Allianz Funds NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:811-06161

Allianz Funds

(Exact name of registrant as specified in charter)

1633 Broadway, New York, NY 10019

(Address of principal executive offices) (Zip code)

Scott Whisten

1633 Broadway, New York, NY 10019

(Name and address of agent for service)

Registrant’s telephone number, including area code:212-739-3367

Date of fiscal year end: June 30

Date of reporting period: December 31, 2019

ITEM 1. Report to Shareholders

LOGO

Allianz Funds

SHARE CLASSES A, C, R, P, INSTITUTIONAL, R6, ADMINISTRATIVE

Semiannual Report

December 31, 2019

AllianzGI Emerging Markets Opportunities Fund

AllianzGI Focused Growth Fund

AllianzGI Global Natural Resources Fund

AllianzGI Global Small-Cap Fund

AllianzGI Health Sciences Fund

AllianzGI Income & Growth Fund

AllianzGI Mid-Cap Fund

AllianzGI NFJ Dividend Value Fund

AllianzGI NFJ International Value Fund

AllianzGI NFJ Large-Cap Value Fund

AllianzGI NFJ Mid-Cap Value Fund

AllianzGI NFJ Small-Cap Value Fund

AllianzGI Small-Cap Fund

AllianzGI Technology Fund

This material is authorized for use only when preceded or accompanied by the current Allianz Funds prospectus. Investors should consider the investment objectives, risks, charges and expenses of each Fund carefully before investing. This and other information is contained in the Funds’ prospectus or summary prospectus. Please read the prospectus carefully before you invest or send money.

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (us.allianzgi.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at us.allianzgi.com/edelivery.

If you prefer to receive paper copies of your shareholder reports after January 1, 2021, direct investors may inform a Fund at any time. If you invest through a financial intermediary, you should contact your financial intermediary directly. Paper copies are provided free of charge and your election to receive reports in paper will apply to all funds held with the fund complex if you invest directly with a Fund or all funds held in your account if you invest through your financial intermediary.

LOGO

Receive this report electronically and eliminate paper mailings.

To enroll, go to us.allianzgi.com/edelivery.

Table of Contents



	2–3			Letter from the President

	4–58			Fund Summaries

	60–62			Important Information

	63–64			Benchmark Descriptions

	65–90			Schedules of Investments

	92–99			Statements of Assets and Liabilities

	100–103			Statements of Operations

	104–109			Statements of Changes in Net Assets

	110–137			Financial Highlights

	138–165			Notes to Financial Statements

	166			Changes to the Board of Trustees

	167-168			Privacy Policy

A Word About Risk: A fund may be subject to various risks as described in its prospectus. Some of those risks may include, but are not limited to, the following: fixed-income risk, liquidity risk, derivatives risk, smaller company risk, non-US investment risk, focused investment risk and specific sector investment risks. Below investment grade securities involve a greater risk to principal than investment grade securities. Bond prices will normally decline as interest rates rise. The impact may be greater with longer-duration bonds. The market for certain securities may become illiquid, which could prevent a fund from purchasing or selling these securities at an advantageous time or price and possibly delay redemptions of fund shares. Use of derivative instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit and counterparty risk, management risk and the risk that a fund is unable to close out a position when it is most advantageous to do so. Portfolios investing in derivatives could lose more than the principal amount invested in those instruments. Investing in foreign securities may entail risk due to foreign economic and political developments; this risk may be enhanced when investing in emerging markets. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and additional volatility compared to a diversified equity portfolio. The principal values of the funds are not guaranteed at any time. Please refer to the applicable fund’s current prospectus for complete details.

Letter from the President

LOGO

Thomas J. Fuccillo

President & CEO

Dear Shareholder,

The US economy was resilient and continued to expand during the six-month fiscal reporting period ended December 31, 2019. In contrast, economic growth overseas remained weak. Over this period, global equities generated strong results. Meanwhile, the overall US bond market posted a modest gain during the period.

The Six-Month Fiscal Period in Review

For the six-month period ended December 31, 2019, US stocks returned 10.92%, as measured by the S&P 500 Index. Two measures of stock performance in developed international and global markets produced weak results, in dollar-denominated terms, with the MSCI EAFE (Europe, Australasia and Far East) Index returning 7.01% and the MSCI World Index returning 9.14%. Elsewhere, the MSCI Emerging Markets Index returned 7.09% in dollar-denominated terms. With respect to bonds of US-domiciled issuers, the Bloomberg Barclays US Universal Bond Index rose 2.58% and the Bloomberg Barclays US Government Bond Index returned 2.23%, while the broader US bond market, as measured by the Bloomberg Barclays US Aggregate Bond Index, gained 2.45%.

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 the principal indicator of economic performance, expanded at a 2.0% and 2.1% annual pace during the second and third quarters of 2019, respectively. Finally, the Commerce Department’s initial reading for fourth quarter 2019 GDP growth — released after the reporting period ended — was 2.1%.

While the US Federal Reserve (the “Fed”) raised the federal funds rate four times in 2018, at its January 2019 meeting, the Fed had a “dovish pivot” and indicated that it expected to pause from tightening monetary policy as it monitored incoming economic data. As expected, at its meetings in July, September and October 2019, the Fed lowered the federal funds rate. The Fed’s last rate cut pushed the federal funds rate to a range between 1. 50% and 1.75%. In the minutes from its December 2019 meeting, the Fed appeared comfortable keeping interest rates steady in the months ahead.

Economic growth outside the US was weak overall during the reporting period. Against this backdrop, in September 2019, the European Central Bank cut its key interest rate and announced a new package of bond purchases. The Bank of England kept rates on hold, but indicated it would be flexible given the uncertainties related to the United Kingdom’s decision to leave the European Union (“Brexit”). Meanwhile, the Bank of Japan maintained its accommodative monetary policy during the reporting period.


2		December 31, 2019 \|		Semiannual Report

Outlook

As we head into 2020, markets have priced in a substantial amount of favorable news, including global central bank easing (and quantitative easing), a potential bottoming in economic data and some thawing of geopolitical risks. Is the good news now completely priced into risk assets?

In our view, the backdrop remains benign for risk assets, with low growth, rates and inflation — a mild Goldilocks in many ways — which can support modest upside in 2020. Nonetheless, given 2019’s rally, we believe that markets remain vulnerable to corrections and volatility in the near term and expect them to be driven largely by economic data and politics in the year ahead.

On behalf of Allianz Global Investors U.S. LLC, the Funds’ investment adviser, 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,

LOGO

Thomas J. Fuccillo

President & CEO

Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an index.

Receive this report electronically and eliminate paper mailings.

To enroll, go to us.allianzgi.com/edelivery.


		Semiannual Report		\| December 31, 2019		3

Unaudited

AllianzGI Emerging Markets Opportunities Fund

For the period of July 1, 2019 through December 31, 2019, as provided by Lu Yu, CFA, CIPM, Portfolio Manager.

Fund Insights

For the six-month period ended December 31, 2019, the Class A shares at net asset value (“NAV”) of the AllianzGI Emerging Markets Opportunities (the “Fund”) returned 7.16%, outperforming the MSCI Emerging Markets Index (the “benchmark”), which returned 7.09%.

Market Overview

Emerging market equities were the beneficiaries of positive global growth expectations and improving trade relations which led to an uptick in sentiment during the six-month period ended December 31, 2019.

The asset class initially declined in July due to concerns of slowing global demand and the strength of the US dollar and volatility picked up in August following the reescalation of the US/China trade war. Emerging markets equities advanced in September amid signs of easing trade tensions as well as by cuts in interest rates from central banks in both developed and developing economies. The rebound continued in October as sentiment was lifted by optimism over an improvement in US/China trade relations. The asset class performance was flat in November amid hopes that the US and China would soon agree on “phase one” of a trade deal lifted sentiment which soured slightly towards the month end amid fears that China would retaliate after US president Donald Trump signed into law a bill backing Hong Kong’s anti-government demonstrators. The positive asset class performance accelerated in December thanks to the agreement of a “phase one” trade deal between the US and China, as well as a rebound in global growth expectations.

Country results were mixed with 14 of 26 countries posting gains during the period. Taiwan was one of the top performers with a near 25% advance due to strong technology-related demand, followed by a 16% rally in Russia as investors gravitated toward high dividend-payers and the relative stability afforded by the country. China was higher by more than 9% due to improving US trade relations and a rebound in the country’s purchasing managers index (“PMI”), which may have signaled a bottoming of its economy. Alternatively, Argentine stocks declined more than 38% as Alberto Fernández’s victory in Argentina’s elections put an end to the pro-business economic policies of Mauricio Macri, while Chile was lower by 15% as civil unrest and lackluster consumer spending were headwinds in the country.

Information technology was the clear winner, gaining more than 26% due primarily to a strong advance in the semiconductor industry. Consumer discretionary notched a 13% gain followed by high single-digit advances in real estate and health care sectors. Meanwhile, materials and utilities were each up less than 1% during the semi-annual reporting period.

Portfolio Review

The Fund seeks to deliver outperformance over time by investing in emerging-market companies that are benefiting from change not yet fully reflected in the market, via the team’s behavioral finance-focused investment process.

During the six-month period, the Fund’s performance was flat relative to the benchmark as positive stock selection was neutralized by short-term country and sector allocation decisions. Strong stock selection in materials, particularly the metals & mining industry, contributed to results as did bottom-up stock selection in utilities, industrials and energy sectors. Alternatively, communication services was the primary sector laggard due to underperformance in the diversified telecommunications industry. A relative underweight allocation to consumer discretionary, the benchmark’s second best performer and stockpicking in real estate detracted from results more modestly. From a country perspective, Russia was the top performer thanks to positive stockpicking coupled with an overweight allocation. Selections in Taiwan and a relative underweight to Saudi Arabia also favorably impacted results. Conversely, more conservative stock selection in China, South Korea and South Africa offset results during the semi-annual period.

Outlook

Investors appear to have gained confidence in emerging markets equities as evidenced by the annual performance and in particular the fourth quarter rally, which outpaced developed markets equities as measured by the MSCI World Index. The “phase one” agreement between the United States and China, which is slated to suspend certain tariffs, provide greater currency transparency and increase trade for agricultural and financial services, is seen as a step in the right direction in terms providing sought-after market clarity. Emerging markets equities may also benefit from positive global sentiment as well as the more attractive growth and valuation levels relative to developed market equites. Asset class risks remain in terms of the late cycle bull market alongside a shift from globalization to localization, which is likely a culprit for the depressed return on equity experience by emerging market equities over the last several years. Middle class expansion, particularly in Asia, is potentially at a tipping point and may be a driver of the asset class for the next several years. Our view is this growth is likely underappreciated by the market.


4		December 31, 2019 \|		Semiannual Report

Unaudited

AllianzGI Emerging Markets Opportunities Fund (cont’d)

Average Annual Total Return for the period ended December 31, 2019



	6 Month*		1 Year		5 Year		10 Year		Since Inception†
AllianzGI Emerging Markets Opportunities Fund Class A		7.16%		17.21%		3.89%		3.68%		8.68%
AllianzGI Emerging Markets Opportunities Fund Class A (adjusted)		1.27%		10.77%		2.72%		3.09%		8.28%
AllianzGI Emerging Markets Opportunities Fund Class C		6.79%		16.34%		3.12%		2.91%		7.86%
AllianzGI Emerging Markets Opportunities Fund Class C (adjusted)		5.79%		15.34%		3.12%		2.91%		7.86%
AllianzGI Emerging Markets Opportunities Fund Class P		7.32%		17.53%		4.15%		3.94%		8.97%
AllianzGI Emerging Markets Opportunities Fund Institutional Class		7.41%		17.66%		4.26%		4.07%		9.09%
AllianzGI Emerging Markets Opportunities Fund Class R6		7.43%		17.69%		4.31%		4.12%		9.15%
MSCI Emerging Markets Index		7.09%		18.42%		5.61%		3.68%		8.83%
Lipper Emerging Markets Funds Average		6.85%		20.53%		5.02%		3.89%		8.51%

* Cumulative return

† The Fund began operations on 5/27/04. Benchmark comparisons began on the fund inception date. Lipper comparisons began on 5/31/04.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1% contingent deferred sales charge (CDSC) on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Please see pages 60-62 for more information. The Fund’s gross expense ratios are 1.61% for Class A shares, 2.36% for Class C shares, 1.36% for Class P shares, 1.26% for Institutional Class and 1.21% for Class R6 shares. These ratios do not include an expense reduction, contractually agreed through at least August 31, 2020. The Fund’s expense ratios net of these reductions and waivers are 1.26% for Class A shares, 2.01% for Class C shares, 1.01% for Class P shares, 0.91% for Institutional Class shares and 0.86% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated August 28, 2019, as further revised or supplemented from time to time.

Cumulative Returns Through December 31, 2019

LOGO

The Fund began operations on 5/27/04. Benchmark comparisons began on the fund inception date.

Country Allocation (as of December 31, 2019)



China			31.4%

Taiwan			16.5%

Korea (Republic of)			13.5%

Russian Federation			8.6%

India			7.7%

Brazil			7.6%

Thailand			5.0%

South Africa			3.1%

Other			5.9%

Cash & Equivalents — Net			0.7%


		Semiannual Report		\| December 31, 2019		5

Unaudited

AllianzGI Emerging Markets Opportunities Fund (cont’d)



Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class	Class R6

Beginning Account Value (7/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/19)	$1,071.60	$1,067.90	$1,073.20	$1,074.10	$1,074.30

Expenses Paid During Period	$6.61	$10.50	$5.32	$4.80	$4.54


	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class	Class R6

Beginning Account Value (7/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/19)	$1,018.75	$1,014.98	$1,020.01	$1,020.51	$1,020.76

Expenses Paid During Period	$6.44	$10.23	$5.18	$4.67	$4.42

For each class of the Fund, expenses (net of fee waivers) are equal to the annualized expense ratio for the class (1.27% for Class A, 2.02% for Class C, 1.02% for Class P, 0.92% for Institutional Class and 0.87% for Class R6), multiplied by the average account value over the period, multiplied by 184/366. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.


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		Semiannual Report		\| December 31, 2019		7

Unaudited

AllianzGI Focused Growth Fund

For the period of July 1, 2019 through December 31, 2019, as provided by Karen Hiatt, CFA, Lead Portfolio Manager.

Fund Insights

For the six-month period ended December 31, 2019, the Class A shares at net asset value (“NAV”) of the AllianzGI Focused Growth Fund (the “Fund”) returned 9.93%, underperforming the Russell 1000 Growth Index (the “benchmark”), which returned 12.27%.

Market Overview

Global equities overcame a sharp set-back in August to deliver robust gains over the second half of 2019, with many markets closing the year at or near fresh/multi-month highs. Sentiment was lifted by a plethora of interest rate cuts across the developed and developing world, better-than-expected corporate earnings and optimism over a “phase one” trade deal between the US and China. At a sector level, technology stocks were the standout performers, helped by a rebound in semiconductor manufacturers. Energy was the only sector to retreat as oil prices remained mostly range bound, despite some year-end strength.

Within the technology sector, there was a wide divergence in performance as high growth, high valuation stocks were sharply sold in favor of cyclical and value technology stocks. Apple drove strong returns in the hardware segment as the company’s iPhone averted additional tariffs with the trade truce. Semiconductor stocks also benefitted from the trade news along with signs of firming demand conditions with tight inventories. Software stocks lagged mostly due to the shift in sentiment as fundamentals remain quite strong.

Portfolio Review

The Fund’s positioning within the technology sector amid the high growth sell-off was the largest driver of the relative performance shortfall. The underweight to Apple and Alphabet (Google), and the overweights to high growth stock such as Twilio, Paypal, and Servicenow were the largest stock detractors.

On the positive side, stock selection in the health care sector contributed to relative returns. Dexcom and Insulet benefited from robust growth in diabetes devices. Additionally, our overweight to consumer discretionary holding, Burlington, added to relative returns as the company has consistently delivered strong results in off price retail. Other contributors included not owning Netflix or Cisco Systems.

From a sector allocation perspective, underweight positions to the consumer discretionary and consumer staples sectors helped relative performance. Conversely, an overweight to materials and an underweight to the real estate sector hurt relative performance.

Outlook

We are generally optimistic on US equities as we begin the year. US employment data remains strong and corporate profits are expected to accelerate in 2020. Additionally, the US Federal Reserve and major central banks around the world are more dovish and continue to maintain low interest rates, which we believe should help boost economic growth. However, we may see periods of higher market volatility due to macro and political uncertainties. We will be closely monitoring trade negotiations as we move beyond the phase one deal between the US and China, the US Presidential election, and the ongoing challenges in the Middle East. Given the multitude of cross-currents and varying growth prospects at the country level, we expect the global economy to generally remain in a low growth environment for the foreseeable future. While market valuations are elevated, high valuations should not necessarily be a headwind. Other factors like earnings and growth should matter more, particularly in a low interest rate environment. Despite the macro and political uncertainties, we believe high quality growth companies remain well-positioned to deliver attractive returns.

Over the long term, we expect that the market will ultimately reward companies that deliver consistent growth and increase shareholder value over time. Our focus continues to be on applying rigorous fundamental research to identify companies with strong or under-appreciated growth prospects and attractive risk-reward characteristics.


8		December 31, 2019 \|		Semiannual Report

Unaudited

AllianzGI Focused Growth Fund (cont’d)

Average Annual Total Return for the period ended December 31, 2019



	6 Month*		1 Year		5 Year		10 Year		Since Inception†
AllianzGI Focused Growth Fund Class A		9.93%		33.84%		13.13%		14.00%		11.42%
AllianzGI Focused Growth Fund Class A (adjusted)		3.88%		26.48%		11.86%		13.36%		11.25%
AllianzGI Focused Growth Fund Class C		9.51%		32.77%		12.27%		13.14%		10.59%
AllianzGI Focused Growth Fund Class C (adjusted)		8.62%		31.77%		12.27%		13.14%		10.59%
AllianzGI Focused Growth Fund Class R		9.80%		33.48%		12.85%		13.71%		11.08%
AllianzGI Focused Growth Fund Class P		10.06%		34.12%		13.41%		14.28%		11.73%
AllianzGI Focused Growth Fund Institutional Class		10.11%		34.29%		13.52%		14.40%		11.84%
AllianzGI Focused Growth Fund Class R6		10.14%		34.35%		13.57%		14.46%		11.90%
AllianzGI Focused Growth Fund Administrative Class		10.00%		33.96%		13.23%		14.12%		11.55%
Russell 1000 Growth Index		12.27%		36.39%		14.63%		15.22%		11.32%
Lipper Large-Cap Growth Funds Average		9.50%		33.30%		13.04%		13.72%		8.09%

* Cumulative return

† The Fund began operations on 2/24/84. Benchmark and Lipper performance comparisons began on 2/29/84.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1% contingent deferred sales charge (CDSC) on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Please see pages 60-62 for more information. The Fund’s gross expense ratios are 1.12% for Class A shares, 1.87% for Class C shares, 1.37% for Class R shares, 0.87% for Class P shares, 0.77% for Institutional Class, 0.72% for Class R6 shares, and 1.02% for Administrative Class shares. These ratios do not include an expense reduction, contractually agreed through at least August 31, 2020. The Fund’s expense ratios net of this reduction are 1.00% for Class A shares, 1.77% for Class C shares, 1.27% for Class R shares, 0.77% for Class P shares, 0.67% for Institutional Class shares, 0.62% for Class R6 shares, and 0.92% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 28, 2019, as further revised or supplemented from time to time.

Cumulative Returns Through December 31, 2019

LOGO

The Fund began operations on 2/24/84. Benchmark performance comparisons began on 2/29/84.

Industry/Sectors (as of December 31, 2019)



IT Services			14.7%

Software			12.5%

Interactive Media & Services			7.9%

Semiconductors & Semiconductor Equipment			6.7%

Technology Hardware, Storage & Peripherals			6.6%

Healthcare Equipment & Supplies			6.6%

Specialty Retail			6.5%

Pharmaceuticals			6.5%

Other			30.9%

Cash & Equivalents — Net			1.1%


		Semiannual Report		\| December 31, 2019		9

Unaudited

AllianzGI Focused Growth Fund (cont’d)



Shareholder Expense Example	Actual Performance
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class

Beginning Account Value (7/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/19)	$1,099.30	$1,095.10	$1,098.00	$1,100.60	$1,101.10	$1,101.40	$1,100.00

Expenses Paid During Period	$5.28	$9.32	$6.70	$4.07	$3.54	$3.27	$4.86


	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class

Beginning Account Value (7/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/19)	$1,020.11	$1,016.24	$1,018.75	$1,021.27	$1,021.77	$1,022.02	$1,020.51

Expenses Paid During Period	$5.08	$8.97	$6.44	$3.91	$3.40	$3.15	$4.67

For each class of the Fund, expenses (net of fee waivers) are equal to the annualized expense ratio for the class (1.00% for Class A, 1.77% for Class C, 1.27% for Class R, 0.77% for Class P, 0.67% for Institutional Class, 0.62% for Class R6 and 0.92% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/366.


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		Semiannual Report		\| December 31, 2019		11

Unaudited

AllianzGI Global Natural Resources Fund

For the reporting period of July 1, 2019 through December 31, 2019, as provided by Paul D. Strand, CFA, Portfolio Manager.

Fund Insights

For the six-month period ended December 31, 2019, the Class A shares at net asset value (“NAV”) of the AllianzGI Global Natural Resources Fund (the “Fund”) returned -3.16%, underperforming the 60% MSCI World Energy/40% MSCI World Materials Benchmark (the “benchmark”), which returned 1.39%.

Market Overview

Global equities overcame a sharp set-back in August 2019 to deliver robust gains over the second half of 2019. With global growth weighed down by a slowdown in global trade, fears grew over the outlook for the global economy. Central banks across the developed and developing world cut rates to stave off the threat of a global recession. Having been range bound for much of the six-month period, in December 2019, oil prices advanced to a seven-month high, with Brent crude trading just above $68 a barrel, on news that the Organization of the Petroleum Exporting Countries (“OPEC”) and Russia had agreed to curb production. Gold also surged, topping $1,500 an ounce in August for the first time in more than six years as the stock market turmoil boosted demand for “safe haven” assets. Meanwhile, copper prices surged, reaching an eight-month high in December, amid hopes of renewed Chinese demand.

Portfolio Review

The Fund’s underperformance was primarily driven by stock selection in the materials and energy sectors.

The largest contributors to relative performance included an overweight in the gold miner ETF, GDX, an overweight in railroad company KSU, and an overweight in agricultural chemicals company FMC. The largest detractors from relative performance included an overweight in exploration & production (“E&P”) company Continental Resources and underweights in gold miners Barrick Gold and Newmont.

From time to time, the Fund utilizes a “Buy-Write” options strategy in which call options are written against some equity holdings. For the reporting period, the use of this strategy was very limited and had no material impact on overall performance.

Outlook

We are seeing signs that the prolonged industrial/manufacturing/trade recession that has proven to be a difficult headwind for natural resources stocks is abating. Looking ahead, we have more conviction now than we have had in a very long time about bullish prospects for natural resources sector investing. Further evidence that the macro environment is improving combined with normalization of trade relations should provide a robust catalyst to these stocks, many of which are at historical lows relative to the broader market.

At present, we are exposed to over 26 different investment themes in the portfolio. As the new year commences, the Fund is currently underweight energy overall, with overweight in E&P as we see improving financial metrics driven by capital discipline. In materials, we are overweight copper, iron ore, and industrial gas. We have been increasing our exposure to the energy transition theme, which will likely gain momentum in the coming years and be a tailwind to performance. We expect that decreasing costs of renewables combined with policy support will lead to solid long term demand for solar, wind, and storage. Finally, we are overweight the railroads, on expectation for ongoing business efficiency improvements as we await stronger volumes in 2020. Throughout the Fund, we continue to favor high quality holdings (high free cash flow, low net debt, larger cap, strong assets) and attractive valuations. We remain confident this focus on high quality is the best long term risk/reward approach for this strategy.


12		December 31, 2019 \|		Semiannual Report

Unaudited

AllianzGI Global Natural Resources Fund (cont’d)

Average Annual Total Return for the period ended December 31, 2019



	6 Month*		1 Year		5 Year		10 Year		Since Inception†
AllianzGI Global Natural Resources Fund Class A		–3.16%		9.66%		–2.86%		–0.77%		4.43%
AllianzGI Global Natural Resources Fund Class A (adjusted)		–8.49%		3.63%		–3.95%		–1.33%		4.05%
AllianzGI Global Natural Resources Fund Class C		–3.51%		8.95%		–3.57%		–1.51%		3.66%
AllianzGI Global Natural Resources Fund Class C (adjusted)		–4.46%		7.95%		–3.57%		–1.51%		3.66%
AllianzGI Global Natural Resources Fund Class P		–3.05%		10.06%		–2.60%		–0.51%		4.71%
AllianzGI Global Natural Resources Fund Institutional Class		–2.98%		10.08%		–2.50%		–0.42%		4.81%
60% MSCI World Energy/40% MSCI World Materials Benchmark		1.39%		16.14%		2.26%		2.52%		5.87%
MSCI World Index		9.14%		27.67%		8.74%		9.47%		7.40%
Lipper Global Natural Resources Funds Average		2.14%		16.13%		–1.00%		–1.23%		3.51%

* Cumulative return

† The Fund began operations on 6/30/04. Benchmark and Lipper comparisons began on the fund inception date.

Cumulative Returns Through December 31, 2019

LOGO

The Fund began operations on 6/30/04. Benchmark comparisons began on the fund inception date.

Country/Location Allocation (as of December 31, 2019)



United States			61.0%

United Kingdom			9.9%

Canada			7.8%

France			5.0%

Australia			4.5%

Japan			3.8%

Finland			1.1%

Norway			1.0%

Other			7.4%

Cash & Equivalents — Net			–1.5%


		Semiannual Report		\| December 31, 2019		13

Unaudited

AllianzGI Global Natural Resources Fund (cont’d)



Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class

Beginning Account Value (7/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/19)	$968.40	$964.90	$969.50	$970.20

Expenses Paid During Period	$7.08	$10.77	$5.84	$5.35


	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class

Beginning Account Value (7/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/19)	$1,017.95	$1,014.18	$1,019.20	$1,019.71

Expenses Paid During Period	$7.25	$11.04	$5.99	$5.48

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.43% for Class A, 2.18% for Class C, 1.18% for Class P and 1.08% for Institutional Class), multiplied by the average account value over the period, multiplied by 184/366. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.


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		Semiannual Report		\| December 31, 2019		15

Unaudited

AllianzGI Global Small-Cap Fund

For the period of July 1, 2019 through December 31, 2019, as provided by Andrew Neville, Lead Portfolio Manager.

Fund Insights

For the six-month period ended December 31, 2019, the Class A shares at net asset value (“NAV”) of the AllianzGI Global Small-Cap Fund (the “Fund”) returned 4.23%, underperforming the MSCI World Small-Cap Index (the “benchmark”), which returned 8.82%.

Market Overview

Global equities overcame a sharp set-back in August to deliver robust gains over the second half of 2019. The rally meant many equity markets recorded their strongest annual gains in several years, with many markets closing the year at or near fresh/multi-month highs. Sentiment was lifted by a plethora of interest rate cuts across the developed and developing world, better-than-expected corporate earnings and optimism over a “phase one” trade deal between the US and China. Small caps as measured by the benchmark performed almost in line with large caps over in the six-month period.

Portfolio Review

The Fund represents the highest conviction names from four underlying regional small cap strategies: US, Europe, Japan, and Asia ex-Japan. Stock selection is the key driver of relative returns as the regional allocation of the fund is neutral to the benchmark and there are risk controls to ensure sector deviations do not become too large.

In absolute terms, all four small cap markets showed gains. Japanese small caps registered the strongest gains followed by small caps from Europe, the US and finally Pacific ex Japan. In relative terms, the Pacific ex Japan and the Japanese sleeve portfolios were able to outperform their local markets. The other sleeve portfolios lagged their indices.

The Fund’s underperformance was driven primarily by the negative stock selection in industrial stocks and the health care and consumer discretionary positions. The Fund’s largest contributors to performance came from the IT industry. ASM International (Netherlands) and Acacia Communications (US) particularly positively impacted performance. ASM International operates in more than 14 countries and makes equipment for front-end chip-making processes. In the third quarter, ASM International reported solid second quarter 2019 results, beating consensus on revenues (+8%) and operating result (+11%). Acacia Communications, a US maker of optical interconnect technologies like modules and semiconductors, announced a definitive agreement to be acquired by Cisco for $70.00 per share, implying a 43% premium.

The largest detractors to performance were Merit Medical, a US-based, global healthcare company. Management executed poorly in launching new products and the company’s attempt to bolster margins through vertically integrating product parts did not work. We sold the holding in the third quarter of 2019. Another detractor was Pluralsight. The US-based company provides online development and IT training services for software professionals. The company had a slowdown in billings in the second quarter of 2019 and several peers have seen a similar deceleration.

Outlook

While the outlook for the global economy appears cautiously favorable, growth looks set to remain weak, and geopolitics (take, for example, the trade conflict between the US and China) spell downside risks, despite some signs pointing towards a resolution. The generous monetary policy of the major international central banks should continue to support the equity markets for now, but is increasingly likely to meet its limits. At the same time, investors’ attention will probably shift towards economic data and corporate earnings. Overall, we believe that volatility will remain elevated and that we will see increasing disparity between individual stocks, sectors and countries. Small cap performance globally will be influenced by both the economic conditions and stimulus measures and the resulting balance between the two. The Fund will continue to focus on high quality growth stocks that we believe will deliver outperformance above the benchmark over the long-term.


16		December 31, 2019 \|		Semiannual Report

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AllianzGI Global Small-Cap Fund (cont’d)

Average Annual Total Return for the period ended December 31, 2019



	6 Month*		1 Year		5 Year		10 Year		Since Inception†
AllianzGI Global Small-Cap Fund Class A		4.23%		22.57%		6.02%		10.63%		9.70%
AllianzGI Global Small-Cap Fund Class A (adjusted)		–1.50%		15.83%		4.83%		10.00%		9.43%
AllianzGI Global Small-Cap Fund Class C		3.85%		21.64%		5.23%		9.80%		8.90%
AllianzGI Global Small-Cap Fund Class C (adjusted)		2.91%		20.64%		5.23%		9.80%		8.90%
AllianzGI Global Small-Cap Fund Class P		4.37%		22.86%		6.29%		10.91%		10.01%
AllianzGI Global Small-Cap Fund Institutional Class		4.44%		22.98%		6.40%		11.01%		10.12%
MSCI World Small-Cap Index		8.82%		26.19%		8.42%		10.54%		8.14%
Lipper Global Small-/Mid-Cap Funds Average		6.65%		25.76%		8.25%		9.74%		7.88%

* Cumulative return

† The Fund began operations on 12/31/96. Benchmark and Lipper comparisons began on the fund inception date.

Cumulative Returns Through December 31, 2019

LOGO

The Fund began operations on 12/31/96. Benchmark comparisons began on the fund inception date.

Country/Location Allocation (as of December 31, 2019)



United States			55.4%

Japan			13.3%

United Kingdom			6.6%

Germany			4.2%

Switzerland			2.5%

Australia			2.4%

France			2.0%

Austria			1.9%

Other			9.6%

Cash & Equivalents — Net			2.1%


		Semiannual Report		\| December 31, 2019		17

Unaudited

AllianzGI Global Small-Cap Fund (cont’d)



Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class

Beginning Account Value (7/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/19)	$1,042.30	$1,038.50	$1,043.70	$1,044.40

Expenses Paid During Period	$8.37	$12.20	$7.09	$6.58


	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class

Beginning Account Value (7/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/19)	$1,016.94	$1,013.17	$1,018.20	$1,018.70

Expenses Paid During Period	$8.26	$12.04	$7.00	$6.50

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.63% for Class A, 2.38% for Class C, 1.38% for Class P and 1.28% for Institutional Class), multiplied by the average account value over the period, multiplied by 184/366.


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		Semiannual Report		\| December 31, 2019		19

Unaudited

AllianzGI Health Sciences Fund

For the period of July 1, 2019 through December 31, 2019, as provided by Peter Pirsch, CFA, Lead Portfolio Manager.

Fund Insights

For the six-month period ended December 31, 2019, the Class A shares at net asset value (“NAV”) of the AllianzGI Health Sciences Fund (the “Fund”) returned 11.85%, underperforming the MSCI World Health Care Index (the “benchmark”), which returned 12.28%.

Market Overview

Health care stocks were higher for the six-month period as investors were broadly optimistic about global equities in light of accommodative central bank policies and better-than-expected corporate profits.

The asset class initially posted lackluster results with flat-to-negative performance during each of the first three months of the period. Investors were apprehensive about health care valuations and uncertainty from the upcoming US presidential election, due in part to Elizabeth Warren’s ascendancy to “front runner” status for the democratic nomination. Sentiment improved meaningfully with broad-based gains in each of the final three months of the semi-annual reporting period and the benchmark reached new all-time highs. Global markets were lifted by improving trade relations between the US and China, signs of further central bank easing and expectations that the worst of the slowdown in the global economy may be over. Health care stocks were among the top performers thanks to an asset class rerating and expectations of improved profit growth.

Results for the benchmark were higher across the board with all six industries posting gains. Biotechnology was the top performer with a greater than 18% advance, followed by double digit gains in healthcare providers and pharmaceuticals. Meanwhile, the life sciences tools & services industry was up only modestly for the period.

Portfolio Review

The Fund seeks to deliver outperformance over time via a conviction portfolio via the implementation of a top-down and bottom-up investment process focused on rigorous fundamental analysis.

During the six-month period, the Fund’s performance was in line with the benchmark as positive bottom-up stock selection and industry weightings which were neutralized by country allocation decisions. Bottom-up stockpicking in pharmaceutical and health care provider industries outpaced the benchmark for the period. Meanwhile, healthcare equipment and biotechnology were modest laggards on a relative basis.

A sizeable overweight allocation to Bristol-Myers Squibb Company proved advantageous as the company benefited from an upside earnings surprise, an attractive valuation and a general flight to dividend paying defensive names. The relative underweight allocation to pharmaceutical giant Pfizer Inc. contributed to results as the stock declined following the company’s decision to combine their off-patent drug division with Mylan, while Horizon Therapeutics rallied thanks to an acceleration in earnings results. Alternatively, largest relative detractor to performance was Vapotherm Inc. The respiratory device maker came under pressure as the market digested the company’s earnings miss and the announcement of a secondary offering of shares. Medical equipment maker Alcon Inc. was lower following earnings which trailed Street expectations, while specialty animal products provider Elanco Animal Health, Inc. was lower due in part to acquisition of Bayer’s animal health business.

Outlook

Looking forward, we are optimistic about the opportunities in the health care sector over the next year. Although the sector modestly lagged the broader industries in 2019, there appears to be an increasing level of optimism in recent months thanks to earnings growth expectations and the defensive nature of the sector. This year’s US presidential election and the ongoing impeachment proceedings of President Donald Trump may result in greater uncertainty in markets, which could impact the health care sector.

Overall, the Fund’s positioning is centered on what we believe are the significant long-term growth drivers for healthcare—drug innovation and cost-containment and we continue to focus on more mature, defensive core holdings. However, we recently added a few “riskier” assets in medical technology, genomics and biotechnology to help balance the portfolio during this positive volatility spike. We believe this barbell approach will continue to drive the potential for risk-adjusted alpha without taking outsized risk on any one holding.


20		December 31, 2019 \|		Semiannual Report

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AllianzGI Health Sciences Fund (cont’d)

Average Annual Total Return for the period ended December 31, 2019



	6 Month*		1 Year		5 Year		10 Year		Since Inception†
AllianzGI Health Sciences Fund Class A		11.85%		26.64%		9.82%		13.92%		11.91%
AllianzGI Health Sciences Fund Class A (adjusted)		5.69%		19.68%		8.59%		13.28%		11.63%
AllianzGI Health Sciences Fund Class C		11.41%		25.71%		9.01%		13.08%		11.07%
AllianzGI Health Sciences Fund Class C (adjusted)		10.41%		24.71%		9.01%		13.08%		11.07%
AllianzGI Health Sciences Fund Institutional Class		12.03%		27.08%		10.21%		14.32%		12.32%
MSCI World Health Care Index		12.28%		23.24%		8.50%		12.29%		8.91%
Lipper Health/Biotechnology Funds Average		10.69%		26.22%		8.72%		15.22%		10.94%

* Cumulative return

† The Fund began operations on 12/31/96. Benchmark and Lipper comparisons began on the fund inception date.

Cumulative Returns Through December 31, 2019

LOGO

The Fund began operations on 12/31/96. Benchmark comparisons began on the fund inception date.

Industry/Sectors (as of December 31, 2019)



Pharmaceuticals			43.2%

HealthCare Equipment & Supplies			20.9%

HealthCare Providers & Services			14.2%

Biotechnology			12.3%

Life Sciences Tools & Services			6.2%

Cash & Equivalents — Net			3.2%


		Semiannual Report		\| December 31, 2019		21

Unaudited

AllianzGI Health Sciences Fund (cont’d)



Shareholder Expense Example	Actual Performance
		Class A	Class C	Institutional Class

Beginning Account Value (7/1/19)		$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/19)		$1,118.50	$1,114.10	$1,120.30

Expenses Paid During Period		$7.83	$11.80	$5.97


	Hypothetical Performance
	(5% return before expenses)
		Class A	Class C	Institutional Class

Beginning Account Value (7/1/19)		$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/19)		$1,017.75	$1,013.98	$1,019.51

Expenses Paid During Period		$7.46	$11.24	$5.69

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.47% for Class A, 2.22% for Class C and 1.12% for Institutional Class ), multiplied by the average account value over the period, multiplied by 184/366.


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		Semiannual Report		\| December 31, 2019		23

Unaudited

AllianzGI Income & Growth Fund

For the period of July 1, 2019 through December 31, 2019, as provided by Douglas G. Forsyth, CFA, Portfolio Manager.

Fund Insights

For the six-month period ended December 31, 2019, the Class A shares, at net asset value (“NAV”) of the AllianzGI Income & Growth Fund (the “Fund”) returned 5.89%. During the same period, the S&P 500 Index increased 10.92% and the overall U.S. bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, rose 2.45%. The convertible universe returned 7.55%, as measured by the ICE BofA US Convertible Index; and high yield bonds, as measured by the ICE BofA US High Yield Master II Index, increased 3.86%. Lastly, the Russell 1000 Growth Index gained 12.27%.

Market Overview

Risk assets produced strong returns over the reporting period and, in stark contrast to 2018, finished 2019 on a firm footing. US equities posted double-digit gains in the second half of 2019 and major indices hit a series of fresh highs going into year-end. Convertible bonds benefited from underlying stock price strength. A globally depressed yield environment continued to lend support to high-yield bonds.

Third-quarter financial results and guidance for most US issuers were generally better than expected. Correspondingly, 76% of the companies in the S&P 500 reported earnings above analyst estimates and 60% reported revenues above expectations, according to FactSet.

Key economic reports in the final months of the year indicated continued US expansion. Third-quarter gross domestic product (“GDP”) growth exceeded expectations; unemployment fell to a 50-year low; housing data showed signs of renewed momentum; and consumer sentiment rebounded. In contrast, manufacturing data remained weak.

In addition to overseas monetary policy stimulus, the US Federal Reserve (“Fed”) reduced rates by a total of 75 basis points. After cutting rates for a third time in October to a range of 1.50% to 1.75%, the Fed left rates unchanged at its December meeting and indicated that it would keep rate changes on hold until there was either a persistent move up in inflation or deterioration in its economic outlook.

The 10-year US Treasury bond yield fluctuated substantially over the reporting period. After starting the period at 2.0%, the yield fell below 1.5% in late summer. Fading geopolitical risks on the back of progress in US/China trade negotiations helped drive the yield higher in the fourth quarter. By year-end, it stood at 1.9% and caused the yield curve (3-month vs. 10-year) to steepen sharply from an inverted position.

Portfolio Review

The Fund provided consistent income—the primary goal of the strategy—and a positive total return over the six-month reporting period. Equity holdings had the greatest positive impact on the Fund’s performance followed by convertible exposure and high-yield bond holdings.

Information technology, health care and consumer discretionary were the top-contributing sectors to the equity sleeve’s performance during the period. Conversely, only two sectors—materials and energy—detracted from performance and their combined impact insignificantly influenced performance.

In the convertible sleeve, sectors that contributed positively to relative performance were technology, health care and consumer discretionary. Sector exposure that hindered performance in the period was limited to three sectors—energy, materials and transportation.

In the high yield sleeve, industries that aided performance were technology & electronics, health care and support-services. In contrast, only energy and retail exposures were performance headwinds.

Several option positions expired below strike and the portfolio was able to retain the set premiums. Against a depressed equity volatility backdrop, the percent of equities with a covered call structure trended lower over the reporting period.

Outlook

We believe that synchronized global central bank accommodation and stable US economic growth should support earnings growth and risk asset performance in 2020.

After three interest rate cuts in 2019, the Fed has signaled a pause in the easing cycle but has resumed expansion of its balance sheet. According to the Fed, US monetary policy is not on any pre-set course and adjustments will continue to provide support to the economy.

The US economy is expected to expand at a moderate pace in 2020 given recent economic data points. In our view, even stronger US growth is possible if the global manufacturing environment improves. Geopolitical risks and US politics including the Democratic Party nominee and 2020 elections may cause market volatility, but could also provide investment opportunities.

After flat growth in 2019, we believe that corporate profits should accelerate in 2020 with easier comparisons versus the prior year and revenue growth should also increase relative to 2019. Based on bottom-up estimates, we believe that earnings are poised to trend higher throughout the year and we believe could result in year-over-year earnings growth of 10% for the S&P 500 Index.


24		December 31, 2019 \|		Semiannual Report

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AllianzGI Income & Growth Fund (cont’d)

Average Annual Total Return for the period ended December 31, 2019



	6 Month*		1 Year		5 Year		10 Year		Since Inception†
AllianzGI Income & Growth Fund Class A		5.89%		19.73%		6.88%		8.40%		7.05%
AllianzGI Income & Growth Fund Class A (adjusted)		0.06%		13.15%		5.68%		7.78%		6.58%
AllianzGI Income & Growth Fund Class C		5.47%		18.83%		6.08%		7.59%		6.25%
AllianzGI Income & Growth Fund Class C (adjusted)		4.47%		17.83%		6.08%		7.59%		6.25%
AllianzGI Income & Growth Fund Class R		5.75%		19.44%		6.62%		8.12%		6.79%
AllianzGI Income & Growth Fund Class P		6.03%		20.11%		7.16%		8.67%		7.33%
AllianzGI Income & Growth Fund Institutional Class		6.11%		20.23%		7.25%		8.77%		7.44%
S&P 500 Index		10.92%		31.49%		11.70%		13.56%		8.97%
Bloomberg Barclays U.S. Aggregate Bond Index		2.45%		8.72%		3.05%		3.75%		4.21%
Lipper Flexible Portfolio Funds Average		5.02%		15.96%		4.68%		6.49%		4.99%

† The Fund began operations on 2/28/07. Benchmark and Lipper comparisons began on the fund inception date.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1% contingent deferred sales charge (CDSC) on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Please see pages 60-62 for more information. The Fund’s gross expense ratios are 1.29% for Class A shares, 2.04% for Class C shares, 1.54% for Class R shares, 1.04% for Class P shares and 0.94% for Institutional Class shares. These ratios do not include an expense reduction, contractually agreed through at least August 31, 2020. The Fund’s expense ratios net of this reduction are 1.28% for Class A shares, 2.03% for Class C shares, 1.53% for Class R shares, 1.03% for Class P shares and 0.93% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 28, 2019, as further revised or supplemented from time to time.

Cumulative Returns Through December 31, 2019

LOGO

The Fund began operations on 2/28/07. Benchmark comparisons began on the fund inception date.

Industry/Sectors (as of December 31, 2019)



Software			8.9%

Internet			5.6%

Media			5.5%

Pharmaceuticals			4.5%

Semiconductors & Semiconductor Equipment			4.3%

Telecommunications			3.7%

Oil, Gas & Consumable Fuels			3.6%

Biotechnology			3.1%

Other			56.4%

Cash & Equivalents — Net			4.4%

S&P Ratings* (as of December 31, 2019)

LOGO

As a percentage of fixed-income investments. Bond ratings refer to the underlying holdings of the Fund and are categorized from highest to lowest credit quality using ratings provided by S&P Global Ratings (“S&P”). S&P’s ratings have been selected for several reasons, including the portfolio managers’ usage of S&P ratings methodology among other credit quality information in managing the Fund, access to background information and other materials provided by S&P, as well as the Fund’s consideration of industry practice. The Fund also displays S&P credit ratings information in materials provided in client presentations. See “Important Information” for more detail on the selection of S&P for the Fund’s ratings presentation. Securities not rated by S&P and bonds that do not currently have a rating available are designated in the chart above as “NR” and “NA”, respectively.


		Semiannual Report		\| December 31, 2019		25

Unaudited

AllianzGI Income & Growth Fund (cont’d)



Shareholder Expense Example	Actual Performance
	Class A	Class C	Class R	Class P	Institutional Class

Beginning Account Value (7/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/19)	$1,058.90	$1,054.70	$1,057.50	$1,060.30	$1,061.10

Expenses Paid During Period	$6.62	$10.48	$7.91	$5.33	$4.82


	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class

Beginning Account Value (7/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/19)	$1,018.70	$1,014.93	$1,017.44	$1,019.96	$1,020.46

Expenses Paid During Period	$6.50	$10.28	$7.76	$5.23	$4.72

For each class of the Fund, expenses (net of fee waivers) are equal to the annualized expense ratio for the class (1.28% for Class A, 2.03% for Class C, 1.53% for Class R, 1.03% for Class P and 0.93% for Institutional Class), multiplied by the average account value over the period, multiplied by 184/366.


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		Semiannual Report		\| December 31, 2019		27

Unaudited

AllianzGI Mid-Cap Fund

For the period July 1, 2019 through December 31, 2019, as provided by Steven Klopukh, CFA, Lead Portfolio Manager.

Fund Insights

For the six-month period ended December 31, 2019, the Class A Shares at net asset value (“NAV”) of the AllianzGI Mid-Cap Fund (the “Fund”) returned 7.02%, underperforming the Russell Midcap Growth Index (the “benchmark”), which returned 7.45%.

Market Overview

Global equities overcame a sharp set-back in August 2019 to deliver robust gains over the second half of 2019. The rally meant many equity markets recorded their strongest annual gains in several years, with many markets closing the year at or near fresh/multi-month highs. Sentiment was lifted by a plethora of interest rate cuts across the developed and developing world, better-than-expected corporate earnings and optimism over a “phase one” trade deal between the US and China. Against this backdrop, the Russell Midcap Index returned 7.58%, underperforming the Russell 1000 Index’s return of 10.59%. Within the mid cap universe, growth stocks underperformed value stocks by 0.21%.

Portfolio Review

Sector allocation had a negative effect on performance while positive security selection was offsetting. Stockpicking in materials was the primary contributor, followed by the health care and consumer staples sectors. This was balanced by weaker security selections in the information technology, financials and consumer discretionary sectors. The overweight to the health care sector detracted from returns. This was partially offset by an underweight to consumer discretionary.

A top contributor to relative returns was DexCom, Inc. (“DexCom”), medical device company that specializes in continuous glucose monitoring systems with smart device connectivity. The stock benefited from quarterly earnings results and guidance that exceeded consensus expectations. DexCom continues to see strong patient adoption of their newest G6 system. With low penetration in a large addressable market and strong product offerings, we believe DexCom’s growth trajectory remains robust.

The top detractor to relative returns was Workday, Inc. (“Workday”), which provides cloud based enterprise software for applications that include finance and human resources. Shares fell as management’s forward guidance was below high investor expectations. Looking forward, we are likely in the middle of a major upgrade cycle, as enterprises switch from legacy software to modern cloud based systems. Workday’s compelling enterprise resource software positions the company to capture this trend and generate sustainable double digit growth. However, recent volatility in share price warrants close monitoring of the situation.

As of December 31, 2019, the largest sector overweight was in consumer staples, followed by health care and financials. Consumer discretionary was the largest underweight position in the Fund, followed by the information technology and real estate sectors.

Outlook

For calendar year 2020, we continue to expect moderate growth for the US economy. Leading economic indicators continue to signal benign conditions and employment metrics remains positive. On the US-China trade front, the “phase one” trade deal has been regarded as a positive development, removing a measure of uncertainty for future corporate capital investments. From a global monetary policy perspective, 49 central banks around the world cut rates 71 times in 2019. We believe that this synchronized global monetary easing should stabilize investor appetite for risk assets. While US mid cap earnings valuations currently trade above historical averages, it is important to highlight that 2019 was a year when analysts lowered earnings expectations amid a slowing economic environment. Looking to 2020, we believe analysts have not fully built in the effects of stabilizing economic growth. It is our belief that as companies start reporting forward guidance for this year, we should start seeing upward earnings revisions, especially for cyclical industries.

As always, we continue to focus on stock selection, seeking to invest in high quality mid cap companies with attractive growth prospects that are attractively valued. The Fund’s portfolio emphasizes free cash flow yield and responsible capital allocation.


28		December 31, 2019 \|		Semiannual Report

Unaudited

AllianzGI Mid-Cap Fund (cont’d)

Average Annual Total Return for the period ended December 31, 2019



	6 Month*		1 Year		5 Year		10 Year		Since Inception†
AllianzGI Mid-Cap Fund Class A		7.02%		41.00%		11.42%		12.36%		12.89%
AllianzGI Mid-Cap Fund Class A (adjusted)		1.13%		33.24%		10.16%		11.72%		12.73%
AllianzGI Mid-Cap Fund Class C		6.83%		40.48%		10.62%		11.53%		12.12%
AllianzGI Mid-Cap Fund Class C (adjusted)		5.83%		39.48%		10.62%		11.53%		12.12%
AllianzGI Mid-Cap Fund Class R		7.19%		40.81%		11.17%		12.08%		12.70%
AllianzGI Mid-Cap Fund Class P		7.19%		41.35%		11.72%		12.65%		13.34%
AllianzGI Mid-Cap Fund Institutional Class		7.37%		41.70%		11.81%		12.75%		13.45%
AllianzGI Mid-Cap Fund Administrative Class		7.06%		41.40%		11.52%		12.44%		13.15%
Russell Midcap Growth Index		7.45%		35.47%		11.60%		14.24%		12.44%
Lipper Mid-Cap Growth Funds Average		5.86%		34.02%		11.13%		13.13%		9.53%
Lipper Multi-Cap Growth Funds Average		7.29%		31.41%		11.38%		13.30%		—%

* Cumulative return

† The Fund began operations on 11/6/79. Benchmark and primary Lipper performance comparisons began on 10/31/79; secondary Lipper performance is available for trailing 10 years.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1% contingent deferred sales charge (CDSC) on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Please see pages 60-62 for more information. The Fund’s expense ratios are 1.14% for Class A shares, 1.89% for Class C shares, 1.39% for Class R shares, 0.89% for Class P shares, 0.79% for Institutional Class shares and 1.04% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 28, 2019, as further revised or supplemented from time to time.

Cumulative Returns Through December 31, 2019

LOGO

The Fund began operations on 11/6/79. Benchmark performance comparisons began on 10/31/79.

Industry/Sectors (as of December 31, 2019)



IT Services			10.7%

Health Care Equipment & Supplies			10.6%

Software			8.2%

Semiconductors & Semiconductor Equipment			7.4%

Food products			4.6%

Entertainment			4.6%

pharmaceuticals			4.4%

Electronic Equipment, Instruments & Components			4.0%

Other			44.3%

Cash & Equivalents — Net			1.2%


		Semiannual Report		\| December 31, 2019		29

Unaudited

AllianzGI Mid-Cap Fund (cont’d)



Shareholder Expense Example	Actual Performance
	Class A	Class C	Class R	Class P	Institutional Class	Administrative Class

Beginning Account Value (7/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/19)	$1,070.20	$1,068.30	$1,071.90	$1,071.90	$1,073.70	$1,070.60

Expenses Paid During Period	$5.93	$9.83	$7.24	$4.64	$4.12	$5.41


	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Administrative Class

Beginning Account Value (7/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/19)	$1,019.41	$1,015.63	$1,018.15	$1,020.66	$1,021.17	$1,019.91

Expenses Paid During Period	$5.79	$9.58	$7.05	$4.52	$4.01	$5.28

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.14% for Class A, 1.89% for Class C, 1.39% for Class R, 0.89% for Class P, 0.80% for Institutional Class and 1.04% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/366.


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		Semiannual Report		\| December 31, 2019		31

Unaudited

AllianzGI NFJ Dividend Value Fund

For the period July 1, 2019 through December 31, 2019, as provided by the Value Equity, US team.

Fund Insights

For the six-month period ended December 31, 2019, the Class A shares at net asset value (“NAV”) of the AllianzGI NFJ Dividend Value Fund (the “Fund”) returned 9.05%, outperforming the Russell 1000 Value Index (the “benchmark”), which returned 8.86%.

Market Overview

US equities posted double-digit gains in the second half of 2019, closing the year with the strongest annual returns since 2013. Despite a notable set-back in August, major indices hit a series of fresh highs as risk appetite was boosted by lower interest rates and a “phase one” trade deal between the US and China. Corporate earnings also beat, albeit lowered, expectations. Growth stocks continued to outperform value stocks. Amid growing concerns that the pace of US growth was moderating, the US Federal Reserve (“Fed”) cut rates by 25 basis points, 0.25%, in July, its first reduction since 2008, followed by two further cuts in September and October. In December, the Fed signaled it would maintain its current policy throughout 2020. It also delivered an upbeat assessment of the US economy, saying that the current stance of monetary policy was “appropriate”, a change from October’s statement that referred to “uncertainties” in its outlook. The Fed indicated that it would keep rates on hold until there was a persistent move up in inflation or a deterioration in the global economic outlook.

Portfolio Review

Relative performance results were due to positive stock selection, while sector allocation was moderately negative over the reporting period. Selections across the materials, energy and industrials sectors were the largest contributors and boosted relative returns. In contrast, holdings in the technology and utilities sectors failed to keep pace with benchmark shares and detracted from performance results. Within the benchmark, ten of the eleven GICS economic sectors advanced over the second half of 2019. The information technology sector was the top performer, while energy was the only sector to lose ground as oil prices remained mostly range bound. The Fund’s overweight in energy detracted from relative returns, while an overweight in technology contributed to performance results during the six-month period.

Outlook

Going into 2020, equity market valuations appear to us to have positive news baked in, with the S&P’s forward price-to-earnings ratio multiple hovering over 19x, up from 15x at this time last year. Without the tailwind of continued multiple expansion, stocks will likely have to rely on earnings growth to continue the decade-long bull market, so advances will likely be muted compared to 2019’s gains. The good news is that the Fed has signaled that it will likely be on hold this year, which is positive for risk assets as a whole, and value equities more specifically. The consumer continues to be the pillar holding up the slow-but-steady economic expansion, and with low unemployment, clean consumer balance sheets and nascent signs of wage growth, we believe that should at least continue to be the case for the balance of 2020. In our opinion, the two factors that could throw a curveball into forecasts are a re-escalation of trade conflicts and the Presidential election. There is a wider divergence of outcomes between possible candidates this year than we have seen in several decades, meaning that as the likelihood of election outcomes shifts throughout the year, market volatility may be on the rise.

In the face of these uncertainties, slower returns and higher volatility, we believe the best strategy for investors is to focus on companies with stable earnings and clean balance sheets. Dividend payers at a reasonable price should also provide more predictable returns, as well as taking advantage of company-specific stories as a potential mean of enhancing returns. As active managers, we believe this approach will become critical in the current environment for clients seeking strong absolute returns and moderated volatility over the long term.


32		December 31, 2019 \|		Semiannual Report

Unaudited

AllianzGI NFJ Dividend Value Fund (cont’d)

Average Annual Total Return for the period ended December 31, 2019



	6 Month*		1 Year		5 Year		10 Year		Since Inception†
AllianzGI NFJ Dividend Value Fund Class A		9.05%		24.66%		6.54%		9.90%		7.97%
AllianzGI NFJ Dividend Value Fund Class A (adjusted)		3.05%		17.80%		5.34%		9.28%		7.66%
AllianzGI NFJ Dividend Value Fund Class C		8.68%		23.76%		5.73%		9.08%		7.16%
AllianzGI NFJ Dividend Value Fund Class C (adjusted)		7.71%		22.76%		5.73%		9.08%		7.16%
AllianzGI NFJ Dividend Value Fund Class R		9.00%		24.36%		6.27%		9.64%		7.70%
AllianzGI NFJ Dividend Value Fund Class P		9.27%		25.04%		6.80%		10.18%		8.29%
AllianzGI NFJ Dividend Value Fund Institutional Class		9.25%		25.09%		6.91%		10.30%		8.39%
AllianzGI NFJ Dividend Value Fund Class R6		9.33%		25.16%		6.97%		10.35%		8.45%
AllianzGI NFJ Dividend Value Fund Administrative Class		9.19%		24.77%		6.64%		10.02%		8.12%
Russell 1000 Value Index		8.86%		26.54%		8.29%		11.80%		7.24%
Lipper Equity Income Funds Average		8.56%		24.41%		8.05%		10.74%		6.99%

* Cumulative return

† The Fund began operations on 5/8/00. Benchmark comparisons began on the fund inception date. Lipper comparisons began on 4/30/00.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1% contingent deferred sales charge (CDSC) on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Please see pages 60-62 for more information. The Fund’s gross expense ratios are 1.11% for Class A shares, 1.86% for Class C shares, 1.36% for Class R shares, 0.86% for Class P shares, 0.76% for Institutional Class shares, 0.71% for Class R6 shares and 1.01% for Administrative Class shares. Theses ratios do not include an expense reduction, contractually agreed through at least August 31, 2020. The Fund’s expense ratios net of this reduction are 1.04% for Class A shares, 1.79% for Class C shares, 1.29% for Class R shares, 0.79% for Class P shares, 0.69% for Institutional Class shares, 0.64% for Class R6 shares and 0.94% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 28, 2019, as further revised or supplemented from time to time.

Cumulative Returns Through December 31, 2019

LOGO

The Fund began operations on 5/8/00. Benchmark comparisons began on the fund inception date.

Industry/Sectors (as of December 31, 2019)



Banks			13.1%

Oil, Gas & Consumable Fuels			10.3%

Insurance			6.8%

Pharmaceuticals			6.5%

Aerospace & Defense			5.0%

Specialty Retail			4.0%

Healthcare Equipment & Supplies			4.0%

Machinery			3.1%

Other			47.0%

Cash & Equivalents — Net			0.2%


		Semiannual Report		\| December 31, 2019		33

Unaudited

AllianzGI NFJ Dividend Value Fund (cont’d)



Shareholder Expense Example	Actual Performance
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class

Beginning Account Value (7/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/19)	$1,090.50	$1,086.80	$1,090.00	$1,092.70	$1,092.50	$1,093.30	$1,091.90

Expenses Paid During Period	$5.47	$9.39	$6.78	$4.16	$3.63	$3.37	$4.94


	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class

Beginning Account Value (7/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/19)	$1,019.91	$1,016.14	$1,018.65	$1,021.17	$1,021.67	$1,021.98	$1,020.41

Expenses Paid During Period	$5.28	$9.07	$6.55	$4.01	$3.51	$3.26	$4.77

For each class of the Fund, expenses (net of fee waivers) are equal to the annualized expense ratio for the class (1.04% for Class A, 1.79% for Class C, 1.29% for Class R, 0.79% for Class P, 0.69% for Institutional Class, 0.64% for class R6 and 0.94% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/366.


34		December 31, 2019 \|		Semiannual Report

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		Semiannual Report		\| December 31, 2019		35

Unaudited

AllianzGI NFJ International Value Fund

For the period July 1, 2019 through December 31, 2019, as provided by the Value Equity, US team.

Fund Insights

For the six-month period ended December 31, 2019, the Class A shares at net asset value (“NAV”) of the AllianzGI NFJ International Value Fund (the “Fund”) returned 6.16%, underperforming the MSCI AC World Index ex USA (the “benchmark”), which returned 6.96%.

Market Overview

With global growth weighed down by a slowdown in global trade, fears grew over the outlook for the global economy during the second half of 2019. Central banks across the developed and developing world cut rates to stave off the threat of a global recession. In July, the US Federal Reserve (“Fed”) cut rates for the first time since 2008, with two further rate cuts following in September and October. The European Central Bank also lowered rates and reinstated its bond-buying program, while Japan announced its first fiscal stimulus measures since 2016. The central bank measures helped to bolster confidence in the economic outlook, with data showing signs that the slowdown may have bottomed out during the fourth quarter.

In general, international equities overcame a sharp set-back in August to deliver robust gains over the six-month reporting period. The rally meant many equity markets recorded their strongest annual gains in several years, with many markets closing the year at or near fresh/multi-month highs. Sentiment was lifted by a plethora of interest rate cuts across the developed and developing world, better-than-expected corporate earnings and optimism over a “phase one” trade deal between the US and China.

Portfolio Review

Performance results over the reporting period were due to negative country allocation, net neutral sector allocation and modestly negative stock selection. Selection across the consumer discretionary and materials sectors boosted relative returns. These gains were dampened by holdings in the consumer staples and technology sectors, which failed to keep pace with benchmark shares. Within the benchmark, technology stocks were the standout performers, helped by a rebound in semiconductor manufacturers. The health care and consumer discretionary sectors also posted double-digit returns during the reporting period. In contrast, the energy sector had the weakest performance as oil prices remained mostly range bound, despite some year-end strength. The Fund’s underweight in communication services paired with overweight exposures in technology and health care contributed to relative returns, while overweight positions in energy and financials detracted from performance during the trailing six-month period. By country, selection was positive across Japan and the UK, while the Fund realized negative results from holdings based in France and China. Underweight exposures across Taiwan and Japan detracted over the reporting period. In contrast, overweight positions in Ireland and China boosted relative performance.

Outlook

It is difficult to find another time in the last ten years when there had been as many precarious situations globally as there were in 2019. In Europe, the UK faced a “hard Brexit”. Both the German and Italian economies, which combined make up just over 50% of Eurozone gross domestic product, looked to be at a minimum in the midst of a mild recession. In Asia, protests in Hong Kong unfolded without any real solution in sight. In addition, the ongoing trade war between the US and China left investors faced with a very shaky backdrop across the world’s largest economies. Japan officially moved forward with a value-added tax increase, after postponing the change since 2015, and this pinch on the consumer will be felt going forward. There is also no shortage of issues revolving around Syria and Turkey, the Ukraine, as well as between Saudi Arabia and Iran. The list could go on further but simply put, the risks are many and varied.

Political forces will continue to play a dominant role in the financial markets and will impact market sentiments into the new year of 2020. Our team’s value oriented approach tends to lead our products toward investment in high-quality, cyclically depressed companies with attractive valuations and strong fundamentals, where we believe the prospects for capital appreciation and downside protection remain more favorable for our clients.


36		December 31, 2019 \|		Semiannual Report

Unaudited

AllianzGI NFJ International Value Fund (cont’d)

Average Annual Total Return for the period ended December 31, 2019



	6 Month*		1 Year		5 Year		10 Year		Since Inception†
AllianzGI NFJ International Value Fund Class A		6.16%		21.55%		0.28%		2.32%		8.29%
AllianzGI NFJ International Value Fund Class A (adjusted)		0.32%		14.87%		–0.85%		1.74%		7.93%
AllianzGI NFJ International Value Fund Class C		5.78%		20.70%		–0.46%		1.56%		7.49%
AllianzGI NFJ International Value Fund Class C (adjusted)		4.78%		19.70%		–0.46%		1.56%		7.49%
AllianzGI NFJ International Value Fund Class R		6.01%		21.25%		0.04%		2.07%		8.04%
AllianzGI NFJ International Value Fund Class P		6.30%		21.89%		0.53%		2.58%		8.58%
AllianzGI NFJ International Value Fund Institutional Class		6.36%		22.01%		0.63%		2.68%		8.69%
AllianzGI NFJ International Value Fund Class R6		6.39%		22.07%		0.68%		2.72%		8.74%
AllianzGI NFJ International Value Fund Administrative Class		6.18%		21.76%		0.39%		2.43%		8.42%
MSCI AC World Index ex USA		6.96%		21.51%		5.51%		4.97%		8.22%
Lipper International Large-Cap Core Funds Average		7.21%		22.34%		3.86%		4.30%		7.43%

* Cumulative return

† The Fund began operations on 1/31/03. Benchmark comparisons began on the fund inception date. Lipper comparisons began on 1/31/03.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1% contingent deferred sales charge (CDSC) on Class C shares, which may apply to shares redeemed during the first year of ownership.Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Please see pages 60-62 for more information. The Fund’s gross expense ratios are 1.38% for Class A shares, 2.13% for Class C shares, 1.63% for Class R shares, 1.13% for Class P shares, 1.03% for Institutional Class shares, 0.98% for Class R6 shares and 1.28% for Administrative Class shares. Theses ratios do not include an expense reduction, contractually agreed through at least August 31, 2020. The Fund’s expense ratios net of this reduction are 1.31% for Class A shares, 2.06% for Class C shares, 1.56% for Class R shares, 1.06% for Class P shares, 0.96% for Institutional Class shares, 0.91% for Class R6 shares and 1.21% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 28, 2019, as further revised or supplemented from time to time.

Cumulative Returns Through December 31, 2019

LOGO

The Fund began operations on 1/31/03. Benchmark comparisons began on the fund inception date.

Country/Location Allocation (as of December 31, 2019)



United Kingdom			17.3%

China			12.1%

Canada			10.5%

Japan			9.9%

Germany			8.1%

France			8.0%

Switzerland			5.3%

Hong Kong			4.1%

Other			24.6%

Cash & Equivalents — Net			0.1%


		Semiannual Report		\| December 31, 2019		37

Unaudited

AllianzGI NFJ International Value Fund (cont’d)



Shareholder Expense Example	Actual Performance
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class

Beginning Account Value (7/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/19)	$1,061.60	$1,057.80	$1,060.10	$1,063.00	$1,063.60	$1,063.90	$1,061.80

Expenses Paid During Period	$6.74	$10.60	$8.03	$5.44	$4.93	$4.67	$6.22


	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class

Beginning Account Value (7/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/19)	$1,018.60	$1,014.83	$1,017.34	$1,019.86	$1,020.36	$1,020.61	$1,019.10

Expenses Paid During Period	$6.60	$10.38	$7.86	$5.33	$4.82	$4.57	$6.09

For each class of the Fund, expenses (net of fee waiver) are equal to the annualized expense ratio for the class (1.30% for Class A, 2.05% for Class C, 1.55% for Class R, 1.05% for Class P, 0.95% for Institutional Class , 0.90% for Class R6 and 1.20% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/366.


38		December 31, 2019 \|		Semiannual Report

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		Semiannual Report		\| December 31, 2019		39

Unaudited

AllianzGI NFJ Large-Cap Value Fund

For the period July 1, 2019 through December 31, 2019, as provided by the Value Equity, US team.

Fund Insights

For the six-month period ended December 31, 2019, the Class A shares at net asset value (“NAV”) of the AllianzGI NFJ Large-Cap Value Fund (the “Fund”) returned 9.68%, outperforming the Russell 1000 Value Index (the “benchmark”), which returned 8.86%.

Market Overview

Portfolio Review

Relative performance results were due to positive stock selection, while sector allocation was negative over the reporting period. Selections across the materials, consumer discretionary and energy sectors were the largest contributors and boosted relative returns. In contrast, holdings in the technology and utilities sectors failed to keep pace with benchmark shares and detracted from performance results. Within the benchmark, ten of the eleven GICS economic sectors advanced over the second half of 2019. The information technology sector was the top performer, while energy was the only sector to lose ground as oil prices remained mostly range bound. The Fund’s overweight exposure in energy detracted from relative returns, while an overweight in technology contributed to performance results during the six-month period.

Outlook


40		December 31, 2019 \|		Semiannual Report

Unaudited

AllianzGI NFJ Large-Cap Value Fund (cont’d)

Average Annual Total Return for the period ended December 31, 2019



	6 Month*		1 Year		5 Year		10 Year		Since Inception†
AllianzGI NFJ Large-Cap Value Fund Class A		9.68%		24.60%		7.91%		10.79%		7.71%
AllianzGI NFJ Large-Cap Value Fund Class A (adjusted)		3.65%		17.75%		6.70%		10.17%		7.40%
AllianzGI NFJ Large-Cap Value Fund Class C		9.28%		23.66%		7.10%		9.96%		6.91%
AllianzGI NFJ Large-Cap Value Fund Class C (adjusted)		8.28%		22.66%		7.10%		9.96%		6.91%
AllianzGI NFJ Large-Cap Value Fund Class R		9.55%		24.28%		7.65%		10.52%		7.47%
AllianzGI NFJ Large-Cap Value Fund Class P		9.84%		24.88%		8.18%		11.07%		8.04%
AllianzGI NFJ Large-Cap Value Fund Institutional Class		9.88%		25.02%		8.29%		11.19%		8.14%
AllianzGI NFJ Large-Cap Value Fund Administrative Class		9.74%		24.70%		8.01%		10.91%		7.87%
Russell 1000 Value Index		8.86%		26.54%		8.29%		11.80%		7.24%
Lipper Large-Cap Value Funds Average		9.39%		26.10%		8.05%		10.87%		6.77%

* Cumulative return

† The Fund began operations on 5/8/00. Benchmark comparisons began on the fund inception date. Lipper comparisons began on 4/30/00.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1% contingent deferred sales charge (CDSC) on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Please see pages 60-62 for more information. The Fund’s expense ratios are 1.12% for Class A shares, 1.87% for Class C shares, 1.37% for Class R shares, 0.87% for Class P shares, 0.77% for Institutional Class shares and 1.02% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 28, 2019, as further revised or supplemented from time to time.

Cumulative Returns Through December 31, 2019

LOGO

The Fund began operations on 5/8/00. Benchmark comparisons began on the fund inception date.

Industry/Sectors (as of December 31,
2019)



Banks			13.4%

Oil, Gas & Consumable Fuels			10.3%

Insurance			5.7%

Pharmaceuticals			5.6%

Specialty Retail			4.6%

Capital Markets			4.2%

Equity Real Estate Investment Trusts (REITs)			3.8%

Aerospace & Defense			3.7%

Other			48.4%

Cash & Equivalents — Net			0.3%


		Semiannual Report		\| December 31, 2019		41

Unaudited

AllianzGI NFJ Large-Cap Value Fund (cont’d)



Shareholder Expense Example	Actual Performance
	Class A	Class C	Class R	Class P	Institutional Class	Administrative Class

Beginning Account Value (7/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/19)	$1,096.80	$1,092.80	$1,095.50	$1,098.40	$1,098.80	$1,097.40

Expenses Paid During Period	$5.90	$9.84	$7.22	$4.59	$4.06	$5.38


	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Administrative Class

Beginning Account Value (7/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/19)	$1,019.51	$1,015.74	$1,018.25	$1,020.76	$1,021.27	$1,020.01

Expenses Paid During Period	$5.69	$9.48	$6.95	$4.42	$3.91	$5.18

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.12% for Class A, 1.87 % for Class C, 1.37% for Class R, 0.87% for Class P, 0.77 % for Institutional Class and 1.02% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/366.


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		Semiannual Report		\| December 31, 2019		43

Unaudited

AllianzGI NFJ Mid-Cap Value Fund

For the period July 1, 2019 through December 31, 2019, as provided by the Value Equity, US team.

Fund Insights

For the six-month period ended December 31, 2019, the Class A shares at net asset value (“NAV”) of the AllianzGI NFJ Mid-Cap Value Fund (the “Fund”) returned 8.74%, outperforming the Russell Midcap Value Index (the “benchmark”), which returned 7.66%.

Market Overview

Portfolio Review

Relative performance results were due to positive stock selection. Sector positioning was also positive, albeit to a lesser degree. Selections across the health care, materials and industrials sectors were the largest contributors and boosted relative returns. In contrast, our financials and utilities holdings failed to keep pace with benchmark shares and detracted from performance results. Within the benchmark, ten of the eleven GICS economic sectors advanced over the second half of 2019. The consumer staples sector was the top performer, followed by the technology sector. Conversely, energy stocks lost ground as oil prices remained mostly range bound. The Fund’s overweight exposures in health care and consumer staples contributed to relative returns, while an underweight in real estate was the only significant detractor from a sector allocation standpoint during the six-month period.

Outlook

Going into 2020, equity market valuations appear to us to have positive news baked in, with the S&P’s forward price-to-earnings ratio multiple hovering over 19x, up from 15x at this time last year. Without the tailwind of continued multiple expansion, stocks will likely have to rely on earnings growth to continue the long bull market, so advances will likely be muted compared to 2019’s gains. The good news is that the Fed has signaled that it will likely be on hold this year, which is positive for risk assets as a whole, and value equities more specifically. The consumer continues to be the pillar holding up the slow-but-steady economic expansion, and with low unemployment, clean consumer balance sheets and nascent signs of wage growth, we believe that should at least continue to be the case for the balance of 2020. In our opinion, the two factors that could throw a curveball into forecasts are a re-escalation of trade conflicts and the Presidential election. There is a wider divergence of outcomes between possible candidates this year than we have seen in several decades, meaning that as the likelihood of election outcomes shifts throughout the year, market volatility may be on the rise.


44		December 31, 2019 \|		Semiannual Report

Unaudited

AllianzGI NFJ Mid-Cap Value Fund (cont’d)

Average Annual Total Return for the period ended December 31, 2019



	6 Month*		1 Year		5 Year		10 Year		Since Inception†
AllianzGI NFJ Mid-Cap Value Fund Class A		8.74%		28.97%		9.05%		11.71%		11.14%
AllianzGI NFJ Mid-Cap Value Fund Class A (adjusted)		2.75%		21.87%		7.82%		11.08%		10.95%
AllianzGI NFJ Mid-Cap Value Fund Class C		8.31%		28.00%		8.23%		10.88%		10.31%
AllianzGI NFJ Mid-Cap Value Fund Class C (adjusted)		7.32%		27.00%		8.23%		10.88%		10.31%
AllianzGI NFJ Mid-Cap Value Fund Class R		8.57%		28.63%		8.78%		11.43%		10.80%
AllianzGI NFJ Mid-Cap Value Fund Class P		8.82%		29.24%		9.32%		12.00%		11.43%
AllianzGI NFJ Mid-Cap Value Fund Institutional Class		8.93%		29.42%		9.43%		12.11%		11.54%
AllianzGI NFJ Mid-Cap Value Fund Class R6		8.93%		29.44%		9.50%		12.16%		11.60%
AllianzGI NFJ Mid-Cap Value Fund Administrative Class		8.77%		29.04%		9.16%		11.82%		11.29%
Russell Midcap Value Index		7.66%		27.06%		7.62%		12.41%		11.64%
Lipper Multi-Cap Value Funds Average		8.38%		25.04%		7.20%		10.46%		6.83%

* Cumulative return

† The Fund began operations on 4/18/88. Benchmark and Lipper performance comparisons began on 4/30/88.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1% contingent deferred sales charge (CDSC) on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Please see pages 60-62 for more information. The Fund’s gross expense ratios are 1.21% for Class A shares, 1.96% for Class C shares, 1.46% for Class R shares, 0.96% for Class P shares, 0.86% for Institutional Class shares, 0.81% for Class R6 shares and 1.11% for Administrative Class shares. These ratios do not include an expense reduction, contractually agree through at least August 31, 2020. The Fund’s expense ratios net of this reduction are 0.99% for Class A shares, 1.74% for Class C shares, 1.24% for Class R shares, 0.74% for Class P shares, 0.64% for Institutional Class shares, 0.59% for Class R6 shares and 0.89% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 28, 2019, as further revised or supplemented from time to time.

Cumulative Returns Through December 31, 2019

LOGO

The Fund began operations on 4/18/88. Benchmark performance comparisons began on 4/30/88.

Industry/Sectors (as of December 31,
2019)



Equity Real Estate Investment Trusts (REITs)			11.3%

Insurance			8.9%

Banks			7.1%

Oil, Gas & Consumable Fuels			5.1%

Capital Markets			5.0%

Hotels, Restaurants & Leisure			4.5%

IT Services			4.3%

Machinery			4.1%

Other			48.4%

Cash & Equivalents — Net			1.3%


		Semiannual Report		\| December 31, 2019		45

Unaudited

AllianzGI NFJ Mid-Cap Value Fund (cont’d)



Shareholder Expense Example	Actual Performance
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class

Beginning Account Value (7/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/19)	$1,087.40	$1,083.10	$1,085.70	$1,088.20	$1,089.30	$1,089.30	$1,087.70

Expenses Paid During Period	$5.25	$9.16	$6.55	$3.94	$3.41	$3.15	$4.72


	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class

Beginning Account Value (7/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/19)	$1,020.11	$1,016.34	$1,018.85	$1,021.37	$1,021.87	$1,022.12	$1,020.61

Expenses Paid During Period	$5.08	$8.87	$6.34	$3.81	$3.30	$3.05	$4.57

For each class of the Fund, expenses ( net of fee waiver) are equal to the annualized expense ratio for the class (1.00% for Class A, 1.75% for Class C, 1.25% for Class R, 0.75% for Class P, 0.65% for Institutional Class, 0.60% for Class R6 and 0.90% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/366.


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		Semiannual Report		\| December 31, 2019		47

Unaudited

AllianzGI NFJ Small-Cap Value Fund

For the period July 1, 2019 through December 31, 2019, as provided by the Value Equity, US team.

Fund Insights

For the six-month period ended December 31, 2019, the Class A shares at net asset value (“NAV”) of the AllianzGI NFJ Small-Cap Value Fund (the “Fund”) returned 8.46%, outperforming the Russell 2000 Value Index (the “benchmark”), which returned 7.87%.

Market Overview

Portfolio Review

Relative performance results were due to positive stock selection. Sector positioning was also positive, albeit to a lesser degree. Selections across the energy, consumer discretionary and industrials sectors were the largest contributors and boosted relative returns. In contrast, holdings in the technology and communication services sectors failed to keep pace with benchmark shares and detracted from performance results. Within the benchmark, nine of the eleven GICS economic sectors advanced over the second half of 2019. The information technology sector was the top performer, followed by the consumer staples and discretionary sectors. Conversely, the energy sector lost the most ground as oil prices remained mostly range bound. Communication services names also lagged. The Fund’s overweight in technology and underweight in communication services contributed to relative returns, while an underweight in consumer discretionary was the only significant detractor from a sector allocation standpoint during the trailing six-month period.

Outlook


48		December 31, 2019 \|		Semiannual Report

Unaudited

AllianzGI NFJ Small-Cap Value Fund (cont’d)

Average Annual Total Return for the period ended December 31, 2019



	6 Month*		1 Year		5 Year		10 Year		Since Inception†
AllianzGI NFJ Small-Cap Value Fund Class A		8.46%		24.28%		4.39%		8.83%		10.58%
AllianzGI NFJ Small-Cap Value Fund Class A (adjusted)		2.49%		17.45%		3.21%		8.22%		10.36%
AllianzGI NFJ Small-Cap Value Fund Class C		8.05%		23.36%		3.63%		8.03%		9.76%
AllianzGI NFJ Small-Cap Value Fund Class C (adjusted)		7.07%		22.36%		3.63%		8.03%		9.76%
AllianzGI NFJ Small-Cap Value Fund Class R		8.39%		24.04%		4.14%		8.56%		10.27%
AllianzGI NFJ Small-Cap Value Fund Class P		8.62%		24.65%		4.65%		9.10%		10.90%
AllianzGI NFJ Small-Cap Value Fund Institutional Class		8.74%		24.79%		4.78%		9.25%		11.03%
AllianzGI NFJ Small-Cap Value Fund Class R6		8.77%		24.85%		4.84%		9.31%		11.08%
AllianzGI NFJ Small-Cap Value Fund Administrative Class		8.55%		24.45%		4.53%		8.99%		10.71%
Russell 2000 Value Index		7.87%		22.39%		6.99%		10.56%		10.82%
Lipper Small-Cap Core Funds Average		6.74%		23.81%		6.90%		10.77%		8.33%

* Cumulative return

† The Fund began operations on 10/1/91. Benchmark comparisons began on the fund inception date. Lipper comparisons began on 9/30/91.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1% contingent deferred sales charge (CDSC) on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Please see pages 60-62 for more information. The Fund’s gross expense ratios are 1.27% for Class A shares, 2.02% for Class C shares, 1.52% for Class R shares, 1.02% for Class P shares, 0.92% for Institutional Class shares, 0.87% for Class R6 shares and 1.17% for Administrative Class Shares. These ratios do not include an expense reduction, contractually agreed through at least August 31, 2020. The Fund’s expense ratios net of this reduction are 1.17% for Class A shares, 1.92% for Class C shares, 1.42% for Class R shares, 0.92% for Class P shares, 0.82% for Institutional Class shares, 0.77% for Class R6 shares and 1.07% for Administrative Class Shares. Expense ratio information is as of the Fund’s current prospectus dated August 28, 2019, as further revised or supplement from time to time.

Cumulative Returns Through December 31, 2019

LOGO

The Fund began operations on 10/1/91. Benchmark comparisons began on the fund inception date.

Industry/Sectors (as of December 31, 2019)



Banks			16.9%

Equity Real Estate Investment Trusts (REITs)			8.7%

Insurance			5.8%

Oil, Gas & Consumable Fuels			5.1%

Thrifts & Mortgage Finance			4.6%

Machinery			4.2%

Hotels, Restaurants & Leisure			3.8%

Electronic Equipment, Instuments & Components			3.7%

Other			47.4%

Cash & Equivalents — Net			–0.2%


		Semiannual Report		\| December 31, 2019		49

Unaudited

AllianzGI NFJ Small-Cap Value Fund (cont’d)



Shareholder Expense Example	Actual Performance
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class

Beginning Account Value (7/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/19)	$1,084.60	$1,080.50	$1,083.90	$1,086.20	$1,087.40	$1,087.70	$1,085.50

Expenses Paid During Period	$6.18	$10.09	$7.49	$4.88	$4.36	$4.09	$5.66


	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class

Beginning Account Value (7/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/19)	$1,019.20	$1,015.43	$1,017.95	$1,020.46	$1,020.96	$1,021.22	$1,019.71

Expenses Paid During Period	$5.99	$9.78	$7.25	$4.72	$4.22	$3.96	$5.48

For each class of the Fund, expenses (net of fee waiver) are equal to the annualized expense ratio for the class (1.18% for Class A, 1.93% for Class C, 1.43% for Class R, 0.93% for Class P, 0.83% for Institutional Class , 0.78% for Class R6 and 1.08% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/366. These expenses do not include the expenses of the investment companies in which the Fund invests,which are indirectly borne by Fund shareholders.


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		Semiannual Report		\| December 31, 2019		51

Unaudited

AllianzGISmall-Cap Fund

For the period of July 1, 2019 through December 31, 2019, as provided by Kunal Ghosh, Lead Portfolio Manager.

Fund Insights

For the six-month period ended December 31, 2019, the Class A Shares at net asset value (“NAV”) of the AllianzGI Small-Cap Fund (the “Fund”) returned 5.23%, underperforming the Russell 2000 Index (the “benchmark”), which returned 7.30%.

Market Overview

Global equities overcame a sharp set-back in August 2019 to deliver robust gains over the second half of 2019. The rally meant many equity markets recorded their strongest annual gains in several years, with many markets closing the year at or near fresh/multi-month highs. Sentiment was lifted by a plethora of interest rate cuts across the developed and developing world, better-than-expected corporate earnings and optimism over a “phase one” trade deal between the US and China. The Russell 2000, which is representative of US small cap equities, underperformed the Russell 1000 large cap index by 3.3%. Within the small cap universe, growth slightly outperformed value.

Portfolio Review

Security selection was the primary detractor, while sector allocation was modestly offsetting. Stock picking was most negative in health care. This was primarily due to the Fund’s underweight to early stage biopharma companies, which had outsized returns due to a handful of positive binary events. Real estate and consumer discretionary sectors were also detractors. Positive selections in the information technology, energy and communication services sectors were partially offsetting.

A top contributor, Model N, Inc., is a cloud software company with a focus on revenue management solutions for the life sciences industry and was a top contributor over the period. The stock rallied after the company reported better-than-expected earnings and raised guidance. The largest relative detractor was surgical implant provider RTI Surgical Holdings, Inc. whose stock traded lower on disappointing earnings and lowered guidance.

At the end of the period, the Fund was positioned with overweight allocations to the consumer staples, health care and utilities sectors. Real estate was the largest underweight position in the Fund, followed by the materials and energy sectors.

Outlook

Looking forward into 2020, we expect a moderate to slow level of growth for the US economy. Leading economic indicators continue to signal benign conditions and employment numbers remain solid. Key manufacturing and service surveys have been softer recently but the positive developments on the US-China trade front should be supportive. The phase one trade deal has been received as a positive development, removing a measure of uncertainty for future corporate capital investments. The deal outlined agricultural purchases, as well as the suspension and rollback of tariffs. Phases two and three will focus on intellectual property and technology transfer. From a global monetary policy perspective, 49 central banks around the world cut rates 71 times in 2019. We believe that this synchronized global easing should stabilize investor appetite for risk assets. From a valuation perspective, small caps continue to trade at a discount relative to large cap stocks that has not been seen since the early 2000s, which was the start of a multi-year outperformance cycle of small caps above large caps.

The Fund combines three unique small-cap strategies in one investment, including a quantitative core, a fundamental growth and a managed volatility sleeve. Each individual small-cap sleeve is managed independently as a standalone portfolio by its respective portfolio management team, providing investors with access to a wide range of small-cap strategies in a single investment. We believe the Fund provides diversification benefits and may help reduce overall portfolio volatility through the combination of three separately managed small-cap portfolios.


52		December 31, 2019 \|		Semiannual Report

Unaudited

AllianzGI Small-Cap Fund (cont’d)

Average Annual Total Return for the period ended December 31, 2019



	6 Month*		1 Year		5 Year		Since Inception†
AllianzGI Small-Cap Fund Class A		5.23%		23.92%		9.00%		10.29%
AllianzGI Small-Cap Fund Class A (adjusted)		–0.55%		17.10%		7.77%		9.34%
AllianzGI Small-Cap Fund Class C		4.87%		23.00%		8.18%		9.48%
AllianzGI Small-Cap Fund Class C (adjusted)		3.87%		22.00%		8.18%		9.48%
AllianzGI Small-Cap Fund Class P		5.35%		24.22%		9.27%		10.57%
AllianzGI Small-Cap Fund Institutional Class		5.46%		24.35%		9.39%		10.68%
AllianzGI Small-Cap Fund Class R6		5.43%		24.38%		9.43%		10.73%
Russell 2000 Index		7.30%		25.52%		8.23%		9.86%
Lipper Small-Cap Core Funds Average		6.74%		23.81%		6.90%		8.81%

* Cumulative return

† The Fund began operations on 7/1/13. Benchmark performance comparison began on 7/1/13. Lipper performance comparisons began on 6/30/13.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1% contingent deferred sales charge (CDSC) on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Please see pages 60-62 for more information. The Fund’s expense ratios are 1.29% for Class A shares, 2.04% for Class C shares, 1.04% for Class P shares, 0.94% for Institutional Class shares and 0.89% for Class R6 shares. Theses ratios do not include an expense reduction, contractually agreed through at least August 31, 2020. The Fund’s expense ratios net of this reduction are 1.19% for Class A shares, 1.94% for Class C shares, 0.94% for Class P shares, 0.84% for Institutional Class shares and 0.79% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated August 28, 2019, as further revised or supplemented from time to time.

Cumulative Returns Through December 31, 2019

LOGO

The Fund began operations on 7/1/13. Benchmark performance comparisons began on 7/1/13.

Industry/Sectors (as of December 31, 2019)



Software			5.6%

Thrifts & Mortgage Finance			5.5%

Healthcare Equipment & Supplies			5.1%

Life Sciences Tools & Services			4.7%

Biotechnology			4.7%

Food Products			3.7%

HealthCare Providers & Services			3.7%

Mortgage Real Estate Investment Trusts (REITS)			3.5%

Other			61.8%

Cash & Equivalents — Net			1.7%


		Semiannual Report		\| December 31, 2019		53

Unaudited

AllianzGI Small-Cap Fund (cont’d)



Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class	Class R6

Beginning Account Value (7/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/19)	$1,052.30	$1,048.70	$1,053.50	$1,054.60	$1,054.30

Expenses Paid During Period	$6.04	$9.89	$4.75	$4.23	$3.98


	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class	Class R6

Beginning Account Value (7/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/19)	$1,019.25	$1,015.48	$1,020.51	$1,021.01	$1,021.27

Expenses Paid During Period	$5.94	$9.73	$4.67	$4.17	$3.91

For each class of the Fund, expenses (net of fee waiver) are equal to the annualized expense ratio for the class (1.17% for Class A, 1.92% for Class C, 0.92% for Class P, 0.82% for Institutional Class and 0.77% for Class R6), multiplied by the average account value over the period, multiplied by 184 /366. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.


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		Semiannual Report		\| December 31, 2019		55

Unaudited

AllianzGI Technology Fund

For the period of July 1, 2019 to December 31, 2019, as provided by Huachen Chen, CFA and Walter C. Price, Jr., CFA, Senior Portfolio Managers.

Fund Insights

For the six-month period ended December 31, 2019, the Class A Shares at net asset value (“NAV”) of the AllianzGI Technology Fund (the “Fund”) returned 3.20%, underperforming the benchmark, the S&P North American Technology Sector Index (the “benchmark”), which returned 13.27%.

Market Overview

While the broad technology sector delivered strong gains, there was a wide divergence within the sector as high growth, high valuation stocks were sharply sold in favor of cyclical and value technology stocks.

Apple drove strong returns in the hardware segment as the company’s iPhone averted additional tariffs with the phase one US-China trade deal. Semiconductor stocks also benefitted from the phase one trade deal along with signs of firming demand conditions with tight inventories. Software stocks lagged mostly due to the shift in sentiment as fundamentals remain quite strong.

Portfolio Review

The Fund’s relative performance was negatively impacted by the sharp rotation from high growth stocks to value and cyclical stocks. The Fund was overweight in higher growth stocks — mostly cloud and software as a service (“SaaS”) companies. Meanwhile, the Fund was underweight in the cyclical segments of technology with a large underweight to Apple.

At the holdings level, the largest detractors from relative performance included underweight positions to Apple and Alphabet (Google), as well as overweight positions in high growth software companies such as Twilio, Zscaler, and Okta. Apple dramatically outperformed the technology sector due to improved trade sentiment, strong growth within its services business, and share repurchases. Despite the sharp sell-off in high growth stocks, we believe the fundamentals remain strong for many of these companies.

Conversely, the Fund’s overweight positions in Advanced Micro Devices, RingCentral, and Taiwan Semiconductors contributed to relative performance. Additionally, performance benefited from underweight positions in Cisco Systems and Amazon.

The core of our investment process is the identification of major themes impacting the technology sector and investing in the primary beneficiaries/drivers of these trends. We maintain our conviction in the core secular growth names in our portfolio, but we are also attentive to present market conditions and valuations.

Outlook

In our view, the technology sector continues to benefit from strong tailwinds which should continue to drive attractive long term appreciation. Digital transformation is the top priority for many companies across the economy, as these technologies are increasingly becoming critical drivers of growth, productivity, and competitive positioning. This transition is a multi-year process, and we believe we are still in the fairly early stages. For the semiconductors and hardware segments, we believe the environment will remain mixed as companies work through production and inventory adjustments amid the trade conflict between the US and China. We believe that from a fundamental perspective, these companies are much stronger after years of consolidation, and we expect growth to reaccelerate in 2020. We maintain exposure to companies that we believe will benefit from secular growth themes. Despite periods of volatility driven by geopolitical uncertainty, we expect the broad technology sector to see attractive growth in the future.


56		December 31, 2019 \|		Semiannual Report

Unaudited

AllianzGI Technology Fund (cont’d)

Average Annual Total Return for the period ended December 31, 2019



	6 Month*		1 Year		5 Year		10 Year		Since Inception†
AllianzGI Technology Fund Class A		3.20%		28.86%		16.94%		16.34%		14.06%
AllianzGI Technology Fund Class A (adjusted)		–2.48%		21.78%		15.63%		15.68%		13.80%
AllianzGI Technology Fund Class C		2.82%		27.91%		16.07%		15.48%		13.21%
AllianzGI Technology Fund Class C (adjusted)		2.04%		26.94%		16.07%		15.48%		13.21%
AllianzGI Technology Fund Class P		3.35%		29.19%		17.24%		16.63%		14.43%
AllianzGI Technology Fund Institutional Class		3.38%		29.31%		17.35%		16.75%		14.55%
AllianzGI Technology Fund Administrative Class		3.27%		29.01%		17.06%		16.46%		14.27%
S&P North American Technology Sector Index		13.27%		42.68%		20.34%		17.55%		11.54%
NASDAQ Composite Index		12.67%		36.69%		14.93%		16.05%		10.08%
Lipper Global Science & Technology Funds Average		10.79%		38.58%		17.99%		15.70%		10.02%

* Cumulative return

† The Fund began operations on 12/27/95. Benchmark and Lipper performance comparisons began on 12/31/95.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1% contingent deferred sales charge (CDSC) on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Please see pages 60-62 for more information. The Fund’s gross expense ratios are 1.56% for Class A shares, 2.31% for Class C shares, 1.31% for Class P shares, 1.21% for Institutional Class shares and 1.46% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 28, 2019, as further revised or supplemented from time to time.

Cumulative Returns Through December 31, 2019

LOGO

The Fund began operations on 12/27/95. Benchmark and Lipper performance comparisons began on 12/31/95.

Industry/Sectors (as of December 31,
2019)



Software			30.7%

Semiconductors & Semiconductor Equipment			21.3%

IT Services			20.2%

Interactive Media & Services			11.6%

Technology Hardware, Storage & Peripherals			5.8%

Entertainment			3.2%

Internet & Direct Marketing Retail			2.8%

Other			1.3%

Securities Sold Short*			–0.0%

Cash & Equivalents — Net			3.1%

Table below details the industry allocation for securities sold short

Industry/Sectors - Securities Sold Short



IT Services			–0.0%


		Semiannual Report		\| December 31, 2019		57

Unaudited

AllianzGI Technology Fund (cont’d)



Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class	Administrative Class

Beginning Account Value (7/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/19)	$1,032.00	$1,028.20	$1,033.50	$1,033.80	$1,032.70

Expenses Paid During Period	$8.02	$11.83	$6.75	$6.24	$7.51


	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class	Administrative Class

Beginning Account Value (7/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/19)	$1,017.24	$1,013.47	$1,018.50	$1,019.00	$1,017.75

Expenses Paid During Period	$7.96	$11.74	$6.70	$6.19	$7.46

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.57% for Class A, 2.32% for Class C, 1.32% for Class P, 1.22% for Institutional Class and 1.47% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/366. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.


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		Semiannual Report		\| December 31, 2019		59

Unaudited

Important Information

Share Class (A/C)

The inception date on each Fund Summary page is the inception date of the Fund’s oldest share class or classes. The oldest share class for the following Funds is the Institutional share class, and the Class A and/or C shares were first offered in the month/year indicated in parentheses after each Fund name: AllianzGI NFJ Dividend Value (10/01), AllianzGI NFJ Large-Cap Value (7/02), AllianzGI NFJ Small-Cap Value (1/97), AllianzGIMid-Cap (2/02), AllianzGI Emerging Markets Opportunities (8/06), AllianzGI Global Natural Resources (3/06), AllianzGI Global Small-Cap (2/02) and AllianzGI Technology (2/02). The oldest share class for the following Funds is C, and the A shares were first offered in the month/year indicated in parentheses after each Fund name: AllianzGI NFJ Mid-Cap Value (2/91) and AllianzGI Focused Growth (10/90). The oldest share class for AllianzGI Health Sciences was the D share class, and the A and C shares were first offered in 2/02. For AllianzGI NFJ International Value the oldest share class is the Institutional share class and A and C shares were first offered in 4/05. For AllianzGI Small-Cap, A and C shares were each first offered in 7/13. For the AllianzGI Income & Growth Fund, Class A and Class C shares were first offered simultaneously with Institutional shares in 2/07.

Class A shares are subject to an initial sales charge. Class C shares are subject to a 1% CDSC for shares redeemed in the first year.

Share Class (R)

The inception date on each Fund Summary page is the inception date of the Fund’s oldest share class or classes. The oldest share classes are (Fund/share class): AllianzGI NFJ Dividend Value/Institutional and Administrative, AllianzGI NFJ Mid-Cap Value/C, AllianzGI NFJ Small-Cap Value/Institutional, AllianzGI Focused Growth/C and AllianzGI Mid-Cap/Institutional. Class R shares for these Funds were first offered in 12/02. The oldest share class for AllianzGI NFJ Large-Cap Value is the Institutional share class and it first offered Class R shares in 11/09. The oldest share class for AllianzGI NFJ International Value is the Institutional share class and the Fund first offered Class R shares in 11/09. The oldest share classes for AllianzGI Income & Growth are the Institutional, Class A and Class C share classes and the Fund first offered Class R shares in 2/11.

Share Class (P)

Class P shares were launched in July 2008, except for Class P shares of AllianzGI NFJ Mid-Cap Value Fund, which were launched February 28, 2011, Class P shares of AllianzGI Mid-Cap Fund, which were launched April 2, 2012, and Class P shares of AllianzGI Small-Cap, which were launched July 1, 2013.

Share Class (Institutional/Administrative)

The inception date on each Fund Summary page is the inception date of the Fund’s oldest share class or classes. Unless otherwise indicated, the noted Institutional or Administrative share class is one of the Fund’s oldest share classes. The oldest share class for the following Funds is the C shares, and the Institutional and Administrative shares

were first offered in the month/year indicated in parentheses after each Fund name: AllianzGI NFJ Mid-Cap Value (4/88) and AllianzGI Focused Growth (3/99). The oldest share class for the AllianzGI Health Sciences Fund was the D share class, and the Institutional share class was first offered in 12/14. The oldest share class for the following Funds is the Institutional class and the Administrative shares were first offered in the month/year indicated in parentheses after each Fund name: AllianzGI NFJ International Value (5/10), AllianzGI NFJ Large-Cap Value (9/06), AllianzGI NFJ Small-Cap Value (11/95), AllianzGI Technology (3/05) and AllianzGI Mid-Cap (2/02).

Share Class (R6)

The inception date on each Fund Summary page is the inception date of the Fund’s oldest share class or classes. The oldest share class for the following funds is the Institutional class and Class R6 shares were first offered in the month/year indicated in parentheses after each Fund name: AllianzGI Emerging Markets Opportunities (12/15), AllianzGI NFJ Dividend Value (12/13), AllianzGI NFJ International Value (12/13), AllianzGI NFJ Small-Cap Value (12/13), AllianzGI NFJ Mid Cap Value (12/17) and AllianzGI Small-Cap (8/18). For AllianzGI Focused Growth, Class C is the oldest share class and Class R6 shares were first offered in 12/15.

Returns shown in the “Fund Summaries” section of this report measure performance from the inception of the oldest share class to the present; therefore some returns predate the inception of the noted share class. Those returns are calculated by adjusting the returns of the oldest share class to reflect the fees and expenses paid by the newer class. Total return performance assumes that all dividend and capital gain distributions were reinvested on the payable date.

The Lipper Averages are calculated by Lipper, Inc. (“Lipper”). They are based on the total return performance, with distributions reinvested and operating expenses deducted, of funds included by Lipper in the stated category. Lipper does not take into account sales charges.

The Average Annual Total Return tables for each Fund assume the initial investment was made on the first day of the Fund’s initial fiscal year. The tables reflect any sales load that would have applied at the time of purchase or any CDSC that would have applied if a full redemption occurred on the last business day of the most recent fiscal year. Results assume that all dividend and capital gain distributions were reinvested. They do not take into account the effect of taxes. The benchmark index cumulative return began on the last day of the month of the respective Fund’s inception date, unless otherwise noted.

“Cash & Equivalents — Net” in the Allocation Summaries may be comprised of cash, repurchase agreements, U.S. Treasury Bills, options purchased, options written and other assets net of other liabilities including net unrealized appreciation (depreciation) on futures contracts, forward foreign currency contracts and swap agreements, as applicable.


60		December 31, 2019 \|		Semiannual Report

Proxy Voting

Allianz Global Investors U.S. LLC (the “Investment Adviser”) has adopted written proxy voting policies and procedures (the “Proxy Policy”) as required byRule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that the Investment Adviser will use when voting proxies on behalf of the Funds. Copies of the written Proxy Policy, the factors that the Investment Adviser may consider in determining how to vote proxies for each Fund and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are provided without charge, upon request, by calling the Trust at 1-800-988-8380 (Class A, Class C and Class R) or1-800-498-5413 (Class P, Class R6, Institutional and Administrative classes), on the Allianz Global Investors Distributors LLC website at us.allianzgi.com, and on the Securities and Exchange Commission (the “SEC”) Website at http://www.sec.gov.

Form N-PORT

The Trust files complete schedules of each Fund’s portfolio holdings with the SEC on Form N-PORT for the first and third quarters of the fiscal year; such filings are available on the SEC’s website at http://www.sec.gov. A copy of the Trust’s Form N-PORT, when available, will be provided without charge, upon request, by calling1-800-988-8380 (Class A, Class C and Class R) or1-800-498-5413 (Class P, Class R6, Institutional and Administrative classes). A description of the Trust’s policies and procedures with respect to the disclosure of each Fund’s portfolio holdings is available in the Trust’s Statement of Additional Information. The Investment Adviser will post each Fund’s holdings information on the Fund’s website at us.allianzgi.com. Each Fund’s website will contain a complete schedule of portfolio holdings as of the relevant month end. The information will be posted on the website approximately thirty (30) calendar days after the relevant month’s end. Portfolio holdings information for each Fund will remain accessible on its website until the Trust files its Form N-CSR, or Form N-PORT (for the last month of the Fund’s first or third fiscal quarters), with the SEC for the period that includes the date as of which the website information is current. The Trust’s policies with respect to the disclosure of the portfolio holdings are subject to change without notice.

The following disclosure provides important information regarding each Fund’s Shareholder Expense Example, which appears on each Fund Summary page in this Semi-Annual Report. Please refer to this information when reviewing the Shareholder Expense Example for a Fund.

Shareholder Expense Example

Shareholders of the Funds incur two types of costs: (1) transaction costs; and (2) ongoing costs, including investment advisory and administration fees; distribution and/or service (12b-1) fees and other Fund expenses. The Shareholder Expense Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Shareholder Expense Example is based on

$1,000.00 invested at the beginning and held for the entire period of July 1, 2019 through December 31, 2019.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period”, to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical Performance (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges. Therefore, the information under the heading “Hypothetical Performance (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs may have been higher.

Expense ratios may vary from period to period because of various factors such as increases in expenses not covered by advisory and administration fees (for example, expenses of the Trustees and their counsel or litigation expenses) and/or because of reductions in the administration fees resulting from the size of the fund.

Credit Ratings

Bond ratings apply to the underlying holdings of a Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality. Presentations of credit ratings information in this report use ratings provided by S&P Global Ratings (“S&P”), because of among other reasons, the access to background information and other materials provided by S&P, as well as the Funds’ considerations of industry practice. Bonds not rated by S&P, or bonds that do not have a rating available from S&P, or bonds that had a rating withdrawn by S&P are designated as “NR” or “NA”, respectively. Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change periodically, even as frequently as daily.


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Unaudited

Important Information (cont’d)

Ratings assigned by S&P or another rating agency are not absolute standards of credit quality and do not evaluate market risk. Rating agencies may fail to make timely changes in credit ratings, and an issuer’s current financial condition may be better or worse than a rating indicates. In formulating investment decisions for the applicable Funds, the Investment Adviser develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agencies or third-party research.

All of the information on the Fund Summary pages, including Fund Insights, Average Annual Total Return tables and Cumulative Returns charts, Shareholder Expense Examples and Allocation/Credit Ratings Summaries are unaudited.

Allianz Global Investors Distributors LLC, 1633 Broadway, New York, NY, 10019, us.allianzgi.com, 1-800-988-8380 (retail classes: A, C & R) or1-800-498-5413 (Class P, Class R6, Institutional and Administrative classes).


62		December 31, 2019 \|		Semiannual Report

Unaudited

Benchmark Descriptions

Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an index.

Prior to November 1, 2006, performance data for the MSCI Indices was calculated gross of dividend tax withholding. Performance data presently shown for the Indices is net of dividend tax withholding. This recalculation results in lower performance for the Indices.


Index		Description
Bloomberg Barclays US Aggregate Bond Index		The Bloomberg Barclays US Aggregate Bond Index represents securities that are SEC-registered, taxable, and US dollar denominated. The index covers the US investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.

Bloomberg Barclays US Credit Index		The Bloomberg Barclays US Credit Index is the credit component of the US Government/Credit Index. It includes publicly issued US corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. To qualify, bonds must be SEC-registered.

Bloomberg Barclays US Government Bond Index		The Bloomberg Barclays US Government Bond Index is the US Government component of the US Government/Credit Index. It includes US Dollar-denominated, fixed-rate, nominal US Treasuries and US agency debentures (securities issued by US government owned or government sponsored entities) and debt explicitly guaranteed by the US government.

Bloomberg Barclays Global High Yield Index		The Bloomberg Barclays Global High Yield Index is a multi-currency flagship measure of the global high yield debt market. The index represents the union of the US High Yield, the Pan-European High Yield and Emerging Markets (EM) Hard Currency High Yield Indices.

ICE BofA US Convertible Index		The ICE BofA US Convertible Index is a widely used, unmanaged index that measures the performance of U.S. dollar-denominated convertible securities not currently in bankruptcy with a total market value greater than $50 million at issuance.

ICE BofA US High Yield Master II Index		The ICE BofA US High Yield Master II Index is an unmanaged index consisting of US dollar denominated bonds that are issued in countries having a BBB3 or higher debt rating with at least one year remaining until maturity. All bonds must have a credit rating below investment grade but not in default.

Chicago Board Options Exchange (CBOE) Volatility Index (VIX)		The Chicago Board Options Exchange (CBOE) Volatility Index (VIX) is a key measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices.

MSCI AC World Index ex USA (Also known as MSCI ACWI ex USA Index)		The MSCI AC World Index ex USA Index captures large and mid cap representation across Developed Markets countries (excluding the US) and Emerging Markets countries. The index covers approximately 85% of the global equity opportunity set outside the US.

MSCI EAFE Index		The MSCI EAFE Index is an equity index which captures large and mid cap representation across the Developed Markets countries around the world, excluding the US and Canada.

MSCI Emerging Markets Index		The MSCI Emerging Markets Index captures large and mid cap representation across Emerging Markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country.

MSCI World Energy Index		The MSCI World Energy Index is designed to capture the large and mid-cap segments across Developed Markets countries. All securities in the index are classified in the Energy sector as per the Global Industry Classification Standard.

MSCI World Health Care Index		The MSCI World Health Care Index is designed to capture the large and mid cap segments across Developed Markets countries. All securities in the index are classified in the Health Care sector as per the Global Industry Classification Standard.

MSCI World Index		The MSCI World Index captures large and mid cap representation across Developed Markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country.

MSCI World Materials Index		The MSCI World Materials Index is designed to capture the large and mid cap segments across Developed Markets countries. All securities in the index are classified in the Materials sector as per the Global Industry Classification Standard.


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Benchmark Descriptions (cont’d)


Index		Description
MSCI World Small-Cap Index		The MSCI World Small-Cap Index captures small-cap representation across Developed Markets countries. The index covers approximately 14% of the free float-adjusted market capitalization in each country.

NASDAQ Composite Index		The NASDAQ Composite Index is an unmanaged market-value weighted index of all common stocks listed on the NASDAQ Stock Market.

Russell 1000 Growth Index		The Russell 1000 Growth Index is an unmanaged index that measures the performance of the large-cap growth segment of the US equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which consists of the 3,000 largest US companies based on total market capitalization.

Russell 1000 Index		The Russell 1000 Index is an unmanaged index that consists of the 1,000 largest companies in the Russell 3000 Index and represents approximately 90% of the total market capitalization of the Russell 3000 Index. It is highly correlated with the S&P 500 Index.

Russell 1000 Value Index		The Russell 1000 Value Index is an unmanaged index that measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values.

Russell 2000 Index		The Russell 2000 Index measures the performance of the small-cap segment of the US equity universe. The Russell 2000 is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

Russell 2000 Value Index		The Russell 2000 Value Index is an unmanaged index that measures the performance of the small-cap value segment of the US equity universe. It includes those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values.

Russell Midcap Growth Index		The Russell Midcap Growth Index is an unmanaged index that measures the performance of the mid-cap growth segment of the US equity universe. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values.

Russell Midcap Index		The Russell Midcap Index is an unmanaged index that measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap Index is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership.

Russell Midcap Value Index		The Russell Midcap Value Index is an unmanaged index that measures the performance of the mid-cap value segment of the US equity universe represented by stocks in the largest 200 by market cap that exhibit value characteristics. It includes Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values.

S&P 500 Index		The S&P 500 Index is an unmanaged index of large capitalization common stocks.

S&P North American Technology Sector Index		The S&P North American Technology Sector Index is a modified capitalization-weighted index of selected technology and internet-related stocks.


64		December 31, 2019 \|		Semiannual Report

Schedule of Investments

December 31, 2019 (Unaudited)

AllianzGI Emerging Markets Opportunities Fund


	Shares		Value

Common Stock—96.5%

Brazil—4.8%
Ambev S.A.		787,000		$3,663,705
Banco BTG Pactual S.A. UNIT		104,400		1,983,180
Banco do Brasil S.A.		134,800		1,779,160
Cia de Saneamento Basico do Estado de Sao Paulo ADR		251,900		3,791,095
IRB Brasil Resseguros S.A.		164,400		1,597,134
Porto Seguro S.A.		144,676		2,261,885
Qualicorp Consultoria e Corretora de Seguros S.A.		285,300		2,640,900

				17,717,059


China—31.4%
Alibaba Group Holding Ltd. ADR (d)		70,200		14,889,420
Anhui Conch Cement Co., Ltd., Class H		1,922,000		14,003,937
China Merchants Bank Co., Ltd., Class H		1,514,000		7,783,668
China Telecom Corp., Ltd., Class H		3,288,000		1,354,619
CNOOC Ltd.		2,593,000		4,311,717
Daqin Railway Co., Ltd., Class A		1,429,900		1,686,226
Gemdale Corp., Class A		1,266,770		2,638,237
Industrial & Commercial Bank of China Ltd., Class H		5,128,000		3,956,398
Jiangsu Expressway Co., Ltd., Class H		1,052,000		1,441,576
Kweichow Moutai Co., Ltd., Class A		24,900		4,237,414
Lenovo Group Ltd.		10,796,000		7,250,088
New Oriental Education & Technology Group, Inc. ADR (d)		29,300		3,552,625
Ping An Bank Co., Ltd., Class A		1,584,093		3,748,083
Ping An Insurance Group Co. of China Ltd., Class H		206,000		2,437,693
RiseSun Real Estate Development Co., Ltd., Class A		1,191,852		1,683,532
Tencent Holdings Ltd.		385,200		18,557,443
Tsingtao Brewery Co., Ltd., Class A		824,964		6,047,701
Weichai Power Co., Ltd., Class H		3,831,000		8,086,185
Wuliangye Yibin Co., Ltd., Class A		194,179		3,716,097
Yum China Holdings, Inc.		60,300		2,895,003
Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H		3,677,400		3,082,555

				117,360,217


Hong Kong—0.5%
Link REIT		183,500		1,943,994


India—7.7%
Bajaj Finance Ltd.		67,154		3,986,110
HDFC Asset Management Co., Ltd.		54,166		2,428,750
HDFC Bank Ltd. ADR		197,000		12,483,890


	Shares		Value
Hindustan Petroleum Corp., Ltd.		650,827	$	2,407,304
Hindustan Unilever Ltd.		107,657		2,901,250
REC Ltd.		685,068		1,373,836
Tech Mahindra Ltd.		305,213		3,259,595

				28,840,735


Indonesia—1.2%
Bank Central Asia Tbk PT		1,906,100		4,584,182


Korea (Republic of)—13.5%
Kia Motors Corp.		259,313		9,903,296
LG Electronics, Inc.		63,402		3,938,352
Partron Co., Ltd.		156,097		1,778,814
Samsung Electronics Co., Ltd.		399,552		19,253,150
Shinhan Financial Group Co., Ltd.		122,252		4,583,569
SK Hynix, Inc.		135,638		11,032,487

				50,489,668


Mexico—1.7%
Grupo Financiero Banorte S.A.B de C.V., Class O		1,136,000		6,347,661


Russian Federation—8.6%
Alrosa PJSC (b)(c)		734,500		997,275
Lukoil PJSC ADR		169,563		16,737,564
MMC Norilsk Nickel PJSC ADR		467,460		14,252,855

				31,987,694


South Africa—3.1%
AngloGold Ashanti Ltd. ADR		198,000		4,423,320
Gold Fields Ltd. ADR		358,300		2,364,780
Impala Platinum Holdings Ltd. (d)		229,769		2,347,628
Kumba Iron Ore Ltd.		26,922		800,991
MTN Group Ltd.		300,523		1,771,626

				11,708,345


Taiwan—16.5%
Cathay Financial Holding Co., Ltd.		668,000		948,474
Compeq Manufacturing Co., Ltd.		3,648,000		5,500,991
CTBC Financial Holding Co., Ltd.		1,268,000		948,644
Hon Hai Precision Industry Co., Ltd.		2,147,000		6,512,955
Nanya Technology Corp.		652,000		1,824,680
Radiant Opto-Electronics Corp.		968,000		3,875,750
Sino-American Silicon Products, Inc.		572,000		1,899,862
Taiwan Semiconductor Manufacturing Co., Ltd.		2,236,000		24,747,655
Uni-President Enterprises Corp.		1,188,000		2,946,035
Unimicron Technology Corp.		1,402,000		1,975,501
United Microelectronics Corp.		10,045,000		5,504,153
Zhen Ding Technology Holding Ltd.		1,013,000		4,860,448

				61,545,148


Thailand—5.0%
Advanced Info Service PCL (b)(c)		1,382,200		9,814,784


	Shares		Value
Charoen Pokphand Foods PCL (b)(c)		7,963,400	$	7,300,337
Land & Houses PCL (b)(c)		4,408,300		1,441,794

				18,556,915


Turkey—1.4%
KOC Holding AS		278,300		951,087
Turkiye Is Bankasi AS (d)		3,907,994		4,208,642

				5,159,729


United States—1.1%
AutoZone, Inc. (d)		3,500		4,169,585

Total Common Stock (cost—$299,513,359)				360,410,932



Preferred Stock—2.8%

Brazil—2.8%
Banco Bradesco S.A.		259,020		2,340,819
Banco do Estado do Rio Grande do Sul S.A., Class B		260,900		1,410,283
Cia Paranaense de Energia		381,500		6,579,377

Total Preferred Stock (cost—$6,236,524)				10,330,479



	Principal Amount (000s)

Repurchase Agreements—0.2%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $870,012; collateralized by U.S. Treasury Bonds, 2.50%, due 2/15/46, valued at $888,620 including accrued interest
(cost—$870,000)		$870		870,000


Total Investments (cost—$306,619,883) (a)—99.5%				371,611,411


Other assets less liabilities—0.5%				1,811,734


Net Assets—100.0%				$373,423,145

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $262,019,828, representing 70.2% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(b) Fair-Valued—Securities with an aggregate value of $19,554,190, representing 5.2% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(d)Non-income producing.

Glossary:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

UNIT—More than one class of securities traded together


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			65

Schedule of Investments

December 31, 2019 (Unaudited)

The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:


Banks			14.5%
Semiconductors & Semiconductor Equipment			13.1%
Technology Hardware, Storage & Peripherals			7.1%
Metals & Mining			6.7%
Oil, Gas & Consumable Fuels			6.3%
Electronic Equipment, Instruments & Components			5.5%
Interactive Media & Services			5.0%
Beverages			4.7%
Internet & Direct Marketing Retail			4.0%
Construction Materials			3.7%
Wireless Telecommunication Services			3.1%
Machinery			3.0%
Food Products			2.7%
Automobiles			2.7%
Insurance			1.9%
Electric Utilities			1.8%
Real Estate Management & Development			1.5%
Capital Markets			1.2%
Specialty Retail			1.1%
Consumer Finance			1.1%
Household Durables			1.1%
Water Utilities			1.0%
Diversified Consumer Services			0.9%
IT Services			0.9%
Household Products			0.8%
Hotels, Restaurants & Leisure			0.8%
Healthcare Providers & Services			0.7%
Equity Real Estate Investment Trusts (REITs)			0.5%
Road & Rail			0.4%
Transportation Infrastructure			0.4%
Diversified Financial Services			0.4%
Diversified Telecommunication Services			0.4%
Industrial Conglomerates			0.3%
Repurchase Agreements			0.2%
Other assets less liabilities			0.5%

			100.0%

AllianzGI Focused Growth Fund


	Shares		Value

Common Stock—98.9%

Aerospace & Defense—3.0%
Lockheed Martin Corp.		80,722		$31,431,532


Biotechnology—1.8%
Exact Sciences Corp. (a)		93,910		8,684,797
Vertex Pharmaceuticals, Inc. (a)		45,905		10,050,900

				18,735,697


Capital Markets—3.6%
MSCI, Inc.		61,500		15,878,070
S&P Global, Inc.		76,760		20,959,318

				36,837,388


Construction Materials—2.1%
Vulcan Materials Co.		153,715		22,133,423


Entertainment—1.4%
Roku, Inc. (a)		109,445		14,654,685


Equity Real Estate Investment Trusts (REITs)—1.1%
American Tower Corp.		51,525		11,841,475


Healthcare Equipment & Supplies—6.6%
Boston Scientific Corp. (a)		467,580		21,143,968
DexCom, Inc. (a)		113,335		24,790,898
Insulet Corp. (a)		79,530		13,615,536
Tandem Diabetes Care, Inc. (a)		146,550		8,735,845

				68,286,247


Healthcare Providers & Services—2.0%
Anthem, Inc.		68,030		20,547,101


Hotels, Restaurants & Leisure—1.1%
Chipotle Mexican Grill, Inc. (a)		13,600		11,384,696


Industrial Conglomerates—2.1%
General Electric Co.		1,970,585		21,991,729


Insurance—1.1%
Progressive Corp.		155,005		11,220,812


Interactive Media & Services—7.9%
Alphabet, Inc., Class A (a)		9,110		12,201,843
Facebook, Inc., Class A (a)		291,640		59,859,110
Tencent Holdings Ltd. ADR		207,815		9,977,198

				82,038,151


Internet & Direct Marketing Retail—3.3%
Amazon.com, Inc. (a)		18,702		34,558,304


IT Services—14.7%
EPAM Systems, Inc. (a)		107,250		22,754,160
Mastercard, Inc., Class A		140,795		42,039,979
Okta, Inc. (a)		42,635		4,918,800
PayPal Holdings, Inc. (a)		226,990		24,553,508
Twilio, Inc., Class A (a)		97,245		9,557,239
Visa, Inc., Class A		260,005		48,854,939

				152,678,625


Life Sciences Tools & Services—1.6%
Agilent Technologies, Inc.		191,555		16,341,557


Media—2.2%
Comcast Corp., Class A		503,045		22,621,934


Multi-Line Retail—0.8%
Dollar General Corp.		49,585		7,734,268


	Shares		Value

Personal Products—1.0%
Estee Lauder Cos., Inc., Class A		50,660	$	10,463,316


Pharmaceuticals—6.5%
AstraZeneca PLC ADR		557,965		27,820,135
Bristol-Myers Squibb Co.		216,040		13,867,607
Zoetis, Inc.		191,180		25,302,673

				66,990,415


Road & Rail—2.7%
Union Pacific Corp.		151,745		27,433,979


Semiconductors & Semiconductor Equipment—6.7%
Broadcom, Inc.		103,040		32,562,701
Lam Research Corp.		72,485		21,194,614
ON Semiconductor Corp. (a)		661,160		16,119,081

				69,876,396


Software—12.5%
Microsoft Corp.		610,820		96,326,314
Salesforce.com, Inc. (a)		113,300		18,427,112
ServiceNow, Inc. (a)		52,835		14,916,377

				129,669,803


Specialty Retail—6.5%
Burlington Stores, Inc. (a)		112,350		25,619,171
Lowe’s Cos., Inc.		217,205		26,012,471
O’Reilly Automotive, Inc. (a)		36,655		16,064,420

				67,696,062


Technology Hardware, Storage & Peripherals—6.6%
Apple, Inc.		234,560		68,878,544

Total Common Stock (cost-$634,364,065)				1,026,046,139



	Principal Amount (000s)

Repurchase Agreements—1.4%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $14,402,200; collateralized by U.S. Treasury Bonds, 2.50%, due 5/15/46, valued at $14,690,995 including accrued interest
(cost—$14,402,000)		$14,402		14,402,000


Total Investments (cost—$648,766,065)— 100.3%				1,040,448,139


Liabilities in excess of other assets—(0.3)%				(3,304,750	)


Net Assets—100.0%				$1,037,143,389

Notes to Schedule of Investments:

(a)Non-income producing.

Glossary

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust


66		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements

Schedule of Investments

December 31, 2019 (Unaudited)

AllianzGI Global Natural Resources Fund


	Shares		Value

Common Stock—98.2%

Australia—4.5%
BHP Group Ltd.		13,947		$381,901
Woodside Petroleum Ltd.		2,812		67,990

				449,891


Belgium—0.5%
Umicore S.A.		1,023		49,855


Bermuda—0.4%
Golar LNG Ltd.		2,960		42,091


Canada—7.8%
Canadian Natural Resources Ltd.		3,416		110,486
First Quantum Minerals Ltd.		14,452		146,573
Lundin Mining Corp.		18,443		110,213
Nutrien Ltd.		1,285		61,521
Suncor Energy, Inc.		4,993		163,646
TC Energy Corp.		1,849		98,477
Teck Resources Ltd., Class B		4,958		85,984

				776,900


Chile—0.4%
Sociedad Quimica y Minera de Chile S.A. ADR		1,290		34,430


Denmark—0.9%
Orsted A/S (a)		827		85,532


Finland—1.1%
Neste Oyj		3,080		107,169


France—5.0%
Air Liquide S.A.		1,235		175,087
Total S.A.		5,707		316,684

				491,771


Ireland—0.7%
CRH PLC		1,660		66,951


Israel—0.3%
SolarEdge Technologies, Inc. (c)		340		32,331


Japan—3.8%
NEC Corp.		1,400		57,938
Oji Holdings Corp.		8,600		46,509
Shin-Etsu Chemical Co., Ltd.		900		98,976
SMC Corp.		100		45,731
Sumitomo Metal Mining Co., Ltd.		2,100		67,620
Taiheiyo Cement Corp.		2,000		58,706

				375,480


Korea (Republic of)—0.5%
Samsung SDI Co., Ltd.		235		47,873


Norway—1.0%
Equinor ASA		5,130		102,304


Peru—0.4%
Southern Copper Corp.		850		36,108


United Kingdom—9.9%
Antofagasta PLC		3,100		37,534
BP PLC		35,412		222,770
Rio Tinto PLC		4,679		276,973
Royal Dutch Shell PLC, Class A		5,044		149,374
Royal Dutch Shell PLC, Class B		6,075		180,329
TechnipFMC PLC		5,500		117,920

				984,900


United States—61.0%
Air Products & Chemicals, Inc.		950		223,241
AMETEK, Inc.		655		65,330
Axalta Coating Systems Ltd. (c)		1,700		51,680


	Shares		Value
Baker Hughes Co.		4,170	$	106,877
Ball Corp.		1,530		98,945
Chart Industries, Inc. (c)		1,010		68,165
Chevron Corp.		4,100		494,091
Concho Resources, Inc.		1,210		105,960
ConocoPhillips		4,340		282,230
Continental Resources, Inc.		1,830		62,769
Devon Energy Corp.		1,795		46,616
Diamondback Energy, Inc.		1,120		104,003
Dow, Inc.		2,545		139,288
Eaton Corp. PLC		645		61,094
Ecolab, Inc.		1,060		204,569
Enphase Energy, Inc. (c)		965		25,215
EOG Resources, Inc.		2,305		193,067
Exxon Mobil Corp.		8,865		618,600
First Solar, Inc. (c)		600		33,576
FMC Corp.		1,240		123,777
Freeport-McMoRan, Inc.		9,790		128,445
Hess Corp.		1,525		101,885
Itron, Inc. (c)		570		47,852
Kansas City Southern		655		100,320
Kinder Morgan, Inc.		6,515		137,923
Linde PLC		1,445		307,641
LyondellBasell Industries NV, Class A		1,480		139,830
Marathon Petroleum Corp.		2,665		160,566
Noble Energy, Inc.		3,885		96,503
Occidental Petroleum Corp.		3,295		135,787
ONEOK, Inc.		1,820		137,719
Parsley Energy, Inc., Class A		1,995		37,726
Phillips 66		1,370		152,632
Pioneer Natural Resources Co.		1,173		177,557
Schlumberger Ltd.		7,125		286,425
Sherwin-Williams Co.		165		96,284
SM Energy Co.		3,305		37,148
Sunrun, Inc. (c)		2,125		29,346
Transocean Ltd. (c)		7,890		54,283
Union Pacific Corp.		575		103,954
Valero Energy Corp.		1,825		170,911
Vulcan Materials Co.		665		95,753
Williams Cos., Inc.		5,875		139,355
WPX Energy, Inc. (c)		4,520		62,105

				6,047,043

Total Common Stock (cost—$9,038,587)				9,730,629



Exchange-Traded funds—3.3%
Invesco Solar		6,335		195,118
VanEck Vectors Gold Miners		4,620		135,274

Total Exchange-Traded Funds (cost—$281,689)				330,392


Total Investments (cost—$9,320,276) (b)—101.5%				10,061,021


Liabilities in excess of other assets—(1.5)%				(148,059	)


Net Assets—100.0%				$9,912,962

Notes to Schedule of Investments:

(a) 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. Security with a value of $85,532, representing 0.9% of net assets.

(b) Securities with an aggregate value of $2,451,105, representing 24.7% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c)Non-income producing.

Glossary:

ADR—American Depositary Receipt

The industry classification of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets were as follows:


Oil, Gas & Consumable Fuels			50.6%
Chemicals			17.2%
Metals & Mining			12.8%
Energy Equipment & Services			5.7%
Exchange-Traded Funds			3.3%
Construction Materials			2.2%
Road & Rail			2.1%
Electrical Equipment			1.6%
Machinery			1.1%
Containers & Packaging			1.0%
Electronic Equipment, Instruments & Components			1.0%
Semiconductors & Semiconductor Equipment			0.9%
Electric Utilities			0.9%
IT Services			0.6%
Paper & Forest Products			0.5%
Liabilities in excess of other assets			(1.5)%

			100.0%


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			67

Schedule of Investments

December 31, 2019 (Unaudited)

AllianzGI Global Small-Cap Fund


	Shares		Value

Common Stock—97.4%

Australia—2.4%
Austal Ltd.		117,502		$314,693
Charter Hall Retail REIT		99,249		297,463
Cleanaway Waste Management Ltd.		161,584		228,062
Downer EDI Ltd.		56,513		323,616
Growthpoint Properties Australia Ltd. REIT		36,021		104,918
GUD Holdings Ltd.		39,130		304,724
NEXTDC Ltd. (e)		55,644		257,085
Reliance Worldwide Corp. Ltd.		78,700		223,043
Seven Group Holdings Ltd.		19,100		261,014
Starpharma Holdings Ltd. (e)		45,700		38,678
Worley Ltd.		21,000		226,854

				2,580,150


Austria—1.9%
ANDRITZ AG		13,516		581,056
UNIQA Insurance Group AG		74,054		753,782
Wienerberger AG		24,295		719,990

				2,054,828


China—0.2%
Ping An Healthcare and Technology Co., Ltd. (a)(e)		23,000		167,870


Denmark—1.1%
Ambu A/S, Class B		25,052		420,049
SimCorp A/S		6,622		752,969

				1,173,018


Finland—0.5%
Huhtamaki Oyj		10,660		494,794


France—2.0%
Ingenico Group S.A.		6,502		707,276
Korian S.A.		15,170		715,102
Nexity S.A.		14,075		707,430

				2,129,808


Germany—3.7%
Alstria officeREIT-AG		36,493		685,648
Bechtle AG		4,890		682,790
CANCOM SE		12,060		708,680
Hella GmbH & Co. KGaA		12,280		678,609
Scout24 AG (a)		10,391		687,606
TLG Immobilien AG		15,608		498,088

				3,941,421


Hong Kong—0.3%
Minth Group Ltd.		10,000		35,311
Techtronic Industries Co., Ltd.		34,500		281,578

				316,889


Indonesia—0.2%
Jasa Marga Persero Tbk PT		587,600		218,746


Ireland—0.6%
Dalata Hotel Group PLC		111,308		642,999


Italy—1.2%
Buzzi Unicem SpA		26,716		673,427
De’ Longhi SpA		25,784		545,626

				1,219,053


Japan—13.3%
Anritsu Corp.		22,900		453,261
Azbil Corp.		33,400		940,735
CKD Corp.		42,100		698,549
COMSYS Holdings Corp.		26,600		761,936


	Shares		Value
Dai-ichi Seiko Co., Ltd.		6,000	$	144,750
Fuji Electric Co., Ltd.		27,300		829,300
Fuji Oil Holdings, Inc.		14,000		376,591
Glory Ltd.		10,900		329,387
Hisamitsu Pharmaceutical Co., Inc.		10,300		501,625
Ichigo, Inc.		67,800		285,479
Itochu Techno-Solutions Corp.		20,900		588,589
Jeol Ltd.		30,600		923,911
Marui Group Co., Ltd.		6,000		146,295
Maruwa Co., Ltd.		8,600		665,174
Mitsubishi UFJ Lease & Finance Co., Ltd.		155,100		998,486
Nihon Unisys Ltd.		14,200		445,439
Nishio Rent All Co., Ltd.		6,200		176,655
Penta-Ocean Construction Co., Ltd.		121,700		753,414
PeptiDream, Inc. (e)		4,600		235,075
Ship Healthcare Holdings, Inc.		10,300		475,152
Sojitz Corp.		158,700		511,505
T&D Holdings, Inc.		78,600		993,952
Taiheiyo Cement Corp.		11,200		328,755
TechnoPro Holdings, Inc.		9,400		656,036
Tokyu Fudosan Holdings Corp.		129,500		894,238

				14,114,289


Korea (Republic of)—0.2%
Fila Korea Ltd.		5,147		235,185


Netherlands—1.3%
ASM International NV		6,297		710,758
ASR Nederland NV		16,801		629,625

				1,340,383


Norway—1.2%
Elkem ASA (a)		191,576		540,235
Storebrand ASA		92,220		726,516

				1,266,751


Singapore—1.0%
Frasers Centrepoint Trust		178,500		373,278
Mapletree Commercial Trust REIT		204,688		363,987
Mapletree Industrial Trust REIT		158,000		305,573

				1,042,838


Sweden—1.3%
AAK AB		36,665		697,377
Elekta AB, Class B		50,549		665,704

				1,363,081


Switzerland—2.5%
Galenica AG (a)		11,589		715,750
Georg Fischer AG		605		613,485
Interroll Holding AG		310		696,683
OC Oerlikon Corp. AG		52,709		617,687

				2,643,605


Taiwan—0.3%
Win Semiconductors Corp.		9,000		88,681
Yageo Corp.		16,000		233,104

				321,785


Thailand—0.2%
Amata Corp. PCL (c)(d)		248,000		166,051


United Kingdom—6.6%
ASOS PLC (e)		11,889		532,778
Auto Trader Group PLC (a)		90,253		712,741
Derwent London PLC REIT		14,302		759,672
Genus PLC		17,170		723,210


	Shares		Value
HomeServe PLC		42,607	$	713,367
Howden Joinery Group PLC		82,125		731,672
Intermediate Capital Group PLC		33,916		723,392
Moneysupermarket.com Group PLC		137,624		604,146
Rotork PLC		151,855		675,042
Spectris PLC		17,134		660,304
Tullow Oil PLC		206,123		175,323

				7,011,647


United States—55.4%
Addus HomeCare Corp. (e)		8,149		792,246
Air Transport Services Group, Inc. (e)		39,671		930,682
Alteryx, Inc., Class A (e)		6,597		660,162
Americold Realty Trust REIT		20,231		709,299
Ameris Bancorp		21,858		929,839
Axcelis Technologies, Inc. (e)		13,893		334,752
Axon Enterprise, Inc. (e)		7,281		533,552
Bio-Rad Laboratories, Inc., Class A (e)		1,635		604,999
Bright Horizons Family Solutions, Inc. (e)		3,592		539,842
Brink’s Co.		10,149		920,311
Brown & Brown, Inc.		23,126		913,015
CACI International, Inc., Class A (e)		2,716		678,973
CareTrust REIT, Inc.		28,610		590,224
CBIZ, Inc. (e)		23,238		626,497
CenterState Bank Corp.		33,880		846,322
Century Communities, Inc. (e)		27,989		765,499
Chart Industries, Inc. (e)		6,347		428,359
Chegg, Inc. (e)		13,321		504,999
Churchill Downs, Inc.		5,932		813,870
Columbus McKinnon Corp.		19,371		775,421
eHealth, Inc. (e)		6,321		607,322
Eldorado Resorts, Inc. (e)		15,561		928,058
Essent Group Ltd.		18,073		939,615
Etsy, Inc. (e)		6,299		279,046
First Industrial Realty Trust, Inc. REIT		23,739		985,406
First Merchants Corp.		21,658		900,756
Five9, Inc. (e)		8,907		584,121
Fox Factory Holding Corp. (e)		6,325		440,030
Freshpet, Inc. (e)		11,907		703,585
Gibraltar Industries, Inc. (e)		9,831		495,876
Haemonetics Corp. (e)		6,721		772,243
Hanover Insurance Group, Inc.		4,938		674,876
Health Catalyst, Inc. (e)		10,762		373,441
HEICO Corp., Class A		4,338		388,381
Horizon Therapeutics PLC (e)		23,090		835,858
HubSpot, Inc. (e)		2,985		473,123
ICF International, Inc.		7,057		646,562
Ingevity Corp. (e)		8,417		735,477
Invitae Corp. (e)		25,735		415,106
ITT, Inc.		7,010		518,109
KBR, Inc.		13,040		397,720
Kilroy Realty Corp. REIT		14,570		1,222,423
Kinsale Capital Group, Inc.		6,710		682,139
Koppers Holdings, Inc. (e)		11,808		451,302
Kratos Defense & Security Solutions, Inc. (e)		31,295		563,623
LendingTree, Inc. (e)		1,465		444,540
LHC Group, Inc. (e)		5,814		800,937
LivePerson, Inc. (e)		13,280		491,360
LiveRamp Holdings, Inc. (e)		7,676		368,985
LPL Financial Holdings, Inc.		8,473		781,634


68		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements

Schedule of Investments

December 31, 2019 (Unaudited)


	Shares		Value
Madison Square Garden Co., Class A (e)		1,627	$	478,647
Mercury Systems, Inc. (e)		9,539		659,240
MKS Instruments, Inc.		7,969		876,670
Monolithic Power Systems, Inc.		3,465		616,839
Natera, Inc. (e)		15,253		513,874
Nexstar Media Group, Inc., Class A		8,536		1,000,846
Omnicell, Inc. (e)		6,585		538,126
Perficient, Inc. (e)		16,276		749,835
Performance Food Group Co. (e)		18,671		961,183
Planet Fitness, Inc., Class A (e)		4,793		357,941
PolyOne Corp.		25,724		946,386
Pool Corp.		2,039		433,043
PRA Health Sciences, Inc. (e)		6,448		716,695
Quanterix Corp. (e)		12,862		303,929
R1 RCM, Inc. (e)		56,796		737,212
Rapid7, Inc. (e)		13,702		767,586
Sage Therapeutics, Inc. (e)		1,230		88,794
Saia, Inc. (e)		6,123		570,174
Semtech Corp. (e)		6,308		333,693
Simply Good Foods Co. (e)		29,524		842,615
Skyline Champion Corp. (e)		22,199		703,708
STAG Industrial, Inc. REIT		35,271		1,113,505
Strategic Education, Inc.		3,576		568,226
Summit Materials, Inc., Class A (e)		24,167		577,591
SVMK, Inc. (e)		32,050		572,734
Tandem Diabetes Care, Inc. (e)		6,539		389,790
TechTarget, Inc. (e)		22,912		598,003
Teladoc Health, Inc. (e)		8,064		675,118
Tetra Tech, Inc.		8,721		751,401
Trex Co., Inc. (e)		4,835		434,570
Ultra Clean Holdings, Inc. (e)		17,230		404,388
Veracyte, Inc. (e)		20,254		565,492


	Shares		Value
Vericel Corp. (e)		23,365	$	406,551
Verint Systems, Inc. (e)		5,607		310,404
Viavi Solutions, Inc. (e)		54,685		820,275
Western Alliance Bancorp		18,334		1,045,038
WEX, Inc. (e)		3,307		692,684
WPX Energy, Inc. (e)		55,426		761,553
YETI Holdings, Inc. (e)		25,579		889,638
Zix Corp. (e)		45,555		308,863
Zynga, Inc., Class A (e)		110,061		673,573

				58,556,950

Total Common Stock (cost—$82,648,029)				103,002,141



Preferred Stock—0.5%

Germany—0.5%
Jungheinrich AG (cost—$598,885)		20,233		485,956



	Principal Amount (000s)

Repurchase Agreements—1.6%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $1,670,023; collateralized by U.S. Treasury Bonds, 3.00%, due 11/15/45, valued at $1,708,912 including accrued interest
(cost—$1,670,000)		$1,670		1,670,000


Total Investments (cost—$84,916,914) (b)—99.5%				105,158,097


Other assets less liabilities (f)—0.5%				555,587


Net Assets—100.0%				$105,713,684

Notes to Schedule of Investments:

(a) 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. Securities with an aggregate value of $2,824,202, representing 2.7% of net assets.

(b) Securities with an aggregate value of $38,474,805, representing 35.7% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c) Fair-Valued—Security with a value of $166,051, representing 0.2% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(d) Level 3 security. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(e)Non-income producing.

(f) Includes net unrealized appreciation of other financial instruments as follows:



Forward foreign currency contracts outstanding at December 31, 2019:
Description	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value December 31, 2019		Unrealized Appreciation
Sold:
1,172,393 Hong Kong Dollar settling 1/3/20		State Street Bank London	$	150,555	$	150,455	$	100

Glossary:

REIT—Real Estate Investment Trust


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			69

Schedule of Investments

December 31, 2019 (Unaudited)

The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:


Equity Real Estate Investment Trusts (REITs)			7.1%
Machinery			6.3%
Insurance			5.7%
IT Services			5.3%
Software			4.7%
Healthcare Providers & Services			4.0%
Electronic Equipment, Instruments & Components			3.6%
Banks			3.5%
Semiconductors & Semiconductor Equipment			3.2%
Healthcare Equipment & Supplies			3.0%
Biotechnology			2.8%
Commercial Services & Supplies			2.8%
Hotels, Restaurants & Leisure			2.6%
Chemicals			2.5%
Food Products			2.5%
Real Estate Management & Development			2.4%
Aerospace & Defense			2.3%
Construction Materials			2.2%
Household Durables			1.9%
Professional Services			1.8%
Healthcare Technology			1.7%
Trading Companies & Distributors			1.6%
Life Sciences Tools & Services			1.5%
Diversified Consumer Services			1.5%
Media			1.5%
Construction & Engineering			1.4%
Capital Markets			1.4%
Auto Components			1.4%
Internet & Direct Marketing Retail			1.3%
Interactive Media & Services			1.3%
Thrifts & Mortgage Finance			1.3%
Pharmaceuticals			1.3%
Building Products			1.1%
Entertainment			1.1%
Diversified Financial Services			1.0%
Food & Staples Retailing			0.9%
Oil, Gas & Consumable Fuels			0.9%
Air Freight & Logistics			0.9%
Leisure Equipment & Products			0.9%
Electrical Equipment			0.8%
Communications Equipment			0.8%
Road & Rail			0.5%
Containers & Packaging			0.5%
Distributors			0.4%
Textiles, Apparel & Luxury Goods			0.2%
Energy Equipment & Services			0.2%
Transportation Infrastructure			0.2%
Multi-Line Retail			0.1%
Repurchase Agreements			1.6%
Other assets less liabilities			0.5%

			100.0%

AllianzGI Health Sciences Fund


	Shares		Value

Common Stock—96.7%

Biotechnology—12.3%
AbbVie, Inc.		47,300		$4,187,942
ACADIA Pharmaceuticals, Inc. (d)		10,725		458,815
Amgen, Inc.		20,595		4,964,837
Arena Pharmaceuticals, Inc. (d)		4,970		225,737
Aurinia Pharmaceuticals, Inc. (d)		25,900		524,734
BioMarin Pharmaceutical, Inc. (d)		5,309		448,876
Bridgebio Pharma, Inc. (d)		8,555		299,853
Deciphera Pharmaceuticals, Inc. (d)		3,285		204,458
Dicerna Pharmaceuticals, Inc. (d)		11,760		259,073
Exact Sciences Corp. (d)		22,725		2,101,608
Forty Seven, Inc. (d)		13,450		529,526
Halozyme Therapeutics, Inc. (d)		17,820		315,949
Heron Therapeutics, Inc. (d)		20,560		483,160
Iovance Biotherapeutics, Inc. (d)		22,750		629,720
Kindred Biosciences, Inc. (d)		29,602		251,025
Momenta Pharmaceuticals, Inc. (d)		18,970		374,278
Seattle Genetics, Inc. (d)		3,270		373,630
uniQure NV (d)		5,925		424,586
Vertex Pharmaceuticals, Inc. (d)		14,500		3,174,775

				20,232,582


Healthcare Equipment & Supplies—20.9%
Abbott Laboratories		42,128		3,659,238
Alcon, Inc. (d)		41,740		2,361,232
Align Technology, Inc. (d)		2,225		620,864
Axonics Modulation Technologies, Inc. (d)		32,140		890,599
Baxter International, Inc.		37,085		3,101,048
Becton Dickinson and Co.		4,895		1,331,293
Beyond Air, Inc. (d)		123,899		647,992
Boston Scientific Corp. (d)		90,897		4,110,362
CONMED Corp.		3,895		435,578
Cooper Cos., Inc.		2,535		814,470
Danaher Corp.		5,460		838,001
DexCom, Inc. (d)		9,930		2,172,088
Edwards Lifesciences Corp. (d)		3,455		806,017
Intuitive Surgical, Inc. (d)		6,030		3,564,635
Quotient Ltd. (d)		166,654		1,584,880
Shockwave Medical, Inc. (d)		18,020		791,438
Silk Road Medical, Inc. (d)		18,365		741,579
Tandem Diabetes Care, Inc. (d)		26,260		1,565,359
Vapotherm, Inc. (d)		70,690		859,590
Zimmer Biomet Holdings, Inc.		21,940		3,283,979

				34,180,242


Healthcare Providers & Services—14.2%
Anthem, Inc.		15,250		4,605,958
Centene Corp. (d)		53,595		3,369,518
CVS Health Corp.		36,980		2,747,244
Guardant Health, Inc. (d)		7,970		622,776
HCA Healthcare, Inc.		7,925		1,171,394
Humana, Inc.		8,220		3,012,794
UnitedHealth Group, Inc.		26,486		7,786,354

				23,316,038


Life Sciences Tools & Services—6.2%
Adaptive Biotechnologies Corp. (d)		20,380		609,770


	Shares		Value
Agilent Technologies, Inc.		27,990	$	2,387,827
Bio-Rad Laboratories, Inc., Class A (d)		4,495		1,663,285
Illumina, Inc. (d)		4,145		1,375,062
PerkinElmer, Inc.		11,770		1,142,867
Thermo Fisher Scientific, Inc.		9,135		2,967,687

				10,146,498


Pharmaceuticals—43.1%
Allergan PLC		9,506		1,817,262
Astellas Pharma, Inc.		72,600		1,239,281
AstraZeneca PLC ADR		160,650		8,010,009
Bayer AG		24,755		2,012,497
Bristol-Myers Squibb Co.		135,780		8,715,718
Catalent, Inc. (d)		39,255		2,210,057
Daiichi Sankyo Co., Ltd.		33,900		2,238,900
Dermira, Inc. (d)		54,385		824,477
Horizon Therapeutics PLC (d)		81,030		2,933,286
Johnson & Johnson		58,497		8,532,957
Merck & Co., Inc.		100,637		9,152,935
Mylan NV (d)		15,621		313,982
Novartis AG ADR		98,053		9,284,639
Pfizer, Inc.		65,679		2,573,303
Sanofi ADR		142,630		7,160,026
Zoetis, Inc.		26,570		3,516,539

				70,535,868

Total Common Stock (cost—$127,142,339)				158,411,228



	Units

Warrants—0.1%

Pharmaceuticals—0.1%
AIT Therapeutics, Inc., exercise price $4.25, expires 2/14/21 (b)(c)(d) (cost—$1,239)		123,899		91,313



	Shares

Rights—0.0%

Pharmaceuticals—0.0%
Elanco Animal Health, Inc. CVR (b)(c)(d) (cost—$957)		38,000		957



	Principal Amount (000s)

Repurchase Agreements—3.2%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $5,167,072; collateralized by U.S. Treasury Bonds, 3.00%, due 11/15/45, valued at $5,273,862 including accrued interest
(cost—$5,167,000)		$5,167		5,167,000


Total Investments (cost—$132,311,535) (a)—100.0%				163,670,498


Other assets less liabilities—0.0%				31,960


Net Assets—100.0%				$163,702,458


70		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements

Schedule of Investments

December 31, 2019 (Unaudited)

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $5,490,678, representing 3.4% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(b) Fair-Valued—Securities with an aggregate value of $92,270, representing 0.1% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(d)Non-income producing.

Glossary:

ADR—American Depositary Receipt

CVR—Contingent Value Rights

AllianzGI Income & Growth Fund


	Shares		Value

Common Stock—34.1%

Advertising—0.0%
Mood Media Corp. (d)(f)(j)		286,500		$163,305


Aerospace & Defense—0.9%
Boeing Co.		65,500		21,337,280
Erickson, Inc. (d)(f)(j)		10,866		222,536
Raytheon Co.		96,400		21,182,936

				42,742,752


Apparel & Textiles—0.0%
Quiksilver, Inc. (d)(f)(j)		2,328		47,468


Automobiles—0.2%
Ford Motor Co.		1,199,700		11,157,210


Banks—0.5%
CCF Holdings LLC Class A (cost—$0; purchased 12/18/18) (d)(f)(i)(j)		31,304		3
CCF Holdings LLC Class B (cost—$0; purchased 12/12/18) (d)(f)(h)(i)(j)		42,857		4
JPMorgan Chase & Co.		180,000		25,092,000

				25,092,007


Beverages—0.3%
PepsiCo, Inc.		120,300		16,441,401


Biotechnology—1.3%
AbbVie, Inc.		215,900		19,115,786
Biogen, Inc. (j)		29,700		8,812,881
BioMarin Pharmaceutical, Inc. (j)		3,926		331,943
Gilead Sciences, Inc.		239,250		15,546,465
Vertex Pharmaceuticals, Inc. (g)(j)		101,200		22,157,740

				65,964,815


Building Products—0.3%
Johnson Controls International PLC		335,482		13,657,472


Capital Markets—0.7%
Charles Schwab Corp.		344,800		16,398,688
S&P Global, Inc.		73,200		19,987,260

				36,385,948


Chemicals—0.3%
Chemours Co.		238,400		4,312,656
Corteva, Inc. (j)		59,533		1,759,795
Dow, Inc. (j)		59,533		3,258,241
DuPont de Nemours, Inc.		59,533		3,822,019

				13,152,711


Commercial Services—0.0%
Cenveo Corp. (d)(f)(h)(j)		19,074		576,798


Commercial Services & Supplies—0.1%
Stericycle, Inc. (j)		66,843		4,265,252


Communications Equipment—0.5%
Cisco Systems, Inc.		535,600		25,687,376


Construction & Engineering—0.1%
Fluor Corp.		209,800		3,961,024


Diversified Telecommunication Services—0.0%
Frontier Communications Corp. (j)		210,781		187,511


	Shares		Value

Electronic Equipment, Instruments & Components—0.1%
Belden, Inc.		125,172	$	6,884,460


Energy Equipment & Services—0.3%
Bristow Group, Inc. (d)(f)(j)		5,653		—	†
National Oilwell Varco, Inc.		145,600		3,647,280
Schlumberger Ltd.		172,400		6,930,480
Weatherford International PLC (j)		83,938		2,346,067

				12,923,827


Entertainment—0.8%
Netflix, Inc. (j)		83,100		26,888,667
Walt Disney Co.		90,500		13,089,015

				39,977,682


Equity Real Estate Investment Trusts (REITs)—0.3%
Crown Castle International Corp.		83,700		11,897,955


Food & Staples Retailing—1.1%
Costco Wholesale Corp.		80,100		23,542,992
Kroger Co.		472,000		13,683,280
Walgreens Boots Alliance, Inc.		286,600		16,897,936

				54,124,208


Food Products—0.2%
Archer-Daniels-Midland Co.		159,650		7,399,778


Healthcare Equipment & Supplies—1.5%
Align Technology, Inc. (j)		73,900		20,621,056
Boston Scientific Corp. (j)		611,600		27,656,552
Intuitive Surgical, Inc. (j)		41,800		24,710,070

				72,987,678


Healthcare Providers & Services—1.2%
Laboratory Corp. of America Holdings (j)		49,000		8,289,330
McKesson Corp.		114,300		15,809,976
UnitedHealth Group, Inc.		125,700		36,953,286

				61,052,592


Hotels, Restaurants & Leisure—1.1%
McDonald’s Corp.		112,000		22,132,320
Starbucks Corp.		214,000		18,814,880
Wynn Resorts Ltd.		76,700		10,651,329

				51,598,529


Household Durables—0.3%
DR Horton, Inc. (g)		292,500		15,429,375


Independent Power Producers & Energy Traders—0.1%
Vistra Energy Corp.		144,101		3,312,882


Industrial Conglomerates—0.7%
3M Co.		50,100		8,838,642
General Electric Co.		326,200		3,640,392
Honeywell International, Inc.		131,500		23,275,500

				35,754,534


Insurance—0.2%
Progressive Corp.		115,600		8,368,284


Interactive Media & Services—2.1%
Alphabet, Inc., Class A (j)		37,400		50,093,186
Facebook, Inc., Class A (j)		247,600		50,819,900

				100,913,086


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			71

Schedule of Investments

December 31, 2019 (Unaudited)


	Shares		Value

Internet & Direct Marketing Retail—1.2%
Alibaba Group Holding Ltd. ADR (g)(j)		61,300	$	13,001,730
Amazon.com, Inc. (j)		23,600		43,609,024

				56,610,754


IT Services—2.9%
Fiserv, Inc. (j)		217,500		25,149,525
International Business Machines Corp.		92,200		12,358,488
Mastercard, Inc., Class A		112,700		33,651,093
PayPal Holdings, Inc. (g)(j)		195,200		21,114,784
Visa, Inc., Class A		262,000		49,229,800

				141,503,690


Life Sciences Tools & Services—0.5%
Thermo Fisher Scientific, Inc.		79,700		25,892,139


Machinery—1.0%
Caterpillar, Inc.		202,500		29,905,200
Deere & Co.		111,900		19,387,794

				49,292,994


Media—0.3%
Comcast Corp., Class A		290,100		13,045,797
LiveStyle, Inc. (a)(d)(f)(h)(j)(k)		202,319		20
Postmedia Network Canada Corp. (d)(f)(j)		1,018,823		845,623

				13,891,440


Metals & Mining—0.1%
ArcelorMittal S.A.		180,611		3,167,917
Freeport-McMoRan, Inc.		113,100		1,483,872

				4,651,789


Multi-Line Retail—0.8%
Dollar General Corp. (g)		122,200		19,060,756
Target Corp.		163,700		20,987,977

				40,048,733


Oil, Gas & Consumable Fuels—0.7%
Arch Coal, Inc., Class A		1,858		133,293
Chesapeake Energy Corp. (j)		1,250,759		1,032,627
Hercules Offshore, Inc. (d)(f)(j)		174,935		18
Kinder Morgan, Inc.		187,778		3,975,260
Occidental Petroleum Corp.		229,700		9,465,937
Riviera Resources, Inc.		25,527		203,705
Southwestern Energy Co. (j)		508,010		1,229,384
Talos Energy, Inc. (j)		98,625		2,973,544
Valero Energy Corp.		171,200		16,032,880

				35,046,648


Pharmaceuticals—1.5%
Allergan PLC		99,241		18,971,902
Amryt Pharma PLC ADR (d)(f)(j)		243,958		1,971,344
Bristol-Myers Squibb Co.		419,400		26,921,286
Merck & Co., Inc.		239,900		21,818,905
Teva Pharmaceutical Industries Ltd. ADR (j)		248,006		2,430,459
Zoetis, Inc.		25,800		3,414,630

				75,528,526


Road & Rail—0.3%
Union Pacific Corp.		87,500		15,819,125


	Shares		Value

Semiconductors—0.0%
GT Advanced Technologies, Inc. (d)(f)(j)		537	$	—	†


Semiconductors & Semiconductor Equipment—3.9%
Advanced Micro Devices, Inc. (g)(j)		489,300		22,439,298
Broadcom, Inc. (g)		62,600		19,782,852
Lam Research Corp. (g)		101,000		29,532,400
Marvell Technology Group Ltd.		665,500		17,675,680
Micron Technology, Inc. (g)(j)		491,800		26,449,004
NVIDIA Corp. (g)		165,200		38,871,560
QUALCOMM, Inc.		185,700		16,384,311
Texas Instruments, Inc.		177,900		22,822,791

				193,957,896


Software—3.2%
Adobe, Inc. (j)		77,600		25,593,256
Atlassian Corp. PLC, Class A (j)		58,800		7,075,992
Intuit, Inc.		56,800		14,877,624
Microsoft Corp.		350,300		55,242,310
Salesforce.com, Inc. (g)(j)		140,300		22,818,392
ServiceNow, Inc. (g)(j)		86,200		24,335,984
Workday, Inc., Class A (j)		55,900		9,192,755

				159,136,313


Specialty Retail—0.6%
Home Depot, Inc.		134,000		29,262,920


Technology Hardware, Storage & Peripherals—1.4%
Apple, Inc.		197,100		57,878,415
NetApp, Inc.		196,300		12,219,675
Western Digital Corp.		1,953		123,957

				70,222,047


Textiles, Apparel & Luxury Goods—0.4%
NIKE, Inc., Class B (g)		210,000		21,275,100


Trading Companies & Distributors—0.1%
WESCO International, Inc. (j)		54,455		3,234,082

Total Common Stock (cost—$1,944,458,450)				1,677,482,116



	Principal Amount (000s)

Corporate Bonds & Notes—30.1%

Advertising—0.2%
Mood Media Borrower LLC (a)(b),
16.213%, 12/31/23		$1,164		1,006,953
National CineMedia LLC (a)(b),
5.875%, 4/15/28		7,220		7,691,809

				8,698,762


Aerospace & Defense—0.8%
Kratos Defense & Security Solutions, Inc. (a)(b),
6.50%, 11/30/25		5,660		6,072,699
TransDigm, Inc.,
5.50%, 11/15/27 (a)(b)		13,690		13,869,065
6.50%, 7/15/24		2,195		2,268,390
6.50%, 5/15/25		10,155		10,582,373
Triumph Group, Inc. (a)(b),
6.25%, 9/15/24		8,290		8,732,147

				41,524,674


	Principal Amount (000s)		Value

Auto Components—0.8%
Adient U.S. LLC (a)(b),
7.00%, 5/15/26	$	7,210	$	7,872,412
Delphi Technologies PLC (a)(b),
5.00%, 10/1/25		8,155		7,563,763
Goodyear Tire & Rubber Co.,
5.00%, 5/31/26		8,985		9,361,022
Panther BF Aggregator 2 L.P. (a)(b),
8.50%, 5/15/27		12,895		13,724,793

				38,521,990


Auto Manufacturers—0.5%
Navistar International Corp. (a)(b),
6.625%, 11/1/25		11,315		11,550,748
Tesla, Inc. (a)(b),
5.30%, 8/15/25		13,625		13,250,176

				24,800,924


Banks—0.1%
CIT Group, Inc.,
6.125%, 3/9/28		4,265		5,044,845


Building Materials—0.2%
Builders FirstSource, Inc. (a)(b),
5.625%, 9/1/24		6,456		6,727,701
Jeld-Wen, Inc. (a)(b),
4.875%, 12/15/27		4,635		4,752,485

				11,480,186


Chemicals—0.9%
Chemours Co.,
6.625%, 5/15/23		7,000		7,041,405
7.00%, 5/15/25		4,115		4,154,442
Kraton Polymers LLC (a)(b),
7.00%, 4/15/25		6,305		6,511,867
Olin Corp.,
5.00%, 2/1/30		6,460		6,568,851
PQ Corp. (a)(b),
5.75%, 12/15/25		2,635		2,761,256
Trinseo Materials Operating SCA (a)(b),
5.375%, 9/1/25		5,645		5,659,113
Tronox Finance PLC (a)(b),
5.75%, 10/1/25		5,510		5,629,209
Tronox, Inc. (a)(b),
6.50%, 4/15/26		5,835		6,025,950

				44,352,093


Commercial Services—1.4%
Cardtronics, Inc. (a)(b),
5.50%, 5/1/25		2,345		2,439,773
Cenveo Corp. (c)(d)(f)(i),
6.00%, 5/15/24 (cost—$9,157,703; purchased 3/22/12-3/11/16)		8,116		1
8.50%, 9/15/22 (cost—$1,520,130; purchased 7/19/14-7/25/14)		1,520		30,400
Herc Holdings, Inc. (a)(b),
5.50%, 7/15/27		11,005		11,610,550
Hertz Corp. (a)(b),
7.125%, 8/1/26		11,340		12,302,483
7.625%, 6/1/22		1,631		1,700,318
Laureate Education, Inc. (a)(b),
8.25%, 5/1/25		9,795		10,566,258
RR Donnelley & Sons Co.,
6.00%, 4/1/24		3,195		3,293,518
7.00%, 2/15/22		5,500		5,707,966
United Rentals North America, Inc.,
5.25%, 1/15/30		9,695		10,452,664
5.50%, 7/15/25		8,930		9,297,447

				67,401,378


72		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements

Schedule of Investments

December 31, 2019 (Unaudited)


	Principal Amount (000s)		Value

Computers—0.3%
Dell International LLC (a)(b),
7.125%, 6/15/24	$	7,485	$	7,906,031
Harland Clarke Holdings Corp. (a)(b),
9.25%, 3/1/21		7,165		7,084,394
Monitronics International, Inc. (d)(f),
9.125%, 4/1/20		6,450		65

				14,990,490


Containers & Packaging—0.5%
Berry Global, Inc. (a)(b),
5.625%, 7/15/27		11,590		12,459,540
Trivium Packaging Finance BV (a)(b),
8.50%, 8/15/27		9,545		10,636,471

				23,096,011


Distribution/Wholesale—0.4%
H&E Equipment Services, Inc.,
5.625%, 9/1/25		9,845		10,341,336
Performance Food Group, Inc. (a)(b),
5.50%, 10/15/27		10,055		10,771,670

				21,113,006


Diversified Financial Services—1.3%
Ally Financial, Inc.,
5.75%, 11/20/25		4,685		5,253,056
8.00%, 3/15/20		2,995		3,028,245
CCF Holdings LLC, PIK 10.75% (a)(b)(d)(f),
10.75%, 12/15/23		11,338		4,725,743
Community Choice Financial Issuer LLC (cost—$12,000,000; purchased 9/6/18) (a)(b)(i),
9.00%, 6/15/23		12,000		12,015,000
Navient Corp.,
6.75%, 6/15/26		14,315		15,760,099
7.25%, 9/25/23		3,940		4,462,129
Springleaf Finance Corp.,
6.625%, 1/15/28		10,165		11,493,057
8.25%, 10/1/23		8,080		9,436,753

				66,174,082


Electric Utilities—0.3%
NRG Energy, Inc.,
5.75%, 1/15/28		11,135		12,102,075
Talen Energy Supply LLC,
6.50%, 6/1/25		3,365		2,881,601

				14,983,676


Electronic Equipment, Instruments & Components—0.4%
Energizer Holdings, Inc. (a)(b),
5.50%, 6/15/25		9,890		10,281,496
7.75%, 1/15/27		7,545		8,445,873

				18,727,369


Engineering & Construction—0.6%
AECOM,
5.875%, 10/15/24		8,550		9,480,026
TopBuild Corp. (a)(b),
5.625%, 5/1/26		5,965		6,250,411
Tutor Perini Corp. (a)(b),
6.875%, 5/1/25		13,030		12,606,525

				28,336,962


Entertainment—1.4%
AMC Entertainment Holdings, Inc.,
6.125%, 5/15/27		13,610		12,453,490
Cedar Fair L.P.,
5.375%, 6/1/24		5,550		5,718,803
5.375%, 4/15/27		2,465		2,658,262
International Game Technology PLC (a)(b),
6.25%, 1/15/27		5,225		5,887,791
6.50%, 2/15/25		4,715		5,304,328


	Principal Amount (000s)		Value
Lions Gate Capital Holdings LLC (a)(b),
6.375%, 2/1/24	$	11,370	$	11,910,189
Live Nation Entertainment, Inc. (a)(b),
5.625%, 3/15/26		4,145		4,426,228
Scientific Games International, Inc. (a)(b),
5.00%, 10/15/25		10,510		11,035,500
Stars Group Holdings BV (a)(b),
7.00%, 7/15/26		8,350		9,064,760

				68,459,351


Equity Real Estate Investment Trusts (REITs)—0.2%
Uniti Group L.P.,
7.125%, 12/15/24 (a)(b)		2,500		2,124,975
8.25%, 10/15/23		6,445		5,639,375

				7,764,350


Food & Beverage—0.5%
Albertsons Cos., Inc.,
6.625%, 6/15/24		9,805		10,286,916
7.50%, 3/15/26 (a)(b)		4,535		5,099,036
Post Holdings, Inc. (a)(b),
5.75%, 3/1/27		9,655		10,377,411

				25,763,363


Food Service—0.2%
Aramark Services, Inc. (a)(b),
5.00%, 2/1/28		10,730		11,326,588


Hand/Machine Tools—0.2%
Colfax Corp. (a)(b),
6.375%, 2/15/26		6,655		7,262,269


Healthcare-Products—0.2%
Avantor, Inc. (a)(b),
9.00%, 10/1/25		4,190		4,691,187
Hill-Rom Holdings, Inc. (a)(b),
5.00%, 2/15/25		4,255		4,437,603

				9,128,790


Healthcare-Services—2.0%
Centene Corp. (a)(b),
4.625%, 12/15/29		4,635		4,881,698
5.375%, 6/1/26		6,975		7,419,495
Charles River Laboratories International, Inc. (a)(b),
5.50%, 4/1/26		5,340		5,752,902
CHS/Community Health Systems, Inc.,
6.25%, 3/31/23		1,985		2,019,738
6.875%, 2/1/22		2,500		2,031,250
DaVita, Inc.,
5.125%, 7/15/24		8,620		8,853,473
Encompass Health Corp.,
4.50%, 2/1/28		2,095		2,174,819
4.75%, 2/1/30		2,095		2,177,438
HCA, Inc.,
5.375%, 9/1/26		3,515		3,923,707
5.625%, 9/1/28		2,420		2,762,309
7.50%, 2/15/22		8,185		9,058,994
Select Medical Corp. (a)(b),
6.25%, 8/15/26		13,085		14,188,785
Tenet Healthcare Corp.,
6.25%, 2/1/27 (a)(b)		13,260		14,287,650
7.00%, 8/1/25		5,000		5,291,675
8.125%, 4/1/22		7,030		7,789,451
WellCare Health Plans, Inc. (a)(b),
5.375%, 8/15/26		6,135		6,545,125

				99,158,509


Home Builders—0.2%
Beazer Homes USA, Inc.,
5.875%, 10/15/27		1,885		1,908,610
KB Home,
4.80%, 11/15/29		2,935		3,001,037


	Principal Amount (000s)		Value
Taylor Morrison Communities, Inc. (a)(b),
5.75%, 1/15/28	$	5,975	$	6,529,764

				11,439,411


Household Products/Wares—0.2%
Prestige Brands, Inc. (a)(b),
5.125%, 1/15/28		4,905		5,150,250
Spectrum Brands, Inc.,
5.75%, 7/15/25		4,725		4,943,579

				10,093,829


Internet—1.0%
Go Daddy Operating Co. LLC (a)(b),
5.25%, 12/1/27		8,500		8,961,975
Match Group, Inc. (a)(b),
5.00%, 12/15/27		10,860		11,352,474
Netflix, Inc. (a)(b),
5.375%, 11/15/29		13,010		13,879,458
NortonLifeLock, Inc. (a)(b),
5.00%, 4/15/25		5,390		5,507,624
Zayo Group LLC (a)(b),
5.75%, 1/15/27		8,250		8,407,554

				48,109,085


Iron/Steel—0.2%
United States Steel Corp.,
6.875%, 8/15/25		8,595		8,042,470


Lodging—0.6%
Hilton Domestic Operating Co., Inc.,
5.125%, 5/1/26		6,795		7,171,086
MGM Resorts International,
5.50%, 4/15/27		7,270		8,083,149
Wyndham Hotels & Resorts, Inc. (a)(b),
5.375%, 4/15/26		7,110		7,517,563
Wynn Las Vegas LLC (a)(b),
5.50%, 3/1/25		7,275		7,811,459

				30,583,257


Machinery-Construction & Mining—0.2%
Terex Corp. (a)(b),
5.625%, 2/1/25		7,370		7,618,738


Machinery-Diversified—0.1%
Mueller Water Products, Inc. (a)(b),
5.50%, 6/15/26		3,840		4,057,334


Media—3.0%
CCO Holdings LLC (a)(b),
5.125%, 5/1/23		3,165		3,236,893
5.125%, 5/1/27		6,955		7,350,392
5.50%, 5/1/26		9,460		9,990,446
Clear Channel Worldwide Holdings, Inc. (a)(b),
9.25%, 2/15/24		10,204		11,322,205
CSC Holdings LLC (a)(b),
7.50%, 4/1/28		9,860		11,164,700
7.75%, 7/15/25		6,160		6,583,192
10.875%, 10/15/25		5,145		5,759,184
Diamond Sports Group LLC (a)(b),
5.375%, 8/15/26		3,640		3,688,871
6.625%, 8/15/27		13,005		12,671,422
DISH DBS Corp.,
5.875%, 7/15/22		4,335		4,602,816
5.875%, 11/15/24		10,820		11,079,247
6.75%, 6/1/21		9,250		9,741,452
Gray Television, Inc. (a)(b),
5.875%, 7/15/26		10,065		10,725,264
LiveStyle, Inc. (cost—$7,083,190; purchased1/31/14-10/7/15) (a)(b)(c)(d)(f)(i)(k),
9.625%, 2/1/19		7,628		8
Meredith Corp.,
6.875%, 2/1/26		9,370		9,768,670


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			73

Schedule of Investments

December 31, 2019 (Unaudited)


	Principal Amount (000s)		Value
Nexstar Broadcasting, Inc. (a)(b),
5.625%, 7/15/27	$	12,385	$	13,074,225
Sirius XM Radio, Inc. (a)(b),
5.00%, 8/1/27		9,715		10,267,298
Virgin Media Secured Finance PLC (a)(b),
5.50%, 5/15/29		6,995		7,418,897

				148,445,182


Metal Fabricate/Hardware—0.2%
Park-Ohio Industries, Inc.,
6.625%, 4/15/27		9,915		10,122,248


Mining—0.7%
Alcoa Nederland Holding BV (a)(b),
6.75%, 9/30/24		10,405		10,972,905
Constellium SE (a)(b),
6.625%, 3/1/25		9,605		9,990,064
Freeport-McMoRan, Inc.,
5.25%, 9/1/29		2,440		2,618,486
Hudbay Minerals, Inc. (a)(b),
7.625%, 1/15/25		4,965		5,250,910
Joseph T. Ryerson & Son, Inc. (a)(b),
11.00%, 5/15/22		7,500		7,931,197

				36,763,562


Miscellaneous Manufacturing—0.2%
Koppers, Inc. (a)(b),
6.00%, 2/15/25		8,595		9,024,664


Oil, Gas & Consumable Fuels—2.1%
Callon Petroleum Co.,
6.125%, 10/1/24		6,110		6,240,998
Carrizo Oil & Gas, Inc.,
6.25%, 4/15/23		9,725		9,893,631
Chesapeake Energy Corp.,
8.00%, 1/15/25		7,730		4,618,830
8.00%, 3/15/26 (a)(b)		6,301		3,606,519
Cobalt International Energy, Inc. (c),
7.75%, 12/1/23		9,216		299,520
CVR Refining LLC,
6.50%, 11/1/22		5,550		5,633,211
EP Energy LLC (c),
9.375%, 5/1/20		8,765		19,721
Nabors Industries, Inc.,
5.75%, 2/1/25		1,910		1,724,568
Noble Holding International Ltd.,
7.75%, 1/15/24		6,955		3,633,396
Oasis Petroleum, Inc.,
6.875%, 3/15/22		8,460		8,248,500
Range Resources Corp.,
4.875%, 5/15/25		8,965		7,687,488
Sable Permian Resources Land LLC (a)(b)(c),
7.375%, 11/1/21		5,000		1,075,000
Sanchez Energy Corp. (c),
6.125%, 1/15/23		6,240		312,000
SM Energy Co.,
6.625%, 1/15/27		11,360		11,191,616
Sunoco L.P.,
5.50%, 2/15/26		4,605		4,790,800
5.875%, 3/15/28		4,830		5,142,272
Talos Production LLC,
11.00%, 4/3/22		1,168		1,197,495
Transocean, Inc. (a)(b),
7.50%, 1/15/26		12,010		11,887,768
USA Compression Partners L.P.,
6.875%, 9/1/27		10,045		10,481,455
Valaris PLC,
5.20%, 3/15/25		1,295		721,963
7.75%, 2/1/26		6,640		3,768,034
Weatherford International Ltd. (a)(b),
11.00%, 12/1/24		605		655,669

				102,830,454


	Principal Amount (000s)		Value

Paper & Forest Products—0.2%
Mercer International, Inc.,
5.50%, 1/15/26	$	5,370	$	5,477,534
7.375%, 1/15/25		4,825		5,207,936

				10,685,470


Pharmaceuticals—1.0%
Bausch Health Americas, Inc. (a)(b),
8.50%, 1/31/27		7,790		8,885,663
Bausch Health Cos., Inc. (a)(b),
5.25%, 1/30/30		1,275		1,325,363
6.125%, 4/15/25		3,280		3,395,833
7.25%, 5/30/29		10,120		11,580,822
Endo Finance LLC (a)(b),
5.375%, 1/15/23		10,730		7,265,122
Horizon Pharma USA, Inc. (a)(b),
5.50%, 8/1/27		10,185		11,019,661
Mallinckrodt International Finance S.A. (a)(b),
5.75%, 8/1/22		10,965		4,523,063

				47,995,527


Pipelines—1.1%
Cheniere Energy Partners L.P.,
5.625%, 10/1/26		8,410		8,909,335
Crestwood Midstream Partners L.P.,
5.75%, 4/1/25		10,735		11,003,268
DCP Midstream Operating L.P.,
5.125%, 5/15/29		7,470		7,763,944
NGL Energy Partners L.P. (a)(b),
7.50%, 4/15/26		10,465		10,149,716
Targa Resources Partners L.P. (a)(b),
6.50%, 7/15/27		4,170		4,573,865
6.875%, 1/15/29		9,670		10,751,589

				53,151,717


Real Estate—0.4%
Iron Mountain, Inc. (a)(b),
4.875%, 9/15/27		9,335		9,660,068
Kennedy-Wilson, Inc.,
5.875%, 4/1/24		11,023		11,326,022

				20,986,090


Retail—1.0%
1011778 BC ULC (a)(b),
5.00%, 10/15/25		10,990		11,370,089
Beacon Roofing Supply, Inc. (a)(b),
4.875%, 11/1/25		7,725		7,779,731
Conn’s, Inc.,
7.25%, 7/15/22		12,570		12,542,497
L Brands, Inc.,
6.875%, 11/1/35		2,655		2,380,938
Neiman Marcus Group Ltd. LLC (a)(b),
8.00%, 10/15/21		6,810		5,277,750
Party City Holdings, Inc. (a)(b),
6.625%, 8/1/26		11,755		8,314,576

				47,665,581


Semiconductors—0.4%
Advanced Micro Devices, Inc.,
7.50%, 8/15/22		2,670		3,014,595
Amkor Technology, Inc. (a)(b),
6.625%, 9/15/27		11,410		12,586,371
Broadcom Corp.,
3.875%, 1/15/27		5,195		5,391,333

				20,992,299


Software—0.7%
IQVIA, Inc. (a)(b),
5.00%, 5/15/27		10,210		10,824,412
j2 Cloud Services LLC (a)(b),
6.00%, 7/15/25		9,810		10,419,054
Rackspace Hosting, Inc. (a)(b),
8.625%, 11/15/24		3,120		3,057,600


	Principal Amount (000s)		Value
SS&C Technologies, Inc. (a)(b),
5.50%, 9/30/27	$	11,305	$	12,089,285

				36,390,351


Telecommunications—3.1%
CenturyLink, Inc.,
5.125%, 12/15/26 (a)(b)		7,770		7,926,410
7.50%, 4/1/24, Ser. Y		9,535		10,770,593
Cincinnati Bell, Inc. (a)(b),
7.00%, 7/15/24		9,590		10,081,392
CommScope Technologies LLC (a)(b),
5.00%, 3/15/27		4,460		4,203,662
6.00%, 6/15/25		10,465		10,502,988
Consolidated Communications, Inc.,
6.50%, 10/1/22		9,435		8,656,612
Frontier CommunicationsCorp.,
10.50%, 9/15/22		9,315		4,567,256
GTT Communications, Inc. (a)(b),
7.875%, 12/31/24		10,045		7,606,174
Hughes Satellite Systems Corp.,
6.625%, 8/1/26		9,080		10,104,655
7.625%, 6/15/21		7,440		7,962,809
Intelsat Connect Finance S.A. (a)(b),
9.50%, 2/15/23		3,195		2,243,529
Intelsat Jackson Holdings S.A.,
5.50%, 8/1/23		10,370		8,929,866
9.75%, 7/15/25 (a)(b)		6,940		6,433,970
Level 3 Financing, Inc.,
5.375%, 5/1/25		8,420		8,732,256
Sprint Capital Corp.,
6.875%, 11/15/28		6,890		7,436,722
Sprint Communications, Inc.,
11.50%, 11/15/21		7,890		9,028,685
Sprint Corp.,
7.125%, 6/15/24		2,250		2,431,879
7.625%, 3/1/26		6,855		7,572,376
T-Mobile USA, Inc.,
4.75%, 2/1/28		3,190		3,348,415
6.50%, 1/15/26		11,940		12,824,276
Windstream Services LLC (cost—$6,524,710; purchased 12/4/13-11/15/18) (a)(b)(c)(i),
6.375%, 8/1/23		7,464		1,007,640

				152,372,165


Toys/Games/Hobbies—0.0%
Mattel, Inc. (a)(b),
5.875%, 12/15/27		1,080		1,140,048


Transportation—0.1%
XPO Logistics, Inc. (a)(b),
6.125%, 9/1/23		2,705		2,798,011
6.50%, 6/15/22		3,184		3,250,164

				6,048,175

Total Corporate Bonds & Notes (cost—$1,533,399,684)				1,482,667,325



Convertible Bonds & Notes—26.2%

Apparel & Textiles—0.0%
Iconix Brand Group, Inc.,
5.75%, 8/15/23		4,185		2,113,425


Auto Components—0.2%
Meritor, Inc.,
3.25%, 10/15/37		8,095		8,827,533


Auto Manufacturers—0.7%
Tesla, Inc.,
1.25%, 3/1/21		22,475		28,703,697
2.375%, 3/15/22		2,795		3,960,032

				32,663,729


74		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements

Schedule of Investments

December 31, 2019 (Unaudited)


	Principal Amount (000s)		Value

Biotechnology—1.8%
Aegerion Pharmaceuticals, Inc. (a)(b),
5.00%, 4/1/25	$	1,753	$	1,708,944
Aeltus CBO II Ltd. (c)(d)(f),
2.00%, 8/15/19		5,270		1
AMAG Pharmaceuticals, Inc.,
3.25%, 6/1/22		2,025		1,708,811
BioMarin Pharmaceutical, Inc.,
1.50%, 10/15/20		6,830		7,436,548
Exact Sciences Corp.,
0.375%, 3/15/27		15,400		17,488,625
Halozyme Therapeutics, Inc. (a)(b),
1.25%, 12/1/24		5,065		5,060,359
Illumina, Inc.,
zero coupon, 8/15/23		17,390		19,250,843
0.50%, 6/15/21		715		997,663
Insmed, Inc.,
1.75%, 1/15/25		7,110		6,866,913
Intercept Pharmaceuticals, Inc.,
3.25%, 7/1/23		8,585		8,677,997
Ligand Pharmaceuticals, Inc.,
0.75%, 5/15/23		12,485		10,806,258
Radius Health, Inc.,
3.00%, 9/1/24		3,805		3,231,967
Verastem, Inc.,
5.00%, 11/1/48		5,910		2,857,238

				86,092,167


Commercial Services—1.1%
Chegg, Inc. (a)(b),
0.125%, 3/15/25		15,225		15,697,101
Euronet Worldwide, Inc. (a)(b),
0.75%, 3/15/49		9,060		10,829,289
Macquarie Infrastructure Corp.,
2.00%, 10/1/23		10,410		9,981,149
Square, Inc.,
0.50%, 5/15/23		17,705		19,829,210

				56,336,749


Computers—1.0%
CyberArk Software Ltd. (a)(b),
zero coupon, 11/15/24		9,510		9,868,233
Lumentum Holdings, Inc.,
0.25%, 3/15/24		5,330		7,795,125
0.50%, 12/15/26, Ser. QIB (a)(b)		8,170		8,884,875
Pure Storage, Inc.,
0.125%, 4/15/23		10,020		9,986,453
Western Digital Corp.,
1.50%, 2/1/24		14,900		14,667,188

				51,201,874


Diversified Financial Services—0.3%
Encore Capital Group, Inc.,
2.875%, 3/15/21		6,960		6,868,323
3.00%, 7/1/20		1,215		1,231,225
3.25%, 3/15/22		3,400		3,531,389
LendingTree, Inc.,
0.625%, 6/1/22		2,600		4,073,924

				15,704,861


Electric Utilities—0.2%
NRG Energy, Inc.,
2.75%, 6/1/48		8,025		9,118,406


Electronics—0.3%
Fortive Corp. (a)(b),
0.875%, 2/15/22		6,360		6,447,290
II-VI, Inc.,
0.25%, 9/1/22		3,290		3,359,913
OSI Systems, Inc.,
1.25%, 9/1/22		1,050		1,150,317


	Principal Amount (000s)		Value
Vishay Intertechnology, Inc.,
2.25%, 6/15/25	$	1,355	$	1,360,816

				12,318,336


Energy-Alternate Sources—0.0%
SunEdison, Inc. (c),
0.25%, 1/15/20		9,565		215,212
2.625%, 6/1/23		11,270		253,575
3.375%, 6/1/25		4,565		102,713

				571,500


Engineering & Construction—0.3%
Dycom Industries, Inc.,
0.75%, 9/15/21		7,690		7,491,370
KBR, Inc. (a)(b),
2.50%, 11/1/23		5,450		7,241,688

				14,733,058


Entertainment—0.3%
Live Nation Entertainment, Inc.,
2.50%, 3/15/23		10,070		12,304,533
Marriott Vacations Worldwide Corp.,
1.50%, 9/15/22		2,670		2,860,609

				15,165,142


Equity Real Estate Investment Trusts (REITs)—0.1%
Extra Space Storage L.P. (a)(b),
3.125%, 10/1/35		5,105		6,004,756


Healthcare-Products—0.8%
CONMED Corp. (a)(b),
2.625%, 2/1/24		3,885		5,380,917
Insulet Corp. (a)(b),
0.375%, 9/1/26		17,135		17,854,478
NuVasive, Inc.,
2.25%, 3/15/21		4,355		5,813,107
Wright Medical Group, Inc.,
1.625%, 6/15/23		10,863		11,501,560

				40,550,062


Healthcare-Services—0.4%
Anthem, Inc.,
2.75%, 10/15/42		2,200		9,250,332
Invitae Corp. (a)(b),
2.00%, 9/1/24		700		636,802
Teladoc Health, Inc.,
1.375%, 5/15/25		6,525		11,349,137

				21,236,271


Insurance—0.2%
AXA S.A. (a)(b),
7.25%, 5/15/21		6,930		8,003,284


Internet—4.6%
Boingo Wireless, Inc.,
1.00%, 10/1/23		3,435		3,051,891
Booking Holdings, Inc.,
0.35%, 6/15/20		5,325		8,277,066
0.90%, 9/15/21		14,735		17,017,075
Etsy Inc (a)(b),
0.125%, 10/1/26		15,455		13,978,172
FireEye, Inc.,
0.875%, 6/1/24		8,985		9,076,303
1.625%, 6/1/35, Ser. B		4,650		4,511,511
IAC FinanceCo 2, Inc. (a)(b),
0.875%, 6/15/26		9,480		10,677,324
IAC FinanceCo 3, Inc. (a)(b),
2.00%, 1/15/30		6,310		7,386,486
Okta, Inc. (a)(b),
0.125%, 9/1/25		17,575		17,084,952
Palo Alto Networks, Inc.,
0.75%, 7/1/23		20,025		22,137,455


	Principal Amount (000s)		Value
Proofpoint, Inc. (a)(b),
0.25%, 8/15/24	$	14,480	$	14,949,171
Q2 Holdings, Inc. (a)(b),
0.75%, 6/1/26		4,685		5,407,846
RingCentral, Inc.,
zero coupon, 3/15/23		4,900		10,301,271
Snap, Inc. (a)(b),
0.75%, 8/1/26		16,030		16,717,522
Trip.com Group Ltd.,
1.00%, 7/1/20		3,500		3,452,365
Twitter, Inc.,
0.25%, 6/15/24		15,170		14,695,937
Wayfair, Inc.,
1.00%, 8/15/26 (a)(b)		9,095		8,043,835
1.125%, 11/1/24		6,385		6,633,660
Weibo Corp.,
1.25%, 11/15/22		6,415		6,034,109
Wix.com Ltd.,
zero coupon, 7/1/23		6,570		7,506,225
Zendesk, Inc.,
0.25%, 3/15/23		6,845		9,361,588
Zillow Group, Inc.,
1.50%, 7/1/23		3,865		3,719,791
2.00%, 12/1/21		7,500		8,408,685

				228,430,240


Investment Companies—0.1%
Prospect Capital Corp.,
6.375%, 3/1/25		5,000		5,332,242


Iron/Steel—0.1%
Cleveland-Cliffs, Inc.,
1.50%, 1/15/25		2,575		3,084,444


Lodging—0.2%
Caesars Entertainment Corp.,
5.00%, 10/1/24		5,800		11,172,250


Media—1.8%
DISH Network Corp.,
2.375%, 3/15/24		14,960		13,716,076
3.375%, 8/15/26		17,910		17,272,404
Liberty Interactive LLC (a)(b),
1.75%, 9/30/46		8,700		12,794,156
Liberty Media Corp-Liberty Formula One,
1.00%, 1/30/23		6,570		8,755,858
Liberty Media Corp.,
1.375%, 10/15/23		11,375		15,334,637
2.25%, 9/30/46		2,580		1,497,668
2.75%, 12/1/49 (a)(b)		12,185		12,824,713
World Wrestling Entertainment, Inc.,
3.375%, 12/15/23		2,520		6,783,525

				88,979,037


Oil, Gas & Consumable Fuels—0.8%
Bristow Group, Inc.,
4.50%, 6/1/23		1,625		105,625
Chesapeake Energy Corp.,
5.50%, 9/15/26		17,205		8,368,237
Ensco Jersey Finance Ltd.,
3.00%, 1/31/24		9,245		6,650,622
Nabors Industries, Inc.,
0.75%, 1/15/24		8,145		6,107,426
Oasis Petroleum, Inc.,
2.625%, 9/15/23		9,190		7,225,637
Oil States International, Inc.,
1.50%, 2/15/23		2,450		2,211,370
Transocean, Inc.,
0.50%, 1/30/23		8,635		8,645,794

				39,314,711


Pharmaceuticals—2.0%
Clovis Oncology, Inc.,
1.25%, 5/1/25		4,440		2,852,700
2.50%, 9/15/21		4,020		3,513,916


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			75

Schedule of Investments

December 31, 2019 (Unaudited)


	Principal Amount (000s)		Value
Dermira, Inc.,
3.00%, 5/15/22	$	3,065	$	2,833,890
DexCom, Inc.,
0.75%, 12/1/23		13,680		20,296,977
Flexion Therapeutics, Inc.,
3.375%, 5/1/24		3,510		3,762,418
Herbalife Nutrition Ltd.,
2.625%, 3/15/24		6,575		6,836,892
Horizon Pharma Investment Ltd.,
2.50%, 3/15/22		4,915		6,515,447
Jazz Investments I Ltd.,
1.875%, 8/15/21		9,950		10,269,636
Neurocrine Biosciences, Inc.,
2.25%, 5/15/24		7,750		11,906,226
Sarepta Therapeutics, Inc.,
1.50%, 11/15/24		7,465		14,538,088
Supernus Pharmaceuticals, Inc.,
0.625%, 4/1/23		6,355		5,784,134
Teva Pharmaceutical Finance Co. LLC, Ser. C,
0.25%, 2/1/26		7,285		6,942,100
Tilray, Inc.,
5.00%, 10/1/23		2,975		1,591,625

				97,644,049


Pipelines—0.3%
Cheniere Energy, Inc.,
4.25%, 3/15/45		15,605		12,367,783


Retail—0.2%
RH,
zero coupon, 6/15/23		8,610		10,945,945


Semiconductors—2.5%
Cree, Inc.,
0.875%, 9/1/23		6,805		7,231,145
Inphi Corp.,
0.75%, 9/1/21		8,470		11,992,294
Microchip Technology, Inc.,
1.625%, 2/15/27		32,480		46,365,200
2.25%, 2/15/37		3,150		4,583,545
Micron Technology, Inc., Ser. D,
3.125%, 5/1/32		1,530		8,243,907
ON Semiconductor Corp.,
1.625%, 10/15/23		13,400		18,508,750
Silicon Laboratories, Inc.,
1.375%, 3/1/22		565		752,337
Synaptics, Inc.,
0.50%, 6/15/22		8,045		8,940,285
Teradyne, Inc.,
1.25%, 12/15/23		5,215		11,450,228
Veeco Instruments, Inc.,
2.70%, 1/15/23		6,560		6,200,964

				124,268,655


Software—5.0%
Akamai Technologies, Inc.,
0.125%, 5/1/25		17,390		19,298,495
0.375%, 9/1/27 (a)(b)		4,240		4,194,185
Allscripts Healthcare Solutions, Inc.,
1.25%, 7/1/20		6,585		6,536,041
Alteryx, Inc. (a)(b),
0.50%, 8/1/24		5,740		5,497,130
1.00%, 8/1/26		8,250		7,751,614
Atlassian, Inc.,
0.625%, 5/1/23		9,880		15,638,023
Avaya Holdings Corp.,
2.25%, 6/15/23		5,740		5,123,478
Coupa Software, Inc. (a)(b),
0.125%, 6/15/25		10,050		11,907,867
DocuSign, Inc.,
0.50%, 9/15/23		8,610		10,733,969
Envestnet, Inc.,
1.75%, 6/1/23		6,090		7,318,037


	Principal Amount (000s)		Value
Everbridge, Inc. (a)(b),
0.125%, 12/15/24	$	5,325	$	5,289,052
Evolent Health, Inc.,
1.50%, 10/15/25		3,470		2,455,126
2.00%, 12/1/21		1,400		1,258,337
Guidewire Software, Inc.,
1.25%, 3/15/25		5,420		6,396,253
HubSpot, Inc.,
0.25%, 6/1/22		1,565		2,711,876
j2 Global, Inc. (a)(b),
1.75%, 11/1/26		8,180		8,339,431
Momo, Inc.,
1.25%, 7/1/25		3,990		3,718,181
MongoDB, Inc.,
0.75%, 6/15/24		2,555		5,172,278
New Relic, Inc.,
0.50%, 5/1/23		7,910		7,706,584
Nutanix, Inc.,
zero coupon, 1/15/23		9,845		9,817,053
Pluralsight, Inc. (a)(b),
0.375%, 3/1/24		8,240		7,172,287
SailPoint Technologies Holding, Inc. (a)(b),
0.125%, 9/15/24		4,605		4,976,809
Sea Ltd. (a)(b),
1.00%, 12/1/24		7,540		8,243,496
ServiceNow, Inc.,
zero coupon, 6/1/22		8,765		18,513,075
Splunk, Inc.,
0.50%, 9/15/23		9,455		11,405,094
1.125%, 9/15/25		12,010		14,839,856
Tabula Rasa HealthCare, Inc. (a)(b),
1.75%, 2/15/26		3,845		3,861,822
Twilio, Inc.,
0.25%, 6/1/23		4,755		7,270,081
Workday, Inc.,
0.25%, 10/1/22		14,135		18,127,140
Workiva, Inc. (a)(b),
1.125%, 8/15/26		4,675		4,203,995

				245,476,665


Telecommunications—0.6%
Brocade Communications Systems, Inc.,
1.375%, 1/1/20		4,450		4,438,875
CalAmp Corp.,
2.00%, 8/1/25		2,330		1,941,050
Infinera Corp.,
2.125%, 9/1/24		6,265		6,644,780
Viavi Solutions, Inc.,
1.00%, 3/1/24		2,185		2,824,098
1.75%, 6/1/23		7,478		9,421,887
Vonage Holdings Corp. (a)(b),
1.75%, 6/1/24		5,075		4,556,822

				29,827,512


Transportation—0.3%
Atlas Air Worldwide Holdings, Inc.,
1.875%, 6/1/24		1,400		1,187,340
2.25%, 6/1/22		6,445		5,889,119
Greenbrier Cos., Inc.,
2.875%, 2/1/24		4,515		4,392,289
Teekay Corp.,
5.00%, 1/15/23		1,625		1,429,602

				12,898,350

Total Convertible Bonds & Notes (cost—$1,323,800,478)				1,290,383,036



	Shares

Convertible Preferred Stock—4.8%

Banks—1.0%
Bank of America Corp., Ser. L (e),
7.25%		10,840		15,707,160


	Shares		Value
Wells Fargo & Co., Ser. L (e),
7.50%		22,805	$	33,067,250

				48,774,410


Chemicals—0.3%
International Flavors & Fragrances, Inc.,
6.00%, 9/15/21		250,765		12,039,228


Computers—0.3%
NCR Corp., Ser. A, PIK 5.50% (e),
5.50%		9,377		12,244,635


Diversified Financial Services—0.1%
AMG Capital Trust II,
5.15%, 10/15/37		104,490		5,067,765


Electric Utilities—0.1%
NextEra Energy, Inc.,
4.872%, 9/1/22		15,000		769,200
Southern Co., Ser. 2019,
6.75%, 8/1/22		84,000		4,527,600

				5,296,800


Equity Real Estate Investment Trusts (REITs)—0.4%
Crown Castle International Corp., Ser. A,
6.875%, 8/1/20		15,115		19,373,500


Hand/Machine Tools—0.3%
Stanley Black & Decker, Inc.,
5.375%, 5/15/20		148,435		16,198,711


Healthcare Equipment & Supplies—0.8%
Becton Dickinson and Co., Ser. A,
6.125%, 5/1/20		279,770		18,313,744
Danaher Corp., Ser. A,
4.75%, 4/15/22		18,435		21,735,603

				40,049,347


Healthcare-Products—0.2%
Avantor, Inc., Ser. A,
6.25%, 5/15/22		183,425		11,555,775


Insurance—0.2%
Assurant, Inc., Ser. D,
6.50%, 3/15/21		63,295		8,141,003


Machinery—0.4%
Fortive Corp., Ser. A,
5.00%, 7/1/21		17,690		17,208,124


Multi-Utilities—0.3%
Sempra Energy, Ser. A,
6.00%, 1/15/21		133,900		16,070,678


Oil, Gas & Consumable Fuels—0.0%
Nabors Industries Ltd., Ser. A,
zero coupon		53,040		1,198,174


Semiconductors & Semiconductor Equipment—0.4%
Broadcom, Inc., Ser. A,
8.00%, 9/30/22		18,305		21,562,741

Total Convertible Preferred Stock (cost—$224,089,517)				234,780,891



Preferred Stock(a)(d)(f)(j)(k)—0.4%

Media—0.4%
LiveStyle, Inc., Ser. A		7,960		1,202,358
LiveStyle, Inc., Ser. B (h)		171,344		17,134,400
LiveStyle, Inc., Ser. B (h)		8,000		80

Total Preferred Stock (cost—$25,578,848)				18,336,838


76		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements

Schedule of Investments

December 31, 2019 (Unaudited)


	Shares		Value

Equity-linked Security—0.0%

Coal—0.0%
Arch Coal, Inc., expires
10/5/23 (d)(f)(j) (cost-$0)	$	4,002	$	100,383



	Units

Warrants(d)(f)(j)—0.0%

Advertising—0.0%
Affinion Group Holdings, Inc.,
exercise price $67.12, expires 4/1/24 (cost—$1,422,155; purchased 4/1/19) (i)		7,203		56,977


Media—0.0%
LiveStyle, Inc., Ser. C, expires 11/30/21 (k)		43,500		4


Semiconductors—0.0%
GT Advanced Technologies, Inc., expires 10/1/17 (c)		2,860,000		—	†

Total Warrants (cost—$1,422,155)				56,981


	Principal Amount (000s)		Value

Repurchase Agreements—3.9%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $193,216,684; collateralized by U.S. Treasury Bonds, 2.50%, due 2/15/46, valued at $197,081,434 including accrued interest
(cost—$193,214,000)		$193,214	$	193,214,000


Total Investments, before options written (cost—$5,245,963,132)—99.5%				4,897,021,570


Total Options Written —(0.0)% (premiums received—$389,131) (j)(l)(m)				(226,131	)


Total Investments, net of options written (cost—$5,245,574,001)—99.5%				4,896,795,439


Other assets less other liabilities—0.5%				25,983,086


Net Assets—100.0%				$4,922,778,525

Notes to Schedule of Investments:

† Actual amount rounds to less than $1.

(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $1,217,527,270, representing 24.7% of net assets.

(b) 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. Securities with an aggregate value of $1,199,190,412, representing 24.4% of net assets.

(d) Fair-Valued—Securities with an aggregate value of $27,077,539, representing 0.6% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

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

(f) Level 3 security. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

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

(h) Affiliated security.

(i) Restricted. The aggregate cost of such securities is $37,707,888. The aggregate value is $13,110,033, representing 0.3% of net assets.

(j)Non-income producing.

(k) A member of the Fund’s portfolio management team is a member of the board of directors of LiveStyle, Inc. The Fund’s aggregate value of investments in LiveStyle, Inc. represents 0.4% of net assets.

(l) Exchange traded-Chicago Board Options Exchange.

(m) Exchange traded option contracts outstanding at December 31, 2019:



Options written contracts outstanding at December 31, 2019:
Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)

Call options:
Advanced Micro Devices, Inc.		49.00 USD		1/17/20		(1,710	)	$	(171,000	)	$	(97,470	)	$	(49,215	)	$	(48,255	)
Alibaba Group Holding Ltd.		220.00 USD		1/17/20		(305	)		(30,500	)		(42,395	)		(42,992	)		597
Broadcom, Inc.		335.00 USD		1/17/20		(155	)		(15,500	)		(8,525	)		(8,364	)		(161	)
Dollar General Corp.		170.00 USD		1/17/20		(390	)		(39,000	)		(975	)		(19,184	)		18,209
DR Horton, Inc.		56.00 USD		1/17/20		(520	)		(52,000	)		(5,200	)		(9,194	)		3,994
Lam Research Corp.		317.50 USD		1/17/20		(252	)		(25,200	)		(6,426	)		(23,224	)		16,798
Micron Technology, Inc.		62.50 USD		1/17/20		(1,230	)		(123,000	)		(5,535	)		(34,490	)		28,955
Nike, Inc.		110.00 USD		1/17/20		(820	)		(82,000	)		(2,050	)		(20,878	)		18,828
NVIDIA Corp.		265.00 USD		1/17/20		(415	)		(41,500	)		(9,545	)		(29,291	)		19,746
PayPal Holdings, Inc.		115.00 USD		1/17/20		(975	)		(97,500	)		(21,938	)		(77,474	)		55,536
Salesforce.com, Inc.		175.00 USD		1/17/20		(705	)		(70,500	)		(8,460	)		(26,212	)		17,752
ServiceNow, Inc.		305.00 USD		1/17/20		(250	)		(25,000	)		(11,875	)		(36,129	)		24,254
Vertex Pharmaceuticals, Inc.		240.00 USD		1/17/20		(255	)		(25,500	)		(5,737	)		(12,484	)		6,747

Total options written contracts											$	(226,131	)	$	(389,131	)	$	163,000

Glossary:

ADR—American Depositary Receipt

PIK—Payment-in-Kind

REIT—Real Estate Investment Trust


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			77

Schedule of Investments

December 31, 2019 (Unaudited)

AllianzGIMid-Cap Fund


	Shares		Value

Common Stock—98.8%

Aerospace & Defense—3.2%
HEICO Corp., Class A		52,430		$4,694,058
L3Harris Technologies, Inc.		29,879		5,912,158

				10,606,216


Air Freight & Logistics—1.6%
XPO Logistics, Inc. (a)		67,279		5,362,136


Beverages—1.0%
MGP Ingredients, Inc.		70,990		3,439,466


Biotechnology—1.4%
Exact Sciences Corp. (a)		50,365		4,657,755


Capital Markets—2.3%
E*TRADE Financial Corp.		88,752		4,026,678
Tradeweb Markets, Inc., Class A		77,605		3,596,992

				7,623,670


Chemicals—1.4%
FMC Corp.		48,835		4,874,710


Commercial Services & Supplies—3.9%
Clean Harbors, Inc. (a)		72,560		6,222,020
Waste Connections, Inc.		75,632		6,866,629

				13,088,649


Containers & Packaging—2.2%
Crown Holdings, Inc. (a)		102,980		7,470,169


Electrical Equipment—2.2%
AMETEK, Inc.		74,942		7,474,715


Electronic Equipment, Instruments & Components—4.0%
IPG Photonics Corp. (a)		10,705		1,551,369
Keysight Technologies, Inc. (a)		49,535		5,083,777
TE Connectivity Ltd.		37,151		3,560,552
Trimble, Inc. (a)		81,522		3,398,652

				13,594,350


Entertainment—4.6%
Take-Two Interactive Software, Inc. (a)		78,435		9,602,797
Zynga, Inc., Class A (a)		957,201		5,858,070

				15,460,867


Food & Staples Retailing—1.3%
Grocery Outlet Holding Corp. (a)		134,365		4,360,144


Food Products—4.6%
Freshpet, Inc. (a)		95,015		5,614,436
Lamb Weston Holdings, Inc.		65,205		5,609,586
Sanderson Farms, Inc.		24,525		4,321,796

				15,545,818


Healthcare Equipment & Supplies—10.6%
Cooper Cos., Inc.		16,760		5,384,820
DexCom, Inc. (a)		63,782		13,951,675
Edwards Lifesciences Corp. (a)		22,083		5,151,743
Haemonetics Corp. (a)		41,643		4,784,781
IDEXX Laboratories, Inc. (a)		23,845		6,226,645

				35,499,664


Hotels, Restaurants & Leisure—3.4%
Chipotle Mexican Grill, Inc. (a)		7,560		6,328,552
Royal Caribbean Cruises Ltd.		38,583		5,151,216

				11,479,768


	Shares		Value

Insurance—3.7%
Arthur J Gallagher & Co.		68,705	$	6,542,777
James River Group Holdings Ltd.		143,025		5,894,060

				12,436,837


IT Services—10.7%
Booz Allen Hamilton Holding Corp.		83,230		5,920,150
EPAM Systems, Inc. (a)		44,788		9,502,222
Fidelity National Information Services, Inc.		67,459		9,382,872
Repay Holdings Corp. (a)		144,440		2,116,046
WEX, Inc. (a)		29,328		6,143,043
Wix.com Ltd. (a)		23,044		2,820,125

				35,884,458


Life Sciences Tools & Services—1.3%
Agilent Technologies, Inc.		51,449		4,389,114


Machinery—0.9%
Parker-Hannifin Corp.		13,935		2,868,102


Multi-Line Retail—1.7%
Dollar Tree, Inc. (a)		60,462		5,686,451


Pharmaceuticals—4.4%
Catalent, Inc. (a)		107,632		6,059,682
Elanco Animal Health, Inc. (a)		178,090		5,244,750
Horizon Therapeutics PLC (a)		100,555		3,640,091

				14,944,523


Professional Services—3.6%
Equifax, Inc.		35,218		4,934,746
Verisk Analytics, Inc.		49,168		7,342,749

				12,277,495


Real Estate Management & Development—1.4%
CBRE Group, Inc., Class A (a)		75,481		4,626,231


Road & Rail—1.4%
Kansas City Southern		30,190		4,623,900


Semiconductors & Semiconductor Equipment—7.4%
Advanced Micro Devices, Inc. (a)		189,955		8,711,336
Entegris, Inc.		84,196		4,217,378
Lam Research Corp.		25,010		7,312,924
Monolithic Power Systems, Inc.		25,204		4,486,816

				24,728,454


Software—8.2%
Atlassian Corp. PLC, Class A (a)		40,745		4,903,253
Ceridian HCM Holding, Inc. (a)		82,330		5,588,561
Splunk, Inc. (a)		55,494		8,311,336
Trade Desk, Inc., Class A (a)		18,033		4,684,613
Workday, Inc., Class A (a)		24,689		4,060,106

				27,547,869


Specialty Retail—1.2%
Floor & Decor Holdings, Inc., Class A (a)		80,865		4,108,751


Textiles, Apparel & Luxury Goods—3.6%
Lululemon Athletica, Inc. (a)		33,940		7,862,880
VF Corp.		42,005		4,186,218

				12,049,098


	Shares		Value

Trading Companies & Distributors—1.6%
United Rentals, Inc. (a)		33,279	$	5,549,939

Total Common Stock (cost—$244,671,187)				332,259,319



	Principal Amount (000s)

Repurchase Agreements—1.0%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $3,282,046; collateralized by U.S. Treasury Bonds, 3.00%, due 11/15/45, valued at $3,349,921 including accrued interest
(cost—$3,282,000)		$3,282		3,282,000


Total Investments (cost—$247,953,187)—99.8%				335,541,319


Other assets less liabilities—0.2%				555,913


Net Assets—100.0%				$336,097,232

Notes to Schedule of Investments:

(a)Non-income producing.


78		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements

Schedule of Investments

December 31, 2019 (Unaudited)

AllianzGI NFJ Dividend Value Fund


	Shares		Value

Common Stock—99.8%

Aerospace & Defense—5.0%
Curtiss-Wright Corp.		86,761		$12,223,757
General Dynamics Corp.		36,438		6,425,841
Lockheed Martin Corp.		64,365		25,062,444
United Technologies Corp.		124,015		18,572,487

				62,284,529


Air Freight & Logistics—1.0%
Expeditors International of Washington, Inc.		160,138		12,493,967


Automobiles—0.9%
General Motors Co.		317,314		11,613,692


Banks—13.1%
Bank of America Corp.		703,210		24,767,056
Citigroup, Inc.		312,870		24,995,184
Citizens Financial Group, Inc.		300,177		12,190,188
Comerica, Inc.		174,063		12,489,020
JPMorgan Chase & Co.		361,440		50,384,736
M&T Bank Corp.		74,994		12,730,232
PNC Financial Services Group, Inc.		75,711		12,085,747
U.S. Bancorp		207,704		12,314,770

				161,956,933


Beverages—1.0%
Diageo PLC ADR		74,200		12,496,764


Capital Markets—3.0%
Ameriprise Financial, Inc.		74,500		12,410,210
Morgan Stanley		485,145		24,800,612

				37,210,822


Chemicals—2.0%
Celanese Corp.		97,600		12,016,512
Dow, Inc.		230,206		12,599,174

				24,615,686


Communications Equipment—1.0%
Cisco Systems, Inc.		262,615		12,595,015


Construction & Engineering—0.9%
EMCOR Group, Inc.		133,050		11,482,215


Construction Materials—1.0%
Vulcan Materials Co.		87,111		12,543,113


Containers & Packaging—1.0%
Avery Dennison Corp.		93,866		12,279,550


Diversified Telecommunication Services—3.0%
AT&T, Inc.		645,263		25,216,878
Verizon Communications, Inc.		200,121		12,287,429

				37,504,307


Electric Utilities—3.0%
American Electric Power Co., Inc.		132,354		12,508,777
Exelon Corp.		269,798		12,300,091
Pinnacle West Capital Corp.		133,769		12,029,846

				36,838,714


Electrical Equipment—1.0%
Eaton Corp. PLC		130,119		12,324,872


Entertainment—1.0%
Walt Disney Co.		85,317		12,339,398


Equity Real Estate Investment Trusts (REITs)—3.0%
Alexandria Real Estate Equities, Inc.		75,691		12,230,152
CoreSite Realty Corp.		106,019		11,886,850


	Shares		Value
Crown Castle International Corp.		86,693	$	12,323,410

				36,440,412


Food Products—2.0%
Lamb Weston Holdings, Inc.		143,262		12,324,830
Mondelez International, Inc., Class A		229,171		12,622,739

				24,947,569


Healthcare Equipment & Supplies—4.0%
Hill-Rom Holdings, Inc.		107,644		12,220,823
Medtronic PLC		217,970		24,728,697
Stryker Corp.		59,526		12,496,888

				49,446,408


Healthcare Providers & Services—2.0%
Humana, Inc.		33,126		12,141,342
Quest Diagnostics, Inc.		113,347		12,104,326

				24,245,668


Hotels, Restaurants & Leisure—1.9%
Darden Restaurants, Inc.		106,210		11,577,952
Royal Caribbean Cruises Ltd.		91,930		12,273,574

				23,851,526


Household Products—1.0%
Church & Dwight Co., Inc.		176,192		12,393,345


Industrial Conglomerates—1.6%
General Electric Co.		564,112		6,295,490
Roper Technologies, Inc.		36,361		12,880,157

				19,175,647


Insurance—6.8%
Allstate Corp.		110,697		12,447,878
MetLife, Inc.		243,999		12,436,629
Primerica, Inc.		89,766		11,719,849
Progressive Corp.		306,496		22,187,245
Reinsurance Group of America, Inc.		151,325		24,675,055

				83,466,656


IT Services—1.0%
Automatic Data Processing, Inc.		73,423		12,518,622


Life Sciences Tools & Services—1.0%
Agilent Technologies, Inc.		144,540		12,330,707


Machinery—3.1%
Crane Co.		145,674		12,583,320
Stanley Black & Decker, Inc.		76,399		12,662,371
Toro Co.		155,451		12,384,781

				37,630,472


Media—3.0%
Comcast Corp., Class A		822,100		36,969,837


Multi-Utilities—1.0%
Public Service Enterprise Group, Inc.		203,649		12,025,473


Oil, Gas & Consumable Fuels—10.3%
Chevron Corp.		362,054		43,631,128
ConocoPhillips		359,165		23,356,500
EOG Resources, Inc.		136,480		11,431,565
Marathon Petroleum Corp.		197,198		11,881,179
Royal Dutch Shell PLC, Class A ADR		217,158		12,807,979
TC Energy Corp.		235,642		12,562,075
Valero Energy Corp.		126,249		11,823,219

				127,493,645


	Shares		Value

Personal Products—1.0%
Unilever NV		218,148	$	12,534,784


Pharmaceuticals—6.5%
Bristol-Myers Squibb Co.		194,137		12,461,654
Johnson & Johnson		298,294		43,512,146
Pfizer, Inc.		310,947		12,182,903
Roche Holding AG ADR		307,248		12,492,704

				80,649,407


Road & Rail—1.0%
Kansas City Southern		82,358		12,613,951


Semiconductors & Semiconductor Equipment—3.1%
Broadcom, Inc.		37,838		11,957,565
Intel Corp.		428,344		25,636,388

				37,593,953


Software—1.9%
Oracle Corp.		443,169		23,479,094


Specialty Retail—4.0%
Lowe’s Cos., Inc.		209,436		25,082,055
TJX Cos., Inc.		203,604		12,432,060
Tractor Supply Co.		130,335		12,178,503

				49,692,618


Textiles, Apparel & Luxury Goods—1.0%
Columbia Sportswear Co.		121,200		12,143,028


Tobacco—1.7%
Philip Morris International, Inc.		240,747		20,485,162

Total Common Stock (cost—$1,076,279,479)				1,232,707,561



	Principal Amount (000s)

Repurchase Agreements—0.6%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $7,594,105; collateralized by U.S. Treasury Bonds, 2.50%, due 2/15/46-5/15/46, valued at $7,746,570 including accrued interest
(cost—$7,594,000)		$7,594		7,594,000


Total Investments (cost—$1,083,873,479) —100.4%				1,240,301,561


Liabilities in excess of other assets—(0.4)%				(4,360,493	)


Net Assets—100.0%				$1,235,941,068

Glossary:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			79

Schedule of Investments

December 31, 2019 (Unaudited)

AllianzGI NFJ International Value Fund


	Shares		Value

Common Stock—98.0%

Australia—1.9%
Macquarie Group Ltd.		17,871		$1,730,704
Westpac Banking Corp.		89,154		1,522,459

				3,253,163


Belgium—1.0%
Anheuser-Busch InBev S.A. ADR		20,999		1,722,758


Brazil—1.1%
Banco Bradesco S.A. ADR		207,670		1,858,646


Canada—10.5%
Bank of Montreal		23,200		1,798,000
Canadian Pacific Railway Ltd.		13,441		3,426,783
Enerplus Corp.		175,900		1,254,167
Magna International, Inc.		27,256		1,494,719
Manulife Financial Corp.		86,068		1,746,320
TC Energy Corp.		63,460		3,383,052
Toronto-Dominion Bank		83,540		4,689,100

				17,792,141


China—12.1%
Anhui Conch Cement Co., Ltd., Class H		498,500		3,632,134
China Construction Bank Corp., Class H		2,135,100		1,851,220
China Mobile Ltd.		361,500		3,054,623
China Shenhua Energy Co., Ltd., Class H		744,000		1,555,632
Haier Electronics Group Co., Ltd.		646,000		2,018,323
Hengan International Group Co., Ltd.		239,500		1,705,975
Longfor Group Holdings Ltd. (a)		357,500		1,674,165
Ping An Insurance Group Co of China Ltd., Class A		117,117		1,439,254
Shenzhen Expressway Co., Ltd., Class H		1,144,000		1,641,592
Tencent Holdings Ltd.		40,000		1,927,045

				20,499,963


France—8.0%
Capgemini SE		28,002		3,424,780
Euronext NV (a)		22,128		1,808,740
Kering S.A.		2,608		1,718,449
Sanofi		35,329		3,548,001
Thales S.A.		29,325		3,051,407

				13,551,377


Germany—6.2%
BASF SE		18,879		1,422,280
Bayer AG		22,143		1,800,151
Deutsche Telekom AG		99,558		1,626,994
Fresenius SE & Co. KGaA		34,684		1,951,788
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		5,897		1,740,163
SAP SE		13,761		1,852,205

				10,393,581


Hong Kong—4.1%
AIA Group Ltd.		330,800		3,479,341
CLP Holdings Ltd.		147,500		1,548,369
Sands China Ltd.		345,600		1,846,565

				6,874,275


India—0.8%
Reliance Industries Ltd. GDR (a)		32,098		1,365,770


	Shares		Value

Ireland—1.1%
Smurfit Kappa Group PLC		46,602	$	1,796,840


Italy—1.1%
Terna Rete Elettrica Nazionale SpA		285,796		1,911,378


Japan—9.9%
Astellas Pharma, Inc.		103,000		1,758,208
Daiwa House Industry Co., Ltd.		47,700		1,476,641
Hitachi Ltd.		46,040		1,942,692
KDDI Corp.		56,000		1,670,835
Mitsubishi Corp.		64,400		1,706,043
Sony Corp.		71,600		4,861,473
Tokio Marine Holdings, Inc.		57,400		3,213,756

				16,629,648


Korea (Republic of)—2.1%
Samsung Electronics Co., Ltd.		73,547		3,543,998


Netherlands—2.9%
ING Groep NV		132,412		1,591,911
Unilever NV		56,508		3,243,032

				4,834,943


Russian Federation—1.1%
Lukoil PJSC ADR		19,070		1,882,400


Singapore—3.1%
DBS Group Holdings Ltd.		173,600		3,347,223
Singapore Exchange Ltd.		279,500		1,840,823

				5,188,046


South Africa—0.7%
Naspers Ltd., Class N		6,957		1,138,491


Spain—2.8%
Banco Santander S.A.		739,141		3,099,032
Iberdrola S.A.		165,526		1,705,839

				4,804,871


Switzerland—5.3%
Nestle S.A.		31,102		3,367,264
Roche Holding AG		17,192		5,587,446

				8,954,710


Taiwan—1.9%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		54,876		3,188,296


United Kingdom—17.3%
3i Group PLC		111,998		1,629,763
BAE Systems PLC ADR		105,368		3,190,543
Carnival PLC		35,252		1,689,753
Coca-Cola HBC AG (c)		52,676		1,790,456
Compass Group PLC		69,386		1,738,936
Diageo PLC ADR		9,676		1,629,632
GlaxoSmithKline PLC		142,186		3,340,948
Imperial Brands PLC		126,757		3,136,004
Legal & General Group PLC		792,268		3,182,586
Rio Tinto PLC		27,884		1,650,592
Royal Dutch Shell PLC, Class A ADR		105,140		6,201,157

				29,180,370


United States—3.0%
Broadcom, Inc.		5,500		1,738,110
Constellation Brands, Inc., Class A		8,501		1,613,065
Expeditors International of Washington, Inc.		22,330		1,742,186

				5,093,361

Total Common Stock (cost—$149,490,444)				165,459,026


	Shares		Value

Preferred Stock—1.9%

Germany—1.9%
Porsche Automobil Holding SE (cost—$2,917,393)		41,698	$	3,093,917



	Principal Amount (000s)

Repurchase Agreements—0.2%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $414,006; collateralized by U.S. Treasury Bonds, 2.50%, due 2/15/46, valued at $426,122 including accrued interest
(cost—$414,000)		$414		414,000


Total Investments (cost—$152,821,837) (b) —100.1%				168,966,943


Liabilities in excess of other assets—(0.1)%				(177,500	)


Net Assets—100.0%				$168,789,443

Notes to Schedule of Investments:

(a) 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. Securities with an aggregate value of $4,848,675, representing 2.9% of net assets.

(b) Securities with an aggregate value of $124,628,239, representing 73.8% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c)Non-income producing.

Glossary:

ADR—American Depositary Receipt

GDR—Global Depositary Receipt


80		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements

Schedule of Investments

December 31, 2019 (Unaudited)

The industry classification of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets were as follows:


Banks			11.7%
Pharmaceuticals			9.5%
Oil, Gas & Consumable Fuels			9.3%
Insurance			8.8%
Capital Markets			4.2%
Household Durables			4.1%
Beverages			4.0%
Aerospace & Defense			3.7%
Hotels, Restaurants & Leisure			3.1%
Electric Utilities			3.1%
Personal Products			2.9%
Semiconductors & Semiconductor Equipment			2.9%
Wireless Telecommunication Services			2.8%
Construction Materials			2.1%
Technology Hardware, Storage & Peripherals			2.1%
Road & Rail			2.0%
IT Services			2.0%
Food Products			2.0%
Real Estate Management & Development			1.9%
Tobacco			1.9%
Automobiles			1.8%
Healthcare Providers & Services			1.2%
Electronic Equipment, Instruments & Components			1.1%
Interactive Media & Services			1.1%
Software			1.1%
Containers & Packaging			1.1%
Air Freight & Logistics			1.0%
Textiles, Apparel & Luxury Goods			1.0%
Trading Companies & Distributors			1.0%
Metals & Mining			1.0%
Transportation Infrastructure			1.0%
Diversified Telecommunication Services			1.0%
Auto Components			0.9%
Chemicals			0.8%
Internet & Direct Marketing Retail			0.7%
Repurchase Agreements			0.2%
Liabilities in excess of other assets			(0.1)%

			100.0%

AllianzGI NFJLarge-Cap Value Fund


	Shares		Value

Common Stock—99.7%

Aerospace & Defense—3.7%
Curtiss-Wright Corp.		29,916		$4,214,865
General Dynamics Corp.		8,908		1,570,926
Lockheed Martin Corp.		8,000		3,115,040
United Technologies Corp.		21,788		3,262,971

				12,163,802


Air Freight & Logistics—1.0%
Expeditors International of Washington, Inc.		40,976		3,196,947


Banks—13.4%
Bank of America Corp.		256,167		9,022,202
Citigroup, Inc.		87,400		6,982,386
Citizens Financial Group, Inc.		81,165		3,296,110
Comerica, Inc.		47,165		3,384,089
JPMorgan Chase & Co.		99,700		13,898,180
PNC Financial Services Group, Inc.		23,441		3,741,887
U.S. Bancorp		52,576		3,117,231

				43,442,085


Beverages—1.0%
Diageo PLC ADR		18,500		3,115,770


Capital Markets—4.2%
Ameriprise Financial, Inc.		21,760		3,624,781
Morgan Stanley		134,000		6,850,080
Nasdaq, Inc.		29,361		3,144,563

				13,619,424


Chemicals—2.1%
Celanese Corp.		25,800		3,176,496
Dow, Inc.		66,846		3,658,482

				6,834,978


Communications Equipment—0.9%
Cisco Systems, Inc.		58,117		2,787,291


Construction & Engineering—1.0%
EMCOR Group, Inc.		37,268		3,216,228


Construction Materials—1.0%
Vulcan Materials Co.		22,893		3,296,363


Consumer Finance—1.0%
Discover Financial Services		37,300		3,163,786


Containers & Packaging—1.1%
Avery Dennison Corp.		26,252		3,434,287


Diversified Telecommunication Services—2.8%
AT&T, Inc.		156,789		6,127,314
Verizon Communications, Inc.		50,871		3,123,479

				9,250,793


Electric Utilities—2.7%
Entergy Corp.		24,865		2,978,827
Exelon Corp.		66,592		3,035,930
Pinnacle West Capital Corp.		29,839		2,683,421

				8,698,178


Electrical Equipment—1.1%
Eaton Corp. PLC		36,600		3,466,752


Entertainment—1.0%
Walt Disney Co.		23,376		3,380,871


Equity Real Estate Investment Trusts (REITs)—3.8%
Alexandria Real Estate Equities, Inc.		21,081		3,406,268
CoreSite Realty Corp.		23,805		2,669,016


	Shares		Value
Crown Castle International Corp.		21,299	$	3,027,653
Prologis, Inc.		34,599		3,084,155

				12,187,092


Food & Staples Retailing—0.5%
Sysco Corp.		19,445		1,663,325


Food Products—1.9%
Lamb Weston Holdings, Inc.		37,792		3,251,246
Mondelez International, Inc., Class A		56,000		3,084,480

				6,335,726


Healthcare Equipment & Supplies—3.4%
Abbott Laboratories		18,507		1,607,518
Baxter International, Inc.		18,506		1,547,472
Hill-Rom Holdings, Inc.		28,317		3,214,829
Medtronic PLC		39,900		4,526,655

				10,896,474


Healthcare Providers & Services—3.5%
CVS Health Corp.		24,208		1,798,412
HCA Healthcare, Inc.		18,700		2,764,047
Humana, Inc.		9,526		3,491,470
Quest Diagnostics, Inc.		29,700		3,171,663

				11,225,592


Hotels, Restaurants & Leisure—2.4%
Darden Restaurants, Inc.		24,820		2,705,628
Domino’s Pizza, Inc.		6,027		1,770,612
Royal Caribbean Cruises Ltd.		25,700		3,431,207

				7,907,447


Household Products—1.5%
Church & Dwight Co., Inc.		46,725		3,286,637
Procter & Gamble Co.		13,138		1,640,936

				4,927,573


Industrial Conglomerates—2.1%
General Electric Co.		170,872		1,906,931
Honeywell International, Inc.		8,713		1,542,201
Roper Technologies, Inc.		9,094		3,221,368

				6,670,500


Insurance—5.7%
Allstate Corp.		29,200		3,283,540
MetLife, Inc.		61,428		3,130,985
Primerica, Inc.		26,421		3,449,526
Progressive Corp.		73,688		5,334,274
Reinsurance Group of America, Inc.		20,100		3,277,506

				18,475,831


IT Services—1.0%
Automatic Data Processing, Inc.		18,715		3,190,907


Life Sciences Tools & Services—0.5%
Agilent Technologies, Inc.		20,918		1,784,515


Machinery—2.6%
Crane Co.		19,494		1,683,892
Stanley Black & Decker, Inc.		20,298		3,364,190
Toro Co.		41,040		3,269,657

				8,317,739


Media—1.9%
Comcast Corp., Class A		138,100		6,210,357


Multi-Utilities—0.9%
Public Service Enterprise Group, Inc.		49,368		2,915,180


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			81

Schedule of Investments

December 31, 2019 (Unaudited)


	Shares		Value

Oil, Gas & Consumable Fuels—10.3%
Chevron Corp.		89,545	$	10,791,068
ConocoPhillips		111,700		7,263,851
EOG Resources, Inc.		37,458		3,137,482
Kinder Morgan, Inc.		151,522		3,207,721
Marathon Oil Corp.		231,292		3,140,945
Marathon Petroleum Corp.		49,338		2,972,615
Royal Dutch Shell PLC, Class A ADR		26,465		1,560,906
Valero Energy Corp.		15,793		1,479,014

				33,553,602


Personal Products—0.9%
Unilever NV		50,562		2,905,293


Pharmaceuticals—5.6%
Bristol-Myers Squibb Co.		13,926		893,910
Johnson & Johnson		70,424		10,272,749
Pfizer, Inc.		84,597		3,314,510
Roche Holding AG ADR		87,144		3,543,275

				18,024,444


Road & Rail—0.9%
Union Pacific Corp.		17,000		3,073,430


Semiconductors & Semiconductor Equipment—3.1%
Broadcom, Inc.		10,281		3,249,002
Intel Corp.		116,500		6,972,525

				10,221,527


Software—2.1%
Microsoft Corp.		22,280		3,513,556
Oracle Corp.		60,800		3,221,184

				6,734,740


Specialty Retail—4.6%
Best Buy Co., Inc.		24,485		2,149,783
Lowe’s Cos., Inc.		53,485		6,405,364
TJX Cos., Inc.		55,090		3,363,795
Tractor Supply Co.		33,154		3,097,910

				15,016,852


Textiles, Apparel & Luxury Goods—1.0%
Columbia Sportswear Co.		31,118		3,117,712


Tobacco—1.5%
Philip Morris International, Inc.		58,130		4,946,282


Total Investments (cost—$292,190,104)—99.7%				323,369,695


Other assets less liabilities—0.3%				924,649


Net Assets—100.0%				$324,294,344

Glossary:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

AllianzGI NFJMid-Cap Value Fund


	Shares		Value

Common Stock—98.7%

Aerospace & Defense—2.7%
Curtiss-Wright Corp.		100,514		$14,161,418
L3Harris Technologies, Inc.		59,090		11,692,138
Northrop Grumman Corp.		39,990		13,755,360

				39,608,916


Air Freight & Logistics—1.0%
Expeditors International of Washington, Inc.		183,463		14,313,783


Airlines—0.4%
Copa Holdings S.A., Class A		55,531		6,001,791


Banks—7.1%
Citizens Financial Group, Inc.		371,950		15,104,890
Comerica, Inc.		199,680		14,327,040
Fifth Third Bancorp		589,269		18,114,129
KeyCorp		363,660		7,360,479
M&T Bank Corp.		86,187		14,630,243
Regions Financial Corp.		840,570		14,424,181
TCF Financial Corp.		156,604		7,329,067
Western Alliance Bancorp		213,623		12,176,511

				103,466,540


Beverages—1.0%
Constellation Brands, Inc., Class A		38,634		7,330,801
Keurig Dr Pepper, Inc.		239,409		6,930,891

				14,261,692


Capital Markets—5.0%
Ameriprise Financial, Inc.		85,076		14,171,960
Cboe Global Markets, Inc.		56,697		6,803,640
Intercontinental Exchange, Inc.		117,559		10,880,086
Northern Trust Corp.		112,849		11,989,078
SEI Investments Co.		227,180		14,875,746
Stifel Financial Corp.		232,165		14,080,807

				72,801,317


Chemicals—2.7%
Celanese Corp.		56,494		6,955,541
Ecolab, Inc.		38,390		7,408,886
FMC Corp.		35,937		3,587,232
LyondellBasell Industries NV, Class A		77,996		7,369,062
ScottsMiracle-Gro Co.		130,150		13,819,327

				39,140,048


Commercial Services & Supplies—1.0%
Republic Services, Inc.		157,810		14,144,510


Communications Equipment—0.5%
Motorola Solutions, Inc.		45,042		7,258,068


Construction & Engineering—0.4%
EMCOR Group, Inc.		76,809		6,628,617


Construction Materials—1.0%
Vulcan Materials Co.		101,270		14,581,867


Consumer Finance—0.9%
Discover Financial Services		159,410		13,521,156


Containers & Packaging—1.8%
Avery Dennison Corp.		52,567		6,876,815
Sealed Air Corp.		287,486		11,450,567
Sonoco Products Co.		118,861		7,336,101

				25,663,483


	Shares		Value

Diversified Consumer Services—1.1%
Service Corp. International		158,040	$	7,274,581
Strategic Education, Inc.		52,549		8,350,036

				15,624,617


Electric Utilities—2.2%
Evergy, Inc.		213,648		13,906,348
Otter Tail Corp.		72,285		3,707,498
Xcel Energy, Inc.		232,297		14,748,537

				32,362,383


Electrical Equipment—0.9%
AMETEK, Inc.		139,035		13,867,351


Electronic Equipment, Instruments & Components—0.7%
Amphenol Corp., Class A		33,758		3,653,628
FLIR Systems, Inc.		128,256		6,678,290

				10,331,918


Entertainment—0.9%
Activision Blizzard, Inc.		122,296		7,266,828
World Wrestling Entertainment, Inc., Class A		93,701		6,078,384

				13,345,212


Equity Real Estate Investment Trusts (REITs)—11.3%
Alexandria Real Estate Equities, Inc.		87,156		14,082,666
AvalonBay Communities, Inc.		56,940		11,940,318
Boston Properties, Inc.		96,003		13,234,974
CoreSite Realty Corp.		113,860		12,765,983
Crown Castle International Corp.		105,429		14,986,732
Douglas Emmett, Inc.		310,580		13,634,462
Equinix, Inc.		5,843		3,410,559
Extra Space Storage, Inc.		132,690		14,014,718
Lamar Advertising Co., Class A		113,190		10,103,339
National Health Investors, Inc.		160,330		13,063,688
Prologis, Inc.		153,640		13,695,470
Public Storage		32,584		6,939,089
Terreno Realty Corp.		49,076		2,656,975
UDR, Inc.		196,550		9,178,885
Ventas, Inc.		184,050		10,627,047

				164,334,905


Food Products—1.8%
Lamb Weston Holdings, Inc.		166,688		14,340,169
Tyson Foods, Inc., Class A		125,884		11,460,479

				25,800,648


Gas Utilities—2.4%
Atmos Energy Corp.		66,642		7,454,574
ONE Gas, Inc.		155,969		14,594,019
Southwest Gas Holdings, Inc.		181,305		13,773,741

				35,822,334


Healthcare Equipment & Supplies—1.4%
STERIS PLC		86,990		13,259,016
Stryker Corp.		34,781		7,301,923

				20,560,939


Healthcare Providers & Services—2.6%
Encompass Health Corp.		160,113		11,091,027
Humana, Inc.		35,841		13,136,443
Quest Diagnostics, Inc.		124,221		13,265,561

				37,493,031


82		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements

Schedule of Investments

December 31, 2019 (Unaudited)


	Shares		Value

Hotels, Restaurants & Leisure—4.5%
Cedar Fair L.P.		122,244	$	6,777,207
Darden Restaurants, Inc.		61,120		6,662,691
Domino’s Pizza, Inc.		24,532		7,207,011
Dunkin’ Brands Group, Inc.		92,537		6,990,245
Royal Caribbean Cruises Ltd.		165,942		22,154,917
Vail Resorts, Inc.		28,131		6,746,658
Yum China Holdings, Inc.		179,789		8,631,670

				65,170,399


Household Durables—1.0%
Garmin Ltd.		36,547		3,565,525
PulteGroup, Inc.		269,615		10,461,062

				14,026,587


Household Products—0.7%
Church & Dwight Co., Inc.		146,206		10,284,130


Industrial Conglomerates—1.0%
Roper Technologies, Inc.		40,493		14,343,835


Insurance—8.9%
Allstate Corp.		93,891		10,558,043
American Financial Group, Inc.		126,730		13,895,944
Aon PLC		33,709		7,021,248
Cincinnati Financial Corp.		83,369		8,766,250
Hanover Insurance Group, Inc.		100,607		13,749,959
Lincoln National Corp.		242,890		14,332,939
Primerica, Inc.		82,050		10,712,448
Progressive Corp.		232,091		16,801,067
Reinsurance Group of America, Inc.		80,183		13,074,640
Selective Insurance Group, Inc.		209,867		13,681,230
Unum Group		236,154		6,886,251

				129,480,019


IT Services—4.3%
Amdocs Ltd.		182,674		13,187,236
Automatic Data Processing, Inc.		41,235		7,030,567
MAXIMUS, Inc.		139,880		10,405,673
Paychex, Inc.		118,731		10,099,259
Science Applications International Corp.		81,693		7,108,925
VeriSign, Inc. (a)		76,367		14,714,394

				62,546,054


Life Sciences Tools & Services—2.4%
Agilent Technologies, Inc.		240,313		20,501,102
PerkinElmer, Inc.		155,426		15,091,865

				35,592,967


Machinery—4.1%
Crane Co.		148,220		12,803,244
ITT, Inc.		98,946		7,313,099
Oshkosh Corp.		90,508		8,566,582
Stanley Black & Decker, Inc.		48,829		8,092,918
Toro Co.		166,637		13,275,970
Woodward, Inc.		79,945		9,468,686

				59,520,499


Metals & Mining—1.1%
Reliance Steel & Aluminum Co.		30,100		3,604,776
Royal Gold, Inc.		62,078		7,589,035
Steel Dynamics, Inc.		160,814		5,474,109

				16,667,920


	Shares		Value

Mortgage Real Estate Investment Trusts (REITs)—0.5%
New Residential Investment Corp.		435,448	$	7,015,067


Multi-Utilities—3.6%
DTE Energy Co.		143,978		18,698,423
NiSource, Inc.		673,781		18,758,063
Sempra Energy		97,303		14,739,458

				52,195,944


Oil, Gas & Consumable Fuels—5.1%
Cabot Oil & Gas Corp.		213,753		3,721,440
ConocoPhillips		116,697		7,588,806
Devon Energy Corp.		277,790		7,214,206
Diamondback Energy, Inc.		73,630		6,837,282
EOG Resources, Inc.		93,270		7,812,295
Marathon Oil Corp.		533,580		7,246,017
Marathon Petroleum Corp.		108,253		6,522,243
ONEOK, Inc.		135,267		10,235,654
Pioneer Natural Resources Co.		53,870		8,154,302
Williams Cos., Inc.		400,110		9,490,609

				74,822,854


Personal Products—0.5%
Estee Lauder Cos., Inc., Class A		36,097		7,455,474


Pharmaceuticals—0.5%
Zoetis, Inc.		59,101		7,822,017


Professional Services—0.5%
TransUnion		83,711		7,166,499


Road & Rail—1.3%
Canadian Pacific Railway Ltd.		46,064		11,744,017
Kansas City Southern		50,572		7,745,607

				19,489,624


Semiconductors & Semiconductor Equipment—1.3%
Broadcom, Inc.		33,596		10,617,008
NXP Semiconductors NV		64,079		8,154,694

				18,771,702


Software—1.0%
SS&C Technologies Holdings, Inc.		241,484		14,827,118


Specialty Retail—2.9%
Best Buy Co., Inc.		162,409		14,259,510
Lowe’s Cos., Inc.		115,628		13,847,609
Tractor Supply Co.		155,790		14,557,018

				42,664,137


Textiles, Apparel & Luxury Goods—1.7%
Columbia Sportswear Co.		168,797		16,911,771
Ralph Lauren Corp.		62,207		7,291,905

				24,203,676


Water Utilities—1.0%
American Water Works Co., Inc.		88,976		10,930,702
California Water Service Group		72,743		3,750,629

				14,681,331

Total Common Stock (cost—$1,272,768,444)				1,439,682,979


	Principal Amount (000s)		Value

Repurchase Agreements—0.9%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $12,973,180; collateralized by U.S. Treasury Bonds, 2.50%, due 5/15/46, valued at $13,234,293 including accrued interest
(cost—$12,973,000)		$12,973	$	12,973,000


Total Investments (cost—$1,285,741,444)—99.6%				1,452,655,979


Other assets less liabilities—0.4%				5,277,420


Net Assets—100.0%				$1,457,933,399

Notes to Schedule of Investments:

(a)Non-income producing.

Glossary:

REIT—Real Estate Investment Trust


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			83

Schedule of Investments

December 31, 2019 (Unaudited)

AllianzGI NFJ Small-Cap Value Fund


	Shares		Value

Common Stock—99.8%

Aerospace & Defense—1.7%
Curtiss-Wright Corp.		69,852		$9,841,448
Hexcel Corp.		55,259		4,051,038

				13,892,486


Airlines—1.0%
SkyWest, Inc.		127,598		8,246,659


Auto Components—1.1%
Dana, Inc.		263,244		4,791,041
Standard Motor Products, Inc.		83,460		4,441,741

				9,232,782


Banks—16.9%
Ameris Bancorp		97,906		4,164,921
Associated Banc-Corp		446,966		9,851,131
Atlantic Union Bankshares Corp.		218,615		8,208,993
BancFirst Corp.		77,165		4,818,183
CenterState Bank Corp.		373,146		9,321,187
Enterprise Financial Services Corp.		202,556		9,765,225
First Interstate Bancsystem, Inc., Class A		196,790		8,249,437
First Merchants Corp.		217,079		9,028,316
FNB Corp.		343,566		4,363,288
Glacier Bancorp, Inc.		179,965		8,276,590
IBERIABANK Corp.		113,457		8,489,987
Independent Bank Corp.		50,984		4,244,418
Simmons First National Corp., Class A		321,506		8,613,146
South State Corp.		106,126		9,206,430
TCF Financial Corp.		136,081		6,368,591
Umpqua Holdings Corp.		232,139		4,108,860
United Community Banks, Inc.		133,532		4,123,468
Valley National Bancorp		737,249		8,441,501
Western Alliance Bancorp		129,566		7,385,262

				137,028,934


Beverages—0.8%
Coca-Cola Consolidated, Inc.		24,042		6,829,130


Building Products—0.5%
Universal Forest Products, Inc.		84,056		4,009,471


Capital Markets—3.3%
AllianceBernstein Holding L.P.		287,028		8,685,467
Houlihan Lokey, Inc.		202,919		9,916,652
Stifel Financial Corp.		140,728		8,535,153

				27,137,272


Chemicals—1.8%
Cabot Corp.		139,851		6,645,719
Innophos Holdings, Inc.		39,664		1,268,455
Innospec, Inc.		45,940		4,752,034
Stepan Co.		20,922		2,143,250

				14,809,458


Commercial Services & Supplies—2.2%
Ennis, Inc.		196,491		4,254,030
McGrath RentCorp		115,665		8,852,999
Tetra Tech, Inc.		50,349		4,338,070

				17,445,099


Construction & Engineering—0.5%
EMCOR Group, Inc.		46,616		4,022,961


Containers & Packaging—1.6%
Silgan Holdings, Inc.		136,336		4,237,323
Sonoco Products Co.		142,638		8,803,617

				13,040,940


	Shares		Value

Diversified Consumer Services—0.6%
Strategic Education, Inc.		30,797	$	4,893,643


Electric Utilities—2.4%
IDACORP, Inc.		78,336		8,366,285
Otter Tail Corp.		42,237		2,166,336
PNM Resources, Inc.		170,408		8,641,389

				19,174,010


Electrical Equipment—0.5%
Encore Wire Corp.		75,256		4,319,694


Electronic Equipment, Instruments & Components—3.7%
Dolby Laboratories, Inc., Class A		60,617		4,170,450
FLIR Systems, Inc.		154,478		8,043,669
Methode Electronics, Inc.		238,205		9,373,367
SYNNEX Corp.		64,273		8,278,362

				29,865,848


Energy Equipment & Services—1.1%
Archrock, Inc.		855,273		8,586,941


Entertainment—0.8%
Marcus Corp.		68,566		2,178,342
World Wrestling Entertainment, Inc., Class A		59,831		3,881,237

				6,059,579


Equity Real Estate Investment Trusts (REITs)—8.7%
American Assets Trust, Inc.		92,429		4,242,491
Americold Realty Trust		122,200		4,284,332
CoreSite Realty Corp.		68,754		7,708,698
CyrusOne, Inc.		17,875		1,169,561
Douglas Emmett, Inc.		189,779		8,331,298
First Industrial Realty Trust, Inc.		198,198		8,227,199
Hudson Pacific Properties, Inc.		178,670		6,726,926
Life Storage, Inc.		64,460		6,979,729
Monmouth Real Estate Investment Corp.		146,693		2,124,115
National Health Investors, Inc.		153,350		12,494,958
Sunstone Hotel Investors, Inc.		449,252		6,253,588
Terreno Realty Corp.		42,700		2,311,778

				70,854,673


Food Products—1.9%
Calavo Growers, Inc.		48,254		4,371,330
Ingredion, Inc.		25,452		2,365,763
Lamb Weston Holdings, Inc.		47,995		4,129,010
Simply Good Foods Co. (a)		150,032		4,281,913

				15,148,016


Gas Utilities—2.1%
ONE Gas, Inc.		97,425		9,116,057
Southwest Gas Holdings, Inc.		107,989		8,203,925

				17,319,982


Healthcare Equipment & Supplies—1.2%
Hill-Rom Holdings, Inc.		83,861		9,520,739


Healthcare Providers & Services—1.9%
Encompass Health Corp.		118,801		8,229,345
Ensign Group, Inc.		164,551		7,465,679

				15,695,024


Hotels, Restaurants & Leisure—3.8%
Cedar Fair L.P.		73,341		4,066,025
Cracker Barrel Old Country Store, Inc.		27,451		4,220,317


	Shares		Value
Dunkin’ Brands Group, Inc.		56,362	$	4,257,586
Marriott Vacations Worldwide Corp.		68,990		8,883,152
Ruth’s Hospitality Group, Inc.		414,706		9,026,076

				30,453,156


Household Durables—1.7%
La-Z-Boy, Inc.		182,449		5,743,495
MDC Holdings, Inc.		209,926		8,010,776

				13,754,271


Household Products—0.5%
WD-40 Co.		21,279		4,131,105


Insurance—5.8%
American Financial Group, Inc.		81,558		8,942,835
CNO Financial Group, Inc.		258,395		4,684,701
First American Financial Corp.		158,116		9,221,325
Old Republic International Corp.		351,751		7,868,670
Primerica, Inc.		63,412		8,279,071
Selective Insurance Group, Inc.		127,272		8,296,861

				47,293,463


IT Services—3.5%
KBR, Inc.		215,087		6,560,153
MAXIMUS, Inc.		112,531		8,371,181
Perspecta, Inc.		191,815		5,071,589
Science Applications International Corp.		100,401		8,736,895

				28,739,818


Leisure Equipment & Products—0.4%
Acushnet Holdings Corp.		104,185		3,386,012


Life Sciences Tools & Services—0.5%
Bruker Corp.		81,675		4,162,975


Machinery—4.2%
Crane Co.		105,479		9,111,276
Federal Signal Corp.		128,585		4,146,866
Hillenbrand, Inc.		193,752		6,453,879
ITT, Inc.		56,759		4,195,058
Toro Co.		98,324		7,833,473
Woodward, Inc.		17,810		2,109,417

				33,849,969


Metals & Mining—2.1%
Commercial Metals Co.		380,304		8,469,370
Kaiser Aluminum Corp.		43,190		4,789,339
Materion Corp.		65,169		3,874,297

				17,133,006


Mortgage Real Estate Investment Trusts (REITs)—1.6%
Apollo Commercial Real Estate Finance, Inc.		346,303		6,333,882
Blackstone Mortgage Trust, Inc., Class A		182,644		6,798,010

				13,131,892


Multi-Utilities—2.2%
Black Hills Corp.		116,351		9,138,207
NorthWestern Corp.		116,713		8,364,821

				17,503,028


Oil, Gas & Consumable Fuels—5.1%
Cimarex Energy Co.		145,135		7,618,136
CVR Energy, Inc.		129,144		5,221,292
Delek Logistics Partners L.P.		143,168		4,575,649
Delek U.S. Holdings, Inc.		114,782		3,848,640


84		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements

Schedule of Investments

December 31, 2019 (Unaudited)


	Shares		Value
Enerplus Corp.		1,224,459	$	8,730,393
Murphy Oil Corp.		239,605		6,421,414
SFL Corp. Ltd.		318,363		4,628,998

				41,044,522


Professional Services—1.5%
ICF International, Inc.		45,657		4,183,094
Korn Ferry		197,117		8,357,761

				12,540,855


Road & Rail—0.5%
Werner Enterprises, Inc.		110,448		4,019,203


Semiconductors & Semiconductor Equipment—1.2%
Cabot Microelectronics Corp.		56,101		8,096,496
MKS Instruments, Inc.		17,640		1,940,577

				10,037,073


Software—0.8%
Progress Software Corp.		155,347		6,454,668


Specialty Retail—1.5%
Lithia Motors, Inc., Class A		10,386		1,526,742
Shoe Carnival, Inc.		131,475		4,901,388
Tractor Supply Co.		43,919		4,103,791
Winmark Corp.		9,178		1,819,998

				12,351,919


Textiles, Apparel & Luxury Goods—1.7%
Columbia Sportswear Co.		81,023		8,117,694
Ralph Lauren Corp.		48,111		5,639,572

				13,757,266


Thrifts & Mortgage Finance—4.6%
Essent Group Ltd.		133,239		6,927,096
First Defiance Financial Corp.		80,993		2,550,469
Radian Group, Inc.		329,761		8,296,787
Walker & Dunlop, Inc.		76,106		4,922,536
Washington Federal, Inc.		223,154		8,178,594
WSFS Financial Corp.		139,074		6,117,865

				36,993,347


Water Utilities—0.3%
California Water Service Group		42,279		2,179,905

Total Common Stock (cost—$726,862,838)				810,050,794



Exchange-Traded Funds—0.4%
SPDR S&P Biotech (cost—$2,711,184)		32,434		3,084,798


Total Investments (cost—$729,574,022)—100.2%				813,135,592


Liabilities in excess of other assets—(0.2)%				(1,677,366	)


Net Assets—100.0%				$811,458,226

Notes to Schedule of Investments:

(a)Non-income producing.

Glossary:

REIT—Real Estate Investment Trust

AllianzGI Small-Cap Fund


	Shares		Value

Common Stock—98.3%

Aerospace & Defense—1.2%
Axon Enterprise, Inc. (c)		6,449		$472,583
BWX Technologies, Inc.		3,455		214,486
HEICO Corp.		1,080		123,282
Kratos Defense & Security Solutions, Inc. (c)		23,083		415,725
Moog, Inc., Class A		4,745		404,891

				1,630,967


Airlines—0.7%
SkyWest, Inc.		15,165		980,114


Auto Components—0.4%
Dana, Inc.		20,960		381,472
Fox Factory Holding Corp. (c)		2,968		206,484

				587,956


Banks—3.2%
Ameris Bancorp		7,013		298,333
BancorpSouth Bank		30,655		962,873
BankFinancial Corp.		6,970		91,168
Berkshire Hills Bancorp, Inc.		13,175		433,194
Carolina Financial Corp.		1,217		52,611
First Financial Bankshares, Inc.		14,100		494,910
First Foundation, Inc.		3,866		67,268
HarborOne Bancorp, Inc. (c)		7,231		79,469
Hilltop Holdings, Inc.		38,290		954,570
Preferred Bank		1,058		63,575
Simmons First National Corp., Class A		15,020		402,386
Southern National Bancorp of Virginia, Inc.		5,825		95,239
Tristate Capital Holdings, Inc. (c)		2,118		55,322
Valley National Bancorp		20,748		237,564

				4,288,482


Beverages—0.2%
Boston Beer Co., Inc., Class A (c)		320		120,912
Coca-Cola Consolidated, Inc.		310		88,055
MGP Ingredients, Inc.		988		47,869

				256,836


Biotechnology—4.7%
ACADIA Pharmaceuticals, Inc. (c)		5,228		223,654
Adverum Biotechnologies, Inc. (c)		2,498		28,777
Amicus Therapeutics, Inc. (c)		17,473		170,187
Arena Pharmaceuticals, Inc. (c)		1,530		69,493
Arrowhead Pharmaceuticals, Inc. (c)		2,014		127,748
Audentes Therapeutics, Inc. (c)		4,340		259,706
Avrobio, Inc. (c)		1,010		20,331
BioSpecifics Technologies Corp. (c)		787		44,812
Blueprint Medicines Corp. (c)		1,237		99,096
CRISPR Therapeutics AG (c)		3,278		199,647
Dicerna Pharmaceuticals, Inc. (c)		2,298		50,625
Dynavax Technologies Corp. (c)		3,649		20,872
Eagle Pharmaceuticals, Inc. (c)		1,005		60,380
Exact Sciences Corp. (c)		4,046		374,174
Fate Therapeutics, Inc. (c)		2,129		41,664
Global Blood Therapeutics, Inc. (c)		1,346		106,993


	Shares		Value
Homology Medicines, Inc. (c)		1,314	$	27,200
Intellia Therapeutics, Inc. (c)		10,309		151,233
Invitae Corp. (c)		23,697		382,233
Iovance Biotherapeutics, Inc. (c)		7,420		205,386
Kadmon Holdings, Inc. (c)		7,311		33,119
Karyopharm Therapeutics, Inc. (c)		1,931		37,017
Kindred Biosciences, Inc. (c)		3,758		31,868
Krystal Biotech, Inc. (c)		528		29,241
Kura Oncology, Inc. (c)		1,984		27,280
MeiraGTx Holdings PLC (c)		4,793		95,956
Natera, Inc. (c)		15,845		533,818
Progenics Pharmaceuticals, Inc. (c)		3,804		19,362
PTC Therapeutics, Inc. (c)		21,868		1,050,320
REGENXBIO, Inc. (c)		3,881		159,005
Rocket Pharmaceuticals, Inc. (c)		1,189		27,062
Stemline Therapeutics, Inc. (c)		2,012		21,388
TG Therapeutics, Inc. (c)		3,432		38,095
Twist Bioscience Corp. (c)		8,943		187,803
uniQure NV (c)		2,459		176,212
Vanda Pharmaceuticals, Inc. (c)		2,165		35,528
Veracyte, Inc. (c)		19,779		552,230
Vericel Corp. (c)		23,446		407,960
Viking Therapeutics, Inc. (c)		3,214		25,776
Voyager Therapeutics, Inc. (c)		1,439		20,074
Xencor, Inc. (c)		1,545		53,132
ZIOPHARM Oncology, Inc. (c)		7,859		37,094

				6,263,551


Building Products—1.3%
Builders FirstSource, Inc. (c)		40,175		1,020,847
PGT Innovations, Inc. (c)		2,704		40,317
Simpson Manufacturing Co., Inc.		4,580		367,453
Trex Co., Inc. (c)		3,924		352,689

				1,781,306


Capital Markets—1.4%
Artisan Partners Asset Management, Inc., Class A		30,250		977,680
Barings BDC, Inc.		16,870		173,424
BlackRock TCP Capital Corp.		5,845		82,122
Freedom Holding Corp. (c)		4,125		59,977
Golub Capital BDC, Inc.		18,910		348,984
Hercules Capital, Inc.		9,585		134,382
Main Street Capital Corp.		2,348		101,222

				1,877,791


Chemicals—0.6%
Balchem Corp.		740		75,206
Ingevity Corp. (c)		2,251		196,692
Koppers Holdings, Inc. (c)		4,896		187,125
PolyOne Corp.		6,498		239,062
Westlake Chemical Partners L.P.		2,395		63,276

				761,361


Commercial Services & Supplies—3.4%
Brink’s Co.		5,288		479,516
Casella Waste Systems, Inc., Class A (c)		19,370		891,601
Herman Miller, Inc.		11,345		472,519
MSA Safety, Inc.		6,505		821,972
Tetra Tech, Inc.		22,029		1,898,019

				4,563,627


Communications Equipment—0.1%
EchoStar Corp., Class A (c)		2,610		113,039


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			85

Schedule of Investments

December 31, 2019 (Unaudited)


	Shares		Value

Construction & Engineering—1.4%
Construction Partners, Inc., Class A (c)		3,039	$	51,268
EMCOR Group, Inc.		7,960		686,948
MasTec, Inc. (c)		14,960		959,834
NV5 Global, Inc. (c)		1,482		74,767
Sterling Construction Co., Inc. (c)		4,617		65,007

				1,837,824


Construction Materials—0.0%
U.S. Concrete, Inc. (c)		1,128		46,992


Containers & Packaging—0.1%
Silgan Holdings, Inc.		4,580		142,346


Diversified Consumer Services—1.5%
Bright Horizons Family Solutions, Inc. (c)		3,265		490,697
Carriage Services, Inc.		6,538		167,373
Chegg, Inc. (c)		12,115		459,280
Grand Canyon Education, Inc. (c)		880		84,295
OneSpaWorld Holdings Ltd. (c)		3,580		60,287
Strategic Education, Inc.		4,647		738,408

				2,000,340


Diversified Financial Services—0.3%
Compass Diversified Holdings		18,415		457,797


Diversified Telecommunication Services—0.2%
Bandwidth, Inc., Class A (c)		940		60,207
Cogent Communications Holdings, Inc.		2,870		188,875

				249,082


Electric Utilities—1.8%
ALLETE, Inc.		3,685		299,112
El Paso Electric Co.		4,780		324,514
Hawaiian Electric Industries, Inc.		14,950		700,557
IDACORP, Inc.		2,100		224,280
Otter Tail Corp.		1,715		87,962
PNM Resources, Inc.		3,740		189,656
Portland General Electric Co.		9,265		516,894

				2,342,975


Electrical Equipment—1.1%
Allied Motion Technologies, Inc.		874		42,389
Atkore International Group, Inc. (c)		34,120		1,380,495

				1,422,884


Electronic Equipment, Instruments & Components—3.2%
Fabrinet (c)		13,590		881,176
Methode Electronics, Inc.		28,605		1,125,607
Napco Security Technologies, Inc. (c)		12,360		363,260
Sanmina Corp. (c)		19,235		658,606
SYNNEX Corp.		9,320		1,200,416

				4,229,065


Energy Equipment & Services—0.1%
DMC Global, Inc.		1,084		48,715
USA Compression Partners L.P.		4,530		82,174

				130,889


Entertainment—1.1%
Liberty Media Corp-Liberty Braves, Class A (c)		9,580		284,047


	Shares		Value
Liberty Media Corp-Liberty Braves, Class C (c)		9,595	$	283,436
Liberty Media Corp-Liberty Formula One, Class A (c)		2,820		123,460
Madison Square Garden Co., Class A (c)		695		204,462
Reading International, Inc., Class A (c)		9,100		101,829
Zynga, Inc., Class A (c)		77,521		474,428

				1,471,662


Equity Real Estate Investment Trusts (REITs)—3.0%
CareTrust REIT, Inc.		20,320		419,201
Chatham Lodging Trust		15,085		276,659
CoreCivic, Inc.		43,485		755,769
Industrial Logistics Properties Trust		41,750		936,035
Outfront Media, Inc.		27,665		741,975
PS Business Parks, Inc.		2,795		460,812
Ryman Hospitality Properties, Inc.		4,795		415,535
Winthrop Realty Trust (a)(b)(c)		12,960		1,296

				4,007,282


Food & Staples Retailing—1.7%
Casey’s General Stores, Inc.		1,650		262,334
Chefs’ Warehouse, Inc. (c)		1,595		60,785
Grocery Outlet Holding Corp. (c)		2,635		85,506
Ingles Markets, Inc., Class A		5,270		250,378
Performance Food Group Co. (c)		16,400		844,272
PriceSmart, Inc.		6,855		486,842
Sprouts Farmers Market, Inc. (c)		11,355		219,719
Weis Markets, Inc.		2,655		107,501

				2,317,337


Food Products—3.7%
Alico, Inc.		1,880		67,360
Cal-Maine Foods, Inc.		1,945		83,149
Calavo Growers, Inc.		1,325		120,032
Flowers Foods, Inc.		34,925		759,269
Freshpet, Inc. (c)		6,976		412,212
Hain Celestial Group, Inc. (c)		2,565		66,575
Hostess Brands, Inc. (c)		14,030		203,996
J&J Snack Foods Corp.		3,010		554,653
John B Sanfilippo & Son, Inc.		4,036		368,406
Lancaster Colony Corp.		2,350		376,235
Sanderson Farms, Inc.		6,080		1,071,418
Simply Good Foods Co. (c)		21,558		615,265
Tootsie Roll Industries, Inc.		7,700		262,878

				4,961,448


Gas Utilities—1.0%
Northwest Natural Holding Co.		1,100		81,103
ONE Gas, Inc.		8,815		824,820
Southwest Gas Holdings, Inc.		6,360		483,169

				1,389,092


Healthcare Equipment & Supplies—5.1%
Antares Pharma, Inc. (c)		14,911		70,082
Axogen, Inc. (c)		2,674		47,838
Axonics Modulation Technologies, Inc. (c)		1,996		55,309
BioLife Solutions, Inc. (c)		3,595		58,167
Cerus Corp. (c)		8,700		36,714
CONMED Corp.		10,335		1,155,763
CryoLife, Inc. (c)		1,996		54,072
CryoPort, Inc. (c)		30,745		506,063


	Shares		Value
Globus Medical, Inc., Class A (c)		9,205	$	541,990
Haemonetics Corp. (c)		10,700		1,229,430
Integer Holdings Corp. (c)		9,090		731,109
Masimo Corp. (c)		5,450		861,427
Mesa Laboratories, Inc.		281		70,081
Novocure Ltd. (c)		5,129		432,221
OrthoPediatrics Corp. (c)		2,105		98,914
Surmodics, Inc. (c)		1,279		52,989
Tactile Systems Technology, Inc. (c)		1,575		106,328
Tandem Diabetes Care, Inc. (c)		3,530		210,423
Utah Medical Products, Inc.		3,030		326,937
West Pharmaceutical Services, Inc.		840		126,277

				6,772,134


Healthcare Providers & Services—3.7%
Addus HomeCare Corp. (c)		7,186		698,623
Amedisys, Inc. (c)		5,205		868,819
BioTelemetry, Inc. (c)		1,531		70,885
Catasys, Inc. (c)		3,538		57,705
Chemed Corp.		200		87,852
Encompass Health Corp.		1,305		90,397
Hanger, Inc. (c)		2,230		61,570
Joint Corp. (c)		4,004		64,624
LHC Group, Inc. (c)		3,418		470,864
National HealthCare Corp.		2,140		184,960
R1 RCM, Inc. (c)		88,160		1,144,317
RadNet, Inc. (c)		4,167		84,590
Select Medical Holdings Corp. (c)		42,270		986,582

				4,871,788


Healthcare Technology—1.0%
Health Catalyst, Inc. (c)		9,490		329,303
Omnicell, Inc. (c)		3,694		301,874
Tabula Rasa HealthCare, Inc. (c)		1,741		84,752
Teladoc Health, Inc. (c)		6,341		530,868
Vocera Communications, Inc. (c)		2,092		43,430

				1,290,227


Hotels, Restaurants & Leisure—2.4%
Accel Entertainment, Inc. (c)		22,775		284,687
Carrols Restaurant Group, Inc. (c)		5,164		36,406
Cedar Fair L.P.		1,730		95,911
Century Casinos, Inc. (c)		5,848		46,316
Churchill Downs, Inc.		5,921		812,361
Denny’s Corp. (c)		3,710		73,755
Eldorado Resorts, Inc. (c)		8,081		481,951
Hyatt Hotels Corp., Class A		9,545		856,282
Kura Sushi USA, Inc., Class A (c)		2,567		65,330
Lindblad Expeditions Holdings, Inc. (c)		18,625		304,519
Monarch Casino & Resort, Inc. (c)		3,330		161,672

				3,219,190


Household Durables—1.8%
KB Home		14,955		512,508
Lennar Corp., Class B		15,550		695,085
LGI Homes, Inc. (c)		888		62,737
MDC Holdings, Inc.		9,173		350,042
Skyline Champion Corp. (c)		10,643		337,383
Taylor Morrison Home Corp., Class A (c)		22,550		492,943

				2,450,698


86		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements

Schedule of Investments

December 31, 2019 (Unaudited)


	Shares		Value

Household Products—0.2%
WD-40 Co.		1,605	$	311,595


Independent Power Producers & Energy Traders—0.5%
Ormat Technologies, Inc.		4,100		305,532
TerraForm Power, Inc., Class A		19,370		298,104

				603,636


Insurance—2.3%
American Equity Investment Life Holding Co.		11,205		335,366
American National Insurance Co.		1,555		182,992
AMERISAFE, Inc.		3,820		252,235
Argo Group International Holdings Ltd.		1,857		122,098
Donegal Group, Inc., Class A		7,570		112,187
eHealth, Inc. (c)		3,773		362,510
Employers Holdings, Inc.		1,910		79,743
Enstar Group Ltd. (c)		605		125,150
Investors Title Co.		480		76,416
Kemper Corp.		6,225		482,437
NI Holdings, Inc. (c)		4,860		83,592
Palomar Holdings, Inc. (c)		1,445		72,958
ProAssurance Corp.		3,345		120,888
RLI Corp.		3,385		304,718
Safety Insurance Group, Inc.		1,190		110,111
State Auto Financial Corp.		7,240		224,585

				3,047,986


Interactive Media & Services—0.2%
QuinStreet, Inc. (c)		18,011		275,748


Internet & Direct Marketing Retail—0.1%
Rubicon Project, Inc. (c)		8,397		68,520


IT Services—3.0%
Brightcove, Inc. (c)		6,402		55,633
Hackett Group, Inc.		3,100		50,034
LiveRamp Holdings, Inc. (c)		7,497		360,381
ManTech International Corp., Class A		20,165		1,610,780
MAXIMUS, Inc.		10,985		817,174
Paysign, Inc. (c)		3,996		40,560
Perficient, Inc. (c)		1,490		68,644
Repay Holdings Corp. (c)		4,125		60,431
Science Applications International Corp.		10,825		941,992

				4,005,629


Leisure Equipment & Products—0.8%
Acushnet Holdings Corp.		1,870		60,775
Clarus Corp.		11,170		151,465
Malibu Boats, Inc., Class A (c)		6,305		258,190
MasterCraft Boat Holdings, Inc. (c)		16,900		266,175
YETI Holdings, Inc. (c)		10,787		375,172

				1,111,777


Life Sciences Tools & Services—4.7%
Charles River Laboratories International, Inc. (c)		10,070		1,538,293
Codexis, Inc. (c)		2,687		42,965
Medpace Holdings, Inc. (c)		12,955		1,088,997
NanoString Technologies, Inc. (c)		16,359		455,108
NeoGenomics, Inc. (c)		21,256		621,738
PRA Health Sciences, Inc. (c)		9,800		1,089,270
Quanterix Corp. (c)		16,745		395,684
Repligen Corp. (c)		11,425		1,056,813

				6,288,868


	Shares		Value

Machinery—2.6%
Chart Industries, Inc. (c)		4,778	$	322,467
Columbus McKinnon Corp.		6,954		278,369
Kadant, Inc.		734		77,320
Kornit Digital Ltd. (c)		14,006		479,425
Park-Ohio Holdings Corp.		4,250		143,013
Spartan Motors, Inc.		1,804		32,616
SPX Corp. (c)		23,690		1,205,347
SPX FLOW, Inc. (c)		19,875		971,291

				3,509,848


Media—1.5%
Cable One, Inc.		485		721,908
Cardlytics, Inc. (c)		2,518		158,282
Liberty Broadband Corp., Class A (c)		2,130		265,313
Loral Space & Communications, Inc. (c)		2,170		70,134
Nexstar Media Group, Inc., Class A		4,077		478,028
TechTarget, Inc. (c)		13,489		352,063

				2,045,728


Metals & Mining—0.2%
Coeur Mining, Inc. (c)		7,570		61,166
Hecla Mining Co.		18,100		61,359
Novagold Resources, Inc. (c)		13,000		116,480

				239,005


Mortgage Real Estate Investment Trusts (REITs)—3.5%
Arbor Realty Trust, Inc.		6,450		92,558
ARMOUR Residential REIT, Inc.		5,915		105,701
Blackstone Mortgage Trust, Inc., Class A		8,060		299,993
Capstead Mortgage Corp.		34,960		276,883
Ellington Financial, Inc.		11,885		217,852
Exantas Capital Corp.		24,945		294,600
Granite Point Mortgage Trust, Inc.		40,460		743,655
Invesco Mortgage Capital, Inc.		58,115		967,615
MFA Financial, Inc.		95,440		730,116
Ready Capital Corp.		39,500		609,090
TPG RE Finance Trust, Inc.		18,840		381,887

				4,719,950


Multi-Utilities—1.1%
Avista Corp.		2,145		103,153
Black Hills Corp.		8,650		679,371
NorthWestern Corp.		6,475		464,063
Unitil Corp.		4,025		248,826

				1,495,413


Oil, Gas & Consumable Fuels—1.3%
Black Stone Minerals L.P.		8,300		105,576
Crestwood Equity Partners L.P.		2,235		68,883
Delek Logistics Partners L.P.		1,960		62,642
Enviva Partners L.P.		5,450		203,340
Global Partners L.P.		5,795		116,827
Holly Energy Partners L.P.		3,215		71,212
NuStar Energy L.P.		3,865		99,910
Oasis Midstream Partners L.P.		19,565		324,583
Par Pacific Holdings, Inc. (c)		6,175		143,507
PBF Logistics L.P.		7,805		158,051
Sunoco L.P.		4,895		149,787
TC Pipelines L.P.		4,425		187,178
World Fuel Services Corp.		1,950		84,669

				1,776,165


Personal Products—0.2%
Lifevantage Corp. (c)		8,660		135,183


	Shares		Value
USANA Health Sciences, Inc. (c)		1,275	$	100,151

				235,334


Pharmaceuticals—1.5%
Amphastar Pharmaceuticals, Inc. (c)		2,442		47,106
ANI Pharmaceuticals, Inc. (c)		1,904		117,420
Axsome Therapeutics, Inc. (c)		1,177		121,655
Cara Therapeutics, Inc. (c)		1,511		24,342
Catalent, Inc. (c)		16,975		955,692
Collegium Pharmaceutical, Inc. (c)		2,045		42,086
Durect Corp. (c)		18,655		70,889
Evofem Biosciences, Inc. (c)		9,505		58,646
Horizon Therapeutics PLC (c)		11,657		421,983
Omeros Corp. (c)		1,508		21,248
Prestige Consumer Healthcare, Inc. (c)		1,780		72,090

				1,953,157


Professional Services—2.4%
ASGN, Inc. (c)		10,790		765,766
CRA International, Inc.		1,123		61,170
Franklin Covey Co. (c)		1,512		48,732
FTI Consulting, Inc. (c)		9,390		1,039,097
Heidrick & Struggles International, Inc.		27,140		882,050
Kforce, Inc.		2,078		82,497
TriNet Group, Inc. (c)		6,355		359,756

				3,239,068


Real Estate Management & Development—1.2%
Jones Lang LaSalle, Inc.		3,354		583,898
Newmark Group, Inc., Class A		70,520		948,846

				1,532,744


Road & Rail—0.2%
Saia, Inc. (c)		2,802		260,922


Semiconductors & Semiconductor Equipment—2.3%
ACM Research, Inc., Class A (c)		1,928		35,572
Adesto Technologies Corp. (c)		7,463		63,435
Ambarella, Inc. (c)		7,634		462,315
Axcelis Technologies, Inc. (c)		18,953		456,672
FormFactor, Inc. (c)		3,735		96,998
Ichor Holdings Ltd. (c)		2,242		74,591
Inphi Corp. (c)		3,645		269,803
MKS Instruments, Inc.		3,286		361,493
Power Integrations, Inc.		9,680		957,449
Semtech Corp. (c)		4,612		243,975

				3,022,303


Software—5.6%
ACI Worldwide, Inc. (c)		10,425		394,951
Agilysys, Inc. (c)		2,678		68,048
Alteryx, Inc., Class A (c)		2,409		241,069
Aspen Technology, Inc. (c)		5,550		671,161
Blackline, Inc. (c)		4,738		244,291
Cerence, Inc. (c)		1,946		44,038
Digital Turbine, Inc. (c)		47,507		338,725
Everbridge, Inc. (c)		4,861		379,547
Five9, Inc. (c)		7,034		461,290
LivePerson, Inc. (c)		14,434		534,058
Model N, Inc. (c)		42,639		1,495,350
PROS Holdings, Inc. (c)		1,034		61,957
Rapid7, Inc. (c)		8,198		459,252
RealPage, Inc. (c)		3,492		187,695
Sapiens International Corp. NV		2,806		64,538
SPS Commerce, Inc. (c)		19,745		1,094,268


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			87

Schedule of Investments

December 31, 2019 (Unaudited)


	Shares		Value
SVMK, Inc. (c)		14,569	$	260,348
Upland Software, Inc. (c)		2,383		85,097
Verint Systems, Inc. (c)		3,700		204,832
Zix Corp. (c)		33,087		224,330

				7,514,845


Specialty Retail—2.4%
Boot Barn Holdings, Inc. (c)		12,345		549,723
Cato Corp., Class A		16,040		279,096
Citi Trends, Inc.		2,685		62,077
Group 1 Automotive, Inc.		9,795		979,500
Lithia Motors, Inc., Class A		6,275		922,425
Murphy USA, Inc. (c)		510		59,670
Williams-Sonoma, Inc.		5,270		387,029

				3,239,520


Textiles, Apparel & Luxury Goods—1.3%
Crocs, Inc. (c)		31,415		1,315,974
Deckers Outdoor Corp. (c)		2,640		445,791

				1,761,765


Thrifts & Mortgage Finance—5.5%
America First Multifamily Investors L.P.		25,955		199,853
Capitol Federal Financial, Inc.		37,900		520,367
ESSA Bancorp, Inc.		5,785		98,056
Essent Group Ltd.		20,118		1,045,935
First Defiance Financial Corp.		2,228		70,160
Flagstar Bancorp, Inc.		26,660		1,019,745
Kearny Financial Corp.		21,600		298,728
LendingTree, Inc. (c)		1,297		393,562
Meridian Bancorp, Inc.		9,298		186,797
MGIC Investment Corp.		60,500		857,285
NMI Holdings, Inc., Class A (c)		6,294		208,835
Northwest Bancshares, Inc.		5,960		99,115
OceanFirst Financial Corp.		3,135		80,068
PCSB Financial Corp.		9,430		190,957
PennyMac Financial Services, Inc.		2,150		73,186
Pioneer Bancorp, Inc. (c)		4,100		62,771
Radian Group, Inc.		52,520		1,321,403
Territorial Bancorp, Inc.		5,140		159,032
Waterstone Financial, Inc.		24,715		470,326

				7,356,181


Tobacco—0.2%
Universal Corp.		3,755		214,260


Trading Companies & Distributors—1.0%
BMC Stock Holdings, Inc. (c)		31,805		912,485
Rush Enterprises, Inc., Class B		8,330		380,681

				1,293,166


Water Utilities—1.1%
American States Water Co.		8,675		751,602
California Water Service Group		3,630		187,163
SJW Group		7,170		509,500

				1,448,265


Wireless Telecommunication Services—0.0%
Boingo Wireless, Inc. (c)		4,243		46,461

Total Common Stock (cost—$109,129,814)				131,333,941


	Principal Amount (000s)		Value

Repurchase Agreements—1.8%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $2,409,033; collateralized by U.S. Treasury Bonds, 2.50%, due 2/15/46, valued at $2,457,997 including accrued interest
(cost—$2,409,000)		$2,409	$	2,409,000

Total Investments (cost—$111,538,814)—100.1%				133,742,941


Liabilities in excess of other assets—(0.1)%				(78,296	)


Net Assets—100.0%				$133,664,645

Notes to Schedule of Investments:

(a) Fair-Valued—Security with a value of $1,296, representing less than 0.05% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(b) Level 3 security. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c)Non-income producing.

Glossary:

REIT—Real Estate Investment Trust

AllianzGI Technology Fund


	Shares		Value

COMMON STOCK—96.9%

Communications Equipment—0.3%
Arista Networks, Inc. (d)		100		$20,340
Cisco Systems, Inc.		100		4,796
Juniper Networks, Inc.		95		2,340
Lumentum Holdings, Inc. (d)		95		7,534
Motorola Solutions, Inc.		95		15,308
Nokia Oyj ADR		95		352
Telefonaktiebolaget LM Ericsson ADR		340,540		2,989,941
Telefonaktiebolaget LM Ericsson, Class B		262,250		2,291,491

				5,332,102


Diversified Consumer Services—0.0%
New Oriental Education & Technology Group, Inc. ADR (d)		95		11,519


Diversified Telecommunication Services—0.0%
AT&T, Inc.		95		3,713
Verizon Communications, Inc.		95		5,833

				9,546


Electrical Equipment—0.0%
Bloom Energy Corp., Class A (d)		12,930		96,587
Nidec Corp.		100		13,659

				110,246


Electronic Equipment, Instruments & Components—0.1%
CDW Corp.		12,970		1,852,635
Cognex Corp.		100		5,604
IPG Photonics Corp. (d)		95		13,767
Murata Manufacturing Co., Ltd.		300		18,465
Samsung Electro-Mechanics Co., Ltd.		165		17,748
Samsung SDI Co., Ltd.		950		193,527

				2,101,746


Entertainment—3.2%
Activision Blizzard, Inc.		311,895		18,532,801
Electronic Arts, Inc. (d)		84,800		9,116,848
Netflix, Inc. (d)		100		32,357
Nintendo Co., Ltd.		100		39,996
Roku, Inc. (d)		33,115		4,434,098
Take-Two Interactive Software, Inc. (d)		143,090		17,518,509

				49,674,609


Healthcare Technology—0.9%
Veeva Systems, Inc., Class A (d)		93,370		13,133,424


Household Durables—0.0%
Garmin Ltd.		95		9,268


Industrial Conglomerates—0.0%
Roper Technologies, Inc.		100		35,423


Interactive Media & Services—11.6%
58.com, Inc. ADR (d)		95		6,149
Alphabet, Inc., Class A (c)(d)		15,525		20,794,030
Alphabet, Inc., Class C (d)		42,415		56,709,703
Baidu, Inc. ADR (d)		95		12,008
Facebook, Inc., Class A (c)(d)		433,955		89,069,264
NAVER Corp.		475		76,425
Snap, Inc., Class A (d)		738,485		12,059,460


88		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements

Schedule of Investments

December 31, 2019 (Unaudited)


	Shares		Value
Tencent Holdings Ltd.		100	$	4,818
TripAdvisor, Inc.		95		2,886
Twitter, Inc. (d)		95		3,045
Weibo Corp. ADR (d)		20		927
Yandex NV, Class A (d)		95		4,131
Yelp, Inc. (d)		95		3,309
Zillow Group, Inc., Class A (d)		95		4,345

				178,750,500


Internet & Direct Marketing Retail—2.8%
Alibaba Group Holding Ltd. ADR (d)		100		21,210
Amazon.com, Inc. (d)		23,145		42,768,257
eBay, Inc.		95		3,431
Expedia Group, Inc.		95		10,273
GrubHub, Inc. (d)		95		4,621
JD.com, Inc. ADR (d)		95		3,347
Trip.com Group Ltd. ADR (d)		95		3,186

				42,814,325


IT Services—20.2%
Accenture PLC, Class A		95		20,004
Adyen NV (a)(d)		95		78,147
Akamai Technologies, Inc. (d)		151,870		13,118,531
Amadeus IT Group S.A.		95		7,780
Automatic Data Processing, Inc.		95		16,197
DXC Technology Co.		480,095		18,046,771
EPAM Systems, Inc.		39,975		8,481,096
Fidelity National Information Services, Inc.		134,573		18,717,759
Fiserv, Inc. (d)		219,025		25,325,861
Global Payments, Inc.		149,279		27,252,374
GoDaddy, Inc., Class A (d)		95		6,452
International Business Machines Corp.		—		—
Mastercard, Inc., Class A		163,600		48,849,324
MongoDB, Inc. (d)		247,190		32,532,676
Okta, Inc. (d)		482,090		55,618,723
PayPal Holdings, Inc. (d)		151,025		16,336,374
Perspecta, Inc.		2,645		69,934
Sabre Corp.		95		2,132
Square, Inc., Class A (c)(d)		86,585		5,416,758
Tata Consultancy Services Ltd.		2,000		60,570
Twilio, Inc., Class A (d)		420,365		41,313,472
Visa, Inc., Class A		100		18,790

				311,289,725


Media—0.0%
Comcast Corp., Class A		95		4,272


Professional Services—0.0%
Verisk Analytics, Inc.		95		14,187


Road & Rail—0.0%
Lyft, Inc., Class A (d)		100		4,302


Semiconductors & Semiconductor Equipment—21.3%
Advanced Micro Devices, Inc. (d)		1,234,440		56,611,418
ams AG (d)		95		3,857
Analog Devices, Inc.		10,830		1,287,037
Applied Materials, Inc.		255,265		15,581,376
ASML Holding NV		1,820		538,611
Broadcom, Inc.		21,040		6,649,061
Cree, Inc. (d)		19,625		905,694
Cypress Semiconductor Corp.		100		2,333


	Shares		Value
Infineon Technologies AG		14,545	$	328,635
Intel Corp.		100		5,985
KLA Corp.		122,710		21,863,241
Lam Research Corp.		82,340		24,076,216
Maxim Integrated Products, Inc.		95		5,843
MediaTek, Inc.		1,000		14,817
Microchip Technology, Inc.		100		10,472
Micron Technology, Inc. (c)(d)		440,635		23,697,350
NVIDIA Corp.		140,615		33,086,709
NXP Semiconductors NV		151,480		19,277,345
ON Semiconductor Corp. (d)		100		2,438
QUALCOMM, Inc.		244,255		21,550,619
SK Hynix, Inc.		6,270		509,987
Skyworks Solutions, Inc.		100		12,088
STMicroelectronics NV		556,670		14,979,990
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		824,890		47,926,109
Teradyne, Inc.		587,555		40,065,375
Texas Instruments, Inc.		100		12,829
Tokyo Electron Ltd.		800		174,664
Universal Display Corp.		95		19,577
Xilinx, Inc.		100		9,777

				329,209,453


Software—30.7%
Adobe, Inc. (d)		100		32,981
Alteryx, Inc., Class A (d)		404,825		40,510,838
Aspen Technology, Inc. (d)		95		11,488
Atlassian Corp. PLC, Class A (d)		220,520		26,537,377
Box, Inc., Class A (d)		95		1,594
Cadence Design Systems, Inc. (d)		4,450		308,652
Cornerstone OnDemand, Inc. (d)		95		5,562
Coupa Software, Inc. (d)		95		13,894
Datadog, Inc., Class A (d)		3,070		115,985
DocuSign, Inc. (d)		95		7,040
Dropbox, Inc., Class A (d)		95		1,701
Dynatrace, Inc. (d)		21,105		533,957
Elastic NV (d)		100		6,430
Fortinet, Inc. (d)		238,985		25,514,039
HubSpot, Inc. (d)		100		15,850
Intuit, Inc.		95		24,883
Microsoft Corp. (c)		992,601		156,533,178
Nutanix, Inc., Class A (d)		100		3,126
Oracle Corp.		95		5,033
Palo Alto Networks, Inc. (d)		100		23,125
Paycom Software, Inc. (d)		351,539		93,073,466
Proofpoint, Inc. (d)		82,860		9,510,671
Rapid7, Inc. (d)		73,640		4,125,313
RealPage, Inc. (d)		100		5,375
RingCentral, Inc., Class A (d)		305,720		51,565,792
Salesforce.com, Inc. (d)		70,886		11,528,899
SAP SE ADR		95		12,729
ServiceNow, Inc. (d)		100		28,232
Sophos Group PLC (a)		95		702
Splunk, Inc. (d)		81,295		12,175,552
Synopsys, Inc. (d)		2,440		339,648
Temenos AG (d)		95		15,028
VMware, Inc., Class A (d)		95		14,420
Workday, Inc., Class A (d)		63,890		10,506,710
Zendesk, Inc. (d)		100		7,663
Zscaler, Inc. (d)		664,900		30,917,850
Zuora, Inc., Class A (d)		95		1,361

				474,036,144


	Shares		Value

Technology Hardware, Storage & Peripherals—5.8%
Apple, Inc. (c)		97,350	$	28,586,828
Catcher Technology Co., Ltd.		1,000		7,574
Dell Technologies, Inc., Class C (d)		175		8,993
Hewlett Packard Enterprise Co.		95		1,507
HP, Inc.		95		1,952
NetApp, Inc. (c)		283,745		17,663,126
Pure Storage, Inc., Class A (d)		100		1,711
Samsung Electronics Co., Ltd.		904,735		43,596,323
Western Digital Corp.		95		6,030

				89,874,044


Wireless Telecommunication Services—0.0%
T-Mobile U.S., Inc. (d)		95		7,450

Total Common Stock (cost-$998,364,460)				1,496,422,285


EXCHANGE-TRADED FUNDS—0.0%
iShares FTSE A50 China Index, FTSE (cost-$1,524)		1,000		1,965



	Principal Amount (000s)

Repurchase Agreements—2.8%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $42,714,593; collateralized by U.S. Treasury Bonds, 3.00%, due 11/15/45, valued at $43,571,605 including accrued interest
(cost-$42,714,000)		$42,714		42,714,000

Total Options Purchased—0.5% (cost—$7,100,880) (d)(e)(f)				7,715,600


Total Investments, before options written and securities sold short (cost—$1,048,180,864)—100.2%				1,546,853,850



	Shares

SECURITIES SOLD SHORT—(0.0)%

Common Stock—(0.0)%

IT Services—(0.0)%
International Business Machines Corp. (proceeds received—$162)		1		(134	)

Total Options Written —(0.2)% (premiums received—$4,510,925) (d)(e)(f)				(3,544,475	)


Total Investments, net of options written and securities sold short (cost—$1,043,669,777) (b)—100.0%				1,543,309,241

Other liabilities in excess of other assets—(0.0)%				(100,850	)


Net Assets—100.0%				$1,543,208,391


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			89

Schedule of Investments

December 31, 2019 (Unaudited)

Notes to Schedule of Investments:

(a) 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. Securities with an aggregate value of $78,849, representing less than 0.05% of net assets.

(b) Securities (net of security sold short) with an aggregate value of $47,395,608, representing 3.1% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c) All or partial amount segregated for the benefit of the counterparty as collateral for security sold short and options written.

(d)Non-income producing.

(e) Exchange traded-Chicago Board Options Exchange.

(f) Exchange traded option contracts outstanding at December 31, 2019:



Options purchased contracts outstanding at December 31, 2019:
Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Cost		Unrealized Appreciation

Call options:
Amazon.com, Inc.		2,070.00 USD		1/15/21		310	$	31,000	$	3,800,600	$	3,452,482	$	348,118
Pure Storage, Inc.		20.00 USD		1/15/21		18,000		1,800,000		3,915,000		3,648,398		266,602

Total options purchased contracts									$	7,715,600	$	7,100,880	$	614,720



Options written contracts outstanding at December 31, 2019:
Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received			Unrealized Appreciation

Put options:
Amazon.com, Inc.		1,500.00 USD		1/15/21		(310	)	$	(31,000	)	$	(1,789,475	)	$	(2,242,171	)	$	452,696
Pure Storage, Inc.		12.50 USD		1/15/21		(18,000	)		(1,800,000	)		(1,755,000	)		(2,268,754	)		513,754

Total options written contracts											$	(3,544,475	)	$	(4,510,925	)	$	966,450

Glossary:

ADR—American Depositary Receipt

FTSE—Financial Times Stock Exchange


90		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements

(THIS PAGE INTENTIONALLY LEFT BLANK)


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			91

Statements of Assets and Liabilities

December 31, 2019 (Unaudited)


	AllianzGI Emerging Markets Opportunities		AllianzGI Focused Growth		AllianzGI Global Natural Resources			AllianzGI Global Small-Cap
Assets:
Investments, at value	$	371,611,411	$	1,040,448,139	$	10,061,021		$	105,158,097
Investments in Affiliates, at value		—		—		—			—
Cash		698		372		53,987			398
Foreign currency, at value		847,846		—		17			169,779
Dividends and interest receivable (net of foreign withholding taxes)		1,472,461		161,442		11,309			65,082
Receivable for Fund shares sold		334,428		186,358		847			14,562
Investments in Affiliated Funds — Trustees Deferred Compensation Plan (see Note 4)		70,144		249,374		9,699			55,239
Tax reclaims receivable		50,108		—		12,271			147,252
Receivable for investments sold		—		—		—			367,080
Unrealized appreciation of forward foreign currency contracts		—		—		—			100
Total Assets		374,387,096		1,041,045,685		10,149,151			105,977,589
Liabilities:
Payable for Fund shares redeemed		612,891		2,899,056		215,754			80,509
Investment Advisory fees payable		192,808		293,287		5,727			78,118
Administration fees payable		76,232		295,315		3,325			35,205
Trustees Deferred Compensation Plan payable (see Note 4)		70,144		249,374		9,699			55,239
Servicing fees payable		9,953		132,195		1,076			10,110
Distribution fees payable		1,840		33,069		608			3,547
Options written, at value		—		—		—			—
Payable for investments purchased		—		—		—			—
Accrued expenses and other liabilities		83		—		—			1,177
Total Liabilities		963,951		3,902,296		236,189			263,905
Net Assets	$	373,423,145	$	1,037,143,389	$	9,912,962		$	105,713,684
Net Assets Consist of:
Paid-in-capital	$	364,776,292	$	624,560,265	$	20,490,303		$	87,559,768
Total distributable earnings (loss)		8,646,853		412,583,124		(10,577,341	)		18,153,916
Net Assets	$	373,423,145	$	1,037,143,389	$	9,912,962		$	105,713,684
Cost of Investments	$	306,619,883	$	648,766,065	$	9,320,276		$	84,916,914
Cost of Investments in Affiliates	$	—	$	—	$	—		$	—
Cost of Foreign Currency	$	841,499	$	—	$	17		$	167,255
Premiums Received for Options Written	$	—	$	—	$	—		$	—


92		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements


AllianzGI Health Sciences		AllianzGI Income & Growth			AllianzGI Mid-Cap		AllianzGI NFJ Dividend Value		AllianzGI NFJ International Value

$	163,670,498	$	4,879,310,268		$	335,541,319	$	1,240,301,561	$	168,966,943
	—		17,711,302			—		—		—
	855		474,646			337		163		213
	—		—			—		—		120,890
	88,774		32,960,047			100,125		1,426,977		210,818
	114,363		10,505,148			52,074		1,312,541		34,351
	45,606		625,749			67,182		1,555,341		317,956
	139,855		—			—		471,404		222,846
	25		83,491,838			3,050,499		—		—
	—		—			—		—		—
	164,059,976		5,025,078,998			338,811,536		1,245,067,987		169,874,017

	119,875		6,069,184			197,518		6,300,448		579,294
	105,340		2,540,710			127,562		380,750		74,858
	52,281		1,400,984			103,885		371,628		60,690
	45,606		625,749			67,182		1,555,341		317,956
	31,945		587,165			53,651		117,125		17,601
	2,471		778,390			15,150		401,627		33,960
	—		226,131			—		—		—
	—		90,072,160			2,149,356		—		—
	—		—			—		—		215
	357,518		102,300,473			2,714,304		9,126,919		1,084,574
$	163,702,458	$	4,922,778,525		$	336,097,232	$	1,235,941,068	$	168,789,443

$	129,494,691	$	5,287,403,713		$	250,170,518	$	1,057,745,612	$	603,433,722
	34,207,767		(364,625,188	)		85,926,714		178,195,456		(434,644,279	)
$	163,702,458	$	4,922,778,525		$	336,097,232	$	1,235,941,068	$	168,789,443
$	132,311,535	$	5,219,204,533		$	247,953,187	$	1,083,873,479	$	152,821,837
$	—	$	26,758,599		$	—	$	—	$	—
$	—	$	—		$	—	$	—	$	119,589
$	—	$	389,131		$	—	$	—	$	—


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			93

Statements of Assets and Liabilities (cont’d)

December 31, 2019 (Unaudited)


	AllianzGI Emerging Markets Opportunities			AllianzGI Focused Growth		AllianzGI Global Natural Resources		AllianzGI Global Small-Cap
Net Assets:
Class A	$	46,464,836		$	589,892,082	$	4,015,954	$	43,446,666
Class C		3,058,133			45,640,526		1,011,014		5,701,689
Class R		—			20,003,884		—		—
Class P		17,023,701			84,571,573		377,075		9,417,398
Institutional Class		281,908,781			149,105,621		4,508,919		47,147,931
Class R6		24,967,694			143,222,235		—		—
Administrative Class		—			4,707,468		—		—
Shares Issued and Outstanding:
Class A		1,634,087			11,448,723		299,899		1,141,189
Class C		107,932			1,491,812		80,578		181,515
Class R		—			559,855		—		—
Class P		613,249			2,296,614		27,683		227,461
Institutional Class		9,917,589	��		3,190,845		328,664		1,124,936
Class R6		883,146			3,058,682		—		—
Administrative Class		—			110,046		—		—
Net Asset Value and Redemption Price Per Share:*
Class A	$	28.43		$	51.52	$	13.39	$	38.07
Class C		28.33			30.59		12.55		31.41
Class R		—			35.73		—		—
Class P		27.76			36.82		13.62		41.40
Institutional Class		28.43			46.73		13.72		41.91
Class R6		28.27			46.82		—		—
Administrative Class		—			42.78		—		—

*	Net asset value and redemption price per share may not recalculate exactly due to rounding.


94		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements


AllianzGI Health Sciences		AllianzGI Income & Growth		AllianzGI Mid-Cap		AllianzGI NFJ Dividend Value		AllianzGI NFJ International Value

$	154,580,150	$	1,615,915,350	$	248,518,978	$	442,347,471	$	70,670,025
	4,137,392		1,275,909,018		15,516,334		57,753,475		10,963,524
	—		6,271,795		1,296,194		71,491,521		5,464,130
	—		1,234,069,336		12,526,990		336,898,416		32,896,619
	4,984,916		790,613,026		56,560,497		220,646,471		46,149,881
	—		—		—		73,324,233		1,418,392
	—		—		1,678,239		33,479,481		1,226,872

	4,579,837		144,103,390		64,810,083		37,841,837		3,653,923
	164,218		124,821,151		5,175,145		4,840,655		576,806
	—		559,343		346,536		6,117,255		281,797
	—		107,127,396		2,789,150		28,533,148		1,690,574
	145,233		67,920,420		12,485,394		18,716,808		2,369,311
	—		—		—		6,247,160		72,859
	—		—		408,068		2,783,404		63,198

$	33.75	$	11.21	$	3.83	$	11.69	$	19.34
	25.19		10.22		3.00		11.93		19.01
	—		11.21		3.74		11.69		19.39
	—		11.52		4.49		11.81		19.46
	34.32		11.64		4.53		11.79		19.48
	—		—		—		11.74		19.47
	—		—		4.11		12.03		19.41


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			95

Statements of Assets and Liabilities (cont’d)

December 31, 2019 (Unaudited)


	AllianzGI NFJ Large-Cap Value		AllianzGI NFJ Mid-Cap Value		AllianzGI NFJ Small-Cap Value		AllianzGI Small-Cap
Assets:
Investments, at value	$	323,369,695	$	1,452,655,979	$	813,135,592	$	133,742,941
Cash		—		569		—		56,469
Foreign currency, at value		—		—		—		—
Dividends and interest receivable (net of foreign withholding taxes)		324,712		2,862,021		1,555,632		166,422
Receivable for investments sold		1,889,168		28,981,288		24,042,183		907
Receivable for Fund shares sold		139,033		5,711,877		1,648,268		51,656
Tax reclaims receivable		70,016		15,519		—		—
Investments in Affiliated Funds — Trustees Deferred Compensation Plan (see Note 4)		189,464		315,367		1,280,625		14,333
Prepaid expenses and other assets		—		—		888		—
Total Assets		325,982,088		1,490,542,620		841,663,188		134,032,728
Liabilities:
Payable to custodian for cash overdraft		628,023		—		3,238,427		—
Payable for Fund shares redeemed		607,986		6,935,671		12,578,932		183,141
Trustees Deferred Compensation Plan payable (see Note 4)		189,464		315,367		1,280,625		14,333
Investment Advisory fees payable		118,489		645,869		343,684		63,490
Administration fees payable		96,622		154,892		238,334		27,604
Servicing fees payable		40,074		138,176		86,716		15,145
Distribution fees payable		7,086		43,502		717,852		3,144
Dividends payable to shareholders		—		—		—		—
Securities sold short, at value		—		—		—		—
Options written, at value		—		—		—		—
Payable for investments purchased		—		24,375,744		11,720,392		61,226
Dividends payable on securities sold short		—		—		—		—
Accrued expenses and other liabilities		—		—		—		—
Total Liabilities		1,687,744		32,609,221		30,204,962		368,083
Net Assets	$	324,294,344	$	1,457,933,399	$	811,458,226	$	133,664,645
Net Assets Consist of:
Paid-in-capital	$	291,043,291	$	1,261,924,429	$	695,670,666	$	113,335,540
Total distributable earnings		33,251,053		196,008,970		115,787,560		20,329,105
Net Assets	$	324,294,344	$	1,457,933,399	$	811,458,226	$	133,664,645
Cost of Investments	$	292,190,104	$	1,285,741,444	$	729,574,022	$	111,538,814
Cost of Foreign Currency	$	—	$	—	$	—	$	—
Proceeds Received on Securities Sold Short	$	—	$	—	$	—	$	—
Premiums Received for Options Written	$	—	$	—	$	—	$	—


96		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements


				AllianzGI Technology

				$	1,546,853,850
					—
					4,309,081
					509,911
					162
					1,130,435
					37,735
					387,897
					—
					1,553,229,071

					528
					4,383,490
					387,897
					1,123,986
					424,796
					124,386
					27,836
					1
					134
					3,544,475
					—
					2
					3,149
					10,020,680
				$	1,543,208,391

				$	1,029,412,665
					513,795,726
				$	1,543,208,391
				$	1,048,180,864
				$	4,016,883
				$	162
				$	4,510,925


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			97

Statements of Assets and Liabilities (cont’d)

December 31, 2019 (Unaudited)


	AllianzGI NFJ Large-Cap Value		AllianzGI NFJ Mid-Cap Value		AllianzGI NFJ Small-Cap Value		AllianzGI Small-Cap
Net Assets:
Class A	$	185,387,876	$	608,046,223	$	398,546,431	$	69,199,654
Class C		10,636,943		49,910,502		2,410,480		5,211,811
Class R		2,065,290		21,589,255		20,732,778		—
Class P		19,837,253		223,103,672		34,584,395		17,425,375
Institutional Class		104,967,296		444,879,537		144,007,478		16,981,358
Class R6		—		75,119,971		128,563,381		24,846,447
Administrative Class		1,399,686		35,284,239		82,613,283		—
Shares Issued and Outstanding:
Class A		6,435,772		19,801,907		27,671,722		3,373,686
Class C		364,571		2,007,991		189,490		266,089
Class R		70,933		834,263		1,305,675		—
Class P		681,967		9,217,350		2,051,971		840,483
Institutional Class		3,661,380		13,474,182		8,443,236		812,273
Class R6		—		2,277,608		7,604,341		1,188,670
Administrative Class		47,883		1,111,984		5,760,347		—
Net Asset Value and Redemption Price Per Share:*
Class A	$	28.81	$	30.71	$	14.40	$	20.51
Class C		29.18		24.86		12.72		19.59
Class R		29.12		25.88		15.88		—
Class P		29.09		24.20		16.85		20.73
Institutional Class		28.67		33.02		17.06		20.91
Class R6		—		32.98		16.91		20.90
Administrative Class		29.23		31.73		14.34		—

*	Net asset value and redemption price per share may not recalculate exactly due to rounding.


98		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements


				AllianzGI Technology

				$	572,273,445
					42,073,245
					—
					136,555,309
					781,900,558
					—
					10,405,834

					10,455,448
					1,193,250
					—
					2,144,520
					11,960,397
					—
					174,371

				$	54.73
					35.26
					—
					63.68
					65.37
					—
					59.68


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			99

Statements of Operations

Six Months ended December 31, 2019 (Unaudited)


	AllianzGI Emerging Markets Opportunities			AllianzGI Focused Growth			AllianzGI Global Natural Resources			AllianzGI Global Small-Cap
Investment Income:
Dividends, net of foreign withholding taxes*	$	6,708,874		$	3,988,719		$	174,118		$	492,814
Interest		6,216			21,400			115			5,620
Miscellaneous		—			—			7			—
Total Investment Income		6,715,090			4,010,119			174,240			498,434
Expenses:
Investment advisory		1,500,508			2,314,666			37,101			490,410
Administration		720,559			1,870,505			21,617			221,020
Distribution — Class C		11,625			170,588			3,806			23,699
Distribution — Class R		—			26,648			—			—
Servicing — Class A		56,787			719,914			5,838			55,365
Servicing — Class C		3,875			56,863			1,269			7,899
Servicing — Class R		—			26,648			—			—
Distribution and/or servicing — Administrative Class		—			5,729			—			—
Trustees		36,577			107,005			1,120			12,333
Line of credit commitment		4,118			11,694			129			1,369
Legal		416			1,098			75			174
Miscellaneous		8,554			144			370			1,306
Total Expenses		2,343,019			5,311,502			71,325			813,575
Less: Investment Advisory/Administration waived		(617,856	)		(571,963	)		—			—
Net Expenses		1,725,163			4,739,539			71,325			813,575
Net Investment Income (Loss)		4,989,927			(729,420	)		102,915			(315,141	)
Realized and Change in Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(10,705,672	)		103,926,085			(506,227	)		4,908,694
Options written		—			—			—			—
Forward foreign currency contracts		—			—			(645	)		(2,259	)
Foreign currency transactions		(263,090	)		—			970			5,408
Net change in unrealized appreciation/depreciation of:
Investments		31,058,936			(6,183,912	)		(17,667	)		(85,726	)
Investments in Affiliates		—			—			—			—
Options written		—			—			—			—
Forward foreign currency contracts		—			—			—			100
Foreign currency transactions		(16,047	)		—			(30	)		1,445
Net realized and change in unrealized gain (loss)		20,074,127			97,742,173			(523,599	)		4,827,662
Net Increase (Decrease) in Net Assets Resulting from Investment Operations	$	25,064,054		$	97,012,753		$	(420,684	)	$	4,512,521
* Foreign withholding taxes	$	932,449		$	—		$	4,377		$	27,361


100		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements


AllianzGI Health Sciences			AllianzGI Income & Growth			AllianzGI Mid-Cap			AllianzGI NFJ Dividend Value			AllianzGI NFJ International Value

$	915,155		$	17,095,341		$	773,689		$	16,824,142		$	2,811,555
	7,443			51,118,026			3,365			21,428			1,636
	—			206,660			—			—			—
	922,598			68,420,027			777,054			16,845,570			2,813,191

	612,674			15,232,178			752,190			2,894,770			501,659
	304,182			8,265,483			616,369			2,346,276			394,076
	14,672			4,639,761			59,961			235,083			43,538
	—			7,274			1,608			89,832			7,101
	181,182			1,913,851			304,114			560,076			85,998
	4,891			1,546,587			19,987			78,361			14,513
	—			7,274			1,608			89,832			7,101
	—			—			1,938			44,267			1,563
	15,898			480,885			32,758			135,655			17,500
	1,723			52,325			3,594			15,075			1,961
	218			4,816			386			1,368			232
	363			25,887			2,250			8,774			2,159
	1,135,803			32,176,321			1,796,763			6,499,369			1,077,401
	—			(259,077	)		—			(482,462	)		(62,707	)
	1,135,803			31,917,244			1,796,763			6,016,907			1,014,694
	(213,205	)		36,502,783			(1,019,709	)		10,828,663			1,798,497


	7,935,309			134,850,915			8,343,044			117,953,247			(1,915,579	)
	—			770,405			—			—			—
	—			—			—			—			—
	(3,001	)		—			(19	)		(182	)		(20,695	)

	9,809,417			99,238,465			15,463,351			(19,457,769	)		9,693,032
	—			(1,383,366	)		—			—			—
	—			312,453			—			—			—
	—			—			—			—			—
	(1,176	)		—			—			220			(2,794	)
	17,740,549			233,788,872			23,806,376			98,495,516			7,753,964
$	17,527,344		$	270,291,655		$	22,786,667		$	109,324,179		$	9,552,461
$	947		$	—		$	3,811		$	156,832		$	189,202


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			101

Statements of Operations (cont’d)

Six Months ended December 31, 2019 (Unaudited)


	AllianzGI NFJ Large-Cap Value			AllianzGI NFJ Mid-Cap Value			AllianzGI NFJ Small-Cap Value			AllianzGI Small-Cap
Investment Income:
Dividends, net of foreign withholding taxes*	$	4,218,492		$	15,350,383		$	11,558,828		$	1,024,649
Interest		3,892			21,104			16,228			5,248
Miscellaneous		—			—			8,865			—
Total Investment Income		4,222,384			15,371,487			11,583,921			1,029,897
Expenses:
Investment advisory		758,853			3,748,829			2,701,925			355,039
Administration		611,394			2,425,968			1,553,309			215,466
Distribution — Class C		40,661			177,101			10,679			19,986
Distribution — Class R		2,545			25,736			26,227			—
Servicing — Class A		223,863			746,518			515,647			84,525
Servicing — Class C		13,554			59,034			3,560			6,662
Servicing — Class R		2,545			25,736			26,227			—
Distribution and/or servicing — Administrative Class		1,690			38,693			128,769			—
Trustees		34,588			139,734			99,050			11,981
Line of credit commitment		3,959			15,335			11,053			1,287
Legal		400			1,444			958			185
Dividends on securities sold short		—			—			—			—
Securities sold short		—			—			—			—
Miscellaneous		815			3,460			8,117			73
Total Expenses		1,694,867			7,407,588			5,085,521			695,204
Less: Investment Advisory/Administration waived		—			(1,499,531	)		(450,321	)		(59,173	)
Net Expenses		1,694,867			5,908,057			4,635,200			636,031
Net Investment Income (Loss)		2,527,517			9,463,430			6,948,721			393,866
Realized and Change in Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		14,925,402			97,720,547			82,961,519			(118,032	)
Securities sold short		—			—			—			—
Options written		—			—			—			—
Foreign currency transactions		(102	)		(393	)		8,454			—
Payments from Affiliates (See Note 10)		—			—			—			706
Net change in unrealized appreciation/depreciation of:
Investments		13,143,169			10,301,773			(22,124,779	)		6,425,715
Securities sold short		—			—			��			—
Options written		—			—			—			—
Foreign currency transactions		(54	)		49			(376	)		—
Net realized and change in unrealized gain		28,068,415			108,021,976			60,844,818			6,308,389
Net Increase in Net Assets Resulting from Investment Operations	$	30,595,932		$	117,485,406		$	67,793,539		$	6,702,255
* Foreign withholding taxes	$	15,540		$	11,580		$	47,927		$	—


102		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements


AllianzGI Technology

$	3,823,798
	182,726
	7
	4,006,531

	7,052,967
	2,667,699
	168,133
	—
	725,942
	56,044
	—
	13,847
	164,765
	17,687
	1,616
	3
	51,689
	3,361
	10,923,753
	—
	10,923,753
	(6,917,222	)


	138,887,942
	(1,218,852	)
	3,086,845
	(133,234	)
	—

	(84,312,720	)
	4
	(1,464,631	)
	149,661
	54,995,015
$	48,077,793
$	112,628


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			103

Statements of Changes in Net Assets


	AllianzGI Emerging Markets Opportunities						AllianzGI Focused Growth

	Six Months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019			Six Months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019
Increase (Decrease) in Net Assets from:

Investment Operations:
Net investment income (loss)	$	4,989,927		$	7,163,044		$	(729,420	)	$	(1,139,936	)
Net realized gain (loss)		(10,968,762	)		(34,340,091	)		103,926,085			129,030,700
Net change in unrealized appreciation/depreciation		31,042,889			15,603,950			(6,183,912	)		(63,725,778	)

Net increase (decrease) in net assets resulting from investment operations		25,064,054			(11,573,097	)		97,012,753			64,164,986
Distributions to Shareholders from:

Distributable earnings:
Class A		(917,791	)		(969,272	)		(71,954,089	)		(59,884,650	)
Class C		(32,037	)		(15,097	)		(8,748,772	)		(8,093,814	)
Class R		—			—			(3,434,752	)		(3,051,304	)
Class P		(381,714	)		(507,886	)		(14,030,851	)		(14,260,002	)
Institutional Class		(6,546,783	)		(6,130,461	)		(20,050,942	)		(18,778,168	)
Class R6		(582,626	)		(591,467	)		(18,688,902	)		(13,248,091	)
Administrative Class		—			—			(695,736	)		(568,572	)
Total distributions to shareholders		(8,460,951	)		(8,214,183	)		(137,604,044	)		(117,884,601	)
Fund Share Transactions:
Net proceeds from the sale of shares		32,716,222			169,185,889			61,515,248			332,235,487
Issued in reinvestment of distributions		8,039,929			7,717,648			123,886,800			105,500,697
Cost of shares redeemed		(62,295,706	)		(146,848,611	)		(149,051,157	)		(426,260,678	)
Net increase (decrease) from Fund share transactions		(21,539,555	)		30,054,926			36,350,891			11,475,506
Total increase (decrease) in net assets		(4,936,452	)		10,267,646			(4,240,400	)		(42,244,109	)
Net Assets:
Beginning of period		378,359,597			368,091,951			1,041,383,789			1,083,627,898
End of period	$	373,423,145		$	378,359,597		$	1,037,143,389		$	1,041,383,789

—	May reflect actual amounts rounding to less than $1.


104		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements


AllianzGI Global Natural Resources						AllianzGI Global Small-Cap						AllianzGI Health Sciences

Six Months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019			Six Months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019			Six Months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019



$	102,915		$	300,932		$	(315,141	)	$	(321,870	)	$	(213,205	)	$	56,912
	(505,902	)		(620,330	)		4,911,843			3,514,942			7,932,308			18,936,286
	(17,697	)		(1,778,722	)		(84,181	)		(15,621,622	)		9,808,241			(372,630	)

	(420,684	)		(2,098,120	)		4,512,521			(12,428,550	)		17,527,344			18,620,568



	(111,986	)		(106,938	)		(3,176,268	)		(9,059,158	)		(10,065,053	)		(19,287,433	)
	(21,445	)		(13,875	)		(499,188	)		(2,028,346	)		(345,656	)		(661,505	)
	—			—			—			—			—			—
	(10,341	)		(42,273	)		(646,423	)		(2,305,369	)		—			—
	(134,320	)		(116,198	)		(3,167,395	)		(13,171,798	)		(313,756	)		(324,420	)
	—			—			—			—			—			—
	—			—			—			—			—			—
	(278,092	)		(279,284	)		(7,489,274	)		(26,564,671	)		(10,724,465	)		(20,273,358	)

	973,361			3,404,031			2,721,955			22,603,210			2,467,590			12,144,594
	263,944			256,399			6,996,507			24,879,822			10,356,965			19,582,484
	(2,854,765	)		(9,715,627	)		(34,919,832	)		(68,042,255	)		(11,413,543	)		(26,779,664	)
	(1,617,460	)		(6,055,197	)		(25,201,370	)		(20,559,223	)		1,411,012			4,947,414
	(2,316,236	)		(8,432,601	)		(28,178,123	)		(59,552,444	)		8,213,891			3,294,624

	12,229,198			20,661,799			133,891,807			193,444,251			155,488,567			152,193,943
$	9,912,962		$	12,229,198		$	105,713,684		$	133,891,807		$	163,702,458		$	155,488,567


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			105

Statements of Changes in Net Assets (cont’d)


	AllianzGI Income & Growth						AllianzGI Mid-Cap

	Six Months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019			Six Months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019
Increase (Decrease) in Net Assets from:

Investment Operations:
Net investment income (loss)	$	36,502,783		$	71,178,883		$	(1,019,709	)	$	(2,168,597	)
Net realized gain (loss)		135,621,320			240,336,412			8,343,025			7,637,737
Net change in unrealized appreciation/depreciation		98,167,552			(99,581,375	)		15,463,351			31,311,937

Net increase (decrease) in net assets resulting from investment operations		270,291,655			211,933,920			22,786,667			36,781,077
Distributions to Shareholders from:

Distributable earnings:
Class A		(58,552,885	)		(110,411,831	)		(11,314,973	)		(27,816,569	)
Class C		(47,509,447	)		(96,161,658	)		(890,197	)		(3,319,825	)
Class R		(213,013	)		(343,496	)		(62,933	)		(183,135	)
Class P		(44,522,383	)		(84,862,532	)		(486,183	)		(1,150,131	)
Institutional Class		(28,946,428	)		(47,989,045	)		(2,171,232	)		(3,438,770	)
Class R6		—			—			—			—
Administrative Class		—			—			(70,695	)		(163,523	)
Total distributions to shareholders		(179,744,156	)		(339,768,562	)		(14,996,213	)		(36,071,953	)
Fund Share Transactions:
Net proceeds from the sale of shares		736,773,210			1,709,498,560			39,079,647			147,501,131
Issued in reinvestment of distributions		162,237,922			303,320,720			13,532,766			32,092,605
Cost of shares redeemed		(589,785,660	)		(1,090,296,297	)		(36,473,058	)		(173,708,354	)
Net increase (decrease) from Fund share transactions		309,225,472			922,522,983			16,139,355			5,885,382
Total increase (decrease) in net assets		399,772,971			794,688,341			23,929,809			6,594,506
Net Assets:
Beginning of period		4,523,005,554			3,728,317,213			312,167,423			305,572,917
End of period	$	4,922,778,525		$	4,523,005,554		$	336,097,232		$	312,167,423

—	May reflect actual amounts rounding to less than $1.


106		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements


AllianzGI NFJ Dividend Value						AllianzGI NFJ International Value						AllianzGI NFJ Large-Cap Value

Six Months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019			Six Months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019			Six Months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019



$	10,828,663		$	34,147,685		$	1,798,497		$	4,017,249		$	2,527,517		$	5,744,563
	117,953,065			130,028,369			(1,936,274	)		6,397,576			14,925,300			(5,989,507	)
	(19,457,549	)		(113,531,589	)		9,690,238			(12,701,695	)		13,143,115			17,171,832

	109,324,179			50,644,465			9,552,461			(2,286,870	)		30,595,932			16,926,888



	(51,873,207	)		(103,972,637	)		(947,709	)		(1,240,282	)		(4,345,111	)		(2,878,118	)
	(6,382,564	)		(19,705,892	)		(110,567	)		(150,145	)		(200,328	)		(156,046	)
	(8,317,152	)		(15,736,853	)		(69,991	)		(92,441	)		(45,179	)		(37,054	)
	(40,126,430	)		(93,724,314	)		(491,372	)		(886,735	)		(481,260	)		(361,691	)
	(25,933,344	)		(71,655,918	)		(692,377	)		(914,475	)		(2,814,506	)		(2,637,372	)
	(8,488,359	)		(15,698,988	)		(20,578	)		(28,658	)		—			—
	(3,769,765	)		(13,203,454	)		(17,404	)		(40,736	)		(32,685	)		(22,170	)
	(144,890,821	)		(333,698,056	)		(2,349,998	)		(3,353,472	)		(7,919,069	)		(6,092,451	)

	84,586,003			301,776,596			8,097,823			37,499,896			12,073,396			74,280,028
	127,296,692			286,170,219			2,140,785			2,985,084			7,427,296			5,653,505
	(297,618,199	)		(912,899,785	)		(28,457,197	)		(141,030,657	)		(63,413,946	)		(107,300,262	)
	(85,735,504	)		(324,952,970	)		(18,218,589	)		(100,545,677	)		(43,913,254	)		(27,366,729	)
	(121,302,146	)		(608,006,561	)		(11,016,126	)		(106,186,019	)		(21,236,391	)		(16,532,292	)

	1,357,243,214			1,965,249,775			179,805,569			285,991,588			345,530,735			362,063,027
$	1,235,941,068		$	1,357,243,214		$	168,789,443		$	179,805,569		$	324,294,344		$	345,530,735


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			107

Statements of Changes in Net Assets (cont’d)


	AllianzGI NFJ Mid-Cap Value						AllianzGI NFJ Small-Cap Value

	Six Months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019			Six Months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019
Increase (Decrease) in Net Assets from:

Investment Operations:
Net investment income (loss)	$	9,463,430		$	19,748,593		$	6,948,721		$	28,314,977
Net realized gain (loss)		97,720,154			34,862,826			82,969,973			52,161,420
Net change in unrealized appreciation/depreciation		10,301,822			(9,947,114	)		(22,125,155	)		(252,683,722	)

Net increase (decrease) in net assets resulting from investment operations		117,485,406			44,664,305			67,793,539			(172,207,325	)
Distributions to Shareholders from:

Distributable earnings:
Class A		(47,351,316	)		(8,958,098	)		(34,922,642	)		(125,664,406	)
Class C		(4,322,367	)		(259,371	)		(223,274	)		(3,447,097	)
Class R		(1,914,476	)		(286,719	)		(1,588,320	)		(6,171,694	)
Class P		(21,721,615	)		(3,913,377	)		(2,577,066	)		(11,101,354	)
Institutional Class		(33,543,054	)		(6,182,427	)		(11,170,094	)		(94,888,377	)
Class R6		(5,444,939	)		(220,071	)		(10,202,555	)		(46,791,068	)
Administrative Class		(2,689,085	)		(393,619	)		(9,276,658	)		(34,340,757	)
Total distributions to shareholders		(116,986,852	)		(20,213,682	)		(69,960,609	)		(322,404,753	)
Fund Share Transactions:
Net proceeds from the sale of shares		206,268,956			552,773,876			44,014,457			283,770,753
Issued in reinvestment of distributions		104,661,156			18,064,016			64,678,073			294,059,205
Cost of shares redeemed		(166,296,427	)		(551,921,766	)		(346,685,248	)		(1,291,552,009	)
Net increase (decrease) from Fund share transactions		144,633,685			18,916,126			(237,992,718	)		(713,722,051	)
Total increase (decrease) in net assets		145,132,239			43,366,749			(240,159,788	)		(1,208,334,129	)
Net Assets:
Beginning of period		1,312,801,160			1,269,434,411			1,051,618,014			2,259,952,143
End of period	$	1,457,933,399		$	1,312,801,160		$	811,458,226		$	1,051,618,014

—	May reflect actual amounts rounding to less than $1.


108		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements


AllianzGI Small-Cap						AllianzGI Technology

Six Months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019			Six Months ended December 31, 2019 (Unaudited)			Year ended June 30, 2019



$	393,866		$	299,803		$	(6,917,222	)	$	(14,093,871	)
	(117,326	)		(971,773	)		140,622,701			180,784,054
	6,425,715			(85,006	)		(85,627,686	)		14,943,453

	6,702,255			(756,976	)		48,077,793			181,633,636



	(36,355	)		(5,374,154	)		(99,007,393	)		(103,779,572	)
	(3	)		(708,974	)		(10,444,134	)		(11,594,326	)
	—			—			—			—
	(54,723	)		(673,909	)		(20,909,955	)		(21,155,444	)
	(51,869	)		(553,729	)		(115,521,539	)		(126,878,404	)
	(96,047	)		(43,874	)		—			—
	—			—			(1,647,783	)		(3,019,512	)
	(238,997	)		(7,354,640	)		(247,530,804	)		(266,427,258	)

	27,968,037			64,704,067			121,077,875			528,506,555
	234,792			6,805,302			236,602,850			252,764,407
	(11,649,277	)		(47,676,925	)		(232,275,527	)		(661,953,777	)
	16,553,552			23,832,444			125,405,198			119,317,185
	23,016,810			15,720,828			(74,047,813	)		34,523,563

	110,647,835			94,927,007			1,617,256,204			1,582,732,641
$	133,664,645		$	110,647,835		$	1,543,208,391		$	1,617,256,204


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			109

Financial Highlights

For a Share Outstanding for the Period ended:^


	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Net Asset Value, End of Period
AllianzGI Emerging Markets Opportunities:
Class A
12/31/2019†	$	27.06	$	0.34	$	1.59		$	1.93		$	(0.56	)	$	28.43
6/30/2019		28.53		0.56		(1.55	)		(0.99	)		(0.48	)		27.06
6/30/2018		26.59		0.41		1.85			2.26			(0.32	)		28.53
6/30/2017		22.60		0.41		3.98			4.39			(0.40	)		26.59
6/30/2016		25.90		0.34		(3.39	)		(3.05	)		(0.25	)		22.60
6/30/2015		27.00		0.35		(1.10	)		(0.75	)		(0.35	)		25.90
Class C
12/31/2019†	$	26.81	$	0.26	$	1.56		$	1.82		$	(0.30	)	$	28.33
6/30/2019		28.05		0.31		(1.45	)		(1.14	)		(0.10	)		26.81
6/30/2018		26.13		0.16		1.84			2.00			(0.08	)		28.05
6/30/2017		22.09		0.19		3.96			4.15			(0.11	)		26.13
6/30/2016		25.21		0.22		(3.34	)		(3.12	)		—			22.09
6/30/2015		26.25		0.14		(1.07	)		(0.93	)		(0.11	)		25.21
Class P
12/31/2019†	$	26.46	$	0.38	$	1.55		$	1.93		$	(0.63	)	$	27.76
6/30/2019		28.02		0.55		(1.47	)		(0.92	)		(0.64	)		26.46
6/30/2018		26.17		0.46		1.84			2.30			(0.45	)		28.02
6/30/2017		22.23		0.44		3.94			4.38			(0.44	)		26.17
6/30/2016		25.44		0.46		(3.40	)		(2.94	)		(0.27	)		22.23
6/30/2015		26.63		0.42		(1.11	)		(0.69	)		(0.50	)		25.44
Institutional Class
12/31/2019†	$	27.10	$	0.38	$	1.62		$	2.00		$	(0.67	)	$	28.43
6/30/2019		28.72		0.54		(1.47	)		(0.93	)		(0.69	)		27.10
6/30/2018		26.83		0.53		1.85			2.38			(0.49	)		28.72
6/30/2017		22.74		0.49		4.03			4.52			(0.43	)		26.83
6/30/2016		25.95		0.44		(3.42	)		(2.98	)		(0.23	)		22.74
6/30/2015		27.11		0.43		(1.11	)		(0.68	)		(0.48	)		25.95
Class R6
12/31/2019†	$	26.96	$	0.39	$	1.61		$	2.00		$	(0.69	)	$	28.27
6/30/2019		28.57		0.57		(1.48	)		(0.91	)		(0.70	)		26.96
6/30/2018		26.69		0.62		1.76			2.38			(0.50	)		28.57
6/30/2017		22.69		0.60		3.90			4.50			(0.50	)		26.69
12/14/2015* - 6/30/2016		21.21		0.31		1.47			1.78			(0.30	)		22.69

^	A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%.

†	Unaudited

*	Commencement of operations.

(a)

Calculated on average shares outstanding during the period.

(b)

Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

(c)

Annualized, unless otherwise noted.


110		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements


Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate


	7.16	%	$	46,465		1.27	%(c)		1.62	%(c)		2.53	%(c)		38	%
	(3.29	)		48,388		1.26			1.61			2.08			101
	8.44			108,279		1.26			1.61			1.36			88
	19.76			154,357		1.42			1.62			1.69			155
	(11.73	)		143,677		1.48			1.62			1.59			85
	(2.76	)		28,690		1.67			1.67			1.30			99

	6.79	%	$	3,058		2.02	%(c)		2.37	%(c)		1.93	%(c)		38	%
	(4.05	)		3,675		2.01			2.36			1.15			101
	7.63			8,113		2.01			2.36			0.55			88
	18.91			8,982		2.17			2.37			0.80			155
	(12.38	)		11,862		2.27			2.37			1.02			85
	(3.53	)		15,069		2.42			2.42			0.53			99

	7.32	%	$	17,023		1.02	%(c)		1.37	%(c)		2.94	%(c)		38	%
	(3.05	)		20,454		1.01			1.36			2.08			101
	8.71			29,887		1.01			1.36			1.55			88
	20.11			21,586		1.17			1.37			1.86			155
	(11.51	)		20,262		1.26			1.37			2.11			85
	(2.53	)		12,229		1.42			1.42			1.63			99

	7.41	%	$	281,909		0.92	%(c)		1.27	%(c)		2.87	%(c)		38	%
	(2.97	)		282,196		0.91			1.26			2.03			101
	8.79			197,536		0.91			1.26			1.74			88
	20.26			72,688		1.07			1.27			2.02			155
	(11.41	)		64,785		1.17			1.27			2.00			85
	(2.45	)		62,339		1.32			1.32			1.60			99

	7.43	%	$	24,968		0.87	%(c)		1.22	%(c)		2.91	%(c)		38	%
	(2.93	)		23,647		0.86			1.21			2.13			101
	8.85			24,277		0.86			1.21			2.03			88
	20.27			692		1.02			1.22			2.46			155
	8.46			21		1.07	(c)		1.22	(c)		2.63	(c)		85


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			111

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:^


	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Focused Growth:
Class A
12/31/2019†	$	53.33	$	(0.06	)	$	5.30		$	5.24	$	—		$	(7.05	)
6/30/2019		56.83		(0.08	)		2.48			2.40		—			(5.90	)
6/30/2018		46.62		—			10.92			10.92		—			(0.71	)
6/30/2017		40.72		0.06			6.85			6.91		—			(1.01	)
6/30/2016		42.73		0.08			0.62			0.70		—			(2.71	)
6/30/2015		41.93		(0.03	)		4.57			4.54		(0.17	)		(3.57	)
Class C
12/31/2019†	$	34.42	$	(0.17	)	$	3.39		$	3.22	$	—		$	(7.05	)
6/30/2019		39.41		(0.36	)		1.27			0.91		—			(5.90	)
6/30/2018		32.76		(0.29	)		7.65			7.36		—			(0.71	)
6/30/2017		29.12		(0.19	)		4.84			4.65		—			(1.01	)
6/30/2016		31.53		(0.17	)		0.47			0.30		—			(2.71	)
6/30/2015		31.96		(0.25	)		3.40			3.15		(0.01	)		(3.57	)
Class R
12/31/2019†	$	39.02	$	(0.10	)	$	3.86		$	3.76	$	—		$	(7.05	)
6/30/2019		43.54		(0.16	)		1.54			1.38		—			(5.90	)
6/30/2018		35.95		(0.11	)		8.41			8.30		—			(0.71	)
6/30/2017		31.71		(0.04	)		5.29			5.25		—			(1.01	)
6/30/2016		33.93		(0.02	)		0.51			0.49		—			(2.71	)
6/30/2015		34.08		(0.11	)		3.66			3.55		(0.13	)		(3.57	)
Class P
12/31/2019†	$	39.91	$	—		$	3.96		$	3.96	$	—		$	(7.05	)
6/30/2019		44.18		0.03			1.60			1.63		—			(5.90	)
6/30/2018		36.33		0.09			8.52			8.61		(0.05	)		(0.71	)
6/30/2017		31.88		0.14			5.32			5.46		—			(1.01	)
6/30/2016		33.94		0.15			0.50			0.65		—			(2.71	)
6/30/2015		34.09		0.06			3.66			3.72		(0.30	)		(3.57	)
Institutional Class
12/31/2019†	$	48.89	$	0.03		$	4.86		$	4.89	$	—		$	(7.05	)
6/30/2019		52.51		0.09			2.19			2.28		—			(5.90	)
6/30/2018		43.02		0.16			10.08			10.24		(0.04	)		(0.71	)
6/30/2017		37.53		0.20			6.30			6.50		—			(1.01	)
6/30/2016		39.45		0.21			0.58			0.79		—			(2.71	)
6/30/2015		39.01		0.11			4.23			4.34		(0.33	)		(3.57	)
Class R6
12/31/2019†	$	48.96	$	0.04		$	4.87		$	4.91	$	—		$	(7.05	)
6/30/2019		52.56		0.11			2.19			2.30		—			(5.90	)
6/30/2018		43.04		0.19			10.10			10.29		(0.06	)		(0.71	)
6/30/2017		37.53		0.21			6.31			6.52		—			(1.01	)
12/14/2015* - 6/30/2016		37.51		0.12			(0.10	)		0.02		—			—
Administrative Class
12/31/2019†	$	45.36	$	(0.04	)	$	4.51		$	4.47	$	—		$	(7.05	)
6/30/2019		49.33		(0.04	)		1.97			1.93		—			(5.90	)
6/30/2018		40.51		0.03			9.50			9.53		—			(0.71	)
6/30/2017		35.48		0.09			5.95			6.04		—			(1.01	)
6/30/2016		37.53		0.11			0.55			0.66		—			(2.71	)
6/30/2015		37.31		0.01			4.02			4.03		(0.24	)		(3.57	)

^	A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%.

†	Unaudited

*	Commencement of operations.

(a)

Calculated on average shares outstanding during the period.

(b)

(c)

Annualized, unless otherwise noted.


112		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements


Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate


$	(7.05	)	$	51.52		9.93	%	$	589,892		1.00	%(c)		1.12	%(c)		(0.22	)%(c)		32	%
	(5.90	)		53.33		6.79			577,106		1.00			1.12			(0.15	)		50
	(0.71	)		56.83		23.53			421,188		0.99			1.11			—			40
	(1.01	)		46.62		17.29			373,359		1.05			1.11			0.15			46
	(2.71	)		40.72		1.54			357,077		1.11			1.11			0.20			55
	(3.74	)		42.73		11.57			297,572		1.11			1.11			(0.06	)		58

$	(7.05	)	$	30.59		9.51	%	$	45,640		1.77	%(c)		1.87	%(c)		(1.00	)%(c)		32	%
	(5.90	)		34.42		5.93			48,706		1.77			1.87			(0.93	)		50
	(0.71	)		39.41		22.59			233,854		1.76			1.86			(0.77	)		40
	(1.01	)		32.76		16.40			217,685		1.81			1.86			(0.62	)		46
	(2.71	)		29.12		0.79			230,432		1.86			1.86			(0.56	)		55
	(3.58	)		31.53		10.76			227,519		1.86			1.86			(0.81	)		58

$	(7.05	)	$	35.73		9.78	%	$	20,004		1.27	%(c)		1.37	%(c)		(0.50	)%(c)		32	%
	(5.90	)		39.02		6.50			22,511		1.27			1.37			(0.41	)		50
	(0.71	)		43.54		23.21			23,781		1.26			1.36			(0.27	)		40
	(1.01	)		35.95		16.96			20,635		1.31			1.36			(0.11	)		46
	(2.71	)		31.71		1.31			17,877		1.36			1.36			(0.05	)		55
	(3.70	)		33.93		11.32			14,751		1.36			1.36			(0.31	)		58

$	(7.05	)	$	36.82		10.06	%	$	84,572		0.77	%(c)		0.87	%(c)		0.01	%(c)		32	%
	(5.90	)		39.91		7.01			91,265		0.77			0.87			0.09			50
	(0.76	)		44.18		23.84			109,456		0.76			0.86			0.23			40
	(1.01	)		36.33		17.54			80,667		0.81			0.86			0.41			46
	(2.71	)		31.88		1.81			35,025		0.86			0.86			0.46			55
	(3.87	)		33.94		11.88			16,050		0.86			0.86			0.19			58

$	(7.05	)	$	46.73		10.11	%	$	149,106		0.67	%(c)		0.77	%(c)		0.10	%(c)		32	%
	(5.90	)		48.89		7.15			162,173		0.67			0.77			0.18			50
	(0.75	)		52.51		23.93			177,278		0.66			0.76			0.33			40
	(1.01	)		43.02		17.67			195,161		0.71			0.76			0.50			46
	(2.71	)		37.53		1.92			155,976		0.76			0.76			0.55			55
	(3.90	)		39.45		11.99			122,979		0.76			0.76			0.29			58

$	(7.05	)	$	46.82		10.14	%	$	143,222		0.62	%(c)		0.72	%(c)		0.16	%(c)		32	%
	(5.90	)		48.96		7.18			134,485		0.62			0.72			0.23			50
	(0.77	)		52.56		24.03			114,054		0.61			0.71			0.38			40
	(1.01	)		43.04		17.72			36,374		0.66			0.71			0.53			46
	—			37.53		0.05			11,564		0.71	(c)		0.71	(c)		0.60	(c)		55

$	(7.05	)	$	42.78		9.98	%	$	4,707		0.92	%(c)		1.02	%(c)		(0.15	)%(c)		32	%
	(5.90	)		45.36		6.88			5,138		0.92			1.02			(0.08	)		50
	(0.71	)		49.33		23.63			4,017		0.91			1.01			0.07			40
	(1.01	)		40.51		17.39			4,288		0.96			1.01			0.25			46
	(2.71	)		35.48		1.65			7,900		1.01			1.01			0.29			55
	(3.81	)		37.53		11.67			6,439		1.01			1.01			0.04			58


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			113

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:^


	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Net Asset Value, End of Period
AllianzGI Global Natural Resources:
Class A
12/31/2019†	$	14.20	$	0.12		$	(0.57	)	$	(0.45	)	$	(0.36	)	$	13.39
6/30/2019		15.95		0.27			(1.78	)		(1.51	)		(0.24	)		14.20
6/30/2018		13.77		0.13			2.08			2.21			(0.03	)		15.95
6/30/2017		14.67		0.01			(0.78	)		(0.77	)		(0.13	)		13.77
6/30/2016		16.66		0.05			(1.97	)		(1.92	)		(0.07	)		14.67
6/30/2015		20.71		0.06			(4.11	)		(4.05	)		—			16.66
Class C
12/31/2019†	$	13.29	$	0.07		$	(0.54	)	$	(0.47	)	$	(0.27	)	$	12.55
6/30/2019		14.90		0.15			(1.64	)		(1.49	)		(0.12	)		13.29
6/30/2018		12.93		0.02			1.95			1.97			—			14.90
6/30/2017		13.77		(0.10	)		(0.74	)		(0.84	)		—			12.93
6/30/2016		15.67		(0.06	)		(1.84	)		(1.90	)		—			13.77
6/30/2015		19.63		(0.07	)		(3.89	)		(3.96	)		—			15.67
Class P
12/31/2019†	$	14.44	$	0.14		$	(0.59	)	$	(0.45	)	$	(0.37	)	$	13.62
6/30/2019		16.25		0.29			(1.79	)		(1.50	)		(0.31	)		14.44
6/30/2018		13.96		0.18			2.11			2.29			—			16.25
6/30/2017		14.86		0.03			(0.78	)		(0.75	)		(0.15	)		13.96
6/30/2016		16.87		0.09			(1.99	)		(1.90	)		(0.11	)		14.86
6/30/2015		20.98		0.13			(4.20	)		(4.07	)		(0.04	)		16.87
Institutional Class
12/31/2019†	$	14.58	$	0.15		$	(0.59	)	$	(0.44	)	$	(0.42	)	$	13.72
6/30/2019		16.39		0.33			(1.84	)		(1.51	)		(0.30	)		14.58
6/30/2018		14.12		0.19			2.14			2.33			(0.06	)		16.39
6/30/2017		14.99		0.07			(0.81	)		(0.74	)		(0.13	)		14.12
6/30/2016		17.00		0.09			(1.99	)		(1.90	)		(0.11	)		14.99
6/30/2015		21.10		0.12			(4.19	)		(4.07	)		(0.03	)		17.00

^	A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%.

†	Unaudited

(a)

Calculated on average shares outstanding during the period.

(b)

Total return is calculated assuming a purchase of a share on the first day of the year and a sale of a share on the last day of each year reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

(c)

Annualized, unless otherwise noted.

(d)

Does not include expenses of the investment companies in which the Fund invests.


114		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements


Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate


	(3.16	)%	$	4,016		1.43	%(c)(d)		1.85	%(c)(d)		89	%
	(9.24	)		5,466		1.43	(d)		1.91	(d)		76
	16.05			7,812		1.43	(d)		0.84	(d)		113
	(5.37	)		11,135		1.42	(d)		0.08	(d)		108
	(11.44	)		14,175		1.42	(d)		0.34	(d)		177
	(19.56	)		11,395		1.41			0.32			107

	(3.51	)%	$	1,011		2.18	%(c)(d)		1.11	%(c)(d)		89	%
	(9.90	)		1,154		2.18	(d)		1.10	(d)		76
	15.24			2,102		2.18	(d)		0.13	(d)		113
	(6.07	)		2,896		2.17	(d)		(0.70	)(d)		108
	(12.13	)		4,200		2.17	(d)		(0.43	)(d)		177
	(20.17	)		4,579		2.16			(0.42	)		107

	(3.05	)%	$	377		1.18	%(c)(d)		2.07	%(c)(d)		89	%
	(8.94	)		600		1.18	(d)		1.93	(d)		76
	16.40			2,435		1.18	(d)		1.20	(d)		113
	(5.18	)		1,970		1.17	(d)		0.19	(d)		108
	(11.20	)		8,025		1.17	(d)		0.61	(d)		177
	(19.38	)		8,128		1.16			0.73			107

	(2.98	)%	$	4,509		1.08	%(c)(d)		2.21	%(c)(d)		89	%
	(8.92	)		5,009		1.08	(d)		2.21	(d)		76
	16.48			8,313		1.08	(d)		1.24	(d)		113
	(5.07	)		10,068		1.07	(d)		0.43	(d)		108
	(11.12	)		17,671		1.07	(d)		0.64	(d)		177
	(19.28	)		30,751		1.06			0.67			107


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			115

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:^


	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Global Small-Cap:
Class A
12/31/2019†	$	39.37	$	(0.14	)	$	1.79		$	1.65		$	—		$	(2.95	)
6/30/2019		51.40		(0.14	)		(3.88	)		(4.02	)		—			(8.01	)
6/30/2018		47.75		(0.26	)		8.28			8.02			(0.10	)		(4.27	)
6/30/2017		41.18		(0.14	)		6.71			6.57			—			—
6/30/2016		45.05		(0.13	)		(3.74	)		(3.87	)		—			—
6/30/2015		43.12		(0.19	)		2.12			1.93			—			—
Class C
12/31/2019†	$	33.10	$	(0.24	)	$	1.50		$	1.26		$	—		$	(2.95	)
6/30/2019		45.13		(0.45	)		(3.57	)		(4.02	)		—			(8.01	)
6/30/2018		42.62		(0.57	)		7.35			6.78			—			(4.27	)
6/30/2017		37.03		(0.42	)		6.01			5.59			—			—
6/30/2016		40.81		(0.41	)		(3.37	)		(3.78	)		—			—
6/30/2015		39.36		(0.46	)		1.91			1.45			—			—
Class P
12/31/2019†	$	42.51	$	(0.10	)	$	1.94		$	1.84		$	—		$	(2.95	)
6/30/2019		54.57		(0.06	)		(3.99	)		(4.05	)		—			(8.01	)
6/30/2018		50.40		(0.15	)		8.75			8.60			(0.16	)		(4.27	)
6/30/2017		43.36		0.02			7.02			7.04			—			—
6/30/2016		47.30		(0.05	)		(3.89	)		(3.94	)		—			—
6/30/2015		45.17		(0.06	)		2.19			2.13			—			—
Institutional Class
12/31/2019†	$	42.97	$	(0.08	)	$	1.97		$	1.89		$	—		$	(2.95	)
6/30/2019		55.01		0.01			(4.04	)		(4.03	)		—			(8.01	)
6/30/2018		50.77		(0.09	)		8.81			8.72			(0.21	)		(4.27	)
6/30/2017		43.63		0.02			7.12			7.14			—			—
6/30/2016		47.55		0.02			(3.94	)		(3.92	)		—			—
6/30/2015		45.37		(0.05	)		2.23			2.18			—			—

^	A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%.

†	Unaudited

(a)

Calculated on average shares outstanding during the period.

(b)

(c)

Annualized, unless otherwise noted.

(d)

Payments from Affiliates increased the end of period net asset value and total return by less than $0.01 and 0.01%, respectively.


116		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements


Total Dividends and Distributions			Net Asset Value, End of Period			Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate


$	(2.95	)	$	38.07			4.23	%	$	43,447		1.63	%(c)		(0.71	)%(c)		38	%
	(8.01	)		39.37			(4.64	)		46,947		1.62			(0.34	)		85
	(4.37	)		51.40	(d)		17.08	(d)		56,929		1.62			(0.51	)		77
	—			47.75	(d)		15.96	(d)		56,686		1.61			(0.32	)		80
	—			41.18			(8.59	)		68,625		1.61			(0.31	)		87
	—			45.05			4.48			57,590		1.61			(0.45	)		64

$	(2.95	)	$	31.41			3.85	%	$	5,702		2.38	%(c)		(1.47	)%(c)		38	%
	(8.01	)		33.10			(5.37	)		7,354		2.37			(1.18	)		85
	(4.27	)		45.13	(d)		16.21	(d)		19,630		2.37			(1.25	)		77
	—			42.62	(d)		15.10	(d)		19,729		2.36			(1.06	)		80
	—			37.03			(9.26	)		23,055		2.36			(1.09	)		87
	—			40.81			3.69			25,959		2.36			(1.19	)		64

$	(2.95	)	$	41.40			4.37	%	$	9,417		1.38	%(c)		(0.47	)%(c)		38	%
	(8.01	)		42.51			(4.40	)		11,675		1.37			(0.13	)		85
	(4.43	)		54.57	(d)		17.36	(d)		18,262		1.37			(0.27	)		77
	—			50.40	(d)		16.24	(d)		23,214		1.36			0.03			80
	—			43.36			(8.33	)		20,921		1.36			(0.11	)		87
	—			47.30			4.72			26,662		1.36			(0.14	)		64

$	(2.95	)	$	41.91			4.44	%	$	47,148		1.28	%(c)		(0.36	)%(c)		38	%
	(8.01	)		42.97			(4.32	)		67,916		1.27			0.01			85
	(4.48	)		55.01	(d)		17.48	(d)		98,623		1.27			(0.17	)		77
	—			50.77	(d)		16.36	(d)		114,925		1.26			0.05			80
	—			43.63			(8.25	)		122,294		1.26			0.06			87
	—			47.55			4.80			80,319		1.26			(0.12	)		64


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			117

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:^


	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Health Sciences:
Class A
12/31/2019†	$	32.27	$	(0.04	)	$	3.85		$	3.81		$	(0.01	)	$	(2.32	)
6/30/2019		33.27		0.02			3.57			3.59			(0.31	)		(4.28	)
6/30/2018		31.61		(0.02	)		1.68			1.66			—			—
6/30/2017		27.77		(0.01	)		3.85			3.84			—			—
6/30/2016		38.48		(0.02	)		(3.87	)		(3.89	)		—			(6.82	)
6/30/2015		33.91		(0.26	)		9.79			9.53			—			(4.96	)
Class C
12/31/2019†	$	24.71	$	(0.13	)	$	2.93		$	2.80		$	—		$	(2.32	)
6/30/2019		26.43		(0.19	)		2.75			2.56			—			(4.28	)
6/30/2018		25.30		(0.21	)		1.34			1.13			—			—
6/30/2017		22.40		(0.18	)		3.08			2.90			—			—
6/30/2016		32.67		(0.28	)		(3.17	)		(3.45	)		—			(6.82	)
6/30/2015		29.66		(0.45	)		8.42			7.97			—			(4.96	)
Institutional Class
12/31/2019†	$	32.76	$	0.01		$	3.91		$	3.92		$	(0.04	)	$	(2.32	)
6/30/2019		33.69		0.13			3.63			3.76			(0.41	)		(4.28	)
6/30/2018		31.90		0.10			1.69			1.79			—			—
6/30/2017		27.93		0.09			3.88			3.97			—			—
6/30/2016		38.53		0.04			(3.82	)		(3.78	)		—			(6.82	)
12/22/2014* - 6/30/2015		33.09		(0.04	)		5.48			5.44			—			—

^	A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%.

†	Unaudited

*	Commencement of operations.

(a)

Calculated on average shares outstanding during the period.

(b)

(c)

Annualized, unless otherwise noted.


118		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements


Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate


$	(2.33	)	$	33.75		11.85	%	$	154,580		1.47	%(c)		(0.27	)%(c)		37	%
	(4.59	)		32.27		13.14			147,068		1.47			0.06			102
	—			33.27		5.25			141,122		1.47			(0.05	)		55
	—			31.61		13.83			150,756		1.46			(0.04	)		82
	(6.82	)		27.77		(10.82	)		167,724		1.47			(0.07	)		113
	(4.96	)		38.48		30.53			45,093		1.46			(0.72	)		76

$	(2.32	)	$	25.19		11.41	%	$	4,137		2.22	%(c)		(1.02	)%(c)		37	%
	(4.28	)		24.71		12.34			4,131		2.22			(0.75	)		102
	—			26.43		4.47			8,218		2.22			(0.81	)		55
	—			25.30		12.95			10,358		2.21			(0.79	)		82
	(6.82	)		22.40		(11.48	)		13,446		2.22			(1.07	)		113
	(4.96	)		32.67		29.57			20,902		2.21			(1.46	)		76

$	(2.36	)	$	34.32		12.03	%	$	4,985		1.12	%(c)		0.08	%(c)		37	%
	(4.69	)		32.76		13.54			4,290		1.12			0.39			102
	—			33.69		5.61			2,854		1.12			0.29			55
	—			31.90		14.21			3,692		1.11			0.31			82
	(6.82	)		27.93		(10.49	)		1,977		1.12			0.14			113
	—			38.53		16.44			1,240		1.10	(c)		(0.21	)(c)		76


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			119

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:^


	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Income & Growth:
Class A
12/31/2019†	$	11.01	$	0.09	$	0.53		$	0.62		$	(0.12	)	$	(0.30	)
6/30/2019		11.34		0.20		0.38			0.58			(0.25	)		(0.66	)
6/30/2018		11.24		0.23		0.82			1.05			(0.28	)		(0.67	)
6/30/2017		10.80		0.27		1.17			1.44			(0.32	)		(0.68	)
6/30/2016		12.12		0.28		(0.55	)		(0.27	)		(0.37	)		(0.68	)
6/30/2015		12.95		0.27		(0.05	)		0.22			(0.26	)		(0.79	)
Class C
12/31/2019†	$	10.07	$	0.04	$	0.50		$	0.54		$	(0.09	)	$	(0.30	)
6/30/2019		10.46		0.11		0.34			0.45			(0.18	)		(0.66	)
6/30/2018		10.44		0.13		0.76			0.89			(0.20	)		(0.67	)
6/30/2017		10.10		0.18		1.09			1.27			(0.25	)		(0.68	)
6/30/2016		11.46		0.19		(0.53	)		(0.34	)		(0.34	)		(0.68	)
6/30/2015		12.38		0.17		(0.06	)		0.11			(0.24	)		(0.79	)
Class R
12/31/2019†	$	11.01	$	0.08	$	0.53		$	0.61		$	(0.11	)	$	(0.30	)
6/30/2019		11.34		0.17		0.38			0.55			(0.22	)		(0.66	)
6/30/2018		11.24		0.20		0.82			1.02			(0.25	)		(0.67	)
6/30/2017		10.80		0.25		1.16			1.41			(0.29	)		(0.68	)
6/30/2016		12.14		0.26		(0.56	)		(0.30	)		(0.36	)		(0.68	)
6/30/2015		13.00		0.24		(0.05	)		0.19			(0.26	)		(0.79	)
Class P
12/31/2019†	$	11.29	$	0.11	$	0.55		$	0.66		$	(0.13	)	$	(0.30	)
6/30/2019		11.61		0.23		0.38			0.61			(0.27	)		(0.66	)
6/30/2018		11.48		0.26		0.84			1.10			(0.30	)		(0.67	)
6/30/2017		11.01		0.31		1.19			1.50			(0.35	)		(0.68	)
6/30/2016		12.32		0.32		(0.57	)		(0.25	)		(0.38	)		(0.68	)
6/30/2015		13.12		0.31		(0.05	)		0.26			(0.27	)		(0.79	)
Institutional Class
12/31/2019†	$	11.41	$	0.11	$	0.56		$	0.67		$	(0.14	)	$	(0.30	)
6/30/2019		11.72		0.25		0.38			0.63			(0.28	)		(0.66	)
6/30/2018		11.58		0.28		0.84			1.12			(0.31	)		(0.67	)
6/30/2017		11.09		0.32		1.21			1.53			(0.36	)		(0.68	)
6/30/2016		12.40		0.33		(0.57	)		(0.24	)		(0.39	)		(0.68	)
6/30/2015		13.19		0.32		(0.05	)		0.27			(0.27	)		(0.79	)

^	A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%.

†	Unaudited

(a)

Calculated on average shares outstanding during the period.

(b)

(c)

Annualized, unless otherwise noted.

(d)

Payments from Affiliates increased the end of period net asset value and total return by less than $0.01 and 0.01%, respectively.


120		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements


Total Dividends and Distributions			Net Asset Value, End of Period			Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate


$	(0.42	)	$	11.21			5.79	%	$	1,615,916		1.28	%(c)		1.29	%(c)		1.64	%(c)		39	%
	(0.91	)		11.01	(d)		5.45	(d)		1,458,642		1.28			1.29			1.84			66
	(0.95	)		11.34			9.58			1,250,639		1.28			1.29			1.99			102
	(1.00	)		11.24			13.88			1,091,888		1.29			1.29			2.45			159
	(1.05	)		10.80			(2.02	)		1,009,542		1.34			1.34			2.56			94
	(1.05	)		12.12			1.80			897,530		1.32			1.32			2.16			84

$	(0.39	)	$	10.22			5.47	%	$	1,275,909		2.03	%(c)		2.04	%(c)		0.89	%(c)		39	%
	(0.84	)		10.07	(d)		4.60	(d)		1,234,667		2.03			2.04			1.09			66
	(0.87	)		10.46			8.78			1,116,788		2.03			2.04			1.24			102
	(0.93	)		10.44			13.08			1,090,887		2.04			2.04			1.70			159
	(1.02	)		10.10			(2.79	)		1,159,303		2.09			2.09			1.81			94
	(1.03	)		11.46			0.95			1,195,391		2.07			2.07			1.41			84

$	(0.41	)	$	11.21			5.66	%	$	6,272		1.53	%(c)		1.54	%(c)		1.39	%(c)		39	%
	(0.88	)		11.01	(d)		5.19	(d)		4,873		1.53			1.54			1.60			66
	(0.92	)		11.34			9.32			3,150		1.53			1.54			1.73			102
	(0.97	)		11.24			13.59			1,781		1.54			1.54			2.20			159
	(1.04	)		10.80			(2.31	)		2,261		1.59			1.59			2.30			94
	(1.05	)		12.14			1.49			2,543		1.57			1.57			1.89			84

$	(0.43	)	$	11.52			6.03	%	$	1,234,069		1.03	%(c)		1.04	%(c)		1.89	%(c)		39	%
	(0.93	)		11.29	(d)		5.64	(d)		1,122,083		1.03			1.04			2.09			66
	(0.97	)		11.61			9.90			897,716		1.03			1.04			2.24			102
	(1.03	)		11.48			14.14			690,147		1.04			1.04			2.69			159
	(1.06	)		11.01			(1.81	)		560,425		1.09			1.09			2.81			94
	(1.06	)		12.32			2.07			676,865		1.07			1.07			2.42			84

$	(0.44	)	$	11.64			6.02	%	$	790,613		0.93	%(c)		0.94	%(c)		1.99	%(c)		39	%
	(0.94	)		11.41	(d)		5.78	(d)		702,741		0.93			0.94			2.19			66
	(0.98	)		11.72			10.00			460,024		0.93			0.94			2.34			102
	(1.04	)		11.58			14.33			342,652		0.94			0.94			2.76			159
	(1.07	)		11.09			(1.76	)		181,890		0.99			0.99			2.91			94
	(1.06	)		12.40			2.17			190,675		0.97			0.97			2.51			84


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			121

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:^


	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period
AllianzGI Mid-Cap:
Class A
12/31/2019†	$	3.75	$	(0.01	)	$	0.27		$	0.26		$	(0.18	)	$	3.83
6/30/2019		3.88		(0.02	)		0.37			0.35			(0.48	)		3.75
6/30/2018		3.74		(0.02	)		0.54			0.52			(0.38	)		3.88
6/30/2017		3.40		(0.01	)		0.62			0.61			(0.27	)		3.74
6/30/2016		3.65		(0.01	)		(0.03	)		(0.04	)		(0.21	)		3.40
6/30/2015		3.92		(0.01	)		0.28			0.27			(0.54	)		3.65
Class C
12/31/2019†	$	2.98	$	(0.02	)	$	0.22		$	0.20		$	(0.18	)	$	3.00
6/30/2019		3.23		(0.04	)		0.27			0.23			(0.48	)		2.98
6/30/2018		3.19		(0.04	)		0.46			0.42			(0.38	)		3.23
6/30/2017		2.96		(0.04	)		0.54			0.50			(0.27	)		3.19
6/30/2016		3.22		(0.03	)		(0.02	)		(0.05	)		(0.21	)		2.96
6/30/2015		3.55		(0.04	)		0.25			0.21			(0.54	)		3.22
Class R
12/31/2019†	$	3.66	$	(0.02	)	$	0.28		$	0.26		$	(0.18	)	$	3.74
6/30/2019		3.82		(0.03	)		0.35			0.32			(0.48	)		3.66
6/30/2018		3.69		(0.03	)		0.54			0.51			(0.38	)		3.82
6/30/2017		3.37		(0.02	)		0.61			0.59			(0.27	)		3.69
6/30/2016		3.62		(0.02	)		(0.02	)		(0.04	)		(0.21	)		3.37
6/30/2015		3.91		(0.02	)		0.27			0.25			(0.54	)		3.62
Class P
12/31/2019†	$	4.36	$	(0.01	)	$	0.32		$	0.31		$	(0.18	)	$	4.49
6/30/2019		4.41		(0.02	)		0.45			0.43			(0.48	)		4.36
6/30/2018		4.19		(0.01	)		0.61			0.60			(0.38	)		4.41
6/30/2017		3.77		(0.01	)		0.70			0.69			(0.27	)		4.19
6/30/2016		4.01		—			(0.03	)		(0.03	)		(0.21	)		3.77
6/30/2015		4.24		—			0.31			0.31			(0.54	)		4.01
Institutional Class
12/31/2019†	$	4.39	$	(0.01	)	$	0.33		$	0.32		$	(0.18	)	$	4.53
6/30/2019		4.43		(0.01	)		0.45			0.44			(0.48	)		4.39
6/30/2018		4.21		(0.01	)		0.61			0.60			(0.38	)		4.43
6/30/2017		3.78		—			0.70			0.70			(0.27	)		4.21
6/30/2016		4.02		—			(0.03	)		(0.03	)		(0.21	)		3.78
6/30/2015		4.25		—			0.31			0.31			(0.54	)		4.02
Administrative Class
12/31/2019†	$	4.01	$	(0.01	)	$	0.29		$	0.28		$	(0.18	)	$	4.11
6/30/2019		4.11		(0.02	)		0.40			0.38			(0.48	)		4.01
6/30/2018		3.94		(0.02	)		0.57			0.55			(0.38	)		4.11
6/30/2017		3.56		(0.01	)		0.66			0.65			(0.27	)		3.94
6/30/2016		3.80		(0.01	)		(0.02	)		(0.03	)		(0.21	)		3.56
6/30/2015		4.06		(0.01	)		0.29			0.28			(0.54	)		3.80

^	A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%.

†	Unaudited

(a)

Calculated on average shares outstanding during the period.

(b)

(c)

Annualized, unless otherwise noted.


122		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements


Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate


	7.02	%	$	248,519		1.14	%(c)		(0.66	)%(c)		25	%
	13.58			240,017		1.14			(0.66	)		60
	14.14			116,673		1.13			(0.48	)		79
	18.89			112,947		1.13			(0.40	)		77
	(1.05	)		86,224		1.13			(0.26	)		73
	7.91			98,253		1.13			(0.38	)		79

	6.83	%	$	15,516		1.89	%(c)		(1.42	)%(c)		25	%
	12.56			21,251		1.89			(1.34	)		60
	13.40			142,931		1.88			(1.23	)		79
	17.95			142,565		1.88			(1.15	)		77
	(1.51	)		162,104		1.88			(1.01	)		73
	6.98			183,765		1.88			(1.13	)		79

	7.19	%	$	1,296		1.39	%(c)		(0.91	)%(c)		25	%
	12.97			1,384		1.39			(0.89	)		60
	14.03			1,463		1.38			(0.72	)		79
	18.45			2,345		1.38			(0.65	)		77
	(1.05	)		2,195		1.38			(0.51	)		73
	7.38			2,867		1.38			(0.63	)		79

	7.19	%	$	12,527		0.89	%(c)		(0.41	)%(c)		25	%
	13.79			11,617		0.89			(0.39	)		60
	14.56			11,189		0.88			(0.23	)		79
	19.18			8,604		0.88			(0.15	)		77
	(0.69	)		2,009		0.88			(0.01	)		73
	8.31			2,010		0.88			(0.12	)		79

	7.37	%	$	56,561		0.80	%(c)		(0.30	)%(c)		25	%
	13.97			36,373		0.79			(0.29	)		60
	14.47			31,876		0.78			(0.13	)		79
	19.39			26,788		0.78			(0.05	)		77
	(0.69	)		29,092		0.78			0.11			73
	8.29			24,130		0.78			(0.04	)		79

	7.06	%	$	1,678		1.04	%(c)		(0.56	)%(c)		25	%
	13.61			1,525		1.04			(0.54	)		60
	14.19			1,441		1.03			(0.40	)		79
	19.19			575		1.03			(0.30	)		77
	(0.73	)		488		1.03			(0.16	)		73
	7.88			532		1.03			(0.28	)		79


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			123

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:^


	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI NFJ Dividend Value:
Class A
12/31/2019†	$	12.11	$	0.10	$	0.98		$	1.08		$	(0.08	)	$	(1.42	)
6/30/2019		14.76		0.26		(0.05	)		0.21			(0.26	)		(2.60	)
6/30/2018		17.20		0.27		1.45			1.72			(0.28	)		(3.88	)
6/30/2017		15.74		0.34		2.08			2.42			(0.37	)		(0.59	)
6/30/2016		16.68		0.37		(0.92	)		(0.55	)		(0.39	)		—
6/30/2015		17.12		0.33		(0.44	)		(0.11	)		(0.33	)		—
Class C
12/31/2019†	$	12.32	$	0.05	$	1.01		$	1.06		$	(0.03	)	$	(1.42	)
6/30/2019		14.92		0.17		(0.05	)		0.12			(0.12	)		(2.60	)
6/30/2018		17.34		0.15		1.46			1.61			(0.15	)		(3.88	)
6/30/2017		15.86		0.21		2.10			2.31			(0.24	)		(0.59	)
6/30/2016		16.83		0.25		(0.93	)		(0.68	)		(0.29	)		—
6/30/2015		17.27		0.20		(0.43	)		(0.23	)		(0.21	)		—
Class R
12/31/2019†	$	12.10	$	0.08	$	1.00		$	1.08		$	(0.07	)	$	(1.42	)
6/30/2019		14.71		0.23		(0.05	)		0.18			(0.19	)		(2.60	)
6/30/2018		17.15		0.23		1.45			1.68			(0.24	)		(3.88	)
6/30/2017		15.70		0.29		2.08			2.37			(0.33	)		(0.59	)
6/30/2016		16.65		0.33		(0.92	)		(0.59	)		(0.36	)		—
6/30/2015		17.09		0.28		(0.43	)		(0.15	)		(0.29	)		—
Class P
12/31/2019†	$	12.21	$	0.11	$	1.01		$	1.12		$	(0.10	)	$	(1.42	)
6/30/2019		14.87		0.30		(0.05	)		0.25			(0.31	)		(2.60	)
6/30/2018		17.30		0.32		1.45			1.77			(0.32	)		(3.88	)
6/30/2017		15.83		0.38		2.09			2.47			(0.41	)		(0.59	)
6/30/2016		16.77		0.41		(0.93	)		(0.52	)		(0.42	)		—
6/30/2015		17.21		0.37		(0.43	)		(0.06	)		(0.38	)		—
Institutional Class
12/31/2019†	$	12.20	$	0.12	$	0.99		$	1.11		$	(0.10	)	$	(1.42	)
6/30/2019		14.87		0.31		(0.05	)		0.26			(0.33	)		(2.60	)
6/30/2018		17.30		0.34		1.45			1.79			(0.34	)		(3.88	)
6/30/2017		15.82		0.41		2.08			2.49			(0.42	)		(0.59	)
6/30/2016		16.76		0.42		(0.93	)		(0.51	)		(0.43	)		—
6/30/2015		17.20		0.39		(0.43	)		(0.04	)		(0.40	)		—
Class R6
12/31/2019†	$	12.15	$	0.12	$	��1.00		$	1.12		$	(0.11	)	$	(1.42	)
6/30/2019		14.83		0.31		(0.04	)		0.27			(0.35	)		(2.60	)
6/30/2018		17.27		0.34		1.45			1.79			(0.35	)		(3.88	)
6/30/2017		15.80		0.41		2.09			2.50			(0.44	)		(0.59	)
6/30/2016		16.74		0.42		(0.92	)		(0.50	)		(0.44	)		—
6/30/2015		17.19		0.39		(0.42	)		(0.03	)		(0.42	)		—
Administrative Class
12/31/2019†	$	12.41	$	0.11	$	1.01		$	1.12		$	(0.08	)	$	(1.42	)
6/30/2019		15.04		0.28		(0.05	)		0.23			(0.26	)		(2.60	)
6/30/2018		17.41		0.32		1.43			1.75			(0.24	)		(3.88	)
6/30/2017		15.92		0.36		2.11			2.47			(0.39	)		(0.59	)
6/30/2016		16.87		0.39		(0.94	)		(0.55	)		(0.40	)		—
6/30/2015		17.31		0.35		(0.44	)		(0.09	)		(0.35	)		—

^	A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%.

†	Unaudited

(a)

Calculated on average shares outstanding during the period.

(b)

(c)

Annualized, unless otherwise noted.


124		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements


Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate


$	(1.50	)	$	11.69		9.05	%	$	442,348		1.04	%(c)		1.12	%(c)		1.57	%(c)		47	%
	(2.86	)		12.11		4.39			453,255		1.01			1.11			1.97			52
	(4.16	)		14.76		9.55			480,068		0.95			1.10			1.66			47
	(0.96	)		17.20		15.55			599,510		0.99			1.09			2.02			41
	(0.39	)		15.74		(3.25	)		814,993		1.07			1.07			2.34			42
	(0.33	)		16.68		(0.65	)		1,363,171		1.05			1.05			1.92			44

$	(1.45	)	$	11.93		8.68	%	$	57,754		1.79	%(c)		1.87	%(c)		0.82	%(c)		47	%
	(2.72	)		12.32		3.56			75,395		1.76			1.86			1.23			52
	(4.03	)		14.92		8.77			231,933		1.70			1.85			0.91			47
	(0.83	)		17.34		14.67			274,212		1.74			1.84			1.28			41
	(0.29	)		15.86		(3.97	)		347,825		1.82			1.82			1.59			42
	(0.21	)		16.83		(1.38	)		440,554		1.80			1.80			1.18			44

$	(1.49	)	$	11.69		9.00	%	$	71,492		1.29	%(c)		1.37	%(c)		1.32	%(c)		47	%
	(2.79	)		12.10		4.07			73,610		1.26			1.36			1.72			52
	(4.12	)		14.71		9.30			94,437		1.20			1.35			1.41			47
	(0.92	)		17.15		15.24			130,630		1.24			1.34			1.77			41
	(0.36	)		15.70		(3.50	)		157,199		1.32			1.32			2.09			42
	(0.29	)		16.65		(0.89	)		226,101		1.30			1.30			1.68			44

$	(1.52	)	$	11.81		9.27	%	$	336,898		0.79	%(c)		0.87	%(c)		1.82	%(c)		47	%
	(2.91	)		12.21		4.62			378,642		0.76			0.86			2.22			52
	(4.20	)		14.87		9.83			551,096		0.70			0.85			1.91			47
	(1.00	)		17.30		15.79			639,847		0.74			0.84			2.27			41
	(0.42	)		15.83		(3.03	)		1,057,863		0.82			0.82			2.60			42
	(0.38	)		16.77		(0.38	)		1,543,701		0.80			0.80			2.18			44

$	(1.52	)	$	11.79		9.25	%	$	220,646		0.69	%(c)		0.77	%(c)		1.92	%(c)		47	%
	(2.93	)		12.20		4.75			263,357		0.66			0.76			2.32			52
	(4.22	)		14.87		9.94			438,422		0.60			0.75			2.03			47
	(1.01	)		17.30		15.96			731,788		0.64			0.74			2.44			41
	(0.43	)		15.82		(2.95	)		2,233,140		0.72			0.72			2.69			42
	(0.40	)		16.76		(0.29	)		3,402,951		0.70			0.70			2.27			44

$	(1.53	)	$	11.74		9.33	%	$	73,324		0.64	%(c)		0.72	%(c)		1.97	%(c)		47	%
	(2.95	)		12.15		4.82			65,935		0.61			0.71			2.38			52
	(4.23	)		14.83		9.96			85,285		0.55			0.70			2.06			47
	(1.03	)		17.27		16.01			95,755		0.59			0.69			2.44			41
	(0.44	)		15.80		(2.90	)		128,994		0.67			0.67			2.72			42
	(0.42	)		16.74		(0.22	)		119,483		0.65			0.65			2.30			44

$	(1.50	)	$	12.03		9.19	%	$	33,479		0.94	%(c)		1.02	%(c)		1.69	%(c)		47	%
	(2.86	)		12.41		4.42			47,049		0.91			1.01			2.07			52
	(4.12	)		15.04		9.67			84,009		0.85			1.00			1.87			47
	(0.98	)		17.41		15.68			345,533		0.89			0.99			2.11			41
	(0.40	)		15.92		(3.19	)		387,993		0.97			0.97			2.44			42
	(0.35	)		16.87		(0.55	)		628,008		0.95			0.95			2.03			44


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			125

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:^


	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Return of Capital
AllianzGI NFJ International Value:
Class A
12/31/2019†	$	18.47	$	0.19	$	0.94		$	1.13		$	(0.26	)	$	—
6/30/2019		18.52		0.33		(0.08	)		0.25			(0.30	)		—
6/30/2018		18.13		0.34		0.38			0.72			(0.32	)		(0.01	)
6/30/2017		16.32		0.34		1.92			2.26			(0.45	)		—
6/30/2016		21.61		0.37		(5.15	)		(4.78	)		(0.51	)		—
6/30/2015		24.17		0.41		(2.40	)		(1.99	)		(0.57	)		—
Class C
12/31/2019†	$	18.15	$	0.12	$	0.92		$	1.04		$	(0.18	)	$	—
6/30/2019		18.20		0.17		(0.04	)		0.13			(0.18	)		—
6/30/2018		17.86		0.19		0.37			0.56			(0.21	)		(0.01	)
6/30/2017		16.09		0.23		1.86			2.09			(0.32	)		—
6/30/2016		21.37		0.24		(5.08	)		(4.84	)		(0.44	)		—
6/30/2015		23.91		0.24		(2.37	)		(2.13	)		(0.41	)		—
Class R
12/31/2019†	$	18.52	$	0.17	$	0.93		$	1.10		$	(0.23	)	$	—
6/30/2019		18.56		0.29		(0.07	)		0.22			(0.26	)		—
6/30/2018		18.15		0.31		0.35			0.66			(0.24	)		(0.01	)
6/30/2017		16.35		0.33		1.88			2.21			(0.41	)		—
6/30/2016		21.66		0.35		(5.17	)		(4.82	)		(0.49	)		—
6/30/2015		24.23		0.37		(2.41	)		(2.04	)		(0.53	)		—
Class P
12/31/2019†	$	18.58	$	0.21	$	0.95		$	1.16		$	(0.28	)	$	—
6/30/2019		18.61		0.35		(0.04	)		0.31			(0.34	)		—
6/30/2018		18.21		0.36		0.41			0.77			(0.36	)		(0.01	)
6/30/2017		16.40		0.40		1.90			2.30			(0.49	)		—
6/30/2016		21.70		0.43		(5.18	)		(4.75	)		(0.55	)		—
6/30/2015		24.28		0.48		(2.41	)		(1.93	)		(0.65	)		—
Institutional Class
12/31/2019†	$	18.60	$	0.22	$	0.95		$	1.17		$	(0.29	)	$	—
6/30/2019		18.64		0.41		(0.08	)		0.33			(0.37	)		—
6/30/2018		18.24		0.42		0.36			0.78			(0.37	)		(0.01	)
6/30/2017		16.42		0.37		1.95			2.32			(0.50	)		—
6/30/2016		21.71		0.40		(5.13	)		(4.73	)		(0.56	)		—
6/30/2015		24.29		0.50		(2.42	)		(1.92	)		(0.66	)		—
Class R6
12/31/2019†	$	18.59	$	0.23	$	0.94		$	1.17		$	(0.29	)	$	—
6/30/2019		18.63		0.37		(0.04	)		0.33			(0.37	)		—
6/30/2018		18.19		0.29		0.50			0.79			(0.34	)		(0.01	)
6/30/2017		16.38		0.40		1.93			2.33			(0.52	)		—
6/30/2016		21.68		0.48		(5.20	)		(4.72	)		(0.58	)		—
6/30/2015		24.28		0.55		(2.46	)		(1.91	)		(0.69	)		—
Administrative Class
12/31/2019†	$	18.54	$	0.20	$	0.93		$	1.13		$	(0.26	)	$	—
6/30/2019		18.56		0.29		0.01			0.30			(0.32	)		—
6/30/2018		18.19		0.38		0.35			0.73			(0.35	)		(0.01	)
6/30/2017		16.37		0.36		1.92			2.28			(0.46	)		—
6/30/2016		21.68		0.42		(5.20	)		(4.78	)		(0.53	)		—
6/30/2015		24.25		0.45		(2.41	)		(1.96	)		(0.61	)		—

^	A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%.

†	Unaudited

(a)

Calculated on average shares outstanding during the period.

(b)

(c)

Annualized, unless otherwise noted.


126		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements


Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate


$	(0.26	)	$	19.34		6.16	%	$	70,670		1.30	%(c)		1.38	%(c)		2.07	%(c)		25	%
	(0.30	)		18.47		1.44			71,931		1.30			1.38			1.84			49
	(0.33	)		18.52		3.95			88,385		1.29			1.37			1.76			63
	(0.45	)		18.13		13.99			127,642		1.30			1.35			2.01			63
	(0.51	)		16.32		(22.28	)		258,429		1.29			1.32			2.04			50
	(0.57	)		21.61		(8.30	)		466,262		1.27			1.30			1.83			54

$	(0.18	)	$	19.01		5.78	%	$	10,963		2.05	%(c)		2.13	%(c)		1.28	%(c)		25	%
	(0.18	)		18.15		0.76			13,926		2.05			2.13			0.98			49
	(0.22	)		18.20		3.11			36,184		2.04			2.12			0.99			63
	(0.32	)		17.86		13.10			54,546		2.05			2.10			1.37			63
	(0.44	)		16.09		(22.81	)		83,722		2.04			2.07			1.33			50
	(0.41	)		21.37		(8.99	)		154,476		2.02			2.05			1.09			54

$	(0.23	)	$	19.39		6.01	%	$	5,464		1.55	%(c)		1.63	%(c)		1.81	%(c)		25	%
	(0.26	)		18.52		1.23			6,108		1.55			1.63			1.58			49
	(0.25	)		18.56		3.64			9,190		1.54			1.62			1.58			63
	(0.41	)		18.15		13.68			11,300		1.55			1.60			1.91			63
	(0.49	)		16.35		(22.43	)		13,915		1.54			1.57			1.89			50
	(0.53	)		21.66		(8.52	)		22,511		1.52			1.55			1.63			54

$	(0.28	)	$	19.46		6.30	%	$	32,897		1.05	%(c)		1.13	%(c)		2.31	%(c)		25	%
	(0.34	)		18.58		1.76			38,655		1.05			1.13			1.93			49
	(0.37	)		18.61		4.17			89,644		1.04			1.12			1.87			63
	(0.49	)		18.21		14.20			148,540		1.05			1.10			2.34			63
	(0.55	)		16.40		(22.07	)		350,745		1.04			1.07			2.34			50
	(0.65	)		21.70		(8.04	)		659,204		1.02			1.05			2.15			54

$	(0.29	)	$	19.48		6.36	%	$	46,150		0.95	%(c)		1.03	%(c)		2.42	%(c)		25	%
	(0.37	)		18.60		1.84			46,473		0.95			1.03			2.24			49
	(0.38	)		18.64		4.27			55,924		0.94			1.02			2.14			63
	(0.50	)		18.24		14.33			74,272		0.95			1.00			2.18			63
	(0.56	)		16.42		(21.97	)		309,622		0.94			0.97			2.17			50
	(0.66	)		21.71		(7.98	)		1,095,977		0.92			0.95			2.21			54

$	(0.29	)	$	19.47		6.39	%	$	1,418		0.90	%(c)		0.98	%(c)		2.45	%(c)		25	%
	(0.37	)		18.59		1.88			1,277		0.90			0.98			2.07			49
	(0.35	)		18.63		4.31			1,836		0.89			0.97			1.48			63
	(0.52	)		18.19		14.42			28,460		0.90			0.95			2.33			63
	(0.58	)		16.38		(21.97	)		55,751		0.89			0.92			2.64			50
	(0.69	)		21.68		(7.94	)		66,164		0.87			0.90			2.51			54

$	(0.26	)	$	19.41		6.18	%	$	1,227		1.20	%(c)		1.28	%(c)		2.16	%(c)		25	%
	(0.32	)		18.54		1.68			1,436		1.20			1.28			1.60			49
	(0.36	)		18.56		4.01			4,829		1.19			1.27			1.96			63
	(0.46	)		18.19		14.09			4,973		1.20			1.25			2.08			63
	(0.53	)		16.37		(22.22	)		14,487		1.19			1.22			2.31			50
	(0.61	)		21.68		(8.18	)		19,020		1.17			1.20			2.00			54


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			127

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:^


	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI NFJ Large-Cap Value:
Class A
12/31/2019†	$	26.90	$	0.19	$	2.40		$	2.59		$	(0.17	)	$	(0.51	)
6/30/2019		26.14		0.41		0.79			1.20			(0.39	)		(0.05	)
6/30/2018		24.31		0.41		1.83			2.24			(0.41	)		—
6/30/2017		20.34		0.36		3.97	(d)		4.33			(0.36	)		—
6/30/2016		21.44		0.37		(1.09	)		(0.72	)		(0.38	)		—
6/30/2015		21.13		0.35		0.30			0.65			(0.34	)		—
Class C
12/31/2019†	$	27.23	$	0.09	$	2.43		$	2.52		$	(0.06	)	$	(0.51	)
6/30/2019		26.44		0.19		0.81			1.00			(0.16	)		(0.05	)
6/30/2018		24.57		0.22		1.86			2.08			(0.21	)		—
6/30/2017		20.50		0.19		4.01	(d)		4.20			(0.13	)		—
6/30/2016		21.57		0.22		(1.09	)		(0.87	)		(0.20	)		—
6/30/2015		21.22		0.19		0.30			0.49			(0.14	)		—
Class R
12/31/2019†	$	27.18	$	0.16	$	2.43		$	2.59		$	(0.14	)	$	(0.51	)
6/30/2019		26.41		0.34		0.80			1.14			(0.32	)		(0.05	)
6/30/2018		24.55		0.35		1.85			2.20			(0.34	)		—
6/30/2017		20.51		0.30		4.02	(d)		4.32			(0.28	)		—
6/30/2016		21.60		0.32		(1.09	)		(0.77	)		(0.32	)		—
6/30/2015		21.26		0.30		0.30			0.60			(0.26	)		—
Class P
12/31/2019†	$	27.16	$	0.23	$	2.42		$	2.65		$	(0.21	)	$	(0.51	)
6/30/2019		26.38		0.48		0.81			1.29			(0.46	)		(0.05	)
6/30/2018		24.53		0.47		1.86			2.33			(0.48	)		—
6/30/2017		20.56		0.42		4.01	(d)		4.43			(0.46	)		—
6/30/2016		21.68		0.42		(1.09	)		(0.67	)		(0.45	)		—
6/30/2015		21.42		0.41		0.31			0.72			(0.46	)		—
Institutional Class
12/31/2019†	$	26.77	$	0.24	$	2.39		$	2.63		$	(0.22	)	$	(0.51	)
6/30/2019		26.02		0.50		0.79			1.29			(0.49	)		(0.05	)
6/30/2018		24.20		0.49		1.84			2.33			(0.51	)		—
6/30/2017		20.27		0.43		3.97	(d)		4.40			(0.47	)		—
6/30/2016		21.39		0.44		(1.09	)		(0.65	)		(0.47	)		—
6/30/2015		21.13		0.42		0.31			0.73			(0.47	)		—
Administrative Class
12/31/2019†	$	27.29	$	0.21	$	2.43		$	2.64		$	(0.19	)	$	(0.51	)
6/30/2019		26.51		0.45		0.80			1.25			(0.42	)		(0.05	)
6/30/2018		24.64		0.43		1.88			2.31			(0.44	)		—
6/30/2017		20.61		0.38		4.04	(d)		4.42			(0.39	)		—
6/30/2016		21.73		0.39		(1.10	)		(0.71	)		(0.41	)		—
6/30/2015		21.26		0.39		0.29			0.68			(0.21	)		—

^	A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%.

†	Unaudited

(a)

Calculated on average shares outstanding during the period.

(b)

(c)

Annualized, unless otherwise noted.

(d)

Payments from securities litigation increased net realized and change in unrealized gain (loss) and net asset value per share by approximately $0.65 for Class A; $0.68 for Class C; $0.71 for Class R; $0.75 for Class P; $0.57 for Institutional Class and $0.65 for Administrative Class. The increase in total return per class was approximately 3.24% for Class A; 3.33% for Class C; 3.50% for Class R; 3.72% for Class P; 2.87% for Institutional Class and 3.21% for Administrative Class.


128		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements


Total Dividends and Distributions			Net Asset Value, End of Period			Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate


$	(0.68	)	$	28.81			9.68	%	$	185,388		1.12	%(c)		1.12	%(c)		1.38	%(c)		35	%
	(0.44	)		26.90			4.67			178,311		1.12			1.12			1.57			68
	(0.41	)		26.14			9.27			145,338		1.06			1.11			1.56			110
	(0.36	)		24.31	(d)		21.42	(d)		151,306		1.02			1.12			1.60			67
	(0.38	)		20.34			(3.30	)		150,436		1.11			1.11			1.82			51
	(0.34	)		21.44			3.06			145,039		1.11			1.11			1.63			26

$	(0.57	)	$	29.18			9.28	%	$	10,637		1.87	%(c)		1.87	%(c)		0.63	%(c)		35	%
	(0.21	)		27.23			3.82			12,080		1.87			1.87			0.70			68
	(0.21	)		26.44			8.49			62,232		1.81			1.86			0.82			110
	(0.13	)		24.57	(d)		20.52	(d)		70,159		1.77			1.87			0.86			67
	(0.20	)		20.50			(4.04	)		79,758		1.86			1.86			1.06			51
	(0.14	)		21.57			2.28			94,367		1.86			1.86			0.88			26

$	(0.65	)	$	29.12			9.55	%	$	2,065		1.37	%(c)		1.37	%(c)		1.13	%(c)		35	%
	(0.37	)		27.18			4.37			2,090		1.37			1.37			1.24			68
	(0.34	)		26.41			9.00			5,200		1.31			1.36			1.35			110
	(0.28	)		24.55	(d)		21.14	(d)		6,997		1.27			1.37			1.35			67
	(0.32	)		20.51			(3.53	)		7,200		1.36			1.36			1.56			51
	(0.26	)		21.60			2.80			8,641		1.36			1.36			1.39			26

$	(0.72	)	$	29.09			9.80	%	$	19,837		0.87	%(c)		0.87	%(c)		1.63	%(c)		35	%
	(0.51	)		27.16			4.95			19,097		0.87			0.87			1.80			68
	(0.48	)		26.38			9.54			20,242		0.81			0.86			1.80			110
	(0.46	)		24.53	(d)		21.71	(d)		18,164		0.77			0.87			1.85			67
	(0.45	)		20.56			(3.06	)		14,197		0.86			0.86			2.06			51
	(0.46	)		21.68			3.35			17,699		0.86			0.86			1.88			26

$	(0.73	)	$	28.67			9.88	%	$	104,967		0.77	%(c)		0.77	%(c)		1.73	%(c)		35	%
	(0.54	)		26.77			5.02			132,572		0.77			0.77			1.91			68
	(0.51	)		26.02			9.66			127,728		0.71			0.76			1.89			110
	(0.47	)		24.20	(d)		21.88	(d)		114,377		0.67			0.77			1.95			67
	(0.47	)		20.27			(2.99	)		150,909		0.76			0.76			2.18			51
	(0.47	)		21.39			3.44			312,294		0.76			0.76			1.97			26

$	(0.70	)	$	29.23			9.70	%	$	1,400		1.02	%(c)		1.02	%(c)		1.48	%(c)		35	%
	(0.47	)		27.29			4.77			1,381		1.02			1.02			1.66			68
	(0.44	)		26.51			9.40			1,323		0.96			1.01			1.64			110
	(0.39	)		24.64	(d)		21.58	(d)		1,272		0.92			1.02			1.71			67
	(0.41	)		20.61			(3.23	)		1,345		1.01			1.01			1.91			51
	(0.21	)		21.73			3.20			1,655		1.01			1.01			1.79			26


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			129

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:^


	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI NFJ Mid-Cap Value:
Class A
12/31/2019†	$	30.60	$	0.19	$	2.46		$	2.65		$	(0.33	)	$	(2.21	)
6/30/2019		30.06		0.44		0.54			0.98			(0.31	)		(0.13	)
6/30/2018		31.41		0.39		1.27			1.66			(0.26	)		(2.75	)
6/30/2017		24.37		0.36		7.03	(e)		7.39			(0.33	)		(0.02	)
6/30/2016		25.82		0.45		(0.87	)		(0.42	)		(0.32	)		(0.71	)
6/30/2015		25.52		0.31		0.36			0.67			(0.37	)		—
Class C
12/31/2019†	$	25.16	$	0.06	$	2.01		$	2.07		$	(0.16	)	$	(2.21	)
6/30/2019		24.62		0.13		0.54			0.67			—			(0.13	)
6/30/2018		26.22		0.12		1.08			1.20			(0.05	)		(2.75	)
6/30/2017		20.43		0.13		5.87	(e)		6.00			(0.19	)		(0.02	)
6/30/2016		21.83		0.23		(0.73	)		(0.50	)		(0.19	)		(0.71	)
6/30/2015		21.66		0.10		0.30			0.40			(0.23	)		—
Class R
12/31/2019†	$	26.16	$	0.13	$	2.10		$	2.23		$	(0.30	)	$	(2.21	)
6/30/2019		25.79		0.31		0.46			0.77			(0.27	)		(0.13	)
6/30/2018		27.40		0.24		1.17			1.41			(0.27	)		(2.75	)
6/30/2017		21.26		0.26		6.13	(e)		6.39			(0.23	)		(0.02	)
6/30/2016		22.68		0.34		(0.76	)		(0.42	)		(0.29	)		(0.71	)
6/30/2015		22.48		0.22		0.32			0.54			(0.34	)		—
Class P
12/31/2019†	$	24.68	$	0.19	$	1.97		$	2.16		$	(0.43	)	$	(2.21	)
6/30/2019		24.35		0.41		0.43			0.84			(0.38	)		(0.13	)
6/30/2018		26.01		0.37		1.10			1.47			(0.38	)		(2.75	)
6/30/2017		20.27		0.32		5.87	(e)		6.19			(0.43	)		(0.02	)
6/30/2016		21.70		0.43		(0.74	)		(0.31	)		(0.41	)		(0.71	)
6/30/2015		21.57		0.33		0.29			0.62			(0.49	)		—
Institutional Class
12/31/2019†	$	32.77	$	0.27	$	2.64		$	2.91		$	(0.45	)	$	(2.21	)
6/30/2019		32.15		0.58		0.57			1.15			(0.40	)		(0.13	)
6/30/2018		33.41		0.51		1.38			1.89			(0.40	)		(2.75	)
6/30/2017		25.88		0.48		7.47	(e)		7.95			(0.40	)		(0.02	)
6/30/2016		27.33		0.56		(0.90	)		(0.34	)		(0.40	)		(0.71	)
6/30/2015		26.99		0.43		0.37			0.80			(0.46	)		—
Class R6
12/31/2019†	$	32.75	$	0.33	$	2.58		$	2.91		$	(0.47	)	$	(2.21	)
6/30/2019		32.13		0.63		0.53			1.16			(0.41	)		(0.13	)
12/18/2017* - 6/30/2018		36.74		0.18		(1.61	)		(1.43	)		(0.43	)		(2.75	)
Administrative Class
12/31/2019†	$	31.57	$	0.22	$	2.53		$	2.75		$	(0.38	)	$	(2.21	)
6/30/2019		31.00		0.48		0.56			1.04			(0.34	)		(0.13	)
6/30/2018		32.35		0.42		1.32			1.74			(0.34	)		(2.75	)
6/30/2017		25.08		0.40		7.24	(e)		7.64			(0.35	)		(0.02	)
6/30/2016		26.54		0.49		(0.89	)		(0.40	)		(0.35	)		(0.71	)
6/30/2015		26.23		0.35		0.37			0.72			(0.41	)		—

^	A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%.

†	Unaudited

*	Commencement of operations.

(a)

Calculated on average shares outstanding during the period.

(b)

(c)

Annualized, unless otherwise noted.


130		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements


Total Dividends and Distributions			Net Asset Value, End of Period			Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate


$	(2.54	)	$	30.71			8.74	%	$	608,046		1.00	%(c)		1.22	%(c)		1.24	%(c)		78	%
	(0.44	)		30.60			3.46			595,707		0.99			1.21			1.48			81
	(3.01	)		30.06			4.88			518,293		1.04	(d)		1.21	(d)		1.22	(d)		31
	(0.35	)		31.41	(e)		30.53	(e)		480,691		1.21	(d)		1.21	(d)		1.30	(d)		45
	(1.03	)		24.37			(1.46	)		363,166		1.23	(d)		1.23	(d)		1.88	(d)		50
	(0.37	)		25.82			2.66			408,706		1.26	(d)		1.26	(d)		1.23	(d)		48

$	(2.37	)	$	24.86			8.31	%	$	49,910		1.75	%(c)		1.97	%(c)		0.50	%(c)		78	%
	(0.13	)		25.16			2.73			48,176		1.74			1.96			0.54			81
	(2.80	)		24.62			4.10			182,192		1.79	(d)		1.96	(d)		0.46	(d)		31
	(0.21	)		26.22	(e)		29.52	(e)		168,922		1.96	(d)		1.96	(d)		0.59	(d)		45
	(0.90	)		20.43			(2.16	)		173,304		1.98	(d)		1.98	(d)		1.13	(d)		50
	(0.23	)		21.83			1.88			198,432		2.01	(d)		2.01	(d)		0.48	(d)		48

$	(2.51	)	$	25.88			8.57	%	$	21,589		1.25	%(c)		1.47	%(c)		1.00	%(c)		78	%
	(0.40	)		26.16			3.21			20,087		1.24			1.46			1.22			81
	(3.02	)		25.79			4.65			15,644		1.27	(d)		1.46	(d)		0.90	(d)		31
	(0.25	)		27.40	(e)		30.19	(e)		5,591		1.46	(d)		1.46	(d)		1.09	(d)		45
	(1.00	)		21.26			(1.70	)		6,969		1.48	(d)		1.48	(d)		1.58	(d)		50
	(0.34	)		22.68			2.43			11,665		1.51	(d)		1.51	(d)		0.96	(d)		48

$	(2.64	)	$	24.20			8.82	%	$	223,104		0.75	%(c)		0.97	%(c)		1.51	%(c)		78	%
	(0.51	)		24.68			3.75			197,201		0.74			0.96			1.70			81
	(3.13	)		24.35			5.17			200,081		0.77	(d)		0.96	(d)		1.46	(d)		31
	(0.45	)		26.01	(e)		30.82	(e)		52,167		0.96	(d)		0.96	(d)		1.39	(d)		45
	(1.12	)		20.27			(1.19	)		17,268		0.98	(d)		0.98	(d)		2.14	(d)		50
	(0.49	)		21.70			2.93			15,307		1.01	(d)		1.01	(d)		1.55	(d)		48

$	(2.66	)	$	33.02			8.93	%	$	444,880		0.65	%(c)		0.87	%(c)		1.60	%(c)		78	%
	(0.53	)		32.77			3.83			406,173		0.64			0.86			1.82			81
	(3.15	)		32.15			5.26			332,110		0.66	(d)		0.86	(d)		1.53	(d)		31
	(0.42	)		33.41	(e)		30.95	(e)		53,333		0.86	(d)		0.86	(d)		1.66	(d)		45
	(1.11	)		25.88			(1.08	)		55,877		0.88	(d)		0.88	(d)		2.16	(d)		50
	(0.46	)		27.33			3.01			92,289		0.91	(d)		0.91	(d)		1.60	(d)		48

$	(2.68	)	$	32.98			8.93	%	$	75,120		0.60	%(c)		0.82	%(c)		1.98	%(c)		78	%
	(0.54	)		32.75			3.89			18,052		0.59			0.81			2.03			81
	(3.18	)		32.13			(4.25	)		2,167		0.59	(c)(d)		0.81	(c)(d)		1.04	(c)(d)		31

$	(2.59	)	$	31.73			8.77	%	$	35,284		0.90	%(c)		1.12	%(c)		1.38	%(c)		78	%
	(0.47	)		31.57			3.60			27,405		0.89			1.11			1.58			81
	(3.09	)		31.00			4.98			18,947		0.92	(d)		1.11	(d)		1.32	(d)		31
	(0.37	)		32.35	(e)		30.66	(e)		5,120		1.11	(d)		1.11	(d)		1.40	(d)		45
	(1.06	)		25.08			(1.36	)		3,792		1.13	(d)		1.13	(d)		1.98	(d)		50
	(0.41	)		26.54			2.77			4,698		1.16	(d)		1.16	(d)		1.33	(d)		48

(d)

Does not include expenses of the investment companies in which the Fund invests.

(e)

Payments from securities litigation increased net realized and change in unrealized gain (loss) and net asset value per share by approximately $1.41 for Class A; $1.23 for Class C; $1.13 for Class R; $1.93 for Class P; $1.19 for Institutional Class and $1.63 for Administrative Class. The increase in total return per class was approximately 5.86% for Class A; 6.08% for Class C; 5.37% for Class R; 9.70% for Class P; 4.66% for Institutional Class and 6.58% for Administrative Class.


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			131

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:^


	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations				Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI NFJ Small-Cap Value:
Class A
12/31/2019†	$	14.53	$	0.11	$	1.12		$	1.23			$	(0.06	)	$	(1.30	)
6/30/2019		21.71		0.29		(2.73	)		(2.44	)			(0.62	)		(4.12	)
6/30/2018		24.36		0.29		1.44			1.73				(0.12	)		(4.26	)
6/30/2017		20.82		0.30		4.12			4.42				(0.32	)		(0.56	)
6/30/2016		25.91		0.41		(1.92	)		(1.51	)			(0.35	)		(3.23	)
6/30/2015		35.24		0.41		(1.95	)		(1.54	)			(0.67	)		(7.12	)
Class C
12/31/2019†	$	12.97	$	0.04	$	1.01		$	1.05			$	—		$	(1.30	)
6/30/2019		19.30		0.16		(2.41	)		(2.25	)			—			(4.08	)*
6/30/2018		22.14		0.11		1.31			1.42				—			(4.26	)
6/30/2017		19.02		0.12		3.75			3.87				(0.19	)		(0.56	)
6/30/2016		23.99		0.23		(1.78	)		(1.55	)			(0.19	)		(3.23	)
6/30/2015		33.27		0.17		(1.85	)		(1.68	)			(0.48	)		(7.12	)
Class R
12/31/2019†	$	15.85	$	0.10	$	1.23		$	1.33			$	—		$	(1.30	)
6/30/2019		23.10		0.26		(2.85	)		(2.59	)			(0.54	)		(4.12	)
6/30/2018		25.64		0.25		1.51			1.76				(0.04	)		(4.26	)
6/30/2017		21.87		0.25		4.34			4.59				(0.26	)		(0.56	)
6/30/2016		26.99		0.37		(1.99	)		(1.62	)			(0.27	)		(3.23	)
6/30/2015		36.37		0.34		(2.02	)		(1.68	)			(0.58	)		(7.12	)
Class P
12/31/2019†	$	16.79	$	0.14	$	1.31		$	1.45			$	(0.09	)	$	(1.30	)
6/30/2019		24.18		0.38		(2.97	)		(2.59	)			(0.68	)		(4.12	)
6/30/2018		26.69		0.39		1.56			1.95				(0.20	)		(4.26	)
6/30/2017		22.74		0.36		4.54			4.90				(0.39	)		(0.56	)
6/30/2016		27.92		0.51		(2.06	)		(1.55	)			(0.40	)		(3.23	)
6/30/2015		37.36		0.51		(2.07	)		(1.56	)			(0.76	)		(7.12	)
Institutional Class
12/31/2019†	$	16.95	$	0.15	$	1.33		$	1.48			$	(0.07	)	$	(1.30	)
6/30/2019		24.34		0.41		(3.00	)		(2.59	)			(0.68	)		(4.12	)
6/30/2018		26.82		0.42		1.58			2.00				(0.22	)		(4.26	)
6/30/2017		22.84		0.42		4.53			4.95				(0.41	)		(0.56	)
6/30/2016		28.05		0.55		(2.08	)		(1.53	)			(0.45	)		(3.23	)
6/30/2015		37.46		0.56		(2.07	)		(1.51	)			(0.78	)		(7.12	)
Class R6
12/31/2019†	$	16.85	$	0.15	$	1.33		$	1.48			$	(0.12	)	$	(1.30	)
6/30/2019		24.25		0.41		(2.99	)		(2.58	)			(0.70	)		(4.12	)
6/30/2018		26.75		0.44		1.56			2.00				(0.24	)		(4.26	)
6/30/2017		22.79		0.41		4.55			4.96				(0.44	)		(0.56	)
6/30/2016		28.02		0.56		(2.08	)		(1.52	)			(0.48	)		(3.23	)
6/30/2015		37.47		0.40		(1.90	)		(1.50	)	��		(0.83	)		(7.12	)
Administrative Class
12/31/2019†	$	14.48	$	0.11	$	1.13		$	1.24			$	(0.08	)	$	(1.30	)
6/30/2019		21.65		0.30		(2.73	)		(2.43	)			(0.62	)		(4.12	)
6/30/2018		24.30		0.32		1.43			1.75				(0.14	)		(4.26	)
6/30/2017		20.78		0.33		4.11			4.44				(0.36	)		(0.56	)
6/30/2016		25.87		0.45		(1.92	)		(1.47	)			(0.39	)		(3.23	)
6/30/2015		35.19		0.46		(1.96	)		(1.50	)			(0.70	)		(7.12	)

^	A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%.

†	Unaudited

The character of a portion of the distribution was redesignated from net investment income to net realized capital gain for the year ended June 30, 2019. The per share amount for Class C differs from other classes, as at the time the distribution was made, Class C had minimal distributable net investment income, therefore no redesignation for Class C was made.

(a)

Calculated on average shares outstanding during the period.

(b)


132		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements


Total Dividends and Distributions			Net Asset Value, End of Period			Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement				Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate


$	(1.36	)	$	14.40			8.46	%	$	398,546		1.18	%(c)(d)		1.28	%(c)(d)			1.42	%(c)(d)		54	%
	(4.74	)		14.53			(7.70	)		439,710		1.18			1.26				1.65			47
	(4.38	)		21.71			7.04			718,104		1.20			1.25				1.27			24
	(0.88	)		24.36			21.38			788,438		1.20	(d)		1.24	(d)			1.31	(d)		30
	(3.58	)		20.82			(5.31	)		1,037,525		1.22	(d)		1.23	(d)			1.88	(d)		48
	(7.79	)		25.91	(e)		(3.77	)(e)		1,592,000		1.18			1.21				1.39			42

$	(1.30	)	$	12.72			8.05	%	$	2,410		1.93	%(c)(d)		2.03	%(c)(d)			0.60	%(c)(d)		54	%
	(4.08	)		12.97			(8.35	)		3,984		1.93			2.01				0.88			47
	(4.26	)		19.30			6.26			106,052		1.95			2.00				0.54			24
	(0.75	)		22.14			20.45			135,225		1.95	(d)		1.99	(d)			0.56	(d)		30
	(3.42	)		19.02			(5.99	)		175,139		1.97	(d)		1.98	(d)			1.14	(d)		48
	(7.60	)		23.99	(e)		(4.52	)(e)		259,629		1.93			1.96				0.63			42

$	(1.30	)	$	15.88			8.39	%	$	20,733		1.43	%(c)(d)		1.53	%(c)(d)			1.18	%(c)(d)		54	%
	(4.66	)		15.85			(7.97	)		22,153		1.43			1.51				1.41			47
	(4.30	)		23.10			6.77			37,655		1.45			1.50				1.02			24
	(0.82	)		25.64			21.09			51,759		1.45	(d)		1.49	(d)			1.04	(d)		30
	(3.50	)		21.87			(5.52	)		64,707		1.47	(d)		1.48	(d)			1.62	(d)		48
	(7.70	)		26.99	(e)		(4.06	)(e)		97,345		1.43			1.46				1.13			42

$	(1.39	)	$	16.85			8.62	%	$	34,584		0.93	%(c)(d)		1.03	%(c)(d)			1.66	%(c)(d)		54	%
	(4.80	)		16.79			(7.49	)		39,426		0.93			1.01				1.91			47
	(4.46	)		24.18			7.27			65,466		0.95			1.00		��		1.54			24
	(0.95	)		26.69			21.66			72,679		0.95	(d)		0.99	(d)			1.42	(d)		30
	(3.63	)		22.74			(5.01	)		58,556		0.97	(d)		0.98	(d)			2.13	(d)		48
	(7.88	)		27.92	(e)		(3.58	)(e)		106,077		0.93			0.96				1.63			42

$	(1.37	)	$	17.06			8.74	%	$	144,007		0.83	%(c)(d)		0.92	%(c)(d)			1.69	%(c)(d)		54	%
	(4.80	)		16.95			(7.42	)		288,309		0.83			0.91				1.98			47
	(4.48	)		24.34			7.43			778,547		0.85			0.90				1.61			24
	(0.97	)		26.82			21.82			1,213,861		0.83	(d)		0.89	(d)			1.68	(d)		30
	(3.68	)		22.84			(4.93	)		1,800,472		0.82	(d)		0.88	(d)			2.28	(d)		48
	(7.90	)		28.05	(e)		(3.40	)(e)		2,866,196		0.78			0.86				1.78			42

$	(1.42	)	$	16.91			8.77	%	$	128,563		0.78	%(c)(d)		0.88	%(c)(d)			1.80	%(c)(d)		54	%
	(4.82	)		16.85			(7.37	)		150,200		0.78			0.86				2.04			47
	(4.50	)		24.25			7.44			347,379		0.80			0.85				1.70			24
	(1.00	)		26.75			21.90			464,279		0.79	(d)		0.84	(d)			1.60	(d)		30
	(3.71	)		22.79			(4.86	)		371,453		0.77	(d)		0.83	(d)			2.39	(d)		48
	(7.95	)		28.02	(e)		(3.37	)(e)		235,613		0.73			0.81				1.36			42

$	(1.38	)	$	14.34			8.55	%	$	82,613		1.08	%(c)(d)		1.18	%(c)(d)			1.48	%(c)(d)		54	%
	(4.74	)		14.48			(7.64	)		107,836		1.08			1.16				1.74			47
	(4.40	)		21.65			7.14			206,749		1.10			1.15				1.38			24
	(0.92	)		24.30			21.52			365,241		1.09	(d)		1.14	(d)			1.43	(d)		30
	(3.62	)		20.78			(5.11	)		494,621		1.07	(d)		1.13	(d)			2.03	(d)		48
	(7.82	)		25.87	(e)		(3.62	)(e)		811,305		1.03			1.11				1.54			42

(c)

Annualized, unless otherwise noted.

(d)

Does not include expenses of the investment companies in which the Fund invests.

(e)

Payments from Affiliates increased the end of period net asset value and total return by less than $0.01 and 0.01%, respectively.


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			133

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:^


	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Small-Cap:
Class A
12/31/2019†	$	19.50	$	0.05		$	0.97		$	1.02		$	(0.01	)	$	—
6/30/2019		21.61		0.07			(0.53	)		(0.46	)		(0.02	)		(1.63	)
6/30/2018		20.51		(0.02	)		3.92			3.90			—			(2.80	)
6/30/2017		16.71		0.03			3.79			3.82			(0.01	)		(0.01	)
6/30/2016		18.41		0.03			(1.14	)		(1.11	)		(0.09	)		(0.50	)
6/30/2015		18.28		0.09			0.93			1.02			(0.05	)		(0.84	)
Class C
12/31/2019†	$	18.68	$	(0.02	)	$	0.93		$	0.91		$	—		$	—
6/30/2019		20.92		(0.07	)		(0.54	)		(0.61	)		—			(1.63	)
6/30/2018		20.07		(0.17	)		3.82			3.65			—			(2.80	)
6/30/2017		16.48		(0.11	)		3.71			3.60			—			(0.01	)
6/30/2016		18.20		(0.10	)		(1.12	)		(1.22	)		—			(0.50	)
6/30/2015		18.16		(0.05	)		0.93			0.88			—			(0.84	)
Class P
12/31/2019†	$	19.74	$	0.08		$	0.98		$	1.06		$	(0.07	)	$	—
6/30/2019		21.81		0.12			(0.53	)		(0.41	)		(0.03	)		(1.63	)
6/30/2018		20.63		0.03			3.95			3.98			—			(2.80	)
6/30/2017		16.77		0.07			3.81			3.88			(0.01	)		(0.01	)
6/30/2016		18.49		0.07			(1.15	)		(1.08	)		(0.14	)		(0.50	)
6/30/2015		18.33		0.13			0.95			1.08			(0.08	)		(0.84	)
Institutional Class
12/31/2019†	$	19.90	$	0.10		$	0.99		$	1.09		$	(0.08	)	$	—
6/30/2019		21.96		0.14			(0.53	)		(0.39	)		(0.04	)		(1.63	)
6/30/2018		20.73		0.05			3.98			4.03			—			(2.80	)
6/30/2017		16.84		0.10			3.81			3.91			(0.01	)		(0.01	)
6/30/2016		18.49		0.08			(1.13	)		(1.05	)		(0.10	)		(0.50	)
6/30/2015		18.34		0.15			0.94			1.09			(0.10	)		(0.84	)
Class R6
12/31/2019†	$	19.90	$	0.10		$	0.98		$	1.08		$	(0.08	)	$	—
8/22/2018* - 6/30/2019		23.16		0.13			(1.71	)		(1.58	)		(0.05	)		(1.63	)

^	A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%.

†	Unaudited

*	Commencement of operations.

(a)

Calculated on average shares outstanding during the period.

(b)

(c)

Payments from Affiliates increased the end of period net asset value and total return by less than $0.01 and 0.01%, respectively.

(d)

Annualized, unless otherwise noted.

(e)

Does not include expenses of the investment companies in which the Fund invests.


134		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements


Total Dividends and Distributions			Net Asset Value, End of Period			Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate


$	(0.01	)	$	20.51	(c)		5.23	%(c)	$	69,200		1.17	%(d)		1.27	%(d)		0.55	%(d)		40	%
	(1.65	)		19.50			(0.62	)		66,269		1.18			1.27			0.35			78
	(2.80	)		21.61			19.96			44,860		1.31	(e)		1.31	(e)		(0.07	)(e)		126
	(0.02	)		20.51	(c)		22.82	(c)		39,509		1.31			1.31			0.15			152
	(0.59	)		16.71			(6.02	)		32,660		1.27			1.31			0.17			139
	(0.89	)		18.41			6.01			38,579		1.24			1.30			0.47			148

$	—		$	19.59	(c)		4.87	%(c)	$	5,212		1.92	%(d)		2.02	%(d)		(0.24	)%(d)		40	%
	(1.63	)		18.68			(1.39	)		7,873		1.93			2.02			(0.36	)		78
	(2.80	)		20.92			19.10			35,080		2.06	(e)		2.06	(e)		(0.82	)(e)		126
	(0.01	)		20.07	(c)		21.82	(c)		32,802		2.06			2.06			(0.60	)		152
	(0.50	)		16.48			(6.72	)		36,607		2.02			2.06			(0.58	)		139
	(0.84	)		18.20			5.27			44,067		1.99			2.05			(0.29	)		148

$	(0.07	)	$	20.73	(c)		5.35	%(c)	$	17,426		0.92	%(d)		1.02	%(d)		0.84	%(d)		40	%
	(1.66	)		19.74			(0.36	)		9,637		0.93			1.02			0.61			78
	(2.80	)		21.81			20.25			6,883		1.06	(e)		1.06	(e)		0.12	(e)		126
	(0.02	)		20.63	(c)		23.12	(c)		3,425		1.06			1.06			0.39			152
	(0.64	)		16.77			(5.82	)		3,246		1.02			1.06			0.43			139
	(0.92	)		18.49			6.36			2,143		0.99			1.05			0.73			148

$	(0.08	)	$	20.91	(c)		5.46	%(c)	$	16,981		0.82	%(d)		0.92	%(d)		0.98	%(d)		40	%
	(1.67	)		19.90			(0.29	)		9,077		0.83			0.92			0.70			78
	(2.80	)		21.96			20.40			8,104		0.96	(e)		0.96	(e)		0.21	(e)		126
	(0.02	)		20.73	(c)		23.22	(c)		3,037		0.96			0.96			0.52			152
	(0.60	)		16.84			(5.69	)		2,738		0.92			0.96			0.46			139
	(0.94	)		18.49			6.41			6,656		0.93			0.95			0.86			148

$	(0.08	)	$	20.90	(c)		5.43	%(c)	$	24,846		0.77	%(d)		0.87	%(d)		0.99	%(d)		40	%
	(1.68	)		19.90			(5.42	)		17,792		0.77	(d)		0.87	(d)		0.76	(d)		78


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			135

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:^


	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period
AllianzGI Technology:
Class A
12/31/2019†	$	63.92	$	(0.33	)	$	2.33		$	2.00		$	(11.19	)	$	54.73
6/30/2019		71.60		(0.68	)		5.90			5.22			(12.90	)		63.92
6/30/2018		60.82		(0.64	)		22.58			21.94			(11.16	)		71.60
6/30/2017		48.03		(0.17	)(e)		15.75			15.58			(2.79	)		60.82	(e)
6/30/2016		58.15		(0.38	)		(1.07	)		(1.45	)		(8.67	)		48.03
6/30/2015		63.49		(0.54	)		6.49			5.95			(11.29	)		58.15
Class C
12/31/2019†	$	45.22	$	(0.40	)	$	1.63		$	1.23		$	(11.19	)	$	35.26
6/30/2019		55.32		(0.92	)		3.72			2.80			(12.90	)		45.22
6/30/2018		49.43		(0.91	)		17.96			17.05			(11.16	)		55.32
6/30/2017		39.80		(0.46	)(e)		12.88			12.42			(2.79	)		49.43	(e)
6/30/2016		49.98		(0.66	)		(0.85	)		(1.51	)		(8.67	)		39.80
6/30/2015		56.46		(0.87	)		5.68			4.81			(11.29	)		49.98
Class P
12/31/2019†	$	72.49	$	(0.29	)	$	2.67		$	2.38		$	(11.19	)	$	63.68
6/30/2019		79.05		(0.58	)		6.92			6.34			(12.90	)		72.49
6/30/2018		66.03		(0.53	)		24.71			24.18			(11.16	)		79.05
6/30/2017		51.80		—	(e)		17.02			17.02			(2.79	)		66.03	(e)
6/30/2016		61.90		(0.27	)		(1.16	)		(1.43	)		(8.67	)		51.80
6/30/2015		66.74		(0.42	)		6.87			6.45			(11.29	)		61.90
Institutional Class
12/31/2019†	$	74.10	$	(0.26	)	$	2.72		$	2.46		$	(11.19	)	$	65.37
6/30/2019		80.40		(0.52	)		7.12			6.60			(12.90	)		74.10
6/30/2018		66.94		(0.45	)		25.07			24.62			(11.16	)		80.40
6/30/2017		52.43		0.06	(e)		17.24			17.30			(2.79	)		66.94	(e)
6/30/2016		62.49		(0.24	)		(1.15	)		(1.39	)		(8.67	)		52.43
6/30/2015		67.21		(0.36	)		6.93			6.57			(11.29	)		62.49
Administrative Class
12/31/2019†	$	68.67	$	(0.33	)	$	2.53		$	2.20		$	(11.19	)	$	59.68
6/30/2019		75.76		(0.67	)		6.48			5.81			(12.90	)		68.67
6/30/2018		63.76		(0.61	)		23.77			23.16			(11.16	)		75.76
6/30/2017		50.18		(0.23	)(e)		16.60			16.37			(2.79	)		63.76	(e)
6/30/2016		60.32		(0.36	)		(1.11	)		(1.47	)		(8.67	)		50.18
6/30/2015		65.40		(0.50	)		6.71			6.21			(11.29	)		60.32

^	A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%.

†	Unaudited

(a)

Calculated on average shares outstanding during the period.

(b)

(c)

Annualized, unless otherwise noted.

(d)

Does not include expenses of the investment companies in which the Fund invests.

(e)

An out of period adjustment of $3,694,541, which is included in miscellaneous income, related to income earned in previous years, decreased net investment loss per share and increased net asset value per share by approximately $0.15 for Class A; $0.13 for Class C; $0.20 for Class P; $0.20 for Institutional Class and $0.04 for Administrative Class. The increase in total return and decrease in ratio of net investment loss to average net assets relating to this income for each share class was approximately 0.33% and 0.28% for Class A; 0.35% and 0.29% for Class C; 0.40% and 0.33% for Class P; 0.40% and 0.32% for Institutional Class; 0.09% and 0.08% for Administrative Class, respectively.


136		Semiannual Report		\| December 31, 2019 \|		See accompanying Notes to Financial Statements


Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate


	3.20	%	$	572,273		1.57	%(c)(d)		1.57	%(c)(d)		(1.06	)%(c)(d)		62	%
	12.40			601,112		1.51	(d)		1.56	(d)		(1.05	)(d)		109
	38.89			530,127		1.42	(d)		1.57	(d)		(0.95	)(d)		104
	33.69	(e)		452,039		1.51	(d)		1.61	(d)		(0.31	)(d)(e)		128
	(3.24	)		417,305		1.66	(d)		1.66	(d)		(0.74	)(d)		171
	10.33			340,765		1.61			1.61			(0.90	)		165

	2.82	%	$	42,073		2.32	%(c)(d)		2.32	%(c)(d)		(1.81	)%(c)(d)		62	%
	11.57			48,842		2.23	(d)		2.31	(d)		(1.78	)(d)		109
	37.86			138,589		2.17	(d)		2.32	(d)		(1.70	)(d)		104
	32.69	(e)		113,411		2.26	(d)		2.36	(d)		(1.05	)(d)(e)		128
	(3.95	)		112,423		2.41	(d)		2.41	(d)		(1.53	)(d)		171
	9.51			130,395		2.36			2.36			(1.65	)		165

	3.35	%	$	136,555		1.32	%(c)(d)		1.32	%(c)(d)		(0.81	)%(c)(d)		62	%
	12.68			155,553		1.27	(d)		1.31	(d)		(0.80	)(d)		109
	39.24			100,560		1.17	(d)		1.32	(d)		(0.71	)(d)		104
	34.03	(e)		59,369		1.26	(d)		1.35	(d)		(0.01	)(d)(e)		128
	(2.99	)		44,881		1.41	(d)		1.41	(d)		(0.50	)(d)		171
	10.62			53,710		1.36			1.36			(0.66	)		165

	3.38	%	$	781,901		1.22	%(c)(d)		1.22	%(c)(d)		(0.71	)%(c)(d)		62	%
	12.81			800,061		1.16	(d)		1.21	(d)		(0.69	)(d)		109
	39.37			789,922		1.07	(d)		1.22	(d)		(0.59	)(d)		104
	34.16	(e)		736,162		1.16	(d)		1.25	(d)		0.09	(d)(e)		128
	(2.89	)		518,761		1.31	(d)		1.31	(d)		(0.43	)(d)		171
	10.71			617,315		1.26			1.26			(0.55	)		165

	3.27	%	$	10,406		1.47	%(c)(d)		1.47	%(c)(d)		(0.96	)%(c)(d)		62	%
	12.52			11,688		1.40	(d)		1.46	(d)		(0.95	)(d)		109
	39.02			23,535		1.32	(d)		1.47	(d)		(0.85	)(d)		104
	33.83	(e)		15,062		1.44	(d)		1.52	(d)		(0.41	)(d)(e)		128
	(3.15	)		62,913		1.56	(d)		1.56	(d)		(0.68	)(d)		171
	10.44			72,947		1.51			1.51			(0.80	)		165


See accompanying Notes to Financial Statements		\| December 31, 2019 \|		Semiannual Report			137

Notes to Financial Statements

December 31, 2019 (Unaudited)

1.	ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Allianz Funds (the “Trust”) is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as anopen-end management investment company organized as a Massachusetts business trust and accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services—Investment Companies. As of December 31, 2019, the Trust consisted of fourteen separate investment series (each a “Fund” and collectively the “Funds”). Allianz Global Investors U.S. LLC (“AllianzGI U.S.” or the “Investment Adviser”) serves as the Funds’ investment adviser. The Investment Adviser is an indirect wholly-owned subsidiary of Allianz Asset Management of America L.P. (“AAM”). AAM is an indirect, wholly-owned subsidiary of Allianz SE, a publicly traded European insurance and financial services company. Currently, the Trust may offer up to seven classes of shares to new and existing investors: A, C, R, P, Institutional, R6 and Administrative. Class C shares of a Fund will automatically convert to Class A shares of the same Fund following theten-year anniversary of purchase. Such conversions are subject to certain limitations.

The investment objective of AllianzGI Emerging Markets Opportunities is to seek maximum long-term capital appreciation. The investment objective of AllianzGI Focused Growth, AllianzGI Global Natural Resources, AllianzGI GlobalSmall-Cap, AllianzGI Health Sciences, AllianzGIMid-Cap, AllianzGISmall-Cap and AllianzGI Technology is to seek long-term capital appreciation. The investment objective of AllianzGI NFJ Dividend Value, AllianzGI NFJ International Value, AllianzGI NFJLarge-Cap Value, AllianzGI NFJMid-Cap Value and AllianzGI NFJSmall-Cap Value is to seek long-term growth of capital and income. The investment objective of AllianzGI Income & Growth is to seek total return comprised of current income, current gains and capital appreciation. There can be no assurance that the Funds will meet their stated objectives.

The preparation of the Funds’ financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires the Funds’ management to make estimates and assumptions that affect the reported amounts and disclosures in each Fund’s financial statements. Actual results could differ from those estimates.

Like many other companies, the Trust’s organizational documents provide that its officers (“Officers”) and the Board of Trustees (the “Board” or the “Trustees”) are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, both in some of its principal service contracts and in the normal course of its business, the Trust enters into contracts that provide indemnifications to other parties for certain types of losses or liabilities. The Trust’s maximum exposure under these arrangements is unknown as this could involve future claims against the Trust.

The following is a summary of significant accounting policies consistently followed by the Funds:

(a) Valuation of Investments. Portfolio securities and other financial instruments for which market quotations are readily available are valued at market value. Market values for various types of securities and other instruments are determined on the basis of closing prices or last sales prices on an exchange or other market, or based on quotes or other market information obtained from quotation reporting systems, established market makers or pricing services. Investments in mutual funds are valued at the net asset value (“NAV”) as reported on each business day, and, under normal circumstances, ETFs are valued at their current market trading price. The Funds’ investments are valued daily using prices supplied by an independent pricing service or broker/dealer quotations, or by using the last sale or settlement price on the exchange that is the primary market for such securities, or the mean between the last bid and ask quotations. The market value for NASDAQ Global Market and NASDAQ Capital Market securities may also be calculated using the NASDAQ Official Closing Price instead of the last reported sales 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 has adopted procedures for valuing portfolio securities and other financial derivative instruments in circumstances where market quotes are not readily available (including in cases where available market quotes are deemed to be unreliable), and has delegated responsibility for applying the valuation methods to the Investment Adviser. The Trust’s Valuation Committee was established by the Board to oversee the implementation of the Funds’ valuation methods and to make fair value determinations on behalf of the Board, as instructed. The Investment Adviser monitors the continued appropriateness of methods applied and identifies circumstances and events that may require fair valuation. The Investment Adviser determines if adjustments should be made in light of market changes, events affecting the issuer or other factors. If the Investment Adviser determines that a valuation method may no longer be appropriate, another valuation method previously approved by the Trust’s Valuation Committee may be selected or the Trust’s 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 and ratify the appropriateness of the valuation methods and these methods may be amended or supplemented from time to time by the Valuation Committee.

Short-term debt investments having a remaining maturity of 60 days or less are valued at amortized cost unless the Board or its Valuation Committee determines that particular circumstances dictate otherwise.

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 NAV of each share class of a Fund may be affected by changes in the value of currencies in relation to the U.S.


138		December 31, 2019 \|		Semiannual Report

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 and the NAV of a Fund’s shares may change on days when an investor is not able to purchase or redeem or exchange shares.

The prices used by the Funds to value investments may differ from the value that would be realized if the investments were sold, and these differences could be material to the Funds’ financial statements. The NAV of each share class of a Fund is normally determined as of the close of regular trading (normally, 4:00 p.m., Eastern Time) on the NYSE on each day the NYSE is open for business. In unusual circumstances, the Board or the Valuation Committee may in good faith determine the NAV as of 4:00 p.m., Eastern Time, notwithstanding an earlier, unscheduled close or halt of trading on the NYSE.

The prices of certain portfolio securities or financial instruments may be determined at a time prior to the close of regular trading on the NYSE. In considering whether fair value pricing is required and in determining fair values, the Funds 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 NAV of each share class of a Fund is calculated. With respect to certain foreign securities, the Funds may fair-value securities using modeling tools provided by third-party vendors, where appropriate. The Funds have retained a statistical research service to assist in 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 Funds for foreign securities may differ from the value realized from the sale of those securities and the difference could be material to the financial statements. Fair value pricing may require subjective determinations about the value of a security or other assets, and fair values used to determine the NAV of each share class of a Fund 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 a Fund.

(b) 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 Funds have 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 Investment Adviser’s or the Trust’s Valuation Committee’s own assumptions and securities whose price was determined by using a single broker’s quote)

The valuation techniques used by the Funds to measure fair value during the six months ended December 31, 2019 were intended to maximize the use of observable inputs and to minimize the use of unobservable inputs.

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 the 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.

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 Funds generally use to evaluate how to classify each major category of assets and liabilities within Level 2 and Level 3, in accordance with U.S. GAAP.

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Funds generally use a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Funds’ valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Funds’ valuation procedures are designed to value a security at the price the Funds may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Funds would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available.

Equity Securities (Common and Preferred Stock and Warrants)—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.

Corporate Bonds & Notes—Corporate bonds & notes are generally comprised of two main categories: investment grade bonds and high yield bonds. Investment grade bonds are valued by independent pricing services using various inputs and techniques, which include


		Semiannual Report		\| December 31, 2019		139

Notes to Financial Statements (cont’d)

December 31, 2019 (Unaudited)

broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer or comparable issuers, and option adjusted spread models that include base curve and spread curve inputs. Adjustments to individual bonds can be applied to recognize trading differences compared to other bonds issued by the same issuer. High yield bonds are valued by independent pricing services based primarily on 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 corporate bonds & notes 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 based on 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 tradedover-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 forin-the-money,at-the-money, andout-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.

Forward Foreign Currency Contracts—Forward foreign currency contracts are valued by independent pricing services using various inputs and techniques, which include broker-dealer quotations, actual trading information and foreign currency exchange rates gathered from leading market makers and foreign currency exchange trading centers throughout the world. To the extent that these inputs are observable, the values of forward foreign currency contracts are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

A summary of the inputs used at December 31, 2019 in valuing each Fund’s assets and liabilities is listed below (refer to the Schedules of Investments and Notes to Schedules of Investments for more detailed information on Investments in Securities and Other Financial Instruments):



AllianzGI Emerging Markets Opportunities:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 12/31/19
Common Stock:
Brazil	$	3,791,095	$	13,925,964		—	$	17,717,059
China		21,337,048		96,023,169		—		117,360,217
India		15,743,485		13,097,250		—		28,840,735
Mexico		6,347,661		—		—		6,347,661
Russian Federation		30,990,419		—	$	997,275		31,987,694
South Africa		6,788,100		4,920,245		—		11,708,345
Thailand		—		—		18,556,915		18,556,915
United States		4,169,585		—		—		4,169,585
All Other		—		123,722,721		—		123,722,721
Preferred Stock		—		10,330,479		—		10,330,479
Repurchase Agreements		—		870,000		—		870,000
Totals	$	89,167,393	$	262,889,828	$	19,554,190	$	371,611,411


AllianzGI Focused Growth:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 12/31/19
Common Stock	$	1,026,046,139		—		—	$	1,026,046,139
Repurchase Agreements		—	$	14,402,000		—		14,402,000
Totals	$	1,026,046,139	$	14,402,000		—	$	1,040,448,139


140		December 31, 2019 \|		Semiannual Report



AllianzGI Global Natural Resources:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 12/31/19
Common Stock:
Australia		—	$	449,891		—	$	449,891
Belgium		—		49,855		—		49,855
France		—		491,771		—		491,771
Ireland		—		66,951		—		66,951
Japan		—		375,480		—		375,480
Korea (Republic of)		—		47,873		—		47,873
Norway		—		102,304		—		102,304
United Kingdom	$	117,920		866,980		—		984,900
All Other		7,161,604		—		—		7,161,604
Exchange-Traded Funds		330,392		—		—		330,392
Totals	$	7,609,916	$	2,451,105		—	$	10,061,021


AllianzGI GlobalSmall-Cap:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 12/31/19
Common Stock:
Australia		—	$	2,580,150		—	$	2,580,150
Austria	$	719,990		1,334,838		—		2,054,828
China		—		167,870		—		167,870
France		—		2,129,808		—		2,129,808
Germany		1,183,736		2,757,685		—		3,941,421
Hong Kong		—		316,889		—		316,889
Indonesia		—		218,746		—		218,746
Italy		—		1,219,053		—		1,219,053
Japan		—		14,114,289		—		14,114,289
Korea (Republic of)		—		235,185		—		235,185
Netherlands		—		1,340,383		—		1,340,383
Norway		—		1,266,751		—		1,266,751
Singapore		—		1,042,838		—		1,042,838
Sweden		665,704		697,377		—		1,363,081
Switzerland		696,683		1,946,922		—		2,643,605
Taiwan		—		321,785		—		321,785
Thailand		—		—	$	166,051		166,051
United Kingdom		713,367		6,298,280		—		7,011,647
All Other		60,867,761		—		—		60,867,761
Preferred Stock		—		485,956		—		485,956
Repurchase Agreements		—		1,670,000		—		1,670,000
		64,847,241		40,144,805		166,051		105,158,097
*Other Financial Instruments – Assets**
Foreign Exchange Contracts		—		100		—		100
Totals	$	64,847,241	$	40,144,905	$	166,051	$	105,158,197


		Semiannual Report		\| December 31, 2019		141

Notes to Financial Statements (cont’d)

December 31, 2019 (Unaudited)



AllianzGI Health Sciences:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 12/31/19
Common Stock:
Pharmaceuticals	$	65,045,190		$	5,490,678		—	$	70,535,868
All Other		87,875,360			—		—		87,875,360
Warrants		—			—	$	91,313		91,313
Rights		—			—		957		957
Repurchase Agreements		—			5,167,000		—		5,167,000
Totals	$	152,920,550		$	10,657,678	$	92,270	$	163,670,498


AllianzGI Income & Growth:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 12/31/19
Common Stock:
Advertising		—			—	$	163,305	$	163,305
Aerospace & Defense	$	42,520,216			—		222,536		42,742,752
Apparel & Textiles		—			—		47,468		47,468
Banks		25,092,000			—		7		25,092,007
Commercial Services		—			—		576,798		576,798
Media		13,045,797			—		845,643		13,891,440
Oil, Gas & Consumable Fuels		35,046,630			—		18		35,046,648
Pharmaceuticals		73,557,182			—		1,971,344		75,528,526
All Other		1,484,393,172			—		—		1,484,393,172
Corporate Bonds & Notes:
Commercial Services		—		$	67,370,977		30,401		67,401,378
Computers		—			14,990,425		65		14,990,490
Diversified Financial Services		—			61,448,339		4,725,743		66,174,082
Media		—			148,445,174		8		148,445,182
All Other		—			1,185,656,193		—		1,185,656,193
Convertible Bonds & Notes:
Biotechnology		—			86,092,166		1		86,092,167
All Other		—			1,204,290,869		—		1,204,290,869
Convertible Preferred Stock:
Computers		—			12,244,635		—		12,244,635
Diversified Financial Services		—			5,067,765		—		5,067,765
All Other		217,468,491			—		—		217,468,491
Preferred Stock		—			—		18,336,838		18,336,838
Equity-Linked Security		—			—		100,383		100,383
Warrants		—			—		56,981		56,981
Repurchase Agreements		—			193,214,000		—		193,214,000
		1,891,123,488			2,978,820,543		27,077,539		4,897,021,570
Investments in Securities – Liabilities
Options Written:
Market Price		(226,131	)		—		—		(226,131	)
Totals	$	1,890,897,357		$	2,978,820,543	$	27,077,539	$	4,896,795,439


142		December 31, 2019 \|		Semiannual Report



AllianzGIMid-Cap:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 12/31/19
Common Stock	$	332,259,319		—		—	$	332,259,319
Repurchase Agreements		—	$	3,282,000		—		3,282,000
Totals	$	332,259,319	$	3,282,000		—	$	335,541,319


AllianzGI NFJ Dividend Value:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 12/31/19
Common Stock	$	1,232,707,561		—		—	$	1,232,707,561
Repurchase Agreements		—	$	7,594,000		—		7,594,000
Totals	$	1,232,707,561	$	7,594,000		—	$	1,240,301,561


AllianzGI NFJ International Value:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 12/31/19
Common Stock:
Belgium	$	1,722,758		—		—	$	1,722,758
Brazil		1,858,646		—		—		1,858,646
Canada		17,792,141		—		—		17,792,141
India		1,365,770		—		—		1,365,770
Russian Federation		1,882,400		—		—		1,882,400
Taiwan		3,188,296		—		—		3,188,296
United Kingdom		11,021,332	$	18,159,038		—		29,180,370
United States		5,093,361		—		—		5,093,361
All Other		—		103,375,284		—		103,375,284
Preferred Stock		—		3,093,917		—		3,093,917
Repurchase Agreements		—		414,000		—		414,000
Totals	$	43,924,704	$	125,042,239		—	$	168,966,943


AllianzGI NFJLarge-Cap Value:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 12/31/19
Common Stock	$	323,369,695		—		—	$	323,369,695


AllianzGI NFJMid-Cap Value:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 12/31/19
Common Stock	$	1,439,682,979		—		—	$	1,439,682,979
Repurchase Agreements		—	$	12,973,000		—		12,973,000
Totals	$	1,439,682,979	$	12,973,000		—	$	1,452,655,979


AllianzGI NFJSmall-Cap Value:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 12/31/19
Common Stock	$	810,050,794		—		—	$	810,050,794
Exchange-Traded Funds		3,084,798		—		—		3,084,798
Totals	$	813,135,592		—		—	$	813,135,592


		Semiannual Report		\| December 31, 2019		143

Notes to Financial Statements (cont’d)

December 31, 2019 (Unaudited)



AllianzGISmall-Cap:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 12/31/19
Common Stock:
Equity Real Estate Investment Trusts (REITs)	$	4,005,986			—	$	1,296	$	4,007,282
All Other		127,326,659			—		—		127,326,659
Repurchase Agreements		—		$	2,409,000		—		2,409,000
Totals	$	131,332,645		$	2,409,000	$	1,296	$	133,742,941


AllianzGI Technology:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 12/31/19
Common Stock:
Communications Equipment	$	3,040,611		$	2,291,491		—	$	5,332,102
Electrical Equipment		96,587			13,659		—		110,246
Electronic Equipment, Instruments & Components		1,872,006			229,740		—		2,101,746
Entertainment		49,634,613			39,996		—		49,674,609
Interactive Media & Services		178,669,257			81,243		—		178,750,500
IT Services		311,203,798			85,927		—		311,289,725
Semiconductors & Semiconductor Equipment		328,177,493			1,031,960		—		329,209,453
Software		474,020,414			15,730		—		474,036,144
Technology Hardware, Storage & Peripherals		46,270,147			43,603,897		—		89,874,044
All Other		56,043,716			—		—		56,043,716
Exchange-Traded Funds		—			1,965		—		1,965
Repurchase Agreements		—			42,714,000		—		42,714,000
Options Purchased:
Market Price		7,715,600			—		—		7,715,600
		1,456,744,242			90,109,608		—		1,546,853,850
Investments in Securities – Liabilities
Options Written:
Market Price		(3,544,475	)		—		—		(3,544,475	)
Securities Sold Short, at value		(134	)		—		—		(134	)
		(3,544,609	)		—		—		(3,544,609	)
Totals	$	1,453,199,633		$	90,109,608		—	$	1,543,309,241

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the six months ended December 31, 2019, was as follows:



AllianzGI Emerging Markets Opportunities:
Investments in Securities – Assets	Beginning Balance 6/30/19		Purchases		Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3		Ending Balance 12/31/19
Common Stock:
Russian Federation	$	3,377,025	$	—	$	(2,163,036	)		—	$	(695,569	)	$	478,855			—		—	$	997,275
Thailand		7,596,712		11,653,555		(283,160	)		—		11,316			(421,508	)		—		—		18,556,915
Preferred Stock		5,739,783		—		(4,246,035	)		—		(401,688	)		(1,092,060	)		—		—		—
Totals	$	16,713,520	$	11,653,555	$	(6,692,231	)		—	$	(1,085,941	)	$	(1,034,713	)		—		—	$	19,554,190


144		December 31, 2019 \|		Semiannual Report



AllianzGI GlobalSmall-Cap:
Investments in Securities – Assets	Beginning Balance 6/30/19		Purchases			Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3		Ending Balance 12/31/19
Common Stock:
Australia	$	46,051		—		$	(44,355	)†		—		—		$	(1,696	)		—		—	$	—
Thailand		257,201	$	10,864			(69,174	)		—	$	5,359			(38,199	)		—		—		166,051
Totals	$	303,252	$	10,864		$	(113,529	)		—	$	5,359		$	(39,895	)		—		—	$	166,051


AllianzGI Health Sciences:
Investments in Securities – Assets	Beginning Balance 6/30/19		Purchases			Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3		Ending Balance 12/31/19
Warrants	$	184,981		—			—			—		—		$	(93,668	)		—		—	$	91,313
Rights		—	$	957	†		—			—		—			—			—		—		957
Totals	$	184,981	$	957			—			—		—		$	(93,668	)		—		—	$	92,270


AllianzGI Income & Growth:
Investments in Securities – Assets	Beginning Balance 6/30/19		Purchases			Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3**		Transfers out of Level 3		Ending Balance 12/31/19
Common Stock:
Advertising	$	266,445		—			—			—		—		$	(103,140	)		—		—	$	163,305
Aerospace & Defense		272,411		—			—			—		—			(49,875	)		—		—		222,536
Apparel & Textiles		44,930		—			—			—		—			2,538			—		—		47,468
Banks		7		—			—			—		—			—			—		—		7
Commercial Services		576,798		—			—			—		—			—			—		—		576,798
Media		1,018,843		—			—			—		—			(173,200	)		—		—		845,643
Oil, Gas & Consumable Fuels		18		—			—			—		—			—			—		—		18
Pharmaceuticals		—	$	2,799,297	†		—	†		—		(8	)		(827,945	)		—		—		1,971,344
Corporate Bonds & Notes:
Commercial Services		476,780		—		$	(98,805	)††	$	24		—			(347,598	)		—		—		30,401
Computers		—		1	†		—			—		—			64			—		—		65
Diversified Financial Services		3,683,024		1,138,698	†		—			54,171		—			(150,150	)		—		—		4,725,743
Media		8		—			—			—		—			—			—		—		8
Convertible Bonds & Notes:
Banks		17,201,932		—			(17,491,543	)		—	$	(253,758	)		543,369			—		—		—
Biotechnology		—		74	†		—			—		—			(73	)		—		—		1
Preferred Stock		18,217,438		—			—			—		—			119,400			—		—		18,336,838
Equity-Linked Security:
Coal		—		—			—			—		—			—		$	100,383		—		100,383
Warrants:
Advertising		69,799		—			—			—		—			(12,822	)		—		—		56,977
Media		4		—			—			—		—			—			—		—		4
Totals	$	41,828,437	$	3,938,070		$	(17,590,348	)	$	54,195	$	(253,766	)	$	(999,432	)	$	100,383		—	$	27,077,539

The table for AllianzGI Income & Growth includes Level 3 investments that are valued by brokers and independent pricing services. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 1(b).


		Semiannual Report		\| December 31, 2019		145

Notes to Financial Statements (cont’d)

December 31, 2019 (Unaudited)



AllianzGI NFJSmall-Cap Value:
Investments in Securities – Assets	Beginning Balance 6/30/19		Purchases		Sales		Accrued Discount (Premiums)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3		Ending Balance 12/31/19
Common Stock:
Chemicals	$	56		—		—		—		—	$	(56	)		—		—		—


AllianzGISmall-Cap:
Investments in Securities – Assets	Beginning Balance 6/30/19		Purchases		Sales		Accrued Discount (Premiums)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3		Ending Balance 12/31/19
Common Stock:
Equity Real Estate Investment Trusts (REITs)	$	2,074		—		—		—		—	$	(778	)		—		—	$	1,296

The tables above may include Level 3 investments that are valued by brokers and independent pricing services.

The following tables presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at December 31, 2019:



AllianzGI Health Sciences:
Investments in Securities – Assets	Ending Balance at 12/31/19		Valuation Technique Used	Unobservable Inputs	Input Values
Warrants:
Pharmaceuticals	$	91,313	Black Scholes Model	Implied Price	$	4.480
				Volatility		43.83	%


AllianzGI Income & Growth:
Investments in Securities – Assets	Ending Balance at 12/31/19		Valuation Technique Used	Unobservable Inputs	Input Values (Ranges)
Common Stock:
Advertising	$	163,305	Market and Company Comparables	EV Multiples		4.78x (0.99x-10.07x	)
				M&A Transaction Multiples		1.90x (1.32x-2.50x	)
				Illiquidity Discount		20	%
Aerospace & Defense	$	222,536	Market and Company Comparables	EV Multiples		0.68x (0.36x-0.83x	)
				M&A Transaction Multiples		0.91x (0.38x-2.12x	)
				Illiquidity Discount		40	%
Apparel & Textiles	$	47,468	Market and Company Comparables	EV Multiples		0.69x (0.19x-1.12x	)
						11.25x (3.87x-22.96x	)
						0.85x (0.22x-1.67x	)
				Illiquidity Discount		20	%
Media	$	845,623	Market and Company Comparables	EV Multiples		0.84x (0.47x-2.71x	)
						5.18x (4.57x-20.39x	)
				M&A Transaction Multiples		8.52x (6.65x-10.11x	)
				Illiquidity Discount		10	%
Pharmaceuticals	$	1,971,344	Market and Company Comparables	Implied Price	$	8.08
Corporate Bonds & Notes:
Diversified Financial Services	$	4,725,743	Market and Company Comparables	EV Multiples		1.75x (0.38x-5.16x	)
				Illiquidity Discount		20	%
Preferred Stock:
Media	$	18,336,758	Market and Company Comparables	EV Multiples		0.90x (0.30x-1.53x	)
				Illiquidity Discount		25	%
Equity-Linked Security:
Coal	$	100,383	Black-Sholes Model	Implied Volume		38.97	%
				Implied Price	$	25.08
Warrants:
Advertising	$	56,977	Market and Company Comparables	EV Multiples		6.42x (1.21x-27.11x	)
						6.39x (1.26x-19.85x	)
			Black-Sholes Model	Expected Volatility		26.52	%
				Implied Price	$	52.24


146		December 31, 2019 \|		Semiannual Report

AllianzGISmall-Cap:

Investments in Securities – Assets

Ending
Balance
at 12/31/19

Valuation Technique Used

Unobservable
Inputs

Input
Values

Common Stock:

Equity Real Estate Investment Trusts (REITs)

1,296

Net Assets Approach

Estimated Movement of Proceeds

7.18

The tables above do not include Level 3 Investments that are valued by the brokers or independent pricing services.

*	Other financial instruments are derivatives, such as forward foreign currency contracts which are valued at the unrealized appreciation (depreciation) of the instrument.

**	Transferred out of Level 1 and into Level 3 because of the insufficient trading volume.

†	Issued or removed via corporate action.

††	Bankruptcy

The net change in unrealized depreciation of Level 3 investments which the following Funds held at December 31, 2019 was:


AllianzGI Emerging Markets Opportunities	$	(352,990	)
AllianzGI GlobalSmall-Cap		(31,428	)
AllianzGI Health Sciences		(93,668	)
AllianzGI Income & Growth		(1,583,145	)
AllianzGISmall-Cap		(778	)

Net realized gain (loss) and net change in unrealized appreciation/depreciation are reflected on the Statements of Operations.

(c) Investment Transactions and Investment Income. Investment transactions are accounted for on the trade date. Securities purchased and sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains and losses on investments are determined on an identified cost basis. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as a component of net change in unrealized appreciation (depreciation) of investments on the Statements of Operations. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Interest income adjusted for the accretion of discounts and amortization of premiums is recorded on an accrual basis. Discounts or premiums on debt securities purchased are accreted or amortized, respectively, to interest income. Conversion premium is not amortized. Dividend income is recorded on theex-dividend date, except for certain dividends from foreign securities where theex-dividend date may have passed, and then are recorded as soon after theex-dividend date as the Funds, using reasonable diligence, become aware of such dividends. Dividend and interest income on the Statements of Operations are shown net of any foreign taxes withheld on income from foreign securities. Payments received from real estate investment trust securities may be comprised of dividends, realized gains and return of capital. The payment may initially be recorded as dividend income and may subsequently be reclassified as realized gains and/or return of capital upon receipt of information from the issuer. Payments considered return of capital reduce the cost basis of the respective security. Distributions, if any, in excess of the cost basis of a security are recognized as capital gains. Dividends from underlying funds are recorded as dividend income, while capital gain

distributions are recorded as net capital gain distributions received from underlying funds on the Statements of Operations. Consent fees relating to corporate actions are recorded as miscellaneous income upon receipt. Expenses are recorded on an accrual basis and such expenses exclude those of the underlying funds. Expenses of the underlying funds are reflected in the net asset values of those funds.

(d) Federal Income Taxes. The Funds intend to distribute all of their taxable income and to comply with the other requirements of Subchapter M of the U.S. Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, no provision for U.S. federal income taxes is required. The Funds may be subject to excise tax based on distributions to shareholders.

Accounting for uncertainty in income taxes establishes for all entities, including pass-through entities such as the Funds, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. In accordance with provisions set forth under U.S. GAAP, the Investment Adviser has reviewed the Funds’ tax positions for all open tax years. As of December 31, 2019, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken. The Funds’ U.S. federal income tax returns for the prior three years, as applicable, remain subject to examination by the Internal Revenue Service.

(e) Dividends and Distributions to Shareholders. Dividends from net investment income, if any, of each Fund (except AllianzGI Income & Growth, AllianzGI NFJ Dividend Value, AllianzGI NFJ International Value and AllianzGI NFJLarge-Cap Value), are declared and distributed to shareholders annually. Dividends from net investment income and/or distributions from short-term capital gains for AllianzGI Income & Growth, if any, are declared and distributed monthly. Dividends from net investment income, if any, for AllianzGI NFJ Dividend Value, AllianzGI NFJ International Value and AllianzGI NFJLarge-Cap Value are declared and distributed quarterly. Net realized capital gains, if any, earned by each Fund, will be distributed annually. The Funds record dividends and distributions to their respective shareholders on theex-dividend date. The amount of dividends from net investment income and distributions from net realized capital gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These“book-tax”


		Semiannual Report		\| December 31, 2019		147

Notes to Financial Statements (cont’d)

December 31, 2019 (Unaudited)

differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their U.S. federal income tax treatment. Temporary differences do not require reclassification. To the extent dividends and/or distributions exceed current and accumulated earnings and profits for U.S. federal income tax purposes, they are reported as dividends and/or distributions to shareholders from return of capital.

(f) Multi-Class Operations. Each class offered by the Funds has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income,non-class specific expenses, and realized and unrealized capital gains and losses of each Fund are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, include administration, distribution and servicing fees.

(g) Foreign Currency Translation. The Funds’ accounting records are maintained in U.S. dollars as follows: (1) the foreign currency market values of investments and other assets and liabilities denominated in foreign currencies are translated at the prevailing exchange rate at the end of the period; and (2) purchases and sales, income and expenses are translated at the prevailing exchange rate on the respective dates of such transactions. The resulting net foreign currency gain (loss) is included in the Funds’ Statements of Operations.

The Funds do not generally isolate that portion of the results of operations arising as a result of changes in foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities. Accordingly, such foreign currency gain (loss) is included in net realized and unrealized gain (loss) on investments. However, the Funds do isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations pursuant to U.S. federal income tax regulations; such amount is categorized as foreign currency gain (loss) for both financial reporting and income tax reporting purposes.

(h) Repurchase Agreements. The Funds are parties to Master Repurchase Agreements (“Master Repo Agreements”) with select counterparties. The Master Repo Agreements include provisions for initiation of repurchase transactions, income payments, events of default, and maintenance of collateral.

The Funds enter into transactions, under the Master Repo Agreements, with their custodian bank or securities brokerage firms whereby they purchase securities under agreements (i.e., repurchase agreements) to resell such securities at an agreed upon price and date. The Funds, through their custodian, take possession of securities collateralizing the repurchase agreement. Such agreements are carried at the contract amount in the financial statements, which is considered to represent fair value. The collateral that is pledged (i.e. the securities received by the Funds), which consists primarily of U.S. government obligations and asset-backed securities, is held by the custodian bank for the benefit of the Funds until the maturity of the

repurchase agreement. Provisions of the repurchase agreements and the procedures adopted by the Funds require that the market value of the collateral, including accrued interest thereon, be sufficient in the event of default by the counterparty. If the counterparty defaults under the Master Repo Agreements and the value of the collateral declines or if the counterparty enters an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited. The gross values are included in the Funds’ Schedules of Investments. As of December 31, 2019, the value of the related collateral exceeded the value of the repurchase agreements for each Fund.

(i) Securities Sold Short. Certain Funds engage in short sales for investment and risk management purposes. Short sales are transactions in which a Fund sells a security or other instrument (such as an option, forward, future or other derivative contract) it does not own. When a Fund engages in a short sale, it must borrow the security sold short and deliver it to the counterparty. The Funds will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Until a short position is closed out, the net proceeds of the short sale will be retained by the lending broker to the extent necessary to meet margin requirements, together with any additional assets the broker requires as collateral. This collateral earns interest and the interest is used to pay each lender a fee for borrowed securities, to compensate the broker for its services, and to provide a rebate to the borrower (the Fund) for posting the collateral. The net proceeds from these transactions are shown as miscellaneous income or miscellaneous expense on the Statements of Operations. A Fund is also required to designate, on its books or the books of its custodian, liquid assets (less any additional collateral held by the broker) to cover the short sale obligation, marked to market daily. Short sales expose the Funds to the risk that they will be required to cover the short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the applicable Fund. A short sale is “against the box” if a Fund holds in its portfolio or has the right to acquire the security sold short at no additional cost. The Funds will be subject to additional risks to the extent that they engage in short sales that are not “against the box.” A Fund’s loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(j) Warrants. The Funds may receive warrants. Warrants are securities that are usually issued together with a debt security or preferred stock and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants may be freely transferable and are often traded on major exchanges. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the


148		December 31, 2019 \|		Semiannual Report

value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

(k) Rights. The Funds may receive rights. A right is a privilege granted to existing shareholders of a corporation to subscribe for shares of a new issue of common stock before it is issued. Rights normally have a short life, usually two to four weeks, are freely transferable and entitle the holder to buy the new common stock at a lower price than the public offering price. Rights may entail greater risks than certain other types of investments. Generally, rights do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the right, the right will expire worthless. Rights may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities.

(l) Exchange-Traded Funds. Certain Funds may invest in exchange-traded-funds (“ETFs”), which typically are index-based investment companies that hold substantially all of their assets in securities representing their specific index, but may also be actively-managed investment companies. Shares of ETFs trade throughout the day on an exchange and represent an investment in a portfolio of securities and other assets. As a shareholder of another investment company, the Funds would bear their pro rata portion of the other investment company’s expenses, including advisory fees, in addition to the expenses the Funds bear directly in connection with their own operations.

(m) Convertible Securities. Certain Funds may invest a portion of their assets in convertible securities. Although convertible securities derive part of their value from that of the securities into which they are convertible, they are not considered derivative financial instruments. However, certain of the Funds’ investments in convertible securities include features which render them sensitive to price changes in their underlying securities. The value of structured/

synthetic convertible securities can be affected by interest rate changes and credit risks of the issuer. Such securities may be structured in ways that limit their potential for capital appreciation and the entire value of the security may be at risk of loss depending on the performance of the underlying equity security. Consequently, the Funds are exposed to greater downside risk than traditional convertible securities, but typically still less than that of the underlying stock.

(n) PaymentIn-Kind Securities. The Funds may invest in paymentin-kind securities, which are debt or preferred stock securities that require or permit payment of interest in the form of additional securities. Paymentin-kind securities allow the issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater risk than securities that pay interest currently or in cash.

(o) Loan Interest Expense. Loan interest expense relates to the amounts borrowed under the credit facility (See Note 11). Loan interest expense is recorded as it is incurred.

(p) Contingent Value Rights. A Fund may invest in contingent value rights (“CVRs”). A CVR gives the holder the right to receive an amount (which may be a fixed amount or determined by a formula) in the event that a specified corporate action, business milestone, or other trigger occurs (or does not occur) which is often subject to an expiration date. CVRs often are awarded to shareholders in the context of a corporate acquisition or major restructuring. For example, shareholders of an acquired company may receive a CVR that enables them to receive additional shares of the acquiring company in the event that the acquiring company’s share price falls below a certain level by a specified date. Risks associated with the use of CVRs are generally similar to risks associated with the use of options, such as the risk that the required trigger does not (or does) occur prior to a CVR’s expiration, causing the CVR to expire with no value. CVRs also present illiquidity risk, as they may not be registered securities or may otherwise benon-transferable or difficult to transfer, as well as counterparty risk and credit risk. Further, because CVRs are valued based on the likelihood of the occurrence of a trigger, valuation often requires modeling and judgment, which increases the risk of mispricing or improper valuation.

(q) Restricted Securities. The Funds are permitted to invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult.

2.	PRINCIPAL RISKS

In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to, among other things, changes in the market (market risk) or failure of the other party to a transaction to perform (counterparty risk). The Funds are also exposed to other risks such as, but not limited to, interest rate, foreign currency, credit and leverage risks.


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Notes to Financial Statements (cont’d)

December 31, 2019 (Unaudited)

Interest rate risk is the risk that fixed income securities’ valuations will change because of changes in interest rates. During periods of rising nominal interest rates, the values of fixed income instruments are generally expected to decline. Conversely, during periods of declining nominal interest rates, the values of fixed income instruments are generally expected to rise. To the extent that a Fund effectively has short positions with respect to fixed income instruments, the values of such short positions would generally be expected to rise when nominal interest rates rise and to decline when nominal interest rates decline. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is used primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. Interest rate changes can be sudden and unpredictable, and the Funds may lose money as a result of movements in interest rates. High-yield or junk bonds are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to increase in interest rates or an issuer’s deterioration and/or default. The Funds may not be able to hedge against changes in interest rates or may choose not to do so for cost or other reasons. In addition, any hedges may not work as intended. The values of equity and othernon-fixed income securities may also decline due to fluctuations in interest rates.

Variable and floating rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. Inverse floating rate securities may decrease in value if interest rates increase. Inverse floating rate securities may also exhibit greater price volatility than a fixed rate obligation with similar credit quality. When the Funds hold variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the NAV of the Funds’ shares.

The Funds are exposed to credit risk, which is the risk of losing money if the issuer or guarantor of a fixed income security is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings.

To the extent the Funds directly invest in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, they will be subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including economic growth, inflation, changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities

such as the International Monetary Fund, or the imposition of currency controls or other political developments in the United States or abroad. As a result, the Funds’ investments in foreign currency-denominated securities may reduce the returns of the Funds. The local emerging market currencies in which the Funds may be invested may experience substantially greater volatility against the U.S. dollar than the major convertible currencies in developed countries.

The Funds are subject to elements of risk not typically associated with investments in the U.S., due to concentrated investments in foreign issuers located in a specific country or region. Such concentrations will subject the Funds to additional risks resulting from future political or economic conditions in such country or region and the possible imposition of adverse governmental laws or currency exchange restrictions affecting such country or region, which could cause the securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies.

The market values of securities may decline due to general market conditions (market risk) which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, adverse changes to credit markets or adverse investor sentiment. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity-related investments generally have greater market price volatility than fixed income securities, although under certain market conditions fixed income securities may have comparable or greater price volatility. Credit ratings downgrades may also negatively affect securities held by the Funds. Even when markets perform well, there is no assurance that the investments held by the Funds will increase in value along with the broader market. In addition, market risk includes the risk that geopolitical events will disrupt the economy on a national or global level.

Certain of the Funds invest in ETFs. Shareholders will indirectly bear fees and expenses associated with the ETFs in which a Fund invests, in addition to a Fund’s direct fees and expenses. The cost of investing in a Fund, therefore, may be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. In addition, a Fund’s NAV will be subject to fluctuations in the market values of the ETFs in which it invests. A Fund is also subject to the risks associated with the securities or other investments in which the ETFs invest, and the ability of a Fund to meet its investment objective will directly depend on the ability of the ETFs to meet their investment objectives. An index based ETF’s performance may not match that of the index it seeks to track.

The Funds are exposed to counterparty risk, or the risk that an institution or other entity with which the Funds have unsettled or open transactions will default. The potential loss to the Funds could exceed the value of the financial assets recorded in the Funds’ financial statements. Financial assets, which potentially expose the Funds to counterparty risk, consist principally of cash due from counterparties and investments. The Investment Adviser seeks to minimize the Funds’ counterparty risk by performing reviews of each counterparty


150		December 31, 2019 \|		Semiannual Report

and by minimizing concentration of counterparty risk by undertaking transactions with multiple customers and counterparties on recognized and reputable exchanges. Delivery of securities sold is only made once the Funds have received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligation.

The Funds are exposed to risks associated with leverage. Leverage may cause the value of the Funds’ shares to be more volatile than if the Funds did not use leverage. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of the Funds’ portfolio securities. The Funds may engage in transactions or purchase instruments that give rise to forms of leverage. In addition, to the extent the Funds employ leverage, dividend and interest costs on such leverage may not be recovered by any appreciation of the securities purchased with the leverage proceeds and could exceed the Funds’ investment returns, resulting in greater losses.

The Funds may hold defaulted securities that may involve special considerations including bankruptcy proceedings, other regulatory and legal restrictions affecting the Funds’ ability to trade, and the availability of prices from independent pricing services or dealer quotations. Defaulted securities are often illiquid and may not be actively traded. Sale of securities in bankrupt companies at an acceptable price may be difficult and differences compared to the value of the securities used by the Funds could be material. A Fund may incur additional expenses to the extent it is required to seek recovery upon a portfolio security’s default in the payment of principal or interest. In any bankruptcy proceeding relating to a defaulted investment, a Fund may lose its entire investment or may be required to accept cash or securities with a value substantially less than its original investment.

Short sales may be used by certain Funds. When a Fund engages in a short sale on a security, it must borrow the security sold short and deliver it to the counterparty. The Fund will ordinarily have to pay a fee or premium to borrow particular securities and be obligated to repay the lender of the security any dividends or interest that accrue on the security during the period of the loan. The amount of any gain from a short sale will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses a Fund pays in connection with the short sale. Short sales expose a Fund to the risk that it will be required to cover its short position at a time when the securities have appreciated in value, thus resulting in a loss to the Fund.

Investments in senior loans and repurchase agreements also involve special risks. Although typically secured, senior loans may not be backed by sufficient collateral to satisfy their issuers’ obligations in the event of bankruptcy or similar scenarios. Senior loans may also be illiquid. Similarly, repurchase agreements may result in losses if the collateral associated with such positions is insufficient in the event of a counterparty default or similar scenario. Repurchase agreement positions may also be illiquid.

The considerations and factors surrounding the settlement of certain purchases and sales made on a delayed-delivery basis are governed by Master Securities Forward Transaction Agreements (“Master Forward Agreements”) between the Funds and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

The counterparty risk associated with certain contracts may be reduced by master netting arrangements to the extent that if an event of default occurs, all amounts with the counterparty are terminated and settled on a net basis. The Funds’ overall exposure to counterparty risk with respect to transactions subject to master netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

The Funds may invest in other investment companies, including investment companies advised by the Investment Adviser or its affiliates. Investing in other investment companies involves certain additional expenses and tax results that would not be present in a direct investment in such other investment companies. Each Fund’s NAV will fluctuate in response to changes in the NAVs of the other investment companies in which it invests. The extent to which the investment performance and risks associated with each Fund correlate to those of a particular investment company will depend upon the extent to which each Fund’s assets are allocated from time to time for investment in such investment company, which will vary. To the extent that a Fund invests a significant portion of its assets in another investment company, it will be particularly sensitive to the risks associated with that investment company.

3.	FINANCIAL DERIVATIVE INSTRUMENTS

Disclosure about derivatives and hedging activities requires qualitative disclosure regarding objectives and strategies for using derivatives, quantitative disclosure about fair value amounts of gains and losses on derivatives, and disclosure about credit-risk-related contingent features in derivative agreements. The disclosure requirements distinguish between derivatives which are accounted for as “hedges”, and those that do not qualify for such accounting. Although the Funds at times use derivatives for hedging purposes, the Funds reflect derivatives at fair value and recognize changes in fair value through the Funds’ Statements of Operations, and such derivatives do not qualify for hedge accounting treatment.

Option Transactions. The Funds purchase put and call options on securities and indices for hedging purposes, risk management purposes or otherwise as part of their investment strategies. The risks associated with purchasing an option include the risk that the Funds pay a premium whether or not the option is exercised. Additionally, the Funds bear the risk of loss of premiums and changes in market value should the counterparty not perform under the contract. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by the premiums paid. The


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Notes to Financial Statements (cont’d)

December 31, 2019 (Unaudited)

proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

The Funds may write (sell) put and call options on securities and indices to earn premiums, for hedging purposes, risk management purposes or otherwise as part of their investment strategies. When an option is written, the premium received is recorded as an asset with an equal liability that is subsequently marked to market to reflect the market value of the option written. These liabilities, if any, are reflected as options written in the Funds’ Statements of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option written is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a put option written is exercised, the premium reduces the cost basis of the security. In writing an option, the Funds bear the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Funds purchasing a security at a price different from its current market value.

There are several risks associated with option transactions on securities. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objective. The Funds’ ability to use options successfully will depend on the Investment Adviser’s ability to predict pertinent market movements, which cannot be assured. As the writer of a covered call option, a Fund foregoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call, but has retained the risk of loss should the price of the underlying security decline.

Forward Foreign Currency Contracts. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. The Funds enter into forward foreign currency contracts for the purpose of hedging against foreign currency risk arising from the investment or anticipated investment in securities denominated in foreign currencies. The Funds also enter into these contracts for purposes of increasing exposure to a foreign currency or shifting exposure to foreign currency fluctuations from one country to another. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. All commitments are marked to market daily at the applicable exchange rates and any resulting unrealized appreciation or depreciation is recorded. Realized gains or losses are recorded at the time the forward contract matures or by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign

currency relative to the U.S. dollar. In addition, these contracts may involve market risk in excess of the unrealized appreciation (depreciation) reflected in the Funds’ Statements of Assets and Liabilities.

The following is a summary of the Funds’ derivatives categorized by risk exposure.

The effect of derivatives on the Statements of Assets and Liabilities at December 31, 2019:



AllianzGI GlobalSmall-Cap:
Location	Foreign Exchange Contracts
Asset derivatives:
Unrealized appreciation of forward foreign currency contracts	$	100


AllianzGI Income & Growth:
Location	Market Price
Liability derivatives:
Options written, at value	$	(226,131	)


AllianzGI Technology:
Location	Market Price
Asset derivatives:
Investments, at value (options purchased)	$	7,715,600
Liability derivatives:
Options written, at value	$	(3,544,475	)

The effect of derivatives on the Statements of Operations for the six months ended December 31, 2019:



AllianzGI Global Natural Resources:
Location	Foreign Exchange Contracts
Net realized loss on:
Forward foreign currency contracts	$	(645	)


AllianzGI GlobalSmall-Cap:
Location	Foreign Exchange Contracts
Net realized loss on:
Forward foreign currency contracts	$	(2,259	)
Net change in unrealized appreciation/depreciation of:
Forward foreign currency contracts	$	100


152		December 31, 2019 \|		Semiannual Report



AllianzGI Income & Growth:
Location	Market Price
Net realized gain on:
Options written	$	770,405
Net change in unrealized appreciation/depreciation of:
Options written	$	312,453


AllianzGI Technology:
Location	Market Price
Net realized gain (loss) on:
Investments (options purchased)	$	(12,469	)
Options written		3,086,845
Total net realized gain	$	3,074,376
Net change in unrealized appreciation/depreciation of:
Investments (options purchased)	$	(431,197	)
Options written		(1,464,631	)
Total net change in unrealized appreciation/depreciation	$	(1,895,828	)

The average volume (based on the open positions at eachmonth-end) of derivative activity during the six months ended December 31, 2019:



	Options Purchased		Options Written			Forward Foreign Currency Contracts (2)

	Contracts (1)		Contracts (1)			Purchased		Sold
AllianzGI Global Natural Resources		—		—			—		—	†
AllianzGI GlobalSmall-Cap		—		—			—	$	21,508
AllianzGI Income & Growth		—		(14,734	)		—		—
AllianzGI Technology		5,409		(6,009	)		—		—

†	Fund had derivative activity during the period but it did not have open positions at anymonth-end in the period.

(1)

Number of contracts

(2)

U.S. $ value on origination date

The following table presents by counterparty, the Funds’ derivative assets and liabilities net of related collateral held by the Fund at December 31, 2019 which has not been offset in the Statements of Assets and Liabilities, but would be available for offset to the extent of a default by the counterparty to the transaction.

Financial Assets and Derivative Assets, and Collateral Received at December 31, 2019:



AllianzGI GlobalSmall-Cap:
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in Statement of Assets and Liabilities		Financial Instrument/ Derivative Offset		Cash Collateral Received		Net Amount
Foreign Currency Exchange Contracts
State Street Bank London	$	100	$	—	$	—	$	100

4.	INVESTMENT ADVISER/ADMINISTRATOR/DISTRIBUTOR FEES/EXPENSES & DEFERRED COMPENSATION

Investment Advisory Fee. AllianzGI U.S. serves as the investment adviser to the Funds, pursuant to an investment advisory contract. AllianzGI U.S. receives a monthly fee (the “Investment Advisory Fee”) from each Fund at an annual rate based on the average daily net assets of each Fund.

Administration Fee. AllianzGI U.S. provides administrative services to the Funds and also bears the cost of most third-party administrative services required by the Funds, and in return it receives from each share class of each Fund a monthly administration fee based on each share class’ average daily net assets (the “Administration Fee”).


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Notes to Financial Statements (cont’d)

December 31, 2019 (Unaudited)

The Investment Advisory Fee and Administration Fee for all classes are charged at an annual rate as indicated in the following table:



	All Classes						Class A, C, and R						Class P						Institutional Class						Class R6						Administrative Class

	Investment Advisory Fee			Effective Advisory Fee			Administ- ration Fee			Effective Administ- ration Fee			Administ- ration Fee			Effective Administ- ration Fee			Administ- ration Fee			Effective Administ- ration Fee			Administ- ration Fee			Effective Administ- ration Fee			Administ- ration Fee			Effective Administ- ration Fee
AllianzGI Emerging Markets Opportunities(1)		0.85	%		0.65	%(4)		0.50	%		0.34	%(5)		0.50	%		0.34	%(5)		0.40	%		0.24	%(5)		0.35	%		0.19	%(5)		N/A			N/A
AllianzGI Focused Growth(3)		0.45			0.35	(6)		0.40			†	(7)		0.40			0.40			0.30			0.30			0.25			0.25			0.30	%		0.30	%
AllianzGI Global Natural Resources(2)		0.70			0.70			0.45			0.45			0.45			0.45			0.35			0.35			N/A			N/A			N/A			N/A
AllianzGI GlobalSmall-Cap(2)		0.90			0.90			0.45			0.45			0.45			0.45			0.35			0.35			N/A			N/A			N/A			N/A
AllianzGI Health Sciences(3)		0.80			0.80			0.40			0.40			N/A			N/A			0.30			0.30			N/A			N/A			N/A			N/A
AllianzGI Income & Growth(3)		0.65			0.64	(9)		0.40			0.37			0.40			0.37			0.30			0.27			N/A			N/A			N/A			N/A
AllianzGIMid-Cap(3)		0.47			0.47			0.40			0.40			0.40			0.40			0.30			0.30			N/A			N/A			0.30			0.30
AllianzGI NFJ Dividend Value(3)		0.45			0.37	(10)		0.40			0.39			0.40			0.39			0.30			0.29			0.25			0.24			0.30			0.29
AllianzGI NFJ International Value(1)		0.60			0.55	(11)		0.50			0.47	(12)		0.50			0.47	(12)		0.40			0.37	(12)		0.35			0.32	(12)		0.40			0.37	(12)
AllianzGI NFJLarge-Cap Value(3)		0.45			0.45			0.40			0.40			0.40			0.40			0.30			0.30			N/A			N/A			0.30			0.30
AllianzGI NFJMid-Cap Value(3)		0.55			0.55			0.40			0.17	(13)		0.40			0.17	(13)		0.30			0.07	(13)		0.25			0.02	(13)		0.30			0.07	(13)
AllianzGI NFJSmall-Cap Value(3)		0.60			0.50	(14)		0.40			0.40			0.40			0.40			0.30			0.30			0.25			0.25			0.30			0.30
AllianzGISmall-Cap(3)		0.60			0.60			0.40			0.30	(15)		0.40			0.30	(15)		0.30			0.20	(15)		0.25			0.15	(15)		N/A			N/A
AllianzGI Technology(3)		0.90			0.90	(8)		0.40			0.39			0.40			0.39			0.30			0.29			N/A			N/A			0.30			0.29

(1)

The total Administration Fee rate for each class of shares shall be reduced according to the following schedule, each based on such Fund’s aggregate average daily net assets: by 0.025% per annum on assets in excess of $250 million, by an additional 0.025% per annum on assets in excess of $500 million, by an additional 0.025% per annum on assets in excess of $1 billion, by an additional 0.025% per annum on assets in excess of $2.5 billion, by an additional 0.025% per annum on assets in excess of $5 billion and by an additional 0.025% per annum on assets in excess of $7.5 billion. To the extent that any such reduction in the fee rate applies, the dollar amount of the fee reduction with respect to each share class is calculated and applied on a pro rata basis by reference to the percentage of the Fund’s average daily net assets attributable to that class.

(2)

The total Administration Fee rate for each class of shares shall be reduced according to the following schedule, each based on such Fund’s aggregate average daily net assets: by 0.025% per annum on assets in excess of $500 million, by an additional 0.025% per annum on assets in excess of $1 billion, by an additional 0.025% per annum on assets in excess of $2.5 billion, by an additional 0.025% per annum on assets in excess of $5 billion and by an additional 0.025% per annum on assets in excess of $7.5 billion. To the extent that any such reduction in the fee rate applies, the dollar amount of the fee reduction with respect to each share class is calculated and applied on a pro rata basis by reference to the percentage of the Fund’s average daily net assets attributable to that class.

(3)

The total Administration Fee rate for each class of shares shall be reduced according to the following schedule, each based on such Fund’s aggregate average daily net assets: by 0.025% per annum on assets in excess of $1 billion, by an additional 0.025% per annum on assets in excess of $2.5 billion, by an additional 0.025% per annum on assets in excess of $5 billion and by an additional 0.025% per annum on assets in excess of $7.5 billion. To the extent that any such reduction in the fee rate applies, the dollar amount of the fee reduction with respect to each share class is calculated and applied on a pro rata basis by reference to the percentage of the Fund’s average daily net assets attributable to that class.

(4)

The Adviser has contractually agreed to observe, through August 31, 2020, an irrevocable waiver of a portion of its Investment Advisory Fee currently in place, which reduces the 0.85% contractual fee rate by 0.20% to 0.65%. An identical waiver arrangement has been in effect since before the beginning of the Fund’s most recent fiscal year.

(5)

The Administrator has contractually agreed to observe, through August 31, 2020, an irrevocable waiver of a portion of its Administration Fees, which reduces the contractual fee rate by 0.15%. This waiver has been in effect since before the beginning of the Fund’s most recent fiscal year.

(6)

The Adviser has contractually agreed to observe, through August 31, 2020, an irrevocable waiver of a portion of its Investment Advisory Fee currently in place, which reduces the 0.45% contractual fee rate by 0.10% to 0.35%. This waiver has been in effect since before the beginning of the Fund’s most recent fiscal year.

(7)

The Administrator has contractually agreed to observe, through August 31, 2020, an irrevocable waiver of a portion of its Administration Fees for Class A shares, which reduces the contractual fee rate by 0.02%. This waiver has been in effect since before the beginning of the Fund’s most recent fiscal year.


154		December 31, 2019 \|		Semiannual Report

(8)

The Adviser has contractually agreed to observe, through August 31, 2020, an irrevocable waiver of a portion of the Investment Advisory Fee, which reduces the 0.90% contractual fee rate by 0.01% on net assets in excess of $2 billion, by an additional 0.015% on net assets in excess of $3 billion and by an additional 0.025% on net assets in excess of $5 billion, each based on the Fund’s average daily net assets. An identical waiver arrangement has been in effect since before the beginning of the Fund’s most recent fiscal year.

(9)

The Adviser has contractually agreed to observe, through August 31, 2020, an irrevocable waiver of a portion of the Investment Advisory Fee, which reduces the 0.65% contractual fee rate by 0.01% on net assets in excess of $2 billion, by an additional 0.015% on net assets in excess of $3 billion and by an additional 0.025% on net assets in excess of $5 billion, each based on the Fund’s average daily net assets. An identical waiver arrangement has been in effect since before the beginning of the Fund’s most recent fiscal year.

(10)

The Adviser has contractually agreed to observe, through August 31, 2020, an irrevocable waiver of a portion of its Investment Advisory fee, which reduces the 0.45% contractual fee rate by 0.075% to 0.375%, and by an additional 0.025% on net assets in excess of $7.5 billion, and by an additional 0.025% on net assets in excess of $10 billion, each based on the Fund’s average daily net assets. This waiver has been in effect since before the beginning of the Fund’s most recent fiscal year.

(11)

The Adviser has contractually agreed to observe, through August 31, 2020, an irrevocable waiver of a portion of the Investment Advisory Fee, which reduces the 0.60% contractual fee rate by 0.05% to 0.55%, and an additional 0.01% on net assets in excess of $4 billion, by an additional 0.015% on net assets in excess of $5 billion and by an additional 0.025% on net assets in excess of $7.5 billion, each based on the Fund’s average daily net assets. An identical waiver arrangement has been in effect since before the beginning of the Fund’s most recent fiscal year.

(12)

The Administrator has contractually agreed to observe, through August 31, 2020, an irrevocable waiver of a portion of its Administration Fees, which reduces the contractual fee rate by 0.025%. This waiver has been in effect since before the beginning of the Fund’s most recent fiscal year.

(13)

The Administrator has contractually agreed to observe through August 31, 2020, an irrevocable waiver of a portion of its Administration Fees for all classes, which reduces the contractual fee rate by 0.22%. This waiver has been in effect since before the beginning of the Fund’s most recent fiscal year.

(14)

The Adviser has contractually agreed to observe, through August 31, 2020, an irrevocable waiver of a portion of the Investment Advisory Fee, which reduces the 0.60% contractual fee rate by 0.10% to 0.50%, and then by an additional 0.025% on net assets in excess of $3 billion, by an additional 0.025% on net assets in excess of $4 billion and by an additional 0.025% on net assets in excess of $5 billion, each based on the Fund’s average daily net assets.

(15)

The Administrator has contractually agreed to observe, through August 31, 2020, an irrevocable waiver of a portion of its Administration Fees for all classes, which reduces the contractual fee rate by 0.10%. This waiver has been in effect since before the beginning of the Fund’s most recent fiscal year.

†	The effective Administration Fee rate for Class A is 0.38%; for Class C and Class R is 0.40%, respectively.

Distribution and Servicing Fees. Allianz Global Investors Distributors LLC (the “Distributor”), an affiliate of AllianzGI U.S., serves as the distributor of the Trust’s shares. The Funds are permitted to reimburse the Distributor on a quarterly basis, out of the Administrative Class assets of each Fund offering Administrative Class shares, in an amount up to 0.25% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Fund shares as their funding medium. Unreimbursed costs may be carried forward for reimbursement for up to twelve months beyond the date in which they are incurred, subject always to the limit that not more than 0.25% of the average daily net assets attributable to the Administrative Class may be expensed.

Pursuant to the Distribution and Servicing Plans adopted by the A, C and R classes, the Distributor receives (i) in connection with the distribution of C and R class shares of the Trust, certain distribution fees from the Trust, and (ii) in connection with personal services rendered to A, C and R class shareholders of the Trust and the maintenance of shareholder accounts, certain servicing fees from the Trust.

The Funds paid the Distributor distribution and/or servicing fees at an effective rate as set forth below (calculated as a percentage of each Fund’s average daily net assets attributable to each class):



	Allowable Rate

	Distribution Fee			Servicing Fee
Class A
All Funds		—			0.25	%
Class C
All Funds		0.75	%		0.25
Class R
All Funds		0.25			0.25

The Distributor also receives the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares and contingent deferred sales charges (“CDSC”) paid by the shareholders upon certain redemptions of Class A and C shares. For the six months ended December 31, 2019, the Distributor received $933,141, representing commissions (sales charges) and CDSC from the Funds.

Expenses. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders or employees of the Investment Adviser or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) the costs of borrowing money, including interest expense and bank overdraft charges; (v) fees and expenses of the Trustees who are not “interested persons” of the Investment Adviser or the Trust, and any counsel or other experts retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organization expenses, if any and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class shares and may include certain other expenses as permitted by the Trust’s Amended and Restated Multi-Class Plan adopted pursuant to Rule18f-3 under the 1940 Act and subject to review and approval by the Trustees. The Funds may invest in other investment companies, including investment companies advised orsub-advised by the Investment Adviser or its affiliates. Investing in other investment companies involves certain additional expenses and tax results that would not be present in a direct investment in such other investment companies. The ratio of expenses to average net assets per share class, as disclosed in the Financial Highlights, may differ from the estimated annual fund operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.


		Semiannual Report		\| December 31, 2019		155

Notes to Financial Statements (cont’d)

December 31, 2019 (Unaudited)

Deferred Compensation. The Trustees do not currently receive any pension or retirement benefits from the Trust. In calendar year 2018 and certain prior periods, the Trust maintained a deferred compensation plan pursuant to which each Independent Trustee had the opportunity to elect not to receive all or a portion of his or her fees from the Trust on a current basis, but instead to receive in a subsequent period chosen by the Trustee an amount equal to the value of such compensation if such compensation had been invested in one or more series of Allianz Funds Multi-Strategy Trust or the Trust selected by the Trustees from and after the normal payment dates for such compensation. The deferred compensation program was closed to new deferrals effective January 1, 2019, and all Trustee fees earned with respect to service in calendar year 2019 and beyond have been or will be paid in cash, on a current basis, unless the Board of Trustees of the Allianz-Sponsored Funds reopens the program to new deferrals. Allianz Funds Multi-Strategy Trust and the Trust still have obligations with respect to Trustee fees deferred in 2018 and in prior periods, and will continue to have such obligations until all deferred Trustee fees are paid out pursuant to the terms of the deferred compensation plan.

5.	INVESTMENTS IN SECURITIES

For the six months ended December 31, 2019, purchases and sales of investments, other than short-term securities were:



	Purchases		Sales
AllianzGI Emerging Markets Opportunities	$	132,565,853	$	152,753,318
AllianzGI Focused Growth		321,190,222		398,542,081
AllianzGI Global Natural Resources		9,341,839		10,894,767
AllianzGI GlobalSmall-Cap		40,535,020		69,235,580
AllianzGI Health Sciences		55,119,467		66,673,111
AllianzGI Income & Growth		1,885,127,868		1,722,314,149
AllianzGIMid-Cap		79,110,272		80,407,261
AllianzGI NFJ Dividend Value		602,904,793		803,847,823
AllianzGI NFJ International Value		41,408,950		59,416,703
AllianzGI NFJLarge-Cap Value		116,452,890		165,305,718
AllianzGI NFJMid-Cap Value		1,078,348,538		1,051,663,234
AllianzGI NFJSmall-Cap Value		483,729,681		789,625,969
AllianzGISmall-Cap		63,462,316		46,487,249
AllianzGI Technology*		903,068,312		927,340,214

*	Securities sold short of $15,083,732; covers on securities sold short of $16,302,583.

6.	INCOME TAX INFORMATION

At December 31, 2019, the aggregate cost basis and the net unrealized appreciation (depreciation) of investments in securities and other financial instruments for federal income tax purposes were:


	Federal Tax Cost Basis		Unrealized Appreciation		Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
AllianzGI Emerging Markets Opportunities	$	306,952,042	$	68,817,239	$	4,157,870	$	64,659,369
AllianzGI Focused Growth		649,020,573		394,676,062		3,248,496		391,427,566
AllianzGI Global Natural Resources		9,865,165		337,519		141,663		195,856
AllianzGI Global Small-Cap		85,433,684		21,682,909		1,958,396		19,724,513
AllianzGI Health Sciences		132,573,654		32,049,044		952,200		31,096,844
AllianzGI Income & Growth		5,258,203,326		162,501,548		523,909,435		(361,407,887	)
AllianzGI Mid-Cap		248,902,973		88,604,041		1,965,695		86,638,346
AllianzGI NFJ Dividend Value		1,088,776,008		165,711,569		14,186,016		151,525,553
AllianzGI NFJ International Value		153,751,921		20,893,148		5,678,126		15,215,022
AllianzGI NFJ Large-Cap Value		292,796,994		33,290,966		2,718,265		30,572,701
AllianzGI NFJ Mid-Cap Value		1,288,818,151		176,152,751		12,314,923		163,837,828
AllianzGI NFJ Small-Cap Value		732,246,186		101,945,558		21,056,152		80,889,406
AllianzGI Small-Cap		111,858,121		23,538,885		1,654,065		21,884,820
AllianzGI Technology		1,054,032,768		491,866,300		2,589,827		489,276,473

(1)

Differences, if any, between book and tax cost basis are primarily attributable to wash sale loss deferrals and the differing treatment of bond premium amortization.


156		December 31, 2019 \|		Semiannual Report

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		Semiannual Report		\| December 31, 2019		157

Notes to Financial Statements (cont’d)

December 31, 2019 (Unaudited)

7.	SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with $0.0001 par value. Changes in shares of beneficial interest were as follows:


	AllianzGI Emerging Markets Opportunities												AllianzGI Focused Growth

	Six Months ended December 31, 2019 (unaudited)						Year ended June 30, 2019						Six Months ended December 31, 2019 (unaudited)						Year ended June 30, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		84,902		$	2,238,395			268,619		$	7,217,505			367,225		$	19,496,311			3,957,145		$	230,547,285
Class C		1,261			32,409			16,147			410,475			67,103			2,220,926			237,512			7,807,792
Class R		—			—			—			—			40,260			1,550,562			130,920			5,187,343
Class P		37,362			982,763			352,083			9,091,300			212,391			8,309,627			684,624			27,975,772
Institutional Class		1,049,364			27,990,022			5,354,528			145,969,084			303,693			15,005,365			589,652			28,467,542
Class R6		54,647			1,472,633			244,198			6,497,525			293,242			14,362,280			648,134			30,278,729
Administrative Class		—			—			—			—			12,070			570,177			38,603			1,971,024

Issued in reinvestment of dividends and distributions:
Class A		30,762			867,174			37,329			916,062			1,281,065			65,462,399			1,264,993			54,065,784
Class C		1,087			30,545			592			14,456			263,084			7,984,592			266,353			7,377,992
Class R		—			—			—			—			89,301			3,164,830			83,352			2,609,751
Class P		13,671			376,224			20,942			501,782			302,105			11,032,878			354,870			11,338,112
Institutional Class		219,424			6,183,360			232,119			5,693,881			363,782			16,857,643			416,583			16,292,546
Class R6		20,786			582,626			24,240			591,467			402,518			18,688,902			338,307			13,248,091
Administrative Class		—			—			—			—			16,397			695,556			15,646			568,421

Cost of shares redeemed:
Class A		(270,006	)		(7,151,842	)		(2,312,650	)		(64,223,641	)		(1,020,998	)		(54,823,357	)		(1,811,609	)		(94,018,724	)
Class C		(31,481	)		(816,766	)		(168,881	)		(4,468,000	)		(253,326	)		(8,636,842	)		(5,022,966	)		(204,819,789	)
Class R		—			—			—			—			(146,692	)		(5,738,602	)		(183,497	)		(7,438,619	)
Class P		(210,899	)		(5,476,704	)		(666,508	)		(17,465,149	)		(504,506	)		(20,254,532	)		(1,230,579	)		(47,289,017	)
Institutional Class		(1,763,411	)		(47,026,526	)		(2,051,506	)		(54,282,563	)		(793,916	)		(38,773,388	)		(1,064,847	)		(51,812,375	)
Class R6		(69,255	)		(1,823,868	)		(241,071	)		(6,409,258	)		(383,765	)		(19,377,721	)		(409,798	)		(19,780,076	)
Administrative Class		—			—			—			—			(31,691	)		(1,446,715	)		(22,413	)		(1,102,078	)
Net increase (decrease) resulting from Fund share transactions		(831,786	)	$	(21,539,555	)		1,110,181		$	30,054,926			879,342		$	36,350,891			(719,015	)	$	11,475,506

–	May reflect actual amounts rounding to less than $1 or less than 1 share.


158		December 31, 2019 \|		Semiannual Report


AllianzGI Global Natural Resources												AllianzGI GlobalSmall-Cap												AllianzGI Health Sciences

Six Months ended December 31, 2019 (unaudited)						Year ended June 30, 2019						Six Months ended December 31, 2019 (unaudited)						Year ended June 30, 2019						Six Months ended December 31, 2019 (unaudited)						Year ended June 30, 2019
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount

	15,177		$	203,160			75,279		$	1,112,678			23,279		$	897,878			182,657		$	8,479,807			45,443		$	1,479,865			246,715		$	8,399,331
	3,806			46,294			25,966			389,023			3,928			126,657			13,645			500,947			9,189			226,752			28,328			702,965
	—			—			—			—			—			—			—			—			—			—			—			—
	778			10,662			26,683			381,175			9,745			405,137			91,215			3,811,875			—			—			—			—
	52,594			713,245			102,865			1,521,155			30,428			1,292,283			205,859			9,810,581			22,610			760,973			95,913			3,042,298
	—			—			—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—			—			—


	7,463			98,593			6,938			85,340			78,232			2,957,958			254,078			8,310,892			290,557			9,736,819			674,933			18,634,889
	1,709			21,162			1,122			12,975			14,869			463,904			69,797			1,927,792			12,951			324,031			29,367			623,175
	—			—			—			—			—			—			—			—			—			—			—			—
	735			9,879			3,357			41,893			9,904			407,250			41,648			1,469,340			—			—			—			—
	9,927			134,310			9,214			116,191			76,103			3,167,395			369,475			13,171,798			8,689			296,115			11,595			324,420
	—			—			—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—			—			—


	(107,640	)		(1,432,812	)		(187,050	)		(2,646,485	)		(152,913	)		(5,932,356	)		(351,706	)		(13,990,314	)		(313,509	)		(10,227,407	)		(605,927	)		(19,209,271	)
	(11,759	)		(147,905	)		(81,341	)		(1,115,775	)		(59,433	)		(1,947,788	)		(296,247	)		(11,728,861	)		(25,083	)		(621,998	)		(201,451	)		(5,567,805	)
	—			—			—			—			—			—			—			—			—			—			—			—
	(15,418	)		(210,644	)		(138,349	)		(1,878,798	)		(66,851	)		(2,823,758	)		(192,848	)		(7,992,579	)		—			—			—			—
	(77,435	)		(1,063,404	)		(275,795	)		(4,074,569	)		(561,977	)		(24,215,930	)		(787,779	)		(34,330,501	)		(17,024	)		(564,138	)		(61,267	)		(2,002,588	)
	—			—			—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—			—			—
	(120,063	)	$	(1,617,460	)		(431,111	)	$	(6,055,197	)		(594,686	)	$	(25,201,370	)		(400,206	)	$	(20,559,223	)		33,823		$	1,411,012			218,206		$	4,947,414


		Semiannual Report		\| December 31, 2019		159

Notes to Financial Statements (cont’d)

December 31, 2019 (Unaudited)


	AllianzGI Income & Growth												AllianzGIMid-Cap

	Six Months ended December 31, 2019 (unaudited)						Year ended June 30, 2019						Six Months ended December 31, 2019 (unaudited)						Year ended June 30, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		21,788,361		$	238,369,463			41,382,233		$	454,899,809			3,833,466		$	14,698,209			34,421,548		$	134,256,480
Class C		14,191,824			141,752,609			34,217,239			346,930,172			113,091			337,986			650,165			1,783,093
Class R		133,633			1,467,770			224,610			2,466,861			66,035			242,706			121,412			433,020
Class P		17,805,719			199,889,189			47,385,649			533,269,666			274,955			1,217,404			905,697			3,633,083
Institutional Class		13,674,510			155,294,179			32,549,042			371,932,052			5,145,752			22,406,410			1,762,730			7,253,419
Class R6		—			—			—			—			—			—			—			—
Administrative Class		—			—			—			—			44,079			176,932			37,587			142,036

Issued in reinvestment of dividends and distributions:
Class A		5,094,461			55,726,562			9,562,038			104,635,655			2,610,485			9,919,842			8,735,577			24,085,907
Class C		4,320,390			43,163,495			8,650,069			87,008,778			285,007			846,472			1,440,361			3,162,218
Class R		19,477			213,013			31,419			343,496			15,966			59,233			63,092			170,148
Class P		3,050,045			34,260,659			5,654,704			63,437,381			104,605			465,493			335,351			1,072,570
Institutional Class		2,545,549			28,874,193			4,232,229			47,895,410			483,526			2,171,031			1,068,157			3,438,239
Class R6		—			—			—			—			—			—			—			—
Administrative Class		—			—			—			—			17,328			70,695			55,660			163,523

Cost of shares redeemed:
Class A		(15,317,412	)		(167,457,729	)		(28,677,604	)		(313,221,154	)		(5,667,074	)		(21,374,505	)		(9,160,991	)		(31,143,673	)
Class C		(16,272,447	)		(162,753,617	)		(27,028,004	)		(271,243,863	)		(2,353,186	)		(7,076,966	)		(39,239,512	)		(130,038,680	)
Class R		(36,585	)		(402,215	)		(90,982	)		(987,313	)		(113,278	)		(423,045	)		(189,750	)		(653,794	)
Class P		(13,086,885	)		(146,834,481	)		(30,988,364	)		(344,028,854	)		(257,622	)		(1,137,282	)		(1,112,672	)		(4,488,191	)
Institutional Class		(9,906,213	)		(112,337,618	)		(14,427,667	)		(160,815,113	)		(1,430,065	)		(6,324,390	)		(1,733,318	)		(7,146,904	)
Class R6		—			—			—			—			—			—			—			—
Administrative Class		—			—			—			—			(34,104	)		(136,870	)		(63,233	)		(237,112	)
Net increase (decrease) resulting from Fund share transactions		28,004,427		$	309,225,472			82,676,611		$	922,522,983			3,138,966		$	16,139,355			(1,902,139	)	$	5,885,382

–	May reflect actual amounts rounding to less than $1 or less than 1 share.


160		December 31, 2019 \|		Semiannual Report


AllianzGI NFJ Dividend Value												AllianzGI NFJ International Value												AllianzGI NFJLarge-Cap Value

Six Months ended December 31, 2019 (unaudited)						Year ended June 30, 2019						Six Months ended December 31, 2019 (unaudited)						Year ended June 30, 2019						Six Months ended December 31, 2019 (unaudited)						Year ended June 30, 2019
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount

	2,639,605		$	32,014,672			11,313,357		$	160,679,320			297,459		$	5,403,307			1,209,396		$	21,910,051			121,248		$	3,330,559			2,041,454		$	56,350,922
	131,017			1,591,097			631,855			7,621,144			11,273			205,695			28,057			479,855			19,876			566,399			84,599			2,188,878
	176,913			2,162,842			527,472			6,693,820			23,179			423,538			72,665			1,308,299			1,880			52,246			11,595			314,013
	1,486,745			17,843,675			5,601,788			67,818,148			24,865			453,211			217,867			3,906,233			35,161			974,742			126,157			3,352,016
	1,626,277			20,014,084			3,180,003			43,151,601			77,473			1,426,575			493,776			8,984,985			261,186			7,123,457			449,862			11,791,096
	819,701			10,214,527			816,704			10,596,590			4,422			81,393			29,903			547,843			—			—			—			—
	59,326			745,106			389,033			5,215,973			5,641			104,101			20,222			362,630			935			25,993			10,773			283,103


	3,953,464			45,945,129			8,603,057			91,771,627			48,535			895,116			65,410			1,163,992			138,433			3,935,512			100,269			2,601,467
	458,103			5,427,768			1,550,267			16,835,328			5,395			97,585			7,567			132,250			5,997			173,299			5,291			143,588
	707,494			8,219,493			1,449,485			15,468,682			3,788			69,991			5,192			92,441			1,567			45,060			1,366			36,380
	2,563,585			30,084,753			6,500,134			70,165,546			19,058			353,644			34,618			620,705			15,725			451,052			12,869			339,075
	2,164,010			25,361,626			5,850,039			63,026,975			36,939			686,467			50,379			906,302			98,899			2,789,688			96,666			2,510,825
	727,716			8,488,359			1,462,567			15,698,988			1,106			20,578			1,609			28,658			—			—			—			—
	315,378			3,769,564			1,206,182			13,203,073			941			17,404			2,333			40,736			1,133			32,685			838			22,170


	(6,189,368	)		(75,529,769	)		(15,011,198	)		(186,349,526	)		(585,622	)		(10,618,795	)		(2,154,736	)		(37,906,923	)		(452,609	)		(12,422,929	)		(1,072,771	)		(28,418,904	)
	(1,866,808	)		(23,064,358	)		(11,613,283	)		(169,595,677	)		(206,967	)		(3,672,782	)		(1,256,420	)		(22,357,425	)		(104,879	)		(2,884,477	)		(2,000,144	)		(56,114,974	)
	(848,143	)		(10,323,293	)		(2,317,010	)		(30,660,555	)		(74,950	)		(1,388,268	)		(243,205	)		(4,386,885	)		(9,387	)		(261,297	)		(132,987	)		(3,709,071	)
	(6,516,479	)		(79,988,111	)		(18,158,983	)		(228,744,792	)		(433,371	)		(7,901,736	)		(2,989,399	)		(52,767,678	)		(72,149	)		(2,000,717	)		(202,995	)		(5,481,385	)
	(6,663,857	)		(82,226,344	)		(16,927,973	)		(220,910,069	)		(243,168	)		(4,469,446	)		(1,045,715	)		(18,990,289	)		(1,650,655	)		(45,713,043	)		(503,342	)		(13,275,287	)
	(726,440	)		(9,041,570	)		(2,602,536	)		(33,374,156	)		(1,354	)		(24,286	)		(61,401	)		(1,100,132	)		—			—			—			—
	(1,381,221	)		(17,444,754	)		(3,392,334	)		(43,265,010	)		(20,855	)		(381,881	)		(205,207	)		(3,521,325	)		(4,799	)		(131,483	)		(10,918	)		(300,641	)
	(6,362,982	)	$	(85,735,504	)		(20,941,374	)	$	(324,952,970	)		(1,006,213	)	$	(18,218,589	)		(5,717,089	)	$	(100,545,677	)		(1,592,438	)	$	(43,913,254	)		(981,418	)	$	(27,366,729	)


		Semiannual Report		\| December 31, 2019		161

Notes to Financial Statements (cont’d)

December 31, 2019 (Unaudited)


	AllianzGI NFJMid-Cap Value												AllianzGI NFJSmall-Cap Value

	Six Months ended December 31, 2019 (unaudited)						Year ended June 30, 2019						Six Months ended December 31, 2019 (unaudited)						Year ended June 30, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		974,996		$	30,233,104			6,698,495		$	204,685,318			710,603		$	10,403,596			7,098,648		$	130,945,310
Class C		181,282			4,594,095			630,222			15,246,842			7,218			94,321			84,780			1,077,299
Class R		157,853			4,146,575			358,914			9,057,683			61,927			997,516			205,692			3,727,798
Class P		1,641,369			41,035,076			4,293,177			101,871,414			252,696			4,303,609			717,227			13,249,790
Institutional Class		1,771,735			58,997,348			5,936,147			186,319,815			588,097			9,961,934			3,242,577			62,341,662
Class R6		1,699,171			57,299,635			560,276			17,538,456			713,365			12,165,864			3,019,919			57,555,186
Administrative Class		308,451			9,963,123			594,563			18,054,348			408,833			6,087,617			911,459			14,873,708

Issued in reinvestment of dividends and distributions:
Class A		1,366,588			41,667,263			296,346			7,931,688			2,205,554			31,782,029			9,034,371			112,929,635
Class C		159,899			3,947,915			9,718			240,700			16,900			215,135			258,108			2,893,396
Class R		74,035			1,902,697			12,096			279,668			99,180			1,575,974			445,976			6,092,035
Class P		749,548			18,019,137			151,593			3,261,952			107,314			1,809,314			584,374			8,432,510
Institutional Class		945,832			31,013,835			202,468			5,761,385			611,030			10,424,180			6,135,775			89,336,886
Class R6		166,258			5,444,939			7,723			220,071			567,653			9,599,019			2,768,426			40,059,127
Administrative Class		84,588			2,665,370			13,345			368,552			646,162			9,272,422			2,756,274			34,315,616

Cost of shares redeemed:
Class A		(2,005,505	)		(62,372,485	)		(4,772,658	)		(139,781,481	)		(5,510,625	)		(81,233,557	)		(18,946,945	)		(333,203,625	)
Class C		(248,299	)		(6,285,989	)		(6,123,795	)		(154,795,781	)		(141,889	)		(1,862,114	)		(5,531,901	)		(99,879,070	)
Class R		(165,537	)		(4,404,360	)		(209,787	)		(5,294,056	)		(252,731	)		(4,046,611	)		(884,803	)		(16,636,078	)
Class P		(1,164,738	)		(29,117,813	)		(4,670,512	)		(110,205,538	)		(655,865	)		(11,168,229	)		(1,661,186	)		(30,717,023	)
Institutional Class		(1,636,785	)		(54,671,940	)		(4,076,024	)		(128,754,450	)		(9,761,588	)		(165,379,465	)		(24,363,929	)		(484,952,787	)
Class R6		(139,028	)		(4,654,746	)		(84,239	)		(2,605,186	)		(2,588,130	)		(43,291,147	)		(11,202,983	)		(227,278,706	)
Administrative Class		(149,080	)		(4,789,094	)		(350,996	)		(10,485,274	)		(2,741,269	)		(39,704,125	)		(5,772,549	)		(98,884,720	)
Net increase (decrease) resulting from Fund share transactions		4,772,633		$	144,633,685			(522,928	)	$	18,916,126			(14,655,565	)	$	(237,992,718	)		(31,100,690	)	$	(713,722,051	)

–	May reflect actual amounts rounding to less than $1 or less than 1 share.

#	For the period August 22, 2018 (commencement of share class) through June 30, 2019. “Shares sold” includes shares sold to Allianz of America, Inc. (“AZOA”).


162		December 31, 2019 \|		Semiannual Report


AllianzGI Small-Cap												AllianzGI Technology

Six Months ended December 31, 2019 (unaudited)						Year ended June 30, 2019						Six Months ended December 31, 2019 (unaudited)						Year ended June 30, 2019
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount

	201,522		$	3,968,017			1,600,232		$	34,264,966			529,594		$	32,470,010			2,550,443		$	179,133,866
	14,032			266,301			92,047			1,720,365			80,475			3,368,512			257,142			12,544,036
	—			—			—			—			—			—			—			—
	427,995			8,385,200			254,122			5,248,183			193,434			13,521,265			1,128,423			84,211,489
	436,335			8,861,911			288,688			5,869,487			972,695			70,569,572			3,351,624			247,227,588
	330,189			6,486,608			891,912	#		17,601,066	#		—			—			—			—
	—			—			—			—			16,746			1,148,516			75,889			5,389,576


	1,632			33,389			298,477			4,867,765			1,716,811			93,583,377			1,934,896			96,280,422
	—			3			44,482			695,030			271,884			9,548,573			300,556			10,621,661
	—			—			—			—			—			—			—			—
	2,586			53,483			39,051			644,904			293,745			18,626,410			332,385			18,733,242
	2,488			51,869			33,246			553,729			1,738,813			113,196,707			2,155,428			124,109,570
	4,607			96,048			2,227	#		43,874	#		—			—			—			—
	—			—			—			—			27,726			1,647,783			56,513			3,019,512


	(227,844	)		(4,443,429	)		(576,351	)		(11,497,437	)		(1,195,406	)		(73,352,610	)		(2,484,799	)		(161,222,406	)
	(169,429	)		(3,190,084	)		(1,391,922	)		(28,904,196	)		(239,293	)		(10,349,364	)		(1,982,776	)		(111,120,158	)
	—			—			—			—			—			—			—			—
	(78,322	)		(1,555,815	)		(120,551	)		(2,401,996	)		(488,462	)		(34,708,425	)		(587,099	)		(41,087,752	)
	(82,580	)		(1,650,950	)		(234,956	)		(4,873,058	)		(1,548,588	)		(111,200,213	)		(4,534,231	)		(329,752,909	)
	(40,253	)		(808,999	)		(12	)#		(238	)#		—			—			—			—
	—			—			—			—			(40,306	)		(2,664,915	)		(272,847	)		(18,770,552	)
	822,958		$	16,553,552			1,220,692		$	23,832,444			2,329,868		$	125,405,198			2,281,547		$	119,317,185


		Semiannual Report		\| December 31, 2019		163

Notes to Financial Statements (cont’d)

December 31, 2019 (Unaudited)

8.	SIGNIFICANT ACCOUNT HOLDERS

From time to time, a Fund may have a concentration of shareholders, which may include the Investment Adviser or affiliates of the Investment Adviser, holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact to a Fund.

At December 31, 2019, the significant account-holders, owners of 5% or greater of each respective Fund’s outstanding shares were as follows:


	Unaffiliated					Affiliated
	Number of Account Holders		Approximate Ownership			Number of Account Holders		Approximate Ownership*			AFI/Allianz of America
AllianzGI Emerging Markets Opportunities		3		80	%		—		—			—
AllianzGI Focused Growth		5		49	%		1		5	%		—
AllianzGI Global Natural Resources		7		77	%		—		—			—
AllianzGI Global Small-Cap		5		68	%		—		—			—
AllianzGI Health Sciences		3		57	%		—		—			—
AllianzGI Income & Growth		9		83	%		—		—			—
AllianzGI Mid-Cap		7		58	%		—		—			—
AllianzGI NFJ Dividend Value		7		64	%		—		—			—
AllianzGI NFJ International Value		8		68	%		—		—			—
AllianzGI NFJ Large-Cap Value		9		69	%		—		—			—
AllianzGI NFJ Mid-Cap Value		6		51	%		—		—			—
AllianzGI NFJ Small-Cap Value		3		33	%		1		14	%		—
AllianzGI Small-Cap		6		49	%		—		—			13	%
AllianzGI Technology		3		44	%		—		—			—

*	This represents the aggregate percentage of affiliated entities that own 5% or more of the Fund’s outstanding shares. These affiliated entities include OklahomaDream 529 Plan

9.	AFFILIATED TRANSACTIONS

An affiliate includes any company in which a Fund held 5% or more of a company’s outstanding voting securities at any point during the reporting period. The table below represents transactions in and earnings from these affiliated issuers during the six months ended December 31, 2019:



AllianzGI Income & Growth:
	Market Value 6/30/2019		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)*		Market Value 12/31/2019		Dividend Income		Shares as of 12/31/2019		Net Realized Gain (Loss)		Net Capital Gain Distributions Received
CCF Holdings LLC, Class B	$	4	$	—	$	—	$	—	$	4	$	—		42,857	$	—	$	—
Cenveo Corp. †		576,798		—		—		—		576,798		—		19,074		—		—
LiveStyle, Inc.		20		—		—		—		20		—		202,319		—		—
LiveStyle, Inc., Ser. B		17,134,400		—		—		—		17,134,400		—		171,344		—		—
LiveStyle, Inc., Ser. B		80		—		—		—		80		—		8,000		—		—
Totals	$	17,711,302	$	—	$	—	$	—	$	17,711,302	$	—		443,594	$	—	$	—

†	Not affiliated at June 30, 2019.

*	Does not tie to Net change in unrealized appreciation/depreciation on the Statements of Operations as a result of previously unaffiliated securities moving to affiliated.

10.

PAYMENTS FROM AFFILIATES

During the year ended June 30, 2019, AllianzGI U.S. reimbursed AllianzGI Income & Growth $2,600 for realized losses resulting from a trading error.

During the six months ended December 31, 2019, AllianzGI U.S. reimbursed AllianzGISmall-Cap $706 for realized losses resulting from a trading error.

11.

BORROWINGS

The Trust entered into a credit agreement (the “State Street Agreement”), among the Trust, AllianzGI Institutional Multi-Series Trust, Allianz Funds Multi-Strategy Trust and Premier Multi-Series VIT, as borrowers (collectively, the “AllianzGI Borrowers” and each series thereof, an “AllianzGI Borrower Fund”), and State Street Bank and Trust Company, as agent and lender, for a committed line of credit. The State Street Agreement permits the AllianzGI Borrowers to borrow up to $200 million in aggregate, subject to (i) a requirement that each


164		December 31, 2019 \|		Semiannual Report

AllianzGI Borrower Fund’s asset coverage with respect to senior securities representing indebtedness be 300% or higher, and (ii) certain other limitations and conditions. Each AllianzGI Borrower Fund must pay interest on any amounts borrowed under the facility at a rate per annum equal to 1.25% plus the higher of the then-current federal funds overnight rate or theone-month LIBOR rate, subject to upward adjustment when any past due payments are outstanding. The State Street Agreement was extended by an additional364-day period by an amendment effective October 24, 2019 with an expiration date of October 22, 2020 (the “Amendment”). The Amendment includes a usage fee on undrawn amounts at an annualized rate of 0.20%, to be allocated pro rata among the AllianzGI Borrower Funds on the basis of net assets. Amounts borrowed may be repaid and reborrowed on a revolving basis during the term of the facility.

The Funds did not utilize the line of credit during the six months ended December 31, 2019.

Pursuant to an exemptive order issued by the SEC (the “Order”), the Funds are authorized to enter into a master interfund lending agreement (the “Interfund Program”) with each other and certain funds advised by the Investment Adviser (each a “Participating Fund”). The Interfund Program allows each Participating Fund, whose policies permit it to do so, to lend money directly to and borrow money directly from other Funds for temporary purposes through the Interfund Program. During the six months ended December 31, 2019, the Funds did not participate as a borrower or lender in the Interfund Program.

12.

RELATED PARTY TRANSACTIONS

The Investment Adviser and Distributor are related parties. Fees payable to and amounts due from these parties are disclosed in Note 4 and the accrued related party fee and receivable amounts are disclosed on the Statements of Assets and Liabilities.

13.

SUBSEQUENT EVENTS

In preparing these financial statements, the Funds’ management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

On January 16, 2020, AllianzGI Income & Growth declaredper-share net investment income dividends and short-term capital gain distributions to shareholders, payable January 16, 2020 to shareholders of record on January 15, 2020 as follows:



Share Class	Dividend Rate		Short-Term Capital Gains
Class A	$	0.01579	$	0.05421
Class C	$	0.00978	$	0.05421
Class R	$	0.01322	$	0.05421
Class P	$	0.01810	$	0.05421
Institutional Class	$	0.01908	$	0.05421

On February 20, 2020, AllianzGI Income & Growth declaredper-share net investment income dividends and short-term capital gain

distributions to shareholders, payable February 20, 2020 to shareholders of record on February 19, 2020 as follows:



Share Class	Dividend Rate		Short-Term Capital Gains
Class A	$	0.00933	$	0.06067
Class C	$	0.00403	$	0.06067
Class R	$	0.00723	$	0.06067
Class P	$	0.01135	$	0.06067
Institutional Class	$	0.01219	$	0.06067

There were no other subsequent events identified that require recognition or disclosure.


		Semiannual Report		\| December 31, 2019		165

Unaudited

Changes to the Board of Trustees

Effective December 31, 2019, Bradford K. Gallagher retired as an Independent Trustee of the Trust.


166		December 31, 2019 \|		Semiannual Report

Unaudited

Please read this Policy carefully. It gives you important information about how Allianz Global Investors U.S. and its U.S. affiliates (“AllianzGI US,” “we” or “us”) handlenon-public personal information (“Personal Information”) that we may receive about you. It applies to all of our past, present and future clients and shareholders of AllianzGI US and the funds and accounts it manages, advises, administers or distributes, and will continue to apply when you are no longer a client or shareholder. As used throughout this Policy, “AllianzGI US” means Allianz Global Investors U.S. LLC, Allianz Global Investors Distributors LLC, and the family of registered and unregistered funds managed by one or more of these firms. AllianzGI US is part of a global investment management group, and the privacy policies of other Allianz Global Investors entities outside of the United States may have provisions in their policies that differ from this Privacy Policy. Please refer to the website of the specificnon-US Allianz Global Investors entity for its policy on privacy.

We Care about Your Privacy

We consider your privacy to be a fundamental aspect of our relationship with you, and we strive to maintain the confidentiality, integrity and security of your Personal Information. To ensure your privacy, we have developed policies that are designed to protect your Personal Information while allowing your needs to be served.

Information We May Collect

In the course of providing you with products and services, we may obtain Personal Information about you, which may come from sources such as account application and other forms, from other written, electronic, or verbal communications, from account transactions, from a brokerage or financial advisory firm, financial advisor or consultant, and/or from information you provide on our website.

You are not required to supply any of the Personal Information that we may request. However, failure to do so may result in us being unable to open and maintain your account, or to provide services to you.

How Your Information Is Shared

We do not disclose your Personal Information to anyone for marketing purposes. We disclose your Personal Information only to those service providers, affiliated andnon-affiliated, who need the information for everyday business purposes, such as to respond to your inquiries, to perform services, and/or to service and maintain your account. This applies to all of the categories of Personal Information we collect about you. The affiliated andnon-affiliated service providers who receive your Personal Information also may use it to process your transactions, provide you with materials (including preparing and mailing prospectuses and shareholder reports and gathering shareholder proxies), and provide you with account statements and other materials relating to your account. These service providers provide services at our direction, and under their agreements with us, are required to keep your Personal Information confidential and to use it only for providing the contractually required services. Our service providers may not use your Personal Information to market products and services to you except in conformance with applicable laws and regulations. We also may provide your Personal Information to your respective brokerage or financial advisory firm, custodian, and/or to your financial advisor or consultant.

In addition, we reserve the right to disclose or report Personal Information tonon-affiliated third parties, in limited circumstances, where we believe in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities or pursuant to other legal process, or to protect our rights or property, including to enforce our Privacy Policy or other agreements with you. Personal Information collected by us may also be transferred as part of a corporate sale, restructuring, bankruptcy, or other transfer of assets.

Security of Your Information

We maintain your Personal Information for as long as necessary for legitimate business purposes or otherwise as required by law. In maintaining this information, we have implemented appropriate procedures that are designed to restrict access to your Personal Information only to those who need to know that information in order to provide products and/or services to you. In addition, we have implemented physical, electronic and procedural safeguards to help protect your Personal Information.

Privacy and the Internet

The Personal Information that you provide through our website, as applicable, is handled in the same way as the Personal Information that you provide by any other means, as described above. This section of the Policy gives you additional information about the way in which Personal Information that is obtained online is handled.

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Online Enrollment, Account Access and Transactions:When you visit our website, you can visit pages that are open to the general public, or, where available, log into protected pages to enroll online, access information about your account, or conduct certain transactions. Access to these secure pages is permitted only after you have created a User ID and Password. The User ID and Password must be supplied each time you want to


		Semiannual Report		\| December 31, 2019		167

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access your account information online. This information serves to verify your identity. When you enter Personal Information into our website to enroll or access your account online, you will log into secure pages. By using our website, you consent to this Privacy Policy and to the use of your Personal Information in accordance with the practices described in this Policy. If you provide Personal Information to effect transactions, a record of the transactions you have performed while on the site is retained by us. For additional terms and conditions governing your use of our website, please refer to the Investor Mutual Fund Access – Disclaimer which is incorporated herein by reference and is available on our website.

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Cookies and Similar Technologies: Cookies are small text files stored in your computer’s hard drive when you visit certain web pages. Clear GIFs (also known as Web Beacons) are typically transparent very small graphic images (usually 1 pixel x 1 pixel) that are placed on a website that may be included on our services provided via our website and typically work in conjunction with cookies to identify our users and user behavior. We may use cookies and automatically collected information to: (i) personalize our website and the services provided via our website, such as remembering your information so that you will not have tore-enter it during your use of, or the next time you use, our website and the services provided via our website; (ii) provide customized advertisements, content, and information; (iii) monitor and analyze the effectiveness of our website and the services provided via our website and third-party marketing activities; (iv) monitor aggregate site usage metrics such as total number of visitors and pages viewed; and (v) track your entries, submissions, and status in any promotions or other activities offered through our website and the services provided via our website. Tracking technology also helps us manage and improve the usability of our website, (i) detecting whether there has been any contact between your computer and us in the past and (ii) to identify the most popular sections of our website. Because an industry-standardDo-Not-Track protocol is not yet established, our website will continue to operate as described in this Privacy Policy and will not be affected by anyDo-Not-Track signals from any browser.

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Use of Social Media Plugins Our website uses the following Social Media Plugins (“Plugins”):

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Facebook Share Button operated by Facebook Inc., 1601 S. California Ave, Palo Alto, CA 94304, USA

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Tweet Button operated by Twitter Inc., 795 Folsom St., Suite 600, San Francisco, CA 94107, USA

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LinkedIn Share Button operated by LinkedIn Corporation, 2029 Stierlin Court, Mountain View, CA 94043, USA

All Plugins are marked with the brand of the respective operators Facebook, Twitter and LinkedIn (“Operators”). When you visit our website that contains a social plugin, your browser establishes a direct connection to the servers of the Operator. The Operator directly transfers the plugin content to your browser which embeds the latter into our website, enabling the Operator to receive information about you having accessed the respective page of our website. Thus, AllianzGI US has no influence on the data gathered by the plugin and we inform you according to our state of knowledge: The embedded plugins provide the Operator with the information that you have accessed the corresponding page of our website. If you do not wish to have such data transferred to the Operators, you need to log out of your respective account before visiting our website. Please see the Operators’ data privacy statements in order to get further information about purpose and scope of the data collection and the processing and use:

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Facebook:https://de-de.facebook.com/about/privacy

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Twitter: https://twitter.com/privacy

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Linked In: https://www.linkedin.com/legal/privacy-policy

Changes to Our Privacy Policy

We may modify this Privacy Policy fromtime-to-time to reflect changes in related practices and procedures, or applicable laws and regulations. If we make changes, we will notify you on our website and the revised Policy will become effective immediately upon posting to our website. We also will provide account owners with a copy of our Privacy Policy, annually if required. We encourage you to visit our website periodically to remain up to date on our Privacy Policy. You acknowledge that by using our website after we have posted changes to this Privacy Policy, you are agreeing to the terms of the Privacy Policy as modified.

Obtaining Additional Information

If you have any questions about this Privacy Policy or our privacy related practices in the United States, you may contact us via our dedicated email at PrivacyUS@allianzgi.com.


168		December 31, 2019 \|		Semiannual Report

Allianz Funds

Trustees

Alan Rappaport

Chairman of the Board of Trustees

Sarah E. Cogan

Deborah A. DeCotis

F. Ford Drummond

Thomas J. Fuccillo

Erick R. Holt

James A. Jacobson

Hans W. Kertess

James S. MacLeod

William B. Ogden, IV

Davey S. Scoon

Officers

Thomas J. Fuccillo

President and Chief Executive Officer

Scott Whisten

Treasurer, Principal Financial & Accounting Officer

Angela Borreggine

Chief Legal Officer & Secretary

Thomas L. Harter

Chief Compliance Officer

Richard J. Cochran

Assistant Treasurer

Orhan Dzemaili

Assistant Treasurer

Debra Rubano

Assistant Secretary

Craig A. Ruckman

Assistant Secretary

Investment Adviser

Allianz Global Investors U.S. LLC

1633 Broadway

New York, NY 10019

Distributor

Allianz Global Investors Distributors LLC

1633 Broadway

New York, NY 10019

Custodian & Accounting Agent

State Street Bank and Trust Co.

801 Pennsylvania Avenue

Kansas City, MO 64105

Shareholder Servicing and Transfer Agents

State Street Bank and Trust Company, which has delegated its obligations

as transfer agent to:

DST Asset Manager Solutions, Inc.

(Class A, Class C and Class R Shares)

P.O. Box 219723

Kansas City, MO 64121-9723

(Class P, Institutional Class, Class R6 and Administrative Class shares)

P.O. Box 219968

Kansas City, MO 64121-9968

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

300 Madison Ave

New York, NY 10017

Legal Counsel

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

This report, including the financial information herein, is transmitted to the shareholders of the Trust for their information. It is not a prospectus, circular or representation intended for use in the purchase of shares of each Fund or any securities mentioned in this report.

The financial information included herein is taken from the records of the Funds without examination by an independent registered public accounting firm, who did not express an opinion herein.

For Account Information

Contact your financial adviser, or if you receive account statements directly from Allianz Global Investors, you can also call (800)988-8380 for Class A, C and R shares or (800)498-5413 for Class P, Institutional, R6 and Administrative shares. Telephone representatives are available Monday-Friday 8:30 am to 6:00 pm Eastern Time. Or visit our website, us.allianzgi.com.

About Allianz Global Investors

Allianz Global Investors is a leading active asset manager with over 800 investment professionals in 25 offices worldwide and managing $608 billion in assets for individuals, families and institutions.*

Active is the most important word in our vocabulary. Active is how we create and share value with clients. We believe in solving, not selling, and in adding value beyond pure economic gain. We invest for the long term, employing our innovative investment expertise and global resources. Our goal is to ensure a superior experience for our clients, wherever they are based and whatever their investment needs.

Active is: Allianz Global Investors

* Data as of September 30, 2019.

Investors should consider the investment objectives, risks, charges and expenses of the above mentioned Funds carefully before investing. This and other information is contained in the Funds’ prospectus, which may be obtained by contacting your financial advisor, by visiting us.allianzgi.com or by calling 1-800-988-8380 (retail classes: A, C and R) or 1-800-498-5413 (Class P, Class R6, Institutional and Administrative classes). Please read the prospectus carefully before you invest or send money.

Allianz Global Investors U.S. LLC serves as the investment manager for the Allianz Funds and the Allianz Multi-Strategy Funds. Allianz Funds and the Allianz Multi-Strategy Funds are distributed by Allianz Global Investors Distributors LLC.© 2020. For information about any product, contact your financial advisor.

LOGO

us.allianzgi.com

Receive this report electronically and eliminate paper mailings.

To enroll, go to us.allianzgi.com/edelivery.


		AZ1005SA_123119

1047725

ITEM 2.

CODE OF ETHICS

(a) Not required in this filing.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT

Not required in this filing.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not required in this filing.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANT

Disclosure not required foropen-end management investment companies.

ITEM 6.

INVESTMENTS

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES

Disclosure not required foropen-end management investment companies.

ITEM 8.

PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES

Disclosure not required foropen-end management investment companies.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BYCLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED COMPANIES.

Disclosure not required foropen-end management investment companies.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There were no material changes to the procedures by which shareholders may recommend nominees to the Trust’s Board of Trustees since the Trust’s last provided disclosure in response to this item.

ITEM 11.

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 Rule30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”) (17 CFR270.30a-3(c)), as amended) 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 changes in the registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the 1940 Act (17 CFR270.30a-3(d))) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Disclosure not required foropen-end management investment companies.

ITEM 13.

EXHIBITS

(a)(1) Not required in this filing

(a)(2) Exhibit 99_CERT. – Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

(a)(3) Not applicable

(b) Exhibit 99.906 CERT. – Certification pursuant to Section 906 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.


Allianz Funds

By:		/s/ Thomas J. Fuccillo
		Thomas J. Fuccillo
		President & Chief Executive Officer

Date: February 28, 2020

By:		/s/ Scott Whisten
		Scott Whisten
		Treasurer, Principal Financial & Accounting Officer

Date: February 28, 2020

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/ Thomas J. Fuccillo
		Thomas J. Fuccillo
		President & Chief Executive Officer

Date: February 28, 2020

By:		/s/ Scott Whisten
		Scott Whisten
		Treasurer, Principal Financial & Accounting Officer

Date: February 28, 2020

Allianz Funds N-CSRSCertified semi-annual shareholder report (management investment company)