Allianz Global Investors Fund Société d Investissement à Capital Variable. (the Company ) NINTH ADDENDUM

Transcription

1 Allianz Global Investors Fund Société d Investissement à Capital Variable (the Company ) NINTH ADDENDUM Important If you are in doubt about the contents of this document, you should consult your stockbroker, bank manager, accountant, solicitor or other independent financial adviser. This Addendum should be read in conjunction with and forms part of the Hong Kong Prospectus dated 17 July 2012 for the Company, as amended by the First Addendum dated 17 September 2012, Second Addendum dated 11 January 2013, Third Addendum dated 31 January 2013, Fourth Addendum dated 1 April 2013 and Fifth Addendum dated 14 June 2013, Sixth Addendum dated 17 September 2013, Seventh Addendum dated 29 January 2014 and Eighth Addendum dated 28 March 2014 (the Prospectus ). All capitalized terms in this Addendum have the same meaning as in the Prospectus, unless otherwise defined herein. The changes stated below have been made to the Prospectus with effect from 1 July 2014 unless stated otherwise: 1. Important Information for Investors The last two paragraphs under Important Information for Investors on p.4 of the Prospectus shall be deleted and replaced with the following: The Company is not and will not be registered in the United States of America under the Investment Company Act of 1940 as amended. The Shares of the Company have not been and will not be registered in the United States of America under the Securities Act of 1933 as amended (the Securities Act ) or under the securities laws of any state of the United States of America. The Shares made available under this offer may not be directly or indirectly offered or sold in the United States of America or to or for the benefit of any US Person as defined in Rule 902 of Regulation S under the Securities Act. Applicants may be required to declare that they are not a US Person and are not applying for Shares on behalf of any US Person nor acquiring Shares with the intent to sell them to a US Person. Should a shareholder become a US Person, they may be subject to US withholding taxes and tax reporting. The Company, the Nominee and / or the Transfer Agent, for the purpose of FATCA compliance, may be required to disclose personal data relating to certain US persons and / or non-participant Foreign Financial Institutions to the US Internal Revenue Service or local tax authorities

2 Since the operations of the Sub-Funds are carried in Luxembourg, the Hong Kong Representative has arranged the Nominee, a Cayman Islands entity, to provide nominee services to facilitate investments in the Sub-Funds. In November 2013, the Cayman Islands Government entered into an intergovernmental agreement with the United Kingdom ( Cayman IGA ) to which the Nominee is subject. For the purpose of complying with the Cayman IGA, the Nominee may be required to report and disclose personal data of certain United Kingdom ( U.K. ) tax residents to the Cayman Islands Government and onwards to the U.K. Government. When disclosing or reporting any personal data, the Company, the Nominee and / or the Transfer Agent shall comply with the personal data protection principles and requirements as set out in the Personal Data (Privacy) Ordinance (Chapter 468 of the Laws of Hong Kong) as amended from time to time and all other applicable regulations and rules governing personal data use in Hong Kong from time to time. 2. Management Company and Central Administration Agent - The second sentence of the first paragraph under the section headed Management Company and Central Administration Agent on p.10 of the Prospectus shall be amended according to the following mark-up: The Company has appointed Allianz Global Investors Luxembourg S.A. ( AllianzGI Lux ) Allianz Global Investors Europe GmbH ( AllianzGI Europe ) to act as the management company and to also act and assume the functions of the central administration agent, responsible for all administrative duties required by the laws of the Grand Duchy of Luxembourg. All reference to Allianz Global Investors Luxembourg S.A. shall be amended to Allianz Global Investors Europe GmbH accordingly. All reference to AllianzGI Lux shall be amended to AllianzGI Europe accordingly. - The last sentence of the first paragraph under the section headed Management Company and Central Administration Agent on p.10 of the Prospectus shall be amended according to the following mark-up: AllianzGI Lux The Management Company may delegate certain services in connection with currency and duration monitoring as well as trading to third parties. - The last paragraph under the section headed Management Company and Central Administration Agent on p.10 of the Prospectus shall be deleted and replaced with the following: AllianzGI Europe is an investment management company within the meaning of the German Investment Code and was incorporated as a limited liability company - 2 -

3 (Gesellschaft mit beschränkter Haftung) under the laws of the Federal Republic of Germany in As at 31 December 2013, its subscribed and paid in capital amounted to EUR 49,900, Overview of Allianz Global Investors Fund - As a result of the change of the Management Company, the table under the section headed Investor Choice, together with its footnotes, shall be deleted and replaced with the following: Sub-Fund Name Allianz Asia Pacific Allianz Asian Multi Income Plus Allianz Best Styles Euroland 1) Branch of Management Company carrying out investment management functions; and / or 2) Investment Manager / Sub- Investment Manager + Base Currency Investment Objective 2) RCM AP EUR The investment policy is geared towards longterm capital growth by focusing on equity markets in the Asia-Pacific region, excluding Japan. 2) AllianzGI Singapore Europe, Germany (Headquarter) USD EUR The investment objective is to provide investors with long-term capital appreciation and income. The Sub-Fund will seek to achieve its investment objective through investments in Asian currency denominated debt markets and Asian equity / business trust markets. The investment policy is geared towards longterm capital growth through equity-based investments in Eurozone markets. The Investment Manager selects securities based on a combination of fundamental analysis and quantitative risk management. In this process, individual securities are analysed, and assessed and selected in accordance with different investment style orientations. In this framework and depending on the market situation, the Investment Manager may focus on one or more different investment style orientations or broadly diversify the underlying investment style orientations

4 Allianz Brazil Allianz BRIC Allianz China Allianz Emerging Asia Allianz Enhanced Short Term Euro Allianz Euro High Yield Bond Allianz Euroland Growth Europe, UK Branch Europe, Germany (Headquarter) USD EUR With the objective of achieving additional returns, the Investment Manager may also 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*. The investment objective is to provide investors with long-term capital appreciation. The Sub- Fund will seek to achieve its investment objective primarily by investing in the equity markets of the Federative Republic of Brazil. The investment policy is geared towards longterm capital growth by investing Sub-Fund assets in global emerging equity markets, with the focus on Brazil, Russia, India and China. 2) RCM AP USD The investment objective is to provide investors with capital appreciation in the long-term. The Sub-Fund will seek to achieve its investment objective primarily through People s Republic of China ( PRC ) related investments in the equity markets. 2) RCM AP USD The investment objective is to achieve capital appreciation in the long-term. The Sub-Fund will seek to achieve its investment objective primarily through investment in the equity markets of the developing economies of Asia, within the framework of the investment principles. Europe, Germany (Headquarter) 2) AllianzGI France Europe, Germany (Headquarter) EUR The investment objective is geared towards generating a return above the market based on the Euro money market, in Euro (EUR) terms. With the objective of achieving additional returns, the Investment Manager may also assume separate risks related to bonds and money markets and may also assume separate currency positions, corresponding derivatives and foreign currencies, even if the Sub-Fund does not include any assets denominated in these respective currencies. EUR The investment policy is geared towards generating capital growth in Euro terms over the long term. The Sub-Fund will seek to achieve its investment objectives primarily through investment in euro denominated High-Yield Investments. EUR The investment policy is geared towards longterm capital growth primarily through positions on Eurozone equity markets within the framework of the investment principles. To this end, the Investment Manager will acquire Equities that it considers, together with all Equities held in Sub

5 Allianz Europe Conviction Allianz Europe Growth Allianz Europe Growth Select Allianz European Dividend Allianz Flexi Asia Bond Allianz Global Agricultural Trends Allianz Global EcoTrends Europe, Germany (Headquarter) Europe, Germany (Headquarter) Europe, Germany (Headquarter) Europe, Germany (Headquarter) 2) AllianzGI Singapore 2) AllianzGI US, San Francisco Europe, UK Branch Fund assets, to represent an equity portfolio oriented towards Growth Stocks. EUR The investment policy is geared towards generating capital appreciation on the long-term. The Sub-Fund will seek to achieve its investment objective primarily through investment in the European equity markets. EUR The investment policy is geared towards longterm capital growth primarily through positions on European equity markets within the framework of the investment principles. To this end, the Investment Manager will acquire Equities that it considers, together with all Equities held in Sub- Fund assets, to represent an equity portfolio oriented towards Growth Stocks. EUR The investment policy is geared towards longterm capital growth primarily through positions on European equity markets within the framework of the investment principles. To this end, the Investment Manager will acquire Equities that it considers, together with all Equities held in Sub- Fund assets, to represent an equity portfolio with a focus on larger companies (large caps) that might have high growth potential (the Growth Stocks ). EUR The investment policy is geared towards longterm capital growth primarily through equity based investments in European markets that are expected to achieve adequate dividend returns. USD The investment objective is to provide investors with long-term capital appreciation and income. The Sub-Fund will seek to achieve its investment objective through investments primarily in Euro, USD, GBP, JPY, AUD, NZD or any Asian currency denominated debt markets, with the focus on Asian countries. The investment policy is geared towards generating annualised returns while taking into account the opportunities and risks in Asian bond markets. USD The investment policy is geared towards capital growth over the long term. The Sub-Fund will invest on the global equity markets, focusing on companies that participate in the sectors "Raw Materials Production" or "Product Processing & Distribution". EUR The investment policy aims to achieve long-term capital growth through global positions in companies that are at least active in the sectors EcoEnergy, Pollution Control and Clean Water

6 With the objective of achieving additional returns, the Investment Manager may also 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*. The investment policy is geared towards longterm capital growth by investing Sub-Fund assets on global equity markets, with the focus on the acquisition of securities that the Investment Manager considers to have above-average potential for profit growth and / or attractive valuations. Allianz Global Europe, UK Branch USD Allianz Global Unconstrained Allianz Global Hi-Tech Growth Allianz Global Metals and Mining Allianz Global Small Cap 1 Europe, Germany (Headquarter) 2) AllianzGI US, San Francisco Europe, Germany (Headquarter) Europe, UK Branch 2) AllianzGI US, San Diego, RCM AP and AllianzGI Japan With the objective of achieving additional returns, the Investment Manager may also 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*. EUR The investment policy is geared towards generating capital appreciation on the long-term. The Sub-Fund will seek to achieve its investment objective primarily through investment in the global equity markets. To this end, the Investment Manager will acquire Equities that it considers, together with all Equities held in Sub- Fund assets, to represent a concentrated equity portfolio with a focus on stock selection based on the fundamental of the stocks. USD The investment objective is to provide investors with capital appreciation in the long-term. The Sub-Fund will seek to achieve its investment objective by investing primarily in the equity market of information technology sector. EUR The investment policy aims to generate capital growth over the long term by investing in the global equity markets focusing on natural resources-related companies. USD The investment policy is geared towards longterm capital growth by investing Sub-Fund assets in global equity markets, with the focus on smaller companies ( small caps )

7 Allianz Global Sustainability Europe, UK Branch EUR The investment policy is geared towards longterm capital growth by investing Sub-Fund assets in a global selection of companies with sustainable business practices. Allianz Greater China Dynamic Allianz HKD Income Allianz Hong Kong Allianz Income and Growth With the objective of achieving additional returns, the Investment Manager may also 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*. 2) RCM AP USD The investment policy is geared towards longterm capital growth. The Sub-Fund will seek to achieve its investment objective by investing primarily in the equity markets of Greater China, which includes Mainland China, Hong Kong, Macau and Taiwan, or in the equity markets of companies that derive a predominant portion of their revenue and / or profits from Greater China. 2) RCM AP HKD The investment objective is to provide investors with long-term capital appreciation and income. The Sub-Fund will seek to achieve its investment objective through investments in Hong Kong Dollar denominated debt markets. 2) RCM AP HKD The investment objective is to achieve capital appreciation in the long-term. The Sub-Fund will seek to achieve its investment objective primarily through Hong Kong related investments in equity markets. 2) AllianzGI US, San Diego USD The investment policy is geared towards generating long term capital appreciation and income. Allianz India The Sub-Fund seeks to achieve its objective by investing primarily in a combination of common stocks and other equity securities, debt securities and convertible securities. The allocation of the Sub-Fund s investments across asset classes will 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. 2) RCM AP USD The investment objective is to achieve capital appreciation in the long-term. The Sub-Fund will seek to achieve its investment objective by investing principally in Indian Subcontinent, including India, Pakistan, Sri Lanka and Bangladesh

8 Allianz Indonesia Allianz Japan Allianz Korea Allianz Little Dragons Allianz Oriental Income Allianz Thailand 2) RCM AP USD The investment objective is to achieve capital appreciation in the long-term. The Sub-Fund will seek to achieve its investment objective primarily through investments in the equity markets of Indonesia. 2) RCM AP/AllianzGI Japan USD The investment objective is to achieve capital appreciation in the long-term. The Sub-Fund will seek to achieve its investment objective primarily through investments in the equity markets of Japan. 2) RCM AP USD The investment objective is to achieve capital appreciation in the long-term. The Sub-Fund will seek to achieve its investment objective primarily through investments in the equity markets of the Republic of Korea. 2) RCM AP USD The investment objective is to provide investors with capital appreciation in the long-term. The Sub-Fund will seek to achieve its investment objective by primarily small and mid cap equity market based investments related to Asian countries excluding Japan. 2) RCM AP USD The investment policy is geared towards capital growth in the long term by investing Sub-Fund assets on equity and fixed income markets of the Asia Pacific region. 2) RCM AP USD The investment objective is to achieve capital appreciation in the long-term. The Sub-Fund will seek to achieve its investment objective primarily through investment in the equity markets of Thailand. Allianz Tiger 2) RCM AP USD The investment objective is to provide investors with capital appreciation in the long-term. The Sub-Fund will seek to achieve its investment objective primarily through equity market based investments related to the People s Republic of China, Hong Kong, Singapore, the Republic of Korea, Taiwan, Thailand, Malaysia or the Philippines. Allianz Total Return Asian With the objective of achieving additional returns, the Investment Manager may also assume separate risks related to equities by implementing a market neutral long / short equity strategy. 2) RCM AP USD The investment policy is geared towards longterm capital growth and income. The Sub-Fund will seek to achieve its investment objectives primarily through investment in the equity markets of the Republic of Korea, Taiwan, Thailand, Hong Kong, Malaysia, Indonesia, Philippines, Singapore and China

9 Allianz US Fund Allianz US High Yield Allianz US Income 2) AllianzGI US, San Francisco 2) AllianzGI US, San Diego 2) AllianzGI US, San Diego USD The investment policy is geared towards longterm capital growth by focusing on the US equity markets. USD The investment policy is geared towards generating long term capital appreciation and income. The Sub-Fund will seek to achieve its investment objective by investing primarily in U.S. corporate bonds rated below investment grade. USD The investment policy is geared towards generating long term capital appreciation and income. The Sub-Fund will seek to achieve its investment objective by investing primarily in U.S. corporate bonds. + Full names of branch of the management company, the Investment Managers / Sub-Investment Managers can be found in the Directory section below. * The currency management strategies adopted to achieve additional returns include exploitation of the market inefficiencies (resulting from the participation in the market of actors which are not aiming at maximising returns, e.g. central banks) and of the low correlation between the currency markets and other markets by, for example, aiming at identifying trends in the evolutions of the currency markets, or exploiting interest rate differentials between different currencies. By applying these active currency management strategies, there is a possibility to create added value for the investors even when the equity markets in which the Sub-Fund is focused are in a downturn. 1 AllianzGI Europe, UK Branch has partially delegated the investment management to AllianzGI US, San Diego and RCM AP each of these aforementioned companies acting as sub-investment manager as far as it concerns the respective regional market of the aforementioned companies. In addition, RCM AP has partially delegated the investment management as far as it concerns Japanese markets to AllianzGI Japan acting as a sub-investment manager. 4. Investment Managers The first paragraph under the section headed Investment Managers on p.10 of the Prospectus shall be deleted and replaced with the following: At its own expense, AllianzGI Europe GmbH may, while maintaining its own responsibility, control and coordination, delegate fund management to third parties (Investment Managers or Sub-Investment Managers) for the purpose of efficient management or to consult with third parties (Investment Advisors). For the avoidance of doubt, for Allianz Global Small Cap, the Management Company has partially delegated the investment management to AllianzGI US, San Diego and RCM AP and each of these aforementioned companies acting as Sub-Investment Manager. In addition, RCM AP has partially delegated the investment management to AllianzGI Japan acting as a Sub-Investment Manager. Investment Manager is not applicable in the case of direct delegation from the Management Company to the Sub-Investment Manager(s). The list of Investment Managers / Sub- Investment Managers appointed is set out in the section headed Directory

10 Under the following scenarios, the name(s) of the respective branch of the Management Company (i.e. AllianzGI Europe, Germany (Headquarter) or AllianzGI Europe, UK Branch), Investment Manager(s) or Sub-Investment-Manager(s) will be disclosed under the section headed Investor Choice. (1) If the Management Company has delegated the investment management to one or more Investment Managers, the name(s) of the respective Investment Manager(s) will be disclosed. (2) If the Management Company has delegated the investment management to the Investment Manager(s) and the respective Investment Manager(s) further delegate the investment management to the Sub-Investment Manager(s), the name of the respective Investment Manager(s) and the Sub-Investment Manager(s) will be disclosed. (3) If the Management Company does not delegate investment management but performs this duty internally (i.e. no Investment Manager in this case), the name of the respective branch of the Management Company carrying out investment management functions will be disclosed. (4) If the Management Company partially delegate the investment management to one or more Sub-Investment Manager(s) and / or the Sub-Investment Manager(s) further delegate the investment management to other Sub-Investment Manager(s) (i.e. no Investment Manager in this case), the name(s) of the respective branch of the Management Company carrying out investment management functions and Sub- Investment Manager(s) will be disclosed. 5. Class of Shares Share Class C and Share Class CT are no longer available in the Sub-Funds, all references to Share Class C and Share Class CT shall be deleted. With the exception of Allianz China, Share Class W and Share Class WT are no longer available in the Sub-Funds, all references to Share Class W and Share Class WT shall be deleted with respect to Sub-Funds other than Allianz China. 6. Deferral of Redemption and Conversion Requests The whole paragraph under the section headed Deferral of Redemption Requests on p.19 of the Prospectus shall be deleted and replaced with the following: If redemption and conversion requests on any Valuation Day relate to more than 10% of the Shares in issue in a particular Sub-Fund, the Company may decide that such requests in excess of 10% of the Shares in issue to be deferred to next dealing day in accordance to 10.8 of the UT Code. On the next Valuation Day, redemption and conversion requests which have been deferred will be met in priority to later requests

11 7. Fees Payable Out of the Assets of the Sub-Funds The whole sub-section Administration Fee under the section headed Fees Payable Out of the Assets of the Sub-Funds on p.19 and p.20 of the Prospectus shall be deleted and replaced with the following: All-in-Fee The Company pays a flat fee ( All-in-Fee ) to the Management Company from the assets of the respective Sub-Fund. Fees to be paid to the Investment Managers / Sub-Investment Managers by the Management Company are paid by the Management Company from its All-in-Fee and, if applicable, from its performance related fee. All-in-Fee is accrued daily and charged monthly in arrears on a pro rata basis on the average daily Net Asset Value of the respective Share Class of a Sub-Fund. The amount of the All-in-Fee charged is listed in Appendix III. In return for the payment of the All-in-Fee the Management Company releases the Company from the following, conclusive enumerated commissions and expenditures: - Management and central administration agent fees; - the administration and custody fee of the Custodian; - the fee of the Registrar and Transfer Agent; - costs of the preparation (including translation) and dissemination of the Prospectus, Product Key Facts Statement, Articles of Incorporation as well as annual, semi-annual and, if any, interim reports and other reports and notifications to Shareholders; - costs of publishing the Prospectus, Product Key Facts Statement, Articles of Incorporation, annual, semi-annual and, if any, interim reports, other reports and notifications to Shareholders, tax information, as well as Subscription and Redemption Prices, and official announcements made to the Shareholders; - costs of auditing the Company and its Sub-Funds by the auditor; - costs of registering the Shares for public distribution and / or the maintenance of such registration; - costs of preparing share certificates and, if any, coupons and coupon renewals; - paying agent and information agent fees; - costs of assessing the Sub-Funds by nationally and internationally recognised rating agencies; - expenses in connection with the establishment of a Sub-Fund; - costs related to the use of index names, in particular licence fees; - costs and fees incurred by the Company and by third parties authorised by the Company relating to the acquisition, use and maintenance of in-house or third-party computer systems used by Investment Managers and Investment Advisors;

12 - costs related to obtaining and maintaining a status authorising the direct investment in assets in a country or to act directly as a contracting partner in markets in a country; - costs and expenses by the Company, the Custodian and third parties authorised by the Company or the Custodian in connection with monitoring of investment limits and restrictions; - costs for calculating the risk and performance figures and the calculation of performance-related fees for the Management Company by third parties appointed to do so; - costs related to obtaining information about general Shareholders meetings of companies or about other meetings of the owners of assets as well as costs related to direct participation or participation through authorised third parties in such meetings; - postage, telephone, fax and telex fees. For so long as the Company and such Sub-Funds are authorised by the SFC pursuant to section 104 of the SFO, expenses arising out of any advertising or promotional activities in connection with the Sub-Fund so authorised will not be paid out of the assets attributable to that Sub-Fund. The Management Company may levy a lower All-in-Fee than those mentioned in Appendix III. The first part of the second sentence (before the first bullet point) of the first paragraph under the sub-section headed Additional Costs under the section headed Fees Payable Out of the Assets of the Sub-Funds on p.20 of the Prospectus shall be amended according to the following mark-up: These costs are separate to those named herein above and include, but are not restricted to:- The whole sub-section of Management and Central Administration Agent Fee, and Distribution Fee under the section headed Fees Payable Out of the Assets of the Sub- Funds on p.21 of the Prospectus shall be deleted. The following new sub-section shall be added before the sub-section headed Ongoing Charges under the section headed Fees Payable Out of the Assets of the Sub-Funds on p.20 of the Prospectus: Indemnity of Directors and Officers In accordance with the Articles of Incorporation, the Company may indemnify any director or officer and his heirs, executors and administrators, against expenses reasonably incurred by him in connection with any legal action, suit or proceeding to which this person may be made a party by reason of his being or having been a director or officer of the Company or, on his request, of any other company of which the Company is a Shareholder or a creditor and from which he is not entitled to be indemnified, except in relation to actions,

13 suits or proceedings in which the person is found legally liable for gross negligence or misconduct. In the event of a settlement, indemnity will be provided only in connection with such matters covered by the settlement and as to which the Company is advised by counsel that the person to be indemnified was not in breach of duty. The foregoing right of indemnity does not exclude other rights to which the person may be entitled. The second sentence of the first paragraph under the sub-section headed Ongoing Charges under the section headed Fees Payable Out of the Assets of the Sub-Funds on p.20 of the Prospectus shall be amended according to the following mark-up: In addition to the management and central administration fee and administration All-in-Fee as well as the Taxe d Abonnement, all other costs are considered except for the incurred transaction costs and any performance-related fees. 8. Taxation The following sub-section shall be added after the sub-section Luxembourg taxation of Shareholders under the section Taxation on p.26 of the Prospectus: US Tax Withholding and Reporting under FATCA The Foreign Account Tax Compliance provisions of the Hiring Incentives to Restore Employment Act ( FATCA ) generally impose a US federal reporting and withholding tax regime with respect to certain US source income earned and gross proceeds from the sale or other disposal of property that can produce such US source income. The rules are designed to require certain US persons direct and indirect ownership of certain non-us accounts and non-us entities to be reported to the US Internal Revenue Service. Pursuant to FATCA, payments of fixed or determinable annual or periodic gains, profits and income, including dividends, interest and gains, from sources within the United States, made after 30 June 2014, payments attributable to gross proceeds from the sale or other disposition of property that could produce U.S. source interest or dividends made after 31 December 2016, and certain payments (or a portion thereof) by a foreign financial institution made after 31 December 2016, to a foreign financial institution or other foreign entity or passthru payments on the individual shareholder (to the extent provided in future regulations which will be subject to further changes, but in no event before 1 January 2017) will be subject to a withholding tax of 30% unless various reporting requirements are satisfied. Luxembourg has entered into an intergovernmental agreement with the United States of America ( IGA ). Under the IGA, FATCA compliance will be enforced under new local Luxembourg tax legislation and reporting rules and practices. The Company, Nominee and / or Transfer Agent will likely require additional information from Shareholders in order to comply with these provisions. Each prospective Shareholder should consult its own tax advisers on the requirements under FATCA applicable to it. The

14 Company, Nominee and / or Transfer Agent may disclose the information, certifications or other documentation that they receive from (or concerning) their investors to the US Internal Revenue Service, non-us taxing authorities, or other parties as necessary to comply with FATCA, related intergovernmental agreements or other applicable law or regulation. Each prospective investor is urged to consult its tax adviser regarding the applicability of FATCA and any other reporting requirements with respect to the prospective investor s own situation. Cayman-United Kingdom Agreement In November 2013, the Cayman Islands Government entered into an agreement with the United Kingdom government ( Cayman IGA ) with the view to improving international tax compliance to which the Nominee is subject. The agreement seeks to provide the United Kingdom (U.K.) government with information about certain U.K. tax residents with reportable accounts in the Cayman Islands. The agreement imposes due diligence as well as reporting obligation on the Sub-Funds among other things. In particular, it requires the identification and disclosure of information about certain U.K. tax residents and their accounts in the Sub-Funds to the Cayman Islands government who may transmit and disclose the same to the U.K. government. It is the intention that the Nominee shall comply with the requirements of this agreement. For the purpose of complying with the agreement, the Nominee may be required to report and disclose information of certain U.K. tax residents in the Sub-Funds to the Cayman Islands government and onwards to the U.K. government. Each prospective investor is urged to consult its tax adviser regarding the applicability of the agreement and any other reporting requirements with respect to the prospective investor s own situation and the possible implications and consequences of the agreement. 9. Merger and Liquidation The sub-sections headed Liquidation and Merger under the section headed Liquidation and Merger of Sub-Funds or Share Classes on p.28 and p.29 of the Prospectus shall be amended according to the following mark-up: Liquidation If the assets of a Sub-Fund fall below the amount that the Board of Directors considers to be a minimum amount for the economically efficient management of the Sub-Fund, or if the Sub-Fund does not reach this minimum amount or if a substantial change in the political, economic or monetary situation arises, the Board of Directors may force redemption of all Shares of the Sub-Fund affected at the NAV per Share on the dealing day following the day

15 on which this decision by the Board of Directors enters into force (while taking into account the actual prices achieved and the necessary costs of disposal of the assets). In accordance with the law, the Company must inform the investors shareholders in writing of the reasons and the redemption procedure one month (or such other period as the SFC shall approve in advance) before the mandatory redemption enters into force. If no other decision is made in the interest of or for purposes of equal treatment of the Shareholders, the Shareholders in the Sub-Fund affected may request the redemption or conversion of their Shares at no charge before the date of the mandatory redemption (while taking into account the actual prices achieved and the necessary costs of disposal of the assets). Under the same circumstances as provided above, the Board of Directors may decide to force redemption of all Shares in any Share Class. Notwithstanding the powers conferred upon the Board of Directors in the above paragraph 1, the general meeting of Shareholders of one or all Share Classes issued in a Sub-Fund may decide, acting on a proposal of the Board of Directors and even for scenarios other than economically efficient management mentioned in paragraph 1, to redeem all Shares of the corresponding Share Class(es) one or all Share Classes issued in a Sub-Fund and pay out to the Shareholders the NAV of the Shares on the dealing day following the day on which such decision enters into force (while taking into account the actual prices achieved and the necessary costs of disposal of the assets). At this general meeting, there is no minimum number of Shareholders necessary required to form a quorum. The decision is reached with a simple majority of the Shares present or represented at this meeting. Unclaimed proceeds that have not been paid out to the corresponding authorised persons after the redemption is carried out are deposited with the Custodian for the duration of the liquidation period. After this time, the unclaimed proceeds are transferred to the Caisse de Consignation on behalf of the authorised persons and, if unclaimed for a prescribed period for the period prescribed in the Luxembourg regulations about the Caisse de Consignation, will be forfeited. All redeemed Shares are will be cancelled. Merger Under the same circumstances as specified under liquidation, tthe Board of Directors may decide to merge the assets of one or all Share Classes issued in a Sub-Fund or Share Class (hereinafter referred as to (the Merging Sub-Fund ) (1) with another Sub-Fund of the Company, (2) with another Share Class of the same Sub-Fund of the Company, (23) with another UCITS, or (34) with another sub-fund or share class of such UCITS (hereinafter referred to asthe Receiving Fund ) and to rename the Shares of the Merging Sub-Fund as shares of the other Receiving Fund (if required after a split or a merger and payment to investors for any differences for fractional shares). The shareholders of the Merging Sub- Fund and Receiving Fund will be informed about the decision to merge in accordance with the Law and applicable Luxembourg regulations at least thirty days before the last date for

16 requesting redemption or, as the case may be, conversion of Shares free of charge. If no other decision is made in the interest of or for purposes of equal treatment of the Shareholders, the right of Shareholders of the Merging Sub-Fund and Receiving Fund to redeem or convert their Shares without charge shall cease to exist five working days before the date for calculating the exchange ratio. In the case the Company involved in a merger is the merging fund, and hence ceases to exist, the general meeting of the Shareholders of the Company, rather than the Board of Directors, has to approve, and decide on the effective date of, such merger by a resolution adopted with no quorum requirement and at a simple majority of the vote cast at such meeting. Notwithstanding the powers of the Board of Directors described above ain paragraph 1, the general meeting of Shareholders of a Sub-Fund or of the affected Share Class(es) of the respective Sub-Fund may decide to merge the assets and liabilities of this Sub-Fund (or of the respective Share Class(es), as the case may be) (1) with another Sub-Fund of the Company, (2) with another Share Class of the same Sub-Fund of the Company, (3) with another UCITS or (4) with another sub-fund or share class of such an UCITS. At this general meeting, there is no minimum number of Shareholders required to form a quorum. The decision is reached with a simple majority of the Shares present or represented at such meeting. There are no quorum requirements for this action, and the merger may be decided upon by a simple majority of the shares present or represented at the meeting. Such decision of the general meeting of Shareholders is binding to all Shareholders who do not make use of their right to redeem or convert their shares within the period of thirty days mentioned abovein paragraph Directory The name and address of the Management Company and Central Administration Agent on p.30 of the Prospectus shall be deleted and replaced with the following: Allianz Global Investors Europe GmbH ( AllianzGI Europe ) Allianz Global Investors Europe GmbH, Headquarter: Bockenheimer Landstrasse 42 44, Frankfurt / Main, Germany ( AllianzGI Europe, Germany (Headquarter) ) Allianz Global Investors Europe GmbH, Luxembourg Branch: 6A, route de Trèves, L-2633 Senningerberg ( AllianzGI Europe, Luxembourg Branch ) Allianz Global Investors Europe GmbH, UK Branch: 199 Bishopsgate, London EC2M 3TY, United Kingdom ( AllianzGI Europe, UK Branch )

17 The following shall be deleted from Investment Managers / Sub-Investment Managers on p.30 of the Prospectus: Allianz Global Investors Europe GmbH ( AllianzGI Europe ), Bockenheimer Landstraße 42 44, Frankfurt / Main, Germany Allianz Global Investors Europe GmbH, UK Branch ( AllianzGI Europe, UK Branch ), 199 Bishopsgate, London EC2M 3TY, United Kingdom 11. Glossary of Terms The definition of US or United States on p.34 of the Prospectus shall be deleted and replaced with the following: The United States of America, its territories and possessions, any State of the United States, and the District of Columbia. The definition of US Person on p.35 of the Prospectus shall be deleted and replaced with the following: Any person that is a United States Person within the meaning of Rule 902 of Regulation S under the United States Securities Act of 1933 (the Securities Act ), as the definition of such term may be changed from time to time by legislation, rules, regulations or judicial or administrative agency interpretations. A United States Person includes, but is not limited to: i. any natural person resident in the United States; ii. any partnership or corporation organized or incorporated under the laws of the United States; iii. any estate of which any executor or administrator is a US Person; iv. any trust of which any trustee is a US Person; v. any agency or branch of a foreign entity located in the United States; vi. any non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a US Person; vii. any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated, or (if an individual) resident in the United States; and viii. any partnership or corporation if: (1) organized or incorporated under the laws of any foreign jurisdiction; and (2) formed by a US person principally for the purpose of investing in securities not registered under the Securities Act, unless it is organized or incorporated, and owned, by accredited investors who are not natural persons, estates or trusts. 12. Appendix I Risk Considerations The following risk factor shall be added to Appendix I Risk Consideration on p.36 of the Prospectus:

18 Risk of taxation or other charges as a result of local provisions related to the assets held by the (Sub-)Fund: As a result of local provisions, assets held by the (Sub-)Fund may be subject now or in the future to taxes, fees, charges and other retentions. This applies in particular to revenues or gains from the sale, redemption or restructuring of the (Sub-) Fund s assets, cashflow-free restructuring of the (Sub-)Fund s assets, changes related to settlement and dividends, interest and other income received by the (Sub-)Fund. Certain taxes or withholdable payments collected under FATCA may be collected in the form of a withholding tax on the (Sub-)Fund or in form of a withholding tax on passthru payments on the individual shareholder (to the extent provided in future regulations which will be subject to further changes, but in no event before 1 January 2017). Although the Company will attempt to satisfy any obligations imposed on it to avoid the imposition of the FATCA withholding tax, no assurance can be given that the Company will be able to satisfy these obligations. Withholding on passthru payments by the Company will be permitted under applicable laws and regulations and in which case the Company will act in good faith and on reasonable grounds. If the Company becomes subject to a withholding tax as a result of the FATCA regime, the value of the shares held by shareholders may suffer material losses. 13. Appendix IIA Investment Guidelines and Restrictions Appendix IIA A. Investment Guidelines and Restrictions, the second last bullet point of the subsection 1 b) on p.49 of the Prospectus shall be amended according to the following mark-up: - voting rights, if any, attaching to the relevant Shares are suspended for as long as they are held by the Sub-Fund invested in the Target Sub-Fund and without prejudice to the appropriate processing in the accounts and the periodic reports; and Appendix IIA A. Investment Guidelines and Restrictions, the following bullet point shall be added before the last bullet point of the subsection 1 b) on p.49 of the Prospectus: - in any event, for as long as these shares are held by the subfund, their value will not be taken into consideration for the calculation of the net assets of the Company for the purposes of verifying the minimum threshold of the net assets imposed by the Law; and Appendix IIA A. Investment Guidelines and Restrictions, the paragraph of the subsection 1 c) on p.50 of the Prospectus shall be amended according to the following mark-up: - Demand deposits or deposits subject to call with a maximum term of 12 months at financialcredit institutions, provided the financialcredit institution in question has its registered office in a member state of the European Union or, if the registered office of the financialcredit institution is located in a third country, is subject to regulatory

19 provisions, which in the opinion of the CSSF are equivalent to those of European Community law. The deposits may in principle be denominated in all currencies permitted by the investment policy of the Sub-Fund. Appendix IIA A. Investment Guidelines and Restrictions, the last bullet point of the subsection 1 d) on p.50 of the Prospectus shall be amended according to the following mark-up: - The Company must deem the purchase or sale of such instruments, instead of instruments traded on a stock exchange or in a Regulated Market, to be advantageous to Shareholders. The use of OTC transactionsderivatives is particularly advantageous if it facilitates a hedging of assets at matching maturities, thus being less expensive. Appendix IIA A. Investment Guidelines and Restrictions, the third sentence of the first paragraph of the subsection 3 a) on p.51 of the Prospectus shall be amended according to the following mark-up: The default risk of the counterparties in OTC derivatives transactions may not exceed 10% of a Sub-Fund s net assets if the counterparty is a financialcredit institution within the meaning of section 1 paragraph c) above; for other cases, the maximum limit is 5% of the Sub-Fund s net assets. Appendix IIA A. Investment Guidelines and Restrictions, the subsection 3 c) on p.51 of the Prospectus shall be amended according to the following mark-up: In the case of bonds issued by financialcredit institutions domiciled in an EU Member State, where the respective issuers are subject to a special official supervision due to statutory provisions protecting bondholders, the restrictions under paragraph a) sentence 1 and 4 above are increased from 10% to 25% and 40% to 80%, respectively, provided that these financialcredit institutions invest the issuing proceeds, pursuant to the respective statutory provisions, in assets which sufficiently cover the liabilities from bonds for their whole term to maturity, and which, as a matter of priority, are intended for capital and interest repayments becoming due on the issuer s default. Appendix IIA A. Investment Guidelines and Restrictions, the following two paragraphs shall be added after the first paragraph of the subsection 3 g) on p.52 of the Prospectus: Moreover, the Board of Directors may decide to allow the investment in units of a master fund qualifying as a UCITS provided that the relevant Sub-Fund (the Feeder Sub-Fund ) invests at least 85 % of its NAV in units of such master fund and that such master fund shall neither itself be a feeder fund nor hold units of a feeder fund, which will be explicitly mentioned in Appendix II of the respective Sub-fund in question. A Feeder Sub-Fund may hold up to 15% of its assets in one or more of the following:

20 - ancillary liquid assets in accordance with Article 41 paragraph 2 second subparagraph of the Law; - Derivatives, which may be used only for hedging purposes, in accordance with Article 41 paragraph 1, letter g) and Article 42 paragraphs 2 and 3 of the Law; - movable and immovable property which is essential for the direct pursuit of the Company s business. Appendix IIA A. Investment Guidelines and Restrictions, the first sentence of subsection 3j) on p.53 of the Prospectus shall be amended according to the following mark-up: This letter applies only to Sub-Funds which have been launched before 24 December 2013: It must be ensured that in any case more than 90% of Sub-Fund assets are invested in assets eligible pursuant to the investment powers and restrictions which qualify as eligible assets in accordance with Chapter 2 Section 2Paragraph 4 of the German Capital Investment CodeAct. Appendix IIA A. Investment Guidelines and Restrictions, the whole subsection 6) on p.54 of the Prospectus shall be amended according to the following mark-up: If the investment objective and investment policy of a Sub-Fund allow investment in Russian securities, direct investments in traded Russian securities may be made within such framework on the Russian Trading System Stock ExchangeMICEX-RTS (RTS Stock Exchange) and the (Moscow Interbank Currency Exchange (MICEX-Russian Trade System ), both of which areis a Regulated Markets for the purposes of Article 41(1) of the Law. 14. Appendix IIB Special Investment Techniques and Instruments / Risk Management Process Appendix IIB 3. Risk Management Process, the first sentence of the first paragraph on p.57 of the Prospectus shall be amended according to the following mark-up: The Management Company will calculate the global exposure of each Sub-Fund in accordance with Circular 11/512 of the CSSF dated 30 May 2011 and any other applicable requirements. 15. Appendix IIC Additional Investment Restrictions Appendix IIC C. Additional Investment Restrictions, the first three paragraphs of the section headed Introduction on p.58 of the Prospectus shall be amended according to the following mark-up: