Allianz Global Investors Fund - AllianzGI | Other Investors · Allianz Global Fundamental Strategy 126 Allianz Global Hi-Tech Growth 132 ... ALLIANZ GLOBAL INVESTORS FUND Allianz

Product Key Facts

November 2017

Allianz Global Investors FundSociété d’Investissement à Capital Variable

Table of ContentsPage no.

Allianz American Income 2Allianz Asia Pacific Equity 6Allianz Asian Multi Income Plus 11Allianz Best Styles Euroland Equity 18Allianz China Equity 22Allianz China Multi Income Plus 27Allianz Dynamic Asian High Yield Bond 33Allianz Emerging Asia Equity 38Allianz Emerging Markets Short Duration Defensive Bond 43Allianz Enhanced Short Term Euro 49Allianz Euro High Yield Bond 55Allianz Euroland Equity Growth 60Allianz Europe Conviction Equity 64Allianz Europe Equity Growth 68Allianz Europe Equity Growth Select 72Allianz Europe Income and Growth 76Allianz European Equity Dividend 82Allianz Flexi Asia Bond 86Allianz GEM Equity High Dividend 92Allianz Global Agricultural Trends 97Allianz Global Artificial Intelligence 101Allianz Global Bond 105Allianz Global Credit 110Allianz Global Dividend 114Allianz Global Equity 118Allianz Global Equity Unconstrained 122Allianz Global Fundamental Strategy 126Allianz Global Hi-Tech Growth 132Allianz Global High Yield 136Allianz Global Metals and Mining 140Allianz Global Multi-Asset Credit 144Allianz Global Small Cap Equity 149Allianz Global Sustainability 153Allianz High Dividend Asia Pacific Equity 157Allianz HKD Income 161Allianz Hong Kong Equity 166Allianz Income and Growth 171Allianz Indonesia Equity 176Allianz Japan Equity 180Allianz Korea Equity 184Allianz Little Dragons 188Allianz Oriental Income 193Allianz Selective Global High Yield 199Allianz Thailand Equity 203Allianz Tiger 207Allianz Total Return Asian Equity 213Allianz US Equity Dividend 218Allianz US Equity Fund 222Allianz US Equity Plus 226Allianz US High Yield 229

Allianz US Short Duration High Income Bond 234

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PRODUCT KEY FACTSSeptember 2017

ALLIANZ GLOBAL INVESTORS FUND

Allianz American Income

• This statement provides you with key information about Allianz American Income (the “Sub-Fund”).• This statement is a part of the offering document.• You should not invest in this product based on this statement alone.

Quick factsManagement Company: Allianz Global Investors GmbHInvestment Manager: Allianz Global Investors U.S. LLC, based in United States (internal delegation)Depositary: State Street Bank Luxembourg S.C.A.Dealing Frequency: Daily; each day banks and exchanges are open in Hong Kong and Luxembourg and

major stock exchanges are open in the United States of America (“US”)Base Currency: USDDividend Policy: Distribution Shares (Class AM/AMg) – will be distributed on 15th of every month (subject

to the Company’s discretion) Accumulation Shares (Class AT) – all income are reinvested

Dividend payments may, at the sole discretion of the Company, be made out of the Sub-Fund’s income and/or capital (Class AM/AMg). The Company may at its sole discretion also pay distribution out of gross income while charging/paying all or part of the Sub-Fund’s fees and expenses to/out of the capital of the Sub-Fund, resulting in an increase in distributable income for the payment of dividends by the Sub-Fund and therefore, the Sub-Fund may effectively pay dividend out of capital (Class AMg). Distributions out of capital or effectively out of capital may result in an immediate decrease of the net asset value (“NAV”) per share of the Sub-Fund.

Financial year end of the Sub-Fund: 30 SeptemberMinimum Investment:Initial USD 5,000 (or equivalent amount in other available currencies) or EUR 5,000 or

HKD 50,000Subsequent USD 1,000 (or equivalent amount in other available currencies) or EUR 1,000 or

HKD 10,000Ongoing charges over a year*Class AM (USD) / AMg / AT 1.55%

*As the Sub-Fund is newly set-up, best estimate was used for the ongoing charges figure which is calculated based on the estimated total costs borne by the Sub-Fund over a 12-month period divided by the estimated average net assets over the same period. This figure may vary from year to year. It includes All-in-Fee plus the Luxembourg tax (Taxe d’Abonnement) and excludes transaction cost.

What is this product?The Sub-Fund is a sub-fund of Allianz Global Investors Fund (the “Company”), which is constituted as an open ended investment company in Luxembourg. It is regulated by Commission de Surveillance du Secteur Financier (“CSSF”) in Luxembourg.

Investment ObjectiveLong term capital growth and income by investing in debt securities of American bond markets with a focus on the US bond markets.

“American bond markets” includes bond markets in North America (e.g. the US) and South America (e.g. Brazil).

Investment StrategyAt least 70% of Sub-Fund assets are invested in debt securities exposed or connected to the US and/or from companies which are constituents of either the Merrill Lynch U.S. Corporate Master Index or the Merrill Lynch U.S. High Yield Master II Index. Less than 30% of Sub-Fund assets may be invested in debt securities other than the above.

Up to 60% of Sub-Fund assets may be invested in debt securities which, at the time of acquisition, are rated between BB+ and B- (by Standard & Poor’s, Fitch or equivalently by other rating agencies), or if unrated, as determined by the Investment Manager to be of comparable quality.

Up to 30% of Sub-Fund assets may be invested in convertible debt securities (e.g. convertible bonds, bonds with warrants and equity warrant bonds).

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Up to 30% of Sub-Fund assets may be invested in emerging markets.

Up to 100% of Sub-Fund assets may be held in deposits and/or invested directly in money market instruments and/or (up to 10% of Sub-Fund assets) in money market funds on a temporary basis for liquidity management and/or defensive purpose and/or any other exceptional circumstances, and if the investment manager considers it in the best interest of the Sub-Fund.

The Sub-Fund may conduct securities lending transactions, over-the-counter (“OTC”) based repurchase and/or reverse repurchase transactions and similar OTC transactions in aggregate for up to 50% of the Sub-Fund’s assets.

Up to 20% of Sub-Fund assets may be invested in mortgage-backed securities and asset-backed securities, which at the time of acquisition are rated investment grade (i.e. BBB- or better (by Standard & Poor’s and Fitch) or equivalent ratings by another recognized rating agency or if unrated, as determined by the Investment Manager to be of comparable quality).

The Sub-Fund may invest in financial derivative instruments (“FDI”) for efficient portfolio management (including for hedging). The Sub-Fund will not invest extensively in FDI for investment purposes.

What are the key risks?Investment involves risks. The Sub-Fund’s investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Sub-Fund may suffer losses. Please refer to the Prospectus for details including the risk factors.

1. Investment Risk/General Market Risk• The Sub-Fund is an investment fund. There is no guarantee of the repayment of principal. The instruments invested by

the Sub-Fund may fall in value.• The Sub-Fund invests in interest-bearing securities, and is exposed to various general trends and tendencies in the

economic and political situations as well as securities markets and investment sentiment, which are partially attributable to irrational factors. Such factors could lead to substantial and longer-lasting drops in prices affecting the entire market. Securities from top-rated issuers are subject to essentially the same general market risk as other securities and assets. All these factors may adversely impact the net asset value of the Sub-Fund.

2. Country Risk• The Sub-Fund’s investments focus on the US, which may increase the concentration risk. Consequently, the Sub-Fund is

particularly susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events and risks of this region, or of companies based and/or operating in this region. The net asset value of the Sub-Fund may be more volatile than a diversified fund.

3. Emerging Market Risk• The Sub-Fund may invest in emerging markets which involve increased risks and special considerations not typically

associated with investment in more developed economies or markets, such as greater political, tax, legal, economic, foreign exchange/control liquidity, regulatory risks, settlement risks, custody risk and the likelihood of a high degree of volatility. The accounting, auditing and financial reporting standards may deviate substantially to the Sub-Fund’s detriment. All these factors may adversely impact the net asset value of the Sub-Fund.

4. Creditworthiness Risk/Credit Rating Risk• The creditworthiness (ability to pay) of the issuer of an asset in particular of a security or money-market instrument held

by the Sub-Fund may subsequently fall. This usually leads to a decrease in the price of the asset greater than that caused by general market fluctuations. All these factors may adversely impact the net asset value of the Sub-Fund.

• Credit ratings assigned by rating agencies are subject to limitations and do not guarantee the creditworthiness of the security and/or issuer at all times.

• The interest-bearing securities held by the Sub-Fund may be downgraded and may fall in value. This will also lead to a fall in the net asset value of the Sub-Fund. The Sub-Fund may or may not be able to dispose of the debt instruments that are being downgraded.

5. Default Risk• The Sub-Fund is exposed to the credit and default risk of issuers of the debt securities that the Sub-Fund may invest in.

6. Risk of Interest Rate Changes• To the extent that the Sub-Fund invests in interest-bearing securities (e.g. American bonds) it is exposed to interest

rate fluctuations. If market interest rates rise, the value of the interest-bearing assets held by the Sub-Fund may decline substantially. This applies to an even greater degree if this Sub-Fund also holds interest-bearing securities with a longer time to maturity and a lower nominal interest rate. All these factors may adversely impact the net asset value of the Sub-Fund.

7. Volatility and Liquidity Risk• The debt securities in emerging markets may be subject to higher volatility and lower liquidity compared to more developed

markets. The prices of securities traded in such markets may be subject to fluctuations. The bid and offer spreads of the price of such securities may be large and the Sub-Fund may incur significant trading costs.

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8. Specific risks of Investing in High-Yield (Non-Investment Grade and Unrated) Investments and Convertible Bonds• Investing in high-yield (non-investment grade and unrated) investments and convertible bonds are normally associated

with higher volatility, greater risk of loss of principal and interest, increased creditworthiness risk, risk of default, risk of interest rate changes, general market risk, and liquidity risk (for example, the asset cannot be sold or can only be sold at a significant discount to the purchase price).

• Convertible bonds are a hybrid between debt and equity, permitting holders to convert into shares in the company issuing the bond at a specified future date. As such, convertibles will be exposed to prepayment risk, equity movement and greater volatility than straight bond investments. The value of convertible bonds may be affected by the price movement of the underlying securities (i.e. equities), among other things. Convertible bonds may also have call provisions and other features which may give rise to the risk of a call. All these factors may adversely impact the net asset value of the Sub-Fund.

9. Counterparty Risk• The Sub-Fund invests in interest-bearing securities and is subject to the risk that a counterparty may default or not

completely fulfill its obligations in addition to the general risk of settlement default, which may adversely impact the net asset value of the Sub-Fund.

10. Valuation Risk• Valuation of the Sub-Fund assets may involve uncertainties and judgmental determinations. If such valuation turns out

to be incorrect, this may affect the NAV calculation of the Sub-Fund.11. Sovereign Debt Risk

• The Sub-Fund’s investment in interest-bearing securities issued or guaranteed by governments may be exposed to political, social and economic risks. In adverse situations, the sovereign issuers may not be able or willing to repay the principal and/or interest when due or may request the Sub-Fund to participate in restructuring such debts. The Sub-Fund may suffer significant losses when there is a default of sovereign debt issuers.

12. Currency Risk• The Sub-Fund may hold assets denominated in foreign currencies other than its base currency. The Sub-Fund may also

launch a class of shares that may be designated in a foreign currency other than the base currency of the Sub-Fund. Accordingly, the Sub-Fund and investors of such class of shares are exposed to a currency risk that if these foreign currency positions have not been hedged or if there is any change in the relevant exchange control regulations, the net asset value of the Sub-Fund may be affected unfavorably. Any devaluation of the foreign currency against the base currency of the Sub-Fund would cause the value of the assets denominated in the foreign currency to fall and adversely impact the investor.

13. Derivatives Risk• The Sub-Fund may invest in derivatives, which may expose the Sub-Fund to higher leverage, counterparty, liquidity,

valuation, volatility, market and over the counter transaction risks, all of which may adversely impact the net asset value of the Sub-Fund. The leverage component of an FDI can result in a loss significantly greater than the amount invested in the FDI by the Sub-Fund.

• The Sub-Fund’s use of FDI in hedging and/or efficient portfolio management may become ineffective and/or cause the Sub-Fund to suffer significant losses.

14. Risks relating to securities lending transactions• Securities lending transactions may involve the risk that the borrower may fail to return the securities lent out in a timely

manner and the value of the collateral may fall below the value of the securities lent out.15. Risks relating to repurchase agreements

• In the event of the failure of the counterparty with which collateral has been placed, the Sub-Fund may suffer loss as there may be delays in recovering collateral placed out or the cash originally received may be less than the collateral placed with the counterparty due to inaccurate pricing of the collateral or market movements.

16. Risks relating to reverse repurchase agreements• In the event of the failure of the counterparty with which cash has been placed, the Sub-Fund may suffer loss as there

may be delay in recovering cash placed out or difficulty in realizing collateral or proceeds from the sale of the collateral may be less than the cash placed with the counterparty due to inaccurate pricing of the collateral or market movements.

17. Risk related to Distribution out of Capital and Distribution effectively out of Capital• The payment of distributions out of capital/distributions effectively out of capital represents a return or withdrawal of part

of the amount investors originally invested and/or capital gains attributable to the original investment. Any distributions involving payment of distributions out of the Sub-Fund’s capital/distributions effectively out of the Sub-Fund’s capital may result in an immediate decrease in the net asset value per Share and may reduce the capital available for the Sub-Fund for future investment and capital growth.

• The distribution amount and net asset value of any hedged share classes of the Sub-Fund may be adversely affected by differences in the interest rates of the reference currency of the hedged share class and the base currency of the Sub-Fund, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other non-hedged share classes.

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How has the Sub-Fund performed?Past performance is not shown as the Sub-Fund is newly set up for less than a full calendar year and there is insufficient data available to provide a useful indication of past performance to investors.

Is there any guarantee?This Sub-Fund does not have any guarantees. You may not get back the full amount of money you invest.

What are the fees and charges?

Charges which may be payable by youYou may have to pay the following fees when dealing in the shares of the Sub-Fund.

Fee (Class AM/AMg/AT) What you paySubscription Fee (Sales Charge) Up to 5% of the NAVSwitching Fee (Conversion Fee) Up to 5% of the NAV (for switch-in)Redemption Fee No Redemption Fee is currently levied

Ongoing fees payable by the Sub-FundThe following expenses will be paid out of the Sub-Fund. They affect you because they reduce the return you get on your investments.

Annual rate (as a % p.a. of the NAV)Management Fee (All-in-Fee) (Class AM/AMg/AT) 1.50%Depositary Fee The Depositary Fee is covered by All-in-FeePerformance Fee Not ApplicableAdministration Fee The Administration Fee is covered by All-in-Fee

Other feesYou may have to pay other fees when dealing in the shares of the Sub-Fund. The Sub-Fund will also bear the costs which are directly attributable to it, please refer to the section headed “FEES AND CHARGES” in the Prospectus for further details.

Additional information• You generally buy and redeem shares at the Sub-Fund’s next-determined NAV after Hong Kong Distributor/Hong Kong

Representative receives your request in good order on or before 5:00p.m. (Hong Kong time) on any Valuation Day which is also a Hong Kong Business Day.

• Intermediaries who sell this Sub-Fund may impose different dealing deadlines for receiving instructions for subscriptions, redemptions or conversions. Investors should pay attention to the arrangements of the intermediary concerned.

• The net asset value of this Sub-Fund is calculated and the price of shares published each Valuation Day. They are available online at hk.allianzgi.com.

• The compositions of the distributions (i.e. the relative amounts paid out of (i) net distributable income, and (ii) capital) for the last 12 months or since the launch of the Sub-Fund are available from the Hong Kong Representative on request and also on the website (hk.allianzgi.com).

ImportantIf you are in doubt, you should seek professional advice.The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness.

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Allianz Asia Pacific Equity

• ThisstatementprovidesyouwithkeyinformationaboutAllianzAsiaPacificEquity(the“Sub-Fund”).• This statement is a part of the offering document.• You should not invest in this product based on this statement alone.

Quick factsManagement Company: Allianz Global Investors GmbHInvestment Manager: Allianz Global Investors Asia Pacific Limited, based in Hong Kong (internal delegation)Depositary: State Street Bank Luxembourg S.C.A.Dealing Frequency: Daily; each day banks and exchanges are open in Hong Kong and LuxembourgBase Currency: EURDividend Policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject

to the Company’s discretion) Distribution Shares (Class AM/AMg) – will be distributed on 15th of every month (subject


Dividend payments may, at the sole discretion of the Company, be made out of the Sub-Fund’s income and/or capital (Class A/AM/AMg). The Company may at its sole discretion also pay distribution out of gross income while charging/paying all or part of the Sub-Fund’s fees and expenses to/out of the capital of the Sub-Fund, resulting in an increase in distributable income for the payment of dividends by the Sub-Fund and therefore, the Sub-Fund may effectively pay dividend out of capital (Class AMg). Distributions out of capital or effectively out of capital may result in an immediate decrease of the NAV per share of the Sub-Fund.



HKD 10,000Ongoing charges over a yearClass A (USD) / A (EUR)* 1.82%

*The ongoing charges figures are calculated based on the costs incurred by the Sub-Fund over a 12-month period divided by the average net assets over the same period based on the information in the latest audited financial statement for the year ended 30 September 2016. It is provided for each share class available within the Sub-Fund. This figure may vary from year to year. It includes All-in-Fee plus the Luxembourg tax (Taxe d’Abonnement) and excludes transaction cost.


Investment ObjectiveLong-term capital growth by investing in the equity markets in Asia Pacific, excluding Japan.

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Investment StrategyAt least 70% of Sub-Fund assets are invested in equities of companies which are exposed or connected to Asia Pacific excluding Japan (e.g. companies with registered offices or sales/profits predominantly in that region). Less than 30% of Sub-Fund assets may be invested in equities other than the above.


Up to 30% of Sub-Fund assets may be invested in the China A-Shares market either directly via Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect (the “Stock Connect”) or indirectly through all eligible instruments.

The Sub-Fund may invest in financial derivative instruments (“FDI”) for efficient portfolio management (including for hedging). It will not invest extensively in FDI for investment purposes.



the Sub-Fund may fall in value.• The Sub-Fund invests in securities (eg. equities), and is exposed to various general trends and tendencies in the economic

and political situations as well as securities markets and investment sentiment, which are partially attributable to irrational factors. Such factors could lead to substantial and longer-lasting drops in prices affecting the entire market. Securities from top-rated issuers are subject to essentially the same general market risk as other securities and assets. All these factors may adversely impact the net asset value of the Sub-Fund.

2. Country and Region Risk• The Sub-Fund’s investments focus on Asia Pacific excluding Japan, which may increase the concentration risk. Consequently,

the Sub-Fund is particularly susceptible to the adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event and risks of this region, or of companies based and/or operating in this region. The net asset value of the Sub-Fund may be more volatile than a diversified fund.

3. Emerging Market Risk• The Sub-Fund invests in emerging markets, such as Mainland China, which involve increased risks and special considerations

not typically associated with investment in more developed economies or markets, such as greater political, tax, legal, economic, foreign exchange/control, liquidity, regulatory risks, settlement risks, custody risk and the likelihood of a high degree of volatility. The accounting, auditing and financial reporting standards may deviate substantially to the Sub-Fund’s detriment. All these factors may adversely impact the net asset value of the Sub-Fund.

4. Risks of Investing in China A-Shares• The Sub-Fund assets may be invested in A-Shares. The securities market in China, including A-Shares, may be more

volatile, unstable (for example, due to the risk of suspension/limitation in trading of a particular stock or government implementing policies that may affect the financial markets) than markets in more developed countries and has potential settlement difficulties. This may result in significant fluctuations in the prices of securities traded in such market and thereby affecting the prices of shares of the Sub-Fund.

• Investment in mainland China remains sensitive to any major change in economic, social and political policy in the PRC. The capital growth and thus the performance of these investments may be adversely affected due to such sensitivity.

5. Company-specific Risk• The Sub-Fund may invest in equities which may be affected by company-specific factors, such as the issuer’s business

situation. If a company-specific factor deteriorates, the price of the respective asset may drop significantly and for an extended period of time, possibly even without regard to an otherwise generally positive market trend. All these factors may adversely impact the net asset value of the Sub-Fund.



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7. RMB Risk• The Sub-Fund may invest in assets denominated in offshore and onshore Chinese Renminbi. The Chinese Renminbi

traded in Mainland China is not freely convertible and is subject to exchange controls, policies and restrictions imposed by the PRC authorities. Such policies may limit the depth of the Chinese Renminbi market available outside of Mainland China, and thereby may reduce the liquidity of the Sub-Fund. Under exceptional circumstances, payment of redemptions and/or dividend payment in RMB may be delayed due to the exchange controls and restrictions applicable to RMB. The Chinese Renminbi may be subject to devaluation, in which case the value of the investments in Chinese Renminbi assets will be adversely affected. Furthermore although offshore Renminbi and onshore Renminbi are the same currency, they trade at different rates. Any divergence between offshore Renminbi and onshore Renminbi may adversely impact investors.

8. Derivatives Risk• The Sub-Fund may invest in derivatives, which may expose the Sub-Fund to higher leverage, valuation, volatility,

counterparty, liquidity, market and over the counter transaction risks, all of which may adversely impact the net asset value of the Sub-Fund. The leverage component of an FDI can result in a loss significantly greater than the amount invested in the FDI by the Sub-Fund.



of the amount investors originally invested and/or capital gains attributable to the original investment. Any distributions involving payment of distributions out of the Sub-Fund’s capital/distributions effectively out of the Sub-Fund’s capital may result in an immediate decrease in the Net Asset Value per Share and may reduce the capital available for the Sub-Fund for future investment and capital growth.

• The distribution amount and NAV of any hedged share classes of the Sub-Fund may be adversely affected by differences in the interests rates of the reference currency of the hedged share classes and the base currency of the Sub-Fund, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other non-hedged share classes.

10. Risks associated with the Stock Connect• The Stock Connect is novel in nature. The relevant regulations are untested and subject to change which may have

potential retrospective effect. There is no certainty as to how they will be applied.• The Stock Connect is subject to a daily quota which does not belong to the Sub-Fund and may only be utilized on a first-

come-first-served basis and therefore may restrict the Sub-Fund’s ability to invest in China A-shares through the Stock Connect on a timely basis or the Sub-Fund may not be able to make its intended investments through Stock Connect.

• PRC regulations impose certain restrictions on selling and buying. Also, a stock may be recalled from the scope of eligible stocks for trading via the Stock Connect. This may affect the investment portfolio or strategies of the Sub-Fund.

• Where a suspension in the trading through the programme is effected, the Sub-Fund’s ability to invest in Chinese A-Shares or access the PRC market through the programme will be adversely affected. In such event, the Sub-Fund’s ability to achieve its investment objective could be negatively affected.

• Trading in securities through the Stock Connect may be subject to clearing and settlement risk. If the PRC clearing house defaults on its obligation to deliver securities/make payment, the Sub-Fund may suffer delays in recovering its losses or may not be able to fully recover its losses. Further, the Sub-Fund’s investments through the Stock Connect are not covered by the Hong Kong’s Investor Compensation Fund.

11. Mainland China Tax Risk• The investments through the Stock Connect are subject to the tax regime in the PRC. The business tax and income tax

on capital gains are temporarily exempted for an uncertain period. The tax regime may change from time to time and the Sub-Fund is subject to risks and uncertainties in its PRC tax liabilities and in PRC tax laws, regulations and practice. Any increased tax liabilities of the Sub-Fund may adversely affect the Sub-Fund’s value. Based on professional and independent tax advice, the Sub-Fund will make the following tax provisions:– 10% on dividend from Chinese A-Shares if the withholding tax is not withheld at source.

• Any shortfall between the provision and the actual tax liabilities, which will be debited from the Sub-Fund’s assets, will adversely affect the Sub-Fund’s net asset value. The actual tax liabilities may be lower than the tax provision made. Depending on the timing of their subscriptions and/or redemptions, investors may be disadvantaged as a result of any shortfall of tax provision and will not have the right to claim any part of the overprovision (as the case may be).

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How has the Sub-Fund performed?

-70%

-50%

-30%

-10%

10%

30%

50%

70%

90%

2007

29.8

2008

-48.4

2016

0.6

2009

52.3

2010

27.3

2011

-15.0

2012

13.4

2013

2.2

2014

14.3

2015

6.7

• Share Class*: A-EUR• Past performance information is not indicative of future performance. Investors may not get back the full amount invested.• The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested.• These figures show by how much the Share Class increased or decreased in percentage during the calendar year being shown.• Performance data has been calculated in EUR including on-going charges and excluding subscription fee and redemption fee

you might have to pay.• Sub-Fund inception date: 2005• Share Class inception date: 2005*Representative share class – Retail share class that is authorized and launched in Hong Kong with the longest track record.




Fee (Class A/AM/AMg/AT) What you paySubscription Fee (Sales Charge) Up to 5% of the NAVSwitching Fee (Conversion Fee) Up to 5% of the NAV (for switch-in)Redemption Fee No Redemption Fee is currently levied


Annual rate (as a % p.a. of the NAV)Management Fee (All-in-Fee) (Class A/AM/AMg/AT) 1.80%Depositary Fee The Depositary Fee is covered by All-in-FeePerformance Fee Not ApplicableAdministration Fee The Administration Fee is covered by All-in-Fee


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Additional information• You generally buy and redeem shares at the Sub-Fund’s next-determined net asset value (NAV) after Hong Kong Distributor/

Hong Kong Representative receives your request in good order on or before 5:00p.m. (Hong Kong time) on any Valuation Day which is also a Hong Kong Business Day.




• Investors may obtain the past performance information of other share classes offered to Hong Kong investors from the Hong Kong Representative on request and also on the website (hk.allianzgi.com).


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Allianz Asian Multi Income Plus

• This statement provides you with key information about Allianz Asian Multi Income Plus (the “Sub-Fund”).

• This statement is a part of the offering document.• You should not invest in this product based on this statement alone.

Quick factsManagement Company: Allianz Global Investors GmbHInvestment Manager: Allianz Global Investors Asia Pacific Limited, based in Hong Kong (internal delegation)Sub-Investment Manager: Allianz Global Investors Singapore Limited, based in Singapore (internal delegation)Depositary: State Street Bank Luxembourg S.C.A.Dealing Frequency: Daily; each day banks and exchanges are open in Hong Kong, Singapore and

LuxembourgBase Currency: USDDividend Policy: Distribution Shares (Class A) – will be distributed quarterly on 15 March, 15 June, 15

September & 15 December (subject to the Company’s discretion) Distribution Shares (Class AM/AMg) – will be distributed on 15th of every month (subject





HKD 10,000Ongoing Charges over a yearClass AM (HKD) / AM (H2-AUD)* 1.54%Class AM (USD)* 1.53%Class AMg (HKD) / AMg (USD) / 1.53%AMg (H2-EUR) / AMg (H2-GBP)^Class AMg (H2-AUD) / AMg (H2-CAD)^ 1.54%Class AMg (H2-NZD)^ 1.55%Class AMg (H2-SGD)^ 1.51%Class AT (USD)* 1.56%

*The ongoing charges figures are calculated based on the costs incurred by the Sub-Fund over a 12 month period divided by the average net assets over the same period based on the information in the latest audited financial statement for the year ended 30 September 2016. It is provided for each share class available within the Sub-Fund. This figure may vary from year to year. It includes All-in-Fee plus the Luxembourg tax (Taxe d’Abonnement) and excludes transaction cost.

^The ongoing charges figures are annualized figures based on the costs incurred by the Sub-Fund from the inception date to 30 September 2016 (less than one year) divided by the average net assets over the same period based on the information in the latest audited financial statement for the year ended 30 September 2016. It is provided for each share class available within the Sub-Fund. This figure may vary from year to year. It includes All-in-Fee plus the Luxembourg tax (Taxe d’Abonnement) and excludes transaction cost.

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Investment ObjectiveLong-term capital growth and income by investing in equity and bond markets in Asia Pacific.

Investment StrategyAt least 70% of the Sub-Fund assets are invested directly in equities and/or debt securities which are exposed or connected to Asia Pacific (e.g. companies with registered offices or sales/profits predominantly in that region). Less than 30% of the Sub-Fund may be invested into equities and/or debt securities and/or other asset classes other than the above.

Up to 85% of Sub-Fund assets may be invested in equities of companies which are exposed or connected to Asia Pacific (e.g. companies with registered offices or sales/profits predominantly in that region).

Up to 85% of Sub-Fund assets may be invested in debt securities which are exposed or connected to Asia Pacific (e.g. bonds, notes, certificates with debt risk profiles, and which are issued or guaranteed by governments/related authorities of or companies with registered offices or sales/profits predominantly in that region).

Up to 85% of Sub-Fund assets may be invested in debt securities which, at the time of acquisition, are rated BB+ or below (by Standard & Poor’s, Fitch or equivalently by other rating agencies) excluding those that are rated CC, C or D (Standard & Poor’s), C, RD or D (Fitch) or Ca or C (Moody’s), or if unrated, as determined by the Investment Manager to be of comparable quality.



Up to 30% of Sub-Fund assets may be held in deposits and/or invested directly in money-market instruments and (up to 10% of Sub-Fund assets) in money market funds.

On a temporary basis for liquidity management and/or defensive purpose and/or any other exceptional circumstances, and if the investment manager considers it in the best interest of the Sub-Fund, up to 100% of Sub-Fund assets may be held in deposits and/or invested directly in money market instruments and (up to 10% of Sub-Fund assets) in money market funds.


The allocation of the Sub-Fund’s investments across asset classes may vary substantially from time to time. The Sub-Fund’s investments in each asset class are based upon the Investment Managers’ assessment of economic conditions and market factors, including equity price levels, interest rate levels and their anticipated direction.


12



the Sub-Fund may fall in value.• The Sub-Fund invests in securities (eg. equities and bonds), and is exposed to various general trends and tendencies in

the economic and political situations as well as securities markets and investment sentiment, which are partially attributable to irrational factors. Such factors could lead to substantial and longer-lasting drops in prices affecting the entire market. Securities from top-rated issuers are subject to essentially the same general market risk as other securities and assets. All these factors may adversely impact the net asset value of the Sub-Fund.

2. Interest Rate Risk• To the extent that this Sub-Fund invests in interest-bearing securities (eg. corporate bonds and government bonds), it

is exposed to interest rate fluctuations. If market interest rates rise, the value of the interest-bearing assets held by the Sub-Fund may decline substantially. This applies to an even greater degree if this Sub-Fund also holds interest-bearing securities with a longer time to maturity and a lower nominal interest rate. All these factors may adversely impact the net asset value of the Sub-Fund.



4. Creditworthiness Risk/Credit Rating Risk/Downgrading Risk• The creditworthiness (solvency and willingness to pay) of the issuer of an asset in particular of a debt security or money-

market instrument held by a Sub-Fund may subsequently fall. This usually leads to a decrease in the price of the asset greater than that caused by general market fluctuations. All these factors may adversely impact the net asset value of the Sub-Fund.


• The interest-bearing securities held by the Sub-Fund may be downgraded and may fall in value. This will also lead to a fall in the net asset value of the Sub-Fund. The Investment Manager may or may not be able to dispose of the debt instruments that are being downgraded.


6. Specific Risks of Investing in High-Yield (Non-Investment Grade and Unrated) Investments• Investing in high-yield (non-investment grade and unrated) investments are normally associated with higher volatility,

greater risk of loss of principal and interest, increased creditworthiness and downgrading risk, default risk, interest rate risk, general market risk, and liquidity risk (for example, the asset cannot be sold or can only be sold at a significant discount to the purchase price).



• The Sub-Fund’s investment in interest-bearing securities issued or guaranteed by governments may be exposed to political, social and economic risks. In adverse situations, the sovereign issuers may not be able or willing to replay the principal and/or interest when due or may request the Sub-Fund to participate in restructuring such debts. The Sub-Fund may suffer significant losses when there is a default of sovereign debt issuers.

9. Country and Region Risk• The Sub-Fund’s investments focus on markets in Asian markets, which may increase the concentration risk. Consequently,

the Sub-Fund is particularly susceptible to the adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events in this region and risks of this region, or of companies based and/or operating in this region. The net asset value of the Sub-Fund may be more volatile than a diversified fund.



13





launch a class of shares that may be designated in a foreign currency other than the base currency of the Sub-Fund. Accordingly the Sub-Fund and investors of such class of shares are exposed to a currency risk that if these foreign currency positions have not been hedged or if there is any change in the relevant exchange control regulations, the net asset value of the Sub-Fund may be affected unfavorably. Any devaluation of the foreign currency against the base currency of the Sub-Fund would cause the value of the assets denominated in the foreign currency to fall and adversely impact the investor.






15. Asset Allocation Risk• The performance of the Sub-Fund is partially dependent on the success of the asset allocation strategy employed by

the Sub-Fund. There is no assurance that the strategy employed by the Sub-Fund will be successful and therefore the investment objective of the Sub-Fund may not be achieved. The investments of the Sub-Fund may be periodically rebalanced and therefore the Sub-Fund may incur greater transaction costs than a Sub-Fund with static allocation strategy.




14








on capital gains are temporarily exempted for an uncertain period. The tax regime may change from time to time and the Sub-Fund is subject to risks and uncertainties in its PRC tax liabilities and in PRC tax laws, regulations and practice. Any increased tax liabilities of the Sub-Fund may adversely affect the Sub-Fund’s value.

• Based on professional and independent tax advice, the Sub-Fund will make the following tax provisions:– 10% on dividend from Chinese A-Shares if the withholding tax is not withheld at source.


19. Volatility and Liquidity Risk• The debt securities in Asian emerging markets may be subject to higher volatility and lower liquidity compared to more

developed markets. The prices of securities traded in such markets may be subject to fluctuations. The bid and offer spreads of the price of such securities may be large and the fund may incur significant trading costs.






15


2007 2008 2016

7.6

2009 2010 2011

-4.5

2012

13.4

2013

-1.7

2014

-0.3

2015

-8.9-15%

-5%

5%

15%

25%

In 2015 there was a material change of the fund’s objectives and investment policy.The previous performance was achieved under circumstances that no longer apply.

• Share Class*: AM-USD• Past performance information is not indicative of future performance. Investors may not get back the full amount invested.• The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested.• These figures show by how much the Share Class increased or decreased in percentage during the calendar year being shown.• Performance data has been calculated in USD including on-going charges and excluding subscription fee and redemption fee

you might have to pay.• Where no past performance is shown, there was insufficient data available in that year to provide performance.• Sub-Fund inception date: 2009• Share Class inception date: 2010*Representative share class – Retail share class that is authorized and launched in Hong Kong with the longest track record.








16








17



Allianz Best Styles Euroland Equity

• Thisstatementprovidesyouwithkey informationaboutAllianzBestStylesEurolandEquity (the“Sub-Fund”).


Quick factsManagement Company: Allianz Global Investors GmbH Investment management performed by Management Company (Allianz Global Investors

GmbH, Germany)Depositary: State Street Bank Luxembourg S.C.A.Dealing Frequency: Daily; each day banks and exchanges are open in Hong Kong and LuxembourgBase Currency: EURDividend Policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject



Dividend payments may, at the sole discretion of the Company, be made out of the Sub-Fund’s income and/or capital (Class A/AM/AMg). The Company may at its sole discretion also pay distribution out of gross income while charging/paying all or part of the Sub-Fund’s fees and expenses to/out of the capital of the Sub-Fund, resulting in an increase in distributable income for the payment of dividends by the Sub-Fund and therefore, the Sub-Fund mayeffectively pay dividend out of capital (Class AMg). Distributions out of capital or effectively out of capital may result in an immediate decrease of the NAV per share of the Sub-Fund.



HKD 10,000Ongoing Charges over a yearClass AT (EUR) / A (EUR)* 1.35%



18

Investment ObjectiveLong-term capital growth by investing in developed Eurozone equity markets.

The Investment Manager may engage in foreign currency overlay and thus assume separate foreign currency risks with regard to currencies of OECD member states, even if the Sub-Fund does not include any assets denominated in these respective currencies.

Investment StrategyAt least 70% of Sub-Fund assets are invested in equities of companies which are exposed or connected to developed countries participating in the Eurozone (e.g. companies with registered offices or sales/profits predominantly in those countries). Less than 30% of Sub-Fund assets may be invested in equities other than the above.




1. Investment risk/General Market Risk• The Sub-Fund is an investment fund. There is no guarantee of the repayment of principal. The instruments invested by



2. Country and Region Risk• The Sub-Fund’s investments focus on countries participating in the Eurozone markets, which may increase the concentration

risk. Consequently, the Sub-Fund is particularly susceptible to the adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events and risks of these countries, or of companies based and/or operating in these countries. The net asset value of the Sub-Fund may be more volatile than a diversified fund.

• Economic or political instability in countries in which the Sub-Fund is invested may lead to a situation in which the Sub-Fund does not receive part or all of the monies owed to it in spite of the solvency of the issuer of the respective security or other assets. Currency or transfer restrictions or other legal changes, for example, may be significant in this regard.

3. European Country Risk• There is the possibility that economic and financial difficulties in Europe may continue to get worse or spread within and

outside the Europe, and may lead to one or several countries exiting the Eurozone or the credit downgrade or default of a sovereign within the Eurozone. Measures taken by the governments of the European countries, central banks and other authorities to address the economic and financial problem, such as austerity measures and reforms, may not work. The impact of the above events may be significant and may adversely affect the value of the Sub-Fund (such as increased volatility, liquidity, default and currency risk associated with investments in Europe).



5. Emerging Market Risk• The Sub-Fund invests in emerging markets which involve increased risks and special considerations not typically

associated with investment in more developed economies or markets, such as greater political, tax, legal, economic, foreign exchange/control, liquidity, regulatory risks, settlement risks, custody risk and the likelihood of a high degree of volatility. The accounting, auditing and financial reporting standards may deviate substantially to the Sub-Fund’s detriment. All these factors may adversely impact the net asset value of the Sub-Fund.

19





of the amount investors originally invested and/or capital gains attributable to the original investment. Any distributions involving payment of distributions out sof the Sub-Fund’s capital/distributions effectively out of the Sub-Fund’s capital may result in an immediate decrease in the Net Asset Value per Share and may reduce the capital available for the Sub-Fund for future investment and capital growth.



-60%

-40%

-20%

0%

20%

40%

2007 2008

-40.6

2016

2.3

2009

24.4

2010

-2.3

2011

-16.7

2012

17.1

2013

23.0

2014

2.5

2015

7.3

• Share Class*: AT-EUR• Past performance information is not indicative of future performance. Investors may not get back the full amount invested.• The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested.• These figures show by how much the Share Class increased or decreased in percentage during the calendar year being shown.• Performance data has been calculated in EUR including on-going charges and excluding subscription fee and redemption fee



20














21



Allianz China Equity

• ThisstatementprovidesyouwithkeyinformationaboutAllianzChinaEquity(the“Sub-Fund”).• This statement is a part of the offering document.• You should not invest in this product based on this statement alone.

Quick factsManagement Company: Allianz Global Investors GmbHInvestment Manager: Allianz Global Investors Asia Pacific Limited, based in Hong Kong (internal delegation)Depositary: State Street Bank Luxembourg S.C.A.Dealing Frequency: Daily; each day banks and exchanges are open in Hong Kong and LuxembourgBase Currency: USDDividend Policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject






HKD 10,000Ongoing Charges over a yearClass A (EUR) / A (GBP) / 2.29%A (HKD) / AT (USD)*Class A (USD)* 2.30%Class AT (SGD)* 1.89%



22

Investment ObjectiveLong-term capital growth by investing in equity markets in the People’s Republic of China (“PRC”), Hong Kong and Macau.

Investment StrategyAt least 70% of Sub-Fund assets are invested in equities of companies which are exposed or connected to the PRC, Hong Kong and Macau (e.g. companies with registered offices or sales/profits predominantly in the PRC, Hong Kong and Macau). Less than 30% of Sub-Fund assets may be invested in equities other than the above.








2. Country and Region Risk• The Sub-Fund’s investments focus on the PRC, Hong Kong and Macau, which may increase the concentration risk.

Consequently, the Sub-Fund is particularly susceptible to the adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events and risks of the PRC, or of companies based and/or operating in the PRC. The net asset value of the Sub-Fund may be more volatile than a diversified fund.


not typically associated with investment in more developed economies or markets, such as greater political, tax, legal, economic, foreign exchange/control, liquidity, regulatory risks, settlement risks, custody risk and the likelihood of a high degree of volatility. All these factors may adversely impact the net asset value of the Sub-Fund.








23



















24


In 2010 there was a material change of the fund’s objectives and investment policy. The previous performance was achieved under circumstances that no longer apply.

The Sub-Fund was launched on 3 October 2008 where Allianz Global Investors Selections RCM China Fund was merged into the Sub-Fund with the same features (e.g. investment objectives, investment policies, risk profile) and fee structures effective on the same date. The performance information shown on or before the date of the merger belongs to Allianz Global Investors Selections RCM China Fund, class A-USD with the same features (e.g. investment objectives, investment policies, risk profile) and fee structures of the class A-USD of the Sub-Fund.

-80%-60%-40%-20%

0%20%40%60%80%

100%120%

2007 2008 20162009 2010 2011 2012 2013 2014 2015

67.5

-49.9

-0.8

72.7

12.7

-23.3

16.6 7.9 6.5

-3.3

• Share Class*: A-USD• Past performance information is not indicative of future performance. Investors may not get back the full amount invested.• The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested.• These figures show by how much the Share Class increased or decreased in percentage during the calendar year being shown.• Performance data has been calculated in USD including on-going charges and excluding subscription fee and redemption fee

you might have to pay.• Sub-Fund inception date: 2008• Share Class inception date: 2008• Predecessor fund (Dresdner RCM New Tiger Selections – China sub-fund) inception date: 1992*Representative share class – Retail share class that is authorized and launched in Hong Kong with the longest track record.








25








26



Allianz China Multi Income Plus

• This statement provides you with key information about Allianz China Multi Income Plus (the “Sub-Fund”).








HKD 10,000Ongoing Charges over a yearClass AT (USD) / AT (HKD)* 2.31%



27

Investment Objective Long-term capital growth and income by investing in equity and bond markets of the People’s Republic of China (PRC), Hong Kong and Macau.

Investment StrategyAt least 70% of Sub-Fund assets are invested directly in equities and/or debt securities which are exposed or connected to People’s Republic of China, Hong Kong and Macau (e.g. companies with registered offices or sales/profits predominantly in those regions). Less than 30% of the Sub-Fund may be invested into equities and/or debt securities and/or other asset classes other than the above.

Up to 80% of Sub-Fund assets may be invested in equities.

Up to 80% of the Sub-Fund assets may be invested in debt securities, which shall include RMB denominated interest-bearing securities issued outside of Mainland China (“Dim Sum” Bonds).

Up to 80% of Sub-Fund assets may be invested in debt securities which, at the time of acquisition, are rated BB+ or below (by Standard & Poor’s, Fitch or equivalently by other rating agencies), or if unrated, as determined by the Investment Manager to be of comparable quality and which, at the time of acquisition, are rated CC, C or D (Standard and Poor’s), Ca or C (Moody’s) or C, RD or D (Fitch).

Up to 50% of Sub-Fund assets may be invested in China A-Shares, China B-Shares and/or debt securities in the PRC either directly (via Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect (the “Stock Connect”) in the case of Chinese A-Shares and/or China Interbank Bond Market (CIBM) initiative in the case of debt securities) and/or indirectly through all eligible instruments.

The allocation of the Sub-Fund’s investments across asset classes may vary substantially from time to time. The Sub-Fund’s investments in each asset class are based upon the Investment Manager’s assessment of economic conditions and market factors, including equity price levels, interest rate levels and their anticipated direction.

Up to 100% of Sub-Fund assets may be held in deposits or invested directly in money market instruments and (up to 10% of Sub-Fund assets) in money market funds on a temporary basis for liquidity management and/or defensive purpose and/or any other exceptional circumstances, and if the investment manager considers it in the best interest of the Sub-Fund.





the Sub-Fund may fall in value.• The Sub-Fund invests directly or indirectly in equity and interest-bearing securities, and is exposed to various general

trends and tendencies in the economic and political situations as well as securities markets and investment sentiment, which are partially attributable to irrational factors.

2. Country and Region Risk• The Sub-Fund’s investments focus on the PRC, Hong Kong and Macau, which may increase the concentration risk.

Consequently, the Sub-Fund is particularly susceptible to the adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events and risks of this region, or of companies based and/or operating in this region. The net asset value of the Sub-Fund may be more volatile than a diversified fund.

3. Emerging Market Risk• The Sub-Fund invests in emerging markets, such as A Shares in the PRC, which involve certain risks and special

considerations not typically associated with investment in more developed economies or markets, such as greater political, tax, economic, foreign exchange, liquidity, regulatory risks, settlement risks, custody risk and the likelihood of a high degree of volatility.

28

4. Risks of Investing in China A-Shares• The Sub-Fund’s investment in A-Shares may be subject to higher volatility and lower liquidity compared with shares of

more developed markets (eg. due to the risk of suspension/limitation in trading of a particular stock or implementation of policies that may affect the financial markets by the government or the regulators).

5. Creditworthiness Risk/Credit Rating Risk• The interest-bearing securities held by the Sub-Fund may be downgraded and may fall in value. This will also lead to a

fall in the net asset value of the Sub-Fund. The Sub-Fund may or may not be able to dispose of the debt instruments that are being downgraded. Credit ratings assigned by rating agencies are subject to limitations and do not guarantee the creditworthiness of the security and/or issuer at all times.

6. Asset Allocation Risk• The investments of the Sub-Fund may be periodically rebalanced and therefore the Sub-Fund may incur greater transaction

costs than a Sub-Fund with static allocation strategy.7. Interest Rate Risk

• The Sub-Fund invests in interest-bearing securities and is exposed to interest rate fluctuations. If market interest rates rise, the value of the interest-bearing assets held by the Sub-Fund may decline substantially.

8. Volatility and Liquidity Risk• The securities in the PRC markets may be subject to higher volatility and lower liquidity compared to more developed

markets. The prices of securities traded in such markets may be subject to fluctuations and potential settlement difficulties. The bid and offer spreads of the price of such securities may be large and the fund may incur significant trading costs.

9. Specific Risks of Investing in High-Yield (Non-Investment Grade and Unrated) Investments• Investing in high-yield (non-investment grade and unrated) investments are normally associated with higher volatility,

greater risk of loss of principal and interest, increased creditworthiness and downgrading risk, default risk, interest rate risk, general market risk, and liquidity risk, all of which may adversely impact the net asset value of the Sub-Fund.

10. Sovereign Debt Risk• The Sub-Fund’s investment in interest-bearing securities issued or guaranteed by governments may be exposed to

political, social and economic risks. In adverse situations, the sovereign issuers may not be able or willing to repay the principal and/or interest when due or may request the Sub-Fund to participate in restructuring such debts. The Sub-Fund may suffer significant losses when there is a default of sovereign debt issuers.


to be incorrect, this may affect the NAV calculation of the Sub-Fund.12. RMB Debt Securities Risk

• The “Dim Sum” bond market is still a relatively small market which is more susceptible to volatility and illiquidity. The operation of the “Dim Sum” bond market as well as new issuances could be disrupted causing a fall in the net asset value of the Sub-Fund should there be any promulgation of new rules which limit or restrict the ability of issuers to raise RMB by way of bond issuances and/or reversal or suspension of the liberalisation of the offshore RMB (CNH) market by the relevant regulator(s).

• The Sub-Fund invests in onshore Interest-bearing Securities in Mainland China. Market volatility and potential lack of liquidity due to low trading volumes in such markets may result in prices of securities traded to fluctuate significantly, and may result in substantial volatility in the Net Asset Value of the Sub-Fund, and the subscription and redemption of Sub-Fund’s units to be disrupted.

13. Credit Rating Agency Risk• The credit appraisal system in the Mainland China and the rating methodologies employed in the Mainland China may

be different from those employed in other markets. Credit ratings given by Mainland China rating agencies may therefore not be directly comparable with those given by other international rating agencies.

14. Company-specific Risk• The Sub-Fund may invest in equities. If a company-specific factor of an equity deteriorates, the price of the respective

asset may drop significantly, which may adversely impact the net asset value of the Sub-Fund.15. Currency Risk

• Underlying investments of the Sub-Fund may be denominated in currencies other than the base currency of the Sub-Fund. Also a class of Shares may be designated in a currency other than the base currency of the Sub-Fund. The NAV of the Sub-Fund may be affected unfavourably by fluctuations in the exchange rates between these currencies and the base currency and by changes in exchange rate controls.

29

16. RMB Risk• The Sub-Fund may invest in assets denominated in offshore and onshore Chinese Renminbi. The Chinese Renminbi traded

in Mainland China is not freely convertible and is subject to exchange controls, policies and restrictions. The Chinese Renminbi may be subject to devaluation, in which case the value of the investments in Chinese Renminbi assets will be adversely affected. Furthermore although offshore Renminbi and onshore Renminbi are the same currency, they trade at different rates. Any divergence between offshore Renminbi and onshore Renminbi may adversely impact investors.


valuation, volatility, market and over the counter transaction risks, all of which may adversely impact the net asset value of the Sub-Fund. The leverage component of an FDI can result in a loss significantly greater than the amount invested in the FDI by the Sub-Fund. The Sub-Fund’s use of FDI in hedging and/or efficient portfolio management may become ineffective and/or cause the Sub-Fund to suffer significant losses.

18. Risk related to Distribution out of Capital and Distribution effectively out of Capital• The payment of distributions out of capital/effectively out of capital represents a return or withdrawal of part of the amount

investors originally invested and/or capital gains attributable to the original investment. Any such distributions may result in an immediate decrease in the net asset value per Share.

• The distribution amount and net asset value of any hedged share classes of the Sub-Fund may be adversely affected by differences in the interest rates of the reference currency of the hedged share classes and the base currency of the Sub-Fund, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other non-hedged share classes.


potential retrospective effect. The Stock Connect is subject to quota limitations. Where a suspension in the trading through the programme is effected, the Sub-Fund’s ability to invest in Chinese A-Shares or access the PRC market through the programme will be adversely affected. In such event, the Sub-Fund’s ability to achieve its investment objective could be negatively affected.

20. Risks of investing in CIBM• The Sub-Fund may also be exposed to risks associated with settlement procedures and default of counterparties. The

counterparty which has entered into a transaction with the Sub-Fund may default in its obligation to settle the transaction by delivery of the relevant security or by payment for value. The relevant rules and regulations on investment in the CIBM are subject to change which may have potential retrospective effect. In the event that the relevant PRC authorities suspend trading on the CIBM, the Sub-Fund’s ability to invest in the CIBM will be limited and the Sub-Fund may suffer substantial losses as a result.

21. Mainland China Tax Risk• There are risks and uncertainties associated with the current PRC tax laws, regulations and practice in respect of capital

gains realised via the Stock Connects or CIBM or access products on the Sub-Fund’s investments in the PRC (which may have retrospective effect). Any increased tax liabilities on the Sub-Fund may adversely affect the Sub-Fund’s value.

• Based on professional and independent tax advice, the Sub-Fund will make the following tax provisions:– 10% on dividend from Chinese A-Shares and interest received from debt instruments by PRC enterprises if the

withholding tax is not withheld at source.• Any shortfall between the provision and the actual tax liabilities, which will be debited from the Sub-Fund’s assets, will

adversely affect the Sub-Fund’s net asset value. The actual tax liabilities may be lower than the tax provision made. Depending on the timing of their subscriptions and/or redemptions, investors may be disadvantaged as a result of any shortfall of tax provision and will not have the right to claim any part of the overprovision (as the case may be).






30


-30%

-20%

-10%

0%

10%

20%

30%

2007 2008 20162009 2010 2011 2012 2013 2014 2015

-5.2

17.3

-22.1

16.2 21.4

1.5

-10.3


• Share Class*: AT-USD• In 2017, there was a material change of the fund’s objectives and investment policy. The previous performance was achieved

under circumstances that no longer apply.• Past performance information is not indicative of future performance. Investors may not get back the full amount invested.• The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested.• These figures show by how much the Share Class increased or decreased in percentage during the calendar year being shown.• Performance data has been calculated in USD including on-going charges and excluding subscription fee and redemption fee









31








32

PRODUCT KEY FACTSNovember 2017


Allianz Dynamic Asian High Yield Bond

• This statement provides you with key information about Allianz Dynamic Asian High Yield Bond (the “Sub-Fund”).


Quick factsManagement Company: Allianz Global Investors GmbHInvestment Manager: Allianz Global Investors Singapore Limited, based in Singapore (internal delegation)Depositary: State Street Bank Luxembourg S.C.A.Dealing Frequency: Daily; each day banks and exchanges are open in Hong Kong and Luxembourg and

major stock exchanges are open in SingaporeBase Currency: USDDividend Policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject



Dividend payments may, at the sole discretion of the Company, be paid out of the Sub-Fund’s income and/or capital (Class A/AM/AMg). The Company may at its sole discretion also pay distribution out of gross income while charging/paying all or part of the Sub-Fund’s fees and expenses to/out of the capital of the Sub-Fund, resulting in an increase in distributable income for the payment of dividends by the Sub-Fund and therefore, the Sub-Fund may effectively pay dividend out of capital (Class AMg). Distributions out of capital or effectively out of capital may result in an immediate decrease of the NAV per share of the Sub-Fund.



HKD 10,000Ongoing Charges over a yearClass AMg (H2-AUD) / AMg (HKD)* 1.56%Class AMg (USD)* 1.55%Class AMg (H2-CAD) / AMg (H2-NZD)^ 1.56%Class AMg (H2-EUR) / AMg (H2-GBP)^ 1.55%Class AMg (H2-SGD)^ 1.57%




33

Investment ObjectiveLong-term capital growth and income by investing in high yield rated debt securities of Asian bond markets.

Investment StrategyAt least 70% of Sub-Fund assets are invested in debt securities which are exposed or connected to an Asian country (e.g. bonds issued or guaranteed by governments/related authorities or companies with their registered offices or sales/profits predominantly in those countries) and which, at the time of acquisition, are rated BB+ or below (by Standard & Poor’s, Fitch or equivalently by other rating agencies), or if unrated, as determined by the Investment Manager to be of comparable quality. Within this limit, up to 10% of the Sub-Fund assets may be invested in debt securities that are rated CC or lower (including defaulted securities) (Standard & Poor’s). Less than 30% of Sub-Fund assets may be invested in debt securities other than the above.


Up to 30% of Sub-Fund assets may be invested in convertible debt securities (e.g. convertible bonds, bonds with warrants and equity warrant bonds).

Currency exposure of Sub-Fund to offshore Chinese Renminbi is limited to 20% of Sub-Fund assets.

Non-USD currency exposure is limited to 30% of Sub-Fund assets.

Up to 20% of Sub-Fund assets may be invested either directly (via the RQFII quota and/or the China Interbank Bond Market (CIBM) initiative) or indirectly in the PRC bond markets.

Sub-Fund assets may not be invested in asset-backed securities and mortgage-backed securities.






the Sub-Fund may fall in value.• The Sub-Fund invests in securities (eg. bonds), and is exposed to various general trends and tendencies in the economic


2. Interest Rate Risk• To the extent that this Sub-Fund invests in interest-bearing securities (e.g. corporate bonds and government bonds) it


3. Specific Risks of Investing in High-Yield (Non-Investment Grade and Unrated) Investments and Convertible Bonds• Investing in high-yield (non-investment grade and unrated) investments and convertible bonds are normally associated

with higher volatility, greater risk of loss of principal and interest, increased creditworthiness and downgrading risk, default risk, interest rate risk, general market risk, and liquidity risk (for example, the asset cannot be sold or can only be sold at a significant discount to the purchase price), all of which may adversely impact the net asset value of the Sub-Fund.

34

• Convertible bonds are a hybrid between debt and equity, permitting holders to convert into shares in the company issuing the bond at a specified future date. As such, convertibles will be exposed to prepayment risk, equity movement and greater volatility than straight bond investments. The value of convertible bonds may be affected by the price movement of the underlying securities, among other things. Convertible bonds may also have call provisions and other features which may give rise to the risk of a call. All these factors may adversely impact the net asset value of the Sub-Fund.



• The Sub-Fund’s investment in interesting bearing securities issued or guaranteed by governments may be exposed to political, social and economic risks. In adverse situations, the sovereign issuers may not be able or willing to repay the principal and/or interest when due or may request the Sub-Fund to participate in restructuring such debts. The Sub-Fund may suffer significant losses when there is a default of sovereign debt issuers.

6. Creditworthiness Risk/Credit Rating Risk/Downgrading Risk• The creditworthiness (ability to pay) of the issuer of an asset in particular of a debt security or money-market instrument

held by a Sub-Fund may subsequently fall. This usually leads to a decrease in the price of the asset greater than that caused by general market fluctuations. All these factors may adversely impact the net asset value of the Sub-Fund.


• The interest bearing securities held by the Sub-Fund may be downgraded and may fall in value. This will also lead to a fall in the net asset value of the Sub-Fund. The Investment Manager may or may not be able to dispose of the debt instruments that are being downgraded.



associated with investment in more developed economies or markets, such as greater political, tax, legal, economic, foreign exchange/control, liquidity, regulatory risks, settlement risks, custody risk and the likelihood of a high degree of volatility. The accounting, auditing and financial reporting standards may deviate substantially to the Sub-Fund’s detriment. Investments in these countries are subject to greater liquidity risk and general market risk. All these factors may adversely impact the net asset value of the Sub-Fund.

9. Country and Region Risk• The Sub-Fund’s investments focus on Asian markets, which may increase the concentration risk. Consequently, the

Sub-Fund is particularly susceptible to the adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events and risks of this region, or of companies based and/or operating in this region. The net asset value of the Sub-Fund may be more volatile than a diversified fund.



11. Derivatives Risk• The Sub-Fund may invest in derivatives which may expose the Sub-Fund to higher leverage, valuation, volatility,






35

13. Risks relating to Securities Lending Transactions• Securities lending transactions may involve the risk that the borrower may fail to return the securities lent out in a timely

manner and the value of the collateral may fall below the value of the securities lent out.14. Risks relating to Repurchase Agreements


15. Risks relating to Reverse Repurchase Agreements• In the event of the failure of the counterparty with which cash has been placed, the Sub-Fund may suffer loss as there



2016

13.2

2012 2013 2014 2015-20%

-10%

0%

10%

20%

• Share class*: AMg-USD• Past performance information is not indicative of future performance. Investors may not get back the full amount invested.• The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested.• These figures show by how much the share class increased or decreased in percentage during the calendar year being shown.• Performance data has been calculated in USD including on-going charges and excluding subscription fee and redemption fee

you might have to pay.• Where no past performance is shown there was insufficient data available in that year to provide performance.• Sub-Fund inception date: 2014• Share Class inception date: 2015*Representative share class – Retail share class that is authorized and launched in Hong Kong with the longest track record.




Fee (for Class A/AM/AMg/AT) What you paySubscription Fee (Sales Charge) Up to 5% of the NAVSwitching Fee (Conversion Fee) Up to 5% of the NAV (for switch-in)Redemption Fee No Redemption Fee is currently levied



36









37



Allianz Emerging Asia Equity

• Thisstatementprovidesyouwithkey informationaboutAllianzEmergingAsiaEquity (the“Sub-Fund”).








HKD 10,000Ongoing Charges over a yearClass A (USD) / Class AT (H2-EUR)* 2.28%Class AT (HKD)* 2.29%



38

Investment ObjectiveLong-term capital growth by investing in developing Asian equity markets, excluding Japan, Hong Kong and Singapore.

Investment StrategyAt least 70% of Sub-Fund assets are invested in equities of companies which are exposed or connected to developing Asian markets (e.g. companies with registered offices or sales/profits predominantly in those markets), excluding Japan, Hong Kong and Singapore. Less than 30% of Sub-Fund assets may be invested in equities other than the above.













4. Country and Region Risk• The Sub-Fund’s investments focus on Asia excluding Japan, Hong Kong and Singapore, which may increase the

concentration risk. Consequently, the Sub-Fund is particularly susceptible to the adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events and risks of the individual or interdependent countries in this region, or of companies based and/or operating in these markets. The net asset value of the Sub-Fund may be more volatile than a diversified fund.





39











come-first served basis and therefore may restrict the Sub-Fund’s ability to invest in China A-shares through the Stock Connect on a timely basis or the Sub-Fund may not be able to make its intended investments through Stock Connect.








40


-80%-60%-40%-20%

0%20%40%60%80%

100%

2007 2008 20162009 2010 2011 2012 2013 2014 2015

33.5

-62.8

3.8

74.750.2

-18.3

18.0 8.2 11.2

-6.6


The Sub-Fund was launched on 3 October 2008 where Allianz Global Investors Selections RCM Philippines Fund was merged into the Sub-Fund with the same features (e.g. investment objectives, investment policies, risk profile) and fee structures effective on the same date. The performance information shown on or before the date of the merger belongs to Allianz Global Investors Selections RCM Philippines Fund, class A-USD with the same features (e.g. investment objectives, investment policies, risk profile) and fee structures of the class A-USD of the Sub-Fund.


you might have to pay.• Sub-Fund inception date: 2008• Share Class inception date: 2008• Predecessor fund (Dresdner RCM New Tiger Selections – Philippines sub-fund) inception date: 1986*Representative share class – Retail share class that is authorized and launched in Hong Kong with the longest track record.








41








42



Allianz Emerging Markets Short Duration Defensive Bond*

• ThisstatementprovidesyouwithkeyinformationaboutAllianzEmergingMarketsShortDurationDefensive Bond (the “Sub-Fund”).

• This statement is a part of the offering document.• You should not invest in this product based on this statement alone.* The Sub-Fund is a short duration bond fund that may invest substantially in high yield bonds.


GmbH, UK Branch)Sub-Investment Manager: Allianz Global Investors U.S. LLC, based in United States (internal delegation) Allianz Global Investors Asia Pacific Limited, based in Hong Kong (internal delegation)Depositary: State Street Bank Luxembourg S.C.A.Dealing Frequency: Daily; each day banks and exchanges are open in Hong Kong, Luxembourg, New York

and United KingdomBase Currency: USDDividend Policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject



Dividend payments may, at the sole discretion of the Company, be made out of the Sub-Fund’s income and/or capital (Class A/AM/AMg). The Company may at its sole discretion also pay distribution out of gross income while charging/paying all or part of the Sub-Fund’s fees and expenses to/out of the capital of the Sub-Fund, resulting in an increase in distributable income for the payment of dividends by the Sub-Fund and therefore, the Sub-Fund may effectively pay dividend out of capital (Class AMg). Distributions out of capital or effectively out of capital may result in an immediate decrease of the net asset value (“NAV”) per share of the Sub-Fund.



HKD 10,000Ongoing charges over a year*Class A/AM/AMg/AT 1.04%

*The ongoing charges figures are calculated based on the costs incurred by the share class over a 12-month period divided by the average net assets over the same period based on the information in the latest audited financial statement for the year ended 30 September 2016. This figure may vary from year to year. It includes All-in-Fee plus the Luxembourg tax (Taxe d’Abonnement) and excludes transaction cost.


43

Investment ObjectiveLong-term capital growth and income by investing in short duration debt securities of emerging bond markets denominated in USD.

Investment StrategyAt least 70% of Sub-Fund assets are invested in short duration debt securities of emerging bond markets denominated in USD which, at the time of acquisition, are rated B- (Standard & Poor’s) or better. Less than 30% of Sub-Fund assets may be invested in debt securities other than the above.

At least 70% of Sub-Fund assets are invested in debt securities in emerging markets or in countries which are constituents of the JP Morgan Emerging Market Bond Index Global Diversified or the JP Morgan Corporate Emerging Market Bond Index.

Up to 100% of Sub-Fund assets may be invested in debt securities which, at the time of acquisition, are rated between BB+ and B- (inclusive) (by Standard & Poor’s, Fitch or equivalently by other rating agencies), or if unrated, as determined by the Investment Manager to be of comparable quality.

Mortgage-backed securities and asset-backed securities may not be acquired.

Up to 10% of Sub-Fund assets may be invested in preference shares issued by corporates of an emerging market country or of countries which are constituents of the JP Morgan Emerging Market Bond Index Global Diversified or of the JP Morgan Corporate Emerging Market Bond Index or of the JP Morgan GBI-EM Global Index.

Up to 100% of the Sub-Fund’s assets may be held in deposits and/or invested in money market instruments and/or (up to 10% of Sub-Fund’s assets) in money market funds on a temporary basis for liquidity management and/or defensive purpose and/or any other exceptional circumstances (e.g. market crash or major economic crisis), and if the investment manager considers it in the best interest of the Sub-Fund.

Duration of the assets of the Sub-Fund is between 1 and 4 years.

The ‘defensive’ descriptor refers to the short duration of the Sub-Fund’s assets when compared to other funds investing in the same asset class of emerging markets/countries, as the Sub-Fund aims to provide lower volatility by investing in short duration bonds primarily denominated in USD. Note that ‘defensive’ does not imply in any way that the Sub-Fund entails no risk or lower level of risk compared to similar types of funds.

The Sub-Fund may conduct securities lending transactions, over-the-counter (“OTC”) based repurchase and/or reverse purchase transactions and similar OTC transactions in aggregate for up to 50% of the Sub-Fund’s assets.


44







3. Concentration Risk• The Sub-Fund’s investments focus on emerging markets, which may increase the concentration risk. Consequently,

the Sub-Fund is particularly susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events and risks of this region, or of companies based and/or operating in this region. The net asset value of the Sub-Fund may be more volatile than a diversified fund.





5. Interest Rate Risk• To the extent that the Sub-Fund invests in interest-bearing securities (e.g. corporate bonds and government bonds) it







45







12. Derivatives Risk• The Sub-Fund may invest in derivatives which may expose the Sub-Fund to higher leverage, counterparty, liquidity,


• The Sub-Fund’s use of FDI in efficient portfolio management (including for hedging) may become ineffective and/or cause the Sub-Fund to suffer significant losses.







of the amount investors originally invested and/or capital gains attributable to the original investment. Any distributions involving payment of distributions out of the Sub-Fund’s capital/distributions effectively out of the Sub-Fund’s capital may result in an immediate decrease in the net asset value per share and may reduce the capital available for the Sub-Fund for future investment and capital growth.

• The distribution amount and net asset value of any hedged share classes of the Sub-Fund may be adversely affected by differences in the interest rates of the reference currency of the hedged share class and the base currency of the Sub-Fund, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other non-hedged share classes.

46


-4%

-2%

0%

2%

4%

6%

8%

10%

2012 2013 20162014 2015

7.3

-2.2

• Share Class*: AT (H2-EUR)• Past performance information is not indicative of future performance. Investors may not get back the full amount invested.• The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested.• These figures show by how much the Share Class increased or decreased in percentage during the calendar year being shown.• Performance data has been calculated in EUR including on-going charges and excluding subscription fee and redemption fee





Fee (Class A/AM/AMg/AT) What you paySubscription Fee Up to 5% of the NAVSwitching Fee (Conversion Fee) Up to 5% of the NAV (for switch-in)Redemption Fee No Redemption Fee is currently levied




47








48



Allianz Enhanced Short Term Euro

• This statement provides youwith key information aboutAllianz EnhancedShort TermEuro (the“Sub-Fund”).



GmbH, Germany (Headquarter))Depositary: State Street Bank Luxembourg S.C.A.Dealing Frequency: Daily; each day banks and exchanges are open in Hong Kong and LuxembourgBase Currency: EURDividend Policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject






HKD 10,000Ongoing Charges over a yearClass AT (EUR)* 0.49%



49

Investment ObjectiveLong-term capital growth that is above the average return of the Euro money markets by investing in global bond markets with Euro exposure. With the objective of achieving additional returns, the Investment Manager may also assume separate risks related to the bonds and money market instruments and may engage in foreign currency overlay, and thus may also assume separate foreign currency risks, even if the Sub-Fund does not include any assets denominated in these respective currencies.

Investment StrategySub-Fund assets are primarily invested in global debt securities which are exposed to the Euro. Less than 30% of Sub-Fund assets may be invested in debt securities other than the above.

Up to 100% of Sub-Fund assets may be held in deposits and may be invested in debt securities (e.g. corporate bonds and government bonds) and/or invested in money market instruments. The residual term of each debt security must not exceed 2.5 years.

Up to 65% of Sub-Fund assets are invested in debt securities which, at the time of acquisition, are rated BBB+ (by Standard & Poor’s or Fitch) or Baa1 (by Moody’s) or better.


Up to 15% of the Sub-Fund assets may be invested in asset backed and mortgage backed securities.

Non-Euro currency exposure is limited to 10% of Sub-Fund assets.

Up to 100% of the Sub-Fund assets may be held in deposits and/or invested directly in money market instruments and/or (up to 10% of Sub-Fund assets) in money market funds on a temporary basis for liquidity management and/or defensive purpose and/or any other exceptional circumstances, and if the investment manager considers it in the best interest of the Sub-Fund.


The Sub-Fund may invest extensively in financial derivative instruments (“FDI”) for efficient portfolio management purposes (including hedging) and/or investment purposes; These may include options, futures, forwards and swap contracts. FDI may be used to gain additional exposures to bonds, money markets and currencies with the objective to achieve additional returns.

The long and short active currency positions implemented by the Sub-Fund may not be correlated with the underlying securities positions held by the Sub-Fund.

The expected level of leverage is between 0 and 200% of the Sub-Fund’s net asset value, calculated based on the expected sum of notionals of derivatives. The actual sum of notionals of derivatives might change over time and might temporarily exceed the expected level of leverage of derivatives. Derivatives might be used for different purposes including hedging or investment purposes. The calculation of the expected level of leverage does not distinguish between the different purposes of a derivative. Therefore this figure delivers no indication regarding the true riskiness of the Sub-Fund. Although the Sub-Fund adopts the absolute Value-at Risk to calculate and monitor its global exposure, the level of commitment leverage of the Sub-Fund is expected to be between 0% and 200% of its net asset value. Investors should note that this is indicative only and should not be regarded as reflecting or limiting the Sub-Fund’s level of leverage. The level of leverage using the commitment approach is expressed as a ratio between the market value of the equivalent position in the underlying assets of the FDI (taking into account the possible netting and hedging arrangements) and its NAV. The level of leverage using the sum of notional approach is expressed as a ratio between the aggregate of the notional values of all FDI entered into by the fund (including FDI that are used for investment purposes and/or for hedging purposes) and its net asset value.

50




and political situations as well as securities markets and investment sentiment, which are partially attributable to irrational factors. Such factors could lead to substantial and longer-lasting drops in prices affecting the entire market. Bonds from top-rated issuers are subject to essentially the same general market risk as other class of assets. All these factors may adversely impact the net asset value of the Sub-Fund.

2. Interest Rate Risk• To the extent that this Sub-Fund invests in interest-bearing securities (eg. short term Euro Bonds and convertible bonds)

it is exposed to interest rate fluctuations. If market interest rates rise, the value of the interest-bearing assets held by the Sub-Fund may decline substantially. This applies to an even greater degree if this Sub-Fund also holds interest-bearing securities with a longer time to maturity and a lower nominal interest rate. All these factors may adversely impact the net asset value of the Sub-Fund.


market instrument held by a Sub-Fund may subsequently fall. This usually leads to a decrease in the price of the asset greater than that caused by general market fluctuations. All these factors may adversely impact the net asset value of the Sub-Fund.




5. Country and Region Risk• The Sub-Fund’s investments focus in European markets, which may increase the concentration risk. Consequently, the

Sub-Fund is particularly susceptible to the adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events and risks of these markets, or of companies based and/or operating in these markets. The net asset value of the Sub-Fund may be more volatile than a diversified fund.






51



• Investing in derivatives involves the following key risks: (i) the derivatives may be misvalued or may have varying valuations; (ii) the use of derivatives may not completely hedge the risk intended to be hedged; (iii) derivatives may become difficult to purchase or sell. In such cases, the Sub-Fund may not be able to initiate a transaction or liquidate a position at an advantageous time or price; (iv) particularly for unlisted derivatives, there is also a risk that the counterparty may default or be unable to completely fulfill its obligations; (v) given the leverage effect embedded in derivatives, a relatively small price movement in a derivative contract may result in substantial losses to the investor; (vi) in particular, if the Sub-Fund ever reaches a net leverage exposure of over 100% of its net asset value under the commitment approach, (vii) the entire value of your investment in the Sub-Fund may be lost due to extensive use of derivatives and high leverage.

9. Liquidity Risk• The Sub-Fund may invest in illiquid securities (securities that cannot be sold readily). Even relatively small orders for

purchases or sales of illiquid securities in particular can lead to significant price changes. If an asset is not liquid, there is the risk that the asset cannot be sold or can only be sold at a significant discount to the purchase price. The lack of liquidity of an asset may cause its sale price to decrease significantly. This may adversely impact the net asset value of the Sub-Fund.

• The debt securities in European emerging markets may be subject to higher volatility and lower liquidity compared to more developed markets. The prices of securities traded in such markets may be subject to fluctuations. The bid and offer spreads of the price of such securities may be large and the fund may incur significant trading costs.

10. Active Currency Positions Risks• As the active currency financial derivative instruments positions implemented by the Sub-Fund may not be correlated

with the underlying securities positions held by the Sub-Fund, the Sub-Fund may suffer a significant or total loss even if there is no loss of the value of the underlying securities positions (eg. debt securities) being held by the Sub-Fund.









52


2007 2008 20162009 2010 2011 2012 2013 2014 2015-1%

0%

1%

2%

3%

4%

2.6

0.7

-0.2 -0.3-0.2 -0.1

0.1 0.10.3 0.1

1.5

0.2

1.20.90.9

0.4


Index: EONIAAT-EUR class of Sub-Fund






Fee (Class A/AM/AMg/AT) What you paySubscription Fee (Sales Charge) No Subscription Fee is currently leviedSwitching Fee (Conversion Fee) No Switching Fee is currently leviedRedemption Fee No Redemption Fee is currently levied




53








54



Allianz Euro High Yield Bond

• Thisstatementprovidesyouwithkey informationaboutAllianzEuroHighYieldBond (the“Sub-Fund”).



GmbH, France Branch)Depositary: State Street Bank Luxembourg S.C.A.Dealing Frequency: Daily; each day banks and exchanges are open in Hong Kong and Luxembourg and

major stock exchanges are open in France and United KingdomBase Currency: EURDividend Policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject






HKD 10,000Ongoing Charges over a yearClass A (EUR) / AT (EUR) / 1.40%AM (EUR) / AM (H2-USD)*



Investment ObjectiveLong-term capital growth by investing in high yield rated debt securities denominated in Euro.

55

Investment StrategyAt least 70% of Sub-Fund assets are invested in debt securities denominated in Euro. Less than 30% of Sub-Fund assets may be invested in debt securities other than the above.

At least 70% of Sub-Fund assets are invested in debt securities which, at the time of acquisition, are rated between BB+ and B- (inclusive) (by Standard & Poor’s, Fitch or equivalently by other rating agencies), or if unrated, as determined by the Investment Manager to be of comparable quality.



Non-Euro currency exposure is limited to 10% of Sub-Fund assets.








2. Country and Region Risk• The Sub-Fund’s investments focus in European markets, which may increase the concentration risk. Consequently, the

Sub-Fund is particularly susceptible to the adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events and risks of these markets, or of companies based and/or operating in these markets. The net asset value of the Sub-Fund may be more volatile than a diversified fund.


3. European Country and Currency Risk• There is the possibility that economic and financial difficulties in Europe may continue to get worse or spread within and

outside the Europe, and may lead to one or several countries exiting the Eurozone or default of a sovereign within the Eurozone. Measures taken by the governments of the European countries, central banks and other authorities to address the economic and financial problem, such as austerity measures and reforms, may not work. The impact of the above events may be significant and may adversely affect the value of the Sub-Fund (such as increased volatility, liquidity and currency risk associated with investments in Europe).

• The Sub-Fund may hold assets denominated in foreign currencies other than its base currency and a class of shares of the Sub-Fund may be designated in a currency other than the base currency of the Sub-Fund. Accordingly, it is exposed to a currency risk if foreign currency positions have not been hedged or if there is any change in the relevant exchange control regulations. Any devaluation of the foreign currency against the base currency of the Sub-Fund would cause the value of the assets denominated in the foreign currency to fall.

56

4. Interest Rate Risk• To the extent that this Sub-Fund invests in interest-bearing securities (e.g. corporate bonds and government bonds), it








purchases or sales of illiquid securities in particular can lead to significant price changes. If an asset is not liquid, there is the risk that the asset cannot be sold or can only be sold at a significant discount to the purchase price. The lack of liquidity of an asset may cause its sale price to decrease significantly. This may adversely impact the net asset value of the Sub-Fund.


situation. If a company-specific factor deteriorates, the price of the respective asset may drop significantly and for an extended period of time, possibly even without regard to an otherwise generally positive market trend. This may adversely impact the net asset value of the Sub-Fund.







12. Derivatives Risk• The Sub-Fund may invest in derivatives (including certificates) which may expose the Sub-Fund to higher leverage,

valuation, volatility, counterparty, liquidity, market and over the counter transaction risks, all of which may adversely impact the net asset value of the Sub-Fund. The leverage component of an FDI can result in a loss significantly greater than the amount invested in the FDI by the Sub-Fund.


57










-20%

-10%

0%

10%

20%

30%

2007 2008 2016

7.4

2009 2010 2011

-5.7

2012

21.4

2013

6.4

2014

4.0

2015

0.8




58














59



Allianz Euroland Equity Growth

• This statement provides youwith key information aboutAllianz Euroland EquityGrowth (the“Sub-Fund”).









HKD 10,000Ongoing Charges over a yearClass A (EUR) / AT (EUR) / 1.85%AT (H2-USD) / AT (H2-GBP) *



Investment ObjectiveLong-term capital growth by investing in Eurozone equity markets with a focus on growth stocks.

60

Investment StrategyAt least 75% of Sub-Fund assets are invested in equities (including participation certificates) of corporate issuers with registered offices in European Union member states and/or in European Economic Area member states that are PEA (Plan d’Epargne en Actions) eligible in France and with a focus on growth stocks. Up to 25% of Sub-Fund assets may be invested in equities other than the above.

Up to 20% of Sub-Fund assets may be invested in equities of companies whose registered offices are in countries participating in the Exchange Rate Mechanism II.






2. Country and Region Risk• The Sub-Fund’s investments focus in countries participating in the European Monetary Union, which may increase the

concentration risk. Consequently, the Sub-Fund is particularly susceptible to the adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events and risks of these countries, or of companies based and/or operating in these countries. The net asset value of the Sub-Fund may be more volatile than a diversified fund.









61





-60%

-40%

-20%

0%

20%

40%

60%

2007 2008 2016

-3.0

2009 2010 2011 2012

28.4

2013

14.2

2014 2015

4.0

-38.5

38.2

23.6

-5.3

6.820.2










62








63



Allianz Europe Conviction Equity

• ThisstatementprovidesyouwithkeyinformationaboutAllianzEuropeConvictionEquity(the“Sub-Fund”).









HKD 10,000Ongoing Charges over a yearClass AT (EUR) / A (EUR)* 1.83%



Investment ObjectiveLong-term capital growth by investing in equity markets in Europe.

64

Investment StrategyAt least 75% of Sub-Fund assets are invested in equities of corporate issuers with registered offices in European Union member states and/or European Economic Area member states that are PEA (Plan d’Epargne en Actions) eligible in France. Up to 25% of Sub-Fund assets may be invested in equities other than the above.


Up to 15% of Sub-Fund assets may be invested in convertible debt securities (e.g. convertible bonds, bonds with warrants and equity warrant bonds) and (up to 10% Sub-Fund assets) in contingent convertible bonds, of which up to 10% may, at the time of acquisition, be rated BB+ or below (by Standard & Poor’s, Fitch or equivalently by other rating agencies), or if unrated, as determined by the Investment Manager to be of comparable quality.





and political situations as well as securities markets and investment sentiment, which are partially attributable to irrational factors. Such factors could lead to substantial and longer-lasting drops in prices affecting the entire market. Securities from top-rated issuers are subject to essentially the same general market risk as other securities and assets. All of these factors may adversely impact the net asset value of the Sub-Fund.

2. Country and Region Risk• The Sub-Fund’s investments focus on European Union member states, which may increase the concentration risk.


• Economic or political instability in countries in which the Sub-Fund is invested may lead to a situation in which the Sub-Fund does not receive part or all of the monies owed to it in spite of the solvency of the issuer of the respective security or other assets. Currency or transfer restrictions or other legal changes, for example, may be significant in this regard. This may adversely impact the net asset value of the Sub-Fund.









65


of the amount investors originally invested and/or capital gains attributable to the original investment. Any distributions involving payment of distributions out of the Sub-Fund’s capital/distributions out of the Sub-Fund’s capital may result in an immediate decrease in the Net Asset Value per Share and may reduce the capital available for the Sub-Fund for future investment and capital growth.



-20%

-10%

0%

10%

20%

30%

40%

2007 2008 2016

-4.5

2009 2010 2011 2012

17.1

2013

19.9

2014 2015

30.1

5.8

-10.6

4.110.2









66









67



Allianz Europe Equity Growth

• Thisstatementprovidesyouwithkey informationaboutAllianzEuropeEquityGrowth(the“Sub-Fund”).









HKD 10,000Ongoing Charges over a yearClass A (EUR) / A (GBP) / AT (EUR) / 1.85%AT (H2-USD) / AT (H2-SGD)*



Investment ObjectiveLong-term capital growth by investing in equity markets in Europe, with a focus on growth stocks.

Investment StrategyAt least 75% of Sub-Fund assets are invested in equities (including participation certificates) of corporate issuers with registered offices in European Union member states and/or in European Economic Area member states that are PEA (Plan d’Epargne en Actions) eligible in France, and with a focus on growth stocks. Up to 25% of Sub-Fund assets may be invested in equities other than the above.

68







2. Country and Region Risk• The Sub-Fund’s investments focus on countries participating in the European Union member states, Norway or Ireland,

which may increase the concentration risk. Consequently, the Sub-Fund is particularly susceptible to the adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events and risks of these countries, or of companies based and/or operating in these countries. The net asset value of the Sub-Fund may be more volatile than a diversified fund.












69


-50%-40%-30%-20%-10%

0%10%20%30%40%50%60%

2007 2008 2016

-3.4

2009 2010 2011 2012

26.8

2013

14.0

2014 2015

6.9

-40.3

49.4

31.5

-4.3

10.119.3










70








71



Allianz Europe Equity Growth Select

• ThisstatementprovidesyouwithkeyinformationaboutAllianzEuropeEquityGrowthSelect(the“Sub-Fund”).



GmbH, Germany (Headquarter))Depositary: State Street Bank Luxembourg S.C.A.Dealing frequency: Daily; each day banks and exchanges are open in Hong Kong, Germany and LuxembourgBase currency: EURDividend policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject




Financial year end of the Sub-Fund: 30 SeptemberMinimum investment:Initial USD 5,000 (or equivalent amount in other available currencies) or EUR 5,000 or


HKD 10,000Ongoing Charges over a yearClass A (EUR) / AT (EUR) / 1.85%A (H2-USD) / AT (H2-SGD)*Class AT (H2-USD)* 1.84%



Investment ObjectiveLong-term capital growth by investing in equity markets in Europe, with a focus on growth stocks of large market capitalization companies.

72

Investment StrategyFor the purposes of this Sub-Fund, ‘large market capitalization companies’ means companies whose market capitalization are at least EUR 5 billion as determined at the time of acquisition.

At least 75% of Sub-Fund assets are invested in equities (including participation certificates) of corporate issuers with registered offices in European Union member states and/or in European Economic Area member states that are PEA (Plan d’Epargne en Actions) eligible in France, and with a focus on growth stocks of large market capitalization companies. Up to 25% of Sub-Fund assets may be invested in equities other than the above.





the Sub-Fund may fall in value.• The Sub-Fund invests in securities (e.g. equities), and is exposed to various general trends and tendencies in the economic


2. Country and Region Risk• The Sub-Fund’s investments focus on countries participating in the European Union member states, Norway or Iceland,

which may increase the concentration risk. Consequently, the Sub-Fund is particularly susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events and risks of these countries, or of companies based and/or operating in these countries. The net asset value of the Sub-Fund may be more volatile than a diversified fund.







5. Concentration Risk• The Sub-Fund focuses its investments on growth stocks, which may increase the concentration risk. Consequently,

the Sub-Fund is particularly susceptible to adverse developments and risks in this market. This concentration does not allow the same scope of diversification of risks across different markets as would be possible if investments were not as concentrated. The net asset value of the Sub-Fund may be more volatile than a diversified fund.

73








2016

-3.8

12.7

18.0

2012 2013 2014 2015-10%

-5%

0%

5%

10%

15%

20%

25%




74











• The compositions of the distributions (i.e. the relative amounts paid out of (i) net distributable income, and (ii) capital) for the last 12 months or since the launch of the Sub-Fund are available from the Hong Kong Representative on request and also on its website (hk.allianzgi.com).



75



Allianz Europe Income and Growth

• ThisstatementprovidesyouwithkeyinformationaboutAllianzEuropeIncomeandGrowth(the“Sub-Fund”).



GmbH, Germany (Headquarter) and Allianz Global Investors GmbH, France Branch)Depositary: State Street Bank Luxembourg S.C.A.Dealing frequency: Daily; each day banks and exchanges are open in Hong Kong, Germany, Luxembourg

and major stock exchanges are open in France and United KingdomBase currency: EURDividend policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject






HKD 10,000Ongoing Charges over a yearClass AM (EUR)^ 1.54%Class AM (H2-USD)* 1.55%Class AMg (EUR)^ 1.57%Class AMg (H2-AUD) / AMg (H2-HKD) / 1.56%AMg (H2-SGD) / AMg (H2-USD)^




76

Investment ObjectiveLong term capital growth and income by investing in European corporate debt securities and equities.

Investment StrategyAt least 70% of the Sub-Fund assets are invested directly in equities and/or debt securities which are exposed or connected to a European country (e.g. companies with registered offices or sales/profits predominantly in that region). Less than 30% of the Sub-Fund may be invested into equities and/or debt securities and/or other asset classes other than the above.

Up to 80% of Sub-Fund assets may be invested in debt securities which are exposed or connected to a European country.

Up to 80% of Sub-Fund assets may be invested in equities which are exposed or connected to a European country.

Up to 70% of Sub-Fund assets may be invested in convertible debt securities (e.g. convertible bonds, bonds with warrants and equity warrant bonds) which are exposed or connected to a European country.

Up to 70% of Sub-Fund assets may be invested in debt securities which are exposed or connected to a European country and which at the time of acquisition carry a rating of BB+ or below (by Standard & Poor’s or Fitch or an equivalent rating by other rating agencies) excluding those that are rated CC, C or D (Standard & Poor’s), C, RD or D (Fitch) or Ca or C (Moody’s), or if unrated, as determined by the Investment Manager to be of comparable quality.


Up to 25% of Sub-Fund assets may be held in deposits and/or invested directly in money market instruments and up to 10% of Sub-Fund assets in money market funds.









77










5. Interest Rate Risk• To the extent that this Sub-Fund invests in interest-bearing securities (e.g. corporate bonds and convertible bonds) it




with higher volatility, greater risk of loss of principal and interest, increased creditworthiness and downgrading risk, default risk, interest rate risk, general market risk, company-specific risk and liquidity risk (for example, the asset cannot be sold or can only be sold at a significant discount to the purchase price), all of which may adversely impact the net asset value of the Sub-Fund.



to be incorrect, this may affect the NAV calculation of the Sub-Fund.9. Currency Risk

• The Sub-Fund may hold assets denominated in foreign currencies other than its base currency. The Sub-Fund may also launch a class of shares that may be designated in a foreign currency other than the base currency of the Sub-Fund. Accordingly, the Sub-Fund and investors of such class of shares are exposed to a currency risk that if these foreign currency positions have not been hedged or if there is any change in the relevant exchange control regulations, the net asset value of the Sub-Fund may be affected unfavorably. Any devaluation of the foreign currency against the base currency of the Sub-Fund would cause the value of the assets denominated in the foreign currency to fall and adversely impact the investor.

78



11. Country and Region Risk• The Sub-Fund’s investments focus on European markets, which may increase the concentration risk. Consequently,

the Sub-Fund is particularly susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events and risks of this region, or of companies based and/or operating in this region. The net asset value of the Sub-Fund may be more volatile than a diversified fund.




13. Liquidity Risk• The Sub-Fund may invest in illiquid securities (securities that cannot be sold readily). Even small orders for purchases

or sales of illiquid securities in particular can lead to significant price changes. If an asset is not liquid, there is the risk that the asset cannot be sold or can only be sold at a significant discount to the purchase price. The lack of liquidity of an asset may cause its purchase price to increase significantly. This may adversely impact the net asset value of the Sub-Fund.







16. Volatility and Liquidity Risk• The debt securities in European emerging markets may be subject to higher volatility and lower liquidity compared to

more developed markets. The prices of securities traded in such markets may be subject to fluctuations. The bid and offer spreads of the price of such securities may be large and the fund may incur significant trading costs.






79


2016

2.7

2012 2013 2014 20150%

1%

2%

3%

• Share class*: AM-EUR• Past performance information is not indicative of future performance. Investors may not get back the full amount invested.• The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested.• These figures show by how much the share class increased or decreased in percentage during the calendar year being shown.• Performance data has been calculated in EUR including on-going charges and excluding subscription fee and redemption fee









80








81



Allianz European Equity Dividend

• ThisstatementprovidesyouwithkeyinformationaboutAllianzEuropeanEquityDividend(the“Sub-Fund”).









HKD 10,000Ongoing Charges over a yearClass A (EUR) / AM (EUR) / 1.85%AM (H2-AUD) / AM (H2-HKD) /AM (H2-SGD) / AM (H2-USD) /AT (EUR)*Class AM (H2-NZD) / AMg (H2-USD)^ 1.85%




82

Investment ObjectiveLong-term capital growth by investing in companies of European equity markets that are expected to achieve sustainable dividend returns.

Investment StrategyAt least 75% of Sub-Fund assets are invested in equities (including participation certificates) of corporate issuers with registered offices in European Union member states and/or European Economic Area member states that are PEA (Plan d’Epargne en Actions) eligible in France, and which are expected to achieve sustainable dividend returns. Up to 25% of Sub-Fund assets may be invested in equities other than the above.


Up to 20% of Sub-Fund assets may be held in deposits and/or invested directly in money market instruments and/or (up to 10% of Sub-Fund assets) in money market funds.






2. Country and Region Risk• The Sub-Fund’s investments focus on countries participating in the European Union member states, Norway or Iceland,

which may increase concentration risk. Consequently, the Sub-Fund is particularly susceptible to the adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events and risks of these countries, or of companies based and/or operating in these countries. The net asset value of the Sub-Fund may be more volatile than a diversified fund.









83





-10%

-5%

0%

5%

10%

15%

20%

25%

30%

2007 2008 2016

2.5

2009 2010 2011 2012

12.0

2013

24.1

2014 2015

12.8

-4.4

6.47.0









84









85



Allianz Flexi Asia Bond

• This statement provides you with key information about Allianz Flexi Asia Bond (the “Sub-Fund”).• This statement is a part of the offering document.• You should not invest in this product based on this statement alone.

Quick factsManagement Company: Allianz Global Investors GmbHInvestment Manager: Allianz Global Investors Singapore Limited, based in Singapore (internal delegation)Depositary: State Street Bank Luxembourg S.C.A.Dealing frequency: Daily; each day banks and exchanges are open in Hong Kong and Luxembourg and

major stock exchanges are open in SingaporeBase currency: USDDividend policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject






HKD 10,000Ongoing Charges over a yearClass AM (H2-GBP) / AM (H2-NZD)* 1.52%Class AM (HKD) / AM (USD) / 1.53%AM (H2-AUD) / AM (H2-CAD) /AM (H2-EUR) / AM (H2-SGD) /AT (USD)*Class A (H2-EUR)* 1.49%Class AMg (USD)^ 1.56%




86

Investment ObjectiveLong-term capital growth and income by investing in debt securities of Asian bond markets denominated in EUR, USD, GBP, JPY, AUD, NZD or any Asian currency.

Investment StrategySub-Fund assets are primarily invested in debt securities denominated in EUR, USD, GBP, JPY, AUD, NZD or any Asian currency which are exposed or connected to Asian bond markets (e.g. bonds issued or guaranteed by governments/related authorities or companies with registered offices or sales/profits predominantly in those countries). Less than 30% of Sub-Fund assets may be invested in debt securities other than the above.


Up to 60% of Sub-Fund assets may be invested in debt securities which, at the time of acquisition, are rated BB+ or below (by Standard & Poor’s, Fitch or equivalently by other rating agencies), or if unrated, as determined by the Investment Manager to be of comparable quality. Within this limit, up to 10% of the Sub-Fund assets may be invested in debt securities that are rated CC or lower (including defaulted securities)(Standard & Poor’s).

Up to 10% of Sub-Fund assets may be invested either directly (via the RQFII quota and/or the China Interbank Bond Market (CIBM) initiative) or indirectly in the PRC bond markets.

Currency exposure of the Sub-Fund to offshore Chinese Renminbi is limited to 35% of Sub-Fund assets.

Currency exposure to non-EUR, non-USD, non-GBP, non-JPY, non-AUD, non-NZD or any non-Asian currency-denominated debt securities is limited to 20% of Sub-Fund assets.

Up to 35% of Sub-Fund assets may be invested in debt securities issued or guaranteed by a single sovereign issuer that is rated below investment grade (i.e. Philippines). Such investments are based on the professional judgment of the Investment Manager whose reasons for investment may include a favourable/positive outlook on the sovereign issuer, potential for ratings upgrade (which may depend on the economic fundamentals of such sovereign, etc.), expected changes in their value of such investments due to the ratings changes, among other things. Please note the ratings of sovereign issuers may change from time to time and the abovementioned sovereign is named only for reference and is subject to change as its ratings changes.

Up to 100% of Sub-Fund assets may be held in deposits or invested directly in money market instruments and/or (up to 10% of Sub-Fund assets) in money market funds on a temporary basis for liquidity management and/or defensive purpose and/or any other exceptional circumstances, and if the investment manager considers it in the best interest of the Sub-Fund.







87

2. Country and Region Risk• The Sub-Fund’s investments focus on Asia, which may increase the concentration risk. Consequently, the Sub-Fund is

particularly susceptible to the adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events and risks of this region, or of companies based and/or operating in this region. The net asset value of the Sub-Fund may be more volatile than a diversified fund.

3. Interest Rate Risk• To the extent that this Sub-Fund invests in interest-bearing securities (e.g. corporate bonds and government bonds) it





• The interest bearing securities held by the Sub-Fund may be downgraded and may fall in value. This will also lead to a fall in the net asset value of the Sub-Fund. The Investment Manager may or may not be able to dispose of the debt instruments that are being downgraded.







• The Sub-Fund’s investment in interesting bearing securities issued or guaranteed by governments may be exposed to political, social and economic risks. In adverse situations, the sovereign issuers may not be able or willing to repay the principal and/or interest when due or may request the Sub-Fund to participate in restructuring such debts. The Sub-Fund may suffer significant losses when there is a default of sovereign debt issuers.

9. Specific Risks of Investing in Non-investment Grade Sovereign Debt Securities• The Sub-Fund may invest more than 10% and up to 35% of its assets in interest-bearing securities issued or guaranteed

by a non-investment grade sovereign issuer (i.e. Philippines) and is therefore subject to higher credit/default risk and concentration risk as well as greater volatility and higher risk profile. In addition, there is no bankruptcy proceedings for such securities on which money to pay the obligations of the securities may be collected in whole or in part. Holders may be requested to participate in the rescheduling of such securities and to extend further loans to the issuers. In the event of default of the sovereign issuer, the Sub-Fund may suffer significant losses. Furthermore, economic, social or political instability in countries in which the Sub-Fund invests may lead to situations where the Sub-Fund does not receive part or all of the monies owed to it in spite of the solvency of the issuer.


associated with investment in more developed economies or markets, such as greater political, tax, legal, economic, foreign exchange/control, liquidity, regulatory risks, settlement risks, custody risk and the likelihood of a high degree of volatility. The accounting, auditing and financial reporting standards may deviate substantially to the Sub-Fund’s detriment. Investments in these countries are subject to greater liquidity risk and general market risk. All these factors may adversely impact the net asset value of the Sub-Fund.

88



12. RMB Debt Securities Risk• The “Dim Sum” bond market is still a relatively small market which is more susceptible to volatility and illiquidity. The

operation of the “Dim Sum” bond market as well as new issuances could be disrupted causing a fall in the net asset value of the Sub-Fund should there be any promulgation of new rules which limit or restrict the ability of issuers to raise RMB by way of bond issuances and/or reversal or suspension of the liberalisation of the offshore RMB (CNH) market by the relevant regulator(s).

13. RMB Risk• The Sub-Fund may invest in assets denominated in offshore Chinese Renminbi. The Chinese Renminbi traded in

Mainland China is not freely convertible and is subject to exchange controls, policies and restrictions imposed by the PRC authorities. Such policies may limit the depth of the Chinese Renminbi market available outside of Mainland China, and thereby may reduce the liquidity of the Sub-Fund. Under exceptional circumstances, payment of redemptions and/or dividend payment in RMB may be delayed due to the exchange controls and restrictions applicable to RMB. The Chinese Renminbi may be subject to devaluation, in which case the value of the investments in Chinese Renminbi assets will be adversely affected. Furthermore although offshore Renminbi and onshore Renminbi are the same currency, they trade at different rates. Any divergence between offshore Renminbi and onshore Renminbi may adversely impact investors.

• The Sub-Fund will be subject to risk of not having sufficient RMB for currency conversion prior to investment.14. Derivatives Risk

• The Sub-Fund may invest in derivatives which may expose the Sub-Fund to higher leverage, valuation, volatility, counterparty, liquidity, market and over the counter transaction risks, all of which may adversely impact the net asset value of the Sub-Fund. The leverage component of an FDI can result in a loss significantly greater than the amount invested in the FDI by the Sub-Fund.










89


2016

5.9

0.40.9

-2.7

2012 2013 2014 2015-4%-3%-2%-1%0%1%2%3%4%5%6%7%

• Share Class*: AT-USD• Past performance information is not indicative of future performance. Investors may not get back the full amount invested.• The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested.• These figures show by how much the Share Class increased or decreased in percentage during the calendar year being shown.• Performance data has been calculated in USD including on-going charges and excluding subscription fee and redemption fee









90








91



Allianz GEM Equity High Dividend

• ThisstatementprovidesyouwithkeyinformationaboutAllianzGEMEquityHighDividend(the“Sub-Fund”).


Quick factsManagement Company: Allianz Global Investors GmbHInvestment Manager: Allianz Global Investors U.S. LLC, based in United States (internal delegation)Depositary: State Street Bank Luxembourg S.C.A.Dealing Frequency: Daily; each day banks and exchanges are open in Hong Kong, New York and

LuxembourgBase Currency: EURDividend Policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject






HKD 10,000Ongoing Charges over a yearClass AT (USD) / AT (EUR)* 2.30%Class AM (H2-AUD)^ 2.36%Class AMg (HKD)^ 2.30%Class AMg (USD)^ 2.34%




92

Investment ObjectiveLong-term capital growth by investing in global emerging equity markets with a focus on equities which will result in a portfolio of investments with a potential dividend yield above the market average when the portfolio is considered as a whole.

Investment StrategyAt least 70% of Sub-Fund assets are invested in equities of companies which are exposed or connected to emerging markets or in countries which are constituents of the MSCI Emerging Market Index focusing on equities which will result in a portfolio of investments with a potential dividend yield above the market average when the portfolio is considered as a whole. Less than 30% of Sub-Fund assets may be invested in equities other than the above.







2. Emerging Market Risk• The Sub-Fund invests in emerging markets, such as Mainland China which involve increased risks and special considerations

not typically associated with investment in more developed economies or markets, such as greater political, tax, legal, economic, foreign exchange/control, liquidity, regulatory risk, settlement risks, custody risk and the likelihood of a high degree of volatility. The accounting, auditing and financial reporting standards may deviate substantially to the Sub-Fund’s detriment. All these factors may adversely impact the net asset value of the Sub-Fund.








93



















94


2007 2008 2016

20.8

2009 2010 2011

-25.9

17.3

106.2

-68.1

2012

8.1

2013

-5.7

2014

4.0

2015

-3.1

-100%

-50%

0%

50%

100%

150%



you might have to pay.• Where no past performance is shown, there was insufficient data available in that year to provide performance.• Sub-Fund inception date: 2007• Share Class inception date: 2007

*Representative share class – Retail share class that is authorized and launched in Hong Kong with the longest track record.








95








96



Allianz Global Agricultural Trends

• ThisstatementprovidesyouwithkeyinformationaboutAllianzGlobalAgriculturalTrends(the“Sub-Fund”).


Quick factsManagement Company: Allianz Global Investors GmbHInvestment Manager: Allianz Global Investors U.S. LLC, based in USA (internal delegation)Depositary: State Street Bank Luxembourg S.C.A.Dealing Frequency: Daily; each day banks and exchanges are open in Hong Kong and LuxembourgBase Currency: USDDividend Policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject






HKD 10,000Ongoing Charges over a yearClass A (EUR) / A (GBP) / 2.10%AT (EUR) / AT (USD)*



Investment ObjectiveLong-term capital growth by investing in global equity markets, with a focus on companies that are active in the areas of basic resources, raw materials, product processing, distribution, and if necessary, in other businesses with a focus or exposure relating to the aforementioned areas.

97

Investment StrategyAt least 90% of Sub-Fund assets are invested in equities of global companies that are active in the areas of basic resources, raw materials, product processing, distribution, and if necessary in other businesses with a focus or exposure relating to the aforementioned areas. Less than 10% of Sub-Fund assets may be invested in equities other than the above.







2. Concentration Risk• The Sub-Fund focuses its investments on certain industries (Raw Materials Production and Product Processing and

Distribution), which may increase the concentration risk. Consequently, the Sub-Fund is particularly susceptible to adverse development and risks in this industry or related industries or companies of such industries. The net asset value of the Sub-Fund may be more volatile than a diversified fund.


associated with investment in more developed economies or markets, such as greater political, tax, legal, economic, foreign exchange/control, liquidity, regulatory risks, settlement risks, custody risk and the likelihood of a high degree of volatility. The accounting, auditing and financial reporting standards may deviate substantially to the Sub-Fund’s detriment. Investments in these countries are subject to greater liquidity risk and general market risk.






purchases or sales of illiquid securities in particular can lead to significant price changes. If an asset is not liquid, there is the risk that the asset cannot be sold or can only be sold at a significant discount to the purchase price. The lack of liquidity of an asset may cause its purchase price to increase significantly.




98





-30%-20%-10%

0%10%20%30%40%50%60%

2007 2008 2016

-4.4

2009

50.3

2010

27.8

2011

-14.2

2012

12.5

2013

6.7

2014

9.4

2015

-8.3










99








100



Allianz Global Artificial Intelligence

• ThisstatementprovidesyouwithkeyinformationaboutAllianzGlobalArtificialIntelligence(the“Sub-Fund”).


Quick factsManagement Company: Allianz Global Investors GmbHInvestment Manager: Allianz Global Investors U.S. LLC, based in United States (internal delegation)Depositary: State Street Bank Luxembourg S.C.A.Dealing Frequency: Daily; each day banks and exchanges are open in Hong Kong, Luxembourg and New

YorkBase Currency: USDDividend Policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject






HKD 10,000Ongoing charges over a yearClass A/AM/AMg/AT^ 2.10%

Âs the Sub-Fund is newly set up, best estimate was used for the ongoing charges figure which is calculated based on the estimated total costs borne by the Sub-Fund over a 12-month period divided by the estimated average net assets over the same period. The actual figure may be different from this estimated figure and may vary from year to year. It includes All-in-Fee plus the Luxembourg tax (Taxe d’Abonnement) and excludes transaction cost.


101

Investment ObjectiveLong-term capital growth by investing in the global equity markets of companies whose business will benefit from/or is currently related to the evolution of artificial intelligence.

Artificial intelligence refers to machines or technology that mimic functions or behaviors of human beings or beyond, including but not limited to machine learning, robotics, vision or language processing and information handling. The definition of artificial intelligence may be expanded or evolve over time.

Investment StrategyAt least 70% of Sub-Fund assets are invested in equities of companies which are exposed or connected to the evolution of artificial intelligence (e.g. companies with sales/profits predominantly in business which will benefit from/or is currently related to such evolution). Less than 30% of Sub-Fund assets may be invested in equities other than the above.







2. Concentration Risk• The Sub-Fund focuses its investments on sectors which will benefit from/or are currently related to the artificial intelligence,

which may increase the concentration risk. Consequently, the Sub-Fund is particularly susceptible to adverse development and risks in these industries or industries that influence each other or companies of such industries. The value of the Sub-fund may be more volatile than that of a fund having a more diverse portfolio of investments.







102















103







104



Allianz Global Bond

• ThisstatementprovidesyouwithkeyinformationaboutAllianzGlobalBond(the“Sub-Fund”).• This statement is a part of the offering document.• You should not invest in this product based on this statement alone.


GmbH, UK Branch)Depositary: State Street Bank Luxembourg S.C.A.Dealing Frequency: Daily; each day banks and exchanges are open in Hong Kong, Luxembourg, Germany,

Italy and United KingdomBase Currency: USDDividend Policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject






HKD 10,000Ongoing charges over a yearClass A (EUR)^ 1.19%



105

Investment ObjectiveLong-term capital growth by investing in global bond markets.

Investment StrategySub-Fund assets are primarily invested in global debt securities (e.g. corporate bonds and government bonds).

Up to 20% of the Sub-Fund’s assets may be invested in debt securities as described in paragraph 1 above, which, at the time of acquisition, are rated BB+ or below (by Standard & Poor’s, Fitch or equivalently by other rating agencies) excluding those that are rated CC, C or D (Standard & Poor’s), C, RD or D (Fitch) or Ca or C (Moody’s), or if unrated, as determined by the Investment Manager to be of comparable quality.

Up to 20% of the Sub-Fund’s assets may be invested in emerging markets.

Up to 20% of the Sub-Fund’s assets may be invested in mortgage-backed securities and asset-backed securities.
















to be incorrect, this may affect the NAV calculation of the Sub-Fund.

106










• The distribution amount and NAV of any hedged share classes of the Sub-Fund may be adversely affected by differences in the interest rates of the reference currency of the hedged share class and the base currency of the Sub-Fund, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other non-hedged share classes.






107


2016

4.8

2012 2013 2014 20150%

1%

2%

3%

4%

5%

6%

• Share class*: A-EUR• Past performance information is not indicative of future performance. Investors may not get back the full amount invested.• The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested.• These figures show by how much the share class increased or decreased in percentage during the calendar year being shown.• Performance data has been calculated in EUR including on-going charges and excluding subscription fee and redemption fee








108









109



Allianz Global Credit

• ThisstatementprovidesyouwithkeyinformationaboutAllianzGlobalCredit(the“Sub-Fund”).• This statement is a part of the offering document.• You should not invest in this product based on this statement alone.


GmbH, UK Branch)Depositary: State Street Bank Luxembourg S.C.A.Dealing Frequency: Daily; each day banks and exchanges are open in Hong Kong, Luxembourg and United

KingdomBase Currency: USDDividend Policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject









Investment ObjectiveLong-term capital growth by investing in global bond markets.

110

Investment StrategySub-Fund assets are primarily invested in debt securities in global bond markets.

Up to 100% of the Sub-Fund’s assets may be invested in emerging markets.

At least 70% of Sub-Fund assets are invested in debt securities which, at the time of acquisition, are rated investment grade (i.e. a rating of BBB- or better (by Standard & Poor’s or Fitch) or equivalent ratings by another recognized rating agency or if unrated, as determined by the Investment Manager to be of comparable quality).

Up to 30% of the Sub-Fund’s assets may be invested in debt securities, which, at the time of acquisition, are rated BB+ or below (by Standard & Poor’s, Fitch or equivalently by other rating agencies) excluding those that are rated CC, C or D (Standard & Poor’s), C, RD or D (Fitch) or Ca or C (Moody’s), or if unrated, as determined by the Investment Manager to be of comparable quality.


Up to 100% of Sub-Fund assets may be held in deposits and/or invested directly in money market instruments and/or (up to 10% of Sub-Fund assets) in money market funds on a temporary basis for liquidity management and/or defensive purpose and/or any other exceptional circumstances (eg. market crash or major crisis), and if the investment manager considers it in the best interest of the Sub-Fund.















111





to be incorrect, this may affect the NAV calculation of the Sub-Fund.8. Specific Risks of Investing in High-Yield (Non-Investment Grade and Unrated) Investments and Convertible Bonds

• Investing in high-yield (non-investment grade and unrated) investments and convertible bonds are normally associated with higher volatility, greater risk of loss of principal and interest, increased creditworthiness and downgrading risk, default risk, interest rate risk, general market risk, and liquidity risk (for example, the asset cannot be sold or can only be sold at a significant discount to the purchase price), all of which may adversely impact the net asset value of the Sub-Fund.












112




















113



Allianz Global Dividend

• ThisstatementprovidesyouwithkeyinformationaboutAllianzGlobalDividend(the“Sub-Fund”).• This statement is a part of the offering document.• You should not invest in this product based on this statement alone.

Quick factsManagement Company: Allianz Global Investors GmbHInvestment Manager: Allianz Global Investors U.S. LLC, based in the United States (internal delegation)Depositary: State Street Bank Luxembourg S.C.A.Dealing Frequency: Daily; each day banks and exchanges are open in Hong Kong and Luxembourg and

major stock exchanges are open in Germany and New YorkBase Currency: EURDividend Policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject






HKD 10,000Ongoing Charges over a yearClass A (EUR)* 1.84%Class AMg (USD)^ 1.86%




114

Investment ObjectiveLong-term capital growth by investing in companies of global equity markets that are expected to achieve sustainable dividend payments.

Investment StrategyAt least 70% of Sub-Fund assets are invested in equities of companies globally. Such investments are expected to achieve sustainable dividend payments. Less than 30% of Sub-Fund assets may be invested in equities other than the above.
















115



• The distribution amount and NAV of any hedged share classes of the Sub-Fund may be adversely affected by differences in the interests rates of in the reference currency of the hedged share classes and the base currency of the Sub-Fund, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other non-hedged share classes.


2016

4.5

2012 2013 2014 20150%

1%

2%

3%

4%

5%

6%

• Share class*: AMg-USD• Past performance information is not indicative of future performance. Investors may not get back the full amount invested.• The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested.• These figures show by how much the share class increased or decreased in percentage during the calendar year being shown.• Performance data has been calculated in USD including on-going charges and excluding subscription fee and redemption fee








116









117



Allianz Global Equity

• ThisstatementprovidesyouwithkeyinformationaboutAllianzGlobalEquity(the“Sub-Fund”).• This statement is a part of the offering document.• You should not invest in this product based on this statement alone.


GmbH, UK Branch)Depositary: State Street Bank Luxembourg S.C.A.Dealing Frequency: Daily; each day banks and exchanges are open in Hong Kong and LuxembourgBase Currency: USDDividend Policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject






HKD 10,000Ongoing Charges over a yearClass AT (EUR) / Class AT (USD)* 1.81%



Investment ObjectiveLong-term capital growth by investing in developed global equity markets, with a focus on acquiring equities that have above-average potential for profit growth and/or attractive valuations.


118

Investment StrategyAt least 70% of Sub-Fund assets are invested in equities of companies which are exposed or connected to developed global markets, with a focus on acquiring equities that have above-average potential for profit growth and/or attractive valuations. Less than 30% of Sub-Fund assets may be invested in equities other than the above.


Up to 10% of Sub-Fund assets may be invested in the China A-Shares market either directly via Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect or indirectly through all eligible instruments.













purchases or sales of illiquid securities in particular can lead to significant price changes. If an asset is not liquid, there is the risk that the asset cannot be sold or can only be sold at a significant discount to the purchase price. The lack of liquidity of an asset may cause its purchase price to increase significantly. The bid and offer spreads of the price of such securities may be large and the fund may incur significant trading costs.




119





-60%

-40%

-20%

0%

20%

40%

2007 2008 2016

1.3

2009

24.5

-45.1

20.0

2010

8.0

2011

-8.0

2012

16.5

2013

27.7

2014

2.6

2015

-1.2










120








121



Allianz Global Equity Unconstrained

• Thisstatementprovidesyouwithkey informationaboutAllianzGlobalEquityUnconstrained(the“Sub-Fund”).



GmbH, Germany)Depositary: State Street Bank Luxembourg S.C.A.Dealing Frequency: Daily; each day banks and exchanges are open in Hong Kong, New York and

LuxembourgBase Currency: EURDividend Policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject






HKD 10,000Ongoing Charges over a yearClass A (EUR) / AT (USD)* 2.10%



Investment Objective Long-term capital growth by investing in global equity markets to achieve a concentrated equity portfolio, with a focus on stock selection.

122

Investment StrategyAt least 70% of Sub-Fund assets are invested in equities of companies globally, with a focus on stock selection. Less than 30% of Sub-Fund assets may be invested in equities other than the above.




















123



2007 2008 2016

5.3

2009 2010 2011

-8.5

19.2

35.9

2012

11.5

2013

17.6

2014

17.7

2015

8.1

-20%

-10%

0%

10%

20%

30%

40%

50%










124








125



Allianz Global Fundamental Strategy

• ThisstatementprovidesyouwithkeyinformationaboutAllianzGlobalFundamentalStrategy(the“Sub-Fund”).



GmbH, Germany (Headquarter))Sub-Investment Manager: Allianz Global Investors U.S. LLC, based in United States (internal delegation)Depositary: State Street Bank Luxembourg S.C.A.Dealing Frequency: Daily; each day banks and exchanges are open in Hong Kong, Luxembourg and the

United States of AmericaBase Currency: EURDividend Policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject






HKD 10,000Ongoing charges over a year*Class AT2* 1.48%Class A2/AM2/AMg2/A4/AM4/AMg4^ 1.55%

*The ongoing charges figures are annualized figures based on the costs incurred by the share class from the inception date to 30 September 2016 (less than one year) divided by the average net assets over the same period based on the information in the latest audited financial statement for the year ended 30 September 2016. This figure may vary from year to year. It includes All-in-Fee plus the Luxembourg tax (Taxe d’Abonnement) and excludes transaction cost.

Âs the share classes are newly set up, best estimates were used for the ongoing charges figure which are calculated based on the estimated total costs borne by the share classes over a 12-month period divided by the estimated average net assets over the same period. The actual figure may be different from this estimated figure and may vary from year to year. It includes All-in-Fee plus the Luxembourg tax (Taxe d’Abonnement) and excludes transaction cost.


126

Investment ObjectiveLong-term capital growth by investing in a broad range of global asset classes. The investment decisions are based on a fundamental management approach. The portfolio will consists of two components – the core portfolio and the opportunistic portfolio. It is intended to generate stable returns over the market cycle via the core portfolio. The opportunistic portfolio is designed to capture shorter term investment opportunities and will be more actively managed than the core portfolio. The turnover will be higher than in the core portfolio. Allocation of capital between the two components of the portfolios depending on market circumstances and consequently will fluctuate over time. With the objective of achieving additional returns, the Investment Manager may also assume separate foreign currency risks, even if the Sub-Fund does not include any assets denominated in these respective currencies.

The fundamental management approach means the Investment Manager will carry out fundamental analyses when making investment decisions, which shall consist of 1) a top down analysis of factors such as macroeconomic themes and 2) a bottom up analysis, which shall involve selection of individual stocks.

Investment StrategyAt least 70% of Sub-Fund assets are invested in global asset classes.



Up to 100% of Sub-Fund assets may be invested in securities relating to equities, debt securities, funds, indices (eg. hedge fund indices, indices on commodity futures), commodities, commodity forward and/or future contracts, currencies, currency forward and/or future contracts, real estate property funds, and/or baskets of the aforementioned underlying assets.

Up to 100% of Sub-Fund assets may be held in deposits or invested directly in money market instruments and (up to 10% of Sub-Fund assets) in money market funds on a temporary basis for liquidity management and/or defensive purpose and/or any other exceptional circumstances (eg. market crash or major crisis), and if the investment manager considers it in the best interest of the Sub-Fund.


The allocation of the Sub-Fund’s investments across asset classes may vary substantially from time to time. The Sub-Fund’s investments in each asset class are based upon the Investment Manager’s assessment of economic conditions and market factors, including equity price levels, interest rate levels and their anticipated direction.

The long and short active currency positions (such as in currencies, currency forwards, futures and options) implemented by the Sub-Fund may not be correlated with the underlying securities positions held by the Sub-Fund.



127













5. Interest Rate Risk• To the extent that this Sub-Fund invests in interest-bearing securities (e.g. corporate bonds and convertible bonds) it




with higher volatility, greater risk of loss of principal and interest, increased creditworthiness and downgrading risk, default risk, interest rate risk, general market risk, company-specific risk and liquidity risk (for example, the asset cannot be sold or can only be sold at a significant discount to the purchase price), all of which may adversely impact the net asset value of the Sub-Fund.



to be incorrect, this may affect the NAV calculation of the Sub-Fund.

128

9. Sovereign Debt Risk• The Sub-Fund’s investment in interest bearing securities issued or guaranteed by governments may be exposed to






12. Active Currency Positions Risks• As the active currency positions implemented by the Sub-Fund may not be correlated with the underlying securities

positions held by the Sub-Fund, the Sub-Fund may suffer a significant or total loss even if there is no loss of the value of the underlying securities positions (eg. debt securities) being held by the Sub-Fund.







15. Volatility and Liquidity Risk• The assets in emerging markets may be subject to higher volatility and lower liquidity compared to more developed

markets. The prices of securities traded in such markets may be subject to fluctuations. The bid and offer spreads of the price of such securities may be large and the fund may incur significant trading costs.






129


0%

2%

4%

6%

8%

10%

20162012 2013 2014 2015

5.6

• Share class*: AT2-EUR• Past performance information is not indicative of future performance. Investors may not get back the full amount invested.• The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested.• These figures show by how much the share class increased or decreased in percentage during the calendar year being shown.• Performance data has been calculated in EUR including on-going charges and excluding subscription fee and redemption fee









130








131



Allianz Global Hi-Tech Growth

• ThisstatementprovidesyouwithkeyinformationaboutAllianzGlobalHi-TechGrowth(the“Sub-Fund”).


Quick factsManagement Company: Allianz Global Investors GmbHInvestment Manager: Allianz Global Investors U.S. LLC, based in USA (internal delegation)Depositary: State Street Bank Luxembourg S.C.A.Dealing Frequency: Daily; each day banks and exchanges are open in Luxembourg, Germany and Hong

KongBase Currency: USDDividend Policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject






HKD 10,000Ongoing Charges over a yearClass A (USD)* 2.10%



132

Investment ObjectiveLong term capital growth by investing in equity markets of the information technology sector in accordance with the Global Industry Classification Standard – (GICS ®) or in an industry which forms part of this sector.

Investment StrategyAt least 70% of Sub-Fund assets are invested in equities of companies which are exposed or connected to the information technology sector in accordance with the Global Industry Classification Standard – (GICS ®) (e.g. companies with sales/profits predominantly in these sectors) or in an industry which forms part of this sector. Less than 30% of Sub-Fund assets may be invested in equities other than the above.

Up to 100% of the Sub-Fund assets may be invested in emerging markets.






2. Concentration Risk• The Sub-Fund focuses its investments on the information technology sector, which may increase the concentration risk.

Consequently, the Sub-Fund is particularly susceptible to adverse development and risks in these industries or industries that influence each other or companies of such industries.





5. Currency Risk• The Sub-Fund may hold assets denominated in foreign currencies other than its base currency. Accordingly, the Sub-Fund

is exposed to a currency risk that if these foreign currency positions have not been hedged or if there is any change in the relevant exchange control regulations, the net asset value of the Sub-Fund may be affected unfavorably. Any devaluation of the foreign currency against the base currency of the Sub-Fund would cause the value of the assets denominated in the foreign currency to fall and adversely impact the investor.



133








The Sub-Fund was launched on 3 October 2008 where Allianz Global Investors Selections RCM Global Hi-Tech Growth Fund was merged into the Sub-Fund with the same features (e.g. investment objectives, investment policies, risk profile) and fee structures effective on the same date. The performance information shown on or before the date of the merger belongs to Allianz Global Investors Selections RCM Global Hi-Tech Growth Fund class A-USD with the same features (e.g. investment objectives, investment policies, risk profile) and fee structures of the class A-USD of the Sub-Fund.

-60%

-40%

-20%

0%

20%

40%

60%

2007 2008 20162009 2010 2011 2012 2013 2014 2015

21.0

-45.8

2.9

48.2

11.1

-17.3

12.5

40.8

5.4

-1.3


you might have to pay.• Sub-Fund inception date: 2008• Share Class inception date: 2008• Predecessor fund (Dresdner RCM DIT Global Hi-Tech Growth Fund) inception date: 1997*Representative share class – Retail share class that is authorized and launched in Hong Kong with the longest track record.


134














135



Allianz Global High Yield

• ThisstatementprovidesyouwithkeyinformationaboutAllianzGlobalHighYield(the“Sub-Fund”).• This statement is a part of the offering document.• You should not invest in this product based on this statement alone.












136

Investment ObjectiveLong-term capital growth by investing in high yield rated debt securities of global bond markets.

Investment StrategyAt least 70% of Sub-Fund assets are invested in global debt securities which, at the time of acquisition, are rated BB+ or below (by Standard & Poor’s, Fitch or equivalently by other rating agencies) including those that at the time of acquisition, are rated CC, C or D (Standard and Poor’s), Ca or C (Moody’s) or C, RD or D (Fitch), or if unrated, as determined by the Investment Manager to be of comparable quality.



Up to 20% of the Sub-Fund assets may be invested in mortgage-backed securities and asset-backed securities.

Up to 100% of Sub-Fund assets may be held in deposits and/or invested directly in money market instruments and/or (up to 10% of Sub-Fund assets) in money market funds on a temporary basis for liquidity management and/or defensive purpose and/or any other exceptional circumstances (eg. market crash or major crisis), and if the investment manager considers it in the best interest of the Sub-Fund.


The Sub-Fund may invest in financial derivative instruments (“FDI”) for efficient portfolio management (including for hedging). It will not invest extensively in FDI for investment purposes. Sub-Fund assets may be invested in future-contracts on global equity indices (equity index futures) for efficient portfolio management (including for hedging). Sub-Fund assets must not at any time own a long position in any equity index futures.











137




















138




















139



Allianz Global Metals and Mining

• ThisstatementprovidesyouwithkeyinformationaboutAllianzGlobalMetalsandMining(the“Sub-Fund”).



GmbH, Germany)Depositary: State Street Bank Luxembourg S.C.A.Dealing frequency: Daily; each day banks and exchanges are open in Hong Kong, Germany and LuxembourgBase currency: EURDividend policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject






HKD 10,000Ongoing Charges over a yearClass A (EUR) / Class AT (EUR)* 1.85%



140

Investment ObjectiveLong term capital growth by investing in global equity markets with a focus on natural resources-related companies. Natural resources may comprise of nonferrous metals, iron and other ores, steel, coal, precious metals, diamonds or industrial salts and minerals.

Investment StrategyAt least 70% of Sub-Fund assets are invested in equities of companies which are exposed or connected to the natural resources sector (as described above) (e.g. companies with sales or profits predominantly in that sector). Less than 30% of Sub-Fund assets may be invested in equities other than the above.

Up to 100% of the Sub-Fund assets may be invested in emerging markets.



1. Investment Risk/Equity Risk• The Sub-Fund is an investment fund. There is no guarantee of the repayment of principal. The instruments invested by



2. Concentration Risk• The Sub-Fund focuses its investments on the natural resources sector, which may increase the concentration risk.

Consequently, the Sub-Fund is particularly susceptible to adverse development and the risks of the natural resources sector or industries that influence each other in this sector or companies of such industries.

• A Sub-Fund which invests in global natural resources equities may be dependent upon the general supply situation of the natural resources, the expected output, extraction and production as well as the expected demand, and can for this reason be especially volatile.









141








-60%

-40%

-20%

0%

20%

40%

60%

80%

2007 2008 20162015

64.1

2009 2010 2011 2012

-6.9

2013

-27.4

2014

-15.2

-36.3




142














143



Allianz Global Multi-Asset Credit#

• ThisstatementprovidesyouwithkeyinformationaboutAllianzGlobalMulti-AssetCredit(the“Sub-Fund”).

• This statement is a part of the offering document.• You should not invest in this product based on this statement alone.#Thisisafixedincomefund.












Investment ObjectiveLong-term returns in excess of 3 months USD Libor by investing in global bond markets.

144

Investment StrategyUp to 100% of the Sub-Fund’s assets may be invested in emerging markets.

At least 70% of Sub-Fund assets are invested in debt securities in global bond markets to achieve long-term returns in excess of 3 months USD Libor.

At least 25% of Sub-Fund assets are invested in global debt securities which, at the time of acquisition, are rated investment grade (i.e. BBB- or better (by Standard & Poor’s and Fitch) or equivalent ratings by another recognized rating agency or if unrated, as determined by the Investment Manager to be of comparable quality) to achieve long-term returns in excess of 3 months USD Libor.

Up to 75% of Sub-Fund assets may be invested in debt securities which, at the time of acquisition, are rated BB+ or below (by Standard & Poor’s, Fitch or equivalently by other rating agencies) including those that at the time of acquisition, are rated CC, C or D (Standard and Poor’s), Ca or C (Moody’s) or C, RD or D (Fitch). Debt securities invested by Sub-Fund which are unrated and therefore are determined by the Investment Manager to be of comparable quality are limited to 10% of Sub-Fund assets.

Up to 40% of Sub-Fund assets may be invested in asset-backed securities (“ABS”) and/or mortgage-backed securities (“MBS”). The underlying assets of the ABS and/or MBS may include loans, leases or receivables (such as credit card debt and whole business in the case of ABS and commercial and residential mortgages originating from a regulated and authorised financial institution in the case of MBS).

Up to 10% of Sub-Fund assets may be invested in debt securities which are rated CCC+ or lower (including defaulted securities) (Standard & Poor’s or equivalently by other rating agencies). The lowest available rating at acquisition day is decisive for the assessment of the possible acquisition of a debt security.


Up to 100% of Sub-Fund assets may be held in deposits or invested directly in money market instruments and/or (up to 10% of Sub-Fund assets) in money market funds on a temporary basis for liquidity management and/or defensive purpose and/or any other exceptional circumstances (eg. market crash or major crisis), and if the investment manager considers it in the best interest of the Sub-Fund.


The Sub-Fund may invest in financial derivative instruments (“FDI”) for efficient portfolio management (including for hedging). It will not invest extensively in FDI for investment purposes. Sub-Fund assets may be invested in future-contracts on global equity indices (equity index futures) for efficient portfolio management (including for hedging). Sub-Fund assets must not at any time own a long position in any equity index futures.

145















to be incorrect, this may affect the NAV calculation of the Sub-Fund.7. Volatility and Liquidity Risk

• The debt securities in emerging markets may be subject to higher volatility and lower liquidity compared to more developed markets. The prices of securities traded in such markets may be subject to fluctuations. The bid and offer spreads of the price of such securities may be large and the Sub-Fund may incur significant trading costs.




146
















16. Risks relating to Investments in ABS and MBS• The income, performance and/or capital repayment amounts of ABS and MBS are linked to the performance of the

underlying or covering pool of assets, as well as the individual assets included in the pool or their issuers. ABS and MBS may be highly illiquid and prone to substantial price volatility. These instruments may therefore be subject to greater credit, liquidity and interest-rate risks compared to other debt securities. They are often exposed to extension and prepayment risks and risks that the payment obligations relating to the underlying assets are not met, which may adversely impact the returns of the securities.



147













148



Allianz Global Small Cap Equity

• ThisstatementprovidesyouwithkeyinformationaboutAllianzGlobalSmallCapEquity(the“Sub-Fund”).



GmbH, UK Branch)Sub-Investment Manager: Allianz Global Investors U.S. LLC, based in United States (internal delegation) Allianz Global Investors Asia Pacific Limited, based in Hong Kong (internal delegation) Allianz Global Investors Japan Co., Ltd, based in Japan (internal delegation)Depositary: State Street Bank Luxembourg S.C.A.Dealing frequency: Daily; each day banks and exchanges are open in Hong Kong, Luxembourg and New

YorkBase currency: USDDividend policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject






HKD 10,000Ongoing Charges over a yearClass AT (USD) / AT (H-EUR)* 2.10%



Investment ObjectiveLong-term capital growth by investing in global equity markets, with a focus on small-sized companies.

149

Investment StrategyFor the purposes of this Sub-Fund, “small-sized companies” means companies whose market capitalisation are a maximum of 1.3 times the market capitalization of the largest security in terms of market capitalisation in the MSCI World Small Cap Index. Under normal market situations the Investment Manager expects to maintain a weighted-average market capitalization of the portfolio of the Sub-Fund between 50% and 200% of the weighted-average market capitalization of the securities in the MSCI World Small Cap Index.

At least 70% of Sub-Fund assets are invested in equities of companies globally, with a focus on small-sized companies. Less than 30% of Sub-Fund assets may be invested in equities other than the above.

Up to 30% of Sub-Fund assets may be invested in emerging markets, limited to max 10% for each single emerging markets country.


Up to 15% of Sub-Fund assets may be invested in convertible debt securities (e.g. convertible bonds, bonds with warrants and equity warrant bonds) and (up to 10% of Sub-Fund assets) in contingent convertible bonds, of which up to 10% may, at the time of acquisition, be rated BB+ or below (by Standard & Poor’s, Fitch or equivalently by other rating agencies), or if unrated, as determined by the Investment Manager to be of comparable quality.










4. Concentration Risk• The Sub-Fund focuses its investments on small caps, which may increase the concentration risk. Consequently, the Sub-

Fund is particularly susceptible to adverse development and risks affecting this class of assets. This concentration does not allow the same scope of diversification of risks across different markets as would be possible if investments were not as concentrated. The net asset value of the Sub-Fund may be more volatile than a diversified fund.

5. Risk of Investing in Small Caps• The Sub-Fund will primarily invest in small caps, which may be subject to more abrupt or erratic price movements and

more sensitivity to market changes than stocks of larger companies. Some of the investments may be in illiquid securities (securities that cannot be sold readily). Even relatively small orders for purchases or sales of illiquid securities in particular can lead to significant price changes. If an asset is not liquid, there is the risk that the asset cannot be sold or can only be sold at a significant discount to the purchase price. The lack of liquidity of an asset may cause its sale price to decrease significantly. This may adversely impact the net asset value of the Sub-Fund.

150










2016

-0.3

1.1

-1.5

2012 2013 2014 2015-2%

-1%

0%

1%

2%




151














152



Allianz Global Sustainability

• This statement provides youwith key information aboutAllianz Global Sustainability (the “Sub-Fund”).



GmbH, UK Branch)Depositary: State Street Bank Luxembourg S.C.A.Dealing Frequency: Daily; each day banks and exchanges are open in Hong Kong and LuxembourgBase Currency: EURDividend Policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject






HKD 10,000Ongoing Charges over a yearClass A (USD) / A (EUR)* 1.85%



Investment ObjectiveLong-term capital growth by investing in global equity markets of developed countries, with a focus on companies with sustainable business practices (namely, business practices which are environmentally friendly and socially responsible) and which the Investment Manager believes may create long-term value.


153

Investment StrategyAt least 70% of Sub-Fund assets are invested in equities of companies of developed countries which are exposed or connected to sustainable business practices (as described above) (e.g. companies with sales/profits predominantly in such practices) and which the Investment Manager believes may create long-term value. Up to 30% of Sub-Fund assets may be invested in equities other than the above with sustainable business practices.

The Sub-Fund may not be invested in equities of companies that generate a share of more than 5% of its revenues in the sectors of (i) alcohol, (ii) armament, (iii) gambling, (iv) pornography and (v) tobacco.

Up to 30% of Sub-Fund assets may be invested in emerging markets with sustainable business practices.















154








-60%

-40%

-20%

0%

20%

40%

60%

2007 2008 2016

5.4

2009

31.6

-42.7

5.9

2010

17.3

2011

-6.6

2012

13.4

2013

21.2

2014

13.7

2015

12.7




155














156



Allianz High Dividend Asia Pacific Equity

• ThisstatementprovidesyouwithkeyinformationaboutAllianzHighDividendAsiaPacificEquity(the “Sub-Fund”).








HKD 10,000Ongoing charges over a yearClass A (EUR) / AM (EUR) / AM (USD)^ 2.10%Class AT (EUR)^ 2.08%



Investment ObjectiveLong-term capital growth by investing in a portfolio of Asia-Pacific (excluding Japan) equity market securities, with a potential dividend yield above the market average.

157

Investment StrategyAt least 70% of Sub-Fund assets are invested in equities of companies which are exposed or connected to Asia Pacific excluding Japan (e.g. companies with registered offices or sales/profits predominantly in that region) with a potential dividend yield above the market average. Less than 30% of Sub-Fund assets may be invested in equities other than the above.

Up to 30% of the Sub-Fund assets may be invested in Chinese A market either directly via Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect (the “Stock Connect”) or indirectly through all eligible instruments and/or China B-Shares market.





the Sub-Fund may fall in value.• The Sub-Fund invests in securities, and is exposed to various general trends and tendencies in the economic and political

situations as well as securities markets and investment sentiment, which are partially attributable to irrational factors. Such factors could lead to substantial and longer-lasting drops in prices affecting the entire market. Securities from top-rated issuers are subject to essentially the same general market risk as other securities and assets. All these factors may adversely impact the net asset value of the Sub-Fund.

2. Country and Region Risk• The Sub-Fund’s investments focus on Asia Pacific (excluding Japan), which may increase the concentration risk.











158

7. Specific Risks of (Indirect) Investment in Property-Related Assets• The Sub-Fund’s investments in the real estate industry may be subject to risks of fluctuations in the value of and the

rental income received in respect of the underlying property. This risk applies when investments are made through funds, property companies or other property equity market-related products (especially REITs).

• The underlying REITs which the Sub-Fund may invest may not necessarily be authorized by the SFC and the dividend or pay out policy of the Sub-Fund is not representative of the dividend or pay out policy of the underlying REITs.

8. Specific Risks of Investing in Convertible Bonds• Investing in convertible bonds are normally associated with increased creditworthiness and downgrading risk, default risk,

interest rate risk, general market risk, and liquidity risk (for example, the asset cannot be sold or can only be sold at a significant discount to the purchase price), all of which may adversely impact the net asset value of the Sub-Fund.












come-first served basis and therefore may restrict the Sub-Fund’s ability to invest in China A-Shares through the Stock Connect on a timely basis or the Sub-Fund may not be able to make its intended investments through Stock Connect.




159




















160



Allianz HKD Income

• This statement provides you with key information about Allianz HKD Income (the “Sub-Fund”).• This statement is a part of the offering document.• You should not invest in this product based on this statement alone.

Quick factsManagement Company: Allianz Global Investors GmbHInvestment Manager: Allianz Global Investors Asia Pacific Limited, based in Hong Kong (internal delegation)Depositary: State Street Bank Luxembourg S.C.A.Dealing Frequency: Daily; each day banks and exchanges are open in Hong Kong and Luxembourg and

major stock exchanges are open in PRC and United StatesBase Currency: HKDDividend Policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject






HKD 10,000Ongoing Charges over a yearClass AM (HKD)* 1.07%Class AM (USD)* 1.06%Class AT (HKD)* 1.05%



Investment ObjectiveLong-term capital growth and income by investing in bond markets denominated in Hong Kong Dollar.

161

Investment StrategySub-Fund assets are primarily invested in debt securities denominated in Hong Kong Dollar. Less than 30% of Sub-Fund assets may be invested in debt securities other than the above.

At least 70% of Sub-Fund assets are denominated in Hong Kong Dollar.



Up to 30% of Sub-Fund assets may be denominated in offshore Chinese Renminbi and/or other currencies.









2. Country and Region Risk• The Sub-Fund’s investments focus in Hong Kong, which may increase the concentration risk. Consequently, the Sub-Fund

is particularly susceptible to the adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events and risks of this region, or of companies based and/or operating in this region. The net asset value of the Sub-Fund may be more volatile than a diversified fund.



4. Interest Rate Risk• To the extent that this Sub-Fund invests in interest-bearing securities, (e.g. bonds and money market instruments), it


162










to be incorrect, this may affect the NAV calculation of the Sub-Fund.9. RMB Debt Securities Risk

• The “Dim Sum” bond market is still a relatively small market which is more susceptible to volatility and illiquidity. The operation of the “Dim Sum” bond market as well as new issuances could be disrupted causing a fall in the net asset value of the Sub-Fund should there be any promulgation of new rules which limit or restrict the ability of issuers to raise RMB by way of bond issuances and/or reversal or suspension of the liberalisation of the offshore RMB (CNH) market by the relevant regulator(s).

10. RMB Risk• The Sub-Fund may invest in assets denominated in offshore Chinese Renminbi. The Chinese Renminbi traded in Mainland

China is not freely convertible and is subject to exchange controls, policies and restrictions imposed by the PRC authorities. Such policies may limit the depth of the Chinese Renminbi market available outside of Mainland China, and thereby may reduce the liquidity of the Sub-Fund. Under exceptional circumstances, payment of redemptions and/or dividend payment in RMB may be delayed due to the exchange controls and restrictions applicable to RMB. The Chinese Renminbi may be subject to devaluation, in which case the value of the investments in Chinese Renminbi assets will be adversely affected.








manner and the value of the collateral may fall below the value of the securities lent out.

163

14. Risks relating to repurchase agreements• In the event of the failure of the counterparty with which collateral has been placed, the Sub-Fund may suffer loss as

there may be delays in recovering collateral placed out or the cash originally received may be less than the collateral placed with the counterparty due to inaccurate pricing of the collateral or market movements.




2016

1.11.5

2.0

2012 2013 2014 2015-2%

-1%

0%

1%

2%

3%

• Share Class*: AM-HKD• Past performance information is not indicative of future performance. Investors may not get back the full amount invested.• The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested.• These figures show by how much the Share Class increased or decreased in percentage during the calendar year being shown.• Performance data has been calculated in HKD including on-going charges and excluding subscription fee and redemption fee









164








165



Allianz Hong Kong Equity

• ThisstatementprovidesyouwithkeyinformationaboutAllianzHongKongEquity(the“Sub-Fund”).• This statement is a part of the offering document.• You should not invest in this product based on this statement alone.

Quick factsManagement Company: Allianz Global Investors GmbHInvestment Manager: Allianz Global Investors Asia Pacific Limited, based in Hong Kong (internal delegation)Depositary: State Street Bank Luxembourg S.C.A.Dealing Frequency: Daily; each day banks and exchanges are open in Hong Kong and LuxembourgBase Currency: HKDDividend Policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject






HKD 10,000Ongoing Charges over a yearClass A (HKD) / A (USD) / AT (HKD)* 2.11%Class AT (SGD) 1.86%



166

Investment ObjectiveLong-term capital growth by investing in equity markets in Hong Kong.

Investment StrategyAt least 70% of Sub-Fund assets are invested in equities of companies which are exposed or connected to Hong Kong (e.g. companies with registered offices or sales/profits predominantly in Hong Kong). Less than 30% of Sub-Fund assets may be invested in equities other than the above.








2. Country Risk• The Sub-Fund’s investments focus on Hong Kong, which may increase the concentration risk. Consequently, the Sub-Fund

is particularly susceptible to the adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events and risks of Hong Kong, or of companies based and/or operating in Hong Kong. The net asset value of the Sub-Fund may be more volatile than a diversified fund.

• Economic or political instability in countries in which a Sub-Fund is invested may lead to a situation in which the Sub-Fund does not receive part or all of the monies owed to it in spite of the solvency of the issuer of the respective security or other assets. Currency or transfer restrictions or other legal changes, for example, may be significant in this regard.


not typically associated with investment in more developed economies or markets, such as greater political, tax, legal, economic, foreign exchange/control, liquidity, regulatory risk, settlement risks, custody risk and the likelihood of a high degree of volatility. The accounting, auditing and financial reporting standards may deviate substantially to the Sub-Fund’s detriment. All these factors may adversely impact the net asset value of the Sub-Fund.






167



















168


The Sub-Fund was launched on 3 October 2008 where Allianz Global Investors Selections RCM Hong Kong Fund was merged into the Sub-Fund with the same features (e.g. investment objectives, investment policies, risk profile) and fee structures effective on the same date. The performance information shown on or before the date of the merger belongs to Allianz Global Investors Selections RCM Hong Kong Fund, class A-USD with the same features (e.g. investment objectives, investment policies, risk profile) and fee structures of the class A-USD of the Sub-Fund.

-80%-60%-40%-20%

0%20%40%60%80%

100%

2007 2008 20162009 2010 2011 2012 2013 2014 2015

52.7

-50.5

-1.0

74.0

22.2

-23.8

19.16.9 4.5

-5.6


you might have to pay.• Sub-Fund inception date: 2008• Share Class inception date: 2008• Predecessor fund (Dresdner RCM New Tiger Selections – Hong Kong sub-fund) inception date: 1985*Representative share class – Retail share class that is authorized and launched in Hong Kong with the longest track record.








169








170



Allianz Income and Growth

• Thisstatementprovidesyouwithkey informationaboutAllianz IncomeandGrowth(the“Sub-Fund”).


Quick factsManagement Company: Allianz Global Investors GmbHInvestment Manager: Allianz Global Investors U.S. LLC, based in United States (internal delegation)Depositary: State Street Bank Luxembourg S.C.A.Dealing Frequency: Daily; each day banks and exchanges are open in Hong Kong and Luxembourg and

major stock exchanges are open in United StatesBase Currency: USDDividend Policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject






HKD 10,000Ongoing Charges over a yearClass A (USD) / AM (HKD) / AM (USD) / 1.55%AT (USD) / AM (H2-CAD) /AM (H2-EUR) / AM (H2-GBP) /AM (H2-NZD) / AM (H2-AUD) /AT (H2-EUR)*Class AM (H2-SGD) / A (H2-EUR) * 1.54%



171

Investment ObjectiveLong term capital growth and income by investing in United States of America (“US”) and/or Canadian corporate debt securities and equities.

Investment StrategyAt least 70% of the Sub-Fund assets are invested in equities and/or debt securities which are exposed or connected to the US and/or Canada (e.g. companies with registered offices or sales/profits predominantly in that region). Less than 30% of the Sub-Fund may be invested into equities and/or debt securities and/or other asset classes other than the above.

Up to 70% of Sub-Fund assets may be invested in equities of companies which are exposed or connected to the US and/or Canada (e.g. companies with registered offices or sales/profits predominantly in those countries).

Up to 70% of Sub-Fund assets may be invested in convertible debt securities (e.g. convertible bonds, bonds with warrants and equity warrant bonds) which are exposed or connected to the US and/or Canada.

Up to 70% of Sub-Fund assets may be invested in debt securities which, at the time of acquisition, are rated BB+ or below (by Standard & Poor’s, Fitch or equivalently by other rating agencies) excluding those that are rated CC, C or D (Standard & Poor’s), C, RD or D (Fitch) or Ca or C (Moody’s), or if unrated, as determined by the Investment Manager to be of comparable quality.


Up to 25% of Sub-Fund assets may be held in deposits and/or invested directly in money market instruments and up to 10% of Sub-Fund assets in money market funds.










2. Company-specific Risk• The Sub-Fund may invest in securities which may be affected by company-specific factors, such as the issuer’s business


172








6. Currency Risk• The Sub-Fund may hold assets denominated in foreign currencies other than its base currency and a class of shares of

the Sub-Fund may be designated in a currency other than the base currency of the Sub-Fund. Accordingly, it is exposed to a currency risk if foreign currency positions have not been hedged or if there is any change in the relevant exchange control regulations. Any devaluation of the foreign currency against the base currency of the Sub-Fund would cause the value of the assets denominated in the foreign currency to fall.





to be incorrect, this may affect the NAV calculation of the Sub-Fund.9. Asset Allocation Risk

• The performance of the Sub-Fund is partially dependent on the success of the asset allocation strategy employed by the Sub-Fund. There is no assurance that the strategy employed by the Sub-Fund will be successful and therefore the investment objective of the Sub-Fund may not be achieved. The investments of the Sub-Fund may be periodically rebalanced and therefore the Sub-Fund may incur greater transaction costs than a Sub-Fund with static allocation strategy.

10. Country and Region Risk• The Sub-Fund’s investments focus in the US and Canada, which may increase the concentration risk. Consequently, the

Sub-Fund is particularly susceptible to the adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events and risks of these countries, or of companies based and/or operating in these countries. The net asset value of the Sub-Fund may be more volatile than a diversified fund.






173










-5%

0%

5%

10%

15%

20%

2007 2008 2016

9.0

2009 2010 2011 2012

11.2

2013

17.4

2014

5.2

2015

-3.4




174














175



Allianz Indonesia Equity

• ThisstatementprovidesyouwithkeyinformationaboutAllianzIndonesiaEquity(the“Sub-Fund”).• This statement is a part of the offering document.• You should not invest in this product based on this statement alone.


major stock exchanges are open in IndonesiaBase Currency: USDDividend Policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject






HKD 10,000Ongoing Charges over a yearClass A (USD)* 2.30%Class A (EUR)* 2.29%



Investment ObjectiveLong-term capital growth by investing in equity markets in Indonesia.

Investment StrategyAt least 70% of Sub-Fund assets are invested in equities of companies which are exposed or connected to Indonesia (e.g. companies with registered offices or sales/profits predominantly in Indonesia). Less than 30% of Sub-Fund assets may be invested in equities other than the above.

176







2. Country and Region Risk• The Sub-Fund’s investments focus on Indonesia, which may increase the concentration risk. Consequently, the Sub-Fund

is particularly susceptible to the adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events and risks of Indonesia, or of companies based and/or operating in Indonesia. The net asset value of the Sub-Fund may be more volatile than a diversified fund.













177


The Sub-Fund was launched on 3 October 2008 where Allianz Global Investors Selections RCM Indonesia Fund was merged into the Sub-Fund with the same features (e.g. investment objectives, investment policies, risk profile) and fee structures effective on the same date. The performance information shown on or before the date of the merger belongs to Allianz Global Investors Selections RCM Indonesia Fund, class A-USD with the same features (e.g. investment objectives, investment policies, risk profile) and fee structures of the class A-USD of the Sub-Fund.

-100%

-50%

0%

50%

100%

150%

200%

2007 2008 20162009 2010 2011 2012 2013 2014 2015

63.8

-65.2

11.9

135.9

44.3

-1.2

6.3

-23.3

21.5

-24.4


you might have to pay.• Sub-Fund inception date: 2008• Share Class inception date: 2008• Predecessor fund (Dresdner RCM New Tiger Selections – Indonesia sub-fund) inception date: 1990*Representative share class – Retail share class that is authorized and launched in Hong Kong with the longest track record.








178








179



Allianz Japan Equity

• ThisstatementprovidesyouwithkeyinformationaboutAllianzJapanEquity(the“Sub-Fund”).• This statement is a part of the offering document.• You should not invest in this product based on this statement alone.

Quick factsManagement Company: Allianz Global Investors GmbHInvestment Manager: Allianz Global Investors Asia Pacific Limited, based in Hong Kong (internal delegation)Sub-Investment Manager: Allianz Global Investors Japan Co., Ltd, based in Japan and a company of Allianz

Global Investors (internal delegation)Depositary: State Street Bank Luxembourg S.C.A.Dealing Frequency: Daily; each day banks and exchanges are open in Luxembourg, Germany and Hong

Kong and major stock exchanges are open in JapanBase Currency: USDDividend Policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject






HKD 10,000Ongoing Charges over a yearClass A (USD) / AT (EUR) / AT (H-EUR)* 1.85%Class AT (H-USD)^ 1.85%




180

Investment ObjectiveLong-term capital growth by investing in equity markets in Japan.

Investment StrategyAt least 70% of Sub-Fund assets are invested in equities of companies which are exposed or connected to Japan (e.g. companies with registered offices or sales/profits predominantly in Japan). Less than 30% of Sub-Fund assets may be invested in equities other than the above.







2. Country and Region Risk• The Sub-Fund’s investments focus on Japan, which may increase the concentration risk. Consequently, the Sub-Fund

is particularly susceptible to the adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events and risks of Japan, or of companies based and/or operating in Japan. The net asset value of the Sub-Fund may be more volatile than a diversified fund.











181





The Sub-Fund was launched on 3 October 2008 where Allianz Global Investors Selections RCM Japan Fund was merged into the Sub-Fund with the same features (e.g. investment objectives, investment policies, risk profile) and fee structures effective on the same date. The performance information shown on or before the date of the merger belongs to Allianz Global Investors Selections RCM Japan Fund, class A-USD with the same features (e.g. investment objectives, investment policies, risk profile) and fee structures of the class A-USD of the Sub-Fund.

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

2007 2008 20162009 2010 2011 2012 2013 2014 2015

-6.3

-31.9

2.57.1

13.2

-12.3

9.2

29.9

-8.0

15.5


you might have to pay.• Sub-Fund inception date: 2008• Share Class inception date: 2008• Predecessor fund (Dresdner RCM New Tiger Selections – Japan sub-fund) inception date: 1984*Representative share class – Retail share class that is authorized and launched in Hong Kong with the longest track record.


182














183



Allianz Korea Equity

• ThisstatementprovidesyouwithkeyinformationaboutAllianzKoreaEquity(the“Sub-Fund”).• This statement is a part of the offering document.• You should not invest in this product based on this statement alone.


major stock exchanges are open in KoreaBase Currency: USDDividend Policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject




Financial year end of the Sub-Fund: 30 SeptemberMinimum Investment:Initial USD5,000 (or equivalent amount in other available currencies) or EUR 5,000 or

HKD50,000Subsequent USD1,000 (or equivalent amount in other available currencies) or EUR 1,000 or

HKD10,000Ongoing Charges over a yearClass A (USD)* 2.30%



Investment ObjectiveLong-term capital growth by investing in equity markets in Korea.

Investment StrategyAt least 70% of Sub-Fund assets are invested in equities of companies which are exposed or connected to Korea (e.g. companies with registered offices or sales/profits predominantly in Korea). Less than 30% of Sub-Fund assets may be invested in equities other than the above.



184





2. Country and Region Risk• The Sub-Fund’s investments focus on the Republic of Korea, which may increase the concentration risk. Consequently,

the Sub-Fund is particularly susceptible to the adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events and risks of the Republic of Korea, or of companies based and/or operating in Korea. The net asset value of the Sub-Fund may be more volatile than a diversified fund.














185


The Sub-Fund was launched on 3 October 2008 where Allianz Global Investors Selections RCM Korea Fund was merged into the Sub-Fund with the same features (e.g. investment objectives, investment policies, risk profile) and fee structures effective on the same date. The performance information shown on or before the date of the merger belongs to Allianz Global Investors Selections RCM Korea Fund, class A-USD with the same features (e.g. investment objectives, investment policies, risk profile) and fee structures of the class A-USD of the Sub-Fund.

-80%

-60%

-40%

-20%

0%

20%

40%

60%

2007 2008 20162009 2010 2011 2012 2013 2014 2015

40.1

-52.7

-5.4

40.7

21.0

-11.3

6.8 1.3

-9.9 -5.2


you might have to pay.• Sub-Fund inception date: 2008• Share Class inception date: 2008• Predecessor fund (Dresdner RCM New Tiger Selections – Korea sub-fund) inception date: 1994*Representative share class – Retail share class that is authorized and launched in Hong Kong with the longest track record.








186








187



Allianz Little Dragons

• This statement provides you with key information about Allianz Little Dragons (the “Sub-Fund”).• This statement is a part of the offering document.• You should not invest in this product based on this statement alone.







HKD 10,000Ongoing Charges over a yearClass A (USD) / AT (USD)* 3.14%



188

Investment ObjectiveLong-term capital growth by investing in Asian equity markets excluding Japan, with a focus on small-sized and mid-sized companies.

Investment StrategyFor the purposes of this Sub-Fund, “small and mid-sized companies” mean companies whose market capitalization are a maximum of 1.3 times of the market capitalization of the largest security in terms of market capitalisation in the MSCI AC Asia ex Japan Mid Cap Index.

At least 70% of Sub-Fund assets are invested in equities of companies which are exposed or connected to the Asian equity markets (e.g. companies with sales/profits predominantly in those markets) excluding Japan, with a focus on small-sized and mid-sized companies. Less than 30% of Sub-Fund assets may be invested in equities other than the above.

Under normal market situations the Investment Manager expects to maintain a weighted average market capitalization of the portfolio of the Sub-Fund between 60% and 250% of the weighted average market capitalization of the securities in the MSCI AC Asia ex Japan Mid Cap Index. In addition, the weighted average market capitalization of the portfolio has to be above the market capitalization of the smallest security and below the market capitalization of the largest security in the MSCI AC Asia ex Japan Mid Cap Index.








2. Country and Region Risk• The Sub-Fund’s investments focus on Asia Pacific (excluding Japan), which may increase the concentration risk.







189










9. Risk of Investing in Small and Mid-sized companies• The Sub-Fund will primarily invest in small and mid-sized companies, which may be subject to more abrupt or erratic

price movements and more sensitivity to market changes than stocks of larger companies. Some of the investments may be in illiquid securities (securities that cannot be sold readily). Even relatively small orders for purchases or sales of illiquid securities in particular can lead to significant price changes. If an asset is not liquid, there is the risk that the asset cannot be sold or can only be sold at a significant discount to the purchase price. The lack of liquidity of an asset may cause its sale price to decrease significantly. This may adversely impact the net asset value of the Sub-Fund.










190






The Sub-Fund was launched on 3 October 2008 where Allianz Global Investors Selections RCM Little Dragons Fund was merged into the Sub-Fund with the same features (e.g. investment objectives, investment policies, risk profile) and fee structures effective on the same date. The performance information shown on or before the date of the merger belongs to Allianz Global Investors Selections RCM Little Dragons Fund, class A-USD with the same features (e.g. investment objectives, investment policies, risk profile) and fee structures of the class A-USD of the Sub-Fund.


-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

2007 2008 20162009 2010 2011 2012 2013 2014 2015

43.2

-54.0

-6.5

68.3

18.3

-22.3

13.88.8 2.1

-3.6


you might have to pay.• Sub-Fund inception date: 2008• Share Class inception date: 2008• Predecessor fund (Dresdner RCM Little Dragons Fund) inception date: 1987*Representative share class – Retail share class that is authorized and launched in Hong Kong with the longest track record.


191














192



Allianz Oriental Income

• This statement provides you with key information about Allianz Oriental Income (the “Sub-Fund”).• This statement is a part of the offering document.• You should not invest in this product based on this statement alone.







HKD 10,000Ongoing Charges over a yearClass A (USD) / A (H-USD) / AT (USD) / 1.85%AT (EUR) / AT (SGD)*



Investment ObjectiveLong-term capital growth by investing in Asia Pacific equity and bond markets.

Investment StrategyAt least 70% of Sub-Fund assets are invested in equities and/or debt securities which are exposed or connected to Asia Pacific (e.g. companies with registered offices or sales/profits predominantly in that region). Less than 30% of Sub-Fund assets may be invested in equities and/or debt securities and/or other asset classes other than the above.

At least 40% of Sub-Fund assets are invested in equities of companies which are exposed or connected to Asia Pacific (e.g. companies with registered offices or sales/profits predominantly in that region).

At least 50% of Sub-Fund assets may be invested in equities.

193

Up to 50% of Sub-Fund assets may be invested in debt securities.



Sub-Fund assets may not be invested in debt securities which, at the time of acquisition, are rated BB+ or below (by Standard & Poor’s, Fitch or equivalently by other rating agencies), or if unrated, as determined by the Investment Manager to be of comparable quality.

Up to 100% of Sub-Fund assets may be held in deposits and/or invested directly in money market instruments and (up to 10% of Sub-Fund assets) in money market funds on a temporary basis for liquidity management and/or defensive purpose and/or any other exceptional circumstances, and if the investment manager considers it in the best interest of the Sub-Fund.







2. Country and Region Risk• The Sub-Fund’s investments focus on Asia Pacific, which may increase the concentration risk. Consequently, the Sub-Fund









194

6. Specific Risks of Investing in Bonds• Interest Rate Risk: To the extent that this Sub-Fund invests in interest-bearing securities (eg. deposits and money

market instruments) it is exposed to interest rate fluctuations. If market interest rates rise, the value of the interest-bearing assets held by the Sub-Fund may decline substantially. This applies to an even greater degree if this Sub-Fund also holds interest-bearing securities with a longer time to maturity and a lower nominal interest rate. All these factors may adversely impact the net asset value of the Sub-Fund.

• Creditworthiness Risk/Credit Rating Risk/Downgrading Risk: The creditworthiness (solvency and willingness to pay) of the issuer of an asset in particular of a debt security or money-market instrument held by a Sub-Fund may subsequently fall. This usually leads to a decrease in the price of the asset greater than that caused by general market fluctuations. All these factors may adversely impact the net asset value of the Sub-Fund. Credit ratings assigned by rating agencies are subject to limitations and do not guarantee the creditworthiness of the security and/or issuer at all times. The interest-bearing securities held by the Sub-Fund may be downgraded and may fall in value. This will also lead to a fall in the net asset value of the Sub-Fund. The Investment Manager may or may not be able to dispose of the debt instruments that are being downgraded.

• Default Risk: The Sub-Fund is exposed to the credit and default risk of issuers of the debt securities that the Sub-Fund may invest in.




traded in Mainland China is not freely convertible and is subject to exchange controls, policies restrictions imposed by the PRC authorities. Such policies may limit the depth of the Chinese Renminbi market available outside of Mainland China, and thereby may reduce the liquidity of the Sub-Fund. Under exceptional circumstances, payment of redemptions and/or dividend payment in RMB may be delayed due to the exchange controls and restrictions applicable to RMB. The Chinese Renminbi may be subject to devaluation, in which case the value of the investments in Chinese Renminbi assets will be adversely affected. Furthermore although offshore Renminbi and onshore Renminbi are the same currency, they trade at different rates. Any divergence between offshore Renminbi and onshore Renminbi may adversely impact investors.


to be incorrect, this may affect the NAV calculation of the Sub-Fund.10. Asset Allocation Risk

• The performance of the Sub-Fund is partially dependent on the success of the asset allocation strategy employed by the Sub-Fund. There is no assurance that the strategy employed by the Sub-Fund will be successful and therefore the investment objective of the Sub-Fund may not be achieved. The investments of the Sub-Fund may be periodically rebalanced and therefore the Sub-Fund may incur greater transaction costs than a Sub-Fund with static allocation strategy.







195
















196


The Sub-Fund was launched on 3 October 2008 where Allianz Global Investors Selections RCM Oriental Income Fund was merged into the Sub-Fund with the same features (e.g. investment objectives, investment policies, risk profile) and fee structures effective on the same date. The performance information shown on or before the date of the merger belongs to Allianz Global Investors Selections RCM Oriental Income Fund, class A-USD with the same features (e.g. investment objectives, investment policies, risk profile) and fee structures of the class A-USD of the Sub-Fund.

-60%

-40%

-20%

0%

20%

40%

60%

2007 2008 20162009 2010 2011 2012 2013 2014 2015

18.4

-36.4

2.1

41.6

9.1

-10.9

13.0 21.9

-6.1-0.8


you might have to pay.• Sub-Fund inception date: 2008• Share Class inception date: 2008• Predecessor fund (Dresdner RCM Oriental Income Fund) inception date: 2003*Representative share class – Retail share class that is authorized and launched in Hong Kong with the longest track record.








197








198



Allianz Selective Global High Yield

• ThisstatementprovidesyouwithkeyinformationaboutAllianzSelectiveGlobalHighYield(the“Sub-Fund”).













Investment ObjectiveLong-term capital growth and income by investing in global bond markets. The Sub-Fund tries to offer close to high yield returns with an expected volatility between investment grade and high yield.

199

Investment StrategySub-Fund assets are primarily invested in debt securities in global bond markets with close to high yield returns with an expected volatility between investment grade and high yield. Less than 30% of Sub-Fund assets may be invested in debt securities other than the above.


At least 70% of Sub-Fund assets are invested in debt securities with a rating of BB- or higher (Standard & Poor’s or equivalently by other rating agencies).

Up to 30% of Sub-Fund assets may be invested in debt securities which are rated B+ or lower (Standard & Poor’s or equivalently by other rating agencies), excluding those that are rated CCC+ or lower (including defaulted securities) (Standard & Poor’s or equivalently by other rating agencies). The lowest available rating at acquisition day is decisive for the assessment of the possible acquisition of a debt security.


Up to 20% of the Sub-Fund assets may be invested in mortgage-backed securities and asset-backed securities.

Up to 100% of Sub-Fund assets may be held in deposits and/or invested directly in money market instruments and/or (up to 10% of Sub-Fund assets) in money market funds on a temporary basis for liquidity management and/or defensive purpose and/or any other exceptional circumstances (eg. market crash or major crisis), and if the Investment Manager considers it in the best interest of the Sub-Fund.













200




















201




















202



Allianz Thailand Equity

• ThisstatementprovidesyouwithkeyinformationaboutAllianzThailandEquity(the“Sub-Fund”).• This statement is a part of the offering document.• You should not invest in this product based on this statement alone.


major stock exchanges are open in ThailandBase Currency: USDDividend Policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject









Investment ObjectiveLong-term capital growth by investing in equity markets of Thailand.

Investment StrategyAt least 70% of Sub-Fund assets are invested in equities of companies which are exposed or connected to Thailand (e.g. companies with registered offices or sales/profits predominantly in Thailand). Less than 30% of Sub-Fund assets may be invested in equities other than the above.



203





2. Country and Region Risk• The Sub-Fund’s investments focus on Thailand, which may increase the concentration risk. Consequently, the Sub-Fund

is particularly susceptible to the adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events and risks of Thailand, or of companies based and/or operating in Thailand. The net asset value of the Sub-Fund may be more volatile than a diversified fund.













204


The Sub-Fund was launched on 3 October 2008 where Allianz Global Investors Selections RCM Thailand Fund was merged into the Sub-Fund with the same features (e.g. investment objectives, investment policies, risk profile) and fee structures effective on the same date. The performance information shown on or before the date of the merger belongs to Allianz Global Investors Selections RCM Thailand Fund, class A-USD with the same features (e.g. investment objectives, investment policies, risk profile) and fee structures of the class A-USD of the Sub-Fund.

-90%

-60%

-30%

0%

30%

60%

90%

120%

2007 2008 20162009 2010 2011 2012 2013 2014 2015

33.2

-53.5

16.3

91.068.6

-3.0

47.8

-5.4

17.6

-17.3


you might have to pay.• Sub-Fund inception date: 2008• Share Class inception date: 2008• Predecessor fund (Dresdner RCM New Tiger Selections – Thailand sub-fund) inception date: 1990*Representative share class – Retail share class that is authorized and launched in Hong Kong with the longest track record.








205








206



Allianz Tiger

• This statement provides you with key information about Allianz Tiger (the “Sub-Fund”).• This statement is a part of the offering document.• You should not invest in this product based on this statement alone.










207

Investment ObjectiveLong-term capital growth by investing in the equity markets of the PRC, Hong Kong, Singapore, the Republic of Korea, Taiwan, Thailand, Malaysia and the Philippines. The Sub-Fund utilizes a long/short equity strategy which seeks to enhance returns irrespective of broad equity market conditions.

Investment StrategyAt least 70% of Sub-Fund assets are invested in equities of companies which are exposed or connected to the equity markets of the PRC, Hong Kong, Singapore, the Republic of Korea, Taiwan, Thailand, Malaysia and the Philippines (e.g. companies with sales/profits predominantly in those markets). Less than 30% of Sub-Fund assets may be invested in equities other than the above.



The Sub-Fund may invest extensively in financial derivative instruments (“FDI”) for efficient portfolio management purposes (including for hedging) and/or investment purposes, these may include options, futures, forwards and swap contracts. With the view to achieve additional returns, FDI may be used to implement a market neutral long/short equity strategy which generally involves investments in certain stocks (long positions) while selling positions in other stocks (short-positions) with the intent to result in limited or no net exposure to broad equity market moves.

The long/short equity strategy (the “Strategy”) targets to be market neutral with limited or no net exposure to broad equity market movements. The net market exposure of the Strategy (long positions minus short positions) is expected to be in a maximum range of +10% and -10% of the Sub-Fund’s net asset value. To the extent that the net market exposure differs from 0 the Strategy is not a pure market neutral long/short equity strategy for, insofar, the Strategy does not seek to reduce common equity market or systematic risks but accepts them. The Strategy’s gross exposure (long positions plus short positions) is allowed to be a maximum of 40% of the Sub-Fund’s net asset value.

The Strategy is implemented using a derivatives structure, in particular swaps, on the positive or negative performance resulting from the Strategy’s investment in Equities (“Total Return Swap”). The Investment Manager exchanges a regular variable payment from the Sub-Fund against a participation in the performance of the Strategy, in line with the above description. This performance may also be negative, which would then result in an additional payment from the Sub-Fund to the respective counterparty of the derivative structure. Usually, the overall derivatives structure will be implemented with one counterparty. Such counterparty has to comply with the general requirements of the Investment Manager for counterparty selection. In addition, the counterparty will be selected by applying the best execution criteria of the Investment Manager. Given the complexity of the overall derivatives structures the counterparty’s ability to handle such complex structures will be of significant importance within this process. Through regular and ad hoc resets of the Total Return Swap it will be ensured that the maximum counterparty risk of the selected counterparty will not exceed 10% of the Sub-Fund’s volume. The counterparty assumes no discretion over the composition or management of the strategy. The Investment Manager does not require the approval to implement any transaction within the management of the Strategy.

The expected level of leverage is between 0 and 40% of the Sub-Fund’s Net Asset Value, calculated based on expected sum of notionals of derivatives. The actual sum of notionals of derivatives might change over time and might temporarily exceed the expected level of leverage of derivatives. Derivatives might be used for different purposes including hedging or investment purposes. The calculation of the expected level of leverage does not distinguish between the different purposes of a derivative. Therefore this figure delivers no indication regarding the true riskiness of the Sub-Fund. The level of commitment leverage of the Sub-Fund is expected to be between 0% and 40% of its net asset value. Investors should note that this is indicative only and should not be regarded as reflecting or limiting the Sub-Fund’s level of leverage. The level of leverage using the commitment approach is expressed as a ratio between the market value of the equivalent position in the underlying assets of the FDI (taking into account the possible netting and hedging arrangements) and its NAV. The level of leverage using the sum of notional approach is expressed as a ratio between the aggregate of the notional values of all FDI entered into by the fund (including FDI that are used for investment purposes and/or for hedging purposes) and its net asset value.

208





2. Country and Region Risk• The Sub-Fund’s investments focuses on the People’s Republic of China, Hong Kong, Singapore, the Republic of Korea,

Taiwan, Thailand, Malaysia and the Philippines, which may increase the concentration risk. Consequently, the Sub-Fund is particularly susceptible to the adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events and risks of these countries, or of companies based and/or operating in those countries. The net asset value of the Sub-Fund may be more volatile than a diversified fund.


not typically associated with investment in more developed economies or markets, such as greater political, tax, legal, economic, foreign exchange/control, liquidity, regulatory risks settlement risks, custody risk and the likelihood of a high degree of volatility. The accounting, auditing and financial reporting standards may deviate substantially to the Sub-Fund’s detriment. All these factors may adversely impact the net asset value of the Sub-Fund.










209



• Investing in derivatives involves the following key risks: (i) the derivatives may be misvalued or may have varying valuations; (ii) the use of derivatives may not completely hedge the risk intended to be hedged; (iii) derivative may become difficult to purchase or sell. In such cases, the Sub-Fund may not be able to initiate a transaction or liquidate a position at an advantageous time or price; (iv) particularly for unlisted derivatives, there is also a risk that the counterparty may default or be unable to completely fulfill its obligations; (v) given the leverage effect embedded in derivatives, a relatively small price movement in a derivative contract may result in substantial losses to the investor; (vi) the entire value of your investment in the Sub-Fund may be lost due to extensive use of derivatives.














210


The Sub-Fund was launched on 3 October 2008 where Allianz Global Investors Selections RCM Tiger Fund was merged into the Sub-Fund with the same features (e.g. investment objectives, investment policies, risk profile) and fee structures effective on the same date. The performance information shown on or before the date of the merger belongs to Allianz Global Investors Selections RCM Tiger Fund, class A-USD with the same features (e.g. investment objectives, investment policies, risk profile) and fee structures of the class A-USD of the Sub-Fund.


-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

2007 2008 20162009 2010 2011 2012 2013 2014 2015

34.8

-53.4

-0.4

56.3

21.7

-13.9

14.7 15.14.3

-9.0


you might have to pay.• Sub-Fund inception date: 2008• Share Class inception date: 2008• Predecessor fund (Dresdner RCM Tiger Fund) inception date: 1986*Representative share class – Retail share class that is authorized and launched in Hong Kong with the longest track record.








211








212



Allianz Total Return Asian Equity

• Thisstatementprovidesyouwithkey informationaboutAllianzTotalReturnAsianEquity (the“Sub-Fund”).








HKD 10,000Ongoing Charges over a yearClass A (EUR) / Class A (USD) / 2.04%Class AM (HKD) / AM (USD) /AM (H2-AUD) / AM (H2-SGD) /AT (HKD) / AT (USD)*Class AMg (HKD) / AMg (USD) / 2.04%AMg (H2-AUD) / AMg (H2-SGD)^ 2.05%Class AMg (H2-EUR)^




213

Investment ObjectiveLong-term capital growth by investing in the equity markets of the Republic of Korea, Taiwan, Thailand, Hong Kong, Malaysia, Indonesia, the Philippines, Singapore and the People’s Republic of China (the “PRC”).

Investment StrategyAt least 70% of Sub-Fund assets are invested in equities of companies which are exposed or connected to the equity markets of the Republic of Korea, Taiwan, Thailand, Hong Kong, Malaysia, Indonesia, the Philippines, Singapore and the PRC (e.g. companies with sales/profits predominantly in those markets). Less than 30% of Sub-Fund assets may be invested in equities other than the above.



Up to 30% of Sub-Fund assets may be held in deposits and invested directly in money-market instruments and/or (up to 10% of Sub-Fund assets) in money market funds.






2. Interest Rate Risk• To the extent that this Sub-Fund invests in interest-bearing securities (e.g. deposits and money market instruments), it



market instrument held by a Sub-Fund may subsequently fall. This usually leads to a decrease in the price of the asset greater than that caused by general market fluctuation. All these factors may adversely impact the net asset value of the Sub-Fund.



4. Country and Region Risk• The Sub-Fund’s investments focus on the Republic of Korea, Taiwan, Thailand, Hong Kong, Malaysia, Indonesia,

Philippines, Singapore and the People’s Republic of China, which may increase the concentration risk. Consequently, the Sub-Fund is particularly susceptible to the adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events and risks of these countries, or of companies based and/or operating in these countries. The net asset value of the Sub-Fund may be more volatile than a diversified fund.

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215



come-first served basis and therefore may restrict the Sub-Fund’s ability to invest in China A-shares through the Stock Connect on a timely basis or the Sub-Fund may not be able to make its intended investments through Stock Connect.









The Sub-Fund was launched on 3 October 2008 where Allianz Global Investors Selections RCM Total Return Asian Equity Fund was merged into the Sub-Fund with the same features (e.g. investment objectives, investment policies, risk profile) and fee structures effective on the same date. The performance information shown on or before the date of the merger belongs to Allianz Global Investors Selections RCM Total Return Asian Equity Fund, class A-USD with the same features (e.g. investment objectives, investment policies, risk profile) and fee structures of the class A-USD of the Sub-Fund.


-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

2007 2008 20162009 2010 2011 2012 2013 2014 2015

35.8

-52.9

-3.0

59.8

22.3

-15.9

15.8 11.14.9

-8.7


you might have to pay.• Sub-Fund inception date: 2008• Share Class inception date: 2008• Predecessor fund (Dresdner RCM Total Return Asian Equity Fund) inception date: 2004*Representative share class – Retail share class that is authorized and launched in Hong Kong with the longest track record.

216















217



Allianz US Equity Dividend

• Thisstatementprovidesyouwithkey informationaboutAllianzUSEquityDividend(the“Sub-Fund”).



major stock exchanges are open in Germany and New YorkBase Currency: USDDividend Policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject






HKD 10,000Ongoing Charges over a yearClass AT (SGD)* 1.85%Class AM (USD)* 1.86%Class AMg (USD)^ 1.85%




Investment ObjectiveLong-term capital growth by investing in companies of the United States of America (“US”) equity markets that are expected to achieve sustainable dividend payments.

218

Investment StrategyAt least 70% of Sub-Fund assets are invested in equities (including participation certificates) of companies which are exposed or connected to the US markets (e.g. companies with sales/profits predominantly in those markets), and which are expected to achieve sustainable dividend returns. Less than 30% of Sub-Fund assets may be invested in equities other than the above.









3. Country and Region Risk• The Sub-Fund’s investments focus on the United States, which may increase the concentration risk. Consequently, the









219





2016

12.3

-9.7

2012 2013 2014 2015-15%

-10%

-5%

0%

5%

10%

15%


you might have to pay.• Where no past performance is shown, there was insufficient data available in that year to provide performance.• Sub-Fund inception date: 2009• Share Class inception date: 2014*Representative share class – Retail share class that is authorized and launched in Hong Kong with the longest track record.With the launch of the AM-USD share class in November 2015, the representative share class has been changed from AT-SGD to AM-USD on the basis that the AM-USD share class is now the share class launched in Hong Kong with the longest track record and with the same currency as the base currency of the Sub-Fund.





220











221



Allianz US Equity Fund

• ThisstatementprovidesyouwithkeyinformationaboutAllianzUSEquityFund(the“Sub-Fund”).• This statement is a part of the offering document.• You should not invest in this product based on this statement alone.

Quick factsManagement Company: Allianz Global Investors GmbHInvestment Manager: Allianz Global Investors U.S. LLC, based in USA (internal delegation)Depositary: State Street Bank Luxembourg S.C.A.Dealing Frequency: Daily; each day banks and exchanges are open in Hong Kong and Luxembourg and







HKD 10,000Ongoing Charges over a yearClass A (EUR) / AT (SGD)* 1.83%Class A (USD) / AT (USD)* 1.84%



222

Investment ObjectiveLong-term capital growth by investing in companies of the United States of America (“US”) equity markets with a minimum market capitalisation of US$500 million.

Investment StrategyAt least 70% of Sub-Fund assets are invested in equities of companies, with a minimum market capitalization of USD500 million, which are exposed or connected to the US markets (e.g. companies with sales/profits predominantly in those markets). Less than 30% of Sub-Fund assets may be invested in equities other than the above.







2. Country and Region Risk• The Sub-Fund’s investments focus in the United States, which may increase the concentration risk. Consequently, the

Sub-Fund is particularly susceptible to the adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events and risks of the US, or of companies based and/or operating in the US. The net asset value of the Sub-Fund may be more volatile than a diversified fund.





situation. If a company-specific factor deteriorates, the price of the respective asset may drop significantly and for an extended period of time, possibly even without regard to an otherwise generally positive market trend.




223





-10%

0%

10%

20%

30%

40%

50%

2007 2008 20162009 2010 2011 2012 2013 2014 2015

9.611.0

-1.8

6.5

24.7

41.5

11.2

0.3









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225



Allianz US Equity Plus

• ThisstatementprovidesyouwithkeyinformationaboutAllianzUSEquityPlus(the“Sub-Fund”).• This statement is a part of the offering document.• You should not invest in this product based on this statement alone.


major stock exchanges are open in the United States of America (“US”)Base Currency: USDDividend Policy: Distribution Shares (Class AM/AMg) – will be distributed on 15th of every month (subject


Dividend payments may, at the sole discretion of the Company, be made out of the Sub-Fund’s income and/or capital (Class AM/AMg). The Company may at its sole discretion also pay distribution out of gross income while charging/paying all or part of the Sub-Fund’s fees and expenses to/out of the capital of the Sub-Fund, resulting in an increase in distributable income for the payment of dividends by the Sub-Fund and therefore, the Sub-Fund may effectively pay dividend out of capital (Class AMg). Distributions out of capital or effectively out of capital may result in an immediate decrease of the net asset value (“NAV”) per share of the Sub-Fund.



HKD 10,000Ongoing charges over a yearClass AM (USD)* 1.84%Class AMg / AT^ 1.85%

*The ongoing charges figures are annualized figures based on the costs incurred by the share class from the inception date to 30 September 2016 (less than one year) divided by the average net assets over the same period based on the information in the latest audited financial statement for the year ended 30 September 2016. This figure may vary from year to year. It includes All-in-Fee plus the Luxembourg tax (Taxe d’Abonnement) and excludes transaction cost.

Âs the share classes are newly set up, best estimates were used for the ongoing charges figure which is calculated based on the estimated total costs borne by the share classes over a 12-month period divided by the estimated average net assets over the same period. The actual figure may be different from this estimated figure and may vary from year to year. It includes All-in-Fee plus the Luxembourg tax (Taxe d’Abonnement) and excludes transaction cost.


Investment ObjectiveLong-term capital growth and income by investing in the US equity markets.

Investment StrategyAt least 70% of Sub-Fund assets are invested in equities of companies which are exposed or connected to the US markets (e.g. companies with sales/profits predominantly in those markets). Less than 30% of Sub-Fund assets may be invested in equities other than the above.

226


Up to 20% of Sub-Fund assets may be held in deposits and/or invested directly in money market instruments and/or (up to 10% of Sub-Fund assets) in money market funds.






2. Company-specific Risk• The assets of the Sub-Fund may invest in equities which may be affected by company-specific factors, such as the issuer’s

business situation. If a company-specific factor deteriorates, the price of the respective asset may drop significantly and for an extended period of time, possibly even without regard to an otherwise generally positive market trend. All these factors may adversely impact the net asset value of the Sub-Fund.

3. Country and Region Risk• The Sub-Fund’s investments focus on the US, which may increase the concentration risk. Consequently, the Sub-Fund




5. Risk associated with small-capitalisation/mid-capitalisation companies• The Sub-Fund may invest in the stock of small-capitalisation/mid-capitalisation companies may have lower liquidity and

their prices are more volatile to adverse economic developments than those of larger capitalisation companies in general.6. Currency Risk

• If a Sub-Fund holds assets denominated in foreign currencies other than the base currency of the Sub-Fund or if a class of shares may be designated in a currency other than the base currency of the Sub-Fund, it is exposed to a currency risk if foreign currency positions have not been hedged or if there is any change in the relevant exchange control regulations. Any devaluation of the foreign currency against the base currency of the Sub-Fund would cause the value of the assets denominated in the foreign currency to fall.




227


of the amount investors originally invested in and/or capital gains attributable to the original investment. Any distributions involving payment of distributions out of the Sub-Fund’s capital/distributions effectively out of the Sub-Fund’s capital may result in an immediate decrease in the net asset value per share and may reduce the capital available for the Sub-Fund for future investment and capital growth.

• The distribution amount and net asset value of any hedged share classes of the Sub-Fund may be adversely affected by differences in the interest rates of the reference currency of the hedged share classes and the base currency of the Sub-Fund, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other non-hedged share classes.





Fee (Class AM/AMg/AT) What you paySubscription Fee (Sales Charge) Up to 5% of the NAVSwitching Fee (Conversion Fee) Up to 5% of the NAV (for switch-in)Redemption Fee No Redemption Fee is currently levied


Annual rate (as a % p.a. of the NAV)Management Fee (All-in-Fee) (Class AM/AMg/AT) 1.80%Depositary Fee The Depositary Fee is covered by All-in-FeePerformance Fee Not ApplicableAdministration Fee The Administration Fee is covered by All-in-Fee








228



Allianz US High Yield

• ThisstatementprovidesyouwithkeyinformationaboutAllianzUSHighYield(the“Sub-Fund”).• This statement is a part of the offering document.• You should not invest in this product based on this statement alone.

Quick factsManagement Company: Allianz Global Investors GmbHInvestment Manager: Allianz Global Investors U.S. LLC, based in USA (internal delegation)Depositary: State Street Bank Luxembourg S.C.A.Dealing Frequency: Daily; each day banks and exchanges are open in Hong Kong and Luxembourg and







HKD 10,000Ongoing Charges over a yearClass A (H2-EUR)^ 1.45%Class AM (HKD) / AM (USD) / 1.42%AM (H2-AUD) /AM (H2-NZD) / AM (H2-SGD) /AT (HKD) / AT (USD)*Class AM (H2-CAD) / AM (H2-EUR) / 1.41%AM (H2-GBP) / AT (H2-EUR)*




229

Investment ObjectiveLong-term capital growth and income by investing in high yield rated corporate bonds of the United States of America (“US”) bond markets.

Investment StrategyAt least 70% of Sub-Fund assets are invested in corporate bonds which are exposed or connected to the US (e.g. bonds issued or guaranteed by governments/related authorities of or companies with registered offices or sales/profits predominantly in the US). Less than 30% of Sub-Fund assets may be invested in debt securities other than the above.

At least 70% of Sub-Fund assets are invested in debt securities which, at the time of acquisition, are rated BB+ or below (by Standard & Poor’s, Fitch or equivalently by other rating agencies) excluding those that are rated CC, C or D (Standard & Poor’s), C, RD or D (Fitch) or Ca or C (Moody’s), or if unrated, as determined by the Investment Manager to be of comparable quality.











2. Country and Region Risk• The Sub-Fund’s investments focus in the US, which may increase the concentration risk. Consequently, the Sub-Fund

is particularly susceptible to the adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events and risks of the US, or of companies based and/or operating in the US. The net asset value of the Sub-Fund may be more volatile than a diversified fund.



230


market instrument held by a Sub-Fund may subsequently fall. This usually leads to a decrease in the price of the asset greater than that caused by general market fluctuation. All these factors may adversely impact the net asset value of the Sub-Fund.



5. Interest Rate Risk• To the extent that this Sub-Fund invests in interest-bearing securities (eg. corporate bonds and government bonds) it



7. Specific risks of Investing in High-Yield (Non-Investment Grade and Unrated) Investments• Investing in high-yield (non-investment grade and unrated) investments are normally associated with higher volatility,

greater risk of loss of principal and interest, increased creditworthiness and downgrading risk, default risk, interest rate risk, general market risk, and liquidity risk (for example, the asset cannot be sold or can only be sold at a significant discount to the purchase price).



• The Sub-Fund’s investment in interest-bearing securities issued or guaranteed by governments may be exposed to political, social and economic risks. In adverse situations, the sovereign issuers may not be able or willing to replay the principal and/or interest when due or may request the Sub-Fund to participate in restructuring such debts. The Sub-Fund may suffer significant losses when there is a default of sovereign debt issuers.












231


-15%

-10%

-5%

0%

5%

10%

15%

20%

2007 2008 20162009 2010 2011 2012 2013 2014 2015

13.8

5.0

11.4

6.1

-0.9

-8.7










232








233



Allianz US Short Duration High Income Bond

• ThisstatementprovidesyouwithkeyinformationaboutAllianzUSShortDurationHighIncomeBond (the “Sub-Fund”).


Quick factsManagement Company: Allianz Global Investors GmbHInvestment Manager: Allianz Global Investors U.S. LLC, based in United States (internal delegation)Depositary: State Street Bank Luxembourg S.C.A.Dealing Frequency: Daily; each day banks and exchanges are open in Hong Kong, New York and

LuxembourgBase Currency: USDDividend Policy: Distribution Shares (Class A) – will be distributed annually on 15 December (subject






HKD 10,000Ongoing Charges over a yearClass A (H2-EUR)^ 1.34%Class AM (HKD)^ 1.41%Class AM (USD) / AT (USD)^ 1.37%Class AM (H2-EUR) / AT (H2-EUR)^ 1.35%Class AM (H2-SGD)^ 1.36%



234

Investment ObjectiveLong-term income and lower volatility by investing in short duration high yield rated corporate bonds of the United States of America (“US”) bond markets.

Investment StrategyAt least 70% of Sub-Fund assets are invested in corporate bonds which are exposed or connected to the US (e.g. bonds issued or guaranteed by governments/related authorities or companies with registered offices or sales/profits predominantly in the US). or whose issuers are constituents of the Merrill Lynch 1-3 years BB-B US Cash Pay High Yield Index. Less than 30% of Sub-Fund assets may be invested in debt securities other than the above.

At least 70% of Sub-Fund assets are invested in debt securities which, at the time of acquisition, are rated BB+ or below (by Standard & Poor’s, Fitch or equivalently by other rating agencies) excluding those that are rated CC, C or D (Standard & Poor’s), C, RD or D (Fitch) or Ca or C (Moody’s), or if unrated, as determined by the Investment Manager to be of comparable quality.

















235








8. Country and Region Risk• The Sub-Fund’s investments focus in the United States, which may increase the concentration risk. Consequently, the













236


2016

7.3

2012 2013 2014 20150%

2%

4%

6%

8%

10%

• Share class*: AM-USD• Past performance information is not indicative of future performance. Investors may not get back the full amount invested.• The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested.• These figures show by how much the share class increased or decreased in percentage during the calendar year being shown.• Performance data has been calculated in USD including on-going charges and excluding subscription fee and redemption fee







Annual rate (as a % p.a. of the NAV)Management Fee (All-in-Fee) (Class A/AM/AMg/AT) Maximum: 1.29%Depositary Fee The Depositary Fee is covered by All-in-FeePerformance Fee Not ApplicableAdministration Fee The Administration Fee is covered by All-in-Fee


237








238

Allianz Global Investors Asia Pacific Limited

hk.allianzgi.com

27th Floor, ICBC Tower3 Garden Road, CentralHong Kong

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