Allianz Global Investors U.S. LLC 1. COVER PAGE Allianz Global Investors U.S. LLC 1633 Broadway New York, NY 10019 us.allianzgi.com Form ADV Part 2A Brochure September 10, 2018 This brochure provides information about the qualifications and business practices of Allianz Global Investors U.S. LLC (“AllianzGI US”). If you have any questions about the contents of this brochure, please contact us at (800) 656- 6226 and/or [email protected]. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission (the “SEC”) or by any state securities authority. Additional information about AllianzGI US is also available via the SEC’s website www.adviserinfo.sec.gov. AllianzGI US is a registered investment adviser. Registration of an investment adviser does not imply any level of skill or training. 1 Allianz Global Investors U.S. LLC ITEM 2. SUMMARY OF MATERIAL CHANGES Since the last update of this brochure on April 24, 2018 there were no material changes. However, please find below a summary of changes: Under Item 4, office location was added. Under Item 5, standard fee schedules were added. Under Item 8, product and risk information was updated. Under Item 10, affiliate information was updated. Under Item 15, custody information was updated. Under Item 17, voting client securities was updated. Pursuant to SEC Rules, we will ensure that you receive a summary of any materials changes to this and subsequent Brochures within 120 days of the close of our business’ fiscal year. We may provide other ongoing disclosure information about material changes as necessary. We will provide you with a new Brochure as necessary based on changes or new information, at any time, without charge. 2 Allianz Global Investors U.S. LLC ITEM 3. TABLE OF CONTENTS ITEM 1. Cover Page ...................................................................................................................................................... 1 ITEM 2. Summary of Material Changes ................................................................................................................. 2 ITEM 3. Table of Contents .......................................................................................................................................... 3 ITEM 4. Advisory Business......................................................................................................................................... 4 ITEM 5. Fees and Compensation ............................................................................................................................. 6 ITEM 6. Performance-Based Fees and Side-By-Side Management ............................................................... 15 ITEM 7. Types of Clients ........................................................................................................................................... 15 ITEM 8. Methods of Analysis, Investment Strategies and Risk of Loss ......................................................... 15 ITEM 9. Disciplinary Information ......................................................................................................................... 52 ITEM 10. Other Financial Industry Activities and Affiliations ....................................................................... 52 ITEM 11. Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ........ 57 ITEM 12. Brokerage Practices ................................................................................................................................. 61 ITEM 13. Review of Accounts .................................................................................................................................. 70 ITEM 14. Client Referrals and Other Compensation ........................................................................................ 70 ITEM 15. Custody .......................................................................................................................................................71 ITEM 16. Investment Discretion ............................................................................................................................ 71 ITEM 17. Voting Client Securities .......................................................................................................................... 71 ITEM 18. Financial Information ............................................................................................................................ 74 ITEM 19. Privacy Policy ............................................................................................................................................ 74 3 Allianz Global Investors U.S. LLC ITEM 4. ADVISORY BUSINESS From time to time, AllianzGI US may engage in Our Firm other business activities, including licensing of AllianzGI US, a Delaware limited liability company, intellectual property. is a registered investment adviser with principal offices in New York, New York, Boston, Tailoring Services to Client Needs Massachusetts, Dallas, Texas San Diego, California AllianzGI US employs a broad range of portfolio and San Francisco, California. AllianzGI US is a management tools in seeking to control risk, direct, wholly-owned subsidiary of Allianz Global hedge exposures and seek returns consistent with Investors U.S. Holdings LLC, which in turn is its clients' guidelines and restrictions. AllianzGI US owned indirectly by Allianz SE, a diversified global will seek to accommodate any client restrictions it financial institution. AllianzGI US (formerly considers reasonable, such as 1) a restriction on known as Allianz Global Investors Capital LLC) the purchase of a particular security or types of began furnishing discretionary and non- securities, or 2) a restriction on the purchase of a discretionary investment management services on group of securities that are classified by the client May 1, 2010 following the combination of two to be in a particular industry (for example, registered investment advisory affiliates, Nicholas- tobacco), as long as AllianzGI US has agreed with Applegate Capital Management LLC and the client on the industry classification. Other Oppenheimer Capital LLC. On April 1, 2013, proposed restrictions are analyzed on a case-by- AllianzGI US merged with RCM Capital case basis. Management LLC (“RCM”) and RCM’s wholly- owned subsidiary, Caywood-Scholl Capital AllianzGI US generally has the responsibility to Management LLC. Effective October 1, 2016, monitor investment restriction in clients’ Allianz Global Investors Fund Management LLC guidelines. Clients should be aware that their merged with and into AllianzGI US. Effective restrictions can limit AllianzGI US’s ability to act December 2016, AllianzGI US succeeded to the and as a result, their performance may differ from business of Rogge Global Partners Inc. Effective as and may be less successful than that of other of January 1, 2017, AllianzGI US acquired the accounts that are not subject to similar assets of Sound Harbor Partners LLC. Effective July restrictions. AllianzGI US shall not be bound by 1, 2017, AllianzGI US’s wholly owned subsidiary any amendment to a client’s investment NFJ Investment Group LLC merged with and into restrictions unless and until the client and AllianzGI US. The oldest predecessor entity began AllianzGI US have agreed in writing to such operating in 1969. The day-to-day portfolio amendment. management and investment operations of AllianzGI US conducted by its officers, employees AllianzGI US may take up to ten business days (or and other associated persons are overseen by the longer depending on the complexity of the product Executive Committee of its sole and managing mandate) from the time an account is approved to member, Allianz Global Investors U.S. Holdings fully invest an account funded in cash. Similarly LLC. AllianzGI US may take up to ten business days (or longer depending on the complexity of the product Our Services mandate) from the time AllianzGI US has received AllianzGI US provides discretionary and non- instructions to terminate an account to fully discretionary investment management services liquidate the account. If a client intends to fund its throughout the world. AllianzGI US manages account by transferring in-kind securities, client portfolios (either directly or through model AllianzGI US will need to receive from the client, delivery and wrap fee programs) applying various prior to the effective date of its management processes across a variety of investment strategies, duties, a list of such securities to allow AllianzGI including but not limited to domestic equity, US to determine which securities to retain and global equity, international equity, fixed income, which to replace. The client will be responsible for income and growth, high yield bond, balanced all related trading costs and tax liabilities that strategies, multi-asset allocation, risk overlay, result from sales of contributed securities. To convertibles, private credit, distressed debt, assist existing or new clients who seek to liquidate collateralized loans, privately placed debt and portfolios not under AllianzGI US’s management, infrastructure debt and equity. AllianzGI US also AllianzGI US may liquidate the portfolio for such acts as a sub-adviser to wrap fee programs, clients as an accommodation or for a negotiated investment companies and other pooled fee. investment vehicles. AllianzGI US may also provide consulting and research