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Audited Annual Report as at 30 June 2018 Allianz Institutional Investors Series Allianz Global Investor GmbH Société d’Investissement à Capital Variable R.C.S. Luxembourg No. B159.495

Allianz Institutional Investors Series...Allianz Institutional Investors Series Important Notice to our Shareholders With effect from 28 April 2018, the function of Transfer Agent

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Page 1: Allianz Institutional Investors Series...Allianz Institutional Investors Series Important Notice to our Shareholders With effect from 28 April 2018, the function of Transfer Agent

Audited Annual Reportas at 30 June 2018

Allianz Institutional Investors Series

Allianz Global Investor GmbH

Société d’Investissement à Capital VariableR.C.S. Luxembourg No. B159.495

Page 2: Allianz Institutional Investors Series...Allianz Institutional Investors Series Important Notice to our Shareholders With effect from 28 April 2018, the function of Transfer Agent

Allianz Institutional Investors Series

General Information

Allianz Institutional Investors Series (the “Company”) is incorporated under the laws of the Grand Duchy of Luxembourg as an open-ended investment company with variable share capital. The Company is authorized by the Commission de Surveillance du Secteur Financier as a “Société d’Investissement à Capital Variable” (SICAV) and registered pursuant to Part I of the Luxembourg Law of 17 December 2010 (“UCITS” as defined by directive 2009/65/EG, as amended) on Undertakings for Collective Investment. The Company was established on 9 March 2011.

The following Subfund was available for subscription and redemption on 30 June 2018:

- Allianz European Micro Cap

The figures presented in this report relate to the reporting period from 1 July 2017 to 30 June 2018. They should not necessarily be taken as an indication of the future performance of the Subfund. This report does not constitute an offer or an invitation to purchase shares of the Subfund.

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

Because the operations of the Company referred only to the Subfund Allianz European Micro Cap, this report also serves as the annual report for the Company, that is, no separate consolidated figures are presented.

The Prospectus, the Articles of Incorporation as well as the respective Annual and Semi-Annual reports can be obtained at the registered office of the Company, the Distributors and each Paying and Information Agent without charge.

Some transactions conducted in the reporting period do no longer appear in the Investment Portfolio. Statements of Changes in inventory are available free of charge on request at the registered office of the Company in Luxembourg and at the representatives where the Subfund is distributed.

Allianz Institutional Investors Seriesc/o Allianz Global Investors GmbH, Luxembourg Branch

6A, route de TrèvesL-2633 SenningerbergInternet: https://lu.allianzgi.comEmail: [email protected]

Page 3: Allianz Institutional Investors Series...Allianz Institutional Investors Series Important Notice to our Shareholders With effect from 28 April 2018, the function of Transfer Agent

Allianz Institutional Investors Series

Important Notice to our Shareholders

With effect from 28 April 2018, the function of Transfer Agent was transferred from RBC Investor Services Bank S.A. to State Street Bank Luxembourg S.C.A..

Page 4: Allianz Institutional Investors Series...Allianz Institutional Investors Series Important Notice to our Shareholders With effect from 28 April 2018, the function of Transfer Agent

Allianz Institutional Investors Series

Contents

Investment Policy and Subfund Assets

Allianz European Micro Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Financial Statements of the Subfund

Investment Portfolio

Statement of Operations

Statement of Net Assets

Statement of Changes in Net Assets

Statement of Changes in Shares

Performance of the Subfund

Allianz European Micro Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Audit Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Further unaudited information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Note for investors in the Federal Republic of Germany (unaudited) . . . . . . 18

Note for investors in the Republic of Austria (unaudited) . . . . . . . . . . . . . . . 19

Directory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Page 5: Allianz Institutional Investors Series...Allianz Institutional Investors Series Important Notice to our Shareholders With effect from 28 April 2018, the function of Transfer Agent

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Allianz European Micro Cap

Investment Policy and Subfund Assets

The Fund concentrates on the European equity market segment for companies with very low market capitalisation (micro-caps) from Europe (including Turkey and Russia). Micro-caps are defined as companies with market capitalisation not exceeding EUR 200 million. The investment objective is to generate long-term capital growth.

In the year under review to the end of June 2018, the global economy remained on its growth path, led by the US. Even in Europe, positive economic trends prevailed and the high unemployment rates in many regions fell further. At the same time, monetary policy remained generous despite the acceleration in inflation. Nevertheless, the sentiment on the stock markets suffered from concerns about a slowdown in the global economy which could result from the levying of increased import duties for European and Chinese goods in the US. Against this backdrop, the prices of blue chips on the European market were, on balance, only moderately above their starting level. Securities of companies with very low market capitalisation were in greater demand and on average increased noticeably.

The Fund remained overweight relative to its information technology benchmark, although this was somewhat less pronounced than at the beginning of the year under review. On the other hand, the emphasis on industrials was significantly

expanded. Exposure to healthcare stocks remained more or less stable in terms of scope. The consumer segment and the financial sector were still only very selectively represented, with banks avoided altogether. The commodities sector remained overweight in view of the robust world economy, while only a few energy stocks continued to be held. Lastly, investments in the telecommunications and utilities segments were avoided completely. These weightings reflected the assessment of portfolio management with regard to fundamental quality, earnings power and relative valuation of the particular stocks. In terms of countries, active stock-picking continued to result in a focus on the markets in the UK, Germany and Sweden. UK equities nevertheless remained under-represented relative to their share on the overall European market. As before, only selective positions were held in Switzerland and peripheral Eurozone countries.

With this investment structure, the Fund obtained a strong gain in value, significantly outperforming its benchmark.

The exact performance in the period under review is reported in the table “Performance of the Subfund”.

Please refer to the sales prospectus and the Key Investor Information for additional information on the Subfund.

Breakdown of Net Assets in %

50

40

30

20

10

0

Equities United

Kingdom

Equities Sweden

Equities Germany

Equities France

Equities Finland

Equities Italy Equities Denmark

Equities Ireland

Equities Switzerland

Equities Luxembourg

Equities other countries

Other net assets

27.43

18.36 16.198.76

4.76 4.52 4.20 3.32 2.56 2.50 4.30 3.10

The Subfund in figures30/06/2018 30/06/2017 30/06/2016

Subfund assets in millions of EUR 382.6 364.0 258.2

Shares in circulation 1) 127,413 135,950 142,613

Net asset value per share in EUR

- Class IT (EUR) (accumulating) WKN: A1J FCN/ISIN: LU0594339896 3,006.78 2,669.23 1,793.16

- Class W (EUR) (distributing) WKN: A1J EFB/ISIN: LU0665631031 2,992.50 2,708.71 1,870.53

1) Accumulated figures for open share classes on the reporting date.

Page 6: Allianz Institutional Investors Series...Allianz Institutional Investors Series Important Notice to our Shareholders With effect from 28 April 2018, the function of Transfer Agent

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Allianz European Micro Cap

Allianz European Micro Cap

Investment Portfolio as at 30/06/2018ISIN Securities Shares/ Holdings Price Market Value % of

Currency (in 1,000)/ 30/06/2018 in EUR SubfundContracts assets

Securities and money-market instruments admitted to an official stock exchange listing 370,757,132 .87 96 .90Equities 370,757,132 .87 96 .90Denmark 16,082,638 .92 4 .20DK0060477263 Asetek Shs 403,321 NOK 88.000 3,743,028.20 0.98SE0001200015 INVISIO Communications Shs 856,556 SEK 61.500 5,060,110.86 1.32DK0061027356 SP Group Shs 212,325 DKK 255.500 7,279,499.86 1.90Finland 18,215,542 .00 4 .76FI4000123195 Asiakastieto Group Shs 205,060 EUR 27.000 5,536,620.00 1.45FI4000115464 Detection Technology Shs 229,205 EUR 21.200 4,859,146.00 1.27FI0009010912 Revenio Group Shs 509,100 EUR 15.360 7,819,776.00 2.04France 33,527,500 .18 8 .76FR0012789667 Amplitude Surgical Shs 500,000 EUR 3.130 1,565,000.00 0.41FR0013258399 Balyo Shs 385,000 EUR 4.500 1,732,500.00 0.45FR0000073793 Devoteam Shs 14,841 EUR 95.800 1,421,767.80 0.37FR0004110310 ESI Group Shs 140,701 EUR 42.900 6,036,072.90 1.58FR0000035818 Esker Shs 65,000 EUR 59.300 3,854,500.00 1.01FR0004166197 EVOLIS Shs 70,000 EUR 39.900 2,793,000.00 0.73FR0000072399 Le Belier Shs 40,000 EUR 58.600 2,344,000.00 0.61FR0010353888 MGI Digital Graphic Technology Shs 43,848 EUR 58.900 2,582,647.20 0.68FR0000052680 Oeneo Shs 523,519 EUR 10.120 5,298,012.28 1.38FR0012882389 Pharmagest Inter@ctive Shs 100,000 EUR 59.000 5,900,000.00 1.54Germany 61,954,932 .96 16 .19DE0005104400 Atoss Software Shs 35,000 EUR 88.600 3,101,000.00 0.81DE0005102008 Basler Shs 17,685 EUR 165.200 2,921,562.00 0.76DE0005203947 BRAIN Biotechnology Research & Information Network Shs 167,037 EUR 22.050 3,683,165.85 0.96DE0005494165 EQS Group Shs 60,000 EUR 75.000 4,500,000.00 1.18DE000A0XYHT5 Ibu-Tec Advanced Materials Shs 140,000 EUR 17.500 2,450,000.00 0.64DE000A1A6V48 KPS Shs 55,958 EUR 7.510 420,244.58 0.11DE000A0ETBQ4 MBB Shs 44,018 EUR 88.400 3,891,191.20 1.02DE000A0KPPR7 Nabaltec Shs 71,291 EUR 22.000 1,568,402.00 0.41DE0005220909 Nexus Shs 242,053 EUR 27.400 6,632,252.20 1.73DE0005558696 paragon Shs 63,392 EUR 49.000 3,106,208.00 0.81DE000A111338 SLM Solutions Group Shs 85,228 EUR 31.700 2,701,727.60 0.71DE0007203705 SNP Schneider-Neureither & Partner Shs 159,367 EUR 26.900 4,286,972.30 1.12DE000A2G9MZ9 Stemmer Imaging Shs 145,787 EUR 42.275 6,163,145.43 1.61DE000A0XYGA7 Technotrans Shs 218,628 EUR 37.200 8,132,961.60 2.13DE000A0BVU28 USU Software Shs 178,137 EUR 25.000 4,453,425.00 1.16DE0006636681 va-Q-tec Shs 150,656 EUR 11.700 1,762,675.20 0.46DE0002457512 VIB Vermoegen Shs 100,000 EUR 21.800 2,180,000.00 0.57Ireland 12,700,218 .82 3 .32IE00BXC8D038 Applegreen Shs 788,443 EUR 6.160 4,856,808.88 1.27IE0000527006 Datalex Shs 1,060,000 EUR 2.550 2,703,000.00 0.71GB00BBQ38507 Keywords Studios Shs 258,577 GBP 17.592 5,140,409.94 1.34Italy 17,303,798 .16 4 .52IT0001268561 B&C Speakers Shs 320,413 EUR 12.400 3,973,121.20 1.04IT0005331019 Carel Industries Shs 156,052 EUR 8.200 1,279,626.40 0.33IT0004967292 Fila Shs 125,285 EUR 17.520 2,194,993.20 0.57IT0004195308 Gruppo MutuiOnline Shs 148,812 EUR 14.280 2,125,035.36 0.56IT0003124663 Prima Industrie Shs 124,660 EUR 36.700 4,575,022.00 1.20IT0001454435 TXT e-solutions Shs 300,000 EUR 10.520 3,156,000.00 0.82Jersey 2,851,706 .01 0 .75JE00BH6XDL31 XLMedia Shs 2,380,035 GBP 1.060 2,851,706.01 0.75Luxembourg 9,550,926 .00 2 .50FR0013188844 Solutions 30 Shs 227,403 EUR 42.000 9,550,926.00 2.50Malta 2,550,624 .94 0 .67MT0001000109 Catena Media Shs 209,907 SEK 126.500 2,550,624.94 0.67Norway 5,615,083 .69 1 .47NO0010429145 Spectrum Shs 385,966 NOK 61.600 2,507,375.35 0.66NO0010708910 Zalaris Shs 695,000 NOK 42.400 3,107,708.34 0.81Sweden 70,181,226 .94 18 .36SE0007982814 AddLife Shs 260,706 SEK 195.000 4,883,315.59 1.28SE0007158910 Alimak Group Shs 145,798 SEK 134.800 1,887,863.60 0.49SE0000454746 Biotage Shs 660,481 SEK 112.600 7,143,776.75 1.87SE0000683484 Cellavision Shs 400,000 SEK 179.300 6,889,210.19 1.80SE0000418923 CTT Systems Shs 350,000 SEK 222.500 7,480,441.21 1.96

The accompanying notes form an integral part of these financial statements.

Page 7: Allianz Institutional Investors Series...Allianz Institutional Investors Series Important Notice to our Shareholders With effect from 28 April 2018, the function of Transfer Agent

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The accompanying notes form an integral part of these financial statements.

Allianz European Micro Cap

Investment Portfolio as at 30/06/2018ISIN Securities Shares/ Holdings Price Market Value % of

Currency (in 1,000)/ 30/06/2018 in EUR SubfundContracts assets

SE0005468717 Ferronordic Machines Shs 150,508 SEK 121.200 1,752,231.00 0.46SE0010298109 Handicare Group Shs 767,854 SEK 43.000 3,171,584.31 0.83SE0009997018 HMS Networks Shs 544,000 SEK 150.000 7,838,253.65 2.05SE0005851706 IAR Systems Group Shs 210,000 SEK 274.500 5,537,207.49 1.45SE0007603493 Lagercrantz Group Shs 632,662 SEK 97.700 5,937,388.52 1.55SE0000526626 Micro Systemation Shs 500,000 SEK 81.000 3,890,309.71 1.02SE0000135485 RaySearch Laboratories Shs 173,708 SEK 105.600 1,762,028.35 0.46SE0006543344 Stendorren Fastigheter Shs 202,872 SEK 85.000 1,656,418.95 0.43SE0002591420 Tobii Shs 715,240 SEK 39.500 2,713,801.29 0.71SE0006732392 Troax Group Shs 273,697 SEK 290.500 7,637,396.33 2.00Switzerland 9,804,683 .48 2 .56CH0360826991 Comet Holding Shs 80,447 CHF 107.300 7,460,568.07 1.95CH0420462266 Klingelnberg Shs 55,921 CHF 48.500 2,344,115.41 0.61United Kingdom 105,011,159 .15 27 .43GB0001771426 accesso Technology Group Shs 381,835 GBP 24.150 10,420,427.01 2.72GB0004536594 Advanced Medical Solutions Group Shs 1,160,193 GBP 3.235 4,241,282.23 1.11GB00BF16C058 Alpha Financial Markets Consulting Shs 819,236 GBP 2.380 2,203,325.35 0.58GB0006449366 Anglo Pacific Group Shs 2,048,243 GBP 1.410 3,263,572.30 0.85GB00B3NWT178 Anpario Shs 784,180 GBP 4.600 4,076,300.94 1.07GB00BMMV6B79 Clipper Logistics Shs 994,802 GBP 4.160 4,676,518.18 1.22GB00B3W40C23 Dotdigital Group Shs 6,345,351 GBP 0.750 5,377,860.84 1.41GB00BY7QYJ50 Draper Esprit Shs 500,000 GBP 5.200 2,938,096.08 0.77GB0006870611 GB Group Shs 1,000,000 GBP 6.000 6,780,221.73 1.77GB00BW9PJQ87 Gear4Music Holdings Shs 250,000 GBP 7.140 2,017,115.96 0.53GB00B0CM0C50 Ideagen Shs 5,000,000 GBP 1.276 7,206,810.68 1.87GB0032398678 Judges Scientific Shs 105,527 GBP 25.440 3,033,704.98 0.79GB00BD8SLV43 Marlowe Shs 1,590,000 GBP 4.450 7,995,576.47 2.08GB00B0MT3Y97 Mattioli Woods Shs 279,997 GBP 7.950 2,515,435.31 0.66GB0000060532 Netcall Shs 6,525,974 GBP 0.720 5,309,706.09 1.39GB0002760279 Personal Group Holdings Shs 428,457 GBP 4.850 2,348,235.38 0.61GB00B99PCP71 Quixant Shs 507,314 GBP 4.150 2,379,126.81 0.62GB00B5NR1S72 Restore Shs 1,152,174 GBP 5.140 6,692,275.88 1.75GB00BFM6WL52 Rosenblatt Group Shs 2,100,000 GBP 1.216 2,884,475.83 0.75GB00B28HSF71 Tracsis Shs 680,900 GBP 5.900 4,539,708.76 1.19GB00BKS7YK08 Treatt Shs 1,350,822 GBP 4.428 6,759,248.04 1.77GB0008883927 Trifast Shs 1,300,000 GBP 2.455 3,606,512.94 0.94GB00BFNSQ303 Urban Exposure Shs 3,218,059 GBP 1.030 3,745,621.36 0.98USA 5,407,091 .62 1 .41USU834501038 Somero Enterprises Shs 1,287,816 GBP 3.716 5,407,091.62 1.41Investments in securities and money-market instruments 370,757,132 .87 96 .90Deposits at financial institutions 9,632,787 .74 2 .52Sight deposits 9,632,787 .74 2 .52

State Street Bank GmbH, Luxembourg Branch EUR 9,632,787.74 2.52Investments in deposits at financial institutions 9,632,787 .74 2 .52Net current assets/liabilities EUR 2,203,310 .51 0 .58Net assets of the Subfund EUR 382,593,231 .12 100 .00

- Class IT (EUR) (accumulating) EUR 3,006.78- Class W (EUR) (distributing) EUR 2,992.50Shares in circulation- Class IT (EUR) (accumulating) Shs 91,804- Class W (EUR) (distributing) Shs 35,609

Page 8: Allianz Institutional Investors Series...Allianz Institutional Investors Series Important Notice to our Shareholders With effect from 28 April 2018, the function of Transfer Agent

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Allianz European Micro Cap

Statement of Operationsfor the period from 01/07/2017 to 30/06/2018

EUR

Interest on credit balances

- negative interest rate -41,132.48

Dividend Income 4,783,308 .45

Total income 4,742,175 .97

Performance fee -976,043.63

Custodian fee -190,875.93

Taxe d’Abonnement -37,136.11

Management and Central Administration Agent Fees -3,289,177.82

Other expenses -46,852.75

Total expenses -4,540,086 .24

Equalisation on net income/loss -166,096.89

Net income/loss 35,992 .84

Realised gain/loss on

- securities transactions 53,534,092.84

- forward foreign exchange transactions 37,553.58

- foreign exchange -3,218,145.30

Equalisation on net realised gain/loss -1,409,135.41

Net realised gain/loss 48,980,358 .55

Changes in unrealised appreciation/depreciation on

- securities transactions -6,875,660.53

- foreign exchange -6,498.57

Result of operations 42,098,199 .45

Statement of Net Assetsas at 30/06/2018

EUR

Securities and money-market instruments

(Cost Price EUR 226,758,510.39) 370,757,132.87

Cash at banks 9,632,787.74

Dividend receivable 417,425.21

Receivable on

-securities transactions 3,171,276.04

Total Assets 383,978,621.86

Payable on

-securities transactions -350,926.94

Other payables -1,034,463.80

Total Liabilities -1,385,390.74Net assets 382,593,231 .12

Page 9: Allianz Institutional Investors Series...Allianz Institutional Investors Series Important Notice to our Shareholders With effect from 28 April 2018, the function of Transfer Agent

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The accompanying notes form an integral part of these financial statements.

Allianz European Micro Cap

Statement of Changes in Net Assetsfor the period from 01/07/2017 to 30/06/2018

EUR

Net assets at the beginning of the period 363,996,115.94

Subscriptions 165,825,615.85

Redemptions -190,392,754.86

Distribution -509,177.56

Equalization 1,575,232.30

Result of operations 42,098,199.45

Net assets at the end of the period 382,593,231 .12

Statement of Changes in Sharesfor the period from 01/07/2017 to 30/06/2018

2017/2018 2016/2017

Number of shares in issue at the beginning of the period 135,950 142,613

Number of shares issued 59,472 41,201

Number of shares redeemed -68,009 -47,864

Number of shares in issue at the end of the period 127,413 135,950

Performance of the SubfundClass IT (EUR) Class W (EUR)

(accumulating) (distributing)%1) %2)

1 year (30/06/2017-30/06/2018) 12.65 11.39

2 years (30/06/2016-30/06/2018) 67.68 62.93

3 years (30/06/2015-30/06/2018) 66.44 59.12

5 years (30/06/2013-30/06/2018) 147.53 136.35

Since launch3) (29/03/2011-30/06/2018) 200.68 -

(19/09/2011-30/06/2018) - 208.601) The calculation is based on the net asset value per share (excluding sales charge). The performance is calculated according to the method recommended by the German BVI (Bundesverband Investment und Asset Management e.V.).2) Basis for calculation: net asset value per share (excluding front-end load), with any distributions reinvested. The performance is calculated according to the method recommended by the German BVI (Bundesverband Investment und Asset Management e.V.).3) Class IT (EUR) (accumulating): Launch date: 29 March 2011. Initial NAV per share: EUR 1,000.00.

Class W (EUR) (distributing): Launch date: 19 September 2011. Initial NAV per share: EUR 1,000.00.

Historical performance is not an indicator of current or future performance.Performance data ignores the commission and expenses incurred in issuing and redeeming the shares.

Page 10: Allianz Institutional Investors Series...Allianz Institutional Investors Series Important Notice to our Shareholders With effect from 28 April 2018, the function of Transfer Agent

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Allianz Institutional Investors Series

Notes to the Financial Statements

Accounting Policies

Principles for the Preparation of the Financial Statements

The financial statements are prepared in accordance with the Luxembourg regulations relating to Undertakings for Collective Investment.

The base currency of the Allianz Institutional Investors Series and its Subfund is the Euro (EUR).

Valuation of Assets

The value of the assets held by the Subfunds is determined as follows:

a) Cash, term deposits and similar assets are valued at their face value plus interest. If there are significant changes in market conditions, the valuation may be made at realisation price if the Company can cancel the investment, the cash or similar assets at any time; the realisation price in this sense corresponds to the sales price or the value that must be paid upon cancellation to the Company.

b) Investments that are listed or traded on an exchange are valued based on the latest available trade price on the stock exchange which constitutes in principle the principal market for this investment.

c) Investments traded on another regulated market are valued at the latest available trade price.

d) Securities and money-market instruments whose latest available trade prices do not correspond to appropriate market prices, as well as securities and money-market instruments not officially listed or traded on an exchange or on another regulated market, and all other assets, are valued on the basis of their probable sales price, determined prudently and in good faith.

e) Claims for reimbursement from securities lending are valued at the respective market value of the securities and money-market instruments lent.

f) The liquidation proceeds of futures, forward or options contracts not traded on exchanges or on other regulated markets means their net liquidating value determined, pursuant to the policies established by the Board of Directors, on the basis of calculations

consistently applied for all types of contracts. The liquidation proceeds of futures, forward or options contracts, traded on exchanges or on other regulated markets, are based upon the latest available trade price of these contracts on exchanges and regulated markets on which the particular futures, forward or options contracts are traded by the Company. If futures, forward or options contracts cannot be liquidated on the day with respect to which net assets are being determined,the basis for determining the liquidating value of such contracts will be such value as the Board of Directors deems fair and reasonable.

g) Interest-rate swaps are valued at their market value by reference to the applicable interest rate curve.

h) Index and financial instrument-related swaps will be valued at their market value, established by reference to the applicable index or financial instrument. The valuation of the index or financial instrument-related swap agreement is based upon the market value of such swap transaction established in good faith pursuant to procedures established by the Board of Directors.

i) Target fund shares in undertakings for collective investment in transferable securities (“UCITS”) or undertakings for collective investment (“UCI”) are valued at the latest redemption price determined and obtainable.

Security Prices

In accordance with the sales prospectus, the net asset value is calculated by reference to the valuation day.

The Financial Statements presented in this report have been prepared on the basis of the latest calculated and published net asset value in the period under review.

Foreign Currencies

Assets and liabilities in foreign currencies have been converted at the exchange rates stated below:British Pound (GBP) 1 EUR = GBP 0.884927Danish Krone (DKK) 1 EUR = DKK 7.452303Norwegian Krone (NOK) 1 EUR = NOK 9.482228Swedish Krona (SEK) 1 EUR = SEK 10.410482Swiss Franc (CHF) 1 EUR = CHF 1.157012

Page 11: Allianz Institutional Investors Series...Allianz Institutional Investors Series Important Notice to our Shareholders With effect from 28 April 2018, the function of Transfer Agent

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Allianz Institutional Investors Series

Taxation

The Company is not subject to any Luxembourg tax on profits or income, nor are any distributions from the Subfund of the Company subject to any Luxembourg withholding tax. However, the Company is subject to tax (Taxe d’Abonnement) of 0.05 % p.a. of the net assets per Subfund of the equity, balanced and bond Subfunds and of 0.01 % per annum on institutional Share Classes of equity, balanced and bond Subfunds under Article 174 Paragraph 2 c) of the amended Luxembourg Law of 17 December 2010, unless they are invested in Luxembourg investment funds that are themselves subject to the Taxe d’Abonnement. This tax is payable quarterly on the basis of the Net Asset Value of the Subfund or the corresponding Share Class at the end of the relevant calendar quarter. There is no Luxembourg stamp duty or other tax payable on the issuance of the shares. Capital gains realised on Company assets are not subject to tax in Luxembourg.

Management and Central Administration Agent Fees

The Company pays all costs to be borne by the respective Sub-Fund from the assets of that Sub-Fund:

The Company pays a fee (“management and central administration agent fee”) to the Management Company for the management and central administration of a Sub-Fund (with the exception of those duties that have been transferred to the Depositary and/or the Registrar and Transfer Agent) from the assets of the respective Sub-Fund, unless this fee is charged directly to the Shareholder under the terms of a particular Share Class.

Fees for the Investment Managers used by the Management Company are paid by the Management Company from its management and central administration agent fee and, if applicable, from its performance related fee.

The management and central administration agent fee is charged monthly in arrears on a pro rata basis on the average daily Net Asset Value of the respective Share Class of a Sub-Fund.

To the extent that the Sub-Fund invests in units of target funds, investors will have to bear not only directly the expenses and costs described in this prospectus, but also indirectly the pro rata expenses and costs charged to the target fund. The expenses and costs charged to the target fund are determined by their constituting documents (e.g. management regulations or articles

of incorporation) and are therefore impossible to forecast in an abstract way. Typically, however, it is to be expected that the fees and expenses charged to the company described are charged to target funds as well.

If a Sub-Fund acquires shares of a UCITS or UCI which is directly or indirectly managed by the same company or by another company with which the Company is linked by common management or control, or by a substantial direct or indirect participation according to the Law then neither the Company nor the associated company may charge fees for the subscription or redemption of units. A Sub-Fund’s information sheet may directly or indirectly provide other rules relevant for the respective Sub-Fund.

The weighted average management fee of the target fund shares to be acquired may not exceed 2.50 % per annum. In respect of the target funds that are subject to techniques and instruments, account must also be taken of costs arising at the level of these target funds, in particular of their management companies charging a management fee, which will have an effect on the redemption prices of these target funds.

Custodian Fee

For its administration and custody of the Subfund’s assets and for the duties of central administration and other duties transferred to it, the Depositary receives a fee in the amount of 0.60 % p. a. out of the assets of the respective Sub-Fund calculated on the basis of the net asset value determined on the last valuation day of each month. The Depositary may levy a lower fee at its own discretion.

Fee Structure

Management and Central Administration Agent Fee

Taxed’Abonnement

in % p .a . in % p .a .

Allianz European Micro Cap- Class IT (EUR) (accumulating) 0.88 0.01- Class W (EUR) (distributing) 0.88 0.01

Performance Fee

The Management Company may charge a performance-related fee to Subfund assets for its management, provided that this fee is not charged directly to the shareholder in the framework of a special share class. The performance-related fee will be calculated in accordance with the method described in the current sales prospectus.

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Allianz Institutional Investors Series

According to the current prospectus a performance fee is foreseen for the following share class:

- Allianz European Micro Cap W (EUR).

Transaction costs

Transaction costs take into account all the costs that were reported or charged separately in the period from 1 July 2017 to 30 June 2018 for the account of the Fund and which are directly related to the purchase or sale of certain assets.

Transaction costs of EUR 40,022.50 were incurred in the period under review.

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Ongoing Charges

The Ongoing Charges are costs incurred by the Subfund (or the respective Share Classes) during the preceding financial year (excluding transaction costs) and are expressed as a ratio of the average volume of the Subfund (or of the average volume of the respective Share Classes) (“Ongoing Charges”). In addition to the All-in-Fee as well as the Taxe d’Abonnement, all other costs are considered except for the incurred transaction costs and any performance-related fees. Costs incurred will not be subject to cost compensation.If a Subfund invests more than 20 % of its assets in

other UCITS or UCI that publish Ongoing Charges, the Ongoing Charges of these other UCITS or UCI are taken into consideration when calculating Ongoing Charges for the Subfund (“synthetic Ongoing Charges”); however, if these UCITS or UCI do not publish their own Ongoing Charges, then it is not possible to take the Ongoing Charges of the other UCITS or UCI into consideration when calculating Ongoing Charges. If a Subfund does not invest more than 20% of its assets in other UCITS or UCI, any costs that may be incurred at the level of these UCITS or UCI are not taken into consideration.

Ongoing chargesexcluding performance-related

fee in %

performance-relatedfee in % Ongoing charges in %

Allianz European Micro Cap 1)

- Class IT (EUR) (accumulating) 0.95 - 0.95- Class W (EUR) (distributing) 0.95 1.21 2.161) For the period from 1 July 2017 to 30 June 2018.

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Audit Report

To the Shareholders of Allianz Institutional Investors Series_______________________________________________________Our opinion

In our opinion, the accompanying financial statements give a true and fair view of the financial position of Allianz Institutional Investors Series (the “Fund”) as at 30 June 2018, and of the results of its operations and changes in its net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.

What we have audited

The Fund’s financial statements comprise:

• the statement of net assets as at 30 June 2018;

• the investment portfolio as at 30 June 2018;

• the statement of operations for the year then ended;

• the statement of changes in net assets for the year then ended; and

• the notes to the financial statements, which include a summary of significant accounting policies.

_______________________________________________________Basis for opinion

We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (CSSF). Our responsibilities under those Law and standards are further described in the “Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements” section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We are independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements. We have fulfilled our other ethical responsibilities under those ethical requirements.

_______________________________________________________Other information

The Board of Directors of the Fund is responsible for the other information. The other information comprises the information stated in the annual report but does not include the financial statements and our audit report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

_______________________________________________________Responsibilities of the Board of Directors of the Fund for the financial statements

The Board of Directors of the Fund is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the Fund’s ability to continue as

PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg T: +352 494848 1, F: +352 494848 2900, www.pwc.lu

Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256)R.C.S. Luxembourg B65 477 - TVA LU25482518

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Allianz Institutional Investors Series

_Ipwca going concern, disclosing, as applicable, matters related to goingconcern and using the going concern basis of accounting unlessthe Board ofDirectors of the Fund either intends to liquidate theFund or to cease operations, or has no realistic alternative but todo so.

av"Responsibilities ofthe "Réviseur d'entreprises agree for the audit ofthe financial statements

The objectives ofour audit are to obtain reasonable assuranceabout whether the financial statements as awhole are free frommaterial misstatement, whether due to fraud or error, and to issuean audit report that includes our opinion. Reasonable assurance isa high level of assurance, but is not a guarantee that an auditconducted in accordance with the Law of23 July 2016 and withISAs as adopted for Luxembourg by the CSSF will always detect amaterial misstatementwhen it exists. Misstatements can arisefrom fraud or error and are considered material if, individually orin the aggregate, they could reasonably be expected to influencethe economic decisions ofusers taken on the basis of thesefinancial statements.

As part of an audit in accordance with the Law of 23 July 2016 andwith lSAs as adopted for Luxembourg by the CSSF, we exerciseprofessional judgment and maintain professional scepticismthroughout the audit.

We also:

o identify and assess the risks ofmaterial misstatement of thefinancial statements, whether due to fraud or error, designand perform audit procedures responsive to those risks, andobtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting amaterial misstatement resulting from fraud is higher than forone resulting from error, as fraud may involve collusion,forgery, intentional omissions, misrepresentations, or theoverride of internal control;

- obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriatein the circumstances, but not for the purpose ofexpressing anopinion on the effectiveness of the Funds internal control;

12

o evaluate the appropriateness of accounting policies used andthe reasonableness of accounting estimates and relateddisclosures made by the Board ofDirectors of the Fund;

- conclude on the appropriateness ofthe Board ofDirectors ofthe Fund’s use of the going concern basis of accounting and,based on the audit evidence obtained, whether a materialuncertainty exists related to events or conditions that maycast significant doubt on the Fund's ability to continue as agoing concern. Ifwe conclude that a material uncertaintyexists, we are required to draw attention in our audit report tothe related disclosures in the financial statements or, if suchdisclosures are inadequate, to modify our opinion. Ourconclusions are based on the audit evidence obtained up tothe date of our audit report. However, future events orconditions may cause the Fund to cease to continue as a goingconcern;

- evaluate the overall presentation, structure and content of thefinancial statements, including the disclosures, and whetherthe financial statements represent the underlyingtransactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding,among other matters, the planned scope and timing of the auditand significant audit findings, including any significantdeficiencies in internal control thatwe identify during our audit.

Luxembourg, 5 October 2018

Pricewaterhousecoopers, Société cooperative

Represented by

Sandra Paulis

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Further unaudited information

Determining the market risk and leverage effect

As part of the risk-management procedure, the Subfund’s market risk is measured and limited using either the commitment approach or the value-at-risk (VaR) approach (relative or absolute VaR). In determining the Subfund’s market risk, the commitment approach considers the additional risk that is generated through

the use of derivative financial instruments. The VaR approach represents a statistical method to calculate the potential loss based on changes in value in an entire subfund. The VaR calculation is generally based on the “Delta Normal” method (confidence level of 99%, assumed holding period of 10 days, 260 days of data history used); otherwise the alternative method of calculation is shown in the following table.

As at the end of the reporting period, the following approach applied to the Subfund for calculating the market risk:Name of the Subfund Approach Reference assets

Allianz European Micro Cap relative VaR MSCI EUROPE MICRO CAP TOTAL RETURN (NET) IN EUR

The following table shows the minimum, maximum and average risk budget utilisation (RBU) of the Subfund in the period under review. For subfunds using the relative value-at-risk (VaR) approach, the utilisation is reported in relation to the limit stipulated by the regulatory authorities (i.e. 2 times the VaR of the defined benchmark). For subfunds using the absolute VaR

approach, it is reported in relation to the absolute VaR limit indicated in the table above. The table also shows the average leverage effect of the subfund in the period under review. The average leverage effect is calculated as the average total of the nominal values of the derivatives used.

Average leverage Minimum Maximum Average

effect in % RBU in % RBU in % RBU in %

Allianz European Micro Cap 0.03 63.04 75.68 70.14

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Further unaudited information

Disclosures relating to employee remuneration (all figures in EUR) of Allianz Global Investors GmbH for the financial year from 01/01/2017 to 31/12/2017

The following table shows the total amount of remuneration paid in the past financial year, divided into fixed and variable components. It is also broken down by members of management,

risk takers, employees in controlling positions and employees whose total remuneration puts them into the same remuneration category as members of management and risk takers.

Number of employees 1,744

thereof Risk Taker thereof Board Member thereof Other Risk Taker thereof Employees with Control Function

thereof Employees with Comparable Compensation

Fixed remuneration 153,835,884 8,967,874 2,928,279 1,483,435 691,151 3,865,009

Variable remuneration 120,722,786 30,359,156 12,025,974 5,150,455 635,594 12,547,133

Total remuneration 274,558,670 39,327,030 14,954,253 6,633,890 1,326,745 16,412,142

Setting the remuneration

Allianz Global Investors GmbH is subject to the supervisory requirements applicable to investment management companies with regard to structuring the remuneration system. Company management is usually responsible for decision-making about employee remuneration. Decisions about the remuneration of the management itself are taken by the shareholder.

The company has set up a remuneration committee to perform the duties required by law. This committee consists of two members of the company’s Supervisory Board, each of whom is appointed by the Supervisory Board.

Working in close cooperation with the Risk Management and the Legal & Compliance departments as well as with external advisors and in conjunction with the management, the Human Resources department has developed the company’s remuneration policy. This remuneration policy applies to the company domiciled in Germany and to its European branches.

Risk takers

The following groups of employees were identified as risk takers: members of management, risk takers and employees in controlling positions (as identified in current organisation charts and job profiles and as assessed in terms of the influence on the risk profile) as well as all employees whose total remuneration puts them into the same remuneration category as members of management and risk takers and whose activities have a

significant effect on the risk profiles of the company and the investment funds managed by it.

Remuneration structure

The primary components of monetary remuneration are the base salary, which typically reflects the scope, responsibilities and experience required in a particular role, and an annual variable remuneration.

The size of the company-wide pool for variable remuneration will depend on the company’s business performance and risk position and will, therefore, vary every year. The distribution of specific sums to individual employees will depend on the performance of the employees and their teams during the relevant period under review.

Variable remuneration includes an annual cash bonus that pays out following the end of the financial year. In the case of members of staff whose variable remuneration exceeds a certain threshold, a substantial portion of the annual variable remuneration is deferred for a period of three years.

The deferred portions increase in line with the level of the variable remuneration. Half of the deferral is tied to the performance of the company, and the other half is invested in the funds we manage. The amounts ultimately distributed depend on the company’s business performance or the performance of certain investment funds over several years.

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In addition, the deferred remuneration elements may be withheld under the terms of the plan.

Performance evaluation

The level of pay awarded to employees is linked to both qualitative and quantitative performance indicators.

In the case of investment managers, whose decisions make a real difference to achieving our clients’ investment goals, quantitative indicators are aligned around sustainable investment performance. In particular for portfolio managers, the quantitative element is aligned with the benchmarks of the client portfolios they manage or with the client’s stated return expectations, measured over one-year and three-year time periods.

For client-facing employees, goals also include client satisfaction, measured independently.

The remuneration of employees in controlling functions is not directly linked to the business performance of the departments monitored by the controlling function.

Risk avoidance

Allianz Global Investors GmbH has comprehensive risk reporting in place, which covers both current and future risks of our business activities. Risks which exceed the organisation’s risk appetite are presented to our Global Remuneration Committee, which will decide, if necessary, on adjustments to the total remuneration pool.

Individual variable remuneration may be reduced or withheld in full if employees violate our compliance policies or take excessive risks on behalf of the company.

Annual review and material changes to the remuneration system

The Remuneration Committee did not find any irregularities during the annual review of the remuneration system, including a review of the existing remuneration structures as well as implementation of the regulatory requirements and compliance with them. In the course of this centralised and independent review, it was also found that the remuneration policy had been implemented in accordance with the remuneration regulations stipulated by the Supervisory Board. Furthermore, there were no material changes made to the remuneration policy in the past financial year.

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Further unaudited information

Techniques for efficient portfolio management

Sections 35 (a)-(c), 40 (a)-(c) and 48 (a), (b) of the European Securities and Markets Authority’s (ESMA’s) guideline (ESMA/2014/937) on exchange-traded funds (ETFs) and other UCITS issues require disclosures in the funds’ annual report on the exposure obtained through efficient portfolio management techniques (securities lending, repos/reverse repos) and/or derivatives, disclosure of the identity of the counterparties to these transactions, statements as to the type and amount of collateral received in this regard and statements as to the issuer’s identity in connection with the OTC derivatives and collateral in the form of securities issued by a Member State.

The following table shows the minimum, maximum and average exposure in the period under review, broken down by technique. The exposure figures for the Subfund’s minimum or maximum exposure are shown in relation to the Subfund’s assets on the respective day with the minimum or maximum exposure for the period under review. The average exposure is derived from the simple average of the Subfund’s daily exposure in relation to the Subfund’s assets on the respective day. The exposure (counterparty) resulting from techniques for efficient portfolio management or derivatives was considered separately for exchange-traded derivatives, OTC derivatives (including total return swaps), repurchase agreements (repos/reverse repos) and securities lending.

Minimum Maximum Average

exposure in % exposure in % exposure in %

Allianz European Micro Cap exchange-traded derivatives1) - - -OTC derivatives 0.00 0.01 0.00Repurchase agreements (repos/reverse-repos) 2) - - -

Securities lending3) - - -1) During the period under review, the Subfund had no positions in exchange-traded derivatives.2) During the period under review, the Subfund did not enter into any repurchase agreements.3) During the period under review, the Subfund did not enter into any agreements in the form of securities loans.

The following table shows the collateral received to reduce the Company’s counterparty risk. The Company’s collateral is shown as notional as per 30 June 2018.

There are no collateral for the Subfunds as per 30 June 2018.

In the period under review, the Subfund conducted transactions or derivatives with the following counterparties as part of efficient portfolio management:

Royal Bank of Canada

There was no issuer whose collateral received exceeded 20% of the Subfund’s net asset value at the reporting date.

At the reporting date, the Subfund was not completely collateralised by securities issued or guaranteed by a Member State.

During the period under review, no revenues according section 35 (f) from techniques for efficient portfolio management, including direct and indirect operational costs and fees for the Subfunds, incurred.

Annex according to Regulation (EU) 2015/2365 with regards to Securities Financing Transactions and Total Return Swaps

This Fund was not invested in any securities financing transactions pursuant to Regulation (EU) 2015/2365 during the reporting period, therefore the following contains no information on this type of transaction.

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Further unaudited information

Distribution Policy

The present distribution policy for distributing shares consists of distributing the net income accruing in the respective period,

including income equalisation in the relevant period. The distributions shown below were made for the reporting period (1 July 2017 - 30 June 2018). Please refer to the sales prospectus for further information.

ex date Share Class in EUR

15/09/2017 W (EUR) 23.07456

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Note for investors in the Federal Republic of Germany (unaudited)

All payments to shareholders (proceeds from redemptions, any distributions and other payments) can be made through the German Paying Agent listed in the “Directory”. Redemption orders may be submitted through the German Paying Agent.

With respect to the distribution in the Federal Republic of Germany, the issue and redemption prices are published on the internet on the website https://de.allianzgi.com. Any notices to the investors are published on the webpage https://de.allianzgi.com. For selected share classes (e.g. share classes exclusively for institutional investors or share classes whose bases of taxation are not published in the Federal Republic of Germany) publication can be performed on one of the websites https://regulatory.allianzgi.com or https://lu.allianzgi.com.

Under Section 298 (2) of the German Capital Investment Code (KAGB), investors in the Federal Republic of Germany are also informed in the following cases by means of permanent data carrier as defined in Section 167 KAGB:

– Suspension of redemption of shares in the company, – Notice of termination of company management or liquidation of the company by the Management Company, – Amendments to the articles of incorporation that are not compatible with the existing investment principles, that affect key investor rights or involve fees and reimbursement of charges that can be withdrawn from the company, including the background to the amendments and the rights of the investors, – In the event of a merger of the company with another fund, the merger information required under Art. 43 of Directive 2009/65/EC, – In the event of conversion of the company into a feeder fund or the changes to a master fund in the form of information that must be prepared pursuant to Article 64 of Directive 2009/65/EC.

The Prospectus, the articles of incorporation for the company as well as the issue and redemption prices may be obtained as hard copy without charge at the Information Agent listed in the “Directory” and without charge on the website https://de.allianzgi.com. For selected share classes (e.g. share classes exclusively for institutional investors or share classes whose bases of taxation are not published in the Federal Republic of Germany) publication can be performed on one of the websites https://regulatory.allianzgi.com or https://lu.allianzgi.com.

The custodian agreement is available for inspection without charge at the offices of the Information Agent.

Neither the Management Company, the Depositary, the Registrar and Transfer Agent, the Distributor nor the Paying and Information Agents are liable for errors or omissions in the published prices.

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Note for investors in the Republic of Austria (unaudited)

The public sale of the share of the Subfunds Allianz European Micro Cap in the Republic of Austria was reported to the financial market authority (Finanzmarktaufsicht, Vienna) in accordance with § 140 InvFG. The Allianz Investmentbank AG operates as the Paying and Information Agent in Austria in accordance with § 141 (1) InvFG. Requests for redemption of shares in the aforementioned Subfunds can be submitted to the Austrian Paying and Information Agent.

In addition, all necessary investor information can be obtained free of charge at the Austrian Paying and Information Agent, such as the prospectus, the articles of incorporation, the annual and semi-annual reports as well as the subscription and redemption prices.

It is recommended that, before purchasing share of the Subfunds, investors ascertain whether the income data required for tax purposes is published via the Österreichische Kontrollbank AG for the respective share class.

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Chairman

Sven Schäfer Head of Products Europe Allianz Global Investors GmbH, Frankfurt/Main

Additional Directors Carina Feider Vice President – Head of Fund Setup Allianz Global Investors GmbH, Luxembourg Branch Senningerberg

Heiko Tilmont Vice President – Head of Shareholder and Distribution Services Allianz Global Investors GmbH, Luxembourg Branch, Senningerberg

Management Company and Central AdministrationAllianz Global Investors GmbHBockenheimer Landstrasse 42 - 4460323 Frankfurt/MainGermany

Allianz Global Investors GmbH, acting through the Luxembourg Branch6A, route de TrèvesL-2633 Senningerberg

Investment ManagerAllianz Global Investors U.S. LLC (“AllianzGI US”) *600 West Broadway, 31st Floor San Diego, CA 92101 USA

* AllianzGI US is part of the Allianz Global Investors Group, a company of the Allianz Group.

Depositary, Fund Accounting, NAV CalculationState Street BankLuxembourg S.C.A.49, Avenue J.F. Kennedy L-1855 Luxembourg

Registrar and Transfer Agentuntil 28 April 2018:

RBC Investor Services Bank S.A.14, Porte de FranceL-4360 Esch-sur-Alzette

since 28 April 2018:

State Street Bank Luxembourg S.C.A.49, Avenue J.F. KennedyL-1855 Luxembourg

Distributors

in LuxembourgAllianz Global Investors GmbH,Luxembourg Branch6A, route de TrèvesL-2633 Senningerberg

in the Federal Republic of GermanyCommerzbank AGKaiserplatz 60261 Frankfurt/Main Germany

in the United KingdomAllianz Global Investors GmbH,UK Branch199 Bishopsgate London EC2M 3TY United Kingdom

Paying and Information Agent

in LuxembourgState Street Bank Luxembourg S.C.A.49, Avenue J.F. KennedyL-1855 Luxembourg

in AustriaAllianz Investmentbank AG*Hietzinger Kai 101–105AT-1130 Vienna

* The Allianz Investmentbank AG is part of the Allianz Global Investors Group, a company of the Allianz Group.

Information Agent in the Federal Republic of GermanyAllianz Global InvestorsGmbH (“AllianzGI ”)Bockenheimer Landstraße 42–44 60323 Frankfurt/Main Germany

E-mail: [email protected]

Paying Agent in the Federal Republic of GermanyState Street Bank International GmbHBrienner Straße 59D-80333 München

UK Facilities AgentAllianz Global Investors GmbH,UK Branch199 Bishopsgate London EC2M 3TY United Kingdom

The Prospectus and the Key Investor Information, the Articles of Incorporation, the respective annual and semi-annual reports, price information as well as information on the redemption procedure can be obtained free of charge from the above address.

Any complaints may be sent to the Complaints Officer at the above address. A copy of our complaints process leaflet is available on request. Eligible complainants may also refer their complaint to the Financial Ombudsman Service if they are not satisfied with the final response from Allianz Global Investors GmbH UK.

AuditorPricewaterhouseCoopers Société coopérative2, rue Gerhard MercatorB.P. 1443L-1014 Luxembourg

Syndicate that promotes the Fund/the Sub-FundsAllianz Group

Dated: 30 June 2018

Directory

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