | $ | 19.03 | $ | 14.91 | $ | 16.33 | $ | 14.04 | |||||||||||||||||
| 14.73 | — | 14.45 | 18.66 | 14.92 | — | 13.49 | ||||||||||||||||||||||||
| — | — | — | 18.90 | — | — | — | ||||||||||||||||||||||||
| 14.63 | — | 14.62 | 18.97 | 15.01 | 16.47 | 14.10 | ||||||||||||||||||||||||
| 14.61 | 16.39 | 14.60 | 19.09 | 15.07 | 16.46 | 13.87 | ||||||||||||||||||||||||
| — | — | — | 19.04 | — | — | — | ||||||||||||||||||||||||
| — | — | — | 19.05 | — | — | — | ||||||||||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 207 |
Table of Contents
Statements of Assets and Liabilities (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI High Yield Bond |
AllianzGI International Growth |
AllianzGI International Small-Cap |
AllianzGI Micro Cap |
AllianzGI |
||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||
| Investments, at value | $ | 326,791,045 | $ | 28,413,392 | $ | 88,513,881 | $ | 35,272,256 | $ | 857,571 | ||||||||||||||
| Investments in Affiliates, at value | — | — | — | — | 2,625,501 | |||||||||||||||||||
| Repurchase agreements, at value | 9,774,000 | 294,000 | 4,218,000 | 1,216,000 | 849,000 | |||||||||||||||||||
| Cash | 160 | 2,651 | 597 | 27 | 545 | |||||||||||||||||||
| Foreign currency, at value | — | 3,884 | 106,863 | — | 10,107 | |||||||||||||||||||
| Dividends and interest receivable (net of foreign withholding taxes) | 6,029,230 | 57,774 | 252,059 | 5,040 | 2,068 | |||||||||||||||||||
| Receivable for investments sold | 306,489 | — | 53,983 | 25,754 | — | |||||||||||||||||||
| Deposits with brokers for derivatives collateral | — | — | — | — | 48,629 | |||||||||||||||||||
| Receivable for Fund shares sold | 180,254 | — | 52,339 | 4,894 | — | |||||||||||||||||||
| Receivable from Investment Manager | — | — | — | — | 16,004 | |||||||||||||||||||
| Tax reclaims receivable | — | 9,239 | 84,865 | — | 15 | |||||||||||||||||||
| Uninvested Cash — Trustees Deferred Compensation Plan (see Note 5) | 5,129 | 153 | 1,484 | 571 | 60 | |||||||||||||||||||
| Investments in Affiliated Funds — Trustees Deferred Compensation Plan (see Note 5) | 14,576 | 1,097 | 4,259 | 7,456 | 263 | |||||||||||||||||||
| Receivable for variation margin on futures contracts | — | — | — | — | 11,743 | |||||||||||||||||||
| Prepaid expenses and other assets | 70,584 | 22,731 | 61,314 | 31,721 | 34,567 | |||||||||||||||||||
| Total Assets |
343,171,467 | 28,804,921 | 93,349,644 | 36,563,719 | 4,456,073 | |||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||
| Payable for investments purchased | 2,015,481 | — | 480,153 | 74,905 | 143,482 | |||||||||||||||||||
| Payable for investments in Affiliates purchased | — | — | — | — | 124,891 | |||||||||||||||||||
| Payable for Fund shares redeemed | 557,079 | — | 636,724 | 64,441 | 6,600 | |||||||||||||||||||
| Payable for variation margin on futures contracts | — | — | — | — | 3,091 | |||||||||||||||||||
| Options written, at value | — | — | — | — | — | |||||||||||||||||||
| Investment management fees payable | 137,270 | 2,332 | 52,850 | 26,914 | — | |||||||||||||||||||
| Distribution fees payable | 8,438 | — | 1,501 | — | 43 | |||||||||||||||||||
| Servicing fees payable | 14,987 | 11 | 1,771 | 595 | 156 | |||||||||||||||||||
| Unrealized depreciation of forward foreign currency contracts | — | — | 764 | — | — | |||||||||||||||||||
| Trustees Deferred Compensation Plan payable (see Note 5) | 19,705 | 1,250 | 5,743 | 8,027 | 323 | |||||||||||||||||||
| Accrued expenses and other liabilities | 97,415 | 37,309 | 155,552 | 58,228 | 44,078 | |||||||||||||||||||
| Total Liabilities |
2,850,375 | 40,902 | 1,335,058 | 233,110 | 322,664 | |||||||||||||||||||
| Net Assets | $ | 340,321,092 | $ | 28,764,019 | $ | 92,014,586 | $ | 36,330,609 | $ | 4,133,409 | ||||||||||||||
| 208 | Semiannual Report | | March 31, 2017 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI NFJ Emerging Markets Value |
AllianzGI NFJ Global Dividend Value |
AllianzGI NFJ International Small-Cap Value |
AllianzGI NFJ International Value II |
AllianzGI Short Duration High Income |
AllianzGI Structured Return |
AllianzGI U.S. Equity Hedged |
||||||||||||||||||||||||
| $ | 22,972,903 | $ | 18,686,249 | $ | 4,558,677 | $ | 971,170 | $ | 1,561,241,127 | $ | 344,346,533 | $ | 3,806,723 | |||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||||
| 712,000 | 231,000 | — | — | 108,067,000 | 58,560,000 | 382,000 | ||||||||||||||||||||||||
| 886 | 565 | 20,471 | 67,504 | 30,213 | 280 | 647 | ||||||||||||||||||||||||
| 317,688 | 6,576 | 66,887 | 474 | — | — | — | ||||||||||||||||||||||||
|
|
72,965 |
|
48,041 | 11,786 | 4,610 | 22,824,120 | 1,283,279 | 19,630 | ||||||||||||||||||||||
| 346,949 | — | — | — | 13,173,027 | 22,445,166 | 707,190 | ||||||||||||||||||||||||
| — | — | — | — | — | 3,232,810 | 637 | ||||||||||||||||||||||||
| 938,753 | 750 | — | — | 6,918,641 | 1,824,246 | — | ||||||||||||||||||||||||
| 17,380 | 5,355 | 21,555 | 20,132 | — | — | 13,786 | ||||||||||||||||||||||||
| — | 9,797 | 8,686 | 32,150 | — | — | — | ||||||||||||||||||||||||
|
|
172 |
|
338 | 161 | 512 | 16,818 | 2,844 | 135 | ||||||||||||||||||||||
|
|
520 |
|
2,120 | 633 | 1,588 | 44,052 | 7,410 | 873 | ||||||||||||||||||||||
|
|
— |
|
— | — | — | — | — | — | ||||||||||||||||||||||
| 34,958 | 19,146 | 24,403 | 33,563 | 79,951 | 58,557 | 34,230 | ||||||||||||||||||||||||
| 25,415,174 | 19,009,937 | 4,713,259 | 1,131,703 | 1,712,394,949 | 431,761,125 | 4,965,851 | ||||||||||||||||||||||||
| 393,298 | — | — | — | 13,648,576 | 36,330,483 | 109 | ||||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||||
| 37,116 | 9,359 | 11,368 | — | 2,746,526 | 958,924 | — | ||||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||||
| — | — | — | — | — | 11,834,250 | 2,540 | ||||||||||||||||||||||||
| — | — | — | — | 658,445 | 148,148 | — | ||||||||||||||||||||||||
| 158 | 2,942 | 462 | 83 | 31,092 | 9,343 | 168 | ||||||||||||||||||||||||
| 774 | 1,773 | 437 | 74 | 74,095 | 25,539 | 185 | ||||||||||||||||||||||||
|
|
470 |
|
— | — | — | — | — | — | ||||||||||||||||||||||
|
|
692 |
|
2,458 | 794 | 2,100 | 60,870 | 10,254 | 1,008 | ||||||||||||||||||||||
| 120,290 | 59,358 | 28,251 | 56,044 | 325,754 | 40,299 | 41,357 | ||||||||||||||||||||||||
| 552,798 | 75,890 | 41,312 | 58,301 | 17,545,358 | 49,357,240 | 45,367 | ||||||||||||||||||||||||
| $ | 24,862,376 | $ | 18,934,047 | $ | 4,671,947 | $ | 1,073,402 | $ | 1,694,849,591 | $ | 382,403,885 | $ | 4,920,484 | |||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 209 |
Table of Contents
Statements of Assets and Liabilities (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI High Yield Bond |
AllianzGI International Growth |
AllianzGI International Small-Cap |
AllianzGI Micro Cap |
AllianzGI |
||||||||||||||||||||
| Net Assets Consist of: | ||||||||||||||||||||||||
| Paid-in-capital | $ | 367,777,409 | $ | 27,915,004 | $ | 79,724,192 | $ | 29,872,113 | $ | 4,849,424 | ||||||||||||||
| Undistributed (dividends in excess of) net investment income | (1,741,751 | ) | (592 | ) | (541,800 | ) | (514,453 | ) | 6,930 | |||||||||||||||
| Accumulated net realized gain (loss) | (32,016,320 | ) | (219,312 | ) | (1,274,433 | ) | (1,687,330 | ) | (710,180 | ) | ||||||||||||||
| Net unrealized appreciation (depreciation) | 6,301,754 | 1,068,919 | 14,106,627 | 8,660,279 | (12,765 | ) | ||||||||||||||||||
| Net Assets | $ | 340,321,092 | $ | 28,764,019 | $ | 92,014,586 | $ | 36,330,609 | $ | 4,133,409 | ||||||||||||||
| Cost of Investments | $ | 320,489,291 | $ | 27,345,111 | $ | 74,399,636 | $ | 26,611,977 | $ | 797,024 | ||||||||||||||
| Cost of Investments in Affiliates | $ | — | $ | — | $ | — | $ | — | $ | 2,703,936 | ||||||||||||||
| Cost of Repurchase Agreements | $ | 9,774,000 | $ | 294,000 | $ | 4,218,000 | $ | 1,216,000 | $ | 849,000 | ||||||||||||||
| Cost of Foreign Currency | $ | — | $ | 3,825 | $ | 105,550 | $ | — | $ | 10,210 | ||||||||||||||
| Premiums Received for Options Written | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
| Net Assets: | ||||||||||||||||||||||||
| Class A | $ | 56,000,782 | $ | 51,804 | $ | 5,318,547 | $ | 2,787,404 | $ | 673,077 | ||||||||||||||
| Class C | 12,364,333 | — | 2,278,130 | — | 61,067 | |||||||||||||||||||
| Class R | 1,234,334 | — | 117,970 | — | — | |||||||||||||||||||
| Class P | 52,868,915 | — | 44,450,919 | 1,809,217 | 9,460 | |||||||||||||||||||
| Institutional Class | 216,303,862 | 28,712,215 | 25,576,555 | 31,733,988 | 3,389,805 | |||||||||||||||||||
| Class R6 | — | — | 14,272,465 | — | — | |||||||||||||||||||
| Administrative Class | 1,548,866 | — | — | — | — | |||||||||||||||||||
| Shares Issued and Outstanding: | ||||||||||||||||||||||||
| Class A | 6,057,409 | 3,137 | 154,279 | 196,057 | 51,285 | |||||||||||||||||||
| Class C | 1,339,478 | — | 67,754 | — | 4,643 | |||||||||||||||||||
| Class R | 138,894 | — | 3,478 | — | — | |||||||||||||||||||
| Class P | 5,940,069 | — | 1,286,073 | 126,575 | 713 | |||||||||||||||||||
| Institutional Class | 24,229,316 | 1,726,034 | 713,849 | 2,208,785 | 254,808 | |||||||||||||||||||
| Class R6 | — | — | 397,977 | — | — | |||||||||||||||||||
| Administrative Class | 176,178 | — | — | — | — | |||||||||||||||||||
| Net Asset Value and Redemption Price Per Share:* |
||||||||||||||||||||||||
| Class A | $ | 9.25 | $ | 16.52 | $ | 34.47 | $ | 14.22 | $ | 13.12 | ||||||||||||||
| Class C | 9.23 | — | 33.62 | — | 13.15 | |||||||||||||||||||
| Class R | 8.89 | — | 33.92 | — | — | |||||||||||||||||||
| Class P | 8.90 | — | 34.56 | 14.29 | 13.27 | |||||||||||||||||||
| Institutional Class | 8.93 | 16.63 | 35.83 | 14.37 | 13.30 | |||||||||||||||||||
| Class R6 | — | — | 35.86 | — | — | |||||||||||||||||||
| Administrative Class | 8.79 | — | — | — | — | |||||||||||||||||||
| * | Net asset value and redemption price per share may not recalculate exactly due to rounding. |
| 210 | Semiannual Report | | March 31, 2017 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI NFJ Emerging Markets Value |
AllianzGI NFJ Global Dividend Value |
AllianzGI NFJ International Small-Cap Value |
AllianzGI NFJ International Value II |
AllianzGI Short Duration High Income |
AllianzGI Structured Return |
AllianzGI U.S. Equity Hedged |
||||||||||||||||||||||||
| $ | 24,210,123 | $ | 19,747,796 | $ | 5,187,072 | $ | 8,224,826 | $ | 1,742,953,736 | $ | 376,224,547 | $ | 5,322,176 | |||||||||||||||||
|
|
(37,416 |
) |
35,874 | (18,154 | ) | (93,269 | ) | (16,065,535 | ) | 491,123 | 19,816 | |||||||||||||||||||
| (1,366,462 | ) | (2,137,859 | ) | (784,933 | ) | (7,061,303 | ) | (33,084,626 | ) | 4,041,207 | (798,356 | ) | ||||||||||||||||||
| 2,056,131 | 1,288,236 | 287,962 | 3,148 | 1,046,016 | 1,647,008 | 376,848 | ||||||||||||||||||||||||
| $ | 24,862,376 | $ | 18,934,047 | $ | 4,671,947 | $ | 1,073,402 | $ | 1,694,849,591 | $ | 382,403,885 | $ | 4,920,484 | |||||||||||||||||
| $ | 20,883,326 | $ | 17,398,702 | $ | 4,270,032 | $ | 965,861 | $ | 1,560,195,111 | $ | 344,813,550 | $ | 3,456,881 | |||||||||||||||||
| $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
| $ | 712,000 | $ | 231,000 | $ | — | $ | — | $ | 108,067,000 | $ | 58,560,000 | $ | 382,000 | |||||||||||||||||
| $ | 316,756 | $ | 6,545 | $ | 66,372 | $ | 472 | $ | — | $ | — | $ | — | |||||||||||||||||
| $ | — | $ | — | $ | — | $ | — | $ | — | $ | 13,948,275 | $ | 29,546 | |||||||||||||||||
| $ | 4,812,969 | $ | 3,598,685 | $ | 1,253,323 | $ | 215,343 | $ | 196,277,478 | $ | 102,742,536 | $ | 603,105 | |||||||||||||||||
| 335,009 | 4,529,686 | 728,534 | 132,556 | 146,287,683 | 14,765,401 | 265,760 | ||||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||||
| 14,103,024 | 1,868,773 | 103,388 | 163,408 | 868,683,354 | 90,582,000 | 18,274 | ||||||||||||||||||||||||
| 5,611,374 | 8,936,903 | 1,309,687 | 562,095 | 402,499,426 | 135,839,483 | 4,033,345 | ||||||||||||||||||||||||
| — | — | 1,277,015 | — | 81,101,650 | 38,474,465 | — | ||||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||||
| 315,260 | 217,842 | 70,677 | 13,171 | 12,932,815 | 6,498,841 | 35,537 | ||||||||||||||||||||||||
| 21,840 | 282,938 | 43,017 | 8,146 | 9,655,163 | 962,011 | 16,269 | ||||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||||
| 930,446 | 113,993 | 6,029 | 9,895 | 57,418,334 | 5,735,982 | 1,089 | ||||||||||||||||||||||||
| 361,523 | 549,408 | 73,602 | 34,244 | 26,587,126 | 8,521,173 | 236,317 | ||||||||||||||||||||||||
| — | — | 75,051 | — | 5,357,514 | 2,429,254 | — | ||||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||||
| $ | 15.27 | $ | 16.52 | $ | 17.73 | $ | 16.35 | $ | 15.18 | $ | 15.81 | $ | 16.97 | |||||||||||||||||
| 15.34 | 16.01 | 16.94 | 16.27 | 15.15 | 15.35 | 16.34 | ||||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||||
| 15.16 | 16.39 | 17.15 | 16.51 | 15.13 | 15.79 | 16.79 | ||||||||||||||||||||||||
| 15.52 | 16.27 | 17.79 | 16.41 | 15.14 | 15.94 | 17.07 | ||||||||||||||||||||||||
| — | — | 17.02 | — | 15.14 | 15.84 | — | ||||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 211 |
Table of Contents
Statements of Assets and Liabilities (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI U.S. Small-Cap Growth |
AllianzGI Ultra Micro Cap |
|||||||
| Assets: | ||||||||
| Investments, at value | $ | 16,401,699 | $ | 41,294,989 | ||||
| Repurchase agreements, at value | 581,000 | 811,000 | ||||||
| Cash | 585 | 699 | ||||||
| Dividends and interest receivable (net of foreign withholding taxes) | 4,569 | 5,904 | ||||||
| Receivable for investments sold | — | 63,172 | ||||||
| Receivable for Fund shares sold | 587 | 280 | ||||||
| Receivable from Investment Manager | 8,439 | — | ||||||
| Uninvested Cash — Trustees Deferred Compensation Plan (see Note 5) | 392 | 962 | ||||||
| Investments in Affiliated Funds — Trustees Deferred Compensation Plan (see Note 5) | 616 | 7,117 | ||||||
| Prepaid expenses and other assets | 45,432 | 33,372 | ||||||
| Total Assets |
17,043,319 | 42,217,495 | ||||||
| Liabilities: | ||||||||
| Payable for investments purchased | — | 179,984 | ||||||
| Payable for Fund shares redeemed | — | 52,331 | ||||||
| Investment management fees payable | — | 53,369 | ||||||
| Distribution fees payable | 313 | — | ||||||
| Servicing fees payable | 256 | 3,089 | ||||||
| Trustees Deferred Compensation Plan payable (see Note 5) | 1,008 | 8,079 | ||||||
| Accrued expenses and other liabilities | 56,480 | 75,064 | ||||||
| Total Liabilities |
58,057 | 371,916 | ||||||
| Net Assets | $ | 16,985,262 | $ | 41,845,579 | ||||
| Net Assets Consist of: | ||||||||
| Paid-in-capital | $ | 14,666,748 | $ | 26,109,466 | ||||
| Dividends in excess of net investment income | (227,903 | ) | (1,088,955 | ) | ||||
| Accumulated net realized gain (loss) | (412,327 | ) | 3,416,169 | |||||
| Net unrealized appreciation | 2,958,744 | 13,408,899 | ||||||
| Net Assets | $ | 16,985,262 | $ | 41,845,579 | ||||
| Cost of Investments | $ | 13,442,955 | $ | 27,886,090 | ||||
| Cost of Repurchase Agreements | $ | 581,000 | $ | 811,000 | ||||
| 212 | Semiannual Report | | March 31, 2017 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI U.S. Small-Cap Growth |
AllianzGI Ultra Micro Cap |
|||||||
| Net Assets: | ||||||||
| Class A | $ | 610,142 | $ | 14,163,132 | ||||
| Class C | 447,964 | — | ||||||
| Class R | 128,535 | — | ||||||
| Class P | 666,060 | 6,859,098 | ||||||
| Institutional Class | 15,132,561 | 20,823,349 | ||||||
| Shares Issued and Outstanding: | ||||||||
| Class A | 51,337 | 662,854 | ||||||
| Class C | 40,511 | — | ||||||
| Class R | 11,047 | — | ||||||
| Class P | 54,959 | 316,829 | ||||||
| Institutional Class | 1,237,819 | 959,762 | ||||||
| Net Asset Value and Redemption Price Per Share:* | ||||||||
| Class A | $ | 11.89 | $ | 21.37 | ||||
| Class C | 11.06 | — | ||||||
| Class R | 11.64 | — | ||||||
| Class P | 12.12 | 21.65 | ||||||
| Institutional Class | 12.23 | 21.70 | ||||||
| * | Net asset value and redemption price per share may not recalculate exactly due to rounding. |
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 213 |
Table of Contents
Six Months ended March 31, 2017 (Unaudited)
| AllianzGI Retirement 2020 |
AllianzGI Retirement 2025 |
AllianzGI Retirement 2030 |
AllianzGI Retirement 2035 |
AllianzGI |
||||||||||||||||||||
| Investment Income: | ||||||||||||||||||||||||
| Dividends from investments in Affiliates | $ | 529,334 | $ | 439,093 | $ | 456,599 | $ | 527,887 | $ | 546,635 | ||||||||||||||
| Dividends, net of foreign withholding taxes* | 26,984 | 1,159 | — | — | — | |||||||||||||||||||
| Contribution from Investment Manager (see Note 6) | 2,023 | 4,177 | 4,445 | — | — | |||||||||||||||||||
| Interest | 468 | 402 | 429 | 313 | 311 | |||||||||||||||||||
| Total Investment Income |
558,809 | 444,831 | 461,473 | 528,200 | 546,946 | |||||||||||||||||||
| Expenses: | ||||||||||||||||||||||||
| Investment management | 13,188 | 14,290 | 15,913 | 12,915 | 11,177 | |||||||||||||||||||
| Administration | 43,024 | 41,596 | 46,513 | 41,504 | 29,562 | |||||||||||||||||||
| Distribution — Class C | 1,576 | — | 2,615 | — | 481 | |||||||||||||||||||
| Distribution — Class R | 459 | 888 | 2,402 | 1,762 | 1,773 | |||||||||||||||||||
| Servicing — Class A | 16,051 | 8,608 | 9,522 | 11,244 | 5,375 | |||||||||||||||||||
| Servicing — Class C | 525 | — | 872 | — | 160 | |||||||||||||||||||
| Servicing — Class R | 459 | 888 | 2,402 | 1,762 | 1,773 | |||||||||||||||||||
| Distribution and/or servicing — Administrative Class | 663 | 700 | 1,572 | 860 | 440 | |||||||||||||||||||
| Sub-transfer agent — Class A | — | — | — | — | — | |||||||||||||||||||
| Sub-transfer agent — Class C | — | — | — | — | — | |||||||||||||||||||
| Sub-transfer agent — Institutional Class | — | — | — | — | — | |||||||||||||||||||
| Legal | 433 | 472 | 505 | 403 | 343 | |||||||||||||||||||
| Trustees | — | — | — | — | — | |||||||||||||||||||
| Custodian and accounting agent | — | — | — | — | — | |||||||||||||||||||
| Shareholder communications | — | — | — | — | — | |||||||||||||||||||
| Transfer agent | — | — | — | — | — | |||||||||||||||||||
| Insurance | — | — | — | — | — | |||||||||||||||||||
| Audit and tax services | — | — | — | — | — | |||||||||||||||||||
| Registration | — | — | — | — | — | |||||||||||||||||||
| Recoupment | — | — | — | — | — | |||||||||||||||||||
| Line of credit commitment | 469 | 509 | 556 | 446 | 381 | |||||||||||||||||||
| Miscellaneous | 658 | 708 | 828 | 761 | 682 | |||||||||||||||||||
| Total Expenses |
77,505 | 68,659 | 83,700 | 71,657 | 52,147 | |||||||||||||||||||
| Less: Fee Waiver/Reimbursement from Investment Manager |
(39,988 | ) | (46,174 | ) | (48,785 | ) | (26,325 | ) | (9,947 | ) | ||||||||||||||
| Net Expenses |
37,517 | 22,485 | 34,915 | 45,332 | 42,200 | |||||||||||||||||||
| Net Investment Income | 521,292 | 422,346 | 426,558 | 482,868 | 504,746 | |||||||||||||||||||
| 214 | Semiannual Report | | March 31, 2017 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI Retirement 2045 |
AllianzGI Retirement 2050 |
AllianzGI Retirement 2055 |
AllianzGI Retirement Income |
AllianzGI Global Allocation |
AllianzGI Global Megatrends |
AllianzGI Best Styles Emerging Markets Equity |
||||||||||||||||||||||||
| $ | 352,706 | $ | 347,043 | $ | 123,412 | $ | 978,922 | $ | 8,303,791 | $ | 17,011 | $ | — | |||||||||||||||||
| — | — | — | 393,646 | — | — | 36,193 | ||||||||||||||||||||||||
| — | — | — | 7,739 | — | 1,271 | — | ||||||||||||||||||||||||
| 180 | 183 | 80 | 212 | 15,753 | 17 | 69 | ||||||||||||||||||||||||
| 352,886 | 347,226 | 123,492 | 1,380,519 | 8,319,544 | 18,299 | 36,262 | ||||||||||||||||||||||||
| 6,664 | 6,461 | 2,390 | 12,822 | 1,571,796 | — | 11,512 | ||||||||||||||||||||||||
| 18,925 | 15,832 | 6,473 | 39,081 | — | — | — | ||||||||||||||||||||||||
| — | 578 | — | 12,187 | 157,921 | — | 50 | ||||||||||||||||||||||||
| 662 | 783 | 380 | 519 | 22 | — | — | ||||||||||||||||||||||||
| 4,753 | 2,649 | 1,524 | 12,579 | 60,902 | 54 | 16 | ||||||||||||||||||||||||
| — | 193 | — | 4,062 | 52,640 | — | 17 | ||||||||||||||||||||||||
| 662 | 783 | 380 | 519 | 22 | — | — | ||||||||||||||||||||||||
| 605 | 836 | 392 | 1,267 | 33 | — | — | ||||||||||||||||||||||||
| — | — | — | — | 17,331 | 7 | — | ||||||||||||||||||||||||
| — | — | — | — | 14,311 | — | — | ||||||||||||||||||||||||
| — | — | — | — | 34,039 | 4 | — | ||||||||||||||||||||||||
| 209 | 181 | 62 | 397 | 28,168 | 4,202 | 4,649 | ||||||||||||||||||||||||
| — | — | — | — | 24,199 | 162 | 469 | ||||||||||||||||||||||||
| — | — | — | — | 39,975 | 20,235 | 105,942 | ||||||||||||||||||||||||
| — | — | — | — | 22,462 | 4,778 | 5,400 | ||||||||||||||||||||||||
| — | — | — | — | 37,199 | 2,263 | 3,316 | ||||||||||||||||||||||||
| — | — | — | — | 8,588 | 2,457 | 2,625 | ||||||||||||||||||||||||
| — | — | — | — | 20,461 | 16,981 | 19,343 | ||||||||||||||||||||||||
| — | — | — | — | 50,459 | 21,341 | 36,087 | ||||||||||||||||||||||||
| — | — | 279 | — | — | — | — | ||||||||||||||||||||||||
| 230 | 207 | 72 | 439 | 3,939 | 27 | 79 | ||||||||||||||||||||||||
| 385 | 343 | 93 | 1,284 | 11,149 | 1,176 | 2,505 | ||||||||||||||||||||||||
| 33,095 | 28,846 | 12,045 | 85,156 | 2,155,616 | 73,687 | 192,010 | ||||||||||||||||||||||||
|
|
(3,827 |
) |
(1,661 | ) | (566 | ) | (46,499 | ) | (1,180,986 | ) | (73,623 | ) | (174,560 | ) | ||||||||||||||||
| 29,268 | 27,185 | 11,479 | 38,657 | 974,630 | 64 | 17,450 | ||||||||||||||||||||||||
| 323,618 | 320,041 | 112,013 | 1,341,862 | 7,344,914 | 18,235 | 18,812 | ||||||||||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 215 |
Table of Contents
Statements of Operations (cont’d)
Six Months ended March 31, 2017 (Unaudited)
| AllianzGI Retirement 2020 |
AllianzGI Retirement 2025 |
AllianzGI Retirement 2030 |
AllianzGI Retirement 2035 |
AllianzGI |
||||||||||||||||||||
| Realized and Change in Unrealized Gain (Loss): | ||||||||||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||||||||||
| Investments |
$ | 72,374 | $ | 95,711 | $ | 109,354 | $ | 78,708 | $ | 93,168 | ||||||||||||||
| Investments in Affiliates |
1,146,018 | 1,689,516 | 1,937,436 | 1,346,141 | 951,185 | |||||||||||||||||||
| Futures contracts |
(23,714 | ) | 184,145 | 149,670 | 182,743 | 109,285 | ||||||||||||||||||
| Foreign currency transactions |
(216 | ) | (176 | ) | 98 | (178 | ) | (185 | ) | |||||||||||||||
| Net capital gain distributions received from underlying Affiliated funds | 92,145 | 55,759 | 31,351 | 95,812 | 120,791 | |||||||||||||||||||
| Net capital gain distributions received from underlying funds | — | — | — | — | — | |||||||||||||||||||
| Net change in unrealized appreciation/depreciation of: | ||||||||||||||||||||||||
| Investments |
(112,298 | ) | (114,111 | ) | (117,776 | ) | (85,864 | ) | (102,184 | ) | ||||||||||||||
| Investments in Affiliates |
(164,342 | ) | 194,340 | 1,052,224 | 1,458,641 | 1,759,410 | ||||||||||||||||||
| Futures contracts |
1,264 | (33,155 | ) | (24,617 | ) | (15,352 | ) | (8,007 | ) | |||||||||||||||
| Foreign currency transactions |
(1,094 | ) | (274 | ) | 1,985 | 1,076 | 1,223 | |||||||||||||||||
| Net realized and change in unrealized gain (loss) | 1,010,137 | 2,071,755 | 3,139,725 | 3,061,727 | 2,924,686 | |||||||||||||||||||
| Net Increase in Net Assets Resulting from Investment Operations | $ | 1,531,429 | $ | 2,494,101 | $ | 3,566,283 | $ | 3,544,595 | $ | 3,429,432 | ||||||||||||||
| * Foreign withholding taxes | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
| 216 | Semiannual Report | | March 31, 2017 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI Retirement 2045 |
AllianzGI Retirement 2050 |
AllianzGI Retirement 2055 |
AllianzGI Retirement Income |
AllianzGI Global Allocation |
AllianzGI Global Megatrends |
AllianzGI Best Styles Emerging Markets Equity |
||||||||||||||||||||||||
| $ | 47,162 | $ | 43,681 | $ | 16,909 | $ | 308,928 | $ | (449,378 | ) | $ | — | $ | 722,022 | ||||||||||||||||
| 637,394 | 469,223 | 257,098 | 884,247 | 1,095,287 | — | — | ||||||||||||||||||||||||
| 22,627 | 31,685 | 12,597 | (643,353 | ) | 107,839 | — | 3,147 | |||||||||||||||||||||||
| (41 | ) | (71 | ) | (13 | ) | (3,790 | ) | (48,808 | ) | — | (937 | ) | ||||||||||||||||||
|
|
84,242 |
|
84,125 | 29,893 | 29,364 | 2,582,734 | 33,945 | — | ||||||||||||||||||||||
|
|
— |
|
— | — | 24,178 | — | — | — | ||||||||||||||||||||||
| (52,570 | ) | (48,701 | ) | (18,586 | ) | (62,251 | ) | 5,126 | — | (330,577 | ) | |||||||||||||||||||
| 1,078,383 | 1,256,853 | 389,749 | (502,171 | ) | 6,981,843 | 60,376 | — | |||||||||||||||||||||||
| 3,215 | 2,362 | 3,101 | (56,235 | ) | (537,449 | ) | — | 13,510 | ||||||||||||||||||||||
| 1,420 | 458 | 625 | 1,073 | 7,819 | — | (4,353 | ) | |||||||||||||||||||||||
| 1,821,832 | 1,839,615 | 691,373 | (20,010 | ) | 9,745,013 | 94,321 | 402,812 | |||||||||||||||||||||||
| $ |
2,145,450 |
$ | 2,159,656 | $ | 803,386 | $ | 1,321,852 | $ | 17,089,927 | $ | 112,556 | $ | 421,624 | |||||||||||||||||
| $ | — | $ | — | $ | — | $ | 817 | $ | — | $ | — | $ | 5,908 | |||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 217 |
Table of Contents
Statements of Operations (cont’d)
Six Months ended March 31, 2017 (Unaudited)
| AllianzGI Best Styles Global Equity |
AllianzGI Best Styles International Equity |
AllianzGI Best Styles U.S. Equity |
AllianzGI Convertible |
AllianzGI Emerging Markets Consumer |
||||||||||||||||||||
| Investment Income: | ||||||||||||||||||||||||
| Interest, net of foreign withholding taxes* | $ | 3,500 | $ | 42 | $ | 771 | $ | 10,183,348 | $ | 94 | ||||||||||||||
| Dividends, net of foreign withholding taxes* | 7,376,579 | 337,824 | 1,133,813 | 5,487,563 | 365,549 | |||||||||||||||||||
| Dividends from investments in Affiliates | — | — | — | — | — | |||||||||||||||||||
| Miscellaneous | 17 | — | — | — | — | |||||||||||||||||||
| Total Investment Income |
7,380,096 | 337,866 | 1,134,584 | 15,670,911 | 365,643 | |||||||||||||||||||
| Expenses: | ||||||||||||||||||||||||
| Investment management | 1,041,810 | 47,385 | 150,560 | 3,934,980 | 170,428 | |||||||||||||||||||
| Distribution — Class C | 46 | 58 | 46 | 223,229 | — | |||||||||||||||||||
| Distribution — Class R | — | — | — | 1,256 | — | |||||||||||||||||||
| Administrative servicing — Class P | 1,435 | — | 29 | 41,666 | — | |||||||||||||||||||
| Servicing — Class A | 5,972 | 15 | 417 | 257,191 | 66 | |||||||||||||||||||
| Servicing — Class C | 15 | 19 | 15 | 74,410 | — | |||||||||||||||||||
| Servicing — Class R | — | — | — | 1,256 | — | |||||||||||||||||||
| Distribution and/or servicing — Administrative Class | — | — | — | 1,701 | — | |||||||||||||||||||
| Sub-transfer agent — Class A | 6,593 | — | 5 | 140,822 | 6,384 | |||||||||||||||||||
| Sub-transfer agent — Class C | — | — | — | 24,304 | — | |||||||||||||||||||
| Sub-transfer agent — Class R | — | — | — | 1,626 | — | |||||||||||||||||||
| Sub-transfer agent — Institutional Class | 639 | — | 582 | 164,523 | 258 | |||||||||||||||||||
| Sub-transfer agent — Administrative Class | — | — | — | 50 | — | |||||||||||||||||||
| Legal | 23,728 | 7,494 | 9,943 | 66,031 | 6,315 | |||||||||||||||||||
| Trustees | 32,726 | 2,777 | 5,136 | 82,999 | 2,061 | |||||||||||||||||||
| Audit and tax services | 17,917 | 17,995 | 19,364 | 37,288 | 21,418 | |||||||||||||||||||
| Registration | 44,694 | 36,510 | 36,139 | 61,735 | 14,803 | |||||||||||||||||||
| Custodian and accounting agent | 199,325 | 110,096 | 49,189 | 100,928 | 90,769 | |||||||||||||||||||
| Shareholder communications | 20,159 | 6,986 | 7,736 | 109,012 | 5,961 | |||||||||||||||||||
| Transfer agent | 14,717 | 4,295 | 5,191 | 42,153 | 3,093 | |||||||||||||||||||
| Excise tax | — | — | — | — | — | |||||||||||||||||||
| Recoupment | 1,158 | — | — | — | — | |||||||||||||||||||
| Insurance | 9,649 | 3,565 | 3,758 | 22,149 | 3,041 | |||||||||||||||||||
| Line of credit commitment | 5,429 | 447 | 836 | 12,506 | 344 | |||||||||||||||||||
| Miscellaneous | 11,465 | 3,341 | 3,781 | 29,734 | 2,140 | |||||||||||||||||||
| Total Expenses |
1,437,477 | 240,983 | 292,727 | 5,431,549 | 327,081 | |||||||||||||||||||
| Less: Fee Waiver/Reimbursement from Investment Manager |
(29,862 | ) | (168,976 | ) | (90,482 | ) | — | (99,407 | ) | |||||||||||||||
| Net Expenses |
1,407,615 | 72,007 | 202,245 | 5,431,549 | 227,674 | |||||||||||||||||||
| Net Investment Income (Loss) | 5,972,481 | 265,859 | 932,339 | 10,239,362 | 137,969 | |||||||||||||||||||
| 218 | Semiannual Report | | March 31, 2017 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI Emerging Markets Debt |
AllianzGI Emerging Markets Small-Cap |
AllianzGI Europe Equity Dividend |
AllianzGI Global Dynamic Allocation |
AllianzGI Global Fundamental Strategy |
AllianzGI Global Sustainability |
AllianzGI Global Water |
||||||||||||||||||||||||
| $ | 1,331,161 | $ | 31 | $ | 35 | $ | 628,076 | $ | 128,192 | $ | 122 | $ | 5,637 | |||||||||||||||||
| — | 65,737 | 132,548 | 1,453,324 | 76,710 | 219,503 | 3,030,388 | ||||||||||||||||||||||||
| — | — | — | 7,975 | 18,335 | — | — | ||||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||||
| 1,331,161 | 65,768 | 132,583 | 2,089,375 | 223,237 | 219,625 | 3,036,025 | ||||||||||||||||||||||||
| 156,472 | 74,812 | 25,173 | 826,986 | 58,947 | 91,433 | 2,439,520 | ||||||||||||||||||||||||
| 358 | — | 84 | 3,721 | 51 | — | 318,881 | ||||||||||||||||||||||||
| — | — | — | 209 | — | — | — | ||||||||||||||||||||||||
| — | — | — | 2,118 | — | — | 72,208 | ||||||||||||||||||||||||
| 167 | 115 | 82 | 6,138 | 131 | 156 | 257,828 | ||||||||||||||||||||||||
| 119 | — | 28 | 1,240 | 17 | — | 106,294 | ||||||||||||||||||||||||
| — | — | — | 209 | — | — | — | ||||||||||||||||||||||||
| — | — | — | 25 | — | — | — | ||||||||||||||||||||||||
| 88 | 5,606 | 13 | 1,108 | — | 6,004 | 94,278 | ||||||||||||||||||||||||
| 18 | — | — | 329 | — | — | 43,315 | ||||||||||||||||||||||||
| — | — | — | 147 | — | — | — | ||||||||||||||||||||||||
| 193 | 751 | 186 | 4,053 | 260 | 20 | 17,214 | ||||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||||
| 9,355 | 5,516 | 4,683 | 17,467 | 8,585 | 4,714 | 23,622 | ||||||||||||||||||||||||
| 2,135 | 556 | 264 | 8,688 | 888 | 1,113 | 25,356 | ||||||||||||||||||||||||
| 26,876 | 23,417 | 18,470 | 16,464 | 18,472 | 18,636 | 25,456 | ||||||||||||||||||||||||
| 27,761 | 13,867 | 27,055 | 48,154 | 23,858 | 19,554 | 42,382 | ||||||||||||||||||||||||
| 41,533 | 90,816 | 92,564 | 291,659 | 41,552 | 38,901 | 116,469 | ||||||||||||||||||||||||
| 6,414 | 5,325 | 5,039 | 12,623 | 5,542 | 5,043 | 84,740 | ||||||||||||||||||||||||
| 3,842 | 1,988 | 3,081 | 9,462 | 3,158 | 2,587 | 28,643 | ||||||||||||||||||||||||
| — | — | 2,850 | — | — | — | — | ||||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||||
| 3,186 | 2,560 | 2,465 | 3,217 | 2,717 | 2,771 | 7,929 | ||||||||||||||||||||||||
| 349 | 107 | 49 | 1,198 | 133 | 191 | 4,281 | ||||||||||||||||||||||||
| 3,649 | 1,829 | 2,478 | 9,135 | 3,945 | 2,011 | 6,214 | ||||||||||||||||||||||||
| 282,515 | 227,265 | 184,564 | 1,264,350 | 168,256 | 193,134 | 3,714,630 | ||||||||||||||||||||||||
|
|
(83,253 |
) |
(133,482 | ) | (151,574 | ) | (401,031 | ) | (88,130 | ) | (84,204 | ) | — | |||||||||||||||||
| 199,262 | 93,783 | 32,990 | 863,319 | 80,126 | 108,930 | 3,714,630 | ||||||||||||||||||||||||
| 1,131,899 | (28,015 | ) | 99,593 | 1,226,056 | 143,111 | 110,695 | (678,605 | ) | ||||||||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 219 |
Table of Contents
Statements of Operations (cont’d)
Six Months ended March 31, 2017 (Unaudited)
| AllianzGI Best Styles Global Equity |
AllianzGI Best Styles International Equity |
AllianzGI Best Styles U.S. Equity |
AllianzGI Convertible |
AllianzGI Emerging Markets Consumer |
||||||||||||||||||||
| Realized and Change in Unrealized Gain (Loss): | ||||||||||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||||||||||
| Investments |
$ | 11,960,367 | $ | (636,740 | ) | $ | 1,345,559 | $ | 86,076,572 | $ | 868,676 | |||||||||||||
| Investments in Affiliates |
— | — | — | — | — | |||||||||||||||||||
| Futures contracts |
254,848 | (12,635 | ) | 545,472 | — | — | ||||||||||||||||||
| Options written |
— | — | — | — | — | |||||||||||||||||||
| Swaps |
— | — | — | — | — | |||||||||||||||||||
| Foreign currency transactions |
(239,195 | ) | (62,768 | ) | (543 | ) | — | (8,184 | ) | |||||||||||||||
| Net change in unrealized appreciation/depreciation of: | ||||||||||||||||||||||||
| Investments |
48,137,446 | 2,886,043 | 7,675,719 | (17,946,366 | ) | 892,499 | ||||||||||||||||||
| Investments in Affiliates |
— | — | — | — | — | |||||||||||||||||||
| Futures contracts |
(82,398 | ) | 12,997 | (88,800 | ) | — | — | |||||||||||||||||
| Options written |
— | — | — | — | — | |||||||||||||||||||
| Swaps |
— | — | — | — | — | |||||||||||||||||||
| Foreign currency transactions |
147,251 | 5,304 | 11 | — | 8,610 | |||||||||||||||||||
| Net realized and change in unrealized gain (loss) | 60,178,319 | 2,192,201 | 9,477,418 | 68,130,206 | 1,761,601 | |||||||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations | $ | 66,150,800 | $ | 2,458,060 | $ | 10,409,757 | $ | 78,369,568 | $ | 1,899,570 | ||||||||||||||
| * Foreign withholding taxes | $ | 427,990 | $ | 33,916 | $ | 2,722 | $ | — | $ | 51,775 | ||||||||||||||
| 220 | Semiannual Report | | March 31, 2017 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI Emerging Markets Debt |
AllianzGI Emerging Markets Small-Cap |
AllianzGI Europe Equity Dividend |
AllianzGI Global Dynamic Allocation |
AllianzGI Global Fundamental Strategy |
AllianzGI Global Sustainability |
AllianzGI Global Water |
||||||||||||||||||||||||
| $ | 461,286 | $ | 293,723 | $ | (142,983 | ) | $ | (1,065,408 | ) | $ | 306,166 | $ | 179,433 | $ | 7,752,907 | |||||||||||||||
| — | — | — | 854,359 | — | — | — | ||||||||||||||||||||||||
| 20,287 | — | — | 2,122,612 | (35,879 | ) | — | — | |||||||||||||||||||||||
| 11,711 | — | — | — | 40,740 | — | — | ||||||||||||||||||||||||
| (24,151 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
| 21,358 | (6,729 | ) | (1,840 | ) | 5,113 | 140,239 | (4,090 | ) | (106,213 | ) | ||||||||||||||||||||
| (911,295 | ) | 1,029,328 | 293,559 | 7,884,821 | (368,312 | ) | 957,865 | (15,978,666 | ) | |||||||||||||||||||||
| — | — | — | (949,529 | ) | 11,796 | — | — | |||||||||||||||||||||||
| — | — | — | 596,932 | 60,437 | — | — | ||||||||||||||||||||||||
| — | — | — | — | (12,984 | ) | — | — | |||||||||||||||||||||||
| (54,273 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
| 11,340 | 1,429 | (185 | ) | 21,443 | (3,229 | ) | (790 | ) | (7,386 | ) | ||||||||||||||||||||
| (463,737 | ) | 1,317,751 | 148,551 | 9,470,343 | 138,974 | 1,132,418 | (8,339,358 | ) | ||||||||||||||||||||||
| $ |
668,162 |
|
$ |
1,289,736 |
|
$ | 248,144 | $ | 10,696,399 | $ | 282,085 | $ | 1,243,113 | $ | (9,017,963 | ) | ||||||||||||||
| $ | 175 | $ | 11,293 | $ | 9,371 | $ | 67,212 | $ | 5,228 | $ | 10,309 | $ | 62,927 | |||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 221 |
Table of Contents
Statements of Operations (cont’d)
Six Months ended March 31, 2017 (Unaudited)
| AllianzGI High Yield Bond |
AllianzGI International Growth |
AllianzGI International Small-Cap |
AllianzGI Micro Cap |
AllianzGI Multi-Asset Real Return |
||||||||||||||||||||
| Investment Income: | ||||||||||||||||||||||||
| Interest | $ | 11,373,243 | $ | 37 | $ | 376 | $ | 162 | $ | 57 | ||||||||||||||
| Dividends, net of foreign withholding taxes* | — | 149,136 | 392,434 | 65,126 | 18,290 | |||||||||||||||||||
| Dividends from investments in Affiliates | — | — | — | — | 24,386 | |||||||||||||||||||
| Miscellaneous | 141,004 | — | 74 | — | — | |||||||||||||||||||
| Total Investment Income |
11,514,247 | 149,173 | 392,884 | 65,288 | 42,733 | |||||||||||||||||||
| Expenses: | ||||||||||||||||||||||||
| Investment management | 850,618 | 107,528 | 437,685 | 217,946 | 14,697 | |||||||||||||||||||
| Distribution — Class C | 50,835 | — | 9,552 | — | 276 | |||||||||||||||||||
| Distribution — Class R | 1,601 | — | 160 | — | — | |||||||||||||||||||
| Administrative servicing — Class P | 22,193 | — | — | 649 | — | |||||||||||||||||||
| Servicing — Class A | 73,591 | 60 | 10,433 | 3,929 | 623 | |||||||||||||||||||
| Servicing — Class C | 16,945 | — | 3,184 | — | 92 | |||||||||||||||||||
| Servicing — Class R | 1,601 | — | 160 | — | — | |||||||||||||||||||
| Distribution and/or servicing — Administrative Class | 2,320 | — | — | — | — | |||||||||||||||||||
| Sub-transfer agent — Class A | 40,857 | 30 | 6,775 | 2,221 | 69 | |||||||||||||||||||
| Sub-transfer agent — Class C | 5,688 | — | 1,415 | — | 18 | |||||||||||||||||||
| Sub-transfer agent — Class R | 1,942 | — | 174 | — | — | |||||||||||||||||||
| Sub-transfer agent — Institutional Class | 38,229 | 53 | 15,937 | 14,047 | 215 | |||||||||||||||||||
| Legal | 21,634 | 4,191 | 8,014 | 5,289 | 5,248 | |||||||||||||||||||
| Trustees | 18,754 | 769 | 4,505 | 1,787 | 201 | |||||||||||||||||||
| Audit and tax services | 26,181 | 19,343 | 20,521 | 18,831 | 16,896 | |||||||||||||||||||
| Registration | 47,456 | 16,706 | 39,580 | 18,900 | 24,483 | |||||||||||||||||||
| Custodian and accounting agent | 44,175 | 46,337 | 113,249 | 35,592 | 42,503 | |||||||||||||||||||
| Shareholder communications | 30,711 | 5,018 | 9,385 | 6,763 | 4,963 | |||||||||||||||||||
| Transfer agent | 21,075 | 1,976 | 11,504 | 4,707 | 3,026 | |||||||||||||||||||
| Excise tax | 2,969 | — | — | — | — | |||||||||||||||||||
| Recoupment | — | — | — | — | — | |||||||||||||||||||
| Insurance | 7,372 | 2,460 | 3,923 | 3,024 | 2,463 | |||||||||||||||||||
| Line of credit commitment | 3,098 | 157 | 778 | 297 | 32 | |||||||||||||||||||
| Miscellaneous | 10,115 | 2,906 | 3,597 | 3,443 | 2,529 | |||||||||||||||||||
| Total Expenses |
1,339,960 | 207,534 | 700,531 | 337,425 | 118,334 | |||||||||||||||||||
| Less: Fee Waiver/Reimbursement from Investment Manager |
— | (79,596 | ) | (147,553 | ) | (67,362 | ) | (105,548 | ) | |||||||||||||||
| Net Expenses |
1,339,960 | 127,938 | 552,978 | 270,063 | 12,786 | |||||||||||||||||||
| Net Investment Income (Loss) | 10,174,287 | 21,235 | (160,094 | ) | (204,775 | ) | 29,947 | |||||||||||||||||
| 222 | Semiannual Report | | March 31, 2017 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI NFJ Emerging Markets Value |
AllianzGI NFJ Global Dividend Value |
AllianzGI NFJ International Small-Cap Value |
AllianzGI NFJ International Value II |
AllianzGI Short Duration High Income |
AllianzGI Structured Return |
AllianzGI U.S. Equity Hedged |
||||||||||||||||||||||||
| $ | 138 | $ | 78 | $ | 4 | $ | 203 | $ | 35,722,483 | $ | 10,324 | $ | 41 | |||||||||||||||||
| 222,634 | 311,812 | 60,189 | 184,441 | — | 2,111,056 | 47,537 | ||||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||||
| — | — | — | — | 182,136 | 665 | 2 | ||||||||||||||||||||||||
| 222,772 | 311,890 | 60,193 | 184,644 | 35,904,619 | 2,122,045 | 47,580 | ||||||||||||||||||||||||
| 79,090 | 84,233 | 24,797 | 113,748 | 3,478,615 | 951,916 | 17,627 | ||||||||||||||||||||||||
| 582 | 18,477 | 3,007 | 765 | 175,885 | 52,220 | 1,001 | ||||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||||
| 2,022 | 389 | 29 | 75 | 273,338 | 21,114 | — | ||||||||||||||||||||||||
| 6,148 | 4,876 | 2,620 | 287 | 278,419 | 134,919 | 765 | ||||||||||||||||||||||||
| 194 | 6,159 | 1,002 | 255 | 175,885 | 17,407 | 334 | ||||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||||
| 5,218 | 7,461 | 8,568 | 189 | 66,425 | 38,314 | 4,111 | ||||||||||||||||||||||||
| 40 | 2,073 | 610 | 88 | 38,793 | 4,870 | 125 | ||||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||||
| 2,159 | 663 | 584 | 725 | 41,022 | 22,010 | 1,304 | ||||||||||||||||||||||||
| 4,889 | 6,102 | 5,131 | 5,845 | 44,622 | 23,780 | 4,756 | ||||||||||||||||||||||||
| 709 | 947 | 492 | 1,772 | 63,261 | 13,816 | 269 | ||||||||||||||||||||||||
| 29,687 | 18,541 | 15,999 | 20,026 | 19,325 | 18,330 | 15,251 | ||||||||||||||||||||||||
| 24,878 | 24,083 | 30,547 | 24,621 | 71,505 | 53,982 | 24,827 | ||||||||||||||||||||||||
| 139,240 | 38,984 | 61,209 | 62,595 | 75,934 | 74,297 | 34,847 | ||||||||||||||||||||||||
| 6,467 | 6,320 | 5,775 | 5,981 | 71,639 | 44,106 | 5,449 | ||||||||||||||||||||||||
| 3,465 | 4,618 | 4,284 | 3,607 | 55,140 | 28,635 | 3,263 | ||||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||||
| — | — | — | — | 5,264 | 53,802 | — | ||||||||||||||||||||||||
| 2,560 | 2,653 | 2,633 | 3,105 | 15,545 | 4,990 | 2,548 | ||||||||||||||||||||||||
| 113 | 152 | 75 | 320 | 11,240 | 2,422 | 50 | ||||||||||||||||||||||||
| 5,116 | 3,367 | 3,117 | 3,494 | 23,655 | 4,952 | 2,776 | ||||||||||||||||||||||||
| 312,577 | 230,098 | 170,479 | 247,498 | 4,985,512 | 1,565,882 | 119,303 | ||||||||||||||||||||||||
| (198,750 | ) | (109,601 | ) | (133,898 | ) | (117,782 | ) | (2,477 | ) | (88,613 | ) | |
(91,965 |
) | ||||||||||||||||
| 113,827 | 120,497 | 36,581 | 129,716 | 4,983,035 | 1,477,269 | 27,338 | ||||||||||||||||||||||||
| 108,945 | 191,393 | 23,612 | 54,928 | 30,921,584 | 644,776 | 20,242 | ||||||||||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 223 |
Table of Contents
Statements of Operations (cont’d)
Six Months ended March 31, 2017 (Unaudited)
| AllianzGI High Yield Bond |
AllianzGI International Growth |
AllianzGI International Small-Cap |
AllianzGI Cap |
AllianzGI Multi-Asset Real Return |
||||||||||||||||||||
| Realized and Change in Unrealized Gain (Loss): | ||||||||||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||||||||||
| Investments |
$ | (1,223,564 | ) | $ | (103,622 | ) | $ | 2,385,808 | $ | 1,438,608 | $ | 31,985 | ||||||||||||
| Investments in Affiliates |
— | — | — | — | (197,934 | ) | ||||||||||||||||||
| Futures contracts |
— | — | — | — | 19,818 | |||||||||||||||||||
| Options written |
— | — | — | — | — | |||||||||||||||||||
| Foreign currency transactions |
— | (3,295 | ) | (27,868 | ) | — | (125 | ) | ||||||||||||||||
| Payments from Affiliates (See Note 13) | — | — | — | — | — | |||||||||||||||||||
| Net change in unrealized appreciation/depreciation of: | ||||||||||||||||||||||||
| Investments |
5,288,453 | 367,562 | (1,669,667 | ) | 960,725 | (102,154 | ) | |||||||||||||||||
| Investments in Affiliates |
— | — | — | — | 132,322 | |||||||||||||||||||
| Futures contracts |
— | — | — | — | 9,468 | |||||||||||||||||||
| Options written |
— | — | — | — | — | |||||||||||||||||||
| Unfunded loan commitments |
49,286 | — | — | — | — | |||||||||||||||||||
| Foreign currency transactions |
— | 639 | (6,807 | ) | — | (459 | ) | |||||||||||||||||
| Net realized and change in unrealized gain (loss) | 4,114,175 | 261,284 | 681,466 | 2,399,333 | (107,079 | ) | ||||||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Investment Operations | $ | 14,288,462 | $ | 282,519 | $ | 521,372 | $ | 2,194,558 | $ | (77,132 | ) | |||||||||||||
| *Foreign withholding taxes | $ | — | $ | 15,114 | $ | 38,357 | $ | — | $ | 498 | ||||||||||||||
| 224 | Semiannual Report | | March 31, 2017 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI NFJ Emerging Markets Value |
AllianzGI NFJ Global Dividend Value |
AllianzGI NFJ International Small-Cap Value |
AllianzGI NFJ International Value II |
AllianzGI Short Duration High Income |
AllianzGI Structured Return |
AllianzGI U.S. Equity Hedged |
||||||||||||||||||||||||
| $ | 382,820 | $ | 626,301 | $ | (36,646 | ) | $ | 188,473 | $ | 952,138 | $ | 20,711,259 | $ | (210,521 | ) | |||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||||
| — | — | — | — | — | (16,296,308 | ) | 176,122 | |||||||||||||||||||||||
| (27,057 | ) | (11,370 | ) | (10,462 | ) | (73,183 | ) | — | — | — | ||||||||||||||||||||
| 299 | — | — | 30,285 | — | — | — | ||||||||||||||||||||||||
| 1,052,138 | 813,728 | (163,088 | ) | (527,171 | ) | (1,983,105 | ) | 169,327 | 345,392 | |||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||||
| — | — | — | — | — | 2,535,261 | (28,110 | ) | |||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||||
| 2,965 | 672 | 663 | (871 | ) | — | — | — | |||||||||||||||||||||||
| 1,411,165 | 1,429,331 | (209,533 | ) | (382,467 | ) | (1,030,967 | ) | 7,119,539 | 282,883 | |||||||||||||||||||||
| $ |
1,520,110 |
$ | 1,620,724 | $ | (185,921 | ) | $ | (327,539 | ) | $ | 29,890,617 | $ | 7,764,315 | $ | 303,125 | |||||||||||||||
| $ | 25,368 | $ | 12,975 | $ | 6,628 | $ | 20,196 | $ | — | $ | — | $ | — | |||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 225 |
Table of Contents
Statements of Operations (cont’d)
Six Months ended March 31, 2017 (Unaudited)
| AllianzGI U.S. Small-Cap Growth |
AllianzGI Ultra Micro Cap |
|||||||
| Investment Income: | ||||||||
| Interest | $ | 78 | $ | 97 | ||||
| Dividends, net of foreign withholding taxes* | 39,052 | 106,865 | ||||||
| Total Investment Income |
39,130 | 106,962 | ||||||
| Expenses: | ||||||||
| Investment management | 66,725 | 334,681 | ||||||
| Distribution — Class C | 1,761 | — | ||||||
| Distribution — Class R | 100 | — | ||||||
| Administrative servicing — Class P | 229 | 2,311 | ||||||
| Servicing — Class A | 1,189 | 21,060 | ||||||
| Servicing — Class C | 587 | — | ||||||
| Servicing — Class R | 100 | — | ||||||
| Sub-transfer agent — Class A | 4,362 | 14,934 | ||||||
| Sub-transfer agent — Class C | 374 | — | ||||||
| Sub-transfer agent — Institutional Class | 8,017 | 10,697 | ||||||
| Legal | 5,970 | 5,951 | ||||||
| Trustees | 1,059 | 2,339 | ||||||
| Audit and tax services | 15,600 | 18,832 | ||||||
| Registration | 28,797 | 21,274 | ||||||
| Custodian and accounting agent | 39,742 | 35,762 | ||||||
| Shareholder communications | 5,665 | 8,698 | ||||||
| Transfer agent | 6,071 | 6,131 | ||||||
| Excise tax | — | 631 | ||||||
| Insurance | 2,807 | 3,272 | ||||||
| Line of credit commitment | 171 | 397 | ||||||
| Miscellaneous | 2,982 | 3,745 | ||||||
| Total Expenses |
192,308 | 490,715 | ||||||
| Less: Fee Waiver/Reimbursement from Investment Manager |
(108,076 | ) | — | |||||
| Net Expenses |
84,232 | 490,715 | ||||||
| Net Investment Loss | (45,102 | ) | (383,753 | ) | ||||
| Realized and Change in Unrealized Gain (Loss): | ||||||||
| Net realized gain on Investments | 2,407,771 | 4,037,772 | ||||||
| Net change in unrealized appreciation/depreciation of investments | (1,203,533 | ) | (947,089 | ) | ||||
| Net realized and change in unrealized gain | 1,204,238 | 3,090,683 | ||||||
| Net Increase in Net Assets Resulting from Investment Operations | $ | 1,159,136 | $ | 2,706,930 | ||||
| * Foreign withholding taxes | $ | 132 | $ | — | ||||
| 226 | Semiannual Report | | March 31, 2017 | | See accompanying Notes to Financial Statements |
Table of Contents
(THIS PAGE INTENTIONALLY LEFT BLANK)
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 227 |
Table of Contents
Statements of Changes in Net Assets
| AllianzGI Retirement 2020 | AllianzGI Retirement 2025 | |||||||||||||||||||
| Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||
| Increase (Decrease) in Net Assets from: | ||||||||||||||||||||
| Investment Operations: |
||||||||||||||||||||
| Net investment income | $ | 521,292 | $ | 1,566,950 | $ | 422,346 | $ | 1,653,428 | ||||||||||||
| Net realized gain (loss) | 1,286,607 | (38,259 | ) | 2,024,955 | 51,690 | |||||||||||||||
| Net change in unrealized appreciation/depreciation | (276,470 | ) | 4,103,248 | 46,800 | 4,707,268 | |||||||||||||||
| Net increase in net assets resulting from investment operations | 1,531,429 | 5,631,939 | 2,494,101 | 6,412,386 | ||||||||||||||||
| Dividends and Distributions to Shareholders from: | ||||||||||||||||||||
| Net investment income: | ||||||||||||||||||||
| Class A |
(314,038 | ) | (595,528 | ) | (122,193 | ) | (563,042 | ) | ||||||||||||
| Class C |
(8,548 | ) | (7,610 | ) | — | — | ||||||||||||||
| Class R |
(9,351 | ) | (20,395 | ) | (18,282 | ) | (22,099 | ) | ||||||||||||
| Class P |
(724,018 | ) | (797,874 | ) | (951,555 | ) | (1,080,525 | ) | ||||||||||||
| Class R6 |
(368,801 | ) | (436,891 | ) | (348,228 | ) | (382,398 | ) | ||||||||||||
| Administrative Class |
(14,448 | ) | (59,872 | ) | (12,039 | ) | (40,396 | ) | ||||||||||||
| Net realized capital gains: | ||||||||||||||||||||
| Class A |
— | — | (5,755 | ) | — | |||||||||||||||
| Class C |
— | — | — | — | ||||||||||||||||
| Class R |
— | — | (754 | ) | — | |||||||||||||||
| Class P |
— | — | (30,725 | ) | — | |||||||||||||||
| Class R6 |
— | — | (10,972 | ) | — | |||||||||||||||
| Administrative Class |
— | — | (496 | ) | — | |||||||||||||||
| Total dividends and distributions to shareholders | (1,439,204 | ) | (1,918,170 | ) | (1,500,999 | ) | (2,088,460 | ) | ||||||||||||
| Fund Share Transactions: | ||||||||||||||||||||
| Net proceeds from the sale of shares | 9,276,652 | 11,998,663 | 9,726,387 | 13,883,221 | ||||||||||||||||
| Issued in reinvestment of dividends and distributions | 1,435,551 | 1,917,422 | 1,486,604 | 2,064,577 | ||||||||||||||||
| Cost of shares redeemed | (10,759,928 | ) | (31,476,088 | ) | (6,143,876 | ) | (33,447,703 | ) | ||||||||||||
| Net increase (decrease) from Fund share transactions | (47,725 | ) | (17,560,003 | ) | 5,069,115 | (17,499,905 | ) | |||||||||||||
| Total increase (decrease) in net assets | 44,500 | (13,846,234 | ) | 6,062,217 | (13,175,979 | ) | ||||||||||||||
| Net Assets: | ||||||||||||||||||||
| Beginning of period | 53,301,867 | 67,148,101 | 55,251,425 | 68,427,404 | ||||||||||||||||
| End of period* | $ | 53,346,367 | $ | 53,301,867 | $ | 61,313,642 | $ | 55,251,425 | ||||||||||||
| * Including undistributed (dividends in excess of) net investment income of: |
$ | 36,800 | $ | 954,712 | $ | (45,915 | ) | $ | 984,036 | |||||||||||
| 228 | Semiannual Report | | March 31, 2017 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI Retirement 2030 | AllianzGI Retirement 2035 | AllianzGI Retirement 2040 | ||||||||||||||||||||||||
| Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||||||
| $ | 426,558 | $ | 1,564,351 | $ | 482,868 | $ | 949,692 | $ | 504,746 | $ | 664,544 | |||||||||||||||
| 2,227,909 | (140,434 | ) | 1,703,226 | 76,608 | 1,274,244 | 401,680 | ||||||||||||||||||||
| 911,816 | 5,092,166 | 1,358,501 | 4,198,593 | 1,650,442 | 3,487,610 | |||||||||||||||||||||
| 3,566,283 | 6,516,083 | 3,544,595 | 5,224,893 | 3,429,432 | 4,553,834 | |||||||||||||||||||||
| (128,752 | ) | (446,854 | ) | (167,435 | ) | (341,963 | ) | (72,360 | ) | (164,686 | ) | |||||||||||||||
| (9,740 | ) | (13,670 | ) | — | — | (1,802 | ) | (2,949 | ) | |||||||||||||||||
| (42,799 | ) | (55,314 | ) | (30,051 | ) | (36,323 | ) | (33,676 | ) | (26,667 | ) | |||||||||||||||
| (812,248 | ) | (940,472 | ) | (734,209 | ) | (810,229 | ) | (547,161 | ) | (439,848 | ) | |||||||||||||||
| (420,128 | ) | (429,074 | ) | (241,355 | ) | (184,982 | ) | (408,413 | ) | (319,410 | ) | |||||||||||||||
| (25,169 | ) | (56,360 | ) | (14,178 | ) | (19,510 | ) | (7,153 | ) | (11,823 | ) | |||||||||||||||
| (27,656 | ) | — | (43,348 | ) | — | (72,948 | ) | (10,892 | ) | |||||||||||||||||
| (2,597 | ) | — | — | — | (2,318 | ) | (265 | ) | ||||||||||||||||||
| (8,838 | ) | — | (8,219 | ) | — | (30,988 | ) | (1,774 | ) | |||||||||||||||||
| (126,596 | ) | — | (149,417 | ) | — | (388,536 | ) | (22,364 | ) | |||||||||||||||||
| (63,529 | ) | — | (46,996 | ) | — | (280,126 | ) | (15,802 | ) | |||||||||||||||||
| (4,716 | ) | — | (3,283 | ) | — | (6,053 | ) | (667 | ) | |||||||||||||||||
| (1,672,768 | ) | (1,941,744 | ) | (1,438,491 | ) | (1,393,007 | ) | (1,851,534 | ) | (1,017,147 | ) | |||||||||||||||
| 8,542,915 | 16,200,938 | 7,001,341 | 11,823,510 | 7,554,896 | 12,003,864 | |||||||||||||||||||||
| 1,653,530 | 1,917,937 | 1,421,045 | 1,371,559 | 1,838,433 | 1,011,803 | |||||||||||||||||||||
| (8,609,251 | ) | (29,171,828 | ) | (9,388,297 | ) | (20,805,948 | ) | (6,193,500 | ) | (18,642,360 | ) | |||||||||||||||
| 1,587,194 | (11,052,953 | ) | (965,911 | ) | (7,610,879 | ) | 3,199,829 | (5,626,693 | ) | |||||||||||||||||
| 3,480,709 | (6,478,614 | ) | 1,140,193 | (3,778,993 | ) | 4,777,727 | (2,090,006 | ) | ||||||||||||||||||
| 62,100,444 | 68,579,058 | 50,646,349 | 54,425,342 | 42,694,497 | 44,784,503 | |||||||||||||||||||||
| $ | 65,581,153 | $ | 62,100,444 | $ | 51,786,542 | $ | 50,646,349 | $ | 47,472,224 | $ | 42,694,497 | |||||||||||||||
| $ | (52,527 | ) | $ | 959,751 | $ | (117,911 | ) | $ | 586,449 | $ | (139,380 | ) | $ | 426,439 | ||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 229 |
Table of Contents
Statements of Changes in Net Assets (cont’d)
| AllianzGI Retirement 2045 | AllianzGI Retirement 2050 | |||||||||||||||||||
| Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||
| Increase (Decrease) in Net Assets from: | ||||||||||||||||||||
| Investment Operations: |
||||||||||||||||||||
| Net investment income | $ | 323,618 | $ | 333,237 | $ | 320,041 | $ | 302,760 | ||||||||||||
| Net realized gain | 791,384 | 384,262 | 628,643 | 477,920 | ||||||||||||||||
| Net change in unrealized appreciation/depreciation | 1,030,448 | 2,148,093 | 1,210,972 | 1,701,960 | ||||||||||||||||
| Net increase in net assets resulting from investment operations | 2,145,450 | 2,865,592 | 2,159,656 | 2,482,640 | ||||||||||||||||
| Dividends and Distributions to Shareholders from: | ||||||||||||||||||||
| Net investment income: | ||||||||||||||||||||
| Class A |
(66,804 | ) | (132,040 | ) | (38,744 | ) | (29,146 | ) | ||||||||||||
| Class C |
— | — | (2,598 | ) | (1,452 | ) | ||||||||||||||
| Class R |
(13,061 | ) | (9,256 | ) | (16,335 | ) | (7,962 | ) | ||||||||||||
| Class P |
(339,225 | ) | (263,806 | ) | (288,099 | ) | (150,657 | ) | ||||||||||||
| Institutional Class |
— | — | — | — | ||||||||||||||||
| Class R6 |
(221,167 | ) | (99,028 | ) | (298,199 | ) | (159,817 | ) | ||||||||||||
| Administrative Class |
(13,206 | ) | (8,009 | ) | (15,717 | ) | (10,166 | ) | ||||||||||||
| Net realized capital gains: | ||||||||||||||||||||
| Class A |
(106,108 | ) | (16,362 | ) | (48,414 | ) | (45,712 | ) | ||||||||||||
| Class C |
— | — | (4,166 | ) | (3,074 | ) | ||||||||||||||
| Class R |
(19,230 | ) | (1,228 | ) | (21,175 | ) | (12,276 | ) | ||||||||||||
| Class P |
(390,158 | ) | (26,141 | ) | (291,836 | ) | (152,187 | ) | ||||||||||||
| Institutional Class |
— | — | — | — | ||||||||||||||||
| Class R6 |
(243,478 | ) | (9,548 | ) | (291,783 | ) | (158,510 | ) | ||||||||||||
| Administrative Class |
(15,955 | ) | (880 | ) | (17,726 | ) | (11,725 | ) | ||||||||||||
| Total dividends and distributions to shareholders | (1,428,392 | ) | (566,298 | ) | (1,334,792 | ) | (742,684 | ) | ||||||||||||
| Fund Share Transactions: | ||||||||||||||||||||
| Net proceeds from the sale of shares | 5,352,263 | 9,554,648 | 6,546,110 | 8,337,155 | ||||||||||||||||
| Issued in reorganization | — | — | — | — | ||||||||||||||||
| Issued in reinvestment of dividends and distributions | 1,426,631 | 565,752 | 1,332,075 | 741,136 | ||||||||||||||||
| Cost of shares redeemed | (3,235,680 | ) | (12,044,535 | ) | (4,173,794 | ) | (9,397,563 | ) | ||||||||||||
| Net increase (decrease) from Fund share transactions | 3,543,214 | (1,924,135 | ) | 3,704,391 | (319,272 | ) | ||||||||||||||
| Total increase (decrease) in net assets | 4,260,272 | 375,159 | 4,529,255 | 1,420,684 | ||||||||||||||||
| Net Assets: | ||||||||||||||||||||
| Beginning of period | 25,419,892 | 25,044,733 | 23,709,875 | 22,289,191 | ||||||||||||||||
| End of period* | $ | 29,680,164 | $ | 25,419,892 | $ | 28,239,130 | $ | 23,709,875 | ||||||||||||
| * Including undistributed (dividends in excess of) net investment income of: |
$ | (96,206 | ) | $ | 233,639 | $ | (95,289 | ) | $ | 244,362 | ||||||||||
| 230 | Semiannual Report | | March 31, 2017 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI Retirement 2055 | AllianzGI Retirement Income | AllianzGI Global Allocation | ||||||||||||||||||||||||
| Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||||||
| $ | 112,013 | $ | 88,282 | $ | 1,341,862 | $ | 1,177,185 | $ | 7,344,914 | $ | 2,257,729 | |||||||||||||||
| 316,484 | 36,215 | 599,574 | 21,929 | 3,287,674 | 112,430 | |||||||||||||||||||||
| 374,889 | 587,542 | (619,584 | ) | 1,620,563 | 6,457,339 | 30,727,432 | ||||||||||||||||||||
| 803,386 | 712,039 | 1,321,852 | 2,819,677 | 17,089,927 | 33,097,591 | |||||||||||||||||||||
| (20,979 | ) | (18,484 | ) | (227,509 | ) | (296,174 | ) | (681,686 | ) | (467,965 | ) | |||||||||||||||
| — | — | (44,516 | ) | (98,276 | ) | (326,548 | ) | (178,791 | ) | |||||||||||||||||
| (6,391 | ) | (3,771 | ) | (6,322 | ) | (10,524 | ) | (310 | ) | (82 | ) | |||||||||||||||
| (91,959 | ) | (40,910 | ) | (437,111 | ) | (361,607 | ) | (54,788 | ) | (15,338 | ) | |||||||||||||||
| — | — | — | — | (1,501,582 | ) | (492,766 | ) | |||||||||||||||||||
| (79,203 | ) | (59,101 | ) | (526,549 | ) | (515,328 | ) | (6,893,543 | ) | (1,905,490 | ) | |||||||||||||||
| (6,244 | ) | (4,367 | ) | (27,728 | ) | (5,406 | ) | (423 | ) | (144 | ) | |||||||||||||||
| (23,081 | ) | (14,741 | ) | (51,561 | ) | (20,804 | ) | — | (3,168,468 | ) | ||||||||||||||||
| — | — | (16,672 | ) | (12,996 | ) | — | (1,840,892 | ) | ||||||||||||||||||
| (7,752 | ) | (3,317 | ) | (2,534 | ) | (914 | ) | — | (595 | ) | ||||||||||||||||
| (84,131 | ) | (26,664 | ) | (86,955 | ) | (22,536 | ) | — | (94,329 | ) | ||||||||||||||||
| — | — | — | — | — | (2,766,629 | ) | ||||||||||||||||||||
| (70,689 | ) | (37,888 | ) | (96,314 | ) | (32,297 | ) | — | (3,407,957 | ) | ||||||||||||||||
| (6,450 | ) | (3,167 | ) | (4,003 | ) | (101 | ) | — | (936 | ) | ||||||||||||||||
| (396,879 | ) | (212,410 | ) | (1,527,774 | ) | (1,376,963 | ) | (9,458,880 | ) | (14,340,382 | ) | |||||||||||||||
| 4,001,763 | 4,981,130 | 8,781,165 | 11,341,857 | 29,686,948 | 255,847,490 | |||||||||||||||||||||
| — | — | — | 25,393,128 | — | — | |||||||||||||||||||||
| 395,032 | 210,850 | 1,510,794 | 1,370,323 | 9,268,854 | 12,131,894 | |||||||||||||||||||||
| (1,337,458 | ) | (3,754,195 | ) | (8,961,587 | ) | (12,159,806 | ) | (83,370,075 | ) | (103,374,685 | ) | |||||||||||||||
| 3,059,337 | 1,437,785 | 1,330,372 | 25,945,502 | (44,414,273 | ) | 164,604,699 | ||||||||||||||||||||
| 3,465,844 | 1,937,414 | 1,124,450 | 27,388,216 | (36,783,226 | ) | 183,361,908 | ||||||||||||||||||||
| 8,122,747 | 6,185,333 | 51,090,098 | 23,701,882 | 493,665,251 | 310,303,343 | |||||||||||||||||||||
| $ | 11,588,591 | $ | 8,122,747 | $ | 52,214,548 | $ | 51,090,098 | $ | 456,882,025 | $ | 493,665,251 | |||||||||||||||
| $ | (35,184 | ) | $ | 57,579 | $ | 192,496 | $ | 120,369 | $ | (1,966,357 | ) | $ | 147,609 | |||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 231 |
Table of Contents
Statements of Changes in Net Assets (cont’d)
| AllianzGI Global Megatrends | AllianzGI Best Styles Emerging Markets Equity |
|||||||||||||||||||
| Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||
| Increase (Decrease) in Net Assets from: | ||||||||||||||||||||
| Investment Operations: |
||||||||||||||||||||
| Net investment income | $ | 18,235 | $ | 13,603 | $ | 18,812 | $ | 227,044 | ||||||||||||
| Net realized gain (loss) | 33,945 | 205,262 | 724,232 | (754,886 | ) | |||||||||||||||
| Net change in unrealized appreciation/depreciation | 60,376 | 190,534 | (321,420 | ) | 2,212,273 | |||||||||||||||
| Net increase in net assets resulting from investment operations |
112,556 | 409,399 | 421,624 | 1,684,431 | ||||||||||||||||
| Dividends and Distributions to Shareholders from: | ||||||||||||||||||||
| Net investment income: | ||||||||||||||||||||
| Class A |
(197 | ) | (226 | ) | (651 | ) | — | |||||||||||||
| Class C |
— | — | (747 | ) | — | |||||||||||||||
| Class P |
(52 | ) | (582 | ) | (580 | ) | (112 | ) | ||||||||||||
| Institutional Class |
(15,876 | ) | (59,505 | ) | (590 | ) | (131 | ) | ||||||||||||
| Class R6 |
— | — | (307,036 | ) | (146,646 | ) | ||||||||||||||
| Net realized capital gains: | ||||||||||||||||||||
| Class A |
— | (1,962 | ) | — | — | |||||||||||||||
| Class C |
— | — | — | — | ||||||||||||||||
| Class P |
— | (541 | ) | — | (290 | ) | ||||||||||||||
| Institutional Class |
— | (163,746 | ) | — | (175 | ) | ||||||||||||||
| Class R6 |
— | — | — | (159,787 | ) | |||||||||||||||
| Total dividends and distributions to shareholders | (16,125 | ) | (226,562 | ) | (309,604 | ) | (307,141 | ) | ||||||||||||
| Fund Share Transactions: | ||||||||||||||||||||
| Net proceeds from the sale of shares | 119,717 | 62,726 | 686,425 | 8,341,700 | ||||||||||||||||
| Issued in reinvestment of dividends and distributions | 16,125 | 226,562 | 309,604 | 307,141 | ||||||||||||||||
| Cost of shares redeemed | (9,758 | ) | (30,027 | ) | (7,350,202 | ) | (2,302,292 | ) | ||||||||||||
| Net increase (decrease) from Fund share transactions | 126,084 | 259,261 | (6,354,173 | ) | 6,346,549 | |||||||||||||||
| Total increase (decrease) in net assets | 222,515 | 442,098 | (6,242,153 | ) | 7,723,839 | |||||||||||||||
| Net Assets: | ||||||||||||||||||||
| Beginning of period | 3,254,192 | 2,812,094 | 12,485,824 | 4,761,985 | ||||||||||||||||
| End of period* | $ | 3,476,707 | $ | 3,254,192 | $ | 6,243,671 | $ | 12,485,824 | ||||||||||||
| * Including undistributed (dividends in excess of) net investment income of: |
$ | (42,571 | ) | $ | (44,681 | ) | $ | (64,139 | ) | $ | 226,653 | |||||||||
| 232 | Semiannual Report | | March 31, 2017 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI Best Styles Global Equity |
AllianzGI Best Styles International Equity |
AllianzGI Best Styles U.S. Equity | ||||||||||||||||||||||||
| Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||||||
| $ | 5,972,481 | $ | 11,255,030 | $ | 265,859 | $ | 2,379,255 | $ | 932,339 | $ | 1,626,523 | |||||||||||||||
| 11,976,020 | 3,866,684 | (712,143 | ) | (2,029,391 | ) | 1,890,488 | 192,407 | |||||||||||||||||||
| 48,202,299 | 37,903,153 | 2,904,344 | 3,440,766 | 7,586,930 | 9,005,225 | |||||||||||||||||||||
| 66,150,800 | 53,024,867 | 2,458,060 | 3,790,630 | 10,409,757 | 10,824,155 | |||||||||||||||||||||
| (1 | ) | (352,595 | ) | (1,126 | ) | — | (7,605 | ) | — | |||||||||||||||||
| (119 | ) | — | (1,403 | ) | — | (148 | ) | — | ||||||||||||||||||
| (44,609 | ) | (19,413 | ) | (898 | ) | (83 | ) | (820 | ) | (747 | ) | |||||||||||||||
| (36,612 | ) | (6,010 | ) | (3,340 | ) | (91 | ) | (1,298 | ) | (31,072 | ) | |||||||||||||||
| (11,685,716 | ) | (2,676,511 | ) | (2,758,648 | ) | (866,206 | ) | (1,625,434 | ) | (1,143,821 | ) | |||||||||||||||
| (8,127 | ) | — | — | — | — | — | ||||||||||||||||||||
| (63 | ) | — | — | — | — | — | ||||||||||||||||||||
| (18,049 | ) | — | — | (86 | ) | — | (180 | ) | ||||||||||||||||||
| (13,335 | ) | — | — | (86 | ) | — | (6,993 | ) | ||||||||||||||||||
| (4,036,289 | ) | — | — | (628,971 | ) | — | (286,791 | ) | ||||||||||||||||||
| (15,842,920 | ) | (3,054,529 | ) | (2,765,415 | ) | (1,495,523 | ) | (1,635,305 | ) | (1,469,604 | ) | |||||||||||||||
| 213,972,756 | 346,693,541 | 1,961,396 | 44,372,099 | 61,566,001 | 48,999,773 | |||||||||||||||||||||
| 15,823,164 | 2,700,966 | 2,765,415 | 1,495,523 | 1,634,905 | 1,469,000 | |||||||||||||||||||||
| (153,546,257 | ) | (84,811,079 | ) | (43,082,050 | ) | (33,229,337 | ) | (52,614,078 | ) | (47,000,194 | ) | |||||||||||||||
| 76,249,663 | 264,583,428 | (38,355,239 | ) | 12,638,285 | 10,586,828 | 3,468,579 | ||||||||||||||||||||
| 126,557,543 | 314,553,766 | (38,662,594 | ) | 14,933,392 | 19,361,280 | 12,823,130 | ||||||||||||||||||||
| 601,574,168 | 287,020,402 | 71,161,469 | 56,228,077 | 101,074,895 | 88,251,765 | |||||||||||||||||||||
| $ | 728,131,711 | $ | 601,574,168 | $ | 32,498,875 | $ | 71,161,469 | $ | 120,436,175 | $ | 101,074,895 | |||||||||||||||
| $ | 4,566,291 | $ | 10,360,867 | $ | (22,579 | ) | $ | 2,476,977 | $ | 585,303 | $ | 1,288,269 | ||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 233 |
Table of Contents
Statements of Changes in Net Assets (cont’d)
| AllianzGI Convertible | AllianzGI Emerging Markets Consumer |
|||||||||||||||||||
| Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||
| Increase (Decrease) in Net Assets from: | ||||||||||||||||||||
| Investment Operations: |
||||||||||||||||||||
| Net investment income (loss) | $ | 10,239,362 | $ | 42,569,269 | $ | 137,969 | $ | 443,801 | ||||||||||||
| Net realized gain (loss) | 86,076,572 | (73,490,377 | ) | 860,492 | (1,553,693 | ) | ||||||||||||||
| Net change in unrealized appreciation/depreciation | (17,946,366 | ) | 133,546,884 | 901,109 | 6,811,029 | |||||||||||||||
| Net increase in net assets resulting from investment operations | 78,369,568 | 102,625,776 | 1,899,570 | 5,701,137 | ||||||||||||||||
| Dividends and Distributions to Shareholders from: | ||||||||||||||||||||
| Net investment income: | ||||||||||||||||||||
| Class A |
(3,247,820 | ) | (5,896,331 | ) | (440 | ) | (183 | ) | ||||||||||||
| Class C |
(904,950 | ) | (544,144 | ) | — | — | ||||||||||||||
| Class R |
(16,392 | ) | (19,531 | ) | — | — | ||||||||||||||
| Class P |
(1,716,876 | ) | (2,825,989 | ) | — | — | ||||||||||||||
| Institutional Class |
(21,501,646 | ) | (31,697,379 | ) | (458,572 | ) | (103,157 | ) | ||||||||||||
| Administrative Class |
(27,745 | ) | (34,432 | ) | — | — | ||||||||||||||
| Net realized capital gains: | ||||||||||||||||||||
| Class A |
— | (33,068,126 | ) | — | — | |||||||||||||||
| Class C |
— | (7,505,117 | ) | — | — | |||||||||||||||
| Class R |
— | (124,747 | ) | — | — | |||||||||||||||
| Class P |
— | (11,746,459 | ) | — | — | |||||||||||||||
| Institutional Class |
— | (110,785,553 | ) | — | — | |||||||||||||||
| Administrative Class |
— | (152,922 | ) | — | — | |||||||||||||||
| Total dividends and distributions to shareholders | (27,415,429 | ) | (204,400,730 | ) | (459,012 | ) | (103,340 | ) | ||||||||||||
| Fund Share Transactions: | ||||||||||||||||||||
| Net proceeds from the sale of shares | 48,077,974 | 244,769,331 | 5,238,949 | 28,268,747 | ||||||||||||||||
| Issued in reinvestment of dividends and distributions | 13,463,380 | 126,464,875 | 306,003 | 87,870 | ||||||||||||||||
| Cost of shares redeemed | (459,380,315 | ) | (980,825,900 | ) | (11,825,081 | ) | (4,904,364 | ) | ||||||||||||
| Net increase (decrease) from Fund share transactions | (397,838,961 | ) | (609,591,694 | ) | (6,280,129 | ) | 23,452,253 | |||||||||||||
| Total increase (decrease) in net assets | (346,884,822 | ) | (711,366,648 | ) | (4,839,571 | ) | 29,050,050 | |||||||||||||
| Net Assets: | ||||||||||||||||||||
| Beginning of period | 1,508,581,116 | 2,219,947,764 | 44,678,232 | 15,628,182 | ||||||||||||||||
| End of period* | $ | 1,161,696,294 | $ | 1,508,581,116 | $ | 39,838,661 | $ | 44,678,232 | ||||||||||||
| * Including undistributed (dividends in excess of) net investment income of: |
$ | (1,682,321 | ) | $ | 15,493,746 | $ | 72,399 | $ | 393,442 | |||||||||||
| 234 | Semiannual Report | | March 31, 2017 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI Emerging Markets Debt |
AllianzGI Emerging Markets Small-Cap | AllianzGI Europe Equity Dividend | ||||||||||||||||||||||||
| Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||||||
| $ | 1,131,899 | $ | 1,880,984 | $ | (28,015 | ) | $ | 184,324 | $ | 99,593 | $ | 138,765 | ||||||||||||||
| 490,491 | (271,486 | ) | 286,994 | (1,035,540 | ) | (144,823 | ) | (23,444 | ) | |||||||||||||||||
| (954,228 | ) | 4,137,601 | 1,030,757 | 1,666,074 | 293,374 | 157,530 | ||||||||||||||||||||
| 668,162 | 5,747,099 | 1,289,736 | 814,858 | 248,144 | 272,851 | |||||||||||||||||||||
| (4,044 | ) | (4,625 | ) | (1 | ) | (9,645 | ) | (1,764 | ) | (1,113 | ) | |||||||||||||||
| (2,805 | ) | (2,090 | ) | — | — | (455 | ) | (316 | ) | |||||||||||||||||
| — | — | — | — | — | — | |||||||||||||||||||||
| (393 | ) | (464 | ) | — | — | (188 | ) | (278 | ) | |||||||||||||||||
| (1,503,038 | ) | (1,801,169 | ) | (364,500 | ) | (79,256 | ) | (123,578 | ) | (130,128 | ) | |||||||||||||||
| — | — | — | — | — | — | |||||||||||||||||||||
| — | — | — | — | — | — | |||||||||||||||||||||
| — | — | — | — | — | — | |||||||||||||||||||||
| — | — | — | — | — | — | |||||||||||||||||||||
| — | — | — | — | — | — | |||||||||||||||||||||
| — | — | — | — | — | — | |||||||||||||||||||||
| — | — | — | — | — | — | |||||||||||||||||||||
| (1,510,280 | ) | (1,808,348 | ) | (364,501 | ) | (88,901 | ) | (125,985 | ) | (131,835 | ) | |||||||||||||||
| 4,726,087 | 22,212,763 | 1,088,512 | 7,653,373 | 334,043 | 3,337,194 | |||||||||||||||||||||
| 1,509,781 | 1,808,016 | 364,501 | 88,901 | 125,985 | 131,835 | |||||||||||||||||||||
| (7,168,691 | ) | (12,931,857 | ) | (2,073,328 | ) | (3,576,086 | ) | (209,398 | ) | (219,963 | ) | |||||||||||||||
| (932,823 | ) | 11,088,922 | (620,315 | ) | 4,166,188 | 250,630 | 3,249,066 | |||||||||||||||||||
| (1,774,941 | ) | 15,027,673 | 304,920 | 4,892,145 | 372,789 | 3,390,082 | ||||||||||||||||||||
| 43,612,945 | 28,585,272 | 13,434,310 | 8,542,165 | 6,347,112 | 2,957,030 | |||||||||||||||||||||
| $ | 41,838,004 | $ | 43,612,945 | $ | 13,739,230 | $ | 13,434,310 | $ | 6,719,901 | $ | 6,347,112 | |||||||||||||||
| $ | (290,022 | ) | $ | 88,359 | $ | (202,619 | ) | $ | 189,897 | $ | 69,351 | $ | 95,743 | |||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 235 |
Table of Contents
Statements of Changes in Net Assets (cont’d)
| AllianzGI Global Dynamic Allocation | AllianzGI Global Fundamental Strategy |
|||||||||||||||||||
| Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||
| Increase (Decrease) in Net Assets from: | ||||||||||||||||||||
| Investment Operations: |
||||||||||||||||||||
| Net investment income (loss) | $ | 1,226,056 | $ | 416,529 | $ | 143,111 | $ | 386,522 | ||||||||||||
| Net realized gain (loss) | 1,916,676 | (173,488 | ) | 451,266 | (382,281 | ) | ||||||||||||||
| Net change in unrealized appreciation/depreciation | 7,553,667 | 1,410,312 | (312,292 | ) | 1,490,200 | |||||||||||||||
| Net increase (decrease) in net assets resulting from investment operations |
10,696,399 | 1,653,353 | 282,085 | 1,494,441 | ||||||||||||||||
| Dividends and Distributions to Shareholders from: | ||||||||||||||||||||
| Net investment income: | ||||||||||||||||||||
| Class A |
(2 | ) | (35,715 | ) | (3,055 | ) | (7,081 | ) | ||||||||||||
| Class C |
(2 | ) | (299 | ) | (267 | ) | (299 | ) | ||||||||||||
| Class D† |
— | — | — | — | ||||||||||||||||
| Class R |
— | # | (1,110 | ) | — | — | ||||||||||||||
| Class P |
(58,830 | ) | (587 | ) | (271 | ) | (398 | ) | ||||||||||||
| Institutional Class |
(21,336 | ) | (306,026 | ) | (365,717 | ) | (752,175 | ) | ||||||||||||
| Class R6 |
(887,497 | ) | — | — | — | |||||||||||||||
| Administrative Class |
— | # | (150 | ) | — | — | ||||||||||||||
| Net realized capital gains: | ||||||||||||||||||||
| Class A |
— | (44,679 | ) | (1,806 | ) | (1,029 | ) | |||||||||||||
| Class C |
— | (17,578 | ) | (182 | ) | (61 | ) | |||||||||||||
| Class R |
— | (2,463 | ) | — | — | |||||||||||||||
| Class P |
— | (823 | ) | (146 | ) | (62 | ) | |||||||||||||
| Institutional Class |
— | (333,608 | ) | (206,259 | ) | (115,372 | ) | |||||||||||||
| Administrative Class |
— | (298 | ) | — | — | |||||||||||||||
| Total dividends and distributions to shareholders | (967,667 | ) | (743,336 | ) | (577,703 | ) | (876,477 | ) | ||||||||||||
| Fund Share Transactions: | ||||||||||||||||||||
| Net proceeds from the sale of shares | 224,176,781 | 59,468,302 | 137,936 | 390,979 | ||||||||||||||||
| Issued in reinvestment of dividends and distributions | 967,667 | 739,603 | 577,703 | 876,464 | ||||||||||||||||
| Cost of shares redeemed | (33,822,048 | ) | (15,310,215 | ) | (252,335 | ) | (5,403,824 | ) | ||||||||||||
| Net increase (decrease) from Fund share transactions | 191,322,400 | 44,897,690 | 463,304 | 4,136,381 | ||||||||||||||||
| Total increase (decrease) in net assets | 201,051,132 | 45,807,707 | 167,686 | (3,518,417 | ) | |||||||||||||||
| Net Assets: | ||||||||||||||||||||
| Beginning of period | 53,343,193 | 7,535,486 | 16,000,561 | 19,518,978 | ||||||||||||||||
| End of period* | $ | 254,394,325 | $ | 53,343,193 | $ | 16,168,247 | $ | 16,000,561 | ||||||||||||
| * Including undistributed (dividends in excess of) net investment income of: |
$ | 462,155 | $ | 203,766 | $ | (608,031 | ) | $ | 381,832 | |||||||||||
| † | Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note12(a) in Notes to Financial Statements. |
| # | Actual amount rounds to less than $1. |
| 236 | Semiannual Report | | March 31, 2017 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI Global Sustainability |
AllianzGI Global Water | AllianzGI High Yield Bond | ||||||||||||||||||||||||
| Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||||||
| $ | 110,695 | $ | 234,441 | $ | (678,605 | ) | $ | 2,213,362 | $ | 10,174,287 | $ | 21,349,081 | ||||||||||||||
| 175,343 | 40,628 | 7,646,694 | 3,460,884 | (1,223,564 | ) | (20,425,942 | ) | |||||||||||||||||||
| 957,075 | 1,734,696 | (15,986,052 | ) | 73,362,133 | 5,337,739 | 32,134,897 | ||||||||||||||||||||
| 1,243,113 | 2,009,765 | (9,017,963 | ) | 79,036,379 | 14,288,462 | 33,058,036 | ||||||||||||||||||||
| (1,050 | ) | (863 | ) | (789,589 | ) | (360,797 | ) | (1,629,270 | ) | (3,538,852 | ) | |||||||||||||||
| — | — | (64 | ) | (61 | ) | (325,471 | ) | (841,872 | ) | |||||||||||||||||
| — | — | — | — | — | (179,229 | ) | ||||||||||||||||||||
| — | — | — | — | (34,374 | ) | (74,154 | ) | |||||||||||||||||||
| (86 | ) | (86 | ) | (754,192 | ) | (380,771 | ) | (1,633,610 | ) | (3,815,179 | ) | |||||||||||||||
| (232,687 | ) | (28,973 | ) | (626,991 | ) | (216,258 | ) | (6,765,578 | ) | (14,017,373 | ) | |||||||||||||||
| — | — | — | — | — | — | |||||||||||||||||||||
| — | — | — | — | (54,910 | ) | (127,620 | ) | |||||||||||||||||||
| (240 | ) | — | (1,387,866 | ) | (272,544 | ) | — | — | ||||||||||||||||||
| — | — | (545,689 | ) | (126,665 | ) | — | — | |||||||||||||||||||
| — | — | — | — | — | — | |||||||||||||||||||||
| (20 | ) | — | (783,556 | ) | (146,928 | ) | — | — | ||||||||||||||||||
| (45,540 | ) | — | (456,756 | ) | (61,596 | ) | — | — | ||||||||||||||||||
| — | — | — | — | — | — | |||||||||||||||||||||
| (279,623 | ) | (29,922 | ) | (5,344,703 | ) | (1,565,620 | ) | (10,443,213 | ) | (22,594,279 | ) | |||||||||||||||
| 3,858,748 | 17,389,176 | 170,728,026 | 238,288,669 | 128,371,804 | 273,213,485 | |||||||||||||||||||||
| 279,623 | 29,922 | 4,160,836 | 1,105,269 | 9,984,520 | 21,533,926 | |||||||||||||||||||||
| (1,157,899 | ) | (1,550,321 | ) | (137,508,282 | ) | (136,008,943 | ) | (162,622,217 | ) | (268,748,335 | ) | |||||||||||||||
| 2,980,472 | 15,868,777 | 37,380,580 | 103,384,995 | (24,265,893 | ) | 25,999,076 | ||||||||||||||||||||
| 3,943,962 | 17,848,620 | 23,017,914 | 180,855,754 | (20,420,644 | ) | 36,462,833 | ||||||||||||||||||||
| 20,746,139 | 2,897,519 | 523,894,858 | 343,039,104 | 360,741,736 | 324,278,903 | |||||||||||||||||||||
| $ | 24,690,101 | $ | 20,746,139 | $ | 546,912,772 | $ | 523,894,858 | $ | 340,321,092 | $ | 360,741,736 | |||||||||||||||
| $ | 105,153 | $ | 228,281 | $ | (961,499 | ) | $ | 1,887,942 | $ | (1,741,751 | ) | $ | (1,472,825 | ) | ||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 237 |
Table of Contents
Statements of Changes in Net Assets (cont’d)
| AllianzGI International Growth | AllianzGI International Small-Cap | |||||||||||||||||||
| Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||
| Increase (Decrease) in Net Assets from: | ||||||||||||||||||||
| Investment Operations: |
||||||||||||||||||||
| Net investment income (loss) | $ | 21,235 | $ | 29,165 | $ | (160,094 | ) | $ | 442,834 | |||||||||||
| Net realized gain (loss) | (106,917 | ) | (122,738 | ) | 2,357,940 | (2,691,708 | ) | |||||||||||||
| Net change in unrealized appreciation/depreciation | 368,201 | 885,239 | (1,676,474 | ) | 5,674,777 | |||||||||||||||
| Net increase (decrease) in net assets resulting from investment operations |
282,519 | 791,666 | 521,372 | 3,425,903 | ||||||||||||||||
| Dividends and Distributions to Shareholders from: | ||||||||||||||||||||
| Net investment income: | ||||||||||||||||||||
| Class A |
(1 | ) | (382 | ) | (80,265 | ) | (149,275 | ) | ||||||||||||
| Class C |
— | — | (18,676 | ) | (19,686 | ) | ||||||||||||||
| Class R |
— | — | (1,374 | ) | (591 | ) | ||||||||||||||
| Class P |
— | — | (403,029 | ) | (234,787 | ) | ||||||||||||||
| Institutional Class |
(29,197 | ) | (20,891 | ) | (225,723 | ) | (354,831 | ) | ||||||||||||
| Class R6 |
— | — | (147,555 | ) | — | |||||||||||||||
| Net realized capital gains: | ||||||||||||||||||||
| Class A |
— | — | — | (727,377 | ) | |||||||||||||||
| Class C |
— | — | — | (140,483 | ) | |||||||||||||||
| Class R |
— | — | — | (4,705 | ) | |||||||||||||||
| Class P |
— | — | — | (1,616,911 | ) | |||||||||||||||
| Institutional Class |
— | — | — | (2,670,300 | ) | |||||||||||||||
| Total dividends and distributions to shareholders | (29,198 | ) | (21,273 | ) | (876,622 | ) | (5,918,946 | ) | ||||||||||||
| Fund Share Transactions: | ||||||||||||||||||||
| Net proceeds from the sale of shares | 197,103 | 24,930,150 | 17,930,587 | 71,511,297 | ||||||||||||||||
| Issued in reinvestment of dividends and distributions | 29,198 | 21,273 | 846,217 | 5,547,080 | ||||||||||||||||
| Cost of shares redeemed | (152,520 | ) | (169,556 | ) | (28,041,197 | ) | (85,484,282 | ) | ||||||||||||
| Net increase (decrease) from Fund share transactions | 73,781 | 24,781,867 | (9,264,393 | ) | (8,425,905 | ) | ||||||||||||||
| Total increase (decrease) in net assets | 327,102 | 25,552,260 | (9,619,643 | ) | (10,918,948 | ) | ||||||||||||||
| Net Assets: | ||||||||||||||||||||
| Beginning of period | 28,436,917 | 2,884,657 | 101,634,229 | 112,553,177 | ||||||||||||||||
| End of period* | $ | 28,764,019 | $ | 28,436,917 | $ | 92,014,586 | $ | 101,634,229 | ||||||||||||
| * Including undistributed (dividends in excess of) net investment income of: |
$ | (592 | ) | $ | 7,371 | $ | (541,800 | ) | $ | 494,916 | ||||||||||
| 238 | Semiannual Report | | March 31, 2017 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI Micro Cap | AllianzGI Multi-Asset Real Return | AllianzGI NFJ Emerging Markets Value | ||||||||||||||||||||||||
| Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||||||
| $ | (204,775 | ) | $ | (466,608 | ) | $ | 29,947 | $ | 43,840 | $ | 108,945 | $ | 267,418 | |||||||||||||
| 1,438,608 | 2,502,822 | (146,256 | ) | (362,838 | ) | 356,062 | (1,208,498 | ) | ||||||||||||||||||
| 960,725 | 1,762,113 | 39,177 | 611,281 | 1,055,103 | 2,334,598 | |||||||||||||||||||||
| 2,194,558 | 3,798,327 | (77,132 | ) | 292,283 | 1,520,110 | 1,393,518 | ||||||||||||||||||||
| — | — | (11,681 | ) | (2,941 | ) | (37,041 | ) | (44,592 | ) | |||||||||||||||||
| — | — | (288 | ) | (800 | ) | (1 | ) | (2,414 | ) | |||||||||||||||||
| — | — | — | — | — | — | |||||||||||||||||||||
| — | — | (118 | ) | (201 | ) | (187,814 | ) | (3,152 | ) | |||||||||||||||||
| — | — | (44,638 | ) | (64,521 | ) | (24,435 | ) | (231,048 | ) | |||||||||||||||||
| — | — | — | — | — | — | |||||||||||||||||||||
| (308,524 | ) | (697,207 | ) | — | — | — | — | |||||||||||||||||||
| — | — | — | — | — | — | |||||||||||||||||||||
| — | — | — | — | — | — | |||||||||||||||||||||
| (116,680 | ) | (133,274 | ) | — | — | — | — | |||||||||||||||||||
| (2,920,919 | ) | (1,893,315 | ) | — | — | — | — | |||||||||||||||||||
| (3,346,123 | ) | (2,723,796 | ) | (56,725 | ) | (68,463 | ) | (249,291 | ) | (281,206 | ) | |||||||||||||||
| 4,834,925 | 8,269,136 | 712,853 | 382,166 | 31,766,381 | 3,136,026 | |||||||||||||||||||||
| 3,336,639 | 2,718,464 | 56,725 | 68,463 | 249,291 | 281,206 | |||||||||||||||||||||
| (6,134,220 | ) | (28,761,188 | ) | (188,384 | ) | (1,522,703 | ) | (17,186,855 | ) | (3,771,411 | ) | |||||||||||||||
| 2,037,344 | (17,773,588 | ) | 581,194 | (1,072,074 | ) | 14,828,817 | (354,179 | ) | ||||||||||||||||||
| 885,779 | (16,699,057 | ) | 447,337 | (848,254 | ) | 16,099,636 | 758,133 | |||||||||||||||||||
| 35,444,830 | 52,143,887 | 3,686,072 | 4,534,326 | 8,762,740 | 8,004,607 | |||||||||||||||||||||
| $ | 36,330,609 | $ | 35,444,830 | $ | 4,133,409 | $ | 3,686,072 | $ | 24,862,376 | $ | 8,762,740 | |||||||||||||||
| $ | (514,453 | ) | $ | (309,678 | ) | $ | 6,930 | $ | 33,708 | $ | (37,416 | ) | $ | 102,930 | ||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 239 |
Table of Contents
Statements of Changes in Net Assets (cont’d)
| AllianzGI NFJ Global Dividend Value | AllianzGI NFJ International Small-Cap Value | |||||||||||||||||||
| Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||
| Increase (Decrease) in Net Assets from: | ||||||||||||||||||||
| Investment Operations: |
||||||||||||||||||||
| Net investment income | $ | 191,393 | $ | 413,010 | $ | 23,612 | $ | 279,122 | ||||||||||||
| Net realized gain (loss) | 614,931 | (2,361,752 | ) | (47,108 | ) | (733,813 | ) | |||||||||||||
| Net change in unrealized appreciation/depreciation | 814,400 | 3,131,810 | (162,425 | ) | 1,322,622 | |||||||||||||||
| Net increase (decrease) in net assets resulting from investment operations |
1,620,724 | 1,183,068 | (185,921 | ) | 867,931 | |||||||||||||||
| Dividends and Distributions to Shareholders from: | ||||||||||||||||||||
| Net investment income: | ||||||||||||||||||||
| Class A |
(29,825 | ) | (137,180 | ) | (52,747 | ) | (161,276 | ) | ||||||||||||
| Class C |
(30,961 | ) | (201,282 | ) | (47,236 | ) | (37,634 | ) | ||||||||||||
| Class D† |
— | — | — | — | ||||||||||||||||
| Class P |
(19,279 | ) | (41,830 | ) | (4,723 | ) | (2,868 | ) | ||||||||||||
| Institutional Class |
(95,683 | ) | (242,171 | ) | (86,365 | ) | (164,431 | ) | ||||||||||||
| Class R6 |
— | — | (123,590 | ) | (479 | ) | ||||||||||||||
| Net realized capital gains: | ||||||||||||||||||||
| Class A |
— | (575,075 | ) | — | (91,565 | ) | ||||||||||||||
| Class C |
— | (543,193 | ) | — | (26,789 | ) | ||||||||||||||
| Class P |
— | (113,118 | ) | — | (1,001 | ) | ||||||||||||||
| Institutional Class |
— | (1,026,877 | ) | — | (116,929 | ) | ||||||||||||||
| Class R6 |
— | — | — | (205 | ) | |||||||||||||||
| Total dividends and distributions to shareholders | (175,748 | ) | (2,880,726 | ) | (314,661 | ) | (603,177 | ) | ||||||||||||
| Fund Share Transactions: | ||||||||||||||||||||
| Net proceeds from the sale of shares | 10,479,194 | 3,721,831 | 417,425 | 10,473,798 | ||||||||||||||||
| Issued in reinvestment of dividends and distributions | 173,767 | 2,777,118 | 313,688 | 600,370 | ||||||||||||||||
| Cost of shares redeemed | (7,135,581 | ) | (13,265,714 | ) | (7,508,725 | ) | (11,730,760 | ) | ||||||||||||
| Net increase (decrease) from Fund share transactions | 3,517,380 | (6,766,765 | ) | (6,777,612 | ) | (656,592 | ) | |||||||||||||
| Total increase (decrease) in net assets | 4,962,356 | (8,464,423 | ) | (7,278,194 | ) | (391,838 | ) | |||||||||||||
| Net Assets: | ||||||||||||||||||||
| Beginning of period | 13,971,691 | 22,436,114 | 11,950,141 | 12,341,979 | ||||||||||||||||
| End of period* | $ | 18,934,047 | $ | 13,971,691 | $ | 4,671,947 | $ | 11,950,141 | ||||||||||||
| * Including undistributed (dividends in excess of) net investment income of: |
$ | 35,874 | $ | 20,229 | $ | (18,154 | ) | $ | 272,895 | |||||||||||
| † | Class D shares converted to Class A shares at the close of business on November 13, 2015. |
| 240 | Semiannual Report | | March 31, 2017 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI NFJ International Value II | AllianzGI Short Duration High Income | AllianzGI Structured Return | ||||||||||||||||||||||||
| Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||||||
| $ | 54,928 | $ | 1,143,353 | $ | 30,921,584 | $ | 50,716,435 | $ | 644,776 | $ | 1,603,871 | |||||||||||||||
| 145,575 | (5,928,573 | ) | 952,138 | (15,926,496 | ) | 4,414,951 | 5,941,364 | |||||||||||||||||||
| (528,042 | ) | 6,231,160 | (1,983,105 | ) | 43,895,976 | 2,704,588 | 404,100 | |||||||||||||||||||
|
|
(327,539 |
) |
1,445,940 | 29,890,617 | 78,685,915 | 7,764,315 | 7,949,335 | |||||||||||||||||||
| (1,487 | ) | (8,556 | ) | (5,996,763 | ) | (10,590,036 | ) | (451,149 | ) | (176,625 | ) | |||||||||||||||
| (1,302 | ) | (3,758 | ) | (3,672,191 | ) | (5,945,656 | ) | (9 | ) | (26,324 | ) | |||||||||||||||
| — | — | — | (118,879 | ) | — | — | ||||||||||||||||||||
| (1,145 | ) | (7,572 | ) | (19,072,136 | ) | (21,309,437 | ) | (255,992 | ) | (30,878 | ) | |||||||||||||||
| (236,277 | ) | (1,312,530 | ) | (11,580,389 | ) | (22,448,609 | ) | (445,419 | ) | (345,012 | ) | |||||||||||||||
| — | — | (183,771 | ) | — | (430,190 | ) | — | |||||||||||||||||||
| — | — | — | — | (2,431,302 | ) | (283,648 | ) | |||||||||||||||||||
| — | — | — | — | (318,922 | ) | (53,864 | ) | |||||||||||||||||||
| — | — | — | — | (667,014 | ) | (22,778 | ) | |||||||||||||||||||
| — | — | — | — | (2,447,379 | ) | (534,089 | ) | |||||||||||||||||||
| — | — | — | — | (836,737 | ) | — | ||||||||||||||||||||
| (240,211 | ) | (1,332,416 | ) | (40,505,250 | ) | (60,412,617 | ) | (8,284,113 | ) | (1,473,218 | ) | |||||||||||||||
| 60,176 | 731,750 | 781,901,976 | 886,369,043 | 211,361,926 | 289,603,948 | |||||||||||||||||||||
| 240,211 | 1,332,416 | 35,660,931 | 51,669,532 | 8,240,525 | 1,472,510 | |||||||||||||||||||||
| (43,069,588 | ) | (1,326,763 | ) | (445,617,342 | ) | (693,711,108 | ) | (113,012,047 | ) | (98,080,857 | ) | |||||||||||||||
| (42,769,201 | ) | 737,403 | 371,945,565 | 244,327,467 | 106,590,404 | 192,995,601 | ||||||||||||||||||||
| (43,336,951 | ) | 850,927 | 361,330,932 | 262,600,765 | 106,070,606 | 199,471,718 | ||||||||||||||||||||
| 44,410,353 | 43,559,426 | 1,333,518,659 | 1,070,917,894 | 276,333,279 | 76,861,561 | |||||||||||||||||||||
| $ | 1,073,402 | $ | 44,410,353 | $ | 1,694,849,591 | $ | 1,333,518,659 | $ | 382,403,885 | $ | 276,333,279 | |||||||||||||||
| $ |
(93,269 |
) |
$ | 92,014 | $ | (16,065,535 | ) | $ | (6,481,869 | ) | $ | 491,123 | $ | 1,429,106 | ||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 241 |
Table of Contents
Statements of Changes in Net Assets (cont’d)
| AllianzGI U.S. Equity Hedged | AllianzGI U.S. Small-Cap Growth | |||||||||||||||||||
| Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||
| Increase (Decrease) in Net Assets from: | ||||||||||||||||||||
| Investment Operations: |
||||||||||||||||||||
| Net investment income (loss) | $ | 20,242 | $ | 58,176 | $ | (45,102 | ) | $ | (165,509 | ) | ||||||||||
| Net realized gain (loss) | (34,399 | ) | (837,767 | ) | 2,407,771 | 1,024,453 | ||||||||||||||
| Net change in unrealized appreciation/depreciation | 317,282 | 1,152,266 | (1,203,533 | ) | (53,519 | ) | ||||||||||||||
| Net increase in net assets resulting from investment operations |
303,125 | 372,675 | 1,159,136 | 805,425 | ||||||||||||||||
| Dividends and Distributions to Shareholders from: | ||||||||||||||||||||
| Net investment income: | ||||||||||||||||||||
| Class A |
(8,562 | ) | (16,120 | ) | — | — | ||||||||||||||
| Class C |
(2,502 | ) | (6,391 | ) | — | — | ||||||||||||||
| Class P |
(428 | ) | (313 | ) | — | — | ||||||||||||||
| Institutional Class |
(46,862 | ) | (138,687 | ) | — | — | ||||||||||||||
| Net realized capital gains: | ||||||||||||||||||||
| Class A |
— | — | (170,611 | ) | (253,462 | ) | ||||||||||||||
| Class C |
— | — | (101,338 | ) | (48,431 | ) | ||||||||||||||
| Class R |
— | — | (3,969 | ) | (1,567 | ) | ||||||||||||||
| Class P |
— | — | (124,490 | ) | (22,583 | ) | ||||||||||||||
| Institutional Class |
— | — | (2,884,758 | ) | (1,846,506 | ) | ||||||||||||||
| Total dividends and distributions to shareholders | (58,354 | ) | (161,511 | ) | (3,285,166 | ) | (2,172,549 | ) | ||||||||||||
| Fund Share Transactions: | ||||||||||||||||||||
| Net proceeds from the sale of shares | 382,343 | 1,528,997 | 2,641,907 | 5,404,951 | ||||||||||||||||
| Issued in reinvestment of dividends and distributions | 58,354 | 161,511 | 3,265,541 | 1,965,824 | ||||||||||||||||
| Cost of shares redeemed | (1,416,620 | ) | (10,873,059 | ) | (10,415,650 | ) | (19,143,775 | ) | ||||||||||||
| Net decrease from Fund share transactions | (975,923 | ) | (9,182,551 | ) | (4,508,202 | ) | (11,773,000 | ) | ||||||||||||
| Total decrease in net assets | (731,152 | ) | (8,971,387 | ) | (6,634,232 | ) | (13,140,124 | ) | ||||||||||||
| Net Assets: | ||||||||||||||||||||
| Beginning of period | 5,651,636 | 14,623,023 | 23,619,494 | 36,759,618 | ||||||||||||||||
| End of period* | $ | 4,920,484 | $ | 5,651,636 | $ | 16,985,262 | $ | 23,619,494 | ||||||||||||
| * Including undistributed (dividends in excess of) net investment income of: |
$ | 19,816 | $ | 57,928 | $ | (227,903 | ) | $ | (182,801 | ) | ||||||||||
| 242 | Semiannual Report | | March 31, 2017 | | See accompanying Notes to Financial Statements |
Table of Contents
| AllianzGI Ultra Micro Cap | ||||||||||
| Six Months ended March 31, 2017 (Unaudited) |
Year ended September 30, 2016 |
|||||||||
| $ | (383,753 | ) | $ | (1,067,614 | ) | |||||
| 4,037,772 | 4,921,545 | |||||||||
| (947,089 | ) | (2,310,398 | ) | |||||||
| 2,706,930 | 1,543,533 | |||||||||
| — | — | |||||||||
| — | — | |||||||||
| — | — | |||||||||
| — | — | |||||||||
| (1,391,792 | ) | (3,400,965 | ) | |||||||
| — | — | |||||||||
| — | — | |||||||||
| (447,225 | ) | (652,144 | ) | |||||||
| (1,792,480 | ) | (3,098,107 | ) | |||||||
| (3,631,497 | ) | (7,151,216 | ) | |||||||
| 4,970,753 | 6,892,032 | |||||||||
| 3,563,191 | 7,063,080 | |||||||||
| (13,923,170 | ) | (52,638,177 | ) | |||||||
| (5,389,226 | ) | (38,683,065 | ) | |||||||
| (6,313,793 | ) | (44,290,748 | ) | |||||||
| 48,159,372 | 92,450,120 | |||||||||
| $ | 41,845,579 | $ | 48,159,372 | |||||||
| $ | (1,088,955 | ) | $ | (705,202 | ) | |||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 243 |
Table of Contents
For a Share Outstanding for the Period ended:
| Net Asset Value, Beginning of Period |
Net Investment Income(a) |
Net Realized |
Total from Investment Operations |
Dividends from Net Investment Income |
Distributions from Net Realized Capital Gains |
|||||||||||||||||||||||
| AllianzGI Retirement 2020: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 19.20 | $ | 0.17 | $ | 0.34 | $ | 0.51 | $ | (0.46 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
18.09 | 0.46 | 1.23 | 1.69 | (0.58 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
19.72 | 0.46 | (1.45 | ) | (0.99 | ) | (0.56 | ) | (0.08 | ) | ||||||||||||||||||
| 11/30/2014 |
19.32 | 0.41 | 0.37 | 0.78 | (0.38 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
19.15 | 0.49 | 0.21 | 0.70 | (0.48 | ) | (0.05 | ) | ||||||||||||||||||||
| 11/30/2012 |
18.82 | 0.44 | 1.34 | 1.78 | (0.70 | ) | (0.75 | ) | ||||||||||||||||||||
| 11/30/2011 |
19.43 | 0.49 | 0.04 | 0.53 | (0.83 | ) | (0.31 | ) | ||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 19.10 | $ | 0.10 | $ | 0.35 | $ | 0.45 | $ | (0.38 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
18.02 | 0.31 | 1.22 | 1.53 | (0.45 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
19.60 | 0.36 | (1.47 | ) | (1.11 | ) | (0.39 | ) | (0.08 | ) | ||||||||||||||||||
| 11/30/2014 |
19.16 | 0.27 | 0.35 | 0.62 | (0.18 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
18.78 | 0.31 | 0.26 | 0.57 | (0.14 | ) | (0.05 | ) | ||||||||||||||||||||
| 11/30/2012 |
18.53 | 0.37 | 1.23 | 1.60 | (0.60 | ) | (0.75 | ) | ||||||||||||||||||||
| 11/30/2011 |
19.21 | 0.30 | 0.09 | 0.39 | (0.76 | ) | (0.31 | ) | ||||||||||||||||||||
| Class R | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 19.21 | $ | 0.16 | $ | (0.23 | ) | $ | (0.07 | ) | $ | (0.38 | ) | $ | — | |||||||||||||
| 9/30/2016 |
18.10 | 0.40 | 1.22 | 1.62 | (0.51 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
19.70 | 0.39 | (1.43 | ) | (1.04 | ) | (0.48 | ) | (0.08 | ) | ||||||||||||||||||
| 11/30/2014 |
19.27 | 0.35 | 0.36 | 0.71 | (0.28 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
19.14 | 0.43 | 0.21 | 0.64 | (0.46 | ) | (0.05 | ) | ||||||||||||||||||||
| 11/30/2012 |
18.81 | 0.18 | 1.54 | 1.72 | (0.64 | ) | (0.75 | ) | ||||||||||||||||||||
| 11/30/2011 |
19.40 | 0.53 | (0.05 | ) | 0.48 | (0.76 | ) | (0.31 | ) | |||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 19.41 | $ | 0.20 | $ | 0.35 | $ | 0.55 | $ | (0.55 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
18.34 | 0.52 | 1.24 | 1.76 | (0.69 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
19.98 | 0.46 | (1.42 | ) | (0.96 | ) | (0.60 | ) | (0.08 | ) | ||||||||||||||||||
| 11/30/2014 |
19.53 | 0.47 | 0.38 | 0.85 | (0.40 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
19.30 | 0.47 | 0.30 | 0.77 | (0.49 | ) | (0.05 | ) | ||||||||||||||||||||
| 11/30/2012 |
18.94 | 0.37 | 1.47 | 1.84 | (0.73 | ) | (0.75 | ) | ||||||||||||||||||||
| 11/30/2011 |
19.51 | 0.42 | 0.16 | 0.58 | (0.84 | ) | (0.31 | ) | ||||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 19.43 | $ | 0.20 | $ | 0.37 | $ | 0.57 | $ | (0.57 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
18.37 | 0.54 | 1.23 | 1.77 | (0.71 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
20.01 | 0.51 | (1.45 | ) | (0.94 | ) | (0.62 | ) | (0.08 | ) | ||||||||||||||||||
| 11/30/2014 |
19.57 | 0.51 | 0.35 | 0.86 | (0.42 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
19.32 | 0.58 | 0.21 | 0.79 | (0.49 | ) | (0.05 | ) | ||||||||||||||||||||
| 11/30/2012 |
18.96 | 0.55 | 1.31 | 1.86 | (0.75 | ) | (0.75 | ) | ||||||||||||||||||||
| 11/30/2011 |
19.53 | 0.64 | (0.04 | ) | 0.60 | (0.86 | ) | (0.31 | ) | |||||||||||||||||||
| Administrative Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 19.28 | $ | 0.21 | $ | 0.32 | $ | 0.53 | $ | (0.43 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
18.22 | 0.51 | 1.18 | 1.69 | (0.63 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
19.84 | 0.87 | (1.86 | ) | (0.99 | ) | (0.55 | ) | (0.08 | ) | ||||||||||||||||||
| 11/30/2014 |
19.42 | 0.43 | 0.36 | 0.79 | (0.37 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
19.25 | 0.24 | 0.47 | 0.71 | (0.49 | ) | (0.05 | ) | ||||||||||||||||||||
| 11/30/2012 |
18.90 | 0.51 | 1.28 | 1.79 | (0.69 | ) | (0.75 | ) | ||||||||||||||||||||
| 11/30/2011 |
19.48 | 0.59 | (0.05 | ) | 0.54 | (0.81 | ) | (0.31 | ) | |||||||||||||||||||
| + | Unaudited |
| # | Fiscal year end changed from November 30th to September 30th. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| 244 | Semiannual Report | | March 31, 2017 | | 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 Assets with Fee Waiver/ |
Ratio of Expenses to Assets without Fee Waiver/ |
Ratio of Net to Average |
Portfolio Turnover Rate |
|||||||||||||||||||||||||||
| $ | (0.46 | ) | $ | 19.25 | 2.77 | % | $ | 12,835 | 0.37 | %(d) | 0.61 | %(d) | 1.75 | %(d) | 123 | % | ||||||||||||||||||
| (0.58 | ) | 19.20 | 9.57 | 12,715 | 0.48 | 0.60 | 2.51 | 106 | ||||||||||||||||||||||||||
| (0.64 | ) | 18.09 | (5.13 | ) | 30,401 | 0.47 | (d)(e) | 0.62 | (d)(e) | 2.93 | (d)(e) | 144 | ||||||||||||||||||||||
| (0.38 | ) | 19.72 | 4.11 | 34,624 | 0.42 | 0.60 | 2.08 | 89 | ||||||||||||||||||||||||||
| (0.53 | ) | 19.32 | 3.75 | 9,102 | 0.40 | 0.60 | 2.60 | 86 | ||||||||||||||||||||||||||
| (1.45 | ) | 19.15 | 10.23 | 985 | 0.38 | 0.60 | 2.40 | 55 | ||||||||||||||||||||||||||
| (1.14 | ) | 18.82 | 2.82 | 351 | 0.48 | 2.71 | 2.56 | 56 | ||||||||||||||||||||||||||
| $ | (0.38 | ) | $ | 19.17 | 2.43 | % | $ | 423 | 1.12 | %(d) | 1.36 | %(d) | 1.03 | %(d) | 123 | % | ||||||||||||||||||
| (0.45 | ) | 19.10 | 8.68 | 408 | 1.23 | 1.35 | 1.71 | 106 | ||||||||||||||||||||||||||
| (0.47 | ) | 18.02 | (5.72 | ) | 327 | 1.22 | (d)(e) | 1.37 | (d)(e) | 2.28 | (d)(e) | 144 | ||||||||||||||||||||||
| (0.18 | ) | 19.60 | 3.29 | 468 | 1.17 | 1.35 | 1.39 | 89 | ||||||||||||||||||||||||||
| (0.19 | ) | 19.16 | 3.02 | 438 | 1.15 | 1.35 | 1.64 | 86 | ||||||||||||||||||||||||||
| (1.35 | ) | 18.78 | 9.29 | 364 | 1.13 | 1.35 | 2.07 | 55 | ||||||||||||||||||||||||||
| (1.07 | ) | 18.53 | 2.07 | 669 | 1.23 | 3.40 | 1.61 | 56 | ||||||||||||||||||||||||||
| $ | (0.38 | ) | $ | 18.76 | (0.37 | )% | $ | 1 | 0.72 | %(d) | 0.86 | %(d) | 1.70 | %(d) | 123 | % | ||||||||||||||||||
| (0.51 | ) | 19.21 | 9.12 | 649 | 0.83 | 0.85 | 2.18 | 106 | ||||||||||||||||||||||||||
| (0.56 | ) | 18.10 | (5.39 | ) | 1,043 | 0.82 | (d)(e) | 0.87 | (d)(e) | 2.49 | (d)(e) | 144 | ||||||||||||||||||||||
| (0.28 | ) | 19.70 | 3.72 | 1,008 | 0.77 | 0.85 | 1.81 | 89 | ||||||||||||||||||||||||||
| (0.51 | ) | 19.27 | 3.40 | 1,022 | 0.75 | 0.85 | 2.26 | 86 | ||||||||||||||||||||||||||
| (1.39 | ) | 19.14 | 9.84 | 938 | 0.73 | 0.85 | 0.97 | 55 | ||||||||||||||||||||||||||
| (1.07 | ) | 18.81 | 2.57 | 14 | 0.77 | 3.09 | 2.77 | 56 | ||||||||||||||||||||||||||
| $ | (0.55 | ) | $ | 19.41 | 2.95 | % | $ | 21,842 | 0.07 | %(d) | 0.21 | %(d) | 2.06 | %(d) | 123 | % | ||||||||||||||||||
| (0.69 | ) | 19.41 | 9.88 | 25,879 | 0.18 | 0.20 | 2.82 | 106 | ||||||||||||||||||||||||||
| (0.68 | ) | 18.34 | (4.89 | ) | 21,193 | 0.17 | (d)(e) | 0.22 | (d)(e) | 2.91 | (d)(e) | 144 | ||||||||||||||||||||||
| (0.40 | ) | 19.98 | 4.43 | 12,665 | 0.12 | 0.20 | 2.38 | 89 | ||||||||||||||||||||||||||
| (0.54 | ) | 19.53 | 4.06 | 7,643 | 0.10 | 0.20 | 2.44 | 86 | ||||||||||||||||||||||||||
| (1.48 | ) | 19.30 | 10.55 | 5,323 | 0.08 | 0.20 | 1.95 | 55 | ||||||||||||||||||||||||||
| (1.15 | ) | 18.94 | 3.07 | 42 | 0.17 | 1.39 | 2.24 | 56 | ||||||||||||||||||||||||||
| $ | (0.57 | ) | $ | 19.43 | 3.02 | % | $ | 17,656 | — | %(d)(f) | 0.11 | %(d) | 2.07 | %(d) | 123 | % | ||||||||||||||||||
| (0.71 | ) | 19.43 | 9.94 | 13,274 | 0.08 | 0.10 | 2.93 | 106 | ||||||||||||||||||||||||||
| (0.70 | ) | 18.37 | (4.82 | ) | 11,847 | 0.07 | (d)(e) | 0.12 | (d)(e) | 3.22 | (d)(e) | 144 | ||||||||||||||||||||||
| (0.42 | ) | 20.01 | 4.48 | 5,574 | 0.02 | 0.10 | 2.59 | 89 | ||||||||||||||||||||||||||
| (0.54 | ) | 19.57 | 4.19 | 7,457 | — | 0.12 | 3.00 | 86 | ||||||||||||||||||||||||||
| (1.50 | ) | 19.32 | 10.62 | 7,708 | — | (f) | 0.15 | 2.98 | 55 | |||||||||||||||||||||||||
| (1.17 | ) | 18.96 | 3.16 | 5,157 | 0.17 | 2.51 | 3.34 | 56 | ||||||||||||||||||||||||||
| $ | (0.43 | ) | $ | 19.38 | 2.84 | % | $ | 589 | 0.32 | %(d) | 0.46 | %(d) | 2.18 | %(d) | 123 | % | ||||||||||||||||||
| (0.63 | ) | 19.28 | 9.55 | 377 | 0.43 | 0.45 | 2.76 | 106 | ||||||||||||||||||||||||||
| (0.63 | ) | 18.22 | (5.09 | ) | 1,747 | 0.41 | (d)(e) | 0.46 | (d)(e) | 5.41 | (d)(e) | 144 | ||||||||||||||||||||||
| (0.37 | ) | 19.84 | 4.15 | 7,974 | 0.37 | 0.45 | 2.19 | 89 | ||||||||||||||||||||||||||
| (0.54 | ) | 19.42 | 3.79 | 7,210 | 0.35 | 0.45 | 1.27 | 86 | ||||||||||||||||||||||||||
| (1.44 | ) | 19.25 | 10.20 | 15 | 0.33 | 0.45 | 2.73 | 55 | ||||||||||||||||||||||||||
| (1.12 | ) | 18.90 | 2.87 | 14 | 0.44 | 2.78 | 3.09 | 56 | ||||||||||||||||||||||||||
| (c) | Does not include expenses of the investment companies in which the Fund invests. |
| (d) | Annualized, unless otherwise noted. |
| (e) | Certain expenses incurred by the Fund were not annualized. |
| (f) | See Note 6 in the Notes to Financial Statements. |
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 245 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
| Net Asset Value, Beginning of Period |
Net Investment Income (a) |
Net Realized |
Total from Investment Operations |
Dividends from Net Investment Income |
Distributions from Net Realized Capital Gains |
|||||||||||||||||||||||
| AllianzGI Retirement 2025: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 16.95 | $ | 0.10 | $ | 0.59 | $ | 0.69 | $ | (0.32 | ) | $ | (0.01 | ) | ||||||||||||||
| 9/30/2016 |
15.89 | 0.40 | 1.16 | 1.56 | (0.50 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
17.30 | 0.41 | (1.31 | ) | (0.90 | ) | (0.50 | ) | (0.01 | ) | ||||||||||||||||||
| 11/30/2014 |
16.92 | 0.37 | 0.33 | 0.70 | (0.32 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
16.63 | 0.41 | 0.32 | 0.73 | (0.40 | ) | (0.04 | ) | ||||||||||||||||||||
| 12/19/2011* - 11/30/2012 |
15.00 | 0.34 | 1.43 | 1.77 | (0.14 | ) | — | |||||||||||||||||||||
| Class R | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 16.89 | $ | 0.09 | $ | 0.55 | $ | 0.64 | $ | (0.36 | ) | $ | (0.01 | ) | ||||||||||||||
| 9/30/2016 |
15.83 | 0.34 | 1.16 | 1.50 | (0.44 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
17.21 | 0.34 | (1.29 | ) | (0.95 | ) | (0.42 | ) | (0.01 | ) | ||||||||||||||||||
| 11/30/2014 |
16.84 | 0.32 | 0.32 | 0.64 | (0.27 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
16.57 | 0.48 | 0.19 | 0.67 | (0.36 | ) | (0.04 | ) | ||||||||||||||||||||
| 12/19/2011* - 11/30/2012 |
15.00 | 0.18 | 1.53 | 1.71 | (0.14 | ) | — | |||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 17.05 | $ | 0.13 | $ | 0.57 | $ | 0.70 | $ | (0.46 | ) | $ | (0.01 | ) | ||||||||||||||
| 9/30/2016 |
16.01 | 0.44 | 1.19 | 1.63 | (0.59 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
17.43 | 0.38 | (1.24 | ) | (0.86 | ) | (0.55 | ) | (0.01 | ) | ||||||||||||||||||
| 11/30/2014 |
17.02 | 0.40 | 0.35 | 0.75 | (0.34 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
16.67 | 0.48 | 0.31 | 0.79 | (0.40 | ) | (0.04 | ) | ||||||||||||||||||||
| 12/19/2011* - 11/30/2012 |
15.00 | 0.38 | 1.44 | 1.82 | (0.15 | ) | — | |||||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 17.07 | $ | 0.13 | $ | 0.58 | $ | 0.71 | $ | (0.47 | ) | $ | (0.01 | ) | ||||||||||||||
| 9/30/2016 |
16.03 | 0.45 | 1.19 | 1.64 | (0.60 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
17.45 | 0.45 | (1.30 | ) | (0.85 | ) | (0.56 | ) | (0.01 | ) | ||||||||||||||||||
| 11/30/2014 |
17.04 | 0.44 | 0.33 | 0.77 | (0.36 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
16.68 | 0.50 | 0.30 | 0.80 | (0.40 | ) | (0.04 | ) | ||||||||||||||||||||
| 12/19/2011* - 11/30/2012 |
15.00 | 0.45 | 1.38 | 1.83 | (0.15 | ) | — | |||||||||||||||||||||
| Administrative Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 17.00 | $ | 0.11 | $ | 0.57 | $ | 0.68 | $ | (0.36 | ) | $ | (0.01 | ) | ||||||||||||||
| 9/30/2016 |
15.96 | 0.41 | 1.17 | 1.58 | (0.54 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
17.37 | 1.16 | (2.06 | ) | (0.90 | ) | (0.50 | ) | (0.01 | ) | ||||||||||||||||||
| 11/30/2014 |
16.98 | 0.38 | 0.33 | 0.71 | (0.32 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
16.62 | 0.20 | 0.55 | 0.75 | (0.35 | ) | (0.04 | ) | ||||||||||||||||||||
| 12/19/2011* - 11/30/2012 |
15.00 | 0.41 | 1.35 | 1.76 | (0.14 | ) | — | |||||||||||||||||||||
| + | Unaudited |
| # | Fiscal year end changed from November 30th to September 30th. |
| * | Commencement of operations. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| 246 | Semiannual Report | | March 31, 2017 | | 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 |
|||||||||||||||||||||||||||
| $ | (0.33 | ) | $ | 17.31 | 4.15 | % | $ | 7,166 | 0.34 | %(d) | 0.61 | %(d) | 1.17 | %(d) | 123 | % | ||||||||||||||||||
| (0.50 | ) | 16.95 | 10.02 | 6,663 | 0.48 | 0.60 | 2.48 | 115 | ||||||||||||||||||||||||||
| (0.51 | ) | 15.89 | (5.28 | ) | 26,916 | 0.45 | (d)(e) | 0.62 | (d)(e) | 2.98 | (d)(e) | 147 | ||||||||||||||||||||||
| (0.32 | ) | 17.30 | 4.22 | 31,358 | 0.41 | 0.60 | 2.16 | 93 | ||||||||||||||||||||||||||
| (0.44 | ) | 16.92 | 4.54 | 13,058 | 0.40 | 0.60 | 2.48 | 76 | ||||||||||||||||||||||||||
| (0.14 | ) | 16.63 | 11.86 | 335 | 0.38 | (d) | 0.60 | (d) | 2.22 | (d) | 55 | |||||||||||||||||||||||
| $ | (0.37 | ) | $ | 17.16 | 3.90 | % | $ | 203 | 0.69 | %(d) | 0.86 | %(d) | 1.11 | %(d) | 123 | % | ||||||||||||||||||
| (0.44 | ) | 16.89 | 9.67 | 835 | 0.83 | 0.85 | 2.08 | 115 | ||||||||||||||||||||||||||
| (0.43 | ) | 15.83 | (5.59 | ) | 1,066 | 0.80 | (d)(e) | 0.87 | (d)(e) | 2.43 | (d)(e) | 147 | ||||||||||||||||||||||
| (0.27 | ) | 17.21 | 3.83 | 1,004 | 0.76 | 0.85 | 1.89 | 93 | ||||||||||||||||||||||||||
| (0.40 | ) | 16.84 | 4.16 | 753 | 0.75 | 0.85 | 2.88 | 76 | ||||||||||||||||||||||||||
| (0.14 | ) | 16.57 | 11.51 | 1,284 | 0.73 | (d) | 0.85 | (d) | 1.19 | (d) | 55 | |||||||||||||||||||||||
| $ | (0.47 | ) | $ | 17.28 | 4.25 | % | $ | 35,005 | 0.04 | %(d) | 0.21 | %(d) | 1.53 | %(d) | 123 | % | ||||||||||||||||||
| (0.59 | ) | 17.05 | 10.43 | 34,729 | 0.18 | 0.20 | 2.70 | 115 | ||||||||||||||||||||||||||
| (0.56 | ) | 16.01 | (5.04 | ) | 29,233 | 0.15 | (d)(e) | 0.22 | (d)(e) | 2.71 | (d)(e) | 147 | ||||||||||||||||||||||
| (0.34 | ) | 17.43 | 4.49 | 13,866 | 0.11 | 0.20 | 2.32 | 93 | ||||||||||||||||||||||||||
| (0.44 | ) | 17.02 | 4.84 | 4,336 | 0.10 | 0.20 | 2.88 | 76 | ||||||||||||||||||||||||||
| (0.15 | ) | 16.67 | 12.21 | 3,873 | 0.08 | (d) | 0.20 | (d) | 2.47 | (d) | 55 | |||||||||||||||||||||||
| $ | (0.48 | ) | $ | 17.30 | 4.31 | % | $ | 18,281 | — | %(d)(f) | 0.11 | %(d) | 1.51 | %(d) | 123 | % | ||||||||||||||||||
| (0.60 | ) | 17.07 | 10.55 | 12,439 | 0.08 | 0.10 | 2.78 | 115 | ||||||||||||||||||||||||||
| (0.57 | ) | 16.03 | (4.97 | ) | 10,047 | 0.05 | (d)(e) | 0.12 | (d)(e) | 3.25 | (d)(e) | 147 | ||||||||||||||||||||||
| (0.36 | ) | 17.45 | 4.60 | 6,745 | 0.01 | 0.10 | 2.54 | 93 | ||||||||||||||||||||||||||
| (0.44 | ) | 17.04 | 4.93 | 5,058 | — | 0.12 | 3.02 | 76 | ||||||||||||||||||||||||||
| (0.15 | ) | 16.68 | 12.28 | 5,375 | — | (d)(f) | 0.15 | (d) | 2.94 | (d) | 55 | |||||||||||||||||||||||
| $ | (0.37 | ) | $ | 17.31 | 4.12 | % | $ | 659 | 0.29 | %(d) | 0.46 | %(d) | 1.31 | %(d) | 123 | % | ||||||||||||||||||
| (0.54 | ) | 17.00 | 10.12 | 585 | 0.43 | 0.45 | 2.56 | 115 | ||||||||||||||||||||||||||
| (0.51 | ) | 15.96 | (5.26 | ) | 1,165 | 0.39 | (d)(e) | 0.46 | (d)(e) | 8.16 | (d)(e) | 147 | ||||||||||||||||||||||
| (0.32 | ) | 17.37 | 4.26 | 12,135 | 0.36 | 0.45 | 2.23 | 93 | ||||||||||||||||||||||||||
| (0.39 | ) | 16.98 | 4.60 | 10,606 | 0.35 | 0.45 | 1.23 | 76 | ||||||||||||||||||||||||||
| (0.14 | ) | 16.62 | 11.86 | 11 | 0.33 | (d) | 0.45 | (d) | 2.72 | (d) | 55 | |||||||||||||||||||||||
| (c) | Does not include expenses of the investment companies in which the Fund invests. |
| (d) | Annualized, unless otherwise noted. |
| (e) | Certain expenses incurred by the Fund were not annualized. |
| (f) | See Note 6 in the Notes to Financial Statements. |
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 247 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
| Net
Asset |
Net Investment Income (a) |
Net Realized and Change in Unrealized Gain (Loss) |
Total from Investment Operations |
Dividends from Net Investment Income |
Distributions from Net Realized Capital Gains |
|||||||||||||||||||||||
| AllianzGI Retirement 2030: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 20.14 | $ | 0.11 | $ | 0.97 | $ | 1.08 | $ | (0.35 | ) | $ | (0.08 | ) | ||||||||||||||
| 9/30/2016 |
18.84 | 0.44 | 1.39 | 1.83 | (0.53 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
21.05 | 0.50 | (1.75 | ) | (1.25 | ) | (0.69 | ) | (0.27 | ) | ||||||||||||||||||
| 11/30/2014 |
20.66 | 0.48 | 0.38 | 0.86 | (0.47 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
19.80 | 0.52 | 0.92 | 1.44 | (0.54 | ) | (0.04 | ) | ||||||||||||||||||||
| 11/30/2012 |
19.77 | 0.29 | 1.61 | 1.90 | (0.70 | ) | (1.17 | ) | ||||||||||||||||||||
| 11/30/2011 |
20.78 | 0.50 | (0.10 | ) | 0.40 | (0.85 | ) | (0.56 | ) | |||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 19.96 | $ | 0.03 | $ | 0.96 | $ | 0.99 | $ | (0.28 | ) | $ | (0.08 | ) | ||||||||||||||
| 9/30/2016 |
18.70 | 0.27 | 1.41 | 1.68 | (0.42 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
20.83 | 0.36 | (1.72 | ) | (1.36 | ) | (0.50 | ) | (0.27 | ) | ||||||||||||||||||
| 11/30/2014 |
20.42 | 0.33 | 0.36 | 0.69 | (0.28 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
19.53 | 0.35 | 0.93 | 1.28 | (0.35 | ) | (0.04 | ) | ||||||||||||||||||||
| 11/30/2012 |
19.51 | 0.43 | 1.30 | 1.73 | (0.54 | ) | (1.17 | ) | ||||||||||||||||||||
| 11/30/2011 |
20.59 | 0.37 | (0.09 | ) | 0.28 | (0.80 | ) | (0.56 | ) | |||||||||||||||||||
| Class R | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 20.11 | $ | 0.11 | $ | 0.93 | $ | 1.04 | $ | (0.36 | ) | $ | (0.08 | ) | ||||||||||||||
| 9/30/2016 |
18.89 | 0.36 | 1.40 | 1.76 | (0.54 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
21.07 | 0.42 | (1.72 | ) | (1.30 | ) | (0.61 | ) | (0.27 | ) | ||||||||||||||||||
| 11/30/2014 |
20.65 | 0.41 | 0.37 | 0.78 | (0.36 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
19.85 | 0.46 | 0.91 | 1.37 | (0.53 | ) | (0.04 | ) | ||||||||||||||||||||
| 11/30/2012 |
19.81 | 0.18 | 1.67 | 1.85 | (0.64 | ) | (1.17 | ) | ||||||||||||||||||||
| 11/30/2011 |
20.80 | 0.52 | (0.15 | ) | 0.37 | (0.80 | ) | (0.56 | ) | |||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 20.43 | $ | 0.14 | $ | 0.98 | $ | 1.12 | $ | (0.48 | ) | $ | (0.08 | ) | ||||||||||||||
| 9/30/2016 |
19.14 | 0.48 | 1.44 | 1.92 | (0.63 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
21.37 | 0.47 | (1.69 | ) | (1.22 | ) | (0.74 | ) | (0.27 | ) | ||||||||||||||||||
| 11/30/2014 |
20.93 | 0.51 | 0.43 | 0.94 | (0.50 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
20.02 | 0.51 | 1.00 | 1.51 | (0.56 | ) | (0.04 | ) | ||||||||||||||||||||
| 11/30/2012 |
19.95 | 0.41 | 1.57 | 1.98 | (0.74 | ) | (1.17 | ) | ||||||||||||||||||||
| 11/30/2011 |
20.92 | 0.58 | (0.12 | ) | 0.46 | (0.87 | ) | (0.56 | ) | |||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 20.48 | $ | 0.15 | $ | 0.99 | $ | 1.14 | $ | (0.50 | ) | $ | (0.08 | ) | ||||||||||||||
| 9/30/2016 |
19.19 | 0.50 | 1.44 | 1.94 | (0.65 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
21.42 | 0.54 | (1.74 | ) | (1.20 | ) | (0.76 | ) | (0.27 | ) | ||||||||||||||||||
| 11/30/2014 |
20.98 | 0.59 | 0.36 | 0.95 | (0.51 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
20.04 | 0.62 | 0.92 | 1.54 | (0.56 | ) | (0.04 | ) | ||||||||||||||||||||
| 11/30/2012 |
19.97 | 0.61 | 1.38 | 1.99 | (0.75 | ) | (1.17 | ) | ||||||||||||||||||||
| 11/30/2011 |
20.94 | 0.62 | (0.14 | ) | 0.48 | (0.89 | ) | (0.56 | ) | |||||||||||||||||||
| Administrative Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 20.34 | $ | 0.12 | $ | 0.98 | $ | 1.10 | $ | (0.40 | ) | $ | (0.08 | ) | ||||||||||||||
| 9/30/2016 |
19.06 | 0.45 | 1.41 | 1.86 | (0.58 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
21.28 | 1.21 | (2.47 | ) | (1.26 | ) | (0.69 | ) | (0.27 | ) | ||||||||||||||||||
| 11/30/2014 |
20.87 | 0.50 | 0.38 | 0.88 | (0.47 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
19.96 | 0.26 | 1.21 | 1.47 | (0.52 | ) | (0.04 | ) | ||||||||||||||||||||
| 11/30/2012 |
19.91 | 0.57 | 1.35 | 1.92 | (0.70 | ) | (1.17 | ) | ||||||||||||||||||||
| 11/30/2011 |
20.88 | 0.58 | (0.14 | ) | 0.44 | (0.85 | ) | (0.56 | ) | |||||||||||||||||||
| + | Unaudited |
| # | Fiscal year end changed from November 30th to September 30th. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| 248 | Semiannual Report | | March 31, 2017 | | 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 |
|||||||||||||||||||||||||||
| $ | (0.43 | ) | $ | 20.79 | 5.47 | % | $ | 8,127 | 0.35 | %(d) | 0.61 | %(d) | 1.05 | %(d) | 115 | % | ||||||||||||||||||
| (0.53 | ) | 20.14 | 9.91 | 7,473 | 0.47 | 0.60 | 2.26 | 105 | ||||||||||||||||||||||||||
| (0.96 | ) | 18.84 | (6.16 | ) | 22,695 | 0.42 | (d)(e) | 0.62 | (d)(e) | 3.01 | (d)(e) | 147 | ||||||||||||||||||||||
| (0.47 | ) | 21.05 | 4.26 | 25,487 | 0.39 | 0.60 | 2.28 | 93 | ||||||||||||||||||||||||||
| (0.58 | ) | 20.66 | 7.48 | 10,080 | 0.35 | 0.60 | 2.58 | 79 | ||||||||||||||||||||||||||
| (1.87 | ) | 19.80 | 10.68 | 10,692 | 0.29 | 0.60 | 1.48 | 47 | ||||||||||||||||||||||||||
| (1.41 | ) | 19.77 | 1.76 | 460 | 0.45 | 2.50 | 2.43 | 52 | ||||||||||||||||||||||||||
| $ | (0.36 | ) | $ | 20.59 | 5.05 | % | $ | 741 | 1.10 | %(d) | 1.36 | %(d) | 0.28 | %(d) | 115 | % | ||||||||||||||||||
| (0.42 | ) | 19.96 | 9.11 | 696 | 1.22 | 1.35 | 1.44 | 105 | ||||||||||||||||||||||||||
| (0.77 | ) | 18.70 | (6.72 | ) | 608 | 1.17 | (d)(e) | 1.37 | (d)(e) | 2.19 | (d)(e) | 147 | ||||||||||||||||||||||
| (0.28 | ) | 20.83 | 3.43 | 680 | 1.14 | 1.35 | 1.59 | 93 | ||||||||||||||||||||||||||
| (0.39 | ) | 20.42 | 6.63 | 736 | 1.10 | 1.35 | 1.77 | 79 | ||||||||||||||||||||||||||
| (1.71 | ) | 19.53 | 9.80 | 605 | 1.04 | 1.35 | 2.26 | 47 | ||||||||||||||||||||||||||
| (1.36 | ) | 19.51 | 1.20 | 654 | 1.21 | 3.34 | 1.84 | 52 | ||||||||||||||||||||||||||
| $ | (0.44 | ) | $ | 20.71 | 5.30 | % | $ | 444 | 0.70 | %(d) | 0.86 | %(d) | 1.06 | %(d) | 115 | % | ||||||||||||||||||
| (0.54 | ) | 20.11 | 9.48 | 2,295 | 0.82 | 0.85 | 1.87 | 105 | ||||||||||||||||||||||||||
| (0.88 | ) | 18.89 | (6.38 | ) | 1,445 | 0.77 | (d)(e) | 0.87 | (d)(e) | 2.49 | (d)(e) | 147 | ||||||||||||||||||||||
| (0.36 | ) | 21.07 | 3.85 | 1,420 | 0.74 | 0.85 | 1.94 | 93 | ||||||||||||||||||||||||||
| (0.57 | ) | 20.65 | 7.09 | 1,199 | 0.70 | 0.85 | 2.28 | 79 | ||||||||||||||||||||||||||
| (1.81 | ) | 19.85 | 10.23 | 1,103 | 0.64 | 0.85 | 0.95 | 47 | ||||||||||||||||||||||||||
| (1.36 | ) | 19.81 | 1.66 | 14 | 0.74 | 2.82 | 2.54 | 52 | ||||||||||||||||||||||||||
| $ | (0.56 | ) | $ | 20.99 | 5.64 | % | $ | 34,205 | 0.05 | %(d) | 0.21 | %(d) | 1.39 | %(d) | 115 | % | ||||||||||||||||||
| (0.63 | ) | 20.43 | 10.25 | 33,628 | 0.17 | 0.20 | 2.49 | 105 | ||||||||||||||||||||||||||
| (1.01 | ) | 19.14 | (5.91 | ) | 28,597 | 0.12 | (d)(e) | 0.22 | (d)(e) | 2.80 | (d)(e) | 147 | ||||||||||||||||||||||
| (0.50 | ) | 21.37 | 4.58 | 17,741 | 0.09 | 0.20 | 2.42 | 93 | ||||||||||||||||||||||||||
| (0.60 | ) | 20.93 | 7.77 | 7,748 | 0.05 | 0.20 | 2.54 | 79 | ||||||||||||||||||||||||||
| (1.91 | ) | 20.02 | 10.97 | 5,103 | — | (f) | 0.20 | 2.06 | 47 | |||||||||||||||||||||||||
| (1.43 | ) | 19.95 | 2.13 | 19 | 0.22 | 2.27 | 2.84 | 52 | ||||||||||||||||||||||||||
| $ | (0.58 | ) | $ | 21.04 | 5.70 | % | $ | 20,811 | — | %(d)(f) | 0.11 | %(d) | 1.45 | %(d) | 115 | % | ||||||||||||||||||
| (0.65 | ) | 20.48 | 10.34 | 16,758 | 0.07 | 0.10 | 2.54 | 105 | ||||||||||||||||||||||||||
| (1.03 | ) | 19.19 | (5.81 | ) | 12,883 | 0.02 | (d)(e) | 0.12 | (d)(e) | 3.19 | (d)(e) | 147 | ||||||||||||||||||||||
| (0.51 | ) | 21.42 | 4.63 | 8,752 | — | (f) | 0.10 | 2.79 | 93 | |||||||||||||||||||||||||
| (0.60 | ) | 20.98 | 7.87 | 10,854 | — | (f) | 0.12 | 3.05 | 79 | |||||||||||||||||||||||||
| (1.92 | ) | 20.04 | 11.07 | 9,182 | — | (f) | 0.15 | 3.14 | 47 | |||||||||||||||||||||||||
| (1.45 | ) | 19.97 | 2.23 | 5,813 | 0.13 | 2.24 | 3.04 | 52 | ||||||||||||||||||||||||||
| $ | (0.48 | ) | $ | 20.96 | 5.53 | % | $ | 1,253 | 0.30 | %(d) | 0.46 | %(d) | 1.16 | %(d) | 115 | % | ||||||||||||||||||
| (0.58 | ) | 20.34 | 9.96 | 1,250 | 0.42 | 0.45 | 2.33 | 105 | ||||||||||||||||||||||||||
| (0.96 | ) | 19.06 | (6.11 | ) | 1,817 | 0.36 | (d)(e) | 0.46 | (d)(e) | 7.07 | (d)(e) | 147 | ||||||||||||||||||||||
| (0.47 | ) | 21.28 | 4.29 | 9,586 | 0.34 | 0.45 | 2.37 | 93 | ||||||||||||||||||||||||||
| (0.56 | ) | 20.87 | 7.55 | 8,939 | 0.30 | 0.45 | 1.29 | 79 | ||||||||||||||||||||||||||
| (1.87 | ) | 19.96 | 10.60 | 16 | 0.24 | 0.45 | 2.95 | 47 | ||||||||||||||||||||||||||
| (1.41 | ) | 19.91 | 1.99 | 15 | 0.41 | 2.52 | 2.85 | 52 | ||||||||||||||||||||||||||
| (c) | Does not include expenses of the investment companies in which the Fund invests. |
| (d) | Annualized, unless otherwise noted. |
| (e) | Certain expenses incurred by the Fund were not annualized. |
| (f) | See Note 6 in the Notes to Financial Statements. |
| See accompanying Notes to Financial Statements | | March 31, 2017 | | 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 (Loss) |
Total from Investment Operations |
Dividends from Net Investment Income |
Distributions |
|||||||||||||||||||||||||
| AllianzGI Retirement 2035: | ||||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 17.69 | $ | 0.14 | $ | 1.04 | $ | 1.18 | $ | (0.34 | ) | $ | (0.09 | ) | ||||||||||||||||
| 9/30/2016 |
16.52 | 0.28 | 1.32 | 1.60 | (0.43 | ) | — | |||||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
18.49 | 0.43 | (1.58 | ) | (1.15 | ) | (0.61 | ) | (0.21 | ) | ||||||||||||||||||||
| 11/30/2014 |
18.09 | 0.41 | 0.39 | 0.80 | (0.40 | ) | — | |||||||||||||||||||||||
| 11/30/2013 |
16.94 | 0.43 | 1.20 | 1.63 | (0.42 | ) | (0.06 | ) | ||||||||||||||||||||||
| 12/19/2011* - 11/30/2012 |
15.00 | 0.37 | 1.74 | 2.11 | (0.17 | ) | — | |||||||||||||||||||||||
| Class R | ||||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 17.62 | $ | 0.15 | $ | 0.99 | $ | 1.14 | $ | (0.32 | ) | $ | (0.09 | ) | ||||||||||||||||
| 9/30/2016 |
16.48 | 0.22 | 1.31 | 1.53 | (0.39 | ) | — | |||||||||||||||||||||||
|
12/1/2014 - 9/30/2015# |
18.43 | 0.30 | (1.50 | ) | (1.20 | ) | (0.54 | ) | (0.21 | ) | ||||||||||||||||||||
| 11/30/2014 |
18.00 | 0.35 | 0.38 | 0.73 | (0.30 | ) | — | |||||||||||||||||||||||
| 11/30/2013 |
16.89 | 0.41 | 1.15 | 1.56 | (0.39 | ) | (0.06 | ) | ||||||||||||||||||||||
| 12/19/2011* - 11/30/2012 |
15.00 | 0.16 | 1.90 | 2.06 | (0.17 | ) | — | |||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 17.82 | $ | 0.17 | $ | 1.06 | $ | 1.23 | $ | (0.44 | ) | $ | (0.09 | ) | ||||||||||||||||
| 9/30/2016 |
16.67 | 0.33 | 1.33 | 1.66 | (0.51 | ) | — | |||||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
18.65 | 0.38 | (1.50 | ) | (1.12 | ) | (0.65 | ) | (0.21 | ) | ||||||||||||||||||||
| 11/30/2014 |
18.20 | 0.43 | 0.43 | 0.86 | (0.41 | ) | — | |||||||||||||||||||||||
| 11/30/2013 |
16.99 | 0.49 | 1.20 | 1.69 | (0.42 | ) | (0.06 | ) | ||||||||||||||||||||||
| 12/19/2011* - 11/30/2012 |
15.00 | 0.38 | 1.79 | 2.17 | (0.18 | ) | — | |||||||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 17.86 | $ | 0.17 | $ | 1.06 | $ | 1.23 | $ | (0.46 | ) | $ | (0.09 | ) | ||||||||||||||||
| 9/30/2016 |
16.70 | 0.33 | 1.35 | 1.68 | (0.52 | ) | — | |||||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
18.68 | 0.48 | (1.58 | ) | (1.10 | ) | (0.67 | ) | (0.21 | ) | ||||||||||||||||||||
| 11/30/2014 |
18.23 | 0.49 | 0.38 | 0.87 | (0.42 | ) | — | |||||||||||||||||||||||
| 11/30/2013 |
17.00 | 0.54 | 1.17 | 1.71 | (0.42 | ) | (0.06 | ) | ||||||||||||||||||||||
| 12/19/2011* - 11/30/2012 |
15.00 | 0.46 | 1.72 | 2.18 | (0.18 | ) | — | |||||||||||||||||||||||
| Administrative Class | ||||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 17.77 | $ | 0.15 | $ | 1.04 | $ | 1.19 | $ | (0.38 | ) | $ | (0.09 | ) | ||||||||||||||||
| 9/30/2016 |
16.60 | 0.29 | 1.33 | 1.62 | (0.45 | ) | — | |||||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
18.58 | 1.63 | (2.79 | ) | (1.16 | ) | (0.61 | ) | (0.21 | ) | ||||||||||||||||||||
| 11/30/2014 |
18.15 | 0.43 | 0.39 | 0.82 | (0.39 | ) | — | |||||||||||||||||||||||
| 11/30/2013 |
16.94 | 0.22 | 1.43 | 1.65 | (0.38 | ) | (0.06 | ) | ||||||||||||||||||||||
| 12/19/2011* - 11/30/2012 |
15.00 | 0.42 | 1.69 | 2.11 | (0.17 | ) | — | |||||||||||||||||||||||
| + | Unaudited |
| # | Fiscal year end changed from November 30th to September 30th. |
| * | Commencement of operations. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| (c) | Does not include expenses of the investment companies in which the Fund invests. |
| (d) | Annualized, unless otherwise noted. |
| (e) | Certain expenses incurred by the Fund were not annualized. |
| (f) | Less than 0.01%. |
| (g) | See Note 6 in the Notes to Financial Statements. |
| 250 | Semiannual Report | | March 31, 2017 | | 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 |
|||||||||||||||||||||||||||
| $ | (0.43 | ) | $ | 18.44 | 6.82 | % | $ | 7,862 | 0.42 | %(d) | 0.61 | %(d) | 1.59 | %(d) | 111 | % | ||||||||||||||||||
| (0.43 | ) | 17.69 | 9.83 | 9,173 | 0.50 | 0.60 | 1.66 | 97 | ||||||||||||||||||||||||||
| (0.82 | ) | 16.52 | (6.46 | ) | 19,205 | 0.41 | (d)(e) | 0.61 | (d)(e) | 2.93 | (d)(e) | 138 | ||||||||||||||||||||||
| (0.40 | ) | 18.49 | 4.49 | 20,351 | 0.39 | 0.60 | 2.27 | 90 | ||||||||||||||||||||||||||
| (0.48 | ) | 18.09 | 9.83 | 6,939 | 0.35 | 0.60 | 2.48 | 67 | ||||||||||||||||||||||||||
| (0.17 | ) | 16.94 | 14.23 | 104 | 0.30 | (d) | 0.60 | (d) | 2.36 | (d) | 38 | |||||||||||||||||||||||
| $ | (0.41 | ) | $ | 18.35 | 6.62 | % | $ | 659 | 0.77 | %(d) | 0.86 | %(d) | 1.65 | %(d) | 111 | % | ||||||||||||||||||
| (0.39 | ) | 17.62 | 9.45 | 1,575 | 0.85 | 0.85 | 1.30 | 97 | ||||||||||||||||||||||||||
| (0.75 | ) | 16.48 | (6.76 | ) | 1,600 | 0.76 | (d)(e) | 0.87 | (d)(e) | 2.07 | (d)(e) | 138 | ||||||||||||||||||||||
| (0.30 | ) | 18.43 | 4.14 | 1,089 | 0.74 | 0.85 | 1.93 | 90 | ||||||||||||||||||||||||||
| (0.45 | ) | 18.00 | 9.46 | 961 | 0.70 | 0.85 | 2.38 | 67 | ||||||||||||||||||||||||||
| (0.17 | ) | 16.89 | 13.88 | 893 | 0.65 | (d) | 0.85 | (d) | 1.04 | (d) | 38 | |||||||||||||||||||||||
| $ | (0.53 | ) | $ | 18.52 | 7.04 | % | $ | 30,664 | 0.12 | %(d) | 0.21 | %(d) | 1.94 | %(d) | 111 | % | ||||||||||||||||||
| (0.51 | ) | 17.82 | 10.13 | 29,994 | 0.20 | 0.20 | 1.96 | 97 | ||||||||||||||||||||||||||
| (0.86 | ) | 16.67 | (6.23 | ) | 26,729 | 0.11 | (d)(e) | 0.21 | (d)(e) | 2.58 | (d)(e) | 138 | ||||||||||||||||||||||
| (0.41 | ) | 18.65 | 4.84 | 14,105 | 0.09 | 0.20 | 2.32 | 90 | ||||||||||||||||||||||||||
| (0.48 | ) | 18.20 | 10.19 | 5,333 | 0.05 | 0.20 | 2.83 | 67 | ||||||||||||||||||||||||||
| (0.18 | ) | 16.99 | 14.58 | 4,090 | —(d | ) | 0.20 | (d) | 2.43 | (d) | 38 | |||||||||||||||||||||||
| $ | (0.55 | ) | $ | 18.54 | 7.03 | % | $ | 11,814 | 0.02 | %(d) | 0.11 | %(d) | 1.95 | %(d) | 111 | % | ||||||||||||||||||
| (0.52 | ) | 17.86 | 10.29 | 9,265 | 0.10 | 0.10 | 1.94 | 97 | ||||||||||||||||||||||||||
| (0.88 | ) | 16.70 | (6.15 | ) | 6,172 | —(d | )(e)(f) | 0.12 | (d)(e) | 3.22 | (d)(e) | 138 | ||||||||||||||||||||||
| (0.42 | ) | 18.68 | 4.89 | 6,587 | —(g | ) | 0.10 | 2.66 | 90 | |||||||||||||||||||||||||
| (0.48 | ) | 18.23 | 10.24 | 5,850 | —(g | ) | 0.12 | 3.10 | 67 | |||||||||||||||||||||||||
| (0.18 | ) | 17.00 | 14.65 | 5,132 | —(d | )(g) | 0.15 | (d) | 3.00 | (d) | 38 | |||||||||||||||||||||||
| $ | (0.47 | ) | $ | 18.49 | 6.86 | % | $ | 788 | 0.37 | %(d) | 0.46 | %(d) | 1.64 | %(d) | 111 | % | ||||||||||||||||||
| (0.45 | ) | 17.77 | 9.93 | 639 | 0.45 | 0.45 | 1.74 | 97 | ||||||||||||||||||||||||||
| (0.82 | ) | 16.60 | (6.50 | ) | 719 | 0.35 | (d)(e) | 0.46 | (d)(e) | 10.75 | (d)(e) | 138 | ||||||||||||||||||||||
| (0.39 | ) | 18.58 | 4.60 | 11,550 | 0.34 | 0.45 | 2.33 | 90 | ||||||||||||||||||||||||||
| (0.44 | ) | 18.15 | 9.95 | 10,427 | 0.30 | 0.45 | 1.29 | 67 | ||||||||||||||||||||||||||
| (0.17 | ) | 16.94 | 14.23 | 12 | 0.25 | (d) | 0.45 | (d) | 2.76 | (d) | 38 | |||||||||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | 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 (a) |
Net Realized in Unrealized |
Total from Investment Operations |
Dividends |
Distributions from Net Realized Capital Gains |
|||||||||||||||||||||||
| AllianzGI Retirement 2040: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 20.51 | $ | 0.20 | $ | 1.32 | $ | 1.52 | $ | (0.37 | ) | $ | (0.37 | ) | ||||||||||||||
| 9/30/2016 |
19.04 | 0.27 | 1.61 | 1.88 | (0.38 | ) | (0.03 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
21.91 | 0.49 | (1.94 | ) | (1.45 | ) | (0.83 | ) | (0.59 | ) | ||||||||||||||||||
| 11/30/2014 |
21.45 | 0.48 | 0.50 | 0.98 | (0.51 | ) | (0.01 | ) | ||||||||||||||||||||
| 11/30/2013 |
19.71 | 0.49 | 1.82 | 2.31 | (0.53 | ) | (0.04 | ) | ||||||||||||||||||||
| 11/30/2012 |
20.22 | 0.29 | 1.61 | 1.90 | (0.69 | ) | (1.72 | ) | ||||||||||||||||||||
| 11/30/2011 |
21.88 | 0.52 | (0.27 | ) | 0.25 | (0.97 | ) | (0.94 | ) | |||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 20.36 | $ | 0.13 | $ | 1.30 | $ | 1.43 | $ | (0.29 | ) | $ | (0.37 | ) | ||||||||||||||
| 9/30/2016 |
18.94 | 0.19 | 1.54 | 1.73 | (0.28 | ) | (0.03 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
21.68 | 0.38 | (1.94 | ) | (1.56 | ) | (0.59 | ) | (0.59 | ) | ||||||||||||||||||
| 11/30/2014 |
21.21 | 0.33 | 0.48 | 0.81 | (0.33 | ) | (0.01 | ) | ||||||||||||||||||||
| 11/30/2013 |
19.53 | 0.34 | 1.80 | 2.14 | (0.42 | ) | (0.04 | ) | ||||||||||||||||||||
| 11/30/2012 |
20.07 | 0.31 | 1.43 | 1.74 | (0.56 | ) | (1.72 | ) | ||||||||||||||||||||
| 11/30/2011 |
21.65 | 0.27 | (0.18 | ) | 0.09 | (0.73 | ) | (0.94 | ) | |||||||||||||||||||
| Class R | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 20.37 | $ | 0.23 | $ | 1.23 | $ | 1.46 | $ | (0.40 | ) | $ | (0.37 | ) | ||||||||||||||
| 9/30/2016 |
18.97 | 0.18 | 1.63 | 1.81 | (0.38 | ) | (0.03 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
21.80 | 0.42 | (1.91 | ) | (1.49 | ) | (0.75 | ) | (0.59 | ) | ||||||||||||||||||
| 11/30/2014 |
21.31 | 0.41 | 0.49 | 0.90 | (0.40 | ) | (0.01 | ) | ||||||||||||||||||||
| 11/30/2013 |
19.63 | 0.44 | 1.80 | 2.24 | (0.52 | ) | (0.04 | ) | ||||||||||||||||||||
| 11/30/2012 |
20.16 | 0.16 | 1.66 | 1.82 | (0.63 | ) | (1.72 | ) | ||||||||||||||||||||
| 11/30/2011 |
21.85 | 0.56 | (0.36 | ) | 0.20 | (0.95 | ) | (0.94 | ) | |||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 20.70 | $ | 0.24 | $ | 1.32 | $ | 1.56 | $ | (0.52 | ) | $ | (0.37 | ) | ||||||||||||||
| 9/30/2016 |
19.26 | 0.32 | 1.65 | 1.97 | (0.50 | ) | (0.03 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
22.15 | 0.46 | (1.87 | ) | (1.41 | ) | (0.89 | ) | (0.59 | ) | ||||||||||||||||||
| 11/30/2014 |
21.63 | 0.50 | 0.56 | 1.06 | (0.53 | ) | (0.01 | ) | ||||||||||||||||||||
| 11/30/2013 |
19.82 | 0.49 | 1.90 | 2.39 | (0.54 | ) | (0.04 | ) | ||||||||||||||||||||
| 11/30/2012 |
20.31 | 0.39 | 1.57 | 1.96 | (0.73 | ) | (1.72 | ) | ||||||||||||||||||||
| 11/30/2011 |
21.97 | 0.67 | (0.36 | ) | 0.31 | (1.03 | ) | (0.94 | ) | |||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 20.75 | $ | 0.24 | $ | 1.33 | $ | 1.57 | $ | (0.54 | ) | $ | (0.37 | ) | ||||||||||||||
| 9/30/2016 |
19.30 | 0.33 | 1.66 | 1.99 | (0.51 | ) | (0.03 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
22.19 | 0.53 | (1.92 | ) | (1.39 | ) | (0.91 | ) | (0.59 | ) | ||||||||||||||||||
| 11/30/2014 |
21.66 | 0.61 | 0.47 | 1.08 | (0.54 | ) | (0.01 | ) | ||||||||||||||||||||
| 11/30/2013 |
19.83 | 0.60 | 1.81 | 2.41 | (0.54 | ) | (0.04 | ) | ||||||||||||||||||||
| 11/30/2012 |
20.33 | 0.56 | 1.41 | 1.97 | (0.75 | ) | (1.72 | ) | ||||||||||||||||||||
| 11/30/2011 |
22.00 | 0.68 | (0.36 | ) | 0.32 | (1.05 | ) | (0.94 | ) | |||||||||||||||||||
| Administrative Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 20.57 | $ | 0.20 | $ | 1.32 | $ | 1.52 | $ | (0.44 | ) | $ | (0.37 | ) | ||||||||||||||
| 9/30/2016 |
19.14 | 0.31 | 1.60 | 1.91 | (0.45 | ) | (0.03 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
22.02 | 1.71 | (3.16 | ) | (1.45 | ) | (0.84 | ) | (0.59 | ) | ||||||||||||||||||
| 11/30/2014 |
21.53 | 0.50 | 0.49 | 0.99 | (0.49 | ) | (0.01 | ) | ||||||||||||||||||||
| 11/30/2013 |
19.75 | 0.26 | 2.07 | 2.33 | (0.51 | ) | (0.04 | ) | ||||||||||||||||||||
| 11/30/2012 |
20.26 | 0.52 | 1.38 | 1.90 | (0.69 | ) | (1.72 | ) | ||||||||||||||||||||
| 11/30/2011 |
21.93 | 0.63 | (0.36 | ) | 0.27 | (1.00 | ) | (0.94 | ) | |||||||||||||||||||
| + | Unaudited |
| # | Fiscal year end changed from November 30th to September 30th. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| 252 | Semiannual Report | | March 31, 2017 | | 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 |
|||||||||||||||||||||||||||
| $ | (0.74 | ) | $ | 21.29 | 7.61 | % | $ | 4,734 | 0.47 | %(d) | 0.61 | %(d) | 1.89 | %(d) | 101 | % | ||||||||||||||||||
| (0.41 | ) | 20.51 | 9.99 | 4,106 | 0.51 | 0.60 | 1.36 | 101 | ||||||||||||||||||||||||||
| (1.42 | ) | 19.04 | (6.99 | ) | 13,551 | 0.37 | (d)(e) | 0.60 | (d)(e) | 2.87 | (d)(e) | 143 | ||||||||||||||||||||||
| (0.52 | ) | 21.91 | 4.65 | 16,631 | 0.38 | 0.60 | 2.22 | 84 | ||||||||||||||||||||||||||
| (0.57 | ) | 21.45 | 12.11 | 5,513 | 0.35 | 0.60 | 2.40 | 61 | ||||||||||||||||||||||||||
| (2.41 | ) | 19.71 | 10.61 | 1,915 | 0.28 | 0.60 | 1.52 | 45 | ||||||||||||||||||||||||||
| (1.91 | ) | 20.22 | 0.81 | 151 | 0.42 | 2.96 | 2.42 | 53 | ||||||||||||||||||||||||||
| $ | (0.66 | ) | $ | 21.13 | 7.19 | % | $ | 123 | 1.22 | %(d) | 1.36 | %(d) | 1.27 | %(d) | 101 | % | ||||||||||||||||||
| (0.31 | ) | 20.36 | 9.20 | 126 | 1.26 | 1.35 | 0.99 | 101 | ||||||||||||||||||||||||||
| (1.18 | ) | 18.94 | (7.54 | ) | 202 | 1.12 | (d)(e) | 1.35 | (d)(e) | 2.22 | (d)(e) | 143 | ||||||||||||||||||||||
| (0.34 | ) | 21.68 | 3.90 | 269 | 1.13 | 1.35 | 1.51 | 84 | ||||||||||||||||||||||||||
| (0.46 | ) | 21.21 | 11.20 | 317 | 1.10 | 1.35 | 1.66 | 61 | ||||||||||||||||||||||||||
| (2.28 | ) | 19.53 | 9.80 | 195 | 1.03 | 1.35 | 1.66 | 45 | ||||||||||||||||||||||||||
| (1.67 | ) | 20.07 | 0.07 | 87 | 1.15 | 3.56 | 1.30 | 53 | ||||||||||||||||||||||||||
| $ | (0.77 | ) | $ | 21.06 | 7.40 | % | $ | 366 | 0.82 | %(d) | 0.86 | %(d) | 2.19 | %(d) | 101 | % | ||||||||||||||||||
| (0.41 | ) | 20.37 | 9.64 | 1,648 | 0.86 | 0.86 | 0.94 | 101 | ||||||||||||||||||||||||||
| (1.34 | ) | 18.97 | (7.22 | ) | 1,272 | 0.72 | (d)(e) | 0.85 | (d)(e) | 2.48 | (d)(e) | 143 | ||||||||||||||||||||||
| (0.41 | ) | 21.80 | 4.31 | 1,343 | 0.73 | 0.85 | 1.88 | 84 | ||||||||||||||||||||||||||
| (0.56 | ) | 21.31 | 11.70 | 1,167 | 0.70 | 0.85 | 2.15 | 61 | ||||||||||||||||||||||||||
| (2.35 | ) | 19.63 | 10.24 | 848 | 0.63 | 0.85 | 0.87 | 45 | ||||||||||||||||||||||||||
| (1.89 | ) | 20.16 | 0.54 | 15 | 0.70 | 3.22 | 2.63 | 53 | ||||||||||||||||||||||||||
| $ | (0.89 | ) | $ | 21.37 | 7.80 | % | $ | 22,426 | 0.17 | %(d) | 0.21 | %(d) | 2.32 | %(d) | 101 | % | ||||||||||||||||||
| (0.53 | ) | 20.70 | 10.36 | 20,628 | 0.21 | 0.21 | 1.61 | 101 | ||||||||||||||||||||||||||
| (1.48 | ) | 19.26 | (6.76 | ) | 16,997 | 0.07 | (d)(e) | 0.20 | (d)(e) | 2.67 | (d)(e) | 143 | ||||||||||||||||||||||
| (0.54 | ) | 22.15 | 4.99 | 11,734 | 0.08 | 0.20 | 2.27 | 84 | ||||||||||||||||||||||||||
| (0.58 | ) | 21.63 | 12.42 | 4,704 | 0.05 | 0.20 | 2.37 | 61 | ||||||||||||||||||||||||||
| (2.45 | ) | 19.82 | 10.99 | 2,343 | — | (f) | 0.20 | 2.00 | 45 | |||||||||||||||||||||||||
| (1.97 | ) | 20.31 | 1.06 | 15 | 0.21 | 2.75 | 3.11 | 53 | ||||||||||||||||||||||||||
| $ | (0.91 | ) | $ | 21.41 | 7.82 | % | $ | 19,454 | 0.07 | %(d) | 0.11 | %(d) | 2.29 | %(d) | 101 | % | ||||||||||||||||||
| (0.54 | ) | 20.75 | 10.47 | 15,812 | 0.11 | 0.11 | 1.65 | 101 | ||||||||||||||||||||||||||
| (1.50 | ) | 19.30 | (6.67 | ) | 12,053 | — | (d)(e)(f) | 0.10 | (d)(e) | 3.09 | (d)(e) | 143 | ||||||||||||||||||||||
| (0.55 | ) | 22.19 | 5.09 | 8,071 | — | (f) | 0.10 | 2.78 | 84 | |||||||||||||||||||||||||
| (0.58 | ) | 21.66 | 12.51 | 9,939 | — | (f) | 0.12 | 2.93 | 61 | |||||||||||||||||||||||||
| (2.47 | ) | 19.83 | 11.04 | 7,782 | — | (f) | 0.15 | 2.95 | 45 | |||||||||||||||||||||||||
| (1.99 | ) | 20.33 | 1.11 | 5,315 | 0.10 | 2.65 | 3.15 | 53 | ||||||||||||||||||||||||||
| $ | (0.81 | ) | $ | 21.28 | 7.61 | % | $ | 369 | 0.42 | %(d) | 0.46 | %(d) | 1.99 | %(d) | 101 | % | ||||||||||||||||||
| (0.48 | ) | 20.57 | 10.09 | 374 | 0.46 | 0.46 | 1.58 | 101 | ||||||||||||||||||||||||||
| (1.43 | ) | 19.14 | (7.00 | ) | 488 | 0.32 | (d)(e) | 0.45 | (d)(e) | 9.63 | (d)(e) | 143 | ||||||||||||||||||||||
| (0.50 | ) | 22.02 | 4.72 | 5,278 | 0.33 | 0.45 | 2.31 | 84 | ||||||||||||||||||||||||||
| (0.55 | ) | 21.53 | 12.13 | 5,054 | 0.30 | 0.45 | 1.27 | 61 | ||||||||||||||||||||||||||
| (2.41 | ) | 19.75 | 10.67 | 17 | 0.23 | 0.45 | 2.72 | 45 | ||||||||||||||||||||||||||
| (1.94 | ) | 20.26 | 0.87 | 15 | 0.38 | 2.93 | 2.94 | 53 | ||||||||||||||||||||||||||
| (c) | Does not include expenses of the investment companies in which the Fund invests. |
| (d) | Annualized, unless otherwise noted. |
| (e) | Certain expenses incurred by the Fund were not annualized. |
| (f) | See Note 6 in the Notes to Financial Statements. |
| See accompanying Notes to Financial Statements | | March 31, 2017 | | 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 |
Total from Investment Operations |
Dividends from Net Investment Income |
Distributions from Net Realized Capital Gains |
|||||||||||||||||||||||
| AllianzGI Retirement 2045: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 18.07 | $ | 0.19 | $ | 1.21 | $ | 1.40 | $ | (0.34 | ) | $ | (0.54 | ) | ||||||||||||||
| 9/30/2016 |
16.71 | 0.20 | 1.54 | 1.74 | (0.34 | ) | (0.04 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
19.09 | 0.41 | (1.75 | ) | (1.34 | ) | (0.70 | ) | (0.34 | ) | ||||||||||||||||||
| 11/30/2014 |
18.67 | 0.41 | 0.49 | 0.90 | (0.45 | ) | (0.03 | ) | ||||||||||||||||||||
| 11/30/2013 |
17.02 | 0.41 | 1.79 | 2.20 | (0.46 | ) | (0.09 | ) | ||||||||||||||||||||
| 12/19/2011* - 11/30/2012 |
15.00 | 0.32 | 1.92 | 2.24 | (0.22 | ) | — | |||||||||||||||||||||
| Class R | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 17.97 | $ | 0.22 | $ | 1.14 | $ | 1.36 | $ | (0.37 | ) | $ | (0.54 | ) | ||||||||||||||
| 9/30/2016 |
16.65 | 0.13 | 1.55 | 1.68 | (0.32 | ) | (0.04 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
19.01 | 0.36 | (1.74 | ) | (1.38 | ) | (0.64 | ) | (0.34 | ) | ||||||||||||||||||
| 11/30/2014 |
18.57 | 0.34 | 0.49 | 0.83 | (0.36 | ) | (0.03 | ) | ||||||||||||||||||||
| 11/30/2013 |
16.96 | 0.38 | 1.75 | 2.13 | (0.43 | ) | (0.09 | ) | ||||||||||||||||||||
| 12/19/2011* - 11/30/2012 |
15.00 | 0.16 | 2.02 | 2.18 | (0.22 | ) | — | |||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 18.19 | $ | 0.23 | $ | 1.21 | $ | 1.44 | $ | (0.47 | ) | $ | (0.54 | ) | ||||||||||||||
| 9/30/2016 |
16.84 | 0.26 | 1.56 | 1.82 | (0.43 | ) | (0.04 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
19.24 | 0.43 | (1.74 | ) | (1.31 | ) | (0.75 | ) | (0.34 | ) | ||||||||||||||||||
| 11/30/2014 |
18.77 | 0.40 | 0.57 | 0.97 | (0.47 | ) | (0.03 | ) | ||||||||||||||||||||
| 11/30/2013 |
17.06 | 0.47 | 1.79 | 2.26 | (0.46 | ) | (0.09 | ) | ||||||||||||||||||||
| 12/19/2011* - 11/30/2012 |
15.00 | 0.39 | 1.89 | 2.28 | (0.22 | ) | — | |||||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 18.25 | $ | 0.23 | $ | 1.22 | $ | 1.45 | $ | (0.49 | ) | $ | (0.54 | ) | ||||||||||||||
| 9/30/2016 |
16.89 | 0.22 | 1.62 | 1.84 | (0.44 | ) | (0.04 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
19.28 | 0.65 | (1.94 | ) | (1.29 | ) | (0.76 | ) | (0.34 | ) | ||||||||||||||||||
| 11/30/2014 |
18.80 | 0.49 | 0.49 | 0.98 | (0.47 | ) | (0.03 | ) | ||||||||||||||||||||
| 11/30/2013 |
17.07 | 0.52 | 1.76 | 2.28 | (0.46 | ) | (0.09 | ) | ||||||||||||||||||||
| 12/19/2011* - 11/30/2012 |
15.00 | 0.50 | 1.79 | 2.29 | (0.22 | ) | — | |||||||||||||||||||||
| Administrative Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 18.10 | $ | 0.23 | $ | 1.17 | $ | 1.40 | $ | (0.45 | ) | $ | (0.54 | ) | ||||||||||||||
| 9/30/2016 |
16.76 | 0.22 | 1.55 | 1.77 | (0.39 | ) | (0.04 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
19.15 | 1.22 | (2.56 | ) | (1.34 | ) | (0.71 | ) | (0.34 | ) | ||||||||||||||||||
| 11/30/2014 |
18.71 | 0.42 | 0.49 | 0.91 | (0.44 | ) | (0.03 | ) | ||||||||||||||||||||
| 11/30/2013 |
17.01 | 0.22 | 1.99 | 2.21 | (0.42 | ) | (0.09 | ) | ||||||||||||||||||||
| 12/19/2011* - 11/30/2012 |
15.00 | 0.44 | 1.79 | 2.23 | (0.22 | ) | — | |||||||||||||||||||||
| + | Unaudited |
| # | Fiscal year end changed from November 30th to September 30th. |
| * | Commencement of operations. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| (c) | Does not include expenses of the investment companies in which the Fund invests. |
| (d) | Annualized, unless otherwise noted. |
| (e) | Certain expenses incurred by the Fund were not annualized. |
| (f) | See Note 6 in the Notes to Financial Statements. |
| 254 | Semiannual Report | | March 31, 2017 | | See accompanying Notes to Financial Statements |
Table of Contents
| Total Dividends and Distributions |
Net Asset Value, End of Period |
Total Return (b) | Net Assets, End of Period (000s) |
Ratio
of Average Net Assets with Fee Waiver/ |
Ratio
of Average Net Assets without Fee Waiver/ |
Ratio of Net Investment Income to Average Net Assets (c) |
Portfolio Turnover Rate |
|||||||||||||||||||||||||||
| $ | (0.88 | ) | $ | 18.59 | 8.06 | % | $ | 4,107 | 0.49 | %(d) | 0.61 | %(d) | 2.04 | %(d) | 97 | % | ||||||||||||||||||
| (0.38 | ) | 18.07 | 10.55 | 3,753 | 0.51 | 0.60 | 1.17 | 103 | ||||||||||||||||||||||||||
| (1.04 | ) | 16.71 | (7.35 | ) | 10,022 | 0.37 | (d)(e) | 0.61 | (d)(e) | 2.74 | (d)(e) | 149 | ||||||||||||||||||||||
| (0.48 | ) | 19.09 | 4.89 | 10,080 | 0.37 | 0.60 | 2.17 | 69 | ||||||||||||||||||||||||||
| (0.55 | ) | 18.67 | 13.33 | 4,313 | 0.33 | 0.60 | 2.31 | 51 | ||||||||||||||||||||||||||
| (0.22 | ) | 17.02 | 15.09 | 61 | 0.29 | (d) | 0.60 | (d) | 2.08 | (d) | 38 | |||||||||||||||||||||||
| $ | (0.91 | ) | $ | 18.42 | 7.87 | % | $ | 139 | 0.84 | %(d) | 0.86 | %(d) | 2.43 | %(d) | 97 | % | ||||||||||||||||||
| (0.36 | ) | 17.97 | 10.20 | 625 | 0.86 | 0.86 | 0.78 | 103 | ||||||||||||||||||||||||||
| (0.98 | ) | 16.65 | (7.59 | ) | 464 | 0.72 | (d)(e) | 0.86 | (d)(e) | 2.38 | (d)(e) | 149 | ||||||||||||||||||||||
| (0.39 | ) | 19.01 | 4.52 | 449 | 0.72 | 0.85 | 1.82 | 69 | ||||||||||||||||||||||||||
| (0.52 | ) | 18.57 | 12.94 | 356 | 0.68 | 0.85 | 2.17 | 51 | ||||||||||||||||||||||||||
| (0.22 | ) | 16.96 | 14.67 | 293 | 0.64 | (d) | 0.85 | (d) | 1.07 | (d) | 38 | |||||||||||||||||||||||
| $ | (1.01 | ) | $ | 18.62 | 8.27 | % | $ | 14,019 | 0.19 | %(d) | 0.21 | %(d) | 2.49 | %(d) | 97 | % | ||||||||||||||||||
| (0.47 | ) | 18.19 | 10.95 | 12,764 | 0.21 | 0.21 | 1.49 | 103 | ||||||||||||||||||||||||||
| (1.09 | ) | 16.84 | (7.15 | ) | 10,650 | 0.07 | (d)(e) | 0.21 | (d)(e) | 2.88 | (d)(e) | 149 | ||||||||||||||||||||||
| (0.50 | ) | 19.24 | 5.26 | 8,793 | 0.07 | 0.20 | 2.10 | 69 | ||||||||||||||||||||||||||
| (0.55 | ) | 18.77 | 13.68 | 2,286 | 0.03 | 0.20 | 2.63 | 51 | ||||||||||||||||||||||||||
| (0.22 | ) | 17.06 | 15.37 | 1,584 | — | (d)(f) | 0.20 | (d) | 2.46 | (d) | 38 | |||||||||||||||||||||||
| $ | (1.03 | ) | $ | 18.67 | 8.32 | % | $ | 10,808 | 0.09 | %(d) | 0.11 | %(d) | 2.49 | %(d) | 97 | % | ||||||||||||||||||
| (0.48 | ) | 18.25 | 11.06 | 7,919 | 0.11 | 0.11 | 1.25 | 103 | ||||||||||||||||||||||||||
| (1.10 | ) | 16.89 | (7.02 | ) | 3,563 | — | (d)(e)(f) | 0.10 | (d)(e) | 4.23 | (d)(e) | 149 | ||||||||||||||||||||||
| (0.50 | ) | 19.28 | 5.33 | 5,477 | — | (f) | 0.10 | 2.55 | 69 | |||||||||||||||||||||||||
| (0.55 | ) | 18.80 | 13.80 | 4,587 | — | (f) | 0.12 | 2.91 | 51 | |||||||||||||||||||||||||
| (0.22 | ) | 17.07 | 15.44 | 3,733 | — | (d)(f) | 0.15 | (d) | 3.23 | (d) | 38 | |||||||||||||||||||||||
| $ | (0.99 | ) | $ | 18.51 | 8.07 | % | $ | 607 | 0.44 | %(d) | 0.46 | %(d) | 2.56 | %(d) | 97 | % | ||||||||||||||||||
| (0.43 | ) | 18.10 | 10.67 | 359 | 0.46 | 0.46 | 1.27 | 103 | ||||||||||||||||||||||||||
| (1.05 | ) | 16.76 | (7.37 | ) | 346 | 0.32 | (d)(e) | 0.46 | (d)(e) | 7.95 | (d)(e) | 149 | ||||||||||||||||||||||
| (0.47 | ) | 19.15 | 4.95 | 1,763 | 0.32 | 0.45 | 2.24 | 69 | ||||||||||||||||||||||||||
| (0.51 | ) | 18.71 | 13.40 | 1,542 | 0.28 | 0.45 | 1.23 | 51 | ||||||||||||||||||||||||||
| (0.22 | ) | 17.01 | 15.02 | 12 | 0.24 | (d) | 0.45 | (d) | 2.84 | (d) | 38 | |||||||||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 255 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
| Net Asset Value, Beginning of Period |
Net Investment Income (a) |
Net Realized |
Total from Investment Operations |
Dividends from Net Investment Income |
Distributions from Net Realized Capital Gains |
|||||||||||||||||||||||
| AllianzGI Retirement 2050: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 20.10 | $ | 0.18 | $ | 1.40 | $ | 1.58 | $ | (0.44 | ) | $ | (0.55 | ) | ||||||||||||||
| 9/30/2016 |
18.72 | 0.20 | 1.78 | 1.98 | (0.23 | ) | (0.37 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
21.87 | 0.44 | (2.04 | ) | (1.60 | ) | (0.87 | ) | (0.68 | ) | ||||||||||||||||||
| 11/30/2014 |
21.55 | 0.44 | 0.58 | 1.02 | (0.57 | ) | (0.13 | ) | ||||||||||||||||||||
| 11/30/2013 |
19.48 | 0.42 | 2.32 | 2.74 | (0.60 | ) | (0.07 | ) | ||||||||||||||||||||
| 11/30/2012 |
20.16 | 0.28 | 1.59 | 1.87 | (0.76 | ) | (1.79 | ) | ||||||||||||||||||||
| 11/30/2011 |
22.00 | 0.61 | (0.34 | ) | 0.27 | (1.09 | ) | (1.02 | ) | |||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 19.80 | $ | 0.15 | $ | 1.33 | $ | 1.48 | $ | (0.34 | ) | $ | (0.55 | ) | ||||||||||||||
| 9/30/2016 |
18.52 | 0.11 | 1.71 | 1.82 | (0.17 | ) | (0.37 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
21.62 | 0.31 | (2.03 | ) | (1.72 | ) | (0.70 | ) | (0.68 | ) | ||||||||||||||||||
| 11/30/2014 |
21.34 | 0.30 | 0.55 | 0.85 | (0.44 | ) | (0.13 | ) | ||||||||||||||||||||
| 11/30/2013 |
19.25 | 0.30 | 2.27 | 2.57 | (0.41 | ) | (0.07 | ) | ||||||||||||||||||||
| 11/30/2012 |
19.92 | 0.27 | 1.44 | 1.71 | (0.59 | ) | (1.79 | ) | ||||||||||||||||||||
| 11/30/2011 |
21.85 | 0.44 | (0.34 | ) | 0.10 | (1.01 | ) | (1.02 | ) | |||||||||||||||||||
| Class R | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 19.99 | $ | 0.26 | $ | 1.26 | $ | 1.52 | $ | (0.42 | ) | $ | (0.55 | ) | ||||||||||||||
| 9/30/2016 |
18.68 | 0.15 | 1.76 | 1.91 | (0.23 | ) | (0.37 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
21.80 | 0.37 | (2.03 | ) | (1.66 | ) | (0.78 | ) | (0.68 | ) | ||||||||||||||||||
| 11/30/2014 |
21.46 | 0.39 | 0.53 | 0.92 | (0.45 | ) | (0.13 | ) | ||||||||||||||||||||
| 11/30/2013 |
19.47 | 0.37 | 2.29 | 2.66 | (0.60 | ) | (0.07 | ) | ||||||||||||||||||||
| 11/30/2012 |
20.12 | 0.18 | 1.64 | 1.82 | (0.68 | ) | (1.79 | ) | ||||||||||||||||||||
| 11/30/2011 |
21.97 | 0.58 | (0.37 | ) | 0.21 | (1.04 | ) | (1.02 | ) | |||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 20.31 | $ | 0.26 | $ | 1.36 | $ | 1.62 | $ | (0.54 | ) | $ | (0.55 | ) | ||||||||||||||
| 9/30/2016 |
18.97 | 0.27 | 1.80 | 2.07 | (0.36 | ) | (0.37 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
22.14 | 0.47 | (2.04 | ) | (1.57 | ) | (0.92 | ) | (0.68 | ) | ||||||||||||||||||
| 11/30/2014 |
21.77 | 0.45 | 0.64 | 1.09 | (0.59 | ) | (0.13 | ) | ||||||||||||||||||||
| 11/30/2013 |
19.64 | 0.48 | 2.35 | 2.83 | (0.63 | ) | (0.07 | ) | ||||||||||||||||||||
| 11/30/2012 |
20.27 | 0.38 | 1.56 | 1.94 | (0.78 | ) | (1.79 | ) | ||||||||||||||||||||
| 11/30/2011 |
22.10 | 0.69 | (0.39 | ) | 0.30 | (1.11 | ) | (1.02 | ) | |||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 20.39 | $ | 0.26 | $ | 1.38 | $ | 1.64 | $ | (0.56 | ) | $ | (0.55 | ) | ||||||||||||||
| 9/30/2016 |
19.03 | 0.30 | 1.79 | 2.09 | (0.36 | ) | (0.37 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
22.20 | 0.57 | (2.13 | ) | (1.56 | ) | (0.93 | ) | (0.68 | ) | ||||||||||||||||||
| 11/30/2014 |
21.80 | 0.57 | 0.55 | 1.12 | (0.59 | ) | (0.13 | ) | ||||||||||||||||||||
| 11/30/2013 |
19.66 | 0.55 | 2.29 | 2.84 | (0.63 | ) | (0.07 | ) | ||||||||||||||||||||
| 11/30/2012 |
20.30 | 0.58 | 1.38 | 1.96 | (0.81 | ) | (1.79 | ) | ||||||||||||||||||||
| 11/30/2011 |
22.12 | 0.69 | (0.35 | ) | 0.34 | (1.14 | ) | (1.02 | ) | |||||||||||||||||||
| Administrative Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 20.20 | $ | 0.23 | $ | 1.37 | $ | 1.60 | $ | (0.49 | ) | $ | (0.55 | ) | ||||||||||||||
| 9/30/2016 |
18.87 | 0.24 | 1.77 | 2.01 | (0.31 | ) | (0.37 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
22.03 | 0.80 | (2.42 | ) | (1.62 | ) | (0.86 | ) | (0.68 | ) | ||||||||||||||||||
| 11/30/2014 |
21.69 | 0.49 | 0.54 | 1.03 | (0.56 | ) | (0.13 | ) | ||||||||||||||||||||
| 11/30/2013 |
19.58 | 0.22 | 2.55 | 2.77 | (0.59 | ) | (0.07 | ) | ||||||||||||||||||||
| 11/30/2012 |
20.23 | 0.53 | 1.36 | 1.89 | (0.75 | ) | (1.79 | ) | ||||||||||||||||||||
| 11/30/2011 |
22.06 | 0.65 | (0.38 | ) | 0.27 | (1.08 | ) | (1.02 | ) | |||||||||||||||||||
| + | Unaudited |
| # | Fiscal year end changed from November 30th to September 30th. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| 256 | Semiannual Report | | March 31, 2017 | | 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 Assets with Fee Waiver/ |
Ratio of Expenses to Assets without Fee Waiver/ |
Ratio of Net to Average |
Portfolio Turnover Rate |
|||||||||||||||||||||||||||
| $ | (0.99 | ) | $ | 20.69 | 8.15 | % | $ | 3,096 | 0.50 | %(d) | 0.61 | %(d) | 1.84 | %(d) | 98 | % | ||||||||||||||||||
| (0.60 | ) | 20.10 | 10.74 | 1,633 | 0.50 | 0.60 | 1.03 | 89 | ||||||||||||||||||||||||||
| (1.55 | ) | 18.72 | (7.79 | ) | 4,863 | 0.34 | (d)(e) | 0.61 | (d)(e) | 2.62 | (d)(e) | 147 | ||||||||||||||||||||||
| (0.70 | ) | 21.87 | 4.85 | 4,772 | 0.35 | 0.60 | 2.02 | 78 | ||||||||||||||||||||||||||
| (0.67 | ) | 21.55 | 14.50 | 1,014 | 0.30 | 0.60 | 2.08 | 54 | ||||||||||||||||||||||||||
| (2.55 | ) | 19.48 | 10.64 | 1,371 | 0.26 | 0.60 | 1.45 | 47 | ||||||||||||||||||||||||||
| (2.11 | ) | 20.16 | 0.80 | 71 | 0.41 | 2.92 | 2.85 | 51 | ||||||||||||||||||||||||||
| $ | (0.89 | ) | $ | 20.39 | 7.75 | % | $ | 169 | 1.25 | %(d) | 1.36 | %(d) | 1.47 | %(d) | 98 | % | ||||||||||||||||||
| (0.54 | ) | 19.80 | 9.96 | 145 | 1.25 | 1.35 | 0.56 | 89 | ||||||||||||||||||||||||||
| (1.38 | ) | 18.52 | (8.40 | ) | 148 | 1.09 | (d)(e) | 1.36 | (d)(e) | 1.83 | (d)(e) | 147 | ||||||||||||||||||||||
| (0.57 | ) | 21.62 | 4.08 | 138 | 1.10 | 1.35 | 1.38 | 78 | ||||||||||||||||||||||||||
| (0.48 | ) | 21.34 | 13.64 | 119 | 1.05 | 1.35 | 1.48 | 54 | ||||||||||||||||||||||||||
| (2.38 | ) | 19.25 | 9.78 | 60 | 1.01 | 1.35 | 1.44 | 47 | ||||||||||||||||||||||||||
| (2.03 | ) | 19.92 | (0.01 | ) | 48 | 1.17 | 3.70 | 2.09 | 51 | |||||||||||||||||||||||||
| $ | (0.97 | ) | $ | 20.54 | 7.91 | % | $ | 96 | 0.85 | %(d) | 0.86 | %(d) | 2.58 | %(d) | 98 | % | ||||||||||||||||||
| (0.60 | ) | 19.99 | 10.41 | 740 | 0.85 | 0.85 | 0.80 | 89 | ||||||||||||||||||||||||||
| (1.46 | ) | 18.68 | (8.07 | ) | 608 | 0.69 | (d)(e) | 0.86 | (d)(e) | 2.20 | (d)(e) | 147 | ||||||||||||||||||||||
| (0.58 | ) | 21.80 | 4.41 | 584 | 0.70 | 0.85 | 1.79 | 78 | ||||||||||||||||||||||||||
| (0.67 | ) | 21.46 | 14.11 | 497 | 0.65 | 0.85 | 1.85 | 54 | ||||||||||||||||||||||||||
| (2.47 | ) | 19.47 | 10.30 | 359 | 0.61 | 0.85 | 0.96 | 47 | ||||||||||||||||||||||||||
| (2.06 | ) | 20.12 | 0.51 | 17 | 0.69 | 3.21 | 2.71 | 51 | ||||||||||||||||||||||||||
| $ | (1.09 | ) | $ | 20.84 | 8.32 | % | $ | 10,573 | 0.20 | %(d) | 0.21 | %(d) | 2.56 | %(d) | 98 | % | ||||||||||||||||||
| (0.73 | ) | 20.31 | 11.12 | 10,021 | 0.20 | 0.20 | 1.42 | 89 | ||||||||||||||||||||||||||
| (1.60 | ) | 18.97 | (7.55 | ) | 7,750 | 0.04 | (d)(e) | 0.21 | (d)(e) | 2.74 | (d)(e) | 147 | ||||||||||||||||||||||
| (0.72 | ) | 22.14 | 5.13 | 5,234 | 0.05 | 0.20 | 2.06 | 78 | ||||||||||||||||||||||||||
| (0.70 | ) | 21.77 | 14.90 | 1,397 | — | 0.20 | 2.34 | 54 | ||||||||||||||||||||||||||
| (2.57 | ) | 19.64 | 11.00 | 762 | — | (f) | 0.20 | 1.98 | 47 | |||||||||||||||||||||||||
| (2.13 | ) | 20.27 | 0.96 | 15 | 0.19 | 2.75 | 3.21 | 51 | ||||||||||||||||||||||||||
| $ | (1.11 | ) | $ | 20.92 | 8.39 | % | $ | 13,585 | 0.10 | %(d) | 0.11 | %(d) | 2.53 | %(d) | 98 | % | ||||||||||||||||||
| (0.73 | ) | 20.39 | 11.23 | 10,525 | 0.10 | 0.10 | 1.54 | 89 | ||||||||||||||||||||||||||
| (1.61 | ) | 19.03 | (7.49 | ) | 8,110 | — | (d)(e)(f) | 0.10 | (d)(e) | 3.31 | (d)(e) | 147 | ||||||||||||||||||||||
| (0.72 | ) | 22.20 | 5.27 | 9,227 | — | (f) | 0.10 | 2.58 | 78 | |||||||||||||||||||||||||
| (0.70 | ) | 21.80 | 14.94 | 8,935 | — | (f) | 0.12 | 2.68 | 54 | |||||||||||||||||||||||||
| (2.60 | ) | 19.66 | 11.06 | 6,431 | — | (f) | 0.15 | 3.03 | 47 | |||||||||||||||||||||||||
| (2.16 | ) | 20.30 | 1.11 | 5,149 | 0.09 | 2.65 | 3.22 | 51 | ||||||||||||||||||||||||||
| $ | (1.04 | ) | $ | 20.76 | 8.22 | % | $ | 720 | 0.45 | %(d) | 0.46 | %(d) | 2.30 | %(d) | 98 | % | ||||||||||||||||||
| (0.68 | ) | 20.20 | 10.87 | 646 | 0.45 | 0.45 | 1.23 | 89 | ||||||||||||||||||||||||||
| (1.54 | ) | 18.87 | (7.80 | ) | 605 | 0.29 | (d)(e) | 0.46 | (d)(e) | 4.66 | (d)(e) | 147 | ||||||||||||||||||||||
| (0.69 | ) | 22.03 | 4.87 | 1,245 | 0.30 | 0.45 | 2.25 | 78 | ||||||||||||||||||||||||||
| (0.66 | ) | 21.69 | 14.66 | 1,194 | 0.25 | 0.45 | 1.07 | 54 | ||||||||||||||||||||||||||
| (2.54 | ) | 19.58 | 10.62 | 17 | 0.21 | 0.45 | 2.77 | 47 | ||||||||||||||||||||||||||
| (2.10 | ) | 20.23 | 0.82 | 15 | 0.37 | 2.93 | 3.04 | 51 | ||||||||||||||||||||||||||
| (c) | Does not include expenses of the investment companies in which the Fund invests. |
| (d) | Annualized, unless otherwise noted. |
| (e) | Certain expenses incurred by the Fund were not annualized. |
| (f) | See Note 6 in the Notes to Financial Statements. |
| See accompanying Notes to Financial Statements | | March 31, 2017 | | 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 Retirement 2055: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 17.17 | $ | 0.17 | $ | 1.18 | $ | 1.35 | $ | (0.33 | ) | $ | (0.36 | ) | ||||||||||||||
| 9/30/2016 |
16.02 | 0.17 | 1.49 | 1.66 | (0.28 | ) | (0.23 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
18.70 | 0.33 | (1.69 | ) | (1.36 | ) | (0.76 | ) | (0.56 | ) | ||||||||||||||||||
| 11/30/2014 |
18.51 | 0.39 | 0.50 | 0.89 | (0.49 | ) | (0.21 | ) | ||||||||||||||||||||
| 11/30/2013 |
17.02 | 0.26 | 2.11 | 2.37 | (0.59 | ) | (0.29 | ) | ||||||||||||||||||||
| 12/19/2011* - 11/30/2012 |
15.00 | 0.44 | 1.80 | 2.24 | (0.22 | ) | — | |||||||||||||||||||||
| Class R | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 17.07 | $ | 0.21 | $ | 1.10 | $ | 1.31 | $ | (0.30 | ) | $ | (0.36 | ) | ||||||||||||||
| 9/30/2016 |
15.97 | 0.10 | 1.48 | 1.58 | (0.25 | ) | (0.23 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
18.63 | 0.26 | (1.66 | ) | (1.40 | ) | (0.70 | ) | (0.56 | ) | ||||||||||||||||||
| 11/30/2014 |
18.42 | 0.30 | 0.53 | 0.83 | (0.41 | ) | (0.21 | ) | ||||||||||||||||||||
| 11/30/2013 |
16.97 | 0.30 | 2.00 | 2.30 | (0.56 | ) | (0.29 | ) | ||||||||||||||||||||
| 12/19/2011* - 11/30/2012 |
15.00 | 0.31 | 1.88 | 2.19 | (0.22 | ) | — | |||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 17.32 | $ | 0.21 | $ | 1.17 | $ | 1.38 | $ | (0.39 | ) | $ | (0.36 | ) | ||||||||||||||
| 9/30/2016 |
16.17 | 0.20 | 1.52 | 1.72 | (0.34 | ) | (0.23 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
18.85 | 0.35 | (1.68 | ) | (1.33 | ) | (0.79 | ) | (0.56 | ) | ||||||||||||||||||
| 11/30/2014 |
18.61 | 0.38 | 0.57 | 0.95 | (0.50 | ) | (0.21 | ) | ||||||||||||||||||||
| 11/30/2013 |
17.08 | 0.34 | 2.09 | 2.43 | (0.61 | ) | (0.29 | ) | ||||||||||||||||||||
| 12/19/2011* - 11/30/2012 |
15.00 | 0.43 | 1.87 | 2.30 | (0.22 | ) | — | |||||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 17.38 | $ | 0.21 | $ | 1.19 | $ | 1.40 | $ | (0.40 | ) | $ | (0.36 | ) | ||||||||||||||
| 9/30/2016 |
16.22 | 0.26 | 1.48 | 1.74 | (0.35 | ) | (0.23 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
18.90 | 0.46 | (1.78 | ) | (1.32 | ) | (0.80 | ) | (0.56 | ) | ||||||||||||||||||
| 11/30/2014 |
18.64 | 0.47 | 0.50 | 0.97 | (0.50 | ) | (0.21 | ) | ||||||||||||||||||||
| 11/30/2013 |
17.09 | 0.49 | 1.96 | 2.45 | (0.61 | ) | (0.29 | ) | ||||||||||||||||||||
| 12/19/2011* - 11/30/2012 |
15.00 | 0.50 | 1.81 | 2.31 | (0.22 | ) | — | |||||||||||||||||||||
| Administrative Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 17.21 | $ | 0.19 | $ | 1.17 | $ | 1.36 | $ | (0.35 | ) | $ | (0.36 | ) | ||||||||||||||
| 9/30/2016 |
16.08 | 0.18 | 1.49 | 1.67 | (0.31 | ) | (0.23 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
18.76 | 0.62 | (1.98 | ) | (1.36 | ) | (0.76 | ) | (0.56 | ) | ||||||||||||||||||
| 11/30/2014 |
18.55 | 0.38 | 0.52 | 0.90 | (0.48 | ) | (0.21 | ) | ||||||||||||||||||||
| 11/30/2013 |
17.03 | 0.22 | 2.16 | 2.38 | (0.57 | ) | (0.29 | ) | ||||||||||||||||||||
| 12/19/2011* - 11/30/2012 |
15.00 | 0.44 | 1.81 | 2.25 | (0.22 | ) | — | |||||||||||||||||||||
| + | Unaudited |
| # | Fiscal year end changed from November 30th to September 30th. |
| * | Commencement of operations. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| (c) | Does not include expenses of the investment companies in which the Fund invests. |
| (d) | Annualized, unless otherwise noted. |
| (e) | Certain expenses incurred by the Fund were not annualized. |
| (f) | See Note 6 in the Notes to Financial Statements. |
| 258 | Semiannual Report | | March 31, 2017 | | 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 Assets with Fee Waiver/ |
Ratio of Expenses to Assets without Fee Waiver/ |
Ratio of Net Investment Income to Average Net Assets (c) |
Portfolio Turnover Rate |
|||||||||||||||||||||||||||
| $ | (0.69 | ) | $ | 17.83 | 8.09 | % | $ | 1,691 | 0.51 | %(d) | 0.60 | %(d) | 1.94 | %(d) | 86 | % | ||||||||||||||||||
| (0.51 | ) | 17.17 | 10.52 | 1,036 | 0.51 | 0.60 | 1.02 | 92 | ||||||||||||||||||||||||||
| (1.32 | ) | 16.02 | (7.75 | ) | 1,399 | 0.34 | (d)(e) | 0.60 | (d)(e) | 2.26 | (d)(e) | 153 | ||||||||||||||||||||||
| (0.70 | ) | 18.70 | 4.96 | 1,089 | 0.35 | 0.60 | 2.11 | 74 | ||||||||||||||||||||||||||
| (0.88 | ) | 18.51 | 14.59 | 135 | 0.30 | 0.60 | 1.52 | 41 | ||||||||||||||||||||||||||
| (0.22 | ) | 17.02 | 15.10 | 11 | 0.27 | (d) | 0.60 | (d) | 2.82 | (d) | 31 | |||||||||||||||||||||||
| $ | (0.66 | ) | $ | 17.72 | 7.88 | % | $ | 86 | 0.86 | %(d) | 0.86 | %(d) | 2.39 | %(d) | 86 | % | ||||||||||||||||||
| (0.48 | ) | 17.07 | 10.06 | 350 | 0.86 | 0.86 | 0.64 | 92 | ||||||||||||||||||||||||||
| (1.26 | ) | 15.97 | (7.98 | ) | 217 | 0.69 | (d)(e) | 0.85 | (d)(e) | 1.78 | (d)(e) | 153 | ||||||||||||||||||||||
| (0.62 | ) | 18.63 | 4.61 | 144 | 0.70 | 0.85 | 1.61 | 74 | ||||||||||||||||||||||||||
| (0.85 | ) | 18.42 | 14.22 | 72 | 0.65 | 0.85 | 1.75 | 41 | ||||||||||||||||||||||||||
| (0.22 | ) | 16.97 | 14.75 | 39 | 0.62 | (d) | 0.85 | (d) | 1.99 | (d) | 31 | |||||||||||||||||||||||
| $ | (0.75 | ) | $ | 17.95 | 8.26 | % | $ | 4,714 | 0.21 | %(d) | 0.21 | %(d) | 2.43 | %(d) | 86 | % | ||||||||||||||||||
| (0.57 | ) | 17.32 | 10.84 | 3,457 | 0.21 | 0.21 | 1.21 | 92 | ||||||||||||||||||||||||||
| (1.35 | ) | 16.17 | (7.51 | ) | 1,762 | 0.04 | (d)(e) | 0.20 | (d)(e) | 2.42 | (d)(e) | 153 | ||||||||||||||||||||||
| (0.71 | ) | 18.85 | 5.27 | 1,362 | 0.05 | 0.20 | 2.04 | 74 | ||||||||||||||||||||||||||
| (0.90 | ) | 18.61 | 14.88 | 240 | — | 0.20 | 1.96 | 41 | ||||||||||||||||||||||||||
| (0.22 | ) | 17.08 | 15.52 | 59 | — | (d)(f) | 0.20 | (d) | 2.77 | (d) | 31 | |||||||||||||||||||||||
| $ | (0.76 | ) | $ | 18.02 | 8.35 | % | $ | 4,749 | 0.11 | %(d) | 0.11 | %(d) | 2.39 | %(d) | 86 | % | ||||||||||||||||||
| (0.58 | ) | 17.38 | 10.91 | 2,982 | 0.11 | 0.11 | 1.60 | 92 | ||||||||||||||||||||||||||
| (1.36 | ) | 16.22 | (7.45 | ) | 2,591 | — | (d)(e)(f) | 0.10 | (d)(e) | 3.09 | (d)(e) | 153 | ||||||||||||||||||||||
| (0.71 | ) | 18.90 | 5.37 | 4,934 | — | (f) | 0.10 | 2.52 | 74 | |||||||||||||||||||||||||
| (0.90 | ) | 18.64 | 15.06 | 4,388 | — | (f) | 0.12 | 2.77 | 41 | |||||||||||||||||||||||||
| (0.22 | ) | 17.09 | 15.52 | 3,509 | — | (d)(f) | 0.15 | (d) | 3.21 | (d) | 31 | |||||||||||||||||||||||
| $ | (0.71 | ) | $ | 17.86 | 8.15 | % | $ | 349 | 0.46 | %(d) | 0.46 | %(d) | 2.21 | %(d) | 86 | % | ||||||||||||||||||
| (0.54 | ) | 17.21 | 10.54 | 298 | 0.46 | 0.46 | 1.10 | 92 | ||||||||||||||||||||||||||
| (1.32 | ) | 16.08 | (7.75 | ) | 216 | 0.29 | (d)(e) | 0.45 | (d)(e) | 4.23 | (d)(e) | 153 | ||||||||||||||||||||||
| (0.69 | ) | 18.76 | 5.00 | 357 | 0.30 | 0.45 | 2.06 | 74 | ||||||||||||||||||||||||||
| (0.86 | ) | 18.55 | 14.67 | 221 | 0.25 | 0.45 | 1.22 | 41 | ||||||||||||||||||||||||||
| (0.22 | ) | 17.03 | 15.17 | 11 | 0.22 | (d) | 0.46 | (d) | 2.87 | (d) | 31 | |||||||||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 259 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
| Net Asset Value, Beginning of Period |
Net Investment Income (a) |
Net Realized |
Total from Investment Operations |
Dividends from Net Investment Income |
Distributions from Net Realized Capital Gains |
|||||||||||||||||||||||
| AllianzGI Retirement Income: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 18.31 | $ | 0.45 | $ | — | $ | 0.45 | $ | (0.42 | ) | $ | (0.09 | ) | ||||||||||||||
| 9/30/2016 |
17.34 | 0.75 | 1.09 | 1.84 | (0.80 | ) | (0.07 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
19.35 | 0.48 | (1.32 | ) | (0.84 | ) | (0.67 | ) | (0.50 | ) | ||||||||||||||||||
| 11/30/2014 |
18.96 | 0.42 | 0.31 | 0.73 | (0.34 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
19.20 | 0.50 | 0.03 | 0.53 | (0.66 | ) | (0.08 | ) | ||||||||||||||||||||
| 11/30/2012 |
18.27 | 0.48 | 1.23 | 1.71 | (0.58 | ) | (0.20 | ) | ||||||||||||||||||||
| 11/30/2011 |
18.52 | 0.37 | 0.25 | 0.62 | (0.67 | ) | (0.20 | ) | ||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 18.21 | $ | 0.38 | $ | — | $ | 0.38 | $ | (0.25 | ) | $ | (0.09 | ) | ||||||||||||||
| 9/30/2016 |
17.16 | 0.66 | 1.04 | 1.70 | (0.58 | ) | (0.07 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
19.14 | 0.38 | (1.33 | ) | (0.95 | ) | (0.53 | ) | (0.50 | ) | ||||||||||||||||||
| 11/30/2014 |
18.76 | 0.27 | 0.31 | 0.58 | (0.20 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
18.99 | 0.37 | 0.01 | 0.38 | (0.50 | ) | (0.08 | ) | ||||||||||||||||||||
| 11/30/2012 |
18.09 | 0.31 | 1.24 | 1.55 | (0.45 | ) | (0.20 | ) | ||||||||||||||||||||
| 11/30/2011 |
18.36 | 0.27 | 0.21 | 0.48 | (0.55 | ) | (0.20 | ) | ||||||||||||||||||||
| Class R | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 18.97 | $ | 0.40 | $ | 0.04 | $ | 0.44 | $ | (0.31 | ) | $ | (0.09 | ) | ||||||||||||||
| 9/30/2016 |
17.92 | 0.73 | 1.11 | 1.84 | (0.72 | ) | (0.07 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
19.95 | 0.44 | (1.36 | ) | (0.92 | ) | (0.61 | ) | (0.50 | ) | ||||||||||||||||||
| 11/30/2014 |
19.53 | 0.36 | 0.33 | 0.69 | (0.27 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
19.74 | 0.46 | 0.01 | 0.47 | (0.57 | ) | (0.08 | ) | ||||||||||||||||||||
| 11/30/2012 |
18.77 | 0.24 | 1.45 | 1.69 | (0.52 | ) | (0.20 | ) | ||||||||||||||||||||
| 11/30/2011 |
18.73 | 0.53 | 0.05 | 0.58 | (0.34 | ) | (0.20 | ) | ||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 18.51 | $ | 0.48 | $ | — | $ | 0.48 | $ | (0.47 | ) | $ | (0.09 | ) | ||||||||||||||
| 9/30/2016 |
17.58 | 0.83 | 1.09 | 1.92 | (0.92 | ) | (0.07 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
19.61 | 0.51 | (1.31 | ) | (0.80 | ) | (0.73 | ) | (0.50 | ) | ||||||||||||||||||
| 11/30/2014 |
19.20 | 0.47 | 0.34 | 0.81 | (0.40 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
19.44 | 0.46 | 0.13 | 0.59 | (0.72 | ) | (0.08 | ) | ||||||||||||||||||||
| 11/30/2012 |
18.49 | 0.32 | 1.48 | 1.80 | (0.65 | ) | (0.20 | ) | ||||||||||||||||||||
| 11/30/2011 |
18.41 | 0.63 | 0.03 | 0.66 | (0.38 | ) | (0.20 | ) | ||||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 18.08 | $ | 0.49 | $ | (0.01 | ) | $ | 0.48 | $ | (0.48 | ) | $ | (0.09 | ) | |||||||||||||
| 9/30/2016 |
17.21 | 0.82 | 1.07 | 1.89 | (0.95 | ) | (0.07 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
19.23 | 0.56 | (1.33 | ) | (0.77 | ) | (0.75 | ) | (0.50 | ) | ||||||||||||||||||
| 11/30/2014 |
18.83 | 0.49 | 0.33 | 0.82 | (0.42 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
19.08 | 0.56 | 0.03 | 0.59 | (0.73 | ) | (0.08 | ) | ||||||||||||||||||||
| 11/30/2012 |
18.16 | 0.49 | 1.28 | 1.77 | (0.65 | ) | (0.20 | ) | ||||||||||||||||||||
| 11/30/2011 |
18.40 | 0.65 | 0.02 | 0.67 | (0.71 | ) | (0.20 | ) | ||||||||||||||||||||
| Administrative Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 18.61 | $ | 0.51 | $ | (0.05 | ) | $ | 0.46 | $ | (0.45 | ) | $ | (0.09 | ) | |||||||||||||
| 9/30/2016 |
17.60 | 0.75 | 0.94 | 1.69 | (0.61 | ) | (0.07 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
19.56 | 1.70 | (2.55 | ) | (0.85 | ) | (0.61 | ) | (0.50 | ) | ||||||||||||||||||
| 11/30/2014 |
19.15 | 0.43 | 0.33 | 0.76 | (0.35 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
19.41 | 0.22 | 0.32 | 0.54 | (0.69 | ) | (0.08 | ) | ||||||||||||||||||||
| 11/30/2012 |
18.46 | 0.49 | 1.26 | 1.75 | (0.60 | ) | (0.20 | ) | ||||||||||||||||||||
| 11/30/2011 |
18.40 | 0.59 | 0.03 | 0.62 | (0.36 | ) | (0.20 | ) | ||||||||||||||||||||
| + | Unaudited |
| # | Fiscal year end changed from November 30th to September 30th. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| 260 | Semiannual Report | | March 31, 2017 | | 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 Assets with Fee Waiver/ |
Ratio of Expenses to Assets without Fee Waiver/ |
Ratio of Net to Average |
Portfolio Turnover Rate |
||||||||||||||||||||||||||||||
| $ | — | $ | (0.51 | ) | $ | 18.25 | 2.52 | % | $ | 9,787 | 0.32 | %(d) | 0.61 | %(d) | 5.00 | %(d) | 86 | % | ||||||||||||||||||||
| — | (0.87 | ) | 18.31 | 10.97 | 10,140 | 0.40 | 0.60 | 4.25 | 116 | |||||||||||||||||||||||||||||
| — | (1.17 | ) | 17.34 | (4.53 | ) | 6,006 | 0.44 | (d)(e) | 0.62 | (d)(e) | 3.15 | (d)(e) | 179 | |||||||||||||||||||||||||
| — | (0.34 | ) | 19.35 | 3.88 | 6,324 | 0.40 | 0.60 | 2.18 | 101 | |||||||||||||||||||||||||||||
| (0.03 | ) | (0.77 | ) | 18.96 | 2.78 | 4,326 | 0.39 | 0.60 | 2.64 | 81 | ||||||||||||||||||||||||||||
| — | (0.78 | ) | 19.20 | 9.68 | 4,891 | 0.40 | 0.60 | 2.57 | 51 | |||||||||||||||||||||||||||||
| — | (0.87 | ) | 18.27 | 3.45 | 4,427 | 0.46 | 1.60 | 2.01 | 74 | |||||||||||||||||||||||||||||
| $ | — | $ | (0.34 | ) | $ | 18.25 | 2.15 | % | $ | 3,128 | 1.07 | %(d) | 1.36 | %(d) | 4.24 | %(d) | 86 | % | ||||||||||||||||||||
| — | (0.65 | ) | 18.21 | 10.16 | 3,361 | 1.15 | 1.35 | 3.75 | 116 | |||||||||||||||||||||||||||||
| — | (1.03 | ) | 17.16 | (5.16 | ) | 2,988 | 1.19 | (d)(e) | 1.37 | (d)(e) | 2.49 | (d)(e) | 179 | |||||||||||||||||||||||||
| — | (0.20 | ) | 19.14 | 3.12 | 3,984 | 1.15 | 1.35 | 1.42 | 101 | |||||||||||||||||||||||||||||
| (0.03 | ) | (0.61 | ) | 18.76 | 2.03 | 4,359 | 1.14 | 1.35 | 1.99 | 81 | ||||||||||||||||||||||||||||
| — | (0.65 | ) | 18.99 | 8.84 | 6,935 | 1.15 | 1.35 | 1.70 | 51 | |||||||||||||||||||||||||||||
| — | (0.75 | ) | 18.09 | 2.71 | 5,820 | 1.22 | 2.48 | 1.50 | 74 | |||||||||||||||||||||||||||||
| $ | — | $ | (0.40 | ) | $ | 19.01 | 2.39 | % | $ | 124 | 0.67 | %(d) | 0.86 | %(d) | 4.24 | %(d) | 86 | % | ||||||||||||||||||||
| — | (0.79 | ) | 18.97 | 10.59 | 519 | 0.75 | 0.85 | 4.00 | 116 | |||||||||||||||||||||||||||||
| — | (1.11 | ) | 17.92 | (4.83 | ) | 238 | 0.79 | (d)(e) | 0.87 | (d)(e) | 2.78 | (d)(e) | 179 | |||||||||||||||||||||||||
| — | (0.27 | ) | 19.95 | 3.55 | 215 | 0.75 | 0.85 | 1.80 | 101 | |||||||||||||||||||||||||||||
| (0.03 | ) | (0.68 | ) | 19.53 | 2.46 | 152 | 0.74 | 0.85 | 2.36 | 81 | ||||||||||||||||||||||||||||
| — | (0.72 | ) | 19.74 | 9.28 | 183 | 0.75 | 0.85 | 1.29 | 51 | |||||||||||||||||||||||||||||
| — | (0.54 | ) | 18.77 | 3.18 | 17 | 0.76 | 4.59 | 2.82 | 74 | |||||||||||||||||||||||||||||
| $ | — | $ | (0.56 | ) | $ | 18.43 | 2.70 | % | $ | 16,125 | 0.02 | %(d) | 0.21 | %(d) | 5.28 | %(d) | 86 | % | ||||||||||||||||||||
| — | (0.99 | ) | 18.51 | 11.32 | 17,120 | 0.10 | 0.20 | 4.63 | 116 | |||||||||||||||||||||||||||||
| — | (1.23 | ) | 17.58 | (4.31 | ) | 5,450 | 0.14 | (d)(e) | 0.22 | (d)(e) | 3.31 | (d)(e) | 179 | |||||||||||||||||||||||||
| — | (0.40 | ) | 19.61 | 4.23 | 6,349 | 0.11 | 0.21 | 2.39 | 101 | |||||||||||||||||||||||||||||
| (0.03 | ) | (0.83 | ) | 19.20 | 3.12 | 4,427 | 0.09 | (f) | 0.20 | 2.42 | 81 | |||||||||||||||||||||||||||
| — | (0.85 | ) | 19.44 | 10.05 | 4,751 | 0.10 | 0.20 | 1.71 | 51 | |||||||||||||||||||||||||||||
| — | (0.58 | ) | 18.49 | 3.69 | 14 | 0.26 | 4.47 | 3.38 | 74 | |||||||||||||||||||||||||||||
| $ | — | $ | (0.57 | ) | $ | 17.99 | 2.76 | % | $ | 21,408 | — | %(d)(f) | 0.11 | %(d) | 5.49 | %(d) | 86 | % | ||||||||||||||||||||
| — | (1.02 | ) | 18.08 | 11.40 | 19,128 | — | 0.10 | 4.70 | 116 | |||||||||||||||||||||||||||||
| — | (1.25 | ) | 17.21 | (4.23 | ) | 8,058 | 0.04 | (d)(e) | 0.12 | (d)(e) | 3.69 | (d)(e) | 179 | |||||||||||||||||||||||||
| — | (0.42 | ) | 19.23 | 4.36 | 9,496 | — | (f)(g) | 0.10 | 2.56 | 101 | ||||||||||||||||||||||||||||
| (0.03 | ) | (0.84 | ) | 18.83 | 3.23 | 9,487 | — | (f) | 0.12 | 2.96 | 81 | |||||||||||||||||||||||||||
| — | (0.85 | ) | 19.08 | 10.11 | 11,294 | — | 0.15 | 2.64 | 51 | |||||||||||||||||||||||||||||
| — | (0.91 | ) | 18.16 | 3.77 | 4,904 | 0.16 | 1.81 | 3.53 | 74 | |||||||||||||||||||||||||||||
| $ | — | $ | (0.54 | ) | $ | 18.53 | 2.57 | % | $ | 1,643 | 0.27 | %(d) | 0.46 | %(d) | 5.56 | %(d) | 86 | % | ||||||||||||||||||||
| — | (0.68 | ) | 18.61 | 9.87 | 822 | 0.35 | 0.45 | 4.13 | 116 | |||||||||||||||||||||||||||||
| — | (1.11 | ) | 17.60 | (4.53 | ) | 24 | 0.37 | (d)(e) | 0.45 | (d)(e) | 10.47 | (d)(e) | 179 | |||||||||||||||||||||||||
| — | (0.35 | ) | 19.56 | 3.97 | 2,001 | 0.35 | 0.45 | 2.20 | 101 | |||||||||||||||||||||||||||||
| (0.03 | ) | (0.80 | ) | 19.15 | 2.92 | 2,461 | 0.34 | 0.45 | 1.16 | 81 | ||||||||||||||||||||||||||||
| — | (0.80 | ) | 19.41 | 9.71 | 15 | 0.35 | 0.45 | 2.59 | 51 | |||||||||||||||||||||||||||||
| — | (0.56 | ) | 18.46 | 3.49 | 14 | 0.44 | 4.65 | 3.21 | 74 | |||||||||||||||||||||||||||||
| (c) | Does not include expenses of the investment companies in which the Fund invests. |
| (d) | Annualized, unless otherwise noted. |
| (e) | Certain expenses incurred by the Fund were not annualized. |
| (f) | See Note 6 in the Notes to Financial Statements. |
| (g) | Less than 0.01%. |
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 261 |
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 Global Allocation: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 11.23 | $ | 0.16 | $ | 0.27 | $ | 0.43 | $ | (0.17 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
10.98 | 0.07 | 0.63 | 0.70 | (0.05 | ) | (0.40 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
12.18 | 0.25 | (0.89 | ) | (0.64 | ) | (0.42 | ) | (0.14 | ) | ||||||||||||||||||
| 11/30/2014 |
11.90 | 0.30 | 0.25 | 0.55 | (0.27 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
11.07 | 0.31 | 0.95 | 1.26 | (0.43 | ) | — | |||||||||||||||||||||
| 11/30/2012 |
10.30 | 0.25 | 0.84 | 1.09 | (0.32 | ) | — | |||||||||||||||||||||
| 11/30/2011 |
10.58 | 0.25 | (0.14 | ) | 0.11 | (0.39 | ) | — | ||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 11.32 | $ | 0.13 | $ | 0.27 | $ | 0.40 | $ | (0.09 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
11.13 | (0.01 | ) | 0.63 | 0.62 | (0.03 | ) | (0.40 | ) | |||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
12.33 | 0.18 | (0.91 | ) | (0.73 | ) | (0.33 | ) | (0.14 | ) | ||||||||||||||||||
| 11/30/2014 |
12.04 | 0.22 | 0.24 | 0.46 | (0.17 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
11.19 | 0.23 | 0.96 | 1.19 | (0.34 | ) | — | |||||||||||||||||||||
| 11/30/2012 |
10.41 | 0.17 | 0.85 | 1.02 | (0.24 | ) | — | |||||||||||||||||||||
| 11/30/2011 |
10.69 | 0.18 | (0.16 | ) | 0.02 | (0.30 | ) | — | ||||||||||||||||||||
| Class R | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 11.15 | $ | 0.16 | $ | 0.26 | $ | 0.42 | $ | (0.19 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
10.93 | 0.05 | 0.62 | 0.67 | (0.05 | ) | (0.40 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
12.13 | 0.22 | (0.88 | ) | (0.66 | ) | (0.40 | ) | (0.14 | ) | ||||||||||||||||||
| 11/30/2014 |
11.84 | 0.28 | 0.26 | 0.54 | (0.25 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
11.02 | 0.28 | 0.95 | 1.23 | (0.41 | ) | — | |||||||||||||||||||||
| 11/30/2012 |
10.26 | 0.21 | 0.84 | 1.05 | (0.29 | ) | — | |||||||||||||||||||||
| 11/30/2011 |
10.54 | 0.23 | (0.15 | ) | 0.08 | (0.36 | ) | — | ||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 11.24 | $ | 0.21 | $ | 0.24 | $ | 0.45 | $ | (0.26 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
10.98 | 0.12 | 0.61 | 0.73 | (0.07 | ) | (0.40 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
12.19 | 0.25 | (0.87 | ) | (0.62 | ) | (0.45 | ) | (0.14 | ) | ||||||||||||||||||
| 11/30/2014 |
11.90 | 0.32 | 0.26 | 0.58 | (0.29 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
11.07 | 0.32 | 0.96 | 1.28 | (0.45 | ) | — | |||||||||||||||||||||
| 11/30/2012 |
10.28 | 0.29 | 0.81 | 1.10 | (0.31 | ) | — | |||||||||||||||||||||
| 11/30/2011 |
10.56 | 0.27 | (0.14 | ) | 0.13 | (0.41 | ) | — | ||||||||||||||||||||
| + | Unaudited |
| # | Fiscal year end changed from November 30th to September 30th. |
| * | Commencement of operations. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| (c) | Does not include expenses of the investment companies in which the Fund invests. |
| (d) | Annualized, unless otherwise noted. |
| (e) | Certain expenses incurred by the Fund were not annualized. |
| 262 | Semiannual Report | | March 31, 2017 | | 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 (Loss) to Average Net Assets (c) |
Portfolio Turnover Rate |
|||||||||||||||||||||||||||
| $ | (0.17 | ) | $ | 11.49 | 3.88 | % | $ | 43,885 | 0.60 | %(d) | 1.13 | %(d) | 2.88 | %(d) | 6 | % | ||||||||||||||||||
| (0.45 | ) | 11.23 | 6.55 | 84,852 | 0.60 | 1.13 | 0.68 | 57 | ||||||||||||||||||||||||||
| (0.56 | ) | 10.98 | (5.45 | ) | 88,132 | 0.55 | (d)(e) | 1.30 | (d)(e) | 2.52 | (d)(e) | 113 | ||||||||||||||||||||||
| (0.27 | ) | 12.18 | 4.62 | 65,499 | 0.40 | 1.34 | 2.48 | 48 | ||||||||||||||||||||||||||
| (0.43 | ) | 11.90 | 11.79 | 69,565 | 0.41 | 1.36 | 2.68 | 45 | ||||||||||||||||||||||||||
| (0.32 | ) | 11.07 | 10.64 | 70,312 | 0.43 | 1.38 | 2.32 | 57 | ||||||||||||||||||||||||||
| (0.39 | ) | 10.30 | 0.95 | 73,816 | 0.47 | 1.35 | 2.32 | 64 | ||||||||||||||||||||||||||
| $ | (0.09 | ) | $ | 11.63 | 3.55 | % | $ | 40,169 | 1.35 | %(d) | 1.88 | %(d) | 2.37 | %(d) | 6 | % | ||||||||||||||||||
| (0.43 | ) | 11.32 | 5.72 | 46,387 | 1.38 | 1.90 | (0.06 | ) | 57 | |||||||||||||||||||||||||
| (0.47 | ) | 11.13 | (6.07 | ) | 51,322 | 1.29 | (d)(e) | 2.04 | (d)(e) | 1.78 | (d)(e) | 113 | ||||||||||||||||||||||
| (0.17 | ) | 12.33 | 3.88 | 62,275 | 1.13 | 2.08 | 1.78 | 48 | ||||||||||||||||||||||||||
| (0.34 | ) | 12.04 | 10.81 | 68,756 | 1.14 | 2.10 | 1.98 | 45 | ||||||||||||||||||||||||||
| (0.24 | ) | 11.19 | 9.90 | 71,375 | 1.18 | 2.11 | 1.59 | 57 | ||||||||||||||||||||||||||
| (0.30 | ) | 10.41 | 0.15 | 78,367 | 1.22 | 2.09 | 1.64 | 64 | ||||||||||||||||||||||||||
| $ | (0.19 | ) | $ | 11.38 | 3.87 | % | $ | 19 | 0.79 | %(d) | 1.32 | %(d) | 2.94 | %(d) | 6 | % | ||||||||||||||||||
| (0.45 | ) | 11.15 | 6.25 | 17 | 0.81 | 1.33 | 0.45 | 57 | ||||||||||||||||||||||||||
| (0.54 | ) | 10.93 | (5.61 | ) | 16 | 0.72 | (d)(e) | 1.50 | (d)(e) | 2.23 | (d)(e) | 113 | ||||||||||||||||||||||
| (0.25 | ) | 12.13 | 4.57 | 17 | 0.56 | 1.53 | 2.32 | 48 | ||||||||||||||||||||||||||
| (0.41 | ) | 11.84 | 11.44 | 17 | 0.59 | 1.54 | 2.42 | 45 | ||||||||||||||||||||||||||
| (0.29 | ) | 11.02 | 10.44 | 15 | 0.67 | 1.56 | 2.02 | 57 | ||||||||||||||||||||||||||
| (0.36 | ) | 10.26 | 0.73 | 14 | 0.72 | 1.59 | 2.11 | 64 | ||||||||||||||||||||||||||
| $ | (0.26 | ) | $ | 11.43 | 4.13 | % | $ | 2,840 | 0.29 | %(d) | 0.81 | %(d) | 3.72 | %(d) | 6 | % | ||||||||||||||||||
| (0.47 | ) | 11.24 | 6.78 | 1,901 | 0.30 | 0.83 | 1.10 | 57 | ||||||||||||||||||||||||||
| (0.59 | ) | 10.98 | (5.30 | ) | 2,069 | 0.33 | (d)(e) | 1.06 | (d)(e) | 2.52 | (d)(e) | 113 | ||||||||||||||||||||||
| (0.29 | ) | 12.19 | 4.96 | 2,139 | 0.16 | 1.12 | 2.68 | 48 | ||||||||||||||||||||||||||
| (0.45 | ) | 11.90 | 11.92 | 1,960 | 0.19 | 1.13 | 2.81 | 45 | ||||||||||||||||||||||||||
| (0.31 | ) | 11.07 | 10.91 | 1,340 | 0.25 | 1.37 | 2.75 | 57 | ||||||||||||||||||||||||||
| (0.41 | ) | 10.28 | 1.13 | 1,996 | 0.27 | 1.22 | 2.52 | 64 | ||||||||||||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | 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 Global Allocation (cont’d) | ||||||||||||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 11.11 | $ | 0.19 | $ | 0.25 | $ | 0.44 | $ | (0.24 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
10.86 | 0.10 | 0.61 | 0.71 | (0.06 | ) | (0.40 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
12.07 | 0.25 | (0.87 | ) | (0.62 | ) | (0.45 | ) | (0.14 | ) | ||||||||||||||||||
| 11/30/2014 |
11.78 | 0.32 | 0.27 | 0.59 | (0.30 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
10.97 | 0.32 | 0.95 | 1.27 | (0.46 | ) | — | |||||||||||||||||||||
| 11/30/2012 |
10.21 | 0.26 | 0.84 | 1.10 | (0.34 | ) | — | |||||||||||||||||||||
| 11/30/2011 |
10.48 | 0.27 | (0.13 | ) | 0.14 | (0.41 | ) | — | ||||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 11.10 | $ | 0.19 | $ | 0.25 | $ | 0.44 | $ | (0.26 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
10.85 | 0.05 | 0.67 | 0.72 | (0.07 | ) | (0.40 | ) | ||||||||||||||||||||
| 9/8/2015* - 9/30/2015# |
11.01 | 0.01 | (0.13 | ) | (0.12 | ) | (0.04 | ) | — | |||||||||||||||||||
| Administrative Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 11.52 | $ | 0.18 | $ | 0.27 | $ | 0.45 | $ | (0.21 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
11.25 | 0.08 | 0.64 | 0.72 | (0.05 | ) | (0.40 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
12.47 | 0.23 | (0.89 | ) | (0.66 | ) | (0.42 | ) | (0.14 | ) | ||||||||||||||||||
| 11/30/2014 |
12.17 | 0.30 | 0.27 | 0.57 | (0.27 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
11.30 | 0.43 | 0.85 | 1.28 | (0.41 | ) | — | |||||||||||||||||||||
| 11/30/2012 |
10.51 | 0.26 | 0.84 | 1.10 | (0.31 | ) | — | |||||||||||||||||||||
| 11/30/2011 |
10.78 | 0.13 | (0.01 | ) | 0.12 | (0.39 | ) | — | ||||||||||||||||||||
| + | Unaudited |
| # | Fiscal year end changed from November 30th to September 30th. |
| * | Commencement of operations. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| (c) | Does not include expenses of the investment companies in which the Fund invests. |
| (d) | Annualized, unless otherwise noted. |
| (e) | Certain expenses incurred by the Fund were not annualized. |
| 264 | Semiannual Report | | March 31, 2017 | | 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 (Loss) to Average Net Assets (c) |
Portfolio Turnover Rate |
|||||||||||||||||||||||||||
| $ | (0.24 | ) | $ | 11.31 | 4.09 | % | $ | 70,436 | 0.38 | %(d) | 0.91 | %(d) | 3.37 | %(d) | 6 | % | ||||||||||||||||||
| (0.46 | ) | 11.11 | 6.72 | 68,709 | 0.40 | 0.92 | 0.89 | 57 | ||||||||||||||||||||||||||
| (0.59 | ) | 10.86 | (5.34 | ) | 74,024 | 0.32 | (d)(e) | 1.07 | (d)(e) | 2.58 | (d)(e) | 113 | ||||||||||||||||||||||
| (0.30 | ) | 12.07 | 5.01 | 74,957 | 0.16 | 1.11 | 2.69 | 48 | ||||||||||||||||||||||||||
| (0.46 | ) | 11.78 | 11.90 | 68,675 | 0.16 | 1.11 | 2.81 | 45 | ||||||||||||||||||||||||||
| (0.34 | ) | 10.97 | 11.01 | 57,357 | 0.15 | 1.14 | 2.47 | 57 | ||||||||||||||||||||||||||
| (0.41 | ) | 10.21 | 1.31 | 47,916 | 0.16 | 1.12 | 2.50 | 64 | ||||||||||||||||||||||||||
| $ | (0.26 | ) | $ | 11.28 | 4.10 | % | $ | 299,509 | 0.28 | %(d) | 0.81 | %(d) | 3.44 | %(d) | 6 | % | ||||||||||||||||||
| (0.47 | ) | 11.10 | 6.81 | 291,767 | 0.30 | 0.83 | 0.48 | 57 | ||||||||||||||||||||||||||
| (0.04 | ) | 10.85 | (1.14 | ) | 91,912 | 0.30 | (d)(e) | 1.31 | (d)(e) | 2.07 | (d)(e) | 113 | ||||||||||||||||||||||
| $ | (0.21 | ) | $ | 11.76 | 3.96 | % | $ | 24 | 0.53 | %(d) | 1.06 | %(d) | 3.07 | %(d) | 6 | % | ||||||||||||||||||
| (0.45 | ) | 11.52 | 6.58 | 32 | 0.56 | 1.08 | 0.67 | 57 | ||||||||||||||||||||||||||
| (0.56 | ) | 11.25 | (5.50 | ) | 27 | 0.57 | (d)(e) | 1.23 | (d)(e) | 2.35 | (d)(e) | 113 | ||||||||||||||||||||||
| (0.27 | ) | 12.47 | 4.68 | 33 | 0.41 | 1.27 | 2.45 | 48 | ||||||||||||||||||||||||||
| (0.41 | ) | 12.17 | 11.59 | 24 | 0.41 | 1.48 | 3.73 | 45 | ||||||||||||||||||||||||||
| (0.31 | ) | 11.30 | 10.70 | 1,653 | 0.40 | 1.42 | 2.35 | 57 | ||||||||||||||||||||||||||
| (0.39 | ) | 10.51 | 1.05 | 1,649 | 0.41 | 1.36 | 1.19 | 64 | ||||||||||||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 265 |
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 Global Megatrends: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.71 | $ | 0.07 | $ | 0.40 | $ | 0.47 | $ | (0.06 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
13.84 | 0.01 | 1.94 | 1.95 | (0.28 | ) | (0.80 | ) | ||||||||||||||||||||
| 2/2/2015* - 9/30/2015# |
15.00 | (0.02 | ) | (1.14 | ) | (1.16 | ) | — | — | |||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.74 | $ | 0.07 | $ | 0.41 | $ | 0.48 | $ | (0.07 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
13.86 | 0.08 | 1.89 | 1.97 | (0.29 | ) | (0.80 | ) | ||||||||||||||||||||
| 2/2/2015* - 9/30/2015# |
15.00 | — | (1.14 | ) | (1.14 | ) | — | — | ||||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.76 | $ | 0.08 | $ | 0.41 | $ | 0.49 | $ | (0.07 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
13.87 | 0.07 | 1.91 | 1.98 | (0.29 | ) | (0.80 | ) | ||||||||||||||||||||
| 2/2/2015* - 9/30/2015# |
15.00 | 0.01 | (1.14 | ) | (1.13 | ) | — | — | ||||||||||||||||||||
| + | Unaudited |
| * | Commencement of operations. |
| # | Fiscal year end changed from November 30th to September 30th. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| (c) | Does not include expenses of the investment companies in which the Fund invests. |
| (d) | Annualized, unless otherwise noted. |
| (e) | Certain expenses incurred by the Fund were not annualized. |
| (f) | See Note 6 in the Notes to Financial Statements. |
| 266 | Semiannual Report | | March 31, 2017 | | 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 to Average Net Assets (c) |
Portfolio Turnover Rate |
|||||||||||||||||||||||||||
| $ | (0.06 | ) | $ | 15.12 | 3.24 | % | $ | 48 | 0.17 | %(d) | 4.85 | %(d) | 0.94 | %(d) | — | % | ||||||||||||||||||
| (1.08 | ) | 14.71 | 14.36 | 39 | 0.13 | 5.99 | 0.07 | 5 | ||||||||||||||||||||||||||
| — | 13.84 | (7.73 | ) | 9 | 0.15 | (d)(e) | 6.65 | (d)(e) | (0.15 | )(d)(e) | — | |||||||||||||||||||||||
| $ | (0.07 | ) | $ | 15.15 | 3.31 | % | $ | 11 | 0.02 | %(d) | 4.54 | %(d) | 1.03 | %(d) | — | % | ||||||||||||||||||
| (1.09 | ) | 14.74 | 14.55 | 11 | — | (f) | 6.70 | 0.61 | 5 | |||||||||||||||||||||||||
| — | 13.86 | (7.60 | ) | 27 | — | (d)(e) | 6.86 | (d)(e) | — | (d)(e) | — | |||||||||||||||||||||||
| $ | (0.07 | ) | $ | 15.18 | 3.38 | % | $ | 3,418 | — | %(d)(f) | 4.55 | %(d) | 1.13 | %(d) | — | % | ||||||||||||||||||
| (1.09 | ) | 14.76 | 14.61 | 3,204 | — | (f) | 5.84 | 0.46 | 5 | |||||||||||||||||||||||||
| — | 13.87 | (7.53 | ) | 2,776 | — | (d)(e)(f) | 6.40 | (d)(e) | 0.10 | (d)(e) | — | |||||||||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 267 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
| Net Asset Value, Beginning of Period |
Net Investment Income (Loss) (a) |
Net Realized and Change in Unrealized Gain (Loss) |
Total from Investment Operations |
Dividends from Net Investment Income |
Distributions from Net Realized Capital Gains |
|||||||||||||||||||||||
| AllianzGI Best Styles Emerging Markets Equity: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.44 | $ | 0.02 | $ | 0.78 | $ | 0.80 | $ | (0.85 | ) | $ | — | |||||||||||||||
| 4/26/2016* - 9/30/2016 |
13.08 | 0.18 | 1.18 | 1.36 | — | — | ||||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.40 | $ | (0.03 | ) | $ | 0.77 | $ | 0.74 | $ | (0.79 | ) | $ | — | ||||||||||||||
| 4/26/2016* - 9/30/2016 |
13.08 | 0.12 | 1.20 | 1.32 | — | — | ||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.47 | $ | 0.03 | $ | 0.78 | $ | 0.81 | $ | (0.84 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
12.75 | 0.22 | 1.93 | 2.15 | (0.17 | ) | (0.26 | ) | ||||||||||||||||||||
| 12/9/2014* - 9/30/2015# |
15.00 | 0.34 | (2.59 | ) | (2.25 | ) | — | (f) | — | |||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.46 | $ | 0.05 | $ | 0.77 | $ | 0.82 | $ | (0.85 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
12.76 | 0.25 | 1.90 | 2.15 | (0.19 | ) | (0.26 | ) | ||||||||||||||||||||
| 12/9/2014* - 9/30/2015# |
15.00 | 0.36 | (2.60 | ) | (2.24 | ) | — | (f) | — | |||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.44 | $ | 0.05 | $ | 0.78 | $ | 0.83 | $ | (0.80 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
12.77 | 0.30 | 1.87 | 2.17 | (0.24 | ) | (0.26 | ) | ||||||||||||||||||||
| 12/9/2014* - 9/30/2015# |
15.00 | 0.37 | (2.60 | ) | (2.23 | ) | — | (f) | — | |||||||||||||||||||
| AllianzGI Best Styles Global Equity: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.62 | $ | 0.07 | $ | 1.41 | $ | 1.48 | $ | — | (f) | $ | (0.10 | ) | ||||||||||||||
| 9/30/2016 |
14.60 | 0.28 | 0.89 | 1.17 | (0.15 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
16.57 | 0.52 | (1.65 | ) | (1.13 | ) | (0.43 | ) | (0.41 | ) | ||||||||||||||||||
| 9/2/2014* - 11/30/2014 |
16.51 | 0.05 | 0.01 | 0.06 | — | — | ||||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.61 | $ | 0.08 | $ | 1.36 | $ | 1.44 | $ | (0.18 | ) | $ | (0.10 | ) | ||||||||||||||
| 4/26/2016* - 9/30/2016 |
15.29 | 0.11 | 0.21 | 0.32 | — | — | ||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.79 | $ | 0.13 | $ | 1.39 | $ | 1.52 | $ | (0.24 | ) | $ | (0.10 | ) | ||||||||||||||
| 9/30/2016 |
14.68 | 0.32 | 0.89 | 1.21 | (0.10 | ) | — | |||||||||||||||||||||
| 12/22/2014* - 9/30/2015# |
15.68 | 0.27 | (1.27 | ) | (1.00 | ) | —(f | ) | — | (f) | ||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.68 | $ | 0.13 | $ | 1.38 | $ | 1.51 | $ | (0.26 | ) | $ | (0.10 | ) | ||||||||||||||
| 9/30/2016 |
14.63 | 0.37 | 0.84 | 1.21 | (0.16 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
16.58 | 0.28 | (1.38 | ) | (1.10 | ) | (0.44 | ) | (0.41 | ) | ||||||||||||||||||
| 9/2/2014* - 11/30/2014 |
16.51 | 0.06 | 0.01 | 0.07 | — | — | ||||||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.78 | $ | 0.14 | $ | 1.39 | $ | 1.53 | $ | (0.28 | ) | $ | (0.10 | ) | ||||||||||||||
| 9/30/2016 |
14.70 | 0.37 | 0.86 | 1.23 | (0.15 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
16.58 | 0.31 | (1.40 | ) | (1.09 | ) | (0.38 | ) | (0.41 | ) | ||||||||||||||||||
| 12/2/2013* - 11/30/2014 |
15.00 | 0.38 | 1.20 | 1.58 | — | — | ||||||||||||||||||||||
| + | Unaudited |
| * | Commencement of operations. |
| # | Fiscal year end changed from November 30th to September 30th. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| 268 | Semiannual Report | | March 31, 2017 | | 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 |
|||||||||||||||||||||||||||
| $ | (0.85 | ) | $ | 14.39 | 6.42 | % | $ | 18 | 0.91 | %(c) | 7.23 | %(c) | 0.32 | %(c) | 37 | % | ||||||||||||||||||
| — | 14.44 | 10.40 | 11 | 0.95 | (c) | 4.30 | (c) | 3.03 | (c) | 95 | ||||||||||||||||||||||||
| $ | (0.79 | ) | $ | 14.35 | 5.95 | % | $ | 15 | 1.67 | %(c) | 7.84 | %(c) | (0.49 | )%(c) | 37 | % | ||||||||||||||||||
| — | 14.40 | 10.09 | 14 | 1.70 | (c) | 5.13 | (c) | 2.08 | (c) | 95 | ||||||||||||||||||||||||
| $ | (0.84 | ) | $ | 14.44 | 6.46 | % | $ | 11 | 0.77 | %(c) | 6.84 | %(c) | 0.41 | %(c) | 37 | % | ||||||||||||||||||
| (0.43 | ) | 14.47 | (e) | 17.42 | (e) | 10 | 0.80 | 3.94 | 1.72 | 95 | ||||||||||||||||||||||||
| — | (f) | 12.75 | (14.98 | ) | 8 | 0.80 | (c)(d) | 5.81 | (c)(d) | 2.88 | (c)(d) | 29 | ||||||||||||||||||||||
| $ | (0.85 | ) | $ | 14.43 | 6.57 | % | $ | 74 | 0.62 | %(c) | 7.58 | %(c) | 0.68 | %(c) | 37 | % | ||||||||||||||||||
| (0.45 | ) | 14.46 | (e) | 17.52 | (e) | 10 | 0.70 | 3.89 | 1.97 | 95 | ||||||||||||||||||||||||
| — | (f) | 12.76 | (14.91 | ) | 9 | 0.70 | (c)(d) | 5.82 | (c)(d) | 2.98 | (c)(d) | 29 | ||||||||||||||||||||||
| $ | (0.80 | ) | $ | 14.47 | 6.57 | % | $ | 6,126 | 0.60 | %(c) | 6.66 | %(c) | 0.66 | %(c) | 37 | % | ||||||||||||||||||
| (0.50 | ) | 14.44 | (e) | 17.66 | (e) | 12,441 | 0.60 | 3.88 | 2.34 | 95 | ||||||||||||||||||||||||
| — | (f) | 12.77 | (14.84 | ) | 4,745 | 0.60 | (c)(d) | 5.79 | (c)(d) | 3.13 | (c)(d) | 29 | ||||||||||||||||||||||
| $ | (0.10 | ) | $ | 17.00 | 9.50 | % | $ | 1,203 | 0.75 | %(c) | 0.91 | %(c) | 0.84 | %(c) | 30 | % | ||||||||||||||||||
| (0.15 | ) | 15.62 | 8.09 | 36,257 | 0.75 | 0.79 | 1.88 | 70 | ||||||||||||||||||||||||||
| (0.84 | ) | 14.60 | (7.13 | ) | 32,383 | 0.75 | (c)(d) | 1.22 | (c)(d) | 4.64 | (c)(d) | 35 | ||||||||||||||||||||||
| — | 16.57 | 0.36 | 10 | 0.75 | (c) | 2.53 | (c) | 1.31 | (c) | 76 | ||||||||||||||||||||||||
| $ | (0.28 | ) | $ | 16.77 | 9.34 | % | $ | 21 | 1.39 | %(c) | 1.39 | %(c) | 0.99 | %(c) | 30 | % | ||||||||||||||||||
| — | 15.61 | 2.09 | 10 | 1.49 | (c) | 1.49 | (c) | 1.68 | (c) | 70 | ||||||||||||||||||||||||
| $ | (0.34 | ) | $ | 16.97 | 9.75 | % | $ | 3,250 | 0.57 | %(c) | 0.57 | %(c) | 1.61 | %(c) | 30 | % | ||||||||||||||||||
| (0.10 | ) | 15.79 | 8.28 | 2,851 | 0.60 | 0.62 | 2.13 | 70 | ||||||||||||||||||||||||||
| —(f | ) | 14.68 | (6.35 | ) | 4,069 | 0.61 | (c)(d) | 0.69 | (c)(d) | 2.20 | (c)(d) | 35 | ||||||||||||||||||||||
| $ | (0.36 | ) | $ | 16.83 | 9.81 | % | $ | 2,168 | 0.44 | %(c) | 0.49 | %(c) | 1.65 | %(c) | 30 | % | ||||||||||||||||||
| (0.16 | ) | 15.68 | 8.31 | 2,390 | 0.50 | 0.51 | 2.44 | 70 | ||||||||||||||||||||||||||
| (0.85 | ) | 14.63 | (6.92 | ) | 366 | 0.51 | (c)(d) | 0.68 | (c)(d) | 2.17 | (c)(d) | 35 | ||||||||||||||||||||||
| — | 16.58 | 0.42 | 10 | 0.50 | (c) | 2.27 | (c) | 1.56 | (c) | 76 | ||||||||||||||||||||||||
| $ | (0.38 | ) | $ | 16.93 | 9.85 | % | $ | 721,490 | 0.40 | %(c) | 0.41 | %(c) | 1.73 | %(c) | 30 | % | ||||||||||||||||||
| (0.15 | ) | 15.78 | 8.41 | 560,066 | 0.40 | 0.49 | 2.42 | 70 | ||||||||||||||||||||||||||
| (0.79 | ) | 14.70 | (6.83 | ) | 250,203 | 0.40 | (c)(d) | 0.70 | (c)(d) | 2.39 | (c)(d) | 35 | ||||||||||||||||||||||
| — | 16.58 | 10.53 | 33,422 | 0.40 | (c) | 1.80 | (c) | 2.40 | (c) | 76 | ||||||||||||||||||||||||
| (c) | Annualized, unless otherwise noted. |
| (d) | Certain expenses incurred by the Fund were not annualized. |
| (e) | Payments from Affiliates increased the end of period net asset value and total return by less than $0.01 and 0.01%, respectively. |
| (f) | Actual amount rounds to less than $(0.01) per share. |
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 269 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
| Net Asset Value, Beginning of Period |
Net Investment Income (a) |
Net Realized and Change in Unrealized Gain (Loss) |
Total from Investment Operations |
Dividends |
Distributions from Net Realized Capital Gains |
|||||||||||||||||||||||
| AllianzGI Best Styles International Equity: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.21 | $ | 0.10 | $ | 0.96 | $ | 1.06 | $ | (1.32 | ) | $ | — | |||||||||||||||
| 4/26/2016* - 9/30/2016 |
14.20 | 0.23 | (0.22 | ) | 0.01 | — | — | |||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.16 | $ | 0.05 | $ | 0.95 | $ | 1.00 | $ | (1.29 | ) | $ | — | |||||||||||||||
| 4/26/2016* - 9/30/2016 |
14.20 | 0.17 | (0.21 | ) | (0.04 | ) | — | — | ||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.21 | $ | 0.11 | $ | 0.95 | $ | 1.06 | $ | (1.32 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
13.83 | 0.40 | 0.23 | 0.63 | (0.12 | ) | (0.13 | ) | ||||||||||||||||||||
| 12/9/2014* - 9/30/2015# |
15.00 | 0.37 | (1.53 | ) | (1.16 | ) | (0.01 | ) | — | |||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.22 | $ | 0.12 | $ | 0.96 | $ | 1.08 | $ | (1.33 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
13.84 | 0.48 | 0.16 | 0.64 | (0.13 | ) | (0.13 | ) | ||||||||||||||||||||
| 12/9/2014* - 9/30/2015# |
15.00 | 0.38 | (1.53 | ) | (1.15 | ) | (0.01 | ) | — | |||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.20 | $ | 0.12 | $ | 0.96 | $ | 1.08 | $ | (1.33 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
13.85 | 0.45 | 0.21 | 0.66 | (0.18 | ) | (0.13 | ) | ||||||||||||||||||||
| 12/9/2014* - 9/30/2015# |
15.00 | 0.40 | (1.54 | ) | (1.14 | ) | (0.01 | ) | — | |||||||||||||||||||
| AllianzGI Best Styles U.S. Equity: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.47 | $ | 0.12 | $ | 1.51 | $ | 1.63 | $ | (0.23 | ) | $ | — | |||||||||||||||
| 4/26/2016* - 9/30/2016 |
14.91 | 0.11 | 0.45 | 0.56 | — | — | ||||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.42 | $ | 0.06 | $ | 1.51 | $ | 1.57 | $ | (0.22 | ) | $ | — | |||||||||||||||
| 4/26/2016* - 9/30/2016 |
14.91 | 0.06 | 0.45 | 0.51 | — | — | ||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.46 | $ | 0.13 | $ | 1.52 | $ | 1.65 | $ | (0.23 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
14.19 | 0.24 | 1.30 | 1.54 | (0.22 | ) | (0.05 | ) | ||||||||||||||||||||
| 12/1/2014* - 9/30/2015# |
15.00 | 0.18 | (0.97 | ) | (0.79 | ) | (0.02 | ) | — | |||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.49 | $ | 0.13 | $ | 1.52 | $ | 1.65 | $ | (0.23 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
14.20 | 0.25 | 1.32 | 1.57 | (0.23 | ) | (0.05 | ) | ||||||||||||||||||||
| 12/1/2014* - 9/30/2015# |
15.00 | 0.18 | (0.96 | ) | (0.78 | ) | (0.02 | ) | — | |||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.53 | $ | 0.15 | $ | 1.53 | $ | 1.68 | $ | (0.24 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
14.21 | 0.27 | 1.31 | 1.58 | (0.21 | ) | (0.05 | ) | ||||||||||||||||||||
| 12/1/2014* - 9/30/2015# |
15.00 | 0.20 | (0.97 | ) | (0.77 | ) | (0.02 | ) | — | |||||||||||||||||||
| + | Unaudited |
| * | Commencement of operations. |
| # | Fiscal year end changed from November 30th to September 30th. |
| (a) | Calculated on average shares outstanding during the period. |
| 270 | Semiannual Report | | March 31, 2017 | | 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 |
|||||||||||||||||||||||||||
| $ | (1.32 | ) | $ | 13.95 | 8.19 | % | $ | 13 | 0.77 | %(c) | 1.83 | %(c) | 1.45 | %(c) | 22 | % | ||||||||||||||||||
| — | 14.21 | 0.07 | 12 | 0.80 | (c) | 1.24 | (c) | 3.88 | (c) | 103 | ||||||||||||||||||||||||
| $ | (1.29 | ) | $ | 13.87 | 7.77 | % | $ | 17 | 1.52 | %(c) | 2.56 | %(c) | 0.70 | %(c) | 22 | % | ||||||||||||||||||
| — | 14.16 | (0.28 | ) | 15 | 1.55 | (c) | 2.02 | (c) | 2.79 | (c) | 103 | |||||||||||||||||||||||
| $ | (1.32 | ) | $ | 13.95 | 8.23 | % | $ | 10 | 0.62 | %(c) | 1.56 | %(c) | 1.60 | %(c) | 22 | % | ||||||||||||||||||
| (0.25 | ) | 14.21 | 4.57 | 10 | 0.65 | 0.97 | 2.87 | 103 | ||||||||||||||||||||||||||
| (0.01 | ) | 13.83 | (7.74 | ) | 9 | 0.65 | (c)(d) | 2.06 | (c)(d) | 2.99 | (c)(d) | 29 | ||||||||||||||||||||||
| $ | (1.33 | ) | $ | 13.97 | 8.32 | % | $ | 39 | 0.52 | %(c) | 1.57 | %(c) | 1.70 | %(c) | 22 | % | ||||||||||||||||||
| (0.26 | ) | 14.22 | 4.66 | 36 | 0.55 | 1.01 | 3.49 | 103 | ||||||||||||||||||||||||||
| (0.01 | ) | 13.84 | (7.66 | ) | 9 | 0.55 | (c)(d) | 2.06 | (c)(d) | 3.09 | (c)(d) | 29 | ||||||||||||||||||||||
| $ | (1.33 | ) | $ | 13.95 | 8.35 | % | $ | 32,420 | 0.46 | %(c) | 1.52 | %(c) | 1.68 | %(c) | 22 | % | ||||||||||||||||||
| (0.31 | ) | 14.20 | 4.74 | 71,088 | 0.45 | 0.99 | 3.25 | 103 | ||||||||||||||||||||||||||
| (0.01 | ) | 13.85 | (7.59 | ) | 56,210 | 0.45 | (c)(d) | 1.62 | (c)(d) | 3.31 | (c)(d) | 29 | ||||||||||||||||||||||
| $ | (0.23 | ) | $ | 16.87 | 10.63 | % | $ | 507 | 0.70 | %(c) | 0.82 | %(c) | 1.53 | %(c) | 55 | % | ||||||||||||||||||
| — | 15.47 | 3.76 | 47 | 0.75 | (c) | 0.93 | (c) | 1.75 | (c) | 64 | ||||||||||||||||||||||||
| $ | (0.22 | ) | $ | 16.77 | 10.26 | % | $ | 21 | 1.46 | %(c) | 1.57 | %(c) | 0.78 | %(c) | 55 | % | ||||||||||||||||||
| — | 15.42 | 3.42 | 10 | 1.50 | (c) | 1.61 | (c) | 0.88 | (c) | 64 | ||||||||||||||||||||||||
| $ | (0.23 | ) | $ | 16.88 | 10.77 | % | $ | 60 | 0.57 | %(c) | 0.69 | %(c) | 1.64 | %(c) | 55 | % | ||||||||||||||||||
| (0.27 | ) | 15.46 | 10.95 | 54 | 0.60 | 0.71 | 1.63 | 64 | ||||||||||||||||||||||||||
| (0.02 | ) | 14.19 | (5.27 | ) | 25 | 0.60 | (c)(d) | 1.32 | (c)(d) | 1.40 | (c)(d) | 51 | ||||||||||||||||||||||
| $ | (0.23 | ) | $ | 16.91 | 10.76 | % | $ | 119 | 0.50 | %(c) | 1.85 | %(c) | 1.67 | %(c) | 55 | % | ||||||||||||||||||
| (0.28 | ) | 15.49 | 11.20 | 86 | 0.50 | 0.75 | 1.72 | 64 | ||||||||||||||||||||||||||
| (0.02 | ) | 14.20 | (5.20 | ) | 1,771 | 0.50 | (c)(d) | 1.45 | (c)(d) | 1.51 | (c)(d) | 51 | ||||||||||||||||||||||
| $ | (0.24 | ) | $ | 16.97 | 10.87 | % | $ | 119,729 | 0.40 | %(c) | 0.58 | %(c) | 1.86 | %(c) | 55 | % | ||||||||||||||||||
| (0.26 | ) | 15.53 | 11.23 | 100,878 | 0.40 | 0.62 | 1.80 | 64 | ||||||||||||||||||||||||||
| (0.02 | ) | 14.21 | (5.12 | ) | 86,456 | 0.40 | (c)(d) | 0.74 | (c)(d) | 1.63 | (c)(d) | 51 | ||||||||||||||||||||||
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| (c) | Annualized, unless otherwise noted. |
| (d) | Certain expenses incurred by the Fund were not annualized. |
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 271 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
| Net
Asset |
Net Investment Income (a) |
Net Realized and Change in Unrealized Gain (Loss) |
Total from Investment Operations |
Dividends from Net Investment Income |
Distributions from Net Realized Capital Gains |
|||||||||||||||||||||||
| AllianzGI Convertible: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 31.02 | $ | 0.19 | $ | 1.58 | $ | 1.77 | $ | (0.51 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
32.13 | 0.64 | 1.29 | 1.93 | (0.53 | ) | (2.51 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
36.54 | 0.31 | (1.88 | ) | (1.57 | ) | (0.55 | ) | (2.29 | ) | ||||||||||||||||||
| 11/30/2014 |
34.91 | 0.39 | 2.81 | 3.20 | (0.73 | ) | (0.84 | ) | ||||||||||||||||||||
| 11/30/2013 |
28.27 | 0.54 | 6.59 | 7.13 | (0.49 | ) | — | |||||||||||||||||||||
| 11/30/2012 |
28.11 | 0.53 | 1.95 | 2.48 | (0.75 | ) | (1.57 | ) | ||||||||||||||||||||
| 11/30/2011 |
28.21 | 0.55 | 0.01 | 0.56 | (0.66 | ) | — | |||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 31.19 | $ | 0.08 | $ | 1.61 | $ | 1.69 | $ | (0.50 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
32.20 | 0.42 | 1.30 | 1.72 | (0.22 | ) | (2.51 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
36.55 | 0.10 | (1.88 | ) | (1.78 | ) | (0.28 | ) | (2.29 | ) | ||||||||||||||||||
| 11/30/2014 |
34.93 | 0.13 | 2.80 | 2.93 | (0.47 | ) | (0.84 | ) | ||||||||||||||||||||
| 11/30/2013 |
28.30 | 0.30 | 6.60 | 6.90 | (0.27 | ) | — | |||||||||||||||||||||
| 11/30/2012 |
28.15 | 0.32 | 1.96 | 2.28 | (0.56 | ) | (1.57 | ) | ||||||||||||||||||||
| 11/30/2011 |
28.30 | 0.34 | 0.03 | 0.37 | (0.52 | ) | — | |||||||||||||||||||||
| Class R | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 30.97 | $ | 0.12 | $ | 1.59 | $ | 1.71 | $ | (0.54 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
32.08 | 0.52 | 1.27 | 1.79 | (0.39 | ) | (2.51 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
36.45 | 0.20 | (1.87 | ) | (1.67 | ) | (0.41 | ) | (2.29 | ) | ||||||||||||||||||
| 11/30/2014 |
34.87 | 0.26 | 2.81 | 3.07 | (0.65 | ) | (0.84 | ) | ||||||||||||||||||||
| 11/30/2013 |
28.20 | 0.34 | 6.61 | 6.95 | (0.28 | ) | — | |||||||||||||||||||||
| 11/30/2012 |
28.08 | 0.43 | 1.95 | 2.38 | (0.69 | ) | (1.57 | ) | ||||||||||||||||||||
| 11/30/2011 |
28.17 | 0.48 | 0.02 | 0.50 | (0.59 | ) | — | |||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 30.84 | $ | 0.24 | $ | 1.58 | $ | 1.82 | $ | (0.66 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
32.07 | 0.72 | 1.27 | 1.99 | (0.71 | ) | (2.51 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
36.47 | 0.39 | (1.87 | ) | (1.48 | ) | (0.63 | ) | (2.29 | ) | ||||||||||||||||||
| 11/30/2014 |
34.84 | 0.47 | 2.80 | 3.27 | (0.80 | ) | (0.84 | ) | ||||||||||||||||||||
| 11/30/2013 |
28.20 | 0.63 | 6.55 | 7.18 | (0.54 | ) | — | |||||||||||||||||||||
| 11/30/2012 |
28.04 | 0.58 | 1.94 | 2.52 | (0.79 | ) | (1.57 | ) | ||||||||||||||||||||
| 11/30/2011 |
28.12 | 0.60 | 0.01 | 0.61 | (0.69 | ) | — | |||||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 30.76 | $ | 0.25 | $ | 1.58 | $ | 1.83 | $ | (0.67 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
32.02 | 0.74 | 1.26 | 2.00 | (0.75 | ) | (2.51 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
36.42 | 0.40 | (1.86 | ) | (1.46 | ) | (0.65 | ) | (2.29 | ) | ||||||||||||||||||
| 11/30/2014 |
34.80 | 0.50 | 2.79 | 3.29 | (0.83 | ) | (0.84 | ) | ||||||||||||||||||||
| 11/30/2013 |
28.16 | 0.61 | 6.59 | 7.20 | (0.56 | ) | — | |||||||||||||||||||||
| 11/30/2012 |
28.00 | 0.62 | 1.94 | 2.56 | (0.83 | ) | (1.57 | ) | ||||||||||||||||||||
| 11/30/2011 |
28.08 | 0.63 | 0.01 | 0.64 | (0.72 | ) | — | |||||||||||||||||||||
| Administrative Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 30.96 | $ | 0.21 | $ | 1.59 | $ | 1.80 | $ | (0.64 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
32.14 | 0.66 | 1.29 | 1.95 | (0.62 | ) | (2.51 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
36.54 | 0.33 | (1.88 | ) | (1.55 | ) | (0.56 | ) | (2.29 | ) | ||||||||||||||||||
| 11/30/2014 |
34.84 | 0.43 | 2.79 | 3.22 | (0.68 | ) | (0.84 | ) | ||||||||||||||||||||
| 11/30/2013 |
28.20 | 0.53 | 6.59 | 7.12 | (0.48 | ) | — | |||||||||||||||||||||
| 11/30/2012 |
28.04 | 0.55 | 1.94 | 2.49 | (0.76 | ) | (1.57 | ) | ||||||||||||||||||||
| 11/30/2011 |
28.14 | 0.55 | 0.01 | 0.56 | (0.66 | ) | — | |||||||||||||||||||||
| + | Unaudited |
| # | Fiscal year end changed from November 30th to September 30th. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| 272 | Semiannual Report | | March 31, 2017 | | 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 |
|||||||||||||||||||||||||||
| $ | (0.51 | ) | $ | 32.28 | 5.78 | % | $ | 82,873 | 1.04 | %(c) | 1.04 | %(c) | 1.20 | %(c) | 61 | % | ||||||||||||||||||
| (3.04 | ) | 31.02 | 6.42 | 259,711 | 0.99 | 0.99 | 2.12 | 101 | ||||||||||||||||||||||||||
| (2.84 | ) | 32.13 | (4.56 | ) | 465,080 | 0.98 | (c)(d) | 0.98 | (c)(d) | 1.08 | (c)(d) | 73 | ||||||||||||||||||||||
| (1.57 | ) | 36.54 | (e) | 9.47 | (e) | 483,863 | 0.97 | 0.97 | 1.09 | 94 | ||||||||||||||||||||||||
| (0.49 | ) | 34.91 | 25.49 | 319,778 | 0.96 | 0.96 | 1.67 | 81 | ||||||||||||||||||||||||||
| (2.32 | ) | 28.27 | 9.64 | 94,347 | 1.01 | 1.01 | 1.91 | 108 | ||||||||||||||||||||||||||
| (0.66 | ) | 28.11 | 1.95 | 64,857 | 0.97 | 0.97 | 1.89 | 129 | ||||||||||||||||||||||||||
| $ | (0.50 | ) | $ | 32.38 | 5.46 | % | $ | 55,023 | 1.73 | %(c) | 1.73 | %(c) | 0.54 | %(c) | 61 | % | ||||||||||||||||||
| (2.73 | ) | 31.19 | 5.65 | 67,423 | 1.71 | 1.71 | 1.40 | 101 | ||||||||||||||||||||||||||
| (2.57 | ) | 32.20 | (5.11 | ) | 101,326 | 1.71 | (c)(d) | 1.71 | (c)(d) | 0.34 | (c)(d) | 73 | ||||||||||||||||||||||
| (1.31 | ) | 36.55 | (e) | 8.66 | (e) | 127,201 | 1.70 | 1.70 | 0.36 | 94 | ||||||||||||||||||||||||
| (0.27 | ) | 34.93 | 24.55 | 113,799 | 1.70 | 1.70 | 0.94 | 81 | ||||||||||||||||||||||||||
| (2.13 | ) | 28.30 | 8.81 | 36,917 | 1.76 | 1.76 | 1.16 | 108 | ||||||||||||||||||||||||||
| (0.52 | ) | 28.15 | 1.26 | 27,465 | 1.74 | 1.74 | 1.17 | 129 | ||||||||||||||||||||||||||
| $ | (0.54 | ) | $ | 32.14 | 5.56 | % | $ | 963 | 1.48 | %(c) | 1.48 | %(c) | 0.80 | %(c) | 61 | % | ||||||||||||||||||
| (2.90 | ) | 30.97 | 5.95 | 1,145 | 1.43 | 1.43 | 1.73 | 101 | ||||||||||||||||||||||||||
| (2.70 | ) | 32.08 | (4.82 | ) | 1,592 | 1.36 | (c)(d) | 1.36 | (c)(d) | 0.70 | (c)(d) | 73 | ||||||||||||||||||||||
| (1.49 | ) | 36.45 | (e) | 9.10 | (e) | 1,440 | 1.30 | 1.30 | 0.74 | 94 | ||||||||||||||||||||||||
| (0.28 | ) | 34.87 | 24.86 | 394 | 1.51 | 1.51 | 1.06 | 81 | ||||||||||||||||||||||||||
| (2.26 | ) | 28.20 | 9.25 | 210 | 1.36 | 1.36 | 1.58 | 108 | ||||||||||||||||||||||||||
| (0.59 | ) | 28.08 | 1.76 | 37 | 1.22 | 1.22 | 1.67 | 129 | ||||||||||||||||||||||||||
| $ | (0.66 | ) | $ | 32.00 | 5.96 | % | $ | 78,322 | 0.75 | %(c) | 0.75 | %(c) | 1.52 | %(c) | 61 | % | ||||||||||||||||||
| (3.22 | ) | 30.84 | 6.67 | 88,900 | 0.73 | 0.73 | 2.38 | 101 | ||||||||||||||||||||||||||
| (2.92 | ) | 32.07 | (4.32 | ) | 160,998 | 0.69 | (c)(d) | 0.69 | (c)(d) | 1.36 | (c)(d) | 73 | ||||||||||||||||||||||
| (1.64 | ) | 36.47 | (e) | 9.71 | (e) | 224,860 | 0.74 | 0.74 | 1.32 | 94 | ||||||||||||||||||||||||
| (0.54 | ) | 34.84 | 25.76 | 251,377 | 0.75 | 0.75 | 1.96 | 81 | ||||||||||||||||||||||||||
| (2.36 | ) | 28.20 | 9.84 | 53,368 | 0.80 | 0.86 | 2.12 | 108 | ||||||||||||||||||||||||||
| (0.69 | ) | 28.04 | 2.14 | 37,551 | 0.80 | 0.83 | 2.07 | 129 | ||||||||||||||||||||||||||
| $ | (0.67 | ) | $ | 31.92 | 6.02 | % | $ | 943,186 | 0.68 | %(c) | 0.68 | %(c) | 1.59 | %(c) | 61 | % | ||||||||||||||||||
| (3.26 | ) | 30.76 | 6.73 | 1,089,974 | 0.67 | 0.67 | 2.47 | 101 | ||||||||||||||||||||||||||
| (2.94 | ) | 32.02 | (4.27 | ) | 1,428,098 | 0.66 | (c)(d) | 0.66 | (c)(d) | 1.40 | (c)(d) | 73 | ||||||||||||||||||||||
| (1.67 | ) | 36.42 | (e) | 9.79 | (e) | 1,781,193 | 0.65 | 0.65 | 1.41 | 94 | ||||||||||||||||||||||||
| (0.56 | ) | 34.80 | 25.88 | 1,583,824 | 0.65 | 0.65 | 1.93 | 81 | ||||||||||||||||||||||||||
| (2.40 | ) | 28.16 | 10.00 | 804,646 | 0.67 | 0.67 | 2.26 | 108 | ||||||||||||||||||||||||||
| (0.72 | ) | 28.00 | 2.24 | 521,854 | 0.70 | 0.70 | 2.16 | 129 | ||||||||||||||||||||||||||
| $ | (0.64 | ) | $ | 32.12 | 5.87 | % | $ | 1,329 | 0.91 | %(c) | 0.91 | %(c) | 1.37 | %(c) | 61 | % | ||||||||||||||||||
| (3.13 | ) | 30.96 | 6.52 | 1,428 | 0.90 | 0.90 | 2.20 | 101 | ||||||||||||||||||||||||||
| (2.85 | ) | 32.14 | (4.49 | ) | 1,998 | 0.89 | (c)(d) | 0.89 | (c)(d) | 1.15 | (c)(d) | 73 | ||||||||||||||||||||||
| (1.52 | ) | 36.54 | (e) | 9.57 | (e) | 3,783 | 0.89 | 0.89 | 1.22 | 94 | ||||||||||||||||||||||||
| (0.48 | ) | 34.84 | 25.55 | 12,951 | 0.90 | 0.90 | 1.65 | 81 | ||||||||||||||||||||||||||
| (2.33 | ) | 28.20 | 9.70 | 2,199 | 0.92 | 0.92 | 2.00 | 108 | ||||||||||||||||||||||||||
| (0.66 | ) | 28.04 | 2.00 | 1,352 | 0.97 | 0.97 | 1.90 | 129 | ||||||||||||||||||||||||||
| (c) | Annualized, unless otherwise noted. |
| (d) | Certain expenses incurred by the Fund were not annualized. |
| (e) | Payments from Affiliates increased the end of period net asset value and total return by less than $0.01 and 0.01%, respectively. |
| See accompanying Notes to Financial Statements | | March 31, 2017 | | 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 |
||||||||||||||||||||
| AllianzGI Emerging Markets Consumer: | ||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 3/31/2017+ |
$ | 13.60 | $ | 0.03 | $ | 0.64 | $ | 0.67 | $ | (0.12 | ) | |||||||||||||
| 9/30/2016 |
12.24 | 0.11 | 1.31 | 1.42 | (0.06 | ) | ||||||||||||||||||
| 12/1/2014* - 9/30/2015# |
15.00 | 0.13 | (2.89 | ) | (2.76 | ) | — | |||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||
| 3/31/2017+ |
$ | 13.68 | $ | 0.05 | $ | 0.64 | $ | 0.69 | $ | (0.15 | ) | |||||||||||||
| 9/30/2016 |
12.28 | 0.19 | 1.28 | 1.47 | (0.07 | ) | ||||||||||||||||||
| 12/1/2014* - 9/30/2015# |
15.00 | 0.13 | (2.85 | ) | (2.72 | ) | — | |||||||||||||||||
| AllianzGI Emerging Markets Debt: | ||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.89 | $ | 0.38 | $ | (0.12 | ) | $ | 0.26 | $ | (0.49 | ) | ||||||||||||
| 9/30/2016 |
13.51 | 0.71 | 1.32 | 2.03 | (0.65 | ) | ||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
14.92 | 0.47 | (1.35 | ) | (0.88 | ) | (0.53 | ) | ||||||||||||||||
| 9/15/2014* - 11/30/2014 |
15.00 | 0.11 | (0.19 | ) | (0.08 | ) | — | |||||||||||||||||
| Class C | ||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.96 | $ | 0.33 | $ | (0.13 | ) | $ | 0.20 | $ | (0.43 | ) | ||||||||||||
| 9/30/2016 |
13.51 | 0.61 | 1.32 | 1.93 | (0.48 | ) | ||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
14.90 | 0.39 | (1.36 | ) | (0.97 | ) | (0.42 | ) | ||||||||||||||||
| 9/15/2014* - 11/30/2014 |
15.00 | 0.09 | (0.19 | ) | (0.10 | ) | — | |||||||||||||||||
| Class P | ||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.90 | $ | 0.39 | $ | (0.12 | ) | $ | 0.27 | $ | (0.54 | ) | ||||||||||||
| 9/30/2016 |
13.51 | 0.70 | 1.35 | 2.05 | (0.66 | ) | ||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
14.92 | 0.49 | (1.34 | ) | (0.85 | ) | (0.56 | ) | ||||||||||||||||
| 9/15/2014* - 11/30/2014 |
15.00 | 0.12 | (0.20 | ) | (0.08 | ) | — | |||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.88 | $ | 0.40 | $ | (0.12 | ) | $ | 0.28 | $ | (0.55 | ) | ||||||||||||
| 9/30/2016 |
13.51 | 0.72 | 1.34 | 2.06 | (0.69 | ) | ||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
14.93 | 0.50 | (1.35 | ) | (0.85 | ) | (0.57 | ) | ||||||||||||||||
| 9/15/2014* - 11/30/2014 |
15.00 | 0.12 | (0.19 | ) | (0.07 | ) | — | |||||||||||||||||
| + | Unaudited |
| * | Commencement of operations. |
| # | Fiscal year end changed from November 30th to September 30th. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| (c) | Annualized, unless otherwise noted. |
| (d) | Certain expenses incurred by the Fund were not annualized. |
| 274 | Semiannual Report | | March 31, 2017 | | 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 |
||||||||||||||||||||||||
| $ | 14.15 | 5.02 | % | $ | 65 | 1.55 | %(c) | 26.28 | %(c) | 0.45 | %(c) | 67 | % | |||||||||||||||||
| 13.60 | 11.67 | 48 | 1.58 | 38.88 | 0.90 | 91 | ||||||||||||||||||||||||
| 12.24 | (18.40 | ) | 37 | 1.65 | (c)(d) | 9.30 | (c)(d) | 1.15 | (c)(d) | 77 | ||||||||||||||||||||
| $ | 14.22 | 5.23 | % | $ | 39,774 | 1.20 | %(c) | 1.69 | %(c) | 0.73 | %(c) | 67 | % | |||||||||||||||||
| 13.68 | 12.06 | 44,630 | 1.22 | 2.04 | 1.49 | 91 | ||||||||||||||||||||||||
| 12.28 | (18.13 | ) | 15,591 | 1.30 | (c)(d) | 3.55 | (c)(d) | 1.14 | (c)(d) | 77 | ||||||||||||||||||||
| $ | 14.66 | 1.82 | % | $ | 123 | 1.20 | %(c) | 1.72 | %(c) | 5.10 | %(c) | 38 | % | |||||||||||||||||
| 14.89 | 15.39 | 175 | 1.20 | 1.68 | 5.01 | 123 | ||||||||||||||||||||||||
| 13.51 | (6.00 | ) | 9 | 1.23 | (c)(d) | 2.32 | (c)(d) | 3.97 | (c)(d) | 125 | ||||||||||||||||||||
| 14.92 | (0.53 | ) | 10 | 1.20 | (c) | 2.51 | (c) | 3.65 | (c) | 27 | ||||||||||||||||||||
| $ | 14.73 | 1.45 | % | $ | 93 | 1.95 | %(c) | 2.39 | %(c) | 4.43 | %(c) | 38 | % | |||||||||||||||||
| 14.96 | 14.56 | 109 | 1.95 | 2.34 | 4.28 | 123 | ||||||||||||||||||||||||
| 13.51 | (6.61 | ) | 9 | 1.98 | (c)(d) | 3.06 | (c)(d) | 3.23 | (c)(d) | 125 | ||||||||||||||||||||
| 14.90 | (0.67 | ) | 10 | 1.95 | (c) | 3.25 | (c) | 2.90 | (c) | 27 | ||||||||||||||||||||
| $ | 14.63 | 1.89 | % | $ | 11 | 1.05 | %(c) | 1.33 | %(c) | 5.34 | %(c) | 38 | % | |||||||||||||||||
| 14.90 | 15.57 | 11 | 1.05 | 1.40 | 5.02 | 123 | ||||||||||||||||||||||||
| 13.51 | (5.86 | ) | 10 | 1.08 | (c)(d) | 2.06 | (c)(d) | 4.12 | (c)(d) | 125 | ||||||||||||||||||||
| 14.92 | (0.53 | ) | 10 | 1.05 | (c) | 2.25 | (c) | 3.80 | (c) | 27 | ||||||||||||||||||||
| $ | 14.61 | 1.97 | % | $ | 41,611 | 0.95 | %(c) | 1.35 | %(c) | 5.43 | %(c) | 38 | % | |||||||||||||||||
| 14.88 | 15.67 | 43,318 | 0.95 | 1.40 | 5.15 | 123 | ||||||||||||||||||||||||
| 13.51 | (5.82 | ) | 28,557 | 0.97 | (c)(d) | 2.07 | (c)(d) | 4.22 | (c)(d) | 125 | ||||||||||||||||||||
| 14.93 | (0.47 | ) | 29,856 | 0.95 | (c) | 2.28 | (c) | 3.91 | (c) | 27 | ||||||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 275 |
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 |
||||||||||||||||||||
| AllianzGI Emerging Markets Small-Cap: | ||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.15 | $ | (0.06 | ) | $ | 1.62 | $ | 1.56 | $ | — | (c) | ||||||||||||
| 9/30/2016 |
14.04 | 0.16 | 1.16 | 1.32 | (0.21 | ) | ||||||||||||||||||
| 12/1/2014* - 9/30/2015# |
15.00 | 0.26 | (1.22 | ) | (0.96 | ) | — | (c) | ||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.30 | $ | (0.03 | ) | $ | 1.57 | $ | 1.54 | $ | (0.45 | ) | ||||||||||||
| 9/30/2016 |
14.08 | 0.30 | 1.06 | 1.36 | (0.14 | ) | ||||||||||||||||||
| 12/1/2014* - 9/30/2015# |
15.00 | 0.22 | (1.14 | ) | (0.92 | ) | — | (c) | ||||||||||||||||
| AllianzGI Europe Equity Dividend: | ||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.32 | $ | 0.24 | $ | 0.27 | $ | 0.51 | $ | (0.29 | ) | |||||||||||||
| 9/30/2016 |
13.59 | 0.53 | 0.60 | 1.13 | (0.40 | ) | ||||||||||||||||||
| 2/2/2015* - 9/30/2015# |
15.00 | 0.37 | (1.78 | ) | (1.41 | ) | — | |||||||||||||||||
| Class C | ||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.24 | $ | 0.16 | $ | 0.29 | $ | 0.45 | $ | (0.24 | ) | |||||||||||||
| 9/30/2016 |
13.52 | 0.43 | 0.60 | 1.03 | (0.31 | ) | ||||||||||||||||||
| 2/2/2015* - 9/30/2015# |
15.00 | 0.28 | (1.76 | ) | (1.48 | ) | — | |||||||||||||||||
| Class P | ||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.37 | $ | 0.22 | $ | 0.30 | $ | 0.52 | $ | (0.27 | ) | |||||||||||||
| 9/30/2016 |
13.60 | 0.44 | 0.72 | 1.16 | (0.39 | ) | ||||||||||||||||||
| 2/2/2015* - 9/30/2015# |
15.00 | 0.40 | (1.80 | ) | (1.40 | ) | — | |||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.34 | $ | 0.22 | $ | 0.32 | $ | 0.54 | $ | (0.28 | ) | |||||||||||||
| 9/30/2016 |
13.61 | 0.55 | 0.62 | 1.17 | (0.44 | ) | ||||||||||||||||||
| 2/2/2015* - 9/30/2015# |
15.00 | 0.39 | (1.78 | ) | (1.39 | ) | — | |||||||||||||||||
| + | Unaudited |
| * | Commencement of operations. |
| # | Fiscal year end changed from November 30th to September 30th. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| (c) | Actual amount rounds to less than $(0.01) per share. |
| (d) | Annualized, unless otherwise noted. |
| (e) | Certain expenses incurred by the Fund were not annualized. |
| 276 | Semiannual Report | | March 31, 2017 | | 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 |
||||||||||||||||||||||||
| $ | 16.71 | 10.30 | % | $ | 86 | 1.85 | %(d) | 16.00 | %(d) | (0.83 | )%(d) | 57 | % | |||||||||||||||||
| 15.15 | 9.54 | 67 | 1.85 | 6.84 | 1.14 | 147 | ||||||||||||||||||||||||
| 14.04 | (6.39 | ) | 621 | 1.85 | (d)(e) | 9.40 | (d)(e) | 2.12 | (d)(e) | 103 | ||||||||||||||||||||
| $ | 16.39 | 10.56 | % | $ | 13,653 | 1.50 | %(d) | 3.55 | %(d) | (0.45 | )%(d) | 57 | % | |||||||||||||||||
| 15.30 | 9.80 | 13,367 | 1.50 | 4.72 | 2.08 | 147 | ||||||||||||||||||||||||
| 14.08 | (6.11 | ) | 7,921 | 1.50 | (d)(e) | 7.77 | (d)(e) | 1.78 | (d)(e) | 103 | ||||||||||||||||||||
| $ | 14.54 | 3.65 | % | $ | 154 | 1.25 | %(d)(e) | 6.18 | %(d)(e) | 3.41 | %(d)(e) | 29 | % | |||||||||||||||||
| 14.32 | 8.45 | 49 | 1.21 | 10.11 | 3.81 | 35 | ||||||||||||||||||||||||
| 13.59 | (9.40 | ) | 9 | 1.20 | (d)(e) | 11.69 | (d)(e) | 3.86 | (d)(e) | 16 | ||||||||||||||||||||
| $ | 14.45 | 3.23 | % | $ | 34 | 2.02 | %(d)(e) | 6.87 | %(d)(e) | 2.38 | %(d)(e) | 29 | % | |||||||||||||||||
| 14.24 | 7.70 | 15 | 1.96 | 11.04 | 3.10 | 35 | ||||||||||||||||||||||||
| 13.52 | (9.87 | ) | 11 | 1.95 | (d)(e) | 11.78 | (d)(e) | 2.93 | (d)(e) | 16 | ||||||||||||||||||||
| $ | 14.62 | 3.71 | % | $ | 10 | 1.10 | %(d)(e) | 5.80 | %(d)(e) | 3.07 | %(d)(e) | 29 | % | |||||||||||||||||
| 14.37 | 8.59 | 10 | 1.05 | 10.71 | 3.13 | 35 | ||||||||||||||||||||||||
| 13.60 | (9.33 | ) | 22 | 1.05 | (d)(e) | 11.62 | (d)(e) | 4.12 | (d)(e) | 16 | ||||||||||||||||||||
| $ | 14.60 | 3.84 | % | $ | 6,522 | 1.00 | %(d)(e) | 5.81 | %(d)(e) | 3.17 | %(d)(e) | 29 | % | |||||||||||||||||
| 14.34 | 8.73 | 6,273 | 0.95 | 9.97 | 3.90 | 35 | ||||||||||||||||||||||||
| 13.61 | (9.27 | ) | 2,915 | 0.95 | (d)(e) | 11.18 | (d)(e) | 4.00 | (d)(e) | 16 | ||||||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 277 |
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 Global Dynamic Allocation: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 18.32 | $ | 0.07 | $ | 0.64 | $ | 0.71 | $ | — | (d) | $ | — | |||||||||||||||
| 9/30/2016 |
17.99 | 0.17 | 0.66 | 0.83 | (0.22 | ) | (0.28 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
21.93 | 0.39 | (1.43 | ) | (1.04 | ) | (0.81 | ) | (2.09 | ) | ||||||||||||||||||
| 11/30/2014 |
24.70 | 0.44 | 0.31 | 0.75 | (0.66 | ) | (2.86 | ) | ||||||||||||||||||||
| 11/30/2013 |
22.04 | 0.42 | 3.07 | 3.49 | (0.61 | ) | (0.22 | ) | ||||||||||||||||||||
| 11/30/2012 |
20.72 | 0.51 | 1.71 | 2.22 | (0.59 | ) | (0.31 | ) | ||||||||||||||||||||
| 11/30/2011 |
22.03 | 0.45 | (0.33 | ) | 0.12 | (0.91 | ) | (0.52 | ) | |||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 18.05 | $ | — | (d) | $ | 0.61 | $ | 0.61 | $ | — | (d) | $ | — | ||||||||||||||
| 9/30/2016 |
17.63 | 0.08 | 0.62 | 0.70 | — | (d) | (0.28 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
21.52 | 0.30 | (1.45 | ) | (1.15 | ) | (0.65 | ) | (2.09 | ) | ||||||||||||||||||
| 11/30/2014 |
24.28 | 0.25 | 0.32 | 0.57 | (0.47 | ) | (2.86 | ) | ||||||||||||||||||||
| 11/30/2013 |
21.71 | 0.30 | 2.97 | 3.27 | (0.48 | ) | (0.22 | ) | ||||||||||||||||||||
| 11/30/2012 |
20.49 | 0.30 | 1.74 | 2.04 | (0.51 | ) | (0.31 | ) | ||||||||||||||||||||
| 11/30/2011 |
21.81 | 0.24 | (0.28 | ) | (0.04 | ) | (0.76 | ) | (0.52 | ) | ||||||||||||||||||
| Class R | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 18.23 | $ | 0.04 | $ | 0.63 | $ | 0.67 | $ | — | (d) | $ | — | |||||||||||||||
| 9/30/2016 |
17.84 | 0.16 | 0.63 | 0.79 | (0.12 | ) | (0.28 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
21.79 | 0.36 | (1.45 | ) | (1.09 | ) | (0.77 | ) | (2.09 | ) | ||||||||||||||||||
| 11/30/2014 |
24.62 | 0.40 | 0.30 | 0.70 | (0.67 | ) | (2.86 | ) | ||||||||||||||||||||
| 11/30/2013 |
21.90 | 0.23 | 3.20 | 3.43 | (0.49 | ) | (0.22 | ) | ||||||||||||||||||||
| 11/30/2012 |
20.73 | 0.39 | 1.77 | 2.16 | (0.68 | ) | (0.31 | ) | ||||||||||||||||||||
| 11/30/2011 |
22.01 | 0.40 | (0.34 | ) | 0.06 | (0.82 | ) | (0.52 | ) | |||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 18.36 | $ | 0.08 | $ | 0.63 | $ | 0.71 | $ | (0.10 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
17.97 | 0.16 | 0.71 | 0.87 | (0.20 | ) | (0.28 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
21.94 | 0.40 | (1.42 | ) | (1.02 | ) | (0.86 | ) | (2.09 | ) | ||||||||||||||||||
| 11/30/2014 |
24.71 | 0.46 | 0.33 | 0.79 | (0.70 | ) | (2.86 | ) | ||||||||||||||||||||
| 11/30/2013 |
22.08 | 0.38 | 3.14 | 3.52 | (0.67 | ) | (0.22 | ) | ||||||||||||||||||||
| 11/30/2012 |
20.85 | 0.49 | 1.77 | 2.26 | (0.72 | ) | (0.31 | ) | ||||||||||||||||||||
| 11/30/2011 |
22.12 | 0.63 | (0.48 | ) | 0.15 | (0.90 | ) | (0.52 | ) | |||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 18.37 | $ | 0.09 | $ | 0.64 | $ | 0.73 | $ | (0.01 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
18.02 | 0.23 | 0.65 | 0.88 | (0.25 | ) | (0.28 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
22.00 | 0.36 | (1.37 | ) | (1.01 | ) | (0.88 | ) | (2.09 | ) | ||||||||||||||||||
| 11/30/2014 |
24.74 | 0.48 | 0.34 | 0.82 | (0.70 | ) | (2.86 | ) | ||||||||||||||||||||
| 11/30/2013 |
22.10 | 0.56 | 2.99 | 3.55 | (0.69 | ) | (0.22 | ) | ||||||||||||||||||||
| 11/30/2012 |
20.87 | 0.51 | 1.78 | 2.29 | (0.75 | ) | (0.31 | ) | ||||||||||||||||||||
| 11/30/2011 |
22.14 | 0.65 | (0.48 | ) | 0.17 | (0.92 | ) | (0.52 | ) | |||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 18.38 | $ | 0.10 | $ | 0.65 | $ | 0.75 | $ | (0.09 | ) | $ | — | |||||||||||||||
| 2/1/2016* - 9/30/2016 |
17.30 | 0.09 | 0.99 | 1.08 | — | — | ||||||||||||||||||||||
| Administrative Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 18.35 | $ | 0.07 | $ | 0.63 | $ | 0.70 | $ | — | (d) | $ | — | |||||||||||||||
| 9/30/2016 |
17.93 | 0.21 | 0.63 | 0.84 | (0.14 | ) | (0.28 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
21.90 | 0.42 | (1.46 | ) | (1.04 | ) | (0.84 | ) | (2.09 | ) | ||||||||||||||||||
| 11/30/2014 |
24.67 | 0.42 | 0.33 | 0.75 | (0.66 | ) | (2.86 | ) | ||||||||||||||||||||
| 11/30/2013 |
22.04 | 0.48 | 3.01 | 3.49 | (0.64 | ) | (0.22 | ) | ||||||||||||||||||||
| 11/30/2012 |
20.81 | 0.46 | 1.77 | 2.23 | (0.69 | ) | (0.31 | ) | ||||||||||||||||||||
| 11/30/2011 |
22.08 | 0.59 | (0.47 | ) | 0.12 | (0.87 | ) | (0.52 | ) | |||||||||||||||||||
| + | Unaudited |
| # | Fiscal year end changed from November 30th to September 30th. |
| * | Commencement of operations. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| 278 | Semiannual Report | | March 31, 2017 | | 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 (Loss) to Average Net Assets (c) |
Portfolio Turnover Rate |
|||||||||||||||||||||||||||
| $ | — | (d) | $ | 19.03 | 3.88 | % | $ | 4,175 | 1.05 | %(e) | 1.32 | %(e) | 0.75 | %(e) | 120 | % | ||||||||||||||||||
| (0.50 | ) | 18.32 | 4.69 | 5,198 | 0.76 | 1.73 | 0.96 | 79 | ||||||||||||||||||||||||||
| (2.90 | ) | 17.99 | (5.30 | ) | 1,324 | 0.63 | (e)(f) | 4.38 | (e)(f) | 2.46 | (e)(f) | 121 | ||||||||||||||||||||||
| (3.52 | ) | 21.93 | 3.40 | 1,042 | 0.40 | 4.53 | 2.00 | 62 | ||||||||||||||||||||||||||
| (0.83 | ) | 24.70 | 16.42 | 1,344 | 0.40 | 3.84 | 1.82 | 101 | ||||||||||||||||||||||||||
| (0.90 | ) | 22.04 | 11.17 | 841 | 0.41 | 4.12 | 2.40 | 51 | ||||||||||||||||||||||||||
| (1.43 | ) | 20.72 | 0.17 | 1,283 | 0.47 | 3.23 | 2.02 | 85 | ||||||||||||||||||||||||||
| $ | — | (d) | $ | 18.66 | 3.38 | % | $ | 1,004 | 1.80 | %(e) | 2.11 | %(e) | (0.02 | )%(e) | 120 | % | ||||||||||||||||||
| (0.28 | ) | 18.05 | 4.02 | 1,029 | 1.49 | 2.69 | 0.45 | 79 | ||||||||||||||||||||||||||
| (2.74 | ) | 17.63 | (5.95 | ) | 1,194 | 1.37 | (e)(f) | 5.05 | (e)(f) | 1.90 | (e)(f) | 121 | ||||||||||||||||||||||
| (3.33 | ) | 21.52 | 2.57 | 1,346 | 1.18 | 5.31 | 1.16 | 62 | ||||||||||||||||||||||||||
| (0.70 | ) | 24.28 | 15.52 | 1,455 | 1.18 | 4.53 | 1.33 | 101 | ||||||||||||||||||||||||||
| (0.82 | ) | 21.71 | 10.34 | 1,277 | 1.18 | 4.65 | 1.44 | 51 | ||||||||||||||||||||||||||
| (1.28 | ) | 20.49 | (0.53 | ) | 1,241 | 1.20 | 4.46 | 1.13 | 85 | |||||||||||||||||||||||||
| $ | — | (d) | $ | 18.90 | 3.68 | % | $ | 191 | 1.35 | %(e) | 1.74 | %(e) | 0.45 | %(e) | 120 | % | ||||||||||||||||||
| (0.40 | ) | 18.23 | 4.50 | 159 | 1.01 | 2.25 | 0.90 | 79 | ||||||||||||||||||||||||||
| (2.86 | ) | 17.84 | (5.55 | ) | 152 | 0.87 | (e)(f) | 4.80 | (e)(f) | 2.27 | (e)(f) | 121 | ||||||||||||||||||||||
| (3.53 | ) | 21.79 | 3.17 | 145 | 0.63 | 4.99 | 1.79 | 62 | ||||||||||||||||||||||||||
| (0.71 | ) | 24.62 | 16.13 | 111 | 0.63 | 4.28 | 1.00 | 101 | ||||||||||||||||||||||||||
| (0.99 | ) | 21.90 | 10.89 | 38 | 0.65 | 4.16 | 1.87 | 51 | ||||||||||||||||||||||||||
| (1.34 | ) | 20.73 | (0.08 | ) | 36 | 0.71 | 3.90 | 1.84 | 85 | |||||||||||||||||||||||||
| $ | (0.10 | ) | $ | 18.97 | 3.91 | % | $ | 10,975 | 0.85 | %(e) | 1.24 | %(e) | 0.93 | %(e) | 120 | % | ||||||||||||||||||
| (0.48 | ) | 18.36 | 4.89 | 186 | 0.61 | 1.47 | 0.90 | 79 | ||||||||||||||||||||||||||
| (2.95 | ) | 17.97 | (5.19 | ) | 53 | 0.47 | (e)(f) | 4.07 | (e)(f) | 2.53 | (e)(f) | 121 | ||||||||||||||||||||||
| (3.56 | ) | 21.94 | 3.57 | 43 | 0.23 | 4.40 | 2.06 | 62 | ||||||||||||||||||||||||||
| (0.89 | ) | 24.71 | 16.62 | 41 | 0.23 | 3.76 | 1.65 | 101 | ||||||||||||||||||||||||||
| (1.03 | ) | 22.08 | 11.35 | 17 | 0.23 | 3.67 | 2.32 | 51 | ||||||||||||||||||||||||||
| (1.42 | ) | 20.85 | 0.34 | 15 | 0.27 | 3.26 | 2.84 | 85 | ||||||||||||||||||||||||||
| $ | (0.01 | ) | $ | 19.09 | 3.99 | % | $ | 34,409 | 0.79 | %(e) | 1.06 | %(e) | 1.00 | %(e) | 120 | % | ||||||||||||||||||
| (0.53 | ) | 18.37 | 4.98 | 37,722 | 0.51 | 1.45 | 1.27 | 79 | ||||||||||||||||||||||||||
| (2.97 | ) | 18.02 | (5.12 | ) | 4,714 | 0.39 | (e)(f) | 4.10 | (e)(f) | 2.27 | (e)(f) | 121 | ||||||||||||||||||||||
| (3.56 | ) | 22.00 | 3.69 | 3,401 | 0.13 | 4.30 | 2.16 | 62 | ||||||||||||||||||||||||||
| (0.91 | ) | 24.74 | 16.71 | 3,296 | 0.13 | 3.48 | 2.43 | 101 | ||||||||||||||||||||||||||
| (1.06 | ) | 22.10 | 11.51 | 5,008 | 0.13 | 3.84 | 2.42 | 51 | ||||||||||||||||||||||||||
| (1.44 | ) | 20.87 | 0.43 | 4,483 | 0.17 | 3.16 | 2.95 | 85 | ||||||||||||||||||||||||||
| $ | (0.09 | ) | $ | 19.04 | 4.08 | % | $ | 203,619 | 0.70 | %(e) | 1.05 | %(e) | 1.06 | %(e) | 120 | % | ||||||||||||||||||
| — | 18.38 | 6.24 | 9,029 | 0.36 | (e) | 1.36 | (e) | 0.77 | (e) | 79 | ||||||||||||||||||||||||
| $ | — | (d) | $ | 19.05 | 3.81 | % | $ | 21 | 1.03 | %(e) | 1.30 | %(e) | 0.76 | %(e) | 120 | % | ||||||||||||||||||
| (0.42 | ) | 18.35 | 4.73 | 20 | 0.76 | 1.89 | 1.15 | 79 | ||||||||||||||||||||||||||
| (2.93 | ) | 17.93 | (5.29 | ) | 19 | 0.61 | (e)(f) | 4.29 | (e)(f) | 2.64 | (e)(f) | 121 | ||||||||||||||||||||||
| (3.52 | ) | 21.90 | 3.38 | 26 | 0.38 | 4.55 | 1.90 | 62 | ||||||||||||||||||||||||||
| (0.86 | ) | 24.67 | 16.48 | 20 | 0.38 | 3.79 | 2.09 | 101 | ||||||||||||||||||||||||||
| (1.00 | ) | 22.04 | 11.20 | 17 | 0.38 | 3.82 | 2.17 | 51 | ||||||||||||||||||||||||||
| (1.39 | ) | 20.81 | 0.20 | 15 | 0.42 | 3.41 | 2.69 | 85 | ||||||||||||||||||||||||||
| (c) | Does not include expenses of the investment companies in which the Fund invests. |
| (d) | Actual amount rounds to less than $(0.01) per share. |
| (e) | Annualized, unless otherwise noted. |
| (f) | Certain expenses incurred by the Fund were not annualized. |
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 279 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
| Net Asset Value, Beginning of Period |
Net Investment Income (a) |
Net Realized and Change in Unrealized Gain (Loss) |
Total from Investment |
Dividends from Net Investment Income |
Distributions from Net Realized Capital |
|||||||||||||||||||||||
| AllianzGI Global Fundamental Strategy: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.21 | $ | 0.12 | $ | 0.11 | $ | 0.23 | $ | (0.33 | ) | $ | (0.20 | ) | ||||||||||||||
| 9/30/2016 |
14.71 | 0.25 | 0.95 | 1.20 | (0.61 | ) | (0.09 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
15.95 | 0.17 | (0.85 | ) | (0.68 | ) | (0.56 | ) | — | |||||||||||||||||||
| 11/30/2014 |
15.45 | 0.26 | 0.42 | 0.68 | (0.12 | ) | (0.06 | ) | ||||||||||||||||||||
| 7/1/2013* - 11/30/2013 |
15.00 | 0.06 | 0.39 | 0.45 | — | — | ||||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.23 | $ | 0.06 | $ | 0.12 | $ | 0.18 | $ | (0.29 | ) | $ | (0.20 | ) | ||||||||||||||
| 9/30/2016 |
14.66 | 0.15 | 0.94 | 1.09 | (0.43 | ) | (0.09 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
15.84 | 0.10 | (0.88 | ) | (0.78 | ) | (0.40 | ) | — | |||||||||||||||||||
| 11/30/2014 |
15.40 | 0.14 | 0.42 | 0.56 | (0.06 | ) | (0.06 | ) | ||||||||||||||||||||
| 7/1/2013* - 11/30/2013 |
15.00 | 0.01 | 0.39 | 0.40 | — | — | ||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.34 | $ | 0.13 | $ | 0.11 | $ | 0.24 | $ | (0.37 | ) | $ | (0.20 | ) | ||||||||||||||
| 9/30/2016 |
14.77 | 0.28 | 0.94 | 1.22 | (0.56 | ) | (0.09 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
15.98 | 0.21 | (0.88 | ) | (0.67 | ) | (0.54 | ) | — | |||||||||||||||||||
| 11/30/2014 |
15.46 | 0.28 | 0.43 | 0.71 | (0.13 | ) | (0.06 | ) | ||||||||||||||||||||
| 7/1/2013* - 11/30/2013 |
15.00 | 0.07 | 0.39 | 0.46 | — | — | ||||||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.36 | $ | 0.14 | $ | 0.12 | $ | 0.26 | $ | (0.35 | ) | $ | (0.20 | ) | ||||||||||||||
| 9/30/2016 |
14.78 | 0.31 | 0.93 | 1.24 | (0.57 | ) | (0.09 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
15.99 | 0.22 | (0.88 | ) | (0.66 | ) | (0.55 | ) | — | |||||||||||||||||||
| 11/30/2014 |
15.47 | 0.30 | 0.42 | 0.72 | (0.14 | ) | (0.06 | ) | ||||||||||||||||||||
| 7/1/2013* - 11/30/2013 |
15.00 | 0.08 | 0.39 | 0.47 | — | — | ||||||||||||||||||||||
| + | Unaudited |
| # | Fiscal year end changed from November 30th to September 30th. |
| * | Commencement of operations. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| (c) | Annualized, unless otherwise noted. |
| (d) | Certain expenses incurred by the Fund were not annualized. |
| (e) | Payments from Affiliates increased the end of period net asset value and total return by less than $0.01 and 0.01%, respectively. |
| 280 | Semiannual Report | | March 31, 2017 | | 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 |
|||||||||||||||||||||||||||
| $ | (0.53 | ) | $ | 14.91 | 1.68 | % | $ | 72 | 1.26 | %(c) | 2.38 | %(c) | 1.60 | %(c) | 23 | % | ||||||||||||||||||
| (0.70 | ) | 15.21 | 8.46 | 134 | 1.25 | 2.27 | 1.71 | 37 | ||||||||||||||||||||||||||
| (0.56 | ) | 14.71 | (4.37 | ) | 140 | 1.25 | (c)(d) | 2.29 | (c)(d) | 1.37 | (c)(d) | 16 | ||||||||||||||||||||||
| (0.18 | ) | 15.95 | (e) | 4.45 | (e) | 16 | 1.25 | 2.36 | 1.62 | 28 | ||||||||||||||||||||||||
| — | 15.45 | 3.00 | 10 | 1.25 | (c) | 2.41 | (c) | 0.96 | (c) | 2 | ||||||||||||||||||||||||
| $ | (0.49 | ) | $ | 14.92 | 1.30 | % | $ | 14 | 2.02 | %(c) | 3.13 | %(c) | 0.83 | %(c) | 23 | % | ||||||||||||||||||
| (0.52 | ) | 15.23 | 7.64 | 14 | 2.00 | 2.98 | 1.01 | 37 | ||||||||||||||||||||||||||
| (0.40 | ) | 14.66 | (5.03 | ) | 10 | 2.00 | (c)(d) | 2.8 | 1(c)(d) | 0.75 | (c)(d) | 16 | ||||||||||||||||||||||
| (0.12 | ) | 15.84 | (e) | 3.69 | (e) | 11 | 2.00 | 3.14 | 0.88 | 28 | ||||||||||||||||||||||||
| — | 15.40 | 2.67 | 10 | 2.00 | (c) | 3.16 | (c) | 0.21 | (c) | 2 | ||||||||||||||||||||||||
| $ | (0.57 | ) | $ | 15.01 | 1.70 | % | $ | 11 | 1.12 | %(c) | 2.11 | %(c) | 1.71 | %(c) | 23 | % | ||||||||||||||||||
| (0.65 | ) | 15.34 | 8.59 | 11 | 1.10 | 1.96 | 1.92 | 37 | ||||||||||||||||||||||||||
| (0.54 | ) | 14.77 | (4.31 | ) | 10 | 1.10 | (c)(d) | 1.82 | (c)(d) | 1.66 | (c)(d) | 16 | ||||||||||||||||||||||
| (0.19 | ) | 15.98 | (e) | 4.66 | (e) | 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 | ) | $ | 15.07 | 1.84 | % | $ | 16,071 | 1.02 | %(c) | 2.14 | %(c) | 1.82 | %(c) | 23 | % | ||||||||||||||||||
| (0.66 | ) | 15.36 | 8.69 | 15,842 | 1.00 | 1.93 | 2.07 | 37 | ||||||||||||||||||||||||||
| (0.55 | ) | 14.78 | (4.20 | ) | 19,317 | 1.00 | (c)(d) | 1.80 | (c)(d) | 1.76 | (c)(d) | 16 | ||||||||||||||||||||||
| (0.20 | ) | 15.99 | (e) | 4.72 | (e) | 22,115 | 1.00 | 2.15 | 1.90 | 28 | ||||||||||||||||||||||||
| — | 15.47 | 3.13 | 20,682 | 1.00 | (c) | 2.14 | (c) | 1.23 | (c) | 2 | ||||||||||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 281 |
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 Global Sustainability: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.80 | $ | 0.06 | $ | 0.64 | $ | 0.70 | $ | (0.14 | ) | $ | (0.03 | ) | ||||||||||||||
| 9/30/2016 |
14.10 | 0.14 | 1.76 | 1.90 | (0.20 | ) | — | |||||||||||||||||||||
| 12/9/2014* - 9/30/2015# |
15.00 | 0.11 | (1.01 | ) | (0.90 | ) | — | — | ||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.91 | $ | 0.08 | $ | 0.64 | $ | 0.72 | $ | (0.13 | ) | $ | (0.03 | ) | ||||||||||||||
| 9/30/2016 |
14.12 | 0.17 | 1.75 | 1.92 | (0.13 | ) | — | |||||||||||||||||||||
| 12/9/2014* - 9/30/2015# |
15.00 | 0.15 | (1.03 | ) | (0.88 | ) | — | — | ||||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.92 | $ | 0.08 | $ | 0.64 | $ | 0.72 | $ | (0.15 | ) | $ | (0.03 | ) | ||||||||||||||
| 9/30/2016 |
14.13 | 0.22 | 1.71 | 1.93 | (0.14 | ) | — | |||||||||||||||||||||
| 12/9/2014* - 9/30/2015# |
15.00 | 0.16 | (1.03 | ) | (0.87 | ) | — | — | ||||||||||||||||||||
| AllianzGI Global Water: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.46 | $ | (0.02 | ) | $ | (0.27 | ) | $ | (0.29 | ) | $ | (0.05 | ) | $ | (0.08 | ) | |||||||||||
| 9/30/2016 |
11.99 | 0.08 | 2.44 | 2.52 | (0.03 | ) | (0.02 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
12.70 | 0.06 | (0.74 | ) | (0.68 | ) | (0.03 | ) | — | |||||||||||||||||||
| 11/30/2014 |
12.41 | 0.07 | 0.25 | 0.32 | (0.03 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
10.26 | 0.07 | 2.20 | 2.27 | (0.12 | ) | — | |||||||||||||||||||||
| 11/30/2012 |
8.89 | 0.12 | 1.30 | 1.42 | (0.05 | ) | — | |||||||||||||||||||||
| 11/30/2011 |
8.75 | 0.06 | 0.08 | 0.14 | — | (e) | — | |||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 13.90 | $ | (0.07 | ) | $ | (0.26 | ) | $ | (0.33 | ) | $ | — | (e) | $ | (0.08 | ) | |||||||||||
| 9/30/2016 |
11.59 | (0.02 | ) | 2.35 | 2.33 | — | (e) | (0.02 | ) | |||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
12.33 | (0.02 | ) | (0.72 | ) | (0.74 | ) | — | (e) | — | ||||||||||||||||||
| 11/30/2014 |
12.11 | (0.03 | ) | 0.25 | 0.22 | — | (e) | — | ||||||||||||||||||||
| 11/30/2013 |
10.02 | (0.02 | ) | 2.16 | 2.14 | (0.05 | ) | — | ||||||||||||||||||||
| 11/30/2012 |
8.70 | 0.05 | 1.27 | 1.32 | — | (e) | — | |||||||||||||||||||||
| 11/30/2011 |
8.62 | (0.01 | ) | 0.09 | 0.08 | — | (e) | — | ||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.54 | $ | — | (e) | $ | (0.28 | ) | $ | (0.28 | ) | $ | (0.08 | ) | $ | (0.08 | ) | |||||||||||
| 9/30/2016 |
12.05 | 0.11 | 2.45 | 2.56 | (0.05 | ) | (0.02 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
12.80 | 0.09 | (0.75 | ) | (0.66 | ) | (0.09 | ) | — | |||||||||||||||||||
| 11/30/2014 |
12.49 | 0.09 | 0.27 | 0.36 | (0.05 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
10.30 | 0.09 | 2.21 | 2.30 | (0.11 | ) | — | |||||||||||||||||||||
| 11/30/2012 |
8.93 | 0.14 | 1.30 | 1.44 | (0.07 | ) | — | |||||||||||||||||||||
| 11/30/2011 |
8.77 | 0.07 | 0.09 | 0.16 | — | (e) | — | |||||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.33 | $ | — | (f) | $ | (0.27 | ) | $ | (0.27 | ) | $ | (0.11 | ) | $ | (0.08 | ) | |||||||||||
| 9/30/2016 |
11.90 | 0.11 | 2.41 | 2.52 | (0.07 | ) | (0.02 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
12.61 | 0.09 | (0.73 | ) | (0.64 | ) | (0.07 | ) | — | |||||||||||||||||||
| 11/30/2014 |
12.37 | 0.11 | 0.24 | 0.35 | (0.11 | ) | — | |||||||||||||||||||||
| 11/30/2013 |
10.25 | 0.09 | 2.21 | 2.30 | (0.18 | ) | — | |||||||||||||||||||||
| 11/30/2012 |
8.88 | 0.12 | 1.32 | 1.44 | (0.07 | ) | — | |||||||||||||||||||||
| 11/30/2011 |
8.71 | 0.08 | 0.09 | 0.17 | — | (e) | — | |||||||||||||||||||||
| + | Unaudited |
| * | Commencement of operations. |
| # | Fiscal year end changed from November 30th to September 30th. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| 282 | Semiannual Report | | March 31, 2017 | | 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 |
|||||||||||||||||||||||||||
| $ | (0.17 | ) | $ | 16.33 | 4.51 | % | $ | 150 | 1.20 | %(c) | 11.50 | %(c) | 0.78 | %(c) | 8 | % | ||||||||||||||||||
| (0.20 | ) | 15.80 | 13.54 | 125 | 1.20 | 21.93 | 0.94 | 20 | ||||||||||||||||||||||||||
| — | 14.10 | (6.00 | ) | 62 | 1.20 | (c)(d) | 15.36 | (c)(d) | 0.89 | (c)(d) | 25 | |||||||||||||||||||||||
| $ | (0.16 | ) | $ | 16.47 | 4.59 | % | $ | 18 | 1.05 | %(c) | 1.63 | %(c) | 1.04 | %(c) | 8 | % | ||||||||||||||||||
| (0.13 | ) | 15.91 | 13.67 | 11 | 1.05 | 3.44 | 1.15 | 20 | ||||||||||||||||||||||||||
| — | 14.12 | (5.87 | ) | 9 | 1.05 | (c)(d) | 8.70 | (c)(d) | 1.22 | (c)(d) | 25 | |||||||||||||||||||||||
| $ | (0.18 | ) | $ | 16.46 | 4.63 | % | $ | 24,522 | 0.95 | %(c) | 1.64 | %(c) | 0.97 | %(c) | 8 | % | ||||||||||||||||||
| (0.14 | ) | 15.92 | 13.77 | 20,610 | 0.95 | 2.04 | 1.47 | 20 | ||||||||||||||||||||||||||
| — | 14.13 | (5.80 | ) | 2,826 | 0.95 | (c)(d) | 8.70 | (c)(d) | 1.32 | (c)(d) | 25 | |||||||||||||||||||||||
| $ | (0.13 | ) | $ | 14.04 | (1.94 | )% | $ | 174,586 | 1.43 | %(c) | 1.43 | %(c) | (0.25 | )%(c) | 16 | % | ||||||||||||||||||
| (0.05 | ) | 14.46 | 21.06 | 237,785 | 1.49 | 1.49 | 0.62 | 55 | ||||||||||||||||||||||||||
| (0.03 | ) | 11.99 | (5.37 | ) | 128,465 | 1.44 | (c)(d) | 1.44 | (c)(d) | 0.58 | (c)(d) | 66 | ||||||||||||||||||||||
| — | 12.70 | 2.57 | 138,219 | 1.46 | 1.46 | 0.55 | 28 | |||||||||||||||||||||||||||
| (0.12 | ) | 12.41 | 22.31 | 118,252 | 1.54 | 1.54 | 0.63 | 28 | ||||||||||||||||||||||||||
| (0.05 | ) | 10.26 | 16.12 | 59,611 | 1.57 | 1.60 | 1.27 | 73 | ||||||||||||||||||||||||||
| — | 8.89 | 1.62 | 27,101 | 1.68 | 1.68 | 0.60 | 73 | |||||||||||||||||||||||||||
| $ | (0.08 | ) | $ | 13.49 | (2.31 | )% | $ | 86,183 | 2.19 | %(c) | 2.19 | %(c) | (1.01 | )%(c) | 16 | % | ||||||||||||||||||
| (0.02 | ) | 13.90 | 20.13 | 92,028 | 2.25 | 2.25 | (0.18 | ) | 55 | |||||||||||||||||||||||||
| — | 11.59 | (6.00 | ) | 69,700 | 2.23 | (c)(d) | 2.23 | (c)(d) | (0.21 | )(c)(d) | 66 | |||||||||||||||||||||||
| — | 12.33 | 1.82 | 77,082 | 2.23 | 2.23 | (0.26 | ) | 28 | ||||||||||||||||||||||||||
| (0.05 | ) | 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 | ||||||||||||||||||||||||||
| $ | (0.16 | ) | $ | 14.10 | (1.83 | )% | $ | 190,681 | 1.19 | %(c) | 1.19 | %(c) | (0.01 | )%(c) | 16 | % | ||||||||||||||||||
| (0.07 | ) | 14.54 | 21.37 | 125,532 | 1.24 | 1.24 | 0.82 | 55 | ||||||||||||||||||||||||||
| (0.09 | ) | 12.05 | (5.17 | ) | 82,847 | 1.16 | (c)(d) | 1.16 | (c)(d) | 0.84 | (c)(d) | 66 | ||||||||||||||||||||||
| (0.05 | ) | 12.80 | 2.87 | 84,835 | 1.21 | 1.21 | 0.67 | 28 | ||||||||||||||||||||||||||
| (0.11 | ) | 12.49 | 22.58 | 42,448 | 1.34 | 1.34 | 0.81 | 28 | ||||||||||||||||||||||||||
| (0.07 | ) | 10.30 | 16.22 | 16,820 | 1.41 | 1.47 | 1.49 | 73 | ||||||||||||||||||||||||||
| — | 8.93 | 1.85 | 16,118 | 1.49 | 1.52 | 0.79 | 73 | |||||||||||||||||||||||||||
| $ | (0.19 | ) | $ | 13.87 | (1.77 | )% | $ | 95,463 | 1.14 | %(c) | 1.14 | %(c) | 0.04 | %(c) | 16 | % | ||||||||||||||||||
| (0.09 | ) | 14.33 | 21.32 | 68,550 | 1.21 | 1.21 | 0.86 | 55 | ||||||||||||||||||||||||||
| (0.07 | ) | 11.90 | (5.08 | ) | 30,004 | 1.17 | (c)(d) | 1.17 | (c)(d) | 0.87 | (c)(d) | 66 | ||||||||||||||||||||||
| (0.11 | ) | 12.61 | 2.82 | 23,685 | 1.15 | 1.15 | 0.84 | 28 | ||||||||||||||||||||||||||
| (0.18 | ) | 12.37 | 22.77 | 14,429 | 1.19 | 1.19 | 0.77 | 28 | ||||||||||||||||||||||||||
| (0.07 | ) | 10.25 | 16.44 | 3,105 | 1.29 | 1.29 | 1.28 | 73 | ||||||||||||||||||||||||||
| — | 8.88 | 1.99 | 1,267 | 1.37 | 1.39 | 0.91 | 73 | |||||||||||||||||||||||||||
| (c) | Annualized, unless otherwise noted. |
| (d) | Certain expenses incurred by the Fund were not annualized. |
| (e) | Actual amount rounds to less than $(0.01) per share. |
| (f) | Actual amount rounds to less than $0.01 per share. |
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 283 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
|
Net Asset |
Net Investment Income (a) |
Net Realized and Change in Unrealized Gain (Loss) |
Total from Investment Operations |
Dividends from Net Investment Income |
Distributions from Net Realized Capital Gains |
|||||||||||||||||||||||
| AllianzGI High Yield Bond: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 9.14 | $ | 0.25 | $ | 0.11 | $ | 0.36 | $ | (0.25 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
8.92 | 0.53 | 0.24 | 0.77 | (0.55 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
9.85 | 0.47 | (0.91 | ) | (0.44 | ) | (0.49 | ) | — | |||||||||||||||||||
| 11/30/2014 |
10.36 | 0.61 | (0.36 | ) | 0.25 | (0.67 | ) | (0.09 | ) | |||||||||||||||||||
| 11/30/2013 |
10.16 | 0.67 | 0.22 | 0.89 | (0.68 | ) | (0.01 | ) | ||||||||||||||||||||
| 11/30/2012 |
9.69 | 0.72 | 0.61 | 1.33 | (0.73 | ) | (0.13 | ) | ||||||||||||||||||||
| 11/30/2011 |
10.03 | 0.72 | (0.28 | ) | 0.44 | (0.78 | ) | — | ||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 9.12 | $ | 0.22 | $ | 0.11 | $ | 0.33 | $ | (0.22 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
8.90 | 0.46 | 0.24 | 0.70 | (0.48 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
9.83 | 0.42 | (0.91 | ) | (0.49 | ) | (0.44 | ) | — | |||||||||||||||||||
| 11/30/2014 |
10.35 | 0.54 | (0.37 | ) | 0.17 | (0.60 | ) | (0.09 | ) | |||||||||||||||||||
| 11/30/2013 |
10.15 | 0.59 | 0.22 | 0.81 | (0.60 | ) | (0.01 | ) | ||||||||||||||||||||
| 11/30/2012 |
9.68 | 0.64 | 0.62 | 1.26 | (0.66 | ) | (0.13 | ) | ||||||||||||||||||||
| 11/30/2011 |
10.02 | 0.65 | (0.29 | ) | 0.36 | (0.70 | ) | — | ||||||||||||||||||||
| Class R | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 8.79 | $ | 0.22 | $ | 0.12 | $ | 0.34 | $ | (0.24 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
8.61 | 0.48 | 0.22 | 0.70 | (0.52 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
9.53 | 0.43 | (0.90 | ) | (0.47 | ) | (0.45 | ) | — | |||||||||||||||||||
| 11/30/2014 |
10.05 | 0.54 | (0.34 | ) | 0.20 | (0.63 | ) | (0.09 | ) | |||||||||||||||||||
| 11/30/2013 |
9.88 | 0.63 | 0.21 | 0.84 | (0.66 | ) | (0.01 | ) | ||||||||||||||||||||
| 11/30/2012 |
9.45 | 0.67 | 0.60 | 1.27 | (0.71 | ) | (0.13 | ) | ||||||||||||||||||||
| 11/30/2011 |
9.80 | 0.68 | (0.28 | ) | 0.40 | (0.75 | ) | — | ||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 8.80 | $ | 0.26 | $ | 0.11 | $ | 0.37 | $ | (0.27 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
8.62 | 0.53 | 0.23 | 0.76 | (0.58 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
9.53 | 0.49 | (0.88 | ) | (0.39 | ) | (0.52 | ) | — | |||||||||||||||||||
| 11/30/2014 |
10.05 | 0.62 | (0.35 | ) | 0.27 | (0.70 | ) | (0.09 | ) | |||||||||||||||||||
| 11/30/2013 |
9.87 | 0.66 | 0.23 | 0.89 | (0.70 | ) | (0.01 | ) | ||||||||||||||||||||
| 11/30/2012 |
9.44 | 0.72 | 0.58 | 1.30 | (0.74 | ) | (0.13 | ) | ||||||||||||||||||||
| 11/30/2011 |
9.78 | 0.72 | (0.27 | ) | 0.45 | (0.79 | ) | — | ||||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 8.83 | $ | 0.26 | $ | 0.11 | $ | 0.37 | $ | (0.27 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
8.64 | 0.53 | 0.24 | 0.77 | (0.58 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
9.55 | 0.49 | (0.88 | ) | (0.39 | ) | (0.52 | ) | — | |||||||||||||||||||
| 11/30/2014 |
10.08 | 0.62 | (0.35 | ) | 0.27 | (0.71 | ) | (0.09 | ) | |||||||||||||||||||
| 11/30/2013 |
9.90 | 0.68 | 0.22 | 0.90 | (0.71 | ) | (0.01 | ) | ||||||||||||||||||||
| 11/30/2012 |
9.46 | 0.73 | 0.60 | 1.33 | (0.76 | ) | (0.13 | ) | ||||||||||||||||||||
| 11/30/2011 |
9.80 | 0.76 | (0.30 | ) | 0.46 | (0.80 | ) | — | ||||||||||||||||||||
| Administrative Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 8.70 | $ | 0.25 | $ | 0.10 | $ | 0.35 | $ | (0.26 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
8.52 | 0.50 | 0.22 | 0.72 | (0.54 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
9.51 | 0.46 | (0.94 | ) | (0.48 | ) | (0.51 | ) | — | |||||||||||||||||||
| 11/30/2014 |
10.04 | 0.59 | (0.36 | ) | 0.23 | (0.67 | ) | (0.09 | ) | |||||||||||||||||||
| 11/30/2013 |
9.87 | 0.65 | 0.22 | 0.87 | (0.69 | ) | (0.01 | ) | ||||||||||||||||||||
| 11/30/2012 |
9.43 | 0.70 | 0.61 | 1.31 | (0.74 | ) | (0.13 | ) | ||||||||||||||||||||
| 11/30/2011 |
9.78 | 0.72 | (0.30 | ) | 0.42 | (0.77 | ) | — | ||||||||||||||||||||
| + | Unaudited |
| # | Fiscal year end changed from November 30th to September 30th. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| (c) | Annualized, unless otherwise noted. |
| (d) | Certain expenses incurred by the Fund were not annualized. |
| (e) | Payments from Affiliates increased the end of period net asset value and total return by less than $0.01 and 0.01%, respectively. |
| 284 | Semiannual Report | | March 31, 2017 | | 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 Assets without Fee Waiver/ |
Ratio of Net Investment Income to Average Net Assets |
Portfolio Turnover Rate |
|||||||||||||||||||||||||||
| $ | (0.25 | ) | $ | 9.25 | 4.04 | % | $ | 56,001 | 1.00 | %(c)(d) | 1.00 | %(c)(d) | 5.49 | %(c)(d) | 21 | % | ||||||||||||||||||
| (0.55 | ) | 9.14 | 9.08 | 58,004 | 0.98 | 0.98 | 6.02 | 59 | ||||||||||||||||||||||||||
| (0.49 | ) | 8.92 | (4.72 | ) | 34,151 | 1.03 | (c)(d) | 1.03 | (c)(d) | 5.88 | (c)(d) | 47 | ||||||||||||||||||||||
| (0.76 | ) | 9.85 | (e) | 2.39 | (e) | 76,274 | 0.94 | 0.94 | 5.93 | 66 | ||||||||||||||||||||||||
| (0.69 | ) | 10.36 | 8.98 | 73,920 | 0.91 | 0.91 | 6.49 | 67 | ||||||||||||||||||||||||||
| (0.86 | ) | 10.16 | 14.34 | 109,668 | 0.89 | 0.90 | 7.21 | 86 | ||||||||||||||||||||||||||
| (0.78 | ) | 9.69 | 4.29 | 61,339 | 1.05 | 1.05 | 7.19 | 168 | ||||||||||||||||||||||||||
| $ | (0.22 | ) | $ | 9.23 | 3.68 | % | $ | 12,364 | 1.69 | %(c)(d) | 1.69 | %(c)(d) | 4.80 | %(c)(d) | 21 | % | ||||||||||||||||||
| (0.48 | ) | 9.12 | 8.32 | 14,815 | 1.71 | 1.71 | 5.28 | 59 | ||||||||||||||||||||||||||
| (0.44 | ) | 8.90 | (5.24 | ) | 17,866 | 1.68 | (c)(d) | 1.68 | (c)(d) | 5.24 | (c)(d) | 47 | ||||||||||||||||||||||
| (0.69 | ) | 9.83 | (e) | 1.57 | (e) | 23,249 | 1.68 | 1.68 | 5.23 | 66 | ||||||||||||||||||||||||
| (0.61 | ) | 10.35 | 8.14 | 27,525 | 1.70 | 1.70 | 5.68 | 67 | ||||||||||||||||||||||||||
| (0.79 | ) | 10.15 | 13.54 | 30,692 | 1.68 | 1.68 | 6.43 | 86 | ||||||||||||||||||||||||||
| (0.70 | ) | 9.68 | 3.53 | 12,443 | 1.82 | 1.87 | 6.56 | 168 | ||||||||||||||||||||||||||
| $ | (0.24 | ) | $ | 8.89 | 3.89 | % | $ | 1,234 | 1.41 | %(c)(d) | 1.41 | %(c)(d) | 5.08 | %(c)(d) | 21 | % | ||||||||||||||||||
| (0.52 | ) | 8.79 | 8.62 | 1,310 | 1.34 | 1.34 | 5.65 | 59 | ||||||||||||||||||||||||||
| (0.45 | ) | 8.61 | (5.20 | ) | 1,126 | 1.46 | (c)(d) | 1.46 | (c)(d) | 5.47 | (c)(d) | 47 | ||||||||||||||||||||||
| (0.72 | ) | 9.53 | (e) | 1.91 | (e) | 2,823 | 1.43 | 1.45 | 5.48 | 66 | ||||||||||||||||||||||||
| (0.67 | ) | 10.05 | 8.72 | 2,851 | 1.15 | 1.32 | 6.24 | 67 | ||||||||||||||||||||||||||
| (0.84 | ) | 9.88 | 14.05 | 2,111 | 1.15 | 1.25 | 6.95 | 86 | ||||||||||||||||||||||||||
| (0.75 | ) | 9.45 | 4.02 | 342 | 1.33 | 1.37 | 7.23 | 168 | ||||||||||||||||||||||||||
| $ | (0.27 | ) | $ | 8.90 | 4.25 | % | $ | 52,869 | 0.69 | %(c)(d) | 0.69 | %(c)(d) | 5.80 | %(c)(d) | 21 | % | ||||||||||||||||||
| (0.58 | ) | 8.80 | 9.31 | 57,378 | 0.69 | 0.69 | 6.30 | 59 | ||||||||||||||||||||||||||
| (0.52 | ) | 8.62 | (4.36 | ) | 63,324 | 0.64 | (c)(d) | 0.64 | (c)(d) | 6.29 | (c)(d) | 47 | ||||||||||||||||||||||
| (0.79 | ) | 9.53 | (e) | 2.63 | (e) | 47,385 | 0.71 | 0.71 | 6.21 | 66 | ||||||||||||||||||||||||
| (0.71 | ) | 10.05 | 9.27 | 77,649 | 0.74 | 0.74 | 6.64 | 67 | ||||||||||||||||||||||||||
| (0.87 | ) | 9.87 | 14.48 | 19,497 | 0.74 | 0.79 | 7.39 | 86 | ||||||||||||||||||||||||||
| (0.79 | ) | 9.44 | 4.57 | 11,096 | 0.88 | 0.88 | 7.49 | 168 | ||||||||||||||||||||||||||
| $ | (0.27 | ) | $ | 8.93 | 4.26 | % | $ | 216,304 | 0.64 | %(c)(d) | 0.64 | %(c)(d) | 5.85 | %(c)(d) | 21 | % | ||||||||||||||||||
| (0.58 | ) | 8.83 | 9.41 | 227,149 | 0.66 | 0.66 | 6.31 | 59 | ||||||||||||||||||||||||||
| (0.52 | ) | 8.64 | (4.32 | ) | 173,030 | 0.63 | (c)(d) | 0.63 | (c)(d) | 6.29 | (c)(d) | 47 | ||||||||||||||||||||||
| (0.80 | ) | 9.55 | (e) | 2.59 | (e) | 163,567 | 0.64 | 0.64 | 6.27 | 66 | ||||||||||||||||||||||||
| (0.72 | ) | 10.08 | 9.35 | 139,306 | 0.62 | 0.62 | 6.76 | 67 | ||||||||||||||||||||||||||
| (0.89 | ) | 9.90 | 14.68 | 121,362 | 0.63 | 0.63 | 7.47 | 86 | ||||||||||||||||||||||||||
| (0.80 | ) | 9.46 | 4.66 | 70,174 | 0.61 | 0.77 | 7.65 | 168 | ||||||||||||||||||||||||||
| $ | (0.26 | ) | $ | 8.79 | 4.10 | % | $ | 1,549 | 0.86 | %(c)(d) | 0.86 | %(c)(d) | 5.65 | %(c)(d) | 21 | % | ||||||||||||||||||
| (0.54 | ) | 8.70 | 8.97 | 2,086 | 1.07 | 1.07 | 5.94 | 59 | ||||||||||||||||||||||||||
| (0.51 | ) | 8.52 | (5.30 | ) | 2,073 | 0.98 | (c)(d) | 0.98 | (c)(d) | 5.90 | (c)(d) | 47 | ||||||||||||||||||||||
| (0.76 | ) | 9.51 | (e) | 2.27 | (e) | 34,714 | 0.97 | 0.97 | 5.93 | 66 | ||||||||||||||||||||||||
| (0.70 | ) | 10.04 | 9.02 | 32,789 | 0.90 | 0.91 | 6.49 | 67 | ||||||||||||||||||||||||||
| (0.87 | ) | 9.87 | 14.54 | 27,274 | 0.90 | 1.14 | 8.92 | 86 | ||||||||||||||||||||||||||
| (0.77 | ) | 9.43 | 4.27 | 11 | 1.03 | 1.03 | 7.25 | 168 | ||||||||||||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 285 |
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 |
Total from Investment Operations |
Dividends from Net Investment Income |
||||||||||||||||||||
| AllianzGI International Growth: | ||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||
| 3/31/2017+ |
$ | 16.37 | $ | (0.01 | ) | $ | 0.16 | $ | 0.15 | $ | — | (c) | ||||||||||||
| 9/30/2016 |
14.13 | 0.09 | 2.29 | 2.38 | (0.14 | ) | ||||||||||||||||||
| 2/2/2015* - 9/30/2015# |
15.00 | 0.11 | (0.98 | ) | (0.87 | ) | — | |||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||
| 3/31/2017+ |
$ | 16.49 | $ | 0.01 | $ | 0.15 | $ | 0.16 | $ | (0.02 | ) | |||||||||||||
| 9/30/2016 |
14.15 | 0.11 | 2.33 | 2.44 | (0.10 | ) | ||||||||||||||||||
| 2/2/2015* - 9/30/2015# |
15.00 | 0.14 | (0.99 | ) | (0.85 | ) | — | |||||||||||||||||
| + | Unaudited |
| * | Commencement of operations. |
| # | Fiscal year end changed from November 30th to September 30th. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| (c) | Actual amount rounds to less than $(0.01) per share. |
| (d) | Annualized, unless otherwise noted. |
| (e) | Certain expenses incurred by the Fund were not annualized. |
| 286 | Semiannual Report | | March 31, 2017 | | 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 |
||||||||||||||||||||||||
| $ | 16.52 | 0.92 | % | $ | 52 | 1.20 | %(d) | 1.92 | %(d) | (0.09 | )%(d) | 10 | % | |||||||||||||||||
| 16.37 | 16.97 | 51 | 1.20 | 6.68 | 0.60 | 20 | ||||||||||||||||||||||||
| 14.13 | (5.80 | ) | 10 | 1.20 | (d)(e) | 8.22 | (d)(e) | 1.12 | (d)(e) | 3 | ||||||||||||||||||||
| $ | 16.63 | 0.96 | % | $ | 28,712 | 0.95 | %(d) | 1.54 | %(d) | 0.16 | %(d) | 10 | % | |||||||||||||||||
| 16.49 | 17.34 | 28,386 | 0.95 | 5.77 | 0.75 | 20 | ||||||||||||||||||||||||
| 14.15 | (5.67 | ) | 2,874 | 0.95 | (d)(e) | 7.99 | (d)(e) | 1.38 | (d)(e) | 3 | ||||||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 287 |
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 |
Total from Investment Operations |
Dividends from Net Investment Income |
Distributions from Net Realized Capital Gains |
|||||||||||||||||||||||
| AllianzGI International Small-Cap: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 34.57 | $ | (0.12 | ) | $ | 0.33 | $ | 0.21 | $ | (0.31 | ) | $ | — | ||||||||||||||
| 9/30/2016 |
34.53 | 0.10 | 1.67 | 1.77 | (0.28 | ) | (1.45 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
35.77 | 0.26 | 2.24 | 2.50 | (0.14 | ) | (3.60 | ) | ||||||||||||||||||||
| 11/30/2014 |
42.30 | 0.09 | (2.41 | ) | (2.32 | ) | (0.64 | ) | (3.57 | ) | ||||||||||||||||||
| 11/30/2013 |
31.89 | 0.09 | 10.32 | 10.41 | — | (e) | — | |||||||||||||||||||||
| 11/30/2012 |
28.31 | 0.16 | 4.06 | 4.22 | (0.64 | ) | — | |||||||||||||||||||||
| 11/30/2011 |
31.36 | 0.12 | (2.56 | ) | (2.44 | ) | (0.61 | ) | — | |||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 33.78 | $ | (0.22 | ) | $ | 0.31 | $ | 0.09 | $ | (0.25 | ) | $ | — | ||||||||||||||
| 9/30/2016 |
33.94 | (0.12 | ) | 1.61 | 1.49 | (0.20 | ) | (1.45 | ) | |||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
35.33 | 0.06 | 2.18 | 2.24 | (0.03 | ) | (3.60 | ) | ||||||||||||||||||||
| 11/30/2014 |
41.78 | (0.18 | ) | (2.39 | ) | (2.57 | ) | (0.31 | ) | (3.57 | ) | |||||||||||||||||
| 11/30/2013 |
31.75 | (0.17 | ) | 10.22 | 10.05 | (0.02 | ) | — | ||||||||||||||||||||
| 11/30/2012 |
28.01 | (0.07 | ) | 4.04 | 3.97 | (0.23 | ) | — | ||||||||||||||||||||
| 11/30/2011 |
31.22 | 0.06 | (2.72 | ) | (2.66 | ) | (0.55 | ) | — | |||||||||||||||||||
| Class R | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 34.07 | $ | (0.14 | ) | $ | 0.31 | $ | 0.17 | $ | (0.32 | ) | $ | — | ||||||||||||||
| 9/30/2016 |
34.03 | 0.03 | 1.63 | 1.66 | (0.17 | ) | (1.45 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
35.30 | 0.16 | 2.23 | 2.39 | (0.06 | ) | (3.60 | ) | ||||||||||||||||||||
| 11/30/2014 |
42.23 | 0.07 | (2.47 | ) | (2.40 | ) | (0.96 | ) | (3.57 | ) | ||||||||||||||||||
| 11/30/2013 |
32.25 | 0.02 | 10.32 | 10.34 | (0.36 | ) | — | |||||||||||||||||||||
| 11/30/2012 |
28.27 | 0.08 | 4.10 | 4.18 | (0.20 | ) | — | |||||||||||||||||||||
| 11/30/2011 |
31.32 | 0.16 | (2.70 | ) | (2.54 | ) | (0.51 | ) | — | |||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 34.66 | $ | (0.05 | ) | $ | 0.29 | $ | 0.24 | $ | (0.34 | ) | $ | — | ||||||||||||||
| 9/30/2016 |
34.49 | 0.18 | 1.64 | 1.82 | (0.20 | ) | (1.45 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
35.65 | 0.28 | 2.25 | 2.53 | (0.09 | ) | (3.60 | ) | ||||||||||||||||||||
| 11/30/2014 |
41.97 | 0.16 | (2.41 | ) | (2.25 | ) | (0.50 | ) | (3.57 | ) | ||||||||||||||||||
| 11/30/2013 |
31.92 | 0.16 | 10.24 | 10.40 | (0.35 | ) | — | |||||||||||||||||||||
| 11/30/2012 |
27.86 | 0.20 | 4.05 | 4.25 | (0.19 | ) | — | |||||||||||||||||||||
| 11/30/2011 |
30.35 | 0.30 | (2.67 | ) | (2.37 | ) | (0.12 | ) | — | |||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 35.91 | $ | (0.05 | ) | $ | 0.31 | $ | 0.26 | $ | (0.34 | ) | $ | — | ||||||||||||||
| 9/30/2016 |
35.65 | 0.10 | 1.81 | 1.91 | (0.20 | ) | (1.45 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
36.68 | 0.29 | 2.34 | 2.63 | (0.06 | ) | (3.60 | ) | ||||||||||||||||||||
| 11/30/2014 |
42.94 | 0.21 | (2.49 | ) | (2.28 | ) | (0.41 | ) | (3.57 | ) | ||||||||||||||||||
| 11/30/2013 |
32.60 | 0.17 | 10.48 | 10.65 | (0.31 | ) | — | |||||||||||||||||||||
| 11/30/2012 |
28.58 | 0.24 | 4.15 | 4.39 | (0.37 | ) | — | |||||||||||||||||||||
| 11/30/2011 |
31.45 | 0.37 | (2.74 | ) | (2.37 | ) | (0.50 | ) | — | |||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 35.94 | $ | (0.04 | ) | $ | 0.31 | $ | 0.27 | $ | (0.35 | ) | $ | — | ||||||||||||||
| 2/1/2016* - 9/30/2016 |
33.52 | 0.34 | 2.08 | 2.42 | — | — | ||||||||||||||||||||||
| + | Unaudited |
| # | Fiscal year end changed from November 30th to September 30th. |
| * | Commencement of operations. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| 288 | Semiannual Report | | March 31, 2017 | | 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 |
|||||||||||||||||||||||||||
| $ | (0.31 | ) | $ | 34.47 | 0.71 | % | $ | 5,319 | 1.43 | %(c) | 1.90 | %(c) | (0.75 | )%(c) | 36 | % | ||||||||||||||||||
| (1.73 | ) | 34.57 | 5.07 | 13,524 | 1.45 | 1.68 | 0.30 | 76 | ||||||||||||||||||||||||||
| (3.74 | ) | 34.53 | 7.83 | 11,816 | 1.45 | (c)(d) | 1.63 | (c)(d) | 0.88 | (c)(d) | 39 | |||||||||||||||||||||||
| (4.21 | ) | 35.77 | (5.84 | ) | 5,290 | 1.45 | 1.76 | 0.23 | 77 | |||||||||||||||||||||||||
| — | (e) | 42.30 | 32.64 | 4,569 | 1.45 | 1.83 | 0.23 | 92 | ||||||||||||||||||||||||||
| (0.64 | ) | 31.89 | 15.13 | 2,773 | 1.50 | 1.76 | 0.53 | 117 | ||||||||||||||||||||||||||
| (0.61 | ) | 28.31 | (8.03 | ) | 4,103 | 1.60 | 1.83 | 0.40 | 66 | |||||||||||||||||||||||||
| $ | (0.25 | ) | $ | 33.62 | 0.33 | % | $ | 2,278 | 2.19 | %(c) | 2.60 | %(c) | (1.39 | )%(c) | 36 | % | ||||||||||||||||||
| (1.65 | ) | 33.78 | 4.30 | 3,232 | 2.19 | 2.54 | (0.35 | ) | 76 | |||||||||||||||||||||||||
| (3.63 | ) | 33.94 | 7.14 | 2,837 | 2.19 | (c)(d) | 2.42 | (c)(d) | 0.20 | (c)(d) | 39 | |||||||||||||||||||||||
| (3.88 | ) | 35.33 | (6.52 | ) | 1,135 | 2.19 | 2.45 | (0.47 | ) | 77 | ||||||||||||||||||||||||
| (0.02 | ) | 41.78 | 31.67 | 702 | 2.20 | 2.43 | (0.46 | ) | 92 | |||||||||||||||||||||||||
| (0.23 | ) | 31.75 | 14.26 | 531 | 2.26 | 2.37 | (0.24 | ) | 117 | |||||||||||||||||||||||||
| (0.55 | ) | 28.01 | (8.75 | ) | 455 | 2.34 | 2.86 | 0.19 | 66 | |||||||||||||||||||||||||
| $ | (0.32 | ) | $ | 33.92 | 0.58 | % | $ | 118 | 1.70 | %(c) | 2.27 | %(c) | (0.87 | )%(c) | 36 | % | ||||||||||||||||||
| (1.62 | ) | 34.07 | 4.81 | 130 | 1.70 | 2.17 | 0.09 | 76 | ||||||||||||||||||||||||||
| (3.66 | ) | 34.03 | 7.60 | 100 | 1.70 | (c)(d) | 2.09 | (c)(d) | 0.57 | (c)(d) | 39 | |||||||||||||||||||||||
| (4.53 | ) | 35.30 | (6.06 | ) | 73 | 1.70 | 2.10 | 0.19 | 77 | |||||||||||||||||||||||||
| (0.36 | ) | 42.23 | 32.29 | 27 | 1.70 | 1.96 | 0.05 | 92 | ||||||||||||||||||||||||||
| (0.20 | ) | 32.25 | 14.86 | 12 | 1.74 | 1.90 | 0.26 | 117 | ||||||||||||||||||||||||||
| (0.51 | ) | 28.27 | (8.32 | ) | 10 | 1.82 | 1.84 | 0.51 | 66 | |||||||||||||||||||||||||
| $ | (0.34 | ) | $ | 34.56 | 0.80 | % | $ | 44,451 | 1.26 | %(c) | 1.49 | %(c) | (0.32 | )%(c) | 36 | % | ||||||||||||||||||
| (1.65 | ) | 34.66 | 5.25 | 40,183 | 1.28 | 1.44 | 0.54 | 76 | ||||||||||||||||||||||||||
| (3.69 | ) | 34.49 | 7.96 | 36,377 | 1.28 | (c)(d) | 1.37 | (c)(d) | 0.97 | (c)(d) | 39 | |||||||||||||||||||||||
| (4.07 | ) | 35.65 | (5.68 | ) | 27,882 | 1.29 | 1.54 | 0.41 | 77 | |||||||||||||||||||||||||
| (0.35 | ) | 41.97 | 32.86 | 33,574 | 1.30 | 1.52 | 0.45 | 92 | ||||||||||||||||||||||||||
| (0.19 | ) | 31.92 | 15.32 | 28,996 | 1.31 | 1.52 | 0.68 | 117 | ||||||||||||||||||||||||||
| (0.12 | ) | 27.86 | (7.86 | ) | 34,772 | 1.32 | 1.47 | 0.95 | 66 | |||||||||||||||||||||||||
| $ | (0.34 | ) | $ | 35.83 | 0.83 | % | $ | 25,577 | 1.20 | %(c) | 1.63 | %(c) | (0.27 | )%(c) | 36 | % | ||||||||||||||||||
| (1.65 | ) | 35.91 | 5.31 | 29,031 | 1.21 | 1.48 | 0.28 | 76 | ||||||||||||||||||||||||||
| (3.66 | ) | 35.65 | 8.04 | 59,061 | 1.21 | (c)(d) | 1.39 | (c)(d) | 0.97 | (c)(d) | 39 | |||||||||||||||||||||||
| (3.98 | ) | 36.68 | (5.61 | ) | 55,743 | 1.21 | 1.46 | 0.53 | 77 | |||||||||||||||||||||||||
| (0.31 | ) | 42.94 | 32.96 | 71,875 | 1.21 | 1.44 | 0.46 | 92 | ||||||||||||||||||||||||||
| (0.37 | ) | 32.60 | 15.50 | 88,301 | 1.20 | 1.38 | 0.80 | 117 | ||||||||||||||||||||||||||
| (0.50 | ) | 28.58 | (7.74 | ) | 84,026 | 1.20 | 1.34 | 1.14 | 66 | |||||||||||||||||||||||||
| $ | (0.35 | ) | $ | 35.86 | 0.86 | % | $ | 14,272 | 1.11 | %(c) | 1.49 | %(c) | (0.24 | )%(c) | 36 | % | ||||||||||||||||||
| — | 35.94 | 7.22 | 15,534 | 1.11 | (c) | 1.56 | (c) | 1.48 | (c) | 76 | ||||||||||||||||||||||||
| (c) | Annualized, unless otherwise noted. |
| (d) | Certain expenses incurred by the Fund were not annualized. |
| (e) | Actual amount rounds to less than $(0.01) per share. |
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 289 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
| Net Asset Value, Beginning of Period |
Net Investment Income (Loss) (a) |
Net Realized and Change in Unrealized Gain (Loss) |
Total from Investment Operations |
Dividends from Net Investment Income |
Distributions from Net Realized Capital Gains |
|||||||||||||||||||||||
| AllianzGI Micro Cap: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.73 | $ | (0.09 | ) | $ | 1.00 | $ | 0.91 | $ | — | $ | (1.42 | ) | ||||||||||||||
| 9/30/2016 |
13.99 | (0.18 | ) | 1.75 | 1.57 | — | (0.83 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
14.88 | (0.17 | ) | 0.54 | 0.37 | — | (1.26 | ) | ||||||||||||||||||||
| 11/30/2014 |
16.06 | (0.21 | ) | — | (e) | (0.21 | ) | — | (0.97 | ) | ||||||||||||||||||
| 11/30/2013 |
11.62 | (0.20 | ) | 5.57 | 5.37 | — | (0.93 | ) | ||||||||||||||||||||
| 12/19/2011* - 11/30/2012 |
9.84 | (0.07 | ) | 1.85 | 1.78 | — | — | |||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.80 | $ | (0.08 | ) | $ | 0.99 | $ | 0.91 | $ | — | $ | (1.42 | ) | ||||||||||||||
| 9/30/2016 |
14.05 | (0.16 | ) | 1.74 | 1.58 | — | (0.83 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
14.92 | (0.16 | ) | 0.55 | 0.39 | — | (1.26 | ) | ||||||||||||||||||||
| 11/30/2014 |
16.08 | (0.19 | ) | — | (e) | (0.19 | ) | — | (0.97 | ) | ||||||||||||||||||
| 11/30/2013 |
11.61 | (0.17 | ) | 5.57 | 5.40 | — | (0.93 | ) | ||||||||||||||||||||
| 11/30/2012 |
12.20 | (0.10 | ) | 1.47 | 1.37 | — | (1.96 | ) | ||||||||||||||||||||
| 12/27/2010* - 11/30/2011 |
14.20 | (0.15 | ) | (1.64 | ) | (1.79 | ) | — | (0.21 | ) | ||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.87 | $ | (0.08 | ) | $ | 1.00 | $ | 0.92 | $ | — | $ | (1.42 | ) | ||||||||||||||
| 9/30/2016 |
14.11 | (0.16 | ) | 1.75 | 1.59 | — | (0.83 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
14.99 | (0.16 | ) | 0.54 | 0.38 | — | (1.26 | ) | ||||||||||||||||||||
| 11/30/2014 |
16.15 | (0.19 | ) | — | (e) | (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 | ) | ||||||||||||||||||
| + | Unaudited |
| # | Fiscal year end changed from November 30th to September 30th. |
| * | Commencement of operations. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| (c) | Annualized, unless otherwise noted. |
| (d) | Certain expenses incurred by the Fund were not annualized. |
| (e) | Actual amount rounds to less than $0.01 per share. |
| 290 | Semiannual Report | | March 31, 2017 | | 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 |
|||||||||||||||||||||||||||
| $ | (1.42 | ) | $ | 14.22 | 6.53 | % | $ | 2,788 | 1.62 | %(c) | 2.20 | %(c) | (1.25 | )%(c) | 15 | % | ||||||||||||||||||
| (0.83 | ) | 14.73 | 11.47 | 3,388 | 1.62 | 2.16 | (1.26 | ) | 39 | |||||||||||||||||||||||||
| (1.26 | ) | 13.99 | 2.77 | 15,305 | 1.62 | (c)(d) | 2.07 | (c)(d) | (1.35 | )(c)(d) | 55 | |||||||||||||||||||||||
| (0.97 | ) | 14.88 | (1.11 | ) | 4,684 | 1.66 | 2.10 | (1.40 | ) | 48 | ||||||||||||||||||||||||
| (0.93 | ) | 16.06 | 50.11 | 1,065 | 1.80 | 2.07 | (1.45 | ) | 63 | |||||||||||||||||||||||||
| — | 11.62 | 18.09 | 135 | 1.82 | (c) | 2.18 | (c) | (0.62 | )(c) | 62 | ||||||||||||||||||||||||
| $ | (1.42 | ) | $ | 14.29 | 6.49 | % | $ | 1,809 | 1.54 | %(c) | 1.92 | %(c) | (1.16 | )%(c) | 15 | % | ||||||||||||||||||
| (0.83 | ) | 14.80 | 11.50 | 1,289 | 1.54 | 1.85 | (1.17 | ) | 39 | |||||||||||||||||||||||||
| (1.26 | ) | 14.05 | 2.91 | 2,264 | 1.51 | (c)(d) | 1.80 | (c)(d) | (1.24 | )(c)(d) | 55 | |||||||||||||||||||||||
| (0.97 | ) | 14.92 | (0.98 | ) | 1,550 | 1.52 | 1.81 | (1.21 | ) | 48 | ||||||||||||||||||||||||
| (0.93 | ) | 16.08 | 50.42 | 2,192 | 1.63 | 1.90 | (1.25 | ) | 63 | |||||||||||||||||||||||||
| (1.96 | ) | 11.61 | 13.90 | 332 | 1.65 | 1.99 | (0.85 | ) | 62 | |||||||||||||||||||||||||
| (0.21 | ) | 12.20 | (12.43 | ) | 426 | 1.65 | (c) | 1.85 | (c) | (1.35 | )(c) | 74 | ||||||||||||||||||||||
| $ | (1.42 | ) | $ | 14.37 | 6.53 | % | $ | 31,734 | 1.54 | %(c) | 1.91 | %(c) | (1.17 | )%(c) | 15 | % | ||||||||||||||||||
| (0.83 | ) | 14.87 | 11.53 | 30,768 | 1.54 | 1.91 | (1.17 | ) | 39 | |||||||||||||||||||||||||
| (1.26 | ) | 14.11 | 2.83 | 34,575 | 1.54 | (c)(d) | 1.80 | (c)(d) | (1.26 | )(c)(d) | 55 | |||||||||||||||||||||||
| (0.97 | ) | 14.99 | (0.97 | ) | 33,513 | 1.54 | 1.80 | (1.25 | ) | 48 | ||||||||||||||||||||||||
| (0.93 | ) | 16.15 | 50.51 | 41,713 | 1.54 | 2.01 | (1.10 | ) | 63 | |||||||||||||||||||||||||
| (1.96 | ) | 11.65 | 14.09 | 27,343 | 1.54 | 1.84 | (0.90 | ) | 62 | |||||||||||||||||||||||||
| (1.25 | ) | 12.22 | (2.88 | ) | 46,514 | 1.54 | 1.65 | (1.24 | ) | 74 | ||||||||||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 291 |
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 Multi-Asset Real Return: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 13.68 | $ | 0.11 | $ | (0.44 | ) | $ | (0.33 | ) | $ | (0.23 | ) | $ | — | |||||||||||||
| 9/30/2016 |
12.85 | 0.14 | 0.96 | 1.10 | (0.27 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
14.91 | 0.13 | (2.01 | ) | (1.88 | ) | (0.18 | ) | — | |||||||||||||||||||
| 11/30/2014 |
15.34 | 0.14 | (0.26 | ) | (0.12 | ) | (0.23 | ) | (0.08 | ) | ||||||||||||||||||
| 12/17/2012* - 11/30/2013 |
15.00 | 0.12 | 0.22 | 0.34 | — | — | ||||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 13.57 | $ | 0.04 | $ | (0.41 | ) | $ | (0.37 | ) | $ | (0.05 | ) | $ | — | |||||||||||||
| 9/30/2016 |
12.71 | 0.04 | 0.95 | 0.99 | (0.13 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
14.74 | 0.03 | (1.98 | ) | (1.95 | ) | (0.08 | ) | — | |||||||||||||||||||
| 11/30/2014 |
15.24 | 0.03 | (0.25 | ) | (0.22 | ) | (0.20 | ) | (0.08 | ) | ||||||||||||||||||
| 12/17/2012* - 11/30/2013 |
15.00 | (0.03 | ) | 0.27 | 0.24 | — | — | |||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 13.75 | $ | 0.09 | $ | (0.40 | ) | $ | (0.31 | ) | $ | (0.17 | ) | $ | — | |||||||||||||
| 9/30/2016 |
12.92 | 0.16 | 0.96 | 1.12 | (0.29 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
14.96 | 0.15 | (2.02 | ) | (1.87 | ) | (0.17 | ) | — | |||||||||||||||||||
| 11/30/2014 |
15.36 | 0.18 | (0.27 | ) | (0.09 | ) | (0.23 | ) | (0.08 | ) | ||||||||||||||||||
| 12/17/2012* - 11/30/2013 |
15.00 | 0.16 | 0.20 | 0.36 | — | — | ||||||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 13.79 | $ | 0.10 | $ | (0.41 | ) | $ | (0.31 | ) | $ | (0.18 | ) | $ | — | |||||||||||||
| 9/30/2016 |
12.92 | 0.16 | 0.98 | 1.14 | (0.27 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
14.97 | 0.15 | (2.01 | ) | (1.86 | ) | (0.19 | ) | — | |||||||||||||||||||
| 11/30/2014 |
15.37 | 0.19 | (0.26 | ) | (0.07 | ) | (0.25 | ) | (0.08 | ) | ||||||||||||||||||
| 12/17/2012* - 11/30/2013 |
15.00 | 0.18 | 0.19 | 0.37 | — | — | ||||||||||||||||||||||
| + | Unaudited |
| # | Fiscal year end changed from November 30th to September 30th. |
| * | Commencement of operations. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| (c) | Annualized, unless otherwise noted. |
| (d) | Certain expenses incurred by the Fund were not annualized. |
| (e) | Does not include expenses of the investment companies in which the Fund invests. |
| 292 | Semiannual Report | | March 31, 2017 | | 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 |
|||||||||||||||||||||||||||
| $ | (0.23 | ) | $ | 13.12 | (2.40 | )% | $ | 673 | 0.85 | %(c)(e) | 6.32 | %(c)(e) | 1.60 | %(c)(e) | 54 | % | ||||||||||||||||||
| (0.27 | ) | 13.68 | 8.74 | 180 | 0.85 | (e) | 8.02 | (e) | 1.06 | (e) | 60 | |||||||||||||||||||||||
| (0.18 | ) | 12.85 | (12.73 | ) | 133 | 0.85 | (c)(d)(e) | 5.33 | (c)(d)(e) | 1.11 | (c)(d)(e) | 63 | ||||||||||||||||||||||
| (0.31 | ) | 14.91 | (0.81 | ) | 143 | 0.85 | (e) | 4.61 | (e) | 0.90 | (e) | 41 | ||||||||||||||||||||||
| — | 15.34 | 2.27 | 45 | 0.86 | (c)(e) | 8.42 | (c)(e) | 0.83 | (c)(e) | 46 | ||||||||||||||||||||||||
| $ | (0.05 | ) | $ | 13.15 | (2.74 | )% | $ | 61 | 1.60 | %(c)(e) | 7.00 | %(c)(e) | 0.54 | %(c)(e) | 54 | % | ||||||||||||||||||
| (0.13 | ) | 13.57 | 7.90 | 80 | 1.60 | (e) | 8.36 | (e) | 0.32 | (e) | 60 | |||||||||||||||||||||||
| (0.08 | ) | 12.71 | (13.28 | ) | 77 | 1.60 | (c)(d)(e) | 5.90 | (c)(d)(e) | 0.25 | (c)(d)(e) | 63 | ||||||||||||||||||||||
| (0.28 | ) | 14.74 | (1.50 | ) | 114 | 1.60 | (e) | 5.46 | (e) | 0.21 | (e) | 41 | ||||||||||||||||||||||
| — | 15.24 | 1.60 | 81 | 1.60 | (c)(e) | 9.55 | (c)(e) | (0.17 | )(c)(e) | 46 | ||||||||||||||||||||||||
| $ | (0.17 | ) | $ | 13.27 | (2.27 | )% | $ | 9 | 0.70 | %(c)(e) | 5.95 | %(c)(e) | 1.42 | %(c)(e) | 54 | % | ||||||||||||||||||
| (0.29 | ) | 13.75 | 8.93 | 10 | 0.70 | (e) | 7.31 | (e) | 1.22 | (e) | 60 | |||||||||||||||||||||||
| (0.17 | ) | 12.92 | (12.64 | ) | 9 | 0.70 | (c)(d)(e) | 4.99 | (c)(d)(e) | 1.24 | (c)(d)(e) | 63 | ||||||||||||||||||||||
| (0.31 | ) | 14.96 | (0.64 | ) | 10 | 0.70 | (e) | 4.50 | (e) | 1.14 | (e) | 41 | ||||||||||||||||||||||
| — | 15.36 | 2.40 | 10 | 0.71 | (c)(e) | 7.75 | (c)(e) | 1.11 | (c)(e) | 46 | ||||||||||||||||||||||||
| $ | (0.18 | ) | $ | 13.30 | (2.26 | )% | $ | 3,390 | 0.60 | %(c)(e) | 5.98 | %(c)(e) | 1.54 | %(c)(e) | 54 | % | ||||||||||||||||||
| (0.27 | ) | 13.79 | 9.04 | 3,416 | 0.60 | (e) | 7.26 | (e) | 1.26 | (e) | 60 | |||||||||||||||||||||||
| (0.19 | ) | 12.92 | (12.58 | ) | 4,294 | 0.60 | (c)(d)(e) | 4.91 | (c)(d)(e) | 1.24 | (c)(d)(e) | 63 | ||||||||||||||||||||||
| (0.33 | ) | 14.97 | (0.50 | ) | 6,034 | 0.60 | (e) | 4.48 | (e) | 1.22 | (e) | 41 | ||||||||||||||||||||||
| — | 15.37 | 2.47 | 5,155 | 0.61 | (c)(e) | 7.74 | (c)(e) | 1.21 | (c)(e) | 46 | ||||||||||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 293 |
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 |
Total from Investment Operations |
Dividends from Net Investment Income |
Distributions from Net Realized Capital Gains |
|||||||||||||||||||||||
| AllianzGI NFJ Emerging Markets Value: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.31 | $ | 0.06 | $ | 1.05 | $ | 1.11 | $ | (0.15 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
12.34 | 0.47 | 1.90 | 2.37 | (0.40 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
15.45 | 0.49 | (2.74 | ) | (2.25 | ) | (0.62 | ) | (0.24 | ) | ||||||||||||||||||
| 11/30/2014 |
15.42 | 0.37 | 0.08 | 0.45 | (0.42 | ) | — | |||||||||||||||||||||
| 12/18/2012* - 11/30/2013 |
15.00 | 0.35 | 0.27 | 0.62 | (0.20 | ) | — | |||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.29 | $ | 0.03 | $ | 1.02 | $ | 1.05 | $ | — | (f) | $ | — | |||||||||||||||
| 9/30/2016 |
12.31 | 0.32 | 1.96 | 2.28 | (0.30 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
15.40 | 0.36 | (2.68 | ) | (2.32 | ) | (0.53 | ) | (0.24 | ) | ||||||||||||||||||
| 11/30/2014 |
15.35 | 0.28 | 0.05 | 0.33 | (0.28 | ) | — | |||||||||||||||||||||
| 12/18/2012* - 11/30/2013 |
15.00 | 0.14 | 0.36 | 0.50 | (0.15 | ) | — | |||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.31 | $ | 0.10 | $ | 0.99 | $ | 1.09 | $ | (0.24 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
12.46 | 0.62 | 1.80 | 2.42 | (0.57 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
15.56 | 0.49 | (2.74 | ) | (2.25 | ) | (0.61 | ) | (0.24 | ) | ||||||||||||||||||
| 11/30/2014 |
15.45 | 0.43 | 0.05 | 0.48 | (0.37 | ) | — | |||||||||||||||||||||
| 12/18/2012* - 11/30/2013 |
15.00 | 0.36 | 0.27 | 0.63 | (0.18 | ) | — | |||||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 14.46 | $ | 0.08 | $ | 1.05 | $ | 1.13 | $ | (0.07 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
12.47 | 0.43 | 2.01 | 2.44 | (0.45 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
15.57 | 0.51 | (2.74 | ) | (2.23 | ) | (0.63 | ) | (0.24 | ) | ||||||||||||||||||
| 11/30/2014 |
15.46 | 0.46 | 0.03 | 0.49 | (0.38 | ) | — | |||||||||||||||||||||
| 12/18/2012* - 11/30/2013 |
15.00 | 0.39 | 0.26 | 0.65 | (0.19 | ) | — | |||||||||||||||||||||
| + | Unaudited |
| # | Fiscal year end changed from November 30th to September 30th. |
| * | Commencement of operations. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| (c) | Payments from Affiliates increased the end of period net asset value and total return by less than $0.01 and 0.01%, respectively. |
| (d) | Annualized, unless otherwise noted. |
| (e) | Certain expenses incurred by the Fund were not annualized. |
| (f) | Actual amount rounds to less than $(0.01) per share. |
| 294 | Semiannual Report | | March 31, 2017 | | See accompanying Notes to Financial Statements |
Table of Contents
| Total Dividends and |
Net Asset Value, End of Period |
Total Return (b) |
Net Assets, (000s) |
Ratio of Expenses to |
Ratio of Assets without |
Ratio of Net Net Assets |
Portfolio Turnover Rate |
|||||||||||||||||||||||||||
| $ | (0.15 | ) | $ | 15.27 | (c) | 7.87 | %(c) | $ | 4,813 | 1.38 | %(d) | 3.63 | %(d) | 0.79 | %(d) | 56 | % | |||||||||||||||||
| (0.40 | ) | 14.31 | (c) | 19.57 | (c) | 2,141 | 1.39 | 7.84 | 3.62 | 104 | ||||||||||||||||||||||||
| (0.86 | ) | 12.34 | (15.12 | ) | 207 | 1.55 | (d)(e) | 6.55 | (d)(e) | 4.13 | (d)(e) | 93 | ||||||||||||||||||||||
| (0.42 | ) | 15.45 | 2.94 | 110 | 1.55 | 4.86 | 2.33 | 85 | ||||||||||||||||||||||||||
| (0.20 | ) | 15.42 | 4.14 | 19 | 1.55 | (d) | 17.07 | (d) | 2.41 | (d) | 67 | |||||||||||||||||||||||
| $ | — | (f) | $ | 15.34 | (c) | 7.35 | %(c) | $ | 335 | 2.10 | %(d) | 4.25 | %(d) | 0.46 | %(d) | 56 | % | |||||||||||||||||
| (0.30 | ) | 14.29 | (c) | 18.80 | (c) | 113 | 2.16 | 8.01 | 2.49 | 104 | ||||||||||||||||||||||||
| (0.77 | ) | 12.31 | (15.62 | ) | 104 | 2.30 | (d)(e) | 7.39 | (d)(e) | 3.12 | (d)(e) | 93 | ||||||||||||||||||||||
| (0.28 | ) | 15.40 | 2.19 | 73 | 2.30 | 5.60 | 1.82 | 85 | ||||||||||||||||||||||||||
| (0.15 | ) | 15.35 | 3.40 | 25 | 2.30 | (d) | 19.41 | (d) | 1.00 | (d) | 67 | |||||||||||||||||||||||
| $ | (0.24 | ) | $ | 15.16 | (c) | 7.88 | %(c) | $ | 14,103 | 1.19 | %(d) | 3.17 | %(d) | 1.44 | %(d) | 56 | % | |||||||||||||||||
| (0.57 | ) | 14.31 | (c) | 19.95 | (c) | 139 | 1.20 | 7.47 | 4.67 | 104 | ||||||||||||||||||||||||
| (0.85 | ) | 12.46 | (15.03 | ) | 9 | 1.39 | (d)(e) | 5.87 | (d)(e) | 4.12 | (d)(e) | 93 | ||||||||||||||||||||||
| (0.37 | ) | 15.56 | 3.13 | 11 | 1.39 | 4.64 | 2.77 | 85 | ||||||||||||||||||||||||||
| (0.18 | ) | 15.45 | 4.25 | 11 | 1.41 | (d) | 7.72 | (d) | 2.49 | (d) | 67 | |||||||||||||||||||||||
| $ | (0.07 | ) | $ | 15.52 | (c) | 7.89 | %(c) | $ | 5,611 | 1.11 | %(d) | 3.39 | %(d) | 1.11 | %(d) | 56 | % | |||||||||||||||||
| (0.45 | ) | 14.46 | (c) | 19.95 | (c) | 6,370 | 1.17 | 6.98 | 3.35 | 104 | ||||||||||||||||||||||||
| (0.87 | ) | 12.47 | (14.91 | ) | 6,688 | 1.30 | (d)(e) | 5.93 | (d)(e) | 4.25 | (d)(e) | 93 | ||||||||||||||||||||||
| (0.38 | ) | 15.57 | 3.18 | 7,889 | 1.30 | 4.63 | 2.96 | 85 | ||||||||||||||||||||||||||
| (0.19 | ) | 15.46 | 4.38 | 6,470 | 1.30 | (d) | 7.78 | (d) | 2.70 | (d) | 67 | |||||||||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 295 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
| Net Asset Value, of Period |
Net Investment Income (a) |
Net Realized |
Total from Investment Operations |
Dividends from Net Investment Income |
Distributions from Net Realized Capital Gains |
|||||||||||||||||||||||
| AllianzGI NFJ Global Dividend Value: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.47 | $ | 0.15 | $ | 1.04 | $ | 1.19 | $ | (0.14 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
16.68 | 0.43 | 0.67 | 1.10 | (0.47 | ) | (1.84 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
21.40 | 0.44 | (3.06 | ) | (2.62 | ) | (0.60 | ) | (1.50 | ) | ||||||||||||||||||
| 11/30/2014 |
22.08 | 0.61 | 0.30 | 0.91 | (0.55 | ) | (1.04 | ) | ||||||||||||||||||||
| 11/30/2013 |
18.27 | 0.54 | 3.75 | 4.29 | (0.44 | ) | (0.04 | ) | ||||||||||||||||||||
| 11/30/2012 |
17.35 | 0.56 | 1.10 | 1.66 | (0.40 | ) | (0.34 | ) | ||||||||||||||||||||
| 11/30/2011 |
17.91 | 0.55 | (0.19 | ) | 0.36 | (0.64 | ) | (0.28 | ) | |||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.03 | $ | 0.09 | $ | 1.00 | $ | 1.09 | $ | (0.11 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
16.46 | 0.31 | 0.65 | 0.96 | (0.55 | ) | (1.84 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
21.13 | 0.31 | (3.03 | ) | (2.72 | ) | (0.45 | ) | (1.50 | ) | ||||||||||||||||||
| 11/30/2014 |
21.82 | 0.43 | 0.31 | 0.74 | (0.39 | ) | (1.04 | ) | ||||||||||||||||||||
| 11/30/2013 |
18.05 | 0.37 | 3.72 | 4.09 | (0.28 | ) | (0.04 | ) | ||||||||||||||||||||
| 11/30/2012 |
17.19 | 0.42 | 1.07 | 1.49 | (0.29 | ) | (0.34 | ) | ||||||||||||||||||||
| 11/30/2011 |
17.76 | 0.43 | (0.20 | ) | 0.23 | (0.52 | ) | (0.28 | ) | |||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.38 | $ | 0.16 | $ | 1.03 | $ | 1.19 | $ | (0.18 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
16.81 | 0.45 | 0.67 | 1.12 | (0.71 | ) | (1.84 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
21.53 | 0.47 | (3.08 | ) | (2.61 | ) | (0.61 | ) | (1.50 | ) | ||||||||||||||||||
| 11/30/2014 |
22.21 | 0.65 | 0.30 | 0.95 | (0.59 | ) | (1.04 | ) | ||||||||||||||||||||
| 11/30/2013 |
18.36 | 0.57 | 3.78 | 4.35 | (0.46 | ) | (0.04 | ) | ||||||||||||||||||||
| 11/30/2012 |
17.45 | 0.60 | 1.10 | 1.70 | (0.45 | ) | (0.34 | ) | ||||||||||||||||||||
| 11/30/2011 |
17.82 | 0.42 | (0.02 | ) | 0.40 | (0.49 | ) | (0.28 | ) | |||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.24 | $ | 0.16 | $ | 1.03 | $ | 1.19 | $ | (0.16 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
16.62 | 0.43 | 0.69 | 1.12 | (0.66 | ) | (1.84 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
21.30 | 0.45 | (3.03 | ) | (2.58 | ) | (0.60 | ) | (1.50 | ) | ||||||||||||||||||
| 11/30/2014 |
21.98 | 0.66 | 0.30 | 0.96 | (0.60 | ) | (1.04 | ) | ||||||||||||||||||||
| 11/30/2013 |
18.18 | 0.60 | 3.73 | 4.33 | (0.49 | ) | (0.04 | ) | ||||||||||||||||||||
| 11/30/2012 |
17.29 | 0.60 | 1.09 | 1.69 | (0.46 | ) | (0.34 | ) | ||||||||||||||||||||
| 11/30/2011 |
17.83 | 0.64 | (0.21 | ) | 0.43 | (0.69 | ) | (0.28 | ) | |||||||||||||||||||
| + | Unaudited |
| # | Fiscal year end changed from November 30th to September 30th. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| (c) | Annualized, unless otherwise noted. |
| (d) | Certain expenses incurred by the Fund were not annualized. |
| 296 | Semiannual Report | | March 31, 2017 | | See accompanying Notes to Financial Statements |
Table of Contents
| Total Dividends and Distributions |
Net Asset Value, End |
Total Return (b) | Net Assets, End of Period (000s) |
Ratio of Expenses to Fee Waiver/ |
Ratio of Expenses to Assets without Fee Waiver/ |
Ratio of Net Investment to Average |
Portfolio Turnover Rate |
|||||||||||||||||||||||||||
| $ | (0.14 | ) | $ | 16.52 | 7.66 | % | $ | 3,599 | 1.10 | %(c) | 2.44 | %(c) | 1.91 | %(c) | 43 | % | ||||||||||||||||||
| (2.31 | ) | 15.47 | 7.18 | 4,020 | 1.15 | 2.77 | 2.75 | 52 | ||||||||||||||||||||||||||
| (2.10 | ) | 16.68 | (13.26 | ) | 4,791 | 1.20 | (c)(d) | 1.72 | (c)(d) | 2.70 | (c)(d) | 38 | ||||||||||||||||||||||
| (1.59 | ) | 21.40 | 4.32 | 11,999 | 1.20 | 1.46 | 2.82 | 49 | ||||||||||||||||||||||||||
| (0.48 | ) | 22.08 | 23.80 | 10,705 | 1.21 | 1.51 | 2.68 | 43 | ||||||||||||||||||||||||||
| (0.74 | ) | 18.27 | 9.98 | 7,355 | 1.32 | 1.71 | 3.13 | 41 | ||||||||||||||||||||||||||
| (0.92 | ) | 17.35 | 1.85 | 6,821 | 1.50 | 1.92 | 3.01 | 66 | ||||||||||||||||||||||||||
| $ | (0.11 | ) | $ | 16.01 | 7.24 | % | $ | 4,530 | 1.89 | %(c) | 2.89 | %(c) | 1.12 | %(c) | 43 | % | ||||||||||||||||||
| (2.39 | ) | 15.03 | 6.37 | 5,249 | 1.94 | 3.40 | 2.03 | 52 | ||||||||||||||||||||||||||
| (1.95 | ) | 16.46 | (13.86 | ) | 5,036 | 1.99 | (c)(d) | 2.56 | (c)(d) | 1.95 | (c)(d) | 38 | ||||||||||||||||||||||
| (1.43 | ) | 21.13 | 3.52 | 5,587 | 1.99 | 2.22 | 2.03 | 49 | ||||||||||||||||||||||||||
| (0.32 | ) | 21.82 | 22.88 | 5,720 | 2.00 | 2.27 | 1.83 | 43 | ||||||||||||||||||||||||||
| (0.63 | ) | 18.05 | 9.03 | 3,948 | 2.07 | 2.46 | 2.34 | 41 | ||||||||||||||||||||||||||
| (0.80 | ) | 17.19 | 1.12 | 3,020 | 2.25 | 2.71 | 2.39 | 66 | ||||||||||||||||||||||||||
| $ | (0.18 | ) | $ | 16.39 | 7.71 | % | $ | 1,869 | 0.94 | %(c) | 1.97 | %(c) | 2.07 | %(c) | 43 | % | ||||||||||||||||||
| (2.55 | ) | 15.38 | 7.35 | 770 | 1.00 | 2.47 | 2.86 | 52 | ||||||||||||||||||||||||||
| (2.11 | ) | 16.81 | (13.13 | ) | 1,123 | 1.04 | (c)(d) | 1.44 | (c)(d) | 2.88 | (c)(d) | 38 | ||||||||||||||||||||||
| (1.63 | ) | 21.53 | 4.48 | 1,811 | 1.04 | 1.28 | 2.99 | 49 | ||||||||||||||||||||||||||
| (0.50 | ) | 22.21 | 24.06 | 1,685 | 1.05 | 1.32 | 2.77 | 43 | ||||||||||||||||||||||||||
| (0.79 | ) | 18.36 | 10.11 | 1,089 | 1.12 | 1.51 | 3.32 | 41 | ||||||||||||||||||||||||||
| (0.77 | ) | 17.45 | 2.13 | 718 | 1.30 | 1.99 | 2.41 | 66 | ||||||||||||||||||||||||||
| $ | (0.16 | ) | $ | 16.27 | 7.83 | % | $ | 8,936 | 0.85 | %(c) | 1.81 | %(c) | 2.07 | %(c) | 43 | % | ||||||||||||||||||
| (2.50 | ) | 15.24 | 7.42 | 3,933 | 0.92 | 2.32 | 2.72 | 52 | ||||||||||||||||||||||||||
| (2.10 | ) | 16.62 | (13.10 | ) | 10,709 | 0.95 | (c)(d) | 1.40 | (c)(d) | 2.76 | (c)(d) | 38 | ||||||||||||||||||||||
| (1.64 | ) | 21.30 | 4.58 | 42,981 | 0.95 | 1.18 | 3.08 | 49 | ||||||||||||||||||||||||||
| (0.53 | ) | 21.98 | 24.16 | 51,318 | 0.96 | 1.21 | 2.96 | 43 | ||||||||||||||||||||||||||
| (0.80 | ) | 18.18 | 10.19 | 39,215 | 1.02 | 1.40 | 3.38 | 41 | ||||||||||||||||||||||||||
| (0.97 | ) | 17.29 | 2.21 | 20,556 | 1.20 | 1.68 | 3.51 | 66 | ||||||||||||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 297 |
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 |
Total from Investment Operations |
Dividends from Net Investment Income |
Distributions from Net Realized Capital Gains |
|||||||||||||||||||||||
| AllianzGI NFJ International Small-Cap Value: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 18.19 | $ | 0.05 | $ | 0.05 | $ | 0.10 | $ | (0.56 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
18.19 | 0.46 | 0.61 | 1.07 | (0.68 | ) | (0.39 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
21.37 | 0.40 | (1.22 | ) | (0.82 | ) | (0.57 | ) | (1.79 | ) | ||||||||||||||||||
| 11/30/2014 |
21.06 | 0.39 | 0.62 | 1.01 | (0.26 | ) | (0.44 | ) | ||||||||||||||||||||
| 11/30/2013 |
17.10 | 0.35 | 4.03 | 4.38 | (0.33 | ) | (0.09 | ) | ||||||||||||||||||||
| 6/1/2012* - 11/30/2012 |
15.00 | 0.07 | 2.03 | 2.10 | — | — | ||||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 17.90 | $ | 0.01 | $ | — | $ | 0.01 | $ | (0.97 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
17.91 | 0.26 | 0.66 | 0.92 | (0.54 | ) | (0.39 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
21.11 | 0.28 | (1.21 | ) | (0.93 | ) | (0.48 | ) | (1.79 | ) | ||||||||||||||||||
| 11/30/2014 |
21.04 | 0.23 | 0.63 | 0.86 | (0.35 | ) | (0.44 | ) | ||||||||||||||||||||
| 11/30/2013 |
17.04 | 0.16 | 4.09 | 4.25 | (0.16 | ) | (0.09 | ) | ||||||||||||||||||||
| 6/1/2012* - 11/30/2012 |
15.00 | 0.09 | 1.95 | 2.04 | — | — | ||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 18.33 | $ | 0.12 | $ | (0.05 | ) | $ | 0.07 | $ | (1.25 | ) | $ | — | ||||||||||||||
| 9/30/2016 |
18.40 | 0.46 | 0.63 | 1.09 | (0.77 | ) | (0.39 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
21.70 | 0.46 | (1.27 | ) | (0.81 | ) | (0.70 | ) | (1.79 | ) | ||||||||||||||||||
| 11/30/2014 |
21.27 | 0.44 | 0.62 | 1.06 | (0.19 | ) | (0.44 | ) | ||||||||||||||||||||
| 11/30/2013 |
17.11 | 0.39 | 4.05 | 4.44 | (0.19 | ) | (0.09 | ) | ||||||||||||||||||||
| 6/1/2012* - 11/30/2012 |
15.00 | 0.16 | 1.95 | 2.11 | — | — | ||||||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 18.69 | $ | 0.10 | $ | — | $ | 0.10 | $ | (1.00 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
18.49 | 0.42 | 0.71 | 1.13 | (0.54 | ) | (0.39 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
21.59 | 0.46 | (1.25 | ) | (0.79 | ) | (0.52 | ) | (1.79 | ) | ||||||||||||||||||
| 11/30/2014 |
21.28 | 0.45 | 0.63 | 1.08 | (0.33 | ) | (0.44 | ) | ||||||||||||||||||||
| 11/30/2013 |
17.12 | 0.43 | 4.03 | 4.46 | (0.21 | ) | (0.09 | ) | ||||||||||||||||||||
| 6/1/2012* - 11/30/2012 |
15.00 | 0.17 | 1.95 | 2.12 | — | — | ||||||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 18.35 | $ | 0.11 | $ | (0.03 | ) | $ | 0.08 | $ | (1.41 | ) | $ | — | ||||||||||||||
| 9/30/2016 |
18.49 | 0.52 | 0.62 | 1.14 | (0.89 | ) | (0.39 | ) | ||||||||||||||||||||
| 9/8/2015* - 9/30/2015# |
19.04 | 0.04 | (0.59 | ) | (0.55 | ) | — | — | ||||||||||||||||||||
| + | Unaudited |
| # | Fiscal year end changed from November 30th to September 30th. |
| * | Commencement of operations. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| (c) | Annualized, unless otherwise noted. |
| (d) | Certain expenses incurred by the Fund were not annualized. |
| 298 | Semiannual Report | | March 31, 2017 | | 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 to Average |
Portfolio Turnover Rate |
|||||||||||||||||||||||||||
| $ | (0.56 | ) | $ | 17.73 | 0.77 | % | $ | 1,253 | 1.30 | %(c) | 5.92 | %(c) | 0.51 | %(c) | 18 | % | ||||||||||||||||||
| (1.07 | ) | 18.19 | 6.04 | 7,397 | 1.30 | 4.50 | 2.62 | 95 | ||||||||||||||||||||||||||
| (2.36 | ) | 18.19 | (4.14 | ) | 1,657 | 1.46 | (c)(d) | 3.08 | (c)(d) | 2.43 | (c)(d) | 74 | ||||||||||||||||||||||
| (0.70 | ) | 21.37 | 4.98 | 2,736 | 1.45 | 2.64 | 1.80 | 76 | ||||||||||||||||||||||||||
| (0.42 | ) | 21.06 | 26.08 | 2,272 | 1.45 | 4.81 | 1.81 | 50 | ||||||||||||||||||||||||||
| — | 17.10 | 14.00 | 1,049 | 1.45 | (c) | 4.22 | (c) | 0.82 | (c) | 19 | ||||||||||||||||||||||||
| $ | (0.97 | ) | $ | 16.94 | 0.46 | % | $ | 729 | 2.05 | %(c) | 6.72 | %(c) | 0.13 | %(c) | 18 | % | ||||||||||||||||||
| (0.93 | ) | 17.90 | 5.26 | 928 | 2.07 | 5.04 | 1.49 | 95 | ||||||||||||||||||||||||||
| (2.27 | ) | 17.91 | (4.78 | ) | 1,250 | 2.21 | (c)(d) | 3.91 | (c)(d) | 1.73 | (c)(d) | 74 | ||||||||||||||||||||||
| (0.79 | ) | 21.11 | 4.24 | 1,340 | 2.20 | 3.40 | 1.07 | 76 | ||||||||||||||||||||||||||
| (0.25 | ) | 21.04 | 25.20 | 521 | 2.20 | 5.66 | 0.80 | 50 | ||||||||||||||||||||||||||
| — | 17.04 | 13.60 | 11 | 2.20 | (c) | 9.92 | (c) | 1.08 | (c) | 19 | ||||||||||||||||||||||||
| $ | (1.25 | ) | $ | 17.15 | 0.92 | % | $ | 103 | 1.12 | %(c) | 5.75 | %(c) | 1.42 | %(c) | 18 | % | ||||||||||||||||||
| (1.16 | ) | 18.33 | 6.14 | 69 | 1.16 | 4.08 | 2.58 | 95 | ||||||||||||||||||||||||||
| (2.49 | ) | 18.40 | (4.03 | ) | 47 | 1.31 | (c)(d) | 2.92 | (c)(d) | 2.74 | (c)(d) | 74 | ||||||||||||||||||||||
| (0.63 | ) | 21.70 | 5.17 | 39 | 1.30 | 2.39 | 1.98 | 76 | ||||||||||||||||||||||||||
| (0.28 | ) | 21.27 | 26.28 | 14 | 1.31 | 4.63 | 2.04 | 50 | ||||||||||||||||||||||||||
| — | 17.11 | 14.07 | 12 | 1.30 | (c) | 8.92 | (c) | 1.98 | (c) | 19 | ||||||||||||||||||||||||
| $ | (1.00 | ) | $ | 17.79 | 0.97 | % | $ | 1,310 | 1.04 | %(c) | 5.58 | %(c) | 1.13 | %(c) | 18 | % | ||||||||||||||||||
| (0.93 | ) | 18.69 | 6.25 | 1,889 | 1.08 | 3.84 | 2.29 | 95 | ||||||||||||||||||||||||||
| (2.31 | ) | 18.49 | (3.92 | ) | 6,832 | 1.21 | (c)(d) | 2.82 | (c)(d) | 2.75 | (c)(d) | 74 | ||||||||||||||||||||||
| (0.77 | ) | 21.59 | 5.27 | 13,979 | 1.20 | 2.31 | 2.03 | 76 | ||||||||||||||||||||||||||
| (0.30 | ) | 21.28 | 26.40 | 11,873 | 1.21 | 4.66 | 2.22 | 50 | ||||||||||||||||||||||||||
| — | 17.12 | 14.13 | 3,551 | 1.20 | (c) | 8.90 | (c) | 2.08 | (c) | 19 | ||||||||||||||||||||||||
| $ | (1.41 | ) | $ | 17.02 | 1.01 | % | $ | 1,277 | 0.95 | %(c) | 5.51 | %(c) | 1.28 | %(c) | 18 | % | ||||||||||||||||||
| (1.28 | ) | 18.35 | 6.41 | 1,667 | 0.95 | 4.92 | 2.90 | 95 | ||||||||||||||||||||||||||
| — | 18.49 | (2.89 | ) | 10 | 1.10 | (c)(d) | 3.29 | (c)(d) | 3.68 | (c)(d) | 74 | |||||||||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 299 |
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 NFJ International Value II: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.68 | $ | 0.04 | $ | 0.74 | $ | 0.78 | $ | (0.11 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
15.65 | 0.38 | 0.10 | 0.48 | (0.45 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
17.99 | 0.35 | (2.31 | ) | (1.96 | ) | (0.32 | ) | (0.06 | ) | ||||||||||||||||||
| 11/30/2014 |
19.17 | 0.47 | (0.44 | ) | 0.03 | (0.56 | ) | (0.65 | ) | |||||||||||||||||||
| 11/30/2013 |
16.36 | 0.34 | 2.71 | 3.05 | (0.22 | ) | (0.02 | ) | ||||||||||||||||||||
| *11/30/2012 |
15.00 | 0.29 | 1.33 | 1.62 | (0.26 | ) | — | |||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.64 | $ | (0.02 | ) | $ | 0.74 | $ | 0.72 | $ | (0.09 | ) | $ | — | ||||||||||||||
| 9/30/2016 |
15.53 | 0.29 | 0.06 | 0.35 | (0.24 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
17.82 | 0.22 | (2.27 | ) | (2.05 | ) | (0.18 | ) | (0.06 | ) | ||||||||||||||||||
| 11/30/2014 |
19.04 | 0.32 | (0.43 | ) | (0.11 | ) | (0.46 | ) | (0.65 | ) | ||||||||||||||||||
| 11/30/2013 |
16.32 | 0.18 | 2.73 | 2.91 | (0.17 | ) | (0.02 | ) | ||||||||||||||||||||
| *11/30/2012 |
15.00 | 0.22 | 1.28 | 1.50 | (0.18 | ) | — | |||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.83 | $ | 0.06 | $ | 0.74 | $ | 0.80 | $ | (0.12 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
15.65 | 0.40 | 0.11 | 0.51 | (0.33 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
17.99 | 0.39 | (2.32 | ) | (1.93 | ) | (0.35 | ) | (0.06 | ) | ||||||||||||||||||
| 11/30/2014 |
19.24 | 0.38 | (0.32 | ) | 0.06 | (0.66 | ) | (0.65 | ) | |||||||||||||||||||
| 11/30/2013 |
16.38 | 0.36 | 2.73 | 3.09 | (0.21 | ) | (0.02 | ) | ||||||||||||||||||||
| *11/30/2012 |
15.00 | 0.38 | 1.28 | 1.66 | (0.28 | ) | — | |||||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.73 | $ | 0.03 | $ | 0.77 | $ | 0.80 | $ | (0.12 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
15.69 | 0.41 | 0.11 | 0.52 | (0.48 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
18.03 | 0.38 | (2.31 | ) | (1.93 | ) | (0.35 | ) | (0.06 | ) | ||||||||||||||||||
| 11/30/2014 |
19.26 | 0.57 | (0.50 | ) | 0.07 | (0.65 | ) | (0.65 | ) | |||||||||||||||||||
| 11/30/2013 |
16.38 | 0.36 | 2.76 | 3.12 | (0.22 | ) | (0.02 | ) | ||||||||||||||||||||
| *11/30/2012 |
15.00 | 0.39 | 1.29 | 1.68 | (0.30 | ) | — | |||||||||||||||||||||
| + | Unaudited |
| # | Fiscal year end changed from November 30th to September 30th. |
| * | Commencement of operations. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| (c) | Payments from Affiliates increased the end of period net asset value (“NAV”) and total return by $0.48 and 3.08%, respectively, for Class A, $0.45 and 2.90%, respectively, for Class C, $0.46 and 2.93%, respectively, for Class P and $0.45 and 2.89%, respectively for Institutional Class. If the Affiliates had not made these payments, the end of period NAV and total return would have been $15.87 and 1.94%, respectively, for Class A, $15.82 and 1.73%, respectively, for Class C, $16.05 and 2.21%, respectively, for Class P and $15.96 and 2.25%, respectively for Institutional Class. |
| (d) | Annualized, unless otherwise noted. |
| (e) | Certain expenses incurred by the Fund were not annualized. |
| 300 | Semiannual Report | | March 31, 2017 | | 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 Average Net Assets without Fee Waiver/ Reimbursement |
Ratio of Net Investment Income (Loss) to Average Net Assets |
Portfolio Turnover Rate |
|||||||||||||||||||||||||||
| $ | (0.11 | ) | $ | 16.35 | (c) | 5.02 | %(c) | $ | 215 | 1.15 | %(d) | 4.69 | %(d) | 0.53 | %(d) | 36 | % | |||||||||||||||||
| (0.45 | ) | 15.68 | 3.16 | 266 | 1.18 | 1.82 | 2.47 | 48 | ||||||||||||||||||||||||||
| (0.38 | ) | 15.65 | (11.10 | ) | 257 | 1.20 | (d)(e) | 1.76 | (d)(e) | 2.39 | (d)(e) | 43 | ||||||||||||||||||||||
| (1.21 | ) | 17.99 | 0.25 | 167 | 1.20 | 2.46 | 2.53 | 34 | ||||||||||||||||||||||||||
| (0.24 | ) | 19.17 | 18.89 | 75 | 1.23 | 7.16 | 1.93 | 20 | ||||||||||||||||||||||||||
| (0.26 | ) | 16.36 | 10.99 | 49 | 1.30 | (d) | 10.98 | (d) | 1.89 | (d) | 22 | |||||||||||||||||||||||
| $ | (0.09 | ) | $ | 16.27 | (c) | 4.63 | %(c) | $ | 133 | 1.90 | %(d) | 4.49 | %(d) | (0.30 | )%(d) | 36 | % | |||||||||||||||||
| (0.24 | ) | 15.64 | 2.35 | 243 | 1.92 | 2.58 | 1.91 | 48 | ||||||||||||||||||||||||||
| (0.24 | ) | 15.53 | (11.66 | ) | 118 | 1.95 | (d)(e) | 2.49 | (d)(e) | 1.53 | (d)(e) | 43 | ||||||||||||||||||||||
| (1.11 | ) | 17.82 | (0.53 | ) | 79 | 1.95 | 3.23 | 1.76 | 34 | |||||||||||||||||||||||||
| (0.19 | ) | 19.04 | 18.02 | 47 | 1.97 | 8.26 | 1.02 | 20 | ||||||||||||||||||||||||||
| (0.18 | ) | 16.32 | 10.17 | 11 | 2.05 | (d) | 10.82 | (d) | 1.45 | (d) | 22 | |||||||||||||||||||||||
| $ | (0.12 | ) | $ | 16.51 | (c) | 5.14 | %(c) | $ | 163 | 0.95 | %(d) | 4.70 | %(d) | 0.77 | %(d) | 36 | % | |||||||||||||||||
| (0.33 | ) | 15.83 | 3.30 | 154 | 0.98 | 1.54 | 2.53 | 48 | ||||||||||||||||||||||||||
| (0.41 | ) | 15.65 | (10.93 | ) | 577 | 1.00 | (d)(e) | 1.42 | (d)(e) | 2.64 | (d)(e) | 43 | ||||||||||||||||||||||
| (1.31 | ) | 17.99 | 0.40 | 118 | 1.01 | 2.11 | 2.08 | 34 | ||||||||||||||||||||||||||
| (0.23 | ) | 19.24 | 19.10 | 13 | 1.05 | 6.87 | 2.05 | 20 | ||||||||||||||||||||||||||
| (0.28 | ) | 16.38 | 11.28 | 11 | 1.05 | (d) | 9.92 | (d) | 2.45 | (d) | 22 | |||||||||||||||||||||||
| $ | (0.12 | ) | $ | 16.41 | (c) | 5.14 | %(c) | $ | 562 | 0.90 | %(d) | 1.68 | %(d) | 0.39 | %(d) | 36 | % | |||||||||||||||||
| (0.48 | ) | 15.73 | 3.42 | 43,747 | 0.93 | 1.45 | 2.63 | 48 | ||||||||||||||||||||||||||
| (0.41 | ) | 15.69 | (10.91 | ) | 42,593 | 0.95 | (d)(e) | 1.40 | (d)(e) | 2.59 | (d)(e) | 43 | ||||||||||||||||||||||
| (1.30 | ) | 18.03 | 0.45 | 38,983 | 0.95 | 1.78 | 3.05 | 34 | ||||||||||||||||||||||||||
| (0.24 | ) | 19.26 | 19.25 | 4,170 | 0.95 | 6.77 | 2.06 | 20 | ||||||||||||||||||||||||||
| (0.30 | ) | 16.38 | 11.36 | 4,396 | 0.95 | (d) | 9.93 | (d) | 2.50 | (d) | 22 | |||||||||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 301 |
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 |
Total from Investment Operations |
Dividends from Net Investment Income |
Distributions from Net Realized Capital Gains |
|||||||||||||||||||||||
| AllianzGI Short Duration High Income: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.29 | $ | 0.31 | $ | (0.01 | ) | $ | 0.30 | $ | (0.41 | ) | $ | — | ||||||||||||||
| 9/30/2016 |
15.04 | 0.72 | 0.38 | 1.10 | (0.85 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
15.59 | 0.57 | (0.46 | ) | 0.11 | (0.66 | ) | — | ||||||||||||||||||||
| 11/30/2014 |
15.92 | 0.64 | (0.23 | ) | 0.41 | (0.74 | ) | — | ||||||||||||||||||||
| 11/30/2013 |
15.97 | 0.63 | 0.09 | 0.72 | (0.76 | ) | (0.01 | ) | ||||||||||||||||||||
| 11/30/2012 |
15.32 | 0.64 | 0.68 | 1.32 | (0.67 | ) | — | |||||||||||||||||||||
| 10/3/2011* - 11/30/2011 |
15.00 | 0.12 | 0.25 | 0.37 | (0.05 | ) | — | |||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.27 | $ | 0.29 | $ | (0.02 | ) | $ | 0.27 | $ | (0.39 | ) | $ | — | ||||||||||||||
| 9/30/2016 |
15.00 | 0.68 | 0.38 | 1.06 | (0.79 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
15.56 | 0.53 | (0.46 | ) | 0.07 | (0.63 | ) | — | ||||||||||||||||||||
| 11/30/2014 |
15.89 | 0.60 | (0.23 | ) | 0.37 | (0.70 | ) | — | ||||||||||||||||||||
| 11/30/2013 |
15.94 | 0.59 | 0.09 | 0.68 | (0.72 | ) | (0.01 | ) | ||||||||||||||||||||
| 11/30/2012 |
15.31 | 0.58 | 0.64 | 1.22 | (0.59 | ) | — | |||||||||||||||||||||
| 10/3/2011* - 11/30/2011 |
15.00 | 0.10 | 0.25 | 0.35 | (0.04 | ) | — | |||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.24 | $ | 0.33 | $ | (0.01 | ) | $ | 0.32 | $ | (0.43 | ) | $ | — | ||||||||||||||
| 9/30/2016 |
15.03 | 0.74 | 0.38 | 1.12 | (0.91 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
15.58 | 0.60 | (0.47 | ) | 0.13 | (0.68 | ) | — | ||||||||||||||||||||
| 11/30/2014 |
15.92 | 0.66 | (0.23 | ) | 0.43 | (0.77 | ) | — | ||||||||||||||||||||
| 11/30/2013 |
15.96 | 0.66 | 0.10 | 0.76 | (0.79 | ) | (0.01 | ) | ||||||||||||||||||||
| 11/30/2012 |
15.32 | 0.66 | 0.68 | 1.34 | (0.70 | ) | — | |||||||||||||||||||||
| 10/3/2011* - 11/30/2011 |
15.00 | 0.10 | 0.28 | 0.38 | (0.06 | ) | — | |||||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.25 | $ | 0.33 | $ | (0.01 | ) | $ | 0.32 | $ | (0.43 | ) | $ | — | ||||||||||||||
| 9/30/2016 |
15.05 | 0.76 | 0.37 | 1.13 | (0.93 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
15.60 | 0.60 | (0.45 | ) | 0.15 | (0.70 | ) | — | ||||||||||||||||||||
| 11/30/2014 |
15.94 | 0.68 | (0.24 | ) | 0.44 | (0.78 | ) | — | ||||||||||||||||||||
| 11/30/2013 |
15.99 | 0.67 | 0.09 | 0.76 | (0.80 | ) | (0.01 | ) | ||||||||||||||||||||
| 11/30/2012 |
15.32 | 0.70 | 0.67 | 1.37 | (0.70 | ) | — | |||||||||||||||||||||
| 10/3/2011* - 11/30/2011 |
15.00 | 0.11 | 0.27 | 0.38 | (0.06 | ) | — | |||||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||
| 2/1/2017* - 3/31/2017+ |
$ | 15.18 | $ | 0.11 | $ | (0.02 | ) | $ | 0.09 | $ | (0.13 | ) | $ | — | ||||||||||||||
| + | Unaudited |
| # | Fiscal year end changed from November 30th to September 30th. |
| * | Commencement of operations. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| (c) | Annualized, unless otherwise noted. |
| (d) | Certain expenses incurred by the Fund were not annualized. |
| 302 | Semiannual Report | | March 31, 2017 | | 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 to Average |
Portfolio Turnover Rate |
|||||||||||||||||||||||||||
| $ | (0.41 | ) | $ | 15.18 | 2.00 | % | $ | 196,278 | 0.85 | %(c) | 0.85 | %(c) | 4.10 | %(c) | 49 | % | ||||||||||||||||||
| (0.85 | ) | 15.29 | 7.65 | 226,149 | 0.85 | 0.85 | 4.85 | 63 | ||||||||||||||||||||||||||
| (0.66 | ) | 15.04 | 0.67 | 164,978 | 0.86 | (c)(d) | 0.86 | (c)(d) | 4.44 | (c)(d) | 65 | |||||||||||||||||||||||
| (0.74 | ) | 15.59 | 2.60 | 163,070 | 0.85 | 0.88 | 4.01 | 94 | ||||||||||||||||||||||||||
| (0.77 | ) | 15.92 | 4.60 | 168,536 | 0.85 | 0.90 | 3.98 | 63 | ||||||||||||||||||||||||||
| (0.67 | ) | 15.97 | 8.78 | 80,995 | 0.89 | 1.09 | 4.09 | 51 | ||||||||||||||||||||||||||
| (0.05 | ) | 15.32 | 2.50 | 532 | 0.95 | (c) | 2.99 | (c) | 4.97 | (c) | 10 | |||||||||||||||||||||||
| $ | (0.39 | ) | $ | 15.15 | 1.82 | % | $ | 146,288 | 1.10 | %(c) | 1.10 | %(c) | 3.85 | %(c) | 49 | % | ||||||||||||||||||
| (0.79 | ) | 15.27 | 7.42 | 132,649 | 1.13 | 1.13 | 4.58 | 63 | ||||||||||||||||||||||||||
| (0.63 | ) | 15.00 | 0.38 | 100,557 | 1.15 | (c)(d) | 1.15 | (c)(d) | 4.15 | (c)(d) | 65 | |||||||||||||||||||||||
| (0.70 | ) | 15.56 | 2.38 | 89,801 | 1.10 | 1.13 | 3.78 | 94 | ||||||||||||||||||||||||||
| (0.73 | ) | 15.89 | 4.36 | 63,680 | 1.10 | 1.16 | 3.74 | 63 | ||||||||||||||||||||||||||
| (0.59 | ) | 15.94 | 8.18 | 28,567 | 1.29 | 1.50 | 3.73 | 51 | ||||||||||||||||||||||||||
| (0.04 | ) | 15.31 | 2.36 | 1,245 | 1.70 | (c) | 3.72 | (c) | 4.26 | (c) | 10 | |||||||||||||||||||||||
| $ | (0.43 | ) | $ | 15.13 | 2.13 | % | $ | 868,683 | 0.63 | %(c) | 0.63 | %(c) | 4.33 | %(c) | 49 | % | ||||||||||||||||||
| (0.91 | ) | 15.24 | 7.84 | 554,281 | 0.66 | 0.66 | 4.97 | 63 | ||||||||||||||||||||||||||
| (0.68 | ) | 15.03 | 0.83 | 330,431 | 0.64 | (c)(d) | 0.64 | (c)(d) | 4.65 | (c)(d) | 65 | |||||||||||||||||||||||
| (0.77 | ) | 15.58 | 2.74 | 248,345 | 0.70 | 0.70 | 4.20 | 94 | ||||||||||||||||||||||||||
| (0.80 | ) | 15.92 | 4.83 | 121,747 | 0.70 | 0.71 | 4.14 | 63 | ||||||||||||||||||||||||||
| (0.70 | ) | 15.96 | 8.91 | 52,932 | 0.70 | 0.92 | 4.24 | 51 | ||||||||||||||||||||||||||
| (0.06 | ) | 15.32 | 2.50 | 10 | 0.70 | (c) | 2.84 | (c) | 4.22 | (c) | 10 | |||||||||||||||||||||||
| $ | (0.43 | ) | $ | 15.14 | 2.16 | % | $ | 402,499 | 0.56 | %(c) | 0.56 | %(c) | 4.37 | %(c) | 49 | % | ||||||||||||||||||
| (0.93 | ) | 15.25 | 7.90 | 420,440 | 0.58 | 0.58 | 5.10 | 63 | ||||||||||||||||||||||||||
| (0.70 | ) | 15.05 | 0.91 | 445,473 | 0.60 | (c)(d) | 0.60 | (c)(d) | 4.70 | (c)(d) | 65 | |||||||||||||||||||||||
| (0.78 | ) | 15.60 | 2.81 | 225,643 | 0.60 | 0.60 | 4.28 | 94 | ||||||||||||||||||||||||||
| (0.81 | ) | 15.94 | 4.87 | 179,676 | 0.61 | 0.61 | 4.23 | 63 | ||||||||||||||||||||||||||
| (0.70 | ) | 15.99 | 9.13 | 38,247 | 0.60 | 0.89 | 4.48 | 51 | ||||||||||||||||||||||||||
| (0.06 | ) | 15.32 | 2.52 | 8,055 | 0.60 | (c) | 2.72 | (c) | 4.58 | (c) | 10 | |||||||||||||||||||||||
| $ | (0.13 | ) | $ | 15.14 | 0.60 | % | $ | 81,102 | 0.57 | %(c) | 0.63 | %(c) | 5.12 | %(c) | 49 | % | ||||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 303 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
| Net Asset Value, Beginning of Period |
Net |
Net Realized and Change in Unrealized Gain (Loss) |
Total from Investment Operations |
Dividends from Net Investment Income |
Distributions from Net Realized Capital Gains |
|||||||||||||||||||||||
| AllianzGI Structured Return: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.85 | $ | 0.01 | $ | 0.37 | $ | 0.38 | $ | (0.06 | ) | $ | (0.36 | ) | ||||||||||||||
| 9/30/2016 |
15.47 | 0.15 | 0.51 | 0.66 | (0.10 | ) | (0.18 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
15.64 | 0.16 | 0.28 | 0.44 | — | (e) | (0.61 | ) | ||||||||||||||||||||
| 11/30/2014 |
15.87 | (0.12 | ) | 0.65 | 0.53 | — | (0.76 | ) | ||||||||||||||||||||
| 12/3/2012* - 11/30/2013 |
15.00 | (0.28 | ) | 1.15 | 0.87 | — | — | |||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.39 | $ | (0.04) | $ | 0.36 | $ | 0.32 | $ | — | (e) | $ | (0.36 | ) | ||||||||||||||
| 9/30/2016 |
15.12 | 0.02 | 0.51 | 0.53 | (0.08 | ) | (0.18 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
15.39 | 0.09 | 0.25 | 0.34 | — | (e) | (0.61 | ) | ||||||||||||||||||||
| 11/30/2014 |
15.73 | (0.25 | ) | 0.67 | 0.42 | — | (0.76 | ) | ||||||||||||||||||||
| 12/3/2012* - 11/30/2013 |
15.00 | (0.39 | ) | 1.12 | 0.73 | — | — | |||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.87 | $ | 0.08 | $ | 0.32 | $ | 0.40 | $ | (0.12 | ) | $ | (0.36 | ) | ||||||||||||||
| 9/30/2016 |
15.53 | 0.17 | 0.53 | 0.70 | (0.18 | ) | (0.18 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
15.69 | 0.21 | 0.24 | 0.45 | — | (e) | (0.61 | ) | ||||||||||||||||||||
| 11/30/2014 |
15.89 | (0.15 | ) | 0.71 | 0.56 | — | (0.76 | ) | ||||||||||||||||||||
| 12/3/2012* - 11/30/2013 |
15.00 | (0.26 | ) | 1.15 | 0.89 | — | — | |||||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.96 | $ | 0.03 | $ | 0.37 | $ | 0.40 | $ | (0.06 | ) | $ | (0.36 | ) | ||||||||||||||
| 9/30/2016 |
15.54 | 0.19 | 0.52 | 0.71 | (0.11 | ) | (0.18 | ) | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
15.72 | 0.22 | 0.24 | 0.46 | (0.03 | ) | (0.61 | ) | ||||||||||||||||||||
| 11/30/2014 |
15.90 | (0.08 | ) | 0.66 | 0.58 | — | (0.76 | ) | ||||||||||||||||||||
| 12/3/2012* - 11/30/2013 |
15.00 | (0.24 | ) | 1.14 | 0.90 | — | — | |||||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||
| 12/2/2016* - 3/31/2017+ |
$ | 16.13 | $ | 0.07 | $ | 0.18 | $ | 0.25 | $ | (0.18 | ) | $ | (0.36 | ) | ||||||||||||||
| + | Unaudited |
| # | Fiscal year end changed from November 30th to September 30th. |
| * | Commencement of operations. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| (c) | Annualized, unless otherwise noted. |
| (d) | Does not include expenses of the investment companies in which the Fund invests. |
| (e) | Actual amount rounds to less than $(0.01) per share. |
| (f) | Certain expenses incurred by the Fund were not annualized. |
| 304 | Semiannual Report | | March 31, 2017 | | 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 |
|||||||||||||||||||||||||||
| $ | (0.42 | ) | $ | 15.81 | 2.43 | % | $ | 102,743 | 1.06 | %(c)(d) | 1.12 | %(c)(d) | 0.14 | %(c)(d) | 327 | % | ||||||||||||||||||
| (0.28 | ) | 15.85 | 4.32 | 96,870 | 1.15 | (d) | 1.17 | (d) | 0.95 | (d) | 500 | |||||||||||||||||||||||
| (0.61 | ) | 15.47 | 2.93 | 8,014 | 1.15 | (c)(d)(f) | 1.58 | (c)(d)(f) | 1.28 | (c)(d)(f) | 34 | |||||||||||||||||||||||
| (0.76 | ) | 15.64 | 3.52 | 2,551 | 1.52 | 4.22 | (0.75 | ) | 229 | |||||||||||||||||||||||||
| — | 15.87 | 5.80 | 517 | 1.90 | (c) | 7.34 | (c) | (1.86 | )(c) | — | ||||||||||||||||||||||||
| $ | (0.36 | ) | $ | 15.35 | 2.08 | % | $ | 14,765 | 1.83 | %(c)(d) | 1.86 | %(c)(d) | (0.56 | )%(c)(d) | 327 | % | ||||||||||||||||||
| (0.26 | ) | 15.39 | 3.52 | 12,605 | 1.90 | (d) | 1.97 | (d) | 0.10 | (d) | 500 | |||||||||||||||||||||||
| (0.61 | ) | 15.12 | 2.31 | 3,803 | 1.90 | (c)(d)(f) | 2.09 | (c)(d)(f) | 0.70 | (c)(d)(f) | 34 | |||||||||||||||||||||||
| (0.76 | ) | 15.39 | 2.82 | 138 | 2.31 | 4.74 | (1.64 | ) | 229 | |||||||||||||||||||||||||
| — | 15.73 | 4.87 | 74 | 2.65 | (c) | 6.91 | (c) | (2.60 | )(c) | — | ||||||||||||||||||||||||
| $ | (0.48 | ) | $ | 15.79 | 2.54 | % | $ | 90,582 | 0.82 | %(c)(d) | 0.88 | %(c)(d) | 1.00 | %(c)(d) | 327 | % | ||||||||||||||||||
| (0.36 | ) | 15.87 | 4.55 | 20,664 | 0.96 | (d) | 0.96 | (d) | 1.11 | (d) | 500 | |||||||||||||||||||||||
| (0.61 | ) | 15.53 | 2.99 | 503 | 1.00 | (c)(d)(f) | 1.16 | (c)(d)(f) | 1.67 | (c)(d)(f) | 34 | |||||||||||||||||||||||
| (0.76 | ) | 15.69 | 3.72 | 37 | 1.50 | 3.73 | (1.00 | ) | 229 | |||||||||||||||||||||||||
| — | 15.89 | 5.93 | 61 | 1.75 | (c) | 5.97 | (c) | (1.69 | )(c) | — | ||||||||||||||||||||||||
| $ | (0.42 | ) | $ | 15.94 | 2.53 | % | $ | 135,840 | 0.81 | %(c)(d) | 0.85 | %(c)(d) | 0.38 | %(c)(d) | 327 | % | ||||||||||||||||||
| (0.29 | ) | 15.96 | 4.60 | 146,194 | 0.90 | (d) | 0.90 | (d) | 1.21 | (d) | 500 | |||||||||||||||||||||||
| (0.64 | ) | 15.54 | 3.08 | 55,028 | 0.90 | (c)(d)(f) | 1.22 | (c)(d)(f) | 1.71 | (c)(d)(f) | 34 | |||||||||||||||||||||||
| (0.76 | ) | 15.72 | 3.84 | 15,142 | 1.28 | 3.65 | (0.54 | ) | 229 | |||||||||||||||||||||||||
| — | 15.90 | 6.00 | 7,978 | 1.65 | (c) | 5.64 | (c) | (1.60 | )(c) | — | ||||||||||||||||||||||||
| $ | (0.54 | ) | $ | 15.84 | 1.57 | % | $ | 38,474 | 0.69 | %(c)(d) | 0.79 | %(c)(d) | 1.34 | %(c)(d) | 327 | % | ||||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 305 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:
| Net Asset Value, Beginning of Period |
Net |
Net Realized and Change in Unrealized Gain (Loss) |
Total from Investment Operations |
Dividends from Net Investment Income |
Distributions from Net Realized Capital Gains |
|||||||||||||||||||||||
| AllianzGI U.S. Equity Hedged: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 16.20 | $ | 0.06 | $ | 0.95 | $ | 1.01 | $ | (0.24 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
15.79 | 0.11 | 0.53 | 0.64 | (0.23 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
17.74 | 0.14 | (1.09 | ) | (0.95 | ) | (0.02 | ) | (0.98 | ) | ||||||||||||||||||
| 11/30/2014 |
17.26 | 0.12 | 1.45 | 1.57 | (0.15 | ) | (0.94 | ) | ||||||||||||||||||||
| 12/3/2012* - 11/30/2013 |
15.00 | 0.12 | 2.14 | 2.26 | — | — | ||||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 15.59 | $ | (0.01 | ) | $ | 0.92 | $ | 0.91 | $ | (0.16 | ) | $ | — | ||||||||||||||
| 9/30/2016 |
15.43 | 0.01 | 0.51 | 0.52 | (0.36 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
17.45 | 0.05 | (1.09 | ) | (1.04 | ) | — | (e) | (0.98 | ) | ||||||||||||||||||
| 11/30/2014 |
17.14 | (0.01 | ) | 1.44 | 1.43 | (0.18 | ) | (0.94 | ) | |||||||||||||||||||
| 12/3/2012* - 11/30/2013 |
15.00 | — | (e) | 2.14 | 2.14 | — | — | |||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 16.18 | $ | 0.09 | $ | 0.92 | $ | 1.01 | $ | (0.40 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
15.92 | 0.14 | 0.54 | 0.68 | (0.42 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
17.90 | 0.15 | (1.10 | ) | (0.95 | ) | (0.05 | ) | (0.98 | ) | ||||||||||||||||||
| 11/30/2014 |
17.29 | 0.15 | 1.47 | 1.62 | (0.07 | ) | (0.94 | ) | ||||||||||||||||||||
| 12/3/2012* - 11/30/2013 |
15.00 | 0.15 | 2.14 | 2.29 | — | — | ||||||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 16.24 | $ | 0.07 | $ | 0.96 | $ | 1.03 | $ | (0.20 | ) | $ | — | |||||||||||||||
| 9/30/2016 |
15.86 | 0.11 | 0.59 | 0.70 | (0.32 | ) | — | |||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
17.89 | 0.18 | (1.11 | ) | (0.93 | ) | (0.12 | ) | (0.98 | ) | ||||||||||||||||||
| 11/30/2014 |
17.31 | 0.17 | 1.46 | 1.63 | (0.11 | ) | (0.94 | ) | ||||||||||||||||||||
| 12/3/2012* - 11/30/2013 |
15.00 | 0.17 | 2.14 | 2.31 | — | — | ||||||||||||||||||||||
| + | Unaudited |
| # | Fiscal year end changed from November 30th to September 30th. |
| * | Commencement of operations. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| (c) | Annualized, unless otherwise noted. |
| (d) | Does not include expenses of the investment companies in which the Fund invests. |
| (e) | Actual amount rounds to less than $(0.01) per share. |
| (f) | Certain expenses incurred by the Fund were not annualized. |
| (g) | Payments from Affiliates increased the end of period net asset value and total return by less than $0.01 and 0.01%, respectively. |
| 306 | Semiannual Report | | March 31, 2017 | | 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 |
|||||||||||||||||||||||||||
| $ | (0.24 | ) | $ | 16.97 | 6.24 | % | $ | 603 | 1.25 | %(c)(d) | 6.06 | %(c)(d) | 0.69 | %(c)(d) | — | % | ||||||||||||||||||
| (0.23 | ) | 16.20 | (g) | 4.11 | (g) | 624 | 1.25 | (d) | 3.63 | (d) | 0.70 | (d) | 6 | |||||||||||||||||||||
| (1.00 | ) | 15.79 | (5.68 | ) | 1,067 | 1.26 | (c)(d)(f) | 2.31 | (c)(d)(f) | 0.98 | (c)(d)(f) | 98 | ||||||||||||||||||||||
| (1.09 | ) | 17.74 | (g) | 9.57 | (g) | 1,491 | 1.25 | 3.70 | 0.70 | 5 | ||||||||||||||||||||||||
| — | 17.26 | 15.07 | 1,416 | 1.25 | (c) | 9.81 | (c) | 0.74 | (c) | 6 | ||||||||||||||||||||||||
| $ | (0.16 | ) | $ | 16.34 | 5.85 | % | $ | 266 | 2.00 | %(c)(d) | 5.55 | %(c)(d) | (0.10 | )%(c)(d) | — | % | ||||||||||||||||||
| (0.36 | ) | 15.59 | (g) | 3.42 | (g) | 271 | 2.00 | (d) | 4.37 | (d) | 0.06 | (d) | 6 | |||||||||||||||||||||
| (0.98 | ) | 15.43 | (6.31 | ) | 280 | 2.01 | (c)(d)(f) | 2.93 | (c)(d)(f) | 0.36 | (c)(d)(f) | 98 | ||||||||||||||||||||||
| (1.12 | ) | 17.45 | (g) | 8.78 | (g) | 180 | 2.00 | 4.48 | (0.05 | ) | 5 | |||||||||||||||||||||||
| — | 17.14 | 14.27 | 122 | 2.00 | (c) | 11.10 | (c) | (0.01 | )(c) | 6 | ||||||||||||||||||||||||
| $ | (0.40 | ) | $ | 16.79 | 6.31 | % | $ | 18 | 1.10 | %(c)(d) | 4.54 | %(c)(d) | 1.13 | %(c)(d) | — | % | ||||||||||||||||||
| (0.42 | ) | 16.18 | (g) | 4.31 | (g) | 12 | 1.10 | (d) | 3.29 | (d) | 0.91 | (d) | 6 | |||||||||||||||||||||
| (1.03 | ) | 15.92 | (5.62 | ) | 12 | 1.11 | (c)(d)(f) | 1.91 | (c)(d)(f) | 1.06 | (c)(d)(f) | 98 | ||||||||||||||||||||||
| (1.01 | ) | 17.90 | (g) | 9.77 | (g) | 13 | 1.10 | 3.38 | 0.85 | 5 | ||||||||||||||||||||||||
| — | 17.29 | 15.27 | 12 | 1.11 | (c) | 8.71 | (c) | 0.96 | (c) | 6 | ||||||||||||||||||||||||
| $ | (0.20 | ) | $ | 17.07 | 6.36 | % | $ | 4,033 | 1.00 | %(c)(d) | 4.49 | %(c)(d) | 0.88 | %(c)(d) | — | % | ||||||||||||||||||
| (0.32 | ) | 16.24 | (g) | 4.45 | (g) | 4,745 | 1.00 | (d) | 3.09 | (d) | 0.68 | (d) | 6 | |||||||||||||||||||||
| (1.10 | ) | 15.86 | (5.55 | ) | 12,973 | 1.01 | (c)(d)(f) | 1.98 | (c)(d)(f) | 1.27 | (c)(d)(f) | 98 | ||||||||||||||||||||||
| (1.05 | ) | 17.89 | (g) | 9.87 | (g) | 12,678 | 1.00 | 3.04 | 1.00 | 5 | ||||||||||||||||||||||||
| — | 17.31 | 15.40 | 5,395 | 1.00 | (c) | 8.82 | (c) | 1.05 | (c) | 6 | ||||||||||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 307 |
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 |
Net Asset Value, End of Period |
|||||||||||||||||||||||
| AllianzGI U.S. Small-Cap Growth: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 13.62 | $ | (0.05 | ) | $ | 1.06 | $ | 1.01 | $ | (2.74 | ) | $ | 11.89 | ||||||||||||||
| 9/30/2016 |
14.61 | (0.11 | ) | 0.29 | 0.18 | (1.17 | ) | 13.62 | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
17.45 | (0.12 | ) | (1.21 | ) | (1.33 | ) | (1.51 | ) | 14.61 | ||||||||||||||||||
| 11/30/2014 |
19.09 | (0.19 | ) | 0.36 | 0.17 | (1.81 | ) | 17.45 | ||||||||||||||||||||
| 11/30/2013 |
13.25 | (0.15 | ) | 6.27 | 6.12 | (0.28 | ) | 19.09 | ||||||||||||||||||||
| 11/30/2012 |
13.34 | (0.08 | ) | 0.98 | 0.90 | (0.99 | ) | 13.25 | ||||||||||||||||||||
| 12/20/2010* - 11/30/2011 |
13.77 | (0.11 | ) | (0.32 | ) | (0.43 | ) | — | 13.34 | |||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 12.91 | $ | (0.09 | ) | $ | 0.98 | $ | 0.89 | $ | (2.74 | ) | $ | 11.06 | ||||||||||||||
| 9/30/2016 |
14.02 | (0.20 | ) | 0.26 | 0.06 | (1.17 | ) | 12.91 | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
16.90 | (0.22 | ) | (1.15 | ) | (1.37 | ) | (1.51 | ) | 14.02 | ||||||||||||||||||
| 11/30/2014 |
18.68 | (0.31 | ) | 0.34 | 0.03 | (1.81 | ) | 16.90 | ||||||||||||||||||||
| 11/30/2013 |
13.07 | (0.25 | ) | 6.14 | 5.89 | (0.28 | ) | 18.68 | ||||||||||||||||||||
| 11/30/2012 |
13.25 | (0.18 | ) | 0.99 | 0.81 | (0.99 | ) | 13.07 | ||||||||||||||||||||
| 12/20/2010* - 11/30/2011 |
13.77 | (0.22 | ) | (0.30 | ) | (0.52 | ) | — | 13.25 | |||||||||||||||||||
| Class R | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 13.41 | $ | (0.06 | ) | $ | 1.03 | $ | 0.97 | $ | (2.74 | ) | $ | 11.64 | ||||||||||||||
| 9/30/2016 |
14.44 | (0.14 | ) | 0.28 | 0.14 | (1.17 | ) | 13.41 | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
17.29 | (0.15 | ) | (1.19 | ) | (1.34 | ) | (1.51 | ) | 14.44 | ||||||||||||||||||
| 11/30/2014 |
18.98 | (0.22 | ) | 0.34 | 0.12 | (1.81 | ) | 17.29 | ||||||||||||||||||||
| 11/30/2013 |
13.19 | (0.17 | ) | 6.24 | 6.07 | (0.28 | ) | 18.98 | ||||||||||||||||||||
| 11/30/2012 |
13.31 | (0.11 | ) | 0.98 | 0.87 | (0.99 | ) | 13.19 | ||||||||||||||||||||
| 12/20/2010* - 11/30/2011 |
13.77 | (0.15 | ) | (0.31 | ) | (0.46 | ) | — | 13.31 | |||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 13.83 | $ | (0.04 | ) | $ | 1.07 | $ | 1.03 | $ | (2.74 | ) | $ | 12.12 | ||||||||||||||
| 9/30/2016 |
14.81 | (0.09 | ) | 0.28 | 0.19 | (1.17 | ) | 13.83 | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
17.64 | (0.10 | ) | (1.22 | ) | (1.32 | ) | (1.51 | ) | 14.81 | ||||||||||||||||||
| 11/30/2014 |
19.25 | (0.15 | ) | 0.35 | 0.20 | (1.81 | ) | 17.64 | ||||||||||||||||||||
| 11/30/2013 |
13.32 | (0.11 | ) | 6.32 | 6.21 | (0.28 | ) | 19.25 | ||||||||||||||||||||
| 11/30/2012 |
13.37 | (0.04 | ) | 0.98 | 0.94 | (0.99 | ) | 13.32 | ||||||||||||||||||||
| 12/20/2010* - 11/30/2011 |
13.77 | (0.09 | ) | (0.31 | ) | (0.40 | ) | — | 13.37 | |||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 13.92 | $ | (0.03 | ) | $ | 1.08 | $ | 1.05 | $ | (2.74 | ) | $ | 12.23 | ||||||||||||||
| 9/30/2016 |
14.88 | (0.08 | ) | 0.29 | 0.21 | (1.17 | ) | 13.92 | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
17.71 | (0.09 | ) | (1.23 | ) | (1.32 | ) | (1.51 | ) | 14.88 | ||||||||||||||||||
| 11/30/2014 |
19.30 | (0.14 | ) | 0.36 | 0.22 | (1.81 | ) | 17.71 | ||||||||||||||||||||
| 11/30/2013 |
13.35 | (0.08 | ) | 6.31 | 6.23 | (0.28 | ) | 19.30 | ||||||||||||||||||||
| 11/30/2012 |
13.39 | (0.04 | ) | 0.99 | 0.95 | (0.99 | ) | 13.35 | ||||||||||||||||||||
| 11/30/2011 |
12.84 | (0.07 | ) | 0.62 | 0.55 | — | 13.39 | |||||||||||||||||||||
| + | Unaudited |
| # | Fiscal year end changed from November 30th to September 30th. |
| * | Commencement of operations. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| 308 | Semiannual Report | | March 31, 2017 | | See accompanying Notes to Financial Statements |
Table of Contents
| Total Return (b) | Net Assets, End of Period (000s) |
Ratio of Fee Waiver/ |
Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement |
Ratio of Net Investment Loss to Average Net Assets |
Portfolio Turnover Rate |
|||||||||||||||||||||
| 8.20 | % | $ | 610 | 1.20 | %(c) | 3.16 | %(c) | (0.80 | )%(c) | 52 | % | |||||||||||||||
| 1.09 | 3,430 | 1.30 | 2.07 | (0.80 | ) | 120 | ||||||||||||||||||||
| (8.17 | ) | 3,057 | 1.40 | (c)(d) | 1.75 | (c)(d) | (0.86 | )(c)(d) | 79 | |||||||||||||||||
| 1.31 | 3,277 | 1.44 | 1.89 | (1.05 | ) | 69 | ||||||||||||||||||||
| 47.16 | 4,971 | 1.50 | 1.91 | (0.90 | ) | 81 | ||||||||||||||||||||
| 7.67 | 1,359 | 1.50 | 2.45 | (0.59 | ) | 92 | ||||||||||||||||||||
| (3.12 | ) | 837 | 1.50 | (c) | 2.70 | (c) | (0.92 | )(c) | 111 | |||||||||||||||||
| 7.66 | % | $ | 448 | 2.00 | %(c) | 3.27 | %(c) | (1.53 | )%(c) | 52 | % | |||||||||||||||
| 0.23 | 537 | 2.10 | 2.93 | (1.60 | ) | 120 | ||||||||||||||||||||
| (8.72 | ) | 634 | 2.20 | (c)(d) | 2.59 | (c)(d) | (1.66 | )(c)(d) | 79 | |||||||||||||||||
| 0.53 | 661 | 2.20 | 2.69 | (1.81 | ) | 69 | ||||||||||||||||||||
| 46.03 | 606 | 2.21 | 2.73 | (1.57 | ) | 81 | ||||||||||||||||||||
| 6.99 | 228 | 2.22 | 3.16 | (1.35 | ) | 92 | ||||||||||||||||||||
| (3.78 | ) | 134 | 2.25 | (c) | 3.04 | (c) | (1.60 | )(c) | 111 | |||||||||||||||||
| 8.01 | % | $ | 129 | 1.45 | %(c) | 2.65 | %(c) | (1.05 | )%(c) | 52 | % | |||||||||||||||
| 0.81 | 19 | 1.55 | 2.34 | (1.06 | ) | 120 | ||||||||||||||||||||
| (8.32 | ) | 22 | 1.65 | (c)(d) | 2.03 | (c)(d) | (1.10 | )(c)(d) | 79 | |||||||||||||||||
| 1.03 | 29 | 1.66 | 2.20 | (1.26 | ) | 69 | ||||||||||||||||||||
| 46.99 | 26 | 1.67 | 2.16 | (1.03 | ) | 81 | ||||||||||||||||||||
| 7.44 | 10 | 1.70 | 2.60 | (0.84 | ) | 92 | ||||||||||||||||||||
| (3.34 | ) | 10 | 1.75 | (c) | 2.50 | (c) | (1.14 | )(c) | 111 | |||||||||||||||||
| 8.22 | % | $ | 666 | 1.05 | %(c) | 2.24 | %(c) | (0.59 | )%(c) | 52 | % | |||||||||||||||
| 1.15 | 230 | 1.16 | 1.86 | (0.64 | ) | 120 | ||||||||||||||||||||
| (8.01 | ) | 272 | 1.25 | (c)(d) | 1.55 | (c)(d) | (0.72 | )(c)(d) | 79 | |||||||||||||||||
| 1.47 | 214 | 1.25 | 1.76 | (0.84 | ) | 69 | ||||||||||||||||||||
| 47.60 | 110 | 1.25 | 1.74 | (0.69 | ) | 81 | ||||||||||||||||||||
| 7.97 | 19 | 1.25 | 2.25 | (0.27 | ) | 92 | ||||||||||||||||||||
| (2.90 | ) | 15 | 1.25 | (c) | 2.13 | (c) | (0.65 | )(c) | 111 | |||||||||||||||||
| 8.32 | % | $ | 15,132 | 0.96 | %(c) | 2.22 | %(c) | (0.49 | )%(c) | 52 | % | |||||||||||||||
| 1.28 | 19,403 | 1.07 | 1.85 | (0.58 | ) | 120 | ||||||||||||||||||||
| (7.98 | ) | 32,670 | 1.16 | (c)(d) | 1.53 | (c)(d) | (0.62 | )(c)(d) | 79 | |||||||||||||||||
| 1.57 | 33,231 | 1.16 | 1.66 | (0.76 | ) | 69 | ||||||||||||||||||||
| 47.64 | 29,116 | 1.16 | 1.69 | (0.48 | ) | 81 | ||||||||||||||||||||
| 8.05 | 20,140 | 1.15 | 2.09 | (0.29 | ) | 92 | ||||||||||||||||||||
| 4.28 | 20,862 | 1.15 | 1.99 | (0.53 | ) | 111 | ||||||||||||||||||||
| (c) | Annualized, unless otherwise noted. |
| (d) | Certain expenses incurred by the Fund were not annualized. |
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 309 |
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 |
Total from Investment Operations |
Distributions from Net Realized Capital Gains |
Net Asset Value, End of Period |
|||||||||||||||||||||||
| AllianzGI Ultra Micro Cap: | ||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 21.85 | $ | (0.20 | ) | $ | 1.51 | $ | 1.31 | $ | (1.79 | ) | $ | 21.37 | ||||||||||||||
| 9/30/2016 |
22.58 | (0.38 | ) | 1.64 | 1.26 | (1.99 | ) | 21.85 | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
23.75 | (0.35 | ) | (0.61 | ) | (0.96 | ) | (0.21 | ) | 22.58 | ||||||||||||||||||
| 11/30/2014 |
24.34 | (0.44 | ) | (0.04 | ) | (0.48 | ) | (0.11 | ) | 23.75 | ||||||||||||||||||
| 11/30/2013 |
15.53 | (0.29 | ) | 9.11 | 8.82 | (0.01 | ) | 24.34 | ||||||||||||||||||||
| 12/19/2011* - 11/30/2012 |
12.82 | (0.14 | ) | 2.85 | 2.71 | — | 15.53 | |||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 22.08 | $ | (0.17 | ) | $ | 1.53 | $ | 1.36 | $ | (1.79 | ) | $ | 21.65 | ||||||||||||||
| 9/30/2016 |
22.74 | (0.32 | ) | 1.65 | 1.33 | (1.99 | ) | 22.08 | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
23.86 | (0.30 | ) | (0.61 | ) | (0.91 | ) | (0.21 | ) | 22.74 | ||||||||||||||||||
| 11/30/2014 |
24.40 | (0.39 | ) | (0.04 | ) | (0.43 | ) | (0.11 | ) | 23.86 | ||||||||||||||||||
| 11/30/2013 |
15.54 | (0.24 | ) | 9.11 | 8.87 | (0.01 | ) | 24.40 | ||||||||||||||||||||
| 11/30/2012 |
13.26 | (0.20 | ) | 2.71 | 2.51 | (0.23 | ) | 15.54 | ||||||||||||||||||||
| 12/27/2010* - 11/30/2011 |
13.80 | (0.29 | ) | (0.22 | ) | (0.51 | ) | (0.03 | ) | 13.26 | ||||||||||||||||||
| Institutional Class | ||||||||||||||||||||||||||||
| 3/31/2017+ |
$ | 22.13 | $ | (0.17 | ) | $ | 1.53 | $ | 1.36 | $ | (1.79 | ) | $ | 21.70 | ||||||||||||||
| 9/30/2016 |
22.77 | (0.32 | ) | 1.67 | 1.35 | (1.99 | ) | 22.13 | ||||||||||||||||||||
| 12/1/2014 - 9/30/2015# |
23.93 | (0.34 | ) | (0.61 | ) | (0.95 | ) | (0.21 | ) | 22.77 | ||||||||||||||||||
| 11/30/2014 |
24.49 | (0.40 | ) | (0.05 | ) | (0.45 | ) | (0.11 | ) | 23.93 | ||||||||||||||||||
| 11/30/2013 |
15.59 | (0.26 | ) | 9.17 | 8.91 | (0.01 | ) | 24.49 | ||||||||||||||||||||
| 11/30/2012 |
13.29 | (0.19 | ) | 2.72 | 2.53 | (0.23 | ) | 15.59 | ||||||||||||||||||||
| 11/30/2011 |
13.25 | (0.29 | ) | 1.08 | 0.79 | (0.75 | ) | 13.29 | ||||||||||||||||||||
| + | Unaudited |
| # | Fiscal year end changed from November 30th to September 30th. |
| * | Commencement of operations. |
| (a) | Calculated on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
| (c) | Annualized, unless otherwise noted. |
| (d) | Certain expenses incurred by the Fund were not annualized. |
| 310 | Semiannual Report | | March 31, 2017 | | See accompanying Notes to Financial Statements |
Table of Contents
| 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 |
|||||||||||||||||||||
| 6.21 | % | $ | 14,163 | 2.40 | %(c)(d) | 2.40 | %(c)(d) | (1.92 | )%(c)(d) | 16 | % | |||||||||||||||
| 5.73 | 19,312 | 2.26 | 2.26 | (1.83 | ) | 32 | ||||||||||||||||||||
| (4.08 | ) | 41,119 | 2.08 | (c)(d) | 2.08 | (c)(d) | (1.70 | )(c)(d) | 43 | |||||||||||||||||
| (1.98 | ) | 53,192 | 2.16 | 2.16 | (1.81 | ) | 66 | |||||||||||||||||||
| 56.82 | 61,525 | 2.20 | 2.30 | (1.41 | ) | 59 | ||||||||||||||||||||
| 21.14 | 6,862 | 2.36 | (c) | 3.36 | (c) | (0.96 | )(c) | 114 | ||||||||||||||||||
| 6.38 | % | $ | 6,859 | 2.07 | %(c)(d) | 2.07 | %(c)(d) | (1.60 | )%(c)(d) | 16 | % | |||||||||||||||
| 6.02 | 5,343 | 1.97 | 1.97 | (1.54 | ) | 32 | ||||||||||||||||||||
| (3.84 | ) | 7,710 | 1.81 | (c)(d) | 1.81 | (c)(d) | (1.42 | )(c)(d) | 43 | |||||||||||||||||
| (1.77 | ) | 10,561 | 1.94 | 1.94 | (1.67 | ) | 66 | |||||||||||||||||||
| 57.10 | 858 | 2.01 | 2.07 | (1.19 | ) | 59 | ||||||||||||||||||||
| 19.26 | 252 | 2.18 | 3.08 | (1.38 | ) | 114 | ||||||||||||||||||||
| (3.64 | ) | 230 | 2.41 | (c) | 3.48 | (c) | (2.23 | )(c) | 101 | |||||||||||||||||
| 6.37 | % | $ | 20,824 | 2.07 | %(c)(d) | 2.07 | %(c)(d) | (1.60 | )%(c)(d) | 16 | % | |||||||||||||||
| 6.10 | 23,504 | 1.94 | 1.94 | (1.52 | ) | 32 | ||||||||||||||||||||
| (4.00 | ) | 43,621 | 1.97 | (c)(d) | 1.97 | (c)(d) | (1.60 | )(c)(d) | 43 | |||||||||||||||||
| (1.84 | ) | 49,525 | 2.00 | 2.00 | (1.65 | ) | 66 | |||||||||||||||||||
| 57.18 | 62,641 | 2.00 | 2.00 | (1.24 | ) | 59 | ||||||||||||||||||||
| 19.37 | 9,296 | 2.08 | 3.15 | (1.32 | ) | 114 | ||||||||||||||||||||
| 6.04 | 9,757 | 2.24 | 3.53 | (2.06 | ) | 101 | ||||||||||||||||||||
| See accompanying Notes to Financial Statements | | March 31, 2017 | | Semiannual Report | 311 |
Table of Contents
March 31, 2017 (Unaudited)
The investment objective of each Fund is disclosed below. There can be no assurance that the Funds will meet their stated objectives.
| Investment Objective | ||
| AllianzGI Retirement 2020 | The Funds seek capital growth and preservation consistent with its asset allocation as the target date in the Fund name approaches, and thereafter current income and, secondarily, capital appreciation. | |
| AllianzGI Retirement 2025 | ||
| AllianzGI Retirement 2030 | ||
| AllianzGI Retirement 2035 | ||
| AllianzGI Retirement 2040 | ||
| AllianzGI Retirement 2045 | ||
| AllianzGI Retirement 2050 | ||
| AllianzGI Retirement 2055 | ||
| AllianzGI Retirement Income | The Fund seeks current income, and secondarily, capital appreciation. | |
| AllianzGI Global Allocation | The Fund seeks after-inflation capital appreciation and current income. |
| 312 | March 31, 2017 | | Semiannual Report |
Table of Contents
| Investment Objective | ||
| AllianzGI Global Megatrends | The Funds seek long-term capital appreciation. | |
| AllianzGI Best Styles Emerging Markets Equity | ||
| AllianzGI Best Styles Global Equity | ||
| AllianzGI Best Styles International Equity | ||
| AllianzGI Best Styles U.S. Equity | ||
| AllianzGI Emerging Markets Consumer | ||
| AllianzGI Emerging Markets Small-Cap | ||
| AllianzGI Europe Equity Dividend | ||
| AllianzGI Global Dynamic Allocation | ||
| AllianzGI Global Sustainability | ||
| AllianzGI Global Water | ||
| AllianzGI International Growth | ||
| AllianzGI NFJ Emerging Markets Value | ||
| AllianzGI NFJ International Small-Cap Value | ||
| AllianzGI NFJ International Value II | ||
| AllianzGI Structured Return | ||
| AllianzGI Convertible | The Fund seeks maximum total return, consisting of capital appreciation and current income. | |
| AllianzGI Emerging Markets Debt | The Fund seeks long-term capital appreciation and current income. | |
| AllianzGI Global Fundamental Strategy | The Fund seeks to generate positive real absolute returns through a complete market cycle (rolling 3-year period) by investing in broad range of global asset classes. | |
| AllianzGI High Yield Bond | The Fund seeks a high level of current income and capital growth. | |
| AllianzGI International Small-Cap | The Funds seek maximum long-term capital appreciation. | |
| AllianzGI Micro Cap | ||
| AllianzGI U.S. Small-Cap Growth | ||
| AllianzGI Ultra Micro Cap | ||
| AllianzGI NFJ Global Dividend Value | The Fund seeks long-term growth of capital and income. | |
| AllianzGI Multi-Asset Real Return | The Fund seeks long-term capital appreciation emphasizing inflation-adjusted returns. | |
| AllianzGI Short Duration High Income | The Fund seeks a high level of current income with lower volatility than the broader high yield market. | |
| AllianzGI U.S. Equity Hedged | The Fund seeks capital appreciation, with added emphasis on the protection of capital during unfavorable market conditions. |
| Semiannual Report | | March 31, 2017 | 313 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| 314 | March 31, 2017 | | Semiannual Report |
Table of Contents
| Semiannual Report | | March 31, 2017 | 315 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
A summary of the inputs used at March 31, 2017 in valuing each Fund’s assets and liabilities is listed below (refer to the Schedules of Investments and Notes 7(b) and 7(c) for more detailed information on Investments in Securities and Other Financial Instruments):
| AllianzGI Retirement 2020: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 3/31/17 |
||||||||||||
| Mutual Funds |
$ | 49,241,938 | — | — | $ | 49,241,938 | ||||||||||
| Exchange-Traded Funds |
1,449,889 | — | — | 1,449,889 | ||||||||||||
| Repurchase Agreements |
— | $ | 2,349,000 | — | 2,349,000 | |||||||||||
| 50,691,827 | 2,349,000 | — | 53,040,827 | |||||||||||||
| Other Financial Instruments* – Assets |
||||||||||||||||
| Foreign Exchange Contracts |
6,686 | — | — | 6,686 | ||||||||||||
| Interest Rate Contracts |
16,116 | — | — | 16,116 | ||||||||||||
| 22,802 | — | — | 22,802 | |||||||||||||
| Other Financial Instruments* – Liabilities |
||||||||||||||||
| Foreign Exchange Contracts |
(24,273 | ) | — | — | (24,273 | ) | ||||||||||
| Market Price |
(6,536 | ) | — | — | (6,536 | ) | ||||||||||
| (30,809 | ) | — | — | (30,809 | ) | |||||||||||
| Totals |
$ | 50,683,820 | $ | 2,349,000 | — | $ | 53,032,820 | |||||||||
| AllianzGI Retirement 2025: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 3/31/17 |
||||||||||||
| Mutual Funds |
$ | 58,322,684 | — | — | $ | 58,322,684 | ||||||||||
| Repurchase Agreements |
— | $ | 2,309,000 | — | 2,309,000 | |||||||||||
| 58,322,684 | 2,309,000 | — | 60,631,684 | |||||||||||||
| Other Financial Instruments* – Assets |
||||||||||||||||
| Foreign Exchange Contracts |
8,024 | — | — | 8,024 | ||||||||||||
| Market Price |
4,794 | — | — | 4,794 | ||||||||||||
| 12,818 | — | — | 12,818 | |||||||||||||
| Other Financial Instruments* – Liabilities |
||||||||||||||||
| Foreign Exchange Contracts |
(30,045 | ) | — | — | (30,045 | ) | ||||||||||
| Market Price |
(24,090 | ) | — | — | (24,090 | ) | ||||||||||
| (54,135 | ) | — | — | (54,135 | ) | |||||||||||
| Totals |
$ | 58,281,367 | $ | 2,309,000 | — | $ | 60,590,367 | |||||||||
| 316 | March 31, 2017 | | Semiannual Report |
Table of Contents
| AllianzGI Retirement 2030: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant |
Value at 3/31/17 |
||||||||||||
| Mutual Funds |
$ | 63,104,978 | — | — | $ | 63,104,978 | ||||||||||
| Repurchase Agreements |
— | $ | 951,000 | — | 951,000 | |||||||||||
| 63,104,978 | 951,000 | — | 64,055,978 | |||||||||||||
| Other Financial Instruments* – Assets |
||||||||||||||||
| Foreign Exchange Contracts |
10,698 | — | — | 10,698 | ||||||||||||
| Market Price |
14,179 | — | — | 14,179 | ||||||||||||
| 24,877 | — | — | 24,877 | |||||||||||||
| Other Financial Instruments* – Liabilities |
||||||||||||||||
| Foreign Exchange Contracts |
(41,586 | ) | — | — | (41,586 | ) | ||||||||||
| Market Price |
(19,013 | ) | — | — | (19,013 | ) | ||||||||||
| (60,599 | ) | — | — | (60,599 | ) | |||||||||||
| Totals |
$ | 63,069,256 | $ | 951,000 | — | $ | 64,020,256 | |||||||||
| AllianzGI Retirement 2035: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant |
Value at 3/31/17 |
||||||||||||
| Mutual Funds |
$ | 49,542,897 | — | — | $ | 49,542,897 | ||||||||||
| Repurchase Agreements |
— | $ | 1,578,000 | — | 1,578,000 | |||||||||||
| 49,542,897 | 1,578,000 | — | 51,120,897 | |||||||||||||
| Other Financial Instruments* – Assets |
||||||||||||||||
| Foreign Exchange Contracts |
9,361 | — | — | 9,361 | ||||||||||||
| Market Price |
22,876 | — | — | 22,876 | ||||||||||||
| 32,237 | — | — | 32,237 | |||||||||||||
| Other Financial Instruments* – Liabilities |
||||||||||||||||
| Foreign Exchange Contracts |
(38,105 | ) | — | — | (38,105 | ) | ||||||||||
| Market Price |
(18,017 | ) | — | — | (18,017 | ) | ||||||||||
| (56,122 | ) | — | — | (56,122 | ) | |||||||||||
| Totals |
$ | 49,519,012 | $ | 1,578,000 | — | $ | 51,097,012 | |||||||||
| AllianzGI Retirement 2040: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant |
Value at 3/31/17 |
||||||||||||
| Mutual Funds |
$ | 45,347,327 | — | — | $ | 45,347,327 | ||||||||||
| Repurchase Agreements |
— | $ | 1,155,000 | — | 1,155,000 | |||||||||||
| 45,347,327 | 1,155,000 | — | 46,502,327 | |||||||||||||
| Other Financial Instruments* – Assets |
||||||||||||||||
| Foreign Exchange Contracts |
9,361 | — | — | 9,361 | ||||||||||||
| Market Price |
26,909 | — | — | 26,909 | ||||||||||||
| 36,270 | — | — | 36,270 | |||||||||||||
| Other Financial Instruments* – Liabilities |
||||||||||||||||
| Foreign Exchange Contracts |
(38,105 | ) | — | — | (38,105 | ) | ||||||||||
| Market Price |
(16,616 | ) | — | — | (16,616 | ) | ||||||||||
| (54,721 | ) | — | — | (54,721 | ) | |||||||||||
| Totals |
$ | 45,328,876 | $ | 1,155,000 | — | $ | 46,483,876 | |||||||||
| Semiannual Report | | March 31, 2017 | 317 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI Retirement 2045: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant |
Value at 3/31/17 |
||||||||||||
| Mutual Funds |
$ | 28,062,529 | — | — | $ | 28,062,529 | ||||||||||
| Repurchase Agreements |
— | $ | 1,205,000 | — | 1,205,000 | |||||||||||
| 28,062,529 | 1,205,000 | — | 29,267,529 | |||||||||||||
| Other Financial Instruments* – Assets |
||||||||||||||||
| Foreign Exchange Contracts |
5,349 | — | — | 5,349 | ||||||||||||
| Market Price |
19,622 | — | — | 19,622 | ||||||||||||
| 24,971 | — | — | 24,971 | |||||||||||||
| Other Financial Instruments* – Liabilities |
||||||||||||||||
| Foreign Exchange Contracts |
(20,793 | ) | — | — | (20,793 | ) | ||||||||||
| Market Price |
(9,988 | ) | — | — | (9,988 | ) | ||||||||||
| (30,781 | ) | — | — | (30,781 | ) | |||||||||||
| Totals |
$ | 28,056,719 | $ | 1,205,000 | — | $ | 29,261,719 | |||||||||
| AllianzGI Retirement 2050: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant |
Value at 3/31/17 |
||||||||||||
| Mutual Funds |
$ | 26,826,541 | — | — | $ | 26,826,541 | ||||||||||
| Repurchase Agreements |
— | $ | 1,353,000 | — | 1,353,000 | |||||||||||
| 26,826,541 | 1,353,000 | — | 28,179,541 | |||||||||||||
| Other Financial Instruments* – Assets |
||||||||||||||||
| Foreign Exchange Contracts |
5,349 | — | — | 5,349 | ||||||||||||
| Market Price |
18,792 | — | — | 18,792 | ||||||||||||
| 24,141 | — | — | 24,141 | |||||||||||||
| Other Financial Instruments* – Liabilities |
||||||||||||||||
| Foreign Exchange Contracts |
(20,793 | ) | — | — | (20,793 | ) | ||||||||||
| Market Price |
(9,987 | ) | — | — | (9,987 | ) | ||||||||||
| (30,780 | ) | — | — | (30,780 | ) | |||||||||||
| Totals |
$ | 26,819,902 | $ | 1,353,000 | — | $ | 28,172,902 | |||||||||
| AllianzGI Retirement 2055: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant |
Value at 3/31/17 |
||||||||||||
| Mutual Funds |
$ | 10,931,901 | — | — | $ | 10,931,901 | ||||||||||
| Repurchase Agreements |
— | $ | 440,000 | — | 440,000 | |||||||||||
| 10,931,901 | 440,000 | — | 11,371,901 | |||||||||||||
| Other Financial Instruments* – Assets |
||||||||||||||||
| Foreign Exchange Contracts |
2,675 | — | — | 2,675 | ||||||||||||
| Market Price |
8,177 | — | — | 8,177 | ||||||||||||
| 10,852 | — | — | 10,852 | |||||||||||||
| Other Financial Instruments* – Liabilities |
||||||||||||||||
| Foreign Exchange Contracts |
(5,771 | ) | — | — | (5,771 | ) | ||||||||||
| Market Price |
(4,760 | ) | — | — | (4,760 | ) | ||||||||||
| (10,531 | ) | — | — | (10,531 | ) | |||||||||||
| Totals |
$ | 10,932,222 | $ | 440,000 | — | $ | 11,372,222 | |||||||||
| 318 | March 31, 2017 | | Semiannual Report |
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| AllianzGI Retirement Income: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant |
Value at 3/31/17 |
||||||||||||
| Mutual Funds |
$ | 40,448,898 | — | — | $ | 40,448,898 | ||||||||||
| Common Stock: |
||||||||||||||||
| Equity Real Estate Investment Trusts (REITs) |
5,090,587 | $ | 603,920 | — | 5,694,507 | |||||||||||
| Mortgage Real Estate Investment Trusts (REITs) |
2,731,274 | — | — | 2,731,274 | ||||||||||||
| Exchange-Traded Funds |
2,003,401 | — | — | 2,003,401 | ||||||||||||
| Rights |
— | 576 | — | 576 | ||||||||||||
| Repurchase Agreements |
— | 463,000 | — | 463,000 | ||||||||||||
| 50,274,160 | 1,067,496 | — | 51,341,656 | |||||||||||||
| Other Financial Instruments* – Assets |
||||||||||||||||
| Interest Rate Contracts |
31,103 | — | — | 31,103 | ||||||||||||
| Market Price |
56,253 | — | — | 56,253 | ||||||||||||
| 87,356 | — | — | 87,356 | |||||||||||||
| Other Financial Instruments* – Liabilities |
||||||||||||||||
| Foreign Exchange Contracts |
(51,152 | ) | — | — | (51,152 | ) | ||||||||||
| Market Price |
(108,543 | ) | — | — | (108,543 | ) | ||||||||||
| (159,695 | ) | — | — | (159,695 | ) | |||||||||||
| Totals |
$ | 50,201,821 | $ | 1,067,496 | — | $ | 51,269,317 | |||||||||
| AllianzGI Global Allocation: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant |
Level 3– Significant |
Value at 3/31/17 |
||||||||||||
| Mutual Funds |
$ | 417,074,122 | — | — | $ | 417,074,122 | ||||||||||
| Exchange-Traded Funds |
9,171,963 | — | — | 9,171,963 | ||||||||||||
| U.S. Treasury Obligations |
— | $ | 5,140,430 | — | 5,140,430 | |||||||||||
| Repurchase Agreements |
— | 24,074,000 | — | 24,074,000 | ||||||||||||
| 426,246,085 | 29,214,430 | — | 455,460,515 | |||||||||||||
| Other Financial Instruments* – Assets |
||||||||||||||||
| Foreign Exchange Contracts |
76,400 | — | — | 76,400 | ||||||||||||
| Interest Rate Contracts |
159,297 | — | — | 159,297 | ||||||||||||
| Market Price |
147,221 | — | — | 147,221 | ||||||||||||
| 382,918 | — | — | 382,918 | |||||||||||||
| Other Financial Instruments* – Liabilities |
||||||||||||||||
| Foreign Exchange Contracts |
(503,836 | ) | — | — | (503,836 | ) | ||||||||||
| Interest Rate Contracts |
(11,895 | ) | — | — | (11,895 | ) | ||||||||||
| Market Price |
(177,839 | ) | — | — | (177,839 | ) | ||||||||||
| (693,570 | ) | — | — | (693,570 | ) | |||||||||||
| Totals |
$ | 425,935,433 | $ | 29,214,430 | — | $ | 455,149,863 | |||||||||
| AllianzGI Global Megatrends: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant |
Level 3– Significant |
Value at 3/31/17 |
||||||||||||
| Mutual Funds |
$ | 3,280,699 | — | — | $ | 3,280,699 | ||||||||||
| Repurchase Agreements |
— | $ | 181,000 | — | 181,000 | |||||||||||
| Totals |
$ | 3,280,699 | $ | 181,000 | — | $ | 3,461,699 | |||||||||
| Semiannual Report | | March 31, 2017 | 319 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI Best Styles Emerging Markets Equity: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant |
Level 3– Significant |
Value at 3/31/17 |
||||||||||||
| Common Stock: |
||||||||||||||||
| China |
$ | 406,206 | $ | 1,472,291 | — | $ | 1,878,497 | |||||||||
| Hong Kong |
— | 65,117 | — | 65,117 | ||||||||||||
| Hungary |
— | 43,056 | — | 43,056 | ||||||||||||
| Indonesia |
31,139 | 12,542 | — | 43,681 | ||||||||||||
| Korea (Republic of) |
70,474 | 675,265 | — | 745,739 | ||||||||||||
| Malaysia |
28,299 | 119,586 | — | 147,885 | ||||||||||||
| Norway |
— | 10,857 | — | 10,857 | ||||||||||||
| Philippines |
2,798 | 5,361 | — | 8,159 | ||||||||||||
| Russian Federation |
152,736 | 17,116 | — | 169,852 | ||||||||||||
| Singapore |
5,089 | 8,757 | — | 13,846 | ||||||||||||
| South Africa |
49,348 | 191,664 | — | 241,012 | ||||||||||||
| Taiwan |
15,005 | 779,329 | — | 794,334 | ||||||||||||
| Thailand |
— | 19,642 | $ | 163,021 | 182,663 | |||||||||||
| Turkey |
— | 146,584 | — | 146,584 | ||||||||||||
| All Other |
552,674 | — | — | 552,674 | ||||||||||||
| Preferred Stock: |
||||||||||||||||
| Korea (Republic of) |
— | 57,296 | — | 57,296 | ||||||||||||
| All Other |
262,375 | — | — | 262,375 | ||||||||||||
| Repurchase Agreements |
— | 579,000 | — | 579,000 | ||||||||||||
| 1,576,143 | 4,203,463 | 163,021 | 5,942,627 | |||||||||||||
| Other Financial Instruments* – Assets |
||||||||||||||||
| Market Price |
2,420 | — | — | 2,420 | ||||||||||||
| Totals |
$ | 1,578,563 | $ | 4,203,463 | $ | 163,021 | $ | 5,945,047 | ||||||||
| AllianzGI Best Styles Global Equity: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant |
Level 3– Significant |
Value at 3/31/17 |
||||||||||||
| Common Stock: |
||||||||||||||||
| Australia |
$ | 387,990 | $ | 8,078,354 | — | $ | 8,466,344 | |||||||||
| Austria |
322,873 | 2,588,842 | — | 2,911,715 | ||||||||||||
| Belgium |
— | 1,980,461 | — | 1,980,461 | ||||||||||||
| China |
7,282,406 | 27,504,079 | $ | 1,162 | 34,787,647 | |||||||||||
| Denmark |
— | 3,055,901 | — | 3,055,901 | ||||||||||||
| Finland |
319,018 | 2,073,169 | — | 2,392,187 | ||||||||||||
| France |
1,341,755 | 30,053,400 | — | 31,395,155 | ||||||||||||
| Germany |
348,891 | 22,118,431 | — | 22,467,322 | ||||||||||||
| Greece |
727,141 | 1,092,797 | — | 1,819,938 | ||||||||||||
| Hong Kong |
— | 2,326,253 | — | 2,326,253 | ||||||||||||
| Indonesia |
— | 4,883,324 | — | 4,883,324 | ||||||||||||
| Israel |
344,227 | 1,536,957 | — | 1,881,184 | ||||||||||||
| Italy |
2,211,224 | 4,453,282 | — | 6,664,506 | ||||||||||||
| Japan |
— | 38,042,111 | — | 38,042,111 | ||||||||||||
| Korea (Republic of) |
4,261,557 | 13,869,072 | — | 18,130,629 | ||||||||||||
| Malaysia |
— | 3,248,925 | — | 3,248,925 | ||||||||||||
| Morocco |
— | 348,786 | — | 348,786 | ||||||||||||
| Netherlands |
1,713,161 | 4,921,557 | — | 6,634,718 | ||||||||||||
| New Zealand |
959,487 | 1,176,008 | — | 2,135,495 | ||||||||||||
| 320 | March 31, 2017 | | Semiannual Report |
Table of Contents
| AllianzGI Best Styles Global Equity (cont’d) | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant |
Level 3– Significant |
Value at 3/31/17 |
||||||||||||
| Norway |
$ | 1,081,698 | $ | 3,618,830 | — | $ | 4,700,528 | |||||||||
| Philippines |
304,750 | 695,122 | — | 999,872 | ||||||||||||
| Russian Federation |
626,032 | 116,686 | — | 742,718 | ||||||||||||
| Singapore |
1,166,238 | 3,197,056 | — | 4,363,294 | ||||||||||||
| South Africa |
1,155,739 | 1,492,334 | — | 2,648,073 | ||||||||||||
| Spain |
— | 7,670,536 | — | 7,670,536 | ||||||||||||
| Sweden |
699,348 | 4,035,598 | — | 4,734,946 | ||||||||||||
| Switzerland |
757,446 | 4,619,965 | — | 5,377,411 | ||||||||||||
| Taiwan |
— | 13,085,399 | — | 13,085,399 | ||||||||||||
| Thailand |
— | 1,987,527 | $ | 3,297,395 | 5,284,922 | |||||||||||
| Turkey |
— | 4,559,228 | — | 4,559,228 | ||||||||||||
| United Kingdom |
4,053,297 | 40,417,990 | — | 44,471,287 | ||||||||||||
| All Other |
416,884,536 | — | — | 416,884,536 | ||||||||||||
| Preferred Stock: |
||||||||||||||||
| Korea (Republic of) |
— | 3,184,202 | — | 3,184,202 | ||||||||||||
| All Other |
3,448,052 | — | — | 3,448,052 | ||||||||||||
| Rights |
248 | — | — | 248 | ||||||||||||
| Repurchase Agreements |
— | 6,511,000 | — | 6,511,000 | ||||||||||||
| 450,397,114 | 268,543,182 | 3,298,557 | 722,238,853 | |||||||||||||
| Other Financial Instruments* – Assets |
||||||||||||||||
| Market Price |
96,492 | — | — | 96,492 | ||||||||||||
| Other Financial Instruments* – Liabilities |
||||||||||||||||
| Market Price |
(41,607 | ) | — | — | (41,607 | ) | ||||||||||
| Totals |
$ | 450,451,999 | $ | 268,543,182 | $ | 3,298,557 | $ | 722,293,738 | ||||||||
| AllianzGI Best Styles International Equity: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant |
Value at 3/31/17 |
||||||||||||
| Common Stock: |
||||||||||||||||
| Austria |
$ | 169,444 | $ | 387,024 | — | $ | 556,468 | |||||||||
| Belgium |
41,149 | 204,400 | — | 245,549 | ||||||||||||
| France |
85,960 | 3,036,987 | — | 3,122,947 | ||||||||||||
| Greece |
36,203 | 130,287 | — | 166,490 | ||||||||||||
| Ireland |
5,941 | 238,385 | — | 244,326 | ||||||||||||
| Italy |
87,520 | 973,638 | — | 1,061,158 | ||||||||||||
| Japan |
— | 7,568,064 | $ | 37,616 | 7,605,680 | |||||||||||
| Netherlands |
155,441 | 340,291 | — | 495,732 | ||||||||||||
| New Zealand |
230,194 | 236,098 | — | 466,292 | ||||||||||||
| Norway |
65,187 | 365,778 | — | 430,965 | ||||||||||||
| Singapore |
89,253 | 20,337 | — | 109,590 | ||||||||||||
| Sweden |
90,804 | 253,198 | — | 344,002 | ||||||||||||
| United Kingdom |
985,910 | 3,719,058 | — | 4,704,968 | ||||||||||||
| All Other |
— | 11,532,215 | — | 11,532,215 | ||||||||||||
| Preferred Stock |
— | 378,759 | — | 378,759 | ||||||||||||
| Repurchase Agreements |
— | 412,000 | — | 412,000 | ||||||||||||
| 2,043,006 | 29,796,519 | 37,616 | 31,877,141 | |||||||||||||
| Other Financial Instruments* – Assets |
||||||||||||||||
| Market Price |
13,144 | — | — | 13,144 | ||||||||||||
| Totals |
$ | 2,056,150 | $ | 29,796,519 | $ | 37,616 | $ | 31,890,285 | ||||||||
| Semiannual Report | | March 31, 2017 | 321 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI Best Styles U.S. Equity: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant |
Value at 3/31/17 |
||||||||||||
| Common Stock |
$ | 120,223,795 | — | — | $ | 120,223,795 | ||||||||||
| Rights |
— | $ | 6,088 | — | 6,088 | |||||||||||
| Repurchase Agreements |
— | 161,000 | — | 161,000 | ||||||||||||
| Totals |
$ | 120,223,795 | $ | 167,088 | — | $ | 120,390,883 | |||||||||
| AllianzGI Convertible: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant |
Value at 3/31/17 |
||||||||||||
| Convertible Bonds: |
||||||||||||||||
| IT Services |
— | — | $ | 10,375,124 | $ | 10,375,124 | ||||||||||
| All Other |
— | $ | 923,138,535 | — | 923,138,535 | |||||||||||
| Convertible Preferred Stock: |
||||||||||||||||
| Computers |
— | 9,098,568 | — | 9,098,568 | ||||||||||||
| Food & Beverage |
— | 13,300,384 | — | 13,300,384 | ||||||||||||
| Food Products |
— | 15,706,825 | — | 15,706,825 | ||||||||||||
| Investment Companies |
— | 11,130,493 | — | 11,130,493 | ||||||||||||
| All Other |
$ | 130,074,494 | — | — | 130,074,494 | |||||||||||
| Common Stock |
5,224,492 | — | — | 5,224,492 | ||||||||||||
| Repurchase Agreements |
— | 50,654,000 | — | 50,654,000 | ||||||||||||
| Totals |
$ | 135,298,986 | $ | 1,023,028,805 | $ | 10,375,124 | $ | 1,168,702,915 | ||||||||
| AllianzGI Emerging Markets Consumer: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant |
Value at 3/31/17 |
||||||||||||
| Common Stock: |
||||||||||||||||
| Brazil |
$ | 2,582,429 | — | — | $ | 2,582,429 | ||||||||||
| China |
837,168 | $ | 6,701,509 | — | 7,538,677 | |||||||||||
| Indonesia |
324,168 | — | — | 324,168 | ||||||||||||
| Korea (Republic of) |
67,396 | 7,048,449 | — | 7,115,845 | ||||||||||||
| Russian Federation |
1,642,579 | — | $ | 1,065,648 | 2,708,227 | |||||||||||
| South Africa |
477,950 | 1,565,831 | — | 2,043,781 | ||||||||||||
| Thailand |
— | 365,459 | 1,047,481 | 1,412,940 | ||||||||||||
| United States |
2,599,971 | — | — | 2,599,971 | ||||||||||||
| All Other |
— | 12,281,786 | — | 12,281,786 | ||||||||||||
| Preferred Stock |
— | 293,521 | — | 293,521 | ||||||||||||
| Equity-Linked Security |
— | 115,041 | — | 115,041 | ||||||||||||
| Repurchase Agreements |
— | 675,000 | — | 675,000 | ||||||||||||
| Totals |
$ | 8,531,661 | $ | 29,046,596 | $ | 2,113,129 | $ | 39,691,386 | ||||||||
| 322 | March 31, 2017 | | Semiannual Report |
Table of Contents
| AllianzGI Emerging Markets Debt: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant |
Value at 3/31/17 |
||||||||||||
| Corporate Bonds & Notes |
— | $ | 25,414,184 | — | $ | 25,414,184 | ||||||||||
| Sovereign Debt Obligations |
— | 14,086,888 | — | 14,086,888 | ||||||||||||
| Repurchase Agreements |
— | 1,455,000 | — | 1,455,000 | ||||||||||||
| — | 40,956,072 | — | 40,956,072 | |||||||||||||
| Other Financial Instruments* – Assets |
||||||||||||||||
| Foreign Exchange Contracts |
— | 6,451 | — | 6,451 | ||||||||||||
| Totals |
— | $ | 40,962,523 | — | $ | 40,962,523 | ||||||||||
| AllianzGI Emerging Markets Small-Cap: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant |
Value at 3/31/17 |
||||||||||||
| Common Stock: |
||||||||||||||||
| Brazil |
$ | 203,368 | — | — | $ | 203,368 | ||||||||||
| Chile |
149,928 | — | — | 149,928 | ||||||||||||
| China |
24,063 | $ | 2,905,913 | $ | 40,982 | 2,970,958 | ||||||||||
| Colombia |
37,779 | — | — | 37,779 | ||||||||||||
| Czech Republic |
15,000 | — | — | 15,000 | ||||||||||||
| Hong Kong |
53,738 | 225,772 | — | 279,510 | ||||||||||||
| India |
65,981 | 1,258,916 | — | 1,324,897 | ||||||||||||
| Korea (Republic of) |
467,501 | 1,344,989 | — | 1,812,490 | ||||||||||||
| Malaysia |
156,309 | — | — | 156,309 | ||||||||||||
| Philippines |
172,216 | — | — | 172,216 | ||||||||||||
| Russian Federation |
— | 121,638 | 415,561 | 537,199 | ||||||||||||
| South Africa |
107,446 | 288,218 | — | 395,664 | ||||||||||||
| Thailand |
234,791 | 280,585 | 94,306 | 609,682 | ||||||||||||
| All Other |
— | 4,820,648 | — | 4,820,648 | ||||||||||||
| Preferred Stock |
19,015 | — | — | 19,015 | ||||||||||||
| Repurchase Agreements |
— | 243,000 | — | 243,000 | ||||||||||||
| Totals |
$ | 1,707,135 | $ | 11,489,679 | $ | 550,849 | $ | 13,747,663 | ||||||||
| AllianzGI Europe Equity Dividend: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant |
Value at 3/31/17 |
||||||||||||
| Common Stock: |
||||||||||||||||
| Belgium |
$ | 11,440 | — | — | $ | 11,440 | ||||||||||
| United Kingdom |
33,196 | $ | 1,837,405 | — | 1,870,601 | |||||||||||
| All Other |
— | 4,662,086 | — | 4,662,086 | ||||||||||||
| Repurchase Agreements |
— | 207,000 | — | 207,000 | ||||||||||||
| Totals |
$ | 44,636 | $ | 6,706,491 | — | $ | 6,751,127 | |||||||||
| Semiannual Report | | March 31, 2017 | 323 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI Global Dynamic Allocation: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant |
Value at 3/31/17 |
||||||||||||
| Common Stock: |
||||||||||||||||
| Australia |
$ | 53,770 | $ | 1,599,773 | — | $ | 1,653,543 | |||||||||
| Austria |
61,166 | 405,173 | — | 466,339 | ||||||||||||
| Belgium |
— | 366,584 | — | 366,584 | ||||||||||||
| China |
794,132 | 4,244,901 | $ | 34 | 5,039,067 | |||||||||||
| Denmark |
6,128 | 468,495 | — | 474,623 | ||||||||||||
| Finland |
44,202 | 337,861 | — | 382,063 | ||||||||||||
| France |
256,847 | 4,624,096 | — | 4,880,943 | ||||||||||||
| Germany |
48,344 | 2,999,511 | — | 3,047,855 | ||||||||||||
| Greece |
100,769 | 151,433 | — | 252,202 | ||||||||||||
| Hong Kong |
— | 817,465 | — | 817,465 | ||||||||||||
| Hungary |
— | 110,128 | — | 110,128 | ||||||||||||
| Indonesia |
— | 872,632 | — | 872,632 | ||||||||||||
| Israel |
47,705 | 413,948 | — | 461,653 | ||||||||||||
| Italy |
339,428 | 644,058 | — | 983,486 | ||||||||||||
| Japan |
— | 8,164,802 | — | 8,164,802 | ||||||||||||
| Korea (Republic of) |
1,027,560 | 2,411,143 | — | 3,438,703 | ||||||||||||
| Luxembourg |
— | 56,161 | — | 56,161 | ||||||||||||
| Malaysia |
— | 578,481 | — | 578,481 | ||||||||||||
| Morocco |
10,204 | 63,022 | — | 73,226 | ||||||||||||
| Netherlands |
246,164 | 735,931 | — | 982,095 | ||||||||||||
| New Zealand |
187,376 | 246,222 | — | 433,598 | ||||||||||||
| Norway |
173,024 | 638,523 | — | 811,547 | ||||||||||||
| Philippines |
48,841 | 103,449 | — | 152,290 | ||||||||||||
| Poland |
18,358 | 57,456 | — | 75,814 | ||||||||||||
| Portugal |
— | 38,758 | — | 38,758 | ||||||||||||
| Russian Federation |
110,980 | 3,433 | — | 114,413 | ||||||||||||
| Singapore |
168,132 | 870,849 | — | 1,038,981 | ||||||||||||
| South Africa |
167,320 | 271,662 | — | 438,982 | ||||||||||||
| Spain |
4,353 | 1,127,252 | — | 1,131,605 | ||||||||||||
| Sweden |
106,391 | 579,277 | — | 685,668 | ||||||||||||
| Switzerland |
251,937 | 1,260,597 | — | 1,512,534 | ||||||||||||
| Taiwan |
— | 2,237,210 | — | 2,237,210 | ||||||||||||
| Thailand |
— | 391,112 | 336,660 | 727,772 | ||||||||||||
| Turkey |
— | 693,932 | — | 693,932 | ||||||||||||
| United Kingdom |
618,892 | 5,947,315 | — | 6,566,207 | ||||||||||||
| All Other |
71,693,082 | — | — | 71,693,082 | ||||||||||||
| U.S. Treasury Obligations |
— | 62,820,671 | — | 62,820,671 | ||||||||||||
| Corporate Bonds & Notes |
— | 23,275,632 | — | 23,275,632 | ||||||||||||
| U.S. Government Agency Securities |
— | 19,348,697 | — | 19,348,697 | ||||||||||||
| Exchange-Traded Funds |
15,385,686 | — | — | 15,385,686 | ||||||||||||
| Sovereign Debt Obligations |
— | 13,797,587 | — | 13,797,587 | ||||||||||||
| Preferred Stock: |
||||||||||||||||
| Brazil |
321,872 | — | — | 321,872 | ||||||||||||
| Colombia |
101,379 | — | — | 101,379 | ||||||||||||
| Korea (Republic of) |
— | 442,608 | — | 442,608 | ||||||||||||
| 324 | March 31, 2017 | | Semiannual Report |
Table of Contents
| AllianzGI Global Dynamic Allocation (cont’d) | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant |
Value at 3/31/17 |
||||||||||||
| Rights: |
||||||||||||||||
| Australia |
$ | 42 | — | — | $ | 42 | ||||||||||
| United States |
— | $ | 5,205 | — | 5,205 | |||||||||||
| Repurchase Agreements |
— | 19,483,000 | — | 19,483,000 | ||||||||||||
| 92,394,084 | 183,706,045 | $ | 336,694 | 276,436,823 | ||||||||||||
| Other Financial Instruments* – Assets |
||||||||||||||||
| Interest Rate Contracts |
128,486 | — | — | 128,486 | ||||||||||||
| Market Price |
1,074,647 | — | — | 1,074,647 | ||||||||||||
| 1,203,133 | — | — | 1,203,133 | |||||||||||||
| Other Financial Instruments* – Liabilities |
||||||||||||||||
| Foreign Exchange Contracts |
(158,545 | ) | — | — | (158,545 | ) | ||||||||||
| Interest Rate Contracts |
(24,684 | ) | — | — | (24,684 | ) | ||||||||||
| Market Price |
(336,216 | ) | — | — | (336,216 | ) | ||||||||||
| (519,445 | ) | — | — | (519,445 | ) | |||||||||||
| Totals |
$ | 93,077,772 | $ | 183,706,045 | $ | 336,694 | $ | 277,120,511 | ||||||||
| AllianzGI Global Fundamental Strategy: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 3/31/17 |
||||||||||||
| Common Stock: |
||||||||||||||||
| China |
$ | 146,642 | $ | 312,045 | — | $ | 458,687 | |||||||||
| Hong Kong |
156,243 | — | — | 156,243 | ||||||||||||
| United Kingdom |
111,978 | 1,265,070 | — | 1,377,048 | ||||||||||||
| United States |
1,586,541 | — | — | 1,586,541 | ||||||||||||
| All Other |
— | 2,277,372 | — | 2,277,372 | ||||||||||||
| Sovereign Debt Obligations |
— | 4,638,266 | — | 4,638,266 | ||||||||||||
| Corporate Bonds & Notes |
— | 2,737,221 | — | 2,737,221 | ||||||||||||
| U.S. Treasury Obligations |
— | 625,667 | — | 625,667 | ||||||||||||
| Mutual Funds |
510,150 | — | — | 510,150 | ||||||||||||
| Exchange-Traded Funds |
327,444 | — | — | 327,444 | ||||||||||||
| Repurchase Agreements |
— | 780,000 | — | 780,000 | ||||||||||||
| Options Purchased: |
| |||||||||||||||
| Market Price |
33,035 | — | — | 33,035 | ||||||||||||
| 2,872,033 | 12,635,641 | — | 15,507,674 | |||||||||||||
| Other Financial Instruments* – Assets |
| |||||||||||||||
| Foreign Exchange Contracts |
— | 23,455 | — | 23,455 | ||||||||||||
| Interest Rate Contracts |
1,186 | — | — | 1,186 | ||||||||||||
| Market Price |
33,222 | — | — | 33,222 | ||||||||||||
| 34,408 | 23,455 | — | 57,863 | |||||||||||||
| Other Financial Instruments* – Liabilities |
| |||||||||||||||
| Foreign Exchange Contracts |
— | (7,053 | ) | — | (7,053 | ) | ||||||||||
| Totals |
$ | 2,906,441 | $ | 12,652,043 | — | $ | 15,558,484 | |||||||||
| Semiannual Report | | March 31, 2017 | 325 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI Global Sustainability: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 3/31/17 |
||||||||||||
| Common Stock: |
| |||||||||||||||
| Australia |
— | $ | 505,256 | — | $ | 505,256 | ||||||||||
| Denmark |
— | 275,124 | — | 275,124 | ||||||||||||
| France |
— | 690,971 | — | 690,971 | ||||||||||||
| Germany |
— | 1,544,258 | — | 1,544,258 | ||||||||||||
| Japan |
— | 1,258,962 | — | 1,258,962 | ||||||||||||
| Spain |
— | 987,570 | — | 987,570 | ||||||||||||
| Sweden |
— | 869,704 | — | 869,704 | ||||||||||||
| Switzerland |
— | 1,111,599 | — | 1,111,599 | ||||||||||||
| United Kingdom |
$ | 218,984 | 3,450,901 | — | 3,669,885 | |||||||||||
| All Other |
12,828,329 | — | — | 12,828,329 | ||||||||||||
| Preferred Stock |
— | 297,494 | — | 297,494 | ||||||||||||
| Repurchase Agreements |
— | 603,000 | — | 603,000 | ||||||||||||
| Totals |
$ | 13,047,313 | $ | 11,594,839 | — | $ | 24,642,152 | |||||||||
| AllianzGI Global Water: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 3/31/17 |
||||||||||||
| Common Stock: |
| |||||||||||||||
| Austria |
— | $ | 8,013,712 | — | $ | 8,013,712 | ||||||||||
| China |
— | 28,973,801 | — | 28,973,801 | ||||||||||||
| Finland |
— | 15,748,883 | — | 15,748,883 | ||||||||||||
| France |
— | 42,762,061 | — | 42,762,061 | ||||||||||||
| Germany |
— | 10,897,229 | — | 10,897,229 | ||||||||||||
| Hong Kong |
— | 16,517,285 | — | 16,517,285 | ||||||||||||
| Netherlands |
— | 16,824,962 | — | 16,824,962 | ||||||||||||
| Switzerland |
$ | 2,770,928 | 46,515,513 | — | 49,286,441 | |||||||||||
| United Kingdom |
21,866,776 | 82,689,358 | — | 104,556,134 | ||||||||||||
| All Other |
215,563,686 | — | — | 215,563,686 | ||||||||||||
| Repurchase Agreements |
— | 37,405,000 | — | 37,405,000 | ||||||||||||
| Totals |
$ | 240,201,390 | $ | 306,347,804 | — | $ | 546,549,194 | |||||||||
| AllianzGI High Yield Bond: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 3/31/17 |
||||||||||||
| Corporate Bonds & Notes |
— | $ | 319,807,544 | — | $ | 319,807,544 | ||||||||||
| Preferred Stock |
— | — | $ | 6,252,564 | 6,252,564 | |||||||||||
| Common Stock |
— | — | 684,875 | 684,875 | ||||||||||||
| Warrants |
— | — | 46,062 | 46,062 | ||||||||||||
| Repurchase Agreements |
— | 9,774,000 | — | 9,774,000 | ||||||||||||
| Totals |
— | $ | 329,581,544 | $ | 6,983,501 | $ | 336,565,045 | |||||||||
| 326 | March 31, 2017 | | Semiannual Report |
Table of Contents
| AllianzGI International Growth: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 3/31/17 |
||||||||||||
| Common Stock: |
| |||||||||||||||
| Brazil |
$ | 1,360,550 | — | — | $ | 1,360,550 | ||||||||||
| Canada |
2,788,167 | — | — | 2,788,167 | ||||||||||||
| China |
1,243,793 | $ | 894,881 | — | 2,138,674 | |||||||||||
| India |
315,999 | — | — | 315,999 | ||||||||||||
| Ireland |
458,601 | — | — | 458,601 | ||||||||||||
| Mexico |
292,945 | — | — | 292,945 | ||||||||||||
| All Other |
— | 21,058,456 | — | 21,058,456 | ||||||||||||
| Repurchase Agreements |
— | 294,000 | — | 294,000 | ||||||||||||
| Totals |
$ | 6,460,055 | $ | 22,247,337 | — | $ | 28,707,392 | |||||||||
| AllianzGI International Small-Cap: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 3/31/17 |
||||||||||||
| Common Stock: |
| |||||||||||||||
| China |
$ | 219,945 | $ | 2,271,219 | — | $ | 2,491,164 | |||||||||
| Denmark |
1,439,609 | 1,029,315 | — | 2,468,924 | ||||||||||||
| France |
1,342,704 | 4,065,763 | — | 5,408,467 | ||||||||||||
| Ireland |
1,654,471 | — | — | 1,654,471 | ||||||||||||
| Netherlands |
1,756,420 | 2,950,649 | — | 4,707,069 | ||||||||||||
| United Kingdom |
840,814 | 7,339,031 | — | 8,179,845 | ||||||||||||
| All Other |
— | 61,968,567 | — | 61,968,567 | ||||||||||||
| Preferred Stock |
— | 1,635,374 | — | 1,635,374 | ||||||||||||
| Repurchase Agreements |
— | 4,218,000 | — | 4,218,000 | ||||||||||||
| 7,253,963 | 85,477,918 | — | 92,731,881 | |||||||||||||
| Other Financial Instruments* – Liabilities |
||||||||||||||||
| Foreign Exchange Contracts |
— | (764 | ) | — | (764 | ) | ||||||||||
| Totals |
$ | 7,253,963 | $ | 85,477,154 | — | $ | 92,731,117 | |||||||||
| AllianzGI Micro Cap: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 3/31/17 |
||||||||||||
| Common Stock |
$ | 35,272,256 | — | — | $ | 35,272,256 | ||||||||||
| Repurchase Agreements |
— | $ | 1,216,000 | — | 1,216,000 | |||||||||||
| Totals |
$ | 35,272,256 | $ | 1,216,000 | — | $ | 36,488,256 | |||||||||
| AllianzGI Multi-Asset Real Return: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 3/31/17 |
||||||||||||
| Mutual Funds |
$ | 2,042,952 | — | — | $ | 2,042,952 | ||||||||||
| Exchange-Traded Funds |
804,787 | — | — | 804,787 | ||||||||||||
| Common Stock: |
||||||||||||||||
| Canada |
7,270 | — | — | 7,270 | ||||||||||||
| United States |
222,639 | — | — | 222,639 | ||||||||||||
| All Other |
— | $ | 405,424 | — | 405,424 | |||||||||||
| Repurchase Agreements |
— | 849,000 | — | 849,000 | ||||||||||||
| 3,077,648 | 1,254,424 | — | 4,332,072 | |||||||||||||
| Semiannual Report | | March 31, 2017 | 327 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI Multi-Asset Real Return (cont’d) | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 3/31/17 |
||||||||||||
| Other Financial Instruments* – Assets |
||||||||||||||||
| Market Price |
$ | 11,743 | — | — | $ | 11,743 | ||||||||||
| Other Financial Instruments* – Liabilities |
||||||||||||||||
| Foreign Exchange Contracts |
(1,403 | ) | — | — | (1,403 | ) | ||||||||||
| Interest Rate Contracts |
(66 | ) | — | — | (66 | ) | ||||||||||
| Market Price |
(1,622 | ) | — | — | (1,622 | ) | ||||||||||
| (3,091 | ) | — | — | (3,091 | ) | |||||||||||
| Totals |
$ | 3,086,300 | $ | 1,254,424 | — | $ | 4,340,724 | |||||||||
| AllianzGI NFJ Emerging Markets Value: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 3/31/17 |
||||||||||||
| Common Stock: |
||||||||||||||||
| Brazil |
$ | 1,389,614 | — | — | $ | 1,389,614 | ||||||||||
| Chile |
158,319 | $ | 170,460 | — | 328,779 | |||||||||||
| Czech Republic |
161,790 | — | — | 161,790 | ||||||||||||
| India |
337,551 | 2,064,232 | — | 2,401,783 | ||||||||||||
| Korea (Republic of) |
322,964 | 2,313,678 | — | 2,636,642 | ||||||||||||
| Malaysia |
502,721 | 326,995 | — | 829,716 | ||||||||||||
| Mexico |
898,873 | — | — | 898,873 | ||||||||||||
| Russian Federation |
339,289 | — | $ | 293,908 | 633,197 | |||||||||||
| South Africa |
586,225 | 459,067 | — | 1,045,292 | ||||||||||||
| Taiwan |
175,986 | 3,236,561 | — | 3,412,547 | ||||||||||||
| Turkey |
160,281 | 336,416 | — | 496,697 | ||||||||||||
| All Other |
— | 7,397,645 | — | 7,397,645 | ||||||||||||
| Preferred Stock: |
||||||||||||||||
| Brazil |
178,767 | — | — | 178,767 | ||||||||||||
| Russian Federation |
— | — | 166,741 | 166,741 | ||||||||||||
| All Other |
— | 488,583 | — | 488,583 | ||||||||||||
| Equity-Linked Securities |
— | 340,799 | — | 340,799 | ||||||||||||
| Exchange-Traded Funds |
165,438 | — | — | 165,438 | ||||||||||||
| Repurchase Agreements |
— | 712,000 | — | 712,000 | ||||||||||||
| 5,377,818 | 17,846,436 | 460,649 | 23,684,903 | |||||||||||||
| Other Financial Instruments* – Liabilities |
||||||||||||||||
| Foreign Exchange Contracts |
— | (470 | ) | — | (470 | ) | ||||||||||
| Totals |
$ | 5,377,818 | $ | 17,845,966 | $ | 460,649 | $ | 23,684,433 | ||||||||
| AllianzGI NFJ Global Dividend Value: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 3/31/17 |
||||||||||||
| Common Stock: |
||||||||||||||||
| Australia |
— | $ | 386,621 | — | $ | 386,621 | ||||||||||
| China |
— | 771,282 | — | 771,282 | ||||||||||||
| France |
— | 392,760 | — | 392,760 | ||||||||||||
| Germany |
— | 785,912 | — | 785,912 | ||||||||||||
| Japan |
— | 751,994 | — | 751,994 | ||||||||||||
| Korea (Republic of) |
— | 395,639 | — | 395,639 | ||||||||||||
| Norway |
— | 355,351 | — | 355,351 | ||||||||||||
| 328 | March 31, 2017 | | Semiannual Report |
Table of Contents
| AllianzGI NFJ Global Dividend Value (cont’d) | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 3/31/17 |
||||||||||||
| Spain |
— | $ | 396,209 | — | $ | 396,209 | ||||||||||
| Switzerland |
— | 382,347 | — | 382,347 | ||||||||||||
| United Kingdom |
— | 1,847,158 | — | 1,847,158 | ||||||||||||
| All Other |
$ | 12,220,976 | — | — | 12,220,976 | |||||||||||
| Repurchase Agreements |
— | 231,000 | — | 231,000 | ||||||||||||
| Totals |
$ | 12,220,976 | $ | 6,696,273 | — | $ | 18,917,249 | |||||||||
| AllianzGI NFJ International Small-Cap Value: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 3/31/17 |
||||||||||||
| Common Stock: |
||||||||||||||||
| Brazil |
$ | 88,062 | — | — | $ | 88,062 | ||||||||||
| Canada |
315,102 | — | — | 315,102 | ||||||||||||
| Chile |
40,800 | — | — | 40,800 | ||||||||||||
| Denmark |
46,130 | $ | 46,535 | — | 92,665 | |||||||||||
| Finland |
110,778 | 34,151 | — | 144,929 | ||||||||||||
| France |
39,414 | 87,332 | — | 126,746 | ||||||||||||
| Mexico |
47,016 | — | — | 47,016 | ||||||||||||
| Netherlands |
48,622 | 95,803 | — | 144,425 | ||||||||||||
| Poland |
40,680 | — | — | 40,680 | ||||||||||||
| Singapore |
45,462 | 88,420 | — | 133,882 | ||||||||||||
| Spain |
35,138 | 210,260 | — | 245,398 | ||||||||||||
| Sweden |
142,439 | 115,455 | — | 257,894 | ||||||||||||
| United Kingdom |
298,992 | 337,839 | — | 636,831 | ||||||||||||
| United States |
41,195 | — | — | 41,195 | ||||||||||||
| All Other |
— | 2,203,052 | — | 2,203,052 | ||||||||||||
| Totals |
$ | 1,339,830 | $ | 3,218,847 | — | $ | 4,558,677 | |||||||||
| AllianzGI NFJ International Value II: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 3/31/17 |
||||||||||||
| Common Stock: |
||||||||||||||||
| Brazil |
$ | 19,106 | — | — | $ | 19,106 | ||||||||||
| Canada |
90,675 | — | — | 90,675 | ||||||||||||
| Chile |
12,468 | — | — | 12,468 | ||||||||||||
| China |
11,152 | $ | 59,335 | — | 70,487 | |||||||||||
| Colombia |
11,961 | — | — | 11,961 | ||||||||||||
| Denmark |
9,474 | 12,616 | — | 22,090 | ||||||||||||
| Ireland |
13,450 | 11,981 | — | 25,431 | ||||||||||||
| Israel |
9,627 | 11,335 | — | 20,962 | ||||||||||||
| Korea (Republic of) |
6,219 | — | — | 6,219 | ||||||||||||
| Netherlands |
15,076 | 25,452 | — | 40,528 | ||||||||||||
| Russian Federation |
10,612 | — | — | 10,612 | ||||||||||||
| South Africa |
8,820 | 10,404 | — | 19,224 | ||||||||||||
| Taiwan |
13,136 | — | — | 13,136 | ||||||||||||
| Turkey |
9,969 | — | — | 9,969 | ||||||||||||
| United Kingdom |
13,938 | 100,641 | — | 114,579 | ||||||||||||
| United States |
9,416 | — | — | 9,416 | ||||||||||||
| All Other |
— | 474,307 | — | 474,307 | ||||||||||||
| Totals |
$ | 265,099 | $ | 706,071 | — | $ | 971,170 | |||||||||
| Semiannual Report | | March 31, 2017 | 329 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI Short Duration High Income: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant Unobservable Inputs |
Value at 3/31/17 |
||||||||||||
| Corporate Bonds & Notes |
— | $ | 1,428,275,424 | — | $ | 1,428,275,424 | ||||||||||
| Senior Loans |
— | 132,965,703 | — | 132,965,703 | ||||||||||||
| Repurchase Agreements |
— | 108,067,000 | — | 108,067,000 | ||||||||||||
| Totals |
— | $ | 1,669,308,127 | — | $ | 1,669,308,127 | ||||||||||
| AllianzGI Structured Return: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant |
Level 3– Significant |
Value at 3/31/17 |
||||||||||||
| Exchange-Traded Funds |
$ | 343,944,660 | — | — | $ | 343,944,660 | ||||||||||
| Repurchase Agreements |
— | $ | 58,560,000 | — | 58,560,000 | |||||||||||
| Options Purchased: |
||||||||||||||||
| Market Price |
401,873 | — | — | 401,873 | ||||||||||||
| 344,346,533 | 58,560,000 | — | 402,906,533 | |||||||||||||
| Investments in Securities – Liabilities |
||||||||||||||||
| Options Written: |
||||||||||||||||
| Market Price |
(11,834,250 | ) | — | — | (11,834,250 | ) | ||||||||||
| Totals |
$ | 332,512,283 | $ | 58,560,000 | — | $ | 391,072,283 | |||||||||
| AllianzGI U.S. Equity Hedged: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant |
Level 3– Significant |
Value at 3/31/17 |
||||||||||||
| Exchange-Traded Funds |
$ | 3,771,840 | — | — | $ | 3,771,840 | ||||||||||
| Repurchase Agreements |
— | $ | 382,000 | — | 382,000 | |||||||||||
| Options Purchased: |
||||||||||||||||
| Market Price |
34,883 | — | — | 34,883 | ||||||||||||
| 3,806,723 | 382,000 | — | 4,188,723 | |||||||||||||
| Investments in Securities – Liabilities |
||||||||||||||||
| Options Written: |
||||||||||||||||
| Market Price |
(2,540 | ) | — | — | (2,540 | ) | ||||||||||
| Totals |
$ | 3,804,183 | $ | 382,000 | — | $ | 4,186,183 | |||||||||
| AllianzGI U.S. Small-Cap Growth: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant |
Level 3– Significant |
Value at 3/31/17 |
||||||||||||
| Common Stock |
$ | 16,401,699 | — | — | $ | 16,401,699 | ||||||||||
| Repurchase Agreements |
— | $ | 581,000 | — | 581,000 | |||||||||||
| Totals |
$ | 16,401,699 | $ | 581,000 | — | $ | 16,982,699 | |||||||||
| AllianzGI Ultra Micro Cap: | ||||||||||||||||
| Investments in Securities – Assets | Level 1– Quoted Prices |
Level 2– Other Significant Observable Inputs |
Level 3– Significant |
Value at 3/31/17 |
||||||||||||
| Common Stock |
$ | 41,294,989 | — | — | $ | 41,294,989 | ||||||||||
| Repurchase Agreements |
— | $ | 811,000 | — | 811,000 | |||||||||||
| Totals |
$ | 41,294,989 | $ | 811,000 | — | $ | 42,105,989 | |||||||||
| 330 | March 31, 2017 | | Semiannual Report |
Table of Contents
At March 31, 2017, the following Funds had transfers between Levels 1 and 2:
| Transfers | ||||||||
| Level 1 to Level 2(a) | Level 2 to Level 1(b) | |||||||
| AllianzGI Best Styles Emerging Markets Equity |
$ | 165,252 | $ | 73,206 | ||||
| AllianzGI Best Styles Global Equity |
5,274,949 | 5,065,289 | ||||||
| AllianzGI Best Styles International Equity |
204,537 | 717,679 | ||||||
| AllianzGI Emerging Markets Consumer |
— | 407,563 | ||||||
| AllianzGI Emerging Markets Small-Cap |
305,887 | 719,732 | ||||||
| AllianzGI International Small-Cap |
1,553,778 | 2,782,313 | ||||||
| AllianzGI NFJ Emerging Markets Value |
322,931 | 648,532 | ||||||
| AllianzGI NFJ International Small-Cap Value |
187,276 | 293,334 | ||||||
| AllianzGI NFJ International Value II |
11,467 | 9,474 | ||||||
| (a) | This transfer was a result of securities trading outside the U.S. whose values were not adjusted by the application of a modeling tool at September 30, 2016, which was applied on March 31, 2017. |
| (b) | This transfer was a result of securities trading outside the U.S. whose values were adjusted by the application of a modeling tool at September 30, 2016, which was not applied on March 31, 2017. |
A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the six months ended March 31, 2017, was as follows:
| AllianzGI Best Styles Emerging Markets Equity: | ||||||||||||||||||||||||||||||||||||
| Investments in Securities – Assets | Beginning Balance 9/30/16 |
Purchases | Sales | Accrued Discount (Premiums) |
Net Realized Gain (Loss) |
Net Change in Unrealized Appreciation/ Depreciation |
Transfers into Level 3 |
Transfers out of Level 3 |
Ending Balance 3/31/17 |
|||||||||||||||||||||||||||
| Common Stock: |
||||||||||||||||||||||||||||||||||||
| China |
$ | 11,105 | — | $ | (1,417 | ) | — | $ | (9,898 | ) | $ | 210 | — | — | — | |||||||||||||||||||||
| Thailand |
275,544 | $ | 137,182 | (266,413 | ) | — | 5,508 | 11,200 | — | — | $ | 163,021 | ||||||||||||||||||||||||
| Totals |
$ | 286,649 | $ | 137,182 | $ | (267,830 | ) | — | $ | (4,390 | ) | $ | 11,410 | — | — | $ | 163,021 | |||||||||||||||||||
| AllianzGI Best Styles Global Equity: | ||||||||||||||||||||||||||||||||||||
| Investments in Securities – Assets | Beginning Balance 9/30/16 |
Purchases | Sales | Accrued Discount (Premiums) |
Net Realized Gain (Loss) |
Net Change in Unrealized Appreciation/ Depreciation |
Transfers into Level 3 |
Transfers out of Level 3 |
Ending Balance 3/31/17 |
|||||||||||||||||||||||||||
| Common Stock: |
||||||||||||||||||||||||||||||||||||
| China |
$ | 1,199 | — | $ | (35 | ) | — | $ | (340 | ) | $ | 338 | — | — | $ | 1,162 | ||||||||||||||||||||
| Thailand |
2,114,630 | $ | 2,290,828 | (1,520,147 | ) | — | 94,951 | 317,133 | — | — | 3,297,395 | |||||||||||||||||||||||||
| Totals |
$ | 2,115,829 | $ | 2,290,828 | $ | (1,520,182 | ) | — | $ | 94,611 | $ | 317,471 | — | — | $ | 3,298,557 | ||||||||||||||||||||
| AllianzGI Best Styles International Equity: | ||||||||||||||||||||||||||||||||||||
| Investments in Securities – Assets | Beginning Balance 9/30/16 |
Purchases | Sales | Accrued Discount (Premiums) |
Net Realized Gain (Loss) |
Net Change in Unrealized Appreciation/ Depreciation |
Transfers into Level 3** |
Transfers out of Level 3 |
Ending Balance 3/31/17 |
|||||||||||||||||||||||||||
| Common Stock: |
||||||||||||||||||||||||||||||||||||
| Japan |
— | — | — | — | — | — | $ | 37,616 | — | $ | 37,616 | |||||||||||||||||||||||||
| United Kingdom |
$ | 1,753 | — | $ | (1,684 | ) | — | $ | (277 | ) | $ | 208 | — | — | — | |||||||||||||||||||||
| Totals |
$ | 1,753 | — | $ | (1,684 | ) | — | $ | (277 | ) | $ | 208 | $ | 37,616 | — | $ | 37,616 | |||||||||||||||||||
| Semiannual Report | | March 31, 2017 | 331 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI Convertible: | ||||||||||||||||||||||||||||||||||||
| Investments in Securities – Assets | Beginning Balance 9/30/16 |
Purchases | Sales | Accrued Discount (Premiums) |
Net Realized Gain (Loss) |
Net Change in Unrealized Appreciation/ Depreciation |
Transfers into Level 3 |
Transfers out of Level 3 |
Ending Balance 3/31/17 |
|||||||||||||||||||||||||||
| Convertible Bonds: |
| |||||||||||||||||||||||||||||||||||
| Food & Beverage |
$ | 9,864,793 | $ | 1,221,529 | $ | (11,139,977 | ) | — | $ | (126,552 | ) | $ | 180,207 | — | — | — | ||||||||||||||||||||
| IT Services |
10,184,892 | 3,282,178 | (2,863,495 | ) | $ | 284 | (26,505 | ) | (202,230 | ) | — | — | $ | 10,375,124 | ||||||||||||||||||||||
| Totals |
$ | 20,049,685 | $ | 4,503,707 | $ | (14,003,472 | ) | $ | 284 | $ | (153,057 | ) | $ | (22,023 | ) | — | — | $ | 10,375,124 | |||||||||||||||||
| AllianzGI Emerging Markets Consumer: | ||||||||||||||||||||||||||||||||||||
| Investments in Securities – Assets | Beginning Balance 9/30/16 |
Purchases | Sales | Accrued Discount (Premiums) |
Net Realized Gain (Loss) |
Net Change in Unrealized Appreciation/ Depreciation |
Transfers into Level 3 |
Transfers out of Level 3 |
Ending Balance 3/31/17 |
|||||||||||||||||||||||||||
| Common Stock: |
| |||||||||||||||||||||||||||||||||||
| Russian Federation |
$ | 579,790 | $ | 263,558 | $ | (166,997 | ) | — | $ | 18,665 | $ | 370,632 | — | — | $ | 1,065,648 | ||||||||||||||||||||
| Thailand |
1,124,290 | 585,746 | (800,788 | ) | — | 50,727 | 87,506 | — | — | 1,047,481 | ||||||||||||||||||||||||||
| Totals |
$ | 1,704,080 | $ | 849,304 | $ | (967,785 | ) | — | $ | 69,392 | $ | 458,138 | — | — | $ | 2,113,129 | ||||||||||||||||||||
| AllianzGI Emerging Markets Small-Cap: | ||||||||||||||||||||||||||||||||||||
| Investments in Securities – Assets | Beginning Balance 9/30/16 |
Purchases | Sales | Accrued Discount (Premiums) |
Net Realized Gain (Loss) |
Net Change in Unrealized Appreciation/ Depreciation |
Transfers into Level 3*** |
Transfers out of Level 3 |
Ending Balance 3/31/17 |
|||||||||||||||||||||||||||
| Common Stock: |
| |||||||||||||||||||||||||||||||||||
| China |
— | — | — | — | — | — | $ | 40,982 | — | $ | 40,982 | |||||||||||||||||||||||||
| Russian Federation |
$ | 41,249 | $ | 331,143 | $ | (37,566 | ) | — | $ | 4,216 | $ | 76,519 | — | — | 415,561 | |||||||||||||||||||||
| Thailand |
— | 88,073 | — | — | — | 6,233 | — | — | 94,306 | |||||||||||||||||||||||||||
| Preferred Stock: |
| |||||||||||||||||||||||||||||||||||
| Russian Federation |
110,379 | — | (85,964 | ) | — | (5,978 | ) | (18,437 | ) | — | — | — | ||||||||||||||||||||||||
| Totals |
$ | 151,628 | $ | 419,216 | $ | (123,530 | ) | — | $ | (1,762 | ) | $ | 64,315 | $ | 40,982 | — | $ | 550,849 | ||||||||||||||||||
| AllianzGI Global Dynamic Allocation: | ||||||||||||||||||||||||||||||||||||
| Investments in Securities – Assets | Beginning Balance 9/30/16 |
Purchases | Sales | Accrued Discount (Premiums) |
Net Realized Gain (Loss) |
Net Change in Unrealized Appreciation/ Depreciation |
Transfers into Level 3 |
Transfers out of Level 3 |
Ending Balance 3/31/17 |
|||||||||||||||||||||||||||
| Common Stock: |
| |||||||||||||||||||||||||||||||||||
| China |
— | $ | 34 | — | — | — | — | — | — | $ | 34 | |||||||||||||||||||||||||
| Thailand |
— | 477,241 | $ | (180,221 | ) | — | $ | (7,277 | ) | $ | 46,917 | — | — | 336,660 | ||||||||||||||||||||||
| Totals |
— | $ | 477,275 | $ | (180,221 | ) | — | $ | (7,277 | ) | $ | 46,917 | — | — | $ | 336,694 | ||||||||||||||||||||
| AllianzGI High Yield Bond: | ||||||||||||||||||||||||||||||||||||
| Investments in Securities – Assets | Beginning Balance 9/30/16 |
Purchases | Sales | Accrued Discount (Premiums) |
Net Realized Gain (Loss) |
Net Change in Unrealized Appreciation/ Depreciation |
Transfers into Level 3 |
Transfers out of Level 3 |
Ending Balance 3/31/17 |
|||||||||||||||||||||||||||
| Corporate Bonds & Notes: |
||||||||||||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels |
$ | 760,320 | — | $ | (654,186 | ) | $ | 908 | $ | 266,024 | $ | (373,066 | ) | — | — | — | ||||||||||||||||||||
| Senior Loans |
4,837,520 | $ | 844,989 | # | (6,259,719 | ) † | — | — | 577,210 | — | — | — | ||||||||||||||||||||||||
| Preferred Stock |
— | 6,259,719 | † | — | — | — | (7,155 | ) | — | — | $ | 6,252,564 | ||||||||||||||||||||||||
| 332 | March 31, 2017 | | Semiannual Report |
Table of Contents
| AllianzGI High Yield Bond (cont’d) | ||||||||||||||||||||||||||||||||||||
| Investments in Securities – Assets | Beginning Balance 9/30/16 |
Purchases | Sales | Accrued Discount (Premiums) |
Net Realized Gain (Loss) |
Net Change in Unrealized Appreciation/ Depreciation |
Transfers into Level 3 |
Transfers out of Level 3 |
Ending Balance 3/31/17 |
|||||||||||||||||||||||||||
| Common Stock: |
||||||||||||||||||||||||||||||||||||
| Advertising |
$ | 897,099 | — | — | — | — | $ | (212,231 | ) | — | — | $ | 684,868 | |||||||||||||||||||||||
| Media |
— | — | † | — | — | — | 7 | — | — | 7 | ||||||||||||||||||||||||||
| Warrants: |
||||||||||||||||||||||||||||||||||||
| Commercial Services |
72,615 | — | — | — | — | (26,554 | ) | — | — | 46,061 | ||||||||||||||||||||||||||
| Media |
— | — | † | — | — | — | 1 | — | — | 1 | ||||||||||||||||||||||||||
| 6,567,554 | $ | 7,104,708 | $ | (6,913,905 | ) | $ | 908 | $ | 266,024 | (41,788 | ) | — | — | 6,983,501 | ||||||||||||||||||||||
| Other Financial Instruments* – Liabilities |
||||||||||||||||||||||||||||||||||||
| Unrealized depreciation of unfunded loan commitment |
(49,286 | ) | — | ## | — | — | — | 49,286 | — | — | — | |||||||||||||||||||||||||
| Totals |
$ | 6,518,268 | $ | 7,104,708 | $ | (6,913,905 | ) | $ | 908 | $ | 266,024 | $ | 7,498 | — | — | $ | 6,983,501 | |||||||||||||||||||
| AllianzGI NFJ Emerging Markets Value: | ||||||||||||||||||||||||||||||||||||
| Investments in Securities – Assets | Beginning Balance 9/30/16 |
Purchases | Sales | Accrued Discount (Premiums) |
Net Realized Gain (Loss) |
Net Change in Unrealized Appreciation/ Depreciation |
Transfers into Level 3 |
Transfers out of Level 3 |
Ending Balance 3/31/17 |
|||||||||||||||||||||||||||
| Common Stock: |
||||||||||||||||||||||||||||||||||||
| Russian Federation |
$ | 249,359 | $ | 392,353 | $ | (398,905 | ) | — | $ | 73,340 | $ | (22,239 | ) | — | — | $ | 293,908 | |||||||||||||||||||
| Preferred Stock: |
||||||||||||||||||||||||||||||||||||
| Russian Federation |
18,688 | 164,489 | (45,252 | ) | — | 9,337 | 19,479 | — | — | 166,741 | ||||||||||||||||||||||||||
| Totals |
$ | 268,047 | $ | 556,842 | $ | (444,157 | ) | — | $ | 82,677 | $ | (2,760 | ) | — | — | $ | 460,649 | |||||||||||||||||||
The following tables present additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at March 31, 2017:
| AllianzGI Best Styles Emerging Markets Equity: | ||||||||||||
| Investments in Securities – Assets | Ending Balance at 3/31/17 |
Valuation Technique Used | Unobservable Inputs |
Input Values | ||||||||
| Common Stock |
$ | 163,021 | Value of Foreign Security Traded on Foreign Exchange | Price of Non-Resident Shares on Foreign Exchange | THB 18.41-386.99 | |||||||
| AllianzGI Best Styles Global Equity: | ||||||||||||
| Investments in Securities – Assets | Ending Balance at 3/31/17 |
Valuation Technique Used | Unobservable Inputs |
Input Values | ||||||||
| Common Stock |
$ | 3,297,395 | Value of Foreign Security Traded on Foreign Exchange | Price of Non-Resident Shares on Foreign Exchange | THB 5.15-386.99 | |||||||
| $ | 1,162 | Discount on Publicly Traded Quote | Discount Applied to Last Exchange Price | HKD 0.15 (88% discount) | ||||||||
| AllianzGI Best Styles International Equity: | ||||||||||||
| Investments in Securities – Assets | Ending Balance at 3/31/17 |
Valuation Technique Used | Unobservable Inputs |
Input Values | ||||||||
| Common Stock |
$ | 37,616 | Fundamental Analytical Data Relating to the Investment | Price of Stock | JPY 1,395.93 | |||||||
| AllianzGI Convertible: | ||||||||||||
| Investments in Securities – Assets | Ending Balance at 3/31/17 |
Valuation Technique Used | Unobservable Inputs |
Input Values | ||||||||
| Convertible Bonds |
$ | 10,375,124 | Third-Party Pricing Vendor | Single Broker Quote | $ 98.576 | |||||||
| Semiannual Report | | March 31, 2017 | 333 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI Emerging Markets Consumer: | ||||||||||||
| Investments in Securities – Assets | Ending Balance at 3/31/17 |
Valuation Technique Used | Unobservable Inputs |
Input Values | ||||||||
| Common Stock |
$ | 1,065,648 | Value of Foreign Security Traded on Foreign Exchange | Price of Non-Resident Shares on Foreign Exchange | $ | 2.98 | ||||||
| $ | 1,047,481 | Value of Foreign Security Traded on Foreign Exchange | Price of Non-Resident Shares on Foreign Exchange | THB 20.40-71.77 | ||||||||
| AllianzGI Emerging Markets Small-Cap: | ||||||||||||
| Investments in Securities – Assets | Ending Balance at 3/31/17 |
Valuation Technique Used | Unobservable Inputs |
Input Values | ||||||||
| Common Stock |
$ | 40,982 | Last Exchange-Traded Price | Trading Volume | HKD 5.58 | |||||||
| $ | 415,561 | Value of Foreign Security Traded on Foreign Exchange | Price of Non-Resident Shares on Foreign Exchange | $ | 0.00698-$58.73 | |||||||
| $ | 94,306 | Value of Foreign Security Traded on Foreign Exchange | Price of Non-Resident Shares on Foreign Exchange | THB 4.20-11.70 | ||||||||
| AllianzGI Global Dynamic Allocation: | ||||||||||||
| Investments in Securities – Assets | Ending Balance at 3/31/17 |
Valuation Technique Used | Unobservable Inputs |
Input Values | ||||||||
| Common Stock |
$ | 34 | Discount on Publicly Traded Quote | Discount Applied to Last Exchange Price | HKD 0.15 (88% discount) | |||||||
| $ | 336,660 | Value of Foreign Security Traded on Foreign Exchange | Price of Non-Resident Shares on Foreign Exchange | THB 5.15-75.51 | ||||||||
| AllianzGI High Yield Bond: | ||||||||||||
| Investments in Securities – Assets | Ending Balance at 3/31/17 |
Valuation Technique Used | Unobservable Inputs |
Input Values | ||||||||
| Preferred Stock |
$ | 6,252,564 | Model Price | Proprietary Data Used in Model | $ | 97.70-$100.00 | ||||||
| Common Stock |
$ | 684,875 | Model Price | Proprietary Data Used in Model | $ | 0.0001-$15.78 | ||||||
| Warrants |
$ | 46,061 | Fundamental Analytical Data Relating to the Investment | Price of Warrant | $ | 0.189481 | ||||||
| $ | 1 | Model Price | Proprietary Data Used in Model | $ | 0.0001 | |||||||
| AllianzGI NFJ Emerging Markets Value: | ||||||||||||
| Investments in Securities – Assets | Ending Balance at 3/31/17 |
Valuation Technique Used | Unobservable Inputs |
Input Values | ||||||||
| Common Stock |
$ | 293,908 | Value of Foreign Security Traded on Foreign Exchange | Price of Non-Resident Shares on Foreign Exchange | $ | 1.98-$52.91 | ||||||
| Preferred Stock |
$ | 166,741 | Value of Foreign Security Traded on Foreign Exchange | Price of Non-Resident Shares on Foreign Exchange | $ | 3.62 | ||||||
HKD–Hong Kong Dollar
JPY–Japanese Yen
THB–Thai Baht
| * | Other financial instruments are derivatives, such as futures contracts, forward foreign currency contracts, and unfunded loan commitment which are valued at the unrealized appreciation (depreciation) of the instrument. |
| ** | Transferred out of Level 2 into Level 3 because trading was halted and Trust’s Valuation Committee recommended a price using fundamental analytical data relating to the investment. |
| *** | Transferred out of Level 2 into Level 3 because trading was halted and Trust’s Valuation Committee recommended the last traded price. |
| † | Removed or issued via reorganization. |
| # | PIK payments and funding of unfunded loan commitment. |
| ## | Unfunded loan commitment was funded. |
| 334 | March 31, 2017 | | Semiannual Report |
Table of Contents
| Semiannual Report | | March 31, 2017 | 335 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| 336 | March 31, 2017 | | Semiannual Report |
Table of Contents
| Semiannual Report | | March 31, 2017 | 337 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| 338 | March 31, 2017 | | Semiannual Report |
Table of Contents
| Semiannual Report | | March 31, 2017 | 339 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| 340 | March 31, 2017 | | Semiannual Report |
Table of Contents
| Semiannual Report | | March 31, 2017 | 341 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
The following is a summary of the Funds’ derivatives categorized by risk exposure.
The effect of derivatives on the Statements of Assets and Liabilities at March 31, 2017:
| AllianzGI Retirement 2020: | ||||||||||||||||
| Location | Market Price |
Interest Rate Contracts |
Foreign Exchange Contracts |
Total | ||||||||||||
| Asset derivatives: |
||||||||||||||||
| Receivable for variation margin on futures contracts* |
— | $ | 16,116 | $ | 6,686 | $ | 22,802 | |||||||||
| Liability derivatives: |
||||||||||||||||
| Payable for variation margin on futures contracts* |
$ | (6,536 | ) | — | $ | (24,273 | ) | $ | (30,809 | ) | ||||||
| * | Included in net unrealized depreciation of $8,007 on futures contracts as reported in Note 7(b). |
| AllianzGI Retirement 2025: | ||||||||||||
| Location | Market Price |
Foreign Exchange Contracts |
Total | |||||||||
| Asset derivatives: |
||||||||||||
| Receivable for variation margin on futures contracts* |
$ | 4,794 | $ | 8,024 | $ | 12,818 | ||||||
| Liability derivatives: |
||||||||||||
| Payable for variation margin on futures contracts* |
$ | (24,090 | ) | $ | (30,045 | ) | $ | (54,135 | ) | |||
| * | Included in net unrealized depreciation of $41,317 on futures contracts as reported in Note 7(b). |
| AllianzGI Retirement 2030: | ||||||||||||
| Location | Market Price |
Foreign Exchange Contracts |
Total | |||||||||
| Asset derivatives: |
||||||||||||
| Receivable for variation margin on futures contracts* |
$ | 14,179 | $ | 10,698 | $ | 24,877 | ||||||
| Liability derivatives: |
||||||||||||
| Payable for variation margin on futures contracts* |
$ | (19,013 | ) | $ | (41,586 | ) | $ | (60,599 | ) | |||
| * | Included in net unrealized depreciation of $35,722 on futures contracts as reported in Note 7(b). |
| 342 | March 31, 2017 | | Semiannual Report |
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| AllianzGI Retirement 2035: | ||||||||||||
| Location | Market Price |
Foreign Exchange Contracts |
Total | |||||||||
| Asset derivatives: |
||||||||||||
| Receivable for variation margin on futures contracts* |
$ | 22,876 | $ | 9,361 | $ | 32,237 | ||||||
| Liability derivatives: |
||||||||||||
| Payable for variation margin on futures contracts* |
$ | (18,017 | ) | $ | (38,105 | ) | $ | (56,122 | ) | |||
| * | Included in net unrealized depreciation of $23,885 on futures contracts as reported in Note 7(b). |
| AllianzGI Retirement 2040: | ||||||||||||
| Location | Market Price |
Foreign Exchange Contracts |
Total | |||||||||
| Asset derivatives: |
||||||||||||
| Receivable for variation margin on futures contracts* |
$ | 26,909 | $ | 9,361 | $ | 36,270 | ||||||
| Liability derivatives: |
||||||||||||
| Payable for variation margin on futures contracts* |
$ | (16,616 | ) | $ | (38,105 | ) | $ | (54,721 | ) | |||
| * | Included in net unrealized depreciation of $18,451 on futures contracts as reported in Note 7(b). |
| AllianzGI Retirement 2045: | ||||||||||||
| Location | Market Price |
Foreign Exchange Contracts |
Total | |||||||||
| Asset derivatives: |
||||||||||||
| Receivable for variation margin on futures contracts* |
$ | 19,622 | $ | 5,349 | $ | 24,971 | ||||||
| Liability derivatives: |
||||||||||||
| Payable for variation margin on futures contracts* |
$ | (9,988 | ) | $ | (20,793 | ) | $ | (30,781 | ) | |||
| * | Included in net unrealized depreciation of $5,810 on futures contracts as reported in Note 7(b). |
| AllianzGI Retirement 2050: | ||||||||||||
| Location | Market Price |
Foreign Exchange Contracts |
Total | |||||||||
| Asset derivatives: |
||||||||||||
| Receivable for variation margin on futures contracts* |
$ | 18,792 | $ | 5,349 | $ | 24,141 | ||||||
| Liability derivatives: |
||||||||||||
| Payable for variation margin on futures contracts* |
$ | (9,987 | ) | $ | (20,793 | ) | $ | (30,780 | ) | |||
| * | Included in net unrealized depreciation of $6,639 on futures contracts as reported in Note 7(b). |
| AllianzGI Retirement 2055: | ||||||||||||
| Location | Market Price |
Foreign Exchange Contracts |
Total | |||||||||
| Asset derivatives: |
||||||||||||
| Receivable for variation margin on futures contracts* |
$ | 8,177 | $ | 2,675 | $ | 10,852 | ||||||
| Liability derivatives: |
||||||||||||
| Payable for variation margin on futures contracts* |
$ | (4,760 | ) | $ | (5,771 | ) | $ | (10,531 | ) | |||
| * | Included in net unrealized appreciation of $321 on futures contracts as reported in Note 7(b). |
| Semiannual Report | | March 31, 2017 | 343 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI Retirement Income: | ||||||||||||||||
| Location | Market Price |
Interest Rate Contracts |
Foreign Exchange Contracts |
Total | ||||||||||||
| Asset derivatives: |
||||||||||||||||
| Receivable for variation margin on futures contracts* |
$ | 56,253 | $ | 31,103 | — | $ | 87,356 | |||||||||
| Liability derivatives: |
||||||||||||||||
| Payable for variation margin on futures contracts* |
$ | (108,543 | ) | — | $ | (51,152 | ) | $ | (159,695 | ) | ||||||
| * | Included in net unrealized depreciation of $72,339 on futures contracts as reported in Note 7(b). |
| AllianzGI Global Allocation: | ||||||||||||||||
| Location | Market Price |
Interest Rate Contracts |
Foreign Exchange Contracts |
Total | ||||||||||||
| Asset derivatives: |
||||||||||||||||
| Receivable for variation margin on futures contracts* |
$ | 147,221 | $ | 159,297 | $ | 76,400 | $ | 382,918 | ||||||||
| Liability derivatives: |
||||||||||||||||
| Payable for variation margin on futures contracts* |
$ | (177,839 | ) | $ | (11,895 | ) | $ | (503,836 | ) | $ | (693,570 | ) | ||||
| * | Included in net unrealized depreciation of $310,652 on futures contracts as reported in Note 7(b). |
| AllianzGI Global Dynamic Allocation: | ||||||||||||||||
| Location | Market Price |
Interest Rate Contracts |
Foreign Exchange Contracts |
Total | ||||||||||||
| Asset derivatives: |
||||||||||||||||
| Receivable for variation margin on futures contracts* |
$ | 1,074,647 | $ | 128,486 | — | $ | 1,203,133 | |||||||||
| Liability derivatives: |
||||||||||||||||
| Payable for variation margin on futures contracts* |
$ | (336,216 | ) | $ | (24,684 | ) | $ | (158,545 | ) | $ | (519,445 | ) | ||||
| * | Included in net unrealized appreciation of $683,688 on futures contracts as reported in Note 7(b). |
| 344 | March 31, 2017 | | Semiannual Report |
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| AllianzGI Global Fundamental Strategy: | ||||||||||||||||
| Location | Market Price |
Interest Rate Contracts |
Foreign Exchange Contracts |
Total | ||||||||||||
| Asset derivatives: |
||||||||||||||||
| Investments, at value (options purchased) |
$ | 33,035 | — | — | $ | 33,035 | ||||||||||
| Receivable for variation margin on futures contracts* |
33,222 | $ | 1,186 | — | 34,408 | |||||||||||
| Unrealized appreciation of forward foreign currency contracts |
— | — | $ | 23,455 | 23,455 | |||||||||||
| Total asset derivatives |
$ | 66,257 | $ | 1,186 | $ | 23,455 | $ | 90,898 | ||||||||
| Liability derivatives: |
||||||||||||||||
| Unrealized depreciation of forward foreign currency contracts |
— | — | $ | (7,053 | ) | $ | (7,053 | ) | ||||||||
| * | Included in net unrealized appreciation of $34,408 on futures contracts as reported in Note 7(b). |
| AllianzGI Multi-Asset Real Return: | ||||||||||||||||
| Location | Market Price |
Interest Rate Contracts |
Foreign Exchange Contracts |
Total | ||||||||||||
| Asset derivatives: |
||||||||||||||||
| Receivable for variation margin on futures contracts* |
$ | 11,743 | — | — | $ | 11,743 | ||||||||||
| Liability derivatives: |
||||||||||||||||
| Payable for variation margin on futures contracts* |
$ | (1,622 | ) | $ | (66 | ) | $ | (1,403 | ) | $ | (3,091 | ) | ||||
| * | Included in net unrealized appreciation of $8,652 on futures contracts as reported in Note 7(b). |
| Semiannual Report | | March 31, 2017 | 345 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
The effect of derivatives on the Statements of Operations for the six months ended March 31, 2017:
| AllianzGI Retirement 2020: | ||||||||||||||||
| Location | Market Price |
Interest Rate Contracts |
Foreign Exchange Contracts |
Total | ||||||||||||
| Net realized gain(loss) on: |
||||||||||||||||
| Futures contracts |
$ | 147,918 | $ | (198,952 | ) | $ | 27,320 | $ | (23,714 | ) | ||||||
| Net change in unrealized appreciation/depreciation of: |
||||||||||||||||
| Futures contracts |
$ | (1,724 | ) | $ | 20,575 | $ | (17,587 | ) | $ | 1,264 | ||||||
| AllianzGI Retirement 2025: | ||||||||||||||||
| Location | Market Price |
Interest Rate Contracts |
Foreign Exchange Contracts |
Total | ||||||||||||
| Net realized gain(loss) on: |
||||||||||||||||
| Futures contracts |
$ | 267,847 | $ | (117,158 | ) | $ | 33,456 | $ | 184,145 | |||||||
| Net change in unrealized appreciation/depreciation of: |
||||||||||||||||
| Futures contracts |
$ | (14,450 | ) | $ | 3,316 | $ | (22,021 | ) | $ | (33,155 | ) | |||||
| AllianzGI Retirement 2030: | ||||||||||||||||
| Location | Market Price |
Interest Rate Contracts |
Foreign Exchange Contracts |
Total | ||||||||||||
| Net realized gain(loss) on: |
||||||||||||||||
| Futures contracts |
$ | 183,112 | $ | (79,209 | ) | $ | 45,767 | $ | 149,670 | |||||||
| Net change in unrealized appreciation/depreciation of: |
||||||||||||||||
| Futures contracts |
$ | 3,084 | $ | 3,187 | $ | (30,888 | ) | $ | (24,617 | ) | ||||||
| AllianzGI Retirement 2035: | ||||||||||||||||
| Location | Market Price |
Interest Rate Contracts |
Foreign Exchange Contracts |
Total | ||||||||||||
| Net realized gain on: |
||||||||||||||||
| Futures contracts |
$ | 124,793 | $ | 16,588 | $ | 41,362 | $ | 182,743 | ||||||||
| Net change in unrealized appreciation/depreciation of: |
||||||||||||||||
| Futures contracts |
$ | 11,699 | $ | 1,693 | $ | (28,744 | ) | $ | (15,352 | ) | ||||||
| AllianzGI Retirement 2040: | ||||||||||||||||
| Location | Market Price |
Interest Rate Contracts |
Foreign Exchange Contracts |
Total | ||||||||||||
| Net realized gain on: |
||||||||||||||||
| Futures contracts |
$ | 57,374 | $ | 10,592 | $ | 41,319 | $ | 109,285 | ||||||||
| Net change in unrealized appreciation/depreciation of: |
||||||||||||||||
| Futures contracts |
$ | 18,529 | $ | 2,208 | $ | (28,744 | ) | $ | (8,007 | ) | ||||||
| AllianzGI Retirement 2045: | ||||||||||||||||
| Location | Market Price |
Interest Rate Contracts |
Foreign Exchange Contracts |
Total | ||||||||||||
| Net realized gain(loss) on: |
||||||||||||||||
| Futures contracts |
$ | (5,344 | ) | $ | 5,106 | $ | 22,865 | $ | 22,627 | |||||||
| Net change in unrealized appreciation/depreciation of: |
||||||||||||||||
| Futures contracts |
$ | 17,534 | $ | 1,125 | $ | (15,444 | ) | $ | 3,215 | |||||||
| 346 | March 31, 2017 | | Semiannual Report |
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| AllianzGI Retirement 2050: | ||||||||||||||||
| Location | Market Price |
Interest Rate Contracts |
Foreign Exchange Contracts |
Total | ||||||||||||
| Net realized gain on: |
||||||||||||||||
| Futures contracts |
$ | 3,714 | $ | 5,106 | $ | 22,865 | $ | 31,685 | ||||||||
| Net change in unrealized appreciation/depreciation of: |
||||||||||||||||
| Futures contracts |
$ | 16,680 | $ | 1,126 | $ | (15,444 | ) | $ | 2,362 | |||||||
| AllianzGI Retirement 2055: | ||||||||||||||||
| Location | Market Price |
Interest Rate Contracts |
Foreign Exchange Contracts |
Total | ||||||||||||
| Net realized gain on: |
||||||||||||||||
| Futures contracts |
$ | 2,005 | $ | 3,033 | $ | 7,559 | $ | 12,597 | ||||||||
| Net change in unrealized appreciation/depreciation of: |
||||||||||||||||
| Futures contracts |
$ | 5,677 | $ | 520 | $ | (3,096 | ) | $ | 3,101 | |||||||
| AllianzGI Retirement Income: | ||||||||||||||||
| Location | Market Price |
Interest Rate Contracts |
Foreign Exchange Contracts |
Total | ||||||||||||
| Net realized gain(loss) on: |
||||||||||||||||
| Futures contracts |
$ | (129,813 | ) | $ | (604,783 | ) | $ | 91,243 | $ | (643,353 | ) | |||||
| Foreign currency transaction (forward currency contracts) |
— | — | 1,573 | 1,573 | ||||||||||||
| Total net realized gain(loss) |
$ | (129,813 | ) | $ | (604,783 | ) | $ | 92,816 | $ | (641,780 | ) | |||||
| Net change in unrealized appreciation/depreciation of: |
||||||||||||||||
| Futures contracts |
$ | (52,290 | ) | $ | 47,207 | $ | (51,152 | ) | $ | (56,235 | ) | |||||
| AllianzGI Global Allocation: | ||||||||||||||||
| Location | Market Price |
Interest Contracts |
Foreign Exchange Contracts |
Total | ||||||||||||
| Net realized gain(loss) on: |
||||||||||||||||
| Futures contracts |
$ | 1,578,567 | $ | (2,916,944 | ) | $ | 1,446,216 | $ | 107,839 | |||||||
| Net change in unrealized appreciation/depreciation of: |
||||||||||||||||
| Futures contracts |
$ | (104,252 | ) | 378,697 | $ | (811,894 | ) | $ | (537,449 | ) | ||||||
| AllianzGI Best Styles Emerging Markets Equity: | ||||||||||||
| Location | Market Price |
Foreign Exchange Contracts |
Total | |||||||||
| Net realized gain on: |
||||||||||||
| Futures contracts |
$ | 3,147 | — | $ | 3,147 | |||||||
| Foreign currency transaction (forward currency contracts) |
— | $ | 6,022 | 6,022 | ||||||||
| Total net realized gain |
$ | 3,147 | $ | 6,022 | $ | 9,169 | ||||||
| Net change in unrealized appreciation/depreciation of: |
||||||||||||
| Futures contracts |
$ | 13,510 | — | $ | 13,510 | |||||||
| Foreign currency transaction (forward currency contracts) |
— | $ | 86 | 86 | ||||||||
| Total net change in unrealized appreciation/depreciation |
$ | 13,510 | $ | 86 | $ | 13,596 | ||||||
| Semiannual Report | | March 31, 2017 | 347 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI Best Styles Global Equity: | ||||||||||||
| Location | Market Price |
Foreign Exchange Contracts |
Total | |||||||||
| Net realized gain on: |
||||||||||||
| Futures contracts |
$ | 254,848 | — | $ | 254,848 | |||||||
| Foreign currency transaction (forward currency contracts) |
— | $ | 61,621 | 61,621 | ||||||||
| Total net realized gain |
$ | 254,848 | $ | 61,621 | $ | 316,469 | ||||||
| Net change in unrealized appreciation/depreciation of: |
||||||||||||
| Futures contracts |
$ | (82,398 | ) | — | $ | (82,398 | ) | |||||
| Foreign currency transaction (forward currency contracts) |
— | $ | (3,942 | ) | (3,942 | ) | ||||||
| Total net change in unrealized appreciation/depreciation |
$ | (82,398 | ) | $ | (3,942 | ) | $ | (86,340 | ) | |||
| AllianzGI Best Styles International Equity: | ||||||||||||
| Location | Market Price |
Foreign Exchange Contracts |
Total | |||||||||
| Net realized gain(loss) on: |
||||||||||||
| Futures contracts |
$ | (12,635 | ) | — | $ | (12,635 | ) | |||||
| Foreign currency transaction (forward currency contracts) |
— | $ | 2,620 | 2,620 | ||||||||
| Total net realized gain(loss) |
$ | (12,635 | ) | $ | 2,620 | $ | (10,015 | ) | ||||
| Net change in unrealized appreciation/depreciation of: |
||||||||||||
| Futures contracts |
$ | 12,997 | — | $ | 12,997 | |||||||
| AllianzGI Best Styles U.S. Equity: | ||||||||||||
| Location | Market Price |
Foreign Exchange Contracts |
Total | |||||||||
| Net realized gain on: |
||||||||||||
| Futures contracts |
$ | 545,472 | — | $ | 545,472 | |||||||
| Foreign currency transaction (forward currency contracts) |
— | $ | 261 | 261 | ||||||||
| Total net realized gain |
$ | 545,472 | $ | 261 | $ | 545,733 | ||||||
| Net change in unrealized appreciation/depreciation of: |
||||||||||||
| Futures contracts |
$ | (88,800 | ) | — | $ | (88,800 | ) | |||||
| 348 | March 31, 2017 | | Semiannual Report |
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| AllianzGI Emerging Markets Debt: | ||||||||||||||||
| Location | Interest Rate Contracts |
Credit Contracts |
Foreign Exchange Contracts |
Total | ||||||||||||
| Net realized gain(loss) on: |
||||||||||||||||
| Futures contracts |
$ | 20,287 | — | — | $ | 20,287 | ||||||||||
| Swaps |
— | $ | (24,151 | ) | — | (24,151 | ) | |||||||||
| Options written |
— | — | $ | 11,711 | 11,711 | |||||||||||
| Foreign currency transaction (forward currency contracts) |
— | — | 20,823 | 20,823 | ||||||||||||
| Total net realized gain(loss) |
$ | 20,287 | $ | (24,151 | ) | $ | 32,534 | $ | 28,670 | |||||||
| Net change in unrealized appreciation/depreciation of: |
||||||||||||||||
| Swaps |
— | $ | (54,273 | ) | — | $ | (54,273 | ) | ||||||||
| Foreign currency transaction (forward currency contracts) |
— | — | $ | 22,692 | 22,692 | |||||||||||
| Total net change in unrealized appreciation/depreciation |
— | $ | (54,273 | ) | $ | 22,692 | $ | (31,581 | ) | |||||||
| AllianzGI Global Dynamic Allocation: | ||||||||||||||||
| Location | Market Price |
Interest Rate Contracts |
Foreign Exchange Contracts |
Total | ||||||||||||
| Net realized gain on: |
||||||||||||||||
| Futures contracts |
$ | 1,567,668 | $ | 245,064 | $ | 309,880 | $ | 2,122,612 | ||||||||
| Foreign currency transaction (forward currency contracts) |
— | — | 8,835 | 8,835 | ||||||||||||
| Total net realized gain |
$ | 1,567,668 | $ | 245,064 | $ | 318,715 | $ | 2,131,447 | ||||||||
| Net change in unrealized appreciation/depreciation of: |
||||||||||||||||
| Futures contracts |
$ | 666,719 | $ | 122,644 | $ | (192,431 | ) | $ | 596,932 | |||||||
| AllianzGI Global Fundamental Strategy: | ||||||||||||||||
| Location | Market Price |
Interest Rate Contracts |
Foreign Exchange Contracts |
Total | ||||||||||||
| Net realized gain(loss) on: |
||||||||||||||||
| Investments (options purchased) |
$ | 5,138 | — | $ | (10,164 | ) | $ | (5,026 | ) | |||||||
| Futures contracts |
(34,310 | ) | $ | (1,569 | ) | — | (35,879 | ) | ||||||||
| Options written |
40,740 | — | — | 40,740 | ||||||||||||
| Foreign currency transaction (forward currency contracts) |
— | — | $ | 145,728 | 145,728 | |||||||||||
| Total net realized gain(loss) |
$ | 11,568 | $ | (1,569 | ) | $ | 135,564 | $ | 145,563 | |||||||
| Net change in unrealized appreciation/depreciation of: |
||||||||||||||||
| Investments (options purchased) |
$ | 7,076 | — | 9,975 | $ | 17,051 | ||||||||||
| Options written |
(12,984 | ) | — | — | (12,984 | ) | ||||||||||
| Futures contracts |
52,574 | $ | 7,863 | — | 60,437 | |||||||||||
| Foreign currency transaction (forward currency contracts) |
— | — | $ | (2,498 | ) | (2,498 | ) | |||||||||
| Total net change in unrealized appreciation/depreciation |
$ | 46,666 | $ | 7,863 | $ | 7,477 | $ | 62,006 | ||||||||
| Semiannual Report | | March 31, 2017 | 349 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI Multi-Asset Real Return: | ||||||||||||||||
| Location | Market Price |
Interest Rate Contracts |
Foreign Exchange Contracts |
Total | ||||||||||||
| Net realized gain on: |
||||||||||||||||
| Futures contracts |
$ | 15,956 | $ | 555 | $ | 3,307 | $ | 19,818 | ||||||||
| Net change in unrealized appreciation/depreciation of: |
||||||||||||||||
| Futures contracts |
$ | 10,611 | $ | 260 | $ | (1,403 | ) | $ | 9,468 | |||||||
| 350 | March 31, 2017 | | Semiannual Report |
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The average volume (based on the open positions at each month-end) of derivative activity for the six months ended March 31, 2017:
|
Options Contracts(1) |
Options Contracts(1) |
Forward Foreign Currency Contracts(2) |
Futures Contracts(1) |
Credit Default Swap Agreements |
||||||||||||||||||||||||||||
| Purchased | Sold | Long | Short | Buy | Sell | |||||||||||||||||||||||||||
| AllianzGI Retirement 2020 |
— | — | — | — | 47 | 33 | — | — | ||||||||||||||||||||||||
| AllianzGI Retirement 2025 |
— | — | — | — | 57 | 40 | — | — | ||||||||||||||||||||||||
| AllianzGI Retirement 2030 |
— | — | — | — | 69 | 51 | — | — | ||||||||||||||||||||||||
| AllianzGI Retirement 2035 |
— | — | — | — | 60 | 46 | — | — | ||||||||||||||||||||||||
| AllianzGI Retirement 2040 |
— | — | — | — | 53 | 41 | — | — | ||||||||||||||||||||||||
| AllianzGI Retirement 2045 |
— | — | — | — | 31 | 25 | — | — | ||||||||||||||||||||||||
| AllianzGI Retirement 2050 |
— | — | — | — | 30 | 23 | — | — | ||||||||||||||||||||||||
| AllianzGI Retirement 2055 |
— | — | — | — | 13 | 8 | — | — | ||||||||||||||||||||||||
| AllianzGI Retirement Income |
— | — | $ | 7,260 | — | 108 | 89 | — | — | |||||||||||||||||||||||
| AllianzGI Global Allocation |
— | — | — | — | 799 | 320 | — | — | ||||||||||||||||||||||||
| AllianzGI Best Styles Emerging Markets Equity |
— | — | 6,186 | $ | 25,679 | 30 | — | — | — | |||||||||||||||||||||||
| AllianzGI Best Styles Global Equity |
— | — | 340,670 | 3,342 | 401 | — | — | — | ||||||||||||||||||||||||
| AllianzGI Best Styles International Equity |
— | — | — | † | — | † | 3 | — | — | — | ||||||||||||||||||||||
| AllianzGI Best Styles U.S. Equity |
— | — | — | † | — | † | 50 | — | — | — | ||||||||||||||||||||||
| AllianzGI Emerging Markets Consumer |
— | — | 228,200 | 78,511 | — | — | — | — | ||||||||||||||||||||||||
| AllianzGI Emerging Markets Debt |
— | 3,000 | 136,593 | 291,252 | — | — | † | $ | 1,874,849 | $ | 1,828,571 | |||||||||||||||||||||
| AllianzGI Emerging Markets Small-Cap |
— | — | — | † | — | † | — | — | — | — | ||||||||||||||||||||||
| AllianzGI Global Dynamic Allocation |
— | — | 143,515 | 121,904 | 684 | 215 | — | — | ||||||||||||||||||||||||
| AllianzGI Global Fundamental Strategy |
384 | 313 | 341,238 | 2,168,107 | 36 | 22 | — | — | ||||||||||||||||||||||||
| AllianzGI Global Sustainability |
— | — | — | † | — | † | — | — | — | — | ||||||||||||||||||||||
| AllianzGI Global Water |
— | — | — | † | — | † | — | — | — | — | ||||||||||||||||||||||
| AllianzGI International Growth |
— | — | — | † | — | † | — | — | — | — | ||||||||||||||||||||||
| AllianzGI International Small-Cap |
— | — | 123,188 | 263,776 | — | — | — | — | ||||||||||||||||||||||||
| AllianzGI Multi-Asset Real Return |
— | — | — | — | 9 | 4 | — | — | ||||||||||||||||||||||||
| AllianzGI NFJ Emerging Markets Value |
— | — | 23,589 | 27,054 | — | — | — | — | ||||||||||||||||||||||||
| AllianzGI NFJ Global Dividend Value |
— | — | — | † | 10,611 | — | — | — | — | |||||||||||||||||||||||
| AllianzGI NFJ International Small-Cap Value |
— | — | 30,578 | 51,073 | — | — | — | — | ||||||||||||||||||||||||
| AllianzGI NFJ International Value II |
— | — | — | † | — | † | — | — | — | — | ||||||||||||||||||||||
| AllianzGI Structured Return |
4,991 | 3,419 | — | — | — | — | — | — | ||||||||||||||||||||||||
| AllianzGI U.S. Equity Hedged |
89 | 62 | — | — | — | — | — | — | ||||||||||||||||||||||||
| † | Fund had derivative activity during the period but it did not have open positions at any month-end in the period. |
| (1) | Number of contracts |
| (2) | U.S. $ value on origination date |
| Semiannual Report | | March 31, 2017 | 351 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
The following tables present by counterparty, the Funds’ derivative assets and liabilities net of related collateral held by the Funds at March 31, 2017 which has not been offset in the Statements of Assets and Liabilities, but would be available for offset to the extent of a default by the counterparty to the transaction.
Financial Assets and Derivative Assets, and Collateral Received at March 31, 2017:
| 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 |
$ | 6,451 | — | — | $ | 6,451 | ||||||||||
| 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 |
$ | 23,455 | $ | (7,053 | ) | — | $ | 16,402 | ||||||||
Financial Liabilities and Derivative Liabilities, and Collateral Received (Pledged) at March 31, 2017:
| 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 |
$ | 7,053 | $ | (7,053 | ) | — | — | |||||||||
| 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 |
$ | 764 | — | — | $ | 764 | ||||||||||
| 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 |
$ | 470 | — | — | $ | 470 | ||||||||||
| 352 | March 31, 2017 | | Semiannual Report |
Table of Contents
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 and R |
Class P and Administrative |
Class R6 | |||||||||||||||||
| Management Fee |
Effective Management Fee |
Administration |
||||||||||||||||||
| 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 | * | 0.17 | N/A | N/A | N/A | ||||||||||||||
| AllianzGI Global Megatrends |
0.00 | 0.00 | N/A | N/A | N/A | |||||||||||||||
| AllianzGI Best Styles Emerging Markets Equity |
0.40 | 0.40 | N/A | N/A | N/A | |||||||||||||||
| AllianzGI Best Styles Global Equity |
0.30 | 0.30 | N/A | N/A | N/A | |||||||||||||||
| AllianzGI Best Styles International Equity |
0.30 | 0.30 | N/A | N/A | N/A | |||||||||||||||
| AllianzGI Best Styles U.S. Equity |
0.30 | 0.30 | N/A | N/A | N/A | |||||||||||||||
| AllianzGI Convertible |
0.57 | 0.57 | N/A | N/A | N/A | |||||||||||||||
| AllianzGI Emerging Markets Consumer |
0.90 | 0.90 | 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 | |||||||||||||||
| Semiannual Report | | March 31, 2017 | 353 |
Table of Contents
\\
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| All Classes | Class A,C and R |
Class P and Administrative |
Class R6 | |||||||||||||||||
| Management Fee |
Effective Management Fee |
Administration |
||||||||||||||||||
| AllianzGI Global Dynamic Allocation |
0.70 | %* | 0.68 | % | N/A | N/A | N/A | |||||||||||||
| AllianzGI Global Fundamental Strategy |
0.75 | † | 0.75 | N/A | N/A | N/A | ||||||||||||||
| AllianzGI Global Sustainability |
0.80 | † | 0.80 | N/A | N/A | N/A | ||||||||||||||
| AllianzGI Global Water |
0.95 | † | 0.95 | N/A | N/A | N/A | ||||||||||||||
| AllianzGI High Yield Bond |
0.48 | 0.48 | N/A | N/A | N/A | |||||||||||||||
| AllianzGI International Growth |
0.80 | † | 0.80 | N/A | N/A | N/A | ||||||||||||||
| AllianzGI International Small-Cap |
1.00 | † | 1.00 | N/A | N/A | N/A | ||||||||||||||
| AllianzGI Micro Cap |
1.25 | 1.25 | N/A | N/A | N/A | |||||||||||||||
| AllianzGI Multi-Asset Real Return |
0.75 | † | 0.75 | N/A | N/A | N/A | ||||||||||||||
| AllianzGI NFJ Emerging Markets Value |
0.85 | † | 0.85 | N/A | N/A | N/A | ||||||||||||||
| AllianzGI NFJ Global Dividend Value |
0.80 | * | 0.70 | N/A | N/A | N/A | ||||||||||||||
| AllianzGI NFJ International Small-Cap Value |
0.85 | 0.85 | N/A | N/A | N/A | |||||||||||||||
| AllianzGI NFJ International Value II |
0.80 | * | 0.75 | 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 |
0.80 | 0.80 | N/A | N/A | N/A | |||||||||||||||
| AllianzGI Ultra Micro Cap |
1.50 | 1.50 | N/A | N/A | N/A | |||||||||||||||
| * | See Note 6 for management fee waivers. |
| † | See Note 17 for updates to the Funds’ management fees and waivers that became effective subsequent to March 31, 2017. |
| 354 | March 31, 2017 | | 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 |
Class A | Class C | Class R | Class P | Institutional Class |
Class R6 | Administrative Class |
|||||||||||||||||||||||||
| AllianzGI Retirement 2020(2) |
N/A | 0.95 | % | 1.70 | % | 1.30 | % | 0.65 | % | N/A | 0.55 | %* | 0.90 | % | ||||||||||||||||||
| AllianzGI Retirement 2025(2) |
N/A | 0.95 | N/A | 1.30 | 0.65 | N/A | 0.55 | * | 0.90 | |||||||||||||||||||||||
| AllianzGI Retirement 2030(2) |
N/A | 0.95 | 1.70 | 1.30 | 0.65 | N/A | 0.55 | * | 0.90 | |||||||||||||||||||||||
| AllianzGI Retirement 2035(2) |
N/A | 0.95 | N/A | 1.30 | 0.65 | N/A | 0.55 | 0.90 | ||||||||||||||||||||||||
| AllianzGI Retirement 2040(2) |
N/A | 0.95 | 1.70 | 1.30 | 0.65 | N/A | 0.55 | 0.90 | ||||||||||||||||||||||||
| AllianzGI Retirement 2045(2) |
N/A | 0.95 | N/A | 1.30 | 0.65 | N/A | 0.55 | 0.90 | ||||||||||||||||||||||||
| AllianzGI Retirement 2050(2) |
N/A | 0.95 | 1.70 | 1.30 | 0.65 | N/A | 0.55 | 0.90 | ||||||||||||||||||||||||
| AllianzGI Retirement 2055(2) |
N/A | 0.95 | N/A | 1.30 | 0.65 | N/A | 0.55 | 0.90 | ||||||||||||||||||||||||
| AllianzGI Retirement Income(2) |
N/A | 0.95 | 1.70 | 1.30 | 0.65 | N/A | 0.55 | * | 0.90 | |||||||||||||||||||||||
| AllianzGI Global Allocation(1)(3) |
0.55 | % | 0.60 | 1.37 | 0.80 | 0.40 | 0.40 | % | 0.30 | 0.55 | ||||||||||||||||||||||
| AllianzGI Global Megatrends(4) |
N/A | 1.30 | N/A | N/A | 1.15 | 1.05 | * | N/A | N/A | |||||||||||||||||||||||
| AllianzGI Best Styles Emerging Markets Equity(5) |
N/A | 0.85 | 1.60 | N/A | 0.70 | 0.60 | 0.60 | N/A | ||||||||||||||||||||||||
| AllianzGI Best Styles Global Equity(5) |
N/A | 0.70 | 1.40 | N/A | 0.50 | 0.40 | 0.40 | N/A | ||||||||||||||||||||||||
| AllianzGI Best Styles International Equity(5) |
N/A | 0.70 | 1.45 | N/A | 0.55 | 0.45 | 0.45 | N/A | ||||||||||||||||||||||||
| AllianzGI Best Styles U.S. Equity(5) |
N/A | 0.65 | 1.40 | N/A | 0.50 | 0.50 | 0.40 | N/A | ||||||||||||||||||||||||
| AllianzGI Convertible |
N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
| AllianzGI Emerging Markets Consumer(6) |
N/A | 1.55 | N/A | N/A | N/A | 1.20 | N/A | N/A | ||||||||||||||||||||||||
| AllianzGI Emerging Markets Debt(5) |
N/A | 1.20 | 1.95 | N/A | 1.05 | 0.95 | N/A | N/A | ||||||||||||||||||||||||
| AllianzGI Emerging Markets Small-Cap(5) |
N/A | 1.85 | N/A | N/A | N/A | 1.50 | N/A | N/A | ||||||||||||||||||||||||
| AllianzGI Europe Equity Dividend(5) |
N/A | 1.20 | 1.95 | N/A | 1.05 | 0.95 | N/A | N/A | ||||||||||||||||||||||||
| AllianzGI Global Dynamic Allocation(1)(3) |
0.55 | 0.97 | 1.74 | 1.34 | 0.80 | 0.70 | 0.70 | 0.97 | ||||||||||||||||||||||||
| AllianzGI Global Fundamental Strategy(6)† |
N/A | 1.25 | 2.00 | N/A | 1.10 | 1.00 | N/A | N/A | ||||||||||||||||||||||||
| AllianzGI Global Sustainability(5)† |
N/A | 1.20 | 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 | ||||||||||||||||||||||||
| AllianzGI High Yield Bond |
N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
| AllianzGI International Growth(5)† |
N/A | 1.20 | N/A | N/A | N/A | 0.95 | N/A | N/A | ||||||||||||||||||||||||
| AllianzGI International Small-Cap(5)† |
N/A | 1.36 | 2.19 | 1.70 | 1.21 | 1.18 | 1.11 | N/A | ||||||||||||||||||||||||
| AllianzGI Micro Cap(5) |
N/A | 1.62 | N/A | N/A | 1.54 | 1.54 | N/A | N/A | ||||||||||||||||||||||||
| AllianzGI Multi-Asset Real Return(6)† |
N/A | 0.85 | 1.60 | N/A | 0.70 | 0.60 | N/A | N/A | ||||||||||||||||||||||||
| AllianzGI NFJ Emerging Markets Value(5)† |
N/A | 1.34 | 2.09 | N/A | 1.18 | 1.09 | N/A | N/A | ||||||||||||||||||||||||
| AllianzGI NFJ Global Dividend Value(7) |
0.10 | 1.10 | 1.89 | N/A | 0.94 | 0.85 | N/A | N/A | ||||||||||||||||||||||||
| AllianzGI NFJ International Small-Cap Value(5) |
N/A | 1.30 | 2.05 | N/A | 1.05 | 1.01 | 0.95 | N/A | ||||||||||||||||||||||||
| AllianzGI NFJ International Value II(8) |
0.05 | 1.15 | 1.90 | N/A | 0.95 | 0.90 | N/A | N/A | ||||||||||||||||||||||||
| AllianzGI Short Duration High Income(5) |
N/A | N/A | N/A | N/A | N/A | N/A | 0.57 | N/A | ||||||||||||||||||||||||
| AllianzGI Structured Return(6) |
N/A | 0.98 | 1.78 | N/A | 0.77 | 0.69 | 0.67 | N/A | ||||||||||||||||||||||||
| AllianzGI U.S. Equity Hedged(6) |
N/A | 1.25 | 2.00 | N/A | 1.10 | 1.00 | N/A | N/A | ||||||||||||||||||||||||
| AllianzGI U.S. Small-Cap Growth(5) |
N/A | 1.20 | 2.00 | 1.45 | 1.05 | 0.96 | 0.95 | N/A | ||||||||||||||||||||||||
| AllianzGI Ultra Micro Cap |
N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
| † | See Note 17 for updates to the Funds’ management fees and waivers and updates to certain Expense Limitation Agreements that became effective subsequent to March 31, 2017. |
| (1) | The Investment Manager has contractually agreed to irrevocably waive a portion of its management fee equal to 0.55% of the average daily net assets of each applicable Fund that are attributable to investments in either Underlying Funds or Other Acquired Funds. This waiver with respect to investments in Underlying Funds and Other Acquired Funds for which the Investment Manager or an affiliated person thereof serves as investment adviser, is terminable only by the Board of Trustees of the Trust, and the waiver with respect to investments in unaffiliated Other Acquired Funds will continue through at least January 31, 2018. AllianzGI Global Dynamic Allocation no longer invests significantly in Underlying Funds or Other Acquired Funds for which the Investment Manager or an affiliated person serves as investment adviser but may invest in unaffiliated Other Acquired Funds. |
| Semiannual Report | | March 31, 2017 | 355 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| (2) | The Investment Manager has contractually agreed, until January 31, 2020, to irrevocably waive its management and administrative fees and reimburse any additional Other Expenses or Acquired Fund Fees and Expenses, to the extent that Total Annual Fund Operating Expenses after Expense Reductions, excluding, interest, taxes, and extraordinary expenses, exceed the rates noted in the table above based on the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such waiver or reimbursement. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties. |
| (3) | Effective February 1, 2017, the Investment Manager has contractually agreed, until January 31, 2018, to irrevocably waive its management fee, 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, tax, 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/reimbursement or recoupment. 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) | Effective February 1, 2017, the Investment Manager has contractually agreed, until January 31, 2018, to reimburse Other Expenses or Acquired Fund Fees and Expenses, to the extent that Total Annual Fund Operating Expenses after Expense Reductions, excluding, interest, tax, 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/reimbursement or recoupment. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties. |
| (5) | Effective February 1, 2017, the Investment Manager has contractually agreed to irrevocably waive its management fee and/or reimburse the Fund through January 31, 2018 to the extent that Total Annual Fund Operating Expenses, excluding interest, tax, 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/reimbursement or recoupment. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties. |
| (6) | Effective February 1, 2017, the Investment Manager has contractually agreed to irrevocably waive its management fee and/or reimburse the Fund through January 31, 2018 to the extent that Total Annual Fund Operating Expenses excluding interest, tax, 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/reimbursement or recoupment. 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. |
| (7) | Effective February 1, 2017, the Investment Manager has contractually agreed to irrevocably waive its management fee and/or reimburse the Fund through January 31, 2018 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/reimbursement or recoupment. 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. Effective April 1, 2017, the Investment Manager has agreed to a temporary waiver of a portion of the investment management fee, which reduces the annual percentage rate from 0.80% to 0.70% through March 31, 2018. Amounts waived pursuant to each of the temporary investment management fee waivers described in the preceding sentences of this paragraph are separate from and would not be included with the amounts subject to potential recoupment under the Expense Limitation Agreement. |
| (8) | Effective February 1, 2017, the Investment Manager has contractually agreed to irrevocably waive its management fee and/or reimburse the Fund through January 31, 2018 to the extent that Total Annual Fund Operating Expenses, excluding interest, tax, 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/reimbursement or recoupment. 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. Effective April 1, 2017, the Investment Manager has agreed to a temporary waiver of a portion of the investment management fee, which reduces the annual percentage rate from 0.80% to 0.75% through March 31, 2018. Amounts waived pursuant to each of the temporary investment management fee waivers described in the preceding sentences of this paragraph are separate from and would not be included with the amounts subject to potential recoupment under the Expense Limitation Agreement. |
| * | As a result of reimbursing expenses inclusive of acquired fund fees and expenses, the Investment Manager reimbursed amounts in excess of the respective share class’ operating expenses. The aggregate excess reimbursement of each share class is accounted for as “Contribution from Investment Manager” on the Statements of Operations. |
The Investment Manager, per the expense limitation agreements, may recoup waived/reimbursed amounts for a period of up to three years, provided total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such waiver/reimbursement. During the six months ended March 31, 2017, the Investment Manager recouped a total of $60,503 from the Funds as disclosed on the Statements of Operations. The following represents the amounts that still can be recouped by the Investment Manager as of March 31, 2017.
| Unrecouped Expenses Waived/Reimbursed through Fiscal Period or Year ended |
||||||||||||||||
| 11/30/2014 | 9/30/2015 | 9/30/2016 | Totals | |||||||||||||
| AllianzGI Retirement 2020 |
$ | 67,722 | $ | 54,591 | $ | 32,277 | $ | 154,590 | ||||||||
| AllianzGI Retirement 2025 |
77,250 | 64,766 | 30,952 | 172,968 | ||||||||||||
| AllianzGI Retirement 2030 |
85,969 | 76,424 | 36,276 | 198,669 | ||||||||||||
| AllianzGI Retirement 2035 |
66,529 | 66,388 | 14,422 | 147,339 | ||||||||||||
| AllianzGI Retirement 2040 |
62,942 | 60,282 | 8,160 | 131,384 | ||||||||||||
| AllianzGI Retirement 2045 |
38,602 | 38,645 | 6,546 | 83,793 | ||||||||||||
| AllianzGI Retirement 2050 |
31,926 | 34,200 | 3,046 | 69,172 | ||||||||||||
| 356 | March 31, 2017 | | Semiannual Report |
Table of Contents
| Unrecouped Expenses Waived/Reimbursed through Fiscal Period or Year ended |
||||||||||||||||
| 11/30/2014 | 9/30/2015 | 9/30/2016 | Totals | |||||||||||||
| AllianzGI Retirement 2055 |
$ | 10,220 | $ | 11,552 | $ | 1,064 | $ | 22,836 | ||||||||
| AllianzGI Retirement Income |
39,055 | 25,007 | 35,990 | 100,052 | ||||||||||||
| AllianzGI Global Allocation |
516,476 | 326,730 | — | 843,206 | ||||||||||||
| AllianzGI Global Megatrends |
— | 150,527 | 176,202 | 326,729 | ||||||||||||
| AllianzGI Best Styles Emerging Markets Equity |
— | 236,953 | 318,110 | 555,063 | ||||||||||||
| AllianzGI Best Styles Global Equity |
457,122 | 265,504 | 416,897 | 1,139,523 | ||||||||||||
| AllianzGI Best Styles International Equity |
— | 342,608 | 394,405 | 737,013 | ||||||||||||
| AllianzGI Best Styles U.S. Equity |
— | 184,303 | 195,811 | 380,114 | ||||||||||||
| AllianzGI Emerging Markets Consumer |
— | 244,097 | 257,727 | 501,824 | ||||||||||||
| AllianzGI Emerging Markets Debt |
217,381 | 305,163 | 162,697 | 685,241 | ||||||||||||
| AllianzGI Emerging Markets Small-Cap |
— | 293,821 | 305,798 | 599,619 | ||||||||||||
| AllianzGI Europe Equity Dividend |
— | 230,355 | 321,812 | 552,167 | ||||||||||||
| AllianzGI Global Dynamic Allocation |
217,360 | 204,882 | 199,996 | 622,238 | ||||||||||||
| AllianzGI Global Fundamental Strategy |
249,637 | 153,697 | 173,706 | 577,040 | ||||||||||||
| AllianzGI Global Sustainability |
— | 202,111 | 190,206 | 392,317 | ||||||||||||
| AllianzGI High Yield Bond |
508 | — | — | 508 | ||||||||||||
| AllianzGI International Growth |
— | 161,358 | 187,039 | 348,397 | ||||||||||||
| AllianzGI International Small-Cap |
260,803 | 141,751 | 258,005 | 660,559 | ||||||||||||
| AllianzGI Micro Cap |
117,388 | 115,570 | 153,921 | 386,879 | ||||||||||||
| AllianzGI Multi-Asset Real Return |
239,165 | 206,099 | 238,005 | 683,269 | ||||||||||||
| AllianzGI NFJ Emerging Markets Value |
262,863 | 303,098 | 465,793 | 1,031,754 | ||||||||||||
| AllianzGI NFJ Global Dividend Value |
170,631 | 170,807 | 236,356 | 577,794 | ||||||||||||
| AllianzGI NFJ International Small-Cap Value |
228,563 | 214,424 | 349,447 | 792,434 | ||||||||||||
| AllianzGI NFJ International Value II |
235,983 | 181,260 | 219,533 | 636,776 | ||||||||||||
| AllianzGI Short Duration High Income |
69,290 | 10,170 | — | 79,460 | ||||||||||||
| AllianzGI Structured Return |
301,109 | 88,615 | 16,609 | 406,333 | ||||||||||||
| AllianzGI U.S. Equity Hedged |
200,633 | 129,361 | 188,026 | 518,020 | ||||||||||||
| AllianzGI U.S. Small-Cap Growth |
177,424 | 132,180 | 206,354 | 515,958 | ||||||||||||
| Semiannual Report | | March 31, 2017 | 357 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
(a) Transactions in options written for the six months ended March 31, 2017:
(b) Futures contracts outstanding at March 31, 2017:
| AllianzGI Retirement 2020: | ||||||||||||||||
| Type | Contracts | Market Value (000s) |
Expiration Date |
Unrealized Appreciation (Depreciation) |
||||||||||||
| Long: Australian Dollar |
5 | $ | 382 | 6/19/17 | $ | 6,686 | ||||||||||
|
Euro-BTP |
4 | 558 | 6/8/17 | 3,772 | ||||||||||||
| Ultra U.S. Treasury Bond |
16 | 2,142 | 6/21/17 | 12,344 | ||||||||||||
| Short: British Pound |
(8 | ) | (628 | ) | 6/19/17 | (18,322 | ) | |||||||||
| Euro Currency |
(5 | ) | (670 | ) | 6/19/17 | (5,951 | ) | |||||||||
| Mini MSCI EAFE Index |
(5 | ) | (446 | ) | 6/16/17 | (6,536 | ) | |||||||||
| $ | (8,007 | ) | ||||||||||||||
| 358 | March 31, 2017 | | Semiannual Report |
Table of Contents
| AllianzGI Retirement 2025: | ||||||||||||||||
| Type | Contracts | MarketValue (000s) |
Expiration Date |
Unrealized Appreciation (Depreciation) |
||||||||||||
| Long: Australian Dollar |
6 | $ | 458 | 6/19/17 | $ | 8,024 | ||||||||||
|
E-mini S&P 500 Index |
21 | 2,477 | 6/16/17 | (9,805 | ) | |||||||||||
| Euro STOXX 50 Index |
5 | 183 | 6/16/17 | 4,794 | ||||||||||||
| TOPIX Index |
1 | 136 | 6/8/17 | (2,519 | ) | |||||||||||
| Short: British Pound |
(10 | ) | (785 | ) | 6/19/17 | (22,903 | ) | |||||||||
| Euro Currency |
(6 | ) | (804 | ) | 6/19/17 | (7,142 | ) | |||||||||
| Mini MSCI EAFE Index |
(9 | ) | (802 | ) | 6/16/17 | (11,766 | ) | |||||||||
| $ | (41,317 | ) | ||||||||||||||
| AllianzGI Retirement 2030: | ||||||||||||||||
| Type | Contracts | Market Value (000s) |
Expiration Date |
Unrealized Appreciation (Depreciation) |
||||||||||||
| Long: Australian Dollar |
8 | $ | 611 | 6/19/17 | $ | 10,698 | ||||||||||
|
E-mini S&P 500 Index |
22 | 2,595 | 6/16/17 | (10,272 | ) | |||||||||||
| Euro STOXX 50 Index |
10 | 365 | 6/16/17 | 8,350 | ||||||||||||
| Mini MSCI Emerging Markets Index |
5 | 240 | 6/16/17 | 5,289 | ||||||||||||
| TOPIX Index |
2 | 272 | 6/8/17 | (3,512 | ) | |||||||||||
| Short: British Pound |
(14 | ) | (1,099 | ) | 6/19/17 | (32,064 | ) | |||||||||
| Euro Currency |
(8 | ) | (1,072 | ) | 6/19/17 | (9,522 | ) | |||||||||
| FTSE 100 Index |
(3 | ) | (273 | ) | 6/16/17 | 540 | ||||||||||
| Mini MSCI EAFE Index |
(4 | ) | (356 | ) | 6/16/17 | (5,229 | ) | |||||||||
| $ | (35,722 | ) | ||||||||||||||
| AllianzGI Retirement 2035: | ||||||||||||||||
| Type | Contracts | Market Value (000s) |
Expiration Date |
Unrealized Appreciation (Depreciation) |
||||||||||||
| Long: Australian Dollar |
7 | $ | 534 | 6/19/17 | $ | 9,361 | ||||||||||
|
E-mini S&P 500 Index |
14 | 1,651 | 6/16/17 | (6,537 | ) | |||||||||||
| Euro STOXX 50 Index |
17 | 621 | 6/16/17 | 13,514 | ||||||||||||
| Mini MSCI Emerging Markets Index |
8 | 385 | 6/16/17 | 8,461 | ||||||||||||
| TOPIX Index |
3 | 408 | 6/8/17 | (7,558 | ) | |||||||||||
| Short: British Pound |
(13 | ) | (1,020 | ) | 6/19/17 | (29,773 | ) | |||||||||
| Euro Currency |
(7 | ) | (938 | ) | 6/19/17 | (8,332 | ) | |||||||||
| FTSE 100 Index |
(5 | ) | (456 | ) | 6/16/17 | 901 | ||||||||||
| Mini MSCI EAFE Index |
(3 | ) | (267 | ) | 6/16/17 | (3,922 | ) | |||||||||
| $ | (23,885 | ) | ||||||||||||||
| AllianzGI Retirement 2040: | ||||||||||||||||
| Type | Contracts | Market Value (000s) |
Expiration Date |
Unrealized Appreciation (Depreciation) |
||||||||||||
| Long: Australian Dollar |
7 | $ | 534 | 6/19/17 | $ | 9,361 | ||||||||||
|
E-mini S&P 500 Index |
11 | 1,297 | 6/16/17 | (5,136 | ) | |||||||||||
| Euro STOXX 50 Index |
19 | 694 | 6/16/17 | 15,432 | ||||||||||||
| Mini MSCI Emerging Markets Index |
10 | 481 | 6/16/17 | 10,577 | ||||||||||||
| TOPIX Index |
3 | 408 | 6/8/17 | (7,558 | ) | |||||||||||
| Short: British Pound |
(13 | ) | (1,020 | ) | 6/19/17 | (29,773 | ) | |||||||||
| Euro Currency |
(7 | ) | (938 | ) | 6/19/17 | (8,332 | ) | |||||||||
| FTSE 100 Index |
(5 | ) | (456 | ) | 6/16/17 | 900 | ||||||||||
| Mini MSCI EAFE Index |
(3 | ) | (267 | ) | 6/16/17 | (3,922 | ) | |||||||||
| $ | (18,451 | ) | ||||||||||||||
| Semiannual Report | | March 31, 2017 | 359 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI Retirement 2045: | ||||||||||||||||
| Type | Contracts | Market Value (000s) |
Expiration Date |
Unrealized Appreciation (Depreciation) |
||||||||||||
| Long: Australian Dollar |
4 | $ | 305 | 6/19/17 | $ | 5,349 | ||||||||||
|
E-mini S&P 500 Index |
5 | 590 | 6/16/17 | (2,334 | ) | |||||||||||
| Euro STOXX 50 Index |
16 | 585 | 6/16/17 | 12,555 | ||||||||||||
| Mini MSCI Emerging Markets Index |
6 | 288 | 6/16/17 | 6,346 | ||||||||||||
| TOPIX Index |
2 | 272 | 6/8/17 | (5,039 | ) | |||||||||||
| Short: British Pound |
(7 | ) | (549 | ) | 6/19/17 | (16,032 | ) | |||||||||
| Euro Currency |
(4 | ) | (536 | ) | 6/19/17 | (4,761 | ) | |||||||||
| FTSE 100 Index |
(4 | ) | (365 | ) | 6/16/17 | 721 | ||||||||||
| Mini MSCI EAFE Index |
(2 | ) | (178 | ) | 6/16/17 | (2,615 | ) | |||||||||
| $ | (5,810 | ) | ||||||||||||||
| AllianzGI Retirement 2050: | ||||||||||||||||
| Type | Contracts | Market Value (000s) |
Expiration Date |
Unrealized Appreciation (Depreciation) |
||||||||||||
| Long: Australian Dollar |
4 | $ | 305 | 6/19/17 | $ | 5,349 | ||||||||||
|
E-mini S&P 500 Index |
5 | 590 | 6/16/17 | (2,334 | ) | |||||||||||
| Euro STOXX 50 Index |
15 | 548 | 6/16/17 | 11,906 | ||||||||||||
| Mini MSCI Emerging Markets Index |
6 | 288 | 6/16/17 | 6,346 | ||||||||||||
| TOPIX Index |
2 | 272 | 6/8/17 | (5,039 | ) | |||||||||||
| Short: British Pound |
(7 | ) | (549 | ) | 6/19/17 | (16,032 | ) | |||||||||
| Euro Currency |
(4 | ) | (536 | ) | 6/19/17 | (4,761 | ) | |||||||||
| FTSE 100 Index |
(3 | ) | (273 | ) | 6/16/17 | 540 | ||||||||||
| Mini MSCI EAFE Index |
(2 | ) | (178 | ) | 6/16/17 | (2,614 | ) | |||||||||
| $ | (6,639 | ) | ||||||||||||||
| AllianzGI Retirement 2055: | ||||||||||||||||
| Type | Contracts | Market Value (000s) |
Expiration Date |
Unrealized Appreciation (Depreciation) |
||||||||||||
| Long: Australian Dollar |
2 | $ | 153 | 6/19/17 | $ | 2,675 | ||||||||||
|
E-mini S&P 500 Index |
2 | 236 | 6/16/17 | (934 | ) | |||||||||||
| Euro STOXX 50 Index |
6 | 219 | 6/16/17 | 4,824 | ||||||||||||
| Mini MSCI Emerging Markets Index |
3 | 144 | 6/16/17 | 3,173 | ||||||||||||
| TOPIX Index |
1 | 136 | 6/8/17 | (2,519 | ) | |||||||||||
| Short: British Pound |
(2 | ) | (157 | ) | 6/19/17 | (4,581 | ) | |||||||||
| Euro Currency |
(1 | ) | (134 | ) | 6/19/17 | (1,190 | ) | |||||||||
| FTSE 100 Index |
(1 | ) | (91 | ) | 6/16/17 | 180 | ||||||||||
| Mini MSCI EAFE Index |
(1 | ) | (89 | ) | 6/16/17 | (1,307 | ) | |||||||||
| $ | 321 | |||||||||||||||
| 360 | March 31, 2017 | | Semiannual Report |
Table of Contents
| AllianzGI Retirement Income: | ||||||||||||||||
| Type | Contracts | Market Value (000s) |
Expiration Date |
Unrealized Appreciation (Depreciation) |
||||||||||||
| Long: Euro STOXX 600 Index |
78 | $ | 1,563 | 6/16/17 | $ | 27,906 | ||||||||||
|
Euro-Bund |
9 | 1,550 | 6/8/17 | 186 | ||||||||||||
| Mini MSCI Emerging Markets Index |
54 | 2,596 | 6/16/17 | 27,295 | ||||||||||||
| TOPIX Index |
7 | 951 | 6/8/17 | (17,635 | ) | |||||||||||
| Ultra U.S. Treasury Bond |
10 | 1,606 | 6/21/17 | 30,917 | ||||||||||||
| Short: Canadian Dollar |
(43 | ) | (3,239 | ) | 6/20/17 | (39,249 | ) | |||||||||
| Dow Jones U.S. Real Estate Index |
(102 | ) | (3,168 | ) | 6/16/17 | (90,908 | ) | |||||||||
|
E-mini S&P 500 Index |
(7 | ) | (826 | ) | 6/16/17 | 1,052 | ||||||||||
| Euro Currency |
(10 | ) | (1,340 | ) | 6/19/17 | (11,903 | ) | |||||||||
| $ | (72,339 | ) | ||||||||||||||
| AllianzGI Global Allocation: | ||||||||||||||||
| Type | Contracts | Market Value (000s) |
Expiration Date |
Unrealized Appreciation (Depreciation) |
||||||||||||
| Long: 2-Year Treasury Note |
48 | $ | 10,390 | 6/30/17 | $ | 7,415 | ||||||||||
|
5-Year Treasury Note |
60 | 7,064 | 6/30/17 | 8,798 | ||||||||||||
|
Australian Dollar |
69 | 5,269 | 6/19/17 | 76,400 | ||||||||||||
|
E-mini S&P 500 Index |
215 | 25,361 | 6/16/17 | (43,948 | ) | |||||||||||
| FTSE 100 Index |
38 | 3,464 | 6/16/17 | (12,438 | ) | |||||||||||
| Long Gilt |
93 | 14,865 | 6/28/17 | 143,084 | ||||||||||||
| Mini DAX European Index |
61 | 4,012 | 6/16/17 | 90,210 | ||||||||||||
| Mini MSCI Emerging Markets Index |
95 | 4,567 | 6/16/17 | 44,430 | ||||||||||||
| Russell 2000 Mini Index |
59 | 4,084 | 6/16/17 | 12,581 | ||||||||||||
| TOPIX Index |
45 | 6,113 | 6/8/17 | (121,453 | ) | |||||||||||
| Short: 10-Year Treasury Note |
(35 | ) | (4,360 | ) | 6/21/17 | (11,895 | ) | |||||||||
| British Pound |
(156 | ) | (12,242 | ) | 6/19/17 | (359,231 | ) | |||||||||
|
Canadian Dollar |
(90 | ) | (6,780 | ) | 6/20/17 | (85,298 | ) | |||||||||
| Euro Currency |
(41 | ) | (5,495 | ) | 6/19/17 | (59,307 | ) | |||||||||
| $ | (310,652 | ) | ||||||||||||||
| AllianzGI Best Styles Emerging Markets Equity: | ||||||||||||||||
| Type | Contracts | Market Value (000s) |
Expiration Date |
Unrealized Appreciation |
||||||||||||
| Long: SGX Nifty 50 Index |
25 | $ | 460 | 4/27/17 | $ | 2,420 | ||||||||||
| AllianzGI Best Styles Global Equity: | ||||||||||||||||
| Type | Contracts | Market Value (000s) |
Expiration Date |
Unrealized Appreciation (Depreciation) |
||||||||||||
| Long: E-mini S&P 500 Index |
17 | $ | 2,005 | 6/16/17 | $ | (17,015 | ) | |||||||||
| Mini MSCI Emerging Markets Index |
51 | 2,452 | 6/16/17 | 35,157 | ||||||||||||
| MSCI Europe Index |
165 | 3,655 | 6/16/17 | 61,335 | ||||||||||||
| TOPIX Index |
6 | 815 | 6/8/17 | (24,592 | ) | |||||||||||
| $ | 54,885 | |||||||||||||||
| Semiannual Report | | March 31, 2017 | 361 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI Best Styles International Equity: | ||||||||||||||||
| Type | Contracts | Market Value (000s) |
Expiration Date |
Unrealized Appreciation |
||||||||||||
| Long: Mini MSCI EAFE Index |
7 | $ | 624 | 6/16/17 | $ | 13,144 | ||||||||||
| AllianzGI Global Dynamic Allocation: | ||||||||||||||||
| Type | Contracts | Market Value (000s) |
Expiration Date |
Unrealized Appreciation (Depreciation) |
||||||||||||
| Long: E-mini S&P 500 Index |
122 | $ | 14,391 | 6/16/17 | $ | (76,483 | ) | |||||||||
| Euro STOXX 50 Index |
286 | 10,453 | 6/16/17 | 349,450 | ||||||||||||
| Long Gilt |
85 | 13,587 | 6/28/17 | 128,486 | ||||||||||||
| Mini MSCI EAFE Index |
150 | 13,365 | 6/16/17 | 299,653 | ||||||||||||
| Mini MSCI Emerging Markets Index |
193 | 9,277 | 6/16/17 | 253,889 | ||||||||||||
| Russell 2000 Mini Index |
125 | 8,652 | 6/16/17 | 171,655 | ||||||||||||
| TOPIX Index |
76 | 10,325 | 6/8/17 | (259,733 | ) | |||||||||||
| Short: 10-Year Treasury Note |
(6 | ) | (747 | ) | 6/21/17 | (2,051 | ) | |||||||||
|
2-Year Treasury Note |
(89 | ) | (19,264 | ) | 6/30/17 | (16,844 | ) | |||||||||
|
5-Year Treasury Note |
(17 | ) | (2,001 | ) | 6/30/17 | (2,687 | ) | |||||||||
| British Pound |
(70 | ) | (5,493 | ) | 6/19/17 | (119,374 | ) | |||||||||
| Euro Currency |
(44 | ) | (5,897 | ) | 6/19/17 | (39,171 | ) | |||||||||
| Ultra U.S. Treasury Bond |
(4 | ) | (643 | ) | 6/21/17 | (3,102 | ) | |||||||||
| $ | 683,688 | |||||||||||||||
| AllianzGI Global Fundamental Strategy: | ||||||||||||||||
| Type | Contracts | Market Value (000s) |
Expiration Date |
Unrealized Appreciation |
||||||||||||
| Long: Euro STOXX 50 Index |
31 | $ | 1,133 | 6/16/17 | $ | 23,106 | ||||||||||
| Hang Seng China Enterprises Index |
4 | 14 | 6/18/18 | 129 | ||||||||||||
| Hang Seng Index |
3 | 18 | 12/28/17 | 3,728 | ||||||||||||
| Short: E-mini S&P 500 Index |
(32 | ) | (3,775 | ) | 6/16/17 | 6,259 | ||||||||||
| Euro-Bund |
(8 | ) | (1,377 | ) | 6/8/17 | 1,186 | ||||||||||
| $ | 34,408 | |||||||||||||||
| AllianzGI Multi-Asset Real Return: | ||||||||||||||||
| Type | Contracts | Market Value (000s) |
Expiration Date |
Unrealized Appreciation (Depreciation) |
||||||||||||
| Long: Dow Jones U.S. Real Estate Index |
11 | $ | 342 | 6/16/17 | $ | 9,617 | ||||||||||
|
E-mini S&P 500 Index |
2 | 236 | 6/16/17 | (1,622 | ) | |||||||||||
| Mini MSCI Emerging Markets Index |
4 | 192 | 6/16/17 | 2,126 | ||||||||||||
| Short: 2-Year Treasury Note |
(2 | ) | (433 | ) | 6/30/17 | (66 | ) | |||||||||
| Euro Currency |
(1 | ) | (134 | ) | 6/19/17 | (1,403 | ) | |||||||||
| $ | 8,652 | |||||||||||||||
(c) Forward foreign currency contracts outstanding at March 31, 2017:
| AllianzGI Emerging Markets Debt: | ||||||||||||||||
| Counterparty | U.S.$ Value on Origination Date |
U.S.$ Value March 31, 2017 |
Unrealized Appreciation |
|||||||||||||
| Sold: |
||||||||||||||||
| 720,000 Euro settling 6/14/17 |
State Street Bank | $ | 777,095 | $ | 770,644 | $ | 6,451 | |||||||||
| 362 | March 31, 2017 | | Semiannual Report |
Table of Contents
| AllianzGI Global Fundamental Strategy: | ||||||||||||||||
| Counterparty | U.S.$ Value on Origination Date |
U.S.$ Value March 31, 2017 |
Unrealized Appreciation (Depreciation) |
|||||||||||||
| Purchased: |
||||||||||||||||
| 23,000,000 Indian Rupee settling 7/14/17 |
State Street Bank | $ | 326,010 | $ | 349,465 | $ | 23,455 | |||||||||
| Sold: |
| |||||||||||||||
| 2,000,000 Euro settling 5/31/17 |
State Street Bank | 2,132,109 | 2,139,162 | (7,053 | ) | |||||||||||
| $ | 16,402 | |||||||||||||||
| AllianzGI International Small-Cap: | ||||||||||||||||
| Counterparty | U.S.$ Value on Origination Date |
U.S.$ Value March 31, 2017 |
Unrealized Depreciation |
|||||||||||||
| Purchased: |
||||||||||||||||
| 17,374,416 Japanese Yen settling 4/3/17 |
Northern Trust Company | $ | 156,826 | $ | 156,062 | $ | (764 | ) | ||||||||
| AllianzGI NFJ Emerging Markets Value: | ||||||||||||||||
| Counterparty | U.S.$ Value on Origination Date |
U.S.$ Value March 31, 2017 |
Unrealized Depreciation |
|||||||||||||
| Purchased: |
||||||||||||||||
| 651,949 Mexican Peso settling 4/5/17 |
Northern Trust Company | $ | 34,849 | $ | 34,817 | $ | (32 | ) | ||||||||
| 6,585 Singapore Dollar settling 4/4/17 |
Northern Trust Company | 4,722 | 4,708 | (14 | ) | |||||||||||
| 87,876 South African Rand settling 4/3/17 |
Northern Trust Company | 6,794 | 6,550 | (244 | ) | |||||||||||
| 51,221 South African Rand settling 4/4/17 |
Northern Trust Company | 3,981 | 3,818 | (163 | ) | |||||||||||
| 47,655 South African Rand settling 4/5/17 |
Northern Trust Company | 3,565 | 3,551 | (14 | ) | |||||||||||
| Sold: |
||||||||||||||||
| 26,349 Mexican Peso settling 4/4/17 |
Northern Trust Company | 1,404 | 1,407 | (3 | ) | |||||||||||
| $ | (470 | ) | ||||||||||||||
At March 31, 2017, the following Funds pledged cash as collateral for derivatives:
| Collateral | ||||
| AllianzGI Retirement 2020 |
$ | 352,367 | ||
| AllianzGI Retirement 2025 |
690,682 | |||
| AllianzGI Retirement 2030 |
716,407 | |||
| AllianzGI Retirement 2035 |
683,164 | |||
| AllianzGI Retirement 2040 |
662,294 | |||
| AllianzGI Retirement 2045 |
419,727 | |||
| AllianzGI Retirement 2050 |
391,147 | |||
| AllianzGI Retirement 2055 |
202,214 | |||
| AllianzGI Retirement Income |
884,587 | |||
| AllianzGI Global Allocation |
1,707,393 | |||
| AllianzGI Best Styles Emerging Markets Equity |
68,505 | |||
| AllianzGI Best Styles Global Equity |
2,239,434 | |||
| AllianzGI Best Styles International Equity |
154,222 | |||
| AllianzGI Best Styles U.S. Equity |
114,129 | |||
| AllianzGI Emerging Markets Debt |
295,474 | |||
| AllianzGI Global Dynamic Allocation |
723,863 | |||
| AllianzGI Global Fundamental Strategy |
507,896 | |||
| AllianzGI Multi-Asset Real Return |
48,629 | |||
| AllianzGI Structured Return |
3,232,810 | |||
| AllianzGI U.S. Equity Hedged |
637 | |||
| Semiannual Report | | March 31, 2017 | 363 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
At March 31, 2017, AllianzGI Global Dynamic Allocation held U.S. Treasury Obligations valued at $101,269 as collateral for TBA securities. Securities held as collateral will not be pledged and are not reflected in the Schedule of Investments.
Glossary:
EAFE —Europe, Australasia and Far East
FTSE —Financial Times Stock Exchange
MSCI —Morgan Stanley Capital International
SGX —Singapore Exchange
TOPIX —Tokyo Stock Price Index
| 8. | INCOME TAX INFORMATION |
At March 31, 2017, the aggregate cost basis and the net unrealized appreciation (depreciation) of investments (before options written) for federal income tax purposes were:
| Federal Tax Cost Basis(1) |
Unrealized Appreciation |
Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
|||||||||||||
| AllianzGI Retirement 2020 |
$ | 51,864,556 | $ | 1,427,768 | $ | 251,497 | $ | 1,176,271 | ||||||||
| AllianzGI Retirement 2025 |
58,765,825 | 1,997,501 | 131,642 | 1,865,859 | ||||||||||||
| AllianzGI Retirement 2030 |
61,136,139 | 2,919,839 | — | 2,919,839 | ||||||||||||
| AllianzGI Retirement 2035 |
48,280,340 | 2,840,557 | — | 2,840,557 | ||||||||||||
| AllianzGI Retirement 2040 |
43,533,195 | 2,969,132 | — | 2,969,132 | ||||||||||||
| AllianzGI Retirement 2045 |
27,332,547 | 1,934,982 | — | 1,934,982 | ||||||||||||
| AllianzGI Retirement 2050 |
26,307,042 | 1,872,499 | — | 1,872,499 | ||||||||||||
| AllianzGI Retirement 2055 |
10,680,468 | 691,433 | — | 691,433 | ||||||||||||
| AllianzGI Retirement Income |
50,545,240 | 1,054,300 | 257,884 | 796,416 | ||||||||||||
| AllianzGI Global Allocation |
424,155,534 | 33,680,057 | 2,375,076 | 31,304,981 | ||||||||||||
| AllianzGI Global Megatrends |
3,447,884 | 110,481 | 96,666 | 13,815 | ||||||||||||
| AllianzGI Best Styles Emerging Markets Equity |
5,176,903 | 845,833 | 80,109 | 765,724 | ||||||||||||
| AllianzGI Best Styles Global Equity |
646,314,889 | 89,028,215 | 13,104,251 | 75,923,964 | ||||||||||||
| AllianzGI Best Styles International Equity |
30,098,321 | 3,259,291 | 1,480,471 | 1,778,820 | ||||||||||||
| AllianzGI Best Styles U.S. Equity |
109,248,595 | 13,020,279 | 1,877,991 | 11,142,288 | ||||||||||||
| AllianzGI Convertible |
1,020,073,876 | 152,706,281 | 4,077,242 | 148,629,039 | ||||||||||||
| AllianzGI Emerging Markets Consumer |
33,858,988 | 6,064,778 | 232,380 | 5,832,398 | ||||||||||||
| AllianzGI Emerging Markets Debt |
39,921,902 | 1,544,127 | 509,957 | 1,034,170 | ||||||||||||
| AllianzGI Emerging Markets Small-Cap |
11,731,180 | 2,148,976 | 132,493 | 2,016,483 | ||||||||||||
| AllianzGI Europe Equity Dividend |
6,590,862 | 328,375 | 168,110 | 160,265 | ||||||||||||
| AllianzGI Global Dynamic Allocation |
268,636,794 | 11,003,636 | 3,203,607 | 7,800,029 | ||||||||||||
| AllianzGI Global Fundamental Strategy |
15,533,379 | 590,959 | 616,664 | (25,705 | ) | |||||||||||
| AllianzGI Global Sustainability |
22,147,103 | 2,859,226 | 364,177 | 2,495,049 | ||||||||||||
| AllianzGI Global Water |
482,421,657 | 74,220,761 | 10,093,224 | 64,127,537 | ||||||||||||
| AllianzGI High Yield Bond |
331,884,275 | 12,610,641 | 7,929,871 | 4,680,770 | ||||||||||||
| AllianzGI International Growth |
27,655,121 | 1,954,016 | 901,745 | 1,052,271 | ||||||||||||
| AllianzGI International Small-Cap |
78,681,943 | 16,898,458 | 2,848,520 | 14,049,938 | ||||||||||||
| AllianzGI Micro Cap |
28,113,683 | 10,081,014 | 1,706,441 | 8,374,573 | ||||||||||||
| AllianzGI Multi-Asset Real Return |
4,561,003 | 102,089 | 331,020 | (228,931 | ) | |||||||||||
| AllianzGI NFJ Emerging Markets Value |
21,754,477 | 2,137,648 | 207,222 | 1,930,426 | ||||||||||||
| AllianzGI NFJ Global Dividend Value |
17,988,467 | 1,260,095 | 331,313 | 928,782 | ||||||||||||
| AllianzGI NFJ International Small-Cap Value |
4,308,603 | 430,185 | 180,111 | 250,074 | ||||||||||||
| AllianzGI NFJ International Value II |
1,015,157 | 27,032 | 71,019 | (43,987 | ) | |||||||||||
| AllianzGI Short Duration High Income |
1,677,280,387 | 7,265,265 | 15,237,525 | (7,972,260 | ) | |||||||||||
| AllianzGI Structured Return |
403,373,550 | 2,802 | 469,819 | (467,017 | ) | |||||||||||
| AllianzGI U.S. Equity Hedged |
3,838,881 | 460,716 | 110,874 | 349,842 | ||||||||||||
| AllianzGI U.S. Small-Cap Growth |
14,048,775 | 3,220,629 | 286,705 | 2,933,924 | ||||||||||||
| AllianzGI Ultra Micro Cap |
29,109,635 | 14,178,835 | 1,182,481 | 12,996,354 | ||||||||||||
| (1) | Differences, if any, between book and tax cost basis are primarily attributable to wash sale loss deferrals and differing treatment of bond premium amortization. |
| 364 | March 31, 2017 | | Semiannual Report |
Table of Contents
(THIS PAGE INTENTIONALLY LEFT BLANK)
| Semiannual Report | | March 31, 2017 | 365 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (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 2020 | AllianzGI Retirement 2025 | |||||||||||||||||||||||||||||||||||
| Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
| Shares sold: |
||||||||||||||||||||||||||||||||||||
| Class A |
50,821 | $ | 961,648 | 185,700 | $ | 3,378,804 | 33,922 | $ | 576,752 | 270,591 | $ | 4,384,891 | ||||||||||||||||||||||||
| Class A — from Class D(a) |
— | — | 31,682 | 582,312 | — | — | — | — | ||||||||||||||||||||||||||||
| Class C |
3,808 | 71,148 | 5,143 | 93,840 | — | — | — | — | ||||||||||||||||||||||||||||
| Class D |
— | — | 32 | 600 | — | — | — | — | ||||||||||||||||||||||||||||
| Class R |
1,215 | 22,971 | 12,746 | 234,527 | 3,865 | 64,490 | 9,066 | 145,265 | ||||||||||||||||||||||||||||
| Class P |
74,754 | 1,430,619 | 240,104 | 4,437,324 | 136,314 | 2,302,322 | 363,614 | 5,898,065 | ||||||||||||||||||||||||||||
| Class R6 |
339,616 | 6,502,018 | 162,393 | 3,017,255 | 392,332 | 6,638,602 | 198,051 | 3,206,913 | ||||||||||||||||||||||||||||
| Administrative Class |
15,067 | 288,248 | 13,781 | 254,001 | 8,448 | 144,221 | 15,513 | 248,087 | ||||||||||||||||||||||||||||
| Issued in reinvestment of dividends and distributions: |
|
|||||||||||||||||||||||||||||||||||
| Class A |
16,725 | 310,415 | 33,310 | 594,910 | 7,078 | 117,498 | 34,415 | 543,416 | ||||||||||||||||||||||||||||
| Class C |
461 | 8,548 | 426 | 7,610 | — | — | — | — | ||||||||||||||||||||||||||||
| Class R |
500 | 9,321 | 1,130 | 20,265 | 915 | 15,091 | 1,131 | 17,842 | ||||||||||||||||||||||||||||
| Class P |
38,718 | 724,018 | 44,277 | 797,874 | 59,281 | 982,280 | 68,215 | 1,080,525 | ||||||||||||||||||||||||||||
| Class R6 |
19,701 | 368,801 | 24,231 | 436,891 | 21,665 | 359,200 | 24,126 | 382,398 | ||||||||||||||||||||||||||||
| Administrative Class |
773 | 14,448 | 3,337 | 59,872 | 755 | 12,535 | 2,552 | 40,396 | ||||||||||||||||||||||||||||
| Cost of shares redeemed: |
|
|||||||||||||||||||||||||||||||||||
| Class A |
(63,141 | ) | (1,191,872 | ) | (1,268,820 | ) | (23,656,591 | ) | (20,032 | ) | (339,249 | ) | (1,606,439 | ) | (26,523,016 | ) | ||||||||||||||||||||
| Class C |
(3,601 | ) | (68,315 | ) | (2,357 | ) | (43,858 | ) | — | — | — | — | ||||||||||||||||||||||||
| Class D |
— | — | (935 | ) | (17,595 | ) | — | — | — | — | ||||||||||||||||||||||||||
| Class D — to |
— | — | (31,478 | ) | (582,312 | ) | — | — | — | — | ||||||||||||||||||||||||||
| Class R |
(35,436 | ) | (678,423 | ) | (37,700 | ) | (694,122 | ) | (42,375 | ) | (720,533 | ) | (28,084 | ) | (451,307 | ) | ||||||||||||||||||||
| Class P |
(321,305 | ) | (6,169,366 | ) | (106,622 | ) | (1,953,673 | ) | (207,478 | ) | (3,531,148 | ) | (220,490 | ) | (3,554,339 | ) | ||||||||||||||||||||
| Class R6 |
(133,637 | ) | (2,555,609 | ) | (148,581 | ) | (2,763,846 | ) | (86,100 | ) | (1,459,656 | ) | (120,092 | ) | (1,975,353 | ) | ||||||||||||||||||||
| Administrative Class |
(5,008 | ) | (96,343 | ) | (93,490 | ) | (1,764,091 | ) | (5,564 | ) | (93,290 | ) | (56,624 | ) | (943,688 | ) | ||||||||||||||||||||
| Net increase (decrease) resulting from Fund share transactions |
31 | $ | (47,725 | ) | (931,691 | ) | $ | (17,560,003 | ) | 303,026 | $ | 5,069,115 | (1,044,455 | ) | $ | (17,499,905 | ) | |||||||||||||||||||
| (a) | Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(a). |
| 366 | March 31, 2017 | | Semiannual Report |
Table of Contents
| AllianzGI Retirement 2030 | AllianzGI Retirement 2035 | AllianzGI Retirement 2040 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
| 45,307 | $ | 924,634 | 270,215 | $ | 5,199,457 | 46,163 | $ | 838,525 | 185,394 | $ | 3,125,958 | 31,934 | $ | 670,504 | 121,009 | $ | 2,379,037 | |||||||||||||||||||||||||||||||||
| — | — | 28,638 | 552,431 | — | — | — | — | — | — | 11,576 | 226,889 | |||||||||||||||||||||||||||||||||||||||
| 2,774 | 55,530 | 6,863 | 131,089 | — | — | — | — | 321 | 6,567 | 803 | 15,416 | |||||||||||||||||||||||||||||||||||||||
| — | — | 977 | 18,955 | — | — | — | — | — | — | 14 | 291 | |||||||||||||||||||||||||||||||||||||||
| 7,359 | 147,250 | 40,564 | 787,474 | 6,963 | 122,705 | 20,065 | 336,764 | 7,228 | 146,881 | 16,036 | 308,507 | |||||||||||||||||||||||||||||||||||||||
| 124,603 | 2,548,594 | 228,404 | 4,450,667 | 129,570 | 2,340,240 | 249,111 | 4,207,686 | 131,208 | 2,711,855 | 191,646 | 3,737,937 | |||||||||||||||||||||||||||||||||||||||
| 227,211 | 4,666,644 | 250,789 | 4,832,395 | 185,575 | 3,334,357 | 235,027 | 4,006,012 | 191,583 | 3,989,803 | 267,817 | 5,225,071 | |||||||||||||||||||||||||||||||||||||||
| 9,747 | 200,263 | 11,846 | 228,470 | 20,214 | 365,514 | 8,689 | 147,090 | 1,413 | 29,286 | 5,677 | 110,716 | |||||||||||||||||||||||||||||||||||||||
| 7,285 | 144,388 | 22,860 | 431,590 | 11,790 | 206,201 | 20,021 | 333,945 | 7,063 | 142,180 | 8,944 | 174,143 | |||||||||||||||||||||||||||||||||||||||
| 627 | 12,337 | 726 | 13,670 | — | — | — | — | 206 | 4,120 | 165 | 3,214 | |||||||||||||||||||||||||||||||||||||||
| 2,247 | 44,419 | 2,473 | 46,771 | 1,458 | 25,406 | 1,374 | 22,893 | 2,744 | 54,691 | 1,266 | 24,533 | |||||||||||||||||||||||||||||||||||||||
| 46,942 | 938,844 | 49,188 | 940,472 | 50,349 | 883,626 | 48,314 | 810,229 | 46,345 | 935,697 | 23,582 | 462,211 | |||||||||||||||||||||||||||||||||||||||
| 24,135 | 483,657 | 22,406 | 429,074 | 16,412 | 288,351 | 11,017 | 184,982 | 34,052 | 688,539 | 17,076 | 335,212 | |||||||||||||||||||||||||||||||||||||||
| 1,496 | 29,885 | 2,955 | 56,360 | 996 | 17,461 | 1,165 | 19,510 | 656 | 13,206 | 640 | 12,490 | |||||||||||||||||||||||||||||||||||||||
| (32,731 | ) | (657,917 | ) | (1,155,016 | ) | (22,592,350 | ) | (150,215 | ) | (2,721,386 | ) | (849,560 | ) | (14,682,569 | ) | (16,883 | ) | (351,248 | ) | (652,979 | ) | (13,091,396 | ) | |||||||||||||||||||||||||||
| (2,316 | ) | (46,309 | ) | (5,207 | ) | (98,101 | ) | — | — | — | — | (857 | ) | (17,841 | ) | (5,475 | ) | (101,104 | ) | |||||||||||||||||||||||||||||||
| — | — | (668 | ) | (13,136 | ) | — | — | — | — | — | — | (60 | ) | (1,218 | ) | |||||||||||||||||||||||||||||||||||
| — | — | (28,464 | ) | (552,431 | ) | — | — | — | — | — | — | (11,553 | ) | (226,889 | ) | |||||||||||||||||||||||||||||||||||
| (102,304 | ) | (2,094,525 | ) | (5,422 | ) | (104,272 | ) | (61,892 | ) | (1,123,277 | ) | (29,105 | ) | (496,270 | ) | (73,475 | ) | (1,530,854 | ) | (3,470 | ) | (68,855 | ) | |||||||||||||||||||||||||||
| (187,925 | ) | (3,894,371 | ) | (125,371 | ) | (2,430,023 | ) | (206,751 | ) | (3,771,254 | ) | (218,306 | ) | (3,667,518 | ) | (124,432 | ) | (2,596,343 | ) | (101,246 | ) | (1,968,393 | ) | |||||||||||||||||||||||||||
| (80,366 | ) | (1,650,199 | ) | (126,214 | ) | (2,409,257 | ) | (83,652 | ) | (1,509,560 | ) | (96,907 | ) | (1,662,964 | ) | (79,044 | ) | (1,639,240 | ) | (147,449 | ) | (2,915,838 | ) | |||||||||||||||||||||||||||
| (12,902 | ) | (265,930 | ) | (48,668 | ) | (972,258 | ) | (14,555 | ) | (262,820 | ) | (17,205 | ) | (296,627 | ) | (2,899 | ) | (57,974 | ) | (13,647 | ) | (268,667 | ) | |||||||||||||||||||||||||||
|
|
81,189 |
|
$ | 1,587,194 | (556,126 | ) | $ | (11,052,953 | ) | (47,575 | ) | $ | (965,911 | ) | (430,906 | ) | $ | (7,610,879 | ) | 157,163 | $ | 3,199,829 | (269,628 | ) | $ | (5,626,693 | ) | |||||||||||||||||||||||
| Semiannual Report | | March 31, 2017 | 367 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI Retirement 2045 | AllianzGI Retirement 2050 | |||||||||||||||||||||||||||||||||||
| Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
| Shares sold: |
||||||||||||||||||||||||||||||||||||
| Class A |
23,431 | $ | 426,984 | 116,343 | $ | 1,997,806 | 84,150 | $ | 1,685,672 | 52,288 | $ | 1,002,188 | ||||||||||||||||||||||||
| Class A — from Class D(a) |
— | — | — | — | — | — | 10,929 | 211,250 | ||||||||||||||||||||||||||||
| Class C |
— | — | — | — | 603 | 11,913 | 1,333 | 24,980 | ||||||||||||||||||||||||||||
| Class D |
— | — | — | — | — | — | 29 | 577 | ||||||||||||||||||||||||||||
| Class R |
5,024 | 89,999 | 8,404 | 142,434 | 3,386 | 67,298 | 6,796 | 128,075 | ||||||||||||||||||||||||||||
| Class P |
77,556 | 1,412,875 | 156,390 | 2,675,197 | 84,209 | 1,712,039 | 128,452 | 2,469,929 | ||||||||||||||||||||||||||||
| Institutional Class |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
| Class R6 |
174,926 | 3,199,538 | 265,783 | 4,535,309 | 147,721 | 3,010,055 | 221,888 | 4,274,526 | ||||||||||||||||||||||||||||
| Administrative Class |
12,098 | 222,867 | 11,764 | 203,902 | 2,905 | 59,133 | 11,579 | 225,630 | ||||||||||||||||||||||||||||
| Issued in reinvestment of dividends and distributions: |
|
|||||||||||||||||||||||||||||||||||
| Class A |
9,827 | 172,359 | 8,654 | 148,152 | 4,463 | 87,120 | 3,923 | 74,690 | ||||||||||||||||||||||||||||
| Class C |
— | — | — | — | 351 | 6,764 | 240 | 4,526 | ||||||||||||||||||||||||||||
| Class R |
1,786 | 31,083 | 597 | 10,189 | 1,794 | 34,831 | 993 | 18,858 | ||||||||||||||||||||||||||||
| Class P |
41,537 | 729,383 | 16,867 | 289,947 | 29,513 | 579,935 | 15,781 | 302,844 | ||||||||||||||||||||||||||||
| Institutional Class |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
| Class R6 |
26,400 | 464,645 | 6,302 | 108,576 | 29,933 | 589,982 | 16,536 | 318,327 | ||||||||||||||||||||||||||||
| Administrative Class |
1,669 | 29,161 | 519 | 8,888 | 1,708 | 33,443 | 1,145 | 21,891 | ||||||||||||||||||||||||||||
| Issued in reorganization (See Note 12(b)): |
||||||||||||||||||||||||||||||||||||
| Class A |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
| Class C |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
| Class R |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
| Class P |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
| Class R6 |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
| Administrative Class |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
| Cost of shares redeemed: |
||||||||||||||||||||||||||||||||||||
| Class A |
(20,015 | ) | (360,787 | ) | (517,019 | ) | (9,141,921 | ) | (20,167 | ) | (403,918 | ) | (245,723 | ) | (4,845,274 | ) | ||||||||||||||||||||
| Class B |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
| Class B — to Class A(a) |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
| Class C |
— | — | — | — | — | — | (2,249 | ) | (40,416 | ) | ||||||||||||||||||||||||||
| Class D |
— | — | — | — | — | — | (51 | ) | (1,009 | ) | ||||||||||||||||||||||||||
| Class D — to Class A(a) |
— | — | — | — | — | — | (10,876 | ) | (211,250 | ) | ||||||||||||||||||||||||||
| Class R |
(34,067 | ) | (620,016 | ) | (2,081 | ) | (35,686 | ) | (37,541 | ) | (763,370 | ) | (3,287 | ) | (62,213 | ) | ||||||||||||||||||||
| Class P |
(67,695 | ) | (1,225,176 | ) | (103,927 | ) | (1,777,549 | ) | (99,920 | ) | (2,060,513 | ) | (59,383 | ) | (1,144,686 | ) | ||||||||||||||||||||
| Institutional Class |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
| Class R6 |
(56,192 | ) | (1,015,445 | ) | (49,174 | ) | (860,982 | ) | (44,496 | ) | (907,583 | ) | (148,380 | ) | (2,841,302 | ) | ||||||||||||||||||||
| Administrative Class |
(788 | ) | (14,256 | ) | (13,126 | ) | (228,397 | ) | (1,900 | ) | (38,410 | ) | (12,845 | ) | (251,413 | ) | ||||||||||||||||||||
| Net increase (decrease) resulting from Fund share transactions |
195,497 | $ | 3,543,214 | (93,704 | ) | $ | (1,924,135 | ) | 186,712 | $ | 3,704,391 | (10,882 | ) | $ | (319,272 | ) | ||||||||||||||||||||
| * | Actual amount rounds to less than one share. |
| (a) | Class B shares and Class D shares converted to Class A shares at the close of business on December 4, 2015 and November 13, 2015, respectively. See Note 12(a). |
| 368 | March 31, 2017 | | Semiannual Report |
Table of Contents
| AllianzGI Retirement 2055 | AllianzGI Retirement Income | AllianzGI Global Allocation | ||||||||||||||||||||||||||||||||||||||||||||||||
| Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
| 51,568 | $ | 896,089 | 45,853 | $ | 750,310 | 57,537 | $ | 1,038,936 | 205,919 | $ | 3,597,722 | 143,201 | $ | 1,588,027 | 1,258,326 | $ | 13,764,338 | |||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | 53,324 | 939,041 | — | — | 245,248 | 2,744,859 | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 8,569 | 154,151 | 37,507 | 655,941 | 94,696 | 1,069,684 | 483,902 | 5,417,634 | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | 6 | 105 | — | — | 303 | 3,398 | |||||||||||||||||||||||||||||||||||||||
| 4,439 | 75,548 | 8,801 | 142,167 | 1,100 | 20,589 | 863 | 15,783 | 47 | 521 | — | — | |||||||||||||||||||||||||||||||||||||||
| 70,515 | 1,228,538 | 116,671 | 1,910,606 | 164,741 | 3,031,009 | 105,551 | 1,885,119 | 117,102 | 1,316,107 | 127,103 | 1,394,515 | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | 448,545 | 4,970,254 | 1,969,961 | 21,171,094 | |||||||||||||||||||||||||||||||||||||||
| 99,973 | 1,748,453 | 126,822 | 2,060,659 | 207,407 | 3,700,945 | 198,727 | 3,442,068 | 1,876,503 | 20,742,055 | 20,202,793 | 211,348,642 | |||||||||||||||||||||||||||||||||||||||
| 3,046 | 53,135 | 7,076 | 117,388 | 45,290 | 835,535 | 43,290 | 806,078 | 27 | 300 | 273 | 3,010 | |||||||||||||||||||||||||||||||||||||||
| 2,569 | 43,179 | 1,992 | 32,498 | 14,762 | 263,873 | 17,758 | 310,759 | 52,559 | 585,202 | 171,061 | 1,860,917 | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 3,418 | 61,188 | 6,430 | 111,228 | 24,037 | 271,392 | 150,416 | 1,657,957 | |||||||||||||||||||||||||||||||||||||||
| 788 | 13,177 | 385 | 6,255 | 383 | 7,073 | 611 | 11,062 | 28 | 310 | 63 | 677 | |||||||||||||||||||||||||||||||||||||||
| 10,413 | 176,090 | 4,115 | 67,574 | 29,047 | 524,066 | 21,665 | 384,143 | 1,484 | 16,402 | 3,776 | 41,086 | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | 137,298 | 1,501,582 | 302,668 | 3,256,730 | |||||||||||||||||||||||||||||||||||||||
| 8,828 | 149,892 | 5,889 | 96,989 | 35,347 | 622,863 | 31,697 | 547,624 | 631,591 | 6,893,543 | 494,642 | 5,313,447 | |||||||||||||||||||||||||||||||||||||||
| 754 | 12,694 | 461 | 7,534 | 1,744 | 31,731 | 298 | 5,507 | 37 | 423 | 97 | 1,080 | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | 312,671 | 5,719,824 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | 34,386 | 624,955 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | 13,577 | 257,297 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | 537,171 | 9,937,497 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | 488,918 | 8,836,954 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | 892 | 16,601 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| (19,593 | ) | (338,792 | ) | (74,780 | ) | (1,254,604 | ) | (89,947 | ) | (1,632,472 | ) | (382,145 | ) | (6,828,659 | ) | (3,933,878 | ) | (43,661,202 | ) | (2,143,432 | ) | (23,530,676 | ) | |||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | (8,090 | ) | (92,948 | ) | |||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | (35,082 | ) | (408,147 | ) | |||||||||||||||||||||||||||||||||||||
| — | — | — | — | (25,122 | ) | (453,527 | ) | (67,854 | ) | (1,176,280 | ) | (762,122 | ) | (8,569,701 | ) | (1,146,348 | ) | (12,646,191 | ) | |||||||||||||||||||||||||||||||
| — | — | — | — | — | — | (788 | ) | (14,091 | ) | — | — | (1,893 | ) | (21,601 | ) | |||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | (53,027 | ) | (939,041 | ) | — | — | (210,299 | ) | (2,336,712 | ) | |||||||||||||||||||||||||||||||||||
| (20,905 | ) | (365,488 | ) | (2,253 | ) | (36,922 | ) | (22,297 | ) | (419,536 | ) | (991 | ) | (18,156 | ) | — | * | (2 | ) | — | — | |||||||||||||||||||||||||||||
| (17,888 | ) | (312,065 | ) | (30,144 | ) | (496,932 | ) | (243,553 | ) | (4,440,341 | ) | (49,537 | ) | (882,495 | ) | (39,212 | ) | (437,237 | ) | (150,267 | ) | (1,620,232 | ) | |||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | (539,932 | ) | (5,966,608 | ) | (2,904,873 | ) | (31,264,603 | ) | |||||||||||||||||||||||||||||||||||
| (16,775 | ) | (293,428 | ) | (120,939 | ) | (1,903,531 | ) | (110,375 | ) | (1,969,850 | ) | (129,768 | ) | (2,270,297 | ) | (2,240,601 | ) | (24,726,778 | ) | (2,888,653 | ) | (31,453,575 | ) | |||||||||||||||||||||||||||
| (1,599 | ) | (27,685 | ) | (3,679 | ) | (62,206 | ) | (2,496 | ) | (45,861 | ) | (1,700 | ) | (30,787 | ) | (747 | ) | (8,547 | ) | — | — | |||||||||||||||||||||||||||||
|
|
176,133 |
|
$ | 3,059,337 | 86,270 | $ | 1,437,785 | 75,555 | $ | 1,330,372 | 1,425,451 | $ | 25,945,502 | (3,989,337 | ) | $ | (44,414,273 | ) | 15,921,695 | $ | 164,604,699 | |||||||||||||||||||||||||||||
| Semiannual Report | | March 31, 2017 | 369 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI Global Megatrends | AllianzGI Best Styles Emerging Markets Equity | |||||||||||||||||||||||||||||||||||
| Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
| Shares sold: |
||||||||||||||||||||||||||||||||||||
| Class A |
552 | $ | 7,818 | 2,568 | $ | 37,390 | 466 | $ | 6,533 | 765 | # | $ | 10,000 | # | ||||||||||||||||||||||
| Class C |
— | — | — | — | 7 | 100 | 943 | # | 12,433 | # | ||||||||||||||||||||||||||
| Class P |
— | — | — | — | — | — | 441 | 6,168 | ||||||||||||||||||||||||||||
| Institutional Class |
7,516 | 111,899 | 1,666 | 25,336 | 4,411 | 60,000 | — | — | ||||||||||||||||||||||||||||
| Class R6 |
— | — | — | — | 43,255 | 619,792 | 636,490 | 8,313,099 | ||||||||||||||||||||||||||||
| Issued in reinvestment of dividends and distributions: |
||||||||||||||||||||||||||||||||||||
| Class A |
14 | 197 | 152 | 2,188 | 52 | 651 | — | — | ||||||||||||||||||||||||||||
| Class C |
— | — | — | — | 60 | 747 | — | — | ||||||||||||||||||||||||||||
| Class P |
4 | 52 | 78 | 1,123 | 46 | 580 | 32 | 402 | ||||||||||||||||||||||||||||
| Institutional Class |
1,124 | 15,876 | 15,496 | 223,251 | 47 | 590 | 25 | 306 | ||||||||||||||||||||||||||||
| Class R6 |
— | — | — | — | 24,368 | 307,036 | 24,745 | 306,433 | ||||||||||||||||||||||||||||
| Cost of shares redeemed: |
||||||||||||||||||||||||||||||||||||
| Class A |
(70 | ) | (986 | ) | (715 | ) | (10,433 | ) | — | — | — | — | ||||||||||||||||||||||||
| Class P |
— | — | (1,319 | ) | (16,774 | ) | — | — | (450 | ) | (5,473 | ) | ||||||||||||||||||||||||
| Institutional Class |
(607 | ) | (8,772 | ) | (190 | ) | (2,820 | ) | — | — | — | — | ||||||||||||||||||||||||
| Class R6 |
— | — | — | — | (506,013 | ) | (7,350,202 | ) | (171,139 | ) | (2,296,819 | ) | ||||||||||||||||||||||||
| Net increase (decrease) resulting from Fund share transactions |
8,533 | $ | 126,084 | 17,736 | $ | 259,261 | (433,301 | ) | $ | (6,354,173 | ) | 491,852 | $ | 6,346,549 | ||||||||||||||||||||||
| # | For the period April 26, 2016 (commencement of share class) through September 30, 2016. “Shares sold” includes shares sold to AFI. |
| * | Actual amount rounds to less than one share. |
| 370 | March 31, 2017 | | Semiannual Report |
Table of Contents
| AllianzGI Best Styles Global Equity | AllianzGI Best Styles International Equity | AllianzGI Best Styles U.S. Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
| Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
| 52,688 | $ | 839,563 | 590,836 | $ | 8,845,877 | — | * | $ | 1 | 855 | # | $ | 12,114 | # | 30,518 | $ | 484,854 | 2,999 | #$ | 45,904 | # | |||||||||||||||||||||||||||||
| 600 | 10,000 | 654 | # | 10,000 | # | — | — | 1,087 | # | 15,170 | # | 595 | 9,956 | 671 | # | 10,000 | # | |||||||||||||||||||||||||||||||||
| 120,531 | 1,944,574 | 196,154 | 3,023,093 | — | — | — | — | 25 | 400 | 3,576 | 53,488 | |||||||||||||||||||||||||||||||||||||||
| 3,040 | 48,575 | 157,585 | 2,405,197 | — | — | 1,840 | 25,000 | 2,374 | 39,413 | 14,029 | 208,087 | |||||||||||||||||||||||||||||||||||||||
| 13,361,329 | 211,130,044 | 22,997,671 | 332,409,374 | 144,046 | 1,961,395 | 3,197,325 | 44,319,815 | 3,818,749 | 61,031,378 | 3,311,737 | 48,682,294 | |||||||||||||||||||||||||||||||||||||||
| 396 | 6,286 | 749 | 11,238 | 87 | 1,126 | — | — | 474 | 7,605 | — | — | |||||||||||||||||||||||||||||||||||||||
| 12 | 182 | — | — | 109 | 1,403 | — | — | 9 | 148 | — | — | |||||||||||||||||||||||||||||||||||||||
| 2,814 | 44,744 | 1,118 | 16,931 | 70 | 898 | 12 | 169 | 26 | 420 | 32 | 479 | |||||||||||||||||||||||||||||||||||||||
| 3,166 | 49,947 | 400 | 6,010 | 259 | 3,340 | 12 | 177 | 81 | 1,298 | 2,572 | 37,909 | |||||||||||||||||||||||||||||||||||||||
| 991,083 | 15,722,005 | 176,375 | 2,666,787 | 213,848 | 2,758,648 | 105,129 | 1,495,177 | 100,771 | 1,625,434 | 96,799 | 1,430,612 | |||||||||||||||||||||||||||||||||||||||
| (2,304,064 | ) | (35,380,833 | ) | (488,344 | ) | (7,333,979 | ) | — | — | — | — | (3,971 | ) | (63,984 | ) | — | — | |||||||||||||||||||||||||||||||||
| (112,380 | ) | (1,806,472 | ) | (293,820 | ) | (4,509,247 | ) | — | — | — | — | — | — | (1,860 | ) | (27,344 | ) | |||||||||||||||||||||||||||||||||
| (29,822 | ) | (473,700 | ) | (30,593 | ) | (469,715 | ) | — | — | — | — | (953 | ) | (15,547 | ) | (135,691 | ) | (2,027,680 | ) | |||||||||||||||||||||||||||||||
| (7,230,013 | ) | (115,885,252 | ) | (4,710,562 | ) | (72,498,138 | ) | (3,039,127 | ) | (43,082,050 | ) | (2,354,642 | ) | (33,229,337 | ) | (3,358,208 | ) | (52,534,547 | ) | (2,999,293 | ) | (44,945,170 | ) | |||||||||||||||||||||||||||
| 4,859,380 | $ | 76,249,663 | 18,598,223 | $ | 264,583,428 | (2,680,708 | ) | $ | (38,355,239 | ) | 951,618 | $ | 12,638,285 | 590,490 | $ | 10,586,828 | 295,571 | $ | 3,468,579 | |||||||||||||||||||||||||||||||
| Semiannual Report | | March 31, 2017 | 371 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI Convertible | AllianzGI Emerging Markets Consumer | |||||||||||||||||||||||||||||||||||
| Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
| Shares sold: |
||||||||||||||||||||||||||||||||||||
| Class A |
370,656 | $ | 11,566,882 | 1,531,316 | $ | 46,173,012 | 1,023 | $ | 13,437 | 555 | $ | 7,500 | ||||||||||||||||||||||||
| Class A — from Class D(a) |
— | — | 1,723,800 | 56,402,720 | — | — | — | — | ||||||||||||||||||||||||||||
| Class C |
12,672 | 395,595 | 132,991 | 4,059,015 | — | — | — | — | ||||||||||||||||||||||||||||
| Class D |
— | — | 16,113 | 532,542 | — | — | — | — | ||||||||||||||||||||||||||||
| Class R |
2,236 | 69,366 | 13,567 | 418,156 | — | — | — | — | ||||||||||||||||||||||||||||
| Class P |
813,790 | 25,648,943 | 1,254,856 | 37,431,109 | — | — | — | — | ||||||||||||||||||||||||||||
| Institutional Class |
332,370 | 10,388,119 | 3,359,105 | 99,691,590 | 395,774 | 5,225,512 | 2,369,591 | 28,261,247 | ||||||||||||||||||||||||||||
| Administrative Class |
288 | 9,069 | 2,101 | 61,187 | — | — | — | — | ||||||||||||||||||||||||||||
| Issued in reinvestment of dividends and distributions: |
|
|||||||||||||||||||||||||||||||||||
| Class A |
100,736 | 3,139,357 | 1,225,232 | 36,986,370 | 36 | 440 | 15 | 183 | ||||||||||||||||||||||||||||
| Class C |
21,069 | 664,589 | 176,853 | 5,351,091 | — | — | — | — | ||||||||||||||||||||||||||||
| Class R |
381 | 11,940 | 4,002 | 120,497 | — | — | — | — | ||||||||||||||||||||||||||||
| Class P |
42,895 | 1,337,966 | 376,019 | 11,321,169 | — | — | — | — | ||||||||||||||||||||||||||||
| Institutional Class |
266,098 | 8,281,783 | 2,413,864 | 72,498,394 | 24,662 | 305,563 | 7,182 | 87,687 | ||||||||||||||||||||||||||||
| Administrative Class |
886 | 27,745 | 6,206 | 187,354 | — | — | — | — | ||||||||||||||||||||||||||||
| Cost of shares redeemed: |
||||||||||||||||||||||||||||||||||||
| Class A |
(6,277,703 | ) | (199,681,713 | ) | (10,581,513 | ) | (323,954,096 | ) | (21 | ) | (262 | ) | (11 | ) | (138 | ) | ||||||||||||||||||||
| Class C |
(496,146 | ) | (15,513,181 | ) | (1,294,526 | ) | (38,777,874 | ) | — | — | — | — | ||||||||||||||||||||||||
| Class D |
— | — | (186,106 | ) | (6,206,021 | ) | — | — | — | — | ||||||||||||||||||||||||||
| Class D — to Class A(a) |
— | — | (1,723,742 | ) | (56,402,720 | ) | — | — | — | — | ||||||||||||||||||||||||||
| Class R |
(9,614 | ) | (295,476 | ) | (30,225 | ) | (917,177 | ) | — | — | — | — | ||||||||||||||||||||||||
| Class P |
(1,291,674 | ) | (40,526,098 | ) | (3,768,674 | ) | (112,023,904 | ) | — | — | — | — | ||||||||||||||||||||||||
| Institutional Class |
(6,481,780 | ) | (203,178,841 | ) | (14,942,295 | ) | (441,849,138 | ) | (885,437 | ) | (11,824,819 | ) | (383,339 | ) | (4,904,226 | ) | ||||||||||||||||||||
| Administrative Class |
(5,935 | ) | (185,006 | ) | (24,360 | ) | (694,970 | ) | — | — | — | — | ||||||||||||||||||||||||
| Net increase (decrease) resulting from Fund share transactions |
(12,598,775 | ) | $ | (397,838,961 | ) | (20,315,416 | ) | $ | (609,591,694 | ) | (463,963 | ) | $ | (6,280,129 | ) | 1,993,993 | $ | 23,452,253 | ||||||||||||||||||
| * | Actual amount rounds to less than one share. |
| (a) | Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(a). |
| 372 | March 31, 2017 | | Semiannual Report |
Table of Contents
| AllianzGI Emerging Markets Debt | AllianzGI Emerging Markets Small-Cap | AllianzGI Europe Equity Dividend | ||||||||||||||||||||||||||||||||||||||||||||||||
| Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
| 4,360 | $ | 63,345 | 12,399 | $ | 169,373 | 8,823 | $ | 128,000 | 120,388 | $ | 1,632,190 | 8,323 | $ | 118,821 | 2,798 | $ | 39,026 | |||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| 201 | 3,000 | 7,195 | 101,259 | — | — | — | — | 1,298 | 18,000 | 222 | 3,000 | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| 314,852 | 4,659,742 | 1,573,379 | 21,942,131 | 61,846 | 960,512 | 403,606 | 6,021,183 | 14,017 | 197,222 | 228,261 | 3,295,168 | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| 246 | 3,545 | 300 | 4,293 | — | * | 1 | 709 | 9,645 | 125 | 1,764 | 79 | 1,113 | ||||||||||||||||||||||||||||||||||||||
| 194 | 2,805 | 144 | 2,090 | — | — | — | — | 32 | 455 | 23 | 316 | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| 28 | 393 | 33 | 464 | — | — | — | — | 13 | 188 | 20 | 278 | |||||||||||||||||||||||||||||||||||||||
| 104,856 | 1,503,038 | 128,316 | 1,801,169 | 25,796 | 364,500 | 5,781 | 79,256 | 8,751 | 123,578 | 9,243 | 130,128 | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| (7,994 | ) | (116,111 | ) | (1,658 | ) | (23,500 | ) | (8,080 | ) | (119,065 | ) | (160,903 | ) | (2,212,661 | ) | (1,325 | ) | (18,618 | ) | (69 | ) | (978 | ) | |||||||||||||||||||||||||||
| (1,355 | ) | (20,166 | ) | (741 | ) | (10,677 | ) | — | — | — | — | (7 | ) | (99 | ) | — | — | |||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | (963 | ) | (12,643 | ) | |||||||||||||||||||||||||||||||||||||
| (483,408 | ) | (7,032,414 | ) | (903,760 | ) | (12,897,680 | ) | (127,987 | ) | (1,954,263 | ) | (98,677 | ) | (1,363,425 | ) | (13,318 | ) | (190,681 | ) | (14,379 | ) | (206,342 | ) | |||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| (68,020 | ) | $ |
(932,823 |
) |
815,607 | $ | 11,088,922 | (39,602 | ) | $ | (620,315 | ) | 270,904 | $ | 4,166,188 | 17,909 | $ | 250,630 | 225,235 | $ | 3,249,066 | |||||||||||||||||||||||||||||
| Semiannual Report | | March 31, 2017 | 373 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI Global Dynamic Allocation | AllianzGI Global Fundamental Strategy | |||||||||||||||||||||||||||||||||||
| Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
| Shares sold: |
||||||||||||||||||||||||||||||||||||
| Class A |
62,026 | $ | 1,145,086 | 431,782 | $ | 7,682,907 | 393 | $ | 5,799 | 6,389 | $ | 90,929 | ||||||||||||||||||||||||
| Class A — from Class D(a) |
— | — | 4,509 | 82,248 | — | — | 2,778 | 41,695 | ||||||||||||||||||||||||||||
| Class C |
5,490 | 99,835 | 17,805 | 312,339 | — | — | 197 | 2,986 | ||||||||||||||||||||||||||||
| Class D |
— | — | 137 | 2,515 | — | — | 66 | 1,000 | ||||||||||||||||||||||||||||
| Class R |
1,481 | 27,391 | 1,857 | 33,210 | — | — | — | — | ||||||||||||||||||||||||||||
| Class P |
567,934 | 10,170,757 | 9,044 | 160,000 | — | — | — | — | ||||||||||||||||||||||||||||
| Institutional Class |
150,248 | 2,766,737 | 2,337,409 | 42,401,794 | 8,793 | 132,137 | 16,865 | 254,369 | ||||||||||||||||||||||||||||
| Class R6 |
11,455,610 | 209,966,975 | 492,480 | # | 8,793,289 | # | — | — | — | — | ||||||||||||||||||||||||||
| Administrative Class |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
| Issued in reinvestment of dividends and distributions: |
|
|||||||||||||||||||||||||||||||||||
| Class A |
— | * | 2 | 4,276 | 76,662 | 338 | 4,861 | 564 | 8,097 | |||||||||||||||||||||||||||
| Class C |
— | * | 2 | 1,007 | 17,877 | 31 | 449 | 25 | 360 | |||||||||||||||||||||||||||
| Class D(a) |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
| Class R |
— | * | — | † | 200 | 3,573 | — | — | — | — | ||||||||||||||||||||||||||
| Class P |
3,236 | 58,830 | 79 | 1,410 | 29 | 417 | 32 | 460 | ||||||||||||||||||||||||||||
| Institutional Class |
1,167 | 21,336 | 35,654 | 639,633 | 39,329 | 571,976 | 59,967 | 867,547 | ||||||||||||||||||||||||||||
| Class R6 |
48,683 | 887,497 | — | # | — | # | — | — | — | — | ||||||||||||||||||||||||||
| Administrative Class |
— | * | — | † | 25 | 448 | — | — | — | — | ||||||||||||||||||||||||||
| Cost of shares redeemed: |
||||||||||||||||||||||||||||||||||||
| Class A |
(126,240 | ) | (2,337,436 | ) | (230,495 | ) | (4,118,087 | ) | (4,692 | ) | (67,754 | ) | (10,472 | ) | (149,122 | ) | ||||||||||||||||||||
| Class C |
(8,705 | ) | (158,348 | ) | (29,495 | ) | (521,173 | ) | — | — | — | — | ||||||||||||||||||||||||
| Class D |
— | — | — | — | — | — | (98 | ) | (1,549 | ) | ||||||||||||||||||||||||||
| Class D — to Class A(a) |
— | — | (4,531 | ) | (82,248 | ) | — | — | (2,680 | ) | (41,695 | ) | ||||||||||||||||||||||||
| Class R |
(101 | ) | (1,838 | ) | (1,887 | ) | (33,964 | ) | — | — | — | — | ||||||||||||||||||||||||
| Class P |
(2,896 | ) | (54,957 | ) | (1,930 | ) | (34,679 | ) | — | — | — | — | ||||||||||||||||||||||||
| Institutional Class |
(402,021 | ) | (7,354,979 | ) | (581,264 | ) | (10,495,075 | ) | (12,563 | ) | (184,581 | ) | (352,839 | ) | (5,211,458 | ) | ||||||||||||||||||||
| Class R6 |
(1,298,557 | ) | (23,914,490 | ) | (1,354 | )# | (24,989 | )# | — | — | — | — | ||||||||||||||||||||||||
| Administrative Class |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
| Net increase (decrease) resulting from Fund share transactions |
10,457,355 | $ | 191,322,400 | 2,485,308 | $ | 44,897,690 | 31,658 | $ | 463,304 | (279,206 | ) | $ | (4,136,381 | ) | ||||||||||||||||||||||
| # | For the period February 1, 2016 (commencement of share class) through September 30, 2016. “Shares sold” include shares sold to AFI. |
| * | Actual amount rounds to less than one share. |
| † | Actual amount rounds to less than $1. |
| (a) | Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note12(a). |
| 374 | March 31, 2017 | | Semiannual Report |
Table of Contents
| AllianzGI Global Sustainability | AllianzGI Global Water | AllianzGI High Yield Bond | ||||||||||||||||||||||||||||||||||||||||||||||||
| Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
| 2,052 | $ | 32,808 | 3,462 | $ | 53,040 | 2,627,152 | $ | 35,570,195 | 7,071,358 | $ | 94,298,974 | 1,315,235 | $ | 12,075,287 | 2,281,772 | $ | 19,944,590 | |||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | 2,269,510 | 28,595,829 | — | — | 3,657,229 | 32,732,201 | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 583,887 | 7,587,986 | 1,628,793 | 21,007,338 | 73,890 | 675,711 | 376,422 | 3,298,793 | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | 83,423 | 1,054,329 | — | — | 372,481 | 3,279,750 | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | 41,325 | 362,326 | 127,364 | 1,089,885 | |||||||||||||||||||||||||||||||||||||||
| 404 | 6,561 | — | — | 6,881,455 | 93,024,791 | 4,092,255 | 54,699,054 | 625,443 | 5,563,364 | 2,865,115 | 23,937,130 | |||||||||||||||||||||||||||||||||||||||
| 247,854 | 3,819,379 | 1,190,317 | 17,336,136 | 2,584,029 | 34,545,054 | 2,903,048 | 38,633,145 | 12,359,860 | 109,341,600 | 22,252,597 | 188,374,957 | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | 40,598 | 353,516 | 66,265 | 556,179 | |||||||||||||||||||||||||||||||||||||||
| 85 | 1,290 | 59 | 863 | 142,511 | 1,875,321 | 40,036 | 510,450 | 168,028 | 1,538,859 | 387,305 | 3,360,077 | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 30,215 | 381,618 | 6,307 | 78,080 | 31,555 | 288,648 | 84,432 | 732,669 | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | 20,317 | 178,994 | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | 1,786 | 15,726 | 3,151 | 26,451 | |||||||||||||||||||||||||||||||||||||||
| 7 | 106 | 6 | 86 | 66,753 | 881,850 | 19,294 | 246,508 | 178,818 | 1,577,406 | 425,356 | 3,573,754 | |||||||||||||||||||||||||||||||||||||||
| 18,115 | 278,227 | 1,960 | 28,973 | 78,608 | 1,022,047 | 21,478 | 270,231 | 736,526 | 6,509,233 | 1,605,049 | 13,534,361 | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | 6,273 | 54,648 | 15,401 | 127,620 | |||||||||||||||||||||||||||||||||||||||
| (894 | ) | (14,026 | ) | — | — | (6,776,747 | ) | (91,171,682 | ) | (3,651,200 | ) | (48,308,147 | ) | (1,774,785 | ) | (16,354,981 | ) | (3,807,268 | ) | (33,113,333 | ) | |||||||||||||||||||||||||||||
| — | — | — | — | (845,652 | ) | (10,982,485 | ) | (1,027,517 | ) | (13,128,907 | ) | (390,190 | ) | (3,572,533 | ) | (843,397 | ) | (7,311,901 | ) | |||||||||||||||||||||||||||||||
| — | — | — | — | — | — | (485,542 | ) | (6,153,974 | ) | — | — | (404,947 | ) | (3,540,018 | ) | |||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | (2,278,824 | ) | (28,595,829 | ) | — | — | (3,775,079 | ) | (32,732,201 | ) | |||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | (53,215 | ) | (468,763 | ) | (112,298 | ) | (961,068 | ) | |||||||||||||||||||||||||||||||||||
| — | — | — | — | (2,057,103 | ) | (27,923,218 | ) | (2,351,589 | ) | (30,973,331 | ) | (1,381,013 | ) | (12,176,825 | ) | (4,121,876 | ) | (34,550,596 | ) | |||||||||||||||||||||||||||||||
| (70,799 | ) | (1,143,873 | ) | (97,483 | ) | (1,550,321 | ) | (561,696 | ) | (7,430,897 | ) | (664,076 | ) | (8,848,755 | ) | (14,588,738 | ) | (129,083,837 | ) | (18,164,061 | ) | (155,833,055 | ) | |||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | (110,330 | ) | (965,278 | ) | (85,267 | ) | (706,163 | ) | |||||||||||||||||||||||||||||||||||
| |
196,824 |
|
$ | 2,980,472 | 1,098,321 | $ | 15,868,777 | 2,753,412 | $ | 37,380,580 | 7,676,754 | $ | 103,384,995 | (2,718,934 | ) | $ | (24,265,893 | ) | 3,226,063 | $ | 25,999,076 | |||||||||||||||||||||||||||||
| Semiannual Report | | March 31, 2017 | 375 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI International Growth | AllianzGI International Small-Cap | |||||||||||||||||||||||||||||||||||
| Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
| Shares sold: |
||||||||||||||||||||||||||||||||||||
| Class A |
38 | $ | 585 | 12,975 | $ | 207,712 | 13,453 | $ | 446,361 | 267,496 | $ | 9,215,892 | ||||||||||||||||||||||||
| Class A — from Class D(a) |
— | — | — | — | — | — | 138,078 | 4,962,527 | ||||||||||||||||||||||||||||
| Class C |
— | — | — | — | 3,014 | 97,900 | 44,139 | 1,501,000 | ||||||||||||||||||||||||||||
| Class D |
— | — | — | — | — | — | 71,682 | 2,606,512 | ||||||||||||||||||||||||||||
| Class R |
— | — | — | — | 640 | 20,869 | 2,387 | 77,945 | ||||||||||||||||||||||||||||
| Class P |
— | — | — | — | 295,658 | 9,843,135 | 387,606 | 13,200,964 | ||||||||||||||||||||||||||||
| Institutional Class |
12,538 | 196,518 | 1,516,963 | 24,722,438 | 186,716 | 6,473,930 | 659,430 | 23,268,284 | ||||||||||||||||||||||||||||
| Class R6 |
— | — | — | — | 30,568 | 1,048,392 | 473,415 | # | 16,678,173 | # | ||||||||||||||||||||||||||
| Issued in reinvestment of dividends and distributions: |
|
|||||||||||||||||||||||||||||||||||
| Class A |
— | * | 1 | 26 | 382 | 2,339 | 73,368 | 20,279 | 712,490 | |||||||||||||||||||||||||||
| Class C |
— | — | — | — | 545 | 16,705 | 4,213 | 145,323 | ||||||||||||||||||||||||||||
| Class R |
— | — | — | — | 44 | 1,374 | 153 | 5,296 | ||||||||||||||||||||||||||||
| Class P |
— | — | — | — | 12,138 | 381,492 | 47,306 | 1,662,355 | ||||||||||||||||||||||||||||
| Institutional Class |
1,973 | 29,197 | 1,403 | 20,891 | 6,928 | 225,723 | 83,072 | 3,021,616 | ||||||||||||||||||||||||||||
| Class R6 |
— | — | — | — | 4,526 | 147,555 | — | — | ||||||||||||||||||||||||||||
| Cost of shares redeemed: |
|
|||||||||||||||||||||||||||||||||||
| Class A |
(1 | ) | (12 | ) | (10,633 | ) | (169,556 | ) | (252,713 | ) | (8,492,265 | ) | (376,839 | ) | (12,357,095 | ) | ||||||||||||||||||||
| Class C |
— | — | — | — | (31,488 | ) | (1,002,352 | ) | (36,241 | ) | (1,188,517 | ) | ||||||||||||||||||||||||
| Class D |
— | — | — | — | — | — | (2,884 | ) | (105,933 | ) | ||||||||||||||||||||||||||
| Class D — to Class A(a) |
— | — | — | — | — | — | (136,357 | ) | (4,962,527 | ) | ||||||||||||||||||||||||||
| Class R |
— | — | — | — | (1,022 | ) | (33,087 | ) | (1,674 | ) | (54,708 | ) | ||||||||||||||||||||||||
| Class P |
— | — | — | — | (180,940 | ) | (5,977,461 | ) | (330,306 | ) | (10,956,731 | ) | ||||||||||||||||||||||||
| Institutional Class |
(10,000 | ) | (152,508 | ) | — | — | (288,225 | ) | (10,164,713 | ) | (1,590,889 | ) | (54,430,536 | ) | ||||||||||||||||||||||
| Class R6 |
— | — | — | — | (69,363 | ) | (2,371,319 | ) | (41,169 | )# | (1,428,235 | )# | ||||||||||||||||||||||||
| Net increase (decrease) resulting from Fund share transactions |
4,548 | $ | 73,781 | 1,520,734 | $ | 24,781,867 | (267,182 | ) | $ | (9,264,393 | ) | (317,103 | ) | $ | (8,425,905 | ) | ||||||||||||||||||||
| # | For the period February 1, 2016 (commencement of share class) through September 30, 2016. “Shares sold” include shares sold to AFI. |
| * | Actual amount rounds to less than one share. |
| (a) | Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note12(a). |
| 376 | March 31, 2017 | | Semiannual Report |
Table of Contents
| AllianzGI Micro Cap | AllianzGI Multi-Asset Real Return | AllianzGI NFJ Emerging Markets Value | ||||||||||||||||||||||||||||||||||||||||||||||||
| Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
| 11,967 | $ | 168,746 | 99,578 | $ | 1,387,174 | 37,871 | $ | 502,831 | 5,475 | $ | 72,789 | 1,074,695 | $ | 15,369,116 | 70,367 | $ | 960,640 | |||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | 1,661 | 21,309 | — | — | 80,849 | 1,044,575 | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 60 | 786 | 98 | 1,236 | 14,925 | 218,366 | 1,534 | 18,353 | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | 125 | 1,670 | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| 59,249 | 839,255 | 85,267 | 1,180,306 | — | — | — | — | 948,796 | 12,986,487 | 8,761 | 112,860 | |||||||||||||||||||||||||||||||||||||||
| 268,000 | 3,826,924 | 432,837 | 5,701,656 | 15,694 | 209,236 | 22,925 | 286,832 | 217,313 | 3,192,412 | 78,666 | 997,928 | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| 21,951 | 301,824 | 49,331 | 693,095 | 890 | 11,681 | 238 | 2,941 | 2,777 | 37,041 | 3,379 | 44,592 | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 22 | 288 | 65 | 800 | — | * | 1 | 184 | 2,414 | ||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| 8,443 | 116,680 | 9,445 | 133,274 | 9 | 118 | 16 | 201 | 14,185 | 187,814 | 235 | 3,152 | |||||||||||||||||||||||||||||||||||||||
| 210,089 | 2,918,135 | 133,528 | 1,892,095 | 3,359 | 44,638 | 5,187 | 64,521 | 1,802 | 24,435 | 17,658 | 231,048 | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| (67,841 | ) | (955,150 | ) | (1,012,593 | ) | (13,621,553 | ) | (614 | ) | (8,205 | ) | (4,579 | ) | (59,248 | ) | (911,808 | ) | (12,417,417 | ) | (21,768 | ) | (273,152 | ) | |||||||||||||||||||||||||||
| — | — | — | — | (1,368 | ) | (18,248 | ) | (307 | ) | (3,992 | ) | (958 | ) | (14,104 | ) | (2,250 | ) | (29,339 | ) | |||||||||||||||||||||||||||||||
| — | — | — | — | — | — | (1 | ) | (10 | ) | — | — | (87 | ) | (1,178 | ) | |||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | (1,652 | ) | (21,309 | ) | — | — | (80,065 | ) | (1,044,575 | ) | |||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| (28,227 | ) | (398,945 | ) | (168,787 | ) | (2,165,757 | ) | — | — | — | — | (42,265 | ) | (580,227 | ) | — | — | |||||||||||||||||||||||||||||||||
| (339,137 | ) | (4,780,125 | ) | (947,470 | ) | (12,973,878 | ) | (11,958 | ) | (161,931 | ) | (112,650 | ) | (1,438,144 | ) | (298,087 | ) | (4,175,107 | ) | (192,165 | ) | (2,423,167 | ) | |||||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| 144,494 | $ | 2,037,344 | (1,318,864 | ) | $ | (17,773,588 | ) | 43,965 | $ | 581,194 | (83,524 | ) | $ | (1,072,074 | ) | 1,021,375 | $ | 14,828,817 | (34,577 | ) | $ | (354,179 | ) | |||||||||||||||||||||||||||
| Semiannual Report | | March 31, 2017 | 377 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI NFJ Global Dividend Value | AllianzGI NFJ International Small-Cap Value | |||||||||||||||||||||||||||||||||||
| Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
| Shares sold: |
||||||||||||||||||||||||||||||||||||
| Class A |
6,986 | $ | 111,242 | 21,877 | $ | 352,453 | 1,100 | $ | 19,224 | 323,062 | $ | 5,481,731 | ||||||||||||||||||||||||
| Class A - from Class D(a) |
— | — | 38,580 | 658,941 | — | — | 137,320 | 2,570,636 | ||||||||||||||||||||||||||||
| Class C |
16,744 | 252,500 | 120,462 | 1,829,101 | 306 | 5,100 | 3,472 | 62,883 | ||||||||||||||||||||||||||||
| Class D |
— | — | 66 | 1,186 | — | — | 1,450 | 27,614 | ||||||||||||||||||||||||||||
| Class P |
84,913 | 1,407,158 | 9,100 | 146,029 | 4,670 | 78,549 | 5,325 | 95,506 | ||||||||||||||||||||||||||||
| Institutional Class |
572,422 | 8,708,294 | 48,137 | 734,121 | 8,917 | 157,110 | 36,987 | 687,315 | ||||||||||||||||||||||||||||
| Class R6 |
— | — | — | — | 9,482 | 157,442 | 90,957 | 1,548,113 | ||||||||||||||||||||||||||||
| Issued in reinvestment of dividends and distributions: |
||||||||||||||||||||||||||||||||||||
| Class A |
1,755 | 29,134 | 45,349 | 691,487 | 3,144 | 51,774 | 13,961 | 250,034 | ||||||||||||||||||||||||||||
| Class C |
1,869 | 30,071 | 47,926 | 716,397 | 2,997 | 47,236 | 3,637 | 64,423 | ||||||||||||||||||||||||||||
| Class D(a) |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
| Class P |
1,146 | 18,879 | 9,108 | 139,440 | 297 | 4,723 | 215 | 3,869 | ||||||||||||||||||||||||||||
| Institutional Class |
5,916 | 95,683 | 81,154 | 1,229,794 | 5,231 | 86,365 | 15,338 | 281,360 | ||||||||||||||||||||||||||||
| Class R6 |
— | — | — | — | 7,827 | 123,590 | 38 | 684 | ||||||||||||||||||||||||||||
| Cost of shares redeemed: |
||||||||||||||||||||||||||||||||||||
| Class A |
(50,783 | ) | (823,567 | ) | (133,152 | ) | (2,057,548 | ) | (340,216 | ) | (5,995,124 | ) | (158,749 | ) | (2,684,645 | ) | ||||||||||||||||||||
| Class C |
(84,892 | ) | (1,308,832 | ) | (125,068 | ) | (1,929,998 | ) | (12,112 | ) | (201,145 | ) | (25,091 | ) | (443,892 | ) | ||||||||||||||||||||
| Class D |
— | — | (7,946 | ) | (141,496 | ) | — | — | (4,072 | ) | (77,582 | ) | ||||||||||||||||||||||||
| Class D - to Class A(a) |
— | — | (38,075 | ) | (658,941 | ) | — | — | (137,204 | ) | (2,570,636 | ) | ||||||||||||||||||||||||
| Class P |
(22,113 | ) | (343,914 | ) | (35,015 | ) | (541,071 | ) | (2,710 | ) | (44,656 | ) | (4,338 | ) | (78,346 | ) | ||||||||||||||||||||
| Institutional Class |
(287,002 | ) | (4,659,268 | ) | (515,464 | ) | (7,936,660 | ) | (41,596 | ) | (722,483 | ) | (320,861 | ) | (5,863,507 | ) | ||||||||||||||||||||
| Class R6 |
— | — | — | — | (33,105 | ) | (545,317 | ) | (673 | ) | (12,152 | ) | ||||||||||||||||||||||||
| Net increase (decrease) resulting from Fund share transactions |
246,961 | $ | 3,517,380 | (432,961 | ) | $ | (6,766,765 | ) | (385,768 | ) | $ | (6,777,612 | ) | (19,226 | ) | $ | (656,592 | ) | ||||||||||||||||||
| (a) | Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note12(a). |
| # | For the period February 1, 2017 (commencement of share class) through March 31, 2017. “Shares sold” includes shares sold to AFI. |
| ## | For the period December 2, 2016 (commencement of share class) through March 31, 2017. “Shares sold” includes shares sold to AFI. |
| 378 | March 31, 2017 | | Semiannual Report |
Table of Contents
| AllianzGI NFJ International Value II | AllianzGI Short Duration High Income | AllianzGI Structured Return | ||||||||||||||||||||||||||||||||||||||||||||||||
| Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
| 706 | $ | 11,036 | 10,407 | $ | 162,517 | 4,208,184 | $ | 64,040,807 | 8,066,034 | $ | 120,397,029 | 2,730,125 | $ | 43,125,772 | 5,732,665 | $ | 88,838,356 | |||||||||||||||||||||||||||||||||
| — | — | 950 | 15,297 | — | — | 2,008,883 | 30,093,068 | — | — | 1,001,795 | 15,547,861 | |||||||||||||||||||||||||||||||||||||||
| 1,991 | 29,614 | 9,587 | 152,730 | 2,255,975 | 34,291,966 | 4,211,094 | 62,647,448 | 254,459 | 3,906,241 | 676,801 | 10,233,815 | |||||||||||||||||||||||||||||||||||||||
| — | — | 61 | 1,000 | — | — | 80,405 | 1,217,635 | — | — | 395,471 | 6,153,143 | |||||||||||||||||||||||||||||||||||||||
| 931 | 14,632 | 2,527 | 38,002 | 27,966,847 | 424,186,912 | 27,278,086 | 407,955,965 | 5,074,587 | 79,890,501 | 1,539,925 | 23,913,890 | |||||||||||||||||||||||||||||||||||||||
| 318 | 4,894 | 22,602 | 362,204 | 11,717,454 | 177,799,842 | 17,985,668 | 264,057,898 | 2,919,558 | 46,449,703 | 9,286,641 | 144,916,883 | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 5,401,958 | # | 81,582,449 | # | — | — | 2,349,396 | ## | 37,989,709 | ## | — | — | |||||||||||||||||||||||||||||||||||
| 100 | 1,487 | 560 | 8,556 | 353,985 | 5,373,413 | 620,166 | 9,163,611 | 183,601 | 2,875,300 | 29,569 | 459,565 | |||||||||||||||||||||||||||||||||||||||
| 88 | 1,302 | 250 | 3,758 | 200,805 | 3,042,879 | 322,695 | 4,762,336 | 20,935 | 317,799 | 5,283 | 80,188 | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | 7,747 | 117,286 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| 76 | 1,145 | 484 | 7,572 | 1,083,071 | 16,382,656 | 1,143,214 | 16,950,662 | 58,661 | 919,019 | 3,446 | 53,656 | |||||||||||||||||||||||||||||||||||||||
| 15,804 | 236,277 | 85,390 | 1,312,530 | 705,364 | 10,678,212 | 1,402,275 | 20,675,637 | 181,425 | 2,861,480 | 56,251 | 879,101 | |||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 12,150 | # | 183,771 | # | — | — | 80,499 | ## | 1,266,927 | ## | — | — | |||||||||||||||||||||||||||||||||||
| (4,611 | ) | (71,276 | ) | (11,384 | ) | (177,578 | ) | (6,421,133 | ) | (97,865,647 | ) | (6,873,111 | ) | (101,390,782 | ) | (2,526,539 | ) | (39,823,375 | ) | (1,170,515 | ) | (18,210,906 | ) | |||||||||||||||||||||||||||
| (9,470 | ) | (144,529 | ) | (1,909 | ) | (29,974 | ) | (1,491,202 | ) | (22,644,981 | ) | (2,546,839 | ) | (37,467,504 | ) | (132,169 | ) | (2,024,575 | ) | (114,860 | ) | (1,728,222 | ) | |||||||||||||||||||||||||||
| — | — | — | — | — | — | (40,050 | ) | (606,496 | ) | — | — | (6,595 | ) | (102,772 | ) | |||||||||||||||||||||||||||||||||||
| — | — | (948 | ) | (15,297 | ) | — | — | (2,008,266 | ) | (30,093,068 | ) | — | — | (1,007,802 | ) | (15,547,861 | ) | |||||||||||||||||||||||||||||||||
| (859 | ) | (13,145 | ) | (30,111 | ) | (474,954 | ) | (7,992,626 | ) | (121,227,482 | ) | (14,043,307 | ) | (207,454,211 | ) | (699,377 | ) | (11,039,500 | ) | (273,609 | ) | (4,251,365 | ) | |||||||||||||||||||||||||||
| (2,763,085 | ) | (42,840,638 | ) | (41,146 | ) | (628,960 | ) | (13,401,058 | ) | (203,020,017 | ) | (21,427,623 | ) | (316,699,047 | ) | (3,739,412 | ) | (60,114,472 | ) | (3,723,857 | ) | (58,239,731 | ) | |||||||||||||||||||||||||||
| — | — | — | — | (56,594 | )# | (859,215 | )# | — | — | (641 | )## | (10,125 | )## | — | — | |||||||||||||||||||||||||||||||||||
|
|
(2,758,011 |
) |
$ | (42,769,201 | ) | 47,320 | $ | 737,403 | 24,543,180 | $ | 371,945,565 | 16,187,071 | $ | 244,327,467 | 6,755,108 | $ | 106,590,404 | 12,430,609 | $ | 192,995,601 | ||||||||||||||||||||||||||||||
| Semiannual Report | | March 31, 2017 | 379 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI U.S. Equity Hedged | AllianzGI U.S. Small-Cap Growth | |||||||||||||||||||||||||||||||||||
| Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
| Shares sold: |
||||||||||||||||||||||||||||||||||||
| Class A |
2,509 | $ | 41,238 | 6,481 | $ | 104,102 | 27,115 | $ | 371,338 | 86,805 | $ | 1,142,215 | ||||||||||||||||||||||||
| Class A - from Class D(a) |
— | — | 18,094 | 290,224 | — | — | 5,639 | 85,651 | ||||||||||||||||||||||||||||
| Class C |
1,414 | 22,050 | 10,872 | 158,411 | 3,456 | 43,619 | 8,283 | 99,391 | ||||||||||||||||||||||||||||
| Class D |
— | — | 8 | 125 | — | — | 67 | 1,003 | ||||||||||||||||||||||||||||
| Class R |
— | — | — | — | 11,601 | 130,173 | — | — | ||||||||||||||||||||||||||||
| Class P |
300 | 5,000 | — | — | 30,193 | 436,624 | 8,593 | 116,475 | ||||||||||||||||||||||||||||
| Institutional Class |
18,606 | 314,055 | 61,029 | 976,135 | 132,045 | 1,660,153 | 305,805 | 3,960,216 | ||||||||||||||||||||||||||||
| Issued in reinvestment of dividends and distributions: |
|
|||||||||||||||||||||||||||||||||||
| Class A |
519 | 8,562 | 1,016 | 16,120 | 14,799 | 169,449 | 4,435 | 61,647 | ||||||||||||||||||||||||||||
| Class C |
157 | 2,502 | 416 | 6,391 | 8,530 | 91,100 | 3,045 | 40,382 | ||||||||||||||||||||||||||||
| Class R |
— | — | — | — | 354 | 3,969 | 115 | 1,567 | ||||||||||||||||||||||||||||
| Class P |
26 | 428 | 20 | 313 | 10,668 | 124,490 | 1,251 | 17,638 | ||||||||||||||||||||||||||||
| Institutional Class |
2,825 | 46,862 | 8,739 | 138,687 | 244,395 | 2,876,533 | 129,992 | 1,844,590 | ||||||||||||||||||||||||||||
| Cost of shares redeemed: |
||||||||||||||||||||||||||||||||||||
| Class A |
(6,018 | ) | (100,090 | ) | (54,662 | ) | (851,192 | ) | (242,446 | ) | (3,107,629 | ) | (54,248 | ) | (714,554 | ) | ||||||||||||||||||||
| Class C |
(2,702 | ) | (42,843 | ) | (12,040 | ) | (180,563 | ) | (13,124 | ) | (154,296 | ) | (14,873 | ) | (197,936 | ) | ||||||||||||||||||||
| Class D |
— | — | (361 | ) | (5,766 | ) | — | — | (1,620 | ) | (25,241 | ) | ||||||||||||||||||||||||
| Class D - to Class A(a) |
— | — | (18,165 | ) | (290,224 | ) | — | — | (5,631 | ) | (85,651 | ) | ||||||||||||||||||||||||
| Class R |
— | — | — | — | (2,359 | ) | (26,065 | ) | (207 | ) | (3,083 | ) | ||||||||||||||||||||||||
| Class P |
(7 | ) | (120 | ) | — | — | (2,529 | ) | (30,275 | ) | (11,588 | ) | (153,758 | ) | ||||||||||||||||||||||
| Institutional Class |
(77,249 | ) | (1,273,567 | ) | (595,332 | ) | (9,545,314 | ) | (531,974 | ) | (7,097,385 | ) | (1,237,569 | ) | (17,963,552 | ) | ||||||||||||||||||||
| Net decrease resulting from Fund share transactions |
(59,620 | ) | $ | (975,923 | ) | (573,885 | ) | $ | (9,182,551 | ) | (309,276 | ) | $ | (4,508,202 | ) | (771,706 | ) | $ | (11,773,000 | ) | ||||||||||||||||
| (a) | Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note12(a). |
| 380 | March 31, 2017 | | Semiannual Report |
Table of Contents
| AllianzGI Ultra Micro Cap | ||||||||||||||||||
| Six Months ended March 31, 2017 (unaudited) |
Year ended September 30, 2016 |
|||||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||||
| 24,583 | $ | 528,259 | 58,852 | $ | 1,217,532 | |||||||||||||
| — | — | — | — | |||||||||||||||
| — | — | — | — | |||||||||||||||
| — | — | — | — | |||||||||||||||
| — | — | — | — | |||||||||||||||
| 103,422 | 2,208,933 | 46,141 | 917,330 | |||||||||||||||
| 103,448 | 2,233,561 | 232,834 | 4,757,170 | |||||||||||||||
| 63,450 | 1,323,561 | 154,216 | 3,315,653 | |||||||||||||||
| — | — | — | — | |||||||||||||||
| — | — | — | — | |||||||||||||||
| 21,175 | 447,225 | 30,083 | 651,902 | |||||||||||||||
| 84,708 | 1,792,405 | 142,585 | 3,095,525 | |||||||||||||||
| (308,864 | ) | (6,563,557 | ) | (1,150,186 | ) | (23,134,130 | ) | |||||||||||
| — | — | — | — | |||||||||||||||
| — | — | — | — | |||||||||||||||
| — | — | — | — | |||||||||||||||
| — | — | — | — | |||||||||||||||
| (49,692 | ) | (1,080,280 | ) | (173,412 | ) | (3,468,896 | ) | |||||||||||
| (290,498 | ) | (6,279,333 | ) | (1,228,680 | ) | (26,035,151 | ) | |||||||||||
|
|
(248,268 |
) |
$ | (5,389,226 | ) | (1,887,567 | ) | $ | (38,683,065 | ) | ||||||||
| Semiannual Report | | March 31, 2017 | 381 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (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 March 31, 2017, the significant account-holders, owners of 5% or greater of each respective Fund’s outstanding shares were as follows:
| Unaffiliated | Affiliated Approximate Ownership | |||||||||||||||||||||||||||||||||||||||||||
| Number of Account Holders |
Approximate Ownership |
AFI | AllianzGI 2020 |
AllianzGI 2025 |
AllianzGI 2030 |
AllianzGI 2035 |
AllianzGI 2040 |
AllianzGI Retirement Income |
AllianzGI Global Allocation |
AllianzGI Global Fundamental Strategy |
||||||||||||||||||||||||||||||||||
| AllianzGI Retirement 2020 |
6 | 81 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| AllianzGI Retirement 2025 |
4 | 76 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| AllianzGI Retirement 2030 |
3 | 65 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| AllianzGI Retirement 2035 |
3 | 71 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| AllianzGI Retirement 2040 |
4 | 72 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| AllianzGI Retirement 2045 |
4 | 68 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| AllianzGI Retirement 2050 |
4 | 70 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| AllianzGI Retirement 2055 |
5 | 70 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| AllianzGI Retirement Income |
6 | 65 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| AllianzGI Global Allocation |
4 | 80 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| AllianzGI Global Megatrends |
— | — | 95 | % | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| AllianzGI Best Styles Emerging Markets Equity |
1 | 7 | % | 86 | % | — | — | — | — | — | — | — | 5 | % | ||||||||||||||||||||||||||||||
| AllianzGI Best Styles Global Equity |
3 | 56 | % | — | — | — | — | — | — | — | 27 | % | — | |||||||||||||||||||||||||||||||
| AllianzGI Best Styles International Equity |
4 | 99 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| AllianzGI Best Styles U.S. Equity |
3 | 51 | % | — | 5 | % | 5 | % | 8 | % | 7 | % | 8 | % | — | — | — | |||||||||||||||||||||||||||
| AllianzGI Convertible |
4 | 65 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| AllianzGI Emerging Markets Consumer |
7 | 92 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| AllianzGI Emerging Markets Debt |
— | — | 41 | % | — | — | — | — | — | 7 | % | 47 | % | — | ||||||||||||||||||||||||||||||
| AllianzGI Emerging Markets Small-Cap |
1 | 11 | % | 25 | % | — | — | 5 | % | — | — | — | 41 | % | — | |||||||||||||||||||||||||||||
| AllianzGI Europe Equity Dividend |
1 | 44 | % | 46 | % | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
| AllianzGI Global Dynamic Allocation |
2 | 20 | % | — | 13 | % | 18 | % | 19 | % | 10 | % | 6 | % | — | — | — | |||||||||||||||||||||||||||
| AllianzGI Global Fundamental Strategy |
— | — | 96 | % | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| AllianzGI Global Sustainability |
2 | 96 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| AllianzGI Global Water |
8 | 83 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| AllianzGI High Yield Bond |
4 | 73 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| AllianzGI International Growth |
— | — | 12 | % | — | — | — | — | — | — | 87 | % | — | |||||||||||||||||||||||||||||||
| AllianzGI International Small-Cap |
3 | 70 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| AllianzGI Micro Cap |
4 | 84 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| AllianzGI Multi-Asset Real Return |
2 | 27 | % | 68 | % | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
| AllianzGI NFJ Emerging Markets Value |
4 | 96 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| AllianzGI NFJ Global Dividend Value |
4 | 49 | % | — | — | — | — | — | — | 28 | % | — | — | |||||||||||||||||||||||||||||||
| AllianzGI NFJ International Small-Cap Value |
4 | 91 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| AllianzGI NFJ International Value II |
4 | 87 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| AllianzGI Short Duration High Income |
7 | 74 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| AllianzGI Structured Return |
5 | 83 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| AllianzGI U.S. Equity Hedged |
3 | 56 | % | 37 | % | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
| AllianzGI U.S. Small-Cap Growth |
1 | 85 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| AllianzGI Ultra Micro Cap |
4 | 75 | % | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| 382 | March 31, 2017 | | Semiannual Report |
Table of Contents
| 11. | AFFILIATED TRANSACTIONS |
The following tables show the transactions in and earnings from affiliates for the six months ended March 31, 2017:
| AllianzGI Retirement 2020: | ||||||||||||||||||||||||||||||||
| Market Value 9/30/2016 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 3/31/2017 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI Advanced Core Bond |
$ | 6,357,222 | $ | 4,577,563 | $ | 1,592,408 | $ | (228,371 | ) | $ | 8,904,061 | $ | 237,604 | $ | (20,401 | ) | $ | 92,145 | ||||||||||||||
| AllianzGI Best Styles Emerging Markets Equity |
741,345 | — | 746,479 | — | — | — | 74,443 | — | ||||||||||||||||||||||||
| AllianzGI Best Styles Global Managed Volatility |
1,546,091 | — | 1,525,555 | — | — | — | 13,691 | — | ||||||||||||||||||||||||
| AllianzGI Best Styles International Equity |
3,108,265 | — | 3,106,077 | — | — | — | 3,115 | — | ||||||||||||||||||||||||
| AllianzGI Best Styles U.S. Equity |
5,180,561 | 7,181,815 | 6,586,750 | 248,946 | 6,016,661 | 88,631 | 297,362 | — | ||||||||||||||||||||||||
| AllianzGI Emerging Markets Consumer |
849,418 | — | 855,627 | — | — | — | (13,386 | ) | — | |||||||||||||||||||||||
| AllianzGI Emerging Markets Debt |
— | 844,147 | — | (10,306 | ) | 833,841 | 23,587 | — | — | |||||||||||||||||||||||
| AllianzGI Emerging Markets Small-Cap |
— | 273,738 | — | 17,430 | 291,168 | 7,793 | — | — | ||||||||||||||||||||||||
| AllianzGI Focused Growth |
541,194 | — | 540,371 | — | — | — | (4,124 | ) | — | |||||||||||||||||||||||
| AllianzGI Global Dynamic Allocation |
— | 45,413,095 | 14,494,513 | 1,215,588 | 32,092,332 | 146,371 | (41,838 | ) | — | |||||||||||||||||||||||
| AllianzGI Global Natural Resources |
815,462 | — | 824,439 | — | — | — | 100,511 | — | ||||||||||||||||||||||||
| AllianzGI High Yield Bond |
1,862,834 | — | 1,869,163 | — | — | — | 80,632 | — | ||||||||||||||||||||||||
| AllianzGI International Small-Cap |
534,813 | — | 536,004 | — | — | — | 19,375 | — | ||||||||||||||||||||||||
| AllianzGI Mid-Cap |
536,861 | — | 532,864 | — | — | — | 55,788 | — | ||||||||||||||||||||||||
| AllianzGI Short Duration High Income |
4,777,977 | 38,642 | 3,724,227 | 36,182 | 1,103,875 | 21,610 | (2,860 | ) | — | |||||||||||||||||||||||
| AllianzGI Structured Return |
1,331,901 | — | 1,333,570 | — | — | — | 62,720 | — | ||||||||||||||||||||||||
| PIMCO Broad U.S. TIPS Index |
7,660,485 | — | 7,648,521 | — | — | — | 375,822 | — | ||||||||||||||||||||||||
| PIMCO Capital Securities and Financials |
1,059,393 | — | 1,063,652 | — | — | — | 8,494 | — | ||||||||||||||||||||||||
| PIMCO Income |
5,088,034 | — | 5,092,253 | — | — | 2,422 | 93,207 | — | ||||||||||||||||||||||||
| PIMCO Mortgage Opportunities |
2,674,143 | — | 2,671,749 | — | — | 711 | 36,381 | — | ||||||||||||||||||||||||
| PIMCO Senior Floating Rate |
1,758,374 | — | 1,758,374 | — | — | 605 | 7,086 | — | ||||||||||||||||||||||||
| Totals |
$ | 46,424,373 | $ | 58,329,000 | $ | 56,502,596 | $ | 1,279,469 | $ | 49,241,938 | $ | 529,334 | $ | 1,146,018 | $ | 92,145 | ||||||||||||||||
| AllianzGI Retirement 2025: | ||||||||||||||||||||||||||||||||
| Market Value 9/30/2016 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 3/31/2017 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI Advanced Core Bond |
$ | 6,034,341 | $ | 4,183,844 | $ | 5,392,284 | $ | (129,784 | ) | $ | 4,610,875 | $ | 140,372 | $ | 78,864 | $ | 55,633 | |||||||||||||||
| AllianzGI Best Styles Emerging Markets Equity |
822,685 | — | 828,382 | — | — | — | 83,969 | — | ||||||||||||||||||||||||
| AllianzGI Best Styles Global Equity |
— | 4,136,262 | 4,224,882 | 1,521 | 22,435 | 364 | 109,534 | 126 | ||||||||||||||||||||||||
| AllianzGI Best Styles Global Managed Volatility |
1,633,117 | — | 1,611,425 | — | — | — | 14,462 | — | ||||||||||||||||||||||||
| AllianzGI Best Styles International Equity |
4,054,948 | — | 4,052,095 | — | — | — | 33,229 | — | ||||||||||||||||||||||||
| AllianzGI Best Styles U.S. Equity |
6,728,823 | 7,033,242 | 7,884,209 | 254,235 | 6,152,430 | 81,473 | 515,686 | — | ||||||||||||||||||||||||
| AllianzGI Emerging Markets Consumer |
1,123,306 | — | 1,131,517 | — | — | — | (16,411 | ) | — | |||||||||||||||||||||||
| AllianzGI Emerging Markets Debt |
— | 311,531 | — | (1,857 | ) | 309,674 | 4,047 | — | — | |||||||||||||||||||||||
| AllianzGI Emerging Markets Small-Cap |
— | 293,712 | — | 18,915 | 312,627 | 8,367 | — | — | ||||||||||||||||||||||||
| Semiannual Report | | March 31, 2017 | 383 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI Retirement 2025: (cont’d) | ||||||||||||||||||||||||||||||||
| Market Value 9/30/2016 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 3/31/2017 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI Focused Growth |
$ | 953,665 | — | $ | 952,214 | — | — | — | $ | 66,099 | — | |||||||||||||||||||||
| AllianzGI Global Dynamic Allocation |
— | $ | 49,831,509 | 4,601,784 | $ | 1,726,134 | $ | 46,914,271 | $ | 196,268 | (41,588 | ) | — | |||||||||||||||||||
| AllianzGI Global Natural Resources |
1,143,436 | — | 1,156,025 | — | — | — | 112,064 | — | ||||||||||||||||||||||||
| AllianzGI High Yield Bond |
1,929,487 | — | 1,936,043 | — | — | — | 156,305 | — | ||||||||||||||||||||||||
| AllianzGI International Small-Cap |
831,177 | — | 833,029 | — | — | — | 11,798 | — | ||||||||||||||||||||||||
| AllianzGI Mid-Cap |
834,504 | — | 828,292 | — | — | — | 59,610 | — | ||||||||||||||||||||||||
| AllianzGI NFJ Mid-Cap Value |
277,719 | — | 276,896 | — | — | — | 20,667 | — | ||||||||||||||||||||||||
| AllianzGI Short Duration High Income |
4,948,403 | 4,607 | 4,962,729 | 25 | 372 | 4,607 | 48,982 | — | ||||||||||||||||||||||||
| AllianzGI Structured Return |
1,379,741 | — | 1,381,470 | — | — | — | 64,856 | — | ||||||||||||||||||||||||
| PIMCO Broad U.S. TIPS Index |
5,509,531 | — | 5,500,927 | — | — | — | 284,108 | — | ||||||||||||||||||||||||
| PIMCO Capital Securities and Financials |
1,097,015 | — | 1,101,425 | — | — | — | 9,199 | — | ||||||||||||||||||||||||
| PIMCO Income |
4,994,425 | — | 4,998,566 | — | — | 2,378 | 38,536 | — | ||||||||||||||||||||||||
| PIMCO Mortgage Opportunities |
2,220,748 | — | 2,218,760 | — | — | 591 | 32,209 | — | ||||||||||||||||||||||||
| PIMCO Senior Floating Rate |
1,821,544 | — | 1,821,544 | — | — | 626 | 7,338 | — | ||||||||||||||||||||||||
| Totals |
$ | 48,338,615 | $ | 65,794,707 | $ | 57,694,498 | $ | 1,869,189 | $ | 58,322,684 | $ | 439,093 | $ | 1,689,516 | $ | 55,759 | ||||||||||||||||
| AllianzGI Retirement 2030: | ||||||||||||||||||||||||||||||||
| Market Value 9/30/2016 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation |
Market Value 3/31/2017 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI Advanced Core Bond |
$ | 5,866,443 | — | $ | 5,840,303 | — | — | — | $ | 132,772 | — | |||||||||||||||||||||
| AllianzGI Best Styles Emerging Markets Equity |
679,035 | — | 683,737 | — | — | — | 84,043 | — | ||||||||||||||||||||||||
| AllianzGI Best Styles Global Equity |
— | $ | 13,914,094 | 9,493,033 | $ | 341,172 | $ | 5,022,638 | $ | 90,950 | 260,405 | $ | 31,351 | |||||||||||||||||||
| AllianzGI Best Styles Global Managed Volatility |
1,860,396 | — | 1,835,685 | — | — | — | 16,474 | — | ||||||||||||||||||||||||
| AllianzGI Best Styles International Equity |
5,696,209 | — | 5,692,200 | — | — | — | (26,178 | ) | — | |||||||||||||||||||||||
| AllianzGI Best Styles U.S. Equity |
9,899,679 | 6,854,703 | 7,989,729 | 768,750 | 9,275,320 | 132,796 | 246,773 | — | ||||||||||||||||||||||||
| AllianzGI Emerging Markets Consumer |
1,265,648 | — | 1,274,900 | — | — | — | (30,089 | ) | — | |||||||||||||||||||||||
| AllianzGI Emerging Markets Small-Cap |
690,783 | 43,549 | 74,970 | 23,055 | 709,094 | 18,978 | (6,163 | ) | — | |||||||||||||||||||||||
| AllianzGI Focused Growth |
1,033,725 | — | 1,032,153 | — | — | — | 52,780 | — | ||||||||||||||||||||||||
| AllianzGI Global Dynamic Allocation |
— | 48,232,861 | 1,976,297 | 1,805,384 | 48,097,926 | 210,757 | 35,978 | — | ||||||||||||||||||||||||
| AllianzGI Global Natural Resources |
1,251,989 | — | 1,265,773 | — | — | — | 122,111 | — | ||||||||||||||||||||||||
| AllianzGI High Yield Bond |
2,481,757 | — | 2,490,189 | — | — | — | 153,050 | — | ||||||||||||||||||||||||
| AllianzGI International Small-Cap |
1,246,185 | — | 1,248,961 | — | — | — | 42,371 | — | ||||||||||||||||||||||||
| AllianzGI Mid-Cap |
939,866 | — | 932,869 | — | — | — | 61,219 | — | ||||||||||||||||||||||||
| AllianzGI NFJ Mid-Cap Value |
624,621 | — | 622,771 | — | — | — | 202,070 | — | ||||||||||||||||||||||||
| AllianzGI Short Duration High Income |
5,260,119 | — | 5,273,916 | — | — | — | 70,214 | — | ||||||||||||||||||||||||
| AllianzGI Structured Return |
1,552,396 | — | 1,554,341 | — | — | — | 72,065 | — | ||||||||||||||||||||||||
| AllianzGI U.S. Small-Cap Growth |
726,442 | — | 724,876 | — | — | — | 50,590 | — | ||||||||||||||||||||||||
| PIMCO Broad U.S. TIPS Index |
4,960,887 | — | 4,953,139 | — | — | — | 258,854 | — | ||||||||||||||||||||||||
| PIMCO Capital Securities and Financials |
926,172 | — | 929,895 | — | — | — | 5,973 | — | ||||||||||||||||||||||||
| PIMCO Income |
4,369,487 | — | 4,373,110 | — | — | 2,080 | 105,997 | — | ||||||||||||||||||||||||
| PIMCO Mortgage Opportunities |
1,252,584 | — | 1,251,463 | — | — | 333 | 17,867 | — | ||||||||||||||||||||||||
| PIMCO Senior Floating Rate |
2,049,660 | — | 2,049,661 | — | — | 705 | 8,260 | — | ||||||||||||||||||||||||
| Totals |
$ | 54,634,083 | $ | 69,045,207 | $ | 63,563,971 | $ | 2,938,361 | $ | 63,104,978 | $ | 456,599 | $ | 1,937,436 | $ | 31,351 | ||||||||||||||||
| 384 | March 31, 2017 | | Semiannual Report |
Table of Contents
| AllianzGI Retirement 2035: | ||||||||||||||||||||||||||||||||
| Market Value 9/30/2016 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation |
Market Value 3/31/2017 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI Advanced Core Bond |
$ | 3,781,376 | — | $ | 3,764,527 | — | — | — | $ | 79,148 | — | |||||||||||||||||||||
| AllianzGI Best Styles Emerging Markets Equity |
705,476 | — | 710,361 | — | — | — | 73,365 | — | ||||||||||||||||||||||||
| AllianzGI Best Styles Global Equity |
— | $ | 21,855,758 | 7,850,010 | $ | 1,036,099 | $ | 15,253,177 | $ | 269,854 | 211,330 | $ | 95,812 | |||||||||||||||||||
| AllianzGI Best Styles Global Managed Volatility |
1,498,644 | — | 1,478,737 | — | — | — | 13,271 | — | ||||||||||||||||||||||||
| AllianzGI Best Styles International Equity |
6,410,706 | — | 6,406,194 | — | — | — | (64,350 | ) | — | |||||||||||||||||||||||
| AllianzGI Best Styles U.S. Equity |
9,760,604 | 5,950,153 | 7,606,775 | 844,901 | 8,668,337 | 128,029 | 147,315 | — | ||||||||||||||||||||||||
| AllianzGI Emerging Markets Consumer |
1,060,875 | — | 1,068,630 | — | — | — | (24,845 | ) | — | |||||||||||||||||||||||
| AllianzGI Emerging Markets Small-Cap |
881,957 | 38,114 | 381,322 | 39,389 | 582,751 | 15,596 | (22,553 | ) | — | |||||||||||||||||||||||
| AllianzGI Focused Growth |
1,608,627 | — | 1,606,180 | — | — | — | 90,134 | — | ||||||||||||||||||||||||
| AllianzGI Global Dynamic Allocation |
— | 25,768,424 | 1,692,185 | 947,394 | 25,038,632 | 112,470 | 14,999 | — | ||||||||||||||||||||||||
| AllianzGI Global Natural Resources |
1,276,235 | — | 1,290,285 | — | — | — | 80,087 | — | ||||||||||||||||||||||||
| AllianzGI High Yield Bond |
2,025,682 | — | 2,032,564 | — | — | — | 132,679 | — | ||||||||||||||||||||||||
| AllianzGI International Small-Cap |
1,271,382 | — | 1,274,214 | — | — | — | 42,958 | — | ||||||||||||||||||||||||
| AllianzGI Mid-Cap |
765,915 | — | 760,213 | — | — | — | 46,615 | — | ||||||||||||||||||||||||
| AllianzGI NFJ Mid-Cap Value |
509,781 | — | 508,271 | — | — | — | 170,326 | — | ||||||||||||||||||||||||
| AllianzGI Short Duration High Income |
2,020,714 | — | 2,026,014 | — | — | — | 21,688 | — | ||||||||||||||||||||||||
| AllianzGI Structured Return |
861,689 | — | 862,768 | — | — | — | 45,352 | — | ||||||||||||||||||||||||
| AllianzGI U.S. Small-Cap Growth |
1,085,242 | — | 1,082,903 | — | — | — | (3,215 | ) | — | |||||||||||||||||||||||
| PIMCO Broad U.S. TIPS Index |
3,796,650 | — | 3,790,720 | — | — | — | 198,037 | — | ||||||||||||||||||||||||
| PIMCO Capital Securities and Financials |
504,071 | — | 506,098 | — | — | — | 4,813 | — | ||||||||||||||||||||||||
| PIMCO Income |
2,292,740 | — | 2,294,641 | — | — | 1,091 | 67,650 | — | ||||||||||||||||||||||||
| PIMCO Mortgage Opportunities |
1,022,424 | — | 1,021,509 | — | — | 272 | 14,594 | — | ||||||||||||||||||||||||
| PIMCO Senior Floating Rate |
1,673,034 | — | 1,673,034 | — | — | 575 | 6,743 | — | ||||||||||||||||||||||||
| Totals |
$ | 44,813,824 | $ | 53,612,449 | $ | 51,688,155 | $ | 2,867,783 | $ | 49,542,897 | $ | 527,887 | $ | 1,346,141 | $ | 95,812 | ||||||||||||||||
| AllianzGI Retirement 2040: | ||||||||||||||||||||||||||||||||
| Market Value 9/30/2016 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation |
Market Value 3/31/2017 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI Advanced Core Bond |
$ | 2,972,295 | — | $ | 2,959,051 | — | — | — | $ | 53,212 | — | |||||||||||||||||||||
| AllianzGI Best Styles Emerging Markets Equity |
1,019,548 | — | 1,026,609 | — | — | — | 117,618 | — | ||||||||||||||||||||||||
| AllianzGI Best Styles Global Equity |
— | $ | 24,254,884 | 4,451,032 | $ | 1,450,875 | $ | 21,361,904 | $ | 350,422 | 107,177 | $ | 120,791 | |||||||||||||||||||
| AllianzGI Best Styles Global Managed Volatility |
1,249,144 | — | 1,232,552 | — | — | — | 11,061 | — | ||||||||||||||||||||||||
| AllianzGI Best Styles International Equity |
7,184,127 | — | 7,179,071 | — | — | — | (74,588 | ) | — | |||||||||||||||||||||||
| AllianzGI Best Styles U.S. Equity |
9,907,161 | 3,773,651 | 5,195,554 | 991,389 | 9,087,848 | 121,630 | 78,723 | — | ||||||||||||||||||||||||
| AllianzGI Emerging Markets Consumer |
893,559 | — | 900,091 | — | — | — | (13,137 | ) | — | |||||||||||||||||||||||
| AllianzGI Emerging Markets Small-Cap |
931,785 | 35,163 | 511,169 | 28,316 | 495,005 | 13,248 | (25,031 | ) | — | |||||||||||||||||||||||
| AllianzGI Focused Growth |
1,867,192 | — | 1,864,351 | — | — | — | 101,714 | — | ||||||||||||||||||||||||
| AllianzGI Global Dynamic Allocation |
— | 14,304,734 | 434,987 | 524,507 | 14,402,570 | 60,666 | 8,316 | — | ||||||||||||||||||||||||
| AllianzGI Global Natural Resources |
1,075,147 | — | 1,086,983 | — | — | — | 102,881 | — | ||||||||||||||||||||||||
| AllianzGI High Yield Bond |
1,919,505 | — | 1,926,027 | — | — | — | 120,297 | — | ||||||||||||||||||||||||
| AllianzGI International Small-Cap |
1,071,184 | — | 1,073,570 | — | — | — | 36,982 | — | ||||||||||||||||||||||||
| AllianzGI Mid-Cap |
1,290,334 | — | 1,280,729 | — | — | — | 53,233 | — | ||||||||||||||||||||||||
| AllianzGI NFJ Mid-Cap Value |
858,827 | — | 856,283 | — | — | — | 243,346 | — | ||||||||||||||||||||||||
| Semiannual Report | | March 31, 2017 | 385 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI Retirement 2040: (cont’d) | ||||||||||||||||||||||||||||||||
| Market Value 9/30/2016 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation |
Market Value 3/31/2017 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI U.S. Small-Cap Growth |
$ | 1,212,547 | — | $ | 1,209,934 | — | — | — | $ | (111,458 | ) | — | ||||||||||||||||||||
| PIMCO Broad U.S. TIPS Index |
2,345,092 | — | 2,341,430 | — | — | — | 129,286 | — | ||||||||||||||||||||||||
| PIMCO Mortgage Opportunities |
308,165 | — | 307,889 | — | — | 82 | 4,669 | — | ||||||||||||||||||||||||
| PIMCO Senior Floating Rate |
1,707,537 | — | 1,707,537 | — | — | 587 | 6,884 | — | ||||||||||||||||||||||||
| Totals |
$ | 37,813,149 | $ | 42,368,432 | $ | 37,544,849 | $ | 2,995,087 | $ | 45,347,327 | $ | 546,635 | $ | 951,185 | $ | 120,791 | ||||||||||||||||
| AllianzGI Retirement 2045: | ||||||||||||||||||||||||||||||||
| Market Value 9/30/2016 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation |
Market Value 3/31/2017 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI Advanced Core Bond |
$ | 885,272 | — | $ | 881,328 | — | — | — | $ | 2,342 | — | |||||||||||||||||||||
| AllianzGI Best Styles Emerging Markets Equity |
708,000 | — | 712,903 | — | — | — | 82,214 | — | ||||||||||||||||||||||||
| AllianzGI Best Styles Global Equity |
— | $ | 16,614,201 | 1,898,515 | $ | 1,032,810 | $ | 15,795,921 | $ | 244,390 | 47,425 | $ | 84,242 | |||||||||||||||||||
| AllianzGI Best Styles Global Managed Volatility |
762,067 | — | 751,945 | — | — | — | 6,748 | — | ||||||||||||||||||||||||
| AllianzGI Best Styles International Equity |
4,623,390 | — | 4,620,136 | — | — | — | (20,092 | ) | — | |||||||||||||||||||||||
| AllianzGI Best Styles U.S. Equity |
6,831,671 | 1,845,144 | 3,236,207 | 670,540 | 5,839,950 | 75,584 | 43,878 | — | ||||||||||||||||||||||||
| AllianzGI Emerging Markets Consumer |
633,703 | — | 638,336 | — | — | — | (7,389 | ) | — | |||||||||||||||||||||||
| AllianzGI Emerging Markets Small-Cap |
562,619 | 18,509 | 312,218 | 22,897 | 292,137 | 7,818 | (13,635 | ) | — | |||||||||||||||||||||||
| AllianzGI Focused Growth |
1,431,402 | — | 1,429,225 | — | — | — | 77,184 | — | ||||||||||||||||||||||||
| AllianzGI Global Dynamic Allocation |
— | 5,912,063 | — | 222,458 | 6,134,521 | 24,476 | — | — | ||||||||||||||||||||||||
| AllianzGI Global Natural Resources |
640,347 | — | 647,397 | — | — | — | 44,645 | — | ||||||||||||||||||||||||
| AllianzGI High Yield Bond |
1,143,903 | — | 1,147,790 | — | — | — | 83,644 | — | ||||||||||||||||||||||||
| AllianzGI International Small-Cap |
765,777 | — | 767,483 | — | — | — | 22,853 | — | ||||||||||||||||||||||||
| AllianzGI Mid-Cap |
1,025,277 | — | 1,017,645 | — | — | — | 48,683 | — | ||||||||||||||||||||||||
| AllianzGI NFJ Mid-Cap Value |
895,645 | — | 892,992 | — | — | — | 216,525 | — | ||||||||||||||||||||||||
| AllianzGI U.S. Small-Cap Growth |
872,394 | — | 870,514 | — | — | — | (2,786 | ) | — | |||||||||||||||||||||||
| PIMCO Mortgage Opportunities |
4,706 | — | 4,706 | — | — | — | 29 | — | ||||||||||||||||||||||||
| PIMCO Senior Floating Rate |
1,272,475 | — | 1,272,474 | — | — | 438 | 5,126 | — | ||||||||||||||||||||||||
| Totals |
$ | 23,058,648 | $ | 24,389,917 | $ | 21,101,814 | $ | 1,948,705 | $ | 28,062,529 | $ | 352,706 | $ | 637,394 | $ | 84,242 | ||||||||||||||||
| AllianzGI Retirement 2050: | ||||||||||||||||||||||||||||||||
| Market Value 9/30/2016 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation |
Market Value 3/31/2017 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI Advanced Core Bond |
$ | 460,467 | — | $ | 458,415 | — | — | — | $ | (3,682 | ) | — | ||||||||||||||||||||
| AllianzGI Best Styles Emerging Markets Equity |
751,867 | — | 757,074 | — | — | — | 79,181 | — | ||||||||||||||||||||||||
| AllianzGI Best Styles Global Equity |
— | $ | 16,649,084 | 1,947,159 | $ | 1,046,275 | $ | 15,798,662 | $ | 244,053 | 50,462 | $ | 84,125 | |||||||||||||||||||
| AllianzGI Best Styles Global Managed Volatility |
707,807 | — | 698,406 | — | — | — | 5,835 | — | ||||||||||||||||||||||||
| AllianzGI Best Styles International Equity |
4,403,115 | — | 4,400,016 | — | — | — | (49,642 | ) | — | |||||||||||||||||||||||
| AllianzGI Best Styles U.S. Equity |
5,770,251 | 2,233,723 | 2,693,264 | 639,450 | 5,730,489 | 74,503 | 41,905 | — | ||||||||||||||||||||||||
| AllianzGI Emerging Markets Consumer |
682,888 | — | 687,880 | — | — | — | (11,517 | ) | — | |||||||||||||||||||||||
| AllianzGI Emerging Markets Small-Cap |
465,535 | 25,136 | 231,626 | 16,088 | 280,788 | 7,515 | (12,368 | ) | — | |||||||||||||||||||||||
| AllianzGI Focused Growth |
1,257,389 | — | 1,255,477 | — | — | — | 68,317 | — | ||||||||||||||||||||||||
| AllianzGI Global Dynamic Allocation |
— | 5,018,002 | 195,205 | 190,243 | 5,016,602 | 20,485 | 3,562 | — | ||||||||||||||||||||||||
| AllianzGI Global Natural Resources |
594,510 | — | 601,055 | — | — | — | 72,602 | — | ||||||||||||||||||||||||
| 386 | March 31, 2017 | | Semiannual Report |
Table of Contents
| AllianzGI Retirement 2050: (cont’d) | ||||||||||||||||||||||||||||||||
| Market Value 9/30/2016 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation |
Market Value 3/31/2017 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI High Yield Bond |
$ | 1,180,146 | — | $ | 1,184,155 | — | — | — | $ | 82,641 | — | |||||||||||||||||||||
| AllianzGI International Small-Cap |
710,893 | — | 712,477 | — | — | — | 22,432 | — | ||||||||||||||||||||||||
| AllianzGI Mid-Cap |
954,433 | — | 947,328 | — | — | — | 37,345 | — | ||||||||||||||||||||||||
| AllianzGI NFJ Mid-Cap Value |
950,082 | — | 947,267 | — | — | — | 147,006 | — | ||||||||||||||||||||||||
| AllianzGI U.S. Small-Cap Growth |
730,315 | — | 728,741 | — | — | — | (68,057 | ) | — | |||||||||||||||||||||||
| PIMCO Broad U.S. TIPS Index |
235,981 | — | 235,613 | — | — | — | (2,530 | ) | — | |||||||||||||||||||||||
| PIMCO Mortgage Opportunities |
4,003 | — | 4,003 | — | — | — | 25 | — | ||||||||||||||||||||||||
| PIMCO Senior Floating Rate |
1,417,142 | — | 1,417,142 | — | — | 487 | 5,706 | — | ||||||||||||||||||||||||
| Totals |
$ | 21,276,824 | $ | 23,925,945 | $ | 20,102,303 | $ | 1,892,056 | $ | 26,826,541 | $ | 347,043 | $ | 469,223 | $ | 84,125 | ||||||||||||||||
| AllianzGI Retirement 2055: | ||||||||||||||||||||||||||||||||
| Market Value 9/30/2016 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation |
Market Value 3/31/2017 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI Advanced Core Bond |
$ | 158,534 | — | $ | 157,828 | — | — | — | $ | (1,224 | ) | — | ||||||||||||||||||||
| AllianzGI Best Styles Emerging Markets Equity |
300,416 | — | 302,496 | — | — | — | 46,598 | — | ||||||||||||||||||||||||
| AllianzGI Best Styles Global Equity |
— | $ | 6,362,971 | 324,721 | $ | 403,074 | $ | 6,449,475 | $ | 86,722 | 8,151 | $ | 29,893 | |||||||||||||||||||
| AllianzGI Best Styles Global Managed Volatility |
241,639 | — | 238,430 | — | — | — | 1,570 | — | ||||||||||||||||||||||||
| AllianzGI Best Styles International Equity |
1,480,747 | — | 1,479,705 | — | — | — | (4,127 | ) | — | |||||||||||||||||||||||
| AllianzGI Best Styles U.S. Equity |
1,929,916 | 1,001,272 | 725,925 | 240,660 | 2,361,090 | 26,475 | 8,252 | — | ||||||||||||||||||||||||
| AllianzGI Emerging Markets Consumer |
202,892 | — | 204,375 | — | — | — | (4,053 | ) | — | |||||||||||||||||||||||
| AllianzGI Emerging Markets Small-Cap |
156,206 | 10,829 | 74,938 | 7,273 | 99,772 | 2,670 | (2,693 | ) | — | |||||||||||||||||||||||
| AllianzGI Focused Growth |
428,631 | — | 427,979 | — | — | — | 23,081 | — | ||||||||||||||||||||||||
| AllianzGI Global Dynamic Allocation |
— | 1,946,909 | — | 74,655 | 2,021,564 | 7,280 | — | — | ||||||||||||||||||||||||
| AllianzGI Global Natural Resources |
210,342 | — | 212,657 | — | — | — | 26,282 | — | ||||||||||||||||||||||||
| AllianzGI High Yield Bond |
394,579 | — | 395,919 | — | — | — | 30,711 | — | ||||||||||||||||||||||||
| AllianzGI International Small-Cap |
243,498 | — | 244,040 | — | — | — | 13,047 | — | ||||||||||||||||||||||||
| AllianzGI Mid-Cap |
322,663 | — | 320,261 | — | — | — | 25,839 | — | ||||||||||||||||||||||||
| AllianzGI NFJ Mid-Cap Value |
320,748 | — | 319,798 | — | — | — | 81,777 | — | ||||||||||||||||||||||||
| AllianzGI U.S. Small-Cap Growth |
240,415 | — | 239,897 | — | — | — | (3,277 | ) | — | |||||||||||||||||||||||
| PIMCO Investment Grade Corporate Bond |
131,818 | — | 131,196 | — | — | 40 | 2,700 | — | ||||||||||||||||||||||||
| PIMCO Mortgage Opportunities |
219,113 | — | 218,917 | — | — | 58 | 2,528 | — | ||||||||||||||||||||||||
| PIMCO Senior Floating Rate |
487,091 | — | 487,091 | — | — | 167 | 1,936 | — | ||||||||||||||||||||||||
| Totals |
$ | 7,469,248 | $ | 9,321,981 | $ | 6,506,173 | $ | 725,662 | $ | 10,931,901 | $ | 123,412 | $ | 257,098 | $ | 29,893 | ||||||||||||||||
| AllianzGI Retirement Income: | ||||||||||||||||||||||||||||||||
| Market Value 9/30/2016 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 3/31/2017 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI Advanced Core Bond |
$ | 2,536,721 | $ | 1,121,403 | $ | 3,470,055 | — | — | $ | 46,539 | $ | (86,305 | ) | $ | 29,364 | |||||||||||||||||
| AllianzGI Best Styles Emerging Markets Equity |
505,039 | — | 508,536 | — | — | — | 56,073 | — | ||||||||||||||||||||||||
| AllianzGI Best Styles Global Managed Volatility |
592,885 | — | 585,010 | — | — | — | 5,250 | — | ||||||||||||||||||||||||
| AllianzGI Best Styles International Equity |
2,246,505 | — | 2,244,924 | — | — | — | 20,090 | — | ||||||||||||||||||||||||
| AllianzGI Best Styles U.S. Equity |
4,523,145 | — | 4,511,495 | — | — | — | 283,873 | — | ||||||||||||||||||||||||
| AllianzGI Emerging Markets Consumer |
661,794 | — | 666,632 | — | — | — | (495 | ) | — | |||||||||||||||||||||||
| Semiannual Report | | March 31, 2017 | 387 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
| AllianzGI Retirement Income: (cont’d) | ||||||||||||||||||||||||||||||||
| Market Value 9/30/2016 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 3/31/2017 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI Emerging Markets Debt |
— | $ | 3,215,190 | $ | 268,878 | $ | (40,349 | ) | $ | 2,900,366 | $ | 110,492 | $ | (5,597 | ) | — | ||||||||||||||||
| AllianzGI Global Natural Resources |
295,605 | — | 298,860 | — | — | — | 52,936 | — | ||||||||||||||||||||||||
| AllianzGI High Yield Bond |
3,236,398 | 4,099,076 | 1,646,672 | 234,653 | 5,743,999 | 194,509 | (1,397 | ) | — | |||||||||||||||||||||||
| AllianzGI International Small-Cap |
171,512 | — | 171,894 | — | — | — | 6,464 | — | ||||||||||||||||||||||||
| AllianzGI Mid-Cap |
169,683 | — | 168,420 | — | — | — | 15,158 | — | ||||||||||||||||||||||||
| AllianzGI NFJ Global Dividend Value |
— | 8,520,310 | 3,858,030 | 355,405 | 5,279,810 | 58,416 | 262,125 | — | ||||||||||||||||||||||||
| AllianzGI Short Duration High Income |
10,769,225 | 539,331 | 918,397 | (2,896 | ) | 10,537,486 | 201,159 | (17,764 | ) | — | ||||||||||||||||||||||
| AllianzGI Structured Return |
471,610 | — | 472,201 | — | — | — | 22,902 | — | ||||||||||||||||||||||||
| PIMCO Capital Securities and Financials |
2,540,003 | 3,497,458 | 2,921,857 | 55,748 | 3,166,331 | 79,158 | (3,830 | ) | — | |||||||||||||||||||||||
| PIMCO Emerging Markets Bond |
1,325,558 | — | 1,325,558 | — | — | 636 | 162,024 | — | ||||||||||||||||||||||||
| PIMCO Income |
7,698,932 | 163,519 | 2,142,264 | 376,937 | 5,805,642 | 163,519 | (4,829 | ) | — | |||||||||||||||||||||||
| PIMCO Investment Grade Corporate Bond |
3,449,272 | — | 3,432,987 | — | — | 1,040 | 65,423 | — | ||||||||||||||||||||||||
| PIMCO Long-Term Credit |
— | 4,346,628 | — | (110,403 | ) | 4,236,225 | 96,506 | — | — | |||||||||||||||||||||||
| PIMCO Mortgage Opportunities |
2,563,133 | 1,788,756 | 3,312,098 | 6,650 | 1,046,177 | 10,206 | 37,391 | — | ||||||||||||||||||||||||
| PIMCO Mortgage-Backed Securities |
— | 1,773,216 | 1,778,617 | — | — | 15,942 | 5,401 | — | ||||||||||||||||||||||||
| PIMCO Senior Floating Rate |
2,325,249 | — | 2,325,249 | — | — | 800 | 9,354 | — | ||||||||||||||||||||||||
| Totals |
$ | 46,082,269 | $ | 29,064,887 | $ | 37,028,634 | $ | 875,745 | $ | 38,716,036 | $ | 978,922 | $ | 884,247 | $ | 29,364 | ||||||||||||||||
| AllianzGI Global Allocation: | ||||||||||||||||||||||||||||||||
| Market Value 9/30/2016 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 3/31/2017 |
Dividend Income |
Net Realized Gain |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI Advanced Core Bond |
$ | 124,987,803 | $ | 4,304,285 | $ | 10,200,000 | $ | (2,366,287 | ) | $ | 111,817,802 | $ | 3,082,578 | $ | 280,794 | $ | 1,221,707 | |||||||||||||||
| AllianzGI Best Styles Global Equity |
224,131,214 | 4,279,929 | 46,039,098 | 27,370,410 | 195,975,801 | 3,182,809 | 402,434 | 1,097,120 | ||||||||||||||||||||||||
| AllianzGI Best Styles Global Managed Volatility |
52,822,080 | 986,439 | 7,220,295 | 4,169,732 | 48,262,001 | 884,910 | 210,300 | 101,529 | ||||||||||||||||||||||||
| AllianzGI Emerging Markets Debt |
21,008,835 | 721,152 | 1,600,000 | 969,691 | 19,786,470 | 721,152 | 59,457 | — | ||||||||||||||||||||||||
| AllianzGI Emerging Markets Small-Cap |
5,075,661 | 150,180 | — | 435,381 | 5,611,461 | 150,180 | — | — | ||||||||||||||||||||||||
| AllianzGI High Yield Bond |
5,438,839 | 143,335 | 2,484,978 | 169,827 | 3,160,331 | 143,335 | 115,701 | — | ||||||||||||||||||||||||
| AllianzGI International Growth |
24,752,236 | 25,398 | — | 498,485 | 24,990,920 | 25,398 | — | — | ||||||||||||||||||||||||
| AllianzGI Structured Return |
7,281,102 | 245,862 | — | 340,338 | 7,469,336 | 83,483 | — | 162,378 | ||||||||||||||||||||||||
| PIMCO Broad U.S. TIPS Index |
10,179,477 | — | 820,499 | 169,954 | 9,171,963 | 29,946 | 26,601 | — | ||||||||||||||||||||||||
| Totals |
$ | 475,677,247 | $ | 10,856,580 | $ | 68,364,870 | $ | 31,757,531 | $ | 426,246,085 | $ | 8,303,791 | $ | 1,095,287 | $ | 2,582,734 | ||||||||||||||||
| AllianzGI Global Megatrends: | ||||||||||||||||||||||||||||||||
| Market Value 9/30/2016 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 3/31/2017 |
Dividend Income |
Net Realized Gain (Loss) |
Net Capital Gain Distributions Received |
|||||||||||||||||||||||||
| AllianzGI Emerging Markets Consumer |
$ | 636,864 | $ | 7,136 | — | $ | 970 | $ | 670,193 | $ | 7,136 | — | — | |||||||||||||||||||
| AllianzGI Global Natural Resources |
646,851 | 5,143 | — | (40,551 | ) | 629,996 | 5,143 | — | — | |||||||||||||||||||||||
| AllianzGI Global Water |
616,638 | 8,298 | — | 57,101 | 605,695 | 4,732 | — | $ | 3,567 | |||||||||||||||||||||||
| AllianzGI Health Sciences |
632,017 | — | — | (56,115 | ) | 662,987 | — | — | — | |||||||||||||||||||||||
| AllianzGI Technology |
636,997 | 30,378 | — | 56,157 | 711,828 | — | — | 30,378 | ||||||||||||||||||||||||
| Totals |
$ | 3,169,367 | $ | 50,955 | — | $ | 17,562 | $ | 3,280,699 | $ | 17,011 | — | $ | 33,945 | ||||||||||||||||||
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| AllianzGI Global Dynamic Allocation: | ||||||||||||||||||||||||||||
| Market Value 9/30/2016 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 3/31/2017 |
Dividend Income |
Net Realized Gain (Loss) |
||||||||||||||||||||||
| AllianzGI Advanced Core Bond |
$ | 1,462,836 | — | $ | 1,461,905 | — | — | — | $ | 41,855 | ||||||||||||||||||
| AllianzGI Best Styles Emerging Markets Equity |
1,002,891 | — | 1,008,447 | — | — | — | 30,835 | |||||||||||||||||||||
| AllianzGI Best Styles Global Equity |
16,573,444 | — | 16,541,935 | — | — | — | 427,093 | |||||||||||||||||||||
| AllianzGI Best Styles Global Managed Volatility |
4,834,573 | — | 4,813,168 | — | — | — | 220,170 | |||||||||||||||||||||
| AllianzGI Best Styles International Equity |
2,124,582 | — | 2,118,602 | — | — | — | (62,014 | ) | ||||||||||||||||||||
| AllianzGI Best Styles U.S. Equity |
4,345,934 | — | 4,334,740 | — | — | — | 84,201 | |||||||||||||||||||||
| PIMCO Income |
761,767 | — | 761,767 | — | — | $ | 121 | 15,819 | ||||||||||||||||||||
| PIMCO Investment Grade Corporate Bond |
2,495,390 | $ | 7,389 | 2,474,489 | — | — | 7,649 | 56,348 | ||||||||||||||||||||
| PIMCO Mortgage Opportunities |
755,564 | — | 755,564 | — | — | 67 | 13,788 | |||||||||||||||||||||
| PIMCO Mortgage-Backed Securities |
1,516,105 | — | 1,514,688 | — | — | 138 | 26,264 | |||||||||||||||||||||
| Totals |
$ | 35,873,086 | $ | 7,389 | $ | 35,785,305 | — | — | $ | 7,975 | $ | 854,359 | ||||||||||||||||
| AllianzGI Global Fundamental Strategy: | ||||||||||||||||||||||||||||
| Market Value 9/30/2016 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation |
Market Value 3/31/2017 |
Dividend Income |
Net Realized Gain (Loss) |
||||||||||||||||||||||
| AllianzGI Best Styles Emerging Markets Equity |
— | $ | 337,570 | — | $ | 191 | $ | 337,761 | $ | 17,557 | — | |||||||||||||||||
| AllianzGI NFJ Emerging Markets Value |
— | 160,784 | — | 11,605 | 172,389 | 778 | — | |||||||||||||||||||||
| Totals |
— | $ | 498,354 | — | $ | 11,796 | $ | 510,150 | $ | 18,335 | — | |||||||||||||||||
| AllianzGI Multi-Asset Real Return: | ||||||||||||||||||||||||||||
| Market Value 9/30/2016 |
Purchases at Cost |
Proceeds from Sales |
Unrealized Appreciation (Depreciation) |
Market Value 3/31/2017 |
Dividend Income |
Net Realized Gain (Loss) |
||||||||||||||||||||||
| AllianzGI Global Natural Resources |
$ | 1,011,131 | $ | 187,991 | $ | 185,957 | $ | (24,582 | ) | $ | 972,444 | $ | 9,122 | $ | (6,171 | ) | ||||||||||||
| AllianzGI Short Duration High Income |
73,248 | 219,882 | 106,596 | 247 | 124,128 | 4,026 | (322 | ) | ||||||||||||||||||||
| PIMCO 1-5 Year U.S. TIPS Index |
— | 199,091 | — | 1,768 | 200,859 | — | — | |||||||||||||||||||||
| PIMCO Broad U.S. TIPS Index |
436,530 | 475,297 | 516,704 | 8,602 | 381,690 | 1,976 | (4,422 | ) | ||||||||||||||||||||
| PIMCO Commodity RealReturn Strategy |
774,840 | 517,954 | 333,312 | (64,470 | ) | 946,380 | 9,262 | (187,019 | ) | |||||||||||||||||||
| Totals |
$ | 2,295,749 | $ | 1,600,215 | $ | 1,142,569 | $ | (78,435 | ) | $ | 2,625,501 | $ | 24,386 | $ | (197,934 | ) | ||||||||||||
| Semiannual Report | | March 31, 2017 | 389 |
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Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
(e) Expense Limitation Changes
The following Funds revised their expense limitation rates during the six months ended March 31, 2017. The expense limitation rates in effect during the period (except as noted in the tables below) and at March 31, 2017 for all the Funds are disclosed in Note 6.
| Expense Limitation (10/1/16-12/4/16) | ||||||||||||||||
| Class A | Class C | Class P | Institutional Class |
|||||||||||||
| AllianzGI Structured Return |
1.15 | % | 1.90 | % | 1.00 | % | 0.90 | % | ||||||||
| Expense Limitation (12/5/16-1/31/17) | ||||||||||||||||||||
| Class A | Class C | Class P | Institutional Class |
Class R6 | ||||||||||||||||
| AllianzGI Structured Return |
1.05 | % | 1.80 | % | 0.90 | % | 0.80 | % | 0.70 | % | ||||||||||
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| Expense Limitation (10/1/16-1/31/17) | ||||||||||||||||||||||||||||
| Class A | Class C | Class R | Class P | Institutional Class |
Class R6 | Administrative Class |
||||||||||||||||||||||
| AllianzGI Global Allocation |
0.64 | % | 1.38 | % | 0.81 | % | 0.41 | % | 0.40 | % | 0.30 | % | 0.65 | % | ||||||||||||||
| AllianzGI Best Styles Emerging Markets Equity |
0.95 | % | 1.70 | % | N/A | 0.80 | % | 0.70 | % | 0.60 | % | N/A | ||||||||||||||||
| AllianzGI Best Styles Global Equity |
0.75 | % | 1.50 | % | N/A | 0.60 | % | 0.50 | % | 0.40 | % | N/A | ||||||||||||||||
| AllianzGI Best Styles International Equity |
0.80 | % | 1.55 | % | N/A | 0.65 | % | 0.55 | % | 0.45 | % | N/A | ||||||||||||||||
| AllianzGI Best Styles U.S. Equity |
0.75 | % | 1.50 | % | N/A | 0.60 | % | 0.50 | % | 0.40 | % | N/A | ||||||||||||||||
| AllianzGI Global Dynamic Allocation |
1.10 | % | 1.83 | % | 1.35 | % | 0.95 | % | 0.85 | % | 0.70 | % | 1.10 | % | ||||||||||||||
| AllianzGI International Small-Cap |
1.45 | % | 2.19 | % | 1.70 | % | 1.28 | % | 1.21 | % | 1.10 | % | N/A | |||||||||||||||
| AllianzGI NFJ International Small-Cap Value |
1.30 | % | 2.05 | % | N/A | 1.15 | % | 1.05 | % | 0.95 | % | N/A | ||||||||||||||||
| 14. | IN-KIND TRANSACTIONS |
During the six months ended March 31, 2017, AllianzGI Best Styles Global Equity, AllianzGI Best Styles U.S. Equity and AllianzGI U.S. Small-Cap Growth transferred securities and cash to its shareholders in connection with redemption in-kind transactions. These transactions were treated as a sale of securities for U.S. GAAP, and the resulting gains and losses as shown in the table below were recognized based on the market value of the securities on the date of the transfers. For tax purposes, no gains or losses were recognized. The realized gains and losses from the redemptions in-kind are netted and recorded as net realized gain on investments on the Statements of Operations. The number of shares redeemed in-kind and redemption value as shown in the table below are included in the “Cost of shares redeemed” in Note 9.
During the six months ended March 31, 2017, AllianzGI Global Dynamic Allocation accepted securities from its shareholders in connection with subscription in-kind transactions. For financial reporting and tax purposes, the cost basis of contributed securities is equal to the market value of the securities on the date of contribution. The Fund sold 3,838,197 shares of Class R6 in-kind with a subscription value of $70,264,752. The number of shares sold and subscription value are included in “Shares sold” in Note 9.
| Shares Redeemed In-Kind |
Redemption Value |
Realized Gains | Realized Losses | |||||||||||||
| AllianzGI Best Styles Global Equity (Class R6) |
1,002,664 | $ | 15,791,959 | $ | 1,133,858 | $ | 438,244 | |||||||||
| AllianzGI Best Styles U.S. Equity (Class R6) |
2,918,758 | 45,202,958 | 3,028,405 | 1,558,720 | ||||||||||||
| AllianzGI U.S. Small-Cap Growth (Institutional Class) |
348,578 | 4,841,742 | 770,593 | 124,702 | ||||||||||||
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Notes to Financial Statements (cont’d)
March 31, 2017 (Unaudited)
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On April 20, 2017, the following Funds declared per-share net investment income dividends to shareholders, payable April 20, 2017 to shareholders of record on April 19, 2017.
| Class A | Class C | Class R | Class P | Institutional Class |
Class R6 | Administrative Class |
||||||||||||||||||||||
| AllianzGI Retirement Income |
$ | 0.07051 | $ | 0.05921 | $ | 0.06477 | $ | 0.07497 | N/A | $ | 0.07546 | $ | 0.07114 | |||||||||||||||
| AllianzGI High Yield Bond |
$ | 0.04117 | $ | 0.03715 | $ | 0.03952 | $ | 0.04554 | $ | 0.04500 | N/A | $ | 0.04436 | |||||||||||||||
| AllianzGI Short Duration High Income |
$ | 0.06000 | $ | 0.05742 | N/A | $ | 0.06390 | $ | 0.06456 | $ | 0.06432 | N/A | ||||||||||||||||
On May 18, 2017, the following Funds declared per-share net investment income dividends to shareholders, payable May 18, 2017 to shareholders of record on May 17, 2017.
| Class A | Class C | Class R | Class P | Institutional Class |
Class R6 | Administrative Class |
||||||||||||||||||||||
| AllianzGI Retirement Income |
$ | 0.07065 | $ | 0.05902 | $ | 0.06476 | $ | 0.07531 | N/A | $ | 0.07571 | $ | 0.07134 | |||||||||||||||
| AllianzGI High Yield Bond |
$ | 0.04105 | $ | 0.03679 | $ | 0.03771 | $ | 0.04551 | $ | 0.04500 | N/A | $ | 0.04401 | |||||||||||||||
| AllianzGI Short Duration High Income |
$ | 0.05500 | $ | 0.05229 | N/A | $ | 0.05904 | $ | 0.05957 | $ | 0.05956 | N/A | ||||||||||||||||
| Semiannual Report | | March 31, 2017 | 393 |
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Unaudited
Matters Relating to the Trustees’ Consideration of the Investment Management and Sub-Advisory Agreements
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| Semiannual Report | | March 31, 2017 | 395 |
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Unaudited
Privacy Policy
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 Distributors LLC, NFJ Investment Group LLC and the family of registered and unregistered funds managed by one or more of these firms. AllianzGI US is part of a global investment management group, and the privacy policies of other Allianz Global Investors entities outside of the United States may have provisions in their policies that differ from this Privacy Policy. Please refer to the website of the specific non-US Allianz Global Investors entity for its policy on privacy.
We Care about Your Privacy
We consider your privacy to be a fundamental aspect of our relationship with you, and we strive to maintain the confidentiality, integrity and security of your Personal Information. To ensure your privacy, we have developed policies that are designed to protect your Personal Information while allowing your needs to be served.
Information We May Collect
In the course of providing you with products and services, we may obtain Personal Information about you, which may come from sources such as account application and other forms, from other written, electronic, or verbal communications, from account transactions, from a brokerage or financial advisory firm, financial advisor or consultant, and/or from information you provide on our website.
You are not required to supply any of the Personal Information that we may request. However, failure to do so may result in us being unable to open and maintain your account, or to provide services to you.
How Your Information Is Shared
We do not disclose your Personal Information to anyone for marketing purposes. We disclose your Personal Information only to those service providers, affiliated and non-affiliated, who need the information for everyday business purposes, such as to respond to your inquiries, to perform services, and/or to service and maintain your account. This applies to all of the categories of Personal Information we collect about you. The affiliated and non-affiliated service providers who receive your Personal Information also may use it to process your transactions, provide you with materials (including preparing and mailing prospectuses and shareholder reports and gathering shareholder proxies), and provide you with account statements and other materials relating to your account. These service providers provide services at our direction, and under their agreements with us, are required to keep your Personal Information confidential and to use it only for providing the contractually required services. Our service providers may not use your Personal Information to market products and services to you except in conformance with applicable laws and regulations. We also may provide your Personal Information to your respective brokerage or financial advisory firm, custodian, and/or to your financial advisor or consultant.
In addition, we reserve the right to disclose or report Personal Information to non-affiliated third parties, in limited circumstances, where we believe in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities or pursuant to other legal process, or to protect our rights or property, including to enforce our Privacy Policy or other agreements with you. Personal Information collected by us may also be transferred as part of a corporate sale, restructuring, bankruptcy, or other transfer of assets.
Security of Your Information
We maintain your Personal Information for as long as necessary for legitimate business purposes or otherwise as required by law. In maintaining this information, we have implemented appropriate procedures that are designed to restrict access to your Personal Information only to those who need to know that information in order to provide products and/or services to you. In addition, we have implemented physical, electronic and procedural safeguards to help protect your Personal Information.
Privacy and the Internet
The Personal Information that you provide through our website, as applicable, is handled in the same way as the Personal Information that you provide by any other means, as described above. This section of the Policy gives you additional information about the way in which Personal Information that is obtained online is handled.
| ∎ | 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 |
| 396 | March 31, 2017 | | Semiannual Report |
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Unaudited
Privacy Policy (cont’d)
| 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. |
| ∎ | 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 | | March 31, 2017 | 397 |
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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, C and R shares or (800) 498-5413 for Class P, Institutional, R6 and Administrative shares. Telephone representatives are available Monday-Friday 8:30 am to 6:00 pm Eastern Time. Or visit our website, us.allianzgi.com.
| (1) | Paul Koo is Assistant Secretary of the Trust with a limited authority to open, maintain and close certain custodial and trading accounts for all series of the Trust. |
| (2) | Morley D. Campbell and Thomas W. Oliver are Assistant Secretaries of the Trust with a limited authority to open, maintain and close certain custodial and training accounts for the AllianzGI NFJ Emerging Markets Value Fund. |
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About Allianz Global Investors
Understand. Act. This two-word philosophy is at the core of what we do. To stand out as the investment partner our clients trust, we listen closely to understand their needs, then act decisively to deliver solutions. We are a diversified active investment manager with a strong parent company, a culture of risk management and more than $535 billion in AUM. With 25 offices worldwide and over 600 investment professionals, we provide global investment and research capabilities with consultative local delivery.*
For more information about any of our investment solutions or client services, call your financial advisor or visit us.allianzgi.com.
Investors should consider the investment objectives, risks, charges and expenses of the above mentioned Funds carefully before investing. This and other information is contained in the Fund’s prospectus, which may be obtained by contacting your financial advisor, by visiting us.allianzgi.com or by calling 1-800-988-8380 (retail classes: A, C & R) or 1-800-498-5413 (Class P, Class R6, Institutional & Administrative classes). Please read the prospectus carefully before you invest or send money.
* Data as of March 31, 2017; investment professionals as of September 30, 2016.
Allianz Global Investors U.S. LLC serves as the investment manager for the Allianz Funds and the Allianz Multi-Strategy Funds. Allianz Funds and the Allianz Multi-Strategy Funds are distributed by Allianz Global Investors Distributors LLC. © 2016. For information about any product, contact your financial advisor.
us.allianzgi.com
Receive this report electronically and eliminate paper mailings.
To enroll, go to us.allianzgi.com/edelivery
| AZ750SA_033117 |
132732
Table of Contents
| 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 & Chief Executive Officer 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. |
Table of Contents
| 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.
| Allianz Funds Multi-Strategy Trust | ||
| By: | /s/ Thomas J. Fuccillo | |
| Thomas J. Fuccillo | ||
| President & Chief Executive Officer | ||
| Date: | June 2, 2017 | |
| By: | /s/ Lawrence G. Altadonna | |
| Lawrence G. Altadonna | ||
| Treasurer, Principal Financial & Accounting Officer | ||
| Date: | June 2, 2017 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ Thomas J. Fuccillo | |
| Thomas J. Fuccillo | ||
| President & Chief Executive Officer | ||
| Date: | June 2, 2017 | |
| By: | /s/ Lawrence G. Altadonna | |
| Lawrence G. Altadonna | ||
| Treasurer, Principal Financial & Accounting Officer | ||
| Date: | June 2, 2017 | |