Allianz Global Investors Fund · Allianz Global Investors Fund - Allianz Target Return Bond1) ... c/o Allianz Global Investors GmbH, ... Allianz Euro Bond Strategy

Unaudited semi-annual reportas at 31 March 2015

Allianz Global Investors Fund

Allianz Global Investors GmbH(until 28 November 2014:Allianz Global Investors Europe GmbH)

Socit dInvestissement Capital VariableR.C.S. Luxembourg Nr. 71.182


General Information

Allianz Global Investors Fund (the Company) is incorporated under the laws of the Grand Duchy of Luxembourg as an open-ended investment company with variable share capital. The Company is authorised by the Commission de Surveillance du Secteur Financier as a Socit dInvestissement Capital Variable (SICAV) and registered pursuant to Part I of the Luxembourg amended Law of 17 December 2010 on Undertakings for Collective Investment. The Company was established on 9 August 1999.

The Company has launched different Subfunds (the Subfunds) and each Subfund has issued shares in a number of classes and currencies. The following Subfunds were available for subscription and redemption on 31 March 2015:

- Allianz Advanced Fixed Income Euro1)

- Allianz Advanced Fixed Income Short Duration1)

- Allianz Asia Pacific Equity- Allianz Asian Multi Income Plus- Allianz Asian Small Cap Equity1)

- Allianz Best Styles Emerging Markets Equity1)

- Allianz Best Styles Euroland Equity- Allianz Best Styles Europe Equity1)

- Allianz Best Styles Global Equity1)

- Allianz Best Styles Pacific Equity1)

- Allianz Best Styles US Equity1)

- Allianz Brazil Equity- Allianz BRIC Equity- Allianz China Equity- Allianz Convertible Bond1)

- Allianz Discovery Asia Strategy1)

- Allianz Discovery Europe Strategy1)

- Allianz Discovery Germany Strategy1)

- Allianz Dynamic Asian High Yield1)

- Allianz Dynamic Commodities1)

- Allianz Dynamic Multi Asset Plus1)

- Allianz Dynamic Multi Asset Strategy 151)



- Allianz Dynamic Risk Parity1)

- Allianz Emerging Asia Equity- Allianz Emerging Markets Bond Extra 20181)

- Allianz Emerging Markets Bond Extra 20201)

- Allianz Emerging Markets Equity Opportunities1)

- Allianz Emerging Markets Flexible Bond1)

- Allianz Emerging Markets Local Currency Bond1)

- Allianz Emerging Markets Short Duration Defensive Bond1)

- Allianz Enhanced Short Term Euro- Allianz Euro Bond1)

- Allianz Euro Bond Strategy1)

- Allianz Euro Credit SRI1)

- Allianz Euro High Yield Bond- Allianz Euro High Yield Defensive1)

- Allianz Euro Inflation-linked Bond1)

- Allianz Euro Investment Grade Bond Strategy1)

- Allianz Euroland Equity Growth- Allianz Euroland Equity SRI1)

- Allianz Europe Conviction Equity- Allianz Europe Equity Growth- Allianz Europe Equity Growth Select- Allianz Europe Equity Value1)

- Allianz Europe Mid Cap Equity1)

- Allianz Europe Small Cap Equity1)

- Allianz European Equity Dividend- Allianz Flexi Asia Bond- Allianz Flexible Bond Strategy1)

- Allianz Floating Rate Notes Plus1)

- Allianz German Equity1)

- Allianz Global Agricultural Trends- Allianz Global EcoTrends- Allianz Global Equity- Allianz Global Equity Selection1)

- Allianz Global Equity Unconstrained- Allianz Global Fundamental Strategy1)

- Allianz Global Hi-Tech Growth- Allianz Global Metals and Mining- Allianz Global Small Cap Equity- Allianz Global Sustainability- Allianz Greater China Dynamic- Allianz HKD Income- Allianz Hong Kong Equity- Allianz Income and Growth- Allianz India Equity- Allianz Indonesia Equity- Allianz Japan Equity- Allianz Korea Equity- Allianz Laufzeitfonds Extra 20191)

- Allianz Little Dragons- Allianz Merger Arbitrage Strategy1)

- Allianz Oriental Income- Allianz Renminbi Currency1)

- Allianz Renminbi Fixed Income1)

- Allianz Structured Alpha Strategy1)1) Not authorized in Hong Kong and not available to Hong Kong Residents.

RMB H-2 share class (for all Subfunds) is not authorized in Hong Kong and not available to Hong Kong Residents.


- Allianz Target Return Bond1)

- Allianz Target Return Bond US1)

- Allianz Thailand Equity- Allianz Tiger- Allianz Total Return Asian Equity- Allianz Treasury Short Term Plus Euro1)

- Allianz US Equity Dividend1)

- Allianz US Equity Fund- Allianz US High Yield- Allianz US Income- Allianz US Small Cap Equity1)

A separate pool of assets and separate accounting records are maintained for each Subfund.

The figures presented in this report relate to the period from 1 October 2014 to 31 March 2015. They should not necessarily be taken as an indication of the future development of the Subfunds.

Subscriptions are only valid if made on the basis of the current Prospectus, the Articles of Incorporation, the Key Investor Information Document supplemented by the latest available audited Annual Report. If the latest Annual Report was published more than eight months ago, then the most recent Semi-Annual Report must also be made available.

The Prospectus, the Articles of Incorporation, the Key Investor Information Document as well as the respective Annual and Semi-Annual Reports can be obtained from the Management Company, the Custodian and each Paying and Information Agent without charge.

Some transactions conducted in the reporting period do no longer appear in the Investment Portfolio. The Statement of Changes in the composition of the securities portfolio during the reference period is available free of charge on request at the registered office of the Company.

Allianz Global Investors Fund c/o Allianz Global Investors GmbH, Luxembourg Branch

6A, route de TrvesL-2633 SenningerbergInternet: www.allianzglobalinvestors.luE-Mail: [email protected]

1) Not authorized in Hong Kong and not available to Hong Kong Residents.

RMB H-2 share class (for all Subfunds) is not authorized in Hong Kong and not available to Hong Kong Residents.


Important notice to our Shareholders

Launch of new Subfunds

With the approval of the Luxembourg Supervisory Authority, the Board of Directors of Allianz Global Investors Fund (the Company) decided to launch the following new Subfunds:

with effect from 3 October 2014- Allianz Dynamic Asian High Yield

with effect from 28 October 2014- Allianz Emerging Markets Flexible Bond- Allianz Europe Equity Value

with effect from 4 December 2014- Allianz Dynamic Multi Asset Strategy 15

with effect from 16 December 2014- Allianz Emerging Markets Local Currency Bond

with effect from 13 January 2015- Allianz Euro Credit SRI

with effect from 16 January 2015- Allianz Dynamic Risk Parity

with effect from 20 January 2015- Allianz Best Styles Emerging Markets Equity

with effect from 27 January 2015- Allianz Emerging Markets Bond Extra 2020

with effect from 18 February 2015- Allianz Best Styles Pacific Equity

Merger of the Subfunds

With the approval of the Luxembourg Supervisory Authority, the Board of Directors of Allianz Global Investors Fund (the Company) decided to merge the following Subfunds:

with effect from 19 November 2014- ALLIANZ EURO INFLATION IC (EUR), ISIN FR0010072520 into

Allianz Euro Inflation-linked Bond AT (EUR), ISIN LU1073005974 of Allianz Global Investors Fund

and

- ALLIANZ EURO INFLATION RC (EUR), ISIN FR0010319848 into Allianz Euro Inflation-linked Bond AT (EUR), ISIN LU1073005974 of Allianz Global Investors Fund

with effect from 25 November 2014- Allianz Inflationsschutz A (EUR), ISIN LU0202944186 into

Allianz Euro Inflation-linked Bond A (EUR), ISIN LU0988442017 of Allianz Global Investors Fund

with effect from 26 November 2014- ALLIANZ MULTI ACTIONS EUROPE C (EUR), ISIN FR0007017389

into Allianz Europe Conviction Equity AT (EUR), ISIN LU0327455985 of Allianz Global Investors Fund

Renaming of Investment Company

The Board of Directors of Allianz Global Investors Fund (the Company) announces the renaming of the Management Company from Allianz Global Investors Europe GmbH into Allianz Global Investors GmbH targeted to become effective on or after 28 November 2014.

Following the renaming of the Management Company the Luxembourg Branch of the Management Company acting as Central Administration Agent will be renamed from Allianz Global Investors Europe GmbH, Luxembourg Branch into Allianz Global Investors GmbH, Luxembourg Branch on the same day.

The prospectus is accessible or available free of charge for the Shareholders at the registered office of the Company, the Management Company and the Information Agents in Luxembourg (State Street Bank Luxembourg S.A.) and in the Federal Republic of Germany (Allianz Global Investors GmbH).

Allianz Euro High Yield Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98

Allianz Euro High Yield Defensive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100

Allianz Euro Inflation-linked Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101

Allianz Euro Investment Grade Bond Strategy . . . . . . . . . . . . . . . . . . . . . . . . . 103

Allianz Euroland Equity Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105

Allianz Euroland Equity SRI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107

Allianz Europe Conviction Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109

Allianz Europe Equity Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111

Allianz Europe Equity Growth Select . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113

Allianz Europe Equity Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115

Allianz Europe Mid Cap Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116

Allianz Europe Small Cap Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118

Allianz European Equity Dividend . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120

Allianz Flexi Asia Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122

Allianz Flexible Bond Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124

Allianz Floating Rate Notes Plus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126

Allianz German Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128

Allianz Global Agricultural Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130

Allianz Global EcoTrends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132

Allianz Global Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134

Allianz Global Equity Selection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136

Allianz Global Equity Unconstrained . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138

Allianz Global Fundamental Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140

Allianz Global Hi-Tech Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142

Allianz Global Metals and Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144

Allianz Global Small Cap Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146

Allianz Global Sustainability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148

Allianz Greater China Dynamic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150

Allianz HKD Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152

Allianz Hong Kong Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154

Allianz Income and Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156

Allianz India Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158

Allianz Indonesia Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159

Allianz Japan Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160

Allianz Korea Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162

Allianz Laufzeitfonds Extra 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164

Allianz Little Dragons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166

Allianz Merger Arbitrage Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168

Allianz Oriental Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170

Allianz Renminbi Currency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172

Contents

Performance of the Subfunds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Managers Report and Subfund Assets

Allianz Advanced Fixed Income Euro . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

Allianz Advanced Fixed Income Short Duration . . . . . . . . . . . . . . . . . . . . . . . . 28

Allianz Asia Pacific Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

Allianz Asian Multi Income Plus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

Allianz Asian Small Cap Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

Allianz Best Styles Emerging Markets Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

Allianz Best Styles Euroland Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

Allianz Best Styles Europe Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

Allianz Best Styles Global Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42

Allianz Best Styles Pacific Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44

Allianz Best Styles US Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

Allianz Brazil Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

Allianz BRIC Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50

Allianz China Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

Allianz Convertible Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54

Allianz Discovery Asia Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56

Allianz Discovery Europe Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

Allianz Discovery Germany Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60

Allianz Dynamic Asian High Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

Allianz Dynamic Commodities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64

Allianz Dynamic Multi Asset Plus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66

Allianz Dynamic Multi Asset Strategy 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68



Allianz Dynamic Risk Parity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74

Allianz Emerging Asia Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76

Allianz Emerging Markets Bond Extra 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . 78


Allianz Emerging Markets Equity Opportunities . . . . . . . . . . . . . . . . . . . . . . . . 82

Allianz Emerging Markets Flexible Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84

Allianz Emerging Markets Local Currency Bond . . . . . . . . . . . . . . . . . . . . . . . . 86

Allianz Emerging Markets Short Duration Defensive Bond . . . . . . . . . . . . . . 88

Allianz Enhanced Short Term Euro . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90

Allianz Euro Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92

Allianz Euro Bond Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94

Allianz Euro Credit SRI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96

Allianz Renminbi Fixed Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174

Allianz Structured Alpha Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176

Allianz Target Return Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178

Allianz Target Return Bond US . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180

Allianz Thailand Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182

Allianz Tiger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184

Allianz Total Return Asian Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186

Allianz Treasury Short Term Plus Euro . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188

Allianz US Equity Dividend . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190

Allianz US Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192

Allianz US High Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194

Allianz US Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197

Allianz US Small Cap Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199

Combined Financial Statements of the Company

Financial Statements of the Subfunds

Investment Portfolios

Statement of Net Assets

Statement of Changes in Net Assets

Statement of Changes in Shares

Allianz Advanced Fixed Income Euro . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203

Allianz Advanced Fixed Income Short Duration . . . . . . . . . . . . . . . . . . . . . . . . 213

Allianz Asia Pacific Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221

Allianz Asian Multi Income Plus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 226

Allianz Asian Small Cap Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 230

Allianz Best Styles Emerging Markets Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . 235

Allianz Best Styles Euroland Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241

Allianz Best Styles Europe Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247

Allianz Best Styles Global Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 253

Allianz Best Styles Pacific Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 262

Allianz Best Styles US Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 268

Allianz Brazil Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 278

Allianz BRIC Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 283

Allianz China Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 288

Allianz Convertible Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 295

Allianz Discovery Asia Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 301

Allianz Discovery Europe Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 304

Allianz Discovery Germany Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 311

Allianz Dynamic Asian High Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315

Allianz Dynamic Commodities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 319

Allianz Dynamic Multi Asset Plus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 323




Allianz Dynamic Risk Parity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 347

Allianz Emerging Asia Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 352



Allianz Emerging Markets Equity Opportunities . . . . . . . . . . . . . . . . . . . . . . . . 369

Allianz Emerging Markets Flexible Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 374

Allianz Emerging Markets Local Currency Bond . . . . . . . . . . . . . . . . . . . . . . . . 378

Allianz Emerging Markets Short Duration Defensive Bond . . . . . . . . . . . . . . 382

Allianz Enhanced Short Term Euro . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 387

Allianz Euro Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 394

Allianz Euro Bond Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 401

Allianz Euro Credit SRI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 409

Allianz Euro High Yield Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 416

Allianz Euro High Yield Defensive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 427

Allianz Euro Inflation-linked Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 434

Allianz Euro Investment Grade Bond Strategy . . . . . . . . . . . . . . . . . . . . . . . . . 439

Allianz Euroland Equity Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 447

Allianz Euroland Equity SRI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 454

Allianz Europe Conviction Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 459

Allianz Europe Equity Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 463

Allianz Europe Equity Growth Select . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 472

Allianz Europe Equity Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 479

Allianz Europe Mid Cap Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 483

Allianz Europe Small Cap Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 487

Allianz European Equity Dividend . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 493

Allianz Flexi Asia Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 502

Allianz Flexible Bond Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 511

Allianz Floating Rate Notes Plus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 525

Allianz German Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 530

Allianz Global Agricultural Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 535

Allianz Global EcoTrends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 539

Allianz Global Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 544

Allianz Global Equity Selection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 549

Allianz Global Equity Unconstrained . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 552

Allianz Global Fundamental Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 555

Allianz Global Hi-Tech Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 561

Allianz Global Metals and Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 564

Allianz Global Small Cap Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 569

Allianz Global Sustainability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 577

Allianz Greater China Dynamic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 581

Allianz HKD Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 586

Allianz Hong Kong Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 591

Allianz Income and Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 597

Allianz India Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 614

Allianz Indonesia Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 618

Allianz Japan Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 622

Allianz Korea Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 627

Allianz Laufzeitfonds Extra 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 630

Allianz Little Dragons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 637

Allianz Merger Arbitrage Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 641

Allianz Oriental Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 647

Allianz Renminbi Currency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 655

Allianz Renminbi Fixed Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 662

Allianz Structured Alpha Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 670

Allianz Target Return Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 677

Allianz Target Return Bond US . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 681

Allianz Thailand Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 685

Allianz Tiger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 689

Allianz Total Return Asian Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 693

Allianz Treasury Short Term Plus Euro . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700

Allianz US Equity Dividend . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 707

Allianz US Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 711

Allianz US High Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 718

Allianz US Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 730

Allianz US Small Cap Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 734

Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 740

Note for investors in Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 751

Note for investors in the Federal Republic of Germany . . . . . . . . . . . . . . . . . . 765

Note for investors in the Republic of Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . 766

Directory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 767

4


Performance of the Subfunds

PerformanceName of the Subfund Share Class Launch date Initial Subscription Price Liquidation/ NAV per share at Current financial year 1 year 2 years 3 years 5 years 10 years Since launch

Merger date liquidation/merger date (30/09/2014- (30/09/2013- (30/09/2012- (30/09/2011- (30/09/2009- (30/09/2004- (Launch date -31/03/2015) 1) 30/09/2014) 30/09/2014) 30/09/2014) 30/09/2014) 30/09/2014) 30/09/2014) 1)

% % % % % % %Allianz Advanced Fixed Income Euro IT (EUR) 10/10/2012 1,000.00 2,75 8.09 11.38

W (EUR) 06/03/2012 1,000.00 2,82 8.17 12.01 16.52

Allianz Advanced Fixed Income Short Duration A (EUR) 26/03/2013 100.00 0,57 3.37 4.13

Euro Reserve Plus P+G A2 (EUR) 12/06/2014 100.00 0,58 0.52

Euro Reserve Plus WM P (EUR) 12/06/2014 1,000.00 0,65 0.58

W (EUR) 08/01/2013 1,000.00 0,79 3.81 5.03

Allianz Asia Pacific Equity A (EUR) 11/01/2005 10.00 23,78 17.32 17.98 41.62 49.82 131.42

I (EUR) 11/01/2005 10.00 24,28 18.35 20.07 45.42 56.53 149.89

A (USD) 11/03/2005 10.00 4,98 9.89 15.34 32.15 29.62 97.58

I (USD) 11/01/2005 10.00 5,33 10.89 17.33 35.89 35.19 140.34

Allianz Asian Multi Income Plus AM (H2-AUD) 15/09/2014 10.00 0,33 -2.10

AM (HKD) 16/08/2011 10.00 -0,90 1.65 2.60 13.27 5.77

AM (USD) 17/05/2010 10.00 -0,70 1.36 2.39 13.68 21.61

AT (USD) 21/10/2011 10.00 -0,79 1.52 2.62 13.60

IT (USD) 15/07/2009 10.00 -0,47 2.14 3.79 15.99 36.78 48.00

Allianz Asian Small Cap Equity AT (USD) 13/05/2014 10.00 1,00 0.40

IT (USD) 13/05/2014 1,000.00 1,53 0.85

WT3 (USD) 13/05/2014 1,000.00 1,16 0.75

Allianz Best Styles Emerging Markets Equity I (USD) 20/01/2015 1,000.00 0,61 Allianz Best Styles Euroland Equity A (EUR) 31/05/2010 100.00 17,28 11.98 33.65 56.29 35.73

AT (EUR) 04/06/2007 10.00 17,27 12.03 33.70 56.10 24.02 -14.30

CT (EUR) 04/06/2007 10.00 16,97 11.34 32.21 53.92 20.97 -17.50

I (EUR) 12/07/2005 10.00 17,66 12.68 35.37 59.24 28.00 33.40

Allianz Best Styles Europe Equity AT (EUR) 13/10/2014 100.00 27,23

I (EUR) 11/03/2014 1,000.00 19,70 4.07

WT (EUR) 12/08/2014 1,000.00 19,75 4.25

Allianz Best Styles Global Equity A (EUR) 27/06/2014 100.00 24,20 5.46

IT (H-EUR) 15/10/2014 1,000.00 17,28

P (EUR) 15/05/2014 1,000.00 24,54 9.56

RT (EUR) 24/02/2015 100.00 4,79

W (EUR) 06/08/2013 1,000.00 24,69 22.81 21.29

XT (EUR) 12/12/2013 1,000.00 24,88 18.72

RT (GBP) 15/12/2014 100.00 12,23

Allianz Best Styles Pacific Equity I (EUR) 18/03/2015 1,000.00 -1,16 Allianz Best Styles US Equity A (EUR) 12/01/2015 100.00 12,56

AT (EUR) 06/06/2013 100.00 25,38 27.78 30.12

AT (H2-EUR) 06/06/2013 100.00 6,41 19.50 24.04

W (EUR) 12/01/2015 1,000.00 12,94

W (H2-EUR) 04/12/2013 1,000.00 6,50 11.80

WT (EUR) 04/11/2013 1,000.00 25,55 21.89

WT (H-EUR) 04/11/2013 1,000.00 7,48 14.55

RT (GBP) 15/12/2014 100.00 11,27

I (USD) 04/12/2013 1,000.00 6,68 11.55

P2 (USD) 12/11/2014 100.00 3,69

WT (USD) 17/07/2012 1,000.00 6,78 20.19 40.73 49.87

Allianz Brazil Equity AT (EUR) 06/10/2010 100.00 -9,86 -0.37 -13.74 -4.59 -27.66

A (GBP) 06/10/2010 100.00 -15,93 -7.06 -15.76 -14.41 -35.36

AT (USD) 06/10/2010 10.00 -23,52 -6.66 -15.73 -10.95 -34.10

5




% % % % % % %Allianz Advanced Fixed Income Euro IT (EUR) 10/10/2012 1,000.00 2,75 8.09 11.38

W (EUR) 06/03/2012 1,000.00 2,82 8.17 12.01 16.52

Allianz Advanced Fixed Income Short Duration A (EUR) 26/03/2013 100.00 0,57 3.37 4.13

Euro Reserve Plus P+G A2 (EUR) 12/06/2014 100.00 0,58 0.52

Euro Reserve Plus WM P (EUR) 12/06/2014 1,000.00 0,65 0.58

W (EUR) 08/01/2013 1,000.00 0,79 3.81 5.03

Allianz Asia Pacific Equity A (EUR) 11/01/2005 10.00 23,78 17.32 17.98 41.62 49.82 131.42

I (EUR) 11/01/2005 10.00 24,28 18.35 20.07 45.42 56.53 149.89

A (USD) 11/03/2005 10.00 4,98 9.89 15.34 32.15 29.62 97.58

I (USD) 11/01/2005 10.00 5,33 10.89 17.33 35.89 35.19 140.34

Allianz Asian Multi Income Plus AM (H2-AUD) 15/09/2014 10.00 0,33 -2.10

AM (HKD) 16/08/2011 10.00 -0,90 1.65 2.60 13.27 5.77

AM (USD) 17/05/2010 10.00 -0,70 1.36 2.39 13.68 21.61

AT (USD) 21/10/2011 10.00 -0,79 1.52 2.62 13.60

IT (USD) 15/07/2009 10.00 -0,47 2.14 3.79 15.99 36.78 48.00

Allianz Asian Small Cap Equity AT (USD) 13/05/2014 10.00 1,00 0.40

IT (USD) 13/05/2014 1,000.00 1,53 0.85

WT3 (USD) 13/05/2014 1,000.00 1,16 0.75

Allianz Best Styles Emerging Markets Equity I (USD) 20/01/2015 1,000.00 0,61 Allianz Best Styles Euroland Equity A (EUR) 31/05/2010 100.00 17,28 11.98 33.65 56.29 35.73

AT (EUR) 04/06/2007 10.00 17,27 12.03 33.70 56.10 24.02 -14.30

CT (EUR) 04/06/2007 10.00 16,97 11.34 32.21 53.92 20.97 -17.50

I (EUR) 12/07/2005 10.00 17,66 12.68 35.37 59.24 28.00 33.40

Allianz Best Styles Europe Equity AT (EUR) 13/10/2014 100.00 27,23

I (EUR) 11/03/2014 1,000.00 19,70 4.07

WT (EUR) 12/08/2014 1,000.00 19,75 4.25

Allianz Best Styles Global Equity A (EUR) 27/06/2014 100.00 24,20 5.46

IT (H-EUR) 15/10/2014 1,000.00 17,28

P (EUR) 15/05/2014 1,000.00 24,54 9.56

RT (EUR) 24/02/2015 100.00 4,79

W (EUR) 06/08/2013 1,000.00 24,69 22.81 21.29

XT (EUR) 12/12/2013 1,000.00 24,88 18.72

RT (GBP) 15/12/2014 100.00 12,23

Allianz Best Styles Pacific Equity I (EUR) 18/03/2015 1,000.00 -1,16 Allianz Best Styles US Equity A (EUR) 12/01/2015 100.00 12,56

AT (EUR) 06/06/2013 100.00 25,38 27.78 30.12

AT (H2-EUR) 06/06/2013 100.00 6,41 19.50 24.04

W (EUR) 12/01/2015 1,000.00 12,94

W (H2-EUR) 04/12/2013 1,000.00 6,50 11.80

WT (EUR) 04/11/2013 1,000.00 25,55 21.89

WT (H-EUR) 04/11/2013 1,000.00 7,48 14.55

RT (GBP) 15/12/2014 100.00 11,27

I (USD) 04/12/2013 1,000.00 6,68 11.55

P2 (USD) 12/11/2014 100.00 3,69

WT (USD) 17/07/2012 1,000.00 6,78 20.19 40.73 49.87

Allianz Brazil Equity AT (EUR) 06/10/2010 100.00 -9,86 -0.37 -13.74 -4.59 -27.66

A (GBP) 06/10/2010 100.00 -15,93 -7.06 -15.76 -14.41 -35.36

AT (USD) 06/10/2010 10.00 -23,52 -6.66 -15.73 -10.95 -34.10

6




% % % % % % %Allianz BRIC Equity AT (EUR) 15/06/2007 100.00 18,59 7.53 -0.71 11.06 5.33 -22.15

CT (EUR) 29/05/2007 100.00 18,14 6.71 -2.20 8.57 1.46 -22.76

I (EUR) 29/05/2007 1,000.00 19,18 8.61 1.30 14.43 10.70 -12.32

AT (HUF) 17/08/2010 25,000.00 14,19 12.02 8.74 18.25 -3.15

AT (USD) 25/02/2008 10.00 0,70 0.53 -3.06 3.64 -9.24 -43.00

Allianz China Equity PT (AUD) 30/03/2012 1,000.00 34,12 13.56 42.33 37.83

AT (H2-RMB) 11/04/2012 10.00 18,38 6.40 20.67 19.70

A (EUR) 13/01/2011 100.00 37,39 12.00 18.92 43.40 -5.46

CT (EUR) 02/10/2009 100.00 36,58 11.57 17.61 40.56 31.34

PT (EUR) 05/11/2012 1,000.00 37,90 13.51 12.40

A (GBP) 09/06/2009 100.00 27,72 4.65 16.29 28.78 13.09 29.70

P (GBP) 20/12/2012 1,000.00 28,70 5.78 8.16

RT (GBP) 15/12/2014 100.00 20,49

A (HKD) 03/01/2011 10.00 16,13 5.36 16.58 33.84 -7.52

WT (HKD) 13/08/2012 1,000.00 16,86 6.80 19.85 23.85

AT (SGD) 11/08/2009 10.00 25,89 7.17 21.97 33.33 5.50 1.60

A (USD) 03/10/2008 29.44 16,26 5.22 16.48 34.27 14.76 64.38

AT (USD) 13/01/2011 10.00 16,28 5.21 16.39 34.07 -9.10

IT (USD) 19/01/2009 1,000.00 16,82 6.29 18.86 38.40 20.67 108.19

N (USD) 16/12/2010 1,000.00 16,99 6.61 19.59 39.67 -0.62

P (USD) 21/01/2013 1,000.00 16,80 6.24 3.22

Allianz Convertible Bond A (EUR) 31/01/2012 100.00 10,64 2.75 13.59 22.03

AT (EUR) 31/01/2012 100.00 10,64 2.75 13.56 22.07

IT (EUR) 31/01/2012 1,000.00 10,96 3.38 14.97 24.04

PT (EUR) 23/10/2013 1,000.00 10,94 2.19

WT (EUR) 14/03/2014 1,000.00 11,09 1.23

Allianz Discovery Asia Strategy I (USD) 11/02/2014 1,000.00 2,54 -1.22

P (USD) 29/04/2014 1,000.00 2,71 -2.43

Allianz Discovery Europe Strategy PT (H2-CHF) 17/06/2014 100.00 -2,60 0.90

A (EUR) 20/10/2009 100.00 -3,09 4.86 10.67 20.82 16.44

AT (EUR) 30/01/2015 100.00 1,02

I (EUR) 20/10/2009 1,000.00 -2,78 5.01 11.49 22.93 19.97

P (EUR) 31/07/2012 1,000.00 -2,79 4.94 11.41 11.49

R (EUR) 23/03/2015 100.00 0,19

RT (EUR) 23/03/2015 100.00 0,20

WT (EUR) 12/03/2013 1,000.00 -3,48 4.49 6.69

IT (H2-SEK) 20/05/2014 10,000.00 -2,73 3.11

Allianz Discovery Germany Strategy A (EUR) 03/06/2014 100.00 2,37 0.21

I (EUR) 11/10/2011 1,000.00 2,74 2.38 12.44 17.02

P (EUR) 28/01/2014 1,000.00 2,89 -0.18

Allianz Dynamic Asian High Yield I (H2-EUR) 03/10/2014 1,000.00 -0,06

W (USD) 03/10/2014 1,000.00 0,10

Allianz Dynamic Commodities A (EUR) 03/03/2014 100.00 -17,56 -9.45

I (EUR) 26/10/2010 1,000.00 -17,26 -10.89 -25.22 -28.97 -29.64

Allianz Dynamic Multi Asset Plus A (H2-EUR) 13/12/2010 100.00 2,56 5.33 12.08 18.25 8.65

I (H2-JPY) 15/02/2012 200,000.00 2,98 5.80 13.88 17.04

Allianz Dynamic Multi Asset Strategy 15 A (EUR) 04/12/2014 100.00 5,07

I (EUR) 27/08/2014 1,000.00 7,93 -0.21

7




% % % % % % %Allianz BRIC Equity AT (EUR) 15/06/2007 100.00 18,59 7.53 -0.71 11.06 5.33 -22.15

CT (EUR) 29/05/2007 100.00 18,14 6.71 -2.20 8.57 1.46 -22.76

I (EUR) 29/05/2007 1,000.00 19,18 8.61 1.30 14.43 10.70 -12.32

AT (HUF) 17/08/2010 25,000.00 14,19 12.02 8.74 18.25 -3.15

AT (USD) 25/02/2008 10.00 0,70 0.53 -3.06 3.64 -9.24 -43.00

Allianz China Equity PT (AUD) 30/03/2012 1,000.00 34,12 13.56 42.33 37.83

AT (H2-RMB) 11/04/2012 10.00 18,38 6.40 20.67 19.70

A (EUR) 13/01/2011 100.00 37,39 12.00 18.92 43.40 -5.46

CT (EUR) 02/10/2009 100.00 36,58 11.57 17.61 40.56 31.34

PT (EUR) 05/11/2012 1,000.00 37,90 13.51 12.40

A (GBP) 09/06/2009 100.00 27,72 4.65 16.29 28.78 13.09 29.70

P (GBP) 20/12/2012 1,000.00 28,70 5.78 8.16

RT (GBP) 15/12/2014 100.00 20,49

A (HKD) 03/01/2011 10.00 16,13 5.36 16.58 33.84 -7.52

WT (HKD) 13/08/2012 1,000.00 16,86 6.80 19.85 23.85

AT (SGD) 11/08/2009 10.00 25,89 7.17 21.97 33.33 5.50 1.60

A (USD) 03/10/2008 29.44 16,26 5.22 16.48 34.27 14.76 64.38

AT (USD) 13/01/2011 10.00 16,28 5.21 16.39 34.07 -9.10

IT (USD) 19/01/2009 1,000.00 16,82 6.29 18.86 38.40 20.67 108.19

N (USD) 16/12/2010 1,000.00 16,99 6.61 19.59 39.67 -0.62

P (USD) 21/01/2013 1,000.00 16,80 6.24 3.22

Allianz Convertible Bond A (EUR) 31/01/2012 100.00 10,64 2.75 13.59 22.03

AT (EUR) 31/01/2012 100.00 10,64 2.75 13.56 22.07

IT (EUR) 31/01/2012 1,000.00 10,96 3.38 14.97 24.04

PT (EUR) 23/10/2013 1,000.00 10,94 2.19

WT (EUR) 14/03/2014 1,000.00 11,09 1.23

Allianz Discovery Asia Strategy I (USD) 11/02/2014 1,000.00 2,54 -1.22

P (USD) 29/04/2014 1,000.00 2,71 -2.43

Allianz Discovery Europe Strategy PT (H2-CHF) 17/06/2014 100.00 -2,60 0.90

A (EUR) 20/10/2009 100.00 -3,09 4.86 10.67 20.82 16.44

AT (EUR) 30/01/2015 100.00 1,02

I (EUR) 20/10/2009 1,000.00 -2,78 5.01 11.49 22.93 19.97

P (EUR) 31/07/2012 1,000.00 -2,79 4.94 11.41 11.49

R (EUR) 23/03/2015 100.00 0,19

RT (EUR) 23/03/2015 100.00 0,20

WT (EUR) 12/03/2013 1,000.00 -3,48 4.49 6.69

IT (H2-SEK) 20/05/2014 10,000.00 -2,73 3.11

Allianz Discovery Germany Strategy A (EUR) 03/06/2014 100.00 2,37 0.21

I (EUR) 11/10/2011 1,000.00 2,74 2.38 12.44 17.02

P (EUR) 28/01/2014 1,000.00 2,89 -0.18

Allianz Dynamic Asian High Yield I (H2-EUR) 03/10/2014 1,000.00 -0,06

W (USD) 03/10/2014 1,000.00 0,10

Allianz Dynamic Commodities A (EUR) 03/03/2014 100.00 -17,56 -9.45

I (EUR) 26/10/2010 1,000.00 -17,26 -10.89 -25.22 -28.97 -29.64

Allianz Dynamic Multi Asset Plus A (H2-EUR) 13/12/2010 100.00 2,56 5.33 12.08 18.25 8.65

I (H2-JPY) 15/02/2012 200,000.00 2,98 5.80 13.88 17.04

Allianz Dynamic Multi Asset Strategy 15 A (EUR) 04/12/2014 100.00 5,07

I (EUR) 27/08/2014 1,000.00 7,93 -0.21

8




% % % % % % %Allianz Dynamic Multi Asset Strategy 50 A (EUR) 19/03/2014 100.00 12,23 10.84

AT (EUR) 03/09/2014 100.00 12,30 0.35

CT (EUR) 04/06/2014 100.00 11,81 5.65

I (EUR) 04/12/2014 1,000.00 8,39

IT (EUR) 03/09/2014 1,000.00 12,53 0.40

W (EUR) 11/03/2014 1,000.00 12,73 10.89

Allianz Dynamic Multi Asset Strategy 75 I (EUR) 27/08/2014 1,000.00 17,05 0.73Allianz Dynamic Risk Parity W2 (EUR) 16/01/2015 1,000.00 4,31 Allianz Emerging Asia Equity AT (H2-EUR) 26/02/2015 100.00 0,89

AT (HKD) 01/03/2011 10.00 6,77 19.55 26.67 46.61 21.10

A (USD) 03/10/2008 28.18 6,98 19.17 26.45 47.10 89.64 109.96

IT (USD) 27/06/2013 1,000.00 7,50 20.37 26.97

WT (USD) 12/01/2015 1,000.00 5,24

Allianz Emerging Markets Bond Extra 2018 A (EUR) 08/04/2014 100.00 -3,16 0.88

AT (EUR) 08/04/2014 100.00 -3,19 0.89

I (EUR) 08/04/2014 1,000.00 -3,01 1.08

IT (EUR) 08/04/2014 1,000.00 -3,01 1.10

P (EUR) 08/04/2014 1,000.00 -3,01 1.04

A (H2-USD) 08/04/2014 10.00 -2,96 0.90

Allianz Emerging Markets Bond Extra 2020 A (EUR) 27/01/2015 100.00 1,86

I (EUR) 27/01/2015 1,000.00 1,93

P (EUR) 27/01/2015 1,000.00 1,93

A (H2-USD) 27/01/2015 10.00 1,80

Allianz Emerging Markets Equity Opportunities WT (EUR) 14/01/2014 1,000.00 15/10/2014 1,079.68 -1,29 9.38

WT2 (EUR) 15/10/2014 1,000.00 22,20

Allianz Emerging Markets Flexible Bond I (H2-EUR) 28/10/2014 1,000.00 -1,72

RT (H2-EUR) 16/12/2014 100.00 4,20

R (H-GBP) 15/12/2014 100.00 3,30

I (USD) 28/10/2014 1,000.00 -1,72

Allianz Emerging Markets Local Currency Bond I (USD) 16/12/2014 1,000.00 -3,72 Allianz Emerging Markets Short Duration Defensive Bond AM (H2-EUR) 04/06/2014 10.00 -4,08 -0.93

AT (H2-EUR) 12/08/2014 100.00 -3,97 -0.49

CT (H2-EUR) 04/06/2014 100.00 -4,25 -1.04

I (H2-EUR) 01/04/2014 1,000.00 -3,83 1.54

P2 (H2-EUR) 04/06/2014 1,000.00 -3,83 -0.76

W2 (H2-EUR) 15/04/2014 1,000.00 -3,85 1.18

P (H2-GBP) 12/08/2014 1,000.00 -3,55 -0.37

Allianz Enhanced Short Term Euro S (H2-AUD) 07/10/2011 100.00 1,32 2.79 6.20 12.20

AT (EUR) 01/10/2008 100.00 -0,11 0.24 0.56 2.29 4.24 8.96

CT (EUR) 16/02/2009 100.00 -0,13 0.20 0.47 2.15 3.99 5.94

I (EUR) 17/04/2007 1,000.00 0,02 0.43 0.92 2.61 4.95 16.17

IT (EUR) 16/02/2009 1,000.00 0,03 0.43 0.90 2.60 4.88 6.65

W (EUR) 09/10/2014 1,000.00 0,12

S (H2-NOK) 07/10/2011 1,000.00 0,62 1.63 3.59 6.86

Allianz Euro Bond A (EUR) 02/01/2004 10.00 5,63 10.22 13.54 28.10 38.54 45.24 51.26

AT (EUR) 23/04/2003 10.00 5,72 10.12 13.49 27.96 38.56 45.28 55.60

CT (EUR) 31/07/2007 10.00 5,64 10.02 13.36 27.70 37.89 38.30

I (EUR) 23/04/2003 10.00 5,99 10.91 15.00 30.43 42.97 54.58 66.98

9




% % % % % % %Allianz Dynamic Multi Asset Strategy 50 A (EUR) 19/03/2014 100.00 12,23 10.84

AT (EUR) 03/09/2014 100.00 12,30 0.35

CT (EUR) 04/06/2014 100.00 11,81 5.65

I (EUR) 04/12/2014 1,000.00 8,39

IT (EUR) 03/09/2014 1,000.00 12,53 0.40

W (EUR) 11/03/2014 1,000.00 12,73 10.89

Allianz Dynamic Multi Asset Strategy 75 I (EUR) 27/08/2014 1,000.00 17,05 0.73Allianz Dynamic Risk Parity W2 (EUR) 16/01/2015 1,000.00 4,31 Allianz Emerging Asia Equity AT (H2-EUR) 26/02/2015 100.00 0,89

AT (HKD) 01/03/2011 10.00 6,77 19.55 26.67 46.61 21.10

A (USD) 03/10/2008 28.18 6,98 19.17 26.45 47.10 89.64 109.96

IT (USD) 27/06/2013 1,000.00 7,50 20.37 26.97

WT (USD) 12/01/2015 1,000.00 5,24

Allianz Emerging Markets Bond Extra 2018 A (EUR) 08/04/2014 100.00 -3,16 0.88

AT (EUR) 08/04/2014 100.00 -3,19 0.89

I (EUR) 08/04/2014 1,000.00 -3,01 1.08

IT (EUR) 08/04/2014 1,000.00 -3,01 1.10

P (EUR) 08/04/2014 1,000.00 -3,01 1.04

A (H2-USD) 08/04/2014 10.00 -2,96 0.90

Allianz Emerging Markets Bond Extra 2020 A (EUR) 27/01/2015 100.00 1,86

I (EUR) 27/01/2015 1,000.00 1,93

P (EUR) 27/01/2015 1,000.00 1,93

A (H2-USD) 27/01/2015 10.00 1,80

Allianz Emerging Markets Equity Opportunities WT (EUR) 14/01/2014 1,000.00 15/10/2014 1,079.68 -1,29 9.38

WT2 (EUR) 15/10/2014 1,000.00 22,20

Allianz Emerging Markets Flexible Bond I (H2-EUR) 28/10/2014 1,000.00 -1,72

RT (H2-EUR) 16/12/2014 100.00 4,20

R (H-GBP) 15/12/2014 100.00 3,30

I (USD) 28/10/2014 1,000.00 -1,72

Allianz Emerging Markets Local Currency Bond I (USD) 16/12/2014 1,000.00 -3,72 Allianz Emerging Markets Short Duration Defensive Bond AM (H2-EUR) 04/06/2014 10.00 -4,08 -0.93

AT (H2-EUR) 12/08/2014 100.00 -3,97 -0.49

CT (H2-EUR) 04/06/2014 100.00 -4,25 -1.04

I (H2-EUR) 01/04/2014 1,000.00 -3,83 1.54

P2 (H2-EUR) 04/06/2014 1,000.00 -3,83 -0.76

W2 (H2-EUR) 15/04/2014 1,000.00 -3,85 1.18

P (H2-GBP) 12/08/2014 1,000.00 -3,55 -0.37

Allianz Enhanced Short Term Euro S (H2-AUD) 07/10/2011 100.00 1,32 2.79 6.20 12.20

AT (EUR) 01/10/2008 100.00 -0,11 0.24 0.56 2.29 4.24 8.96

CT (EUR) 16/02/2009 100.00 -0,13 0.20 0.47 2.15 3.99 5.94

I (EUR) 17/04/2007 1,000.00 0,02 0.43 0.92 2.61 4.95 16.17

IT (EUR) 16/02/2009 1,000.00 0,03 0.43 0.90 2.60 4.88 6.65

W (EUR) 09/10/2014 1,000.00 0,12

S (H2-NOK) 07/10/2011 1,000.00 0,62 1.63 3.59 6.86

Allianz Euro Bond A (EUR) 02/01/2004 10.00 5,63 10.22 13.54 28.10 38.54 45.24 51.26

AT (EUR) 23/04/2003 10.00 5,72 10.12 13.49 27.96 38.56 45.28 55.60

CT (EUR) 31/07/2007 10.00 5,64 10.02 13.36 27.70 37.89 38.30

I (EUR) 23/04/2003 10.00 5,99 10.91 15.00 30.43 42.97 54.58 66.98

10




% % % % % % %Allianz Euro Bond (continued) IT (EUR) 18/09/2014 1,000.00 6,01 0.51

Allianz Euro Bond Strategy C (EUR) 09/02/2010 100.00 5,81 10.31 12.23 19.36 24.03

CT (EUR) 09/02/2010 100.00 5,81 10.30 12.23 19.35 24.00

IT (EUR) 09/02/2010 1,000.00 6,12 10.95 13.54 21.45 27.42

Allianz Euro Credit SRI A (EUR) 13/01/2015 100.00 1,55

AT (EUR) 02/02/2015 100.00 0,53

I (EUR) 13/01/2015 1,000.00 1,68

R (EUR) 13/01/2015 100.00 1,65

W (EUR) 13/01/2015 1,000.00 1,71

Allianz Euro High Yield Bond WQ (CZK) 20/03/2015 30,000.00 0,57

A (EUR) 09/02/2010 100.00 4,04 6.36 15.31 41.25 40.70

AM (EUR) 01/03/2013 10.00 4,04 6.43 9.18

AT (EUR) 09/02/2010 100.00 4,03 6.36 15.31 41.26 40.79

IT (EUR) 09/02/2010 1,000.00 4,35 7.00 16.71 43.82 44.75

P (EUR) 09/01/2013 1,000.00 4,32 6.95 9.03

WT (EUR) 12/12/2013 1,000.00 4,50 4.25

AT (H2-PLN) 18/07/2011 400.00 4,99 8.74 21.95 55.17 36.44

AM (H2-USD) 01/03/2013 10.00 4,02 6.41 9.49

Allianz Euro High Yield Defensive AT (EUR) 13/12/2012 100.00 3,94 6.04 9.58

I (EUR) 09/10/2012 1,000.00 4,25 6.67 13.76

Allianz Euro Inflation-linked Bond A (EUR) 02/10/2014 100.00 5,42

AT (EUR) 02/10/2014 100.00 5,40

WT (EUR) 18/03/2014 1,000.00 5,86 5.93

Allianz Euro Investment Grade Bond Strategy I (EUR) 01/07/2013 1,000.00 3,67 9.72 11.66

IT (EUR) 20/03/2012 1,000.00 3,67 9.62 16.13 21.06

Allianz Euroland Equity Growth AT (H2-CHF) 04/12/2013 100.00 27,75 2.79

A (EUR) 16/10/2006 100.00 28,41 5.03 18.88 57.33 80.29 56.09

AT (EUR) 16/10/2006 100.00 28,41 5.02 18.88 57.32 80.30 55.98

CT (EUR) 02/11/2006 100.00 27,92 4.25 17.11 53.82 73.67 49.53

I (EUR) 04/10/2006 1,000.00 28,97 5.96 21.02 61.57 88.43 70.08

IT (EUR) 04/10/2006 1,000.00 28,97 5.96 21.02 61.57 88.44 70.09

W (EUR) 02/10/2006 1,000.00 29,16 6.28 21.75 63.03 91.28 70.87

WT (EUR) 28/11/2012 1,000.00 29,16 6.28 18.34

AT (H2-GBP) 04/12/2013 100.00 28,30 2.96

AT (H2-USD) 04/12/2013 10.00 27,79 2.90

Allianz Euroland Equity SRI A (EUR) 26/10/2010 100.00 19,62 7.03 26.14 47.51 15.93

W (EUR) 26/10/2010 1,000.00 20,32 8.31 29.19 52.80 21.38

Allianz Europe Conviction Equity A (EUR) 07/11/2008 100.00 19,32 10.83 26.55 55.73 43.85 62.49

AT (EUR) 17/11/2014 100.00 22,68

WT (EUR) 12/08/2014 1,000.00 19,98 3.34

Allianz Europe Equity Growth PT (AUD) 30/03/2012 1,000.00 22,45 10.25 48.79 55.37

AT (H-CHF) 22/10/2012 100.00 20,95 7.25 23.77

A (EUR) 16/10/2006 100.00 25,14 9.28 25.34 65.20 106.58 89.65

AT (EUR) 16/10/2006 100.00 25,14 9.28 25.34 65.20 106.58 89.70

CT (EUR) 02/11/2006 100.00 24,67 8.47 23.48 61.54 98.99 78.45

I (EUR) 04/10/2006 1,000.00 25,69 10.26 27.61 69.68 115.93 108.78

IT (EUR) 04/10/2006 1,000.00 25,69 10.26 27.60 69.67 115.92 108.76

P (EUR) 15/06/2012 1,000.00 25,66 10.22 27.50 42.73

11




% % % % % % %Allianz Euro Bond (continued) IT (EUR) 18/09/2014 1,000.00 6,01 0.51

Allianz Euro Bond Strategy C (EUR) 09/02/2010 100.00 5,81 10.31 12.23 19.36 24.03

CT (EUR) 09/02/2010 100.00 5,81 10.30 12.23 19.35 24.00

IT (EUR) 09/02/2010 1,000.00 6,12 10.95 13.54 21.45 27.42

Allianz Euro Credit SRI A (EUR) 13/01/2015 100.00 1,55

AT (EUR) 02/02/2015 100.00 0,53

I (EUR) 13/01/2015 1,000.00 1,68

R (EUR) 13/01/2015 100.00 1,65

W (EUR) 13/01/2015 1,000.00 1,71

Allianz Euro High Yield Bond WQ (CZK) 20/03/2015 30,000.00 0,57

A (EUR) 09/02/2010 100.00 4,04 6.36 15.31 41.25 40.70

AM (EUR) 01/03/2013 10.00 4,04 6.43 9.18

AT (EUR) 09/02/2010 100.00 4,03 6.36 15.31 41.26 40.79

IT (EUR) 09/02/2010 1,000.00 4,35 7.00 16.71 43.82 44.75

P (EUR) 09/01/2013 1,000.00 4,32 6.95 9.03

WT (EUR) 12/12/2013 1,000.00 4,50 4.25

AT (H2-PLN) 18/07/2011 400.00 4,99 8.74 21.95 55.17 36.44

AM (H2-USD) 01/03/2013 10.00 4,02 6.41 9.49

Allianz Euro High Yield Defensive AT (EUR) 13/12/2012 100.00 3,94 6.04 9.58

I (EUR) 09/10/2012 1,000.00 4,25 6.67 13.76

Allianz Euro Inflation-linked Bond A (EUR) 02/10/2014 100.00 5,42

AT (EUR) 02/10/2014 100.00 5,40

WT (EUR) 18/03/2014 1,000.00 5,86 5.93

Allianz Euro Investment Grade Bond Strategy I (EUR) 01/07/2013 1,000.00 3,67 9.72 11.66

IT (EUR) 20/03/2012 1,000.00 3,67 9.62 16.13 21.06

Allianz Euroland Equity Growth AT (H2-CHF) 04/12/2013 100.00 27,75 2.79

A (EUR) 16/10/2006 100.00 28,41 5.03 18.88 57.33 80.29 56.09

AT (EUR) 16/10/2006 100.00 28,41 5.02 18.88 57.32 80.30 55.98

CT (EUR) 02/11/2006 100.00 27,92 4.25 17.11 53.82 73.67 49.53

I (EUR) 04/10/2006 1,000.00 28,97 5.96 21.02 61.57 88.43 70.08

IT (EUR) 04/10/2006 1,000.00 28,97 5.96 21.02 61.57 88.44 70.09

W (EUR) 02/10/2006 1,000.00 29,16 6.28 21.75 63.03 91.28 70.87

WT (EUR) 28/11/2012 1,000.00 29,16 6.28 18.34

AT (H2-GBP) 04/12/2013 100.00 28,30 2.96

AT (H2-USD) 04/12/2013 10.00 27,79 2.90

Allianz Euroland Equity SRI A (EUR) 26/10/2010 100.00 19,62 7.03 26.14 47.51 15.93

W (EUR) 26/10/2010 1,000.00 20,32 8.31 29.19 52.80 21.38

Allianz Europe Conviction Equity A (EUR) 07/11/2008 100.00 19,32 10.83 26.55 55.73 43.85 62.49

AT (EUR) 17/11/2014 100.00 22,68

WT (EUR) 12/08/2014 1,000.00 19,98 3.34

Allianz Europe Equity Growth PT (AUD) 30/03/2012 1,000.00 22,45 10.25 48.79 55.37

AT (H-CHF) 22/10/2012 100.00 20,95 7.25 23.77

A (EUR) 16/10/2006 100.00 25,14 9.28 25.34 65.20 106.58 89.65

AT (EUR) 16/10/2006 100.00 25,14 9.28 25.34 65.20 106.58 89.70

CT (EUR) 02/11/2006 100.00 24,67 8.47 23.48 61.54 98.99 78.45

I (EUR) 04/10/2006 1,000.00 25,69 10.26 27.61 69.68 115.93 108.78

IT (EUR) 04/10/2006 1,000.00 25,69 10.26 27.60 69.67 115.92 108.76

P (EUR) 15/06/2012 1,000.00 25,66 10.22 27.50 42.73

12




% % % % % % %Allianz Europe Equity Growth (continued) PT (EUR) 01/10/2013 1,000.00 25,66 10.01

P2 (EUR) 21/08/2012 1,000.00 25,84 10.55 28.27 27.10

W (EUR) 02/10/2006 1,000.00 25,87 10.59 28.37 71.21 119.18 113.33

WT (EUR) 09/08/2010 1,000.00 25,87 10.59 28.37 71.21 74.40

W2 (EUR) 27/02/2015 1,000.00 3,50

A (GBP) 03/08/2009 99.30 16,67 1.87 22.23 48.01 76.02 105.10

P (GBP) 04/01/2012 1,000.00 17,24 2.84 24.17 41.48

P (H2-GBP) 14/01/2015 1,000.00 17,48

AT (H2-HUF) 17/08/2010 25,000.00 25,59 11.44 31.28 68.31 77.87

AT (H-PLN) 22/03/2012 400.00 21,50 10.00 31.38 42.52

AT (H2-SGD) 01/10/2012 10.00 24,64 9.23 25.40

AT (H2-USD) 06/12/2012 10.00 24,87 9.11 19.80

I (USD) 07/07/2014 1,000.00 6,86 -8.97

IT (H2-USD) 02/05/2013 1,000.00 25,15 10.20 14.16

Allianz Europe Equity Growth Select A (EUR) 02/05/2013 100.00 25,09 11.81 14.96

AT (EUR) 02/05/2013 100.00 25,08 11.81 15.00

CT (EUR) 02/05/2013 100.00 24,62 10.99 13.80

I (EUR) 02/05/2013 1,000.00 25,64 12.82 16.41

IT (EUR) 02/05/2013 1,000.00 25,63 12.82 16.44

P (EUR) 02/05/2013 1,000.00 25,60 12.77 16.38

R (EUR) 23/03/2015 100.00 0,21

RT (EUR) 18/02/2015 100.00 8,05

W (EUR) 02/05/2013 1,000.00 25,82 13.15 16.95

WT (EUR) 02/05/2013 1,000.00 25,82 13.09 16.87

RT (GBP) 15/12/2014 100.00 13,51

W (H2-JPY) 14/11/2013 200,000.00 25,76 10.86

AT (H2-SGD) 13/03/2015 10.00 1,50

A (H2-USD) 12/02/2015 10.00 8,70

AT (H2-USD) 13/03/2015 10.00 1,40

Allianz Europe Equity Value I (EUR) 28/10/2014 1,000.00 16,72 Allianz Europe Mid Cap Equity I (EUR) 14/01/2014 1,000.00 27,70 0.02Allianz Europe Small Cap Equity A (EUR) 05/06/2012 100.00 25,02 5.54 26.70 42.00

AT (EUR) 15/09/2009 100.00 25,02 5.54 26.70 56.80 77.14 79.55

I (EUR) 05/06/2012 1,000.00 25,64 6.61 29.29 45.36

IT (EUR) 15/09/2009 1,000.00 25,63 6.61 29.29 61.61 86.14 88.74

P (EUR) 02/10/2013 1,000.00 25,61 4.97

WT (EUR) 05/06/2012 1,000.00 25,86 6.99 30.21 46.55

Allianz European Equity Dividend AM (H2-AUD) 02/10/2013 10.00 16,03 17.74

AM (H2-RMB) 18/02/2014 10.00 16,29 6.33

A (EUR) 10/01/2011 100.00 14,78 15.07 32.75 54.83 39.12

Aktienzins - A2 (EUR) 31/10/2014 100.00 16,10

AM (EUR) 02/10/2013 10.00 14,81 15.19

AT (EUR) 10/03/2009 100.00 14,79 15.06 32.74 54.84 63.18 133.68

CT (EUR) 10/03/2009 100.00 14,35 14.21 30.79 51.41 57.20 124.25

I (EUR) 09/10/2013 1,000.00 15,29 17.25

IT (EUR) 10/03/2009 1,000.00 15,29 16.09 35.14 59.01 70.54 145.30

P (EUR) 04/02/2014 1,000.00 15,26 10.80

R (EUR) 25/03/2015 100.00 0,04

13




% % % % % % %Allianz Europe Equity Growth (continued) PT (EUR) 01/10/2013 1,000.00 25,66 10.01

P2 (EUR) 21/08/2012 1,000.00 25,84 10.55 28.27 27.10

W (EUR) 02/10/2006 1,000.00 25,87 10.59 28.37 71.21 119.18 113.33

WT (EUR) 09/08/2010 1,000.00 25,87 10.59 28.37 71.21 74.40

W2 (EUR) 27/02/2015 1,000.00 3,50

A (GBP) 03/08/2009 99.30 16,67 1.87 22.23 48.01 76.02 105.10

P (GBP) 04/01/2012 1,000.00 17,24 2.84 24.17 41.48

P (H2-GBP) 14/01/2015 1,000.00 17,48

AT (H2-HUF) 17/08/2010 25,000.00 25,59 11.44 31.28 68.31 77.87

AT (H-PLN) 22/03/2012 400.00 21,50 10.00 31.38 42.52

AT (H2-SGD) 01/10/2012 10.00 24,64 9.23 25.40

AT (H2-USD) 06/12/2012 10.00 24,87 9.11 19.80

I (USD) 07/07/2014 1,000.00 6,86 -8.97

IT (H2-USD) 02/05/2013 1,000.00 25,15 10.20 14.16

Allianz Europe Equity Growth Select A (EUR) 02/05/2013 100.00 25,09 11.81 14.96

AT (EUR) 02/05/2013 100.00 25,08 11.81 15.00

CT (EUR) 02/05/2013 100.00 24,62 10.99 13.80

I (EUR) 02/05/2013 1,000.00 25,64 12.82 16.41

IT (EUR) 02/05/2013 1,000.00 25,63 12.82 16.44

P (EUR) 02/05/2013 1,000.00 25,60 12.77 16.38

R (EUR) 23/03/2015 100.00 0,21

RT (EUR) 18/02/2015 100.00 8,05

W (EUR) 02/05/2013 1,000.00 25,82 13.15 16.95

WT (EUR) 02/05/2013 1,000.00 25,82 13.09 16.87

RT (GBP) 15/12/2014 100.00 13,51

W (H2-JPY) 14/11/2013 200,000.00 25,76 10.86

AT (H2-SGD) 13/03/2015 10.00 1,50

A (H2-USD) 12/02/2015 10.00 8,70

AT (H2-USD) 13/03/2015 10.00 1,40

Allianz Europe Equity Value I (EUR) 28/10/2014 1,000.00 16,72 Allianz Europe Mid Cap Equity I (EUR) 14/01/2014 1,000.00 27,70 0.02Allianz Europe Small Cap Equity A (EUR) 05/06/2012 100.00 25,02 5.54 26.70 42.00

AT (EUR) 15/09/2009 100.00 25,02 5.54 26.70 56.80 77.14 79.55

I (EUR) 05/06/2012 1,000.00 25,64 6.61 29.29 45.36

IT (EUR) 15/09/2009 1,000.00 25,63 6.61 29.29 61.61 86.14 88.74

P (EUR) 02/10/2013 1,000.00 25,61 4.97

WT (EUR) 05/06/2012 1,000.00 25,86 6.99 30.21 46.55

Allianz European Equity Dividend AM (H2-AUD) 02/10/2013 10.00 16,03 17.74

AM (H2-RMB) 18/02/2014 10.00 16,29 6.33

A (EUR) 10/01/2011 100.00 14,78 15.07 32.75 54.83 39.12

Aktienzins - A2 (EUR) 31/10/2014 100.00 16,10

AM (EUR) 02/10/2013 10.00 14,81 15.19

AT (EUR) 10/03/2009 100.00 14,79 15.06 32.74 54.84 63.18 133.68

CT (EUR) 10/03/2009 100.00 14,35 14.21 30.79 51.41 57.20 124.25

I (EUR) 09/10/2013 1,000.00 15,29 17.25

IT (EUR) 10/03/2009 1,000.00 15,29 16.09 35.14 59.01 70.54 145.30

P (EUR) 04/02/2014 1,000.00 15,26 10.80

R (EUR) 25/03/2015 100.00 0,04

14




% % % % % % %Allianz European Equity Dividend (continued) RT (EUR) 25/03/2015 100.00 0,04

W (EUR) 04/12/2013 1,000.00 15,46 10.36

WT (EUR) 14/03/2014 1,000.00 15,46 7.55

AM (H2-HKD) 02/10/2013 10.00 14,44 15.18

AT (H-PLN) 22/03/2012 400.00 12,41 15.08 39.15 45.68

AM (H2-SGD) 14/04/2014 10.00 14,71 4.87

AM (H2-USD) 02/10/2013 10.00 14,34 15.29

Allianz Flexi Asia Bond AM (H2-AUD) 03/07/2012 10.00 1,76 5.21 6.20 11.21

AM (H2-CAD) 03/07/2012 10.00 0,50 3.91 3.06 7.32

AM (H2-RMB) 03/07/2012 10.00 2,06 3.94 5.16 9.62

A (H2-EUR) 15/04/2013 100.00 0,20 2.70 -2.80

AM (H2-EUR) 01/03/2013 10.00 0,19 2.73 -1.94

I (EUR) 03/07/2012 1,000.00 18,79 10.48 5.33 5.65

AM (H2-GBP) 01/03/2013 10.00 0,41 3.17 -1.25

PQ (H2-GBP) 03/06/2013 1,000.00 0,67 3.78 0.56

AM (HKD) 03/07/2012 10.00 0,18 2.95 1.39 5.49

PQ (HKD) 03/06/2013 1,000.00 0,47 3.65 0.42

AM (H2-NZD) 17/07/2012 10.00 2,13 5.65 6.57 10.18

AM (H2-SGD) 01/03/2013 10.00 0,53 2.61 -1.89

AM (USD) 03/07/2012 10.00 0,29 2.84 1.29 5.38

AT (USD) 03/07/2012 10.00 0,28 2.83 1.25 5.40

IT (USD) 03/09/2012 1,000.00 0,67 3.56 2.73 4.64

Allianz Flexible Bond Strategy AT (H-CHF) 09/10/2014 100.00 1,36

A (EUR) 16/08/2011 100.00 2,22 4.10 4.22 8.52 8.50

AT (EUR) 09/10/2014 100.00 2,13

C (EUR) 16/08/2011 100.00 2,12 3.88 3.80 7.85 7.81

CT (EUR) 22/11/2011 100.00 2,12 3.88 3.78 8.60

I (EUR) 03/09/2014 1,000.00 2,46 0.59

IT (EUR) 29/07/2011 1,000.00 2,46 4.59 5.21 10.07 10.98

P (EUR) 04/02/2014 1,000.00 2,43 3.03

R (EUR) 25/03/2015 100.00 0,07

W (EUR) 13/03/2015 1,000.00 -0,36

WT (EUR) 01/10/2012 1,000.00 2,64 4.99 5.94

Allianz Floating Rate Notes Plus I (EUR) 23/01/2015 1,000.00 0,34

VarioZins A (EUR) 23/09/2014 100.00 0,48 -0.05

Allianz German Equity AT (EUR) 22/10/2012 100.00 29,57 7.21 28.69

F (EUR) 29/11/2013 1,000.00 30,45 -0.03

F2 (EUR) 29/11/2013 1,000.00 30,45 -0.03

IT (EUR) 22/10/2012 1,000.00 30,14 8.17 30.95

W (EUR) 22/10/2012 1,000.00 30,33 8.48 31.68

P (GBP) 20/12/2012 1,000.00 21,24 0.85 17.67

Allianz Global Agricultural Trends A (EUR) 01/04/2008 100.00 15,31 25.36 18.60 48.39 90.61 52.86

AT (EUR) 24/06/2008 100.00 15,09 25.66 19.15 49.01 89.78 22.43

CT (EUR) 07/07/2008 100.00 14,83 24.43 16.86 45.11 83.72 31.51

IT (EUR) 07/07/2008 1,000.00 15,79 26.60 20.83 52.87 99.84 45.81

A (GBP) 25/08/2008 100.00 7,52 16.91 15.85 33.33 62.29 37.64

P (GBP) 14/11/2011 1,000.00 7,93 18.14 18.10 24.36

RT (GBP) 15/12/2014 100.00 7,41

15




% % % % % % %Allianz European Equity Dividend (continued) RT (EUR) 25/03/2015 100.00 0,04

W (EUR) 04/12/2013 1,000.00 15,46 10.36

WT (EUR) 14/03/2014 1,000.00 15,46 7.55

AM (H2-HKD) 02/10/2013 10.00 14,44 15.18

AT (H-PLN) 22/03/2012 400.00 12,41 15.08 39.15 45.68

AM (H2-SGD) 14/04/2014 10.00 14,71 4.87

AM (H2-USD) 02/10/2013 10.00 14,34 15.29

Allianz Flexi Asia Bond AM (H2-AUD) 03/07/2012 10.00 1,76 5.21 6.20 11.21

AM (H2-CAD) 03/07/2012 10.00 0,50 3.91 3.06 7.32

AM (H2-RMB) 03/07/2012 10.00 2,06 3.94 5.16 9.62

A (H2-EUR) 15/04/2013 100.00 0,20 2.70 -2.80

AM (H2-EUR) 01/03/2013 10.00 0,19 2.73 -1.94

I (EUR) 03/07/2012 1,000.00 18,79 10.48 5.33 5.65

AM (H2-GBP) 01/03/2013 10.00 0,41 3.17 -1.25

PQ (H2-GBP) 03/06/2013 1,000.00 0,67 3.78 0.56

AM (HKD) 03/07/2012 10.00 0,18 2.95 1.39 5.49

PQ (HKD) 03/06/2013 1,000.00 0,47 3.65 0.42

AM (H2-NZD) 17/07/2012 10.00 2,13 5.65 6.57 10.18

AM (H2-SGD) 01/03/2013 10.00 0,53 2.61 -1.89

AM (USD) 03/07/2012 10.00 0,29 2.84 1.29 5.38

AT (USD) 03/07/2012 10.00 0,28 2.83 1.25 5.40

IT (USD) 03/09/2012 1,000.00 0,67 3.56 2.73 4.64

Allianz Flexible Bond Strategy AT (H-CHF) 09/10/2014 100.00 1,36

A (EUR) 16/08/2011 100.00 2,22 4.10 4.22 8.52 8.50

AT (EUR) 09/10/2014 100.00 2,13

C (EUR) 16/08/2011 100.00 2,12 3.88 3.80 7.85 7.81

CT (EUR) 22/11/2011 100.00 2,12 3.88 3.78 8.60

I (EUR) 03/09/2014 1,000.00 2,46 0.59

IT (EUR) 29/07/2011 1,000.00 2,46 4.59 5.21 10.07 10.98

P (EUR) 04/02/2014 1,000.00 2,43 3.03

R (EUR) 25/03/2015 100.00 0,07

W (EUR) 13/03/2015 1,000.00 -0,36

WT (EUR) 01/10/2012 1,000.00 2,64 4.99 5.94

Allianz Floating Rate Notes Plus I (EUR) 23/01/2015 1,000.00 0,34

VarioZins A (EUR) 23/09/2014 100.00 0,48 -0.05

Allianz German Equity AT (EUR) 22/10/2012 100.00 29,57 7.21 28.69

F (EUR) 29/11/2013 1,000.00 30,45 -0.03

F2 (EUR) 29/11/2013 1,000.00 30,45 -0.03

IT (EUR) 22/10/2012 1,000.00 30,14 8.17 30.95

W (EUR) 22/10/2012 1,000.00 30,33 8.48 31.68

P (GBP) 20/12/2012 1,000.00 21,24 0.85 17.67

Allianz Global Agricultural Trends A (EUR) 01/04/2008 100.00 15,31 25.36 18.60 48.39 90.61 52.86

AT (EUR) 24/06/2008 100.00 15,09 25.66 19.15 49.01 89.78 22.43

CT (EUR) 07/07/2008 100.00 14,83 24.43 16.86 45.11 83.72 31.51

IT (EUR) 07/07/2008 1,000.00 15,79 26.60 20.83 52.87 99.84 45.81

A (GBP) 25/08/2008 100.00 7,52 16.91 15.85 33.33 62.29 37.64

P (GBP) 14/11/2011 1,000.00 7,93 18.14 18.10 24.36

RT (GBP) 15/12/2014 100.00 7,41

16




% % % % % % %Allianz Global Agricultural Trends (continued) AT (USD) 01/04/2008 10.00 -2,25 17.49 15.84 38.57 64.64 24.30

Allianz Global EcoTrends A (EUR) 03/05/2006 100.00 19,81 7.54 30.60 45.29 18.23 -5.62

CT (EUR) 04/06/2007 100.00 19,34 6.75 28.64 42.05 13.88 -27.37

I (GBP) 15/12/2011 1,000.00 12,25 1.34 30.33 35.19

Allianz Global Equity AT (EUR) 13/06/2000 10.00 22,09 16.15 31.76 71.54 81.30 79.12 -10.80

CT (EUR) 04/06/2007 10.00 21,44 15.38 29.98 68.18 75.08 11.00

IT (EUR) 04/06/2007 10.00 22,48 17.55 34.55 76.67 90.17 21.90

IT (H-EUR) 06/05/2009 10.00 7,51 12.34 34.05 66.15 61.70 81.10

WT (EUR) 14/03/2014 1,000.00 22,98 12.86

AT (USD) 13/06/2000 10.00 3,44 8.86 28.86 60.65 57.26 86.25 19.20

Allianz Global Equity Selection I (USD) 17/06/2014 1,000.00 -1,42 -6.37Allianz Global Equity Unconstrained A (EUR) 19/12/2008 100.00 23,59 14.04 28.66 58.22 65.37 114.35

AT (USD) 19/12/2008 10.00 4,72 6.87 25.75 47.93 43.31 92.90

Allianz Global Fundamental Strategy CT2 (H2-EUR) 04/12/2013 100.00 -0,36 3.67

D (H2-EUR) 14/03/2014 100.00 0,34 2.89

IT2 (H2-EUR) 28/02/2013 1,000.00 0,06 5.95 7.02

I4 (H2-EUR) 21/05/2014 1,000.00 0,48 -0.45

RT2 - (H-GBP) 15/12/2014 100.00 5,29

D (USD) 28/02/2013 10.00 0,51 5.25 6.30

Allianz Global Hi-Tech Growth F (EUR) 15/11/2013 1,000.00 22,82 14.68

A (USD) 03/10/2008 9.74 3,34 8.21 36.48 67.87 62.10 81.74

Allianz Global Metals and Mining A (EUR) 22/02/2011 100.00 -11,17 -3.20 -27.92 -26.42 -49.15

AT (EUR) 12/04/2011 100.00 -11,17 -3.21 -27.96 -26.46 -48.52

F (EUR) 16/11/2012 1,000.00 -10,57 -1.85 -21.13

I (EUR) 22/02/2011 1,000.00 -10,79 -2.34 -26.64 -24.45 -47.51

IT (EUR) 12/04/2011 1,000.00 -10,79 -2.34 -26.64 -24.45 -46.90

Allianz Global Small Cap Equity AT (H-EUR) 13/09/2013 100.00 13,88 7.27 8.53

CT (H-EUR) 13/09/2013 100.00 13,14 6.25 7.44

IT (H-EUR) 13/09/2013 1,000.00 14,11 8.19 9.49

PT (H-EUR) 13/09/2013 1,000.00 14,36 8.83 10.12

PT (GBP) 22/08/2013 1,000.00 20,19 5.38 5.57

PT2 (GBP) 03/03/2014 1,000.00 20,28 -0.79

RT (GBP) 15/12/2014 100.00 17,43

AT (USD) 13/09/2013 10.00 8,83 4.72 6.40

IT (USD) 18/06/2013 1,000.00 9,33 5.82 15.16

WT (USD) 15/05/2014 1,000.00 9,51 0.96

Allianz Global Sustainability A (EUR) 02/01/2003 10.00 18,70 17.52 32.66 67.68 78.57 85.12 98.64

CT (EUR) 31/07/2007 10.00 18,32 16.68 30.65 64.04 72.02 16.80

RT (EUR) 27/03/2015 100.00 1,29

A (USD) 02/01/2003 10.00 0,56 10.23 29.79 56.73 54.79 89.78 145.06

Allianz Greater China Dynamic I (EUR) 15/04/2013 1,000.00 18,00 30.59 32.26

AT (HKD) 11/04/2014 10.00 -0,78 2.80

AT (USD) 02/10/2009 10.00 -0,65 20.72 38.64 58.59 53.20

I (USD) 08/04/2014 1,000.00 -0,07 4.59

Allianz HKD Income AM (HKD) 01/03/2013 10.00 1,47 1.74 1.04

AT (HKD) 15/09/2014 10.00 1,40 0.10

AM (USD) 01/03/2013 10.00 1,78 1.84 1.14

Allianz Hong Kong Equity AT (H2-RMB) 11/04/2012 10.00 10,49 8.18 20.59 23.00

17




% % % % % % %Allianz Global Agricultural Trends (continued) AT (USD) 01/04/2008 10.00 -2,25 17.49 15.84 38.57 64.64 24.30

Allianz Global EcoTrends A (EUR) 03/05/2006 100.00 19,81 7.54 30.60 45.29 18.23 -5.62

CT (EUR) 04/06/2007 100.00 19,34 6.75 28.64 42.05 13.88 -27.37

I (GBP) 15/12/2011 1,000.00 12,25 1.34 30.33 35.19

Allianz Global Equity AT (EUR) 13/06/2000 10.00 22,09 16.15 31.76 71.54 81.30 79.12 -10.80

CT (EUR) 04/06/2007 10.00 21,44 15.38 29.98 68.18 75.08 11.00

IT (EUR) 04/06/2007 10.00 22,48 17.55 34.55 76.67 90.17 21.90

IT (H-EUR) 06/05/2009 10.00 7,51 12.34 34.05 66.15 61.70 81.10

WT (EUR) 14/03/2014 1,000.00 22,98 12.86

AT (USD) 13/06/2000 10.00 3,44 8.86 28.86 60.65 57.26 86.25 19.20

Allianz Global Equity Selection I (USD) 17/06/2014 1,000.00 -1,42 -6.37Allianz Global Equity Unconstrained A (EUR) 19/12/2008 100.00 23,59 14.04 28.66 58.22 65.37 114.35

AT (USD) 19/12/2008 10.00 4,72 6.87 25.75 47.93 43.31 92.90

Allianz Global Fundamental Strategy CT2 (H2-EUR) 04/12/2013 100.00 -0,36 3.67

D (H2-EUR) 14/03/2014 100.00 0,34 2.89

IT2 (H2-EUR) 28/02/2013 1,000.00 0,06 5.95 7.02

I4 (H2-EUR) 21/05/2014 1,000.00 0,48 -0.45

RT2 - (H-GBP) 15/12/2014 100.00 5,29

D (USD) 28/02/2013 10.00 0,51 5.25 6.30

Allianz Global Hi-Tech Growth F (EUR) 15/11/2013 1,000.00 22,82 14.68

A (USD) 03/10/2008 9.74 3,34 8.21 36.48 67.87 62.10 81.74

Allianz Global Metals and Mining A (EUR) 22/02/2011 100.00 -11,17 -3.20 -27.92 -26.42 -49.15

AT (EUR) 12/04/2011 100.00 -11,17 -3.21 -27.96 -26.46 -48.52

F (EUR) 16/11/2012 1,000.00 -10,57 -1.85 -21.13

I (EUR) 22/02/2011 1,000.00 -10,79 -2.34 -26.64 -24.45 -47.51

IT (EUR) 12/04/2011 1,000.00 -10,79 -2.34 -26.64 -24.45 -46.90

Allianz Global Small Cap Equity AT (H-EUR) 13/09/2013 100.00 13,88 7.27 8.53

CT (H-EUR) 13/09/2013 100.00 13,14 6.25 7.44

IT (H-EUR) 13/09/2013 1,000.00 14,11 8.19 9.49

PT (H-EUR) 13/09/2013 1,000.00 14,36 8.83 10.12

PT (GBP) 22/08/2013 1,000.00 20,19 5.38 5.57

PT2 (GBP) 03/03/2014 1,000.00 20,28 -0.79

RT (GBP) 15/12/2014 100.00 17,43

AT (USD) 13/09/2013 10.00 8,83 4.72 6.40

IT (USD) 18/06/2013 1,000.00 9,33 5.82 15.16

WT (USD) 15/05/2014 1,000.00 9,51 0.96

Allianz Global Sustainability A (EUR) 02/01/2003 10.00 18,70 17.52 32.66 67.68 78.57 85.12 98.64

CT (EUR) 31/07/2007 10.00 18,32 16.68 30.65 64.04 72.02 16.80

RT (EUR) 27/03/2015 100.00 1,29

A (USD) 02/01/2003 10.00 0,56 10.23 29.79 56.73 54.79 89.78 145.06

Allianz Greater China Dynamic I (EUR) 15/04/2013 1,000.00 18,00 30.59 32.26

AT (HKD) 11/04/2014 10.00 -0,78 2.80

AT (USD) 02/10/2009 10.00 -0,65 20.72 38.64 58.59 53.20

I (USD) 08/04/2014 1,000.00 -0,07 4.59

Allianz HKD Income AM (HKD) 01/03/2013 10.00 1,47 1.74 1.04

AT (HKD) 15/09/2014 10.00 1,40 0.10

AM (USD) 01/03/2013 10.00 1,78 1.84 1.14

Allianz Hong Kong Equity AT (H2-RMB) 11/04/2012 10.00 10,49 8.18 20.59 23.00

18




% % % % % % %Allianz Hong Kong Equity (continued) A (HKD) 04/10/2010 10.00 8,56 6.94 16.64 36.98 2.74

AT (HKD) 17/06/2011 10.00 8,59 7.02 16.67 37.04 3.60

AT (SGD) 11/08/2009 10.00 17,57 8.71 21.83 36.27 16.33 16.10

A (USD) 03/10/2008 136.43 8,68 6.84 16.46 37.51 27.09 78.57

IT (USD) 03/10/2008 144.82 9,22 7.89 18.78 41.68 33.57 89.31

Allianz Income and Growth AM (H2-AUD) 15/10/2012 10.00 4,79 11.49 29.12

AM (H2-CAD) 02/05/2013 10.00 3,53 9.68 14.20

AM (H2-RMB) 14/06/2013 10.00 4,94 10.06 14.20

A (H2-EUR) 17/07/2012 100.00 3,42 8.71 21.43 27.86

AM (H2-EUR) 02/05/2013 10.00 3,21 8.83 12.78

AT (H2-EUR) 12/08/2014 100.00 3,25 -0.31

CT (H2-EUR) 22/02/2012 100.00 2,80 7.86 19.52 21.68

I (EUR) 03/09/2014 1,000.00 22,13 1.44

I (H2-EUR) 31/08/2011 1,000.00 3,52 9.61 23.15 44.47 38.90

IT (H2-EUR) 07/11/2011 1,000.00 3,58 9.52 23.20 34.58

P (EUR) 04/02/2014 1,000.00 22,25 13.13

P (H2-EUR) 10/04/2014 1,000.00 3,66 1.85

AM (H2-GBP) 02/05/2013 10.00 3,32 8.95 13.12

PM (H2-GBP) 03/06/2013 1,000.00 3,84 9.63 12.02

RM (H2-GBP) 15/12/2014 100.00 4,06

AM (HKD) 01/03/2013 10.00 3,18 8.94 16.21

AM (H2-NZD) 02/12/2013 10.00 5,19 6.97

IT (H2-SEK) 11/10/2012 10,000.00 3,81 10.25 25.91

AM (H2-SGD) 01/07/2013 10.00 3,36 8.77 13.33

A (USD) 01/10/2013 10.00 3,30 8.80

AM (USD) 16/10/2012 10.00 3,30 8.83 22.52

AT (USD) 18/11/2011 10.00 3,30 8.87 22.04 36.20

CM (USD) 17/11/2014 10.00 1,65

IT (USD) 27/08/20

Documents

Allianz Global Investors Fund · Allianz Global Investors Fund - Allianz Target Return Bond1) ... c/o Allianz Global Investors GmbH, ... Allianz Euro Bond Strategy