Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number			811-22067
AllianzGI Global Equity & Convertible Income Fund
(Exact name of registrant as specified in charter)
1633 Broadway, New York, New York							10019
(Address of principal executive offices)							(Zip code)
Lawrence G. Altadonna – 1633 Broadway, New York, New York 10019
(Name and address of agent for service)
Registrant’s telephone number, including area code:					212-739-3371
Date of fiscal year end:	August 31, 2013
Date of reporting period:		May 31, 2013

 

---

 

Item 1. Schedule of Investments

 

AllianzGI Global Equity & Convertible Income Fund Schedule of Investments

May 31, 2013 (unaudited)

 

Shares				Value*
COMMON STOCK—77.1%
		Australia — 2.2%
		Airlines — 0.2%
152,554		Qantas Airways Ltd. (a)		$230,763
		Biotechnology — 0.9%
17,462		CSL Ltd. (b)		993,598
		Construction & Engineering — 0.2%
14,173		Leighton Holdings Ltd.		235,225
		Diversified Financial Services — 0.5%
139,994		Challenger Ltd.		537,423
		Metals & Mining — 0.4%
58,602		Arrium Ltd.		44,256
13,924		BHP Billiton Ltd.		454,572
				498,828
		Austria — 0.1%
		Building Products — 0.0%
3,027		Wienerberger AG		37,952
		Metals & Mining — 0.1%
2,316		Voestalpine AG		76,753
		Belgium — 0.1%
		Chemicals — 0.1%
5,374		Tessenderlo Chemie NV		152,707
		Bermuda — 0.4%
		Insurance — 0.4%
20,240		Assured Guaranty Ltd.		457,829
		Brazil — 0.4%
		Metals & Mining — 0.4%
32,439		Vale S.A., Class B, ADR		467,122
		Canada — 0.1%
		Communications Equipment — 0.1%
9,100		Research In Motion Ltd. (a)		126,945
		China — 0.2%
		Electronic Equipment, Instruments — 0.1%
36,600		Kingboard Chemical Holdings Ltd.		78,316
		Independent Power Producers — 0.1%
38,000		China Resources Power Holdings Co., Ltd.		100,314
		Paper & Forest Products — 0.0%
112,000		Lee & Man Paper Manufacturing Ltd.		74,045
		Denmark — 0.1%
		Construction & Engineering — 0.1%
2,000		FLSmidth & Co. AS		99,777
		Finland — 0.2%
		Communications Equipment — 0.0%
7,353		Nokia Oyj (a)		24,598
		Food & Staples Retailing — 0.2%
4,984		Kesko Oyj, Class B		151,010
		France — 1.7%
		Airlines — 0.0%
4,355		Air France - KLM (a)		41,908
		Automobiles — 0.2%
9,874		Peugeot S.A. (a)		86,931
1,838		Renault S.A.		141,857
				228,788
		Commercial Banks — 0.4%
4,922		BNP Paribas S.A.		288,034
12,598		Credit Agricole S.A. (a)		118,117
				406,151
		Diversified Telecommunication — 0.4%
47,233		France Telecom S.A. (b)		479,019
		Electrical Equipment — 0.2%
4,912		Alstom S.A.		184,874
		Household Durables — 0.1%
2,043		SEB S.A.		160,726

 

---

 

AllianzGI Global Equity & Convertible Income Fund Schedule of Investments

May 31, 2013 (unaudited) (continued)

 

Shares				Value*
		Metals & Mining — 0.0%
154		APERAM		$2,069
3,088		ArcelorMittal		39,024
				41,093
		Oil, Gas & Consumable Fuels — 0.4%
8,490		Total S.A.		424,359
		Germany — 2.1%
		Airlines — 0.4%
23,665		Deutsche Lufthansa AG (a)		507,729
		Automobiles — 1.0%
17,212		Daimler AG (b)		1,093,204
		Chemicals — 0.3%
7,688		K+S AG		323,932
		Industrial Conglomerates — 0.1%
1,496		Siemens AG		157,697
		Metals & Mining — 0.1%
1,548		Salzgitter AG		58,514
		Multi-Utilities — 0.0%
568		RWE AG		19,381
		Semiconductors & Semiconductor Equipment — 0.2%
2,911		Aixtron AG (a)		51,641
15,947		Infineon Technologies AG		135,690
				187,331
		Greece — 0.0%
		Commercial Banks — 0.0%
403		National Bank of Greece S.A. (a)		2,776
		Hong Kong — 2.0%
		Airlines — 0.3%
197,000		Cathay Pacific Airways Ltd.		365,483
		Diversified Financial Services — 0.1%
8,000		Hong Kong Exchanges & Clearing Ltd.		133,922
		Electric Utilities — 0.4%
59,000		Cheung Kong Infrastructure Holdings Ltd.		408,981
		Industrial Conglomerates — 0.2%
3,600		Jardine Matheson Holdings Ltd.		236,251
		Marine — 0.1%
10,500		Orient Overseas International Ltd.		66,009
		Real Estate Management & Development — 0.7%
41,000		Hang Lung Group Ltd.		223,687
118,000		New World Development Co., Ltd.		187,022
28,000		Swire Pacific Ltd., Class A		354,526
19,600		Swire Properties Ltd.		60,925
				826,160
		Semiconductors & Semiconductor Equipment — 0.2%
16,500		ASM Pacific Technology Ltd.		198,073
		Specialty Retail — 0.0%
19,981		Esprit Holdings Ltd.		30,408
		Ireland — 0.5%
		Banks — 0.0%
20,740		Irish Bank Resolution Corp., Ltd. (a)(c)		269
		Insurance — 0.5%
9,738		Permanent TSB Group Holdings PLC (a)		444
19,230		XL Group PLC, Class A		604,399
				604,843
		Israel — 0.1%
		Pharmaceuticals — 0.1%
3,501		Teva Pharmaceutical Industries Ltd., ADR		133,738
		Italy — 0.6%
		Electric Utilities — 0.2%
54,358		Enel SpA		204,599
		Household Durables — 0.1%
14,735		Indesit Co. SpA		120,522
		Oil, Gas & Consumable Fuels — 0.3%
13,395		ENI SpA		304,622

 

---

 

AllianzGI Global Equity & Convertible Income Fund Schedule of Investments

May 31, 2013 (unaudited) (continued)

 

Shares				Value*
		Japan — 5.2%
		Auto Components — 0.1%
5,800		Tokai Rika Co., Ltd.		$107,011
		Commercial Banks — 0.5%
169,000		Hokuhoku Financial Group, Inc.		332,931
4,896		Sumitomo Mitsui Financial Group, Inc.		193,293
				526,224
		Computers & Peripherals — 0.0%
13,000		Toshiba Corp.		61,161
		Diversified Financial Services — 0.1%
4,900		ORIX Corp.		64,984
		Diversified Telecommunication — 0.1%
2,100		Nippon Telegraph & Telephone Corp.		103,572
		Electronic Equipment, Instruments — 0.3%
3,500		FUJIFILM Holdings Corp.		72,230
5,500		Mitsumi Electric Co., Ltd.		37,016
23,000		Nippon Chemi-Con Corp.		80,853
14,000		Star Micronics Co., Ltd.		147,713
				337,812
		Health Care Equipment & Supplies — 0.2%
7,000		Olympus Corp.		207,863
		Household Durables — 0.2%
13,300		Sony Corp.		262,977
		Leisure Equipment & Products — 0.4%
5,000		Nikon Corp.		131,214
7,900		Sankyo Co., Ltd.		346,733
				477,947
		Machinery — 0.2%
5,000		Glory Ltd.		126,324
4,700		Shima Seiki Manufacturing Ltd.		105,375
				231,699
		Marine — 0.3%
71,000		Mitsui OSK Lines Ltd.		252,166
32,000		Nippon Yusen KK		82,045
				334,211
		Metals & Mining — 0.3%
4,300		JFE Holdings, Inc.		88,369
84,160		Nippon Steel & Sumitomo Metal Corp.		210,982
				299,351
		Pharmaceuticals — 0.1%
6,000		Chugai Pharmaceutical Co., Ltd.		120,207
3,300		Daiichi Sankyo Co., Ltd.		54,180
				174,387
		Road & Rail — 0.1%
1,700		East Japan Railway Co.		125,886
		Software — 0.0%
300		Nintendo Co., Ltd.		29,627
		Specialty Retail — 0.1%
3,000		Aoyama Trading Co., Ltd.		82,945
		Tobacco — 0.1%
3,200		Japan Tobacco, Inc.		108,906
		Trading Companies & Distribution — 1.7%
54,000		ITOCHU Corp.		669,200
70,000		Marubeni Corp.		483,335
26,000		Mitsui & Co., Ltd.		325,621
36,900		Sumitomo Corp.		461,351
				1,939,507
		Wireless Telecommunication Services — 0.4%
10,000		KDDI Corp.		451,140
		Netherlands — 0.1%
		Diversified Financial Services — 0.1%
14,541		ING Groep NV (a)		135,590
		New Zealand — 0.2%
		Construction Materials — 0.2%
27,259		Fletcher Building Ltd.		180,355

 

---

 

AllianzGI Global Equity & Convertible Income Fund Schedule of Investments

May 31, 2013 (unaudited) (continued)

 

Shares				Value*
		Norway — 0.5%
		Chemicals — 0.4%
10,500		Yara International ASA		$468,869
		Energy Equipment & Services — 0.1%
3,400		TGS Nopec Geophysical Co. ASA		118,683
		Singapore — 1.1%
		Airlines — 0.3%
40,000		Singapore Airlines Ltd.		338,926
		Commercial Banks — 0.2%
36,000		Oversea-Chinese Banking Corp. Ltd.		293,265
		Distributors — 0.3%
9,000		Jardine Cycle & Carriage Ltd.		331,851
		Electronic Equipment, Instruments — 0.1%
26,000		Venture Corp., Ltd.		150,292
		Real Estate Management & Development — 0.1%
71,000		Wing Tai Holdings Ltd.		118,437
		Transportation Infrastructure — 0.1%
29,200		SATS Ltd.		75,101
		Spain — 0.8%
		Construction & Engineering — 0.2%
9,221		ACS Actividades de Construccion y Servicios S.A.		257,823
2,822		Sacyr Vallehermoso S.A. (a)		7,742
				265,565
		Diversified Telecommunication — 0.6%
45,274		Telefonica S.A. (a)		622,924
		Sweden — 1.5%
		Commercial Banks — 0.3%
19,000		Nordea Bank AB		233,434
4,200		Swedbank AB, Class A		100,021
				333,455
		Household Durables — 0.1%
5,400		Electrolux AB, Class B		145,428
		Machinery — 0.7%
20,200		Sandvik AB		282,968
16,000		Trelleborg AB, Class B		245,679
14,200		Volvo AB, Class B		207,223
				735,870
		Specialty Retail — 0.4%
13,200		Hennes & Mauritz AB, Class B		451,596
		Switzerland — 1.8%
		Biotechnology — 0.3%
5,878		Actelion Ltd. (a)		351,105
		Capital Markets — 0.1%
2,840		Credit Suisse Group AG (a)		83,940
		Energy Equipment & Services — 0.2%
20,647		Weatherford International Ltd. (a)		278,528
		Insurance — 0.8%
3,450		Zurich Financial Services AG (a)(b)		912,410
		Metals & Mining — 0.1%
13,807		Glencore Xstrata PLC		67,148
		Textiles, Apparel & Luxury Goods — 0.3%
656		Swatch Group AG		373,881
		United Kingdom — 8.0%
		Aerospace & Defense — 0.1%
11,929		BAE Systems PLC		72,922
		Capital Markets — 0.1%
17,856		3i Group PLC		91,734
		Chemicals — 0.0%
4,961		Alent PLC		27,765
		Commercial Banks — 0.5%
50,729		Barclays PLC		242,999
18,343		Lloyds TSB Group PLC (a)		17,049
5,193		Royal Bank of Scotland Group PLC (a)		26,223
9,470		Standard Chartered PLC		219,272
				505,543

 

---

 

AllianzGI Global Equity & Convertible Income Fund Schedule of Investments

May 31, 2013 (unaudited) (continued)

 

Shares				Value*
		Commercial Services & Supplies — 0.3%
13,154		Aggreko PLC		$353,808
		Food & Staples Retailing — 0.3%
92,742		WM Morrison Supermarkets PLC (b)		385,244
		Industrial Conglomerates — 0.1%
4,730		Smiths Group PLC		98,389
		Insurance — 0.9%
221,798		Old Mutual PLC		684,986
45,432		Standard Life PLC		268,768
				953,754
		Machinery — 0.0%
4,961		Vesuvius PLC		28,519
		Metals & Mining — 1.3%
6,416		Anglo American PLC		147,005
36,554		BHP Billiton PLC (b)		1,051,117
5,372		Rio Tinto PLC		229,442
				1,427,564
		Multiline Retail — 0.9%
26,858		Marks & Spencer Group PLC		190,073
12,486		Next PLC		873,171
				1,063,244
		Oil, Gas & Consumable Fuels — 2.1%
16,993		BG Group PLC		310,123
		Royal Dutch Shell PLC,
16,201		Class A		539,183
45,399		Class B (b)		1,565,037
				2,414,343
		Professional Services — 0.1%
14,108		Michael Page International PLC		81,943
		Specialty Retail — 0.2%
16,621		Game Group PLC (a)(c)		253
72,326		Howden Joinery Group PLC		256,246
				256,499
		Tobacco — 0.7%
14,650		British American Tobacco PLC (b)		804,999
		Wireless Telecommunication Services — 0.4%
165,068		Vodafone Group PLC		478,386
		United States — 47.1%
		Aerospace & Defense — 1.9%
10,300		L-3 Communications Holdings, Inc.		876,427
45,800		Textron, Inc.		1,234,768
				2,111,195
		Auto Components — 1.0%
31,200		Johnson Controls, Inc.		1,165,632
		Automobiles — 1.3%
82,000		Ford Motor Co.		1,285,760
5,837		General Motors Co. (a)		197,816
				1,483,576
		Beverages — 2.2%
28,200		Coca-Cola Co.		1,127,718
15,600		Molson Coors Brewing Co., Class B		770,796
7,500		PepsiCo, Inc.		605,775
				2,504,289
		Biotechnology — 1.2%
24,900		Gilead Sciences, Inc. (a)(b)		1,356,552
		Chemicals — 0.2%
2,600		Monsanto Co. (b)		261,664
		Communications Equipment — 3.1%
5,266		Aviat Networks, Inc. (a)		13,955
44,800		Cisco Systems, Inc.		1,078,784
5,984		EchoStar Corp., Class A (a)		237,624
21,200		Harris Corp.		1,062,756
17,000		Qualcomm, Inc.		1,079,160
				3,472,279

 

---

 

AllianzGI Global Equity & Convertible Income Fund Schedule of Investments

May 31, 2013 (unaudited) (continued)

 

Shares				Value*
		Computers & Peripherals — 2.4%
2,400		Apple, Inc.		$1,079,232
51,700		EMC Corp. (a)		1,280,092
9,694		NetApp, Inc. (a)		363,816
				2,723,140
		Diversified Telecommunication Services — 1.1%
6,769		Frontier Communications Corp.		28,024
25,600		Verizon Communications, Inc.		1,241,088
				1,269,112
		Electric Utilities — 1.2%
13,855		Entergy Corp.		954,332
11,625		Exelon Corp.		364,328
				1,318,660
		Electronic Equipment, Instruments & Components — 0.9%
13,500		Amphenol Corp., Class A (b)		1,051,650
		Energy Equipment & Services — 2.8%
9,700		Diamond Offshore Drilling, Inc.		667,457
15,500		National Oilwell Varco, Inc.		1,089,650
20,100		Schlumberger Ltd.		1,467,903
				3,225,010
		Food Products — 1.0%
34,884		Archer-Daniels-Midland Co.		1,124,311
		Health Care Equipment & Supplies — 2.0%
15,600		Baxter International, Inc. (b)		1,097,148
2,300		Intuitive Surgical, Inc. (a)		1,144,319
				2,241,467
		Health Care Providers & Services — 1.1%
10,800		McKesson Corp.		1,229,688
		Hotels, Restaurants & Leisure — 1.0%
11,900		McDonald’s Corp.		1,149,183
		Household Products — 1.1%
16,500		Procter & Gamble Co.		1,266,540
		Independent Power Producers & Energy Traders — 0.9%
38,461		NRG Energy, Inc.		981,525
		Industrial Conglomerates — 1.3%
62,026		General Electric Co.		1,446,446
		Insurance — 2.0%
2,679		American International Group, Inc. (a)		119,108
46,000		Genworth Financial, Inc., Class A (a)		497,260
11,760		MetLife, Inc.		519,910
17,000		Prudential Financial, Inc. (b)		1,172,490
				2,308,768
		Internet & Catalog Retail — 0.2%
1,000		Amazon.com, Inc. (a)		269,030
		Internet Software & Services — 1.2%
1,600		Google, Inc., Class A (a)(b)		1,392,656
		IT Services — 1.2%
5,200		International Business Machines Corp.		1,081,704
1,600		Visa, Inc., Class A (b)		285,024
				1,366,728
		Machinery — 2.8%
18,700		AGCO Corp.		1,037,289
2,221		Colfax Corp. (a)		110,828
14,200		Deere & Co. (b)		1,236,962
14,900		Joy Global, Inc.		805,792
				3,190,871
		Metals & Mining — 0.7%
23,400		Freeport-McMoRan Copper & Gold, Inc.		726,570
		Multiline Retail — 1.2%
20,200		Target Corp. (b)		1,403,900
		Multi-Utilities — 1.1%
28,169		PG&E Corp.		1,265,070
		Oil, Gas & Consumable Fuels — 1.5%
5,500		Occidental Petroleum Corp.		506,385
19,400		Peabody Energy Corp.		381,598
18,800		Valero Energy Corp.		763,844
				1,651,827

 

---

 

AllianzGI Global Equity & Convertible Income Fund Schedule of Investments

May 31, 2013 (unaudited) (continued)

 

Shares				Value*
		Pharmaceuticals — 2.5%
15,100		Abbott Laboratories		$553,717
29,000		Bristol-Myers Squibb Co. (b)		1,334,290
21,200		Merck & Co., Inc.		990,040
				2,878,047
		Semiconductors & Semiconductor Equipment — 2.1%
48,000		Intel Corp.		1,165,440
33,900		Texas Instruments, Inc. (b)		1,216,671
				2,382,111
		Software — 2.4%
41,200		Microsoft Corp.		1,437,056
36,900		Oracle Corp.		1,245,744
				2,682,800
		Specialty Retail — 0.5%
7,500		Home Depot, Inc.		589,950
		Total Common Stock (cost-$127,620,048)		87,589,899
CONVERTIBLE PREFERRED STOCK—12.1%
		Aerospace & Defense — 0.4%
8,500		United Technologies Corp., 7.50%, 8/1/15		512,890
		Airlines — 0.6%
14,985		Continental Airlines Finance Trust II, 6.00%, 11/15/30		729,582
		Auto Components — 0.5%
10,700		Goodyear Tire & Rubber Co., 5.875%, 4/1/14		534,465
		Automobiles — 0.5%
60,000		Escrow GM Corp., 7/15/33 (a)(c)		—
11,800		General Motors Co., 4.75%, 12/1/13, Ser. B		575,958
				575,958
		Biotechnology—0.4%
8,485		Credit Suisse, 8.00%, 5/9/14 (Gilead Sciences, Inc.) (f)		465,063
		Capital Markets — 0.4%
4,600		AMG Capital Trust I, 5.10%, 4/15/36		298,138
		Escrow Lehman Brothers Holdings, Inc., (a)(c)(d),
42,200		6.00%, 10/12/10, Ser. GIS		78,508
9,300		28.00%, 3/6/09, Ser. RIG		78,354
				455,000
		Commercial Banks — 0.5%
1,700		Fifth Third Bancorp, 8.50%, 6/30/13, Ser. G (e)		268,600
250		Wells Fargo & Co., 7.50%, 12/31/49, Ser. L (e)		313,750
				582,350
		Commercial Services & Supplies — 0.4%
5,884		United Rentals, Inc., 6.50%, 8/1/28		413,719
		Communications Equipment — 0.9%
525		Lucent Technologies Capital Trust I, 7.75%, 3/15/17		491,925
8,080		The Goldman Sachs Group, Inc., 8.00%, 1/15/14 (QualComm) (f)		495,635
				987,560
		Computers & Peripherals — 0.4%
18,785		JPMorgan Chase & Co., 7.50%, 3/24/14 (EMC Corp.) (f)		446,707
		Diversified Financial Services—0.6%
600		Bank of America Corp., 7.25%, 12/31/49, Ser. L (e)		712,800
		Electric Utilities — 0.4%
4,900		NextEra Energy, Inc., 5.599%, 6/1/15		265,359
3,875		PPL Corp., 9.50%, 7/1/13		202,508
				467,867
		Food Products — 0.9%
10,000		Bunge Ltd., 4.875%, 12/31/49 (e)		1,022,500
		Health Care Providers & Services — 0.5%
435		HealthSouth Corp., 6.50%, 12/31/49, Ser. A (e)		531,352
		Insurance — 0.9%
11,615		JPMorgan Chase & Co., 7.00%, 3/10/14 (American International Group, Inc.) (f)		483,997
9,500		MetLife, Inc., 5.00%, 3/26/14		505,495
				989,492

 

---

 

AllianzGI Global Equity & Convertible Income Fund Schedule of Investments

May 31, 2013 (unaudited) (continued)

 

Shares				Value*
		Internet & Catalog Retail — 0.4%
660		Credit Suisse, 8.00%, 5/21/14 (Priceline.com) (f)		$526,258
		IT Services — 0.2%
4,000		Unisys Corp., 6.25%, 3/1/14		236,160
		Machinery — 0.2%
2,000		Stanley Black & Decker, Inc., 4.75%, 11/17/15		264,500
		Metals & Mining — 0.4%
21,140		ArcelorMittal, 6.00%, 1/15/16		449,555
		Multi-Utilities — 0.5%
11,000		AES Trust III, 6.75%, 10/15/29		551,540
		Oil, Gas & Consumable Fuels — 0.9%
8,300		Apache Corp., 6.00%, 8/1/13		388,357
4,700		ATP Oil & Gas Corp., 8.00%, 10/1/14 (e)(g)(h)		1,880
6,700		Chesapeake Energy Corp., 5.00%, 12/31/49 (e)		595,044
				985,281
		Real Estate Investment Trust — 0.6%
10,700		Alexandria Real Estate Equities, Inc., 7.00%, 12/31/49 (e)		301,205
5,570		Health Care REIT, Inc., 6.50%, 4/20/18, Ser. I (e)		350,910
				652,115
		Road & Rail — 0.6%
47,690		2010 Swift Mandatory Common Exchange Security Trust, 6.00%, 12/31/13 (h)		696,841
		Total Convertible Preferred Stock (cost-$15,078,695)		13,789,555

 

Principal  Amount  (000s)
CONVERTIBLE BONDS & NOTES—8.0%
		Aerospace & Defense — 0.3%
$190		GenCorp, Inc., 4.063%, 12/31/39		300,437
		Biotechnology — 0.1%
150		Dendreon Corp., 2.875%, 1/15/16		112,875
		Capital Markets — 0.9%
500		Ares Capital Corp., 5.75%, 2/1/16		551,250
475		BGC Partners, Inc., 4.50%, 7/15/16		494,000
				1,045,250
		Coal — 0.4%
475		Alpha Appalachia Holdings, Inc., 3.25%, 8/1/15		472,625
		Construction Materials — 0.5%
505		Cemex S.A.B. de C.V., 4.875%, 3/15/15		609,787
		Electrical Equipment — 0.6%
495		EnerSys, 3.375%, 6/1/38 (i)		672,893
		Hotels, Restaurants & Leisure — 0.7%
450		MGM Resorts International, 4.25%, 4/15/15		512,719
295		Morgans Hotel Group Co., 2.375%, 10/15/14		287,625
				800,344
		IT Services — 0.6%
300		Alliance Data Systems Corp., 1.75%, 8/1/13		675,375
		Machinery — 1.1%
515		Greenbrier Cos, Inc., 3.50%, 4/1/18		541,716
150		Meritor, Inc., 7.875%, 3/1/26 (g)(h)		189,937
500		Navistar International Corp., 3.00%, 10/15/14		513,438
				1,245,091
		Marine — 0.4%
550		DryShips, Inc., 5.00%, 12/1/14		497,750
		Media — 0.7%
		Liberty Interactive LLC,
170		3.125%, 3/30/23		288,681
1,000		3.50%, 1/15/31		535,000
				823,681
		Metals & Mining — 0.2%
200		Steel Dynamics, Inc., 5.125%, 6/15/14		221,250
		Oil, Gas & Consumable Fuels — 0.3%
485		Endeavour International Corp., 5.50%, 7/15/16		285,847
		Real Estate Investment Trust — 0.2%
250		Boston Properties LP, 3.75%, 5/15/36		277,814
		Semiconductors & Semiconductor Equipment — 0.3%
300		SunPower Corp., 4.75%, 4/15/14		322,688
		Software — 0.1%
125		TeleCommunication Systems, Inc., 7.75%, 6/30/18		124,297

 

---

 

AllianzGI Global Equity & Convertible Income Fund Schedule of Investments

May 31, 2013 (unaudited) (continued)

 

Principal  Amount  (000s)				Value*
		Thrifts & Mortgage Finance — 0.6%
		MGIC Investment Corp.,
$200		5.00%, 5/1/17		$215,875
395		9.00%, 4/1/63 (g)(h)		447,831
				663,706
		Total Convertible Bonds & Notes (cost-$8,586,502)		9,151,710

 

Shares
PREFERRED STOCK—0.3%
		Germany — 0.3%
		Automobiles — 0.3%
3,950		Porsche Automobile Holding SE (cost-$899,346)		325,773

 

Units
WARRANTS (a) —0.2%
		Automobiles — 0.2%
		General Motors Co.,
5,558		expires 7/10/16		136,116
5,558		expires 7/10/19		93,374
		Total Warrants (cost-$775,631)		229,490
RIGHTS (a) —0.0%
		Commercial Banks — 0.0%
403		National Bank of Greece S.A., expires 6/13/13 (cost-$0)		419

 

Principal  Amount  (000s)
SHORT-TERM INVESTMENT — 2.1%
		Time Deposit — 2.1%
$2,385		Wells Fargo-Grand Cayman, 0.03%, 6/3/13 (cost-$2,385,316)		2,385,316
		Total Investments, before call options written
		(cost-$155,345,538) (j)— 99.8%		113,472,162

 

Contracts
CALL OPTIONS WRITTEN (a) —(0.0)%
		Amphenol Corp., (ASE),
80		strike price $85, expires 6/22/13		(2,200	)
		Baxter International, Inc., (ARC)
95		strike price $75, expires 6/22/13		(428	)
		Bristol-Myers Squibb Co., (ASE)
145		strike price $50, expires 6/22/13		(2,538	)
		Deere & Co., (ASE),
85		strike price $97.5, expires 6/22/13		(467	)
		Gilead Sciences, Inc., (ASE),
150		strike price $60, expires 6/22/13		(3,525	)
		Google, Inc., (ASE),
10		strike price $905, expires 6/22/13		(4,950	)
		Monsanto Co., (ASE),
15		strike price $110, expires 6/22/13		(142	)
		Prudential Financial, Inc., (ASE),
25		strike price $70, expires 6/22/13		(3,225	)
		Target Corp., (ASE),
120		strike price $72.5, expires 6/22/13		(2,580	)
		Texas Instruments, Inc., (ASE),
200		strike price $38, expires 6/22/13		(1,800	)
		Visa, Inc., (ASE),
10		strike price $185, expires 6/22/13		(1,300	)
		Total Call Options Written (premiums received-$76,502)		(23,155	)
		Total Investments, net of call options written
		(cost-$155,269,036) (k)— 99.8%		113,449,007
		Other assets less other liabilities—0.2%		176,293
		Net Assets—100.0%		$113,625,300

 

---

 

AllianzGI Global Equity & Convertible Income Fund Schedule of Investments

May 31, 2013 (unaudited) (continued)

 

---

Notes to Schedule of Investments:

 

*Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, on the basis of quotes obtained from a quotation reporting system, established market makers, or independent pricing services. The Fund’s investments are valued daily using prices supplied by an independent pricing service or dealer quotations, or by using the last sale price on the exchange that is the primary market for such securities, or the mean between the last quoted bid and ask price. Independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics.

 

The Board of Trustees (the “Board”) has adopted procedures for valuing portfolio securities and other financial derivative instruments in circumstances where market quotes are not readily available, and has delegated the responsibility for applying the valuation method to Allianz Global Investors Fund Management LLC (the “Investment Manager”) and Allianz Global Investors U.S. LLC (the “Sub-Adviser”). The Fund’s Valuation Committee was established by the Board to oversee the implementation of the Fund’s valuation methods and to make fair value determinations on behalf of the Board, as instructed. The Sub-Adviser monitors the continued appropriateness of methods applied and determines if adjustments should be made in light of market changes, events affecting the issuer, or other factors. If the Sub-Adviser determines that a valuation method may no longer be appropriate, another valuation method may be selected or the Valuation Committee will be convened to consider the matter and take any appropriate action in accordance with procedures set forth by the Board. The Board shall review the appropriateness of the valuation methods and these methods may be amended or supplemented from time to time by the Valuation Committee.

 

Synthetic convertible securities are valued based on quotations obtained from unaffiliated brokers who are the principal market-makers in such securities. Such valuations are derived by the brokers from proprietary models which are generally based on readily available market information including valuations of the common stock underlying the synthetic security.

 

Short-term securities maturing in 60 days or less are valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

 

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the net asset value (“NAV”) of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the New York Stock Exchange (“NYSE”) is closed.

 

The prices used by the Fund to value investments may differ from the value that would be realized if the investments were sold and these differences could be material. The Fund’s NAV is normally determined at the close of regular trading (normally, 4:00 p.m. Eastern time) on the NYSE on each day the NYSE is open for business.

 

The prices of certain portfolio securities may be determined at a time prior to the close of regular trading on the NYSE. When fair-valuing the securities, the Fund may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the time the Fund’s NAV is calculated. With respect to certain foreign securities, the Fund may fair-value securities using modeling tools provided by third-party vendors. The Fund has retained a statistical research service to assist in the determining the fair value of foreign securities. This service utilizes statistics and programs based on historical performance of markets and other economic data to assist in making fair value estimates. Fair value estimates used by the Fund for foreign securities may differ from the value realized from the sale of those securities and the difference could be material. Fair value pricing may require subjective derterminations about the value of a security or other assets, and fair values used to determine the Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities or other assets held by the Fund.

 

(a)                    Non-income producing.

(b)                    All or partial amount segregated for the benefit of the counterparty as collateral for call options written.

(c)                     Fair-Valued—Securities with an aggregate value of $157,384, representing 0.1% of net assets.

(d)                    In default.

(e)                     Perpetual maturity. The date shown is the next call date.

(f)                      Securities exchangeable or convertible into securities of an entity different than the issuer or structured by the issuer to provide exposure to securities of an entity different than the issuer (synthetic convertible securities). Such entity is identified in the parenthetical.

(g)                     Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $639,648, representing 0.6% of net assets.

(h)                    144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.

(i)                        Step Bond—Coupon is a fixed rate for an initial period then resets at a specific date and rate.

(j)                       At May 31, 2013, the cost basis of portfolio securities (before call options written) for federal income tax purposes was $156,410,580. Gross unrealized appreciation was $4,684,786, gross unrealized depreciation was $47,623,204 and net unrealized depreciation was $42,938,418. The difference between book and tax cost basis was attributable to wash sale loss deferrals.

(k)                    Securities with an aggregrate value of $32,356,342, representing 28.5% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

 

Other Investments:

 

Transactions in call options written for the nine months ended May 31, 2013:

 

		Contracts		Premiums
Options outstanding, August 31, 2012		600		$49,879
Options written		7,642		510,728
Options terminated in closing transactions		(3,457	)	(232,846	)
Options exercised		(110	)	(8,169	)
Options expired		(3,740	)	(243,090	)
Options outstanding, May 31, 2013		935		$76,502

 

---

 

AllianzGI Global Equity & Convertible Income Fund Schedule of Investments

May 31, 2013 (unaudited) (continued)

 

Fair Value Measurements

 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability ( i.e. the “exit price”) in an orderly transaction between market participants. The three levels of the fair value hierarchy are described below:

 

· Level 1 — quoted prices in active markets for identical investments that the Fund has the ability to access

· Level 2 — valuations based on other significant observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates or other market corroborated inputs

· Level 3 — valuations based on significant unobservable inputs (including the Sub-Adviser’s or Valuation Committees’s own assumptions and securities whose price was determined by using a single broker’s quote)

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following are certain inputs and techniques that the Fund generally uses to evaluate how to classify each major category of assets and liabilities for Level 2 and Level 3, in accordance with Generally Accepted Accounting Principles.

 

Equity Securities (Common and Preferred Stock) —Equity securities traded in inactive markets and certain foreign equity securities are valued using inputs which include broker-dealer quotes, recently executed transactions adjusted for changes in the benchmark index, or evaluated price quotes received from independent pricing services that take into account the integrity of the market sector and issuer, the individual characteristics of the security, and information received from broker-dealers and other market sources pertaining to the issuer or security. To the extent that these inputs are observable, the values of equity securities are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

 

Convertible Bonds & Notes —Convertible bonds & notes are valued by independent pricing services using various inputs and techniques, which include broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds and sector-specific trends. To the extent that these inputs are observable, the values of convertible bonds & notes are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

 

Option Contracts —Option contracts traded over-the-counter (“OTC”) and FLexible EXchange (“FLEX”) options are valued by independent pricing services based on pricing models that incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-the- money contracts based on a given strike price. To the extent that these inputs are observable, the values of OTC and FLEX option contracts are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

 

---

 

AllianzGI Global Equity & Convertible Income Fund Schedule of Investments

May 31, 2013 (unaudited) (continued)

 

The valuation techiniques used by the Fund to measure fair value during the nine months ended May 31, 2013 were intended to maximize the use of observable inputs and to minimize the use of unobservable inputs.

 

The Fund’s policy is to recognize transfers between levels at the end of the reporting period. An investment asset’s or liability’s level within the fair value hierarchy is based on the lowest level input, individually or in aggregate, that is significant to fair value measurement. The objective of fair value measurement remains the same even when there is a significant decrease in the volume and level of activity for an asset or liability and regardless of the valuation techniques used. Investments categorized as Level 1 or 2 as of period end may have been transferred between Levels 1 and 2 since the prior period due to changes in the valuation method utilized in valuing the investments.

 

A summary of the inputs used at May 31, 2013 in valuing the Fund’s assets and liabilities is listed below (refer to the Schedule of Investments for more detailed information on Investments in Securities):

 

				Level 2		Level 3 -
				Other Significant		Significant
		Level 1 -		Observable		Unobservable		Value at
		Quoted Prices		Inputs		Inputs		5/31/13
Investments in Securities - Assets
Common Stock:
Australia		—		$2,495,837		—		$2,495,837
Austria		—		114,705		—		114,705
Belgium		—		152,707		—		152,707
China		—		252,675		—		252,675
Denmark		—		99,777		—		99,777
Finland		—		175,608		—		175,608
France		—		1,966,918		—		1,966,918
Germany		—		2,347,788		—		2,347,788
Greece		—		2,776		—		2,776
Hong Kong		—		2,265,287		—		2,265,287
Ireland		$604,399		444		$269		605,112
Italy		—		629,743		—		629,743
Japan		—		5,927,210		—		5,927,210
Netherlands		—		135,590		—		135,590
New Zealand		—		180,355		—		180,355
Norway		—		587,552		—		587,552
Singapore		—		1,307,872		—		1,307,872
Spain		—		888,489		—		888,489
Sweden		—		1,666,349		—		1,666,349
Switzerland		278,528		1,788,484		—		2,067,012
United Kingdom		—		9,044,403		253		9,044,656
All Other		54,675,881		—		—		54,675,881
Convertible Preferred Stock:
Airlines		—		729,582		—		729,582
Automobiles		575,958		—		—	†	575,958
Biotechnology		—		—		465,063		465,063
Capital Markets		—		298,138		156,862		455,000
Commercial Banks		313,750		268,600		—		582,350
Commercial Services & Supplies		—		413,719		—		413,719
Communications Equipment		491,925		—		495,635		987,560
Computers & Peripherals		—		—		446,707		446,707
Electric Utilities		202,508		265,359		—		467,867
Health Care Providers & Services		—		531,352		—		531,352
Insurance		505,495		—		483,997		989,492
Internet & Catalog Retail		—		—		526,258		526,258
Metals & Mining		—		449,555		—		449,555
Oil, Gas & Consumable Fuels		388,357		596,924		—		985,281
Road & Rail		—		696,841		—		696,841
All Other		4,486,970		—		—		4,486,970
Convertible Bonds & Notes		—		9,151,710		—		9,151,710
Preferred Stock		—		325,773		—		325,773
Warrants		229,490		—		—		229,490
Rights		419		—		—		419
Short-Term Investment		—		2,385,316		—		2,385,316
		$62,756,456		$48,140,662		$2,575,044		$113,472,162
Investments in Securities - Liabilities
Call Options Written, at value:
Market price		$(23,155	)	—		—		$(23,155	)
Totals		$62,733,301		$48,140,662		$2,575,044		$113,449,007

 

At May 31, 2013, a security valued at $444 was transferred from Level 1 to Level 2. This change was the result of a security trading outside the U.S. whose value was not adjusted by the application of the modeling tool at August 31, 2012, which was applied on May 31, 2013.

 

---

 

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the nine months ended May 31, 2013, was as follows:

 

												Net
												Change
		Beginning						Accrued		Net		in Unrealized		Transfers		Transfers		Ending
		Balance						Discounts/		Realized		Appreciation/		into		out of		Balance
		8/31/12		Purchases		Sales		(Premiums)		Gain (Loss)		(Depreciation)		Level 3		Level 3		5/31/13
Investments in Securities - Assets
Common Stock:
Ireland		$261		—		—		—		—		$8		—		—		$269
United Kingdom		264		—		—		—		—		(11	)	—		—		253
Convertible Preferred Stock:
Automobiles		—	†	—		—		—		—		—		—		—		—	†
Biotechnology		—		$469,755		—		—		—		(4,692	)	—		—		465,063
Capital Markets		332,377		—		—		—		—		(175,515	)	—		—		156,862
Communications Equipment		—		498,407		—		—		—		(2,772	)	—		—		495,635
Computers & Peripherals		—		449,764		—		—		—		(3,057	)	—		—		446,707
Insurance		—		468,799		—		—		—		15,198		—		—		483,997
Internet & Catalog Retail		—		529,650		—		—		—		(3,392	)	—		—		526,258
Totals		$332,902		$2,416,375		—		—		—		$(174,233	)	—		—		$2,575,044

 

---

† Escrow GM Corp. is fair-valued at $0.

 

The net change in unrealized appreciation/depreciation of Level 3 investments, which the Fund held at May 31, 2013 was $(174,233).

 

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at May 31, 2013:

 

		Ending Balance		Valuaton		Unobservable
		at 5/31/13		Technique Used		Inputs		Input Values
Investments in Securities - Assets
Convertible Preferred Stock:
Biotechnology		$465,063		Third-Party Pricing Vendor		Single Broker Quote		$54.81
Capital Markets		156,862		Fundamental Analytical Data Relating to the Investment		Expected Recovery Value		$1.86 - $8.43
Communications Equipment		495,635		Third-Party Pricing Vendor		Single Broker Quote		$61.34
Computers & Peripherals		446,707		Third-Party Pricing Vendor		Single Broker Quote		$23.78
Insurance		483,997		Third-Party Pricing Vendor		Single Broker Quote		$41.67
Internet & Catalog Retail		526,258		Third-Party Pricing Vendor		Single Broker Quote		$797.36

 

---

Glossary:

ADR — American Depositary Receipt

ARC — Archipelago Electronic Communications Network

ASE — American Stock Exchange

REIT — Real Estate Investment Trust

 

---

 

 

Item 2. Controls and Procedures

 

(a) The registrant’s President & Chief Executive Officer and Treasurer, Principal Financial & Accounting Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a -3(c))), are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

 

(b) There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a -3(d))) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits

 

(a) Exhibit 99.302 Cert. — Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

---

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Registrant: AllianzGI Global Equity & Convertible Income Fund

 

By:	/s/ Brian S. Shlissel
President & Chief Executive Officer
Date: July 18, 2013
By:	/s/ Lawrence G. Altadonna
Treasurer, Principal Financial & Accounting Officer
Date: July 18, 2013

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:	/s/ Brian S. Shlissel
President & Chief Executive Officer
Date: July 18, 2013
By:	/s/ Lawrence G. Altadonna
Treasurer, Principal Financial & Accounting Officer
Date: July 18, 2013

 

---