Allianz Global Investors Fund

Transcription

1 Hong Kong Prospectus Allianz Global Investors Fund Société d Investissement à Capital Variable June 2015

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3 Contents Page Important Information for Investors 3 Overview of Allianz Global Investors Fund 5 Investor Choice 5 Risk Considerations 11 Management and Administration of the Sub-Funds 11 Management Company and Central Administration Agent 11 Investment Managers 11 The Hong Kong Distributor and Hong Kong Representative 12 Investment in the Sub-Funds 13 Class of Shares 13 Minimum Subscription, Redemption, Holding and Conversion Amounts 15 Dealing Deadline 16 Subscription for the Sub-Funds 16 Method of Payment 17 Redemption, Conversion and Transfer of Shares 18 Redemption of Shares 18 Conversion of Shares 20 Transfer of Shares 20 Deferral of Redemption and Conversion Requests 21 Fees and Charges 21 Fees and Charges Payable by Investors 21 Fees Payable out of the Assets of the Sub-Funds 21 Soft Commissions 23

4 Page Additional Information 24 Publication of Share Prices 24 Net Asset Value Per Share 24 Temporary Suspension of Determination of NAV and Share Issue, Redemption and Conversion 25 Excessive Trading and Market Timing 26 Use of Nominee Service 26 Taxation 27 Distribution Policy 29 Equalisation Accounting 30 Reports and Accounts 30 Dissolution and Liquidation of the Company 30 Liquidation and Merger of Sub-Funds or Share Classes 31 Transactions with Connected Persons 32 Conflicts of Interests 32 Available Documents 33 Directory 34 Glossary of Terms 36 Appendix I - Risk Considerations 42 Appendix II - General Investment and Borrowing Restrictions 59 A. Investment Guidelines and Restrictions 59 B. Special Investment Techniques and Instruments/Risk Management Process 65 C. Additional Investment Restrictions 71 Appendix III - Fees And Charges 107

5 IMPORTANT INFORMATION FOR INVESTORS Important - If you are in any doubt about the contents of this HK Prospectus, you should seek independent professional financial advice. This HK Prospectus comprises information relating to the Company, an open ended investment company with variable share capital incorporated under the laws of the Grand Duchy of Luxembourg as a Société d Investissement à Capital Variable on 9 August 1999 under the name DRESDNER GLOBAL STRATEGIES FUND, which was changed to Allianz Dresdner Global Strategies Fund with effect from 9 December 2002, and further changed to Allianz Global Investors Fund with effect from 8 December The Board of Directors has taken all reasonable care to ensure that the facts stated herein are true and accurate in all material respects and that there are no further material facts, the omission of which would make misleading any statement herein, whether of fact or opinion, as at the date of publication. The Board of Directors accepts responsibility accordingly. However, neither the delivery of this HK Prospectus nor the offer or issue of Shares shall under any circumstances constitute a representation that the information contained in this HK Prospectus is correct as of any time subsequent to such date. This HK Prospectus may from time to time be updated. Intending applicants for Shares should ask the Hong Kong Representative if any supplements to this HK Prospectus or any later prospectus have been issued. All decisions to subscribe for Shares are deemed to be made on the basis of the information contained in this HK Prospectus and supplementary documentation, and in the latest annual and semi-annual reports of the Company, which are available from the Hong Kong Representative. Investors may contact the Hong Kong Representative for any queries or complaints in relation to any Sub-Fund. The Hong Kong Representative will respond to any enquiry or complaint in writing. Hong Kong Representative: Allianz Global Investors Asia Pacific Limited 27/F, ICBC Tower, 3 Garden Road, Central, Hong Kong Tel: Fax: All investors investing in the Sub-Funds through the Hong Kong Representative will have their Shares dealt via a nominee arrangement (see section headed USE OF NOMINEE SERVICE ). No person is authorised to give any information or to make any representations concerning the Company other than as contained in this HK Prospectus and in the documents referred to herein, and any purchase made by any person on the basis of statements or representations not contained in or inconsistent with the information and representations contained in this HK Prospectus shall be solely at the risk of the investor. The value of, and income from, Shares in a Sub-Fund may go up as well as down, and investors may not receive on redemption the amount originally invested in the Sub-Fund. Before investing in a Sub-Fund investors should consider the risks involved in such investment (see section headed Appendix I - Risk Considerations ). The Company and the Sub-Funds listed under the section headed INVESTOR CHOICE are authorised by the SFC under Section 104 of the Securities and Futures Ordinance. This HK Prospectus has been authorised by the SFC. Such authorisation is not a recommendation or endorsement of the Company or the Sub-Funds by the SFC, nor does it guarantee their commercial merits or their performance. Neither does it mean the Company or any Sub-Fund is suitable for all investors, nor is it an endorsement of its suitability for any particular investor or class of investors. This HK Prospectus is published in English and Chinese. Prospective investors should inform themselves as to: (a) the possible tax consequences; (b) the legal requirements; and (c) any foreign exchange restrictions or exchange control regulations or requirements (which they might encounter) under the laws of the countries of their respective 3

6 citizenship, incorporation, residence or domicile and which might be relevant to the subscription, holding or disposal of Shares. This HK Prospectus does not constitute an offer or solicitation by any person in any jurisdiction in which such offer or solicitation is not lawful or in which the person making the offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation. 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. 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. June

7 OVERVIEW OF ALLIANZ GLOBAL INVESTORS FUND INVESTOR CHOICE The Company offers investors a choice of Sub-Funds with different investment objectives, which allow investors to make their own strategic allocation by combining holdings in the various Sub-Funds in proportions to their own choosing. Each Sub-Fund is a separate portfolio of securities, money market instruments and other assets permitted by law and managed within the specific investment objectives. Each Sub-Fund focuses in a particular investment market or geographical region. This spread of investments and diversification potentially reduces overall investment risk. The Sub-Funds may use financial derivative instruments for investment purposes. The techniques and instruments that may be used and special risks associated with such use are further described in Appendix II Part B and Part C. If the Sub-Funds employ derivatives to increase the level of investment, they do so in order to achieve a medium to long-term risk profile that offers potentially much greater market risk than that of a fund with a similar profile that does not invest in derivatives. Investors are also specifically referred to the risk considerations in relation to the use of such techniques and instruments disclosed on under Paragraph headed Use of Techniques and Instruments and Special Risks associated with such use of Appendix I. Please refer to Appendix II for additional investment restrictions with respect to each Sub-Fund. Sub-Fund Name Allianz Asia Pacific Equity Allianz Asian Multi Income Plus Allianz Best Styles Euroland Equity 1) Branch of Management Company carrying out investment management functions; and / or 2) Investment Manager / Sub- Investment Manager + 2) AllianzGI AP 2) AllianzGI AP / AllianzGI Singapore 1) AllianzGI, Germany (Headquarter) Base Currency EUR USD EUR Investment Objective The investment policy is geared towards long-term capital growth by focusing on equity markets in the Asia-Pacific region, excluding Japan. 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 investing primarily in equity, business trust and Interest-bearing Security markets with a focus on the Asia Pacific region. The investment policy is geared towards long-term 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. 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*. 5

8 Allianz Brazil Equity Allianz BRIC Equity Allianz China Equity Allianz Emerging Asia Equity Allianz Enhanced Short Term Euro Allianz Euro High Yield Bond Allianz Euroland Equity Growth Allianz Europe Conviction Equity Allianz Europe Equity Growth 1) AllianzGI, UK Branch 2) AllianzGI US 2) AllianzGI AP 2) AllianzGI AP 1) AllianzGI, Germany (Headquarter) 1) AllianzGI France Branch 1) AllianzGI, Germany (Headquarter) 1) AllianzGI, Germany (Headquarter) 1) AllianzGI, Germany (Headquarter) USD 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. EUR The investment policy is geared towards long-term capital growth by investing Sub-Fund assets in global emerging equity markets, with the focus on Brazil, Russia, India and China. 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. 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. 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 long-term 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-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 long-term 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. 6

9 Allianz Europe Equity Growth Select Allianz European Equity Dividend Allianz Flexi Asia Bond Allianz Global Agricultural Trends Allianz Global EcoTrends 1) AllianzGI, Germany (Headquarter) 1) AllianzGI, Germany (Headquarter) 2) AllianzGI Singapore 2) AllianzGI US 1) AllianzGI, UK Branch EUR EUR USD USD EUR The investment policy is geared towards long-term 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 ). The investment policy is geared towards long-term capital growth primarily through equity based investments in European markets that are expected to achieve adequate dividend returns. 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. 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". 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. Allianz Global Equity 1) AllianzGI, UK Branch USD 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 long-term 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 Equity Unconstrained 1) AllianzGI Germany (Headquarter) 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 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. 7

10 Allianz Global Hi-Tech Growth Allianz Global Metals and Mining Allianz Global Small Cap Equity 1 Allianz Global Sustainability 2) AllianzGI US 1) AllianzGI, Germany (Headquarter) 1) AllianzGI, UK Branch 2) AllianzGI US, AllianzGI AP and AllianzGI Japan 1) AllianzGI, UK Branch USD EUR USD EUR 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. 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. The investment policy is geared towards long-term capital growth by investing Sub-Fund assets in global equity markets, with the focus on smaller companies ( small caps ). The investment policy is geared towards long-term 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 Equity Allianz Income and Growth 2) AllianzGI AP 2) AllianzGI AP 2) AllianzGI AP 2) AllianzGI US USD HKD HKD USD 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 long-term 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. 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. 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. The investment policy is geared towards generating long term capital appreciation and income. 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. 8

11 Allianz India Equity Allianz Indonesia Equity Allianz Japan Equity Allianz Korea Equity Allianz Little Dragons Allianz Oriental Income Allianz Thailand Equity Allianz Tiger^ 2) AllianzGI AP 2) AllianzGI AP 2) AllianzGI AP/AllianzGI Japan 2) AllianzGI AP 2) AllianzGI AP 2) AllianzGI AP 2) AllianzGI AP 2) AllianzGI AP USD USD USD USD USD USD USD 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. 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. 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. 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. 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. 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. 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. 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 Equity Allianz US Equity Fund Allianz US High Yield 2) AllianzGI AP 2) AllianzGI US 2) AllianzGI US USD USD USD 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. The investment policy is geared towards long-term 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. The investment policy is geared towards long-term capital growth by focusing on the US equity markets. 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. 9

12 Allianz US Short Duration High Income Bond 2) AllianzGI US 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 US short duration high yield bond with above-average current income and belowaverage volatility compared to the US short duration high yield bond market. + 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, UK Branch has partially delegated the investment management to AllianzGI US, and AllianzGI AP each of these aforementioned companies acting as sub-investment manager as far as it concerns the respective regional Equity market of the aforementioned companies. In addition, AllianzGI AP has partially delegated the investment management as far as it concerns Japanese Equity markets to AllianzGI Japan acting as a sub-investment manager. Description of the Sub-Fund s investment strategy The Sub-Fund invests at least 70% of its assets in 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 Additionally, the Sub-Fund implements a market neutral long/short equity strategy using a derivative structure (e.g. swap) as described in more detail below. Description of the market neutral long/short equity strategy (the Strategy ) Generally, the Strategy is executed by investing in certain stocks ( Long Positions ), while selling uncovered contrarian positions in other stocks ( Short Positions ) with the intention of achieving limited or zero net exposure to broad Equity market movements. The Strategy will be managed by the Investment Manager, Allianz Global Investors Asia Pacific Limited. In general, the Strategy intends to profit from inefficiencies or market misperceptions between related securities before they have been fully appreciated in value in the market. The Strategy seeks to benefit from Long Positions in those stocks which are perceived as undervalued, while taking Short Positions in stocks which appear to be overpriced. By taking Long and Short Positions, the Strategy seeks to reduce (or even hedge out) common Equity market or systematic risks. The Strategy aims to profit from relative price movements of individual stocks independent of the direction in which the broad Equity market moves. The Strategy will focus on Equities of companies which are incorporated in Asian countries as mentioned under the investment strategy, Australia or New Zealand, or which derive a predominant portion of their revenue and/or profits from those countries. Net and Gross Exposure The net market exposure of the Strategy (Long Positions minus Short Positions) is expected to be in a maximum range of +10 % and -10 % of the Sub-Fund s Net Asset Value. To the extent that the net market exposure differs from 0, the Strategy is not able to reduce common Equity market or systematic risks but exposes to them. The Strategy s gross exposure is allowed to be a maximum of 40% of the Sub-Fund s Net Asset Value (20% Long Positions plus 20% Short Positions). Implementation of the Strategy The Strategy is implemented using a derivatives structure (e.g. swaps), on the positive or negative performance resulting from the Strategy s investment in Equities ( Total Return Swap ). Through the strategy, the respective counterparty will provide the Sub-Fund with an exposure to the economic gain/loss in the investment performance of the Strategy (net of indirect costs). The counterparty will provide a payment to the Sub-Fund if there s a positive performance of the Strategy (net of indirect costs); however, if this performance is negative, the Sub-Fund will make a payment (including indirect costs) to the respective counterparty of the derivative structure. 10

13 Usually, the overall derivatives structure will be implemented with one counterparty. Such counterparty has to comply with the general requirements of the Investment Manager for counterparty selection. In addition, the counterparty will be selected by applying the best execution criteria of the Investment Manager. Given the complexity of the overall derivatives structures the counterparty s ability to handle such complex structures will be of significant importance within this process. Through regular and ad hoc resets of the Total Return Swap via the settlement of the net payment of the Strategy between the Sub-Fund and the counterparty, it will be ensured that the maximum counterparty risk of the selected counterparty will not exceed 10% of the Sub-Fund s NAV. The counterparty assumes no discretion over the composition or management of the Strategy. The Investment Manager does not require the approval of the counterparty to implement any transaction within the scope of the Strategy. RISK CONSIDERATIONS The relevant risk factors which should be considered prior to investing in a Sub-Fund are described in Appendix I. MANAGEMENT AND ADMINISTRATION OF THE SUB-FUNDS MANAGEMENT COMPANY AND CENTRAL ADMINISTRATION AGENT The Board of Directors is responsible for overseeing the Company s general business affairs. The Company has appointed Allianz Global Investors GmbH ( AllianzGI ) to act as the management company and to also act and assume the functions of the central administration agent, responsible for all administrative duties. Such duties include registration of the Company, the preparation of documentation, the drawing-up of the distribution notifications, the processing and shipment of the full and simplified sales prospectuses, the financial statements and all other documents which are designed for the investors, liaising with the administrative authorities, the investors and all other parties involved, bookkeeping and calculation of the net asset value of the shares, the processing of applications for subscription, redemption and conversion of shares, accepting payments, the safekeeping of the register of shareholders of the Company, and preparation and supervision of the mailing of statements, reports, notices and other documents to the shareholders. AllianzGI may delegate its managerial and administrative duties to specialist service providers, subject to the restrictions imposed by any applicable laws, rules or regulations. AllianzGI has delegated its functions and duties as Fund Accountant to State Street Bank Luxembourg S.C.A (who has been appointed by the Company to be the custodian of its assets) and as Registrar and Transfer Agent to RBC Investor Services Bank S.A. The Management Company may delegate certain services in connection with currency and duration monitoring as well as trading to third parties. AllianzGI is an investment management company within the meaning of the German Investment Code and was incorporated as a limited liability company (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, INVESTMENT MANAGERS At its own expense, AllianzGI 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 Equity, the Management Company has partially delegated the investment management to AllianzGI US and AllianzGI AP and each of these aforementioned companies acting as Sub-Investment Manager. In addition, AllianzGI 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. 11

14 Under the following scenarios, the name(s) of the respective branch of the Management Company (i.e. AllianzGI, Germany (Headquarter) or AllianzGI, UK Branch or AllianzGI France 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. The Allianz Group has a long history and strong tradition in the financial services industry. Founded in 1890 in Germany, the Allianz Group provides its 85 million clients worldwide with a comprehensive range of insurance and financial services through an international network of subsidiaries in 70 countries. The Allianz Group s four core business areas are property and casualty, life and health, banking and asset management. Allianz Global Investors is a diversified active investment manager, managing EUR412 billion (as at 31 December 2014) in assets for individuals, families and institutions worldwide. Allianz Global Investors has created a business that enables it to meet the demands of its clients on a local basis and that empowers its investment managers to focus on achieving strong and consistent investment results. With 24 locations in 18 countries, Allianz Global Investors is well-positioned to deliver key local insights to its clients wherever they are. With 498 investment professionals worldwide across equities, fixed income and multi-asset classes, it offers a range of distinct investment capabilities, and provides clients with a comprehensive and constantly evolving range of products and services. Its employees around the globe are committed to helping clients achieve their goals by combining global expertise and local market knowledge with innovative solutions and world-class professional service. THE HONG KONG DISTRIBUTOR AND HONG KONG REPRESENTATIVE Allianz Global Investors Asia Pacific Limited has been appointed to act as a distributor in Hong Kong, as well as the Hong Kong Representative, to assist in the promotion of Shares of the Company. The Hong Kong Distributor may enter into arrangements with Sub-Distributors to market and place each of the Sub-Fund s Shares in various countries throughout the world except the United States or other areas subject to its jurisdiction (subject to certain exceptions) and where prohibited. The Company will at all times comply with all obligations imposed by any applicable laws, rules and regulations with respect to the prevention of money laundering and, in particular, with the CSSF Circular 08/387 of 19 December 2008, as they may be amended or revised from time to time, and will furthermore adopt procedures designed to ensure, to the extent applicable, that it shall comply with the foregoing undertaking. The Hong Kong Distributor and the Sub-Distributors will at all times comply with relevant anti-money laundering laws, rules and regulations in their respective jurisdictions. 12

15 INVESTMENT IN THE SUB-FUNDS CLASS OF SHARES Shares in the Sub-Funds may be available in several Share Classes, currently Share Class A, Share Class AM, Share Class AT, Share Class P, Share Class PT, Share Class P8, Share Class PT8, Share Class I, Share Class IT, Share Class W and Share Class WT Shares. Subject to any decision at a general meeting, Share Classes A, P, P8, I and W are basically distribution Share Classes, and Share Classes AT, PT, PT8, IT and WT are basically accumulation share classes. Distribution Share Classes may contain the additional letter M indicating basically a monthly distribution, and these Share Classes may only be acquired by investors who are neither domiciled in nor permanent residents of the Federal Republic of Germany. Distribution Share Classes may contain the additional letter Q indicating basically a quarterly distribution unless otherwise specified. Share Class I Shares, Share Class IT Shares, Share Class W Shares, and Share Class WT Shares may only be acquired by legal entities, and may not be acquired in situations in which the subscriber of the Shares is a legal entity, but is acting as an intermediary for a third-party final beneficiary who is an individual. A written confirmation to that effect may be required prior to investing. 1 Generally, Shares Class A Shares and Share Class AT Shares, and in relation to the Allianz Asian Multi-Income Plus, the USD denominated Share Classes, may only be acquired by investors who are neither domiciled in nor permanent residents of the Federal Republic of Germany. 2 The Company may issue Shares in a Share Class with a Reference Currency different to the Base Currency of the Sub-Fund. The Company may seek to hedge to a large extent currency exposure against the Reference Currency in respect of certain Share Classes. All profits, losses and expenses associated with such a currency hedging transaction entered into in relation to one or more Share Classes will be allocated solely to the applicable Share Class or Classes. There is no guarantee that attempts to hedge currency risk will be successful or that any hedging strategy will eliminate currency risk entirely. The respective Reference Currency of a Share Class can be found in brackets after the share class type [e.g. for share class type A and Reference Currency USD: A (USD)]. If a Share Class seeks to hedge against the Reference Currency, a H is placed in front of the Reference Currency [e.g. for share class type A and Reference Currency USD that hedges against the Reference Currency: A (H-USD)]. The Company may issue Shares in a Share Class with a Reference Currency different to the Base Currency of the Sub-Fund. The Company may seek to hedge to a large extent the Base Currency against the Reference Currency in respect of certain Share Classes. All profits, losses and expenses associated with such a currency hedging transaction entered into in relation to one or more Share Classes will be allocated solely to the applicable Share Class or Classes. There is no guarantee that attempts to hedge the Base Currency against the Reference Currency will be successful. The respective Reference Currency of a Share Class can be found in brackets after the share class type [e.g. for share class type A and Reference Currency USD: A (USD)]. If a Share Class seeks to hedge the Base Currency against the Reference Currency, a H2 is placed in front of the Reference Currency [e.g. for share class type A of a Sub-Fund with Base Currency EUR that hedges against the Reference Currency USD: A (H2-USD)]. The Company may issue Shares in a Share Class with a Hedging Currency different to the Reference Currency of the Sub-Fund. The Company may seek to hedge to a large extent the currency exposure against the Hedging Currency in respect of certain Share Classes. All profits, losses and expenses associated with such a currency hedging transaction entered into in relation to one or more Share Classes will be allocated solely to the applicable Share Class or Classes. There is no guarantee that 1 2 The Hong Kong Representative may require investors to submit additional information documentation (at the investors cost) to substantiate that the investor is a legal entity. The decision of the Hong Kong Representative shall be final. The Hong Kong Representative may require investors to submit additional information documentation (at the investors cost) regarding its domicile or place of residence. The decision of the Hong Kong Representative shall be final. 13

16 attempts to hedge currency risk will be successful or that any hedging strategy will eliminate currency risk entirely. If a Share Class seeks to hedge against the Hedging Currency, a H and the respective Hedging Currency is placed after the respective Reference Currency [e.g. for share class type A, Reference Currency USD and Hedging Currency JPY: A (USD H-JPY)]. The Company may issue Shares in a Share Class with a Reference Currency different to the Base Currency of the Sub-Fund. The Company may seek to hedge to a large extent the Base Currency against the Hedging Currency in respect of certain Share Classes. All profits, losses and expenses associated with such a currency hedging transaction entered into in relation to one or more Share Classes will be allocated solely to the applicable Share Class or Classes. There is no guarantee that attempts to hedge the Base Currency against the Hedging Currency will be successful. The respective Reference Currency of a Share Class can be found in brackets after the share class type [e.g. for share class type A and Reference Currency USD: A (USD)]. If a Share Class seeks to hedge the Base Currency against the Hedging Currency, a H2 is placed between the Reference Currency [e.g. for share class type A of a Sub-Fund with Base Currency EUR, Reference Currency USD that hedges against the Hedging Currency JPY: A (USD H2-JPY)]. The Company may issue Shares in a Share Class with a Reference Currency different to the Base Currency of the Sub-Fund. The Company may seek to hedge to a large extent the Reference Currency against the Hedging Currency in respect of certain Share Classes. All profits, losses and expenses associated with such a currency hedging transaction entered into in relation to one or more Share Classes will be allocated solely to the applicable Share Class or Classes. There is no guarantee that attempts to hedge the Reference Currency against the Hedging Currency will be successful. The respective Reference Currency of a Share Class can be found in brackets after the share class type [e.g. for share class type A and Reference Currency USD: A (USD)]. If a Share Class seeks to hedge the Reference Currency against the Hedging Currency, a H3 is placed between the Reference Currency [e.g. for share class type A of a Sub-Fund with Base Currency EUR, Reference Currency USD that hedges against the Hedging Currency JPY: A (USD H3-JPY)]. The Company may also seek to hedge against the risk of interest rate movements of certain Share Classes by reducing the duration to a pre-defined target duration. The pre-defined target duration shall be between zero and six months. In case of volumes of the Share Class assets below 5 million Euro the actual duration might exceed temporarily six months. Again, all profits, losses and expenses associated with such a hedging transaction will be allocated solely to the applicable Share Class or Classes. The Company will use derivatives as described in Appendix IIA No. 1.d) based on Interestbearing Securities or interest rates as underlying as hedging transactions. There is no guarantee that the duration hedging will reduce the risk of Share Class sensitivity to losses caused by changes in interest rate movements entirely. Especially, credit risks will not be hedged compared to the base portfolio. If a Share Class seeks to hedge against the risk of interest rate movements by reducing the duration to the pre-defined target duration, the Share Class will contain the additional letters HD [e.g. for share class type A, Reference Currency USD: A--HD (USD)]. Share Classes which seek to hedge against the risk of interest rate movements of certain Share Classes by reducing the duration to a predefined target duration will only be launched for Sub-Funds which invest at least 51% of the Sub- Fund s assets in Interest-bearing Securities, money market instruments, cash and/or UCITS or other UCI which invest predominantly into the aforementioned assets. The fee structure for the different Share Classes of Shares is set out in the section headed FEES AND CHARGES and the minimum investment amounts are set out in the section headed MINIMUM SUBSCRIPTION, REDEMPTION, HOLDING AND CONVERSION AMOUNTS. Further details of the available Share Classes and available Share Class reference currencies for each Sub-Fund may be obtained from the Hong Kong Distributor. 14

17 MINIMUM SUBSCRIPTION, REDEMPTION, HOLDING AND CONVERSION AMOUNTS The minimum initial subscription, subsequent investment, holding and redemption amounts in any one Sub-Fund are listed in the table below. Class of Shares Minimum Initial Investment Minimum Subsequent Investment Minimum Holding Amount Minimum Redemption Amount * 1 Share Class A, AT and AM Shares USD* 2 USD5,000 USD1,000 USD3,000 USD1,000 EUR EUR5,000 EUR1,000 EUR3,000 EUR1,000 HKD HKD50,000 HKD10,000 HKD30,000 HKD10,000 Share Class P and PT Shares USD* 2 USD500,000 USD500,000 USD500,000 USD500,000 EUR EUR500,000 EUR500,000 EUR500,000 EUR500,000 HKD HKD5,000,000 HKD5,000,000 HKD5,000,000 HKD5,000,000 Share Class P8 and PT8 Shares USD* 2 USD500,000 USD500,000 USD500,000 USD500,000 EUR EUR500,000 EUR500,000 EUR500,000 EUR500,000 HKD HKD5,000,000 HKD5,000,000 HKD5,000,000 HKD5,000,000 Share Class I and IT Shares USD* 2 USD2,000,000 USD500,000 USD1,000,000 USD500,000 EUR EUR2,000,000 EUR500,000 EUR1,000,000 EUR500,000 HKD HKD20,000,000 HKD5,000,000 HKD10,000,000 HKD5,000,000 Share Class W and WT Shares USD* 2 USD10,000,000 USD500,000 USD10,000,000 USD500,000 EUR EUR10,000,000 EUR500,000 EUR10,000,000 EUR500,000 HKD HKD100,000,000 HKD5,000,000 HKD100,000,000 HKD5,000,000 * 1 Or such lesser amount as may constitute the whole of a Shareholder s holding. * 2 Or an equivalent amount in AUD, CAD, CHF, GBP, JPY, NZD or SGD The Company or the Hong Kong Distributor/Hong Kong Representative may refuse to accept redemption, conversion or transfer instructions if they result in a holding in the relevant Share Class which has a value less than the minimum holding amount set out in the table above. Redemption requests having the effect of reducing the value of shareholding below the minimum holding amounts may be treated by the Company or the Hong Kong Distributor/Hong Kong Representative as a request to redeem the Shareholder s entire shareholding. These minima may be waived or varied at the discretion of the Company or the Hong Kong Distributor/Hong Kong Representative, for any particular case, or any particular Sub-Distributor or generally. 15

18 DEALING DEADLINE Unless determined otherwise by the Hong Kong Distributor/Hong Kong Representative, in order for instructions for subscriptions, redemptions, conversions and transfers to be effected on a particular Valuation Day, such instructions must be received by the Hong Kong Distributor/Hong Kong Representative before the relevant dealing deadlines set out below (the Dealing Deadline ): - 5:00 p.m. Hong Kong time on any Valuation Day which is also a Hong Kong Business Day. SUBSCRIPTION FOR THE SUB-FUNDS Shares are made available through the Hong Kong Distributor/Hong Kong Representative and Sub- Distributors on each Valuation Day. Initial subscription applications must be made in person, using the Investment Account Opening & Application Form or such other documentation satisfactory to the Hong Kong Distributor/Hong Kong Representative, accompanied by the relevant supporting documents as the Hong Kong Distributor/Hong Kong Representative may require. For investors subscribing for Shares through the Hong Kong Distributor/Hong Kong Representative, there will be a nominee service via Allianz Global Investors Nominee Services Limited which is offered at no additional charge and which investors are strongly advised to use (see below USE OF NOMINEE SERVICE ). Subsequent subscription applications may be made by using the Subscription Form or such other forms or means acceptable to the Hong Kong Distributor/Hong Kong Representative once the Investment Account Opening & Application Form has been completed. Neither the Company nor the Hong Kong Distributor/Hong Kong Representative shall be responsible for any loss arising from the non-receipt of any applications. In order for subscription instructions to be effected on a particular Valuation Day, such instructions must be received by the Hong Kong Distributor/Hong Kong Representative before the Dealing Deadline as described in the section headed DEALING DEADLINE. Applications received after the Dealing Deadline will be effected on the next relevant Valuation Day which is also a Hong Kong Business Day. Shares of each Sub-Fund may be issued by the Company on each Valuation Day. Subscriptions will be effected at the Subscription Price of such Share Class of such Sub-Fund as determined on the relevant Valuation Day to which the subscription application relates. Minimum initial and subsequent investment amounts apply as set out in the section headed MINIMUM SUBSCRIPTION, REDEMPTION, HOLDING AND CONVERSION AMOUNTS. No Shares of any Share Class in any Sub-Fund will be issued during any period when the calculation of the NAV per Share in such Sub-Fund is suspended by the Company (see below SUSPENSION OF DETERMINATION OF NAV AND SHARE ISSUE, REDEMPTION AND CONVERSION ). The procedures for subscription (and for redemption and conversion) may vary depending upon the Sub-Distributors through whom an investor chooses to subscribe for Shares. Investors should consult the relevant Sub-Distributor before placing orders in any Sub-Fund. Subject to acceptance of the application for subscription by the Company, Shares of the subscribed Sub-Fund(s) will be issued to the investors and registered in non- certificated form in accordance with the details provided by the investors on the Investment Account Opening & Application Form. Confirmation/contract notes will be issued to the Shareholders confirming their investments. Each of the Company and the Hong Kong Representative reserves the right to reject any subscription application in whole or in part without being liable to the investors for any direct or indirect loss or consequence. In such circumstances, the subscription monies paid, or the balance thereof, will normally be returned to the applicant without interest. Applications for the issue of Shares are irrevocable except in the case of the suspension of the calculation of the NAV of the respective Shares during such suspensions. 16