UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06161

Allianz Funds

(Exact name of registrant as specified in charter)

1633 Broadway, New York, New York	10019
(Address of principal executive offices)	(Zip code)

Scott Whisten

1633 Broadway,

New York, New York 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: June 30, 2019

ITEM 1. REPORT TO SHAREHOLDERS

Allianz Funds

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

Annual Report

June 30, 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.

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
138–168	Notes to Financial Statements
169	Report of Independent Registered Public Accounting Firm
170	Changes to the Board of Trustees
171	Federal Income Tax Information
172-177	Matters Relating to the Trustees’ Consideration of the Investment Advisory Agreement
178-179	Privacy Policy
180-182	Board of Trustees and Officers

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

Thomas J. Fuccillo

President & CEO

Dear Shareholder,

The US economic expansion continued during the 12-month fiscal reporting period ended June 30, 2019. In contrast, economic growth overseas weakened. Over this period, global equities generated mixed results. Meanwhile, the overall US bond market posted a strong return during the period.

The 12-Month Fiscal Period in Review

For the 12-month period ended June 30, 2019, US stocks returned 10.42%, 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 1.08% and the MSCI World Index returning 6.33%. Elsewhere, the MSCI Emerging Markets Index returned 1.21% in dollar-denominated terms. With respect to bonds, the Bloomberg Barclays US Credit Index returned 10.34% and the Bloomberg Barclays Global High Yield Index returned 7.76%. The Bloomberg Barclays US Government Bond Index returned 4.88%, while the broader bond market, as measured by the Bloomberg Barclays US Aggregate Bond Index, returned 7.87%.

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 2.9% and 1.1% annual pace during the third and fourth quarters of 2018, respectively. The US economy then grew at a 3.1% annual pace during the first quarter of 2019. Finally, the Commerce Department’s initial reading showed that the economy expanded at a 2.1% annual pace in the second quarter of the year.

Looking back, the US Federal Reserve (the “Fed”) raised rates four times in 2018, with the last hike pushing the federal funds rate to a range between 2.25% and 2.50%. However, at its January 2019 meeting, the Fed indicated that it expected to pause from tightening monetary policy as it monitored incoming economic data. Then, at its June 2019 meeting, the Federal Open Market Committee (the “Committee”) communicated that it “continues to view sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee’s symmetric 2 percent objective as the most likely outcomes, but uncertainties about this outlook have increased.” In his press conference after the meeting Fed Chair Jerome Powell stated, “The case for somewhat more accommodative policy has strengthened.” Finally, at its meeting that concluded on July 31, 2019, after the reporting period ended, the Fed lowered the federal funds rate to a range between 2.00% and 2.25%. This was the Fed’s first rate cut since 2008.

2 June 30, 2019  | Annual Report

Economic growth outside the US weakened during the reporting period and the European Central Bank (“ECB”) and the Bank of Japan largely maintained their accommodative monetary policies. In June 2019, the ECB announced that it now expects to keep interest rates “at their present levels at least through the first half of 2020.” Later in the month, ECB President Mario Draghi said the central bank would consider how to adapt their policy tools “commensurate to the severity of the risk” to the economic outlook. In other developed countries, the Bank of England raised rates from 0.50% to 0.75% in August 2018, but then remained on hold through the remainder of the year.

Outlook

After a strong start to 2019, the markets abruptly turned volatile. In our opinion, the global economy looks increasingly fragmented, and our outlook calls for more unease over trade tensions and politics.

The outcome of US-China trade negotiations seems uncertain and we currently see only slightly better-than-even odds of the two countries signing a much-needed agreement. Without a deal, US tariffs could expand into consumer-oriented areas, increasing the prices of imported goods. The Fed will watch inflation closely, especially if more trade tariffs are implemented. The US central bank may be less inclined to keep rates low if inflation moves higher, which could undermine support for high stock prices. Still, while the US economy remains late-cycle, it isn’t yet facing a recession.

The second half of 2019 will be important for the European Union as it appoints new members to its leadership team. Support for mainstream pro-European parties held up in recent Parliamentary elections, but the legislative body will likely end up more fragmented and decision-making could slow. Meanwhile, in the UK, economic and corporate uncertainty is being prolonged by the extension of the Brexit decision until October 31, 2019. The election of a new Prime Minister raises additional questions about the future path of Brexit and policymaking overall.

With political uncertainty high, investors might consider pivoting towards income-generating investments—but with low to negative yields on many bonds and cash, we believe the biggest risk is still to take no risk. In our view, it will be important to take an active approach to investing. This approach could involve watching out for high-priced assets and taking contrarian positions when attractive valuations can be found.

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,

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.

Annual Report |  June 30, 2019 3

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AllianzGI Emerging Markets Opportunities Fund

For the period of July 1, 2018 through June 30, 2019, as provided by Lu Yu, CFA, CIPM, Portfolio Manager.

Fund Insights

For the twelve-month period ended June 30, 2019, the Class A shares at net asset value (“NAV”) of the AllianzGI Emerging Markets Opportunities Fund (the “Fund”) returned -3.29%, underperforming the MSCI Emerging Markets Index (the “benchmark”), which returned 1.21%.

Market Overview

Emerging markets were influenced by rapidly changing investor sentiment, which was marked by stark differences between the first half and second half of the reporting period. Initially, the asset class performance was negatively impacted by apprehension over a global trade war between the US and China, mounting geopolitical tensions in Russia and concerns of rising inflation expectations which could lead the US Federal Reserve to accelerate rate hikes. Emerging market currencies broadly declined as result of a moderation in asset class sentiment and earnings estimates were subsequently lowered. These headwinds were present during the first half of the reporting period with July and November the only positive performance months to counteract this trend. Emerging markets equities rebounded in the second half of the reporting period as the asset class was initially buoyed by expectations that central banks would slow the pace of rate hikes. In addition, the market remained hopeful for an eventual trade resolution between the US and China, which had been an overhang for the asset class for the past year. The seesawing market changed course with a broad-based decline in May as market participants were surprised by the escalating trade tensions between the US and China, with both countries imposing new tariffs on each other’s exports, which led to a spike in volatility. Emerging markets equities advanced in June as the potential for central bank rate cuts inched higher and headwinds from a strengthening US dollar eased.

Regional results were led by a nearly 19% gain in Latin American equities. Brazil was the standout performer, advancing close to 40% amid optimism over the reform agenda of newly-elected President Jair Bolsanaro and the potential for government pension reform. With the exception of a low-single-digit gain in Peru, all other countries in the region were lower for the period. Emerging European shares were up more than 16% for the period, led by a 28% gain in Russian equities amid higher energy demand and improving economic growth figures. Meanwhile, geopolitical risks in Turkey and Greece results in both countries posting losses. Asian equities rounded out the three primary regions with a 2% loss. The Philippines, Thailand and Indonesia each notched gains north of 20% thanks to improving growth outlooks. Meanwhile, China was down close to 7% for the period due to rising trade and tariff tensions with the United States. The escalating trade rhetoric also impacted South Korea, which was down nearly 9% for the reporting period.

The benchmark index performance was mixed, with 7 out of 11 sectors advancing. Energy led gains to the upside with a greater than 16% advance, followed by low-double-digit gains in financials and real estate. Meanwhile, health care was the primary laggard, declining nearly 25% during the reporting period amid rising uncertainty over future earnings growth. Information technology, consumer discretionary and materials sectors posted single-digit losses.

Portfolio Review

The Fund’s strategy 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 twelve-month period, Fund results trailed the benchmark due to a handful of idiosyncratic effects as well as the outperformance of high growth and high beta names within the benchmark, which the Fund is generally underweight.

From a country standpoint, bottom-up stock selection in South Africa and India contributed to results as did a relative overweight allocation to Russia. Meanwhile, stock selection in South Korea and Taiwan offset results as did the underweight to Brazil, which benefitted from a rebound in investor sentiment. A sizeable underweight to the health care proved advantageous given the performance challenges in the sector as was an overweight allocation to the energy sector which benefitted from higher demand. Alternatively, bottom-up selections in materials, financials and consumer discretionary names detracted from relative performance during the reporting period.

Outlook

Emerging market equities remain affected by the “tug-of-war” between compelling stock-level opportunities and prevailing macroeconomic crosscurrents. Market participants were thrown for a surprise when the prospects for a trade agreement between the United States and China took a step backward, leading to a greater level of uncertainty as to when or even if the dispute will be resolved. While we believe the long-term potential for earnings growth remains intact, including expectations of double-digit earnings growth in the upcoming two calendar years, the persistent trade and tariff dispute continues to cloud the near-term outlook. However, inflation risks remain subdued, which could result in central banks cutting interest rates in the future. This may bode well for higher risk asset classes such as emerging market equities.

We continue to construct the Fund on a bottom-up basis with conviction at the stock level. In addition, we apply a dual risk-budget, targeting a tracking error of 4-5% and lower forecast risk than the benchmark, which we believe may help protect capital during inevitable down market periods and provide our clients with a greater level of return consistency. We believe investment results will be supported by earnings growth and our behavioral finance-focused investment process and focus on higher quality securities with attractive company fundamentals will be a driver of returns for the coming quarters.

4 June 30, 2019  | Annual Report

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AllianzGI Emerging Markets Opportunities Fund (cont’d)

Average Annual Total Return for the period ended June 30, 2019

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI Emerging Markets Opportunities Fund Class A		–3.29%		1.52%		5.74%		8.48%
AllianzGI Emerging Markets Opportunities Fund Class A (adjusted)		–8.61%		0.37%		5.14%		8.07%
AllianzGI Emerging Markets Opportunities Fund Class C		–4.05%		0.75%		4.94%		7.66%
AllianzGI Emerging Markets Opportunities Fund Class C (adjusted)		–5.00%		0.75%		4.94%		7.66%
AllianzGI Emerging Markets Opportunities Fund Class P		–3.05%		1.77%		6.00%		8.77%
AllianzGI Emerging Markets Opportunities Fund Institutional Class		–2.97%		1.87%		6.13%		8.89%
AllianzGI Emerging Markets Opportunities Fund Class R6		–2.96%		1.92%		6.18%		8.95%
MSCI Emerging Markets Index		1.21%		2.49%		5.81%		8.64%
Lipper Emerging Markets Funds Average		1.28%		1.78%		5.91%		8.24%

† 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 October 31, 2019. 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, 2018, as revised August 30, 2018 and as supplemented to date.

Cumulative Returns Through June 30, 2019

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

Country Allocation (as of June 30, 2019)

China	34.1%
India	10.8%
Korea (Republic of)	9.5%
Russian Federation	8.5%
Brazil	7.7%
Taiwan	7.3%
South Africa	4.9%
Hong Kong	4.5%
Other	10.6%
Cash & Equivalents — Net	2.1%

Annual Report |  June 30, 2019 5

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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 (1/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/19)	$1,093.80	$1,089.40	$1,095.20	$1,095.40	$1,095.50
Expenses Paid During Period	$6.54	$10.41	$5.25	$4.73	$4.47
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class	Class R6
Beginning Account Value (1/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/19)	$1,018.55	$1,014.83	$1,019.79	$1,020.28	$1,020.53
Expenses Paid During Period	$6.31	$10.04	$5.06	$4.56	$4.31

For each class of the Fund, expenses (net of fee waivers) are equal to the annualized expense ratio for the class (1.26% for Class A, 2.01% for Class C, 1.01% for Class P, 0.91% for Institutional Class and 0.86% for Class R6), multiplied by the average account value over the period, multiplied by 181/365. 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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Annual Report |  June 30, 2019 7

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AllianzGI Focused Growth Fund

For the period of July 1, 2018 through June 30, 2019, as provided by Karen Hiatt, CFA, Lead Portfolio Manager.

Fund Insights

For the twelve-month period ended June 30, 2019, the Class A Shares at net asset value (“NAV”) of the AllianzGI Focused Growth Fund (the “Fund”) returned 6.79%, underperforming the Russell 1000 Growth Index (the “benchmark”) which returned 11.56%.

Market Overview

Despite the abrupt sell-off in the final quarter of 2018, sparked by a convergence of multiple headwinds, US equities delivered solid gains over the full period. US equities posted robust gains over the first half of 2019, offsetting the sharp declines from late 2018. Corporate earnings remained supportive and a more dovish tone from the US Federal Reserve (Fed) boosted sentiment. While US equities suffered a sharp set-back in May as the US and China trade talks broke down, stocks rebounded in June amid growing speculation that the Fed may be more inclined to cut rates to protect the US economy.

Portfolio Review

The Fund’s underperformance relative to its benchmark is mostly attributed to challenging market conditions that affected performance in the fourth quarter of 2018.

For the twelve-month period, the Fund’s relative performance was helped by an overweight position in software-as-a-service provider, ServiceNow. The company has delivered consistently strong growth as customers are adopting an increasing number of software products across its platform. Additionally, payments companies such as Paypal and Visa continue to benefit from the ongoing global shift to digital and mobile payments. Within healthcare, Insulet performed well as demand for its diabetes pumps remains robust within a large and growing market. Lastly, our underweight to Alphabet (Google) helped relative returns. The company has been facing more regulatory scrutiny in Europe and the US, as well as slower growth in its core business.

Conversely, relative performance was negatively impacted by our exposure to some health care stocks as the sector was hurt by reform proposals from Presidential candidates. In addition, CVS sharply reduced guidance due to an underperforming previous acquisition, while the FDA delayed approval for a pain drug made by Heron Therapeutics. Overweight positions in NVIDIA and Applied Materials underperformed as the semiconductor group struggled amid the ongoing trade dispute between the US and China. Finally, our position in SVB Financial Group underperformed, mostly due to fears of negative fallout from the fourth quarter sell-off as well as concerns that lower deposits will diminish earnings.

From a sector allocation perspective, an overweight in technology and a slight underweight in the industrials sector helped relative performance. Conversely, overweight positions in the health care and energy sectors hurt relative performance.

Outlook

We are generally optimistic on US equities for the second half of 2019. Despite a lull in May, general US employment data remains strong. While some macroeconomic data has deteriorated partly due to trade uncertainty, the Fed has become more dovish in recent months and is now inclined to cut interest rates. Although US corporate profit growth will likely be down relative to 2018, we expect to see positive profits for the year. Despite the macro and political uncertainties, we believe high quality growth companies remain well-positioned to deliver attractive returns.

We believe 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 June 30, 2019  | Annual Report

Unaudited

AllianzGI Focused Growth Fund (cont’d)

Average Annual Total Return for the period ended June 30, 2019

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI Focused Growth Fund Class A		6.79%		11.88%		14.95%		11.30%
AllianzGI Focused Growth Fund Class A (adjusted)		0.92%		10.62%		14.30%		11.12%
AllianzGI Focused Growth Fund Class C		5.93%		11.03%		14.08%		10.46%
AllianzGI Focused Growth Fund Class C (adjusted)		5.06%		11.03%		14.08%		10.46%
AllianzGI Focused Growth Fund Class R		6.47%		11.59%		14.66%		10.95%
AllianzGI Focused Growth Fund Class P		7.01%		12.15%		15.24%		11.60%
AllianzGI Focused Growth Fund Institutional Class		7.15%		12.27%		15.35%		11.71%
AllianzGI Focused Growth Fund Class R6		7.18%		12.31%		15.40%		11.77%
AllianzGI Focused Growth Fund Administrative Class		6.86%		11.98%		15.06%		11.43%
Russell 1000 Growth Index		11.56%		13.39%		16.28%		11.13%
Lipper Large-Cap Growth Funds Average		10.79%		12.36%		15.02%		8.20%

† 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 1.11% 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, 0.71% for Class R6 shares, and 1.01% for Administrative Class shares. These ratios do not include an expense reduction, contractually agreed through at least October 31, 2019. The Fund’s expense ratios net of this reduction are 0.99% for Class A shares, 1.76% for Class C shares, 1.26% for Class R shares, 0.76% for Class P shares, 0.66% for Institutional Class shares, 0.61% for Class R6 shares, and 0.91% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 28, 2018, as revised August 30, 2018 and as supplemented to date.

Cumulative Returns Through June 30, 2019

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

Industry/Sectors (as of June 30, 2019)

IT Services	16.1%
Software	12.5%
Internet & Direct Marketing Retail	8.2%
Interactive Media & Services	7.7%
Healthcare Equipment & Supplies	6.3%
Healthcare Providers & Services	4.8%
Technology Hardware, Storage & Peripherals	4.1%
Aerospace & Defense	3.7%
Other	33.2%
Cash & Equivalents — Net	3.4%

Annual Report |  June 30, 2019 9

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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 (1/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/19)	$1,217.60	$1,212.40	$1,215.60	$1,218.60	$1,219.50	$1,219.70	$1,217.80
Expenses Paid During Period	$5.50	$9.71	$6.98	$4.24	$3.69	$3.41	$5.06
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class
Beginning Account Value (1/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/19)	$1,019.84	$1,016.02	$1,018.50	$1,020.98	$1,021.47	$1,021.72	$1,020.23
Expenses Paid During Period	$5.01	$8.85	$6.36	$3.86	$3.36	$3.11	$4.61

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 181/365.

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Annual Report |  June 30, 2019 11

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AllianzGI Global Natural Resources Fund

For the reporting period of July 1, 2018, through June 30, 2019, as provided by Paul D. Strand, CFA, Portfolio Manager.

Fund Insights

For the twelve-month reporting period ended June 30, 2019, the Class A shares at net asset value (“NAV”) of the AllianzGI Global Natural Resources Fund (the “Fund”) returned -9.24%, underperforming the 60% MSCI World Energy/ 40% MSCI World Materials Benchmark (the “benchmark”), which returned -6.53%.

Market Overview

Brent crude prices traded in the low $60’s to the mid $70’s a barrel range in the second quarter of 2019 after rebounding sharply from the low $50’s in the fourth quarter of 2018. Some of the factors that contributed to the stabilization included the interplay between OPEC adhering to production quotas versus the continued supply growth from the US shale producers, and the increasingly dovish monetary policy from the Federal Reserve. Despite the rebound in energy prices in the first-half of the year, the Fund’s energy component of the blended benchmark was one of the worst performing MSCI sectors during the reporting period.

Portfolio Review

The Fund’s underperformance was primarily driven by its overweight and positioning in energy-related stocks.

The Fund’s largest contributors to performance came from a wide variety of mostly materials-related sub-industries. Two specialty chemical companies, and two large cap base metal companies positively impacted performance. In general, the performance of these global base metal stocks mirrored the sharp rebound of iron ore prices in the first half of 2019. Also, a US rail company boosted performance as the rail companies rebounded in the first-half of 2019 despite the trade friction with China.

The largest detractors to performance were some energy-related positions. Some investors are fearful of a long-term supply glut of crude given the strong outlook for US production. The detractors included mostly energy exposure in oil and gas exploration and production companies and the position in an oil field data provider.

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

As the second-half of calendar 2019 quarter commences, the Fund is currently slightly overweight energy and modestly underweight materials. The Fund remains overweight in energy due to our conviction in a long term, ongoing rebound in energy prices and an improvement from what we believe is the current significant disconnect between energy stock valuations and energy price levels. We also believe that the energy sector offers superior growth prospects compared to other natural resource-related industries. We are hoping that the stabilization in oil prices continues and we would look to implement more exposure in the materials sector upon confirmation of a recovery in China’s economy. Our largest non-energy exposure includes metals and mining, chemicals, alternative energy such as wind and solar, rails, water treatment and building materials. The Fund remains globally diversified.

We continue to favor our diversified, thematic and opportunistic approach to investing in natural resource-related companies, and maintain our belief that over the long term the performance of the equities should outperform the underlying commodities. Risks to the Fund include a relapse in the global economy, disruption to world bond markets and a sustained drop in commodity prices.

12 June 30, 2019  | Annual Report

Unaudited

AllianzGI Global Natural Resources Fund (cont’d)

Average Annual Total Return for the period ended June 30, 2019

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI Global Natural Resources Fund Class A		–9.24%		–6.62%		2.16%		4.80%
AllianzGI Global Natural Resources Fund Class A (adjusted)		–14.23%		–7.67%		1.58%		4.41%
AllianzGI Global Natural Resources Fund Class C		–9.90%		–7.31%		1.40%		4.03%
AllianzGI Global Natural Resources Fund Class C (adjusted)		–10.80%		–7.31%		1.40%		4.03%
AllianzGI Global Natural Resources Fund Class P		–8.88%		–6.37%		2.42%		5.09%
AllianzGI Global Natural Resources Fund Institutional Class		–8.92%		–6.29%		2.52%		5.19%
60% MSCI World Energy/40% MSCI World Materials Benchmark		–6.53%		–1.95%		4.64%		5.97%
MSCI World Index		6.33%		6.60%		10.72%		7.03%
Lipper Global Natural Resources Funds Average		–9.44%		–5.97%		0.70%		3.70%

† The Fund began operations on 6/30/04. 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 expense ratios are 1.45% for Class A shares, 2.20% for Class C shares, 1.20% for Class P shares and 1.10% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 28, 2018, as revised August 30, 2018 and as supplemented to date.

Cumulative Returns Through June 30, 2019

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

Country Allocation (as of June 30, 2019)

United States	62.5%
United Kingdom	13.5%
Australia	5.2%
Canada	5.2%
France	4.9%
Germany	2.4%
Japan	0.9%
Spain	0.7%
Other	4.0%
Cash & Equivalents — Net	0.7%

Annual Report |  June 30, 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 (1/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/19)	$1,132.40	$1,129.10	$1,135.20	$1,134.60
Expenses Paid During Period	$7.61	$11.56	$6.30	$5.77
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (1/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/19)	$1,017.65	$1,013.93	$1,018.89	$1,019.39
Expenses Paid During Period	$7.20	$10.94	$5.96	$5.46

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.44% for Class A, 2.19% for Class C, 1.19% for Class P and 1.09% for Institutional Class), multiplied by the average account value over the period, multiplied by 181/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.

14 June 30, 2019  | Annual Report

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Annual Report |  June 30, 2019 15

Unaudited

AllianzGI Global Small-Cap Fund

For the period of July 1, 2018 through June 30, 2019, as provided by Andrew Neville, Lead Portfolio Manager.

Fund Insights

For the twelve-month period ended June 30, 2019, the Class A shares at net asset value (“NAV”) of the AllianzGI Global Small-Cap Fund (the “Fund”) returned -4.64%, underperforming the MSCI World Small-Cap Index (the “benchmark”), which returned -2.73%.

Market Overview

There was a significant level of macro-economic uncertainty as regional economies experienced varying levels of deceleration and the trade issues between China and US varied wildly between optimism and pessimism. As a result, it was a volatile year for global equities as the market had numerous ups and downs and disparity across regions. Small caps as measured by the benchmark underperformed large caps, as measured by the MSCI World Net Index, by 9.06% over the twelve-month period. In addition, the MSCI World Minimum Volatility Index returned 13.89%, outperforming small caps by 16.62% and demonstrating that during the period it was primarily a risk off environment which would be detrimental to small caps.

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.

Overall, sector and country allocations detracted from relative returns. The worst performing country allocation was Taiwan at -24 basis points, which is not in the benchmark, and had a -23% return in the twelve-month period. The worst performing sector was real estate, which detracted -38 basis points from relative returns. The best performing stock was Kinsale Cap Group, a specialty insurance group based in Richmond, VA, which contributed 61 basis points of outperformance over the benchmark. The worst performing stock was Asos Plc, a British based online clothing retailer, which underperformed the benchmark by 36 basis points.

Outlook

In our view, the expectation globally is for economies to begin to slowdown or even enter a recession. The US has remained rather resilient, but Europe is delivering flat economic growth, Japan is decelerating, and there is a spread of environments in Asia ex-Japan. Central banks outside of the US have begun taking stimulus measures and the US is expected to follow suit in July, with possible a 50 basis points rate cut. The trade uncertainty is hurting some small caps as China is a large end market and factors highly into the global supply chain. 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 June 30, 2019  | Annual Report

Unaudited

AllianzGI Global Small-Cap Fund (cont’d)

Average Annual Total Return for the period ended June 30, 2019

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI Global Small-Cap Fund Class A		–4.64%		4.34%		12.95%		9.73%
AllianzGI Global Small-Cap Fund Class A (adjusted)		–9.88%		3.16%		12.31%		9.45%
AllianzGI Global Small-Cap Fund Class C		–5.37%		3.55%		12.10%		8.92%
AllianzGI Global Small-Cap Fund Class C (adjusted)		–6.11%		3.55%		12.10%		8.92%
AllianzGI Global Small-Cap Fund Class P		–4.40%		4.60%		13.23%		10.04%
AllianzGI Global Small-Cap Fund Institutional Class		–4.32%		4.69%		13.34%		10.14%
MSCI World Small-Cap Index		–2.73%		5.72%		12.15%		7.93%
Lipper Global Small-/Mid-Cap Funds Average		–0.32%		5.51%		11.54%		8.03%

† The Fund began operations on 12/31/96. 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 expense ratios are 1.62% for Class A shares, 2.37% for Class C shares, 1.37% for Class P shares and 1.27% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 28, 2018, as revised August 30, 2018 and as supplemented to date.

Cumulative Returns Through June 30, 2019

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

Country Allocation (as of June 30, 2019)

United States	59.8%
Japan	9.5%
United Kingdom	6.1%
Germany	3.6%
France	2.4%
Australia	2.3%
Switzerland	2.3%
Denmark	2.0%
Other	7.2%
Cash & Equivalents — Net	4.8%

Annual Report |  June 30, 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 (1/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/19)	$1,175.90	$1,171.30	$1,177.20	$1,177.60
Expenses Paid During Period	$8.74	$12.76	$7.40	$6.86
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (1/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/19)	$1,016.76	$1,013.04	$1,018.00	$1,018.50
Expenses Paid During Period	$8.10	$11.83	$6.85	$6.36

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.62% for Class A, 2.37% for Class C, 1.37% for Class P and 1.27% for Institutional Class), multiplied by the average account value over the period, multiplied by 181/365.

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Annual Report |  June 30, 2019 19

Unaudited

AllianzGI Health Sciences Fund

For the period of July 1, 2018 through June 30, 2019, as provided by Peter Pirsch, CFA, Lead Portfolio Manager.

Fund Insights

For the twelve-month reporting period ended June 30, 2019, the Class A shares at net asset value (“NAV”) of the AllianzGI Health Sciences Fund (the “Fund”) returned 13.14%, outperforming the MSCI World Health Care Index (the “benchmark”), which returned 10.84%.

Market Overview

Stock markets around the world rebounded in June as investors saw progress made on the trade war between the United States and China at the G-20 summit in Japan. In fact, the US equity markets have hit all-time highs in July. Additionally, the US Federal Reserve (Fed) has turned increasingly more dovish and the markets now anticipate a series of rate cuts this calendar year and next. The majority of the developed world’s central banks and China are currently implementing very accommodative monetary policies. Despite the robust first-half of 2019, the MSCI healthcare sector has generally lagged the broader markets in the recovery as investors have sought less defensive sectors such as technology and consumer discretionary. The focus of the Trump Administration for healthcare reform continues to be heavily weighted on containing drug pricing and healthcare costs in general, although other non-healthcare-related matters like the US and China trade negotiations and immigration continue to make big headlines as well.

Portfolio Review

The Fund’s outperformance was driven primarily by the positive stock selection in managed care stocks and the device and life science tools positions. Adverse stock selection in biopharma somewhat offset positive performance.

The Fund’s largest contributors to performance included the zero weight throughout the reporting period in Bayer AG and the underweight in Abbvie. Bayer has been negatively impacted by the Roundup litigation related to its purchase of Monsanto. The provider of genetic information to physicians, Invitae, was another large contributor. Investors are enthusiastic about the Company’s progress in genetic screening. Other larger contributors included the maker of invisalign braces, Align Technology, and the managed care company Cigna.

Heron Therapeutics was the largest detractor to performance. The Company suffered a clinical trial setback for its non-opioid acute pain reliever. Another detractor was the drug retailer, CVS, which lowered guidance in the first quarter of 2019. Other detractors to performance included the zero weights in Roche Holdings and Danaher, as well as the position in Bristol Myers, whose stock continues to be pressured from some recent clinical trial disappointments for its cancer franchise.

Outlook

During the twelve-month period, the MSCI healthcare sector has lagged the advances of the broader indices. From a contrarian perspective, we think that underperformance positions the healthcare sector relatively attractively, particularly given the possibility of a pick-up in market volatility and the defensive nature of healthcare. The upcoming presidential election does present headline risk, however, and stock selection will be critical during the election season. In general, given the intense focus on affordability of healthcare in the United States, we remain vigilant for a pick-up in negative healthcare campaign rhetoric, especially as the 2020 presidential campaign swings into the primaries and prospective candidates become more outspoken on policies. Overall, the Fund’s positioning is focused is on what we believe are the significant long-term growth drivers for healthcare which are largely driven by drug and cost-containment innovation. Areas in which the Fund is overweight include small- and mid-cap biopharma, unique medical device technology and managed care.

20 June 30, 2019  | Annual Report

Unaudited

AllianzGI Health Sciences Fund (cont’d)

Average Annual Total Return for the period ended June 30, 2019

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI Health Sciences Fund Class A		13.14%		9.55%		15.43%		11.63%
AllianzGI Health Sciences Fund Class A (adjusted)		6.91%		8.32%		14.78%		11.35%
AllianzGI Health Sciences Fund Class C		12.34%		8.74%		14.58%		10.80%
AllianzGI Health Sciences Fund Class C (adjusted)		11.40%		8.74%		14.58%		10.80%
AllianzGI Health Sciences Fund Institutional Class		13.54%		9.93%		15.84%		12.05%
MSCI World Health Care Index		10.84%		7.38%		13.10%		8.56%
Lipper Health/Biotechnology Funds Average		4.43%		9.52%		16.11%		11.15%

† The Fund began operations on 12/31/96. 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 expense ratios are 1.47% for Class A shares, 2.22% for Class C shares and 1.12% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 28, 2018, as revised August 30, 2018 and as supplemented to date.

Cumulative Returns Through June 30, 2019

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

Industry/Sectors (as of June 30, 2019)

Pharmaceuticals	40.8%
HealthCare Equipment & Supplies	20.9%
Biotechnology	15.3%
HealthCare Providers & Services	14.0%
Life Sciences Tools & Services	7.1%
Cash & Equivalents — Net	1.9%

Annual Report |  June 30, 2019 21

Unaudited

AllianzGI Health Sciences Fund (cont’d)

Shareholder Expense Example	Actual Performance
		Class A	Class C	Institutional Class
Beginning Account Value (1/1/19)		$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/19)		$1,132.30	$1,128.30	$1,134.30
Expenses Paid During Period		$7.77	$11.71	$5.93
	Hypothetical Performance
	(5% return before expenses)
		Class A	Class C	Institutional Class
Beginning Account Value (1/1/19)		$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/19)		$1,017.50	$1,013.79	$1,019.24
Expenses Paid During Period		$7.35	$11.08	$5.61

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 181/365.

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Annual Report |  June 30, 2019 23

Unaudited

AllianzGI Income & Growth Fund

For the period of July 1, 2018, through June 30, 2019, as provided by Douglas G. Forsyth, CFA, Portfolio Manager.

Fund Insights

For the twelve-month period ended June 30, 2019, the Class A shares at net asset value (“NAV”) of the AllianzGI Income & Growth Fund (the “Fund”) returned 5.35%. During the same period, the S&P 500 Index increased 10.42% and the overall U.S. bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, rose 7.87%. The convertible universe returned 7.93%, as measured by the ICE BofA Merrill Lynch All US Convertibles Index; and high yield bonds, as measured by the ICE BofA Merrill Lynch US High Yield Master II Index, returned 7.58%. Lastly, the Russell 1000 Growth Index advanced 11.56%.

Market Overview

Trade war fears and the US Federal Reserve’s (the “Fed”) tightening bias led to increased volatility in the fourth quarter of 2018 and temporarily disrupted the upward trajectory of risk assets over the trailing twelve months. After a weak finish to the year, the equity, convertible bond and high-yield bond markets rebounded sharply in 2019 and ended the reporting period with strong gains. The strength in risk assets was aided by dovish central bank commentary. Other factors influencing sentiment included corporate earnings, economic data and trade developments.

In 2019, central banks around the globe pivoted and announced stimulus measures or suggested future accommodation. After raising rates four times in 2018, the Fed kept rates steady throughout the first half of 2019 and signaled a bias toward rate cuts, if needed. Coordinated easing efforts and dovish outlooks compressed global yields, triggering the US yield curve (3-month/10-year) to invert.

Against this backdrop, most US companies continued to exceed analyst expectations. In 2018, quarterly earnings growth on a year-over-year basis for the S&P 500 Index averaged more than 20%. However, the first-quarter earnings season in 2019 was the first period without the tax reform tailwind. Although high yield financials revealed lower year-over-year comparisons for revenue and earnings before interest, taxes, depreciation, and amortization growth, most issuers reported better-than-expected results. Most convertible bond issuers surpassed first-quarter expectations and reported higher year-over-year comparisons for revenue and earnings growth. Correspondingly, three quarters of the S&P 500 Index’s constituents exceeded first-quarter earnings estimates.

Economic reports indicated that the growth rate of activity moderated and the labor market remained strong over the reporting period. Consumer spending picked up into period-end while business investment was soft and overall inflation was muted.

Trade tensions persisted but eased into the end of the reporting period. The US raised tariffs on Chinese imports and China retaliated with tariffs on US imports. Planned tariffs on Mexico were cancelled, and at the G20 summit, the US and China temporarily agreed to pause tariff hikes and restart bilateral trade negotiations.

Portfolio Review

The Fund provided consistent income—the primary goal of the strategy—and a positive total return over the trailing 12-month period.

In the equity sleeve of the Fund’s portfolio, information technology, consumer discretionary and industrials exposures had the greatest positive impact on performance. Conversely, the energy and materials sectors hindered performance.

In the convertible sleeve of the Fund’s portfolio, sectors that contributed positively to performance were technology, healthcare and financials. On the other hand, energy and transportation exposures pressured performance.

In the high yield sleeve of the Fund’s portfolio, industries that aided performance were healthcare, support-services and technology & electronics. In contrast, exposure to the energy and steel producers/products industries detracted from performance.

Many option positions expired below strike and the Fund’s portfolio was able to retain the set premiums. The Fund’s portfolio took advantage of higher implied volatility episodes throughout the reporting period that presented attractive yield opportunities.

Outlook

In our opinion, synchronized central bank easing and progress on trade could help to support economic and earnings growth in the second half of the year.

Many central banks have either postponed/ended policy normalization plans or launched new stimulus measures. The Fed communicated that they “will act as appropriate to sustain the expansion.” Fed funds futures suggest multiple rate cuts before year-end.

24 June 30, 2019  | Annual Report

Unaudited

AllianzGI Income & Growth Fund (cont’d)

Average Annual Total Return for the period ended June 30, 2019

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI Income & Growth Fund Class A		5.35%		5.57%		9.93%		6.85%
AllianzGI Income & Growth Fund Class A (adjusted)		–0.44%		4.38%		9.31%		6.36%
AllianzGI Income & Growth Fund Class C		4.60%		4.79%		9.11%		6.05%
AllianzGI Income & Growth Fund Class C (adjusted)		3.64%		4.79%		9.11%		6.05%
AllianzGI Income & Growth Fund Class R		5.09%		5.30%		9.66%		6.59%
AllianzGI Income & Growth Fund Class P		5.64%		5.84%		10.21%		7.13%
AllianzGI Income & Growth Fund Institutional Class		5.69%		5.93%		10.31%		7.23%
Bloomberg Barclays U.S. Aggregate Bond Index		7.87%		2.95%		3.90%		4.18%
S&P 500 Index		10.42%		10.71%		14.70%		8.44%
Lipper Flexible Portfolio Funds Average		2.88%		3.33%		7.69%		4.67%

† 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 1.28% 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. These ratios do not include an expense reduction, contractually agreed through at least October 31, 2019. The Fund’s expense ratios net of this reduction 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 and 0.92% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 28, 2018, as revised August 30, 2018 and as supplemented to date.

Cumulative Returns Through June 30, 2019

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

Industry/Sectors (as of June 30, 2019)

Software	8.3%
Media	5.0%
Internet	4.9%
Oil, Gas & Consumable Fuels	4.8%
Pharmaceuticals	3.8%
Telecommunications	3.7%
Semiconductors	3.7%
Entertainment	3.5%
Other	57.7%
Cash & Equivalents — Net	4.6%

S&P Ratings* (as of June 30, 2019)

* 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.

Annual Report |  June 30, 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 (1/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/19)	$1,130.80	$1,126.70	$1,129.40	$1,132.80	$1,133.00
Expenses Paid During Period	$6.76	$10.70	$8.08	$5.45	$4.92
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class
Beginning Account Value (1/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/19)	$1,018.45	$1,014.73	$1,017.21	$1,019.69	$1,020.18
Expenses Paid During Period	$6.41	$10.14	$7.65	$5.16	$4.66

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 181/365.

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Annual Report |  June 30, 2019 27

Unaudited

AllianzGI Mid-Cap Fund

For the period July 1, 2018 through June 30, 2019, as provided by Steven Klopukh, CFA, Lead Portfolio Manager.

Fund Insights

For the twelve-month period ended June 30, 2019, the Class A Shares at net asset value (“NAV”) of the AllianzGI Mid-Cap Fund (the “Fund”) returned 13.58%, underperforming the Russell Midcap Growth Index (the “benchmark”), which returned 13.94%.

Market Overview

Broader US equities closed a volatile twelve-month period with positive returns. In the fourth quarter of 2018, risk assets sold off amid the combination of a decelerating economy and hawkish commentary from the US Federal Reserve (the “Fed”). US equities subsequently rallied, as investor concerns were eased after Fed Chair Jerome Powell highlighted flexible monetary policy going forward. Better-than-expected corporate earnings results also helped the recovery. Against this backdrop, the Russell Midcap Index returned 7.83%, underperforming the Russell 1000 Index’s return of 10.02%. Within the mid cap universe, growth stocks outperformed value stocks by 10.26%.

Portfolio Review

Sector allocation had a negative effect on performance while positive security selection was offsetting. Stock picking in health care was the primary contributor to relative returns, followed by the information technology and materials sectors. This is balanced by weaker security selections in the industrials, energy and financials sectors.

A top contributor to relative returns was The Trade Desk, Inc. (“Trade Desk”), which provides a technology platform that helps manage digital advertising campaigns. Trade Desk is a pure play on a secular shift from traditional (such as print, TV and radio) to programmatic advertising, which allows for targeted ads and optimized marketing expenditures. Shares rallied as management reported strong financial results along with raised guidance. We believe that Trade Desk should continue generating strong growth, as the shift to programmatic advertising continues and as the company expands into international markets.

A top detractor over the period, XPO Logistics, Inc. (“XPO”), is a leading global freight, transportation and logistics company with a focus on e-commerce. The stock was lower during the period as the company posted below consensus earnings and guidance amid weakness within the European markets. Looking forward, we believe that XPO can still drive growth through LTL segment (small freight) margin improvements, continued demand for last mile deliveries and XPO Direct, which is a predictive analytics enhanced shared-space distribution service. However, we continue to monitor the situation closely for near-term headwinds, including softer global macroeconomic conditions and uncertain near-term trajectory of earnings.

As of June 30, 2019, the largest sector overweight was in health care, followed by consumer staples and communication services. Consumer discretionary was the largest underweight position in the Fund, followed by the information technology and financials sectors.

Outlook

Looking forward, we continue to expect moderate growth from the US economy. Leading economic indicators continue to signal benign conditions and employment metrics remains positive. However, key manufacturing and service surveys are signaling slower economic growth. As expected, the Fed held interest rates steady in its June 2019 meeting. Fed Chair Jerome Powell offered dovish commentary that the central bank would act accordingly to sustain the economic expansion. Overall, we believe that the Fed’s flexible approach to monetary policy should help stabilize investor appetite for risk assets. From a bottom-up perspective, consensus analyst estimates continue to show mild earnings contraction for the first half of 2019. However, earnings are expected to improve in late 2019. Against historical levels, mid cap growth valuations still trade at reasonable levels relative to its growth potential.

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 June 30, 2019  | Annual Report

Unaudited

AllianzGI Mid-Cap Fund (cont’d)

Average Annual Total Return for the period ended June 30, 2019

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI Mid-Cap Fund Class A		13.58%		10.48%		14.08%		12.87%
AllianzGI Mid-Cap Fund Class A (adjusted)		7.33%		9.23%		13.44%		12.71%
AllianzGI Mid-Cap Fund Class C		12.56%		9.67%		13.23%		12.09%
AllianzGI Mid-Cap Fund Class C (adjusted)		11.64%		9.67%		13.23%		12.09%
AllianzGI Mid-Cap Fund Class R		12.97%		10.15%		13.77%		12.67%
AllianzGI Mid-Cap Fund Class P		13.79%		10.82%		14.37%		13.32%
AllianzGI Mid-Cap Fund Institutional Class		13.97%		10.87%		14.46%		13.43%
AllianzGI Mid-Cap Fund Administrative Class		13.61%		10.61%		14.18%		13.13%
Russell Midcap Growth Index		13.94%		11.10%		16.02%		12.40%
Lipper Mid-Cap Growth Funds Average		11.81%		10.37%		14.73%		9.66%
Lipper Multi-Cap Growth Funds Average		10.22%		10.71%		14.74%		—%

† 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 1.13% for Class A shares, 1.88% for Class C shares, 1.38% for Class R shares, 0.88% for Class P shares, 0.78% for Institutional Class shares and 1.03% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 28, 2018, as revised August 30, 2018 and as supplemented to date.

Cumulative Returns Through June 30, 2019

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

Industry/Sectors (as of June 30, 2019)

IT Services	11.6%
Health Care Equipment & Supplies	10.6%
Semiconductors & Semiconductor Equipment	7.3%
Software	7.0%
Entertainment	5.4%
Professional Services	4.2%
Commercial Services & Supplies	3.9%
Electronic Equipment, Instruments & Components	3.7%
Other	45.8%
Cash & Equivalents — Net	0.5%

Annual Report |  June 30, 2019 29

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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 (1/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/19)	$1,317.50	$1,315.00	$1,313.60	$1,318.70	$1,319.80	$1,320.70
Expenses Paid During Period	$6.55	$10.85	$7.97	$5.12	$4.54	$5.98
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Administrative Class
Beginning Account Value (1/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/19)	$1,019.14	$1,015.42	$1,017.90	$1,020.38	$1,020.88	$1,019.64
Expenses Paid During Period	$5.71	$9.44	$6.95	$4.46	$3.96	$5.21

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, 0.79% for Institutional Class and 1.04% for Administrative Class), multiplied by the average account value over the period, multiplied by 181/365.

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Annual Report |  June 30, 2019 31

Unaudited

AllianzGI NFJ Dividend Value Fund

For the period July 1, 2018 through June 30, 2019, as provided by the Value Equity, US team.

Fund Insights

For the twelve-month period ended June 30, 2019, the Class A shares at net asset value (“NAV”) of the AllianzGI NFJ Dividend Value Fund (the “Fund”) returned 4.46%, underperforming the Russell 1000 Value Index (the “benchmark”), which returned 8.46%.

Market Overview

US equities ratcheted steadily higher over the third quarter of 2018, with major indices touching a series of fresh peaks bolstered by corporate earnings growth and positive economic data. The gains propelled the market to its longest bull run in history, surpassing the previous record set between 1990 and 2000. However, the bull market ended abruptly in the final quarter of 2018 when US stocks plummeted, recording their weakest fourth-quarter returns since 2008. A sudden rise in bond yields provided the catalyst for the initial downward movement in October 2018, with stocks plunging further in December 2018 amid concerns over the outlook for growth and company profits, with political tensions providing further fuel for the selloff. Equity returns once again shifted over the first half of 2019, with January being the strongest start to a year for US stocks since 1987. Corporate earnings remained supportive, beating albeit lowered forecasts, and a more dovish tone from the US Federal Reserve (the “Fed”) also boosted sentiment. While US equities suffered a sharp set-back in May 2019 as the breakdown in US and China trade talks led to a series of tit-for-tat tariffs and other protectionist measures, stocks rebounded in June 2019 amid growing speculation that the Fed may be more inclined to cut rates to protect the US economy.

Portfolio Review

Relative performance results were due to negative stock selection, though sector allocation also detracted to a lesser degree over the twelve-month period. Selection across the industrials and communications services sectors boosted relative returns. However, these gains were offset by holdings in the information technology and consumer staples sectors, which failed to keep pace with benchmark shares. Within the benchmark, utilities, health care, communications services, information technology and consumer staples lead gains while two of the eleven GICS economic sectors—energy and materials—dipped into negative territory for the trailing one-year period. The Fund’s overweight in energy detracted from relative returns, while an overweight in health care contributed to performance results during the twelve-month period.

Outlook

After a strong start to 2019 with double-digit gains in the first quarter, US equity markets abruptly turned volatile, netting a modestly positive return in the second quarter. Despite some bumps and bruises, US equities have recorded impressive gains, with the S&P 500 up 18.5% in 2019, as of June 30, 2019. As market participants look to the second half of the year, they face a fragmented economic environment with multiple pain points. We believe that market disruptions from intensifying and/or shifting trade talks may become a long-term theme. Also, the US is continuing along what many believe to be a late-cycle path with growth stuck at less than 2% and rising fears of a recession in 2020. Of course, the continued shift in Fed policy toward more accommodative actions could have a material impact, and continued low unemployment and a fundamentally strong US consumer could bode well for sustained economic strength. Finally, political uncertainty related to the upcoming presidential election could create market headwinds.

In the face of these investing challenges and uncertainties, we believe a focus on higher-quality companies that pay a dividend within an attractive price-value framework offers many compelling characteristics, from less volatility with income to the potential to protect against inflation via dividend growth. As active managers committed to researching fundamentals and evaluating a company’s prospects, 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 June 30, 2019  | Annual Report

Unaudited

AllianzGI NFJ Dividend Value Fund (cont’d)

Average Annual Total Return for the period ended June 30, 2019

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI NFJ Dividend Value Fund Class A		4.46%		4.90%		11.21%		7.70%
AllianzGI NFJ Dividend Value Fund Class A (adjusted)		–1.29%		3.72%		10.58%		7.38%
AllianzGI NFJ Dividend Value Fund Class C		3.63%		4.11%		10.37%		6.89%
AllianzGI NFJ Dividend Value Fund Class C (adjusted)		2.80%		4.11%		10.37%		6.89%
AllianzGI NFJ Dividend Value Fund Class R		4.14%		4.62%		10.92%		7.43%
AllianzGI NFJ Dividend Value Fund Class P		4.62%		5.15%		11.48%		8.01%
AllianzGI NFJ Dividend Value Fund Institutional Class		4.82%		5.26%		11.60%		8.12%
AllianzGI NFJ Dividend Value Fund Class R6		4.82%		5.31%		11.65%		8.17%
AllianzGI NFJ Dividend Value Fund Administrative Class		4.49%		4.99%		11.32%		7.85%
Russell 1000 Value Index		8.46%		7.46%		13.19%		6.96%
Lipper Equity Income Funds Average		7.00%		6.93%		11.97%		6.71%

† 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 October 31, 2019. 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, 2018, as revised August 30, 2018 and as supplemented to date.

Cumulative Returns Through June 30, 2019

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

Industry/Sectors (as of June 30, 2019)

Banks	13.8%
Oil, Gas & Consumable Fuels	11.9%
Pharmaceuticals	8.6%
Insurance	7.0%
Aerospace & Defense	4.8%
Semiconductors & Semiconductor Equipment	4.8%
Diversified Telecommunications Services	4.1%
Industrial Conglomerates	3.1%
Other	40.3%
Cash & Equivalents — Net	1.6%

Annual Report |  June 30, 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 (1/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/19)	$1,143.20	$1,138.80	$1,140.80	$1,144.30	$1,144.90	$1,144.90	$1,142.70
Expenses Paid During Period	$5.53	$9.49	$6.85	$4.20	$3.67	$3.40	$4.99
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class
Beginning Account Value (1/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/19)	$1,019.64	$1,015.92	$1,018.40	$1,020.88	$1,021.37	$1,021.62	$1,020.13
Expenses Paid During Period	$5.21	$8.95	$6.46	$3.96	$3.46	$3.21	$4.71

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 181/365.

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Annual Report |  June 30, 2019 35

Unaudited

AllianzGI NFJ International Value Fund

For the period July 1, 2018 through June 30, 2019, as provided by the Value Equity, US team.

Fund Insights

For the twelve-month period ended June 30, 2019, the Class A shares at net asset value (“NAV”) of the AllianzGI NFJ International Value Fund (the “Fund”) returned 1.44%, outperforming the MSCI ACWI ex-USA Index (the “benchmark”), which returned 1.29%.

Market Overview

International equities fell sharply over the second half of 2018, with many markets entering bear territory in the fourth quarter. In general, markets continued to ratchet higher during the third quarter, but a sudden rise in bond yields at the start of October sent stocks into reverse. The selloff intensified as worries over earnings added to concerns over the impact of higher tariffs and the outlook for global growth. Politics also unsettled investors, with a US government shutdown, continued uncertainty over Brexit, Italy’s controversial budget and political unrest in France all adding to the downward pressure on prices. Equities rallied over the first half of 2019, with many markets delivering double-digit gains. Sentiment was boosted by hopes of improved trade relations between the US and China and monetary policy U-turns from key central banks. Equity markets ratcheted higher until May when global stocks suffered a sharp set-back as the breakdown of US and China trade talks led to a series of tit-for-tat tariffs and other protectionist measures. Central banks rode to the rescue in June, issuing a series of dovish comments which caused stocks to rally once more and countered concerns over heightened geopolitical risks in the Middle East.

Portfolio Review

Relative performance results over the twelve-month period were due to positive stock selection, which was only partially offset by negative country and sector allocations. Selection across the financials and energy sectors boosted relative returns. These gains were only modestly dampened by holdings in the materials and consumer staples sectors, which failed to keep pace with benchmark shares. The Fund’s underweight in health care detracted from relative returns while an overweight in financials contributed to performance during the twelve-month period. By country, selection was positive across China and Japan, while the Fund realized negative selection from holdings based in Hong Kong and the UK. Underweight exposures across Switzerland and Brazil detracted over the reporting period. In contrast, overweight positions in Hong Kong and Russia boosted relative performance.

Outlook

European banking stocks sunk to another multi-decade relative low in terms of their performance versus the broader markets in the second quarter of 2019. The Euro Stoxx Banks Index continues to trade near where it did during the depths of the Global Financial Crisis of 2008-2009, and this index has underperformed the MSCI EAFE by more than 8% per annum for the last five years. Persistently low rates in Europe continue to dog the banking industry’s primary moneymaker: net interest income. With razor thin spreads to work with, banks are plagued with mind-numbingly low returns on assets. This has forced financial institutions to take on excessive amounts of leverage or push the envelope in riskier business endeavors to turn a decent profit. This past quarter, the European Central Bank once again hinted at its intentions to flood the market with more stimulus and open market purchases of assets. The European central banks would like to see renewed inflation and economic growth. However, unless the governments of European countries are willing to make structural reforms, it is unlikely that these economies will see a jumpstart in growth rates.

The Fund has been and continues to be underweight European banking stocks. Given the difficulty these institutions face to generate a fair return on their shareholders’ capital, and the risks they must take in order to earn them, we do not see a strong investment case for these stocks—despite the fact that they trade at historically low valuation multiples. Until these banks see more clarity from an economic and regulatory standpoint, we are comfortable sitting on the sidelines.

36 June 30, 2019  | Annual Report

Unaudited

AllianzGI NFJ International Value Fund (cont’d)

Average Annual Total Return for the period ended June 30, 2019

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI NFJ International Value Fund Class A		1.44%		–3.05%		4.09%		8.16%
AllianzGI NFJ International Value Fund Class A (adjusted)		–4.14%		–4.14%		3.50%		7.79%
AllianzGI NFJ International Value Fund Class C		0.76%		–3.76%		3.32%		7.36%
AllianzGI NFJ International Value Fund Class C (adjusted)		–0.24%		–3.76%		3.32%		7.36%
AllianzGI NFJ International Value Fund Class R		1.23%		–3.28%		3.84%		7.91%
AllianzGI NFJ International Value Fund Class P		1.76%		–2.80%		4.35%		8.45%
AllianzGI NFJ International Value Fund Institutional Class		1.84%		–2.71%		4.45%		8.56%
AllianzGI NFJ International Value Fund Class R6		1.88%		–2.67%		4.50%		8.61%
AllianzGI NFJ International Value Fund Administrative Class		1.68%		–2.93%		4.21%		8.29%
MSCI ACWI ex-USA Index		1.29%		2.16%		6.54%		8.04%
Lipper International Large-Cap Core Funds Average		–0.85%		0.68%		5.88%		7.23%

† 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 1.37% for Class A shares, 2.12% for Class C shares, 1.62% for Class R shares, 1.12% for Class P shares, 1.02% for Institutional Class shares, 0.97% for Class R6 shares and 1.27% for Administrative Class shares. Theses ratios do not include an expense reduction, contractually agreed through at least October 31, 2019. The Fund’s expense ratios net of this reduction are 1.30% for Class A shares, 2.05% for Class C shares, 1.55% for Class R shares, 1.05% for Class P shares, 0.95% for Institutional Class shares, 0.90% for Class R6 shares and 1.20% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 28, 2018, as revised August 30, 2018 and as supplemented to date.

Cumulative Returns Through June 30, 2019

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

Country Allocation (as of June 30, 2019)

United Kingdom	16.5%
Japan	13.7%
Canada	12.5%
China	11.9%
Hong Kong	6.7%
France	6.2%
Germany	4.2%
Ireland	3.7%
Other	23.7%
Cash & Equivalents — Net	0.9%

Annual Report |  June 30, 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 (1/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/19)	$1,144.90	$1,141.00	$1,143.70	$1,146.60	$1,147.20	$1,147.30	$1,146.70
Expenses Paid During Period	$6.97	$10.94	$8.29	$5.64	$5.11	$4.84	$6.44
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class
Beginning Account Value (1/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/19)	$1,018.30	$1,014.58	$1,017.06	$1,019.54	$1,020.03	$1,020.28	$1,018.79
Expenses Paid During Period	$6.56	$10.29	$7.80	$5.31	$4.81	$4.56	$6.06

For each class of the Fund, expenses (net of fee waiver) are equal to the annualized expense ratio for the class (1.31% for Class A, 2.06% for Class C, 1.56% for Class R, 1.06% for Class P, 0.96% for Institutional Class , 0.91% for Class R6 and 1.21% for Administrative Class), multiplied by the average account value over the period, multiplied by 181/365.

38 June 30, 2019  | Annual Report

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Annual Report |  June 30, 2019 39

Unaudited

AllianzGI NFJ Large-Cap Value Fund

For the period July 1, 2018 through June 30, 2019, as provided by the Value Equity, US team.

Fund Insights

For the twelve-month period ended June 30, 2019, the Class A shares at net asset value (“NAV”) of the AllianzGI NFJ Large-Cap Value Fund (the “Fund”) returned 4.62%, underperforming the Russell 1000 Value Index (the “benchmark”), which returned 8.46%.

Market Overview

US equities ratcheted steadily higher over the third quarter of 2018, with major indices touching a series of fresh peaks bolstered by corporate earnings growth and positive economic data. The gains propelled the market to its longest bull run in history, surpassing the previous record set between 1990 and 2000. However, the bull market ended abruptly in the final quarter of 2018 when US stocks plummeted, recording their weakest fourth-quarter returns since 2008. A sudden rise in bond yields provided the catalyst for the initial downward movement in October, with stocks plunging further in December amid concerns over the outlook for growth and company profits, with political tensions providing further fuel for the selloff. Equity returns once again shifted over the first half of 2019, with January being the strongest start to a year for US stocks since 1987. Corporate earnings remained supportive, beating albeit lowered forecasts, and a more dovish tone from the US Federal Reserve (the “Fed”) also boosted sentiment. While US equities suffered a sharp set-back in May as the breakdown of US and China trade talks led to a series of tit-for-tat tariffs and other protectionist measures, stocks rebounded in June amid growing speculation that the Fed may be more inclined to cut rates to protect the US economy.

Portfolio Review

Relative performance results were due to negative stock selection, though sector allocation also detracted to a lesser degree over the reporting period. Selection across the industrials and financials sectors boosted relative returns. However, these gains were offset by holdings in the energy and information technology sectors, which failed to keep pace with benchmark shares. Within the benchmark, utilities, health care, communications services, information technology and consumer staples lead gains while two of the eleven GICS economic sectors—energy and materials—dipped into negative territory for the trailing one-year period. The Fund’s overweight in energy detracted from relative returns, while an overweight in health care contributed to performance results during the twelve-month period.

Outlook

After a strong start to 2019 with double-digit gains in the first quarter, US equity markets abruptly turned volatile, netting a modestly positive return in the second quarter. Despite some bumps and bruises, US equities have recorded impressive gains, with the S&P 500 up 18.5% year-to-date. As market participants look to the second half of the year, they face a fragmented economic environment with multiple pain points. We believe that market disruptions from intensifying and/or shifting trade talks may become a long-term theme. Also, the US is continuing along what many believe to be a late-cycle path with growth stuck at less than 2% and rising fears of a recession in 2020. Of course, the continued shift in Fed policy toward more accommodative actions could have a material impact, and continued low unemployment and a fundamentally strong US consumer could bode well for sustained economic strength. Finally, political uncertainty related to the upcoming presidential election could create market headwinds.

In the face of these investing challenges and uncertainties, we believe a focus on higher-quality companies that pay a dividend within an attractive price-value framework offers many compelling characteristics, from less volatility with income to the potential to protect against inflation via dividend growth. As active managers committed to researching fundamentals and evaluating a company’s prospects, we believe this approach will become critical in the current environment for clients seeking strong absolute returns and moderated volatility over the long term.

40 June 30, 2019  | Annual Report

Unaudited

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

Average Annual Total Return for the period ended June 30, 2019

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI NFJ Large-Cap Value Fund Class A		4.62%		6.71%		11.97%		7.40%
AllianzGI NFJ Large-Cap Value Fund Class A (adjusted)		–1.13%		5.51%		11.34%		7.08%
AllianzGI NFJ Large-Cap Value Fund Class C		3.78%		5.91%		11.13%		6.60%
AllianzGI NFJ Large-Cap Value Fund Class C (adjusted)		2.78%		5.91%		11.13%		6.60%
AllianzGI NFJ Large-Cap Value Fund Class R		4.33%		6.45%		11.70%		7.16%
AllianzGI NFJ Large-Cap Value Fund Class P		4.87%		6.98%		12.25%		7.73%
AllianzGI NFJ Large-Cap Value Fund Institutional Class		4.98%		7.09%		12.38%		7.83%
AllianzGI NFJ Large-Cap Value Fund Administrative Class		4.69%		6.83%		12.08%		7.56%
Russell 1000 Value Index		8.46%		7.46%		13.19%		6.96%
Lipper Large-Cap Value Funds Average		6.60%		6.90%		12.11%		6.50%

† 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 1.11% 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 and 1.01% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 28, 2018, as revised August 30, 2018 and as supplemented to date.

Cumulative Returns Through June 30, 2019

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

Industry/Sectors (as of June 30, 2019)

Banks	13.8%
Oil, Gas & Consumable Fuels	11.1%
Pharmaceuticals	8.1%
Insurance	5.2%
Semiconductors & Semiconductor Equipment	4.4%
Aerospace & Defense	3.6%
Healthcare Equipment & Supplies	3.1%
Chemicals	3.0%
Other	47.4%
Cash & Equivalents — Net	0.3%

Annual Report |  June 30, 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 (1/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/19)	$1,136.00	$1,131.60	$1,134.40	$1,136.90	$1,137.80	$1,136.30
Expenses Paid During Period	$5.93	$9.88	$7.25	$4.61	$4.08	$5.40
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Administrative Class
Beginning Account Value (1/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/19)	$1,019.24	$1,015.52	$1,018.00	$1,020.48	$1,020.98	$1,019.74
Expenses Paid During Period	$5.61	$9.35	$6.85	$4.36	$3.86	$5.11

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 181/365.

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Annual Report |  June 30, 2019 43

Unaudited

AllianzGI NFJ Mid-Cap Value Fund

For the period July 1, 2018 through June 30, 2019, as provided by the Value Equity, US team.

Fund Insights

For the twelve-month period ended June 30, 2019, the Class A shares at net asset value (“NAV”) of the AllianzGI NFJ Mid-Cap Value Fund (the “Fund”) returned 3.46%, underperforming the Russell Midcap Value Index (the “benchmark”), which returned 3.68%.

Market Overview

US equities ratcheted steadily higher over the third quarter of 2018, with major indices touching a series of fresh peaks bolstered by corporate earnings growth and positive economic data. The gains propelled the market to its longest bull run in history, surpassing the previous record set between 1990 and 2000. However, the bull market ended abruptly in the final quarter of 2018 when US stocks plummeted, recording their weakest fourth-quarter returns since 2008. A sudden rise in bond yields provided the catalyst for the initial downward movement in October, with stocks plunging further in December amid concerns over the outlook for growth and company profits, with political tensions providing further fuel for the selloff. Equity returns once again shifted over the first half of 2019, with January being the strongest start to a year for US stocks since 1987. Corporate earnings remained supportive, beating albeit lowered forecasts, and a more dovish tone from the US Federal Reserve (the “Fed”) also boosted sentiment. While US equities suffered a sharp set-back in May as the breakdown of US and China trade talks led to a series of tit-for-tat tariffs and other protectionist measures, stocks rebounded in June amid growing speculation that the Fed may be more inclined to cut rates to protect the US economy.

Portfolio Review

Relative performance results were due to positive stock selection, which was offset by negative sector allocation over the reporting period. Selection across the consumer discretionary and consumer staples sectors boosted relative returns. These gains were only somewhat offset by holdings in the financial and information technology sectors that failed to keep pace with benchmark shares. Within the benchmark, utilities, information technology and industrials lead gains while energy posted a double-digit decline, followed by negative absolute returns for the consumer discretionary, materials and consumer staples sectors. The Fund’s underweight in utilities detracted from relative returns, while an overweight in industrials contributed to performance results during the twelve-month period.

Outlook

After a strong start to 2019 with double-digit gains in the first quarter, US equity markets abruptly turned volatile, netting a modestly positive return in the second quarter. Despite some bumps and bruises, US equities have recorded impressive gains, with the S&P 500 up 18.5% year-to-date. As market participants look to the second half of the year, they face a fragmented economic environment with multiple pain points. We believe that market disruptions from intensifying and/or shifting trade talks may become a long-term theme. Also, the US is continuing along what many believe to be a late-cycle path with growth stuck at less than 2% and rising fears of a recession in 2020. Of course, the continued shift in Fed policy toward more accommodative actions could have a material impact, and continued low unemployment and a fundamentally strong US consumer could bode well for sustained economic strength. Finally, political uncertainty related to the upcoming presidential election could create market headwinds.

In the face of these investing challenges and uncertainties, we believe a focus on higher-quality companies that pay a dividend within an attractive price-value framework offers many compelling characteristics, from less volatility with income to the potential to protect against inflation via dividend growth. As active managers committed to researching fundamentals and evaluating a company’s prospects, we believe this approach will become critical in the current environment for clients seeking strong absolute returns and moderated volatility over the long term.

44 June 30, 2019  | Annual Report

Unaudited

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

Average Annual Total Return for the period ended June 30, 2019

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI NFJ Mid-Cap Value Fund Class A		3.46%		7.46%		13.29%		11.04%
AllianzGI NFJ Mid-Cap Value Fund Class A (adjusted)		–2.23%		6.25%		12.65%		10.83%
AllianzGI NFJ Mid-Cap Value Fund Class C		2.69%		6.66%		12.45%		10.20%
AllianzGI NFJ Mid-Cap Value Fund Class C (adjusted)		1.69%		6.66%		12.45%		10.20%
AllianzGI NFJ Mid-Cap Value Fund Class R		3.21%		7.20%		13.02%		10.70%
AllianzGI NFJ Mid-Cap Value Fund Class P		3.75%		7.74%		13.59%		11.33%
AllianzGI NFJ Mid-Cap Value Fund Institutional Class		3.83%		7.84%		13.69%		11.43%
AllianzGI NFJ Mid-Cap Value Fund Class R6		3.89%		7.90%		13.75%		11.49%
AllianzGI NFJ Mid-Cap Value Fund Administrative Class		3.56%		7.57%		13.41%		11.18%
Russell Midcap Value Index		3.68%		6.72%		14.56%		11.57%
Lipper Multi-Cap Value Funds Average		3.20%		6.03%		11.98%		6.93%

† 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 September 30, 2019. 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, 2018, as revised August 30, 2018 and as supplemented to date.

Cumulative Returns Through June 30, 2019

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

Industry/Sectors (as of June 30, 2019)

Banks	8.5%
Insurance	7.4%
Equity Real Estate Investment Trusts (REITs)	7.3%
Oil, Gas & Consumable Fuels	6.4%
Aerospace & Defense	4.5%
Food Products	4.4%
IT Services	4.2%
Capital Markets	4.1%
Other	52.6%
Cash & Equivalents — Net	0.6%

Annual Report |  June 30, 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 (1/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/19)	$1,186.00	$1,181.80	$1,184.80	$1,187.70	$1,188.20	$1,188.30	$1,186.40
Expenses Paid During Period	$5.37	$9.41	$6.72	$4.01	$3.47	$3.20	$4.82
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class
Beginning Account Value (1/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/19)	$1,019.89	$1,016.17	$1,018.65	$1,021.12	$1,021.62	$1,021.87	$1,020.38
Expenses Paid During Period	$4.96	$8.70	$6.21	$3.71	$3.21	$2.96	$4.46

For each class of the Fund, expenses ( net of fee waiver) are equal to the annualized expense ratio for the class (0.99% for Class A, 1.74% for Class C, 1.24% for Class R, 0.74% for Class P, 0.64% for Institutional Class, 0.59% for Class R6 and 0.89% for Administrative Class), multiplied by the average account value over the period, multiplied by 181/365.

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Annual Report |  June 30, 2019 47

Unaudited

AllianzGI NFJ Small-Cap Value Fund

For the period July 1, 2018 through June 30, 2019, as provided by the Value Equity, US team.

Fund Insights

For the twelve-month period ended June 30, 2019, the Class A shares at net asset value (“NAV”) of the AllianzGI NFJ Small-Cap Value Fund (the “Fund”) returned -7.70%, underperforming the Russell 2000 Value Index (the “benchmark index”), which returned -6.24%.

Market Overview

US equities ratcheted steadily higher over the third quarter of 2018, with major indices touching a series of fresh peaks bolstered by corporate earnings growth and positive economic data. The gains propelled the market to its longest bull run in history, surpassing the previous record set between 1990 and 2000. However, the bull market ended abruptly in the final quarter of 2018 when US stocks plummeted, recording their weakest fourth-quarter returns since 2008. A sudden rise in bond yields provided the catalyst for the initial downward movement in October, with stocks plunging further in December amid concerns over the outlook for growth and company profits, with political tensions providing further fuel for the selloff. Equity returns once again shifted over the first half of 2019, with January being the strongest start to a year for US stocks since 1987. Corporate earnings remained supportive, beating albeit lowered forecasts, and a more dovish tone from the US Federal Reserve (the “Fed”) also boosted sentiment. While US equities suffered a sharp set-back in May as the breakdown of US and China trade talks led to a series of tit-for-tat tariffs and other protectionist measures, stocks rebounded in June amid growing speculation that the Fed may be more inclined to cut rates to protect the US economy.

Portfolio Review

Relative performance results were due to positive stock selection, which was offset by negative sector allocation over the reporting period. Selection across the health care and energy sectors boosted relative returns. These gains were only somewhat offset by holdings in the financial and information technology sectors that failed to keep pace with benchmark shares. Within the benchmark, utilities, communications services and information technology lead gains, followed by real estate and industrials names, which held up a relative basis. In contrast, the benchmark’s energy, health care, consumer staples, materials and consumer discretionary sector posted double-digit declines. The Fund’s underweight in utilities detracted from relative returns, while an overweight in industrials contributed to performance results during the twelve-month period.

Outlook

After a strong start to 2019 with double-digit gains in the first quarter, US equity markets abruptly turned volatile, netting a modestly positive return in the second quarter. Despite some bumps and bruises, US equities have recorded impressive gains, with the S&P 500 up 18.5% year-to-date. As market participants look to the second half of the year, they face a fragmented economic environment with multiple pain points. We believe that market disruptions from intensifying and/or shifting trade talks may become a long-term theme. Also, the US is continuing along what many believe to be a late-cycle path with growth stuck at less than 2% and rising fears of a recession in 2020. Of course, the continued shift in Fed policy toward more accommodative actions could have a material impact, and continued low unemployment and a fundamentally strong US consumer could bode well for sustained economic strength. Finally, political uncertainty related to the upcoming presidential election could create market headwinds.

In the face of these investing challenges and uncertainties, we believe a focus on higher-quality companies that pay a dividend within an attractive price-value framework offers many compelling characteristics, from less volatility with income to the potential to protect against inflation via dividend growth. As active managers committed to researching fundamentals and evaluating a company’s prospects, we believe this approach will become critical in the current environment for clients seeking strong absolute returns and moderated volatility over the long term.

48 June 30, 2019  | Annual Report

Unaudited

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

Average Annual Total Return for the period ended June 30, 2019

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI NFJ Small-Cap Value Fund Class A		–7.70%		1.79%		10.19%		10.46%
AllianzGI NFJ Small-Cap Value Fund Class A (adjusted)		–12.78%		0.64%		9.57%		10.23%
AllianzGI NFJ Small-Cap Value Fund Class C		–8.35%		1.04%		9.38%		9.64%
AllianzGI NFJ Small-Cap Value Fund Class C (adjusted)		–9.02%		1.04%		9.38%		9.64%
AllianzGI NFJ Small-Cap Value Fund Class R		–7.97%		1.52%		9.92%		10.14%
AllianzGI NFJ Small-Cap Value Fund Class P		–7.49%		2.03%		10.47%		10.78%
AllianzGI NFJ Small-Cap Value Fund Institutional Class		–7.42%		2.16%		10.61%		10.90%
AllianzGI NFJ Small-Cap Value Fund Class R6		–7.37%		2.21%		10.67%		10.96%
AllianzGI NFJ Small-Cap Value Fund Administrative Class		–7.64%		1.92%		10.35%		10.58%
Russell 2000 Value Index		–6.24%		5.39%		12.40%		10.72%
Lipper Small-Cap Core Funds Average		–3.34%		5.67%		12.62%		8.48%

† 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 1.26% for Class A shares, 2.01% for Class C shares, 1.51% for Class R shares, 1.01% for Class P shares, 0.91% for Institutional Class shares, 0.86% for Class R6 shares and 1.16% for Administrative Class Shares. These ratios do not include an expense reduction, contractually agreed through at least October 31, 2019. The Fund’s expense ratios net of this reduction are 1.16% for Class A shares, 1.91% for Class C shares, 1.41% for Class R shares, 0.91% for Class P shares, 0.81% for Institutional Class shares, 0.76% for Class R6 shares and 1.06% for Administrative Class Shares. Expense ratio information is as of the Fund’s current prospectus dated August 28, 2018, as revised August 30, 2018 and as supplemented to date.

Cumulative Returns Through June 30, 2019

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

Industry/Sectors (as of June 30, 2019)

Banks	21.6%
Equity Real Estate Investment Trusts (REITs)	8.6%
Oil, Gas & Consumable Fuels	6.3%
Electronic Equipment, Instuments & Components	5.7%
Insurance	4.6%
Commercial Services & Supplies	4.1%
Machinery	3.3%
IT Services	3.0%
Other	43.5%
Cash & Equivalents — Net	–0.7%

Annual Report |  June 30, 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 (1/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/19)	$1,145.90	$1,141.70	$1,144.40	$1,147.60	$1,147.60	$1,147.80	$1,146.50
Expenses Paid During Period	$6.23	$10.20	$7.55	$4.90	$4.37	$4.10	$5.69
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class
Beginning Account Value (1/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/19)	$1,018.99	$1,015.27	$1,017.75	$1,020.23	$1,020.73	$1,020.98	$1,019.49
Expenses Paid During Period	$5.86	$9.59	$7.10	$4.61	$4.11	$3.86	$5.36

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, 1.42% for Class R, 0.92% for Class P, 0.82% for Institutional Class , 0.77% for Class R6 and 1.07% for Administrative Class), multiplied by the average account value over the period, multiplied by 181/365.

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Annual Report |  June 30, 2019 51

Unaudited

AllianzGI Small-Cap Fund

For the period of July 1, 2018 through June 30, 2019, as provided by Kunal Ghosh, Lead Portfolio Manager.

Fund Insights

For the twelve-month period ended June 30, 2019, the Class A Shares at net asset value (“NAV”) of the AllianzGI Small-Cap Fund (the “Fund”) returned -0.62%, outperforming the Russell 2000 Index (the “benchmark”), which returned -3.31%.

Market Overview

For the last twelve-months, US equities underwent a relatively volatile period. In the fourth quarter of 2018, risk assets sold off meaningfully, amid the combination of a decelerating economy and hawkish commentary from the US Federal Reserve (the “Fed”). Equity markets subsequently rallied in 2019, as investor concerns were eased after Fed Chair Jerome Powell highlighted flexible monetary policy going forward. Better-than-expected corporate earnings results also helped the recovery. The benchmark, which is representative of US small caps, underperformed the Russell 1000 large cap index by 13.33%. Within the small cap universe, growth outperformed value by 5.75%.

Portfolio Review

The Fund seeks to provide an “all-weather” performance by combining three unique small-cap strategies in a single investment strategy. The fundamental growth sleeve is tasked to provide up market exposure, the quantitative core sleeve is designed to perform well over a variety of market cycles and the managed volatility sleeve seeks to protect capital in down market periods.

Security selection was the primary driver of outperformance, and sector allocation modestly detracted from returns. Stock picking was positive in the health care, energy and financials sectors, while weak selections in the industrials, information technology and consumer discretionary sectors were partly offsetting. Separately, the underweight to information technology was a drag on performance while an underweight to materials was a slight positive.

A top contributor, Masimo Corp., is a medical technology company that specializes in devices and systems that monitor patient vital signs. The stock rallied as the company delivered strong financial results, which were helped by better-than-expected volumes. The largest absolute detractor was cashless payment technology provider USA Technologies Inc. Share prices were challenged after the company delayed a regulatory filing.

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

Outlook

Looking forward, we continue to expect moderate growth from the US economy. Leading economic indicators continue to signal benign conditions and employment metrics remain positive. While key manufacturing and service surveys flash expansionary numbers, the numbers have fallen and signal slowing economic growth. As expected, the Fed held interest rates steady in its June 2019 meeting. Fed Chair Jerome Powell offered dovish commentary that the central bank will act accordingly to sustain the economic expansion. Overall, the Fed’s flexible approach to monetary policy should help stabilize investor appetite for risk assets.

From a bottom-up perspective, consensus analyst estimates continue to show mild earnings contraction for the first half of 2019. However, earnings are expected to improve into the second half of the year. Specific to small cap equities, earnings growth is expected to accelerate into double digits by the end of the year. With the benchmark’s price-to-earnings multiple below historical averages, small-cap equities appear to be trading at reasonable valuations relative to their growth potential.

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 June 30, 2019  | Annual Report

Unaudited

AllianzGI Small-Cap Fund (cont’d)

Average Annual Total Return for the period ended June 30, 2019

	1 Year		5 Year		Since Inception†
AllianzGI Small-Cap Fund Class A		–0.62%		7.84%		10.26%
AllianzGI Small-Cap Fund Class A (adjusted)		–6.09%		6.63%		9.23%
AllianzGI Small-Cap Fund Class C		–1.39%		7.03%		9.44%
AllianzGI Small-Cap Fund Class C (adjusted)		–2.28%		7.03%		9.44%
AllianzGI Small-Cap Fund Class P		–0.36%		8.12%		10.54%
AllianzGI Small-Cap Fund Institutional Class		–0.29%		8.22%		10.64%
AllianzGI Small-Cap Fund Class R6		–0.24%		8.27%		10.70%
Russell 2000 Index		–3.31%		7.06%		9.44%
Lipper Small-Cap Core Funds Average		–3.34%		5.67%		8.49%

† 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 1.28% for Class A shares, 2.03% for Class C shares, 1.03% for Class P shares, 0.93% for Institutional Class shares and 0.88% for Class R6 shares. Theses ratios do not include an expense reduction, contractually agreed through at least October 31, 2019. The Fund’s expense ratios net of this reduction are 1.18% for Class A shares, 1.93% for Class C shares, 0.93% for Class P shares, 0.83% for Institutional Class shares and 0.78% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated August 28, 2018, as revised August 30, 2018 and as supplemented to date.

Cumulative Returns Through June 30, 2019

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

Industry/Sectors (as of June 30, 2019)

Software	6.8%
Biotechnology	5.7%
Healthcare Equipment & Supplies	5.7%
Thrifts & Mortgage Finance	5.0%
Life Sciences Tools & Services	4.0%
HealthCare Providers & Services	3.9%
Equity Real Estate Investment Trusts (REITS)	3.9%
Electronic Equipment, Instruments & Components	3.6%
Other	59.7%
Cash & Equivalents — Net	1.7%

Annual Report |  June 30, 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 (1/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/19)	$1,177.50	$1,172.80	$1,179.20	$1,179.10	$1,179.70
Expenses Paid During Period	$6.32	$10.34	$4.97	$4.43	$4.16
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class	Class R6
Beginning Account Value (1/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/19)	$1,018.99	$1,015.27	$1,020.23	$1,020.73	$1,020.98
Expenses Paid During Period	$5.86	$9.59	$4.61	$4.11	$3.86

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 181 /365. 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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AllianzGI Technology Fund

For the period of July 1, 2018 to June 30, 2019, as provided by Huachen Chen, CFA and Walter C. Price, Jr., CFA, Senior Portfolio Managers.

Fund Insights

For the twelve-month period ended June 30, 2019, the Class A Shares at net asset value (“NAV”), of the AllianzGI Technology Fund (the “Fund”) returned 12.40%, underperforming the S&P North American Technology Sector Index (the “benchmark”) which returned 12.73%.

Market Overview

Despite the abrupt sell-off in the final quarter of 2018, sparked by a convergence of multiple headwinds, equities delivered solid gains over the full period. Technology stocks performed particularly well, outperforming the broader market indexes over the period. While global semiconductor and hardware stocks delivered gains in the period, both segments lagged the technology sector due to the ongoing trade tensions between the US and China. Supply chains and end markets are highly connected between the two countries, making the impact more acute for these groups. Software and services stocks held up better given lower exposures to China trade uncertainties and earnings reports that largely supported the view of stable and healthy growth.

Portfolio Review

The Fund has benefited from strong performance among several mid-sized, high-growth software companies including Paycom Software, Okta, and MongoDB. In our opinion, each of these companies continue to see increasing demand for innovative software services as more companies adopt cloud computing and Software-as-a-Service solutions. Additionally, underweight positions in mega cap companies such as Alphabet and Intel helped relative performance.

Conversely, the Fund’s overweight positions in Netapp, Nutanix, and DXC Technologies detracted from relative performance. NetApp and DXC experienced headwinds with sales execution, and Nutanix is working through a business model transition. Other top detractors included underweight positions in Microsoft and Qualcomm. While Microsoft has been among the Fund’s largest holdings, it was underweight relative to the benchmark’s 8.4% position at the end of the period.

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, we believe, should continue to drive attractive long term appreciation. The 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. 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.

We continue to believe the technology sector can provide some of the best absolute and relative return opportunities in the equity markets—especially for bottom-up stock pickers. In our opinion, the growth in technology is coming from the creation of new markets, rather than simply GDP growth. We believe investors need to find companies generating organic growth by creating new markets or effecting significant change on old markets. Industries such as automobiles, advertising, security, retail, and manufacturing are all being shaped and transformed by advances in technology.

We are seeing an ongoing wave of innovation in the sector that we believe has the potential to produce attractive returns for companies with “best-in-class” solutions.

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AllianzGI Technology Fund (cont’d)

Average Annual Total Return for the period ended June 30, 2019

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI Technology Fund Class A		12.40%		17.38%		18.80%		14.23%
AllianzGI Technology Fund Class A (adjusted)		6.22%		16.06%		18.13%		13.96%
AllianzGI Technology Fund Class C		11.57%		16.51%		17.92%		13.38%
AllianzGI Technology Fund Class C (adjusted)		10.75%		16.51%		17.92%		13.38%
AllianzGI Technology Fund Class P		12.68%		17.68%		19.09%		14.60%
AllianzGI Technology Fund Institutional Class		12.81%		17.80%		19.22%		14.72%
AllianzGI Technology Fund Administrative Class		12.52%		17.50%		18.92%		14.43%
S&P North American Technology Sector Index		12.73%		19.14%		19.12%		11.21%
NASDAQ Composite Index		7.78%		13.97%		17.19%		9.75%
Lipper Global Science & Technology Funds Average		6.35%		16.18%		17.55%		10.22%

† 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 1.57% for Class A shares, 2.32% for Class C shares, 1.32% for Class P shares, 1.22% for Institutional Class shares and 1.47% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 28, 2018, as revised August 30, 2018 and as supplemented to date.

Cumulative Returns Through June 30, 2019

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

Industry/Sectors (as of June 30, 2019)

Software	33.4%
IT Services	22.9%
Semiconductors & Semiconductor Equipment	10.4%
Interactive Media & Services	9.4%
Internet & Direct Marketing Retail	6.4%
Technology Hardware, Storage & Peripherals	3.2%
Communications Equipment	2.3%
Other	3.1%
Securities Sold Short*	–0.0%
Cash & Equivalents - Net	8.9%

* Table below details the industry allocation for securities sold short

Industry/Sectors - Securities Sold Short

IT Services –0.0%

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AllianzGI Technology Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class	Administrative Class
Beginning Account Value (1/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/19)	$1,248.70	$1,244.00	$1,250.00	$1,250.80	$1,249.20
Expenses Paid During Period	$8.70	$12.85	$7.31	$6.75	$8.14
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class	Administrative Class
Beginning Account Value (1/1/19)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/19)	$1,017.06	$1,013.34	$1,018.30	$1,018.79	$1,017.55
Expenses Paid During Period	$7.80	$11.53	$6.56	$6.06	$7.30

For each class of the Fund, expenses (net of fee waiver) are equal to the annualized expense ratio for the class (1.56% for Class A, 2.31% for Class C, 1.31% for Class P, 1.21% for Institutional Class and 1.46% for Administrative Class), multiplied by the average account value over the period, multiplied by 181/365. 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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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), AllianzGI Mid-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 charts for each Fund assume the initial investment was made on the first day of the Fund’s initial fiscal year. The charts 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.

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Proxy Voting

Allianz Global Investors U.S. LLC (the “Investment Adviser”) has adopted written proxy voting policies and procedures (the “Proxy Policy”) as required by Rule 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) or 1-800-498-5413 (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 calling 1-800-988-8380 (Class A, Class C and Class R) or 1-800-498-5413 (Class P, Class R6, Institutional and Administrative classes). In addition, the Trust’s Form N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Annual Report. Please refer to this information when reviewing the Shareholder Expense Example for a Fund.

Shareholder Expense Example

The Shareholder Expense Example is based on $1,000.00 invested at the beginning of and held for the entire period. 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 January 1, 2019 through June 30, 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 for “Hypothetical Performance (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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, determined for purposes of presentations in this report by using ratings provided by S&P Global Ratings (“S&P”). Presentations of credit ratings information in this report use ratings provided by S&P for this purpose, among other reasons, because of the access to background information and other materials provided by

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Important Information (cont’d)

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. 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 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) or 1-800-498-5413 (Class P, Class R6, Institutional and Administrative classes).

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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 Merrill Lynch US High Yield Master II Index	The ICE BofA Merrill Lynch 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 All Country World ex-USA Index (Also known as MSCI ACWI ex-USA Index)	The MSCI All Country World Index (ACWI) 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 June 30, 2019  | Annual Report

Schedule of Investments

June 30, 2019

AllianzGI Emerging Markets Opportunities Fund

	Shares		Value
Common Stock—92.3%
Brazil—4.3%
Banco do Brasil S.A.		386,000		$5,422,164
Cia de Saneamento Basico do Estado de Sao Paulo ADR		340,700		4,146,319
IRB Brasil Resseguros S.A.		56,800		1,456,998
Porto Seguro S.A.		150,076		2,019,799
Qualicorp Consultoria e Corretora de Seguros S.A.		148,400		887,706
Vale S.A.		186,500		2,516,812
				16,449,798
China—34.1%
Alibaba Group Holding Ltd. ADR (d)		72,800		12,335,960
Anhui Conch Cement Co., Ltd., Class H		1,169,000		7,314,798
Bank of Communications Co., Ltd., Class H		3,434,000		2,607,524
China Merchants Bank Co., Ltd., Class H		1,570,500		7,793,475
China Mobile Ltd.		1,456,000		13,254,930
China Telecom Corp., Ltd., Class H		3,410,000		1,717,098
CNOOC Ltd.		2,690,000		4,588,500
Daqin Railway Co., Ltd., Class A		1,483,600		1,748,677
Industrial & Commercial Bank of China Ltd., Class H		11,955,000		8,726,209
Jiangsu Expressway Co., Ltd., Class H		1,090,000		1,551,292
Kweichow Moutai Co., Ltd., Class A		30,400		4,366,154
Lenovo Group Ltd.		11,200,000		8,671,982
Qudian, Inc. ADR (d)		399,700		2,997,750
RiseSun Real Estate Development Co., Ltd., Class A		3,134,052		4,291,430
Tencent Holdings Ltd.		692,100		31,310,180
Weichai Power Co., Ltd., Class H		4,429,000		7,491,346
Xiamen C & D, Inc.		690,372		893,757
Yum China Holdings, Inc.		102,300		4,726,260
Zoomlion Heavy Industry Science and Technology Co., Ltd. Class H		3,815,600		2,506,213
				128,893,535
Hong Kong—4.5%
Hang Seng Bank Ltd.		179,200		4,460,374
Link REIT		1,013,500		12,471,530
				16,931,904
India—10.8%
Bajaj Finance Ltd.		69,678		3,719,133
GAIL India Ltd.		410,208		1,852,814
HDFC Bank Ltd. ADR		102,100		13,277,084
Hindustan Unilever Ltd.		107,454		2,785,635
ITC Ltd.		815,856		3,234,607
REC Ltd.		355,430		849,721
Tata Consultancy Services Ltd.		369,505		11,928,000
Tech Mahindra Ltd.		316,687		3,246,695
				40,893,689

	Shares		Value
Indonesia—2.1%
Bank Central Asia Tbk PT		1,977,700	$	4,196,828
Bank Rakyat Indonesia Persero Tbk PT		12,510,900		3,862,428
				8,059,256
Korea (Republic of)—9.5%
Kia Motors Corp.		213,508		8,145,078
LG Electronics, Inc.		103,133		7,096,185
Partron Co., Ltd.		238,699		3,674,574
POSCO		22,816		4,843,491
Samsung Electronics Co., Ltd.		180,591		7,353,723
Shinhan Financial Group Co., Ltd.		126,847		4,933,595
				36,046,646
Mexico—2.9%
Grupo Financiero Banorte S.A.B de C.V., Class O		1,873,100		10,879,228
Russian Federation—7.0%
Alrosa PJSC (b)(c)		2,474,700		3,377,025
Lukoil PJSC ADR		200,807		16,871,804
MMC Norilsk Nickel PJSC ADR		269,765		6,075,108
				26,323,937
South Africa—4.9%
AngloGold Ashanti Ltd. ADR		205,400		3,658,174
Exxaro Resources Ltd.		143,171		1,753,173
Impala Platinum Holdings Ltd. (d)		238,406		1,181,444
Kumba Iron Ore Ltd.		27,934		990,299
Nedbank Group Ltd.		62,062		1,116,378
Telkom S.A. SOC Ltd.		1,507,879		9,861,536
				18,561,004
Taiwan—7.3%
Cathay Financial Holding Co., Ltd.		693,000		959,861
Chlitina Holding Ltd.		245,000		2,115,961
CTBC Financial Holding Co., Ltd.		1,315,000		904,209
Hon Hai Precision Industry Co., Ltd.		2,227,000		5,556,174
Radiant Opto-Electronics Corp.		1,004,000		3,374,039
Taiwan Semiconductor Manufacturing Co., Ltd.		945,000		7,227,716
Uni-President Enterprises Corp.		1,232,000		3,281,655
United Microelectronics Corp.		2,053,000		925,001
Zhen Ding Technology Holding Ltd.		1,051,000		3,362,385
				27,707,001
Thailand—2.0%
Charoen Pokphand Foods PCL (b)(c)		6,445,600		5,940,019
Land & Houses PCL (b)(c)		4,574,000		1,656,693
				7,596,712
Turkey—1.4%
KOC Holding AS		288,762		871,429
Turkiye Is Bankasi AS		4,054,911		4,228,789
				5,100,218

	Shares		Value
United Kingdom—0.5%
Mondi PLC		76,199	$	1,734,300
United States—1.0%
AutoZone, Inc. (d)		3,600		3,958,092
Total Common Stock (cost—$319,344,327)				349,135,320
Preferred Stock—4.9%
Brazil—3.4%
Banco Bradesco S.A.		628,020		6,172,339
Banco do Estado do Rio Grande do Sul S.A., Class B		270,700		1,674,273
Cia Paranaense de Energia		395,800		5,009,409
				12,856,021
Russian Federation—1.5%
Surgutneftegas PJSC (b)(c)		8,440,857		5,739,783
Total Preferred Stock (cost—$14,094,570)				18,595,804
Exchange-Traded Funds—0.7%
iShares MSCI Emerging Markets Index (cost—$2,869,350)		66,000		2,832,060
	Principal Amount (000s)
Repurchase Agreements—1.6%
State Street Bank and Trust Co., dated 6/28/19, 0.50%, due 7/1/19, proceeds $5,998,250; collateralized by U.S. Treasury Inflation Indexed Bonds, 2.375%, due 1/15/25, valued at $6,119,208 including accrued interest
(cost—$5,998,000)		$5,998		5,998,000
Total Investments (cost—$342,306,247) (a)—99.5%				376,561,184
Other assets less liabilities—0.5%				1,798,413
Net Assets—100.0%				$378,359,597

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $246,932,325, representing 65.3% 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 $16,713,520, representing 4.4% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

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

(d) Non-income producing.

See accompanying Notes to Financial Statements |  June 30, 2019  | Annual Report 65

Schedule of Investments

June 30, 2019

Glossary:

ADR—American Depositary Receipt

MSCI—Morgan Stanley Capital International

REIT—Real Estate Investment Trust

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

Banks	21.2%
Interactive Media & Services	8.3%
Oil, Gas & Consumable Fuels	7.7%
Metals & Mining	6.0%
Technology Hardware, Storage & Peripherals	4.2%
IT Services	4.0%
Wireless Telecommunication Services	3.5%
Electronic Equipment, Instruments & Components	3.3%
Equity Real Estate Investment Trusts (REITs)	3.3%
Internet & Direct Marketing Retail	3.3%
Diversified Telecommunication Services	3.1%
Semiconductors & Semiconductor Equipment	3.0%
Machinery	2.6%
Food Products	2.4%
Automobiles	2.2%
Construction Materials	1.9%
Household Durables	1.9%
Consumer Finance	1.8%
Real Estate Management & Development	1.6%
Electric Utilities	1.3%
Hotels, Restaurants & Leisure	1.2%
Insurance	1.2%
Beverages	1.2%
Water Utilities	1.1%
Specialty Retail	1.0%
Tobacco	0.9%
Exchange-Traded Funds	0.7%
Household Products	0.7%
Personal Products	0.6%
Gas Utilities	0.5%
Road & Rail	0.5%
Paper & Forest Products	0.5%
Transportation Infrastructure	0.4%
Trading Companies & Distributors	0.2%
Healthcare Providers & Services	0.2%
Industrial Conglomerates	0.2%
Diversified Financial Services	0.2%
Repurchase Agreements	1.6%
Other assets less liabilities	0.5%
	100.0%

AllianzGI Focused Growth Fund

	Shares		Value
Common Stock—96.6%
Aerospace & Defense—3.7%
Lockheed Martin Corp.		104,752		$38,081,542
Banks—1.3%
SVB Financial Group (a)		60,635		13,618,015
Beverages—1.0%
Constellation Brands, Inc., Class A		54,088		10,652,091
Biotechnology—1.6%
Vertex Pharmaceuticals, Inc. (a)		90,780		16,647,236
Capital Markets—1.3%
MSCI, Inc.		54,575		13,031,964
Communications Equipment—1.8%
Arista Networks, Inc. (a)		72,340		18,780,911
Construction Materials—2.1%
Vulcan Materials Co.		158,805		21,805,514
Entertainment—0.8%
World Wrestling Entertainment, Inc., Class A		117,910		8,514,281
Healthcare Equipment & Supplies—6.3%
Boston Scientific Corp. (a)		524,230		22,531,405
DexCom, Inc. (a)		70,140		10,509,778
Insulet Corp. (a)		146,305		17,465,891
Intuitive Surgical, Inc. (a)		29,585		15,518,812
				66,025,886
Healthcare Providers & Services—4.8%
Anthem, Inc.		90,600		25,568,226
UnitedHealth Group, Inc.		99,385		24,250,934
				49,819,160
Household Durables—0.6%
Roku, Inc. (a)		64,870		5,875,925
Industrial Conglomerates—1.6%
General Electric Co.		1,574,645		16,533,772
Insurance—1.1%
Progressive Corp.		141,875		11,340,069
Interactive Media & Services—7.7%
Facebook, Inc., Class A (a)		265,685		51,277,205
Tencent Holdings Ltd. ADR		636,880		28,825,189
				80,102,394
Internet & Direct Marketing Retail—8.2%
Amazon.com, Inc. (a)		45,087		85,378,096
IT Services—16.1%
EPAM Systems, Inc. (a)		60,210		10,422,351
Mastercard, Inc., Class A		145,115		38,387,271
Okta, Inc. (a)		87,880		10,854,059
PayPal Holdings, Inc. (a)		333,245		38,143,223
Square, Inc., Class A (a)		232,405		16,856,334
Visa, Inc., Class A		305,325		52,989,154
				167,652,392
Life Sciences Tools & Services—2.8%
Adaptive Biotechnologies Corp. (a)		115,140		5,561,262
Agilent Technologies, Inc.		318,415		23,776,048
				29,337,310

	Shares		Value
Machinery—1.6%
Fortive Corp.		207,670	$	16,929,258
Media—1.5%
Comcast Corp., Class A		376,345		15,911,867
Personal Products—1.2%
Estee Lauder Cos., Inc., Class A		66,830		12,237,241
Pharmaceuticals—3.0%
Zoetis, Inc.		278,855		31,647,254
Road & Rail—3.1%
Union Pacific Corp.		189,290		32,010,832
Semiconductors & Semiconductor Equipment—3.6%
Broadcom, Inc.		89,725		25,828,239
ON Semiconductor Corp. (a)		596,720		12,059,711
				37,887,950
Software—12.5%
Crowdstrike Holdings, Inc. (a)		41,920		2,862,717
Microsoft Corp.		545,455		73,069,152
Salesforce.com, Inc. (a)		162,275		24,621,985
ServiceNow, Inc. (a)		106,040		29,115,403
				129,669,257
Specialty Retail—3.2%
Burlington Stores, Inc. (a)		67,545		11,492,782
Home Depot, Inc.		59,328		12,338,444
O’Reilly Automotive, Inc. (a)		25,615		9,460,132
				33,291,358
Technology Hardware, Storage & Peripherals—4.1%
Apple, Inc.		216,705		42,890,253
Total Common Stock (cost—$607,805,842)				1,005,671,828
	Principal Amount (000s)
Repurchase Agreements—3.8%
State Street Bank and Trust Co., dated 6/28/19, 0.50%, due 7/1/19, proceeds $39,630,651; collateralized by U.S. Treasury Inflation Indexed Bonds, 2.375%, due 1/15/25, valued at $40,423,396 including accrued interest
(cost—$39,629,000)		$39,629		39,629,000
Total Investments (cost—$647,434,842)—100.4%				1,045,300,828
Liabilities in excess of other assets—(0.4)%				(3,917,039	)
Net Assets—100.0%				$1,041,383,789

Notes to Schedule of Investments:

(a) Non-income producing.

Glossary:

ADR—American Depositary Receipt

66 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

Schedule of Investments

June 30, 2019

AllianzGI Global Natural Resources Fund

	Shares		Value
Common Stock—95.9%
Australia—5.2%
BHP Group Ltd.		18,805		$546,634
South32 Ltd.		40,170		90,046
				636,680
Canada—5.2%
Enbridge, Inc.		3,680		132,919
Nutrien Ltd.		3,046		162,936
Suncor Energy, Inc.		7,438		232,020
TC Energy Corp.		2,150		106,585
				634,460
Denmark—0.6%
Vestas Wind Systems A/S		905		78,403
France—4.9%
Air Liquide S.A.		1,250		174,835
Total S.A.		7,472		419,133
				593,968
Germany—2.4%
BASF SE		1,915		139,315
HeidelbergCement AG		1,855		150,116
				289,431
Japan—0.9%
Shin-Etsu Chemical Co., Ltd.		1,200		112,274
Spain—0.7%
Siemens Gamesa Renewable Energy S.A.		5,255		87,343
United Kingdom—13.5%
BP PLC		58,432		407,082
Rio Tinto PLC		7,804		483,013
Royal Dutch Shell PLC, Class A		13,724		447,918
Royal Dutch Shell PLC, Class B		9,760		319,803
				1,657,816
United States—62.5%
Air Products & Chemicals, Inc.		1,570		355,401
Cabot Oil & Gas Corp.		3,530		81,049
CF Industries Holdings, Inc.		1,535		71,700
Chevron Corp.		6,015		748,506
Concho Resources, Inc. (b)		1,325		136,713
ConocoPhillips		4,895		298,595
Continental Resources, Inc. (c)		5,740		241,597
Devon Energy Corp.		2,035		58,038
Diamondback Energy, Inc.		2,810		306,206
Ecolab, Inc. (b)		1,985		391,918
EOG Resources, Inc.		3,535		329,321
Exxon Mobil Corp.		10,815		828,753
FMC Corp.		1,655		137,282
Hess Corp.		2,020		128,411
Kansas City Southern		880		107,202
Kinder Morgan, Inc.		12,875		268,830
Linde PLC		1,865		374,492
LyondellBasell Industries NV, Class A		1,425		122,735
Marathon Oil Corp.		11,200		159,152
Marathon Petroleum Corp.		4,340		242,519
Occidental Petroleum Corp.		2,395		120,421
ONEOK, Inc.		2,910		200,237
Parsley Energy, Inc., Class A (c)		7,380		140,294
Phillips 66		1,430		133,762
Pioneer Natural Resources Co.		1,608		247,407
Schlumberger Ltd.		7,390		293,679
Sherwin-Williams Co.		245		112,281
Union Pacific Corp.		725		122,605
Valero Energy Corp.		4,320		369,835
Vulcan Materials Co.		1,065		146,235

	Shares		Value
Williams Cos., Inc.		10,825	$	303,533
WPX Energy, Inc. (c)		5,360		61,694
				7,640,403
Total Common Stock (cost—$11,053,492)				11,730,778
Exchange-Traded Funds—3.4%
Invesco Solar		4,865		137,534
VanEck Vectors Gold Miners		10,545		269,530
Total Exchange-Traded Funds (cost—$325,938)				407,064
Total Investments (cost—$11,379,430) (a)—99.3%				12,137,842
Other assets less liabilities—0.7%				91,356
Net Assets—100.0%				$12,229,198

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $3,455,915, representing 28.3% 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) All or partial amount segregated for the benefit of the counterparty as collateral for options written. There were no open options written outstanding at June 30, 2019, however the Fund had securities segregated as collateral for any transactions in the future.

(c) Non-income producing.

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

Oil, Gas & Consumable Fuels	61.0%
Chemicals	17.6%
Metals & Mining	9.2%
Exchange-Traded Funds	3.4%
Construction Materials	2.4%
Energy Equipment & Services	2.4%
Road & Rail	1.9%
Electrical Equipment	1.4%
Other assets less liabilities	0.7%
	100.0%

AllianzGI Global Small-Cap Fund

	Shares		Value
Common Stock—94.7%
Australia—2.3%
ALS Ltd.		54,115		$279,560
Austal Ltd.		117,502		282,113
Bapcor Ltd.		44,700		175,475
Charter Hall Retail REIT		99,249		304,806
Downer EDI Ltd.		67,713		329,385
Growthpoint Properties Australia Ltd. REIT (c)(d)(e)		15,921		46,051
Growthpoint Properties Australia Ltd. REIT		20,100		58,169
GUD Holdings Ltd.		39,130		275,543
NEXTDC Ltd. (e)		55,644		253,998
Nine Entertainment Co., Holdings Ltd.		174,118		230,019
Reliance Worldwide Corp. Ltd.		70,800		175,195
Santos Ltd.		17,545		87,594
Seven Group Holdings Ltd.		19,100		248,894
WorleyParsons Ltd.		30,000		311,859
				3,058,661
Austria—1.7%
ANDRITZ AG		14,594		549,447
Schoeller-Bleckmann Oilfield Equipment AG		2,474		210,082
UNIQA Insurance Group AG		79,964		745,147
Wienerberger AG		31,260		771,343
				2,276,019
Denmark—2.0%
Ambu A/S, Class B		27,051		439,748
FLSmidth & Co. A/S		16,056		727,527
ISS A/S		23,296		704,303
SimCorp A/S		8,804		852,245
				2,723,823
Finland—0.4%
Huhtamaki Oyj		11,510		473,370
France—2.4%
Ingenico Group S.A.		9,950		880,588
Korian S.A.		20,167		767,114
Nexity S.A.		17,458		754,408
Sartorius Stedim Biotech		4,708		742,372
				3,144,482
Germany—3.1%
alstria office REIT-AG		51,892		840,251
Bechtle AG		7,271		836,788
CANCOM SE		16,989		901,753
Hella GmbH & Co. KGaA		15,697		773,444
TLG Immobilien AG		26,315		770,512
				4,122,748
Hong Kong—0.1%
Techtronic Industries Co., Ltd.		25,000		191,521
Indonesia—0.2%
Bank Tabungan Negara Persero Tbk PT		485,600		84,597
Jasa Marga Persero Tbk PT		587,600		237,955
				322,552
Italy—1.0%
Buzzi Unicem SpA		36,604		743,202
De’ Longhi SpA		27,842		563,490
				1,306,692
Japan—9.5%
Anritsu Corp.		25,500		444,653
Azbil Corp.		28,000		685,638

See accompanying Notes to Financial Statements |  June 30, 2019  | Annual Report 67

Schedule of Investments

June 30, 2019

	Shares		Value
COMSYS Holdings Corp.		38,800	$	985,961
Fuji Electric Co., Ltd.		5,900		204,475
Fuji Oil Holdings, Inc.		5,400		162,896
Hitachi Transport System Ltd.		24,600		800,262
Horiba Ltd.		2,900		150,458
Ichigo, Inc.		85,000		250,231
Itochu Techno-Solutions Corp.		30,200		776,389
KH Neochem Co., Ltd.		14,100		346,726
Kobe Bussan Co., Ltd.		6,800		330,536
Lion Corp.		33,500		624,952
Maruwa Co., Ltd.		11,600		637,113
Mitsubishi UFJ Lease & Finance Co., Ltd.		167,300		889,022
Nippon Shinyaku Co., Ltd.		11,200		792,851
Nishio Rent All Co., Ltd.		15,900		450,206
Oji Holdings Corp.		82,200		476,152
Okamura Corp.		23,400		234,306
Penta-Ocean Construction Co., Ltd.		80,000		393,150
Rengo Co., Ltd.		96,700		778,533
Ship Healthcare Holdings, Inc.		15,200		657,565
Sojitz Corp.		109,100		351,103
THK Co., Ltd.		9,900		238,129
Tokyu Fudosan Holdings Corp.		118,700		656,911
Ube Industries Ltd.		21,200		441,063
				12,759,281
Netherlands—1.1%
ASM International NV		11,522		747,807
ASR Nederland NV		18,141		737,093
				1,484,900
Norway—1.0%
Elkem ASA (a)		217,069		612,776
Storebrand ASA		99,579		732,903
				1,345,679
Singapore—0.7%
Frasers Centrepoint Trust		178,500		343,016
Mapletree Commercial Trust REIT		175,900		271,803
Mapletree Industrial Trust REIT		158,000		261,674
				876,493
Sweden—0.7%
AAK AB		48,111		912,375
Switzerland—2.3%
Galenica AG (a)(e)		16,205		814,289
Georg Fischer AG		653		624,662
Interroll Holding AG		357		897,803
OC Oerlikon Corp. AG		56,915		695,491
				3,032,245
Taiwan—0.1%
Merry Electronics Co., Ltd.		33,000		180,205
Thailand—0.2%
Amata Corp. PCL (c)(d)		323,000		257,201
United Kingdom—6.1%
ASOS PLC (e)		12,838		416,668
Auto Trader Group PLC (a)		104,539		728,090
Derwent London PLC REIT		18,173		719,664
Genus PLC		24,368		820,703
HomeServe PLC		53,813		810,909
Howden Joinery Group PLC		113,993		733,629
Intermediate Capital Group PLC		49,462		867,593
Moneysupermarket.com Group PLC		168,243		881,350
Rotork PLC		194,312		781,173

	Shares		Value
Spectris PLC		21,938	$	801,330
Tullow Oil PLC		231,600		619,564
				8,180,673
United States—59.8%
Acacia Communications, Inc. (e)		18,223		859,397
Addus HomeCare Corp. (e)		16,038		1,202,048
Air Transport Services Group, Inc. (e)		53,318		1,300,959
Alteryx, Inc., Class A (e)		8,200		894,784
Americold Realty Trust REIT		46,462		1,506,298
Ameris Bancorp		23,168		907,954
ANGI Homeservices, Inc., Class A (e)		54,548		709,669
Axon Enterprise, Inc. (e)		15,155		973,103
Bio-Rad Laboratories, Inc., Class A (e)		2,206		689,574
Bluebird Bio, Inc. (e)		1,320		167,904
Bright Horizons Family Solutions, Inc. (e)		6,739		1,016,713
Brink’s Co.		11,070		898,663
Brown & Brown, Inc.		39,045		1,308,007
CBIZ, Inc. (e)		46,335		907,703
CenterState Bank Corp.		34,970		805,359
Charles River Laboratories International, Inc. (e)		3,795		538,511
Chart Industries, Inc. (e)		15,391		1,183,260
Churchill Downs, Inc.		6,676		768,207
Columbus McKinnon Corp.		16,797		704,970
Dine Brands Global, Inc.		10,586		1,010,645
eHealth, Inc. (e)		9,136		786,610
Equity LifeStyle Properties, Inc. REIT		8,843		1,073,010
Essent Group Ltd. (e)		21,885		1,028,376
Etsy, Inc. (e)		11,661		715,636
First Industrial Realty Trust, Inc. REIT		39,041		1,434,366
First Merchants Corp.		18,812		712,975
Five9, Inc. (e)		12,216		626,559
Fluidigm Corp. (e)		60,734		748,243
Fox Factory Holding Corp. (e)		11,487		947,792
Freshpet, Inc. (e)		24,689		1,123,596
Hanover Insurance Group, Inc.		10,321		1,324,184
Harsco Corp. (e)		24,782		680,018
HEICO Corp., Class A		10,167		1,050,963
Horizon Therapeutics PLC (e)		42,530		1,023,272
HubSpot, Inc. (e)		3,973		677,476
Ingevity Corp. (e)		12,252		1,288,543
Insperity, Inc.		10,360		1,265,370
Invitae Corp. (e)		30,127		707,985
Kilroy Realty Corp. REIT		15,019		1,108,552
Kinsale Capital Group, Inc.		15,908		1,455,264
Kratos Defense & Security Solutions, Inc. (e)		43,433		994,181
LendingTree, Inc. (e)		1,941		815,278
LHC Group, Inc. (e)		8,781		1,050,032
Lincoln Electric Holdings, Inc.		10,360		852,835
LivePerson, Inc. (e)		34,315		962,193
LiveRamp Holdings, Inc. (e)		10,188		493,914
LPL Financial Holdings, Inc.		18,263		1,489,713
Madison Square Garden Co., Class A (e)		4,347		1,216,899
Medifast, Inc.		4,185		536,936
Mercury Systems, Inc. (e)		11,061		778,141
Merit Medical Systems, Inc. (e)		21,765		1,296,323
MKS Instruments, Inc.		9,826		765,347
Monolithic Power Systems, Inc.		3,731		506,595

	Shares		Value
Natera, Inc. (e)		38,984	$	1,075,179
Neurocrine Biosciences, Inc. (e)		3,829		323,282
Nexstar Media Group, Inc., Class A		10,819		1,092,719
Ollie’s Bargain Outlet Holdings, Inc. (e)		5,485		477,798
Omnicell, Inc. (e)		9,085		781,583
Perficient, Inc. (e)		26,967		925,507
Performance Food Group Co. (e)		17,040		682,111
Pluralsight, Inc., Class A (e)		34,230		1,037,854
Pool Corp.		2,949		563,259
PRA Health Sciences, Inc. (e)		9,313		923,384
ProPetro Holding Corp. (e)		46,173		955,781
Quanterix Corp. (e)		12,649		427,410
R1 RCM, Inc. (e)		112,297		1,412,696
Rapid7, Inc. (e)		11,620		672,101
REGENXBIO, Inc. (e)		9,688		497,673
Rosetta Stone, Inc. (e)		34,292		784,601
Sage Therapeutics, Inc. (e)		2,656		486,287
Sarepta Therapeutics, Inc. (e)		4,138		628,769
Semtech Corp. (e)		14,715		707,056
Simply Good Foods Co. (e)		52,523		1,264,754
STAG Industrial, Inc. REIT		51,154		1,546,897
Strategic Education, Inc.		5,103		908,334
Tandem Diabetes Care, Inc. (e)		15,046		970,768
TechTarget, Inc. (e)		24,773		526,426
Teladoc Health, Inc. (e)		10,115		671,737
Tetra Tech, Inc.		11,448		899,240
TPI Composites, Inc. (e)		24,905		615,652
Vericel Corp. (e)		22,070		416,902
Verint Systems, Inc. (e)		18,941		1,018,647
Vonage Holdings Corp. (e)		56,028		634,797
Western Alliance Bancorp (e)		18,893		844,895
WEX, Inc. (e)		5,525		1,149,753
WPX Energy, Inc. (e)		74,038		852,177
YETI Holdings, Inc. (e)		43,721		1,265,723
Zendesk, Inc. (e)		6,018		535,783
Zix Corp. (e)		97,570		886,911
Zynga, Inc., Class A (e)		112,080		687,050
				80,042,401
Total Common Stock (cost—$106,378,340)				126,691,321
Preferred Stock—0.5%
Germany—0.5%
Jungheinrich AG (cost—$660,483)		21,848		674,411
	Principal Amount (000s)
Repurchase Agreements—3.2%
State Street Bank and Trust Co., dated 6/28/19, 0.50%, due 7/1/19, proceeds $4,336,181; collateralized by U.S. Treasury Notes, 2.50%, due 5/15/24, valued at $4,423,069 including accrued interest
(cost—$4,336,000)		$4,336		4,336,000
Total Investments (cost—$111,374,823) (b)—98.4%				131,701,732
Other assets less liabilities—1.6%				2,190,075
Net Assets—100.0%				$133,891,807

68 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

Schedule of Investments

June 30, 2019

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 $2,155,155, representing 1.6% of net assets.

(b) Securities with an aggregate value of $42,652,007, representing 31.9% 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—Securities with an aggregate value of $303,252, 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.

Glossary:

REIT—Real Estate Investment Trust

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	6.6%
Software	6.1%
Insurance	5.3%
Healthcare Providers & Services	4.4%
IT Services	4.0%
Biotechnology	3.8%
Aerospace & Defense	3.1%
Life Sciences Tools & Services	3.0%
Commercial Services & Supplies	2.9%
Electronic Equipment, Instruments & Components	2.8%
Food Products	2.6%
Banks	2.5%
Semiconductors & Semiconductor Equipment	2.0%
Healthcare Equipment & Supplies	2.0%
Real Estate Management & Development	2.0%
Chemicals	2.0%
Entertainment	2.0%
Professional Services	1.8%
Capital Markets	1.8%
Internet & Direct Marketing Retail	1.5%
Auto Components	1.5%
Diversified Consumer Services	1.4%
Media	1.4%
Thrifts & Mortgage Finance	1.4%
Pharmaceuticals	1.4%
Trading Companies & Distributors	1.3%
Hotels, Restaurants & Leisure	1.3%
Oil, Gas & Consumable Fuels	1.2%
Construction Materials	1.1%
Energy Equipment & Services	1.1%
Healthcare Technology	1.1%
Interactive Media & Services	1.1%
Construction & Engineering	1.0%
Air Freight & Logistics	1.0%
Leisure Equipment & Products	0.9%
Containers & Packaging	0.9%
Food & Staples Retailing	0.8%
Diversified Financial Services	0.7%
Communications Equipment	0.6%
Electrical Equipment	0.6%
Road & Rail	0.6%
Distributors	0.6%
Diversified Telecommunication Services	0.5%
Household Products	0.5%
Household Durables	0.4%
Personal Products	0.4%
Multi-Line Retail	0.4%
Paper & Forest Products	0.4%
Transportation Infrastructure	0.2%
Building Products	0.1%
Repurchase Agreements	3.2%
Other assets less liabilities	1.6%
	100.0%

AllianzGI Health Sciences Fund

	Shares		Value
Common Stock—97.9%
Biotechnology—15.3%
AbbVie, Inc.		41,000		$2,981,520
Alexion Pharmaceuticals, Inc. (d)		6,910		905,072
Amarin Corp. PLC ADR (d)		32,710		634,247
Arena Pharmaceuticals, Inc. (d)		10,090		591,577
Argenx SE ADR (d)		4,150		587,557
Ascendis Pharma A/S ADR (d)		3,600		414,540
BioMarin Pharmaceutical, Inc. (d)		21,909		1,876,506
Bluebird Bio, Inc. (d)		2,625		333,900
Celgene Corp. (d)		21,180		1,957,879
CytomX Therapeutics, Inc. (d)		16,559		185,792
Exact Sciences Corp. (d)		5,100		602,004
Gilead Sciences, Inc.		49,396		3,337,194
Heron Therapeutics, Inc. (d)		39,355		731,609
Insmed, Inc. (d)		26,215		671,104
Invitae Corp. (d)		24,557		577,089
Iovance Biotherapeutics, Inc. (d)		28,715		704,092
Neurocrine Biosciences, Inc. (d)		12,325		1,040,600
Sage Therapeutics, Inc. (d)		5,960		1,091,216
Sarepta Therapeutics, Inc. (d)		5,100		774,945
uniQure NV (d)		3,000		234,450
Vertex Pharmaceuticals, Inc. (d)		19,245		3,529,148
				23,762,041
Healthcare Equipment & Supplies—20.9%
Abbott Laboratories		67,098		5,642,942
ABIOMED, Inc. (d)		4,155		1,082,336
Alcon, Inc. (d)		32,875		2,039,894
Align Technology, Inc. (d)		2,285		625,405
Becton Dickinson and Co.		12,845		3,237,068
Boston Scientific Corp. (d)		115,157		4,949,448
DENTSPLY SIRONA, Inc.		6,970		406,769
DexCom, Inc. (d)		10,220		1,531,365
Edwards Lifesciences Corp. (d)		2,190		404,581
Haemonetics Corp. (d)		10,630		1,279,214
Insulet Corp. (d)		9,955		1,188,428
Intuitive Surgical, Inc. (d)		7,855		4,120,340
Quotient Ltd. (d)		150,789		1,409,877
Vapotherm, Inc. (d)		54,255		1,247,865
Wright Medical Group NV (d)		37,125		1,107,067
Zimmer Biomet Holdings, Inc.		18,795		2,212,923
				32,485,522
Healthcare Providers & Services—14.0%
Anthem, Inc.		16,265		4,590,146
CVS Health Corp.		56,470		3,077,050
Humana, Inc.		16,260		4,313,778
UnitedHealth Group, Inc.		38,801		9,467,832
WellCare Health Plans, Inc. (d)		1,515		431,881
				21,880,687
Life Sciences Tools & Services—7.1%
Adaptive Biotechnologies Corp. (d)		28,150		1,359,645
Agilent Technologies, Inc.		42,955		3,207,450
Bio-Rad Laboratories, Inc., Class A (d)		2,505		783,038
Illumina, Inc. (d)		7,945		2,924,952
PerkinElmer, Inc.		8,475		816,482

See accompanying Notes to Financial Statements |  June 30, 2019  | Annual Report 69

Schedule of Investments

June 30, 2019

	Shares		Value
Thermo Fisher Scientific, Inc.		6,540	$	1,920,667
				11,012,234
Pharmaceuticals—40.6%
AIT Therapeutics, Inc. (d)		123,899		687,640
Allergan PLC		11,161		1,868,686
Aratana Therapeutics, Inc. (d)		38,000		196,080
AstraZeneca PLC ADR		197,615		8,157,547
Bayer AG		25,485		1,767,647
Bristol-Myers Squibb Co.		125,010		5,669,204
Catalent, Inc. (d)		30,330		1,644,189
Dermira, Inc. (d)		55,990		535,264
Elanco Animal Health, Inc. (d)		85,365		2,885,337
Horizon Therapeutics PLC (d)		56,535		1,360,232
Johnson & Johnson		36,007		5,015,055
Merck & Co., Inc.		120,262		10,083,969
Mylan NV (d)		47,231		899,278
Novartis AG ADR		100,388		9,166,428
Pfizer, Inc.		67,619		2,929,255
Sanofi ADR		121,365		5,251,464
Takeda Pharmaceutical Co., Ltd. (d)		44,200		1,572,319
Zoetis, Inc.		29,990		3,403,565
				63,093,159
Total Common Stock (cost—$130,867,839)				152,233,643
	Units
Warrants—0.2%
Pharmaceuticals—0.2%
AIT Therapeutics, Inc., (b)(c)(d) (cost—$1,239)		123,899		184,981
	Principal Amount (000s)
Repurchase Agreements—2.3%
State Street Bank and Trust Co., dated 6/28/19, 0.50%, due 7/1/19, proceeds $3,619,151; collateralized by U.S. Treasury Notes, 2.50%, due 5/15/24, valued at $3,691,941 including accrued interest
(cost—$3,619,000)		$3,619		3,619,000
Total Investments (cost—$134,488,078) (a)—100.4%				156,037,624
Liabilities in excess of other assets—(0.4)%				(549,057	)
Net Assets—100.0%				$155,488,567

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $3,339,966, representing 2.1% 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.

(b) Fair-Valued—Security with a value of $184,981, representing 0.1% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

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

(d) Non-income producing.

Glossary:

ADR—American Depositary Receipt

AllianzGI Income & Growth Fund

	Shares		Value
Common Stock—32.9%
Advertising—0.0%
Mood Media Corp. (d)(f)(k)		286,500		$266,445
Aerospace & Defense—1.1%
Arconic, Inc.		286,070		7,386,327
Boeing Co. (g)		65,500		23,842,655
Erickson, Inc. (d)(f)(k)		10,866		272,411
Raytheon Co.		96,400		16,762,032
				48,263,425
Apparel & Textiles—0.0%
Quiksilver, Inc. (d)(f)(k)		2,328		44,930
Automobiles—0.3%
Ford Motor Co.		1,199,700		12,272,931
Banks—1.1%
Bank of America Corp.		676,900		19,630,100
CCF Holdings LLC, Class A (cost—$0; purchased 12/18/18) (d)(f)(i)(k)		31,304		3
CCF Holdings LLC, Class B (cost—$0; purchased 12/12/18) (d)(f)(h)(i)(k)		42,857		4
JPMorgan Chase & Co. (g)		274,100		30,644,380
				50,274,487
Beverages—0.3%
PepsiCo, Inc.		120,300		15,774,939
Biotechnology—1.4%
AbbVie, Inc.		215,900		15,700,248
Biogen, Inc. (k)		29,700		6,945,939
BioMarin Pharmaceutical, Inc. (k)		3,926		336,262
Gilead Sciences, Inc.		239,250		16,163,730
Vertex Pharmaceuticals, Inc. (g)(k)		119,700		21,950,586
				61,096,765
Building Products—0.3%
Johnson Controls International PLC		370,382		15,300,480
Resideo Technologies, Inc. (k)		11,016		241,471
				15,541,951
Capital Markets—0.3%
S&P Global, Inc. (g)		62,100		14,145,759
Chemicals—0.3%
Chemours Co.		238,400		5,721,600
Corteva, Inc. (k)		59,533		1,760,391
Dow, Inc. (k)		59,533		2,935,572
DuPont de Nemours, Inc.		59,533		4,469,142
				14,886,705
Commercial Services—0.0%
Cenveo Corp. (d)(f)(k)		19,074		576,798
Commercial Services & Supplies—0.1%
Stericycle, Inc. (k)		66,843		3,191,753
Communications Equipment—0.6%
Cisco Systems, Inc.		535,600		29,313,388
Construction & Engineering—0.2%
Fluor Corp.		209,800		7,068,162

70 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

Schedule of Investments

June 30, 2019

	Shares		Value
Diversified Telecommunication Services—0.0%
Frontier Communications Corp. (k)		210,781	$	368,867
Energy Equipment & Services—0.2%
National Oilwell Varco, Inc.		145,600		3,236,688
Schlumberger Ltd.		172,400		6,851,176
				10,087,864
Entertainment—1.6%
Netflix, Inc. (k)		83,100		30,524,292
Take-Two Interactive Software, Inc. (g)(k)		139,700		15,860,141
Walt Disney Co. (g)		201,300		28,109,532
				74,493,965
Food & Staples Retailing—1.3%
Costco Wholesale Corp.		120,400		31,816,904
Kroger Co.		472,000		10,247,120
Walgreens Boots Alliance, Inc.		286,600		15,668,422
				57,732,446
Food Products—0.1%
Archer-Daniels-Midland Co.		159,650		6,513,720
Healthcare Equipment & Supplies—1.5%
Align Technology, Inc. (k)		73,900		20,226,430
Boston Scientific Corp. (k)		611,600		26,286,568
Intuitive Surgical, Inc. (k)		41,800		21,926,190
				68,439,188
Healthcare Providers & Services—1.1%
Laboratory Corp. of America Holdings (k)		49,000		8,472,100
McKesson Corp.		114,300		15,360,777
UnitedHealth Group, Inc.		106,600		26,011,466
				49,844,343
Hotels, Restaurants & Leisure—1.2%
McDonald’s Corp.		112,000		23,257,920
Starbucks Corp. (g)		239,300		20,060,519
Wynn Resorts Ltd.		76,700		9,510,033
				52,828,472
Household Durables—0.3%
DR Horton, Inc. (g)		320,000		13,801,600
Independent Power Producers & Energy Traders—0.1%
Vistra Energy Corp.		144,101		3,262,447
Industrial Conglomerates—0.8%
3M Co.		50,100		8,684,334
General Electric Co.		326,200		3,425,100
Honeywell International, Inc. (g)		131,500		22,958,585
				35,068,019
Insurance—0.4%
Progressive Corp.		229,700		18,359,921
Interactive Media & Services—1.7%
Alphabet, Inc., Class A (g)(k)		34,800		37,681,440
Facebook, Inc., Class A (g)(k)		211,800		40,877,400
				78,558,840
Internet & Direct Marketing Retail—1.5%
Alibaba Group Holding Ltd. ADR (k)		142,081		24,075,626
Amazon.com, Inc. (k)		23,600		44,689,668
				68,765,294

	Shares		Value
IT Services—2.5%
Fiserv, Inc. (g)(k)		217,500	$	19,827,300
International Business Machines Corp.		92,200		12,714,380
Mastercard, Inc., Class A		42,200		11,163,166
PayPal Holdings, Inc. (k)		195,200		22,342,592
Visa, Inc., Class A		262,000		45,470,100
				111,517,538
Machinery—1.0%
Caterpillar, Inc.		202,500		27,598,725
Deere & Co. (g)		111,900		18,542,949
Wabtec Corp.		1,752		125,724
				46,267,398
Media—0.4%
Comcast Corp., Class A		437,700		18,505,956
LiveStyle, Inc. (a)(d)(f)(h)(k)(l)		202,319		20
Postmedia Network Canada Corp. (d)(f)(k)		1,018,823		1,018,823
				19,524,799
Metals & Mining—0.1%
ArcelorMittal		180,611		3,256,416
Freeport-McMoRan, Inc.		113,100		1,313,091
				4,569,507
Multi-Line Retail—0.3%
Target Corp. (g)		166,700		14,437,887
Oil, Gas & Consumable Fuels—0.9%
Arch Coal, Inc., Class A		1,858		175,042
Chesapeake Energy Corp. (k)		1,250,759		2,438,980
Hercules Offshore, Inc. (d)(f)(k)		174,935		18
Hess Corp.		29,237		1,858,596
Kinder Morgan, Inc.		187,778		3,920,805
Occidental Petroleum Corp.		229,700		11,549,316
Riviera Resources, Inc. (k)		25,527		324,193
Roan Resources, Inc. (k)		25,527		44,417
Southwestern Energy Co. (k)		508,010		1,605,312
Talos Energy, Inc. (k)		98,625		2,371,931
Valero Energy Corp.		171,200		14,656,432
Vanguard Natural Resources, Inc. (k)		12,187		119
				38,945,161
Pharmaceuticals—1.1%
Allergan PLC		99,241		16,615,921
Bristol-Myers Squibb Co.		242,700		11,006,445
Merck & Co., Inc.		238,200		19,973,070
Teva Pharmaceutical Industries Ltd. ADR (k)		248,006		2,289,095
				49,884,531
Road & Rail—0.3%
Union Pacific Corp. (g)		87,500		14,797,125
Semiconductors—0.0%
GT Advanced Technologies, Inc. (d)(f)(k)		537		—	†
Semiconductors & Semiconductor Equipment—2.5%
Broadcom, Inc. (g)		84,700		24,381,742
Marvell Technology Group Ltd.		523,300		12,491,171
Micron Technology, Inc. (k)		491,800		18,978,562

	Shares		Value
NVIDIA Corp.		116,800	$	19,182,064
QUALCOMM, Inc.		185,700		14,126,199
Texas Instruments, Inc.		189,100		21,701,116
				110,860,854
Software—3.5%
Adobe, Inc. (g)(k)		129,900		38,275,035
Intuit, Inc. (g)		56,800		14,843,544
Microsoft Corp. (g)		368,100		49,310,676
Salesforce.com, Inc. (k)		140,300		21,287,719
ServiceNow, Inc. (k)		86,200		23,667,934
Workday, Inc., Class A (g)(k)		55,900		11,491,922
				158,876,830
Specialty Retail—0.6%
Home Depot, Inc. (g)		140,800		29,282,176
Technology Hardware, Storage & Peripherals—1.3%
Apple, Inc. (g)		227,200		44,967,424
NetApp, Inc.		196,300		12,111,710
Western Digital Corp.		1,953		92,865
				57,171,999
Textiles, Apparel & Luxury Goods—0.5%
NIKE, Inc., Class B (g)		244,600		20,534,170
Trading Companies & Distributors—0.1%
WESCO International, Inc. (k)		54,455		2,758,146
Total Common Stock (cost—$1,828,074,060)				1,490,271,545
	Principal Amount (000s)
Corporate Bonds & Notes—31.0%
Advertising—0.0%
Mood Media Borrower LLC,
9.25%, 12/31/23		$1,164		1,699,423
Aerospace & Defense—0.6%
Kratos Defense & Security Solutions, Inc. (a)(b),
6.50%, 11/30/25		5,660		6,098,650
TransDigm, Inc.,
6.50%, 7/15/24		5,000		5,081,250
6.50%, 5/15/25		11,545		11,718,175
Triumph Group, Inc.,
7.75%, 8/15/25		5,855		5,679,350
				28,577,425
Auto Components—0.9%
Adient U.S. LLC (a)(b),
7.00%, 5/15/26		7,210		7,426,300
American Axle & Manufacturing, Inc.,
6.625%, 10/15/22		4,808		4,904,160
Delphi Technologies PLC (a)(b),
5.00%, 10/1/25		8,155		7,278,338
Goodyear Tire & Rubber Co.,
5.00%, 5/31/26		8,985		8,883,919
Panther BF Aggregator 2 L.P. (a)(b),
8.50%, 5/15/27		10,895		11,249,087
				39,741,804
Auto Manufacturers—0.5%
Navistar International Corp. (a)(b),
6.625%, 11/1/25		10,715		11,277,537
Tesla, Inc. (a)(b),
5.30%, 8/15/25		12,230		10,777,688
				22,055,225
Banks—0.1%
CIT Group, Inc.,
6.125%, 3/9/28		5,640		6,429,600

See accompanying Notes to Financial Statements |  June 30, 2019  | Annual Report 71

Schedule of Investments

June 30, 2019

	Principal Amount (000s)		Value
Building Materials—0.3%
Builders FirstSource, Inc. (a)(b),
5.625%, 9/1/24	$	7,415	$	7,670,224
Jeld-Wen, Inc. (a)(b),
4.875%, 12/15/27		4,635		4,495,950
				12,166,174
Chemicals—1.0%
Chemours Co.,
6.625%, 5/15/23		7,000		7,266,840
7.00%, 5/15/25		4,115		4,310,463
Kraton Polymers LLC (a)(b),
7.00%, 4/15/25		6,865		6,985,137
Olin Corp.,
5.00%, 2/1/30		8,130		8,069,025
PQ Corp. (a)(b),
5.75%, 12/15/25		3,100		3,150,375
Trinseo Materials Operating SCA (a)(b),
5.375%, 9/1/25		5,645		5,461,537
Tronox Finance PLC (a)(b),
5.75%, 10/1/25		5,510		5,365,363
Tronox, Inc. (a)(b),
6.50%, 4/15/26		5,835		5,796,839
				46,405,579
Commercial Services—1.7%
Ashtead Capital, Inc. (a)(b),
5.25%, 8/1/26		4,370		4,584,527
Cardtronics, Inc. (a)(b),
5.50%, 5/1/25		2,490		2,490,000
Cenveo Corp. (a)(b)(c)(d)(f),
6.00%, 5/15/24 (cost—$9,355,515; purchased 3/22/12-3/11/16) (i)		8,116		446,380
8.50%, 9/15/22		1,520		30,400
Gartner, Inc. (a)(b),
5.125%, 4/1/25		7,980		8,250,602
Herc Holdings, Inc. (a)(b),
5.50%, 7/15/27		10,005		10,092,544
Hertz Corp. (a)(b),
5.50%, 10/15/24		5,215		5,007,965
7.625%, 6/1/22		5,820		6,052,800
Laureate Education, Inc. (a)(b),
8.25%, 5/1/25		8,795		9,652,512
Monitronics International, Inc. (c),
9.125%, 4/1/20		6,450		419,250
RR Donnelley & Sons Co.,
6.00%, 4/1/24		3,195		3,195,000
7.00%, 2/15/22		5,500		5,582,500
United Rentals North America, Inc.,
5.25%, 1/15/30		9,260		9,537,800
5.50%, 7/15/25		8,930		9,320,687
				74,662,967
Computers—0.4%
Dell International LLC (a)(b),
7.125%, 6/15/24		7,485		7,902,135
DynCorp International, Inc., PIK 1.50%,
11.875%, 11/30/20		713		724,163
Harland Clarke Holdings Corp. (a)(b),
9.25%, 3/1/21		7,380		7,213,950
				15,840,248
Containers & Packaging—0.2%
Berry Global Escrow Corp. (a)(b),
5.625%, 7/15/27		9,855		10,273,837
Distribution/Wholesale—0.4%
H&E Equipment Services, Inc.,
5.625%, 9/1/25		9,845		10,162,501

	Principal Amount (000s)		Value
KAR Auction Services, Inc. (a)(b),
5.125%, 6/1/25	$	6,525	$	6,671,813
				16,834,314
Diversified Financial Services—1.4%
Ally Financial, Inc.,
5.75%, 11/20/25		5,675		6,298,682
8.00%, 3/15/20		2,995		3,103,569
CCF Holdings LLC, PIK 10.75% (a)(b)(c)(d)(f),
10.75%, 12/15/23		10,199		3,683,024
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		10,370		10,784,800
7.25%, 9/25/23		5,435		5,822,244
Springleaf Finance Corp.,
6.625%, 1/15/28		9,660		10,167,150
8.25%, 10/1/23		8,080		9,405,120
				61,279,589
Electric Utilities—0.4%
Calpine Corp.,
5.75%, 1/15/25		6,140		6,116,975
NRG Energy, Inc.,
5.75%, 1/15/28		9,190		9,890,737
Talen Energy Supply LLC,
6.50%, 6/1/25		3,365		2,835,013
				18,842,725
Electrical Equipment—0.1%
Energizer Holdings, Inc. (a)(b),
7.75%, 1/15/27		3,820		4,144,051
Electronic Equipment, Instruments & Components—0.2%
Energizer Holdings, Inc. (a)(b),
5.50%, 6/15/25		9,890		10,038,350
Engineering & Construction—0.6%
AECOM,
5.125%, 3/15/27		2,125		2,220,625
5.875%, 10/15/24		8,550		9,291,712
TopBuild Corp. (a)(b),
5.625%, 5/1/26		5,965		6,129,038
Tutor Perini Corp. (a)(b),
6.875%, 5/1/25		11,480		11,020,800
				28,662,175
Entertainment—1.6%
AMC Entertainment Holdings, Inc.,
6.125%, 5/15/27		12,225		10,941,375
Cedar Fair L.P.,
5.375%, 6/1/24		5,900		6,091,750
5.375%, 4/15/27		2,465		2,569,763
Eldorado Resorts, Inc.,
6.00%, 9/15/26		4,865		5,339,338
International Game Technology PLC (a)(b),
6.25%, 1/15/27		5,705		6,261,237
6.50%, 2/15/25		4,715		5,178,013
Lions Gate Capital Holdings LLC (a)(b),
6.375%, 2/1/24		9,370		9,873,637
Live Nation Entertainment, Inc. (a)(b),
5.625%, 3/15/26		4,145		4,357,431
Scientific Games International, Inc. (a)(b),
5.00%, 10/15/25		10,510		10,641,375
Stars Group Holdings BV (a)(b),
7.00%, 7/15/26		9,065		9,608,900
				70,862,819
Equity Real Estate Investment Trusts (REITs)—0.3%
CyrusOne L.P.,
5.00%, 3/15/24		5,425		5,586,671
5.375%, 3/15/27		2,565		2,711,686

	Principal Amount (000s)		Value
Equinix, Inc.,
5.375%, 5/15/27	$	4,165	$	4,475,167
Uniti Group L.P. (a)(b),
7.125%, 12/15/24		2,500		2,256,250
				15,029,774
Food & Beverage—0.4%
Albertsons Cos. LLC,
6.625%, 6/15/24		3,115		3,243,494
7.50%, 3/15/26 (a)(b)		5,350		5,737,875
Post Holdings, Inc. (a)(b),
5.75%, 3/1/27		9,655		10,017,062
				18,998,431
Food Service—0.2%
Aramark Services, Inc. (a)(b),
5.00%, 2/1/28		9,360		9,652,500
Hand/Machine Tools—0.2%
Colfax Corp. (a)(b),
6.00%, 2/15/24		1,940		2,058,825
6.375%, 2/15/26		6,655		7,145,806
				9,204,631
Healthcare Providers & Services—0.2%
WellCare Health Plans, Inc. (a)(b),
5.375%, 8/15/26		6,135		6,518,438
Healthcare-Products—0.4%
Hill-Rom Holdings, Inc. (a)(b),
5.00%, 2/15/25		4,255		4,403,925
Mallinckrodt International Finance S.A. (a)(b),
5.75%, 8/1/22		10,965		9,484,725
Teleflex, Inc.,
5.25%, 6/15/24		2,990		3,075,028
				16,963,678
Healthcare-Services—1.7%
Centene Corp. (a)(b),
5.375%, 6/1/26		6,975		7,349,906
Charles River Laboratories International, Inc. (a)(b),
5.50%, 4/1/26		5,340		5,632,632
Community Health Systems, Inc.,
6.875%, 2/1/22		2,500		1,700,000
7.125%, 7/15/20		4,595		4,399,712
8.00%, 11/15/19		1,705		1,680,491
Community Health Systems, Inc.,
6.25%, 3/31/23		1,985		1,918,006
DaVita, Inc.,
5.125%, 7/15/24		8,620		8,644,136
Encompass Health Corp.,
5.75%, 11/1/24		7,650		7,818,682
HCA, Inc.,
5.375%, 9/1/26		2,965		3,202,200
5.625%, 9/1/28		2,420		2,625,700
7.50%, 2/15/22		8,185		9,044,425
Tenet Healthcare Corp.,
6.25%, 2/1/27 (a)(b)		4,110		4,238,438
7.00%, 8/1/25		5,000		5,000,000
8.125%, 4/1/22		10,865		11,448,994
				74,703,322
Home Builders—0.3%
Beazer Homes USA, Inc.,
5.875%, 10/15/27		1,885		1,644,097
Brookfield Residential Properties, Inc. (a)(b),
6.50%, 12/15/20		6,050		6,065,125
KB Home,
8.00%, 3/15/20		3,905		4,042,456
Lennar Corp.,
5.875%, 11/15/24		2,665		2,931,500
				14,683,178

72 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

Schedule of Investments

June 30, 2019

	Principal Amount (000s)		Value
Household Products/Wares—0.1%
Spectrum Brands, Inc.,
5.75%, 7/15/25	$	4,725	$	4,931,719
Insurance—0.2%
CNO Financial Group, Inc.,
5.25%, 5/30/25		3,730		4,030,731
Prudential Financial, Inc., (converts to FRN on 9/15/28) (j),
5.70%, 9/15/48		4,550		4,886,658
				8,917,389
Internet—0.9%
Go Daddy Operating Co. LLC (a)(b),
5.25%, 12/1/27		8,500		8,829,375
Match Group, Inc. (a)(b),
5.00%, 12/15/27		8,485		8,929,614
Netflix, Inc. (a)(b),
5.375%, 11/15/29		10,465		11,141,981
Symantec Corp. (a)(b),
5.00%, 4/15/25		5,390		5,527,894
Zayo Group LLC (a)(b),
5.75%, 1/15/27		7,400		7,548,000
				41,976,864
Iron/Steel—0.2%
AK Steel Corp.,
7.00%, 3/15/27		3,580		2,899,800
United States Steel Corp.,
6.875%, 8/15/25		8,595		8,122,275
				11,022,075
Lodging—0.7%
Hilton Domestic Operating Co., Inc.,
5.125%, 5/1/26		6,795		7,109,269
MGM Resorts International,
5.50%, 4/15/27		7,270		7,642,587
Wyndham Hotels & Resorts, Inc. (a)(b),
5.375%, 4/15/26		7,110		7,474,388
Wynn Las Vegas LLC (a)(b),
5.50%, 3/1/25		7,275		7,531,807
				29,758,051
Machinery-Construction & Mining—0.2%
Terex Corp. (a)(b),
5.625%, 2/1/25		7,570		7,674,088
Machinery-Diversified—0.1%
Mueller Water Products, Inc. (a)(b),
5.50%, 6/15/26		3,840		3,974,400
Tennant Co.,
5.625%, 5/1/25		1,395		1,447,313
				5,421,713
Media—2.7%
Cablevision Systems Corp.,
8.00%, 4/15/20		6,250		6,470,813
CCO Holdings LLC (a)(b),
5.125%, 5/1/27		1,625		1,686,523
5.50%, 5/1/26		6,460		6,776,863
Clear Channel Worldwide Holdings, Inc. (a)(b),
9.25%, 2/15/24		10,230		11,125,125
CSC Holdings LLC (a)(b),
7.50%, 4/1/28		9,860		10,873,608
7.75%, 7/15/25		6,160		6,679,904
10.875%, 10/15/25		4,145		4,761,589
DISH DBS Corp.,
5.875%, 7/15/22		4,880		4,971,500
6.75%, 6/1/21		8,250		8,683,125
Gray Television, Inc. (a)(b),
5.875%, 7/15/26		10,065		10,467,600
LiveStyle, Inc. (cost—$7,043,991; purchased 1/31/14-10/7/15) (a)(b)(c)(d)(f)(i)(l),
9.625%, 2/1/19		7,628		8

	Principal Amount (000s)		Value
Meredith Corp.,
6.875%, 2/1/26	$	9,225	$	9,835,049
Nexstar Broadcasting, Inc.,
5.625%, 8/1/24 (a)(b)		6,765		7,025,182
5.875%, 11/15/22		4,615		4,730,375
Nexstar Escrow, Inc. (a)(b),
5.625%, 7/15/27		10,085		10,362,337
Sirius XM Radio, Inc. (a)(b),
5.00%, 8/1/27		9,715		9,920,472
Virgin Media Secured Finance PLC (a)(b),
5.50%, 5/15/29		5,725		5,818,031
				120,188,104
Metal Fabricate/Hardware—0.2%
Park-Ohio Industries, Inc.,
6.625%, 4/15/27		7,995		8,034,975
Mining—0.6%
Alcoa Nederland Holding BV (a)(b),
6.75%, 9/30/24		8,070		8,564,287
Constellium NV (a)(b),
6.625%, 3/1/25		9,605		9,989,200
Hudbay Minerals, Inc. (a)(b),
7.625%, 1/15/25		4,965		5,151,188
Joseph T. Ryerson & Son, Inc. (a)(b),
11.00%, 5/15/22		1,500		1,586,719
				25,291,394
Miscellaneous Manufacturing—0.2%
Koppers, Inc. (a)(b),
6.00%, 2/15/25		7,345		6,922,663
Oil, Gas & Consumable Fuels—2.8%
AmeriGas Partners L.P.,
5.875%, 8/20/26		5,780		6,155,700
Callon Petroleum Co.,
6.125%, 10/1/24		4,820		4,892,300
Calumet Specialty Products Partners L.P.,
6.50%, 4/15/21		6,225		6,225,000
Carrizo Oil & Gas, Inc.,
6.25%, 4/15/23		9,725		9,421,094
Chesapeake Energy Corp.,
8.00%, 1/15/25		7,730		7,169,575
8.00%, 3/15/26 (a)(b)		6,301		5,749,662
CNX Resources Corp.,
5.875%, 4/15/22		3,603		3,512,925
Cobalt International Energy, Inc. (b)(c),
7.75%, 12/1/23		9,216		645,120
CVR Refining LLC,
6.50%, 11/1/22		5,550		5,665,162
Ensco Rowan PLC,
5.20%, 3/15/25		1,295		956,681
7.75%, 2/1/26		6,640		4,980,000
EP Energy LLC,
9.375%, 5/1/20		8,765		1,007,975
Nabors Industries, Inc.,
5.75%, 2/1/25		1,910		1,702,288
Noble Holding International Ltd.,
7.75%, 1/15/24		6,955		5,337,963
Oasis Petroleum, Inc.,
6.875%, 3/15/22		10,145		10,113,297
Range Resources Corp.,
4.875%, 5/15/25		8,965		7,911,612
Sable Permian Resources Land LLC (a)(b)(c),
7.375%, 11/1/21		5,000		500,000
Sanchez Energy Corp.,
6.125%, 1/15/23		6,240		312,000
SM Energy Co.,
6.625%, 1/15/27		9,360		8,704,800
Sunoco L.P.,
5.50%, 2/15/26		4,605		4,806,469
5.875%, 3/15/28		4,830		5,017,163
Talos Production LLC,
11.00%, 4/3/22		1,168		1,236,548

	Principal Amount (000s)		Value
Transocean, Inc. (a)(b),
7.50%, 1/15/26	$	12,010	$	11,499,575
USA Compression Partners L.P. (a)(b),
6.875%, 9/1/27		10,045		10,598,580
Weatherford International Ltd. (c),
8.25%, 6/15/23		2,170		1,144,675
				125,266,164
Paper & Forest Products—0.2%
Mercer International, Inc.,
5.50%, 1/15/26		5,370		5,363,287
7.375%, 1/15/25 (a)(b)		3,825		4,073,625
				9,436,912
Pharmaceuticals—0.8%
Bausch Health Americas, Inc. (a)(b),
8.50%, 1/31/27		6,635		7,311,903
Bausch Health Cos., Inc. (a)(b),
6.125%, 4/15/25		7,220		7,382,450
7.25%, 5/30/29		7,305		7,615,462
Endo Finance LLC (a)(b),
5.375%, 1/15/23		10,730		7,779,250
Horizon Pharma USA, Inc.,
6.625%, 5/1/23		3,844		3,961,723
8.75%, 11/1/24 (a)(b)		1,370		1,476,586
				35,527,374
Pipelines—1.0%
Cheniere Energy Partners L.P. (a)(b),
5.625%, 10/1/26		8,410		8,893,575
Crestwood Midstream Partners L.P.,
5.75%, 4/1/25		8,310		8,455,425
DCP Midstream Operating L.P.,
5.125%, 5/15/29		9,570		9,845,137
NGL Energy Partners L.P. (a)(b),
7.50%, 4/15/26		9,405		9,828,225
Targa Resources Partners L.P. (a)(b),
6.50%, 7/15/27		4,170		4,555,725
6.875%, 1/15/29		4,320		4,795,200
				46,373,287
Real Estate—0.5%
Iron Mountain, Inc. (a)(b),
4.875%, 9/15/27		8,150		8,119,437
Kennedy-Wilson, Inc.,
5.875%, 4/1/24		10,198		10,452,950
Uniti Group L.P.,
8.25%, 10/15/23		6,445		6,009,963
				24,582,350
Retail—1.1%
1011778 BC ULC (a)(b),
5.00%, 10/15/25		10,990		11,103,197
Beacon Roofing Supply, Inc. (a)(b),
4.875%, 11/1/25		7,725		7,676,719
Conn’s, Inc.,
7.25%, 7/15/22		12,570		12,632,850
L Brands, Inc.,
6.875%, 11/1/35		2,655		2,374,526
Men’s Wearhouse, Inc.,
7.00%, 7/1/22		3,718		3,597,165
Neiman Marcus Group Ltd. LLC (a)(b),
8.00%, 10/15/21		6,810		4,732,950
Party City Holdings, Inc. (a)(b),
6.625%, 8/1/26		9,755		9,486,737
				51,604,144
Semiconductors—0.4%
Advanced Micro Devices, Inc.,
7.50%, 8/15/22		2,670		3,023,775
Amkor Technology, Inc. (a)(b),
6.625%, 9/15/27		11,410		11,396,879

See accompanying Notes to Financial Statements |  June 30, 2019  | Annual Report 73

Schedule of Investments

June 30, 2019

	Principal Amount (000s)		Value
Broadcom Corp.,
3.875%, 1/15/27	$	5,195	$	5,097,083
				19,517,737
Software—1.0%
Camelot Finance S.A. (a)(b),
7.875%, 10/15/24		9,045		9,531,169
IQVIA, Inc. (a)(b),
5.00%, 5/15/27		10,210		10,567,350
j2 Cloud Services LLC (a)(b),
6.00%, 7/15/25		9,810		10,312,762
MSCI, Inc. (a)(b),
5.375%, 5/15/27		2,885		3,094,163
Rackspace Hosting, Inc. (a)(b),
8.625%, 11/15/24		3,120		2,878,200
SS&C Technologies, Inc. (a)(b),
5.50%, 9/30/27		10,230		10,632,806
				47,016,450
Telecommunications—2.9%
CenturyLink, Inc.,
6.75%, 12/1/23, Ser. W		2,000		2,162,500
7.50%, 4/1/24, Ser. Y		9,535		10,571,931
Cincinnati Bell, Inc. (a)(b),
7.00%, 7/15/24		11,630		10,321,625
CommScope Technologies LLC (a)(b),
5.00%, 3/15/27		4,460		3,902,500
6.00%, 6/15/25		5,940		5,596,727
Consolidated Communications, Inc.,
6.50%, 10/1/22		9,435		8,842,388
Frontier Communications Corp.,
10.50%, 9/15/22		9,315		6,357,488
GTT Communications, Inc. (a)(b),
7.875%, 12/31/24		10,045		8,262,012
Hughes Satellite Systems Corp.,
6.625%, 8/1/26		9,080		9,568,050
7.625%, 6/15/21		7,440		7,979,400
Intelsat Connect Finance S.A. (a)(b),
9.50%, 2/15/23		3,195		2,843,550
Intelsat Jackson Holdings S.A.,
5.50%, 8/1/23		10,370		9,514,475
9.75%, 7/15/25 (a)(b)		1,500		1,545,000
Level 3 Financing, Inc.,
5.375%, 5/1/25		8,420		8,714,700
Sprint Capital Corp.,
6.875%, 11/15/28		6,890		7,148,375
Sprint Communications, Inc.,
11.50%, 11/15/21		7,890		9,152,400
Sprint Corp.,
7.125%, 6/15/24		2,250		2,391,300
7.625%, 3/1/26		6,525		6,971,962
T-Mobile USA, Inc.,
4.75%, 2/1/28		3,190		3,298,620
6.50%, 1/15/26		3,760		4,074,186
Windstream Services LLC (cost—$6,531,968; purchased 12/4/13-11/15/18) (a)(b)(c)(i),
6.375%, 8/1/23		7,464		2,183,220
				131,402,409
Transportation—0.1%
XPO Logistics, Inc. (a)(b),
6.125%, 9/1/23		2,705		2,809,819
6.50%, 6/15/22		3,184		3,255,640
				6,065,459
Total Corporate Bonds & Notes (cost—$1,456,911,107)				1,401,201,578
Convertible Bonds & Notes—26.7%
Aerospace & Defense—0.2%
Aerojet Rocketdyne Holdings, Inc.,
2.25%, 12/15/23		1,255		2,235,140

	Principal Amount (000s)		Value
Arconic, Inc.,
1.625%, 10/15/19	$	4,715	$	4,774,766
				7,009,906
Apparel & Textiles—0.0%
Iconix Brand Group, Inc.,
5.75%, 8/15/23		4,185		1,088,100
Auto Components—0.1%
Meritor, Inc.,
3.25%, 10/15/37		6,405		6,691,774
Auto Manufacturers—0.4%
Tesla, Inc.,
1.25%, 3/1/21		9,155		8,697,250
2.375%, 3/15/22		7,520		7,427,060
				16,124,310
Banks—0.4%
BofA Finance LLC,
0.25%, 5/1/23		1,000		1,004,375
Deutsche Bank AG (f),
1.00%, 5/1/23		17,460		17,201,932
				18,206,307
Biotechnology—2.1%
Aegerion Pharmaceuticals, Inc. (c),
2.00%, 8/15/19		5,270		3,771,344
Alder Biopharmaceuticals, Inc.,
2.50%, 2/1/25		1,785		1,667,859
AMAG Pharmaceuticals, Inc.,
3.25%, 6/1/22		2,025		1,625,832
BioMarin Pharmaceutical, Inc.,
0.599%, 8/1/24		4,860		5,057,438
1.50%, 10/15/20		6,830		7,675,213
Exact Sciences Corp.,
0.375%, 3/15/27		12,385		15,683,759
Illumina, Inc. (a)(b),
zero coupon, 8/15/23		21,955		25,444,732
Insmed, Inc.,
1.75%, 1/15/25		6,210		6,053,850
Intercept Pharmaceuticals, Inc.,
3.25%, 7/1/23		8,585		7,697,447
Ligand Pharmaceuticals, Inc.,
0.75%, 5/15/23		10,535		9,121,853
Medicines Co.,
2.50%, 1/15/22		1,140		1,374,789
2.75%, 7/15/23		5,075		5,101,282
3.50%, 1/15/24 (a)(b)		130		212,921
PTC Therapeutics, Inc.,
3.00%, 8/15/22		460		510,408
Radius Health, Inc.,
3.00%, 9/1/24		3,660		3,321,078
Verastem, Inc.,
5.00%, 11/1/48		5,910		3,117,525
				97,437,330
Building Materials—0.0%
Patrick Industries, Inc.,
1.00%, 2/1/23		1,015		925,374
Commercial Services—1.3%
Cardtronics, Inc.,
1.00%, 12/1/20		3,000		2,919,766
Chegg, Inc. (a)(b),
0.125%, 3/15/25		12,850		12,960,657
Euronet Worldwide, Inc. (a)(b),
0.75%, 3/15/49		6,875		8,361,170
Huron Consulting Group, Inc.,
1.25%, 10/1/19		7,480		7,445,247
Macquarie Infrastructure Corp.,
2.00%, 10/1/23		5,410		4,781,178
2.875%, 7/15/19		5,500		5,502,233

	Principal Amount (000s)		Value
Square, Inc.,
0.50%, 5/15/23	$	13,955	$	16,722,927
				58,693,178
Computers—0.8%
Lumentum Holdings, Inc.,
0.25%, 3/15/24		6,920		8,159,973
Nutanix, Inc.,
zero coupon, 1/15/23		6,245		5,846,439
Pure Storage, Inc.,
0.125%, 4/15/23		8,420		8,104,250
Western Digital Corp. (a)(b),
1.50%, 2/1/24		13,400		12,067,112
				34,177,774
Diversified Financial Services—0.6%
Encore Capital Group, Inc.,
2.875%, 3/15/21		6,960		6,616,373
3.00%, 7/1/20		1,215		1,220,871
JPMorgan Chase Financial Co. LLC (a)(b),
0.25%, 5/1/23		10,090		10,247,404
LendingTree, Inc.,
0.625%, 6/1/22		3,580		7,475,431
				25,560,079
Electric Utilities—0.2%
NRG Energy, Inc.,
2.75%, 6/1/48		9,990		10,695,105
Electronic Equipment, Instruments & Components—0.0%
SunPower Corp.,
4.00%, 1/15/23		1,360		1,212,245
Electronics—0.3%
Fortive Corp. (a)(b),
0.875%, 2/15/22		6,360		6,592,383
II-VI, Inc.,
0.25%, 9/1/22		2,790		2,945,194
OSI Systems, Inc.,
1.25%, 9/1/22		2,145		2,547,597
Vishay Intertechnology, Inc. (a)(b),
2.25%, 6/15/25		1,355		1,249,988
				13,335,162
Energy-Alternate Sources—0.3%
NextEra Energy Partners L.P. (a)(b),
1.50%, 9/15/20		4,800		4,860,686
SunEdison, Inc. (a)(b)(c),
0.25%, 1/15/20		9,565		215,213
2.625%, 6/1/23		11,270		253,575
3.375%, 6/1/25		4,565		102,712
Tesla Energy Operations, Inc.,
1.625%, 11/1/19		10,475		10,126,424
				15,558,610
Engineering & Construction—0.3%
Dycom Industries, Inc.,
0.75%, 9/15/21		6,890		6,754,586
KBR, Inc. (a)(b),
2.50%, 11/1/23		5,270		6,135,340
				12,889,926
Entertainment—0.3%
Live Nation Entertainment, Inc.,
2.50%, 3/15/23		8,605		10,206,895
Marriott Vacations Worldwide Corp.,
1.50%, 9/15/22		3,230		3,134,903
				13,341,798
Equity Real Estate Investment Trusts (REITs)—0.2%
Extra Space Storage L.P. (a)(b),
3.125%, 10/1/35		6,130		7,286,933

74 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

Schedule of Investments

June 30, 2019

	Principal Amount (000s)		Value
Healthcare-Products—0.8%
CONMED Corp. (a)(b),
2.625%, 2/1/24	$	3,120	$	3,602,308
Insulet Corp.,
1.375%, 11/15/24		8,400		11,965,021
NuVasive, Inc.,
2.25%, 3/15/21		8,065		9,178,978
Wright Medical Group, Inc.,
1.625%, 6/15/23		10,863		11,969,668
				36,715,975
Healthcare-Services—0.4%
Anthem, Inc.,
2.75%, 10/15/42		1,985		7,756,541
Teladoc Health, Inc.,
1.375%, 5/15/25		6,740		10,028,742
				17,785,283
Insurance—0.2%
AXA S.A. (a)(b),
7.25%, 5/15/21		6,855		7,053,624
Internet—4.0%
Boingo Wireless, Inc. (a)(b),
1.00%, 10/1/23		2,460		2,111,897
Booking Holdings, Inc.,
0.35%, 6/15/20		5,325		7,679,904
0.90%, 9/15/21		12,035		13,796,895
Ctrip.com International Ltd.,
1.00%, 7/1/20		3,500		3,458,987
1.25%, 9/15/22		10,635		10,591,568
Etsy, Inc.,
zero coupon, 3/1/23		2,925		5,302,882
FireEye, Inc.,
0.875%, 6/1/24		7,485		7,333,400
FireEye, Inc., Ser. B,
1.625%, 6/1/35		4,650		4,394,250
IAC FinanceCo 2, Inc. (a)(b),
0.875%, 6/15/26		7,385		7,456,006
IAC FinanceCo 3, Inc. (a)(b),
2.00%, 1/15/30		6,810		7,024,256
Liberty Expedia Holdings, Inc. (a)(b),
1.00%, 6/30/47		5,580		5,584,355
MercadoLibre, Inc. (a)(b),
2.00%, 8/15/28		4,765		7,352,068
Okta, Inc.,
0.25%, 2/15/23		2,830		7,339,920
Palo Alto Networks, Inc. (a)(b),
0.75%, 7/1/23		17,035		18,032,792
Q2 Holdings, Inc. (a)(b),
0.75%, 6/1/26		4,395		4,748,973
RingCentral, Inc.,
zero coupon, 3/15/23		4,955		7,452,180
Twitter, Inc.,
0.25%, 6/15/24		11,865		11,614,169
1.00%, 9/15/21		9,690		9,298,459
Wayfair, Inc. (a)(b),
1.125%, 11/1/24		4,080		5,936,928
Weibo Corp.,
1.25%, 11/15/22		6,415		6,088,011
Wix.com Ltd. (a)(b),
zero coupon, 7/1/23		5,845		7,160,125
Zendesk, Inc.,
0.25%, 3/15/23		7,065		10,846,131
Zillow Group, Inc.,
1.50%, 7/1/23		4,865		4,800,338
2.00%, 12/1/21		6,000		6,804,826
				182,209,320
Investment Companies—0.1%
Prospect Capital Corp.,
6.375%, 3/1/25		5,000		5,131,500

	Principal Amount (000s)		Value
Lodging—0.4%
Caesars Entertainment Corp.,
5.00%, 10/1/24	$	10,220	$	17,518,876
Machinery-Diversified—0.1%
Chart Industries, Inc. (a)(b),
1.00%, 11/15/24		1,800		2,568,572
Media—1.5%
DISH Network Corp.,
2.375%, 3/15/24		13,010		12,066,976
3.375%, 8/15/26		13,620		13,275,197
Liberty Interactive LLC (a)(b),
1.75%, 9/30/46		8,700		10,908,375
Liberty Media Corp-Liberty Formula One,
1.00%, 1/30/23		6,425		7,579,966
Liberty Media Corp.,
1.375%, 10/15/23		7,875		8,858,946
2.125%, 3/31/48 (a)(b)		7,620		7,434,263
2.25%, 9/30/46		2,580		1,391,736
World Wrestling Entertainment, Inc.,
3.375%, 12/15/23		1,510		4,515,844
				66,031,303
Oil, Gas & Consumable Fuels—1.1%
Bristow Group, Inc. (c),
4.50%, 6/1/23		1,625		357,500
Chesapeake Energy Corp.,
5.50%, 9/15/26		14,705		11,773,977
Ensco Jersey Finance Ltd.,
3.00%, 1/31/24		9,245		7,232,615
Helix Energy Solutions Group, Inc.,
4.25%, 5/1/22		2,510		2,531,473
Nabors Industries, Inc.,
0.75%, 1/15/24		8,145		5,850,696
Oasis Petroleum, Inc.,
2.625%, 9/15/23		9,190		8,430,552
Oil States International, Inc.,
1.50%, 2/15/23		2,450		2,191,299
Transocean, Inc.,
0.50%, 1/30/23		7,950		7,894,537
Weatherford International Ltd.,
5.875%, 7/1/21		6,780		3,508,650
				49,771,299
Pharmaceuticals—1.9%
Clovis Oncology, Inc.,
1.25%, 5/1/25		4,440		2,784,446
2.50%, 9/15/21		4,020		3,585,473
Dermira, Inc.,
3.00%, 5/15/22		3,065		2,652,078
DexCom, Inc. (a)(b),
0.75%, 12/1/23		13,600		15,985,471
Flexion Therapeutics, Inc.,
3.375%, 5/1/24		2,670		2,331,244
Herbalife Nutrition Ltd.,
2.625%, 3/15/24		9,465		9,205,160
Horizon Pharma Investment Ltd.,
2.50%, 3/15/22		2,170		2,412,439
Jazz Investments I Ltd.,
1.50%, 8/15/24		6,195		6,125,975
1.875%, 8/15/21		9,950		10,163,219
Neurocrine Biosciences, Inc.,
2.25%, 5/15/24		6,250		8,231,230
Sarepta Therapeutics, Inc.,
1.50%, 11/15/24		3,205		7,142,165
Supernus Pharmaceuticals, Inc.,
0.625%, 4/1/23		6,355		6,233,307
Teva Pharmaceutical Finance Co. LLC, Ser. C,
0.25%, 2/1/26		7,285		6,697,647
Tilray, Inc. (a)(b),
5.00%, 10/1/23		2,975		2,413,469
				85,963,323

	Principal Amount (000s)		Value
Pipelines—0.2%
Cheniere Energy, Inc.,
4.25%, 3/15/45	$	14,605	$	11,510,200
Retail—0.2%
RH (a)(b),
zero coupon, 6/15/23		9,335		8,501,661
Semiconductors—3.3%
Advanced Micro Devices, Inc.,
2.125%, 9/1/26		3,435		13,321,359
Brocade Communications Systems, Inc.,
1.375%, 1/1/20		4,450		4,438,875
Cree, Inc. (a)(b),
0.875%, 9/1/23		6,155		7,139,387
Inphi Corp.,
0.75%, 9/1/21		6,800		7,556,375
1.125%, 12/1/20		1,710		2,300,683
Intel Corp.,
3.25%, 8/1/39		3,825		9,007,340
Microchip Technology, Inc.,
1.625%, 2/15/27		29,480		34,804,088
2.25%, 2/15/37		2,660		3,139,066
Micron Technology, Inc.,
2.125%, 2/15/33, Ser. F		1,300		4,592,510
3.125%, 5/1/32, Ser. D		490		1,889,228
Novellus Systems, Inc.,
2.625%, 5/15/41		2,165		12,597,998
NXP Semiconductors NV,
1.00%, 12/1/19		10,050		10,615,113
ON Semiconductor Corp.,
1.625%, 10/15/23		11,715		14,301,780
Silicon Laboratories, Inc.,
1.375%, 3/1/22		565		704,279
Synaptics, Inc.,
0.50%, 6/15/22		7,195		6,444,022
Teradyne, Inc.,
1.25%, 12/15/23		5,275		8,570,917
Veeco Instruments, Inc.,
2.70%, 1/15/23		6,560		5,853,130
				147,276,150
Software—3.8%
Akamai Technologies, Inc.,
0.125%, 5/1/25		12,435		13,346,512
Allscripts Healthcare Solutions, Inc.,
1.25%, 7/1/20		6,585		6,602,352
Atlassian, Inc.,
0.625%, 5/1/23		9,725		16,556,813
Avaya Holdings Corp.,
2.25%, 6/15/23		5,740		5,023,137
Coupa Software, Inc. (a)(b),
0.125%, 6/15/25		5,370		5,759,765
DocuSign, Inc. (a)(b),
0.50%, 9/15/23		8,590		8,896,019
Envestnet, Inc.,
1.75%, 6/1/23		4,790		5,723,517
Evolent Health, Inc.,
1.50%, 10/15/25 (a)(b)		3,470		2,276,110
2.00%, 12/1/21		1,400		1,247,969
Five9, Inc.,
0.125%, 5/1/23		500		694,410
Guidewire Software, Inc.,
1.25%, 3/15/25		5,245		5,909,224
Momo, Inc. (a)(b),
1.25%, 7/1/25		2,665		2,531,750
MongoDB, Inc. (a)(b),
0.75%, 6/15/24		2,270		5,213,906
New Relic, Inc.,
0.50%, 5/1/23		7,155		7,669,434
Nuance Communications, Inc.,
1.00%, 12/15/35		5,560		5,246,270

See accompanying Notes to Financial Statements |  June 30, 2019  | Annual Report 75

Schedule of Investments

June 30, 2019

	Principal Amount (000s)		Value
Pluralsight, Inc. (a)(b),
0.375%, 3/1/24	$	7,740	$	8,294,462
RealPage, Inc.,
1.50%, 11/15/22		2,965		4,452,853
ServiceNow, Inc.,
zero coupon, 6/1/22		7,290		15,132,709
Splunk, Inc. (a)(b),
0.50%, 9/15/23		8,880		9,796,930
1.125%, 9/15/25		9,235		10,370,076
Twilio, Inc.,
0.25%, 6/1/23		6,135		12,320,633
Workday, Inc.,
0.25%, 10/1/22		12,690		19,067,373
Zynga, Inc. (a)(b),
0.25%, 6/1/24		1,690		1,691,608
				173,823,832
Telecommunications—0.8%
CalAmp Corp. (a)(b),
2.00%, 8/1/25		2,330		1,890,458
Finisar Corp.,
0.50%, 12/15/36		13,830		13,517,793
GCI Liberty, Inc. (a)(b),
1.75%, 9/30/46		1,000		1,173,933
GDS Holdings Ltd.,
2.00%, 6/1/25		1,750		1,729,770
Infinera Corp.,
2.125%, 9/1/24		4,090		2,799,094
Viavi Solutions, Inc.,
1.75%, 6/1/23		6,678		7,700,569
Viavi Solutions, Inc.,
1.00%, 3/1/24		3,600		4,239,000
Vonage Holdings Corp. (a)(b),
1.75%, 6/1/24		3,715		3,758,371
				36,808,988
Transportation—0.4%
Atlas Air Worldwide Holdings, Inc.,
1.875%, 6/1/24		1,400		1,440,809
2.25%, 6/1/22		6,445		6,398,694
Echo Global Logistics, Inc.,
2.50%, 5/1/20		2,225		2,212,485
Greenbrier Cos., Inc.,
2.875%, 2/1/24		2,265		2,193,388
Hornbeck Offshore Services, Inc.,
1.50%, 9/1/19		4,860		4,422,600
Teekay Corp.,
5.00%, 1/15/23		1,625		1,280,703
				17,948,679
Total Convertible Bonds & Notes (cost—$1,253,913,970)				1,206,852,496
	Shares
Convertible Preferred Stock—4.4%
Banks—0.9%
Bank of America Corp., Ser. L (e),
7.25%		9,840		13,500,480
Wells Fargo & Co., Ser. L (e),
7.50%		21,405		29,200,701
				42,701,181
Chemicals—0.3%
International Flavors & Fragrances, Inc.,
6.00%, 9/15/21		220,765		11,881,572
Computers—0.2%
NCR Corp., Ser. A, PIK 5.50% (e),
5.50%		9,125		10,777,966

	Shares		Value
Diversified Financial Services—0.1%
AMG Capital Trust II,
5.15%, 10/15/37		72,690	$	3,527,607
Electric Utilities—0.6%
CenterPoint Energy, Inc., Ser. B,
7.00%, 9/1/21		41,735		2,095,932
NextEra Energy, Inc.,
6.123%, 9/1/19		140,720		9,136,949
Sempra Energy, Ser. A,
6.00%, 1/15/21		125,785		14,023,770
				25,256,651
Electronic Equipment, Instruments & Components—0.2%
Belden, Inc.,
6.75%, 7/15/19		94,470		7,439,513
Electronics—0.4%
Fortive Corp., Ser. A,
5.00%, 7/1/21		15,285		15,758,632
Equity Real Estate Investment Trusts (REITs)—0.3%
Crown Castle International Corp., Ser. A,
6.875%, 8/1/20		12,755		15,268,065
Hand/Machine Tools—0.3%
Stanley Black & Decker, Inc.,
5.375%, 5/15/20		126,835		12,980,294
Healthcare-Products—0.9%
Avantor, Inc., Ser. A,
6.25%, 5/15/22		145,055		9,592,487
Becton Dickinson and Co., Ser. A,
6.125%, 5/1/20		333,880		20,758,694
Danaher Corp., Ser. A,
4.75%, 4/15/22		11,080		12,239,522
				42,590,703
Insurance—0.2%
Assurant, Inc., Ser. D,
6.50%, 3/15/21		81,455		9,078,974
Oil, Gas & Consumable Fuels—0.0%
Nabors Industries Ltd.,
6.00%, 5/1/21		53,040		1,192,339
Total Convertible Preferred Stock (cost—$196,154,974)				198,453,497
Preferred Stock (a)(d)(f)(k)(l)— 0.4%
Media—0.4%
LiveStyle, Inc., Ser. A		7,960		1,082,958
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)				18,217,438
Equity-Linked Security—0.0%
Coal—0.0%
Arch Coal, Inc., expires
10/5/23 (k) (cost—$0)		4,002		192,096

	Units		Value
Warrants (d)(f)(k)— 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	$	69,799
Media—0.0%
LiveStyle, Inc., Ser. C, expires 11/30/21 (a)(l)		43,500		4
Semiconductors—0.0%
GT Advanced Technologies, Inc., expires 10/1/17 (c)		2,860,000		—	†
Total Warrants (cost—$1,422,155)				69,803
	Principal Amount (000s)
Repurchase Agreements—4.7%
State Street Bank and Trust Co., dated 6/28/19, 0.50%, due 7/1/19, proceeds $211,946,831; collateralized by U.S. Treasury Inflation Indexed Notes, 0.25%, due 1/15/25, valued at $216,180,902 including accrued interest
(cost—$211,938,000)		$211,938		211,938,000
Total Investments, before options written (cost—$4,973,993,114)—100.1%				4,527,196,453
Total Options Written—(0.0)% (premiums received—$611,487) (k)(m)(n)				(760,940	)
Total Investments, net of options written (cost—$4,973,381,627)—100.1%				4,526,435,513
Other liabilities in excess of other assets—(0.1)%				(3,429,959	)
Net Assets—100.0%				$4,523,005,554

76 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

Schedule of Investments

June 30, 2019

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 $1,070,746,186, representing 23.7% 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 $1,053,173,843, representing 23.3% of net assets.

(c) In default.

(d) Fair-Valued—Securities with an aggregate value of $24,626,505, representing 0.5% 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 $36,353,629. The aggregate value is $14,714,414, representing 0.3% of net assets.

(j) Variable or Floating Rate Security—Security with an interest rate that changes periodically. The interest rate disclosed reflects the rate in effect on June 30, 2019.

(k) Non-income producing.

(l) 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.

(m) Exchange traded-Chicago Board Options Exchange.

(n) Exchange traded option contracts outstanding at June 30, 2019:

Options written contracts outstanding at June 30, 2019:
Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)
Call options:
Adobe, Inc.		315.00 USD		7/19/19		(390	)	$	(39,000	)	$	(27,105	)	$	(30,633	)	$	3,528
Alphabet, Inc.		1,250.00 USD		7/19/19		(140	)		(14,000	)		(3,150	)		(42,974	)		39,824
Apple, Inc.		210.00 USD		7/19/19		(570	)		(57,000	)		(60,420	)		(16,810	)		(43,610	)
Boeing Co.		415.00 USD		7/19/19		(345	)		(34,500	)		(5,002	)		(13,268	)		8,266
Broadcom, Inc.		330.00 USD		7/19/19		(425	)		(42,500	)		(4,250	)		(25,717	)		21,467
Deere & Co.		165.00 USD		7/19/19		(560	)		(56,000	)		(245,000	)		(16,940	)		(228,060	)
DR Horton, Inc.		48.00 USD		7/19/19		(505	)		(50,500	)		(2,525	)		(10,600	)		8,075
Facebook, Inc.		205.00 USD		7/19/19		(525	)		(52,500	)		(56,438	)		(45,161	)		(11,277	)
Fiserv, Inc.		95.00 USD		7/19/19		(1,085	)		(108,500	)		(75,950	)		(36,847	)		(39,103	)
Home Depot, Inc.		217.50 USD		7/19/19		(705	)		(70,500	)		(32,782	)		(25,034	)		(7,748	)
Honeywell International, Inc.		185.00 USD		7/19/19		(660	)		(66,000	)		(20,130	)		(33,640	)		13,510
Intuit, Inc.		290.00 USD		7/19/19		(340	)		(34,000	)		(1,700	)		(11,546	)		9,846
JPMorgan Chase & Co.		120.00 USD		7/19/19		(690	)		(69,000	)		(5,865	)		(8,971	)		3,106
Microsoft Corp.		145.00 USD		7/19/19		(920	)		(92,000	)		(18,400	)		(44,583	)		26,183
NIKE, Inc.		90.00 USD		7/19/19		(835	)		(83,500	)		(10,020	)		(34,350	)		24,330
S&P Global, Inc.		230.00 USD		7/19/19		(217	)		(21,700	)		(62,388	)		(23,211	)		(39,177	)
Starbucks Corp.		90.00 USD		7/19/19		(1,200	)		(120,000	)		(5,400	)		(21,553	)		16,153
Take-Two Interactive Software, Inc.		130.00 USD		7/19/19		(420	)		(42,000	)		(5,250	)		(10,063	)		4,813
Target Corp.		92.50 USD		7/19/19		(960	)		(96,000	)		(12,960	)		(77,721	)		64,761
Union Pacific Corp.		180.00 USD		7/19/19		(525	)		(52,500	)		(29,400	)		(19,441	)		(9,959	)
Vertex Pharmaceuticals, Inc.		195.00 USD		7/19/19		(300	)		(30,000	)		(41,250	)		(18,909	)		(22,341	)
Walt Disney Co.		150.00 USD		7/19/19		(1,010	)		(101,000	)		(25,755	)		(31,381	)		5,626
Workday, Inc.		225.00 USD		7/19/19		(140	)		(14,000	)		(9,800	)		(12,134	)		2,334
Total options written contracts											$	(760,940	)	$	(611,487	)	$	(149,453	)

Glossary:

ADR—American Depositary Receipt

FRN—Floating Rate Note

PIK—Payment-in-Kind

See accompanying Notes to Financial Statements |  June 30, 2019  | Annual Report 77

Schedule of Investments

June 30, 2019

AllianzGI Mid-Cap Fund

	Shares		Value
Common Stock—99.5%
Aerospace & Defense—2.5%
HEICO Corp., Class A		44,120		$4,560,684
L3 Technologies, Inc.		13,353		3,273,755
				7,834,439
Air Freight & Logistics—1.3%
XPO Logistics, Inc. (a)		70,754		4,090,289
Beverages—3.0%
MGP Ingredients, Inc.		49,725		3,297,265
Monster Beverage Corp. (a)		96,426		6,154,871
				9,452,136
Biotechnology—2.8%
Exact Sciences Corp. (a)		44,740		5,281,110
Sage Therapeutics, Inc. (a)		18,245		3,340,477
				8,621,587
Capital Markets—1.4%
E*TRADE Financial Corp.		95,887		4,276,560
Chemicals—1.8%
FMC Corp.		68,340		5,668,803
Commercial Services & Supplies—3.9%
Clean Harbors, Inc. (a)		76,225		5,419,598
Waste Connections, Inc.		69,937		6,684,578
				12,104,176
Containers & Packaging—2.0%
Crown Holdings, Inc. (a)		103,900		6,348,290
Electrical Equipment—2.2%
AMETEK, Inc.		75,147		6,826,354
Electronic Equipment, Instruments & Components—3.7%
Keysight Technologies, Inc. (a)		49,740		4,467,150
TE Connectivity Ltd.		36,841		3,528,631
Trimble, Inc. (a)		81,447		3,674,074
				11,669,855
Entertainment—5.4%
Take-Two Interactive Software, Inc. (a)		78,355		8,895,643
World Wrestling Entertainment, Inc., Class A		35,525		2,565,260
Zynga, Inc., Class A (a)		894,411		5,482,740
				16,943,643
Food Products—2.3%
Freshpet, Inc. (a)		71,565		3,256,923
Lamb Weston Holdings, Inc.		60,110		3,808,570
				7,065,493
Healthcare Equipment & Supplies—10.6%
Cooper Cos., Inc.		14,015		4,721,513
DexCom, Inc. (a)		63,217		9,472,435
Edwards Lifesciences Corp. (a)		29,443		5,439,300
Haemonetics Corp. (a)		46,643		5,613,019
IDEXX Laboratories, Inc. (a)		28,195		7,762,929
				33,009,196
Hotels, Restaurants & Leisure—3.3%
Chipotle Mexican Grill, Inc. (a)		7,515		5,507,593
Royal Caribbean Cruises Ltd.		38,553		4,673,009
				10,180,602

	Shares		Value
Insurance—2.9%
Arthur J Gallagher & Co.		68,225	$	5,975,828
James River Group Holdings Ltd.		66,195		3,104,545
				9,080,373
Internet & Direct Marketing Retail—1.2%
Etsy, Inc. (a)		63,130		3,874,288
IT Services—11.6%
Booz Allen Hamilton Holding Corp.		69,770		4,619,472
EPAM Systems, Inc. (a)		44,738		7,744,148
Twilio, Inc., Class A (a)		36,910		5,032,679
WEX, Inc. (a)		31,058		6,463,170
Wix.com Ltd. (a)		28,254		4,014,893
Worldpay, Inc., Class A (a)		66,875		8,195,531
				36,069,893
Life Sciences Tools & Services—2.6%
Agilent Technologies, Inc.		65,694		4,905,371
Illumina, Inc. (a)		8,975		3,304,146
				8,209,517
Multi-Line Retail—2.1%
Dollar Tree, Inc. (a)		60,607		6,508,586
Oil, Gas & Consumable Fuels—1.0%
Parsley Energy, Inc., Class A (a)		157,433		2,992,801
Pharmaceuticals—3.3%
Catalent, Inc. (a)		117,652		6,377,915
Elanco Animal Health, Inc. (a)		114,510		3,870,438
				10,248,353
Professional Services—4.2%
Equifax, Inc.		40,733		5,508,731
Verisk Analytics, Inc.		51,568		7,552,649
				13,061,380
Real Estate Management & Development—1.2%
CBRE Group, Inc., Class A (a)		75,416		3,868,841
Road & Rail—1.0%
Kansas City Southern		24,400		2,972,408
Semiconductors & Semiconductor Equipment—7.3%
Advanced Micro Devices, Inc. (a)		199,910		6,071,267
Cree, Inc. (a)		51,195		2,876,135
Entegris, Inc.		65,706		2,452,148
Monolithic Power Systems, Inc.		25,179		3,418,804
Xilinx, Inc.		68,500		8,077,520
				22,895,874
Software—7.0%
Ceridian HCM Holding, Inc. (a)		72,570		3,643,014
Splunk, Inc. (a)		51,299		6,450,849
Trade Desk, Inc., Class A (a)		13,663		3,112,158
Workday, Inc., Class A (a)		42,624		8,762,642
				21,968,663
Specialty Retail—2.9%
Floor & Decor Holdings, Inc., Class A (a)		101,600		4,257,040
Ulta Salon Cosmetics & Fragrance, Inc. (a)		14,124		4,899,474
				9,156,514

	Shares		Value
Textiles, Apparel & Luxury Goods—3.6%
Lululemon Athletica, Inc. (a)		38,805	$	6,993,049
VF Corp.		48,230		4,212,891
				11,205,940
Trading Companies & Distributors—1.4%
United Rentals, Inc. (a)		32,379		4,294,427
Total Common Stock (cost—$238,374,500)				310,499,281
	Principal Amount (000s)
Repurchase Agreements—0.8%
State Street Bank and Trust Co., dated 6/28/19, 0.50%, due 7/1/19, proceeds $2,558,107; collateralized by U.S. Treasury Inflation Indexed Notes, 0.25%, due 1/15/25, valued at $2,611,364 including accrued interest
(cost—$2,558,000)		$2,558		2,558,000
Total Investments (cost—$240,932,500)—100.3%				313,057,281
Liabilities in excess of other assets—(0.3)%				(889,858	)
Net Assets—100.0%				$312,167,423

Notes to Schedule of Investments:

(a) Non-income producing.

78 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

Schedule of Investments

June 30, 2019

AllianzGI NFJ Dividend Value Fund

	Shares		Value
Common Stock—98.4%
Aerospace & Defense—4.8%
Curtiss-Wright Corp.		84,177		$10,701,422
Lockheed Martin Corp.		75,565		27,470,900
United Technologies Corp.		210,605		27,420,771
				65,593,093
Automobiles—2.1%
General Motors Co.		724,675		27,921,728
Banks—13.8%
Bank of America Corp.		961,810		27,892,490
Citigroup, Inc.		395,870		27,722,776
Citizens Financial Group, Inc.		771,335		27,274,406
Comerica, Inc.		340,900		24,762,976
JPMorgan Chase & Co.		476,640		53,288,352
U.S. Bancorp		512,615		26,861,026
				187,802,026
Capital Markets—2.0%
Morgan Stanley		606,245		26,559,593
Chemicals—1.9%
Celanese Corp.		129,200		13,927,760
Dow, Inc.		242,706		11,967,833
				25,895,593
Communications Equipment—1.9%
Cisco Systems, Inc.		474,870		25,989,635
Containers & Packaging—1.6%
Avery Dennison Corp.		69,663		8,027,760
International Paper Co.		304,475		13,189,857
				21,217,617
Diversified Telecommunication Services—4.1%
AT&T, Inc.		837,863		28,076,789
Verizon Communications, Inc.		471,450		26,933,939
				55,010,728
Electric Utilities—1.9%
Exelon Corp.		546,058		26,178,020
Electrical Equipment—2.0%
Eaton Corp. PLC		327,110		27,241,721
Entertainment—1.0%
Walt Disney Co.		99,084		13,836,090
Equity Real Estate Investment Trusts (REITs)—0.9%
Host Hotels & Resorts, Inc.		693,926		12,643,332
Food & Staples Retailing—2.0%
Walmart, Inc.		244,350		26,998,231
Food Products—1.9%
Mondelez International, Inc., Class A		486,300		26,211,570
Healthcare Equipment & Supplies—2.0%
Medtronic PLC		274,470		26,730,633
Healthcare Providers & Services—3.0%
Humana, Inc.		52,026		13,802,498
Quest Diagnostics, Inc.		269,160		27,403,179
				41,205,677

	Shares		Value
Industrial Conglomerates—3.1%
General Electric Co.		1,333,000	$	13,996,500
Honeywell International, Inc.		156,570		27,335,556
				41,332,056
Insurance—7.0%
Allstate Corp.		267,975		27,250,378
MetLife, Inc.		552,265		27,431,002
Progressive Corp.		165,288		13,211,470
Reinsurance Group of America, Inc.		175,125		27,324,754
				95,217,604
Media—2.9%
Comcast Corp., Class A		935,000		39,531,800
Metals & Mining—0.4%
Reliance Steel & Aluminum Co.		57,590		5,449,166
Multi-Line Retail—2.0%
Target Corp.		311,414		26,971,566
Multi-Utilities—2.0%
Public Service Enterprise Group, Inc.		453,330		26,664,871
Oil, Gas & Consumable Fuels—11.9%
Chevron Corp.		108,795		13,538,450
ConocoPhillips		421,065		25,684,965
Royal Dutch Shell PLC, Class A ADR		614,895		40,011,218
TC Energy Corp.		543,432		26,910,752
Total S.A. ADR		482,700		26,929,833
Valero Energy Corp.		330,500		28,294,105
				161,369,323
Pharmaceuticals—8.6%
Bristol-Myers Squibb Co.		204,738		9,284,868
Johnson & Johnson		283,146		39,436,575
Merck & Co., Inc.		314,649		26,383,319
Pfizer, Inc.		620,185		26,866,414
Roche Holding AG ADR		436,777		15,330,873
				117,302,049
Road & Rail—1.9%
Kansas City Southern		216,350		26,355,757
Semiconductors & Semiconductor Equipment—4.8%
Broadcom, Inc.		90,700		26,108,902
Intel Corp.		514,544		24,631,221
KLA-Tencor Corp.		117,362		13,872,189
				64,612,312
Software—2.0%
Oracle Corp.		479,069		27,292,561
Specialty Retail—1.0%
Lowe’s Cos., Inc.		140,167		14,144,252
Technology Hardware, Storage & Peripherals—2.0%
Apple, Inc.		135,140		26,746,909
Tobacco—1.9%
Philip Morris International, Inc.		320,000		25,129,600
Total Common Stock (cost—$1,159,269,262)				1,335,155,113

	Principal Amount (000s)		Value
Repurchase Agreements—1.6%
State Street Bank and Trust Co., dated 6/28/19, 0.50%, due 7/1/19, proceeds $21,560,898; collateralized by U.S. Treasury Inflation Indexed Bonds, 2.375%, due 1/15/25, valued at $21,997,103 including accrued interest
(cost—$21,560,000)		$21,560	$	21,560,000
Total Investments (cost—$1,180,829,262)—100.0%				1,356,715,113
Other assets less liabilities—0.0%				528,101
Net Assets—100.0%				$1,357,243,214

Glossary:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

See accompanying Notes to Financial Statements |  June 30, 2019  | Annual Report 79

Schedule of Investments

June 30, 2019

AllianzGI NFJ International Value Fund

	Shares		Value
Common Stock—99.1%
Australia—2.1%
Macquarie Group Ltd.		21,942		$1,935,416
Westpac Banking Corp.		93,861		1,870,673
				3,806,089
Canada—12.5%
Bank of Montreal		24,300		1,833,435
Canadian Pacific Railway Ltd.		14,441		3,397,101
Enerplus Corp.		185,100		1,393,803
Magna International, Inc.		77,140		3,833,858
Manulife Financial Corp.		104,468		1,899,228
Methanex Corp.		37,619		1,710,160
TC Energy Corp.		66,660		3,301,003
Toronto-Dominion Bank		87,840		5,126,342
				22,494,930
China—11.9%
Anhui Conch Cement Co., Ltd., Class H		589,500		3,688,686
China Construction Bank Corp., Class H		2,249,100		1,938,732
China Mobile Ltd.		381,000		3,468,495
China Railway Signal & Communication Corp., Ltd., Class H (a)		5,196,000		3,775,774
China Shenhua Energy Co., Ltd., Class H		784,000		1,642,140
Hengan International Group Co., Ltd.		438,000		3,225,088
Longfor Group Holdings Ltd.		470,500		1,773,977
Ping An Insurance Group Co of China Ltd., Class A		151,817		1,963,097
				21,475,989
France—6.2%
Capgemini SE		29,479		3,665,215
Danone S.A.		44,407		3,760,038
Euronext NV (a)		23,295		1,762,479
Kering S.A.		3,345		1,974,296
				11,162,028
Germany—4.2%
BASF SE		25,454		1,851,759
Deutsche Telekom AG		104,813		1,815,847
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		7,365		1,846,093
SAP SE		14,486		1,985,913
				7,499,612
Hong Kong—6.7%
AIA Group Ltd.		172,200		1,859,570
BOC Hong Kong Holdings Ltd.		399,600		1,573,284
CK Hutchison Holdings Ltd.		362,500		3,575,606
CLP Holdings Ltd.		156,000		1,719,087
Sands China Ltd.		364,000		1,738,853
Xinyi Glass Holdings Ltd.		1,492,000		1,567,277
				12,033,677
India—0.7%
Reliance Industries Ltd. GDR (a)		33,792		1,221,581
Ireland—3.7%
Glanbia PLC		193,471		3,145,693
Smurfit Kappa Group PLC		114,796		3,478,599
				6,624,292

	Shares		Value
Italy—1.1%
Terna Rete Elettrica Nazionale SpA		300,886	$	1,917,131
Japan—13.7%
Asahi Group Holdings Ltd.		39,000		1,755,728
Astellas Pharma, Inc.		135,000		1,923,853
Hitachi Ltd.		48,340		1,778,560
Japan Exchange Group, Inc.		224,500		3,575,567
Mitsubishi Corp.		131,400		3,472,293
Shionogi & Co., Ltd.		60,100		3,472,748
Sony Corp.		97,600		5,128,875
Tokio Marine Holdings, Inc.		72,200		3,622,658
				24,730,282
Korea (Republic of)—2.0%
Samsung Electronics Co., Ltd.		86,483		3,521,615
Mexico—1.0%
Grupo Aeroportuario del Pacifico S.A.B de C.V., Class B		176,000		1,832,830
Netherlands—2.9%
ING Groep NV		139,403		1,614,808
Unilever NV		59,491		3,614,562
				5,229,370
Peru—1.0%
Southern Copper Corp.		45,968		1,785,857
Russian Federation—0.9%
Lukoil PJSC ADR		19,970		1,677,879
Singapore—1.9%
DBS Group Holdings Ltd.		182,500		3,505,835
South Africa—1.0%
Naspers Ltd., Class N		7,323		1,772,533
Spain—2.0%
Banco Santander S.A.		778,171		3,606,552
Sweden—1.1%
Sandvik AB		106,259		1,952,621
Switzerland—3.2%
Roche Holding AG		20,414		5,740,164
Taiwan—0.9%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		41,686		1,632,841
United Kingdom—16.5%
3i Group PLC		117,910		1,668,182
BAE Systems PLC ADR		152,868		3,832,401
Carnival PLC		69,664		3,065,797
Compass Group PLC		73,048		1,751,089
GlaxoSmithKline PLC		183,804		3,684,319
Imperial Brands PLC		133,449		3,131,401
Legal & General Group PLC		1,015,080		3,477,675
Rio Tinto PLC		29,354		1,816,808
Royal Dutch Shell PLC, Class A ADR		110,540		7,192,838
				29,620,510

	Shares		Value
United States—1.9%
Broadcom, Inc.		5,700	$	1,640,802
Constellation Brands, Inc., Class A		8,701		1,713,575
				3,354,377
Total Common Stock (cost—$171,746,521)				178,198,595
	Principal Amount (000s)
Repurchase Agreements—0.7%
State Street Bank and Trust Co., dated 6/28/19, 0.50%, due 7/1/19, proceeds $1,224,051; collateralized by U.S. Treasury Inflation Indexed Bonds, 2.375%, due 1/15/25, valued at $1,251,309 including accrued interest
(cost—$1,224,000)		$1,224		1,224,000
Total Investments (cost—$172,970,521) (b)—99.8%				179,422,595
Other assets less liabilities—0.2%				382,974
Net Assets—100.0%				$179,805,569

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 $6,759,834, representing 3.8% of net assets.

(b) Securities with an aggregate value of $133,173,061, representing 74.1% 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.

Glossary:

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

80 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

Schedule of Investments

June 30, 2019

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

Banks	11.7%
Oil, Gas & Consumable Fuels	9.1%
Pharmaceuticals	8.3%
Insurance	8.2%
Capital Markets	5.0%
Food Products	3.8%
Personal Products	3.8%
Hotels, Restaurants & Leisure	3.7%
Electronic Equipment, Instruments & Components	3.1%
Auto Components	3.0%
Household Durables	2.9%
Aerospace & Defense	2.1%
Construction Materials	2.1%
IT Services	2.0%
Electric Utilities	2.0%
Metals & Mining	2.0%
Industrial Conglomerates	2.0%
Chemicals	2.0%
Technology Hardware, Storage & Peripherals	2.0%
Containers & Packaging	1.9%
Trading Companies & Distributors	1.9%
Beverages	1.9%
Wireless Telecommunication Services	1.9%
Road & Rail	1.9%
Semiconductors & Semiconductor Equipment	1.8%
Tobacco	1.7%
Software	1.1%
Textiles, Apparel & Luxury Goods	1.1%
Machinery	1.1%
Transportation Infrastructure	1.0%
Diversified Telecommunication Services	1.0%
Real Estate Management & Development	1.0%
Internet & Direct Marketing Retail	1.0%
Repurchase Agreements	0.7%
Other assets less liabilities	0.2%
	100.0%

AllianzGI NFJ Large-Cap Value Fund

	Shares		Value
Common Stock—99.7%
Aerospace & Defense—3.6%
Curtiss-Wright Corp.		26,768		$3,403,016
Lockheed Martin Corp.		10,800		3,926,232
United Technologies Corp.		40,184		5,231,957
				12,561,205
Banks—13.8%
Bank of America Corp.		273,667		7,936,343
Citigroup, Inc.		105,900		7,416,177
Citizens Financial Group, Inc.		98,465		3,481,722
Comerica, Inc.		85,540		6,213,626
First Republic Bank		17,950		1,752,817
JPMorgan Chase & Co.		123,200		13,773,760
U.S. Bancorp		136,100		7,131,640
				47,706,085
Beverages—1.1%
PepsiCo, Inc.		28,700		3,763,431
Capital Markets—2.7%
Ameriprise Financial, Inc.		17,960		2,607,074
Morgan Stanley		152,400		6,676,644
				9,283,718
Chemicals—3.0%
Air Products & Chemicals, Inc.		16,122		3,649,537
Celanese Corp.		34,700		3,740,660
Dow, Inc. (a)		58,346		2,877,041
				10,267,238
Commercial Services & Supplies—0.8%
IAA, Inc. (a)		41,687		1,616,622
KAR Auction Services, Inc.		41,687		1,042,175
				2,658,797
Communications Equipment—2.0%
Cisco Systems, Inc.		128,400		7,027,332
Construction & Engineering—1.1%
EMCOR Group, Inc.		41,968		3,697,381
Consumer Finance—2.1%
American Express Co.		29,948		3,696,781
Discover Financial Services		45,000		3,491,550
				7,188,331
Containers & Packaging—1.3%
Avery Dennison Corp.		8,873		1,022,499
Packaging Corp. of America		35,326		3,367,274
				4,389,773
Diversified Telecommunication Services—3.0%
AT&T, Inc.		108,948		3,650,848
Verizon Communications, Inc.		115,771		6,613,997
				10,264,845
Electric Utilities—2.0%
Entergy Corp.		34,265		3,526,896
Exelon Corp.		68,992		3,307,477
				6,834,373
Electrical Equipment—1.0%
Eaton Corp. PLC		43,400		3,614,352
Entertainment—1.3%
Walt Disney Co.		31,600		4,412,624
Equity Real Estate Investment Trusts (REITs)—1.5%
Host Hotels & Resorts, Inc.		184,248		3,356,998
Prologis, Inc.		22,436		1,797,124
				5,154,122

	Shares		Value
Food & Staples Retailing—2.2%
Sysco Corp.		53,500	$	3,783,520
Walmart, Inc.		34,400		3,800,856
				7,584,376
Food Products—1.1%
Mondelez International, Inc., Class A		70,600		3,805,340
Healthcare Equipment & Supplies—3.1%
Abbott Laboratories		20,807		1,749,869
Baxter International, Inc.		25,806		2,113,511
Hill-Rom Holdings, Inc.		16,845		1,762,324
Medtronic PLC		53,600		5,220,104
				10,845,808
Healthcare Providers & Services—2.3%
HCA Healthcare, Inc.		21,000		2,838,570
Humana, Inc.		6,626		1,757,878
Quest Diagnostics, Inc.		33,400		3,400,454
				7,996,902
Hotels, Restaurants & Leisure—0.9%
Royal Caribbean Cruises Ltd.		26,900		3,260,549
Household Products—1.1%
Procter & Gamble Co.		34,200		3,750,030
Industrial Conglomerates—2.0%
General Electric Co.		338,800		3,557,400
Honeywell International, Inc.		19,770		3,451,644
				7,009,044
Insurance—5.2%
Aflac, Inc.		70,800		3,880,548
Allstate Corp.		36,900		3,752,361
Progressive Corp.		82,988		6,633,231
Reinsurance Group of America, Inc.		22,600		3,526,278
				17,792,418
Machinery—1.0%
Ingersoll-Rand PLC		27,600		3,496,092
Wabtec Corp.		852		61,139
				3,557,231
Media—2.0%
Comcast Corp., Class A		162,600		6,874,728
Metals & Mining—1.1%
Reliance Steel & Aluminum Co.		38,611		3,653,373
Multi-Line Retail—1.1%
Target Corp.		42,564		3,686,468
Multi-Utilities—1.9%
Public Service Enterprise Group, Inc.		110,400		6,493,728
Oil, Gas & Consumable Fuels—11.1%
Chevron Corp.		71,500		8,897,460
ConocoPhillips		111,800		6,819,800
Kinder Morgan, Inc.		180,722		3,773,475
Marathon Oil Corp.		217,592		3,091,982
Royal Dutch Shell PLC, Class A ADR		57,308		3,729,032
TC Energy Corp.		70,947		3,513,296
Total S.A. ADR		60,800		3,392,032
Valero Energy Corp.		61,428		5,258,851
				38,475,928
Pharmaceuticals—8.1%
Bristol-Myers Squibb Co.		52,297		2,371,669
Johnson & Johnson		60,109		8,371,982

See accompanying Notes to Financial Statements |  June 30, 2019  | Annual Report 81

Schedule of Investments

June 30, 2019

	Shares		Value
Merck & Co., Inc.		80,659	$	6,763,257
Pfizer, Inc.		154,000		6,671,280
Roche Holding AG ADR		111,000		3,896,100
				28,074,288
Road & Rail—1.9%
Kansas City Southern		28,100		3,423,142
Union Pacific Corp.		19,100		3,230,001
				6,653,143
Semiconductors & Semiconductor Equipment—4.4%
Broadcom, Inc.		17,346		4,993,220
Intel Corp.		139,000		6,653,930
KLA-Tencor Corp.		29,717		3,512,549
				15,159,699
Software—2.6%
Microsoft Corp.		38,320		5,133,347
Oracle Corp.		68,500		3,902,445
				9,035,792
Specialty Retail—2.6%
Best Buy Co., Inc.		27,585		1,923,502
Lowe’s Cos., Inc.		70,285		7,092,459
				9,015,961
Technology Hardware, Storage & Peripherals—0.9%
Apple, Inc.		15,500		3,067,760
Textiles, Apparel & Luxury Goods—1.0%
Columbia Sportswear Co.		35,018		3,507,403
Tobacco—1.8%
Philip Morris International, Inc.		79,700		6,258,841
Total Investments (cost—$326,345,995)—99.7%				344,382,417
Other assets less liabilities—0.3%				1,148,318
Net Assets—100.0%				$345,530,735

Notes to Schedule of Investments:

(a) Non-income producing.

Glossary:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

AllianzGI NFJ Mid-Cap Value Fund

	Shares		Value
Common Stock—99.4%
Aerospace & Defense—4.5%
Curtiss-Wright Corp.		58,713		$7,464,184
Huntington Ingalls Industries, Inc.		57,340		12,886,592
L3Harris Technologies, Inc.		65,130		12,318,037
Northrop Grumman Corp.		43,607		14,089,858
Raytheon Co.		67,554		11,746,289
				58,504,960
Air Freight & Logistics—0.9%
FedEx Corp.		71,340		11,713,315
Auto Components—1.5%
Gentex Corp.		474,816		11,685,222
Lear Corp.		57,660		8,030,308
				19,715,530
Banks—8.5%
Chemical Financial Corp.		312,988		12,866,937
Citizens Financial Group, Inc.		358,000		12,658,880
Comerica, Inc.		182,960		13,290,214
East West Bancorp, Inc.		290,660		13,594,168
Fifth Third Bancorp		479,210		13,369,959
First Republic Bank		135,370		13,218,880
KeyCorp		378,590		6,719,973
M&T Bank Corp.		78,857		13,411,210
Regions Financial Corp.		832,620		12,439,343
				111,569,564
Beverages—1.5%
Coca-Cola European Partners PLC		224,890		12,706,285
Constellation Brands, Inc., Class A		33,404		6,578,584
				19,284,869
Biotechnology—1.0%
Grifols S.A. ADR		597,033		12,597,396
Capital Markets—4.1%
Ameriprise Financial, Inc.		45,362		6,584,748
Cboe Global Markets, Inc.		120,061		12,441,922
Raymond James Financial, Inc.		141,340		11,950,297
State Street Corp.		198,390		11,121,743
TD Ameritrade Holding Corp.		240,725		12,016,992
				54,115,702
Chemicals—1.9%
Celanese Corp.		120,030		12,939,234
LyondellBasell Industries NV, Class A		144,540		12,449,230
				25,388,464
Commercial Services & Supplies—1.7%
IAA, Inc. (a)		226,630		8,788,711
KAR Auction Services, Inc.		226,630		5,665,750
Tetra Tech, Inc.		93,125		7,314,969
				21,769,430
Communications Equipment—1.1%
Motorola Solutions, Inc.		85,270		14,217,067
Construction & Engineering—1.2%
EMCOR Group, Inc.		185,603		16,351,624
Consumer Finance—0.9%
Discover Financial Services		156,490		12,142,059

	Shares		Value
Containers & Packaging—2.0%
Avery Dennison Corp.		122,398	$	14,159,001
Packaging Corp. of America		130,280		12,418,289
				26,577,290
Distributors—0.7%
Genuine Parts Co.		84,810		8,784,620
Electric Utilities—4.0%
Edison International		100,100		6,747,741
Evergy, Inc.		218,158		13,122,204
Eversource Energy		140,680		10,657,917
Pinnacle West Capital Corp.		138,670		13,047,460
Southern Co.		174,494		9,646,028
				53,221,350
Electrical Equipment—2.0%
AMETEK, Inc.		148,225		13,464,759
EnerSys		96,900		6,637,650
Hubbell, Inc.		52,040		6,786,016
				26,888,425
Electronic Equipment, Instruments & Components—0.8%
Amphenol Corp., Class A		116,520		11,178,929
Entertainment—0.5%
Activision Blizzard, Inc.		133,456		6,299,123
Equity Real Estate Investment Trusts (REITs)—7.3%
Boston Properties, Inc.		88,793		11,454,297
CoreSite Realty Corp.		114,740		13,214,606
Equinix, Inc.		25,200		12,708,108
Extra Space Storage, Inc.		58,824		6,241,226
Lamar Advertising Co., Class A		104,070		8,399,490
Mid-America Apartment Communities, Inc.		107,130		12,615,629
National Health Investors, Inc.		157,240		12,269,437
Prologis, Inc.		166,310		13,321,431
Public Storage		26,390		6,285,306
				96,509,530
Food Products—4.4%
Archer-Daniels-Midland Co.		271,500		11,077,200
Hershey Co.		93,010		12,466,130
Ingredion, Inc.		114,430		9,439,331
Kellogg Co.		214,649		11,498,747
Lamb Weston Holdings, Inc.		204,248		12,941,153
				57,422,561
Gas Utilities—1.8%
Southwest Gas Holdings, Inc. (a)		144,755		12,972,943
UGI Corp.		204,800		10,938,368
				23,911,311
Healthcare Equipment & Supplies—1.0%
STERIS PLC		85,890		12,787,303
Healthcare Providers & Services—3.2%
Encompass Health Corp.		202,400		12,824,064
Humana, Inc.		22,234		5,898,680
Quest Diagnostics, Inc.		130,281		13,263,909
Universal Health Services, Inc., Class B		72,850		9,498,911
				41,485,564

82 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

Schedule of Investments

June 30, 2019

	Shares		Value
Hotels, Restaurants & Leisure—3.2%
Aramark		202,471	$	7,301,104
Cedar Fair L.P.		278,220		13,268,312
Royal Caribbean Cruises Ltd.		95,400		11,563,434
Yum China Holdings, Inc.		219,919		10,160,258
				42,293,108
Household Durables—0.5%
PulteGroup, Inc.		202,054		6,388,947
Insurance—7.4%
Allstate Corp.		127,720		12,987,847
American Financial Group, Inc.		124,180		12,724,725
Aon PLC		38,840		7,495,343
Hanover Insurance Group, Inc.		103,257		13,247,873
Lincoln National Corp.		191,800		12,361,510
Progressive Corp.		154,450		12,345,188
Prudential Financial, Inc.		124,990		12,623,990
Reinsurance Group of America, Inc.		84,063		13,116,350
				96,902,826
Internet & Direct Marketing Retail—0.9%
eBay, Inc.		304,678		12,034,781
IT Services—4.2%
Amdocs Ltd.		234,164		14,539,243
Broadridge Financial Solutions, Inc.		72,599		9,269,440
Fidelity National Information Services, Inc.		136,760		16,777,717
MAXIMUS, Inc.		103,580		7,513,693
Science Applications International Corp.		84,943		7,352,666
				55,452,759
Life Sciences Tools & Services—2.1%
Agilent Technologies, Inc.		183,681		13,715,461
PerkinElmer, Inc.		143,236		13,799,356
				27,514,817
Machinery—3.4%
Altra Industrial Motion Corp.		342,950		12,305,046
Crane Co.		154,280		12,873,123
PACCAR, Inc.		179,430		12,857,954
Toro Co.		97,713		6,537,000
				44,573,123
Metals & Mining—1.9%
Nucor Corp.		249,490		13,746,899
Southern Copper Corp.		274,221		10,653,486
				24,400,385
Mortgage Real Estate Investment Trusts (REITs)—0.5%
Annaly Capital Management, Inc.		704,337		6,430,597
Multi-Line Retail—0.4%
Target Corp.		60,735		5,260,258
Multi-Utilities—2.1%
CenterPoint Energy, Inc.		327,601		9,379,217
Dominion Energy, Inc.		153,850		11,895,682
Sempra Energy		51,100		7,023,184
				28,298,083
Oil, Gas & Consumable Fuels—6.4%
Concho Resources, Inc.		61,849		6,381,580
ConocoPhillips		200,715		12,243,615
Devon Energy Corp.		205,970		5,874,264

	Shares		Value
Diamondback Energy, Inc.		57,800	$	6,298,466
EOG Resources, Inc.		70,490		6,566,849
Magellan Midstream Partners L.P.		221,840		14,197,760
Marathon Oil Corp.		481,330		6,839,699
TC Energy Corp.		273,790		13,558,081
Valero Energy Corp.		138,990		11,898,934
				83,859,248
Professional Services—0.8%
TransUnion		140,903		10,357,780
Road & Rail—3.0%
JB Hunt Transport Services, Inc.		135,330		12,370,515
Kansas City Southern		108,060		13,163,869
Norfolk Southern Corp.		66,650		13,285,345
				38,819,729
Semiconductors & Semiconductor Equipment—2.0%
Applied Materials, Inc.		248,520		11,161,033
Monolithic Power Systems, Inc.		50,700		6,884,046
NXP Semiconductors NV		80,669		7,874,101
				25,919,180
Software—1.0%
SS&C Technologies Holdings, Inc.		228,044		13,137,615
Specialty Retail—1.6%
Best Buy Co., Inc.		117,152		8,169,009
Tractor Supply Co.		118,990		12,946,112
				21,115,121
Textiles, Apparel & Luxury Goods—1.5%
Columbia Sportswear Co.		132,175		13,238,648
Tapestry, Inc.		213,676		6,779,939
				20,018,587
Total Common Stock (cost—$1,148,600,168)				1,305,212,930
	Principal Amount (000s)
Repurchase Agreements—1.6%
State Street Bank and Trust Co., dated 6/28/19, 0.50%, due 7/1/19, proceeds $20,909,871; collateralized by U.S. Treasury Inflation Indexed Bonds, 2.375%, due 1/15/25, valued at $21,333,298 including accrued interest
(cost—$20,909,000)		$20,909		20,909,000
Total Investments (cost—$1,169,509,168)—101.0%				1,326,121,930
Liabilities in excess of other assets—(1.0)%				(13,320,770	)
Net Assets—100.0%				$1,312,801,160

Notes to Schedule of Investments:

(a) Non-income producing.

Glossary:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

AllianzGI NFJ Small-Cap Value Fund

	Shares		Value
Common Stock—100.7%
Aerospace & Defense—2.4%
CAE, Inc.		394,360		$10,592,509
Curtiss-Wright Corp.		115,330		14,661,903
				25,254,412
Auto Components—1.1%
Gentex Corp.		469,150		11,545,781
Banks—21.6%
Associated Banc-Corp		554,900		11,730,586
Atlantic Union Bankshares Corp.		343,780		12,145,747
BancFirst Corp.		97,940		5,451,340
Berkshire Hills Bancorp, Inc.		215,764		6,772,832
CenterState Bank Corp.		528,753		12,177,182
East West Bancorp, Inc.		237,630		11,113,955
Enterprise Financial Services Corp.		287,550		11,962,080
First Hawaiian, Inc.		412,520		10,671,892
First Interstate Bancsystem, Inc., Class A		306,608		12,144,743
FNB Corp.		1,157,525		13,624,069
Great Western Bancorp, Inc.		375,175		13,401,251
Heritage Commerce Corp.		522,460		6,400,135
IBERIABANK Corp.		165,488		12,552,265
Renasant Corp.		357,040		12,832,018
Simmons First National Corp., Class A		482,500		11,222,950
South State Corp.		169,530		12,489,275
TCF Financial Corp.		601,390		12,502,898
Towne Bank		59,810		1,631,617
Umpqua Holdings Corp.		666,330		11,054,415
United Community Banks, Inc.		448,190		12,800,307
Wintrust Financial Corp.		167,620		12,263,079
				226,944,636
Building Products—1.0%
Universal Forest Products, Inc.		278,702		10,607,398
Capital Markets—2.9%
AllianceBernstein Holding L.P.		215,142		6,394,020
Houlihan Lokey, Inc.		275,220		12,255,547
LPL Financial Holdings, Inc.		150,200		12,251,814
				30,901,381
Chemicals—2.8%
Cabot Corp.		276,140		13,174,639
Innophos Holdings, Inc.		117,608		3,423,569
Rentech Nitrogen Partners L.P. (a)(b)(c)		555,768		56
Stepan Co.		135,428		12,447,187
				29,045,451
Commercial Services & Supplies—4.1%
Ennis, Inc.		438,021		8,988,191
Interface, Inc.		582,055		8,922,903
McGrath RentCorp		194,690		12,099,984
Tetra Tech, Inc.		167,104		13,126,019
				43,137,097
Construction & Engineering—2.6%
Comfort Systems USA, Inc.		247,217		12,605,595
EMCOR Group, Inc.		161,839		14,258,016
				26,863,611

See accompanying Notes to Financial Statements |  June 30, 2019  | Annual Report 83

Schedule of Investments

June 30, 2019

	Shares		Value
Containers & Packaging—1.3%
Silgan Holdings, Inc.		444,646	$	13,606,168
Electrical Equipment—2.5%
EnerSys		117,191		8,027,584
Hubbell, Inc.		54,250		7,074,200
Regal Beloit Corp.		129,210		10,557,749
				25,659,533
Electronic Equipment, Instruments & Components—5.7%
Dolby Laboratories, Inc., Class A		188,350		12,167,410
FLIR Systems, Inc.		244,350		13,219,335
Methode Electronics, Inc.		471,102		13,459,384
SYNNEX Corp.		112,830		11,102,472
Vishay Intertechnology, Inc.		610,690		10,088,599
				60,037,200
Equity Real Estate Investment Trusts (REITs)—8.6%
American Assets Trust, Inc.		117,299		5,527,129
CoreSite Realty Corp.		115,720		13,327,473
CyrusOne, Inc.		225,464		13,013,782
First Industrial Realty Trust, Inc.		200,075		7,350,756
Hudson Pacific Properties, Inc.		331,959		11,044,276
Life Storage, Inc.		137,330		13,057,336
Monmouth Real Estate Investment Corp.		976,368		13,229,786
National Health Investors, Inc.		169,780		13,247,933
				89,798,471
Food Products—2.1%
Ingredion, Inc.		133,000		10,971,170
Lamb Weston Holdings, Inc.		171,227		10,848,943
				21,820,113
Gas Utilities—2.4%
National Fuel Gas Co.		212,900		11,230,475
Southwest Gas Holdings, Inc. (c)		153,510		13,757,566
				24,988,041
Healthcare Equipment & Supplies—1.1%
Hill-Rom Holdings, Inc.		112,760		11,796,951
Healthcare Providers & Services—1.2%
Encompass Health Corp.		198,319		12,565,492
Hotels, Restaurants & Leisure—2.1%
Cedar Fair L.P.		224,130		10,688,760
Ruth’s Hospitality Group, Inc.		497,975		11,309,012
				21,997,772
Household Durables—1.9%
La-Z-Boy, Inc.		260,310		7,981,105
MDC Holdings, Inc.		364,761		11,956,865
				19,937,970
Household Products—0.6%
WD-40 Co.		39,277		6,246,614
Independent Power Producers & Energy Traders—1.0%
Capital Power Corp.		457,951		10,543,486
Insurance—4.6%
American Financial Group, Inc.		119,130		12,207,251
CNO Financial Group, Inc.		737,800		12,306,504

	Shares		Value
First American Financial Corp.		249,340	$	13,389,558
Old Republic International Corp.		475,120		10,633,186
				48,536,499
IT Services—3.0%
MAXIMUS, Inc.		170,493		12,367,562
Perspecta, Inc.		301,694		7,062,656
Science Applications International Corp.		142,251		12,313,247
				31,743,465
Life Sciences Tools & Services—1.2%
Bruker Corp.		258,450		12,909,577
Machinery—3.3%
Crane Co.		133,890		11,171,781
ITT, Inc.		194,835		12,757,796
Toro Co.		163,912		10,965,713
				34,895,290
Media—1.1%
Meredith Corp.		217,102		11,953,636
Metals & Mining—1.0%
Steel Dynamics, Inc.		353,860		10,686,572
Multi-Utilities—1.2%
Black Hills Corp.		162,970		12,739,365
Oil, Gas & Consumable Fuels—6.3%
Alliance Resource Partners L.P.		79,960		1,357,721
Cimarex Energy Co.		135,670		8,049,301
CNX Midstream Partners L.P.		715,251		10,049,277
Delek Logistics Partners L.P.		181,763		5,816,416
Enerplus Corp.		1,513,600		11,397,408
Murphy Oil Corp.		230,510		5,682,072
Parkland Fuel Corp.		335,959		10,659,460
Ship Finance International Ltd.		1,056,130		13,212,186
				66,223,841
Professional Services—2.0%
ICF International, Inc.		156,340		11,381,552
Korn Ferry		250,252		10,027,598
				21,409,150
Road & Rail—1.1%
Werner Enterprises, Inc.		361,227		11,226,935
Semiconductors & Semiconductor Equipment—2.9%
Cabot Microelectronics Corp.		113,284		12,470,303
MKS Instruments, Inc.		76,453		5,954,924
Monolithic Power Systems, Inc.		86,060		11,685,227
				30,110,454
Specialty Retail—0.5%
Designer Brands, Inc., Class A		289,890		5,557,191
Textiles, Apparel & Luxury Goods—1.1%
Columbia Sportswear Co.		119,385		11,957,602
Thrifts & Mortgage Finance—1.3%
Washington Federal, Inc.		380,140		13,278,290

	Shares		Value
Tobacco—1.1%
Universal Corp.		192,070	$	11,672,094
Total Common Stock (cost—$952,511,190)				1,058,197,539
	Principal Amount (000s)
Repurchase Agreements—1.2%
State Street Bank and Trust Co., dated 6/28/19, 0.50%, due 7/1/19, proceeds $13,137,547; collateralized by U.S. Treasury Inflation Indexed Bonds, 2.375%, due 1/15/25, valued at $13,405,796 including accrued interest
(cost—$13,137,000)		$13,137		13,137,000
Total Investments (cost—$965,648,190)—101.9%				1,071,334,539
Liabilities in excess of other assets—(1.9)%				(19,716,525	)
Net Assets—100.0%				$1,051,618,014

Notes to Schedule of Investments:

(a) Fair-Valued—Security with a value of $56, 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

84 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

Schedule of Investments

June 30, 2019

AllianzGI Small-Cap Fund

	Shares		Value
Common Stock—98.3%
Aerospace & Defense—1.7%
Axon Enterprise, Inc. (c)		5,430		$348,660
BWX Technologies, Inc.		3,640		189,644
HEICO Corp.		1,255		167,931
Kratos Defense & Security Solutions, Inc. (c)		18,230		417,285
Moog, Inc., Class A		8,575		802,706
				1,926,226
Airlines—0.3%
Spirit Airlines, Inc. (c)		6,345		302,847
Auto Components—1.0%
Dana, Inc.		37,840		754,530
Fox Factory Holding Corp. (c)		3,052		251,820
Stoneridge, Inc. (c)		4,085		128,882
				1,135,232
Banks—2.3%
BankFinancial Corp.		4,910		68,691
Carolina Financial Corp.		1,507		52,881
CBTX, Inc.		2,665		74,993
First BanCorp		81,210		896,558
First Financial Bankshares, Inc.		29,550		909,844
First Foundation, Inc.		3,664		49,244
HarborOne Bancorp, Inc. (c)		3,670		68,739
IBERIABANK Corp.		2,605		197,589
Preferred Bank		995		47,014
RBB Bancorp		3,380		65,369
Southern National Bancorp of Virginia, Inc.		5,305		81,220
Veritex Holdings, Inc.		2,187		56,753
				2,568,895
Beverages—1.1%
Boston Beer Co., Inc., Class A (c)		2,800		1,057,728
Craft Brew Alliance, Inc. (c)		5,065		70,859
MGP Ingredients, Inc.		1,136		75,328
Primo Water Corp. (c)		3,798		46,716
				1,250,631
Biotechnology—5.7%
Albireo Pharma, Inc. (c)		601		19,376
Amicus Therapeutics, Inc. (c)		6,492		81,020
Arena Pharmaceuticals, Inc. (c)		1,429		83,782
ArQule, Inc. (c)		3,881		42,730
Array BioPharma, Inc. (c)		3,658		169,475
Arrowhead Pharmaceuticals, Inc. (c)		5,384		142,676
Audentes Therapeutics, Inc. (c)		4,155		157,308
BioCryst Pharmaceuticals, Inc. (c)		4,126		15,638
Biohaven Pharmaceutical Holding Co., Ltd. (c)		891		39,017
BioSpecifics Technologies Corp. (c)		5,242		313,000
Blueprint Medicines Corp. (c)		1,838		173,379
Cara Therapeutics, Inc. (c)		1,488		31,992
Corbus Pharmaceuticals Holdings, Inc. (c)		2,059		14,269
CRISPR Therapeutics AG (c)		3,435		161,789
Dicerna Pharmaceuticals, Inc. (c)		2,123		33,437
Fate Therapeutics, Inc. (c)		2,141		43,462
Genomic Health, Inc. (c)		14,240		828,341
Global Blood Therapeutics, Inc. (c)		1,775		93,365
GlycoMimetics, Inc. (c)		1,786		21,289

	Shares		Value
Halozyme Therapeutics, Inc. (c)		51,590	$	886,316
Intellia Therapeutics, Inc. (c)		8,443		138,212
Invitae Corp. (c)		25,137		590,720
Iovance Biotherapeutics, Inc. (c)		6,487		159,061
Kindred Biosciences, Inc. (c)		3,868		32,220
Kura Oncology, Inc. (c)		1,953		38,455
MacroGenics, Inc. (c)		1,653		28,051
Natera, Inc. (c)		21,279		586,875
Progenics Pharmaceuticals, Inc. (c)		3,900		24,063
PTC Therapeutics, Inc. (c)		2,783		125,235
REGENXBIO, Inc. (c)		2,626		134,898
T2 Biosystems, Inc. (c)		7,306		12,274
uniQure NV (c)		600		46,890
Vanda Pharmaceuticals, Inc. (c)		2,105		29,659
Veracyte, Inc. (c)		18,491		527,178
Vericel Corp. (c)		21,736		410,593
Viking Therapeutics, Inc. (c)		3,297		27,365
Voyager Therapeutics, Inc. (c)		1,421		38,680
				6,302,090
Building Products—0.3%
PGT Innovations, Inc. (c)		2,681		44,826
Simpson Manufacturing Co., Inc.		4,745		315,353
				360,179
Capital Markets—1.2%
Artisan Partners Asset Management, Inc., Class A		25,100		690,752
Barings BDC, Inc.		13,830		136,087
BlackRock TCP Capital Corp.		5,325		75,881
Golub Capital BDC, Inc.		15,370		273,586
Main Street Capital Corp.		2,143		88,120
Prospect Capital Corp.		11,905		77,740
				1,342,166
Chemicals—0.6%
American Vanguard Corp.		2,380		36,676
Balchem Corp.		690		68,979
Ingevity Corp. (c)		4,096		430,776
Westlake Chemical Partners L.P.		5,735		141,024
				677,455
Commercial Services & Supplies—2.6%
Brink’s Co.		3,532		286,728
Herman Miller, Inc.		20,130		899,811
MSA Safety, Inc.		5,455		574,902
Tetra Tech, Inc.		14,540		1,142,117
				2,903,558
Communications Equipment—0.6%
Acacia Communications, Inc. (c)		6,607		311,586
EchoStar Corp., Class A (c)		2,390		105,925
InterDigital, Inc.		1,045		67,298
NetScout Systems, Inc. (c)		2,740		69,569
Viavi Solutions, Inc. (c)		5,505		73,161
				627,539
Construction & Engineering—0.7%
EMCOR Group, Inc.		6,600		581,460
NV5 Global, Inc. (c)		1,448		117,867
Sterling Construction Co., Inc. (c)		4,590		61,598
				760,925
Construction Materials—0.1%
U.S. Concrete, Inc. (c)		1,148		57,044

	Shares		Value
Containers & Packaging—0.1%
Silgan Holdings, Inc.		3,740	$	114,444
Diversified Consumer Services—1.4%
Bright Horizons Family Solutions, Inc. (c)		3,055		460,908
Carriage Services, Inc.		6,218		118,204
Chegg, Inc. (c)		8,204		316,592
Graham Holdings Co., Class B		200		138,006
Grand Canyon Education, Inc. (c)		665		77,818
HyreCar, Inc.		6,068		25,486
OneSpaWorld Holdings Ltd. (c)		7,105		110,128
Strategic Education, Inc.		1,787		318,086
				1,565,228
Diversified Financial Services—0.3%
Compass Diversified Holdings		15,310		292,574
Diversified Telecommunication Services—0.4%
Bandwidth, Inc., Class A (c)		3,018		226,410
Pareteum Corp. (c)		13,378		34,917
Vonage Holdings Corp. (c)		16,758		189,868
				451,195
Electric Utilities—3.1%
ALLETE, Inc.		3,080		256,287
El Paso Electric Co.		12,700		830,580
Hawaiian Electric Industries, Inc.		11,975		521,511
IDACORP, Inc.		1,745		175,250
Otter Tail Corp.		1,570		82,912
PNM Resources, Inc.		3,090		157,312
Portland General Electric Co.		26,715		1,447,152
				3,471,004
Electrical Equipment—0.8%
Atkore International Group, Inc. (c)		28,300		732,121
TPI Composites, Inc. (c)		7,009		173,263
				905,384
Electronic Equipment, Instruments & Components—3.6%
Fabrinet (c)		12,690		630,312
Methode Electronics, Inc.		23,700		677,109
Napco Security Technologies, Inc. (c)		11,329		336,245
Novanta, Inc. (c)		8,900		839,270
Sanmina Corp. (c)		22,680		686,750
SYNNEX Corp.		7,755		763,092
				3,932,778
Energy Equipment & Services—0.3%
DMC Global, Inc.		4,362		276,333
USA Compression Partners L.P.		4,130		73,390
				349,723
Entertainment—1.3%
Gaia, Inc. Class A (c)		3,807		28,857
Liberty Media Corp-Liberty Braves, Class A (c)		5,125		142,475
Liberty Media Corp-Liberty Braves, Class C (c)		5,035		140,829
Madison Square Garden Co., Class A (c)		585		163,765
Reading International, Inc., Class A (c)		8,280		107,474
Rosetta Stone, Inc. (c)		19,707		450,896
World Wrestling Entertainment, Inc., Class A		2,326		167,961

See accompanying Notes to Financial Statements |  June 30, 2019  | Annual Report 85

Schedule of Investments

June 30, 2019

	Shares		Value
Zynga, Inc., Class A (c)		43,535	$	266,870
				1,469,127
Equity Real Estate Investment Trusts (REITs)—3.9%
CareTrust REIT, Inc.		33,730		802,099
Chatham Lodging Trust		25,820		487,223
CoreCivic, Inc.		36,080		749,021
Equity Commonwealth		12,750		414,630
Industrial Logistics Properties Trust		34,600		720,372
Outfront Media, Inc.		30,905		797,040
Ryman Hospitality Properties, Inc.		4,005		324,766
Winthrop Realty Trust (a)(b)(c)		12,960		2,074
				4,297,225
Food & Staples Retailing—0.5%
Casey’s General Stores, Inc.		740		115,432
Performance Food Group Co. (c)		8,137		325,724
PriceSmart, Inc.		1,165		59,555
Weis Markets, Inc.		1,865		67,905
				568,616
Food Products—2.5%
Cal-Maine Foods, Inc.		1,775		74,053
Conagra Brands, Inc.		2,967		78,685
Flowers Foods, Inc.		8,945		208,150
Freshpet, Inc. (c)		7,665		348,834
J&J Snack Foods Corp.		2,030		326,729
John B Sanfilippo & Son, Inc.		1,748		139,298
Lancaster Colony Corp.		995		147,857
Sanderson Farms, Inc.		5,100		696,456
Simply Good Foods Co. (c)		19,761		475,845
Tootsie Roll Industries, Inc.		6,300		232,659
				2,728,566
Gas Utilities—1.0%
Northwest Natural Holding Co.		1,015		70,543
ONE Gas, Inc.		835		75,400
Southwest Gas Holdings, Inc.		8,800		788,656
Suburban Propane Partners L.P.		5,510		133,838
				1,068,437
Healthcare Equipment & Supplies—5.7%
Antares Pharma, Inc. (c)		12,924		42,520
Axogen, Inc. (c)		2,648		52,430
BioLife Solutions, Inc. (c)		3,317		56,223
Cerus Corp. (c)		8,774		49,310
CONMED Corp.		1,005		85,998
CryoLife, Inc. (c)		2,778		83,146
CryoPort, Inc. (c)		18,064		330,933
CytoSorbents Corp. (c)		4,933		32,607
Globus Medical, Inc., Class A (c)		7,865		332,690
Haemonetics Corp. (c)		6,902		830,587
Hill-Rom Holdings, Inc.		4,105		429,465
Masimo Corp. (c)		9,565		1,423,463
Merit Medical Systems, Inc. (c)		7,976		475,051
Mesa Laboratories, Inc.		312		76,234
Novocure Ltd. (c)		5,179		327,468
OrthoPediatrics Corp. (c)		2,051		79,989
RTI Surgical Holdings, Inc. (c)		74,820		317,985
Sientra, Inc. (c)		2,890		17,802
STAAR Surgical Co. (c)		5,369		157,741
Surmodics, Inc. (c)		1,475		63,676
Tactile Systems Technology, Inc. (c)		1,733		98,642
Tandem Diabetes Care, Inc. (c)		5,102		329,181

	Shares		Value
Utah Medical Products, Inc.		2,595	$	248,342
ViewRay, Inc. (c)		29,546		260,300
West Pharmaceutical Services, Inc.		775		96,991
				6,298,774
Healthcare Providers & Services—3.9%
Addus HomeCare Corp. (c)		5,998		449,550
Amedisys, Inc. (c)		4,345		527,527
BioTelemetry, Inc. (c)		1,579		76,029
Catasys, Inc. (c)		3,047		58,563
Chemed Corp.		770		277,847
Encompass Health Corp.		2,685		170,122
HealthEquity, Inc. (c)		3,909		255,649
Joint Corp. (c)		3,590		65,338
LHC Group, Inc. (c)		3,871		462,894
Premier, Inc., Class A (c)		2,985		116,743
Providence Service Corp. (c)		1,185		67,948
R1 RCM, Inc. (c)		132,107		1,661,906
RadNet, Inc. (c)		4,156		57,311
U.S. Physical Therapy, Inc.		565		69,252
				4,316,679
Healthcare Technology—1.2%
Omnicell, Inc. (c)		5,178		445,464
Tabula Rasa HealthCare, Inc. (c)		6,424		320,750
Teladoc Health, Inc. (c)		7,410		492,098
Vocera Communications, Inc. (c)		2,901		92,600
				1,350,912
Hotels, Restaurants & Leisure—2.5%
Carrols Restaurant Group, Inc. (c)		5,186		46,830
Cedar Fair L.P.		1,585		75,589
Century Casinos, Inc. (c)		5,726		55,542
Choice Hotels International, Inc.		1,690		147,047
Churchill Downs, Inc.		4,275		491,924
Dine Brands Global, Inc.		3,200		305,504
Eldorado Resorts, Inc. (c)		9,947		458,258
Hyatt Hotels Corp., Class A		7,890		600,666
International Speedway Corp., Class A		2,160		96,962
Jack in the Box, Inc.		1,100		89,529
Lindblad Expeditions Holdings, Inc. (c)		13,105		235,235
PlayAGS, Inc. (c)		9,900		192,555
				2,795,641
Household Durables—1.2%
Lennar Corp., Class B		12,965		499,282
LGI Homes, Inc. (c)		919		65,644
Taylor Morrison Home Corp., Class A (c)		36,300		760,848
				1,325,774
Household Products—0.3%
Central Garden & Pet Co. (c)		2,745		73,978
Central Garden & Pet Co., Class A (c)		2,790		68,746
WD-40 Co.		1,380		219,475
				362,199
Independent Power Producers & Energy Traders—0.4%
Ormat Technologies, Inc.		3,415		216,477
TerraForm Power, Inc., Class A		17,175		245,602
				462,079

	Shares		Value
Insurance—3.5%
American Equity Investment Life Holding Co.		22,890	$	621,692
American National Insurance Co.		1,300		151,411
AMERISAFE, Inc.		3,165		201,832
Argo Group International Holdings Ltd.		11,907		881,713
Donegal Group, Inc., Class A		6,885		105,134
eHealth, Inc. (c)		5,505		473,981
Enstar Group Ltd. (c)		565		98,468
Investors Title Co.		445		74,315
Kemper Corp.		5,220		450,434
NI Holdings, Inc. (c)		5,465		96,239
ProAssurance Corp.		3,055		110,316
RLI Corp.		2,840		243,416
Safety Insurance Group, Inc.		1,090		103,692
State Auto Financial Corp.		6,590		230,650
				3,843,293
Interactive Media & Services—0.4%
QuinStreet, Inc. (c)		29,897		473,867
Internet & Direct Marketing Retail—0.1%
Liberty Expedia Holdings, Inc., Class A (c)		2,160		103,226
IT Services—2.9%
Brightcove, Inc. (c)		6,236		64,418
Carbonite, Inc. (c)		2,276		59,267
CSG Systems International, Inc.		2,305		112,553
Hackett Group, Inc.		3,214		53,963
LiveRamp Holdings, Inc. (c)		8,156		395,403
ManTech International Corp., Class A		16,155		1,063,807
MAXIMUS, Inc.		12,235		887,527
Science Applications International Corp.		7,135		617,605
				3,254,543
Leisure Equipment & Products—2.0%
Clarus Corp.		29,960		432,622
Malibu Boats, Inc., Class A (c)		18,554		720,823
MasterCraft Boat Holdings, Inc. (c)		32,406		634,833
YETI Holdings, Inc. (c)		14,309		414,246
				2,202,524
Life Sciences Tools & Services—4.0%
Charles River Laboratories International, Inc. (c)		8,390		1,190,541
Codexis, Inc. (c)		2,622		48,323
Fluidigm Corp. (c)		23,430		288,658
Medpace Holdings, Inc. (c)		10,145		663,686
NanoString Technologies, Inc. (c)		9,261		281,071
NeoGenomics, Inc. (c)		24,929		546,942
PRA Health Sciences, Inc. (c)		9,645		956,302
Quanterix Corp. (c)		13,372		451,840
				4,427,363
Machinery—2.0%
Chart Industries, Inc. (c)		5,558		427,299
Columbus McKinnon Corp.		6,377		267,643
Kadant, Inc.		834		75,735
Kornit Digital Ltd. (c)		17,660		559,115
Park-Ohio Holdings Corp.		8,340		271,801
SPX Corp. (c)		19,700		650,494
				2,252,087
Media—2.0%
Cable One, Inc.		135		158,084
Cardlytics, Inc. (c)		2,561		66,535
Fluent, Inc. (c)		9,439		50,782
Gray Television, Inc. (c)		19,650		322,063

86 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

Schedule of Investments

June 30, 2019

	Shares		Value
Liberty Broadband Corp., Class A (c)		1,915	$	196,938
Loral Space & Communications, Inc. (c)		1,990		68,675
New York Times Co., Class A		2,375		77,472
News Corp., Class B		11,635		162,425
Nexstar Media Group, Inc., Class A		7,723		780,023
Scholastic Corp.		2,815		93,571
TechTarget, Inc. (c)		13,096		278,290
				2,254,858
Metals & Mining—0.1%
Novagold Resources, Inc. (c)		11,830		69,915
Mortgage Real Estate Investment Trusts (REITs)—3.3%
Apollo Commercial Real Estate Finance, Inc.		21,350		392,627
ARMOUR Residential REIT, Inc.		5,390		100,470
Blackstone Mortgage Trust, Inc., Class A		13,480		479,618
Capstead Mortgage Corp.		57,000		475,950
Chimera Investment Corp.		6,815		128,599
Ellington Financial, Inc. (c)		7,490		134,595
Exantas Capital Corp.		20,680		233,891
Granite Point Mortgage Trust, Inc.		18,445		353,960
Invesco Mortgage Capital, Inc.		4,170		67,220
MFA Financial, Inc.		75,220		540,080
Ready Capital Corp.		14,020		208,898
TPG RE Finance Trust, Inc.		25,860		498,839
				3,614,747
Multi-Line Retail—0.2%
Ollie’s Bargain Outlet Holdings, Inc. (c)		2,054		178,924
Multi-Utilities—1.1%
Black Hills Corp.		7,030		549,535
NorthWestern Corp.		5,365		387,085
Unitil Corp.		4,035		241,656
				1,178,276
Oil, Gas & Consumable Fuels—1.8%
Alliance Resource Partners L.P.		37,725		640,571
Black Stone Minerals L.P.		7,555		117,103
Dorchester Minerals L.P.		3,840		70,310
Enviva Partners L.P.		3,355		105,414
Evolution Petroleum Corp.		6,110		43,687
Par Pacific Holdings, Inc. (c)		4,550		93,366
PBF Logistics L.P.		6,450		136,353
Penn Virginia Corp. (c)		925		28,379
Plains GP Holdings L.P., Class A (c)		18,450		460,697
Ship Finance International Ltd.		9,440		118,094
Sunoco L.P.		4,040		126,371
TC Pipelines L.P.		2,220		83,516
				2,023,861
Paper & Forest Products—0.4%
Mercer International, Inc.		25,235		390,385
Personal Products—0.3%
Inter Parfums, Inc.		1,185		78,791
Medifast, Inc.		1,539		197,454
USANA Health Sciences, Inc. (c)		885		70,295
				346,540

	Shares		Value
Pharmaceuticals—1.0%
Amphastar Pharmaceuticals, Inc. (c)		2,508	$	52,944
ANI Pharmaceuticals, Inc. (c)		934		76,775
Axsome Therapeutics, Inc. (c)		1,032		26,574
Catalent, Inc. (c)		10,415		564,597
Cymabay Therapeutics, Inc. (c)		2,580		18,473
Horizon Therapeutics PLC (c)		14,525		349,471
Omeros Corp. (c)		1,414		22,186
				1,111,020
Professional Services—2.6%
ASGN, Inc. (c)		11,635		705,081
CRA International, Inc.		895		34,305
FTI Consulting, Inc. (c)		7,820		655,629
Heidrick & Struggles International, Inc.		22,550		675,823
Insperity, Inc.		3,175		387,795
Kforce, Inc.		2,019		70,847
Upwork, Inc. (c)		17,773		285,790
				2,815,270
Real Estate Management & Development—0.9%
HFF, Inc., Class A		19,035		865,712
St Joe Co. (c)		4,845		83,721
				949,433
Road & Rail—0.3%
Universal Logistics Holdings, Inc.		15,235		342,330
Semiconductors & Semiconductor Equipment—1.3%
Ambarella, Inc. (c)		7,478		330,004
Axcelis Technologies, Inc. (c)		2,166		32,598
AXT, Inc. (c)		7,288		28,860
FormFactor, Inc. (c)		3,867		60,596
Ichor Holdings Ltd. (c)		2,231		52,741
Inphi Corp. (c)		5,197		260,370
MKS Instruments, Inc.		4,103		319,583
Semtech Corp. (c)		6,656		319,821
				1,404,573
Software—6.8%
ACI Worldwide, Inc. (c)		16,200		556,308
Alteryx, Inc., Class A (c)		2,118		231,116
Aspen Technology, Inc. (c)		4,640		576,659
Blackline, Inc. (c)		6,017		321,970
Digital Turbine, Inc. (c)		61,236		306,180
Everbridge, Inc. (c)		4,834		432,256
Five9, Inc. (c)		6,655		341,335
Instructure, Inc. (c)		1,737		73,822
LivePerson, Inc. (c)		15,016		421,049
MobileIron, Inc. (c)		8,838		54,796
Model N, Inc. (c)		36,196		705,822
Pluralsight, Inc., Class A (c)		9,748		295,559
PROS Holdings, Inc. (c)		1,668		105,518
Rapid7, Inc. (c)		5,640		326,217
RealPage, Inc. (c)		3,440		202,444
Sapiens International Corp. NV		1,453		24,149
SPS Commerce, Inc. (c)		8,225		840,677
Upland Software, Inc. (c)		2,373		108,043
Verint Systems, Inc. (c)		20,649		1,110,503
Yext, Inc. (c)		9,278		186,395
Zix Corp. (c)		32,319		293,780
				7,514,598
Specialty Retail—0.9%
Boot Barn Holdings, Inc. (c)		10,235		364,775
Cato Corp., Class A		13,290		163,733
Murphy USA, Inc. (c)		855		71,846
Williams-Sonoma, Inc.		4,400		286,000

	Shares		Value
Winmark Corp.		440	$	76,186
				962,540
Technology Hardware, Storage & Peripherals—0.1%
Pure Storage, Inc., Class A (c)		10,382		158,533
Textiles, Apparel & Luxury Goods—1.2%
Columbia Sportswear Co.		3,565		357,070
Crocs, Inc. (c)		26,090		515,278
Deckers Outdoor Corp. (c)		2,705		475,999
				1,348,347
Thrifts & Mortgage Finance—5.0%
America First Multifamily Investors L.P.		21,665		154,255
Capitol Federal Financial, Inc.		30,070		414,064
ESSA Bancorp, Inc.		4,015		61,229
Essent Group Ltd. (c)		20,023		940,881
First Defiance Financial Corp.		2,210		63,140
Flagstar Bancorp, Inc.		2,795		92,626
Kearny Financial Corp.		17,130		227,658
LendingTree, Inc. (c)		781		328,043
Meridian Bancorp, Inc.		8,976		160,581
MGIC Investment Corp. (c)		65,930		866,320
Northwest Bancshares, Inc.		5,430		95,622
OceanFirst Financial Corp.		2,860		71,071
Oritani Financial Corp.		16,635		295,105
PCSB Financial Corp.		7,800		157,950
Radian Group, Inc.		43,485		993,632
Territorial Bancorp, Inc.		6,915		213,673
Waterstone Financial, Inc.		20,415		348,280
				5,484,130
Tobacco—0.4%
Turning Point Brands, Inc.		6,785		332,329
Universal Corp.		2,400		145,848
				478,177
Trading Companies & Distributors—0.2%
Rush Enterprises, Inc., Class B		6,915		255,233
Water Utilities—0.8%
American States Water Co.		7,530		566,557
SJW Group		5,960		362,189
				928,746
Wireless Telecommunication Services—0.1%
Boingo Wireless, Inc. (c)		4,296		77,199
Total Common Stock (cost—$93,007,272)				108,785,684
	Principal Amount (000s)
Repurchase Agreements—2.1%
State Street Bank and Trust Co., dated 6/28/19, 0.50%, due 7/1/19, proceeds $2,279,095; collateralized by U.S. Treasury Inflation Indexed Bonds, 2.375%, due 1/15/25, valued at $2,327,130 including accrued interest
(cost—$2,279,000)		$2,279		2,279,000
Total Investments (cost—$95,286,272)—100.4%				111,064,684

See accompanying Notes to Financial Statements |  June 30, 2019  | Annual Report 87

Schedule of Investments

June 30, 2019

	Value
Liabilities in excess of other assets—(0.4)%	$	(416,849	)
Net Assets—100.0%		$110,647,835

Notes to Schedule of Investments:

(a) Fair-Valued—Security with a value of $2,074, 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—91.1%
Communications Equipment—2.3%
Arista Networks, Inc. (d)		79,650		$20,678,733
Cisco Systems, Inc.		112,495		6,156,851
Juniper Networks, Inc.		95		2,530
Lumentum Holdings, Inc. (d)		95		5,074
Motorola Solutions, Inc.		95		15,839
Nokia Oyj ADR		95		476
Palo Alto Networks, Inc. (d)		45,280		9,226,253
				36,085,756
Diversified Consumer Services—0.0%
New Oriental Education & Technology Group, Inc. ADR (d)		95		9,175
Diversified Telecommunication Services—0.0%
AT&T, Inc.		95		3,184
Verizon Communications, Inc.		95		5,427
				8,611
Electrical Equipment—0.8%
Bloom Energy Corp., Class A (d)		1,063,490		13,049,022
Nidec Corp.		100		13,734
				13,062,756
Electronic Equipment, Instruments & Components—0.0%
CDW Corp.		95		10,545
Cognex Corp.		100		4,798
IPG Photonics Corp. (d)		95		14,654
Murata Manufacturing Co., Ltd.		300		13,506
Samsung Electro-Mechanics Co., Ltd.		165		14,039
Samsung SDI Co., Ltd.		950		194,906
				252,448
Entertainment—1.1%
Electronic Arts, Inc. (d)		36,335		3,679,282
Netflix, Inc. (d)		21,110		7,754,125
Nintendo Co., Ltd.		100		36,690
Take-Two Interactive Software, Inc. (d)		52,600		5,971,678
				17,441,775
Healthcare Technology—0.2%
Veeva Systems, Inc., Class A (d)		21,270		3,448,080
Household Durables—0.0%
Garmin Ltd.		95		7,581
Industrial Conglomerates—1.0%
Roper Technologies, Inc.		45,200		16,554,952
Interactive Media & Services—9.4%
58.com, Inc. ADR (d)		95		5,906
Alphabet, Inc., Class A (c)(d)		16,150		17,487,220
Alphabet, Inc., Class C (d)		17,085		18,467,347
Baidu, Inc. ADR (d)		95		11,149
Facebook, Inc., Class A (c)(d)		603,405		116,457,165
NAVER Corp.		475		46,945
Tencent Holdings Ltd.		100		4,524
TripAdvisor, Inc. (d)		95		4,398
Twitter, Inc. (d)		95		3,316

	Shares		Value
Weibo Corp. ADR (d)		20	$	871
Yandex NV, Class A (d)		95		3,610
Yelp, Inc. (d)		95		3,247
Zillow Group, Inc., Class A (d)		95		4,347
				152,500,045
Internet & Direct Marketing Retail—6.4%
Alibaba Group Holding Ltd. ADR (d)		100		16,945
Amazon.com, Inc. (d)		54,755		103,685,711
Ctrip.com International Ltd. ADR (d)		95		3,506
eBay, Inc.		95		3,752
Expedia Group, Inc.		95		12,638
GrubHub, Inc. (d)		95		7,409
JD.com, Inc. ADR (d)		95		2,878
				103,732,839
IT Services—22.9%
Accenture PLC, Class A		95		17,553
Adyen NV (a)(d)		95		73,282
Akamai Technologies, Inc. (d)		220,535		17,673,675
Amadeus IT Group S.A.		95		7,528
Automatic Data Processing, Inc.		95		15,706
DXC Technology Co.		287,660		15,864,449
Fidelity National Information Services, Inc.		65,050		7,980,334
First Data Corp., Class A (d)		349,440		9,459,341
Fiserv, Inc. (d)		38,840		3,540,654
Global Payments, Inc.		53,840		8,621,399
GoDaddy, Inc., Class A (d)		95		6,664
Mastercard, Inc., Class A		182,745		48,341,535
MongoDB, Inc. (d)		253,825		38,604,244
Okta, Inc. (d)		507,110		62,633,156
PayPal Holdings, Inc. (d)		331,775		37,974,967
Perspecta, Inc.		2,645		61,920
Sabre Corp.		95		2,109
Shopify, Inc., Class A (d)		95		28,514
Square, Inc., Class A (c)(d)		250,070		18,137,577
Tata Consultancy Services Ltd.		2,000		64,562
Total System Services, Inc.		84,005		10,775,321
Twilio, Inc., Class A (d)		398,155		54,288,434
Visa, Inc., Class A		139,585		24,224,977
Worldpay, Inc., Class A (d)		96,030		11,768,477
				370,166,378
Media—0.0%
Comcast Corp., Class A		95		4,016
Professional Services—0.0%
Verisk Analytics, Inc.		95		13,914
Semiconductors & Semiconductor Equipment—10.4%
Advanced Micro Devices, Inc. (d)		634,705		19,275,991
ams AG (d)		95		3,720
Analog Devices, Inc.		81,345		9,181,410
Applied Materials, Inc.		100		4,491
Broadcom, Inc.		45,260		13,028,544
Cree, Inc. (d)		564,935		31,738,048
Cypress Semiconductor Corp.		833,965		18,547,382
Infineon Technologies AG		95		1,688
Intel Corp.		100		4,787
KLA-Tencor Corp.		92,875		10,977,825
Lam Research Corp.		30,510		5,730,998
Maxim Integrated Products, Inc.		95		5,683

88 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

Schedule of Investments

June 30, 2019

	Shares		Value
MediaTek, Inc.		1,000	$	10,129
Microchip Technology, Inc.		204,357		17,717,752
Micron Technology, Inc. (c)(d)		87,675		3,383,378
NVIDIA Corp.		95		15,602
ON Semiconductor Corp. (d)		960,295		19,407,562
QUALCOMM, Inc.		128,265		9,757,119
SK Hynix, Inc.		100		6,015
Skyworks Solutions, Inc.		100		7,727
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		100		3,917
Teradyne, Inc.		95		4,551
Texas Instruments, Inc.		29,745		3,413,536
Tokyo Electron Ltd.		800		112,444
Universal Display Corp.		95		17,866
Xilinx, Inc.		50,895		6,001,538
				168,359,703
Software—33.4%
Adobe, Inc. (d)		100		29,465
Alteryx, Inc., Class A (d)		290,505		31,699,906
Aspen Technology, Inc. (d)		6,790		843,861
Atlassian Corp. PLC, Class A (d)		126,500		16,551,260
Aveva Group PLC		322,285		16,538,362
Box, Inc., Class A (d)		95		1,673
Cornerstone OnDemand, Inc. (d)		95		5,503
Coupa Software, Inc. (d)		95		12,028
Crowdstrike Holdings, Inc. (d)		2,685		183,359
CyberArk Software Ltd. (d)		79,435		10,154,970
DocuSign, Inc. (d)		95		4,722
Dropbox, Inc., Class A (d)		95		2,380
Elastic NV (d)		95,924		7,161,686
ForeScout Technologies, Inc. (d)		115,235		3,901,857
Fortinet, Inc. (d)		100		7,683
HubSpot, Inc. (d)		12,300		2,097,396
Intuit, Inc.		95		24,826
Microsoft Corp. (c)		1,021,876		136,890,509
Nutanix, Inc., Class A (d)		392,035		10,169,388
Oracle Corp.		95		5,412
Paycom Software, Inc. (d)		406,624		92,189,793
Proofpoint, Inc. (d)		133,355		16,035,939
Rapid7, Inc. (d)		221,795		12,828,623
RealPage, Inc. (d)		100		5,885
Red Hat, Inc. (d)		95		17,837
RingCentral, Inc., Class A (d)		246,620		28,341,570
Salesforce.com, Inc. (d)		140,516		21,320,493
SAP SE ADR		95		12,996
ServiceNow, Inc. (d)		222,030		60,962,777
Sophos Group PLC (a)		95		477
Splunk, Inc. (d)		95		11,946
Tableau Software, Inc., Class A (d)		100		16,602
Temenos AG (d)		3,300		590,878
Tenable Holdings, Inc. (d)		131,627		3,756,635

	Shares		Value
VMware, Inc., Class A		95	$	15,885
Workday, Inc., Class A (d)		191,820		39,434,356
Zendesk, Inc. (d)		95		8,458
Zscaler, Inc. (d)		365,605		28,019,967
Zuora, Inc., Class A (d)		95		1,455
				539,858,818
Technology Hardware, Storage & Peripherals—3.2%
Apple, Inc. (c)		73,105		14,468,942
Catcher Technology Co., Ltd.		1,000		7,185
Dell Technologies, Inc. Class C (d)		175		8,890
Hewlett Packard Enterprise Co.		95		1,420
HP, Inc.		95		1,975
NetApp, Inc. (c)		531,485		32,792,625
Pure Storage, Inc., Class A (d)		314,260		4,798,750
Samsung Electronics Co., Ltd.		950		38,684
Western Digital Corp.		95		4,517
				52,122,988
Wireless Telecommunication Services—0.0%
T-Mobile U.S., Inc. (d)		95		7,043
Total Common Stock (cost—$891,697,270)				1,473,636,878
Exchange-Traded Funds—0.0%
iShares FTSE A50 China Index (cost—$1,524)		1,000		1,913
	Principal Amount (000s)
Repurchase Agreements—9.2%
State Street Bank and Trust Co., dated 6/28/19, 0.50%, due 7/1/19, proceeds $149,345,222; collateralized by U.S. Treasury Inflation Indexed Notes, 0.25%, due 1/15/25, valued at $4,725,325 including accrued interest and U.S. Treasury Inflation Indexed Bonds, 2.375%, due 1/15/25, valued at $221,268 including accrued interest and U.S. Treasury Notes, 1.875%-2.50%, due 5/15/24-8/31/24, valued at $147,383,474 including accrued interest
(cost—$149,339,000)		$149,339		149,339,000
Total Options Purchased —0.2% (cost—$1,613,883) (d)(e)(f)				2,659,800
Total Investments, before options written and securities sold short (cost—$1,042,651,677)—100.5%				1,625,637,591

	Shares		Value
Securities sold Short—(0.0)%
Common Stock—(0.0)%
IT Services—(0.0)%
International Business Machines Corp. (proceeds received—$162)		1	$	(138	)
Total Options Written—(0.0)%
(premiums received—$2,868,581) (d)(e)(f)				(437,500	)
Total Investments, net of options written and securities sold short (cost—$1,039,782,934) (b)—100.5%				1,625,199,953
Other liabilities in excess of other assets—(0.5)%				(7,943,749	)
Net Assets—100.0%				$1,617,256,204

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 $73,759, representing less than 0.05% of net assets.

(b) Securities (net of security sold short) with an aggregate value of $17,781,211, representing 1.1% 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.

See accompanying Notes to Financial Statements |  June 30, 2019  | Annual Report 89

Schedule of Investments

June 30, 2019

(f) Exchange traded option contracts outstanding at June 30, 2019:

Options purchased contracts outstanding at June 30, 2019:
Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Cost		Unrealized Appreciation
Call options:
Broadcom Ltd.		260.00 USD		1/17/20		620	$	62,000	$	2,659,800	$	1,613,883	$	1,045,917

Options written contracts outstanding at June 30, 2019:
Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received			Unrealized Appreciation
Call options:
Arista Networks, Inc.		330.00 USD		9/20/19		(608	)	$	(60,800	)	$	(136,800	)	$	(1,484,253	)	$	1,347,453
Put options:
Broadcom Ltd.		210.00 USD		1/17/20		(620	)	$	(62,000	)	$	(300,700	)	$	(1,384,328	)	$	1,083,628
Total options written contracts											$	(437,500	)	$	(2,868,581	)	$	2,431,081

Glossary:

ADR—American Depositary Receipt

FTSE—Financial Times Stock Exchange

90 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

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See accompanying Notes to Financial Statements |  June 30, 2019  | Annual Report 91

Statements of Assets and Liabilities

June 30, 2019

	AllianzGI Emerging Markets Opportunities			AllianzGI Focused Growth		AllianzGI Global Natural Resources			AllianzGI Global Small-Cap
Assets:
Investments, at value	$	376,561,184		$	1,045,300,828	$	12,137,842		$	131,701,732
Investments in Affiliates, at value		—			—		—			—
Cash		2,125,431			542		28,961			284
Foreign currency, at value		3,601,595			—		960			301,018
Dividends and interest receivable (net of foreign withholding taxes)		1,976,321			255,169		10,813			137,212
Receivable for Fund shares sold		218,906			305,710		3,275			3,542
Investments in Affiliated Funds —Trustees Deferred Compensation Plan (see Note 4)		65,339			232,365		9,035			51,476
Tax reclaims receivable		51,814			—		11,553			153,127
Receivable for investments sold		—			6,581,228		93,470			2,652,299
Prepaid expenses and other assets		—			—		—			—
Total Assets		384,600,590			1,052,675,842		12,295,909			135,000,690
Liabilities:
Payable for Fund shares redeemed		3,458,216			938,294		7,081			204,089
Payable for investments purchased		2,124,560			9,416,570		38,463			701,153
Investment Advisory fees payable		185,163			273,697		6,459			95,348
Administration fees payable		73,453			275,983		3,778			42,087
Trustees Deferred Compensation Plan payable (see Note 4)		65,339			232,365		9,035			51,476
Servicing fees payable		9,806			121,964		1,250			10,330
Distribution fees payable		2,110			33,180		645			4,400
Options written, at value		—			—		—			—
Accrued expenses and other liabilities		322,346			—		—			—
Total Liabilities		6,240,993			11,292,053		66,711			1,108,883
Net Assets	$	378,359,597		$	1,041,383,789	$	12,229,198		$	133,891,807
Net Assets Consist of:
Paid-in-capital	$	386,315,847		$	588,209,374	$	22,107,763		$	112,761,138
Total distributable earnings		(7,956,250	)		453,174,415		(9,878,565	)		21,130,669
Net Assets	$	378,359,597		$	1,041,383,789	$	12,229,198		$	133,891,807
Cost of Investments	$	342,306,247		$	647,434,842	$	11,379,430		$	111,374,823
Cost of Investments in Affiliates	$	—		$	—	$	—		$	—
Cost of Foreign Currency	$	3,589,301		$	—	$	961		$	298,762
Premiums Received for Options Written	$	—		$	—	$	—		$	—

92 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

AllianzGI Health Sciences		AllianzGI Income & Growth			AllianzGI Mid-Cap		AllianzGI NFJ Dividend Value		AllianzGI NFJ International Value
$	156,037,624	$	4,510,061,949		$	313,057,281	$	1,356,715,113	$	179,422,595
	—		17,134,504			—		—		—
	725		124,365			63		169		818
	33,207		—			—		—		53,011
	81,601		31,760,397			77,325		2,225,389		448,411
	118,395		9,805,880			12,303		428,102		14,284
	42,486		582,835			62,568		1,449,027		296,066
	155,304		4,180			—		472,495		298,154
	5,098,836		6,626,973			6,988,178		48,844,886		—
	—		2,496			—		—		—
	161,568,178		4,576,103,579			320,197,718		1,410,135,181		180,533,339
	39,032		4,275,564			191,586		2,410,456		243,633
	5,828,361		42,884,208			7,508,345		47,740,210		—
	92,969		2,179,443			110,090		388,816		74,887
	46,169		1,207,551			90,846		376,891		60,937
	42,486		582,835			62,568		1,449,027		296,066
	28,264		507,634			49,249		115,108		17,407
	2,330		699,850			17,611		411,459		34,554
	—		760,940			—		—		—
	—		—			—		—		286
	6,079,611		53,098,025			8,030,295		52,891,967		727,770
$	155,488,567	$	4,523,005,554		$	312,167,423	$	1,357,243,214	$	179,805,569
$	128,083,679	$	4,978,178,241		$	234,031,163	$	1,143,481,116	$	621,652,311
	27,404,888		(455,172,687	)		78,136,260		213,762,098		(441,846,742	)
$	155,488,567	$	4,523,005,554		$	312,167,423	$	1,357,243,214	$	179,805,569
$	134,488,078	$	4,949,194,679		$	240,932,500	$	1,180,829,262	$	172,970,521
$	—	$	24,798,435		$	—	$	—	$	—
$	33,219	$	—		$	—	$	—	$	52,899
$	—	$	611,487		$	—	$	—	$	—

See accompanying Notes to Financial Statements |  June 30, 2019  | Annual Report 93

Statements of Assets and Liabilities (cont’d)

June 30, 2019

	AllianzGI Emerging Markets Opportunities		AllianzGI Focused Growth		AllianzGI Global Natural Resources		AllianzGI Global Small-Cap
Net Assets:
Class A	$	48,388,176	$	577,106,080	$	5,465,752	$	46,947,011
Class C		3,675,209		48,705,644		1,153,689		7,353,563
Class R		—		22,511,374		—		—
Class P		20,453,782		91,265,180		600,509		11,675,259
Institutional Class		282,195,352		162,173,235		5,009,248		67,915,974
Class R6		23,647,078		134,484,752		—		—
Administrative Class		—		5,137,524		—		—
Shares Issued and Outstanding:
Class A		1,788,429		10,821,431		384,899		1,192,591
Class C		137,065		1,414,951		86,822		222,151
Class R		—		576,986		—		—
Class P		773,115		2,286,624		41,588		274,663
Institutional Class		10,412,212		3,317,286		343,578		1,580,382
Class R6		876,968		2,746,687		—		—
Administrative Class		—		113,270		—		—
Net Asset Value and Redemption Price Per Share:*
Class A	$	27.06	$	53.33	$	14.20	$	39.37
Class C		26.81		34.42		13.29		33.10
Class R		—		39.02		—		—
Class P		26.46		39.91		14.44		42.51
Institutional Class		27.10		48.89		14.58		42.97
Class R6		26.96		48.96		—		—
Administrative Class		—		45.36		—		—

* Net asset value and redemption price per share may not recalculate exactly due to rounding.

94 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

AllianzGI Health Sciences		AllianzGI Income & Growth		AllianzGI Mid-Cap		AllianzGI NFJ Dividend Value		AllianzGI NFJ International Value
$	147,068,196	$	1,458,641,292	$	240,016,981	$	453,254,809	$	71,931,467
	4,130,622		1,234,667,443		21,251,354		75,395,070		13,926,439
	—		4,873,241		1,384,455		73,609,556		6,107,555
	—		1,122,083,129		11,617,294		378,642,359		38,654,561
	4,289,749		702,740,449		36,372,043		263,356,795		46,472,052
	—		—		—		65,935,301		1,277,118
	—		—		1,525,296		47,049,324		1,436,377
	4,557,346		132,537,980		64,033,206		37,438,136		3,893,551
	167,161		122,581,384		7,130,233		6,118,343		767,105
	—		442,818		377,813		6,080,991		329,780
	—		99,358,517		2,667,212		30,999,297		2,080,022
	130,958		61,606,574		8,286,181		21,590,378		2,498,067
	—		—		—		5,426,183		68,685
	—		—		380,765		3,789,921		77,471
$	32.27	$	11.01	$	3.75	$	12.11	$	18.47
	24.71		10.07		2.98		12.32		18.15
	—		11.01		3.66		12.10		18.52
	—		11.29		4.36		12.21		18.58
	32.76		11.41		4.39		12.20		18.60
	—		—		—		12.15		18.59
	—		—		4.01		12.41		18.54

See accompanying Notes to Financial Statements |  June 30, 2019  | Annual Report 95

Statements of Assets and Liabilities (cont’d)

June 30, 2019

	AllianzGI NFJ Large-Cap Value		AllianzGI NFJ Mid-Cap Value		AllianzGI NFJ Small-Cap Value		AllianzGI Small-Cap
Assets:
Investments, at value	$	344,382,417	$	1,326,121,930	$	1,071,334,539	$	111,064,684
Cash		—		37,396		27,766		151,482
Foreign currency, at value		—		—		—		—
Dividends and interest receivable (net of foreign withholding taxes)		528,922		2,326,188		1,667,313		133,788
Receivable for investments sold		9,305,176		3,130,575		9,596,281		94,422
Receivable for Fund shares sold		40,771		891,875		393,988		102,742
Tax reclaims receivable		70,146		17,706		—		—
Investments in Affiliated Funds — Trustees Deferred Compensation Plan (see Note 4)		176,470		293,980		1,193,325		13,355
Prepaid expenses and other assets		—		—		887		—
Total Assets		354,503,902		1,332,819,650		1,084,214,099		111,560,473
Liabilities:
Payable for investments purchased		7,120,802		8,631,799		16,201,187		760,020
Payable for Fund shares redeemed		1,294,035		10,241,504		13,749,473		49,253
Payable to custodian for cash overdraft		124,415		—		—		—
Securities sold short, at value		—		—		—		—
Options written, at value		—		—		—		—
Investment Advisory fees payable		118,153		546,835		406,439		49,553
Distribution fees payable		7,654		38,585		681,250		4,418
Servicing fees payable		36,723		126,899		89,052		13,904
Administration fees payable		94,915		138,888		275,359		22,135
Trustees Deferred Compensation Plan payable (see Note 4)		176,470		293,980		1,193,325		13,355
Accrued expenses and other liabilities		—		—		—		—
Total Liabilities		8,973,167		20,018,490		32,596,085		912,638
Net Assets	$	345,530,735	$	1,312,801,160	$	1,051,618,014	$	110,647,835
Net Assets Consist of:
Paid-in-capital	$	334,956,545	$	1,117,290,744	$	933,663,384	$	96,781,988
Total distributable earnings		10,574,190		195,510,416		117,954,630		13,865,847
Net Assets	$	345,530,735	$	1,312,801,160	$	1,051,618,014	$	110,647,835
Cost of Investments	$	326,345,995	$	1,169,509,168	$	965,648,190	$	95,286,272
Cost of Foreign Currency	$	—	$	—	$	—	$	—
Proceeds Received on Securities Sold Short	$	—	$	—	$	—	$	—
Premiums Received for Options Written	$	—	$	—	$	—	$	—

96 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

AllianzGI Technology
$	1,625,637,591
	534
	4,159,521
	354,369
	162
	972,779
	38,239
	361,362
	—
	1,631,524,557
	10,867,989
	924,640
	—
	138
	437,500
	1,102,360
	30,191
	123,604
	417,211
	361,362
	3,358
	14,268,353
$	1,617,256,204
$	904,007,467
	713,248,737
$	1,617,256,204
$	1,042,651,677
$	4,017,500
$	162
$	2,868,581

See accompanying Notes to Financial Statements |  June 30, 2019  | Annual Report 97

Statements of Assets and Liabilities (cont’d)

June 30, 2019

	AllianzGI NFJ Large-Cap Value		AllianzGI NFJ Mid-Cap Value		AllianzGI NFJ Small-Cap Value		AllianzGI Small-Cap
Net Assets:
Class A	$	178,310,805	$	595,707,348	$	439,711,494	$	66,268,671
Class C		12,080,321		48,176,490		3,984,226		7,873,449
Class R		2,089,543		20,086,898		22,152,785		—
Class P		19,097,025		197,201,241		39,425,629		9,636,814
Institutional Class		132,572,030		406,172,336		288,308,787		9,076,673
Class R6		—		18,052,105		150,199,529		17,792,228
Administrative Class		1,381,011		27,404,742		107,835,564		—
Shares Issued and Outstanding:
Class A		6,628,700		19,465,828		30,266,190		3,398,376
Class C		443,577		1,915,109		307,261		421,486
Class R		76,873		767,912		1,397,299		—
Class P		703,230		7,991,171		2,347,826		488,224
Institutional Class		4,951,950		12,393,400		17,005,697		456,030
Class R6		—		551,207		8,911,453		894,127
Administrative Class		50,614		868,025		7,446,621		—
Net Asset Value and Redemption Price Per Share:*
Class A	$	26.90	$	30.60	$	14.53	$	19.50
Class C		27.23		25.16		12.97		18.68
Class R		27.18		26.16		15.85		—
Class P		27.16		24.68		16.79		19.74
Institutional Class		26.77		32.77		16.95		19.90
Class R6		—		32.75		16.85		19.90
Administrative Class		27.29		31.57		14.48		—

* Net asset value and redemption price per share may not recalculate exactly due to rounding.

98 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

AllianzGI Technology
$	601,111,542
	48,842,320
	—
	155,552,757
	800,061,333
	—
	11,688,252
	9,404,449
	1,080,184
	—
	2,145,803
	10,797,477
	—
	170,205
$	63.92
	45.22
	—
	72.49
	74.10
	—
	68.67

See accompanying Notes to Financial Statements |  June 30, 2019  | Annual Report 99

Statements of Operations

Year ended June 30, 2019

	AllianzGI Emerging Markets Opportunities			AllianzGI Focused Growth			AllianzGI Global Natural Resources			AllianzGI Global Small-Cap
Investment Income:
Dividends, net of foreign withholding taxes*	$	10,604,905		$	8,743,849		$	507,764		$	2,023,376
Interest		26,575			49,137			727			21,119
Miscellaneous		15			7,366			90			8
Total Investment Income		10,631,495			8,800,352			508,581			2,044,503
Expenses:
Investment advisory		2,988,041			4,670,220			108,197			1,448,455
Administration		1,453,346			3,787,750			63,460			640,433
Distribution — Class C		37,549			769,784			11,552			90,026
Distribution — Class R		—			56,518			—			—
Servicing — Class A		141,647			1,304,173			15,956			127,822
Servicing — Class C		12,516			256,595			3,851			30,009
Servicing — Class R		—			56,518			—			—
Distribution and/or servicing — Administrative Class		—			11,804			—			—
Trustees		45,702			133,042			2,550			21,460
Line of credit commitment		9,070			26,125			631			4,316
Excise tax		3,886			—			—			—
Legal		237			744			15			124
Interest expense		—			—			—			—
Securities sold short		—			—			70			—
Miscellaneous		6,827			9,175			1,367			3,728
Total Expenses		4,698,821			11,082,448			207,649			2,366,373
Less: Investment Advisory/Administration waived		(1,230,370	)		(1,142,160	)		—			—
Net Expenses		3,468,451			9,940,288			207,649			2,366,373
Net Investment Income (Loss)		7,163,044			(1,139,936	)		300,932			(321,870	)
Realized and Change in Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(33,743,717	)		129,030,700			(615,914	)		3,581,736
Options written		—			—			1,475			—
Forward foreign currency contracts		—			—			53			—
Foreign currency transactions		(596,374	)		—			(5,944	)		(66,794	)
Payments from Affiliates (See Note 11)		—			—			—			—
Net change in unrealized appreciation/depreciation of:
Investments		15,537,362			(63,725,778	)		(1,778,464	)		(15,629,895	)
Investments in Affiliates		—			—			—			—
Options written		—			—			—			—
Foreign currency transactions		66,588			—			(258	)		8,273
Net realized and change in unrealized gain (loss)		(18,736,141	)		65,304,922			(2,399,052	)		(12,106,680	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations	$	(11,573,097	)	$	64,164,986		$	(2,098,120	)	$	(12,428,550	)
* Foreign withholding taxes	$	1,227,896		$	—		$	19,455		$	134,082

100 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

AllianzGI Health Sciences			AllianzGI Income & Growth			AllianzGI Mid-Cap			AllianzGI NFJ Dividend Value			AllianzGI NFJ International Value
$	2,320,195		$	32,730,440		$	1,430,206		$	49,210,207		$	6,684,103
	16,008			94,968,984			4,483			54,200			6,674
	7			176			24,602			80			11
	2,336,210			127,699,600			1,459,291			49,264,487			6,690,788
	1,226,963			26,639,275			1,384,507			7,443,978			1,298,436
	610,517			14,643,835			1,144,290			5,936,752			1,028,695
	40,250			8,691,178			416,712			984,421			158,712
	—			10,764			3,443			206,842			18,290
	362,597			3,341,634			483,100			1,238,829			194,936
	13,417			2,897,059			138,904			328,140			52,904
	—			10,764			3,443			206,842			18,290
	—			—			3,580			160,864			7,327
	20,024			510,440			38,136			217,798			29,743
	4,142			101,204			7,483			43,023			5,801
	—			—			—			—			—
	113			2,766			207			1,264			165
	—			—			—			50,771			3,974
	—			—			—			—			—
	1,275			46,385			4,083			30,597			18,570
	2,279,298			56,895,304			3,627,888			16,850,121			2,835,843
	—			(374,587	)		—			(1,733,319	)		(162,304	)
	2,279,298			56,520,717			3,627,888			15,116,802			2,673,539
	56,912			71,178,883			(2,168,597	)		34,147,685			4,017,249
	18,945,101			236,520,662			7,637,849			130,028,359			6,520,290
	—			3,813,150			—			—			—
	—			—			—			—			—
	(8,815	)		—			(112	)		10			(122,714	)
	—			2,600			—			—			—
	(380,172	)		(91,091,929	)		31,311,937			(113,532,002	)		(12,729,685	)
	—			(7,663,931	)		—			—			—
	—			(825,515	)		—			—			—
	7,542			—			—			413			27,990
	18,563,656			140,755,037			38,949,674			16,496,780			(6,304,119	)
$	18,620,568		$	211,933,920		$	36,781,077		$	50,644,465		$	(2,286,870	)
$	75,997		$	5,418		$	7,005		$	1,001,837		$	576,113

See accompanying Notes to Financial Statements |  June 30, 2019  | Annual Report 101

Statements of Operations (cont’d)

Year ended June 30, 2019

	AllianzGI NFJ Large-Cap Value			AllianzGI NFJ Mid-Cap Value			AllianzGI NFJ Small-Cap Value			AllianzGI Small-Cap
Investment Income:
Interest	$	16,962		$	80,779		$	87,431		$	10,003
Dividends, net of foreign withholding taxes*		9,348,866			31,164,366			44,143,690			1,477,204
Miscellaneous		15			56			80			13,847
Total Investment Income		9,365,843			31,245,201			44,231,201			1,501,054
Expenses:
Investment advisory		1,578,888			7,015,388			9,391,268			589,304
Administration		1,272,350			4,625,059			5,112,958			374,592
Distribution — Class C		201,091			646,928			272,469			118,413
Distribution — Class R		7,408			45,493			71,626			—
Servicing — Class A		426,727			1,438,083			1,397,091			152,063
Servicing — Class C		67,030			215,643			90,823			39,471
Servicing — Class R		7,408			45,493			71,626			—
Distribution and/or servicing — Administrative Class		3,192			62,092			372,545			—
Trustees		45,259			160,681			215,231			12,443
Line of credit commitment		9,050			31,767			41,577			2,610
Legal		249			887			1,251			68
Dividends on securities sold short		—			—			—			—
Interest expense		—			—			30,721			—
Securities sold short		—			—			—			—
Miscellaneous		2,628			15,249			56,671			1,516
Total Expenses		3,621,280			14,302,763			17,125,857			1,290,480
Less: Investment Advisory/Administration waived		—			(2,806,155	)		(1,209,633	)		(89,229	)
Net Expenses		3,621,280			11,496,608			15,916,224			1,201,251
Net Investment Income (Loss)		5,744,563			19,748,593			28,314,977			299,803
Realized and Change in Unrealized Gain (Loss):
Net realized gain (loss) on:
Net realized loss on investments		(5,989,507	)		34,856,131			52,263,505			(971,773	)
Securities sold short		—			—			—			—
Options written		—			—			—			—
Foreign currency transactions		—			6,695			(102,085	)		—
Net change in unrealized appreciation/depreciation of:
Investments		17,171,778			(9,945,989	)		(252,684,546	)		(85,006	)
Securities sold short		—			—			—			—
Options written		—			—			—			—
Foreign currency transactions		54			(1,125	)		824			—
Net realized and change in unrealized gain (loss)		11,182,325			24,915,712			(200,522,302	)		(1,056,779	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations	$	16,926,888		$	44,664,305		$	(172,207,325	)	$	(756,976	)
* Foreign withholding taxes	$	155,682		$	172,292		$	278,752		$	658

102 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

AllianzGI Technology
$	589,668
	6,821,713
	4,444
	7,415,825
	14,382,882
	5,420,389
	560,860
	—
	1,422,237
	186,953
	—
	41,838
	205,837
	39,740
	1,127
	6,445
	9,113
	63,535
	19,088
	22,360,044
	(850,348	)
	21,509,696
	(14,093,871	)
	183,015,595
	17,459
	(2,123,063	)
	(125,937	)
	20,897,236
	(1,908	)
	(5,861,193	)
	(90,682	)
	195,727,507
$	181,633,636
$	37,700

See accompanying Notes to Financial Statements |  June 30, 2019  | Annual Report 103

Statements of Changes in Net Assets

	AllianzGI Emerging Markets Opportunities						AllianzGI Focused Growth
	Year ended June 30, 2019			Year ended June 30, 2018			Year ended June 30, 2019			Year ended June 30, 2018
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income (loss)	$	7,163,044		$	5,119,377		$	(1,139,936	)	$	(765,369	)
Net realized gain (loss)		(34,340,091	)		(8,920,246	)		129,030,700			51,103,752
Net change in unrealized appreciation/depreciation		15,603,950			13,156,224			(63,725,778	)		161,891,564
Net increase (decrease) in net assets resulting from investment operations		(11,573,097	)		9,355,355			64,164,986			212,229,947
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		—			(1,285,169	)		—			(23,468	)
Class C		—			(25,141	)		—			(879	)
Class R		—			—			—			(6	)
Class P		—			(448,520	)		—			(113,936	)
Institutional Class		—			(2,113,250	)		—			(203,158	)
Class R6		—			(14,883	)		—			(51,061	)
Administrative Class		—			—			—			(10	)
Net realized capital gains:
Class A		—			—			—			(5,392,582	)
Class C		—			—			—			(4,432,093	)
Class R		—			—			—			(398,509	)
Class P		—			—			—			(1,561,919	)
Institutional Class		—			—			—			(3,156,079	)
Class R6		—			—			—			(586,284	)
Administrative Class		—			—			—			(71,082	)
Total distributions paid:*
Class A		(969,272	)		—			(59,884,650	)		—
Class C		(15,097	)		—			(8,093,814	)		—
Class R		—			—			(3,051,304	)		—
Class P		(507,886	)		—			(14,260,002	)		—
Institutional Class		(6,130,461	)		—			(18,778,168	)		—
Class R6		(591,467	)		—			(13,248,091	)		—
Administrative Class		—			—			(568,572	)		—
Total dividends and distributions to shareholders		(8,214,183	)		(3,886,963	)		(117,884,601	)		(15,991,066	)
Fund Share Transactions:
Net proceeds from the sale of shares		169,185,889			251,387,461			332,235,487			216,700,595
Issued in reinvestment of dividends and distributions		7,717,648			3,503,546			105,500,697			14,454,671
Cost of shares redeemed		(146,848,611	)		(150,572,709	)		(426,260,678	)		(271,934,775	)
Net increase (decrease) from Fund share transactions		30,054,926			104,318,298			11,475,506			(40,779,509	)
Total increase (decrease) in net assets		10,267,646			109,786,690			(42,244,109	)		155,459,372
Net Assets:
Beginning of year		368,091,951			258,305,261			1,083,627,898			928,168,526
End of year**	$	378,359,597		$	368,091,951		$	1,041,383,789		$	1,083,627,898

— May reflect actual amounts rounding to less than $1.

* Distributions from net investment income and net realized capital gains are combined for the year ended June 30, 2019. See Note 1 in the Notes to Financial Statements for more information regarding new accounting pronouncements. The dividends and distributions to shareholders for the year ended June 30, 2018 have not been reclassified to conform to the current year presentation.

** Net Assets — End of year includes undistributed (dividends in excess of) net investment income of $4,528,214 for AllianzGI Emerging Markets Opportunities, $(623,887) for AllianzGI Focused Growth, $203,172 for AllianzGI Global Natural Resources, $(671,237) AllianzGI Global Small-Cap and $799,028 for AllianzGI Health Sciences as of June 30, 2018.

104 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

AllianzGI Global Natural Resources						AllianzGI Global Small-Cap						AllianzGI Health Sciences
Year ended June 30, 2019			Year ended June 30, 2018			Year ended June 30, 2019			Year ended June 30, 2018			Year ended June 30, 2019			Year ended June 30, 2018
$	300,932		$	229,563		$	(321,870	)	$	(786,438	)	$	56,912		$	(146,044	)
	(620,330	)		1,099,614			3,514,942			36,877,430			18,936,286			12,896,013
	(1,778,722	)		2,399,673			(15,621,622	)		(3,737,620	)		(372,630	)		(4,771,108	)
	(2,098,120	)		3,728,850			(12,428,550	)		32,353,372			18,620,568			7,978,861
	—			(22,600	)		—			(104,607	)		—			—
	—			(2	)		—			(4	)		—			—
	—			—			—			—			—			—
	—			(1	)		—			(53,154	)		—			—
	—			(33,505	)		—			(363,320	)		—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			(4,831,503	)		—			—
	—			—			—			(1,825,070	)		—			—
	—			—			—			—			—			—
	—			—			—			(1,455,425	)		—			—
	—			—			—			(7,466,205	)		—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	(106,938	)		—			(9,059,158	)		—			(19,287,433	)		—
	(13,875	)		—			(2,028,346	)		—			(661,505	)		—
	—			—			—			—			—			—
	(42,273	)		—			(2,305,369	)		—			—			—
	(116,198	)		—			(13,171,798	)		—			(324,420	)		—
	—			—			—			—			—			—
	—			—			—			—			—			—
	(279,284	)		(56,108	)		(26,564,671	)		(16,099,288	)		(20,273,358	)		—
	3,404,031			6,932,416			22,603,210			18,628,082			12,144,594			4,201,145
	256,399			49,377			24,879,822			14,938,931			19,582,484			—
	(9,715,627	)		(16,062,072	)		(68,042,255	)		(70,931,193	)		(26,779,664	)		(24,792,002	)
	(6,055,197	)		(9,080,279	)		(20,559,223	)		(37,364,180	)		4,947,414			(20,590,857	)
	(8,432,601	)		(5,407,537	)		(59,552,444	)		(21,110,096	)		3,294,624			(12,611,996	)
(8,432,601)			(5,407,537)			(59,552,444)			(21,110,096)			3,294,624			(12,611,996)
	20,661,799			26,069,336			193,444,251			214,554,347			152,193,943			164,805,939
$	12,229,198		$	20,661,799		$	133,891,807		$	193,444,251		$	155,488,567		$	152,193,943

See accompanying Notes to Financial Statements |  June 30, 2019  | Annual Report 105

Statements of Changes in Net Assets (cont’d)

	AllianzGI Income & Growth						AllianzGI Mid-Cap
	Year ended June 30, 2019			Year ended June 30, 2018			Year ended June 30, 2019			Year ended June 30, 2018
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income (loss)	$	71,178,883		$	63,804,793		$	(2,168,597	)	$	(2,449,712	)
Net realized gain (loss)		240,336,412			242,826,372			7,637,737			51,205,374
Net change in unrealized appreciation/depreciation		(99,581,375	)		(993,051	)		31,311,937			(9,218,208	)
Net increase (decrease) in net assets resulting from investment operations		211,933,920			305,638,114			36,781,077			39,537,454
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		—			(27,990,677	)		—			—
Class C		—			(20,598,689	)		—			—
Class R		—			(59,020	)		—			—
Class P		—			(19,970,577	)		—			—
Institutional Class		—			(10,121,944	)		—			—
Class R6		—			—			—			—
Administrative Class		—			—			—			—
Net realized capital gains:
Class A		—			(69,579,945	)		—			(10,987,891	)
Class C		—			(69,473,288	)		—			(16,017,034	)
Class R		—			(168,277	)		—			(266,285	)
Class P		—			(45,366,902	)		—			(879,671	)
Institutional Class		—			(22,148,657	)		—			(2,321,396	)
Class R6		—			—			—			—
Administrative Class		—			—			—			(121,353	)
Return of Capital:
Class A		—			—			—			—
Class C		—			—			—			—
Class R		—			—			—			—
Class P		—			—			—			—
Institutional Class		—			—			—			—
Class R6		—			—			—			—
Administrative Class		—			—			—			—
Total distributions paid:*
Class A		(110,411,831	)		—			(27,816,569	)		—
Class C		(96,161,658	)		—			(3,319,825	)		—
Class R		(343,496	)		—			(183,135	)		—
Class P		(84,862,532	)		—			(1,150,131	)		—
Institutional Class		(47,989,045	)		—			(3,438,770	)		—
Class R6		—			—			—			—
Administrative Class		—			—			(163,523	)		—
Total dividends and distributions to shareholders		(339,768,562	)		(285,477,976	)		(36,071,953	)		(30,593,630	)
Fund Share Transactions:
Net proceeds from the sale of shares		1,709,498,560			1,196,339,109			147,501,131			27,220,178
Issued in reinvestment of dividends and distributions		303,320,720			246,915,825			32,092,605			26,897,865
Cost of shares redeemed		(1,090,296,297	)		(952,452,588	)		(173,708,354	)		(51,312,655	)
Net increase (decrease) from Fund share transactions		922,522,983			490,802,346			5,885,382			2,805,388
Total increase (decrease) in net assets		794,688,341			510,962,484			6,594,506			11,749,212
Net Assets:
Beginning of year		3,728,317,213			3,217,354,729			305,572,917			293,823,705
End of year**	$	4,523,005,554		$	3,728,317,213		$	312,167,423		$	305,572,917

— May reflect actual amounts rounding to less than $1.

* Distributions from net investment income and net realized capital gains are combined for the year ended June 30, 2019. See Note 1 in the Notes to Financial Statements for more information regarding new accounting pronouncements. The dividends and distributions to shareholders for the year ended June 30, 2018 have not been reclassified to conform to the current year presentation.

** Net Assets — End of year includes undistributed (dividends in excess of) net investment income of $(21,395,422) for AllianzGI Income & Growth, $(1,717,007) for AllianzGI Mid-Cap, $1,989,444 for AllianzGI NFJ Dividend Value, $(522,383) for AllianzGI NFJ International Value and $(121,757) for AllianzGI NFJ Large-Cap Value as of June 30, 2018.

106 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

AllianzGI NFJ Dividend Value						AllianzGI NFJ International Value						AllianzGI NFJ Large-Cap Value
Year ended June 30, 2019			Year ended June 30, 2018			Year ended June 30, 2019			Year ended June 30, 2018			Year ended June 30, 2019			Year ended June 30, 2018
$	34,147,685		$	42,245,052		$	4,017,249		$	6,644,356		$	5,744,563		$	5,763,663
	130,028,369			367,187,371			6,397,576			35,616,621			(5,989,507	)		89,131,221
	(113,531,589	)		(147,665,772	)		(12,701,695	)		(18,041,126	)		17,171,832			(61,826,574	)
	50,644,465			261,766,651			(2,286,870	)		24,219,851			16,926,888			33,068,310
	—			(9,168,967	)		—			(1,729,618	)		—			(2,421,068	)
	—			(2,386,455	)		—			(468,524	)		—			(556,867	)
	—			(1,520,389	)		—			(126,870	)		—			(85,092	)
	—			(11,863,238	)		—			(2,064,885	)		—			(357,030	)
	—			(11,118,898	)		—			(1,206,487	)		—			(2,414,451	)
	—			(1,926,654	)		—			(44,765	)		—			—
	—			(2,481,551	)		—			(92,560	)		—			(22,813	)
	—			(116,513,958	)		—			—			—			—
	—			(55,513,493	)		—			—			—			—
	—			(22,585,984	)		—			—			—			—
	—			(132,640,140	)		—			—			—			—
	—			(114,548,968	)		—			—			—			—
	—			(18,541,699	)		—			—			—			—
	—			(20,927,043	)		—			—			—			—
	—			—			—			(46,282	)		—			—
	—			—			—			(19,274	)		—			—
	—			—			—			(4,762	)		—			—
	—			—			—			(46,555	)		—			—
	—			—			—			(28,713	)		—			—
	—			—			—			(933	)		—			—
	—			—			—			(2,475	)		—			—
	(103,972,637	)		—			(1,240,282	)		—			(2,878,118	)		—
	(19,705,892	)		—			(150,145	)		—			(156,046	)		—
	(15,736,853	)		—			(92,441	)		—			(37,054	)		—
	(93,724,314	)		—			(886,735	)		—			(361,691	)		—
	(71,655,918	)		—			(914,475	)		—			(2,637,372	)		—
	(15,698,988	)		—			(28,658	)		—			—			—
	(13,203,454	)		—			(40,736	)		—			(22,170	)		—
	(333,698,056	)		(521,737,437	)		(3,353,472	)		(5,882,703	)		(6,092,451	)		(5,857,321	)
	301,776,596			278,975,203			37,499,896			56,218,043			74,280,028			37,353,233
	286,170,219			445,389,136			2,985,084			5,200,274			5,653,505			5,362,953
	(912,899,785	)		(1,316,418,856	)		(141,030,657	)		(243,497,297	)		(107,300,262	)		(70,138,960	)
	(324,952,970	)		(592,054,517	)		(100,545,677	)		(182,078,980	)		(27,366,729	)		(27,422,774	)
	(608,006,561	)		(852,025,303	)		(106,186,019	)		(163,741,832	)		(16,532,292	)		(211,785	)
	1,965,249,775			2,817,275,078			285,991,588			449,733,420			362,063,027			362,274,812
$	1,357,243,214		$	1,965,249,775		$	179,805,569		$	285,991,588		$	345,530,735		$	362,063,027

See accompanying Notes to Financial Statements |  June 30, 2019  | Annual Report 107

Statements of Changes in Net Assets (cont’d)

	AllianzGI NFJ Mid-Cap Value						AllianzGI NFJ Small-Cap Value
	Year ended June 30, 2019			Year ended June 30, 2018			Year ended June 30, 2019			Year ended June 30, 2018
Increase in Net Assets from:
Investment Operations:
Net investment income (loss)	$	19,748,593		$	11,884,978		$	28,314,977		$	38,441,521
Net realized gain (loss)		34,862,826			11,068,507			52,161,420			344,066,391
Net change in unrealized appreciation/depreciation		(9,947,114	)		4,697,184			(252,683,722	)		(185,882,457	)
Net increase (decrease) in net assets resulting from investment operations		44,664,305			27,650,669			(172,207,325	)		196,625,455
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		—			(4,171,641	)		—			(3,377,555	)
Class C		—			(318,297	)		—			(53	)
Class R		—			(77,400	)		—			(63,699	)
Class P		—			(1,511,170	)		—			(521,236	)
Institutional Class		—			(1,586,074	)		—			(8,284,457	)
Class R6		—			(2,590	)		—			(3,628,782	)
Administrative Class		—			(103,493	)		—			(1,623,000	)
Net realized capital gains:
Class A		—			(44,702,946	)		—			(115,908,457	)
Class C		—			(17,643,815	)		—			(22,666,813	)
Class R		—			(819,284	)		—			(7,153,419	)
Class P		—			(10,998,117	)		—			(10,801,192	)
Institutional Class		—			(11,199,186	)		—			(158,591,956	)
Class R6		—			(16,847	)		—			(63,789,144	)
Administrative Class		—			(849,232	)		—			(48,474,051	)
Total distributions paid:*
Class A		(8,958,098	)		—			(125,664,406	)		—
Class C		(259,371	)		—			(3,447,097	)		—
Class R		(286,719	)		—			(6,171,694	)		—
Class P		(3,913,377	)		—			(11,101,354	)		—
Institutional Class		(6,182,427	)		—			(94,888,377	)		—
Class R6		(220,071	)		—			(46,791,068	)		—
Administrative Class		(393,619	)		—			(34,340,757	)		—
Total dividends and distributions to shareholders		(20,213,682	)		(94,000,092	)		(322,404,753	)		(444,883,814	)
Fund Share Transactions:
Net proceeds from the sale of shares		552,773,876			792,678,134			283,770,753			490,123,036
Issued in reinvestment of dividends and distributions		18,064,016			84,180,541			294,059,205			414,202,018
Cost of shares redeemed		(551,921,766	)		(306,899,043	)		(1,291,552,009	)		(1,487,596,822	)
Net increase (decrease) from Fund share transactions		18,916,126			569,959,632			(713,722,051	)		(583,271,768	)
Total increase in net assets		43,366,749			503,610,209			(1,208,334,129	)		(831,530,127	)
Net Assets:
Beginning of year		1,269,434,411			765,824,202			2,259,952,143			3,091,482,270
End of year**	$	1,312,801,160		$	1,269,434,411		$	1,051,618,014		$	2,259,952,143

— May reflect actual amounts rounding to less than $1.

* Distributions from net investment income and net realized capital gains are combined for the year ended June 30, 2019. See Note 1 in the Notes to Financial Statements for more information regarding new accounting pronouncements. The dividends and distributions to shareholders for the year ended June 30, 2018 have not been reclassified to conform to the current year presentation.

** Net Assets — End of year includes undistributed (dividends in excess of) net investment income of $106,049 for AllianzGI NFJ Mid-Cap Value, $444,830 for AllianzGI NFJ Small-Cap Value, $(240,398) for AllianzGI Small-Cap and $(7,056,692) for AllianzGI Technology as of June 30, 2018.

108 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

AllianzGI Small-Cap						AllianzGI Technology
Year ended June 30, 2019			Year ended June 30, 2018			Year ended June 30, 2019			Year ended June 30, 2018
$	299,803		$	(296,987	)	$	(14,093,871	)	$	(12,249,945	)
	(971,773	)		11,815,368			180,784,054			323,500,019
	(85,006	)		3,812,594			14,943,453			166,330,893
	(756,976	)		15,330,975			181,633,636			477,580,967
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			(5,340,498	)		—			(76,542,243	)
	—			(4,343,421	)		—			(23,797,863	)
	—			—			—			—
	—			(550,506	)		—			(9,980,800	)
	—			(520,890	)		—			(114,417,733	)
	—			—			—			—
	—			—			—			(2,594,308	)
	(5,374,154	)		—			(103,779,572	)		—
	(708,974	)		—			(11,594,326	)		—
	—			—			—			—
	(673,909	)		—			(21,155,444	)		—
	(553,729	)		—			(126,878,404	)		—
	(43,874	)		—			—			—
	—			—			(3,019,512	)		—
	(7,354,640	)		(10,755,315	)		(266,427,258	)		(227,332,947	)
	64,704,067			17,254,774			528,506,555			420,037,569
	6,805,302			9,698,353			252,764,407			216,039,340
	(47,676,925	)		(15,374,400	)		(661,953,777	)		(679,635,733	)
	23,832,444			11,578,727			119,317,185			(43,558,824	)
	15,720,828			16,154,387			34,523,563			206,689,196
	94,927,007			78,772,620			1,582,732,641			1,376,043,445
$	110,647,835		$	94,927,007		$	1,617,256,204		$	1,582,732,641

See accompanying Notes to Financial Statements |  June 30, 2019  | Annual 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
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
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
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
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
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%.

* 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 Annual Report |  June 30, 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
	(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
	(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
	(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
	(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
	(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 |  June 30, 2019  | Annual 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
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
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
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
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
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
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
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%.

* 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.

112 Annual Report |  June 30, 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
$	(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
$	(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
$	(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
$	(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
$	(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
$	(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
$	(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 |  June 30, 2019  | Annual Report 113

Financial Highlights (cont’d)

For a Share Outstanding for the Year ended:^

	Net Asset Value, Beginning of Year		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 Year
AllianzGI Global Natural Resources:
Class A
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
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
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
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%.

(a) Calculated on average shares outstanding during the year.

(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.

(c) Does not include expenses of the investment companies in which the Fund invests.

114 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

Total Return (b)			Net Assets, End of Year (000s)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
	(9.24	)%	$	5,466		1.43	%(c)		1.91	%(c)		76	%
	16.05			7,812		1.43	(c)		0.84	(c)		113
	(5.37	)		11,135		1.42	(c)		0.08	(c)		108
	(11.44	)		14,175		1.42	(c)		0.34	(c)		177
	(19.56	)		11,395		1.41			0.32			107
	(9.90	)%	$	1,154		2.18	%(c)		1.10	%(c)		76	%
	15.24			2,102		2.18	(c)		0.13	(c)		113
	(6.07	)		2,896		2.17	(c)		(0.70	)(c)		108
	(12.13	)		4,200		2.17	(c)		(0.43	)(c)		177
	(20.17	)		4,579		2.16			(0.42	)		107
	(8.94	)%	$	600		1.18	%(c)		1.93	%(c)		76	%
	16.40			2,435		1.18	(c)		1.20	(c)		113
	(5.18	)		1,970		1.17	(c)		0.19	(c)		108
	(11.20	)		8,025		1.17	(c)		0.61	(c)		177
	(19.38	)		8,128		1.16			0.73			107
	(8.92	)%	$	5,009		1.08	%(c)		2.21	%(c)		76	%
	16.48			8,313		1.08	(c)		1.24	(c)		113
	(5.07	)		10,068		1.07	(c)		0.43	(c)		108
	(11.12	)		17,671		1.07	(c)		0.64	(c)		177
	(19.28	)		30,751		1.06			0.67			107

See accompanying Notes to Financial Statements |  June 30, 2019  | Annual Report 115

Financial Highlights (cont’d)

For a Share Outstanding for the Year ended:^

	Net Asset Value, Beginning of Year		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
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
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
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
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%.

(a) Calculated on average shares outstanding during the year.

(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.

(c) Payments from Affiliates increased the end of period net asset value and total return by less than $0.01 and 0.01%, respectively.

116 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Year			Total Return (b)			Net Assets, End of Year (000s)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
$	(8.01	)	$	39.37			(4.64	)%	$	46,947		1.62	%		(0.34	)%		85	%
	(4.37	)		51.40(c	)		17.08	(c)		56,929		1.62			(0.51	)		77
	—			47.75(c	)		15.96	(c)		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
$	(8.01	)	$	33.10			(5.37	)%	$	7,354		2.37	%		(1.18	)%		85	%
	(4.27	)		45.13(c	)		16.21	(c)		19,630		2.37			(1.25	)		77
	—			42.62(c	)		15.10	(c)		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
$	(8.01	)	$	42.51			(4.40	)%	$	11,675		1.37	%		(0.13	)%		85	%
	(4.43	)		54.57(c	)		17.36	(c)		18,262		1.37			(0.27	)		77
	—			50.40(c	)		16.24	(c)		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
$	(8.01	)	$	42.97			(4.32	)%	$	67,916		1.27	%		0.01	%		85	%
	(4.48	)		55.01(c	)		17.48	(c)		98,623		1.27			(0.17	)		77
	—			50.77(c	)		16.36	(c)		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 |  June 30, 2019  | Annual 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
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
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
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%.

* 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.

118 Annual Report |  June 30, 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
$	(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
$	(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
$	(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 |  June 30, 2019  | Annual Report 119

Financial Highlights (cont’d)

For a Share Outstanding for the Year ended:^

	Net Asset Value, Beginning of Year		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
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
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
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
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
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%.

(a) Calculated on average shares outstanding during the year.

(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.

(c) Payments from Affiliates increased the end of year net asset value and total return by less than $0.01 and 0.01%, respectively.

120 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Year			Total Return (b)			Net Assets, End of Year (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
$	(0.91	)	$	11.01	(c)		5.45	(c)%	$	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
$	(0.84	)	$	10.07	(c)		4.60	(c)%	$	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
$	(0.88	)	$	11.01	(c)		5.19	(c)%	$	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
$	(0.93	)	$	11.29	(c)		5.64	(c)%	$	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
$	(0.94	)	$	11.41	(c)		5.78	(c)%	$	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 |  June 30, 2019  | Annual Report 121

Financial Highlights (cont’d)

For a Share Outstanding for the Year ended:^

	Net Asset Value, Beginning of Year		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 Year
AllianzGI Mid-Cap:
Class A
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
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
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
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
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
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%.

(a) Calculated on average shares outstanding during the year.

(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.

122 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

Total Return (b)			Net Assets, End of Year (000s)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
	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
	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
	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
	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
	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
	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 |  June 30, 2019  | Annual Report 123

Financial Highlights (cont’d)

For a Share Outstanding for the Year ended:^

	Net Asset Value, Beginning of Year		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
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
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
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
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
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
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
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%.

(a) Calculated on average shares outstanding during the year.

(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.

124 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Year		Total Return (b)			Net Assets, End of Year (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
$	(2.86	)	$	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
$	(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
$	(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
$	(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
$	(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
$	(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
$	(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 |  June 30, 2019  | Annual Report 125

Financial Highlights (cont’d)

For a Share Outstanding for the Year ended:^

	Net Asset Value, Beginning of Year		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
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
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
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
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
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
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
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%.

(a) Calculated on average shares outstanding during the year.

(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.

126 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Year		Total Return (b)			Net Assets, End of Year (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
$	(0.30	)	$	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	)	$	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
$	(0.26	)	$	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
$	(0.34	)	$	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
$	(0.37	)	$	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
$	(0.37	)	$	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
$	(0.32	)	$	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 |  June 30, 2019  | Annual Report 127

Financial Highlights (cont’d)

For a Share Outstanding for the Year ended:^

	Net Asset Value, Beginning of Year		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
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	(c)		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
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	(c)		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
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	(c)		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
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	(c)		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
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	(c)		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
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	(c)		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%.

(a) Calculated on average shares outstanding during the year.

(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.

(c) 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 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Year			Total Return (b)			Net Assets, End of Year (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
$	(0.44	)	$	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	(c)		21.42	(c)		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
$	(0.21	)	$	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	(c)		20.52	(c)		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
$	(0.37	)	$	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	(c)		21.14	(c)		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
$	(0.51	)	$	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	(c)		21.71	(c)		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
$	(0.54	)	$	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	(c)		21.88	(c)		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
$	(0.47	)	$	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	(c)		21.58	(c)		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 |  June 30, 2019  | Annual 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
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	(d)		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
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	(d)		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
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	(d)		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
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	(d)		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
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	(d)		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
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
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	(d)		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%.

* 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) Does not include expenses of the investment companies in which the Fund invests.

(d) 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.

(e) Annualized, unless otherwise noted.

130 Annual Report |  June 30, 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
$	(0.44	)	$	30.60			3.46	%	$	595,707		0.99	%		1.21	%		1.48	%		81	%
	(3.01	)		30.06			4.88			518,293		1.04	(c)		1.21	(c)		1.22	(c)		31
	(0.35	)		31.41	(d)		30.53	(d)		480,691		1.21	(c)		1.21	(c)		1.30	(c)		45
	(1.03	)		24.37			(1.46	)		363,166		1.23	(c)		1.23	(c)		1.88	(c)		50
	(0.37	)		25.82			2.66			408,706		1.26	(c)		1.26	(c)		1.23	(c)		48
$	(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	(c)		1.96	(c)		0.46	(c)		31
	(0.21	)		26.22	(d)		29.52	(d)		168,922		1.96	(c)		1.96	(c)		0.59	(c)		45
	(0.90	)		20.43			(2.16	)		173,304		1.98	(c)		1.98	(c)		1.13	(c)		50
	(0.23	)		21.83			1.88			198,432		2.01	(c)		2.01	(c)		0.48	(c)		48
$	(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	(c)		1.46	(c)		0.90	(c)		31
	(0.25	)		27.40	(d)		30.19	(d)		5,591		1.46	(c)		1.46	(c)		1.09	(c)		45
	(1.00	)		21.26			(1.70	)		6,969		1.48	(c)		1.48	(c)		1.58	(c)		50
	(0.34	)		22.68			2.43			11,665		1.51	(c)		1.51	(c)		0.96	(c)		48
$	(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	(c)		0.96	(c)		1.46	(c)		31
	(0.45	)		26.01	(d)		30.82	(d)		52,167		0.96	(c)		0.96	(c)		1.39	(c)		45
	(1.12	)		20.27			(1.19	)		17,268		0.98	(c)		0.98	(c)		2.14	(c)		50
	(0.49	)		21.70			2.93			15,307		1.01	(c)		1.01	(c)		1.55	(c)		48
$	(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	(c)		0.86	(c)		1.53	(c)		31
	(0.42	)		33.41	(d)		30.95	(d)		53,333		0.86	(c)		0.86	(c)		1.66	(c)		45
	(1.11	)		25.88			(1.08	)		55,877		0.88	(c)		0.88	(c)		2.16	(c)		50
	(0.46	)		27.33			3.01			92,289		0.91	(c)		0.91	(c)		1.60	(c)		48
$	(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)(e)		0.81	(c)(e)		1.04	(c)(e)		31
$	(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	(c)		1.11	(c)		1.32	(c)		31
	(0.37	)		32.35	(d)		30.66	(d)		5,120		1.11	(c)		1.11	(c)		1.40	(c)		45
	(1.06	)		25.08			(1.36	)		3,792		1.13	(c)		1.13	(c)		1.98	(c)		50
	(0.41	)		26.54			2.77			4,698		1.16	(c)		1.16	(c)		1.33	(c)		48

See accompanying Notes to Financial Statements |  June 30, 2019  | Annual Report 131

Financial Highlights (cont’d)

For a Share Outstanding for the Year ended:^

	Net Asset Value, Beginning of Year		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
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
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
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
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
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
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
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%.

* 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 year.

(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.

(c) Does not include expenses of the investment companies in which the Fund invests.

(d) Payments from Affiliates increased the end of period net asset value and total return by less than $0.01 and 0.01%, respectively.

132 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Year			Total Return (b)			Net Assets, End of Year (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
$	(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	(c)		1.24	(c)		1.31	(c)		30
	(3.58	)		20.82			(5.31	)		1,037,525		1.22	(c)		1.23	(c)		1.88	(c)		48
	(7.79	)		25.91	(d)		(3.77	)(d)		1,592,000		1.18			1.21			1.39			42
$	(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	(c)		1.99	(c)		0.56	(c)		30
	(3.42	)		19.02			(5.99	)		175,139		1.97	(c)		1.98	(c)		1.14	(c)		48
	(7.60	)		23.99	(d)		(4.52	)(d)		259,629		1.93			1.96			0.63			42
$	(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	(c)		1.49	(c)		1.04	(c)		30
	(3.50	)		21.87			(5.52	)		64,707		1.47	(c)		1.48	(c)		1.62	(c)		48
	(7.70	)		26.99	(d)		(4.06	)(d)		97,345		1.43			1.46			1.13			42
$	(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	(c)		0.99	(c)		1.42	(c)		30
	(3.63	)		22.74			(5.01	)		58,556		0.97	(c)		0.98	(c)		2.13	(c)		48
	(7.88	)		27.92	(d)		(3.58	)(d)		106,077		0.93			0.96			1.63			42
$	(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	(c)		0.89	(c)		1.68	(c)		30
	(3.68	)		22.84			(4.93	)		1,800,472		0.82	(c)		0.88	(c)		2.28	(c)		48
	(7.90	)		28.05	(d)		(3.40	)(d)		2,866,196		0.78			0.86			1.78			42
$	(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	(c)		0.84	(c)		1.60	(c)		30
	(3.71	)		22.79			(4.86	)		371,453		0.77	(c)		0.83	(c)		2.39	(c)		48
	(7.95	)		28.02	(d)		(3.37	)(d)		235,613		0.73			0.81			1.36			42
$	(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	(c)		1.14	(c)		1.43	(c)		30
	(3.62	)		20.78			(5.11	)		494,621		1.07	(c)		1.13	(c)		2.03	(c)		48
	(7.82	)		25.87	(d)		(3.62	)(d)		811,305		1.03			1.11			1.54			42

See accompanying Notes to Financial Statements |  June 30, 2019  | Annual 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
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
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
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
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
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%.

* 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) Does not include expenses of the investment companies in which the Fund invests.

(d) Payments from Affiliates increased the end of period net asset value and total return by less than $0.01 and 0.01%, respectively.

(e) Annualized, unless otherwise noted.

134 Annual Report |  June 30, 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
$	(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	(c)		1.31	(c)		(0.07	)(c)		126
	(0.02	)		20.51	(d)		22.82	(d)		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
$	(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	(c)		2.06	(c)		(0.82	)(c)		126
	(0.01	)		20.07	(d)		21.82	(d)		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
$	(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	(c)		1.06	(c)		0.12	(c)		126
	(0.02	)		20.63	(d)		23.12	(d)		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
$	(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	(c)		0.96	(c)		0.21	(c)		126
	(0.02	)		20.73	(d)		23.22	(d)		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
$	(1.68	)	$	19.90			(5.42	)%	$	17,792		0.77	%(e)		0.87	%(e)		0.76	%(e)		78	%

See accompanying Notes to Financial Statements |  June 30, 2019  | Annual Report 135

Financial Highlights (cont’d)

For a Share Outstanding for the Year ended:^

	Net Asset Value, Beginning of Year		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 Year
AllianzGI Technology:
Class A
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	)(d)		15.75			15.58			(2.79	)		60.82	(d)
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
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	)(d)		12.88			12.42			(2.79	)		49.43	(d)
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
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		—	(d)		17.02			17.02			(2.79	)		66.03	(d)
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
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	(d)		17.24			17.30			(2.79	)		66.94	(d)
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
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	)(d)		16.60			16.37			(2.79	)		63.76	(d)
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%.

(a) Calculated on average shares outstanding during the year.

(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.

(c) Does not include expenses of the investment companies in which the Fund invests.

(d) 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 Annual Report |  June 30, 2019  | See accompanying Notes to Financial Statements

Total Return (b)			Net Assets, End of Year (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
	12.40	%	$	601,112		1.51	%(c)		1.56	%(c)		(1.05	)%(c)		109	%
	38.89			530,127		1.42	(c)		1.57	(c)		(0.95	)(c)		104
	33.69	(d)		452,039		1.51	(c)		1.61	(c)		(0.31	)(c)(d)		128
	(3.24	)		417,305		1.66	(c)		1.66	(c)		(0.74	)(c)		171
	10.33			340,765		1.61			1.61			(0.90	)		165
	11.57	%	$	48,842		2.23	%(c)		2.31	%(c)		(1.78	)%(c)		109	%
	37.86			138,589		2.17	(c)		2.32	(c)		(1.70	)(c)		104
	32.69	(d)		113,411		2.26	(c)		2.36	(c)		(1.05	)(c)(d)		128
	(3.95	)		112,423		2.41	(c)		2.41	(c)		(1.53	)(c)		171
	9.51			130,395		2.36			2.36			(1.65	)		165
	12.68	%	$	155,553		1.27	%(c)		1.31	%(c)		(0.80	)%(c)		109	%
	39.24			100,560		1.17	(c)		1.32	(c)		(0.71	)(c)		104
	34.03	(d)		59,369		1.26	(c)		1.35	(c)		(0.01	)(c)(d)		128
	(2.99	)		44,881		1.41	(c)		1.41	(c)		(0.50	)(c)		171
	10.62			53,710		1.36			1.36			(0.66	)		165
	12.81	%	$	800,061		1.16	%(c)		1.21	%(c)		(0.69	)%(c)		109	%
	39.37			789,922		1.07	(c)		1.22	(c)		(0.59	)(c)		104
	34.16	(d)		736,162		1.16	(c)		1.25	(c)		0.09	(c)(d)		128
	(2.89	)		518,761		1.31	(c)		1.31	(c)		(0.43	)(c)		171
	10.71			617,315		1.26			1.26			(0.55	)		165
	12.52	%	$	11,688		1.40	%(c)		1.46	%(c)		(0.95	)%(c)		109	%
	39.02			23,535		1.32	(c)		1.47	(c)		(0.85	)(c)		104
	33.83	(d)		15,062		1.44	(c)		1.52	(c)		(0.41	)(c)(d)		128
	(3.15	)		62,913		1.56	(c)		1.56	(c)		(0.68	)(c)		171
	10.44			72,947		1.51			1.51			(0.80	)		165

See accompanying Notes to Financial Statements |  June 30, 2019  | Annual Report 137

Notes to Financial Statements

June 30, 2019

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Allianz Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as an open-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 June 30, 2019, the Trust consisted of fourteen separate investment funds (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 the ten-year anniversary of purchase. Such conversions are subject to certain limitations.

During the year ended June 30, 2019, the following Fund sold and issued shares of beneficial interest to Allianz of America, Inc. (“AZOA”), an indirect wholly-owned subsidiary of Allianz SE:

AllianzGI Small Cap
Class	Date		Shares		Amount
R6		8/22/18		432	$	10,000

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 Global Small-Cap, AllianzGI Health Sciences, AllianzGI Mid-Cap, AllianzGI Small-Cap and AllianzGI Technology is to seek long-term capital appreciation. The investment objective of AllianzGI NFJ Dividend Value, AllianzGI NFJ International Value, AllianzGI NFJ Large-Cap Value, AllianzGI NFJ Mid-Cap Value and AllianzGI NFJ Small-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 quotations are deemed to be unreliable), and has delegated primary 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 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 the appropriateness of the valuation methods and these methods may be amended or supplemented from time to time by the Trust’s 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.

138 June 30, 2019  | Annual Report

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. 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 exchanges 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. Also, 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 year ended June 30, 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.

Annual Report |  June 30, 2019 139

Notes to Financial Statements (cont’d)

June 30, 2019

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

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 June 30, 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 6/30/19
Common Stock:
Brazil	$	16,449,798		—		—	$	16,449,798
China		20,059,970	$	108,833,565		—		128,893,535
India		13,277,084		27,616,605		—		40,893,689
Mexico		10,879,228		—		—		10,879,228
Russian Federation		22,946,912		—	$	3,377,025		26,323,937
South Africa		3,658,174		14,902,830		—		18,561,004
Thailand		—		—		7,596,712		7,596,712
United States		3,958,092		—		—		3,958,092
All Other		—		95,579,325		—		95,579,325
Preferred Stock:
Brazil		12,856,021		—		—		12,856,021
Russian Federation		—		—		5,739,783		5,739,783
Exchange-Traded Funds		2,832,060		—		—		2,832,060
Repurchase Agreements		—		5,998,000		—		5,998,000
Totals	$	106,917,339	$	252,930,325	$	16,713,520	$	376,561,184

140 June 30, 2019  | Annual Report

AllianzGI Focused Growth:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 6/30/19
Common Stock	$	1,005,671,828		—		—	$	1,005,671,828
Repurchase Agreements		—	$	39,629,000		—		39,629,000
Totals	$	1,005,671,828	$	39,629,000		—	$	1,045,300,828
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 6/30/19
Common Stock:
Australia		—	$	636,680		—	$	636,680
Denmark		—		78,403		—		78,403
France		—		593,968		—		593,968
Germany		—		289,431		—		289,431
Japan		—		112,274		—		112,274
Spain		—		87,343		—		87,343
United Kingdom		—		1,657,816		—		1,657,816
All Other	$	8,274,863		—		—		8,274,863
Exchange-Traded Funds		407,064		—		—		407,064
Totals	$	8,681,927	$	3,455,915		—	$	12,137,842
AllianzGI Global Small-Cap:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 6/30/19
Common Stock:
Australia		—	$	3,012,610	$	46,051	$	3,058,661
Austria	$	1,516,490		759,529		—		2,276,019
Denmark		—		2,723,823		—		2,723,823
Finland		—		473,370		—		473,370
France		—		3,144,482		—		3,144,482
Germany		1,610,763		2,511,985		—		4,122,748
Hong Kong		—		191,521		—		191,521
Indonesia		—		322,552		—		322,552
Italy		—		1,306,692		—		1,306,692
Japan		—		12,759,281		—		12,759,281
Netherlands		—		1,484,900		—		1,484,900
Norway		—		1,345,679		—		1,345,679
Singapore		343,016		533,477		—		876,493
Sweden		—		912,375		—		912,375
Switzerland		897,803		2,134,442		—		3,032,245
Taiwan		—		180,205		—		180,205
Thailand		—		—		257,201		257,201
United Kingdom		—		8,180,673		—		8,180,673
All Other		80,042,401		—		—		80,042,401
Preferred Stock		—		674,411		—		674,411
Repurchase Agreements		—		4,336,000		—		4,336,000
Totals	$	84,410,473	$	46,988,007	$	303,252	$	131,701,732

Annual Report |  June 30, 2019 141

Notes to Financial Statements (cont’d)

June 30, 2019

AllianzGI Health Sciences:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 6/30/19
Common Stock:
Pharmaceuticals	$	59,753,193		$	3,339,966		—	$	63,093,159
All Other		89,140,484			—		—		89,140,484
Warrants		—			—	$	184,981		184,981
Repurchase Agreements		—			3,619,000		—		3,619,000
Totals	$	148,893,677		$	6,958,966	$	184,981	$	156,037,624
AllianzGI Income & Growth:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 6/30/19
Common Stock:
Advertising		—			—	$	266,445	$	266,445
Aerospace & Defense	$	47,991,014			—		272,411		48,263,425
Apparel & Textiles		—			—		44,930		44,930
Banks		50,274,480			—		7		50,274,487
Commercial Services		—			—		576,798		576,798
Media		18,505,956			—		1,018,843		19,524,799
Oil, Gas & Consumable Fuels		38,945,143			—		18		38,945,161
All Other		1,332,375,500			—		—		1,332,375,500
Corporate Bonds & Notes:
Commercial Services		—		$	74,186,187		476,780		74,662,967
Diversified Financial Services		—			57,596,565		3,683,024		61,279,589
Media		—			120,188,096		8		120,188,104
All Other		—			1,145,070,918		—		1,145,070,918
Convertible Bonds & Notes:
Banks		—			1,004,375		17,201,932		18,206,307
All Other		—			1,188,646,189		—		1,188,646,189
Convertible Preferred Stock:
Computers		—			10,777,966		—		10,777,966
Diversified Financial Services		—			3,527,607		—		3,527,607
Electronics		—			15,758,632		—		15,758,632
Equity Real Estate Investment Trusts (REITs)		—			15,268,065		—		15,268,065
Hand/Machine Tools		—			12,980,294		—		12,980,294
Healthcare-Products		21,832,009			20,758,694		—		42,590,703
All Other		97,550,230			—		—		97,550,230
Preferred Stock		—			—		18,217,438		18,217,438
Equity-Linked Security		192,096			—		—		192,096
Warrants		—			—		69,803		69,803
Repurchase Agreements		—			211,938,000		—		211,938,000
		1,607,666,428			2,877,701,588		41,828,437		4,527,196,453
Investments in Securities – Liabilities
Options Written:
Market Price		(760,940	)		—		—		(760,940	)
Totals	$	1,606,905,488		$	2,877,701,588	$	41,828,437	$	4,526,435,513

142 June 30, 2019  | Annual Report

AllianzGI Mid-Cap:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 6/30/19
Common Stock	$	310,499,281		—		—	$	310,499,281
Repurchase Agreements		—	$	2,558,000		—		2,558,000
Totals	$	310,499,281	$	2,558,000		—	$	313,057,281
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 6/30/19
Common Stock	$	1,335,155,113		—		—	$	1,335,155,113
Repurchase Agreements		—	$	21,560,000		—		21,560,000
Totals	$	1,335,155,113	$	21,560,000		—	$	1,356,715,113
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 6/30/19
Common Stock:
Canada	$	22,494,930		—		—	$	22,494,930
India		1,221,581		—		—		1,221,581
Mexico		1,832,830		—		—		1,832,830
Peru		1,785,857		—		—		1,785,857
Russian Federation		1,677,879		—		—		1,677,879
Taiwan		1,632,841		—		—		1,632,841
United Kingdom		11,025,239	$	18,595,271		—		29,620,510
United States		3,354,377		—		—		3,354,377
All Other		—		114,577,790		—		114,577,790
Repurchase Agreements		—		1,224,000		—		1,224,000
Totals	$	45,025,534	$	134,397,061		—	$	179,422,595
AllianzGI NFJ Large-Cap Value:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 6/30/19
Common Stock	$	344,382,417		—		—	$	344,382,417
AllianzGI NFJ Mid-Cap Value:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 6/30/19
Common Stock	$	1,305,212,930		—		—	$	1,305,212,930
Repurchase Agreements		—	$	20,909,000		—		20,909,000
Totals	$	1,305,212,930	$	20,909,000		—	$	1,326,121,930

Annual Report |  June 30, 2019 143

Notes to Financial Statements (cont’d)

June 30, 2019

AllianzGI NFJ Small-Cap Value:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 6/30/19
Common Stock:
Chemicals	$	29,045,395			—	$	56	$	29,045,451
All Other		1,029,152,088			—		—		1,029,152,088
Repurchase Agreements		—		$	13,137,000		—		13,137,000
Totals	$	1,058,197,483		$	13,137,000	$	56	$	1,071,334,539
AllianzGI Small-Cap:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 6/30/19
Common Stock:
Equity Real Estate Investment Trusts (REITs)	$	4,295,151			—	$	2,074	$	4,297,225
All Other		104,488,459			—		—		104,488,459
Repurchase Agreements		—		$	2,279,000		—		2,279,000
Totals	$	108,783,610		$	2,279,000	$	2,074	$	111,064,684
AllianzGI Technology:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 6/30/19
Common Stock:
Electrical Equipment	$	13,049,022		$	13,734		—	$	13,062,756
Electronic Equipment, Instruments & Components		29,997			222,451		—		252,448
Entertainment		17,405,085			36,690		—		17,441,775
Interactive Media & Services		152,448,576			51,469		—		152,500,045
IT Services		370,021,006			145,372		—		370,166,378
Semiconductors & Semiconductor Equipment		168,225,707			133,996		—		168,359,703
Software		522,729,101			17,129,717		—		539,858,818
Technology Hardware, Storage & Peripherals		52,077,119			45,869		—		52,122,988
All Other		159,871,967			—		—		159,871,967
Exchange-Traded Funds		—			1,913		—		1,913
Repurchase Agreements		—			149,339,000		—		149,339,000
Options Purchased:
Market Price		2,659,800			—		—		2,659,800
		1,458,517,380			167,120,211		—		1,625,637,591
Investments in Securities – Liabilities
Options Written:
Market Price		(437,500	)		—		—		(437,500	)
Securities Sold Short, at value		(138	)		—		—		(138	)
		(437,638	)		—		—		(437,638	)
Totals	$	1,458,079,742		$	167,120,211		—	$	1,625,199,953

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the year ended June 30, 2019, was as follows:

AllianzGI Emerging Markets Opportunities:
Investments in Securities – Assets	Beginning Balance 6/30/18		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 6/30/19
Common Stock:
Russian Federation	$	1,733,513	$	3,990,748	$	(1,407,327	)		—	$	(247,646	)	$	(692,263	)		—		—	$	3,377,025
Thailand		13,378,021		5,870,191		(11,598,487	)		—		288,939			(341,952	)		—		—		7,596,712
Preferred Stock		2,322,012		2,108,431		—			—		—			1,309,340			—		—		5,739,783
Totals	$	17,433,546	$	11,969,370	$	(13,005,814	)		—	$	41,293		$	275,125			—		—	$	16,713,520

144 June 30, 2019  | Annual Report

AllianzGI Global Small-Cap:
Investments in Securities – Assets	Beginning Balance 6/30/18		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 6/30/19
Common Stock:
Australia		—	$	44,355			—			—		—		$	1,696			—		—		$	46,051
Thailand		—		233,964			—			—		—			23,237			—		—			257,201
Totals		—	$	278,319			—			—		—		$	24,933			—		—		$	303,252
AllianzGI Health Sciences:
Investments in Securities – Assets	Beginning Balance 6/30/18		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 6/30/19
Warrants	$	75,826		—			—			—		—		$	109,155			—		—		$	184,981
AllianzGI Income & Growth:
Investments in Securities – Assets	Beginning Balance 6/30/18		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 6/30/19
Common Stock:
Advertising	$	1,385,428		—		$	(1,422,155	)††		—		—		$	303,172			—		—		$	266,445
Aerospace & Defense		354,775		—			—			—		—			(82,364	)		—		—			272,411
Apparel & Textiles		60,947		—			—			—		—			(16,017	)		—		—			44,930
Banks		—		—	††		—			—		—			7			—		—			7
Commercial Services		—	$	1,960,164	††		—			—		—			(1,383,366	)		—		—			576,798
Media		1,442,959		—			—			—		—			(424,116	)		—		—			1,018,843
Oil, Gas & Consumable Fuels		322,716		—			(218,790	)†		—		—			(103,789	)		—	$	(119	)**		18
Semiconductors		10,552		—			(25	)†		—	$	25			(10,552	)		—		—			—
Corporate Bonds & Notes:
Advertising		993,836		81,097			(1,699,424	)††		—		—			624,491			—		—			—
Commercial Services		—		—			—			—		—			—		$	476,780		—			476,780
Diversified Financial Services		—		—			—			—		—			—			3,683,024		—			3,683,024
Media		153		—			—			—		—			(145	)		—		—			8
Convertible Bonds & Notes:
Banks		17,540,357		—			—			—		—			665,950			—		(1,004,375	)***		17,201,932
Energy-Alternate Sources		571,500		—			—			—		—			—			—		(571,500	)***		—
Preferred Stock		18,217,438		—			—			—		—			—			—		—			18,217,438
Equity-Linked Securities:
Coal		117,974		—			—			—		—			74,122			—		(192,096	)**		—
Oil, Gas & Consumable Fuels		141		—			—	@		—		(601,986	)		601,845			—		—			—
Warrants:
Advertising		—		1,422,155	††		—			—		—			(1,352,356	)		—		—			69,799
Commercial Services		76		—			—	@		—		(237,932	)		237,856			—		—			—
Media		4		—			—			—		—			—			—		—			4
Totals	$	41,018,856	$	3,463,416		$	(3,340,394	)		—	$	(839,893	)	$	(865,262	)	$	4,159,804	$	(1,768,090	)	$	41,828,437

Annual Report |  June 30, 2019 145

Notes to Financial Statements (cont’d)

June 30, 2019

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).

AllianzGI NFJ Small-Cap Value:
Investments in Securities – Assets	Beginning Balance 6/30/18		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 6/30/19
Common Stock:
Chemicals	$	56		—		—			—		—		—		—		—	$	56
AllianzGI Small-Cap:
Investments in Securities – Assets	Beginning Balance 6/30/18		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 6/30/19
Common Stock:
Equity Real Estate Investment Trusts (REITs)	$	7,258		—	$	(5,184	)†††		—		—		—		—		—	$	2,074

The tables above may include Level 3 investments that are valued by brokers and independent pricing services.

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at June 30, 2019:

AllianzGI Health Sciences:
Investments in Securities – Assets	Ending Balance at 6/30/19		Valuation Technique Used	Unobservable Inputs	Input Values
Warrants:
Pharmaceuticals	$	184,981	Black Scholes Model	Implied Price	$	5.538
				Expected Volatility		43.74	%
AllianzGI Income & Growth:
Investments in Securities – Assets	Ending Balance at 6/30/19		Valuation Technique Used	Unobservable Inputs	Input Values (Ranges)
Common Stock:
	$	266,445	Market and Company Comparables	EV Multiples		6.46x (4.93x-8.33x)
				M&A Transaction Multiples		1.31x (0.67x-2.42x)
				Illiquidity Discount		20%
	$	272,411	Market and Company Comparables	EV Multiples		0.59x (0.39x-0.82x)
				M&A Transaction Multiples		0.87x (0.32x-2.12x)
				Illiquidity Discount		40%
	$	44,930	Market and Company Comparables	EV Multiples		0.64x (0.19x-1.17x)
						10.68x (3.86x-22.96x)
						0.88x (0.22x-1.78x)
				Illiquidity Discount		20%
	$	1,018,823	Market and Company Comparables	EV Multiples		1.08x (0.22x-2.85x)
						4.94x (3.08x-19.98x)
				M&A Transaction Multiples		8.52x (6.65x-10.11x)
				Illiquidity Discount		10%
Corporate Bonds & Notes:
Diversified Financial Services	$	3,683,024	Market and Company Comparables	Implied Price	$	36.11
Preferred Stock :	$	18,217,358	Market and Company Comparables	EV Multiples		0.71x (0.23x-1.32x)
				Illiquidity Discount		25%
Warrants:
Advertising	$	69,799	Market and Company Comparables	EV Multiples		6.53x (1.23x-25.52x)
						6.39x (1.26x-19.85x)
			Black-Sholes Model	Expected Volatility		24.94%
				Implied Price	$	55.36

146 June 30, 2019  | Annual Report

AllianzGI Small-Cap:
Investments in Securities – Assets	Ending Balance at 6/30/19		Valuation Technique Used	Unobservable Inputs	Input Values
Common Stock	$	2,074	Net Asset Approach	Estimated Movement of Proceeds		7.18%
			Market and Company Comparables	Benchmark Index Movement		(2.61)%

The tables above do not include Level 3 investments that are valued by brokers or independent pricing services.

* Transferred out of Level 2 and into Level 3 because current evaluated mean price was not available at June 30, 2019.

** Transferred out of Level 3 and into Level 1 because an exchange-traded closing price was available at June 30, 2019.

*** Transferred out of Level 3 and into Level 2 because an evaluated mean price was used at June 30, 2019, which was not available on June 30, 2018.

† Reduction due to cash distribution from corporate action.

†† Issued or removed via corporate action.

††† Reduced due to Return of Capital payments.

@ Removed from accounting records as worthless.

The net change in unrealized appreciation/depreciation of Level 3 investments which the following Funds held at June 30, 2019 was:

AllianzGI Emerging Markets Opportunities	$	971,623
AllianzGI Global Small-Cap		24,933
AllianzGI Health Sciences		109,155
AllianzGI Income & Growth		(2,916,759	)

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 the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, and then are recorded as soon after the ex-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 June 30, 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 NFJ Large-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 NFJ Large-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 the ex-dividend date. The amount of dividends from net investment income and distributions from net realized capital

Annual Report |  June 30, 2019 147

Notes to Financial Statements (cont’d)

June 30, 2019

gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book-tax” 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 and 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 June 30, 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

148 June 30, 2019  | Annual Report

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 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) Payment In-Kind Securities.  The Funds may invest in payment in-kind securities, which are debt or preferred stock securities that require or permit payment of interest in the form of additional securities. Payment in-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 12). 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 be non-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.

(r) New Accounting Pronouncements.  In March 2017, the FASB issued Accounting Standards Update No. (“ASU”) 2017-08, “Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt

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Notes to Financial Statements (cont’d)

June 30, 2019

Securities.” ASU 2017-08 shortens the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date rather than the contractual maturity date. The Funds have adopted and applied ASU 2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of July 1, 2018. The adoption of ASU 2017-08 had no impact on beginning net assets, the current period results from operations, or any prior period information presented in the financial statements.

In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the disclosure requirements for fair value measurement”. ASU 2018-13 removes the disclosure requirements for the amounts of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels and the valuation processes for Level 3 fair value measurements. The ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. Management has reviewed ASU 2018-13 and resolved to adopt immediately certain aspects of the ASU related to the removal of certain fair measurement disclosures.

On October 17, 2018, the SEC adopted changes to Regulation S-X to simplify the reporting of information by registered investment companies in financial statements. The amendments require presentation of the total, rather than the components, of distributable earnings on the Statements of Assets and Liabilities and also require presentation of the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, on the Statements of Changes in Net Assets. The amendments also removed the requirement for parenthetical disclosure of undistributed net investment income on the Statements of Changes in Net Assets. These Regulation S-X amendments are reflected in the Funds’ financial statements for the year ended June 30, 2019. The distributions to shareholders in the June 30, 2018 Statements of Changes in Net Assets presented herein have not been reclassified to conform to the current year presentation.

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.

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 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 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 other non-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.

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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 net asset value 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 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.

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Notes to Financial Statements (cont’d)

June 30, 2019

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 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.

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The effect of derivatives on the Statements of Assets and Liabilities at June 30, 2019:

AllianzGI Income & Growth:
Location	Market Price
Liability derivatives:
Options written, at value	$	(760,940	)

AllianzGI Technology:
Location	Market Price
Asset derivatives:
Investments, at value (options purchased)	$	2,659,800
Liability derivatives:
Options written, at value	$	(437,500	)

The effect of derivatives on the Statements of Operations for the year ended June 30, 2019:

AllianzGI Global Natural Resources:
Location	Market Price		Foreign Exchange Contracts		Total
Net realized gain on:
Options written	$	1,475		—	$	1,475
Forward foreign currency contracts		—	$	53		53
Total net realized gain	$	1,475	$	53	$	1,528

AllianzGI Income & Growth:
Location	Market Price
Net realized gain on:
Options written	$	3,813,150
Net change in unrealized appreciation/depreciation of:
Options written	$	(825,515	)
AllianzGI Technology:
Location	Market Price
Net realized loss on:
Investments (options purchased)	$	(4,526,862	)
Options written		(2,123,063	)
Total net realized loss	$	(6,649,925	)
Net change in unrealized appreciation/depreciation of:
Investments (options purchased)	$	(16,877,980	)
Options written		(5,861,193	)
Total net change in unrealized appreciation/depreciation	$	(22,739,173	)

The average volume (based on the open positions at each month-end) of derivative activity during the year ended June 30, 2019:

	Options Purchased		Options Written			Forward Foreign Currency Contracts(2)
	Contracts (1)		Contracts (1)			Purchased		Sold
AllianzGI Global Natural Resources		—		(16	)		—		—	†
AllianzGI Income & Growth		—		(19,254	)		—		—
AllianzGI Technology		6,346		(10,272	)		—		—

† Fund had derivative activity during the period but it did not have open positions at any month-end in the period.

(1) Number of contracts

(2) U.S. $ value on origination date

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)

June 30, 2019

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 Global Small-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
AllianzGI Mid-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			0.35	(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 NFJ Large-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 NFJ Mid-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 NFJ Small-Cap Value(3)		0.60			0.54	(14)		0.40			0.37	(15)		0.40			0.37	(15)		0.30			0.27	(15)		0.25			0.22	(15)		0.30			0.27	(15)
AllianzGI Small-Cap(3)		0.60			0.60	(16)		0.40			0.31	(16)		0.40			0.31	(16)		0.30			0.21	(16)		0.25			0.15	(16)		N/A			N/A
AllianzGI Technology(3)		0.90			0.85	(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 October 31, 2019, 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 October 31, 2019, 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 October 31, 2019, 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%.

(7) The Administrator has contractually agreed to observe, through October 31, 2019, an irrevocable waiver of a portion of its Administration Fees for Class A and Class T shares currently in place, which reduces the contractual fee rate by 0.02%.

(8) The Adviser has contractually agreed to observe, through October 31, 2019, 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. The Adviser had contractually agreed to observe, through October 31, 2018, an irrevocable waiver of a portion of its Investment Advisory Fee currently in place, which reduced the 0.90% contractual fee rate by 0.15% to 0.75%.

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(9) The Adviser has contractually agreed to observe, through October 31, 2019, 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 had contractually agreed to observe, through October 31, 2018, an irrevocable waiver of a portion of its Investment Advisory Fee, which reduced the 0.45% contractual fee rate by 0.15% to 0.30%. Effective November 1, 2018 through October 31, 2019, the Adviser has contractually agreed to observe an irrevocable waiver of a portion of it’s 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.

(11) The Adviser has contractually agreed to observe, through October 31, 2019, 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 October 31, 2019, 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 September 30, 2019, an irrevocable waiver of a portion of its Administration Fees for all classes, which reduces the contractual fee rate by 0.22%. An identical waiver arrangement has been in effect since before the beginning of the Fund’s most recent fiscal year.

(14) Effective November 1, 2018, the Adviser has contractually agreed to observe, through October 31, 2019, 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. From November 1, 2017 through October 31, 2018, the previously mentioned breakpoint was in place without the 0.10% irrevocable waiver of a portion of the Investment Advisory Fee.

(15) The Administrator had contractually agreed to observe, through October 31, 2018, an irrevocable waiver of a portion of its Administration Fees which reduced the contractual fee rate by 0.05%.

(16) Effective August 1, 2018, the Investment Advisory Fee was reduced by 0.05% from 0.65% to 0.60%. 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%.

† 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 year ended June 30, 2019, the Distributor received $1,935,759, 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 Rule 18f-3 under the Investment Company Act of 1940 and subject to review and approval by the Trustees. The Funds may invest in other investment companies, including investment companies advised or sub-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.

Annual Report |  June 30, 2019 155

Notes to Financial Statements (cont’d)

June 30, 2019

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 year ended June 30, 2019, purchases and sales of investments, other than short-term securities were:

	Purchases		Sales
AllianzGI Emerging Markets Opportunities	$	386,081,260	$	350,420,218
AllianzGI Focused Growth		519,734,377		657,392,743
AllianzGI Global Natural Resources		11,626,640		17,470,780
AllianzGI Global Small-Cap		131,623,185		178,015,184
AllianzGI Health Sciences		153,409,479		169,418,721
AllianzGI Income & Growth		3,152,698,411		2,604,609,596
AllianzGI Mid-Cap		177,810,966		211,689,455
AllianzGI NFJ Dividend Value		854,156,172		1,517,712,277
AllianzGI NFJ International Value		106,549,413		205,893,351
AllianzGI NFJ Large-Cap Value		235,920,832		257,413,439
AllianzGI NFJ Mid-Cap Value		1,060,324,237		1,026,437,357
AllianzGI NFJ Small-Cap Value		733,253,260		1,725,064,954
AllianzGI Small-Cap		91,328,542		74,969,098
AllianzGI Technology*		1,610,653,193		1,754,591,856

* Securities sold short of $1,237,366; covers on securities sold short of $1,267,514.

6. INCOME TAX INFORMATION

The tax character of dividends and distributions paid by the Funds was:

	Period or Year ended June 30, 2019						Period or Year ended June 30, 2018
	Ordinary Income(1)		15% Long-term Capital Gain		25% Long-term Capital Gain		Ordinary Income(1)		15% Long-term Capital Gain		25% Long-term Capital Gain		Return of Capital
AllianzGI Emerging Markets Opportunities	$	8,214,183		—		—	$	3,886,963		—		—		—
AllianzGI Focused Growth		—	$	117,884,601		—		392,499	$	15,598,567		—		—
AllianzGI Global Natural Resources		279,284		—		—		56,108		—		—		—
AllianzGI Global Small-Cap		3,913,582		22,639,586	$	11,503		4,235,167		11,864,121		—		—
AllianzGI Health Sciences		2,479,547		17,793,811		—		—		—		—		—
AllianzGI Income & Growth		334,655,872		5,082,690		30,000		285,477,976		—		—		—
AllianzGI Mid-Cap		6,580,701		29,491,252		—		9,591,486		21,002,144		—		—
AllianzGI NFJ Dividend Value		53,260,507		280,436,188		1,361		40,466,152		481,271,285		—		—
AllianzGI NFJ International Value		3,353,472		—		—		5,733,709		—		—	$	148,994
AllianzGI NFJ Large-Cap Value		5,431,742		660,709		—		5,857,321		—		—		—
AllianzGI NFJ Mid-Cap Value		14,423,689		5,789,993		—		35,710,900		58,203,575	$	85,617		—
AllianzGI NFJ Small-Cap Value		52,935,930		269,347,930		120,893		51,068,905		393,814,909		—		—
AllianzGI Small-Cap		2,958,426		4,395,852		362		2,809,776		7,945,539		—		—
AllianzGI Technology		42,412,898		224,014,360		—		65,005,991		162,326,956		—		—

(1) Includes short-term capital gains, if any.

156 June 30, 2019  | Annual Report

At June 30, 2019, the components of distributable earnings were:

	Undistributed Ordinary Income		Undistributed 15% Long-term Capital Gain		Undistributed 25% Long-term Capital Gain		Capital Loss Carryforwards(2)		Late Year Ordinary Loss(3)
											Post-October Capital Loss(4)
											Short-Term		Long-Term
AllianzGI Emerging Markets Opportunities	$	6,872,475		—		—	$	19,342,348		—	$	24,547,612	$	72,938
AllianzGI Focused Growth		—	$	94,821,337		—		—	$	555,099		38,640,246		—
AllianzGI Global Natural Resources		231,698		—		—		9,890,473		3,735		870,633		(342,309	)
AllianzGI Global Small-Cap		—		7,489,273		—		—		—		5,500,425		—
AllianzGI Health Sciences		1,556,069		4,930,900		—		—		—		—		—
AllianzGI Income & Growth		6,963,707		450,696		—		—		—		—		—
AllianzGI Mid-Cap		—		14,995,540		—		—		983,679		7,068,913		—
AllianzGI NFJ Dividend Value		—		75,088,600		—		—		—		28,405,320		—
AllianzGI NFJ International Value		572,958		—		—		447,194,042		—		—		—
AllianzGI NFJ Large-Cap Value		189,350		—		—		—		—		9,274,093		(2,528,293	)
AllianzGI NFJ Mid-Cap Value		6,519,374		38,488,272		—		—		—		3,581,573		—
AllianzGI NFJ Small-Cap Value		—		23,232,265		—		—		—		66,745,177		(45,055,765	)
AllianzGI Small-Cap		—		—		—		—		—		3,624,785		(1,849,971	)
AllianzGI Technology		—		166,804,424		—		—		7,055,732		21,352,310		—

(2) Capital loss carryforwards available as a reduction, to the extent provided in the regulations, of any future net realized gains. To the extent that these losses are used to offset future realized capital gains, such gains will not be disbursed.

(3) Certain ordinary losses realized during the period November 1, 2018 through June 30, 2019, and/or other ordinary losses realized during the period January 1, 2019 through June 30, 2019, which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

(4) Capital losses realized during the period November 1, 2018 through June 30, 2019 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010, for an unlimited period. Post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term capital losses.

At June 30, 2019, capital loss carryforward amounts were:

	Short-Term		Long-Term
AllianzGI Emerging Markets Opportunities	$	19,342,348		—
AllianzGI Global Natural Resources		6,793,822	$	3,096,651
AllianzGI NFJ International Value		260,398,219		186,795,823

For the year ended June 30, 2019, the Funds utilized the following amounts of capital loss carryforwards:

	Short-Term losses utilized		Long-Term losses utilized
AllianzGI Global Natural Resources		—	$	107,601
AllianzGI NFJ International Value		—		9,387,790

Annual Report |  June 30, 2019 157

Notes to Financial Statements (cont’d)

June 30, 2019

For the year ended June 30, 2019, permanent “book-tax” adjustments were:

	Undistributed (Dividends in Excess of) Net Investment Income			Accumulated Net Realized Gain (Loss)			Paid-in-Capital			Appreciation/ Depreciation
AllianzGI Emerging Markets Opportunities(b)(f)(k)	$	(589,902	)	$	593,788		$	(3,886	)		—
AllianzGI Focused Growth(d)		976,360			—			(976,360	)		—
AllianzGI Global Natural Resources(f)		(5,891	)		5,891			—			—
AllianzGI Global Small-Cap(b)(c)(d)(f)(g)		258,743			(178,944	)		(76,197	)	$	(3,602	)
AllianzGI Health Sciences(b)(f)		474,031			(474,031	)		—			—
AllianzGI Income & Growth(g)(i)(j)		5,890,509			(5,890,509	)		—			—
AllianzGI Mid-Cap(d)(f)		2,839,356			58,408			(2,897,764	)		—
AllianzGI NFJ Dividend Value(a)(c)(f)(g)		(1,775,082	)		1,775,082			—			—
AllianzGI NFJ International Value(b)(f)		(23,166	)		23,166			—			—
AllianzGI NFJ Large-Cap Value(a)(c)(g)		(42,908	)		42,908			—			—
AllianzGI NFJ Mid-Cap Value(c)(e)(f)(g)(h)		(1,385,719	)		1,616,266			41,836			(272,383	)
AllianzGI NFJ Small-Cap Value(e)(f)(g)(h)(m)		8,406,935			(39,235,988	)		24,669,298			6,159,755
AllianzGI Small-Cap(a)(b)(d)(g)(h)(l)		(1,277	)		214,352			(191,918	)		(21,157	)
AllianzGI Technology(d)(f)		13,733,080			125,943			(13,859,023	)		—

These permanent “book-tax” differences were primarily attributable to:

(a) Reclassification of distributions.

(b) Reclassification of gains from securities classified as Passive Foreign Investment Companies (“PFICs”) for tax purposes.

(c) Reclassification from sales of securities with return of capital.

(d) Net operating losses.

(e) Non-deductible costs due to sales of partnerships.

(f) Reclassification of gains and losses from foreign currency transactions.

(g) Reclassifications related to investments in Real Estate Investment Trusts (REITs).

(h) Reclassifications related to investments in partnerships.

(i) Section 305 sales adjustment.

(j) Reclassification of contingent debt.

(k) Non-deductible excise tax.

(l) Taxable overdistributions.

(m) Redemptions treated as distributions.

Net investment income, net realized gains or losses and net assets were not affected by these adjustments.

At June 30, 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(5)		Unrealized Appreciation		Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
AllianzGI Emerging Markets Opportunities	$	346,994,655	$	38,413,338	$	8,846,809	$	29,566,529
AllianzGI Focused Growth		647,520,041		407,511,977		9,731,190		397,780,787
AllianzGI Global Natural Resources		11,815,648		700,320		378,126		322,194
AllianzGI Global Small-Cap		112,507,967		23,154,749		3,960,984		19,193,765
AllianzGI Health Sciences		135,079,542		25,459,460		4,501,378		20,958,082
AllianzGI Income & Growth		4,988,367,464		100,147,730		562,079,681		(461,931,951	)
AllianzGI Mid-Cap		241,801,401		73,888,096		2,632,216		71,255,880
AllianzGI NFJ Dividend Value		1,188,187,678		201,475,608		32,948,173		168,527,435
AllianzGI NFJ International Value		174,352,595		15,080,614		10,010,614		5,070,000
AllianzGI NFJ Large-Cap Value		327,075,360		27,085,827		9,778,770		17,307,057
AllianzGI NFJ Mid-Cap Value		1,168,449,594		182,816,714		25,144,378		157,672,336
AllianzGI NFJ Small-Cap Value		941,030,347		182,343,932		52,039,740		130,304,192
AllianzGI Small-Cap		95,311,457		18,842,110		3,088,883		15,753,227
AllianzGI Technology		1,050,112,819		583,918,739		8,831,605		575,087,134

(5) Differences, if any, between book and tax cost basis are primarily attributable to wash sale loss deferrals, PFIC mark-to-market, differing treatment of bond premium amortization, basis adjustments from investments in partnerships, mark-to-market adjustments on section 1256 spot contracts, and Section 305 adjustments.

158 June 30, 2019  | Annual Report

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Annual Report |  June 30, 2019 159

Notes to Financial Statements (cont’d)

June 30, 2019

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
	Year ended June 30, 2019						Year ended June 30, 2018						Year ended June 30, 2019						Year ended June 30, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		268,619		$	7,217,505			697,928		$	20,810,440			3,957,145		$	230,547,285			845,049		$	45,026,886
Class C		16,147			410,475			33,859			1,000,458			237,512			7,807,792			199,107			7,318,588
Class R		—			—			—			—			130,920			5,187,343			133,299			5,479,120
Class P		352,083			9,091,300			563,064			16,657,768			684,624			27,975,772			839,524			34,751,624
Institutional Class		5,354,528			145,969,084			5,829,537			183,882,754			589,652			28,467,542			897,756			43,898,753
Class R6		244,198			6,497,525			920,330			29,036,041			648,134			30,278,729			1,562,011			79,373,546
Administrative Class		—			—			—			—			38,603			1,971,024			17,863			852,078
Issued in reinvestment of dividends and distributions:
Class A		37,329			916,062			41,566			1,241,997			1,264,993			54,065,784			86,993			4,626,289
Class C		592			14,456			786			23,182			266,353			7,377,992			116,094			4,297,789
Class R		—			—			—			—			83,352			2,609,751			8,375			341,603
Class P		20,942			501,782			13,849			405,788			354,870			11,338,112			32,582			1,344,967
Institutional Class		232,119			5,693,881			60,550			1,817,696			416,583			16,292,546			63,927			3,135,604
Class R6		24,240			591,467			498			14,883			338,307			13,248,091			12,985			637,345
Administrative Class		—			—			—			—			15,646			568,421			1,540			71,074
Cost of shares redeemed:
Class A		(2,312,650	)		(64,223,641	)		(2,748,849	)		(80,949,799	)		(1,811,609	)		(94,018,724	)		(1,530,183	)		(81,276,063	)
Class C		(168,881	)		(4,468,000	)		(89,122	)		(2,659,097	)		(5,022,966	)		(204,819,789	)		(1,026,181	)		(38,161,076	)
Class R		—			—			—			—			(183,497	)		(7,438,619	)		(169,477	)		(6,978,684	)
Class P		(666,508	)		(17,465,149	)		(335,061	)		(10,020,087	)		(1,230,579	)		(47,289,017	)		(614,723	)		(25,121,226	)
Institutional Class		(2,051,506	)		(54,282,563	)		(1,722,594	)		(53,937,449	)		(1,064,847	)		(51,812,375	)		(2,122,703	)		(105,917,209	)
Class R6		(241,071	)		(6,409,258	)		(97,151	)		(3,006,277	)		(409,798	)		(19,780,076	)		(250,018	)		(12,412,457	)
Administrative Class		—			—			—			—			(22,413	)		(1,102,078	)		(43,814	)		(2,068,060	)
Net increase (decrease) resulting from Fund share transactions		1,110,181		$	30,054,926			3,169,190		$	104,318,298			(719,015	)	$	11,475,506			(939,994	)	$	(40,779,509	)

– May reflect actual amounts rounding to less than $1 or less than 1 share.

160 June 30, 2019  | Annual Report

AllianzGI Global Natural Resources												AllianzGI Global Small-Cap												AllianzGI Health Sciences
Year ended June 30, 2019						Year ended June 30, 2018						Year ended June 30, 2019						Year ended June 30, 2018						Year ended June 30, 2019						Year ended June 30, 2018
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	75,279		$	1,112,678			105,939		$	1,575,623			182,657		$	8,479,807			83,184		$	4,244,889			246,715		$	8,399,331			86,357		$	2,801,477
	25,966			389,023			9,008			125,928			13,645			500,947			33,805			1,531,603			28,328			702,965			10,459			271,090
	—			—			—			—			—			—			—			—			—			—			—			—
	26,683			381,175			110,809			1,737,713			91,215			3,811,875			72,253			3,943,050			—			—			—			—
	102,865			1,521,155			226,220			3,493,152			205,859			9,810,581			162,556			8,908,540			95,913			3,042,298			34,004			1,128,578
	—			—			—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—			—			—
	6,938			85,340			1,014			15,872			254,078			8,310,892			90,251			4,491,798			674,933			18,634,889			—			—
	1,122			12,975			—			2			69,797			1,927,792			40,033			1,756,267			29,367			623,175			—			—
	—			—			—			—			—			—			—			—			—			—			—			—
	3,357			41,893			—			—			41,648			1,469,340			17,947			947,048			—			—			—			—
	9,214			116,191			2,086			33,503			369,475			13,171,798			145,643			7,743,818			11,595			324,420			—			—
	—			—			—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—			—			—
	(187,050	)		(2,646,485	)		(425,769	)		(6,543,832	)		(351,706	)		(13,990,314	)		(252,928	)		(12,931,724	)		(605,927	)		(19,209,271	)		(614,264	)		(19,853,094	)
	(81,341	)		(1,115,775	)		(91,805	)		(1,284,764	)		(296,247	)		(11,728,861	)		(101,780	)		(4,592,282	)		(201,451	)		(5,567,805	)		(108,952	)		(2,809,024	)
	—			—			—			—			—			—			—			—			—			—			—			—
	(138,349	)		(1,878,798	)		(101,951	)		(1,533,966	)		(192,848	)		(7,992,579	)		(216,159	)		(11,519,088	)		—			—			—			—
	(275,795	)		(4,074,569	)		(434,005	)		(6,699,510	)		(787,779	)		(34,330,501	)		(779,135	)		(41,888,099	)		(61,267	)		(2,002,588	)		(65,031	)		(2,129,884	)
	—			—			—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—			—			—
	(431,111	)	$	(6,055,197	)		(598,454	)	$	(9,080,279	)		(400,206	)	$	(20,559,223	)		(704,330	)	$	(37,364,180	)		218,206		$	4,947,414			(657,427	)	$	(20,590,857	)

Annual Report |  June 30, 2019 161

Notes to Financial Statements (cont’d)

June 30, 2019

	AllianzGI Income & Growth												AllianzGI Mid-Cap
	Year ended June 30, 2019						Year ended June 30, 2018						Year ended June 30, 2019						Year ended June 30, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		41,382,233		$	454,899,809			33,772,645		$	386,348,881			34,421,548		$	134,256,480			2,593,888		$	10,045,894
Class C		34,217,239			346,930,172			20,620,016			218,600,150			650,165			1,783,093			424,664			1,380,308
Class R		224,610			2,466,861			171,240			1,953,034			121,412			433,020			297,665			1,127,022
Class P		47,385,649			533,269,666			32,638,485			382,338,888			905,697			3,633,083			1,473,845			6,481,066
Institutional Class		32,549,042			371,932,052			17,530,636			207,098,156			1,762,730			7,253,419			1,646,838			7,270,598
Class R6		—			—			—			—			—			—			—			—
Administrative Class		—			—			—			—			37,587			142,036			212,388			915,290
Issued in reinvestment of dividends and distributions:
Class A		9,562,038			104,635,655			7,604,961			86,778,417			8,735,577			24,085,907			2,104,396			7,912,529
Class C		8,650,069			87,008,778			7,548,126			79,690,897			1,440,361			3,162,218			5,010,740			15,733,723
Class R		31,419			343,496			19,912			227,297			63,092			170,148			62,655			232,450
Class P		5,654,704			63,437,381			4,117,228			48,042,746			335,351			1,072,570			135,406			576,829
Institutional Class		4,232,229			47,895,410			2,734,032			32,176,468			1,068,157			3,438,239			541,021			2,320,981
Class R6		—			—			—			—			—			—			—			—
Administrative Class		—			—			—			—			55,660			163,523			30,491			121,353
Cost of shares redeemed:
Class A		(28,677,604	)		(313,221,154	)		(28,283,166	)		(323,787,507	)		(9,160,991	)		(31,143,673	)		(4,835,052	)		(18,793,034	)
Class C		(27,028,004	)		(271,243,863	)		(25,916,477	)		(274,222,576	)		(39,239,512	)		(130,038,680	)		(5,840,802	)		(19,118,611	)
Class R		(90,982	)		(987,313	)		(71,876	)		(823,566	)		(189,750	)		(653,794	)		(612,039	)		(2,324,109	)
Class P		(30,988,364	)		(344,028,854	)		(19,558,217	)		(228,922,268	)		(1,112,672	)		(4,488,191	)		(1,123,777	)		(4,948,975	)
Institutional Class		(14,427,667	)		(160,815,113	)		(10,605,368	)		(124,696,671	)		(1,733,318	)		(7,146,904	)		(1,361,639	)		(5,972,622	)
Class R6		—			—			—			—			—			—			—			—
Administrative Class		—			—			—			—			(63,233	)		(237,112	)		(38,280	)		(155,304	)
Net increase (decrease) resulting from Fund share transactions		82,676,611		$	922,522,983			42,322,177		$	490,802,346			(1,902,139	)	$	5,885,382			722,408		$	2,805,388

– May reflect actual amounts rounding to less than $1 or less than 1 share.

162 June 30, 2019  | Annual Report

AllianzGI NFJ Dividend Value												AllianzGI NFJ International Value												AllianzGI NFJ Large-Cap Value
Year ended June 30, 2019						Year ended June 30, 2018						Year ended June 30, 2019						Year ended June 30, 2018						Year ended June 30, 2019						Year ended June 30, 2018
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	11,313,357		$	160,679,320			2,887,835		$	46,170,379			1,209,396		$	21,910,051			672,137		$	13,052,413			2,041,454		$	56,350,922			268,456		$	7,057,856
	631,855			7,621,144			577,836			9,243,294			28,057			479,855			75,609			1,451,967			84,599			2,188,878			48,157			1,289,667
	527,472			6,693,820			448,571			7,236,995			72,665			1,308,299			97,061			1,891,755			11,595			314,013			35,122			928,774
	5,601,788			67,818,148			6,160,359			98,362,137			217,867			3,906,233			1,287,288			24,898,377			126,157			3,352,016			261,209			6,970,343
	3,180,003			43,151,601			4,691,958			77,966,645			493,776			8,984,985			595,344			11,716,809			449,862			11,791,096			798,491			20,880,744
	816,704			10,596,590			1,166,043			19,609,108			29,903			547,843			120,088			2,389,745			—			—			—			—
	389,033			5,215,973			1,182,779			20,386,645			20,222			362,630			41,662			816,977			10,773			283,103			8,554			225,849
	8,603,057			91,771,627			7,104,995			108,288,914			65,410			1,163,992			86,907			1,641,914			100,269			2,601,467			82,594			2,130,259
	1,550,267			16,835,328			3,417,871			52,594,833			7,567			132,250			23,940			442,642			5,291			143,588			20,592			531,053
	1,449,485			15,468,682			1,557,309			23,651,696			5,192			92,441			6,959			131,632			1,366			36,380			3,227			83,705
	6,500,134			70,165,546			6,885,804			105,788,156			34,618			620,705			84,932			1,613,308			12,869			339,075			11,565			301,863
	5,850,039			63,026,975			7,232,947			111,189,140			50,379			906,302			64,628			1,230,045			96,666			2,510,825			89,013			2,293,260
	1,462,567			15,698,988			1,335,037			20,468,353			1,609			28,658			2,394			45,698			—			—			—			—
	1,206,182			13,203,073			1,499,167			23,408,044			2,333			40,736			5,021			95,035			838			22,170			872			22,813
	(15,011,198	)		(186,349,526	)		(12,322,123	)		(203,194,915	)		(2,154,736	)		(37,906,923	)		(3,025,449	)		(58,604,394	)		(1,072,771	)		(28,418,904	)		(1,016,387	)		(26,608,387	)
	(11,613,283	)		(169,595,677	)		(4,259,604	)		(70,024,894	)		(1,256,420	)		(22,357,425	)		(1,166,265	)		(22,270,887	)		(2,000,144	)		(56,114,974	)		(569,979	)		(15,070,758	)
	(2,317,010	)		(30,660,555	)		(3,201,945	)		(53,568,123	)		(243,205	)		(4,386,885	)		(231,634	)		(4,471,696	)		(132,987	)		(3,709,071	)		(126,484	)		(3,452,445	)
	(18,158,983	)		(228,744,792	)		(12,968,268	)		(210,551,432	)		(2,989,399	)		(52,767,678	)		(4,712,928	)		(92,817,017	)		(202,995	)		(5,481,385	)		(246,102	)		(6,540,742	)
	(16,927,973	)		(220,910,069	)		(24,742,226	)		(425,352,619	)		(1,045,715	)		(18,990,289	)		(1,732,226	)		(34,002,855	)		(503,342	)		(13,275,287	)		(705,510	)		(18,159,402	)
	(2,602,536	)		(33,374,156	)		(2,296,447	)		(39,348,087	)		(61,401	)		(1,100,132	)		(1,588,350	)		(30,157,473	)		—			—			—			—
	(3,392,334	)		(43,265,010	)		(16,944,762	)		(314,378,786	)		(205,207	)		(3,521,325	)		(59,964	)		(1,172,975	)		(10,918	)		(300,641	)		(11,127	)		(307,226	)
	(20,941,374	)	$	(324,952,970	)		(30,586,864	)	$	(592,054,517	)		(5,717,089	)	$	(100,545,677	)		(9,352,846	)	$	(182,078,980	)		(981,418	)	$	(27,366,729	)		(1,047,737	)	$	(27,422,774	)

Annual Report |  June 30, 2019 163

Notes to Financial Statements (cont’d)

June 30, 2019

	AllianzGI NFJ Mid-Cap Value												AllianzGI NFJ Small-Cap Value
	Year ended June 30, 2019						Year ended June 30, 2018						Year ended June 30, 2019						Year ended June 30, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		6,698,495		$	204,685,318			5,474,465		$	173,724,735			7,098,648		$	130,945,310			8,002,039		$	170,545,062
Class C		630,222			15,246,842			1,212,825			31,570,305			84,780			1,077,299			153,952			3,165,825
Class R		358,914			9,057,683			514,498			14,005,436			205,692			3,727,798			185,326			4,554,851
Class P		4,293,177			101,871,414			7,595,411			195,683,218			717,227			13,249,790			959,748			24,310,328
Institutional Class		5,936,147			186,319,815			10,697,534			358,873,216			3,242,577			62,341,662			4,334,370			110,523,206
Class R6		560,276			17,538,456			72,675	#		2,393,103	#		3,019,919			57,555,186			5,901,430			150,915,358
Administrative Class		594,563			18,054,348			503,048			16,428,121			911,459			14,873,708			1,142,638			26,108,406
Issued in reinvestment of dividends and distributions:
Class A		296,346			7,931,688			1,354,254			42,523,329			9,034,371			112,929,635			4,827,870			105,247,566
Class C		9,718			240,700			681,614			17,599,274			258,108			2,893,396			1,101,049			21,415,391
Class R		12,096			279,668			30,983			835,615			445,976			6,092,035			306,683			7,121,185
Class P		151,593			3,261,952			416,454			10,577,921			584,374			8,432,510			348,613			8,453,860
Institutional Class		202,468			5,761,385			348,217			11,672,240			6,135,775			89,336,886			6,448,975			157,290,488
Class R6		7,723			220,071			581	#		19,437	#		2,768,426			40,059,127			2,686,009			65,270,025
Administrative Class		13,345			368,552			29,432			952,725			2,756,274			34,315,616			2,273,516			49,403,503
Cost of shares redeemed:
Class A		(4,772,658	)		(139,781,481	)		(4,891,003	)		(152,623,468	)		(18,946,945	)		(333,203,625	)		(12,111,632	)		(280,714,536	)
Class C		(6,123,795	)		(154,795,781	)		(937,401	)		(24,452,518	)		(5,531,901	)		(99,879,070	)		(1,865,524	)		(38,724,388	)
Class R		(209,787	)		(5,294,056	)		(142,851	)		(3,871,309	)		(884,803	)		(16,636,078	)		(880,383	)		(21,666,359	)
Class P		(4,670,512	)		(110,205,538	)		(1,800,360	)		(46,108,843	)		(1,661,186	)		(30,717,023	)		(1,324,234	)		(33,475,597	)
Institutional Class		(4,076,024	)		(128,754,450	)		(2,311,349	)		(77,076,555	)		(24,363,929	)		(484,952,787	)		(24,043,187	)		(617,520,460	)
Class R6		(84,239	)		(2,605,186	)		(5,809	)#		(187,935	)#		(11,202,983	)		(227,278,706	)		(11,619,999	)		(290,169,735	)
Administrative Class		(350,996	)		(10,485,274	)		(79,644	)		(2,578,415	)		(5,772,549	)		(98,884,720	)		(8,895,129	)		(205,325,747	)
Net increase (decrease) resulting from Fund share transactions		(522,928	)	$	18,916,126			18,763,574		$	569,959,632			(31,100,690	)	$	(713,722,051	)		(22,067,870	)	$	(583,271,768	)

– May reflect actual amounts rounding to less than $1 or less than 1 share.

# For the period December 18, 2017 (commencement of share class) through June 30, 2018. “Shares sold” includes shares sold to Allianz Fund Investments, Inc.

## For the period August 22, 2018 (commencement of share class) through June 30, 2019. “Shares sold” includes shares sold to AZOA.

164 June 30, 2019  | Annual Report

AllianzGI Small-Cap												AllianzGI Technology
Year ended June 30, 2019						Year ended June 30, 2018						Year ended June 30, 2019						Year ended June 30, 2018
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	1,600,232		$	34,264,966			273,818		$	5,934,103			2,550,443		$	179,133,866			1,478,124		$	101,162,454
	92,047			1,720,365			78,065			1,577,299			257,142			12,544,036			193,418			10,375,838
	—			—			—			—			—			—			—			—
	254,122			5,248,183			207,122			4,396,841			1,128,423			84,211,489			515,793			39,908,557
	288,688			5,869,487			251,379			5,346,531			3,351,624			247,227,588			3,418,373			262,754,728
	891,912	##		17,601,066	##		—			—			—			—			—			—
	—			—			—			—			75,889			5,389,576			79,796			5,835,992
	298,477			4,867,765			222,628			4,506,000			1,934,896			96,280,422			1,130,136			70,158,803
	44,482			695,030			217,696			4,282,069			300,556			10,621,661			474,556			22,849,887
	—			—			—			—			—			—			—			—
	39,051			644,904			19,088			389,394			332,385			18,733,242			128,482			8,794,567
	33,246			553,729			25,372			520,890			2,155,428			124,109,570			1,604,511			111,641,922
	2,227	##		43,874	##		—			—			—			—			—			—
	—			—			—			—			56,513			3,019,512			39,515			2,594,161
	(576,351	)		(11,497,437	)		(346,997	)		(7,387,795	)		(2,484,799	)		(161,222,406	)		(2,636,487	)		(181,082,964	)
	(1,391,922	)		(28,904,196	)		(253,016	)		(5,202,287	)		(1,982,776	)		(111,120,158	)		(457,029	)		(24,550,804	)
	—			—			—			—			—			—			—			—
	(120,551	)		(2,401,996	)		(76,666	)		(1,643,999	)		(587,099	)		(41,087,752	)		(271,258	)		(20,102,726	)
	(234,956	)		(4,873,058	)		(54,207	)		(1,140,319	)		(4,534,231	)		(329,752,909	)		(6,195,191	)		(450,675,239	)
	(12	)##		(238	)##		—			—			—			—			—			—
	—			—			—			—			(272,847	)		(18,770,552	)		(44,893	)		(3,224,000	)
	1,220,692		$	23,832,444			564,282		$	11,578,727			2,281,547		$	119,317,185			(542,154	)	$	(43,558,824	)

Annual Report |  June 30, 2019 165

Notes to Financial Statements (cont’d)

June 30, 2019

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 June 30, 2019, the significant account-holders, owners of 5% or greater of each respective Fund’s outstanding shares were as follows:

	Unaffiliated
	Number of Account Holders		Approximate Ownership
AllianzGI Emerging Markets Opportunities		3		78	%
AllianzGI Focused Growth		6		55	%
AllianzGI Global Natural Resources		5		64	%
AllianzGI Global Small-Cap		6		71	%
AllianzGI Health Sciences		3		58	%
AllianzGI Income & Growth		9		84	%
AllianzGI Mid-Cap		7		62	%
AllianzGI NFJ Dividend Value		8		69	%
AllianzGI NFJ International Value		8		68	%
AllianzGI NFJ Large-Cap Value		10		73	%
AllianzGI NFJ Mid-Cap Value		8		61	%
AllianzGI NFJ Small-Cap Value		4		50	%
AllianzGI Small-Cap		6		59	%
AllianzGI Technology		3		44	%

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 year ended June 30, 2019:

AllianzGI Income & Growth:
	Market Value 6/30/2018		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)*		Market Value 6/30/2019		Dividend Income		Shares as of 6/30/2019		Net Realized Gain (Loss)		Net Capital Gain Distributions Received
CCF Holdings LLC, Class B		—		—		—	$	4	$	4		—		42,857		—		—
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	$	17,134,500		—		—	$	4	$	17,134,504		—		424,520		—		—

† Not affiliated at June 30, 2018.

* 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. FUND EVENTS

(a) New Share Class

Effective August 22, 2018, AllianzGI Small-Cap began offering Class R6 shares.

(b) Class Conversion

As of September 30, 2018 (the “Class C Conversion Date”), all Class C shares of a Fund that were purchased ten years or more prior to the Class C Conversion Date automatically converted to Class A shares of the same Fund. After the Class C Conversion Date, all Class C shares of a Fund held in accounts directly with the Trust’s transfer agent will automatically convert to Class A shares of the same Fund on or about the first business day of the month following the ten-year anniversary of purchase. After the Class C Conversion Date, all Class C shares of a Fund held through a financial intermediary (subject to the exceptions noted below) will automatically convert to Class A shares of the same Fund following the ten-year anniversary of purchase.

166 June 30, 2019  | Annual Report

Although the timing of this conversion may differ from the timing stated above, it is expected to occur during the month following the ten-year anniversary of purchase. Such conversions will be effected on the basis of the relative net asset values of the Class C and Class A shares involved in the conversion. When Class C shares convert, any other Class C shares that were acquired by the shareholder by the reinvestment of dividends or distributions will also convert to Class A shares on a pro rata basis. The Board’s approval of the conversion feature in the Trust’s Multi-Class plan is subject to the limitation that if, after the Class C Conversion Date, the Class A shareholders of a Fund approve any material increase in expenses allocated to that class (including 12b-1 Fees) without the approval of the then-existing Class C shareholders, Class C shares will cease automatically converting into Class A shares.

Class C shares held through a financial intermediary in an omnibus account will be converted into Class A shares only if the intermediary can document that the shareholder has met the required holding period. It is the financial intermediary’s (and not the Funds’) responsibility to keep records and to ensure that the shareholder is credited with the proper holding period. Not all financial intermediaries are able to track purchases to credit individual shareholder’s holding periods. In particular, the Trust understands that group retirement plans held through third party intermediaries that hold Class C shares in an omnibus account in certain instances do not track participant level share lot aging. Please consult with your financial intermediary about your eligibility to exercise this conversion privilege.

11. PAYMENTS FROM AFFILIATES

During the year ended June 30, 2018, AllianzGI U.S. reimbursed AllianzGI Global Small-Cap $78,097 for realized losses resulting from a trading error.

During the year ended June 30, 2019, AllianzGI U.S. reimbursed AllianzGI Income & Growth $2,600 for realized losses resulting from a trading error.

12. 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 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 the one-month LIBOR rate, subject to upward adjustment when any past due payments are outstanding. The State Street Agreement was extended by an additional 364-day

period by an amendment effective October 25, 2018 with an expiration date of October 24, 2019 (the “Amendment”). The Amendment changed a 0.25% usage fee on undrawn amounts, which had previously applied, to 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 following Funds utilized the line of credit during the period ended June 30, 2019. The average balance outstanding is for the number of days that the Funds had an outstanding balance.

	Average Amount Borrowed During the Period		Average Interest Rate			Number of Days Outstanding During the Period		Outstanding Borrowings at June 30, 2019
AllianzGI NFJ Dividend Value	$	32,413,333		3.76	%		15		0
AllianzGI NFJ International Value	$	3,167,500		3.76	%		12		0
AllianzGI NFJ Small-Cap Value	$	16,394,444		3.76	%		18		0

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. During the year ended June 30, 2019, the Funds did not participate as a borrower or lender in the Interfund Program.

13. RELATED PARTY TRANSACTIONS

The Investment Adviser and the 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.

Certain Funds are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.

During the year ended June 30, 2019, AllianzGI Income & Growth engaged in purchases of securities pursuant to Rule 17a-7 of the 1940 Act in the amount of $5,608,356.

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Notes to Financial Statements (cont’d)

June 30, 2019

14. 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 July 18, 2019, AllianzGI Income & Growth declared per-share net investment income dividends and short-term capital gain distributions to shareholders, payable July 18, 2019 to shareholders of record on July 17, 2019 as follows:

Share Class	Dividend Rate		Short-Term Capital Gains
Class A	$	0.02424	$	0.04576
Class C	$	0.01828	$	0.04576
Class R	$	0.02179	$	0.04576
Class P	$	0.02649	$	0.04576
Institutional Class	$	0.02743	$	0.04576

On August 22, 2019, AllianzGI Income & Growth declared per-share net investment income dividends and short-term capital gain distributions to shareholders, payable August 22, 2019 to shareholders of record on August 21, 2019 as follows:

Share Class	Dividend Rate		Short-Term Capital Gains
Class A	$	0.02579	$	0.04421
Class C	$	0.01993	$	0.04421
Class R	$	0.02345	$	0.04421
Class P	$	0.02796	$	0.04421
Institutional Class	$	0.02890	$	0.04421

There were no other subsequent events identified that require recognition or disclosure.

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Report of Independent Registered Public Accounting Firm

TotheBoard of Trustees of Allianz Funds and Shareholders of 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 and AllianzGI Technology Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, ofAllianzGI 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 and AllianzGI Technology Fund(constituting Allianz Funds, hereafter collectively referred to as the “Funds”) as of June 30, 2019, the related statements of operations for the year ended June 30, 2019, the statements of changes in net assets for each of the two years in the period endedJune 30, 2019, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2019 the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2019 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2019 by correspondence with the custodians, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

New York, New York

August 22, 2019

We have served as the auditor of one or more investment companies in the Allianz Global Investors U.S. group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

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Unaudited

Changes to the Board of Trustees

Effective January 1, 2019, Alan Rappaport was appointed Chairman of the Board of Trustees of the Trust.

Effective January 1, 2019, Sarah E. Cogan became a Trustee of the Trust.

Effective March 21, 2019, A. Douglas Eu resigned as a Trustee of the Trust and Thomas J. Fuccillo became a Trustee of the Trust. Mr. Fuccillo is an “interested person” of the Trust, as defined in Section 2(a)(19) of the 1940 Act, due to his position with the Investment Manager and its affiliates.

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Federal Income Tax Information

As required by the Internal Revenue Code, shareholders must be notified regarding certain tax attributes of distributions made by each fund.

During the year ended June 30, 2019, the following Funds distributed long-term capital gains in the amounts indicated (or the maximum amount allowable):

	15% Long-Term Capital Gain		25% Long-Term Capital Gain
AllianzGI Focused Growth	$	117,884,601		—
AllianzGI Global Small-Cap		22,639,586	$	11,503
AllianzGI Health Sciences		17,793,811		—
AllianzGI Income & Growth		5,082,690		30,000
AllianzGI Mid-Cap		29,491,252		—
AllianzGI NFJ Dividend Value		280,436,188		1,361
AllianzGI NFJ Large-Cap Value		660,709		—
AllianzGI NFJ Mid-Cap Value		5,789,993
AllianzGI NFJ Small-Cap Value		293,185,397		120,893
AllianzGI Small-Cap		4,395,852		362
AllianzGI Technology		224,014,360		—

Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentages of ordinary dividends paid during the fiscal year ended June 30, 2019, are designated as “qualified dividend income”:

AllianzGI Emerging Markets Opportunities	86	%
AllianzGI Focused Growth	0	%
AllianzGI Global Natural Resources	100	%
AllianzGI Global Small-Cap	26	%
AllianzGI Health Sciences	95	%
AllianzGI Income & Growth	11	%

AllianzGI Mid-Cap	14	%
AllianzGI NFJ Dividend Value	100	%
AllianzGI NFJ International Value	100	%
AllianzGI NFJ Large-Cap Value	100	%
AllianzGI NFJ Mid-Cap Value	100	%
AllianzGI NFJ Small-Cap Value	77	%
AllianzGI Small-Cap	12	%
AllianzGI Technology	10	%

Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a Fund’s dividend distribution that qualifies under tax law. The percentage of the following Funds’ ordinary income dividends paid during the fiscal year ended June 30, 2019, that qualify for the corporate dividend received deduction is set forth below:

AllianzGI Emerging Markets Opportunities	1	%
AllianzGI Focused Growth	0	%
AllianzGI Global Natural Resources	86	%
AllianzGI Global Small-Cap	6	%
AllianzGI Health Sciences	82	%
AllianzGI Income & Growth	10	%
AllianzGI Mid-Cap	14	%
AllianzGI NFJ Dividend Value	100	%
AllianzGI NFJ International Value	2	%
AllianzGI NFJ Large-Cap Value	100	%
AllianzGI NFJ Mid-Cap Value	100	%
AllianzGI NFJ Small-Cap Value	72	%
AllianzGI Small-Cap	12	%
AllianzGI Technology	8	%

Foreign Tax Credit. The following Funds had elected to pass through the credit for tax paid in foreign countries. The foreign income and foreign tax per share outstanding on June 30, 2019 are as follows:

	Gross Foreign Dividends		Gross Foreign Dividends Per Share		Foreign Tax		Foreign Tax Per Share
AllianzGI Emerging Markets Opportunities	$	11,787,946	$	0.895493	$	1,227,896	$	0.093279
AllianzGI NFJ International Value		7,148,081		0.596577		576,113		0.048082

Since the Funds’ tax year is not the calendar year, another notification will be sent with respect to calendar year 2019. In January 2020, shareholders will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received during calendar year 2019. The amount that will be reported will be the amount to use on the shareholder’s 2019 federal income tax return and may differ from the amount which must be reported in connection with the Funds’ tax year ended June 30, 2019. Shareholders are advised to consult their tax advisers as to the federal, state and local tax status of the dividend income received from the Funds.

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Unaudited

Matters Relating to the Trustees’ Consideration of the Investment Advisory Agreement

The Investment Company Act of 1940, as amended, requires that both the full Board of Trustees (the “Board” or the “Trustees”) and a majority of the Trustees who are not interested persons of the Trust (the “Independent Trustees”), voting separately, annually approve the continuation of the Trust’s Amended and Restated Investment Advisory Agreement (the “Agreement”) on behalf of each Fund (as defined below) with Allianz Global Investors U.S. LLC (the “Investment Adviser”). Throughout the process, the Independent Trustees received separate legal advice from independent legal counsel that is experienced in Investment Company Act of 1940 matters and that is independent of the Investment Adviser (“Independent Counsel”), and with whom they met separately from the Investment Adviser during the contract review meetings.

The Independent Trustees met in executive session on June 19, 2019 to consider whether to approve the continuation of the Agreement for an additional year. The Contracts Committee of the Board of Trustees, which is comprised of all of the Independent Trustees, held a conference call on June 5, 2019 and met in-person June 19, 2019 (the “contract review meetings”) with Independent Counsel to discuss the materials provided by the Investment Adviser in response to the Independent Trustees’ written request for information regarding the annual renewal. Representatives from fund management attended portions of those meetings to, among other topics, review the comparative fee and expense information and comparative performance information prepared and provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party, for each Fund using its respective Broadridge peer groups for performance and expense comparisons.

The Independent Trustees noted that they had most recently approved a continuation of the Agreement through December 31, 2019, and that the proposed continuation of the Agreement would extend the term to June 30, 2020. The Independent Trustees noted that this change in timing was intended to align the term of the Agreement with the terms of the advisory, distribution, administration, and other agreements of other Allianz investment companies.

At their meeting held on June 19, 2019, the Board and the Independent Trustees unanimously approved the continuation of the Agreement through June 30, 2020 with respect to 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 Small-Cap Fund, AllianzGI Technology Fund, AllianzGI NFJ Dividend Value Fund, AllianzGI NFJ International Value Fund, AllianzGI NFJ Large-Cap Fund, AllianzGI NFJ Mid-Cap Value Fund, AllianzGI NFJ Small-Cap Value Fund (each, a “Fund” and together, the “Funds”). The material factors and conclusions that formed the basis of these approvals for the Funds are discussed below.

In connection with their deliberations regarding the approval of the Agreement, the Independent Trustees considered such information

and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. As described below, the Independent Trustees considered the nature, quality and extent of the various investment management, administrative, and other services to be performed by the Investment Adviser under the Agreement.

In evaluating the Agreement with respect to each Fund, the Board, including the Independent Trustees, reviewed extensive materials provided by the Investment Adviser in response to questions submitted by the Independent Trustees and Independent Counsel, and met with senior representatives of the Investment Adviser regarding its personnel, operations, and financial condition as they relate to the Funds. The Board also considered the broad range of information relevant to the annual contract review that is provided to the Board (including its various standing committees) at meetings throughout the year, including reports on investment performance, portfolio risk, and other portfolio information for each Fund, including the use of derivatives if used as part of the Fund’s strategy, as well as periodic reports on, among other matters, pricing and valuation; quality and cost of portfolio trade execution; compliance; and shareholder and other services provided by the Investment Adviser and its affiliates. To assist with their review, the Independent Trustees reviewed fact cards for each Fund including, among other information, performance comparisons between the Funds and their Broadridge Performance Universe (as defined below), total return investment performance, investment objective, total net assets, annual fund operating expenses for each share class, portfolio managers, total expense ratio and management fee comparisons between each Fund and its Broadridge Expense Group (as defined below), and trends in the Investment Adviser’s profitability from its advisory relationship with each Fund. They also considered summaries assigning a quadrant placement to each Fund for an institutional and retail share class based on an average of certain measures of performance (including in relation to risk) and fees/expenses versus peer group medians. The Independent Trustees also considered the risk profiles of the Funds.

The Independent Trustees’ conclusions as to the approval of the Agreement were based on a comprehensive consideration of all information provided to the Independent Trustees and were not the result of any single factor. Individual Independent Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors. The Independent Trustees recognized that the fee arrangements for the Funds are the result of review and discussion in the prior years between the Independent Trustees and the Investment Adviser, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Independent Trustees’ conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years. The Independent Trustees evaluated information available to them on a Fund-by-Fund basis, and their determinations were made separately in respect of

172 June 30, 2019  | Annual Report

each Fund. However, they also took into account the common interests of all series of the Trust in their review.

Performance Information

With respect to investment performance, the Independent Trustees considered information regarding each Fund’s short-, intermediate-, and long-term performance, as applicable, net of the Fund’s fees and expenses, both on an absolute basis and relative to an appropriate benchmark index that does not deduct the fees or expenses of investing, and compared to the performance of the Broadridge Performance Universe (as defined below). The Independent Trustees considered information provided by Broadridge for the Funds regarding the investment performance of a group of funds with investment classifications and/or objectives comparable to those of the Funds identified by Broadridge (the “Broadridge Performance Universe”), the performance of applicable benchmark indices, and the total return investment performance (based on net assets) of the Funds for various time periods. The Independent Trustees also reviewed performance in relation to certain measures of the degree of investment risk undertaken by the portfolio managers.

For Funds that underperformed, the Board considered the magnitude of that underperformance relative to the Broadridge Performance Universe and/or the benchmark (e.g., the amount by which a Fund underperformed, including, for example, whether the Fund slightly underperformed or significantly underperformed). In the case of those Funds that the Independent Trustees identified as having underperformed their benchmark indices and/or Broadridge Performance Universes to an extent, or over a period of time, that the Independent Trustees felt warranted additional inquiry, the Independent Trustees discussed with the Investment Adviser each such Fund’s performance, potential reasons for the underperformance, and, if necessary, steps that the Investment Adviser had taken, or intended to take, to improve performance. The Independent Trustees also met with the portfolio managers of certain Funds during the 12 months prior to voting on the contract renewal to discuss the Funds’ performance. The Independent Trustees considered the Investment Adviser’s responsiveness with respect to the Funds that experienced lagging performance. In this regard, with respect to the NFJ group of Funds, they noted recent changes in leadership and recent additions to the portfolio management and research personnel. The Independent Trustees noted that performance, especially short-term performance is only one of the factors that they deem relevant to their consideration of the Agreements and that, after considering all relevant factors, it may be appropriate to approve the continuation of the Agreements notwithstanding a Fund’s underperformance.

Nature, Extent, and Quality of Services

As part of their review, the Independent Trustees received and considered descriptions of various functions performed by the

Investment Adviser for the Funds, such as portfolio management, compliance monitoring, portfolio trading practices and oversight of third party service providers. They also considered information regarding the overall organization and business functions of the Investment Adviser, including, without limitation, information regarding senior management, portfolio managers and other personnel providing or proposed to provide investment management, administrative and other services, and corporate ownership and business operations unrelated to the Funds. The Independent Trustees examined the ability of the Investment Adviser to provide high-quality investment management and other services to the Funds. Among other information, the Independent Trustees considered the investment philosophy and research and decision-making processes of the Investment Adviser, as well as the Investment Adviser’s broker selection process and trading operations; the experience of key advisory personnel of the Investment Adviser and its affiliates, as applicable, responsible for portfolio management of the Funds; the ability of the Investment Adviser to attract and retain capable personnel; employee compensation; and the operational infrastructure, including technology and systems, of the Investment Adviser.

In addition, the Independent Trustees noted the extensive range of services that the Investment Adviser provides to the Funds beyond the investment management services. In this regard, the Independent Trustees reviewed the extent and quality of the Investment Adviser’s services with respect to regulatory compliance and ability to comply with the investment policies of the Funds; the compliance programs and risk controls of the Investment Adviser; the specific contractual obligations of the Investment Adviser pursuant to the Agreement; the nature, extent and quality of certain administrative services the Investment Adviser is responsible for providing to the Funds; the Investment Adviser’s risk management function; and conditions that might affect the ability of the Investment Adviser to provide high quality services to the Funds in the future under the Agreement, including, but not limited to, the organization’s financial condition and operational stability. The Independent Trustees also considered that the Investment Adviser assumes significant ongoing risks with respect to all Funds, including entrepreneurial and business risks the Investment Adviser has undertaken in serving as investment adviser and sponsor of the Funds, for which it is entitled to reasonable compensation. Specifically, its responsibilities include continual management of investment, operational, enterprise, legal, regulatory, and compliance risks as they relate to the Funds. The Independent Trustees also noted the Investment Adviser’s activities under its contractual obligation to oversee the Funds’ various outside service providers, including its negotiation of certain service providers’ fees and its evaluation of service providers’ infrastructure, cybersecurity programs, compliance programs, and business continuity programs, among other matters. It also considered the Investment Adviser’s ongoing development of its own infrastructure and information technology to support the Funds through, among other things, cybersecurity, business continuity planning, and risk management.

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Unaudited

Matters Relating to the Trustees’ Consideration of the Investment Advisory Agreement (cont’d)

The Independent Trustees considered, among other matters, that the Investment Adviser provides or procures through third-party service providers most administrative services that are required by the Funds under a separate Amended and Restated Administration Agreement (the “Administration Agreement”). These services include accounting, bookkeeping, tax, legal, audit, custody, transfer agency, sub-transfer agency, valuation and compliance services, preparation of prospectuses, shareholder reports and other regulatory filings, oversight and coordination of activities of third-party service providers and various shareholder services. The Independent Trustees took into account the “unitary” administrative fee structure applicable to the Funds, under which certain third-party services that are ordinarily the financial responsibility of a mutual fund (e.g., audit, custody, accounting, legal, transfer agency, sub-transfer agency and printing services) are, in the case of the Funds, paid for by the Investment Adviser out of its administrative fee. They also took into account that the Investment Adviser provides the Funds with office space, administrative services and personnel to serve as Fund officers, and that the Investment Adviser and its affiliates pay all of the compensation of the Funds’ interested Trustees and officers (in their capacities as employees of the Investment Adviser or such affiliates). Based on the foregoing, the Independent Trustees concluded that the Investment Adviser’s investment processes, research capabilities and philosophy were well-suited to each Fund given its investment objective and policies, that the Investment Adviser would be able to continue to meet any reasonably foreseeable obligations under the Agreement, and that the Investment Adviser would otherwise be able to provide services to the Funds of sufficient extent and quality.

Fee and Expense Information and Comparisons

In assessing the reasonableness of the Funds’ fees and expenses under the Agreement, the Independent Trustees considered, among other information, each Fund’s advisory fee and the Fund’s total expense ratio as a percentage of average daily net assets and information regarding the advisory fees and other expenses of comparable funds identified by Broadridge (the “Broadridge Expense Group”). Where a Fund’s advisory fees or total expense ratios were higher than the Broadridge Expense Group median, the Independent Trustees considered whether specific portfolio management, administration, or oversight needs contributed to the Fund’s advisory fees or total expense ratios. The Independent Trustees also noted certain advisory or administrative fee breakpoints, waivers or reductions for certain Funds that had been proposed by the Investment Adviser for continuation, or modification. With respect to certain Funds that underperformed for the one- and three-year periods relative to the median of the Broadridge Performance Universe, the Independent Trustees considered and discussed with the Investment Adviser whether any additional fee waivers were appropriate. The Independent Trustees also considered, among other items: (i) that the Funds pay a unitary administrative fee for non-advisory services, which differentiates the Funds from many in

the industry, (ii) current Fund asset levels as compared to prior years, and (iii) the Funds’ “active share,” i.e., the percentage of stock holdings in a Fund that differ from its benchmark index and discussed with the Investment Adviser the reasons some Funds may have lower active share than others.

To the extent applicable, the Independent Trustees considered information regarding the investment performance and fees for other funds and/or separately managed accounts, including institutional accounts, managed by the Investment Adviser or its affiliates with similar investment objective(s) and policies to those of the Funds, if any (“similar accounts”). Specifically, the Independent Trustees reviewed information showing the contractual advisory fees charged by the Investment Adviser to the similar accounts. In comparing these fees, the Independent Trustees considered information provided by the Investment Adviser as to the generally broader and more extensive services provided to the Funds in comparison to institutional or separate accounts; the higher demands placed on the Investment Adviser’s investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Funds; the greater entrepreneurial risk in managing retail mutual funds; and the impact on the Investment Adviser and expenses associated with the more extensive regulatory regime to which the Funds are subject in comparison to institutional or separate accounts.

The Independent Trustees also considered and evaluated the unitary administrative fees paid by each Fund under the Administration Agreement, including in light of the total expenses of the Funds and the total expenses of competitor funds as reflected in the Broadridge materials. The Independent Trustees noted that, in connection with the contract review process in prior years, they had negotiated with the Investment Adviser to observe administrative fee breakpoints for each Fund and share class under the Administration Agreement, and to apply breakpoints based on the entire net assets of each Fund (rather than on net assets attributable to particular share classes).

The Trustees also considered, among other information, the Investment Adviser’s business model of providing advisory and administrative services as part of a comprehensive program wherein the services cannot readily be separated and the Investment Adviser’s indication that it would not be willing to outsource its provision of administrative services while continuing to provide advisory services. They also took into account disclosure in the Funds’ prospectuses regarding administrative fees. In considering each Fund’s advisory fee, the Independent Trustees also reviewed information regarding each Fund’s “active share” in relation to its benchmark index and discussed with the Investment Adviser the reasons some Funds have lower active share than others.

Economies of Scale and “Fall-Out” Benefits

The Independent Trustees considered the extent to which the Investment Adviser may realize economies of scale or other efficiencies in managing and supporting the Funds. The Independent

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Trustees took into account that, as open-end investment companies, the Funds intend to raise additional assets, so that, as the assets of the Funds grow over time, certain economies of scale and other efficiencies may be realized through spreading certain fixed costs across a larger asset base or across a variety of products and services, while also taking into account the breakpoints and fee waiver arrangements observed by the Investment Adviser for applicable Funds. The Independent Trustees considered it appropriate to consider breakpoints in the Funds’ administrative fee as a means of sharing any economies of scale or efficiencies concerning administration services with Fund shareholders. The Independent Trustees also took into account that the Investment Adviser agreed to advisory and/or administrative fee waivers and/or breakpoints for certain Funds.

Additionally, the Independent Trustees considered so-called “fall-out benefits” to the Investment Adviser and its affiliates, such as reputational value derived from serving as Investment Adviser to the Funds. They also considered that the unitary administrative fee generally results in increased profitability benefits as the asset base of the Funds increases and such benefits generally inure to the Investment Adviser, and that the Investment Adviser’s profitability likewise generally declines under the unitary administrative fee structure when Fund assets decline. The Independent Trustees considered that the unitary administrative fee also insulates shareholders from increased expense ratios arising from declines in net assets.

Profitability

The Independent Trustees considered the overall estimated profitability to the Investment Adviser with respect to combined advisory and administrative fees, as well as profitability separately as to each of the advisory fees and administrative fees, each on a Fund-by-Fund basis for the twelve months ended December 31, 2018. They also reviewed the Investment Adviser’s aggregate profitability with respect to the Fund complex and the Investment Adviser’s overall profitability with respect to all products globally. As part of its considerations, the Board considered the cost allocation methodology that the Investment Adviser used in developing its estimated profitability figures. In this connection, the Independent Trustees considered that for certain Funds profitability had increased as a result of expense reduction efforts, although the Funds’ assets had declined over the last year. The Independent Trustees recognized that it is difficult to make comparisons of profitability from mutual fund advisory and administration contracts because comparative information is not generally available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions about allocations and the adviser’s capital structure and cost of capital. The Independent Trustees concluded that the Investment Adviser’s estimated pre-tax profitability for advisory services was not excessive or unreasonable, although it was sizeable for certain Funds, and that

estimated pre-tax profitability for advisory and administrative services combined, including when calculated on a net revenue basis regarding the administrative fee, was sizeable for certain Funds, but generally not unreasonable under the circumstances. The Independent Trustees recognized that the Investment Adviser and its affiliates should be entitled to earn a reasonable level of profits for services they provide to each Fund and, based on their review, determined that the estimated profitability to the Investment Adviser with respect to its relationship with each Fund did not, in any case, appear to be excessive.

Fund-by-Fund Analysis

With regard to the investment performance of each Fund and the fees charged to each Fund, the Independent Trustees considered the following information. The comparative performance, fee, and expense information was prepared and provided by Broadridge and was not independently verified by the Independent Trustees.

With respect to all Funds, the Independent Trustees reviewed, among other information, comparative information showing performance for Class A and Institutional Class shares of the Funds against their respective Broadridge Performance Universes for the one-year, three-year, five-year and ten-year periods (to the extent each such Fund had been in existence), each ended March 31, 2019. Institutional Class performance relative to the median for each Fund’s Broadridge Performance Universe is described below, and for those Funds with performance that ranked below median for their respective Broadridge Performance Universes, the specific quintile rankings for Institutional Class shares are also noted below with respect to the relevant periods of underperformance. With respect to performance quintile rankings for a Fund compared to its Broadridge Performance Universe, the first quintile represents the highest (best) performance and the fifth quintile represents the lowest performance.

The Independent Trustees reviewed, among other information, information provided by Broadridge comparing each Fund’s advisory fee, and ratios of total expenses to net assets (“Total Expense Ratios”) for two share classes (Class A and Institutional Class) to the Funds’ respective Broadridge Expense Groups for the most recently reported fiscal year. Class A shares of the applicable Broadridge-selected group of comparable funds are referred to below as the “retail expense group,” and Institutional Class are referred to as the “institutional expense group.” The Independent Trustees noted that the Broadridge data takes into account any fee reductions or expense limitations that were in effect during a Fund’s last fiscal year. For those Funds whose fees or expenses were higher than the Broadridge Expense Group median, the specific quintile rankings are also noted below with respect to the relevant above-median fee or expense categories (unless quintile rankings were not provided to the Independent Trustees by Broadridge, in which case fund rankings are provided). For the purposes of Broadridge Expense Group quintile rankings, higher fees and expenses result in a lower quintile ranking, with the first quintile corresponding to low fees and expenses the fifth quintile corresponding to high fees and expenses.

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Unaudited

Matters Relating to the Trustees’ Consideration of the Investment Advisory Agreement (cont’d)

∎ AllianzGI Emerging Markets Opportunities Fund: As compared to its Broadridge Performance Universe, the Fund’s performance was below median for the one- and three-year periods (in the fourth and third quintiles, respectively) and above median for the five- and ten-year periods. As compared to its Broadridge Expense Group, the Fund’s advisory fees and total expense ratios were each below the median for both the retail and institutional expense groups (on a net basis).

∎ AllianzGI Focused Growth Fund: As compared to its Broadridge Performance Universe, the Fund’s performance was below median for the one-, three-, and five-year periods (in the fifth, fourth and third quintiles, respectively) and above median for the ten-year period. As compared to its Broadridge Expense Group, the Fund’s advisory fees and total expense ratios were each below the median for both the retail and institutional expense groups (on a net basis).

∎ AllianzGI Global Natural Resources Fund: As compared to its Broadridge Performance Universe, the Fund’s performance was below median for the three-year period (in the fourth quintile) and above median for the one-, five-, and ten-year periods. As compared to its Broadridge Expense Group, the Fund’s advisory fees were below median for the retail and institutional expense groups, and total expense ratios were above the median for both the retail and institutional expense groups (in the fourth and third quintiles, respectively) (on a net basis in each case).

∎ AllianzGI Global Small-Cap Fund: As compared to its Broadridge Performance Universe, the Fund’s performance was below median for the one-, three-, and five-year periods (in the fourth quintile for the one- and three-year periods and in the third quintile for the five-year period) and above median for ten-year period. As compared to its Broadridge Expense Group, the Fund’s advisory fees were at median for the retail expense group and below median for the institutional expense group, and total expense ratios were above the median for the retail expense group (ranked 4/5) and at median for the institutional expense group (on a net basis in each case).

∎ AllianzGI Health Sciences Fund: As compared to its Broadridge Performance Universe, the Fund’s performance was below median for the three-year period (in the fourth quintile) and above the median for the one-year period. The Fund’s Institutional Class shares have less than five years of history; its Class A shares’ performance was below median for the three- and ten-year periods (each in the fourth quintile) and above the median for the one- and five-year periods. As compared to its Broadridge Expense Group, the Fund’s advisory fees were below the median for the retail and institutional expense groups, and total expense ratios were above the median for both the retail and institutional expense groups (each in the fourth quintile) (on a net basis in each case).

∎ AllianzGI Income & Growth Fund: As compared to its Broadridge Performance Universe, the Fund’s performance was above median for the one-, three-, five-, and ten-year periods. As compared to its Broadridge Expense Group, the Fund’s advisory fees were below median for both the retail and the institutional expense groups, and total expense ratios were above the median for both the retail and institutional expense groups (each in the fifth quintile) (on a net basis in each case).

∎ AllianzGI Mid-Cap Fund: As compared to its Broadridge Performance Universe, the Fund’s performance was below median for the one- and three- year periods (in the fourth and third quintiles, respectively) and above median for the five- and ten-year periods. As compared to its Broadridge Expense Group, the Fund’s advisory fees and total expense ratios were each below the median for both the retail and institutional expense groups (on a net basis).

∎ AllianzGI NFJ Dividend Value Fund: As compared to its Broadridge Performance Universe, the Fund’s performance was below median for the one-, three-, five-, and ten-year periods (in the fifth quintile for the one-year period and in the fourth quintile for the three-, five-, and ten-year periods). As compared to its Broadridge Expense Group, the Fund’s advisory fees and total expense ratios were each below the median for both the retail and institutional expense groups (on a net basis).

∎ AllianzGI NFJ International Value Fund: As compared to its Broadridge Performance Universe, the Fund’s performance was below median for the three-, five-, and ten-year periods (in the fourth quintile for the three- and ten-year periods and in the fifth quintile for the five-year period), and was above median for the one-year period. As compared to its Broadridge Expense Group, the Fund’s advisory fees were below median for both the retail and institutional expense groups, and total expense ratios were above the median for both the retail and institutional expense groups (in the fourth and third quintiles, respectively) (on a net basis in each case).

∎ AllianzGI NFJ Large-Cap Fund: As compared to its Broadridge Performance Universe, the Fund’s performance was below median for the one-year period (in the fourth quintile) and above median for the three-, five-, and ten-year periods. As compared to its Broadridge Expense Group, the Fund’s advisory fees were below median for both the retail and institutional expense groups, and total expense ratios were above the median for both the retail and institutional expense groups (each in the fourth quintile) (on a net basis in each case).

∎ AllianzGI NFJ Mid-Cap Value Fund: As compared to its Broadridge Performance Universe, the Fund’s performance was below median for the one-year period (in the fifth quintile) and above median for the three-, five-, and ten-year periods. As compared to its Broadridge Expense Group, the Fund’s advisory fees and total expense ratios were each below the median for both the retail and institutional expense groups (on a net basis).

∎ AllianzGI NFJ Small-Cap Value Fund: As compared to its Broadridge Performance Universe, the Fund’s performance was below median for the one-, three-, five-, and ten-year periods (in the fifth quintile for the one- and ten-year periods and in the fourth quintile for the three- and five-year periods). As compared to its Broadridge Expense Group, the Fund’s advisory fees were below median for both the retail and institutional expense groups, and total expense ratios were at median for the retail expense group and below median for the institutional expense group (on a net basis in each case).

∎ AllianzGI Small-Cap Fund: As compared to its Broadridge Performance Universe, the Fund’s performance was above median

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for the one-, three-, and five-year periods. As compared to its Broadridge Expense Group, the Fund’s advisory fees and total expense ratios were each below the median for both the retail and institutional expense groups (on a net basis).

∎ AllianzGI Technology Fund: As compared to its Broadridge Performance Universe, the Fund’s performance was above median for the one-, three-, five, and ten-year periods. As compared to its Broadridge Expense Group, the Fund’s advisory fees were above the median for both the retail (ranked 9/14) and institutional (ranked 8/13) expense groups, and total expense ratios were above the median for both the retail and institutional expense groups (each in the fifth quintile) (on a net basis in each case).

Conclusions

After reviewing these and other factors described herein, the Independent Trustees concluded, with respect to each Fund, within the context of their overall conclusions regarding the Agreement and in their business judgment, that they were satisfied with the Investment Adviser’s responses and on-going efforts relating to the investment performance of the Funds, including efforts to improve performance for underperforming Funds. The Independent Trustees also concluded that the fees payable under the Agreement represent reasonable compensation in light of the nature, extent and quality of services provided by the Investment Adviser and should be continued, taking into account the Investment Adviser’s agreement to observe waivers and/or breakpoints for certain Funds. Based on their evaluation of factors that they deemed to be material, including, but not limited to, those factors described above, the Independent Trustees unanimously concluded that the continuation of the Agreement with respect to the Funds was in the interests of the applicable Funds and their shareholders, and determined to recommend that the continuance of the Agreement be approved by the full Board.

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Unaudited

Privacy Policy

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”) handle non-public personal information (“Personal Information”) that we may receive about you. It applies to all of the 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 specific non-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 and non-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 and non-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 to non-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.

∎ 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

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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 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.

∎ 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 to re-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-standard Do-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 any Do-Not-Track signals from any browser.

∎ Use of Social Media Plugins Our website uses the following Social Media Plugins (“Plugins”):

∎ Facebook Share Button operated by Facebook Inc., 1601 S. California Ave, Palo Alto, CA 94304, USA

∎ Tweet Button operated by Twitter Inc., 795 Folsom St., Suite 600, San Francisco, CA 94107, USA

∎ 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:

∎ Facebook: https://de-de.facebook.com/about/privacy

∎ Twitter: https://twitter.com/privacy

∎ Linked In: https://www.linkedin.com/legal/privacy-policy

Changes to Our Privacy Policy

We may modify this Privacy Policy from time-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.

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Allianz Funds—Board of Trustees

The chart below identifies the Trustees and Officers of the Trust. The “interested” Trustees defined by the 1940 Act, are indicated below. Unless otherwise indicated, the correspondence address of all persons below is: 1633 Broadway, New York, New York 10019. The Funds’ Statement of Additional Information contains additional information about the Trustees. The Statement of Additional Information is available without charge, upon request, 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).

Name, Year of Birth and Position Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Interested Trustees
Erick R. Holt† 1952	12/2017 to present	Board Member, Global Chief Risk Officer, General Counsel and Chief Compliance Officer (2006 – 2018) of Allianz Asset Management GmbH.	63	None
Thomas J. Fuccillo† 1968	3/2019 to present	Managing Director and Head of US Funds of Allianz Global Investors U.S. Holdings LLC; Managing Director of Allianz Global Investors Distributors LLC; Trustee, President and Chief Executive Officer of 63 funds in the Fund Complex; and President and Chief Executive Officer of The Korea Fund, Inc. and The Taiwan Fund, Inc. Formerly, Associate General Counsel, Head of US Funds and Retail Legal (2004 – 2019); Chief Legal Officer and Secretary of Allianz Global Investors Distributors LLC (2013 – 2019); Vice President, Secretary and Chief Legal Officer of numerous funds in the Fund Complex; and Secretary and Chief Legal Officer of The Korea Fund, Inc.	63	None
Independent Trustees
Alan Rappaport 1953 Chairman of the Board of Trustees	12/2014 to present	Advisory Director (formerly, Vice Chairman), Roundtable Investment Partners (since 2009); Adjunct Professor, New York University Stern School of Business (since 2011); Lecturer, Stanford University Graduate School of Business (since 2013); and Director, Victory Capital Holdings, Inc., an asset management firm (since 2013). Formerly, Trustee, American Museum of Natural History (2005-2015); Trustee and Member of Board of Overseers, NYU Langone Medical Center (2007-2015).	63	None.
Davey S. Scoon 1946	1/2006 to present	Adjunct Professor, University of Wisconsin-Madison (since 2011).	63	Director, Albireo Pharma, Inc. (since 2016); and Director, AMAG Pharmaceuticals, Inc. (since 2006). Formerly, Director, Biodel Inc. (2013-2016); Director, Orthofix International N.V. (2011-2015); and Chairman, Tufts Health Plan (1997-2014).
Deborah A DeCotis 1952	6/2014 to present	Advisory Director, Morgan Stanley & Co., Inc. (since 1996); Member, Circle Financial Group (since 2009); Member, Council on Foreign Relations (since 2013); Trustee, Smith College (since 2017); and Director, Watford Re (Since 2017). Formerly, Co-Chair Special Projects Committee, Memorial Sloan Kettering (2005-2015); Trustee, Stanford University (2010-2015); and Principal, LaLoop LLC, a retail accessories company (1999-2014).	91*	None.
F. Ford Drummond 1962	1/2006 to present	Owner/Operator, Drummond Ranch; and Director, Oklahoma Water Resources Board. Formerly, Director, The Cleveland Bank; and General Counsel, BMI-Health Plans (benefits administration).	63	Director, Bancfirst Corporation

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Unaudited

Allianz Funds—Board of Trustees (cont’d)

Name, Year of Birth and Position Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Bradford K. Gallagher 1944	12/2014 to present	Retired. Founder, Spyglass Investments LLC, a private investment vehicle (since 2001). Formerly, Chairman and Trustee, The Common Fund (2005-2014); Partner, New Technology Ventures Capital Management LLC, a venture capital fund (2011-2013)	91*	None.
James A. Jacobson 1945	12/2014 to present	Retired. Trustee (since 2002) and Chairman of Investment Committee (since 2007), Ronald McDonald House of New York; and Trustee, New Jersey City University (since 2014).	91*	Formerly, Trustee Alpine Mutual Funds Complex (consisting of 18 funds) (2009-2016).
Hans W. Kertess 1939	12/2014 to present	President, H. Kertess & Co., a financial advisory company; and Senior Adviser (formerly Managing Director), Royal Bank of Canada Capital Markets (since 2004).	91*	None.
James S. MacLeod 1947	12/2014 to present	Executive Chairman of the Board, CoastalSouth Bancshares, Inc.; Chairman, CoastalStates Bank; Vice Chairman of the Board and Member of Executive Committee, University of Tampa; Trustee, MUSC Foundation and Director, Mortgage Bankers Association of America. Formerly, Executive Vice President, Mortgage Guaranty Insurance Corporation; and Chief Executive Officer, Homeowners Mortgage.	63	Non-Executive Chairman & Director, Sykes Enterprises, Inc.
William B. Ogden, IV 1945	12/2014 to present	Retired. Formerly, Asset Management Industry Consultant; and Managing Director, Investment Banking Division of Citigroup Global Markets Inc.	91*	None.

* Inclusive of 28 funds managed by Pacific Investment Management Company, LLC (“PIMCO”).

† Each of Mr. Holt and Mr. Fuccillo is an “Interested Person” of the Trust, as defined in Section 2(a)(19) of the 1940 Act, due to her or his affiliation with the Manager and its affiliates.

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Allianz Funds—Officers

Name, Address and Year of Birth and Position Held with Trust	Term of Office* and Length of Time Served	Principal Occupation(s) During Past 5 Years
Thomas J. Fuccillo 1968 President and Chief Executive Officer	4/2016 to present	Managing Director, and Head of US Funds of Allianz Global Investors U.S. Holdings LLC; Managing Director of Allianz Global Investors Distributors LLC; Trustee, President and Chief Executive Officer of 63 funds in the Fund Complex and President and Chief Executive Officer of The Korea Fund, Inc. Formerly, Associate General Counsel, Head of US Funds and Retail Legal; Chief Legal Officer and Secretary of Allianz Global Investors Distributors LLC; Vice President, Secretary and Chief Legal Officer of numerous funds in the Fund Complex (2004-2016); and Secretary and Chief Legal Officer of The Korea Fund, Inc. and The Taiwan Fund, Inc.
Scott Whisten 1971 Treasurer, Principal Financial and Accounting Officer	4/2018 to present	Director of Allianz Global Investors U.S. LLC; and Treasurer, Principal Financial and Accounting Officer of 63 funds in the Fund Complex. Formerly, Assistant Treasurer of numerous funds in the Fund Complex (2007-2018).
Angela Borreggine 1964 Chief Legal Officer and Secretary	4/2016 to present	Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC; Secretary and Chief Legal Officer of 63 funds in the Fund Complex ; and Secretary and Chief Legal Officer of The Korea Fund, Inc. Formerly, Assistant Secretary of numerous funds in the Fund Complex (2015-2016).
Thomas L. Harter, CFA 1975 Chief Compliance Officer 600 West Broadway San Diego, CA 92101	4/2013 to present	Director of Allianz Global Investors U.S. Holdings LLC; Director, Deputy Chief Compliance Officer of Allianz Global Investors U.S. LLC; and Chief Compliance Officer of 63 funds in the Fund Complex and of The Korea Fund, Inc.
Richard J. Cochran 1961 Assistant Treasurer	5/2008 to present	Vice President of Allianz Global Investors U.S. LLC and Assistant Treasurer of 63 funds in the Fund Complex and of The Korea Fund, Inc.
Orhan Dzemaili 1974 Assistant Treasurer	1/2011 to present	Director of Allianz Global Investors U.S. LLC; Treasurer, Principal Financial and Accounting Officer of The Korea Fund, Inc.; and Assistant Treasurer of 63 funds in the Fund Complex. Formerly, Assistant Treasurer of The Korea Fund, Inc. (2016-2018).
Debra Rubano 1975 Assistant Secretary	12/2015 to present	Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC; and Assistant Secretary of 63 funds in the Fund Complex.
Craig Ruckman 1977 Assistant Secretary	12/2017 to present	Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC; Chief Legal Officer of Allianz Global Investors Distributors LLC; and Assistant Secretary of 63 funds in the Fund Complex. Formerly, Associate of K/L Gates LLP (2012-2016).

* The officers of the Trust are elected annually by the Board of Trustees.

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Allianz Funds

Trustees

Alan Rappaport

Chairman of the Board of Trustees

Sarah E. Cogan

Deborah A. DeCotis

F. Ford Drummond

Thomas J. Fuccillo

Bradford K. Gallagher

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 Soloutions, Inc.

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.

For Account Information

Contact your financial adviser, or if you receive account statements directly from Allianz Global Investors Distributors LLC, 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 730 investment professionals in 24 offices worldwide and managing $601 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 March 31, 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. © 2019. For information about any product, contact your financial advisor.

us.allianzgi.com

Receive this report electronically and eliminate paper mailings.

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

AZ1005AR_063019

865067

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies — Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s President and Chief Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-926-4456. The code of ethics are included as an Exhibit 99.CODE ETH hereto.

(b) During the period covered by this report, there were not any amendments to a provision of the code of ethics adopted in 2(a) above.

(c) During the period covered by this report, there were not any waivers or implicit waivers to a provision of the code of ethics adopted in 2(a) above.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that James A. Jacobson and Davey S. Scoon, both of whom serve on the Trust’s Audit Oversight Committee, qualify as “audit committee financial experts” and are “independent” for purposes of this Item.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

a) Audit fees. The aggregate fees billed for each of the last two fiscal years (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $631,552 in 2018 and $565,959 in 2019.

b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the principal accountants that are reasonably related to the performance of the audit registrant’s financial statements and are not reported under paragraph (e) of this Item were $0 in 2018 and $0 in 2019.

c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax service and tax planning (“Tax Services”) were $208,185 in 2018 and $202,830 in 2019. These services include review or preparation of U.S. federal, state, local, certain foreign tax returns, excise tax returns and the calculation of excise tax distributions.

d) All Other Fees. The aggregate fees billed in the Reporting Periods for professional services, if any, billed for other products and services rendered by the principal account to the Trust were $0 in 2018 and $0 in 2019.

e) 1. Audit Committee Pre-Approval Policies and Procedures. The Registrant’s Audit Oversight Committee has established policies and procedures for pre-approval of all audit and permissible non-audit services by the Auditor for the Registrant, as well as the Auditor’s engagements related directly to the operations and financial reporting of the Registrant. The Registrant’s policy is stated below.

ALLIANZ FUNDS (The “Trust”)

AUDIT OVERSIGHT COMMITTEE POLICY

FOR

PRE-APPROVAL OF SERVICES PROVIDED BY THE INDEPENDENT ACCOUNTANTS

The Trust’s Audit Oversight Committee (“Committee”) is charged with the oversight of the Trust’s financial reporting policies and practices and their internal controls. As part of this responsibility, the Committee must pre-approve any independent accounting firm’s engagement to render audit and/or permissible non-audit services to the Trust as well as to the Trust’s investment adviser(1) or any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Trust (“Applicable Service Providers”), if the engagement relates directly to operations and financial reporting of the Trust. In evaluating a proposed engagement by the independent accountants, the Committee will assess the effect that the engagement might reasonably be expected to have on the accountant’s independence. The Committee’s evaluation will be based on:

a review of the nature of the professional services expected to be provided, the fees to be charged in connection with the services expected to be provided a review of the safeguards put into place by the accounting firm to safeguard independence, and periodic meetings with the accounting firm.

POLICY FOR PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES TO BE PROVIDED TO THE TRUST

On an annual basis, the Committee of the Trust will review and if the Committee so determines, pre-approve the scope of the audits of the Trust and proposed audit fees, and permitted non-audit (including audit under related) services that are proposed to be performed by the Trust’s independent accountants for the Trust and its Applicable Service Providers (to the extent the services to be provided to the Applicable Service Providers relate directly to the operations and financial reporting of the Trust). The Committee may also pre-approve services at any other in-person or telephonic Committee meeting. At least annually, the Committee will receive a report of all audit and non-audit services that were rendered in the previous calendar year by the independent accountants for the Trust and its Applicable Service Providers pursuant to this Policy.

In addition to the Committee’s pre-approval of services pursuant to this Policy, the engagement of the independent accounting firm for any permitted non-audit service provided to the Trust with also require the separate written pre-approval of the President, Treasurer or Assistant Treasurer of the Trust, who may only grant such approval if he or she believes that the accounting firm’s engagement will not adversely affect the firm’s independence. All non-audit services performed by the independent accounting firm will be disclosed, as required, in filings with the Securities and Exchange Commission.

AUDIT SERVICES

The categories of audit services and related fees to be reviewed and pre-approved annually by the Committee are:

Annual Trust financial statement audits

Seed audits (related to new product filings, as required)

SEC and regulatory filings and consents

Semiannual financial statement reviews

(1) For purposes of this requirement, the term “adviser” does not include sub-advisers that are not affiliated with a Trust’s investment adviser, are overseen by that investment adviser, and whose role is primarily portfolio management.

AUDIT-RELATED SERVICES

The following categories of audit-related services are considered to be consistent with the role of the Trust’s independent accountants and services falling under one of these categories will be pre-approved by the Committee on an annual basis if the Committee deems those services to be consistent with the accounting firm’s independence:

Accounting consultations

Fund merger support services

Agreed upon procedure reports

Other Attestation reports

Comfort letters

Other internal control reports

Individual audit-related services that fall within one of these categories and are not presented to the Committee as part of the annual pre-approval process described above, may be pre-approved, if deemed consistent with the accounting firm’s independence, by the Committee Chair (or any other Committee member who is a disinterested trustee under the Investment Company to whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $500,000. Any pre-approval by a Committee member shall be reported to the full Committee at its next regularly scheduled meeting.

TAX SERVICES

The following categories of tax services are considered to be consistent with the role of the Trust’s independent accountants and services falling under one of these categories will be pre-approved by the Committee on an annual basis if the Committee deems those services to be consistent with the accounting firm’s independence:

Tax compliance services related to the filing or amendment of the following:

Federal, state and local income tax compliance; and, sales and use tax compliance

Timely RIC qualification reviews

Tax distribution analysis and planning

Tax authority examination services

Tax appeals support services

Accounting methods studies

Fund merger support services

Other tax consulting services and related projects

Individual tax services that fall within one of these categories and are not presented to the Committee as part of the annual pre-approval process described above, may be pre-approved, if deemed consistent with the accounting firm’s independence, by the Committee at any regular or special meeting. Such services may also be pre-approved by the Committee Chair (or any other Committee member who is a disinterested trustee under the Investment Company Act to whom this responsibility has been delegated) so long as the estimated fee for the particular service for which pre-approval is sought does not exceed $500,000. Any pre-approval by a Committee Member shall be reported to the full Committee at its next regularly scheduled meeting.

OTHER SERVICES

Services that are proposed to be provided to the Trust which are not audit, audit-related or tax services may be pre-approved, if deemed consistent with the accounting firm’s independence, by the Committee at any regular or special meeting. Such services may also be pre-approved by the Committee Chair (or any other Committee member who is a disinterested trustee under the Investment Company Act to whom this responsibility has been delegated) so long as the estimated fee for the particular service for which pre-approval is sought does not exceed the limit assigned within the Policy. Any pre-approval by a Committee member shall be reported to the full Committee at its next regularly scheduled meeting.

PROHIBITED SERVICES

The Trust’s independent accountants will not render services in the following categories of non-audit services:

Bookkeeping or other services related to the accounting records or financial statements of the Trust

Financial information systems design and implementation

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

Actuarial services

Internal audit outsourcing services

Management functions or human resources

Broker or dealer, investment adviser or investment banking services

Legal services and expert services unrelated to the audit

Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

PRE-APPROVAL OF NON-AUDIT SERVICES PROVIDED TO OTHER ENTITIES WITHIN THE FUND COMPLEX

Rule 2-01(c)(7) of Regulation S-X provides that an accountant is not independent of the Trust unless the Trust’s Committee approves any permitted non-audit services to be provided to the Trust’s Applicable Service Providers, provided, in each case, that the engagement relates directly to the operations and financial reporting of the Trust.

Services to be provided to Applicable Service Providers that are required to be pre-approved, may be pre-approved, if deemed consistent with the accounting firm’s independence, by the Committee at a regular or special meeting or by the Committee Chair (or any other Committee member who is a disinterested trustee under the Investment Company Act to whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $500,000. If a service is approved by a Committee member, the full Committee is notified of such pre-approval at its next regularly scheduled meeting.

Although the Committee will not be required to pre-approve all services provided to Applicable Service Providers and their affiliates, the Committee will receive an annual report from the Trust’s independent accounting firm showing the aggregate fees for all services provided to Applicable Service Providers and their affiliates.

DE MINIMUS EXCEPTION TO REQUIREMENT OF PRE-APPROVAL OF NON-AUDIT SERVICES

With respect to the provision of permitted non-audit services to the Trust or Accounting Affiliates, the pre-approval requirement is waived if:

(1) The aggregate fees and costs of all non-audit services that, but for the limited exception provided by this section, would require pre-approval by the Committee constitutes no more than five percent of the total fees and costs paid by the Trust and Applicable Service Providers to the independent accountant during the fiscal year during which such non-audit services are provided;

(2) At the time of the engagement for such services, the Trust did not recognize that the services were “non-audit services” that required preapproval; and

(3) Each such service is brought promptly to the attention of the Committee and approved prior to the completion of the audit by the Committee, Committee Chair or any other Committee member who is a disinterested trustee under the Investment Company Act to whom this responsibility has been delegated.

e) 2. No services were approved pursuant to the procedures contained in paragraph (C) (7) (i) (C) of Rule 2-01 of Registration S-X.

f) Not applicable.

g) Non-audit fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to the Adviser, for the 2018 Reporting Period was $3,462,050 and the 2019 Reporting Period was $1,479,044.

h) Auditor Independence. The Registrant’s Audit Oversight Committee has considered whether the provision of non-audit services that were rendered to the Adviser which were not pre-approved is compatible with maintaining the Auditor’s independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) Disclosure not required for open-end management investment companies.

(b) Not applicable.

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 FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Disclosure not required for open-end management investment companies.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Disclosure not required for open-end management investment companies.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Disclosure not required for open-end management investment companies.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

(b) There were no changes in internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the most recent semi-annual 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 FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Disclosure not required for open-end management investment companies.

ITEM 13. EXHIBITS.

(a)(1) Exhibit 99.CODE ETH – Code of Ethics

(a)(2) Exhibit 99.302CERT – Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

(a)(3) Not applicable

(a)(4) Not applicable

(b) Exhibit 99.906CERT – 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: August 27, 2019
By:	/s/ Scott Whisten
	Scott Whisten
	Treasurer, Principal Financial & Accounting Officer
Date: August 27, 2019

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: August 27, 2019
By:	/s/ Scott Whisten
	Scott Whisten
	Treasurer, Principal Financial & Accounting Officer
Date: August 27, 2019