UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number

811-21417

 

AllianzGI NFJ Dividend, Interest & Premium Strategy 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)

 

Registrant’s telephone number, including area code:

 212-739-3371

 

 

Date of fiscal year end:

January 31

 

 

Date of reporting period:

July 31, 2017

 

 



 

ITEM 1. REPORT TO SHAREHOLDERS

 

 

 

 

 

 

 

 

 

 

 


 

Table of Contents

 

 

2–3

 

Letter from the President

4–11

 

Fund Insights

12–14

 

Performance & Statistics

15–51

 

Schedules of Investments

52

 

Statements of Assets and Liabilities

53

 

Statements of Operations

54–55

 

Statements of Changes in Net Assets

56

 

Statement of Cash Flows

57–59

 

Financial Highlights

60–76

 

Notes to Financial Statements

77

 

Annual Shareholder Meeting Results

78–79

 

Proxy Voting Policies & Procedures/Changes in Investment Policy

80–87

 

Matters Relating to the Trustees’ Consideration of the Investment Management & Portfolio Management Agreements

88–90

 

Privacy Policy

 

July 31, 2017 | Semi-Annual Report 1

 


 

Letter from the President

 

Dear Shareholder:

 

The US economy continued to expand during the six-month reporting period ended July 31, 2017, although the overall pace was rather modest. Meanwhile, there were indications that economic activity overseas was improving. Against this backdrop, both US and international equities generated strong results. Elsewhere, the US bond market posted a modest return during the reporting period.

 

For the six-month reporting period ended July 31, 2017

¡  AllianzGI Diversified Income & Convertible Fund returned 8.60% on net asset value (“NAV”) and 16.31% on market price.

 

¡  AllianzGI Equity & Convertible Income Fund returned 6.50% on NAV and 9.68% on market price.

 

¡  AllianzGI NFJ Dividend, Interest & Premium Strategy Fund returned 3.22% on NAV and 7.15% on market price.

 

 Thomas J. Fuccillo

 President & Chief
 Executive Officer

 

During the six months ended July 31, 2017, the Russell 3000 Index, a broad measure of US stock market performance, gained 8.94%; the Russell 1000 Value Index, a measure of large-cap value-style stocks, rose 5.30%; and the Russell 1000 Growth Index, a measure of growth style stocks, gained 13.21%. Convertible securities, as reflected by the BofA Merrill Lynch All Convertibles Index, returned 7.21%.

 

Turning to the US economy, gross domestic product (“GDP”), the value of goods and services produced in the country, the broadest measure of economic activity and a principal indicator of economic performance, expanded at a 1.8% annual pace during the fourth quarter of 2016. GDP then moderated to a 1.2% annual pace during the first quarter of 2017. The Commerce Department’s estimate for the second quarter of 2017 showed that GDP – released after the reporting period had ended – grew at an annual pace of 3.0%.

 

The US Federal Reserve (the “Fed”) raised interest rates on two separate occasions during the reporting period: in March 2017 and June 2017. In both cases, the Fed’s movements were well telegraphed. With the rate hike in June, the federal funds rate moved to a range between 1.00% and 1.25%. In the statement following the July meeting, the Fed indicated that it planned to begin reducing its balance sheet, saying “The Committee expects to begin implementing its balance sheet normalization program relatively soon, provided that the economy evolves broadly as anticipated.”

 

2 Semi-Annual Report | July 31, 2017

 


 

Outlook

Looking ahead, we believe investors should expect muted growth as the US enters the later portion of an economic cycle, Japan is struggling with its aging population and Europe is suffering from the uncertainties related to Great Britain’s anticipated exit from the European Union (“Brexit”). In our view, the US and European Union should ultimately avoid recessions, but remain mired in a relatively weak economic expansion. We expect the Fed to continue modestly increasing rates in 2017, prompting central banks in emerging markets to lower their rates as inflation falls. Elsewhere, we expect the European Central Bank and Bank of Japan to maintain their accommodative monetary policies. In our view, we have passed peak global liquidity, as central banks have pushed past negative interest rate policies to begin supporting government spending.

 

 

Receive this report electronically and eliminate paper mailings.

 

 

To enroll, visit:

us.allianzgi.com/edelivery.

 

 

The tides of deregulation continued shifting in 2016, and nationalism and populism gained ground. Politics should remain a key investment consideration given the results from the last U.S. Presidential election and key elections in Europe, including the Netherlands, France and Germany. We also believe that monetary policy will become more political. As to where governments will spend the money their central banks print, we believe domestic infrastructure and defense spending will be the focus of many countries in the coming years.

 

Against this backdrop, we believe markets are increasingly susceptible to volatility as politics, geopolitics, divergent monetary policies and internal market structures all converge and evolve. We believe that navigating this sea of uncertainty requires a clear direction and an active management approach, with investors staying agile in their asset allocations, confident in their processes and thorough in their research.

 

On behalf of Allianz Global Investors U.S. LLC, thank you for investing with us. We encourage you to consult with your financial advisor and to visit our website, us.allianzgi.com, for additional information. We remain dedicated to serving your investment needs.

 

Sincerely,

 

 

Thomas J. Fuccillo

President & Chief Executive Officer

 

July 31, 2017 | Semi-Annual Report 3

 


 

Fund Insights

AllianzGI Diversified Income & Convertible Fund/AllianzGI Equity & Convertible Income Fund/AllianzGI NFJ Dividend, Interest & Premium Strategy Fund

July 31, 2017 (unaudited)

 

 

AllianzGI Diversified Income & Convertible Fund

 

For the period of February 1, 2017 through July 31, 2017, as provided by Doug Forsyth, CFA, Portfolio Manager.

 

For the six-month period ended July 31, 2017, the AllianzGI Diversified Income & Convertible Fund (the “Fund”) returned 8.60% on net asset value (“NAV”) and 16.31% on market price.

 

During the reporting period, the Russell 1000 Growth Index, a measure of growth style stocks, advanced 13.21%; and convertible securities, as reflected by the BofA Merrill Lynch All Convertibles Index, returned 7.21%.

 

Market Environment

The performance for the convertible, high yield and large cap equity markets was higher over the trailing six months.

 

Several factors influenced the three asset classes throughout the reporting period, including corporate fundamentals, economic indicators, moves made by the US Federal Reserve (the “Fed”), the new US administration’s pro-growth agenda and sustained investors’ appetite for risk assets.

 

During the reporting period US companies continued to exhibit improving fundamentals. For example, in the first quarter of 2017 operating results for most US companies met or exceeded expectations while credit metrics showed further improvement, continuing a trend from the fourth quarter of 2016. As an additional example, the first quarter of 2017 was the first time since 2011 where US companies saw double-digit year-over-year earnings growth, on average for the S&P 500 Index. In addition, according to Bank of America Merrill Lynch, net leverage continued to tick lower and interest coverage continued to rise higher, on average for the S&P 500 Index.

 

Certain economic statistics were positive and factored into the market’s strength. In May 2017, the unemployment rate fell to its lowest level since 2001 and private payroll figures were healthy. Housing prices continued their upward trend. Consumer and small business confidence levels came off their recent highs, but remained at bullish levels. Overall, the trend in economic data reinforced the favorable credit conditions for convertible bonds, high yield bonds and equities.

 

As anticipated, the Fed raised interest rates twice during the reporting period, pushing the federal funds rate to a range of 1.00% to 1.25%. The convertible market responded positively to the Fed’s rate decision and commentary. Near-term rate hike projections from the Fed remain unchanged, with one more expected this year and three expected in 2018. Additionally, the Fed noted that the process of balance sheet reduction is expected to begin later this year, reflecting their confidence in the

 

4 Semi-Annual Report | July 31, 2017

 


 

Fund Insights

AllianzGI Diversified Income & Convertible Fund/AllianzGI Equity & Convertible Income Fund/AllianzGI NFJ Dividend, Interest & Premium Strategy Fund

July 31, 2017 (unaudited) (continued)

 

 

US economy. Outside of the US, global central banks throughout Europe and Asia maintained aggressive measures to stimulate their respective economies.

 

The three assets classes also benefited from a persistent appetite among investors for risk assets, which in part, appeared to be centered on the continued optimism surrounding President Trump’s policies and pro-growth agenda. Additionally, a weaker dollar and favorable supply/demand dynamics helped lift select base metal and crude oil prices, which supported commodity-related issuers.

 

The volatility environment remained subdued over the reporting period. The Chicago Board Options Exchange Volatility Index (VIX) started the period in the low double-digits and was range bound between 10.5 and 13.0 throughout February 2017 and March 2017, spiked to a high of 16.0 in mid-April 2017, and reached a new record low of below 9.0 in mid-July 2017. The index started the period at 11.8 and ended the period at 10.3.

 

Portfolio Specifics

The Fund provided consistent income and generated a positive total return over the reporting period.

 

In the equity sleeve, the materials, real estate and health care sectors helped relative performance. Conversely, the information technology, energy and consumer staples sectors hindered relative performance.

 

In the convertible sleeve, sectors that contributed positively to relative performance were information technology, consumer discretionary and transportation. On the other hand, energy, media and utilities pressured relative performance.

 

In the high yield sleeve, industries that aided relative performance were health care, chemicals and theatres & entertainment. In contrast, the energy, telecommunications and utilities industries hampered relative performance.

 

Regarding the covered call strategy, many option positions expired below strike and the portfolio was able to retain the set premiums. With depressed implied volatility levels, fewer equities were subject to written call options during the reporting period than in prior periods.

 

Outlook

US equity markets continue to record new all-time highs, volatility is near all-time lows, and interest rates are trending higher on an improving economic outlook in our view. Historically, these factors have been positive indicators for both economic and corporate earnings growth and supportive of investments in risk assets.

 

July 31, 2017 | Semi-Annual Report 5

 


 

Fund Insights

AllianzGI Diversified Income & Convertible Fund/AllianzGI Equity & Convertible Income Fund/AllianzGI NFJ Dividend, Interest & Premium Strategy Fund

July 31, 2017 (unaudited) (continued)

 

 

From a fundamental standpoint, as well as the observed condition of the economy, high yield defaults in 2017 and 2018 are expected to remain below their long-term historical average in our view. This stage of the market cycle can be compared to the mid-1990s and mid-2000s, when market environments exhibited economic stability, low defaults and healthy balance sheets.

 

Stress in select industries of the market has waned, and overall, we believe balance sheets, leverage ratios and interest-coverage ratios continue to support an investment in these asset classes.

 

The US economy is expected to expand at a moderate pace for the remainder of 2017, in our view. The stock market’s strength and the US Treasury yield curve appear to confirm this expectation. Moreover, any combination of positive tax reform, decreased regulation, and increased fiscal spending could provide upside to growth expectations.

 

After bottoming in the second quarter of 2016, corporate profits have significantly improved through the first quarter of 2017. Based on bottom-up estimates, we believe they are poised to trend higher throughout year.

 

US monetary policy continues to be modestly accommodative with the Fed expected to take a gradual approach toward policy adjustments, in our view. Additional Fed rate hikes and balance sheet reduction efforts signal confidence in the US economy’s ability to grow and reflect the goal of achieving a normalized environment after an extended period of extreme accommodation. Global monetary policy continues to be constructive and accommodative.

 

AllianzGI Equity & Convertible Income Fund

 

For the period of February 1, 2017 through July 31, 2017, as provided by Doug Forsyth, CFA, Portfolio Manager.

 

For the six-month period ended July 31, 2017, the AllianzGI Equity & Convertible Income Fund (the “Fund”) returned 6.50% on net asset value (“NAV”) and 9.68% on market price.

 

During the reporting period, the Russell 1000 Growth Index, a measure of growth style stocks, advanced 13.21%; and convertible securities, as reflected by the BofA Merrill Lynch All Convertibles Index, returned 7.21%.

 

Market Environment

Several factors influenced equities and convertible bonds throughout the reporting period, including corporate fundamentals, economic indicators, the US Federal Reserve (the “Fed”) moves, the US new administration’s pro-growth agenda, and investors sustained appetite for risk assets.

 

During the reporting period US companies continued to exhibit improving fundamentals.

 

6 Semi-Annual Report | July 31, 2017

 


 

Fund Insights

AllianzGI Diversified Income & Convertible Fund/AllianzGI Equity & Convertible Income Fund/AllianzGI NFJ Dividend, Interest & Premium Strategy Fund

July 31, 2017 (unaudited) (continued)

 

 

For example, in the first quarter operating results for most US companies met or exceeded expectations while credit metrics showed further improvement, continuing a trend from the fourth quarter of 2016. The first quarter of 2017 was the first time since 2011 where US companies saw double-digit year-over-year earnings growth, on average for the S&P 500 Index. In addition, according to Bank of America Merrill Lynch, net leverage ticked lower and interest coverage rose the last two quarters, on average for the S&P 500 Index.

 

Certain economic statistics were positive and factored into the market’s strength. In May 2017, the unemployment rate fell to its lowest level since 2001 and private payroll figures were healthy. Housing prices continued their upward trend. Consumer and small business confidence levels came off their recent highs, but remained at bullish levels. Overall, the trend in economic data reinforced the favorable credit conditions for equities and convertible bonds.

 

As anticipated, the Fed raised interest rates twice during the reporting period, pushing the federal funds rate to a range of 1.00% to 1.25%. The convertible market responded positively to the Fed’s rate decision and commentary. Near-term rate hike projections from the Fed remain unchanged, with one more expected this year and three expected in 2018. Additionally, the Fed noted that the process of balance sheet reduction is expected to begin later this year, reflecting their confidence in the US economy. Outside of the US, global central banks throughout Europe and Asia maintained aggressive measures to stimulate their respective economies.

 

The asset classes also benefited from a persistent appetite among investors for risk assets, which in part, appeared to be centered on the continued optimism surrounding President Trump’s policies and pro-growth agenda. Additionally, a weaker dollar and favorable supply/demand dynamics helped lift select base metal and crude oil prices, which supported commodity-related issuers.

 

The volatility environment remained subdued over the quarter. The Chicago Board Options Exchange Volatility Index (VIX) started the period in low double-digits and was range bound between 10.5 and 13.0 throughout February and March, spiked to a high of 16.0 in mid-April, and reached a new record low of below 9.0 in mid-July. The index started the period at 11.8 and ended the period at 10.3.

 

Portfolio Specifics

The Fund provided consistent income and generated a positive total return over the reporting period.

 

In the equity sleeve, the materials, real estate and industrials sectors helped relative performance. Conversely the energy, information technology and consumer

 

July 31, 2017 | Semi-Annual Report 7

 


 

Fund Insights

AllianzGI Diversified Income & Convertible Fund/AllianzGI Equity & Convertible Income Fund/AllianzGI NFJ Dividend, Interest & Premium Strategy Fund

July 31, 2017 (unaudited) (continued)

 

 

discretionary sectors hindered relative performance.

 

In the convertible sleeve, sectors that contributed positively to relative performance were materials, transportation and consumer staples. On the other hand, information technology, health care and financials pressured relative performance.

 

The covered call strategy captured fewer gains than anticipated. The covered calls did provide some short-term capital gains for the portfolio, but with the depressed implied volatilities the magnitude of the premiums faced headwinds.

 

Outlook

US equity markets continue to record new all-time highs, volatility is near all-time lows, and interest rates are trending higher on an improving economic outlook, in our view. Historically, these factors have been positive indicators for both economic and corporate earnings growth and supportive of investments in risk assets.

 

Stress in select industries of the market has waned, and overall, we believe balance sheets, leverage ratios and interest-coverage ratios continue to support an investment in the convertible asset class.

 

The US economy is expected to expand at a moderate pace for the remainder of 2017, in our view. The stock market’s strength and the US Treasury yield curve appear to confirm this expectation. Moreover, any combination of positive tax reform, decreased regulation and increased fiscal spending could provide upside to growth expectations.

 

After bottoming in the second quarter of 2016, corporate profits have significantly improved through the first quarter of 2017. Based on bottom-up estimates, they are poised to trend higher throughout year in our view.

 

US monetary policy continues to be modestly accommodative with the Fed expected to take a gradual approach toward policy adjustments, in our view. Additional Fed rate hikes and balance sheet reduction efforts signal confidence in the US economy’s ability to grow and reflect the goal of achieving a normalized environment after an extended period of extreme accommodation. Global monetary policy continues to be constructive and accommodative.

 

AllianzGI NFJ Dividend, Interest & Premium Strategy Fund

 

For the period of February 1, 2017 through July 31, 2017, as provided by the Dallas Investment team.

 

For the six-month period ended July 31, 2017, the AllianzGI NFJ Dividend, Interest & Premium Strategy Fund (the “Fund”) returned 3.22% on net asset value (“NAV”) and 7.15% on market price.

 

8 Semi-Annual Report | July 31, 2017

 


 

Fund Insights

AllianzGI Diversified Income & Convertible Fund/AllianzGI Equity & Convertible Income Fund/AllianzGI NFJ Dividend, Interest & Premium Strategy Fund

July 31, 2017 (unaudited) (continued)

 

 

During the reporting period, the Russell 1000 Value Index, a measure of large-cap value style stocks, advance 5.30%; and convertible securities, as reflected by the BofA Merrill Lynch All Convertibles Index, returned 7.21%.

 

Market Environment

Several factors influenced equities and convertible bonds throughout the reporting period, including corporate fundamentals, economic indicators, the US Federal Reserve (the “Fed”) moves, the new US administration’s pro-growth agenda, and investors’ sustained appetite for risk assets.

 

During the reporting period US companies continued to exhibit improving fundamentals. For example, in the first quarter of 2017 operating results for most US companies met or exceeded expectations while credit metrics showed further improvement, continuing a trend from the fourth quarter of 2016. As an additional example, the first quarter of 2017 was the first time since 2011 where US companies saw double-digit year-over-year earnings growth, on average for the S&P 500 Index. In addition, according to Bank of America Merrill Lynch, net leverage ticked lower and interest coverage rose the last two quarters, on average for the S&P 500 Index.

 

Certain economic statistics were positive and factored into the market’s strength. In May 2017, the unemployment rate fell to its lowest level since 2001 and private payroll figures were healthy. Housing prices continued their upward trend. Consumer and small business confidence levels came off their recent highs, but remained at bullish levels. Overall, the trend in economic data reinforced the favorable credit conditions for equities and convertible bonds.

 

As anticipated, the Fed hiked rates twice during the reporting period, pushing the federal funds rate to a range of 1.00% to 1.25%. The convertible market responded positively to the Fed’s rate decision and commentary. Near-term rate hike projections from the Fed remain unchanged, with one more expected this year and three expected in 2018. Additionally, the Fed noted that the process of balance sheet reduction is expected to begin later this year, reflecting their confidence in the US economy. Outside of the US, global central banks throughout Europe and Asia maintained aggressive measures to stimulate their respective economies.

 

The asset classes also benefited from a persistent appetite among investors for risk assets, which in part, appeared to be centered on continued the optimism surrounding President Trump’s policies and pro-growth agenda. Additionally, a weaker dollar and favorable supply/demand dynamics helped lift select base metal and crude oil prices, which supported commodity-related issuers.

 

Portfolio Specifics

Within the Russell 1000 Value Index (the “benchmark”), all but two of The Global

 

July 31, 2017 | Semi-Annual Report 9

 


 

Fund Insights

AllianzGI Diversified Income & Convertible Fund/AllianzGI Equity & Convertible Income Fund/AllianzGI NFJ Dividend, Interest & Premium Strategy Fund

July 31, 2017 (unaudited) (continued)

 

 

Industry Classification Standards (“GICS”) economic sectors delivered positive returns as shares were boosted by strong corporate earnings and enduring optimism on pro-growth reform. Telecommunication services, a top performer during this period last year, fell 4% during the reporting period as industry competition intensified. Energy stocks lagged the benchmark more than any other sector and posted a return of -8%. High inventory levels contributed to concerns that crude oil supply continues to exceed demand and the “oil math” tug of war continued throughout the reporting period. Health care stocks bested all sectors while utilities and consumer staples followed as both sectors rose comparably.

 

The equity portion of the Fund performed largely in line with the benchmark over the reporting period. In terms of relative performance, positive stock selection counterbalanced negative sector allocation. The Fund’s holdings in the health care, industrials and materials sectors were the most beneficial and drove overall positive selection. Conversely, negative selection in the information technology, utilities and energy sectors detracted.

 

From a sector allocation perspective, an underweight to the financial and health care sectors resulted in the largest positive impact on the Fund’s performance. However, the Fund’s overweight in energy and underweight in consumer staples detracted from results.

 

During the reporting period, the equity portion of the Fund’s largest overweights relative to the Russell 1000 Value Index were in the energy and materials sectors. The Fund’s largest relative underweights were in bond-proxy sectors, including consumer staples and real estate.

 

In the convertibles sleeve, sector allocations that helped relative performance in the period were materials, consumer staples and transportation. In contrast, energy, health care and telecommunications exposure weighed on relative returns.

 

In the equity options sleeve, retaining call premium was difficult to start the period, but improved as equity markets slowed from their rapid ascent. Nearly half of the overall gains in the equity market occurred within the first month of the reporting period, led by the health care and technology sectors, which, throughout the reporting period, returned 14.4% and 17.1%, respectively; the consumer discretionary, financial, industrial and utility sectors all contributed high single-digit returns as well. Levels of implied volatility, as measured by the Chicago Board Options Exchange Volatility Index (“VIX”), dropped to a low of 9.36 in July, the lowest the index has been since 1993 and averaged 11.35 during the period, adversely affecting the strike distances on the call options written. Calls written on the energy and financial sectors aided returns; however the strong performance in equities to start the period

 

10 Semi-Annual Report | July 31, 2017

 


 

Fund Insights

AllianzGI Diversified Income & Convertible Fund/AllianzGI Equity & Convertible Income Fund/AllianzGI NFJ Dividend, Interest & Premium Strategy Fund

July 31, 2017 (unaudited) (continued)

 

 

resulted in options expiring in-the-money, requiring cash assignments in excess of the premium collected.

 

Outlook

US equity markets continue to record new all-time highs, volatility is near all-time lows and interest rates are trending higher on an improving economic outlook, in our view. Historically, these factors have been positive indicators for both economic and corporate earnings growth and supportive of investments in risk assets.

 

Stress in select industries of the market has waned, and overall, we believe balance sheets, leverage ratios and interest-coverage ratios continue to support an investment in the convertible asset class.

 

The US economy is expected to expand at a moderate pace for the remainder of 2017, in our view. The stock market’s strength and the US Treasury yield curve appear to confirm this expectation. Moreover, any combination of positive tax reform, decreased regulation and increased fiscal spending could provide upside to growth expectations.

 

After bottoming in the second quarter of 2016, corporate profits have significantly improved through the first quarter of 2017. Based on bottom-up estimates, they are poised to trend higher throughout year, in our view.

 

US monetary policy continues to be modestly accommodative with the Fed expected to take a gradual approach toward policy adjustments, in our view. Additional Fed rate hikes and balance sheet reduction efforts signal confidence in the US economy’s ability to grow and reflect the goal of achieving a normalized environment after an extended period of extreme accommodation. Global monetary policy continues to be constructive and accommodative.

 

July 31, 2017 | Semi-Annual Report 11


 

Performance & Statistics

AllianzGI Diversified Income & Convertible Fund

July 31, 2017 (unaudited)

 

Total Return(1)

 

Market Price

 

NAV

Six Months

 

16.31%

 

8.60%

1 Year

 

25.95%

 

15.85%

Commencement of Operations (5/27/15) to 7/31/17

 

3.48%

 

6.36%

 

Market Price/NAV Performance

 

Market Price/NAV

 

 

Commencement of Operations (5/27/15) to 7/31/17

 

Market Price

 

$21.62

 

 

NAV(2)

 

$22.40

 NAV

 

Discount to NAV

 

-3.48%

 Market Price

 

Market Price Yield(3)

 

9.27%

 

Leverage Ratio(4)

 

31.33%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Past performance is no guarantee of future results. Total return is calculated by determining the percentage change in NAV or market price (as applicable) in the specified period. The calculation assumes that all dividends and distributions, if any, have been reinvested. Total return does not reflect broker commissions or sales charges in connection with the purchase or sale of Fund shares and includes the effect of expense reductions, if any. Total return for a period of more than one year represents the average annual total return. Total return for a period of less than one year is not annualized.

Performance at market price will differ from results at NAV. Although market price returns typically reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about the Fund, market conditions, supply and demand for the Fund’s shares, or changes in the Fund’s dividends.

An investment in the Fund involves risk, including the loss of principal. Total return, market price, market price yield and NAV will fluctuate with changes in market conditions. This data is provided for information purposes only and is not intended for trading purposes. Closed-end funds, unlike open-end funds, are not continuously offered. There is a one-time public offering and once issued, shares of closed-end funds are traded in the open market through a stock exchange. NAV is equal to total assets attributable to common shareholders less total liabilities divided by the number of common shares outstanding. Holdings are subject to change daily.

(2) The NAV disclosed in the Fund’s financial statements may differ due to accounting principles generally accepted in the United States of America.

(3) Market Price Yield is determined by dividing the annualized current (declared August 1, 2017) monthly dividend per common share (comprised of net investment income and net capital gains, if any) by the market price per common share at July 31, 2017.

(4) Represents Mandatory Redeemable Preferred Shares, Senior Secured Notes and amounts drawn under the short-term margin loan facility (“Leverage”) outstanding, as a percentage of total managed assets. Total managed assets refer to total assets (including assets attributable to Leverage) minus liabilities (other than liabilities representing Leverage).

 

12 Semi-Annual Report | July 31, 2017

 


 

Performance & Statistics

AllianzGI Equity & Convertible Income Fund

July 31, 2017 (unaudited)

 

Total Return(1)

 

Market Price

 

NAV

Six Months

 

9.68%

 

6.50%

1 Year

 

12.66%

 

10.59%

5 Year

 

11.36%

 

10.44%

10 Year

 

6.62%

 

6.39%

Commencement of Operations (2/27/07) to 7/31/17

 

5.91%

 

6.58%

 

Market Price/NAV Performance

 

Market Price/NAV

 

 

Commencement of Operations (2/27/07) to 7/31/17

 

Market Price

 

$20.08

 

 

NAV(2)

 

$22.16

 NAV

 

Discount to NAV

 

-9.39%

 Market Price

 

Market Price Yield(3)

 

7.57%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Past performance is no guarantee of future results. Total return is calculated by determining the percentage change in NAV or market price (as applicable) in the specified period. The calculation assumes that all dividends and distributions, if any, have been reinvested. Total return does not reflect broker commissions or sales charges in connection with the purchase or sale of Fund shares and includes the effect of expense reductions, if any. Total return for a period of more than one year represents the average annual total return. Total return for a period of less than one year is not annualized.

Performance at market price will differ from results at NAV. Although market price returns typically reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about the Fund, market conditions, supply and demand for the Fund’s shares, or changes in the Fund’s dividends.

An investment in the Fund involves risk, including the loss of principal. Total return, market price, market price yield and NAV will fluctuate with changes in market conditions. This data is provided for information purposes only and is not intended for trading purposes. Closed-end funds, unlike open-end funds, are not continuously offered. There is a one-time public offering and once issued, shares of closed-end funds are traded in the open market through a stock exchange. NAV is equal to total assets less total liabilities divided by the number of shares outstanding. Holdings are subject to change daily.

(2) The NAV disclosed in the Fund’s financial statements may differ due to accounting principles generally accepted in the United States of America.

(3) Market Price Yield is determined by dividing the annualized current quarterly dividend per share (comprised of net investment income and net capital gains, if any) by the market price per share at July 31, 2017.

 

July 31, 2017 | Semi-Annual Report 13

 


 

Performance & Statistics

AllianzGI NFJ Dividend, Interest & Premium Strategy Fund

July 31, 2017 (unaudited)

 

Total Return(1)

 

Market Price

 

NAV

Six Months

 

7.15%

 

3.22%

1 Year

 

14.86%

 

9.62%

5 Year

 

5.64%

 

6.11%

10 Year

 

3.55%

 

3.14%

Commencement of Operations (2/28/05) to 7/31/17

 

4.08%

 

4.61%

 

Market Price/NAV Performance

 

Market Price/NAV

 

 

Commencement of Operations (2/28/05) to 7/31/17

 

Market Price

 

$13.34

 

 

NAV(2)

 

$14.58

 NAV

 

Discount to NAV

 

-8.50%

 Market Price

 

Market Price Yield(3)

 

4.94%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Past performance is no guarantee of future results. Total return is calculated by determining the percentage change in NAV or market price (as applicable) in the specified period. The calculation assumes that all dividends and distributions, if any, have been reinvested. Total return does not reflect broker commissions or sales charges in connection with the purchase or sale of Fund shares and includes the effect of expense reductions, if any. Total return for a period of more than one year represents the average annual total return. Total return for a period of less than one year is not annualized.

Performance at market price will differ from results at NAV. Although market price returns typically reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about the Fund, market conditions, supply and demand for the Fund’s shares, or changes in the Fund’s dividends.

An investment in the Fund involves risk, including the loss of principal. Total return, market price, market price yield and NAV will fluctuate with changes in market conditions. This data is provided for information purposes only and is not intended for trading purposes. Closed-end funds, unlike open-end funds, are not continuously offered. There is a one-time public offering and once issued, shares of closed-end funds are traded in the open market through a stock exchange. NAV is equal to total assets less total liabilities divided by the number of shares outstanding. Holdings are subject to change daily.

(2) The NAV disclosed in the Fund’s financial statements may differ due to accounting principles generally accepted in the United States of America.

(3) Market Price Yield is determined by dividing the annualized current quarterly dividend per share (comprised of net investment income and net capital gains, if any) by the market price per share at July 31, 2017.

 

14 Semi-Annual Report | July 31, 2017


 

Schedule of Investments

AllianzGI Diversified Income & Convertible Fund

July 31, 2017 (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000s)

 

 

 

Value

 

Convertible Bonds & Notes – 62.4%

 

 

 

 

 

Aerospace & Defense – 0.8%

 

 

 

$1,570

 

Aerojet Rocketdyne Holdings, Inc., 2.25%, 12/15/23 (a)(b)

 

$1,786,856

 

 

 

Auto Components – 0.6%

 

 

 

710

 

Meritor, Inc., 7.875%, 3/1/26

 

1,243,068

 

 

 

Auto Manufacturers – 0.9%

 

 

 

1,920

 

Tesla, Inc., 0.25%, 3/1/19 (f)

 

2,091,600

 

 

 

Biotechnology – 3.0%

 

 

 

700

 

AMAG Pharmaceuticals, Inc., 2.50%, 2/15/19 (f)

 

741,562

 

1,290

 

ANI Pharmaceuticals, Inc., 3.00%, 12/1/19 (f)

 

1,375,462

 

 

 

BioMarin Pharmaceutical, Inc. (f),

 

 

 

820

 

0.75%, 10/15/18

 

905,587

 

780

 

1.50%, 10/15/20

 

923,325

 

1,825

 

Illumina, Inc., 0.50%, 6/15/21 (f)

 

1,963,016

 

525

 

Ligand Pharmaceuticals, Inc., 0.75%, 8/15/19 (f)

 

867,891

 

325

 

Novavax, Inc., 3.75%, 2/1/23 (a)(f)

 

137,313

 

 

 

 

 

6,914,156

 

 

 

Building Materials – 0.8%

 

 

 

1,530

 

Cemex S.A.B de C.V., 3.72%, 3/15/20

 

1,794,881

 

 

 

Chemicals – 0.2%

 

 

 

305

 

RPM International, Inc., 2.25%, 12/15/20 (f)

 

354,753

 

 

 

Commercial Services – 3.6%

 

 

 

1,440

 

Euronet Worldwide, Inc., 1.50%, 10/1/44 (f)

 

1,987,200

 

1,220

 

LendingTree, Inc., 0.625%, 6/1/22 (a)(b)

 

1,539,488

 

1,280

 

Live Nation Entertainment, Inc., 2.50%, 5/15/19 (f)

 

1,512,000

 

1,605

 

Macquarie Infrastructure Corp., 2.875%, 7/15/19 (f)

 

1,761,487

 

1,135

 

Square, Inc., 0.375%, 3/1/22 (a)(b)(f)

 

1,513,806

 

 

 

 

 

8,313,981

 

 

 

Computers – 0.7%

 

 

 

1,315

 

Lumentum Holdings, Inc., 0.25%, 3/15/24 (a)(b)

 

1,637,997

 

 

 

Diversified Financial Services – 1.7%

 

 

 

1,775

 

Blackhawk Network Holdings, Inc., 1.50%, 1/15/22 (a)(b)

 

2,000,203

 

1,245

 

Encore Capital Group, Inc., 3.25%, 3/15/22 (a)(b)

 

1,343,822

 

675

 

PRA Group, Inc., 3.00%, 8/1/20 (f)

 

653,906

 

 

 

 

 

3,997,931

 

 

 

Electrical Equipment – 0.8%

 

 

 

 

 

SunPower Corp. (f),

 

 

 

1,115

 

0.875%, 6/1/21

 

906,634

 

1,035

 

4.00%, 1/15/23

 

934,088

 

 

 

 

 

1,840,722

 

 

 

Electronics – 0.8%

 

 

 

1,905

 

OSI Systems, Inc., 1.25%, 9/1/22 (a)(b)

 

1,930,003

 

 

 

Energy-Alternate Sources – 0.8%

 

 

 

1,915

 

SolarCity Corp., 1.625%, 11/1/19 (f)

 

1,809,675

 

 

July 31, 2017 | Semi-Annual Report 15


 

Schedule of Investments

AllianzGI Diversified Income & Convertible Fund

July 31, 2017 (unaudited) (continued)

 

 

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000s)

 

 

 

Value

 

 

 

Energy-Alternate Sources (continued)

 

 

 

$3,615

 

SunEdison, Inc., 3.375%, 6/1/25 (a)(b)(c)(f)(g)
(acquisition cost-$3,475,717; purchased 5/27/15-10/5/15)

 

$90,375

 

 

 

 

 

1,900,050

 

 

 

Engineering & Construction – 1.1%

 

 

 

1,125

 

Dycom Industries, Inc., 0.75%, 9/15/21 (f)

 

1,321,172

 

1,065

 

Tutor Perini Corp., 2.875%, 6/15/21

 

1,224,084

 

 

 

 

 

2,545,256

 

 

 

Healthcare-Products – 1.1%

 

 

 

955

 

NuVasive, Inc., 2.25%, 3/15/21 (f)

 

1,197,331

 

1,290

 

Wright Medical Group, Inc., 2.00%, 2/15/20

 

1,413,357

 

 

 

 

 

2,610,688

 

 

 

Healthcare-Services – 1.5%

 

 

 

555

 

Anthem, Inc., 2.75%, 10/15/42

 

1,416,291

 

495

 

Molina Healthcare, Inc., 1.625%, 8/15/44 (f)

 

617,512

 

715

 

Tivity Health, Inc., 1.50%, 7/1/18 (f)

 

1,461,728

 

 

 

 

 

3,495,531

 

 

 

Home Builders – 0.4%

 

 

 

825

 

CalAtlantic Group, Inc., 1.625%, 5/15/18 (f)

 

968,344

 

 

 

Insurance – 1.8%

 

 

 

2,510

 

AmTrust Financial Services, Inc., 2.75%, 12/15/44 (f)

 

1,973,487

 

510

 

Fidelity National Financial, Inc., 4.25%, 8/15/18

 

1,411,425

 

815

 

HCI Group, Inc., 4.25%, 3/1/37 (a)(b)(f)

 

776,288

 

 

 

 

 

4,161,200

 

 

 

Internet – 5.6%

 

 

 

1,530

 

Altaba, Inc., zero coupon, 12/1/18 (f)

 

1,809,225

 

1,145

 

Ctrip.com International Ltd., 1.25%, 9/15/22 (a)(b)(f)

 

1,297,428

 

1,830

 

Liberty Expedia Holdings, Inc., 1.00%, 6/30/47 (a)(b)

 

1,996,988

 

1,160

 

Palo Alto Networks, Inc., zero coupon, 7/1/19 (f)

 

1,510,900

 

1,310

 

Pandora Media, Inc., 1.75%, 12/1/20 (f)

 

1,253,506

 

2,625

 

Priceline Group, Inc., 0.90%, 9/15/21

 

3,131,953

 

600

 

VeriSign, Inc., 4.452%, 8/15/37 (f)

 

1,781,250

 

 

 

 

 

12,781,250

 

 

 

Iron/Steel – 0.4%

 

 

 

635

 

AK Steel Corp., 5.00%, 11/15/19 (f)

 

863,203

 

 

 

Media – 2.9%

 

 

 

2,125

 

DISH Network Corp., 3.375%, 8/15/26 (a)(b)

 

2,650,937

 

1,820

 

Liberty Interactive LLC, 1.75%, 9/30/46 (a)(b)(f)

 

2,259,075

 

1,610

 

Liberty Media Corp-Liberty Formula One, 1.00%, 1/30/23 (a)(b)

 

1,827,350

 

 

 

 

 

6,737,362

 

 

 

Metal Fabricate/Hardware – 0.5%

 

 

 

1,055

 

RTI International Metals, Inc., 1.625%, 10/15/19

 

1,175,006

 

 

 

Mining – 0.1%

 

 

 

205

 

Royal Gold, Inc., 2.875%, 6/15/19 (f)

 

228,063

 

 

16 Semi-Annual Report | July 31, 2017


 

Schedule of Investments

AllianzGI Diversified Income & Convertible Fund

July 31, 2017 (unaudited) (continued)

 

 

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000s)

 

 

 

Value

 

 

 

Oil, Gas & Consumable Fuels – 4.4%

 

 

 

$1,420

 

Alon USA Energy, Inc., 3.00%, 9/15/18 (f)

 

$1,614,363

 

890

 

Chesapeake Energy Corp., 5.50%, 9/15/26 (a)(b)(f)

 

845,500

 

740

 

Ensco Jersey Finance Ltd., 3.00%, 1/31/24 (a)(b)(f)

 

587,375

 

2,620

 

Nabors Industries, Inc., 0.75%, 1/15/24 (a)(b)(f)

 

2,068,163

 

1,635

 

Oasis Petroleum, Inc., 2.625%, 9/15/23 (f)

 

1,607,409

 

765

 

PDC Energy, Inc., 1.125%, 9/15/21 (f)

 

723,403

 

1,690

 

SM Energy Co., 1.50%, 7/1/21 (f)

 

1,576,981

 

1,020

 

Weatherford International Ltd., 5.875%, 7/1/21 (f)

 

1,085,025

 

 

 

 

 

10,108,219

 

 

 

Pharmaceuticals – 5.2%

 

 

 

650

 

Depomed, Inc., 2.50%, 9/1/21 (f)

 

578,500

 

610

 

DexCom, Inc., 0.75%, 5/15/22 (a)(b)

 

604,662

 

395

 

Flexion Therapeutics, Inc., 3.375%, 5/1/24 (a)(b)

 

436,969

 

1,360

 

Horizon Pharma Investment Ltd., 2.50%, 3/15/22 (f)

 

1,190,000

 

1,945

 

Impax Laboratories, Inc., 2.00%, 6/15/22 (f)

 

1,715,247

 

735

 

Ironwood Pharmaceuticals, Inc., 2.25%, 6/15/22

 

948,150

 

1,620

 

Jazz Investments I Ltd., 1.875%, 8/15/21

 

1,773,900

 

1,875

 

Neurocrine Biosciences, Inc., 2.25%, 5/15/24 (a)(b)

 

1,916,016

 

1,480

 

Pacira Pharmaceuticals, Inc., 2.375%, 4/1/22 (a)(b)(f)

 

1,493,875

 

185

 

Synergy Pharmaceuticals, Inc., 7.50%, 11/1/19 (a)(b)(f)

 

285,594

 

960

 

Teva Pharmaceutical Finance Co. LLC, Ser. C, 0.25%, 2/1/26 (f)

 

1,032,000

 

 

 

 

 

11,974,913

 

 

 

Pipelines – 0.7%

 

 

 

2,415

 

Cheniere Energy, Inc., 4.25%, 3/15/45 (f)

 

1,667,859

 

 

 

Retail – 0.5%

 

 

 

 

 

RH (a)(b)(f),

 

 

 

710

 

zero coupon, 6/15/19

 

634,563

 

680

 

zero coupon, 7/15/20

 

563,550

 

 

 

 

 

1,198,113

 

 

 

Semiconductors – 8.9%

 

 

 

540

 

Advanced Micro Devices, Inc., 2.125%, 9/1/26 (f)

 

1,013,850

 

1,460

 

Cypress Semiconductor Corp., 4.50%, 1/15/22

 

1,842,337

 

 

 

Inphi Corp. (f),

 

 

 

980

 

0.75%, 9/1/21 (a)(b)

 

993,475

 

170

 

1.125%, 12/1/20

 

203,575

 

1,000

 

Integrated Device Technology, Inc., 0.875%, 11/15/22 (f)

 

1,063,750

 

1,890

 

Intel Corp., 3.25%, 8/1/39 (f)

 

3,261,441

 

625

 

Lam Research Corp., 1.25%, 5/15/18

 

1,650,000

 

2,805

 

Microchip Technology, Inc., 1.625%, 2/15/27 (a)(b)

 

3,120,562

 

2,710

 

Micron Technology, Inc., Ser. G, 3.00%, 11/15/43 (f)

 

2,928,494

 

1,650

 

Synaptics, Inc., 0.50%, 6/15/22 (a)(b)

 

1,697,438

 

1,210

 

Teradyne, Inc., 1.25%, 12/15/23 (a)(b)

 

1,535,944

 

1,025

 

Veeco Instruments, Inc., 2.70%, 1/15/23

 

1,103,156

 

 

 

 

 

20,414,022

 

 

July 31, 2017 | Semi-Annual Report 17


 

Schedule of Investments

AllianzGI Diversified Income & Convertible Fund

July 31, 2017 (unaudited) (continued)

 

 

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000s)

 

 

 

Value

 

 

 

Software – 8.6%

 

 

 

$725

 

Evolent Health, Inc., 2.00%, 12/1/21 (a)(b)(f)

 

$925,281

 

1,690

 

HubSpot, Inc., 0.25%, 6/1/22 (a)(b)

 

1,736,475

 

1,040

 

Medidata Solutions, Inc., 1.00%, 8/1/18

 

1,435,200

 

1,555

 

Nice Systems, Inc., 1.25%, 1/15/24 (a)(b)

 

1,678,428

 

 

 

Nuance Communications, Inc. (f),

 

 

 

1,405

 

1.25%, 4/1/25 (a)(b)

 

1,422,563

 

975

 

1.50%, 11/1/35

 

1,004,859

 

1,525

 

Proofpoint, Inc., 0.75%, 6/15/20

 

1,910,063

 

1,900

 

PROS Holdings, Inc., 2.00%, 6/1/47 (a)(b)

 

1,748,000

 

1,490

 

RealPage, Inc., 1.50%, 11/15/22 (a)(b)

 

1,701,394

 

1,465

 

Salesforce.com, Inc., 0.25%, 4/1/18 (f)

 

2,028,109

 

1,755

 

ServiceNow, Inc., zero coupon, 6/1/22 (a)(b)

 

1,838,363

 

935

 

Synchronoss Technologies, Inc., 0.75%, 8/15/19 (f)

 

888,834

 

1,515

 

Verint Systems, Inc., 1.50%, 6/1/21 (f)

 

1,474,284

 

 

 

 

 

19,791,853

 

 

 

Telecommunications – 2.4%

 

 

 

 

 

Finisar Corp. (f),

 

 

 

775

 

0.50%, 12/15/33

 

883,500

 

1,315

 

0.50%, 12/15/36 (a)(b)

 

1,314,178

 

1,495

 

Gogo, Inc., 3.75%, 3/1/20 (f)

 

1,393,153

 

 

 

Viavi Solutions, Inc.,

 

 

 

1,170

 

0.625%, 8/15/33

 

1,322,100

 

525

 

1.00%, 3/1/24 (a)(b)

 

565,032

 

 

 

 

 

5,477,963

 

 

 

Transportation – 1.6%

 

 

 

1,520

 

Atlas Air Worldwide Holdings, Inc., 1.875%, 6/1/24

 

1,809,750

 

1,650

 

Greenbrier Cos., Inc., 2.875%, 2/1/24 (a)(b)

 

1,791,281

 

 

 

 

 

3,601,031

 

Total Convertible Bonds & Notes (cost-$153,155,185)

 

143,605,874

 

 

 

 

 

 

 

Shares

 

 

 

 

 

Common Stock – 35.3%

 

 

 

 

 

Aerospace & Defense – 0.9%

 

 

 

8,400

 

Boeing Co. (f)

 

2,036,664

 

 

 

Automobiles – 0.5%

 

 

 

104,700

 

Ford Motor Co. (f)

 

1,174,734

 

 

 

Banks – 1.2%

 

 

 

36,000

 

Bank of America Corp. (f)

 

868,320

 

8,500

 

JPMorgan Chase & Co.

 

780,300

 

20,300

 

Wells Fargo & Co. (f)

 

1,094,982

 

 

 

 

 

2,743,602

 

 

 

Beverages – 1.1%

 

 

 

17,860

 

Coca-Cola Co. (f)

 

818,703

 

14,200

 

PepsiCo, Inc.

 

1,655,862

 

 

 

 

 

2,474,565

 

 

18 Semi-Annual Report | July 31, 2017


 

Schedule of Investments

AllianzGI Diversified Income & Convertible Fund

July 31, 2017 (unaudited) (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Value

 

 

 

Biotechnology – 3.2%

 

 

 

25,200

 

AbbVie, Inc. (f)

 

$1,761,732

 

9,300

 

Amgen, Inc. (f)

 

1,622,943

 

4,200

 

Biogen, Inc. (f)(h)

 

1,216,278

 

2,100

 

Bioverativ, Inc. (f)(h)

 

130,137

 

18,600

 

Gilead Sciences, Inc. (f)

 

1,415,274

 

1,843

 

Regeneron Pharmaceuticals, Inc. (f)(h)

 

906,056

 

1,500

 

Vertex Pharmaceuticals, Inc. (f)(h)

 

227,730

 

 

 

 

 

7,280,150

 

 

 

Building Products – 0.5%

 

 

 

30,252

 

Johnson Controls International PLC (f)

 

1,178,315

 

 

 

Chemicals – 1.0%

 

 

 

21,400

 

Chemours Co.

 

1,018,854

 

11,900

 

Monsanto Co. (f)

 

1,390,158

 

 

 

 

 

2,409,012

 

 

 

Construction & Engineering – 0.3%

 

 

 

15,300

 

Fluor Corp. (f)

 

664,479

 

 

 

Diversified Telecommunication Services – 0.5%

 

 

 

25,100

 

Verizon Communications, Inc. (f)

 

1,214,840

 

 

 

Electronic Equipment, Instruments & Components – 0.8%

 

 

 

16,300

 

Amphenol Corp., Class A (f)

 

1,248,906

 

19,700

 

Corning, Inc. (f)

 

574,058

 

 

 

 

 

1,822,964

 

 

 

Energy Equipment & Services – 0.4%

 

 

 

15,000

 

Schlumberger Ltd. (f)

 

1,029,000

 

 

 

Food & Staples Retailing – 1.8%

 

 

 

8,400

 

Costco Wholesale Corp.

 

1,331,484

 

37,600

 

Kroger Co. (f)

 

921,952

 

22,400

 

Walgreens Boots Alliance, Inc. (f)

 

1,807,008

 

 

 

 

 

4,060,444

 

 

 

Food Products – 0.3%

 

 

 

11,414

 

Tyson Foods, Inc., Class A (f)

 

723,191

 

 

 

Health Care Equipment & Supplies – 0.6%

 

 

 

21,400

 

Baxter International, Inc. (f)

 

1,294,272

 

 

 

Health Care Providers & Services – 1.9%

 

 

 

20,825

 

Envision Healthcare Corp. (f)(h)

 

1,175,155

 

9,300

 

McKesson Corp. (f)

 

1,505,391

 

9,500

 

UnitedHealth Group, Inc.

 

1,822,195

 

 

 

 

 

4,502,741

 

 

 

Hotels, Restaurants & Leisure – 1.5%

 

 

 

9,100

 

McDonald’s Corp. (f)

 

1,411,774

 

19,900

 

MGM Resorts International (f)

 

655,307

 

25,700

 

Starbucks Corp. (f)

 

1,387,286

 

 

 

 

 

3,454,367

 

 

July 31, 2017 | Semi-Annual Report 19


 

Schedule of Investments

AllianzGI Diversified Income & Convertible Fund

July 31, 2017 (unaudited) (continued)

 

 

 

 

 

 

 

 

 

 

 

 



Shares

 

 

 

Value

 

 

 

Household Durables – 0.2%

 

 

 

10,000

 

Lennar Corp., Class A (f)

 

$524,400

 

 

 

Household Products – 0.4%

 

 

 

11,100

 

Procter & Gamble Co.

 

1,008,102

 

 

 

Industrial Conglomerates – 1.0%

 

 

 

7,100

 

3M Co.

 

1,428,307

 

35,500

 

General Electric Co. (f)

 

909,155

 

 

 

 

 

2,337,462

 

 

 

Insurance – 0.7%

 

 

 

13,400

 

Prudential Financial, Inc.

 

1,517,282

 

 

 

Internet & Catalog Retail – 1.0%

 

 

 

2,250

 

Amazon.com, Inc. (f)(h)

 

2,222,505

 

 

 

Internet Software & Services – 2.6%

 

 

 

7,900

 

Alibaba Group Holding Ltd., ADR (f)(h)

 

1,224,105

 

2,400

 

Alphabet, Inc., Class A (f)(h)

 

2,269,200

 

14,700

 

Facebook, Inc., Class A (f)(h)

 

2,487,975

 

 

 

 

 

5,981,280

 

 

 

IT Services – 1.2%

 

 

 

7,400

 

International Business Machines Corp. (f)

 

1,070,558

 

18,100

 

Visa, Inc., Class A

 

1,802,036

 

 

 

 

 

2,872,594

 

 

 

Machinery – 1.1%

 

 

 

11,300

 

Caterpillar, Inc. (f)

 

1,287,635

 

9,500

 

Deere & Co. (f)

 

1,218,660

 

 

 

 

 

2,506,295

 

 

 

Media – 1.7%

 

 

 

44,000

 

Comcast Corp., Class A (f)

 

1,779,800

 

13,573

 

LiveStyle, Inc. (d)(h)

 

1

 

18,700

 

Walt Disney Co. (f)

 

2,055,691

 

 

 

 

 

3,835,492

 

 

 

Multi-Line Retail – 0.6%

 

 

 

25,100

 

Target Corp. (f)

 

1,422,417

 

 

 

Oil, Gas & Consumable Fuels – 0.7%

 

 

 

8,100

 

Occidental Petroleum Corp. (f)

 

501,633

 

15,200

 

Valero Energy Corp. (f)

 

1,048,344

 

 

 

 

 

1,549,977

 

 

 

Pharmaceuticals – 0.5%

 

 

 

20,300

 

Bristol-Myers Squibb Co. (f)

 

1,155,070

 

 

 

Road & Rail – 0.7%

 

 

 

14,900

 

Union Pacific Corp.

 

1,534,104

 

 

 

Semiconductors & Semiconductor Equipment – 2.4%

 

 

 

4,100

 

Broadcom Ltd. (f)

 

1,011,306

 

48,300

 

Intel Corp. (f)

 

1,713,201

 

2,400

 

NVIDIA Corp.

 

390,024

 

 

20 Semi-Annual Report | July 31, 2017


 

Schedule of Investments

AllianzGI Diversified Income & Convertible Fund

July 31, 2017 (unaudited) (continued)

 

 

 

 

 

 

 

 

 

 

 

 



Shares

 

 

 

Value

 

 

 

Semiconductors & Semiconductor Equipment (continued)

 

 

 

17,200

 

QUALCOMM, Inc. (f)

 

$914,868

 

19,100

 

Texas Instruments, Inc. (f)

 

1,554,358

 

 

 

 

 

5,583,757

 

 

 

Software – 2.1%

 

 

 

9,600

 

Adobe Systems, Inc. (f)(h)

 

1,406,304

 

34,500

 

Microsoft Corp. (f)

 

2,508,150

 

19,300

 

Oracle Corp. (f)

 

963,649

 

 

 

 

 

4,878,103

 

 

 

Specialty Retail – 0.8%

 

 

 

12,300

 

Home Depot, Inc. (f)

 

1,840,080

 

 

 

Technology Hardware, Storage & Peripherals – 1.1%

 

 

 

16,800

 

Apple, Inc. (f)

 

2,498,664

 

Total Common Stock (cost-$88,922,874)

 

81,330,924

 

 

 

 

 

 

 

Principal
Amount
(000s)

 

 

 

 

 

Corporate Bonds & Notes – 33.1%

 

 

 

 

 

Aerospace & Defense – 1.1%

 

 

 

$1,000

 

KLX, Inc., 5.875%, 12/1/22 (a)(b)(f)

 

1,055,000

 

435

 

Kratos Defense & Security Solutions, Inc., 7.00%, 5/15/19

 

445,875

 

1,000

 

TransDigm, Inc., 6.50%, 5/15/25 (f)

 

1,055,000

 

 

 

 

 

2,555,875

 

 

 

Apparel & Textiles – 0.1%

 

 

 

165

 

Hanesbrands, Inc., 4.625%, 5/15/24 (a)(b)

 

169,331

 

 

 

Banks – 0.4%

 

 

 

160

 

CIT Group, Inc., 5.00%, 8/15/22 (f)

 

173,392

 

680

 

Royal Bank of Scotland Group PLC, 5.125%, 5/28/24

 

722,232

 

 

 

 

 

895,624

 

 

 

Building Materials – 0.3%

 

 

 

565

 

Builders FirstSource, Inc., 5.625%, 9/1/24 (a)(b)

 

595,369

 

 

 

Chemicals – 1.5%

 

 

 

1,000

 

Chemours Co., 7.00%, 5/15/25 (f)

 

1,120,000

 

305

 

Kraton Polymers LLC, 7.00%, 4/15/25 (a)(b)

 

329,400

 

1,000

 

Platform Specialty Products Corp., 6.50%, 2/1/22 (a)(b)(f)

 

1,042,500

 

540

 

Tronox Finance LLC, 7.50%, 3/15/22 (a)(b)

 

568,350

 

365

 

Univar USA, Inc., 6.75%, 7/15/23 (a)(b)(f)

 

384,162

 

 

 

 

 

3,444,412

 

 

 

Commercial Services – 1.8%

 

 

 

 

 

Cardtronics, Inc.,

 

 

 

1,000

 

5.125%, 8/1/22 (f)

 

1,025,000

 

190

 

5.50%, 5/1/25 (a)(b)

 

196,175

 

350

 

Cenveo Corp., 6.00%, 5/15/24 (a)(b)(f)

 

312,375

 

300

 

Gartner, Inc., 5.125%, 4/1/25 (a)(b)

 

318,000

 

 

July 31, 2017 | Semi-Annual Report 21


 

Schedule of Investments

AllianzGI Diversified Income & Convertible Fund

July 31, 2017 (unaudited) (continued)

 

 

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000s)

 

 

 

Value

 

 

 

Commercial Services (continued)

 

 

 

$365

 

KAR Auction Services, Inc., 5.125%, 6/1/25 (a)(b)

 

$381,425

 

915

 

RR Donnelley & Sons Co., 6.00%, 4/1/24 (f)

 

894,412

 

1,000

 

United Rentals North America, Inc., 5.50%, 7/15/25 (f)

 

1,058,750

 

 

 

 

 

4,186,137

 

 

 

Computers – 0.6%

 

 

 

520

 

Dell International LLC, 7.125%, 6/15/24 (a)(b)(f)

 

578,946

 

500

 

Harland Clarke Holdings Corp., 9.25%, 3/1/21 (a)(b)

 

496,250

 

310

 

Western Digital Corp., 10.50%, 4/1/24

 

367,737

 

 

 

 

 

1,442,933

 

 

 

Distribution/Wholesale – 0.5%

 

 

 

1,000

 

H&E Equipment Services, Inc., 7.00%, 9/1/22 (f)

 

1,040,000

 

 

 

Diversified Financial Services – 2.4%

 

 

 

1,500

 

Community Choice Financial, Inc., 10.75%, 5/1/19 (f)

 

1,312,500

 

1,000

 

International Lease Finance Corp., 8.25%, 12/15/20 (f)

 

1,184,050

 

1,000

 

Nationstar Mortgage LLC, 7.875%, 10/1/20 (f)

 

1,026,225

 

1,000

 

Navient Corp., 8.45%, 6/15/18 (f)

 

1,052,700

 

1,000

 

Springleaf Finance Corp., 6.90%, 12/15/17 (f)

 

1,017,500

 

 

 

 

 

5,592,975

 

 

 

Electric Utilities – 0.8%

 

 

 

1,000

 

NRG Energy, Inc., 6.25%, 5/1/24 (f)

 

1,042,500

 

1,000

 

Talen Energy Supply LLC, 6.50%, 6/1/25 (f)

 

725,000

 

 

 

 

 

1,767,500

 

 

 

Engineering & Construction – 0.4%

 

 

 

500

 

AECOM, 5.875%, 10/15/24 (f)

 

548,125

 

435

 

Tutor Perini Corp., 6.875%, 5/1/25 (a)(b)

 

468,713

 

 

 

 

 

1,016,838

 

 

 

Entertainment – 1.0%

 

 

 

185

 

AMC Entertainment Holdings, Inc., 6.125%, 5/15/27 (f)

 

190,763

 

 

 

Cedar Fair L.P.,

 

 

 

750

 

5.375%, 6/1/24 (f)

 

791,250

 

190

 

5.375%, 4/15/27 (a)(b)

 

200,925

 

1,000

 

International Game Technology PLC, 6.25%, 2/15/22 (a)(b)(f)

 

1,100,000

 

 

 

 

 

2,282,938

 

 

 

Equity Real Estate Investment Trusts (REITs) – 0.1%

 

 

 

 

 

CyrusOne L.P. (a)(b),

 

 

 

210

 

5.00%, 3/15/24

 

218,925

 

60

 

5.375%, 3/15/27

 

63,525

 

 

 

 

 

282,450

 

 

 

Food & Beverage – 0.9%

 

 

 

170

 

Albertsons Cos. LLC, 6.625%, 6/15/24 (a)(b)

 

161,500

 

380

 

Lamb Weston Holdings, Inc., 4.875%, 11/1/26 (a)(b)

 

399,156

 

495

 

Post Holdings, Inc., 5.75%, 3/1/27 (a)(b)

 

527,175

 

1,000

 

SUPERVALU, Inc., 6.75%, 6/1/21 (f)

 

997,500

 

 

 

 

 

2,085,331

 

 

22 Semi-Annual Report | July 31, 2017


 

Schedule of Investments

AllianzGI Diversified Income & Convertible Fund

July 31, 2017 (unaudited) (continued)

 

 

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000s)

 

 

 

Value

 

 

 

Healthcare-Products – 0.3%

 

 

 

$260

 

Hill-Rom Holdings, Inc., 5.00%, 2/15/25 (a)(b)

 

$268,450

 

360

 

Hologic, Inc., 5.25%, 7/15/22 (a)(b)(f)

 

381,600

 

 

 

 

 

650,050

 

 

 

Healthcare-Services – 2.0%

 

 

 

1,000

 

Community Health Systems, Inc., 6.875%, 2/1/22 (f)

 

855,000

 

310

 

DaVita, Inc., 5.125%, 7/15/24 (f)

 

319,300

 

185

 

Envision Healthcare Corp., 6.25%, 12/1/24 (a)(b)

 

199,800

 

1,000

 

HCA, Inc., 7.50%, 2/15/22 (f)

 

1,157,500

 

1,000

 

Kindred Healthcare, Inc., 8.75%, 1/15/23 (f)

 

1,001,250

 

1,000

 

Tenet Healthcare Corp., 8.125%, 4/1/22 (f)

 

1,077,500

 

 

 

 

 

4,610,350

 

 

 

Home Builders – 0.8%

 

 

 

375

 

Beazer Homes USA, Inc., 8.75%, 3/15/22

 

419,464

 

365

 

Brookfield Residential Properties, Inc., 6.50%, 12/15/20 (a)(b)(f)

 

378,687

 

1,000

 

KB Home, 8.00%, 3/15/20 (f)

 

1,126,250

 

 

 

 

 

1,924,401

 

 

 

Internet – 0.2%

 

 

 

305

 

Symantec Corp., 5.00%, 4/15/25 (a)(b)

 

320,250

 

90

 

Zayo Group LLC, 5.75%, 1/15/27 (a)(b)

 

95,625

 

 

 

 

 

415,875

 

 

 

Iron/Steel – 0.4%

 

 

 

 

 

AK Steel Corp.,

 

 

 

205

 

7.00%, 3/15/27

 

215,506

 

265

 

7.50%, 7/15/23 (f)

 

291,169

 

445

 

United States Steel Corp., 8.375%, 7/1/21 (a)(b)

 

493,394

 

 

 

 

 

1,000,069

 

 

 

Lodging – 1.0%

 

 

 

1,000

 

MGM Resorts International, 6.625%, 12/15/21 (f)

 

1,127,500

 

1,000

 

Wynn Las Vegas LLC, 5.50%, 3/1/25 (a)(b)(f)

 

1,054,790

 

 

 

 

 

2,182,290

 

 

 

Machinery-Construction & Mining – 0.2%

 

 

 

360

 

Terex Corp., 5.625%, 2/1/25 (a)(b)

 

375,750

 

 

 

Machinery-Diversified – 0.2%

 

 

 

250

 

Tennant Co., 5.625%, 5/1/25 (a)(b)

 

267,187

 

250

 

Zebra Technologies Corp., 7.25%, 10/15/22

 

266,563

 

 

 

 

 

533,750

 

 

 

Media – 2.5%

 

 

 

1,000

 

Cablevision Systems Corp., 8.00%, 4/15/20 (f)

 

1,123,500

 

 

 

CCO Holdings LLC,

 

 

 

125

 

5.125%, 5/1/27 (a)(b)

 

129,531

 

500

 

5.75%, 1/15/24 (f)

 

527,500

 

1,000

 

Clear Channel Worldwide Holdings, Inc., Ser. B, 6.50%, 11/15/22 (f)

 

1,041,250

 

425

 

CSC Holdings LLC, 6.75%, 11/15/21 (f)

 

474,156

 

750

 

DISH DBS Corp., 5.875%, 7/15/22 (f)

 

818,205

 

 

July 31, 2017 | Semi-Annual Report 23


 

Schedule of Investments

AllianzGI Diversified Income & Convertible Fund

July 31, 2017 (unaudited) (continued)

 

 

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000s)

 

 

 

Value

 

 

 

Media (continued)

 

 

 

$500

 

LIN Television Corp., 5.875%, 11/15/22

 

$526,875

 

1,000

 

Mediacom Broadband LLC, 6.375%, 4/1/23 (f)

 

1,052,500

 

 

 

 

 

5,693,517

 

 

 

Metal Fabricate/Hardware – 0.1%

 

 

 

270

 

Park-Ohio Industries, Inc., 6.625%, 4/15/27 (a)(b)

 

286,200

 

 

 

Mining – 0.6%

 

 

 

305

 

Alcoa Nederland Holding BV, 6.75%, 9/30/24 (a)(b)

 

337,788

 

560

 

Freeport-McMoRan, Inc., 3.55%, 3/1/22

 

544,600

 

 

 

Hudbay Minerals, Inc. (a)(b),

 

 

 

80

 

7.25%, 1/15/23

 

87,100

 

270

 

7.625%, 1/15/25

 

297,675

 

 

 

 

 

1,267,163

 

 

 

Miscellaneous Manufacturing – 0.1%

 

 

 

285

 

Koppers, Inc., 6.00%, 2/15/25 (a)(b)

 

304,238

 

 

 

Oil, Gas & Consumable Fuels – 4.1%

 

 

 

235

 

AmeriGas Partners L.P., 5.875%, 8/20/26

 

242,050

 

1,000

 

BreitBurn Energy Partners L.P., 8.625%, 10/15/20 (c)(f)

 

225,000

 

250

 

Callon Petroleum Co., 6.125%, 10/1/24

 

261,250

 

560

 

Calumet Specialty Products Partners L.P., 6.50%, 4/15/21 (f)

 

513,800

 

1,000

 

Carrizo Oil & Gas, Inc., 6.25%, 4/15/23 (f)

 

998,750

 

1,000

 

Chesapeake Energy Corp., 6.625%, 8/15/20 (f)

 

1,017,500

 

2,030

 

Cobalt International Energy, Inc., 10.75%, 12/1/21 (a)(b)(f)

 

2,004,625

 

1,000

 

CVR Refining LLC, 6.50%, 11/1/22 (f)

 

1,020,000

 

1,000

 

Rice Energy, Inc., 6.25%, 5/1/22 (f)

 

1,046,250

 

1,000

 

Sanchez Energy Corp., 6.125%, 1/15/23 (f)

 

823,125

 

1,000

 

Sunoco L.P., 6.375%, 4/1/23 (f)

 

1,057,500

 

165

 

Weatherford International Ltd., 8.25%, 6/15/23

 

167,887

 

 

 

 

 

9,377,737

 

 

 

Paper & Forest Products – 0.2%

 

 

 

525

 

Mercer International, Inc., 7.75%, 12/1/22

 

563,719

 

 

 

Pharmaceuticals – 1.0%

 

 

 

615

 

Endo Finance LLC, 5.375%, 1/15/23 (a)(b)(f)

 

528,900

 

1,000

 

Horizon Pharma, Inc., 6.625%, 5/1/23 (f)

 

952,500

 

1,000

 

Valeant Pharmaceuticals International, Inc., 6.125%, 4/15/25 (a)(b)(f)

 

855,000

 

 

 

 

 

2,336,400

 

 

 

Pipelines – 1.0%

 

 

 

1,000

 

Energy Transfer Equity L.P., 5.875%, 1/15/24 (f)

 

1,082,500

 

1,000

 

Sabine Pass Liquefaction LLC, 5.75%, 5/15/24 (f)

 

1,125,825

 

 

 

 

 

2,208,325

 

 

 

Real Estate – 0.8%

 

 

 

500

 

Equinix, Inc., 5.375%, 1/1/22 (f)

 

525,000

 

1,000

 

Kennedy-Wilson, Inc., 5.875%, 4/1/24 (f)

 

1,031,250

 

360

 

Uniti Group L.P., 8.25%, 10/15/23 (f)

 

372,600

 

 

 

 

 

1,928,850

 

 

24 Semi-Annual Report | July 31, 2017


 

Schedule of Investments

AllianzGI Diversified Income & Convertible Fund

July 31, 2017 (unaudited) (continued)

 

 

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000s)

 

 

 

Value

 

 

 

Retail – 0.5%

 

 

 

$500

 

Dollar Tree, Inc., 5.75%, 3/1/23 (f)

 

$531,875

 

1,000

 

Neiman Marcus Group Ltd. LLC, 8.00%, 10/15/21 (a)(b)(f)

 

557,500

 

 

 

 

 

1,089,375

 

 

 

Semiconductors – 1.3%

 

 

 

1,000

 

Amkor Technology, Inc., 6.375%, 10/1/22 (f)

 

1,043,750

 

1,000

 

Micron Technology, Inc., 5.875%, 2/15/22 (f)

 

1,041,250

 

500

 

Qorvo, Inc., 7.00%, 12/1/25

 

571,250

 

400

 

Sensata Technologies BV, 5.625%, 11/1/24 (a)(b)(f)

 

436,500

 

 

 

 

 

3,092,750

 

 

 

Software – 0.3%

 

 

 

340

 

Camelot Finance S.A., 7.875%, 10/15/24 (a)(b)

 

370,600

 

290

 

SS&C Technologies Holdings, Inc., 5.875%, 7/15/23

 

309,575

 

 

 

 

 

680,175

 

 

 

Telecommunications – 3.5%

 

 

 

390

 

Cincinnati Bell, Inc., 7.00%, 7/15/24 (a)(b)(f)

 

395,850

 

1,000

 

Consolidated Communications, Inc., 6.50%, 10/1/22 (f)

 

985,000

 

700

 

Frontier Communications Corp., 10.50%, 9/15/22 (f)

 

659,750

 

355

 

GTT Communications, Inc., 7.875%, 12/31/24 (a)(b)

 

382,512

 

1,000

 

Hughes Satellite Systems Corp., 7.625%, 6/15/21 (f)

 

1,151,250

 

500

 

Level 3 Financing, Inc., 5.375%, 5/1/25 (f)

 

532,500

 

1,000

 

Sprint Communications, Inc., 6.00%, 11/15/22 (f)

 

1,057,500

 

1,000

 

T-Mobile USA, Inc., 6.836%, 4/28/23 (f)

 

1,063,750

 

1,000

 

West Corp., 5.375%, 7/15/22 (a)(b)(f)

 

1,015,100

 

1,000

 

Windstream Services LLC, 7.50%, 6/1/22 (f)

 

860,000

 

 

 

 

 

8,103,212

 

 

 

Transportation – 0.1%

 

 

 

200

 

XPO Logistics, Inc., 6.50%, 6/15/22 (a)(b)(f)

 

208,500

 

Total Corporate Bonds & Notes (cost-$76,011,821)

 

76,190,409

 

 

 

 

 

 

 

Shares

 

 

 

 

 

Convertible Preferred Stock – 10.9%

 

 

 

 

 

Banks – 1.2%

 

 

 

2,000

 

Wells Fargo & Co., Ser. L, 7.50% (e)

 

2,655,000

 

 

 

Commercial Services & Supplies – 0.6%

 

 

 

23,485

 

Stericycle, Inc., 5.25%, 9/15/18 (f)

 

1,479,790

 

 

 

Computers – 0.4%

 

 

 

591

 

NCR Corp., Ser. A, 5.50%, PIK (e)(f)

 

869,361

 

 

 

Diversified Telecommunication Services – 0.3%

 

 

 

24,375

 

Frontier Communications Corp., Ser. A, 11.125%, 6/29/18 (f)

 

618,394

 

 

 

Electric Utilities – 0.3%

 

 

 

11,470

 

NextEra Energy, Inc., 6.123%, 9/1/19

 

637,273

 

 

July 31, 2017 | Semi-Annual Report 25


 

Schedule of Investments

AllianzGI Diversified Income & Convertible Fund

July 31, 2017 (unaudited) (continued)

 

 

 

 

 

 

 

 

 

 

 

 



Shares

 

 

 

Value

 

 

 

Equity Real Estate Investment Trusts (REITs) – 1.6%

 

 

 

14,540

 

American Tower Corp., 5.50%, 2/15/18 (f)

 

$1,777,544

 

1,800

 

Crown Castle International Corp., Ser. A, 6.875%, 8/1/20

 

1,920,915

 

 

 

 

 

3,698,459

 

 

 

Food & Beverage – 0.3%

 

 

 

4,595

 

Post Holdings, Inc., 2.50% (e)(f)

 

723,138

 

 

 

Hand/Machine Tools – 0.8%

 

 

 

17,475

 

Stanley Black & Decker, Inc., 5.375%, 5/15/20

 

1,875,592

 

 

 

Health Care Providers & Services – 0.8%

 

 

 

37,540

 

Anthem, Inc., 5.25%, 5/1/18 (f)

 

1,932,559

 

 

 

Healthcare-Products – 0.8%

 

 

 

33,275

 

Becton Dickinson and Co., Ser. A, 6.125%, 5/1/20

 

1,868,058

 

 

 

Independent Power Producers & Energy Traders – 0.2%

 

 

 

6,130

 

Dynegy, Inc., 7.00%, 7/1/19 (f)

 

395,079

 

 

 

Oil, Gas & Consumable Fuels – 0.7%

 

 

 

20,135

 

Hess Corp., 8.00%, 2/1/19 (f)

 

1,132,594

 

27,685

 

Southwestern Energy Co., Ser. B, 6.25%, 1/15/18 (f)

 

382,883

 

 

 

 

 

1,515,477

 

 

 

Pharmaceuticals – 2.3%

 

 

 

4,560

 

Allergan PLC, Ser. A, 5.50%, 3/1/18 (f)

 

4,076,686

 

2,310

 

Teva Pharmaceutical Industries Ltd., 7.00%, 12/15/18 (f)

 

1,339,915

 

 

 

 

 

5,416,601

 

 

 

Wireless Telecommunication Services – 0.6%

 

 

 

13,960

 

T-Mobile U.S., Inc., 5.50%, 12/15/17 (f)

 

1,399,490

 

Total Convertible Preferred Stock (cost-$31,272,779)

 

25,084,271

 

Preferred Stock (a)(d)(h) – 0.6%

 

 

 

 

 

Media – 0.6%

 

 

 

1,248

 

LiveStyle, Inc., Ser. A

 

124,800

 

11,496

 

LiveStyle, Inc., Ser. B