UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number
|
811-22067
|
|
AllianzGI Global Equity & Convertible Income Fund
|
(Exact name of registrant as specified in charter)
|
|
1633 Broadway, New York, New York
|
|
10019
|
(Address of principal executive offices)
|
|
(Zip code)
|
|
Lawrence G. Altadonna 1633 Broadway, New York, New York 10019
|
(Name and address of agent for service)
|
|
Registrants telephone number, including area code:
|
212-739-3371
|
|
|
Date of fiscal year end:
|
August 31, 2013
|
|
|
Date of reporting period:
|
May 31, 2013
|
|
|
|
|
|
|
|
|
|
|
Item 1. Schedule of Investments
AllianzGI Global Equity & Convertible Income Fund Schedule of Investments
May 31, 2013 (unaudited)
Shares
|
|
|
|
Value*
|
|
COMMON STOCK77.1%
|
|
|
|
|
|
Australia
2.2%
|
|
|
|
|
|
Airlines
0.2%
|
|
|
|
152,554
|
|
Qantas Airways Ltd. (a)
|
|
$230,763
|
|
|
|
|
|
|
|
|
|
Biotechnology
0.9%
|
|
|
|
17,462
|
|
CSL Ltd. (b)
|
|
993,598
|
|
|
|
|
|
|
|
|
|
Construction & Engineering
0.2%
|
|
|
|
14,173
|
|
Leighton Holdings Ltd.
|
|
235,225
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services
0.5%
|
|
|
|
139,994
|
|
Challenger Ltd.
|
|
537,423
|
|
|
|
|
|
|
|
|
|
Metals & Mining
0.4%
|
|
|
|
58,602
|
|
Arrium Ltd.
|
|
44,256
|
|
13,924
|
|
BHP Billiton Ltd.
|
|
454,572
|
|
|
|
|
|
498,828
|
|
|
|
Austria
0.1%
|
|
|
|
|
|
Building Products
0.0%
|
|
|
|
3,027
|
|
Wienerberger AG
|
|
37,952
|
|
|
|
|
|
|
|
|
|
Metals & Mining
0.1%
|
|
|
|
2,316
|
|
Voestalpine AG
|
|
76,753
|
|
|
|
|
|
|
|
|
|
Belgium
0.1%
|
|
|
|
|
|
Chemicals
0.1%
|
|
|
|
5,374
|
|
Tessenderlo Chemie NV
|
|
152,707
|
|
|
|
|
|
|
|
|
|
Bermuda
0.4%
|
|
|
|
|
|
Insurance
0.4%
|
|
|
|
20,240
|
|
Assured Guaranty Ltd.
|
|
457,829
|
|
|
|
|
|
|
|
|
|
Brazil
0.4%
|
|
|
|
|
|
Metals & Mining
0.4%
|
|
|
|
32,439
|
|
Vale S.A., Class B, ADR
|
|
467,122
|
|
|
|
|
|
|
|
|
|
Canada
0.1%
|
|
|
|
|
|
Communications Equipment
0.1%
|
|
|
|
9,100
|
|
Research In Motion Ltd. (a)
|
|
126,945
|
|
|
|
|
|
|
|
|
|
China
0.2%
|
|
|
|
|
|
Electronic Equipment, Instruments
0.1%
|
|
|
|
36,600
|
|
Kingboard Chemical Holdings Ltd.
|
|
78,316
|
|
|
|
|
|
|
|
|
|
Independent Power Producers
0.1%
|
|
|
|
38,000
|
|
China Resources Power Holdings Co., Ltd.
|
|
100,314
|
|
|
|
|
|
|
|
|
|
Paper & Forest Products
0.0%
|
|
|
|
112,000
|
|
Lee & Man Paper Manufacturing Ltd.
|
|
74,045
|
|
|
|
|
|
|
|
|
|
Denmark
0.1%
|
|
|
|
|
|
Construction & Engineering
0.1%
|
|
|
|
2,000
|
|
FLSmidth & Co. AS
|
|
99,777
|
|
|
|
|
|
|
|
|
|
Finland
0.2%
|
|
|
|
|
|
Communications Equipment
0.0%
|
|
|
|
7,353
|
|
Nokia Oyj (a)
|
|
24,598
|
|
|
|
|
|
|
|
|
|
Food & Staples Retailing
0.2%
|
|
|
|
4,984
|
|
Kesko Oyj, Class B
|
|
151,010
|
|
|
|
|
|
|
|
|
|
France
1.7%
|
|
|
|
|
|
Airlines
0.0%
|
|
|
|
4,355
|
|
Air France - KLM (a)
|
|
41,908
|
|
|
|
|
|
|
|
|
|
Automobiles
0.2%
|
|
|
|
9,874
|
|
Peugeot S.A. (a)
|
|
86,931
|
|
1,838
|
|
Renault S.A.
|
|
141,857
|
|
|
|
|
|
228,788
|
|
|
|
Commercial Banks
0.4%
|
|
|
|
4,922
|
|
BNP Paribas S.A.
|
|
288,034
|
|
12,598
|
|
Credit Agricole S.A. (a)
|
|
118,117
|
|
|
|
|
|
406,151
|
|
|
|
Diversified Telecommunication
0.4%
|
|
|
|
47,233
|
|
France Telecom S.A. (b)
|
|
479,019
|
|
|
|
|
|
|
|
|
|
Electrical Equipment
0.2%
|
|
|
|
4,912
|
|
Alstom S.A.
|
|
184,874
|
|
|
|
|
|
|
|
|
|
Household Durables
0.1%
|
|
|
|
2,043
|
|
SEB S.A.
|
|
160,726
|
|
AllianzGI Global Equity & Convertible Income Fund Schedule of Investments
May 31, 2013 (unaudited) (continued)
Shares
|
|
|
|
Value*
|
|
|
|
Metals & Mining
0.0%
|
|
|
|
154
|
|
APERAM
|
|
$2,069
|
|
3,088
|
|
ArcelorMittal
|
|
39,024
|
|
|
|
|
|
41,093
|
|
|
|
Oil, Gas & Consumable Fuels
0.4%
|
|
|
|
8,490
|
|
Total S.A.
|
|
424,359
|
|
|
|
|
|
|
|
|
|
Germany
2.1%
|
|
|
|
|
|
Airlines
0.4%
|
|
|
|
23,665
|
|
Deutsche Lufthansa AG (a)
|
|
507,729
|
|
|
|
|
|
|
|
|
|
Automobiles
1.0%
|
|
|
|
17,212
|
|
Daimler AG (b)
|
|
1,093,204
|
|
|
|
|
|
|
|
|
|
Chemicals
0.3%
|
|
|
|
7,688
|
|
K+S AG
|
|
323,932
|
|
|
|
|
|
|
|
|
|
Industrial Conglomerates
0.1%
|
|
|
|
1,496
|
|
Siemens AG
|
|
157,697
|
|
|
|
|
|
|
|
|
|
Metals & Mining
0.1%
|
|
|
|
1,548
|
|
Salzgitter AG
|
|
58,514
|
|
|
|
|
|
|
|
|
|
Multi-Utilities
0.0%
|
|
|
|
568
|
|
RWE AG
|
|
19,381
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment
0.2%
|
|
|
|
2,911
|
|
Aixtron AG (a)
|
|
51,641
|
|
15,947
|
|
Infineon Technologies AG
|
|
135,690
|
|
|
|
|
|
187,331
|
|
|
|
Greece
0.0%
|
|
|
|
|
|
Commercial Banks
0.0%
|
|
|
|
403
|
|
National Bank of Greece S.A. (a)
|
|
2,776
|
|
|
|
|
|
|
|
|
|
Hong Kong
2.0%
|
|
|
|
|
|
Airlines
0.3%
|
|
|
|
197,000
|
|
Cathay Pacific Airways Ltd.
|
|
365,483
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services
0.1%
|
|
|
|
8,000
|
|
Hong Kong Exchanges & Clearing Ltd.
|
|
133,922
|
|
|
|
|
|
|
|
|
|
Electric Utilities
0.4%
|
|
|
|
59,000
|
|
Cheung Kong Infrastructure Holdings Ltd.
|
|
408,981
|
|
|
|
|
|
|
|
|
|
Industrial Conglomerates
0.2%
|
|
|
|
3,600
|
|
Jardine Matheson Holdings Ltd.
|
|
236,251
|
|
|
|
|
|
|
|
|
|
Marine
0.1%
|
|
|
|
10,500
|
|
Orient Overseas International Ltd.
|
|
66,009
|
|
|
|
|
|
|
|
|
|
Real Estate Management & Development
0.7%
|
|
|
|
41,000
|
|
Hang Lung Group Ltd.
|
|
223,687
|
|
118,000
|
|
New World Development Co., Ltd.
|
|
187,022
|
|
28,000
|
|
Swire Pacific Ltd., Class A
|
|
354,526
|
|
19,600
|
|
Swire Properties Ltd.
|
|
60,925
|
|
|
|
|
|
826,160
|
|
|
|
Semiconductors & Semiconductor Equipment
0.2%
|
|
|
|
16,500
|
|
ASM Pacific Technology Ltd.
|
|
198,073
|
|
|
|
|
|
|
|
|
|
Specialty Retail
0.0%
|
|
|
|
19,981
|
|
Esprit Holdings Ltd.
|
|
30,408
|
|
|
|
|
|
|
|
|
|
Ireland
0.5%
|
|
|
|
|
|
Banks
0.0%
|
|
|
|
20,740
|
|
Irish Bank Resolution Corp., Ltd. (a)(c)
|
|
269
|
|
|
|
|
|
|
|
|
|
Insurance
0.5%
|
|
|
|
9,738
|
|
Permanent TSB Group Holdings PLC (a)
|
|
444
|
|
19,230
|
|
XL Group PLC, Class A
|
|
604,399
|
|
|
|
|
|
604,843
|
|
|
|
Israel
0.1%
|
|
|
|
|
|
Pharmaceuticals
0.1%
|
|
|
|
3,501
|
|
Teva Pharmaceutical Industries Ltd., ADR
|
|
133,738
|
|
|
|
|
|
|
|
|
|
Italy
0.6%
|
|
|
|
|
|
Electric Utilities
0.2%
|
|
|
|
54,358
|
|
Enel SpA
|
|
204,599
|
|
|
|
|
|
|
|
|
|
Household Durables
0.1%
|
|
|
|
14,735
|
|
Indesit Co. SpA
|
|
120,522
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels
0.3%
|
|
|
|
13,395
|
|
ENI SpA
|
|
304,622
|
|
AllianzGI Global Equity & Convertible Income Fund Schedule of Investments
May 31, 2013 (unaudited) (continued)
Shares
|
|
|
|
Value*
|
|
|
|
Japan
5.2%
|
|
|
|
|
|
Auto Components
0.1%
|
|
|
|
5,800
|
|
Tokai Rika Co., Ltd.
|
|
$107,011
|
|
|
|
|
|
|
|
|
|
Commercial Banks
0.5%
|
|
|
|
169,000
|
|
Hokuhoku Financial Group, Inc.
|
|
332,931
|
|
4,896
|
|
Sumitomo Mitsui Financial Group, Inc.
|
|
193,293
|
|
|
|
|
|
526,224
|
|
|
|
Computers & Peripherals
0.0%
|
|
|
|
13,000
|
|
Toshiba Corp.
|
|
61,161
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services
0.1%
|
|
|
|
4,900
|
|
ORIX Corp.
|
|
64,984
|
|
|
|
|
|
|
|
|
|
Diversified Telecommunication
0.1%
|
|
|
|
2,100
|
|
Nippon Telegraph & Telephone Corp.
|
|
103,572
|
|
|
|
|
|
|
|
|
|
Electronic Equipment, Instruments
0.3%
|
|
|
|
3,500
|
|
FUJIFILM Holdings Corp.
|
|
72,230
|
|
5,500
|
|
Mitsumi Electric Co., Ltd.
|
|
37,016
|
|
23,000
|
|
Nippon Chemi-Con Corp.
|
|
80,853
|
|
14,000
|
|
Star Micronics Co., Ltd.
|
|
147,713
|
|
|
|
|
|
337,812
|
|
|
|
Health Care Equipment & Supplies
0.2%
|
|
|
|
7,000
|
|
Olympus Corp.
|
|
207,863
|
|
|
|
|
|
|
|
|
|
Household Durables
0.2%
|
|
|
|
13,300
|
|
Sony Corp.
|
|
262,977
|
|
|
|
|
|
|
|
|
|
Leisure Equipment & Products
0.4%
|
|
|
|
5,000
|
|
Nikon Corp.
|
|
131,214
|
|
7,900
|
|
Sankyo Co., Ltd.
|
|
346,733
|
|
|
|
|
|
477,947
|
|
|
|
Machinery
0.2%
|
|
|
|
5,000
|
|
Glory Ltd.
|
|
126,324
|
|
4,700
|
|
Shima Seiki Manufacturing Ltd.
|
|
105,375
|
|
|
|
|
|
231,699
|
|
|
|
Marine
0.3%
|
|
|
|
71,000
|
|
Mitsui OSK Lines Ltd.
|
|
252,166
|
|
32,000
|
|
Nippon Yusen KK
|
|
82,045
|
|
|
|
|
|
334,211
|
|
|
|
Metals & Mining
0.3%
|
|
|
|
4,300
|
|
JFE Holdings, Inc.
|
|
88,369
|
|
84,160
|
|
Nippon Steel & Sumitomo Metal Corp.
|
|
210,982
|
|
|
|
|
|
299,351
|
|
|
|
Pharmaceuticals
0.1%
|
|
|
|
6,000
|
|
Chugai Pharmaceutical Co., Ltd.
|
|
120,207
|
|
3,300
|
|
Daiichi Sankyo Co., Ltd.
|
|
54,180
|
|
|
|
|
|
174,387
|
|
|
|
Road & Rail
0.1%
|
|
|
|
1,700
|
|
East Japan Railway Co.
|
|
125,886
|
|
|
|
|
|
|
|
|
|
Software
0.0%
|
|
|
|
300
|
|
Nintendo Co., Ltd.
|
|
29,627
|
|
|
|
|
|
|
|
|
|
Specialty Retail
0.1%
|
|
|
|
3,000
|
|
Aoyama Trading Co., Ltd.
|
|
82,945
|
|
|
|
|
|
|
|
|
|
Tobacco
0.1%
|
|
|
|
3,200
|
|
Japan Tobacco, Inc.
|
|
108,906
|
|
|
|
|
|
|
|
|
|
Trading Companies & Distribution
1.7%
|
|
|
|
54,000
|
|
ITOCHU Corp.
|
|
669,200
|
|
70,000
|
|
Marubeni Corp.
|
|
483,335
|
|
26,000
|
|
Mitsui & Co., Ltd.
|
|
325,621
|
|
36,900
|
|
Sumitomo Corp.
|
|
461,351
|
|
|
|
|
|
1,939,507
|
|
|
|
Wireless Telecommunication Services
0.4%
|
|
|
|
10,000
|
|
KDDI Corp.
|
|
451,140
|
|
|
|
|
|
|
|
|
|
Netherlands
0.1%
|
|
|
|
|
|
Diversified Financial Services
0.1%
|
|
|
|
14,541
|
|
ING Groep NV (a)
|
|
135,590
|
|
|
|
|
|
|
|
|
|
New Zealand
0.2%
|
|
|
|
|
|
Construction Materials
0.2%
|
|
|
|
27,259
|
|
Fletcher Building Ltd.
|
|
180,355
|
|
AllianzGI Global Equity & Convertible Income Fund Schedule of Investments
May 31, 2013 (unaudited) (continued)
Shares
|
|
|
|
Value*
|
|
|
|
Norway
0.5%
|
|
|
|
|
|
Chemicals
0.4%
|
|
|
|
10,500
|
|
Yara International ASA
|
|
$468,869
|
|
|
|
|
|
|
|
|
|
Energy Equipment & Services
0.1%
|
|
|
|
3,400
|
|
TGS Nopec Geophysical Co. ASA
|
|
118,683
|
|
|
|
|
|
|
|
|
|
Singapore
1.1%
|
|
|
|
|
|
Airlines
0.3%
|
|
|
|
40,000
|
|
Singapore Airlines Ltd.
|
|
338,926
|
|
|
|
|
|
|
|
|
|
Commercial Banks
0.2%
|
|
|
|
36,000
|
|
Oversea-Chinese Banking Corp. Ltd.
|
|
293,265
|
|
|
|
|
|
|
|
|
|
Distributors
0.3%
|
|
|
|
9,000
|
|
Jardine Cycle & Carriage Ltd.
|
|
331,851
|
|
|
|
|
|
|
|
|
|
Electronic Equipment, Instruments
0.1%
|
|
|
|
26,000
|
|
Venture Corp., Ltd.
|
|
150,292
|
|
|
|
|
|
|
|
|
|
Real Estate Management & Development
0.1%
|
|
|
|
71,000
|
|
Wing Tai Holdings Ltd.
|
|
118,437
|
|
|
|
|
|
|
|
|
|
Transportation Infrastructure
0.1%
|
|
|
|
29,200
|
|
SATS Ltd.
|
|
75,101
|
|
|
|
|
|
|
|
|
|
Spain
0.8%
|
|
|
|
|
|
Construction & Engineering
0.2%
|
|
|
|
9,221
|
|
ACS Actividades de Construccion y Servicios S.A.
|
|
257,823
|
|
2,822
|
|
Sacyr Vallehermoso S.A. (a)
|
|
7,742
|
|
|
|
|
|
265,565
|
|
|
|
Diversified Telecommunication
0.6%
|
|
|
|
45,274
|
|
Telefonica S.A. (a)
|
|
622,924
|
|
|
|
|
|
|
|
|
|
Sweden
1.5%
|
|
|
|
|
|
Commercial Banks
0.3%
|
|
|
|
19,000
|
|
Nordea Bank AB
|
|
233,434
|
|
4,200
|
|
Swedbank AB, Class A
|
|
100,021
|
|
|
|
|
|
333,455
|
|
|
|
Household Durables
0.1%
|
|
|
|
5,400
|
|
Electrolux AB, Class B
|
|
145,428
|
|
|
|
|
|
|
|
|
|
Machinery
0.7%
|
|
|
|
20,200
|
|
Sandvik AB
|
|
282,968
|
|
16,000
|
|
Trelleborg AB, Class B
|
|
245,679
|
|
14,200
|
|
Volvo AB, Class B
|
|
207,223
|
|
|
|
|
|
735,870
|
|
|
|
Specialty Retail
0.4%
|
|
|
|
13,200
|
|
Hennes & Mauritz AB, Class B
|
|
451,596
|
|
|
|
|
|
|
|
|
|
Switzerland
1.8%
|
|
|
|
|
|
Biotechnology
0.3%
|
|
|
|
5,878
|
|
Actelion Ltd. (a)
|
|
351,105
|
|
|
|
|
|
|
|
|
|
Capital Markets
0.1%
|
|
|
|
2,840
|
|
Credit Suisse Group AG (a)
|
|
83,940
|
|
|
|
|
|
|
|
|
|
Energy Equipment & Services
0.2%
|
|
|
|
20,647
|
|
Weatherford International Ltd. (a)
|
|
278,528
|
|
|
|
|
|
|
|
|
|
Insurance
0.8%
|
|
|
|
3,450
|
|
Zurich Financial Services AG (a)(b)
|
|
912,410
|
|
|
|
|
|
|
|
|
|
Metals & Mining
0.1%
|
|
|
|
13,807
|
|
Glencore Xstrata PLC
|
|
67,148
|
|
|
|
|
|
|
|
|
|
Textiles, Apparel & Luxury Goods
0.3%
|
|
|
|
656
|
|
Swatch Group AG
|
|
373,881
|
|
|
|
|
|
|
|
|
|
United Kingdom
8.0%
|
|
|
|
|
|
Aerospace & Defense
0.1%
|
|
|
|
11,929
|
|
BAE Systems PLC
|
|
72,922
|
|
|
|
|
|
|
|
|
|
Capital Markets
0.1%
|
|
|
|
17,856
|
|
3i Group PLC
|
|
91,734
|
|
|
|
|
|
|
|
|
|
Chemicals
0.0%
|
|
|
|
4,961
|
|
Alent PLC
|
|
27,765
|
|
|
|
|
|
|
|
|
|
Commercial Banks
0.5%
|
|
|
|
50,729
|
|
Barclays PLC
|
|
242,999
|
|
18,343
|
|
Lloyds TSB Group PLC (a)
|
|
17,049
|
|
5,193
|
|
Royal Bank of Scotland Group PLC (a)
|
|
26,223
|
|
9,470
|
|
Standard Chartered PLC
|
|
219,272
|
|
|
|
|
|
505,543
|
|
AllianzGI Global Equity & Convertible Income Fund Schedule of Investments
May 31, 2013 (unaudited) (continued)
Shares
|
|
|
|
Value*
|
|
|
|
Commercial Services & Supplies
0.3%
|
|
|
|
13,154
|
|
Aggreko PLC
|
|
$353,808
|
|
|
|
|
|
|
|
|
|
Food & Staples Retailing
0.3%
|
|
|
|
92,742
|
|
WM Morrison Supermarkets PLC (b)
|
|
385,244
|
|
|
|
|
|
|
|
|
|
Industrial Conglomerates
0.1%
|
|
|
|
4,730
|
|
Smiths Group PLC
|
|
98,389
|
|
|
|
|
|
|
|
|
|
Insurance
0.9%
|
|
|
|
221,798
|
|
Old Mutual PLC
|
|
684,986
|
|
45,432
|
|
Standard Life PLC
|
|
268,768
|
|
|
|
|
|
953,754
|
|
|
|
Machinery
0.0%
|
|
|
|
4,961
|
|
Vesuvius PLC
|
|
28,519
|
|
|
|
|
|
|
|
|
|
Metals & Mining
1.3%
|
|
|
|
6,416
|
|
Anglo American PLC
|
|
147,005
|
|
36,554
|
|
BHP Billiton PLC (b)
|
|
1,051,117
|
|
5,372
|
|
Rio Tinto PLC
|
|
229,442
|
|
|
|
|
|
1,427,564
|
|
|
|
Multiline Retail
0.9%
|
|
|
|
26,858
|
|
Marks & Spencer Group PLC
|
|
190,073
|
|
12,486
|
|
Next PLC
|
|
873,171
|
|
|
|
|
|
1,063,244
|
|
|
|
Oil, Gas & Consumable Fuels
2.1%
|
|
|
|
16,993
|
|
BG Group PLC
|
|
310,123
|
|
|
|
Royal Dutch Shell PLC,
|
|
|
|
16,201
|
|
Class A
|
|
539,183
|
|
45,399
|
|
Class B (b)
|
|
1,565,037
|
|
|
|
|
|
2,414,343
|
|
|
|
Professional Services
0.1%
|
|
|
|
14,108
|
|
Michael Page International PLC
|
|
81,943
|
|
|
|
|
|
|
|
|
|
Specialty Retail
0.2%
|
|
|
|
16,621
|
|
Game Group PLC (a)(c)
|
|
253
|
|
72,326
|
|
Howden Joinery Group PLC
|
|
256,246
|
|
|
|
|
|
256,499
|
|
|
|
Tobacco
0.7%
|
|
|
|
14,650
|
|
British American Tobacco PLC (b)
|
|
804,999
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services
0.4%
|
|
|
|
165,068
|
|
Vodafone Group PLC
|
|
478,386
|
|
|
|
|
|
|
|
|
|
United States
47.1%
|
|
|
|
|
|
Aerospace & Defense
1.9%
|
|
|
|
10,300
|
|
L-3 Communications Holdings, Inc.
|
|
876,427
|
|
45,800
|
|
Textron, Inc.
|
|
1,234,768
|
|
|
|
|
|
2,111,195
|
|
|
|
Auto Components
1.0%
|
|
|
|
31,200
|
|
Johnson Controls, Inc.
|
|
1,165,632
|
|
|
|
|
|
|
|
|
|
Automobiles
1.3%
|
|
|
|
82,000
|
|
Ford Motor Co.
|
|
1,285,760
|
|
5,837
|
|
General Motors Co. (a)
|
|
197,816
|
|
|
|
|
|
1,483,576
|
|
|
|
Beverages
2.2%
|
|
|
|
28,200
|
|
Coca-Cola Co.
|
|
1,127,718
|
|
15,600
|
|
Molson Coors Brewing Co., Class B
|
|
770,796
|
|
7,500
|
|
PepsiCo, Inc.
|
|
605,775
|
|
|
|
|
|
2,504,289
|
|
|
|
Biotechnology
1.2%
|
|
|
|
24,900
|
|
Gilead Sciences, Inc. (a)(b)
|
|
1,356,552
|
|
|
|
|
|
|
|
|
|
Chemicals
0.2%
|
|
|
|
2,600
|
|
Monsanto Co. (b)
|
|
261,664
|
|
|
|
|
|
|
|
|
|
Communications Equipment
3.1%
|
|
|
|
5,266
|
|
Aviat Networks, Inc. (a)
|
|
13,955
|
|
44,800
|
|
Cisco Systems, Inc.
|
|
1,078,784
|
|
5,984
|
|
EchoStar Corp., Class A (a)
|
|
237,624
|
|
21,200
|
|
Harris Corp.
|
|
1,062,756
|
|
17,000
|
|
Qualcomm, Inc.
|
|
1,079,160
|
|
|
|
|
|
3,472,279
|
|
AllianzGI Global Equity & Convertible Income Fund Schedule of Investments
May 31, 2013 (unaudited) (continued)
Shares
|
|
|
|
Value*
|
|
|
|
Computers & Peripherals
2.4%
|
|
|
|
2,400
|
|
Apple, Inc.
|
|
$1,079,232
|
|
51,700
|
|
EMC Corp. (a)
|
|
1,280,092
|
|
9,694
|
|
NetApp, Inc. (a)
|
|
363,816
|
|
|
|
|
|
2,723,140
|
|
|
|
Diversified Telecommunication Services
1.1%
|
|
|
|
6,769
|
|
Frontier Communications Corp.
|
|
28,024
|
|
25,600
|
|
Verizon Communications, Inc.
|
|
1,241,088
|
|
|
|
|
|
1,269,112
|
|
|
|
Electric Utilities
1.2%
|
|
|
|
13,855
|
|
Entergy Corp.
|
|
954,332
|
|
11,625
|
|
Exelon Corp.
|
|
364,328
|
|
|
|
|
|
1,318,660
|
|
|
|
Electronic Equipment, Instruments & Components
0.9%
|
|
|
|
13,500
|
|
Amphenol Corp., Class A (b)
|
|
1,051,650
|
|
|
|
|
|
|
|
|
|
Energy Equipment & Services
2.8%
|
|
|
|
9,700
|
|
Diamond Offshore Drilling, Inc.
|
|
667,457
|
|
15,500
|
|
National Oilwell Varco, Inc.
|
|
1,089,650
|
|
20,100
|
|
Schlumberger Ltd.
|
|
1,467,903
|
|
|
|
|
|
3,225,010
|
|
|
|
Food Products
1.0%
|
|
|
|
34,884
|
|
Archer-Daniels-Midland Co.
|
|
1,124,311
|
|
|
|
|
|
|
|
|
|
Health Care Equipment & Supplies
2.0%
|
|
|
|
15,600
|
|
Baxter International, Inc. (b)
|
|
1,097,148
|
|
2,300
|
|
Intuitive Surgical, Inc. (a)
|
|
1,144,319
|
|
|
|
|
|
2,241,467
|
|
|
|
Health Care Providers & Services
1.1%
|
|
|
|
10,800
|
|
McKesson Corp.
|
|
1,229,688
|
|
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure
1.0%
|
|
|
|
11,900
|
|
McDonalds Corp.
|
|
1,149,183
|
|
|
|
|
|
|
|
|
|
Household Products
1.1%
|
|
|
|
16,500
|
|
Procter & Gamble Co.
|
|
1,266,540
|
|
|
|
|
|
|
|
|
|
Independent Power Producers & Energy Traders
0.9%
|
|
|
|
38,461
|
|
NRG Energy, Inc.
|
|
981,525
|
|
|
|
|
|
|
|
|
|
Industrial Conglomerates
1.3%
|
|
|
|
62,026
|
|
General Electric Co.
|
|
1,446,446
|
|
|
|
|
|
|
|
|
|
Insurance
2.0%
|
|
|
|
2,679
|
|
American International Group, Inc. (a)
|
|
119,108
|
|
46,000
|
|
Genworth Financial, Inc., Class A (a)
|
|
497,260
|
|
11,760
|
|
MetLife, Inc.
|
|
519,910
|
|
17,000
|
|
Prudential Financial, Inc. (b)
|
|
1,172,490
|
|
|
|
|
|
2,308,768
|
|
|
|
Internet & Catalog Retail
0.2%
|
|
|
|
1,000
|
|
Amazon.com, Inc. (a)
|
|
269,030
|
|
|
|
|
|
|
|
|
|
Internet Software & Services
1.2%
|
|
|
|
1,600
|
|
Google, Inc., Class A (a)(b)
|
|
1,392,656
|
|
|
|
|
|
|
|
|
|
IT Services
1.2%
|
|
|
|
5,200
|
|
International Business Machines Corp.
|
|
1,081,704
|
|
1,600
|
|
Visa, Inc., Class A (b)
|
|
285,024
|
|
|
|
|
|
1,366,728
|
|
|
|
Machinery
2.8%
|
|
|
|
18,700
|
|
AGCO Corp.
|
|
1,037,289
|
|
2,221
|
|
Colfax Corp. (a)
|
|
110,828
|
|
14,200
|
|
Deere & Co. (b)
|
|
1,236,962
|
|
14,900
|
|
Joy Global, Inc.
|
|
805,792
|
|
|
|
|
|
3,190,871
|
|
|
|
Metals & Mining
0.7%
|
|
|
|
23,400
|
|
Freeport-McMoRan Copper & Gold, Inc.
|
|
726,570
|
|
|
|
|
|
|
|
|
|
Multiline Retail
1.2%
|
|
|
|
20,200
|
|
Target Corp. (b)
|
|
1,403,900
|
|
|
|
|
|
|
|
|
|
Multi-Utilities
1.1%
|
|
|
|
28,169
|
|
PG&E Corp.
|
|
1,265,070
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels
1.5%
|
|
|
|
5,500
|
|
Occidental Petroleum Corp.
|
|
506,385
|
|
19,400
|
|
Peabody Energy Corp.
|
|
381,598
|
|
18,800
|
|
Valero Energy Corp.
|
|
763,844
|
|
|
|
|
|
1,651,827
|
|
AllianzGI Global Equity & Convertible Income Fund Schedule of Investments
May 31, 2013 (unaudited) (continued)
Shares
|
|
|
|
Value*
|
|
|
|
Pharmaceuticals
2.5%
|
|
|
|
15,100
|
|
Abbott Laboratories
|
|
$553,717
|
|
29,000
|
|
Bristol-Myers Squibb Co. (b)
|
|
1,334,290
|
|
21,200
|
|
Merck & Co., Inc.
|
|
990,040
|
|
|
|
|
|
2,878,047
|
|
|
|
Semiconductors & Semiconductor Equipment
2.1%
|
|
|
|
48,000
|
|
Intel Corp.
|
|
1,165,440
|
|
33,900
|
|
Texas Instruments, Inc. (b)
|
|
1,216,671
|
|
|
|
|
|
2,382,111
|
|
|
|
Software
2.4%
|
|
|
|
41,200
|
|
Microsoft Corp.
|
|
1,437,056
|
|
36,900
|
|
Oracle Corp.
|
|
1,245,744
|
|
|
|
|
|
2,682,800
|
|
|
|
Specialty Retail
0.5%
|
|
|
|
7,500
|
|
Home Depot, Inc.
|
|
589,950
|
|
|
|
|
|
|
|
|
|
Total Common Stock (cost-$127,620,048)
|
|
87,589,899
|
|
|
|
|
|
|
|
CONVERTIBLE PREFERRED STOCK12.1%
|
|
|
|
|
|
Aerospace & Defense
0.4%
|
|
|
|
8,500
|
|
United Technologies Corp., 7.50%, 8/1/15
|
|
512,890
|
|
|
|
|
|
|
|
|
|
Airlines
0.6%
|
|
|
|
14,985
|
|
Continental Airlines Finance Trust II, 6.00%, 11/15/30
|
|
729,582
|
|
|
|
|
|
|
|
|
|
Auto Components
0.5%
|
|
|
|
10,700
|
|
Goodyear Tire & Rubber Co., 5.875%, 4/1/14
|
|
534,465
|
|
|
|
|
|
|
|
|
|
Automobiles
0.5%
|
|
|
|
60,000
|
|
Escrow GM Corp., 7/15/33 (a)(c)
|
|
|
|
11,800
|
|
General Motors Co., 4.75%, 12/1/13, Ser. B
|
|
575,958
|
|
|
|
|
|
575,958
|
|
|
|
Biotechnology0.4%
|
|
|
|
8,485
|
|
Credit Suisse, 8.00%, 5/9/14 (Gilead Sciences, Inc.) (f)
|
|
465,063
|
|
|
|
|
|
|
|
|
|
Capital Markets
0.4%
|
|
|
|
4,600
|
|
AMG Capital Trust I, 5.10%, 4/15/36
|
|
298,138
|
|
|
|
Escrow Lehman Brothers Holdings, Inc., (a)(c)(d),
|
|
|
|
42,200
|
|
6.00%, 10/12/10, Ser. GIS
|
|
78,508
|
|
9,300
|
|
28.00%, 3/6/09, Ser. RIG
|
|
78,354
|
|
|
|
|
|
455,000
|
|
|
|
Commercial Banks
0.5%
|
|
|
|
1,700
|
|
Fifth Third Bancorp, 8.50%, 6/30/13, Ser. G (e)
|
|
268,600
|
|
250
|
|
Wells Fargo & Co., 7.50%, 12/31/49, Ser. L (e)
|
|
313,750
|
|
|
|
|
|
582,350
|
|
|
|
Commercial Services & Supplies
0.4%
|
|
|
|
5,884
|
|
United Rentals, Inc., 6.50%, 8/1/28
|
|
413,719
|
|
|
|
|
|
|
|
|
|
Communications Equipment
0.9%
|
|
|
|
525
|
|
Lucent Technologies Capital Trust I, 7.75%, 3/15/17
|
|
491,925
|
|
8,080
|
|
The Goldman Sachs Group, Inc., 8.00%, 1/15/14 (QualComm) (f)
|
|
495,635
|
|
|
|
|
|
987,560
|
|
|
|
Computers & Peripherals
0.4%
|
|
|
|
18,785
|
|
JPMorgan Chase & Co., 7.50%, 3/24/14 (EMC Corp.) (f)
|
|
446,707
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services0.6%
|
|
|
|
600
|
|
Bank of America Corp., 7.25%, 12/31/49, Ser. L (e)
|
|
712,800
|
|
|
|
|
|
|
|
|
|
Electric Utilities
0.4%
|
|
|
|
4,900
|
|
NextEra Energy, Inc., 5.599%, 6/1/15
|
|
265,359
|
|
3,875
|
|
PPL Corp., 9.50%, 7/1/13
|
|
202,508
|
|
|
|
|
|
467,867
|
|
|
|
Food Products
0.9%
|
|
|
|
10,000
|
|
Bunge Ltd., 4.875%, 12/31/49 (e)
|
|
1,022,500
|
|
|
|
|
|
|
|
|
|
Health Care Providers & Services
0.5%
|
|
|
|
435
|
|
HealthSouth Corp., 6.50%, 12/31/49, Ser. A (e)
|
|
531,352
|
|
|
|
|
|
|
|
|
|
Insurance
0.9%
|
|
|
|
11,615
|
|
JPMorgan Chase & Co., 7.00%, 3/10/14 (American International Group, Inc.) (f)
|
|
483,997
|
|
9,500
|
|
MetLife, Inc., 5.00%, 3/26/14
|
|
505,495
|
|
|
|
|
|
989,492
|
|
AllianzGI Global Equity & Convertible Income Fund Schedule of Investments
May 31, 2013 (unaudited) (continued)
Shares
|
|
|
|
Value*
|
|
|
|
Internet & Catalog Retail
0.4%
|
|
|
|
660
|
|
Credit Suisse, 8.00%, 5/21/14 (Priceline.com) (f)
|
|
$526,258
|
|
|
|
|
|
|
|
|
|
IT Services
0.2%
|
|
|
|
4,000
|
|
Unisys Corp., 6.25%, 3/1/14
|
|
236,160
|
|
|
|
|
|
|
|
|
|
Machinery
0.2%
|
|
|
|
2,000
|
|
Stanley Black & Decker, Inc., 4.75%, 11/17/15
|
|
264,500
|
|
|
|
|
|
|
|
|
|
Metals & Mining
0.4%
|
|
|
|
21,140
|
|
ArcelorMittal, 6.00%, 1/15/16
|
|
449,555
|
|
|
|
|
|
|
|
|
|
Multi-Utilities
0.5%
|
|
|
|
11,000
|
|
AES Trust III, 6.75%, 10/15/29
|
|
551,540
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels
0.9%
|
|
|
|
8,300
|
|
Apache Corp., 6.00%, 8/1/13
|
|
388,357
|
|
4,700
|
|
ATP Oil & Gas Corp., 8.00%, 10/1/14 (e)(g)(h)
|
|
1,880
|
|
6,700
|
|
Chesapeake Energy Corp., 5.00%, 12/31/49 (e)
|
|
595,044
|
|
|
|
|
|
985,281
|
|
|
|
Real Estate Investment Trust
0.6%
|
|
|
|
10,700
|
|
Alexandria Real Estate Equities, Inc., 7.00%, 12/31/49 (e)
|
|
301,205
|
|
5,570
|
|
Health Care REIT, Inc., 6.50%, 4/20/18, Ser. I (e)
|
|
350,910
|
|
|
|
|
|
652,115
|
|
|
|
Road & Rail
0.6%
|
|
|
|
47,690
|
|
2010 Swift Mandatory Common Exchange Security Trust, 6.00%, 12/31/13 (h)
|
|
696,841
|
|
|
|
|
|
|
|
|
|
Total Convertible Preferred Stock (cost-$15,078,695)
|
|
13,789,555
|
|
Principal
Amount
(000s)
|
|
|
|
|
|
CONVERTIBLE BONDS & NOTES8.0%
|
|
|
|
|
|
Aerospace & Defense
0.3%
|
|
|
|
$190
|
|
GenCorp, Inc., 4.063%, 12/31/39
|
|
300,437
|
|
|
|
|
|
|
|
|
|
Biotechnology
0.1%
|
|
|
|
150
|
|
Dendreon Corp., 2.875%, 1/15/16
|
|
112,875
|
|
|
|
|
|
|
|
|
|
Capital Markets
0.9%
|
|
|
|
500
|
|
Ares Capital Corp., 5.75%, 2/1/16
|
|
551,250
|
|
475
|
|
BGC Partners, Inc., 4.50%, 7/15/16
|
|
494,000
|
|
|
|
|
|
1,045,250
|
|
|
|
Coal
0.4%
|
|
|
|
475
|
|
Alpha Appalachia Holdings, Inc., 3.25%, 8/1/15
|
|
472,625
|
|
|
|
|
|
|
|
|
|
Construction Materials
0.5%
|
|
|
|
505
|
|
Cemex S.A.B. de C.V., 4.875%, 3/15/15
|
|
609,787
|
|
|
|
|
|
|
|
|
|
Electrical Equipment
0.6%
|
|
|
|
495
|
|
EnerSys, 3.375%, 6/1/38 (i)
|
|
672,893
|
|
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure
0.7%
|
|
|
|
450
|
|
MGM Resorts International, 4.25%, 4/15/15
|
|
512,719
|
|
295
|
|
Morgans Hotel Group Co., 2.375%, 10/15/14
|
|
287,625
|
|
|
|
|
|
800,344
|
|
|
|
IT Services
0.6%
|
|
|
|
300
|
|
Alliance Data Systems Corp., 1.75%, 8/1/13
|
|
675,375
|
|
|
|
|
|
|
|
|
|
Machinery
1.1%
|
|
|
|
515
|
|
Greenbrier Cos, Inc., 3.50%, 4/1/18
|
|
541,716
|
|
150
|
|
Meritor, Inc., 7.875%, 3/1/26 (g)(h)
|
|
189,937
|
|
500
|
|
Navistar International Corp., 3.00%, 10/15/14
|
|
513,438
|
|
|
|
|
|
1,245,091
|
|
|
|
Marine
0.4%
|
|
|
|
550
|
|
DryShips, Inc., 5.00%, 12/1/14
|
|
497,750
|
|
|
|
|
|
|
|
|
|
Media
0.7%
|
|
|
|
|
|
Liberty Interactive LLC,
|
|
|
|
170
|
|
3.125%, 3/30/23
|
|
288,681
|
|
1,000
|
|
3.50%, 1/15/31
|
|
535,000
|
|
|
|
|
|
823,681
|
|
|
|
Metals & Mining
0.2%
|
|
|
|
200
|
|
Steel Dynamics, Inc., 5.125%, 6/15/14
|
|
221,250
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels
0.3%
|
|
|
|
485
|
|
Endeavour International Corp., 5.50%, 7/15/16
|
|
285,847
|
|
|
|
|
|
|
|
|
|
Real Estate Investment Trust
0.2%
|
|
|
|
250
|
|
Boston Properties LP, 3.75%, 5/15/36
|
|
277,814
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment
0.3%
|
|
|
|
300
|
|
SunPower Corp., 4.75%, 4/15/14
|
|
322,688
|
|
|
|
|
|
|
|
|
|
Software
0.1%
|
|
|
|
125
|
|
TeleCommunication Systems, Inc., 7.75%, 6/30/18
|
|
124,297
|
|
AllianzGI Global Equity & Convertible Income Fund Schedule of Investments
May 31, 2013 (unaudited) (continued)
Principal
Amount
(000s)
|
|
|
|
Value*
|
|
|
|
Thrifts & Mortgage Finance
0.6%
|
|
|
|
|
|
MGIC Investment Corp.,
|
|
|
|
$200
|
|
5.00%, 5/1/17
|
|
$215,875
|
|
395
|
|
9.00%, 4/1/63 (g)(h)
|
|
447,831
|
|
|
|
|
|
663,706
|
|
|
|
|
|
|
|
|
|
Total Convertible Bonds & Notes (cost-$8,586,502)
|
|
9,151,710
|
|
Shares
|
|
|
|
|
|
PREFERRED STOCK0.3%
|
|
|
|
|
|
Germany
0.3%
|
|
|
|
|
|
Automobiles
0.3%
|
|
|
|
3,950
|
|
Porsche Automobile Holding SE (cost-$899,346)
|
|
325,773
|
|
Units
|
|
|
|
|
|
WARRANTS
(a)
0.2%
|
|
|
|
|
|
Automobiles
0.2%
|
|
|
|
|
|
General Motors Co.,
|
|
|
|
5,558
|
|
expires 7/10/16
|
|
136,116
|
|
5,558
|
|
expires 7/10/19
|
|
93,374
|
|
|
|
Total Warrants (cost-$775,631)
|
|
229,490
|
|
|
|
|
|
|
|
RIGHTS
(a)
0.0%
|
|
|
|
|
|
Commercial Banks
0.0%
|
|
|
|
403
|
|
National Bank of Greece S.A., expires 6/13/13 (cost-$0)
|
|
419
|
|
Principal
Amount
(000s)
|
|
|
|
|
|
SHORT-TERM INVESTMENT
2.1%
|
|
|
|
|
|
Time Deposit
2.1%
|
|
|
|
$2,385
|
|
Wells Fargo-Grand Cayman, 0.03%, 6/3/13 (cost-$2,385,316)
|
|
2,385,316
|
|
|
|
|
|
|
|
|
|
Total Investments, before call options written
|
|
|
|
|
|
(cost-$155,345,538) (j)
99.8%
|
|
113,472,162
|
|
Contracts
|
|
|
|
|
|
CALL OPTIONS WRITTEN
(a)
(0.0)%
|
|
|
|
|
|
Amphenol Corp., (ASE),
|
|
|
|
80
|
|
strike price $85, expires 6/22/13
|
|
(2,200
|
)
|
|
|
Baxter International, Inc., (ARC)
|
|
|
|
95
|
|
strike price $75, expires 6/22/13
|
|
(428
|
)
|
|
|
Bristol-Myers Squibb Co., (ASE)
|
|
|
|
145
|
|
strike price $50, expires 6/22/13
|
|
(2,538
|
)
|
|
|
Deere & Co., (ASE),
|
|
|
|
85
|
|
strike price $97.5, expires 6/22/13
|
|
(467
|
)
|
|
|
Gilead Sciences, Inc., (ASE),
|
|
|
|
150
|
|
strike price $60, expires 6/22/13
|
|
(3,525
|
)
|
|
|
Google, Inc., (ASE),
|
|
|
|
10
|
|
strike price $905, expires 6/22/13
|
|
(4,950
|
)
|
|
|
Monsanto Co., (ASE),
|
|
|
|
15
|
|
strike price $110, expires 6/22/13
|
|
(142
|
)
|
|
|
Prudential Financial, Inc., (ASE),
|
|
|
|
25
|
|
strike price $70, expires 6/22/13
|
|
(3,225
|
)
|
|
|
Target Corp., (ASE),
|
|
|
|
120
|
|
strike price $72.5, expires 6/22/13
|
|
(2,580
|
)
|
|
|
Texas Instruments, Inc., (ASE),
|
|
|
|
200
|
|
strike price $38, expires 6/22/13
|
|
(1,800
|
)
|
|
|
Visa, Inc., (ASE),
|
|
|
|
10
|
|
strike price $185, expires 6/22/13
|
|
(1,300
|
)
|
|
|
Total Call Options Written (premiums received-$76,502)
|
|
(23,155
|
)
|
|
|
|
|
|
|
|
|
Total Investments, net of call options written
|
|
|
|
|
|
(cost-$155,269,036) (k)
99.8%
|
|
113,449,007
|
|
|
|
Other assets less other liabilities0.2%
|
|
176,293
|
|
|
|
Net Assets100.0%
|
|
$113,625,300
|
|
AllianzGI Global Equity & Convertible Income Fund Schedule of Investments
May 31, 2013 (unaudited) (continued)
Notes to Schedule of Investments:
*Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, on the basis of quotes obtained from a quotation reporting system, established market makers, or independent pricing services. The Funds investments are valued daily using prices supplied by an independent pricing service or dealer quotations, or by using the last sale price on the exchange that is the primary market for such securities, or the mean between the last quoted bid and ask price. Independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics.
The Board of Trustees (the Board) has adopted procedures for valuing portfolio securities and other financial derivative instruments in circumstances where market quotes are not readily available, and has delegated the responsibility for applying the valuation method to Allianz Global Investors Fund Management LLC (the Investment Manager) and Allianz Global Investors U.S. LLC (the Sub-Adviser). The Funds Valuation Committee was established by the Board to oversee the implementation of the Funds valuation methods and to make fair value determinations on behalf of the Board, as instructed. The Sub-Adviser monitors the continued appropriateness of methods applied and determines if adjustments should be made in light of market changes, events affecting the issuer, or other factors. If the Sub-Adviser determines that a valuation method may no longer be appropriate, another valuation method may be selected or the Valuation Committee will be convened to consider the matter and take any appropriate action in accordance with procedures set forth by the Board. The Board shall review the appropriateness of the valuation methods and these methods may be amended or supplemented from time to time by the Valuation Committee.
Synthetic convertible securities are valued based on quotations obtained from unaffiliated brokers who are the principal market-makers in such securities. Such valuations are derived by the brokers from proprietary models which are generally based on readily available market information including valuations of the common stock underlying the synthetic security.
Short-term securities maturing in 60 days or less are valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.
Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the net asset value (NAV) of the Funds shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the New York Stock Exchange (NYSE) is closed.
The prices used by the Fund to value investments may differ from the value that would be realized if the investments were sold and these differences could be material. The Funds NAV is normally determined at the close of regular trading (normally, 4:00 p.m. Eastern time) on the NYSE on each day the NYSE is open for business.
The prices of certain portfolio securities may be determined at a time prior to the close of regular trading on the NYSE. When fair-valuing the securities, the Fund may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the time the Funds NAV is calculated. With respect to certain foreign securities, the Fund may fair-value securities using modeling tools provided by third-party vendors. The Fund has retained a statistical research service to assist in the determining the fair value of foreign securities. This service utilizes statistics and programs based on historical performance of markets and other economic data to assist in making fair value estimates. Fair value estimates used by the Fund for foreign securities may differ from the value realized from the sale of those securities and the difference could be material. Fair value pricing may require subjective derterminations about the value of a security or other assets, and fair values used to determine the Funds NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities or other assets held by the Fund.
(a)
Non-income producing.
(b)
All or partial amount segregated for the benefit of the counterparty as collateral for call options written.
(c)
Fair-ValuedSecurities with an aggregate value of $157,384, representing 0.1% of net assets.
(d)
In default.
(e)
Perpetual maturity.
The date shown is the next call date.
(f)
Securities exchangeable or convertible into securities of an entity different than the issuer or structured by the issuer to provide exposure to securities of an entity different than the issuer (synthetic convertible securities). Such entity is identified in the parenthetical.
(g)
Private PlacementRestricted as to resale and may not have a readily available market. Securities with an aggregate value of $639,648, representing 0.6% of net assets.
(h)
144AExempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.
(i)
Step BondCoupon is a fixed rate for an initial period then resets at a specific date and rate.
(j)
At May 31, 2013, the cost basis of portfolio securities (before call options written) for federal income tax purposes was $156,410,580. Gross unrealized appreciation was $4,684,786, gross unrealized depreciation was $47,623,204 and net unrealized depreciation was $42,938,418. The difference between book and tax cost basis was attributable to wash sale loss deferrals.
(k)
Securities with an aggregrate value of $32,356,342, representing 28.5% of net assets, were valued utilizing modeling tools provided by a third-party vendor.
Other Investments:
Transactions in call options written for the nine months ended May 31, 2013:
|
|
Contracts
|
|
Premiums
|
|
Options outstanding, August 31, 2012
|
|
600
|
|
$49,879
|
|
Options written
|
|
7,642
|
|
510,728
|
|
Options terminated in closing transactions
|
|
(3,457
|
)
|
(232,846
|
)
|
Options exercised
|
|
(110
|
)
|
(8,169
|
)
|
Options expired
|
|
(3,740
|
)
|
(243,090
|
)
|
Options outstanding, May 31, 2013
|
|
935
|
|
$76,502
|
|
AllianzGI Global Equity & Convertible Income Fund Schedule of Investments
May 31, 2013 (unaudited) (continued)
Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (
i.e.
the exit price) in an orderly transaction between market participants. The three levels of the fair value hierarchy are described below:
·
Level 1 quoted prices in active markets for identical investments that the Fund has the ability to access
·
Level 2 valuations based on other significant observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates or other market corroborated inputs
·
Level 3 valuations based on significant unobservable inputs (including the Sub-Advisers or Valuation Committeess own assumptions and securities whose price was determined by using a single brokers quote)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following are certain inputs and techniques that the Fund generally uses to evaluate how to classify each major category of assets and liabilities for Level 2 and Level 3, in accordance with Generally Accepted Accounting Principles.
Equity Securities (Common and Preferred Stock)
Equity securities traded in inactive markets and certain foreign equity securities are valued using inputs which include broker-dealer quotes, recently executed transactions adjusted for changes in the benchmark index, or evaluated price quotes received from independent pricing services that take into account the integrity of the market sector and issuer, the individual characteristics of the security, and information received from broker-dealers and other market sources pertaining to the issuer or security. To the extent that these inputs are observable, the values of equity securities are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
Convertible Bonds & Notes
Convertible bonds & notes are valued by independent pricing services using various inputs and techniques, which include broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds and sector-specific trends. To the extent that these inputs are observable, the values of convertible bonds & notes are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
Option Contracts
Option contracts traded over-the-counter (OTC) and FLexible EXchange (FLEX) options are valued by independent pricing services based on pricing models that incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-the- money contracts based on a given strike price. To the extent that these inputs are observable, the values of OTC and FLEX option contracts are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
AllianzGI Global Equity & Convertible Income Fund Schedule of Investments
May 31, 2013 (unaudited) (continued)
The valuation techiniques used by the Fund to measure fair value during the nine months ended May 31, 2013 were intended to maximize the use of observable inputs and to minimize the use of unobservable inputs.
The Funds policy is to recognize transfers between levels at the end of the reporting period. An investment assets or liabilitys level within the fair value hierarchy is based on the lowest level input, individually or in aggregate, that is significant to fair value measurement. The objective of fair value measurement remains the same even when there is a significant decrease in the volume and level of activity for an asset or liability and regardless of the valuation techniques used. Investments categorized as Level 1 or 2 as of period end may have been transferred between Levels 1 and 2 since the prior period due to changes in the valuation method utilized in valuing the investments.
A summary of the inputs used at May 31, 2013 in valuing the Funds assets and liabilities is listed below (refer to the Schedule of Investments for more detailed information on Investments in Securities):
|
|
|
|
Level 2
|
|
Level 3 -
|
|
|
|
|
|
|
|
Other Significant
|
|
Significant
|
|
|
|
|
|
Level 1 -
|
|
Observable
|
|
Unobservable
|
|
Value at
|
|
|
|
Quoted Prices
|
|
Inputs
|
|
Inputs
|
|
5/31/13
|
|
Investments in Securities - Assets
|
|
|
|
|
|
|
|
|
|
Common Stock:
|
|
|
|
|
|
|
|
|
|
Australia
|
|
|
|
$2,495,837
|
|
|
|
$2,495,837
|
|
Austria
|
|
|
|
114,705
|
|
|
|
114,705
|
|
Belgium
|
|
|
|
152,707
|
|
|
|
152,707
|
|
China
|
|
|
|
252,675
|
|
|
|
252,675
|
|
Denmark
|
|
|
|
99,777
|
|
|
|
99,777
|
|
Finland
|
|
|
|
175,608
|
|
|
|
175,608
|
|
France
|
|
|
|
1,966,918
|
|
|
|
1,966,918
|
|
Germany
|
|
|
|
2,347,788
|
|
|
|
2,347,788
|
|
Greece
|
|
|
|
2,776
|
|
|
|
2,776
|
|
Hong Kong
|
|
|
|
2,265,287
|
|
|
|
2,265,287
|
|
Ireland
|
|
$604,399
|
|
444
|
|
$269
|
|
605,112
|
|
Italy
|
|
|
|
629,743
|
|
|
|
629,743
|
|
Japan
|
|
|
|
5,927,210
|
|
|
|
5,927,210
|
|
Netherlands
|
|
|
|
135,590
|
|
|
|
135,590
|
|
New Zealand
|
|
|
|
180,355
|
|
|
|
180,355
|
|
Norway
|
|
|
|
587,552
|
|
|
|
587,552
|
|
Singapore
|
|
|
|
1,307,872
|
|
|
|
1,307,872
|
|
Spain
|
|
|
|
888,489
|
|
|
|
888,489
|
|
Sweden
|
|
|
|
1,666,349
|
|
|
|
1,666,349
|
|
Switzerland
|
|
278,528
|
|
1,788,484
|
|
|
|
2,067,012
|
|
United Kingdom
|
|
|
|
9,044,403
|
|
253
|
|
9,044,656
|
|
All Other
|
|
54,675,881
|
|
|
|
|
|
54,675,881
|
|
Convertible Preferred Stock:
|
|
|
|
|
|
|
|
|
|
Airlines
|
|
|
|
729,582
|
|
|
|
729,582
|
|
Automobiles
|
|
575,958
|
|
|
|
|
|
575,958
|
|
Biotechnology
|
|
|
|
|
|
465,063
|
|
465,063
|
|
Capital Markets
|
|
|
|
298,138
|
|
156,862
|
|
455,000
|
|
Commercial Banks
|
|
313,750
|
|
268,600
|
|
|
|
582,350
|
|
Commercial Services & Supplies
|
|
|
|
413,719
|
|
|
|
413,719
|
|
Communications Equipment
|
|
491,925
|
|
|
|
495,635
|
|
987,560
|
|
Computers & Peripherals
|
|
|
|
|
|
446,707
|
|
446,707
|
|
Electric Utilities
|
|
202,508
|
|
265,359
|
|
|
|
467,867
|
|
Health Care Providers & Services
|
|
|
|
531,352
|
|
|
|
531,352
|
|
Insurance
|
|
505,495
|
|
|
|
483,997
|
|
989,492
|
|
Internet & Catalog Retail
|
|
|
|
|
|
526,258
|
|
526,258
|
|
Metals & Mining
|
|
|
|
449,555
|
|
|
|
449,555
|
|
Oil, Gas & Consumable Fuels
|
|
388,357
|
|
596,924
|
|
|
|
985,281
|
|
Road & Rail
|
|
|
|
696,841
|
|
|
|
696,841
|
|
All Other
|
|
4,486,970
|
|
|
|
|
|
4,486,970
|
|
Convertible Bonds & Notes
|
|
|
|
9,151,710
|
|
|
|
9,151,710
|
|
Preferred Stock
|
|
|
|
325,773
|
|
|
|
325,773
|
|
Warrants
|
|
229,490
|
|
|
|
|
|
229,490
|
|
Rights
|
|
419
|
|
|
|
|
|
419
|
|
Short-Term Investment
|
|
|
|
2,385,316
|
|
|
|
2,385,316
|
|
|
|
$62,756,456
|
|
$48,140,662
|
|
$2,575,044
|
|
$113,472,162
|
|
Investments in Securities - Liabilities
|
|
|
|
|
|
|
|
|
|
Call Options Written, at value:
|
|
|
|
|
|
|
|
|
|
Market price
|
|
$(23,155
|
)
|
|
|
|
|
$(23,155
|
)
|
Totals
|
|
$62,733,301
|
|
$48,140,662
|
|
$2,575,044
|
|
$113,449,007
|
|
At May 31, 2013, a security valued at $444 was transferred from Level 1 to Level 2. This change was the result of a security trading outside the U.S. whose value was not adjusted by the application of the modeling tool at August 31, 2012, which was applied on May 31, 2013.
A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the nine months ended May 31, 2013, was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
Beginning
|
|
|
|
|
|
Accrued
|
|
Net
|
|
in Unrealized
|
|
Transfers
|
|
Transfers
|
|
Ending
|
|
|
|
Balance
|
|
|
|
|
|
Discounts/
|
|
Realized
|
|
Appreciation/
|
|
into
|
|
out of
|
|
Balance
|
|
|
|
8/31/12
|
|
Purchases
|
|
Sales
|
|
(Premiums)
|
|
Gain (Loss)
|
|
(Depreciation)
|
|
Level 3
|
|
Level 3
|
|
5/31/13
|
|
Investments in Securities - Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ireland
|
|
$261
|
|
|
|
|
|
|
|
|
|
$8
|
|
|
|
|
|
$269
|
|
United Kingdom
|
|
264
|
|
|
|
|
|
|
|
|
|
(11
|
)
|
|
|
|
|
253
|
|
Convertible Preferred Stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automobiles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Biotechnology
|
|
|
|
$469,755
|
|
|
|
|
|
|
|
(4,692
|
)
|
|
|
|
|
465,063
|
|
Capital Markets
|
|
332,377
|
|
|
|
|
|
|
|
|
|
(175,515
|
)
|
|
|
|
|
156,862
|
|
Communications Equipment
|
|
|
|
498,407
|
|
|
|
|
|
|
|
(2,772
|
)
|
|
|
|
|
495,635
|
|
Computers & Peripherals
|
|
|
|
449,764
|
|
|
|
|
|
|
|
(3,057
|
)
|
|
|
|
|
446,707
|
|
Insurance
|
|
|
|
468,799
|
|
|
|
|
|
|
|
15,198
|
|
|
|
|
|
483,997
|
|
Internet & Catalog Retail
|
|
|
|
529,650
|
|
|
|
|
|
|
|
(3,392
|
)
|
|
|
|
|
526,258
|
|
Totals
|
|
$332,902
|
|
$2,416,375
|
|
|
|
|
|
|
|
$(174,233
|
)
|
|
|
|
|
$2,575,044
|
|
Escrow GM Corp. is fair-valued at $0.
The net change in unrealized appreciation/depreciation of Level 3 investments, which the Fund held at May 31, 2013 was $(174,233).
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at May 31, 2013:
|
|
Ending Balance
|
|
Valuaton
|
|
Unobservable
|
|
|
|
|
|
at 5/31/13
|
|
Technique Used
|
|
Inputs
|
|
Input Values
|
|
Investments in Securities - Assets
|
|
|
|
|
|
|
|
|
|
Convertible Preferred Stock:
|
|
|
|
|
|
|
|
|
|
Biotechnology
|
|
$465,063
|
|
Third-Party Pricing Vendor
|
|
Single Broker Quote
|
|
$54.81
|
|
Capital Markets
|
|
156,862
|
|
Fundamental Analytical Data Relating to the Investment
|
|
Expected Recovery Value
|
|
$1.86 - $8.43
|
|
Communications Equipment
|
|
495,635
|
|
Third-Party Pricing Vendor
|
|
Single Broker Quote
|
|
$61.34
|
|
Computers & Peripherals
|
|
446,707
|
|
Third-Party Pricing Vendor
|
|
Single Broker Quote
|
|
$23.78
|
|
Insurance
|
|
483,997
|
|
Third-Party Pricing Vendor
|
|
Single Broker Quote
|
|
$41.67
|
|
Internet & Catalog Retail
|
|
526,258
|
|
Third-Party Pricing Vendor
|
|
Single Broker Quote
|
|
$797.36
|
|
Glossary:
ADR American Depositary Receipt
ARC Archipelago Electronic Communications Network
ASE American Stock Exchange
REIT Real Estate Investment Trust
Item 2. Controls and Procedures
(a) The registrants President & Chief Executive Officer and Treasurer, Principal Financial & Accounting Officer have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a -3(c))), are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.
(b) There were no significant changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a -3(d))) that occurred during the registrants last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 3. Exhibits
(a) Exhibit 99.302 Cert. Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: AllianzGI Global Equity & Convertible Income Fund
By:
|
/s/ Brian S. Shlissel
|
|
President & Chief Executive Officer
|
|
|
|
Date: July 18, 2013
|
|
|
|
|
By:
|
/s/ Lawrence G. Altadonna
|
|
Treasurer, Principal Financial & Accounting Officer
|
|
|
|
Date: July 18, 2013
|
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By:
|
/s/ Brian S. Shlissel
|
|
President & Chief Executive Officer
|
|
|
|
|
Date: July 18, 2013
|
|
|
|
|
By:
|
/s/ Lawrence G. Altadonna
|
|
Treasurer, Principal Financial & Accounting Officer
|
|
|
|
Date: July 18, 2013
|
|
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