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Unaudited semi-annual reportas at 31 March 2017

Allianz Global Investors Fund

Allianz Global Investors GmbH

Société d’Investissement à Capital VariableR.C.S. Luxembourg Nr. 71.182


General Information

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

The Company has launched different Subfunds (the “Subfunds”) and each Subfund has issued shares in a number of classes and currencies. The following Subfunds were available for subscription and redemption on 31 March 2017:

- Allianz Advanced Fixed Income Euro1)

- Allianz Advanced Fixed Income Global1)

- Allianz Advanced Fixed Income Global Aggregate1)

- Allianz Advanced Fixed Income Short Duration1)

- Allianz American Income1)

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

- Allianz Best Styles Emerging Markets Equity1)

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

- Allianz Best Styles Global AC Equity1)

- Allianz Best Styles Global Equity1)

- Allianz Best Styles Pacific Equity1)

- Allianz Best Styles US Equity1)

- Allianz Capital Plus1)

- Allianz China Equity- Allianz China Multi Income Plus (formerly: Allianz Greater China Dynamic)- Allianz China Strategic Bond1)

- Allianz Convertible Bond1)

- Allianz Coupon Select Plus1)

- Allianz Coupon Select Plus II1)

- Allianz Coupon Select Plus III1)

- Allianz Credit Opportunities1)

- Allianz Discovery Asia Strategy1)

- Allianz Discovery Europe Opportunities1)

- Allianz Discovery Europe Strategy1)

- Allianz Discovery Germany Strategy1)

- Allianz Dynamic Asian High Yield Bond- Allianz Dynamic Asian Investment Grade Bond1)

- Allianz Dynamic Commodities1)

- Allianz Dynamic Multi Asset Strategy 151)



- Allianz Dynamic Risk Parity1)

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

- Allianz Emerging Markets Bond Extra 20201)

- Allianz Emerging Markets Equity Opportunities1)

- Allianz Emerging Markets Local Currency Bond1)

- Allianz Emerging Markets Select Bond1) (formerly: Allianz Emerging Markets Flexible Bond)- Allianz Emerging Markets Short Duration Defensive Bond1)

- Allianz Enhanced Short Term Euro- Allianz Euro Bond1)

- Allianz Euro Bond Short Term 1-3 Plus1)

- Allianz Euro Bond Strategy1)

- Allianz Euro Credit SRI1)

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

- Allianz Euro Inflation-linked Bond1)

- Allianz Euro Investment Grade Bond Strategy1)

- Allianz Euroland Equity Growth- Allianz Euroland Equity SRI1)

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

- Allianz Europe Income and Growth- Allianz Europe Mid Cap Equity1)

- Allianz Europe Small Cap Equity1)

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

- Allianz Floating Rate Notes Plus1)

- Allianz GEM Equity High Dividend- Allianz German Equity1)

- Allianz Global Agricultural Trends- Allianz Global Bond- Allianz Global Credit1)

- Allianz Global Dividend- Allianz Global Dynamic Multi Asset Income1)

- Allianz Global Dynamic Multi Asset Strategy 251)



- Allianz Global Emerging Markets Equity Dividend1)

- Allianz Global Equity1) Not authorized in Hong Kong and not available to Hong Kong Residents.

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


- Allianz Global Equity Insights1)

- Allianz Global Equity Unconstrained- Allianz Global Fundamental Strategy1)

- Allianz Global High Yield1)

- Allianz Global Hi-Tech Growth- Allianz Global Metals and Mining- Allianz Global Multi-Asset Credit1)

- Allianz Global Small Cap Equity- Allianz Global Smaller Companies1)

- Allianz Global Sustainability- Allianz Green Bond1)

- Allianz High Dividend Asia Pacific Equity- Allianz HKD Income- Allianz Hong Kong Equity- Allianz Income and Growth- Allianz India Equity- Allianz Indonesia Equity- Allianz Japan Equity- Allianz Korea Equity- Allianz Laufzeitfonds Extra 20191)

- Allianz Little Dragons- Allianz Merger Arbitrage Strategy1)

- Allianz Multi Asset Long / Short1)

- Allianz Multi Asset Opportunities1)

- Allianz Oriental Income- Allianz Renminbi Fixed Income1)

- Allianz Selection Alternative1)

- Allianz Selection Fixed Income1)

- Allianz Selective Global High Yield1)

- Allianz Short Duration Global Bond1)

- Allianz Short Duration Global Real Estate Bond1)

- Allianz Strategy Select 501)

- Allianz Strategy Select 751)

- Allianz Structured Alpha Strategy1)

- Allianz Structured Alpha 2501)

- Allianz Structured Return1)

- Allianz Target Return Bond1)

- Allianz Target Return Bond US1)

- Allianz Thailand Equity

- Allianz Thematica1)

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

- Allianz US Equity Dividend- Allianz US Equity Fund- Allianz US Equity Plus1)

- Allianz US High Yield- Allianz US Short Duration High Income Bond- Allianz US Small Cap Equity1)

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

The figures presented in this report relate to the period from 1 October 2016 to 31 March 2017. They should not necessarily be taken as an indication of the future development of the Subfunds.

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

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

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

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

6A, route de TrèvesL-2633 SenningerbergInternet: www.allianzglobalinvestors.luE-Mail: [email protected] 1) Not authorized in Hong Kong and not available to Hong Kong Residents.

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


Important notice to our Shareholders

Launch of new Subfunds

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

Launch Date Subfund Name

31 October 2016 Allianz Global High Yield31 October 2016 Allianz Global Multi-Asset Credit31 October 2016 Allianz Selective Global High Yield4 November 2016 Allianz Global Credit4 November 2016 Allianz Short Duration Global Real Estate Bond15 November 2016 Allianz Multi Asset Long / Short17 November 2016 Allianz Credit Opportunities21 November 2016 Allianz Multi Asset Opportunities8 December 2016 Allianz Thematica23 January 2017 Allianz Coupon Select Plus III2 February 2017 Allianz Global Dynamic Multi Asset Strategy 252 February 2017 Allianz Global Dynamic Multi Asset Strategy 7515 February 2017 Allianz Global Equity Insights15 February 2017 Allianz Short Duration Global Bond1 March 2017 Allianz American Income

Merger of the Subfunds

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

Merger Date Absorbed Fund/Subfund Absorbing Subfund of Allianz Global Investors Fund

18 October 2016 Allianz Actions Internationales, Allianz Multi Actions Monde Allianz Best Styles Global Equity

14 November 2016 Allianz Euro Credit SRI, Allianz Euro Obligations Crédit ISR Allianz Euro Credit SRI

8 December 2016 Allianz Global Investors Fund III - Allianz Deluxe Allianz Thematica7 March 2017 Allianz Euro Bond Plus Allianz Euro Bond Strategy28 March 2017 Allianz Global Investors Fund - Allianz Global EcoTrends Allianz Global Equity Insights

Conversion into Masterfunds pursuant to Art. 77 of the Luxembourg amended law of 17 December 2010 on Undertakings for Collective Investment

The Board of Directors of the Company has decided to convert the following Subfunds into a master undertaking for collective investment in transferable securities (the master UCITS) according to Art. 77 section 3 of the Luxembourg amended law of 17 December 2010 on Undertakings for Collective Investment:

Conversion Date Subfund Name

14 October 2016 Allianz Euro Bond Strategy


Amendments to the Sales Prospectus

With the approval of the Luxembourg Supervisory Authority, the Board of Directors of Allianz Global Investors Fund (“the Company”) has decided the following changes to become effective on 10 February 2017:

- The investment management is transferred from the Management Company to Allianz Global Investors U.S. LLC for the Subfund Allianz Dynamic Risk Parity.

With the approval of the Luxembourg Supervisory Authority, the Board of Directors of Allianz Global Investors Fund (“the Company”) has decided the following changes to become effective on 15 March 2017:

- The name of Allianz Emerging Markets Flexible Bond was changed into Allianz Emerging Markets Select Bond.

- The name of Allianz Greater China Dynamic was changed into Allianz China Multi Income Plus.

- AllianzGI, France Branch acting in its function as the Allianz Euro Bond, Allianz Euro Bond Strategy, Allianz Flexible Bond Strategy, Allianz Global Bond Subfunds’ lead investment manager has partially delegated the investment management to AllianzGI Singapore. The appointment of sub-investment manager shall ensure an appropriate coverage of all Subfunds’ assets by either the lead investment manager or the sub-investment manager.

- AllianzGI Japan acting in its function as the Allianz Global Dynamic Multi Asset Income Subfund’s lead investment manager has partially delegated the investment management to AllianzGI AP. The appointment of sub-investment manager shall ensure an appropriate coverage of all Subfund’s assets during all relevant global time zones by either the lead investment manager or the sub-investment managers.

- AllianzGI Japan acting in its function as the Allianz Global Dynamic Multi Asset Strategy 50 Subfund’s lead investment manager has partially delegated the investment management to AllianzGI AP and AllianzGI. The appointment of sub-investment manager shall ensure an appropriate coverage of all Subfund’s assets during all relevant global time zones by either the lead investment manager or the sub-investment managers.

Subsequent Events

Launch of new Subfunds

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

Launch Date Subfund Name

31 March 2017 Allianz Global Artificial Intelligence

As the first NAV was calculated on 1 April 2017 there were no figures as at 31 March 2017 to be disclosed.

Allianz Discovery Asia Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245

Allianz Discovery Europe Opportunities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 249

Allianz Discovery Europe Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 257

Allianz Discovery Germany Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 265

Allianz Dynamic Asian High Yield Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270

Allianz Dynamic Asian Investment Grade Bond . . . . . . . . . . . . . . . . . . . . . . . . 277

Allianz Dynamic Commodities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 282

Allianz Dynamic Multi Asset Strategy 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289



Allianz Dynamic Risk Parity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 330

Allianz Emerging Asia Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 336

Allianz Emerging Markets Bond Extra 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . 341

Allianz Emerging Markets Bond Extra 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . 348

Allianz Emerging Markets Equity Opportunities . . . . . . . . . . . . . . . . . . . . . . . . 356

Allianz Emerging Markets Local Currency Bond . . . . . . . . . . . . . . . . . . . . . . . . 361

Allianz Emerging Markets Select Bond

(formerly Allianz Emerging Markets Flexible Bond) . . . . . . . . . . . . . . . . . . . . 366

Allianz Emerging Markets Short Duration Defensive Bond . . . . . . . . . . . . . . 371

Allianz Enhanced Short Term Euro . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 377

Allianz Euro Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 384

Allianz Euro Bond Short Term 1-3 Plus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 393

Allianz Euro Bond Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 399

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

Allianz Euro High Yield Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 421

Allianz Euro High Yield Defensive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 431

Allianz Euro Inflation-linked Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 439

Allianz Euro Investment Grade Bond Strategy . . . . . . . . . . . . . . . . . . . . . . . . . 445

Allianz Euroland Equity Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 458

Allianz Euroland Equity SRI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 465

Allianz Europe Conviction Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 470

Allianz Europe Equity Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 475

Allianz Europe Equity Growth Select . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 482

Allianz Europe Equity Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 489

Allianz Europe Income and Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 493

Allianz Europe Mid Cap Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 499

Allianz Europe Small Cap Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 503

Allianz European Equity Dividend . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 509

Allianz Flexi Asia Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 517

Allianz Flexible Bond Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 525

Contents

Performance of the Subfunds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Economic situation and capital market in the reporting period/outlook . . 43

Combined Financial Statements of the Company

Financial Statements of the Subfunds

Investment Portfolios

The Subfund in figures

Breakdown of Subfund Net Assets

Statement of Operations

Statement of Net Assets

Statement of Changes in Net Assets

Statement of Changes in Shares

Allianz Advanced Fixed Income Euro . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

Allianz Advanced Fixed Income Global . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66

Allianz Advanced Fixed Income Global Aggregate . . . . . . . . . . . . . . . . . . . . . 75

Allianz Advanced Fixed Income Short Duration . . . . . . . . . . . . . . . . . . . . . . . . 93

Allianz American Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104

Allianz Asia Pacific Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109

Allianz Asian Multi Income Plus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114

Allianz Asian Small Cap Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121

Allianz Best Styles Emerging Markets Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . 126

Allianz Best Styles Euroland Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135

Allianz Best Styles Europe Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142

Allianz Best Styles Global AC Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149

Allianz Best Styles Global Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164

Allianz Best Styles Pacific Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177

Allianz Best Styles US Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185

Allianz Capital Plus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195

Allianz China Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205

Allianz China Multi Income Plus

(formerly Allianz Greater China Dynamic) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212

Allianz China Strategic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217

Allianz Convertible Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223

Allianz Coupon Select Plus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229

Allianz Coupon Select Plus II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232

Allianz Coupon Select Plus III . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236

Allianz Credit Opportunities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240

Allianz Floating Rate Notes Plus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 536

Allianz GEM Equity High Dividend . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 545

Allianz German Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 551

Allianz Global Agricultural Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 556

Allianz Global Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 561

Allianz Global Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 566

Allianz Global Dividend . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 575

Allianz Global Dynamic Multi Asset Income . . . . . . . . . . . . . . . . . . . . . . . . . . . 580

Allianz Global Dynamic Multi Asset Strategy 25 . . . . . . . . . . . . . . . . . . . . . . . . 584



Allianz Global Emerging Markets Equity Dividend . . . . . . . . . . . . . . . . . . . . . . 603

Allianz Global Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 609

Allianz Global Equity Insights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 615

Allianz Global Equity Unconstrained . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 620

Allianz Global Fundamental Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 624

Allianz Global High Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 631

Allianz Global Hi-Tech Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 639

Allianz Global Metals and Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 643

Allianz Global Multi-Asset Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 648

Allianz Global Small Cap Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 656

Allianz Global Smaller Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 664

Allianz Global Sustainability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 670

Allianz Green Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 675

Allianz High Dividend Asia Pacific Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 682

Allianz HKD Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 688

Allianz Hong Kong Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 694

Allianz Income and Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 699

Allianz India Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 715

Allianz Indonesia Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 720

Allianz Japan Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 725

Allianz Korea Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 730

Allianz Laufzeitfonds Extra 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 734

Allianz Little Dragons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 742

Allianz Merger Arbitrage Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 747

Allianz Multi Asset Long / Short . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 754

Allianz Multi Asset Opportunities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 759

Allianz Oriental Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 765

Allianz Renminbi Fixed Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 771

Allianz Selection Alternative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 777

Allianz Selection Fixed Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 780

Allianz Selective Global High Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 784

Allianz Short Duration Global Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 793

Allianz Short Duration Global Real Estate Bond . . . . . . . . . . . . . . . . . . . . . . . . 799

Allianz Strategy Select 50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 806

Allianz Strategy Select 75 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 810

Allianz Structured Alpha Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 814

Allianz Structured Alpha 250 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 823

Allianz Structured Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 832

Allianz Target Return Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 847

Allianz Target Return Bond US . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 851

Allianz Thailand Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 855

Allianz Thematica . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 860

Allianz Tiger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 866

Allianz Total Return Asian Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 871

Allianz Treasury Short Term Plus Euro . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 878

Allianz US Equity Dividend . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 886

Allianz US Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 891

Allianz US Equity Plus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 897

Allianz US High Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 902

Allianz US Short Duration High Income Bond . . . . . . . . . . . . . . . . . . . . . . . . . . 912

Allianz US Small Cap Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 920

Merger Report

Allianz Global EcoTrends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 926

Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 931

Note for investors in the Republic of Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . 991

Note for investors in Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 992

Directory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1008

3


Performance of the Subfunds

PerformanceName of the Subfund Share Class Launch date Initial Subscription Price Liquidation/ NAV per share at

Merger date liquidation/merger date

Allianz Advanced Fixed Income Euro W (H2-CHF) 23/09/2015 1,000.00

A (EUR) 12/05/2015 100.00

AT (EUR) 02/11/2016 100.00

CT (EUR) 05/10/2016 100.00

IT (EUR) 10/10/2012 1,000.00

IT8 (EUR) 27/01/2017 1,000.00

W (EUR) 06/03/2012 1,000.00

W9 (EUR) 10/03/2017 100,000.00

Allianz Advanced Fixed Income Global A (EUR) 20/10/2015 100.00Allianz Advanced Fixed Income Global Aggregate PT (H2-CHF) 09/06/2016 1,000.00

A (EUR) 24/08/2015 100.00

F (EUR) 21/08/2015 1,000.00

I (EUR) 24/08/2015 1,000.00

R (EUR) 26/11/2015 100.00

RT (EUR) 26/11/2015 100.00

W (H-EUR) 29/07/2016 1,000.00

WT2 (H-EUR) 10/03/2016 1,000.00

AT (H2-PLN) 03/03/2016 400.00

I (H-USD) 24/08/2015 1,000.00

Allianz Advanced Fixed Income Short Duration A (EUR) 26/03/2013 100.00

AT (EUR) 27/10/2016 100.00

Euro Reserve Plus P+G A2

(EUR) 12/06/2014 100.00

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

IT (EUR) 11/03/2016 1,000.00

P (EUR) 05/10/2015 1,000.00

W (EUR) 08/01/2013 1,000.00

WT (EUR) 18/12/2015 1,000.00

Allianz American Income AM (USD) 01/03/2017 10.00

W9 (USD) 01/03/2017 100,000.00

X7 (USD) 01/03/2017 1.00

Allianz Asia Pacific Equity A (EUR) 11/01/2005 10.00

I (EUR) 11/01/2005 10.00

A (USD) 11/03/2005 10.00

I (USD) 11/01/2005 10.00

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

AMg (H2-AUD) 13/10/2015 10.00

AMg (H2-CAD) 13/10/2015 10.00

AM (H2-RMB) 06/05/2015 10.00

AMg (H2-RMB) 13/10/2015 10.00

AMg (H2-EUR) 11/11/2015 10.00

AMg (H2-GBP) 13/10/2015 10.00

AM (HKD) 16/08/2011 10.00

AMg (HKD) 13/10/2015 10.00

AMg (H2-NZD) 13/10/2015 10.00

AMg (H2-SGD) 13/10/2015 10.00

AM (USD) 17/05/2010 10.00

4


Current financial year 1 year 2 years 3 years 5 years 10 years Since launch(30/09/2016- (30/09/2015- (30/09/2014- (30/09/2013- (30/09/2011- (30/09/2006- (Launch date -

31/03/2017) 1) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016)% % % % % % %

-1.82 3.71 – – – – 3.55

-1.77 3.83 – – – – 3.45

-0.93 – – – – – –

-1.74 – – – – – –

-1.61 4.28 5.54 14.09 – – 17.56

0.36 – – – – – –

-1.56 4.44 5.86 14.50 – – 23.35

0.40 – – – – – –

-3.51 – – – – – 9.88-1.95 – – – – – 2.97

-1.88 7.82 – – – – 8.86

-1.41 8.95 – – – – 8.95

-1.63 8.51 – – – – 9.69

-1.67 – – – – – 3.73

-1.80 – – – – – 3.62

-3.05 – – – – – -0.45

-3.04 – – – – – 2.05

-0.82 – – – – – 4.31

-2.48 5.93 – – – – 6.14

-0.22 0.78 0.85 4.25 – – 5.02

-0.16 – – – – – –

-0.22 0.78 0.85 – – – 1.38

-0.17 0.94 1.16 – – – 1.75

-0.15 – – – – – 0.56

-0.17 – – – – – 1.01

-0.10 1.22 1.73 5.61 – – 6.84

-0.10 – – – – – 0.92

0.10 – – – – – –

0.18 – – – – – –

0.00 – – – – – –

6.96 12.54 12.85 32.39 59.81 79.70 161.15

7.44 13.55 14.87 35.95 67.04 95.05 187.04

2.36 12.12 0.00 9.89 32.15 54.15 97.57

2.66 13.17 1.55 12.60 37.99 72.33 144.06

5.88 13.89 0.63 – – – -1.48

5.98 – – – – – 9.45

5.46 – – – – – 7.99

7.61 16.70 – – – – -0.58

7.64 – – – – – 11.89

4.68 – – – – – 7.66

5.11 – – – – – 8.30

5.87 13.28 -1.88 -0.27 11.13 – 3.78

5.91 – – – – – 8.81

6.03 – – – – – 10.43

5.39 – – – – – 9.12

5.69 13.19 -1.76 -0.42 11.68 – 19.47

5




Allianz Asian Multi Income Plus (continued) AMg (USD) 13/10/2015 10.00

AT (USD) 21/10/2011 10.00

IT (USD) 15/07/2009 10.00

Allianz Asian Small Cap Equity AT (USD) 13/05/2014 10.00

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

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

Allianz Best Styles Emerging Markets Equity A (EUR) 06/10/2015 100.00

AT (EUR) 16/10/2015 100.00

I (EUR) 13/10/2015 1,000.00

IT (EUR) 13/10/2015 1,000.00

IT8 (EUR) 12/09/2016 1,000.00

IT8 (H-EUR) 27/01/2017 1,000.00

P (EUR) 15/06/2016 1,000.00

RT (EUR) 22/04/2015 100.00

W (EUR) 08/03/2016 1,000.00

YT (H-GBP) 20/02/2017 50.00

I (USD) 20/01/2015 1,000.00

Allianz Best Styles Euroland Equity A (EUR) 31/05/2010 100.00

AT (EUR) 04/06/2007 10.00

CT (EUR) 04/06/2007 10.00

I (EUR) 12/07/2005 10.00

IT8 (EUR) 26/01/2017 1,000.00

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

I (EUR) 11/03/2014 1,000.00

IT8 (H-EUR) 05/10/2016 1,000.00

RT (EUR) 22/04/2015 100.00 09/03/2017 98.96

WT (EUR) 12/08/2014 1,000.00

WT (H-EUR) 07/04/2016 1,000.00

W9 (EUR) 10/03/2017 100,000.00

Allianz Best Styles Global AC Equity A (EUR) 16/08/2016 100.00

PT6 (EUR) 21/09/2015 1,000.00

PT7 (EUR) 23/01/2017 1,000.00

P6 (EUR) 21/09/2015 1,000.00

R (EUR) 16/08/2016 100.00

RT (EUR) 08/04/2016 100.00

R (GBP) 16/08/2016 100.00

Allianz Best Styles Global Equity W (H-CHF) 04/08/2016 1,000.00

A (EUR) 27/06/2014 100.00

AT (H-EUR) 16/12/2015 100.00

CT (EUR) 01/09/2016 100.00

I (EUR) 23/04/2015 1,000.00

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

IT8 (H-EUR) 12/09/2016 1,000.00

P (EUR) 15/05/2014 1,000.00

PT (EUR) 01/09/2016 1,000.00

PT6 (EUR) 27/04/2015 1,000.00 09/03/2017 1,060.59

RT (EUR) 24/02/2015 100.00

W (EUR) 06/08/2013 1,000.00

6



31/03/2017) 1) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016)% % % % % % %

5.72 – – – – – 8.61

5.65 13.18 -1.76 -0.27 – – 11.60

6.04 14.01 -0.47 1.66 15.44 – 47.30

1.57 7.94 1.59 – – – 2.00

1.97 8.93 3.73 – – – 4.61

1.64 8.13 3.18 – – – 3.95

11.37 – – – – – 14.90

11.13 – – – – – 11.28

11.89 – – – – – 13.83

11.76 – – – – – 13.96

11.94 – – – – – 2.16

2.89 – – – – – –

11.78 – – – – – 14.26

11.77 21.46 – – – – -11.66

11.89 – – – – – 18.42

1.16 – – – – – –

6.98 21.04 – – – – -0.70

19.00 -0.25 -1.74 10.03 53.58 – 33.37

19.00 -0.24 -1.75 10.07 53.37 – -15.80

18.68 -0.74 -2.67 8.37 49.81 – -19.70

19.38 0.30 -0.54 12.07 58.37 6.75 32.67

5.01 – – – – – –

13.09 1.70 – – – – 13.72

13.45 2.35 8.03 – – – 12.43

11.36 – – – – – –

11.44 – – – – – -11.20

13.57 2.56 8.40 – – – 13.00

13.49 – – – – – 6.35

1.06 – – – – – –

14.87 – – – – – -0.73

15.38 8.63 – – – – 3.80

5.03 – – – – – –

15.38 8.62 – – – – 3.78

15.04 – – – – – -0.66

15.15 – – – – – 5.87

14.68 – – – – – -1.36

11.46 – – – – – 0.44

14.38 5.90 14.75 – – – 21.01

10.87 – – – – – -0.21

14.11 – – – – – -1.00

14.75 6.58 – – – – -8.35

11.52 3.28 – – – – 10.75

11.38 – – – – – 1.30

14.72 6.53 16.11 – – – 27.20

14.72 – – – – – -0.90

15.35 – – – – – -8.05

14.68 6.42 – – – – -2.46

14.86 6.79 16.67 43.28 – – 41.51

7




Allianz Best Styles Global Equity (continued) WT (H-EUR) 01/04/2016 1,000.00

XT (EUR) 12/12/2013 1,000.00

RT (GBP) 15/12/2014 100.00

YT (H-GBP) 20/02/2017 50.00

WT (H-JPY) 28/02/2017 200,000.00

AT (H2-PLN) 03/03/2016 400.00

IT (USD) 11/03/2016 1,000.00

W (USD) 30/10/2015 1,000.00

Allianz Best Styles Pacific Equity I (EUR) 18/03/2015 1,000.00

IT8 (H-EUR) 05/10/2016 1,000.00

WT (H-EUR) 07/04/2016 1,000.00 19/12/2016 1,224.32

Allianz Best Styles US Equity A (EUR) 12/01/2015 100.00

AT (EUR) 06/06/2013 100.00

AT (H2-EUR) 06/06/2013 100.00

CT (H-EUR) 13/10/2015 100.00

F (EUR) 16/11/2015 1,000.00

IT (EUR) 13/11/2015 1,000.00

IT8 (H-EUR) 12/09/2016 1,000.00

P (EUR) 05/10/2015 1,000.00

RT (EUR) 08/04/2016 100.00

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

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

WT (EUR) 04/11/2013 1,000.00

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

RT (GBP) 15/12/2014 100.00

AT (USD) 22/06/2016 10.00

I (USD) 04/12/2013 1,000.00

P2 (USD) 12/11/2014 100.00

WT (USD) 17/07/2012 1,000.00

Allianz Capital Plus AT (H2-CZK) 27/10/2015 3,000.00

AT (EUR) 27/10/2015 100.00

CT (EUR) 27/10/2015 100.00

WT (EUR) 27/10/2015 1,000.00

AT (H2-PLN) 03/03/2016 400.00

Allianz China Equity PT (AUD) 30/03/2012 1,000.00 09/03/2017 1,836.26

AT (H2-RMB) 11/04/2012 10.00

A (EUR) 13/01/2011 100.00

CT (EUR) 02/10/2009 100.00

PT (EUR) 05/11/2012 1,000.00

RT (EUR) 04/08/2015 100.00

W (EUR) 04/09/2015 1,000.00

A (GBP) 09/06/2009 100.00

P (GBP) 20/12/2012 1,000.00

RT (GBP) 15/12/2014 100.00

A (HKD) 03/01/2011 10.00

WT (HKD) 13/08/2012 1,000.00

AT (SGD) 11/08/2009 10.00

A (USD) 03/10/2008 29.44

8



31/03/2017) 1) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016)% % % % % % %

11.44 – – – – – 2.99

15.03 7.11 17.37 – – – 39.34

14.17 24.10 – – – – 23.86

0.54 – – – – – –

0.00 – – – – – –

15.74 – – – – – 3.01

9.78 – – – – – 4.32

9.80 – – – – – -1.52

12.27 13.92 – – – – -5.54

11.71 – – – – – –

12.79 – – – – – 8.54

16.15 9.69 – – – – 7.41

16.08 9.26 19.29 52.43 – – 55.22

10.38 8.17 5.11 25.61 – – 30.38

9.94 – – – – – 2.59

16.54 – – – – – 0.74

16.50 – – – – – -0.28

10.48 – – – – – 1.53

16.57 – – – – – 8.56

16.32 – – – – – 6.23

16.50 10.64 – – – – 9.27

10.86 9.07 6.52 – – – 19.09

16.48 10.97 21.76 – – – 48.42

10.82 9.08 7.64 – – – 23.30

15.85 28.90 – – – – 27.48

11.11 – – – – – 3.50

11.39 9.99 7.31 – – – 19.70

11.37 9.94 – – – – 4.23

11.51 10.21 7.73 29.48 – – 61.46

0.64 – – – – – -0.06

0.96 – – – – – 0.24

0.68 – – – – – -0.24

1.32 – – – – – 1.42

2.05 – – – – – 3.34

2.92 – – – – – 78.41

3.84 12.91 17.63 25.16 – – 40.80

7.28 10.23 25.72 40.80 80.27 – 18.85

6.78 9.62 23.79 38.11 73.99 – 62.58

7.71 11.24 27.88 45.16 – – 43.74

7.67 11.06 – – – – -2.49

8.00 11.47 – – – – 15.19

6.71 28.17 38.36 44.79 78.19 – 79.46

7.26 29.34 41.33 49.50 – – 52.86

7.22 29.61 – – – – 32.63

2.73 9.68 10.76 16.70 48.24 – 2.43

3.39 11.20 13.71 21.45 – – 40.83

5.09 5.64 19.78 28.38 59.71 – 21.70

2.47 9.65 10.85 16.64 48.83 – 82.21

9




Allianz China Equity (continued) AT (USD) 13/01/2011 10.00

IT (USD) 19/01/2009 1,000.00

N (USD) 16/12/2010 1,000.00

P (USD) 21/01/2013 1,000.00

PT (USD) 22/12/2015 1,000.00

RT (USD) 11/02/2016 10.00

Allianz China Multi Income Plus I (EUR) 15/04/2013 1,000.00

(formerly Allianz Greater China Dynamic) AMg (HKD) 14/03/2017 10.00

AT (HKD) 11/04/2014 10.00

AMg (USD) 14/03/2017 10.00

AT (USD) 02/10/2009 10.00

I (USD) 08/04/2014 1,000.00

Allianz China Strategic Bond AT (H2-CHF) 30/03/2012 100.00

PT (H2-CHF) 02/05/2013 1,000.00 09/03/2017 972.19

A (H2-EUR) 18/10/2011 100.00

AT (H2-EUR) 17/02/2012 100.00

CT (H2-EUR) 12/03/2012 100.00

I (H2-EUR) 18/10/2011 1,000.00

IT (H2-EUR) 01/04/2014 1,000.00 09/03/2017 983.38

A (H2-GBP) 04/11/2011 100.00

P (H2-GBP) 04/01/2013 1,000.00

A (USD) 18/10/2011 10.00

Allianz Convertible Bond A (EUR) 31/01/2012 100.00

AT (EUR) 31/01/2012 100.00

CT (EUR) 16/11/2015 100.00

IT (EUR) 31/01/2012 1,000.00

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

RT (EUR) 08/04/2016 100.00

WT (EUR) 14/03/2014 1,000.00

Allianz Coupon Select Plus A2 (EUR) 08/02/2016 100.00Allianz Coupon Select Plus II A2 (EUR) 12/09/2016 100.00Allianz Coupon Select Plus III AT2 (EUR) 23/01/2017 100.00

A2 (EUR) 23/01/2017 100.00

Allianz Credit Opportunities IT (EUR) 17/11/2016 1,000.00Allianz Discovery Asia Strategy AT (EUR) 15/03/2016 100.00

IT (EUR) 24/11/2015 1,000.00

W9 (H2-EUR) 01/02/2017 100,000.00

I (USD) 11/02/2014 1,000.00

P (USD) 29/04/2014 1,000.00

Allianz Discovery Europe Opportunities A (EUR) 26/04/2016 100.00

AT (EUR) 31/05/2016 100.00

I (EUR) 26/04/2016 1,000.00

IT (EUR) 09/08/2016 1,000.00

P (EUR) 06/06/2016 1,000.00

RT (EUR) 26/04/2016 100.00

PT (H2-GBP) 06/09/2016 1,000.00

I2 (H2-JPY) 09/09/2016 200,000.00

Allianz Discovery Europe Strategy PT (H2-CHF) 17/06/2014 100.00

10



31/03/2017) 1) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016)% % % % % % %

2.38 9.68 10.89 16.67 48.67 – 0.80

2.97 10.78 13.10 20.21 56.53 – 135.46

3.14 11.12 13.80 21.32 58.94 – 13.09

2.96 10.73 13.01 20.07 – – 16.65

2.96 – – – – – 6.08

2.91 – – – – – 30.60

9.32 6.41 -1.09 29.16 – – 30.82

0.90 – – – – – –

4.23 4.92 -14.88 – – – -12.50

0.80 – – – – – –

3.98 4.73 -14.75 2.92 35.20 – 30.60

4.61 5.97 -12.68 – – – -8.67

0.41 -3.64 -4.67 -3.77 – – 0.93

-0.52 – – – – – -2.27

0.62 -3.05 -3.39 -2.23 – – 4.77

0.63 -3.06 -3.47 -2.28 – – 2.79

0.52 -3.25 -3.77 -2.80 – – 2.24

0.73 -3.08 -3.37 -2.01 – – 5.29

-0.31 – – – – – -1.36

1.13 -2.16 -1.85 -0.34 – – 7.21

1.20 -2.01 -1.57 0.03 – – 3.23

1.61 -1.89 -1.89 -0.61 – – 7.13

1.96 1.04 6.98 9.92 – – 30.55

1.96 1.05 6.99 9.93 – – 30.60

1.76 – – – – – -2.94

2.27 1.65 8.27 11.92 – – 34.29

2.25 1.61 8.19 – – – 10.55

2.18 – – – – – 2.95

2.39 1.89 8.79 – – – 10.12

2.08 – – – – – 2.862.55 – – – – – -0.090.26 – – – – – –

0.28 – – – – – –

0.45 – – – – – –-1.64 – – – – – -0.08

-1.33 – – – – – -9.84

-0.60 – – – – – –

-4.70 -2.22 -2.64 – – – -3.83

-4.69 -2.26 -2.68 – – – -5.04

-3.07 – – – – – -0.61

-3.07 – – – – – -2.36

-2.75 – – – – – -0.63

-2.68 – – – – – 1.54

-2.78 – – – – – -2.26

-2.82 – – – – – -0.45

-2.29 – – – – – 1.45

-2.87 – – – – – 0.74

-1.49 -4.35 1.08 – – – 1.99

11




Allianz Discovery Europe Strategy (continued) A (EUR) 20/10/2009 100.00

AT (EUR) 30/01/2015 100.00

I (EUR) 20/10/2009 1,000.00

IT (EUR) 19/11/2015 1,000.00

P (EUR) 31/07/2012 1,000.00

R (EUR) 23/03/2015 100.00

RT (EUR) 23/03/2015 100.00

WT (EUR) 12/03/2013 1,000.00

AT (H2-SEK) 30/10/2015 1,000.00

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

Allianz Discovery Germany Strategy A (EUR) 03/06/2014 100.00

I (EUR) 11/10/2011 1,000.00

IT (EUR) 24/11/2015 1,000.00 28/02/2017 983.30

P (EUR) 28/01/2014 1,000.00

Allianz Dynamic Asian High Yield Bond AMg (H2-AUD) 25/09/2015 10.00

AMg (H2-CAD) 06/10/2015 10.00

AMg (H2-RMB) 06/10/2015 10.00

A (H2-EUR) 15/03/2017 100.00

AMg (H2-EUR) 11/11/2015 10.00

I (H2-EUR) 03/10/2014 1,000.00

AMg (H2-GBP) 06/10/2015 10.00

AMg (HKD) 25/09/2015 10.00

AMg (H2-NZD) 06/10/2015 10.00

AMg (SGD) 17/10/2016 10.00

AMg (H2-SGD) 06/10/2015 10.00

AMg (USD) 25/09/2015 10.00

AT (USD) 23/01/2017 10.00

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

WM (USD) 29/02/2016 1,000.00

Allianz Dynamic Asian Investment Grade Bond A (H2-EUR) 05/04/2016 100.00

P10 (H2-EUR) 07/12/2016 1,000.00

Allianz Dynamic Commodities A (EUR) 03/03/2014 100.00

I (EUR) 26/10/2010 1,000.00

W (EUR) 27/10/2016 1,000.00

Allianz Dynamic Multi Asset Strategy 15 AT2 (H2-CHF) 15/06/2016 100.00

A (EUR) 04/12/2014 100.00

AQ (EUR) 29/03/2016 100.00

AT (EUR) 30/01/2017 100.00

CT (EUR) 16/11/2015 100.00

CT2 (EUR) 05/10/2016 100.00

I (EUR) 27/08/2014 1,000.00

WT (EUR) 03/03/2016 1,000.00


PT (H2-CHF) 19/08/2015 1,000.00

A (EUR) 19/03/2014 100.00

AQ (EUR) 29/03/2016 100.00

AT (EUR) 03/09/2014 100.00

CT (EUR) 04/06/2014 100.00

12



31/03/2017) 1) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016)% % % % % % %

-1.53 -4.21 0.17 5.04 21.03 – 16.64

-1.52 -4.32 – – – – 3.77

-1.22 -3.65 1.04 6.11 24.21 – 21.22

-1.22 – – – – – -4.28

-1.24 -3.69 1.45 6.46 – – 13.11

-1.28 -4.06 – – – – 3.30

-1.24 -3.56 – – – – 3.88

-1.95 -4.84 -0.27 4.20 – – 6.40

-1.69 – – – – – -4.55

-1.39 -3.69 2.38 – – – 5.56

-0.40 -1.60 8.07 – – – 8.30

-0.07 -0.91 9.20 11.81 – – 27.79

-1.89 – – – – – 0.23

-0.10 -0.95 9.22 – – – 9.03

5.01 19.41 – – – – 18.46

4.55 – – – – – 16.42

6.69 – – – – – 20.00

0.88 – – – – – –

3.70 – – – – – 12.20

4.05 17.27 – – – – 18.51

4.34 – – – – – 16.32

4.92 17.83 – – – – 16.89

5.37 – – – – – 18.54

4.68 – – – – – –

4.51 – – – – – 16.92

4.74 17.74 – – – – 16.80

3.40 – – – – – –

5.17 18.93 – – – – 20.83

5.17 – – – – – 13.41

-1.73 – – – – – 5.12

2.18 – – – – – –

-5.70 1.39 -27.29 – – – -34.16

-5.33 2.16 -26.18 -34.22 -47.56 – -48.05

-5.47 – – – – – –

-1.16 – – – – – 3.02

-1.02 5.69 – – – – 5.77

-1.02 – – – – – 3.36

0.89 – – – – – –

-1.17 – – – – – 3.80

-0.61 – – – – – –

-0.75 6.47 9.78 – – – 9.55

-0.66 – – – – – 4.69

6.84 – – – – – 3.60

7.09 3.96 – – – – -2.63

6.95 3.83 5.82 – – – 17.29

6.97 – – – – – 3.02

6.95 3.82 5.87 – – – 6.24

6.67 3.25 4.48 – – – 10.38

13




Allianz Dynamic Multi Asset Strategy 50 (continued) CT2 (EUR) 05/10/2016 100.00

IT (EUR) 03/09/2014 1,000.00

PT (EUR) 18/08/2015 1,000.00

P9 (EUR) 28/12/2016 1,000.00

RT (EUR) 24/04/2015 100.00 09/03/2017 100.69

W (EUR) 11/03/2014 1,000.00

AT (H2-HUF) 21/04/2015 25,000.00

I (H2-JPY) 09/06/2015 200,000.00

I (H2-USD) 27/01/2016 1,000.00

PT (USD) 20/08/2015 1,000.00


A (EUR) 29/03/2016 100.00

AQ (EUR) 29/03/2016 100.00

CT (EUR) 16/11/2015 100.00

CT2 (EUR) 05/10/2016 100.00

F (EUR) 19/08/2016 1,000.00

I (EUR) 27/08/2014 1,000.00

P (EUR) 17/03/2017 1,000.00

P9 (EUR) 28/12/2016 1,000.00

Allianz Dynamic Risk Parity A (EUR) 02/02/2017 100.00

W2 (EUR) 16/01/2015 1,000.00

Allianz Emerging Asia Equity AT (H2-EUR) 26/02/2015 100.00

RT (EUR) 04/08/2015 100.00

AT (HKD) 01/03/2011 10.00

A (USD) 03/10/2008 28.18

IT (USD) 27/06/2013 1,000.00

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

WT2 (USD) 14/03/2017 1,000.00

Allianz Emerging Markets Bond Extra 2018 A (EUR) 08/04/2014 100.00

AT (EUR) 08/04/2014 100.00

I (EUR) 08/04/2014 1,000.00

IT (EUR) 08/04/2014 1,000.00 15/03/2017 1,072.51

P (EUR) 08/04/2014 1,000.00

A (H2-USD) 08/04/2014 10.00

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

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

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

A (H2-USD) 27/01/2015 10.00

Allianz Emerging Markets Equity Opportunities RT (EUR) 07/04/2016 100.00

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

WT9 (EUR) 30/03/2017 100,000.00

Allianz Emerging Markets Local Currency Bond A (H2-EUR) 15/03/2017 100.00

I (USD) 16/12/2014 1,000.00

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

(formerly Allianz Emerging Markets Flexible Bond) R (H2-EUR) 20/04/2015 100.00

RT (H2-EUR) 16/12/2014 100.00

R (H-GBP) 15/12/2014 100.00 09/03/2017 102.72

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

14



31/03/2017) 1) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016)% % % % % % %

7.26 – – – – – –

7.43 4.76 7.47 – – – 7.90

7.41 4.68 – – – – -2.01

2.22 – – – – – –

6.99 4.57 – – – – -5.89

7.56 5.01 8.04 – – – 19.81

7.53 5.03 – – – – -5.77

7.54 4.52 – – – – -0.80

8.09 – – – – – 4.33

2.68 4.17 – – – – -1.66

11.59 – – – – – 5.22

11.85 – – – – – 5.88

11.83 – – – – – 5.96

11.52 – – – – – 1.59

12.05 – – – – – –

12.67 – – – – – -0.11

12.28 11.19 15.01 – – – 15.85

-0.01 – – – – – –

3.25 – – – – – –

1.41 – – – – – –

-2.92 11.86 – – – – 9.18

4.29 12.85 – – – – -2.86

10.54 15.64 – – – – 2.06

5.50 14.19 3.63 23.89 51.94 – 25.50

5.22 14.17 3.83 23.73 52.73 – 118.00

5.75 15.33 5.90 27.48 – – 34.46

5.93 15.72 – – – – 4.23

1.49 – – – – – –

1.86 8.97 3.49 – – – 4.40

1.79 8.86 3.32 – – – 4.24

1.98 9.35 4.19 – – – 5.32

1.87 – – – – – 5.28

1.97 9.23 4.05 – – – 5.14

2.65 10.27 5.22 – – – 6.17

1.51 11.00 – – – – 11.06

1.67 11.39 – – – – 11.73

1.64 11.37 – – – – 11.70

2.33 12.15 – – – – 12.38

12.37 – – – – – 10.92

12.62 10.98 – – – – 6.97

-0.22 – – – – – –

2.92 – – – – – –

1.45 19.16 – – – – -0.68

2.03 18.41 – – – – 6.83

1.97 18.20 – – – – 5.94

1.93 18.22 – – – – 13.09

1.51 – – – – – 13.14

2.90 19.64 – – – – 8.12

15




Allianz Emerging Markets Short Duration Defensive Bond AM (H2-EUR) 04/06/2014 10.00

AT (H2-EUR) 12/08/2014 100.00

CT (H2-EUR) 04/06/2014 100.00

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

IT8 (H-EUR) 05/10/2016 1,000.00

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

P (H2-GBP) 12/08/2014 1,000.00 09/03/2017 949.31

Allianz Enhanced Short Term Euro S (H2-AUD) 07/10/2011 100.00

AT (EUR) 01/10/2008 100.00

CT (EUR) 16/02/2009 100.00

I (EUR) 17/04/2007 1,000.00

IT (EUR) 16/02/2009 1,000.00

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

S (H2-NOK) 07/10/2011 1,000.00

AT (H2-PLN) 03/03/2016 400.00

Allianz Euro Bond A (EUR) 02/01/2004 10.00

AQ (EUR) 06/10/2015 100.00

AT (EUR) 23/04/2003 10.00

CT (EUR) 31/07/2007 10.00

I (EUR) 23/04/2003 10.00

IT (EUR) 18/09/2014 1,000.00 09/03/2017 1,050.73

P (EUR) 06/10/2015 100.00

Allianz Euro Bond Short Term 1-3 Plus CT (EUR) 01/10/2015 100.00

F (EUR) 29/01/2016 1,000.00

PT (EUR) 01/10/2015 1,000.00

WT (EUR) 01/10/2015 1,000.00

WT6 (EUR) 23/11/2016 100.00

Allianz Euro Bond Strategy AT2 (EUR) 18/05/2016 100.00

C (EUR) 09/02/2010 100.00

CT (EUR) 09/02/2010 100.00

FT (EUR) 14/10/2016 1,000.00

IT (EUR) 09/02/2010 1,000.00

PT (EUR) 18/05/2016 1,000.00

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

AT (EUR) 02/02/2015 100.00

CT (EUR) 26/10/2016 100.00

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

IT (EUR) 09/08/2016 1,000.00

PT (EUR) 26/10/2016 1,000.00

R (EUR) 13/01/2015 100.00

RT (EUR) 24/04/2015 100.00

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

Allianz Euro High Yield Bond WQ (CZK) 20/03/2015 30,000.00 09/03/2017 30,193.34

A (EUR) 09/02/2010 100.00

AM (EUR) 01/03/2013 10.00

AT (EUR) 09/02/2010 100.00

IT (EUR) 09/02/2010 1,000.00

IT8 (H-EUR) 05/10/2016 1,000.00

16



31/03/2017) 1) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016)% % % % % % %

0.86 9.60 1.27 – – – 0.33

0.88 9.55 1.40 – – – 0.90

0.73 9.17 0.47 – – – -0.57

1.18 10.19 2.23 – – – 3.81

1.15 – – – – – –

1.20 10.16 2.30 – – – 1.53

0.96 – – – – – 3.32

1.29 2.52 4.84 7.77 – – 17.63

0.02 -0.18 -0.56 -0.32 1.72 – 8.35

-0.03 -0.25 -0.67 -0.47 1.47 – 5.23

0.05 -0.11 -0.22 0.21 2.39 – 15.92

0.05 0.06 -0.05 0.38 2.55 – 6.59

0.08 0.11 – – – – 0.13

0.75 1.09 2.14 3.81 – – 9.15

1.16 – – – – – 0.87

-3.63 5.81 7.11 18.05 37.21 45.98 62.01

-3.89 – – – – – 5.23

-3.72 5.84 7.20 18.05 37.17 46.06 66.80

-3.72 5.79 6.94 17.66 36.57 – 47.90

-3.52 6.55 8.46 20.28 41.46 55.22 81.09

-3.61 – – – – – 9.01

-3.48 – – – – – 6.21

-1.03 – – – – – -0.07

-0.57 – – – – – 0.27

-0.72 – – – – – 0.59

-0.64 – – – – – 0.74

-0.22 – – – – – –

-3.91 – – – – – 2.26

-3.90 4.99 6.33 17.30 26.92 – 31.88

-3.90 4.98 6.33 17.28 26.90 – 31.85

-2.61 – – – – – –

-3.70 5.60 7.57 19.35 30.64 – 37.07

-3.72 – – – – – 2.39

-1.26 9.21 – – – – 5.84

-1.27 9.28 – – – – 4.90

-1.05 – – – – – –

-1.00 9.86 – – – – 6.93

-0.99 – – – – – 0.25

-0.71 – – – – – –

-1.04 9.78 – – – – 6.76

-1.00 9.83 – – – – 4.92

-0.91 10.06 – – – – 7.24

2.88 – – – – – 3.78

2.59 8.53 7.88 14.73 52.38 – 51.79

2.56 8.52 7.87 14.81 – – 17.77

2.59 8.53 7.88 14.74 52.38 – 51.88

2.90 9.18 9.18 16.82 57.02 – 58.03

2.74 – – – – – –

17




Allianz Euro High Yield Bond (continued) P (EUR) 09/01/2013 1,000.00

R (EUR) 20/04/2015 100.00

RT (EUR) 20/04/2015 100.00

WT (EUR) 12/12/2013 1,000.00

AT (H2-PLN) 18/07/2011 400.00

AM (H2-USD) 01/03/2013 10.00

Allianz Euro High Yield Defensive AT (EUR) 13/12/2012 100.00

I (EUR) 09/10/2012 1,000.00

W (EUR) 30/03/2016 1,000.00

WT (EUR) 18/05/2016 1,000.00

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

AT (EUR) 02/10/2014 100.00

CT (EUR) 17/11/2015 100.00

IT (EUR) 03/09/2015 1,000.00

IT8 (EUR) 26/01/2017 1,000.00

P2 (EUR) 01/10/2015 1,000.00

WT (EUR) 18/03/2014 1,000.00

Allianz Euro Investment Grade Bond Strategy A (EUR) 13/07/2015 100.00

I (EUR) 01/07/2013 1,000.00

IT (EUR) 20/03/2012 1,000.00

IT8 (EUR) 27/01/2017 1,000.00

P7 (EUR) 22/11/2016 100.00

W (EUR) 13/07/2015 1,000.00

Allianz Euroland Equity Growth AT (H2-CHF) 04/12/2013 100.00

P (H2-CHF) 06/05/2015 1,000.00 09/03/2017 1,028.57

PT (H2-CHF) 01/06/2015 1,000.00

A (EUR) 16/10/2006 100.00

AT (EUR) 16/10/2006 100.00

CT (EUR) 02/11/2006 100.00

I (EUR) 04/10/2006 1,000.00

IT (EUR) 04/10/2006 1,000.00

P (EUR) 29/03/2016 1,000.00

PT (EUR) 18/08/2015 1,000.00

PT2 (EUR) 01/06/2015 1,000.00

R (EUR) 01/10/2015 100.00

RT (EUR) 01/10/2015 100.00

W (EUR) 02/10/2006 1,000.00

WT (EUR) 28/11/2012 1,000.00

AT (H2-GBP) 04/12/2013 100.00

AT (H2-USD) 04/12/2013 10.00

Allianz Euroland Equity SRI A (EUR) 26/10/2010 100.00

AT (EUR) 13/04/2016 100.00

CT2 (EUR) 13/04/2016 100.00

I (EUR) 30/03/2017 1,000.00

W (EUR) 26/10/2010 1,000.00

WT (EUR) 25/10/2016 1,000.00

Allianz Europe Conviction Equity A (EUR) 07/11/2008 100.00

AT (EUR) 17/11/2014 100.00

18



31/03/2017) 1) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016)% % % % % % %

2.88 9.14 9.12 16.71 – – 18.98

2.85 9.08 – – – – 3.98

2.86 9.09 – – – – 4.00

3.05 9.51 9.83 – – – 14.50

3.68 10.51 11.69 21.45 73.31 – 52.40

3.43 9.63 9.24 16.24 – – 19.60

2.36 9.33 8.09 14.61 – – 18.44

2.67 9.97 9.38 16.67 – – 24.43

2.82 – – – – – 4.73

2.82 – – – – – 3.68

-3.54 4.34 – – – – 4.39

-3.54 4.33 – – – – 4.36

-3.65 – – – – – 2.40

-3.28 4.86 – – – – 5.44

-0.90 – – – – – –

-3.26 – – – – – 5.00

-3.24 4.98 5.80 – – – 12.07

-1.60 7.17 – – – – 6.81

-1.25 7.91 7.27 17.69 – – 19.77

-1.25 7.91 7.26 17.58 – – 29.84

0.90 – – – – – –

1.00 – – – – – –

-1.20 8.03 – – – – 7.85

9.87 4.32 21.03 – – – 24.41

6.77 – – – – – -2.25

10.28 5.25 – – – – -6.03

10.18 5.22 23.26 29.46 93.92 – 92.40

10.17 5.23 23.27 29.46 93.92 – 92.27

9.76 4.44 21.43 26.58 86.78 – 81.57

10.66 6.17 25.47 32.95 102.73 – 113.41

10.66 6.17 25.48 32.96 102.74 – 113.43

10.64 – – – – – 3.31

10.64 6.13 – – – – -3.28

10.81 6.45 – – – – -4.50

10.58 – – – – – 4.29

10.58 – – – – – 4.27

10.83 6.49 26.24 34.17 105.81 – 115.70

10.83 6.49 26.24 34.17 – – 49.39

10.47 5.27 22.95 – – – 26.59

10.92 5.86 22.84 – – – 26.40

15.02 3.13 8.45 16.07 59.98 – 25.73

15.03 – – – – – 3.28

14.96 – – – – – 3.27

0.15 – – – – – –

15.71 4.37 11.07 20.29 69.71 – 34.81

11.15 – – – – – –

8.67 -0.80 2.30 13.37 59.31 – 66.22

8.67 -0.80 – – – – 5.18

19




Allianz Europe Conviction Equity (continued) IT8 (H-EUR) 05/10/2016 1,000.00

WT (EUR) 12/08/2014 1,000.00

WT (H-EUR) 11/04/2016 1,000.00

Allianz Europe Equity Growth PT (AUD) 30/03/2012 1,000.00

AT (H-CHF) 22/10/2012 100.00

A (EUR) 16/10/2006 100.00

AT (EUR) 16/10/2006 100.00

CT (EUR) 02/11/2006 100.00

I (EUR) 04/10/2006 1,000.00

IT (EUR) 04/10/2006 1,000.00

P (EUR) 15/06/2012 1,000.00

PT (EUR) 01/10/2013 1,000.00

P2 (EUR) 21/08/2012 1,000.00

W (EUR) 02/10/2006 1,000.00

WT (EUR) 09/08/2010 1,000.00

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

A (GBP) 03/08/2009 99.30

P (GBP) 04/01/2012 1,000.00

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

AT (H2-HUF) 17/08/2010 25,000.00

AT (H-PLN) 22/03/2012 400.00

AT (H2-SGD) 01/10/2012 10.00

AT (H2-USD) 06/12/2012 10.00

I (USD) 07/07/2014 1,000.00

IT (H2-USD) 02/05/2013 1,000.00

Allianz Europe Equity Growth Select PT (H2-CHF) 19/08/2015 1,000.00

A (H2-CZK) 25/08/2015 3,000.00

AT (H2-CZK) 01/10/2015 3,000.00

A (EUR) 02/05/2013 100.00

AT (EUR) 02/05/2013 100.00

CT (EUR) 02/05/2013 100.00

I (EUR) 02/05/2013 1,000.00

IT (EUR) 02/05/2013 1,000.00

IT8 (H-EUR) 12/09/2016 1,000.00

P (EUR) 02/05/2013 1,000.00

PT (EUR) 18/08/2015 1,000.00

R (EUR) 23/03/2015 100.00

RT (EUR) 18/02/2015 100.00

W (EUR) 02/05/2013 1,000.00

WT (EUR) 02/05/2013 1,000.00

W3 (EUR) 02/04/2015 1,000.00

RT (GBP) 15/12/2014 100.00

AT (H2-HUF) 10/04/2015 25,000.00 09/03/2017 24,359.99

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

AT (H2-SGD) 13/03/2015 10.00

A (H2-USD) 12/02/2015 10.00

AT (H2-USD) 13/03/2015 10.00

20



31/03/2017) 1) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016)% % % % % % %

7.67 – – – – – –

9.31 0.40 4.75 – – – 8.24

9.54 – – – – – 5.01

4.13 -1.86 23.53 36.19 – – 91.93

8.24 9.70 21.04 29.82 – – 49.81

8.89 5.72 19.91 31.04 98.09 – 127.41

8.89 5.72 19.91 31.03 98.08 – 127.46

8.48 4.93 18.12 28.13 90.80 – 110.78

9.37 6.66 22.05 34.57 107.10 – 154.81

9.37 6.67 22.05 34.58 107.10 – 154.81

9.35 6.62 21.96 34.42 – – 74.06

9.35 6.62 21.94 – – – 34.15

9.52 6.94 22.69 35.63 – – 55.93

9.54 6.99 22.79 35.80 110.22 – 161.94

9.54 6.99 22.79 35.79 110.22 – 114.15

9.56 6.73 – – – – 0.30

8.58 23.40 32.96 35.44 96.80 – 172.70

8.85 24.22 34.92 38.75 – – 90.89

9.69 6.86 – – – – 13.99

9.39 6.55 21.59 35.50 104.64 – 116.27

9.60 11.83 25.15 37.66 – – 78.37

9.56 6.88 20.18 31.27 – – 50.70

9.55 6.77 19.78 30.69 – – 43.50

4.49 6.29 8.32 – – – -1.40

10.04 7.59 21.53 33.92 – – 38.73

8.53 5.02 – – – – -1.86

7.98 4.53 – – – – 4.49

8.01 – – – – – 2.42

8.39 4.94 17.75 31.66 – – 35.37

8.38 4.95 17.72 31.63 – – 35.38

7.98 4.16 15.99 28.74 – – 32.00

8.86 5.90 19.93 35.30 – – 39.61

8.86 5.90 19.93 35.31 – – 39.65

8.43 – – – – – 1.61

8.84 5.84 19.73 35.02 – – 39.35

8.84 5.85 – – – – -3.54

8.78 5.73 – – – – -4.60

8.79 5.73 – – – – 2.85

8.97 6.23 20.69 36.57 – – 41.15

9.03 6.23 20.70 36.50 – – 41.06

9.11 6.35 – – – – -3.01

8.33 23.30 – – – – 28.03

5.23 – – – – – -7.41

8.91 6.82 21.19 – – – 34.35

8.83 5.94 – – – – -3.70

9.12 5.51 – – – – 2.02

9.21 5.75 – – – – -4.40

21




Allianz Europe Equity Growth Select (continued) IT (H2-USD) 22/05/2015 1,000.00

Allianz Europe Equity Value I (EUR) 28/10/2014 1,000.00

P (EUR) 29/03/2017 1,000.00

W9 (EUR) 10/03/2017 100,000.00

Allianz Europe Income and Growth AMg (H2-AUD) 01/06/2016 10.00

AM (EUR) 05/05/2015 10.00

AMg (EUR) 01/06/2016 10.00

W (EUR) 14/04/2015 1,000.00

AMg (H2-HKD) 01/06/2016 10.00

AMg (H2-SGD) 01/06/2016 10.00

AM (H2-USD) 14/04/2015 10.00

AMg (H2-USD) 01/06/2016 10.00

Allianz Europe Mid Cap Equity I (EUR) 14/01/2014 1,000.00Allianz Europe Small Cap Equity A (EUR) 05/06/2012 100.00

AT (EUR) 15/09/2009 100.00

I (EUR) 05/06/2012 1,000.00

IT (EUR) 15/09/2009 1,000.00

P (EUR) 02/10/2013 1,000.00

PT2 (EUR) 29/02/2016 1,000.00

RT (EUR) 08/04/2016 100.00

WT (EUR) 05/06/2012 1,000.00

AT (H2-USD) 08/07/2016 10.00

Allianz European Equity Dividend AM (H2-AUD) 02/10/2013 10.00

AT (H2-CHF) 09/11/2016 100.00

PT (H2-CHF) 19/08/2015 1,000.00

RT (H2-CHF) 09/11/2016 100.00

AM (H2-RMB) 18/02/2014 10.00

A (H2-CZK) 25/08/2015 3,000.00

AT (H2-CZK) 01/10/2015 3,000.00

A (EUR) 10/01/2011 100.00

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

AM (EUR) 02/10/2013 10.00

AQ (EUR) 01/07/2015 100.00

AT (EUR) 10/03/2009 100.00

CT (EUR) 10/03/2009 100.00

I (EUR) 09/10/2013 1,000.00

IT (EUR) 10/03/2009 1,000.00

P (EUR) 04/02/2014 1,000.00

PT (EUR) 18/08/2015 1,000.00

R (EUR) 25/03/2015 100.00

RT (EUR) 25/03/2015 100.00

W (EUR) 04/12/2013 1,000.00

WT (EUR) 14/03/2014 1,000.00

WT (H-GBP) 09/05/2016 1,000.00

AM (H2-HKD) 02/10/2013 10.00

AM (H2-NZD) 01/04/2016 10.00

AT (H-PLN) 22/03/2012 400.00

AM (H2-SGD) 14/04/2014 10.00

22



31/03/2017) 1) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016)% % % % % % %

9.43 6.92 – – – – -6.11

16.40 6.87 – – – – 9.74

0.69 – – – – – –

1.29 – – – – – –

6.90 – – – – – 2.55

5.50 4.68 – – – – -6.92

5.68 – – – – – 2.01

6.02 5.62 – – – – -6.95

6.24 – – – – – 2.16

6.25 – – – – – 2.40

6.37 5.46 – – – – -7.86

6.40 – – – – – 2.30

6.54 0.56 17.80 – – – 17.825.44 4.86 27.74 34.82 – – 81.39

5.44 4.86 27.74 34.82 100.30 – 129.36

5.97 5.93 30.34 38.96 – – 89.46

5.97 5.93 30.34 38.95 110.64 – 146.00

5.95 5.86 30.23 – – – 36.71

6.14 – – – – – 6.80

5.90 – – – – – 5.12

6.16 6.30 31.26 40.43 – – 92.35

6.28 – – – – – 9.90

10.16 4.38 8.04 – – – 27.21

9.38 – – – – – –

8.98 3.09 – – – – -2.05

9.69 – – – – – –

11.21 6.60 10.78 – – – 17.79

8.48 2.46 – – – – 3.91

8.48 – – – – – 0.78

8.82 2.86 4.81 20.60 62.28 – 45.81

8.82 2.87 – – – – 6.04

8.88 2.87 4.80 – – – 20.71

8.82 2.87 – – – – -5.89

8.82 2.87 4.82 20.61 62.30 – 144.95

8.42 2.10 3.26 17.93 56.34 – 131.55

9.31 3.79 6.70 – – – 25.11

9.31 3.79 6.70 23.87 69.67 – 161.74

9.29 3.75 6.61 – – – 18.12

9.29 3.73 – – – – -3.71

9.24 3.65 – – – – -7.59

9.23 3.65 – – – – -7.60

9.47 4.10 7.34 – – – 18.46

9.47 4.10 7.34 – – – 15.45

9.95 – – – – – 5.71

9.71 3.49 4.60 – – – 20.48

10.64 – – – – – 4.77

9.74 8.98 11.01 27.76 – – 61.72

9.63 4.10 5.83 – – – 10.99

23




Allianz European Equity Dividend (continued) AM (H2-USD) 02/10/2013 10.00

AMg (H2-USD) 04/11/2015 10.00

IT (H2-USD) 02/11/2015 1,000.00

Allianz Flexi Asia Bond AM (H2-AUD) 03/07/2012 10.00

AM (H2-CAD) 03/07/2012 10.00

AM (H2-RMB) 03/07/2012 10.00

A (H2-EUR) 15/04/2013 100.00

AM (H2-EUR) 01/03/2013 10.00

I (EUR) 03/07/2012 1,000.00

AM (H2-GBP) 01/03/2013 10.00

PQ (H2-GBP) 03/06/2013 1,000.00

AM (HKD) 03/07/2012 10.00

PQ (HKD) 03/06/2013 1,000.00

AM (H2-NZD) 17/07/2012 10.00

AM (SGD) 17/10/2016 10.00

AM (H2-SGD) 01/03/2013 10.00

AM (USD) 03/07/2012 10.00

AMg (USD) 04/11/2015 10.00

AT (USD) 03/07/2012 10.00

IT (USD) 03/09/2012 1,000.00

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

PT (H2-CHF) 19/08/2015 1,000.00

A (H2-CZK) 25/08/2015 3,000.00 09/03/2017 2,894.33

AT (H2-CZK) 01/10/2015 3,000.00

A (EUR) 16/08/2011 100.00

AT (EUR) 09/10/2014 100.00

C (EUR) 16/08/2011 100.00

CT (EUR) 22/11/2011 100.00

FT (EUR) 16/09/2016 1,000.00

I (EUR) 03/09/2014 1,000.00

IT (EUR) 29/07/2011 1,000.00

P (EUR) 04/02/2014 1,000.00

PT (EUR) 18/08/2015 1,000.00

R (EUR) 25/03/2015 100.00 09/03/2017 93.53

W (EUR) 13/03/2015 1,000.00 09/03/2017 929.18

WT (EUR) 01/10/2012 1,000.00

PT (USD) 20/08/2015 1,000.00

Allianz Floating Rate Notes Plus AT (EUR) 11/08/2016 100.00

AT2 (EUR) 02/09/2016 100.00

I (EUR) 23/01/2015 1,000.00

IT (EUR) 08/12/2016 1,000.00

VarioZins A (EUR) 23/09/2014 100.00

VarioZins P (EUR) 22/07/2016 1,000.00

WT (EUR) 03/09/2015 1,000.00

WT8 (EUR) 04/07/2016 1,000.00

VarioZins A (H2-USD) 17/03/2017 10.00

VarioZins P (H2-USD) 17/03/2017 1,000.00

Allianz GEM Equity High Dividend AM (H2-AUD) 02/08/2016 10.00

24



31/03/2017) 1) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016)% % % % % % %

9.84 3.85 4.86 – – – 20.89

9.42 – – – – – -4.93

10.34 – – – – – -2.48

1.53 12.51 12.45 18.31 – – 25.06

1.00 10.68 8.46 12.70 – – 16.40

3.06 14.55 15.61 20.17 – – 26.74

0.23 9.45 6.69 9.57 – – 3.71

0.21 9.74 6.85 9.77 – – 4.77

6.20 12.13 24.09 37.09 – – 31.11

0.77 10.47 8.12 11.55 – – 6.77

1.07 11.52 9.84 14.00 – – 10.46

1.34 10.95 8.19 11.37 – – 14.13

1.74 11.65 9.54 13.54 – – 10.00

1.70 13.10 14.40 20.87 – – 26.05

1.99 – – – – – –

1.11 11.54 9.54 12.40 – – 7.47

1.23 10.84 8.19 11.26 – – 14.02

1.14 – – – – – 8.33

1.14 10.88 8.25 11.32 – – 14.10

1.52 11.65 9.83 13.74 – – 14.93

-1.57 -0.41 – – – – -3.48

-1.41 -0.53 – – – – -1.90

-1.32 – – – – – -1.64

-1.82 – – – – – -0.45

-1.28 -0.09 -1.75 2.28 6.63 – 6.60

-1.27 -0.09 – – – – -1.83

-1.37 -0.54 -2.52 1.27 5.13 – 5.09

-1.37 -0.53 -2.50 1.28 – – 5.88

-0.91 – – – – – -0.07

-1.17 0.12 -1.21 – – – -0.62

-1.17 0.13 -1.21 3.33 8.75 – 9.65

-1.19 0.09 -1.29 – – – 1.70

-1.19 0.10 – – – – -1.39

-0.74 – – – – – -3.27

-0.81 – – – – – -3.45

-0.98 0.51 -0.46 4.51 – – 5.46

-5.52 -0.59 – – – – -1.08

-0.03 – – – – – 0.01

0.06 – – – – – 0.00

0.11 0.49 – – – – 0.85

0.11 – – – – – –

0.00 0.26 0.63 – – – 0.58

0.08 – – – – – 0.09

0.15 0.56 – – – – 0.50

0.18 – – – – – 0.15

0.00 – – – – – –

0.06 – – – – – –

15.41 – – – – – 1.71

25




Allianz GEM Equity High Dividend (continued) AT (EUR) 15/06/2007 100.00

CT (EUR) 29/05/2007 100.00

I (EUR) 29/05/2007 1,000.00

AMg (HKD) 06/10/2015 10.00

AT (HUF) 17/08/2010 25,000.00

AMg (USD) 06/10/2015 10.00

AT (USD) 25/02/2008 10.00

AM (H2-ZAR) 02/08/2016 150.00

Allianz German Equity AT (H2-CZK) 24/08/2016 3,000.00

AT (EUR) 22/10/2012 100.00

F (EUR) 29/11/2013 1,000.00

F2 (EUR) 29/11/2013 1,000.00

IT (EUR) 22/10/2012 1,000.00

W (EUR) 22/10/2012 1,000.00

P (GBP) 20/12/2012 1,000.00

Allianz Global Agricultural Trends A (EUR) 01/04/2008 100.00

AT (EUR) 24/06/2008 100.00

CT (EUR) 07/07/2008 100.00

IT (EUR) 07/07/2008 1,000.00

PT (EUR) 11/08/2016 1,000.00

PT2 (EUR) 08/11/2016 1,000.00

A (GBP) 25/08/2008 100.00

P (GBP) 14/11/2011 1,000.00

RT (GBP) 15/12/2014 100.00

AT (USD) 01/04/2008 10.00

Allianz Global Bond A (EUR) 05/11/2015 100.00

CT (EUR) 07/03/2016 100.00

AMg (HKD) 01/12/2016 10.00

AMg (USD) 01/12/2016 10.00

I (USD) 05/11/2015 1,000.00

W (USD) 05/11/2015 1,000.00

W9 (USD) 10/03/2017 100,000.00

Allianz Global Credit AT (H2-EUR) 14/12/2016 100.00

I (H2-EUR) 04/11/2016 1,000.00

IT (H2-EUR) 14/12/2016 1,000.00

P10 (H2-EUR) 15/12/2016 1,000.00

PT (GBP) 28/02/2017 1,000.00

IT (USD) 04/11/2016 1,000.00

PT (USD) 28/02/2017 1,000.00

Allianz Global Dividend A (EUR) 18/05/2015 100.00

F (EUR) 15/05/2015 1,000.00

I (EUR) 18/05/2015 1,000.00 09/03/2017 999.81

AMg (USD) 13/10/2015 10.00

Allianz Global Dynamic Multi Asset Income WT (EUR) 16/03/2017 1,000.00

I (USD) 08/03/2016 1,000.00

Allianz Global Dynamic Multi Asset Strategy 25 WT (USD) 02/02/2017 1,000.00Allianz Global Dynamic Multi Asset Strategy 50 A (EUR) 17/11/2015 100.00

I (EUR) 17/11/2015 1,000.00

26



31/03/2017) 1) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016)% % % % % % %

14.35 17.60 11.74 20.15 24.09 – -13.01

13.91 16.72 10.07 17.46 19.51 – -14.98

14.92 18.77 13.99 23.80 30.43 – -0.06

9.64 – – – – – 12.96

14.20 15.93 11.20 24.57 31.49 – 7.70

9.29 – – – – – 12.67

9.22 17.26 -1.05 -0.53 2.55 – -43.60

18.35 – – – – – 2.53

13.78 – – – – – -1.77

14.23 5.09 18.86 27.42 – – 52.96

15.01 6.56 22.22 – – – 22.19

15.01 6.57 22.22 – – – 22.19

14.73 6.03 21.00 30.88 – – 58.45

14.90 6.35 21.73 32.05 – – 60.30

14.30 23.73 33.92 35.06 – – 57.58

-1.42 9.23 5.38 32.11 56.38 – 61.09

-1.46 8.70 4.59 31.43 55.85 – 28.05

-1.80 8.44 3.74 29.09 50.54 – 36.43

-0.95 10.28 7.40 35.97 64.18 – 56.60

-0.94 – – – – – -1.87

1.68 – – – – – –

-1.83 27.42 16.69 36.42 55.57 – 60.61

-1.36 28.58 18.84 40.39 – – 47.80

-1.42 28.38 – – – – 17.99

-5.79 8.83 -6.84 9.45 29.10 – 15.80

-2.38 – – – – – 7.21

-2.45 – – – – – 3.42

1.29 – – – – – –

1.09 – – – – – –

-6.37 – – – – – 10.76

-6.28 – – – – – 10.95

1.90 – – – – – –

1.10 – – – – – –

-2.05 – – – – – –

1.26 – – – – – –

1.88 – – – – – –

-0.33 – – – – – –

-1.34 – – – – – –

0.00 – – – – – –

12.35 6.41 – – – – -10.11

13.11 7.90 – – – – -8.66

13.39 – – – – – -8.93

7.43 – – – – – 0.26

1.21 – – – – – –

0.73 – – – – – 7.61

2.14 – – – – – –7.05 – – – – – -2.65

7.45 – – – – – -1.92

27




Allianz Global Dynamic Multi Asset Strategy 50 (continued) I (USD) 17/11/2015 1,000.00

WT (USD) 17/11/2015 1,000.00

Allianz Global Dynamic Multi Asset Strategy 75 WT (USD) 02/02/2017 1,000.00Allianz Global EcoTrends A (EUR) 03/05/2006 100.00 28/03/2017 101.11

CT (EUR) 04/06/2007 100.00 28/03/2017 76.68

I (GBP) 15/12/2011 1,000.00 28/03/2017 1,639.50

Allianz Global Emerging Markets Equity Dividend I (EUR) 17/12/2015 1,000.00Allianz Global Equity AT (EUR) 13/06/2000 10.00

CT (EUR) 04/06/2007 10.00

IT (EUR) 04/06/2007 10.00

IT (H-EUR) 06/05/2009 10.00

IT8 (H-EUR) 12/09/2016 1,000.00

WT (EUR) 14/03/2014 1,000.00

YT (H-GBP) 20/02/2017 50.00

AT (USD) 13/06/2000 10.00

IT (USD) 04/10/2016 1,000.00

Allianz Global Equity Insights A (EUR) 15/02/2017 100.00

AT (EUR) 07/03/2017 100.00

CT (EUR) 28/03/2017 100.00

IT (EUR) 07/03/2017 1,000.00

X7 (EUR) 15/02/2017 1.00 24/03/2017 0.97

I (GBP) 28/03/2017 1,000.00

AT (USD) 15/03/2017 10.00

W9 (USD) 15/02/2017 100,000.00

Allianz Global Equity Unconstrained A (EUR) 19/12/2008 100.00

AT (USD) 19/12/2008 10.00

IT (USD) 17/05/2016 1,000.00

Allianz Global Fundamental Strategy AT2 (EUR) 12/11/2015 100.00

AT3 (EUR) 23/01/2017 100.00

CT2 (EUR) 04/12/2013 100.00

D (EUR) 14/03/2014 100.00

IT2 (EUR) 28/02/2013 1,000.00

I4 (EUR) 21/05/2014 1,000.00

RT2 (H-GBP) 15/12/2014 100.00

D (H2-USD) 28/02/2013 10.00

Allianz Global High Yield AT (H2-EUR) 08/11/2016 100.00

IT (H2-EUR) 14/12/2016 1,000.00

P (H2-EUR) 08/11/2016 1,000.00

P10 (H2-EUR) 15/12/2016 1,000.00

WT (H2-EUR) 31/10/2016 1,000.00

WT9 (H2-EUR) 17/03/2017 100,000.00

P (H2-GBP) 07/12/2016 1,000.00

A (USD) 07/12/2016 10.00

IT (USD) 08/11/2016 1,000.00

P (USD) 07/12/2016 1,000.00

Allianz Global Hi-Tech Growth F (EUR) 15/11/2013 1,000.00

A (USD) 03/10/2008 9.74

Allianz Global Metals and Mining A (EUR) 22/02/2011 100.00

28



31/03/2017) 1) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016)% % % % % % %

2.80 – – – – – 2.90

2.96 – – – – – 3.19

3.75 – – – – – –4.69 4.44 2.76 10.50 49.30 12.09 -3.02

4.31 3.67 1.21 8.04 43.77 – -26.49

5.27 22.89 15.93 17.49 – – 56.72

14.34 – – – – – 13.6210.49 11.01 17.60 36.59 101.73 55.41 4.90

10.03 10.39 15.86 33.68 94.85 – 28.60

10.91 12.15 19.61 40.60 111.30 – 45.80

7.18 10.30 7.62 20.91 78.81 – 94.90

7.19 – – – – – 1.37

11.09 12.41 20.69 – – – 36.21

1.76 – – – – – –

5.66 10.46 3.69 12.88 66.58 38.57 23.60

5.23 – – – – – –

-1.57 – – – – – –

-0.24 – – – – – –

2.31 – – – – – –

-0.18 – – – – – –

-3.00 – – – – – –

1.86 – – – – – –

0.10 – – – – – –

0.07 – – – – – –

10.78 11.24 21.17 38.19 91.72 – 159.74

5.87 10.57 6.79 14.13 57.98 – 106.00

6.47 – – – – – 5.06

3.60 – – – – – 3.16

3.03 – – – – – –

3.41 9.57 3.41 – – – 7.20

3.42 9.82 5.03 – – – 8.07

3.88 10.56 5.35 11.62 – – 12.74

4.03 10.89 6.18 – – – 5.70

2.43 10.81 – – – – 12.25

3.19 7.78 3.52 8.95 – – 10.04

3.41 – – – – – –

1.93 – – – – – –

3.66 – – – – – –

1.98 – – – – – –

3.31 – – – – – –

0.36 – – – – – –

3.38 – – – – – –

3.50 – – – – – –

4.36 – – – – – –

3.56 – – – – – –

17.66 19.50 21.15 – – – 38.93

11.64 17.01 3.62 12.13 73.95 – 88.33

19.13 40.76 -21.93 -24.43 -42.56 – -60.30

29




Allianz Global Metals and Mining (continued) AT (EUR) 12/04/2011 100.00

F (EUR) 16/11/2012 1,000.00

I (EUR) 22/02/2011 1,000.00

IT (EUR) 12/04/2011 1,000.00

Allianz Global Multi-Asset Credit A (H2-EUR) 14/11/2016 100.00

AQ (H2-EUR) 08/03/2017 100.00

AT (H2-EUR) 08/11/2016 100.00

CT (H2-EUR) 22/02/2017 100.00

IT (H2-EUR) 14/12/2016 1,000.00

P (H2-EUR) 08/11/2016 1,000.00

P10 (H2-EUR) 15/12/2016 1,000.00

WT (H2-EUR) 31/10/2016 1,000.00

WT9 (H2-EUR) 17/03/2017 100,000.00

AQ (USD) 08/03/2017 10.00

AT (USD) 22/02/2017 10.00

IT (USD) 31/10/2016 1,000.00

Allianz Global Small Cap Equity A (EUR) 15/03/2017 100.00

AT (H-EUR) 13/09/2013 100.00

CT (H-EUR) 13/09/2013 100.00

IT (H-EUR) 13/09/2013 1,000.00

PT (H-EUR) 13/09/2013 1,000.00

PT2 (EUR) 08/11/2016 1,000.00

RT (H-EUR) 22/04/2015 100.00

PT (GBP) 22/08/2013 1,000.00

PT2 (GBP) 03/03/2014 1,000.00

RT (GBP) 15/12/2014 100.00

WT (GBP) 24/07/2015 1,000.00

AT (USD) 13/09/2013 10.00

IT (USD) 18/06/2013 1,000.00

WT (USD) 15/05/2014 1,000.00

Allianz Global Smaller Companies AT (USD) 28/07/2016 10.00

IT (USD) 28/07/2016 1,000.00

WT9 (USD) 28/07/2016 100,000.00

Allianz Global Sustainability A (EUR) 02/01/2003 10.00

CT (EUR) 31/07/2007 10.00

F (EUR) 16/11/2015 1,000.00

P (EUR) 15/06/2016 1,000.00

RT (EUR) 27/03/2015 100.00

WT (GBP) 12/07/2016 1,000.00

A (USD) 02/01/2003 10.00

Allianz Green Bond AT (EUR) 11/01/2017 100.00

I (EUR) 17/11/2015 1,000.00

PT (EUR) 05/10/2016 1,000.00

P10 (EUR) 12/12/2016 1,000.00

R (EUR) 17/11/2015 100.00

W (EUR) 17/11/2015 1,000.00

W9 (EUR) 21/03/2017 100,000.00

P2 (H2-GBP) 27/02/2017 1,000.00

30



31/03/2017) 1) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016) 30/09/2016)% % % % % % %

19.13 40.77 -21.93 -24.44 -42.59 – -59.81

19.96 42.74 -19.74 -21.22 – – -36.70

19.67 42.03 -20.54 -22.40 -39.97 – -58.29

19.67 42.03 -20.54 -22.39 -39.96 – -57.81

0.83 – – – – – –

-0.01 – – – – – –

0.37 – – – – – –

-0.03 – – – – – –

0.80 – – – – – –

0.56 – – – – – –

0.84 – – – – – –

0.47 – – – – – –

0.22 – – – – – –

0.10 – – – – – –

0.20 – – – – – –

1.18 – – – – – –

0.27 – – – – – –

6.69 1.48 3.92 11.48 – – 12.78

6.18 0.96 1.91 8.28 – – 9.49

6.98 2.90 5.45 14.08 – – 15.45

7.08 2.91 5.86 15.21 – – 16.58

12.84 – – – – – –

7.07 2.79 – – – – -7.79

9.58 23.07 30.23 37.24 – – 37.48

9.65 23.25 30.89 – – – 29.85

9.76 22.92 – – – – 27.20

9.79 23.45 – – – – 11.72

4.69 4.12 2.16 6.99 – – 8.70

5.25 5.16 4.23 10.30 – – 20.02

5.43 5.52 4.94 – – – 5.95

6.05 – – – – – -0.80

6.55 – – – – – -0.58

6.72 – – – – – -0.52

10.48 11.71 17.08 37.59 96.33 60.59 132.57

10.10 10.86 15.33 34.57 89.19 – 34.70

11.28 – – – – – 2.50

10.98 – – – – – 7.12

10.92 12.55 – – – – 1.04

10.69 – – – – – 5.35

5.51 11.42 3.68 14.29 62.50 41.61 154.08

0.17 – – – – – –

-2.29 – – – – – 5.24

-1.87 – – – – – –

0.59 – – – – – –

-2.25 – – – – –

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