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 811-22167

Allianz Funds Multi-Strategy Trust

(Exact name of registrant as specified in charter)

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

Lawrence G. Altadonna

1633 Broadway,

New York, New York 10019

(Name and address of agent for service)

Registrant’s telephone number, including area code: 212-739-3371

Date of fiscal year end: November 30, 2014

Date of reporting period: November 30, 2014

Item 1. Report to Shareholders

Allianz Multi-Strategy Funds

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

Annual Report

November 30, 2014

AllianzGI Retirement 2015 Fund

AllianzGI Retirement 2020 Fund

AllianzGI Retirement 2025 Fund

AllianzGI Retirement 2030 Fund

AllianzGI Retirement 2035 Fund

AllianzGI Retirement 2040 Fund

AllianzGI Retirement 2045 Fund

AllianzGI Retirement 2050 Fund

AllianzGI Retirement 2055 Fund

AllianzGI Retirement Income Fund

AllianzGI Global Allocation Fund

AllianzGI Global Growth Allocation Fund

AllianzGI Behavioral Advantage Large Cap Fund

AllianzGI Best Styles Global Equity Fund

AllianzGI China Equity Fund

AllianzGI Convertible Fund

AllianzGI Emerging Markets Debt Fund

AllianzGI Global Fundamental Strategy Fund

AllianzGI Global Managed Volatility Fund

AllianzGI Global Water Fund

AllianzGI High Yield Bond Fund

AllianzGI International Small-Cap Fund

AllianzGI Micro Cap Fund

AllianzGI Multi-Asset Real Return Fund

AllianzGI NFJ Emerging Markets Value Fund

AllianzGI NFJ Global Dividend Value Fund

AllianzGI NFJ International Small-Cap Value Fund

AllianzGI NFJ International Value II Fund

AllianzGI Short Duration High Income Fund

AllianzGI Structured Return Fund (formerly AllianzGI Structured Alpha Fund)

AllianzGI Ultra Micro Cap Fund

AllianzGI U.S. Equity Hedged Fund

AllianzGI U.S. Small-Cap Growth Fund (formerly AllianzGI U.S. Emerging Growth Fund)

This material is authorized for use only when preceded or accompanied by the current Allianz Multi-Strategy 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’ prospectuses and summary prospectuses. Please read the prospectus carefully before you invest or send money.

Receive this report electronically and eliminate paper mailings.

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

Table of Contents

2–3	Letter from the President
4–5	AllianzGI Target-Date and Target Risk Funds
6–81	Fund Summaries
82–83	Important Information
84–86	Benchmark Descriptions
87–133	Schedules of Investments
134–145	Statements of Assets and Liabilities
146–157	Statements of Operations
158–171	Statements of Changes in Net Assets
172–227	Financial Highlights
228–296	Notes to Financial Statements
297	Report of Independent Registered Public Accounting Firm
298	Shareholder Meeting Results
299–300	Matters Relating to the Trustees’ Consideration of the Investment Management and Sub-Advisory Agreements
301–302	Tax Information
303	Privacy Policy
304–306	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: derivatives risk, smaller company risk, non-US investment risk, focused investment risk and specific sector investment risks. Use of derivative instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, 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. AllianzGI target-date funds seek to manage risk and return by blending two separately-managed portfolios: a return-generating portfolio for growth potential, and a defensive portfolio for principal protection. The balance grows increasingly defensive over time until the target date is reached, after which the Fund’s assets roll into a retirement income strategy. The principal values of the Funds are not guaranteed at any time, including the target date. Please refer to the Fund’s applicable current prospectus for complete details.

Letter from the President

Julian Sluyters

President & CEO

Dear Shareholder,

Despite a period of weakness earlier in the year, the US economy expanded throughout the twelve-month fiscal reporting period ended November 30, 2014. Against this backdrop, US equities generated strong returns. Following a poor start, the US bond market reversed course and produced a positive return during the reporting period.

Twelve Months in Review

For the twelve-month fiscal reporting period ended November 30, 2014, US stocks, as measured by the S&P 500 Index, rose 16.86%. Two measures of stock performance in developed international and global markets, the MSCI EAFE (Europe, Australasia and Far East) Index and the MSCI World Index, returned -0.02% and 8.91%, respectively, in US dollar-denominated terms. Elsewhere, the MSCI Emerging Markets Index rose 1.06%.

With respect to bonds, the Barclays US Credit Index returned 7.25%, whereas the Barclays Global High Yield Index rose 3.41%. The Barclays US Government Bond Index returned 3.87%, while the broader bond market index, as measured by the Barclays US Aggregate Index, gained 5.27%.

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 2.6% annual pace during the fourth quarter of 2013. The economy then experienced a setback, as GDP contracted at an annual pace of 2.1% during the first quarter of 2014. The economy’s weakness was partially attributed to severe winter weather in parts of the country. However, the economy quickly regained its footing, as GDP grew at an annual pace of 4.6% during the second quarter. Growth then accelerated during the third quarter, as the US Commerce Department reported that third quarter GDP grew at an annual pace of 5.0%.

While the Federal Reserve (the “Fed”) maintained an accommodative monetary policy during the reporting period, it started to take actions to transition to a more normalized stance. Looking back, at its meeting in December 2013, the central bank announced that it would begin tapering its monthly asset purchase program starting in January 2014. At each of the Fed’s next six meetings (January, March, April, June, July and September 2014), it announced additional tapering. As anticipated, at its meeting in October, the Fed announced that its asset purchase program had concluded. Finally, at its last meeting of the year in December, the Fed said, “Based

2 November 30, 2014   | Annual Report

on its current assessment, the Committee judges that it can be patient in beginning to normalize the stance of monetary policy. The Committee sees this guidance as consistent with its previous statement that it likely will be appropriate to maintain the 0 to 1/4 percent target range for the federal funds rate for a considerable time following the end of its asset purchase program in October, especially if projected inflation continues to run below the Committee’s two percent longer-run goal, and provided that longer-term inflation expectations remain well anchored.”

Outlook

The headwinds facing the US economy during the first part of the year have lifted and recent data points to solid growth. Unemployment stood at 5.8% on November 30, 2014, the end of the fiscal reporting period, which was the lowest level since July 2008. In addition, the November 2014 job report showed that the

quality of jobs is improving and we’re starting to see growth in wages. Looking ahead, we believe that improvements in wage growth and job quality should continue, although it will vary significantly by region and industry. Furthermore, US consumers and many companies are benefiting from falling oil prices. Numerous companies are also reporting increased productivity, which typically pushes them to boost spending. With economic policy uncertainty on the decline following the November mid-term elections, companies appear poised to spend more. Against this backdrop, our base-case scenario is that the Fed starts raising rates in mid-2015. Still, even after the

Fed’s initial move, we see the monetary environment as remaining relatively accommodative, especially given that the central bank expects to maintain its balance sheet at its existing size through re-investment of its maturing assets.

On behalf of Allianz Global Investors Fund Management and our Sub-Advisers, 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,

Julian Sluyters

President & Chief Executive Officer

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 http://us.allianzgi.com/edelivery.

Annual Report |  November 30, 2014 3

Unaudited

AllianzGI Target-Date and Target Risk Funds*

For the period of December 1, 2013 through November 30, 2014, as provided by the US Multi-Asset Group.

Market Review and Outlook

What Happened

Among the key themes that emerged during the twelve-month period ending November 30, 2014, three stand out. First, financial repression reigned for its fifth year as developed market-central banks continued to push investors into risk assets by maintaining policy interest rates at record lows. Second, volatility spiked in currency markets where the dominant trend for the period was the persistent strength in the US dollar beginning in July. Third, the fall in energy prices since the middle of the year contributed to a fall in the broader Bloomberg Commodity Index for the period.

Financial Repression Persists

During the period, risk assets benefited from continued financial repression and the acceptance that globally, the effects of quantitative easing would persist. However, divergences in central bank policy internationally were pronounced. While the Federal Reserve (the “Fed”) and the Bank of England (“BOE”) signaled the possibility that the liquidity party that started in 2008 would eventually end, in Europe and Japan, central banks signaled that the party will rage on. At about the same time that the Fed completed tapering its asset purchase program, the Bank of Japan (“BOJ”) announced that it would ramp up its quantitative easing activities, pledging to increase its balance sheet by 15% of GDP annually and extending the average duration of its bond purchases. Roughly a week after the BOJ announcement, Mario Draghi, President of the European Central Bank, hinted at the possibility of a similar quantitative easing program from the European Central Bank in the form of sovereign bond purchases.

US Relative Strength, Dollar Rally

In the midst of the Fed messages, the dollar strengthened against a trade-weighted basket of major world currencies beginning in early July. A combination of higher relative growth in the US and higher nominal bond yields (relative to Germany and Japan) contributed to a rotation into the currency, with dollar strength reflecting confidence in the US relative to the rest of the world. But dollar appreciation during the period—it was up 9.2% in the 12 months—was also primarily a function of divergent monetary policies in the developed world. A theme that the AllianzGI Multi Asset team has highlighted for several years, the “fellowship of the central bankers” continued to weigh heavily on the global economy and, in this case, on currency markets. As a result, from July 1, 2014 to the end of the period, in developed markets, the Euro fell 8.8 percent, the Japanese Yen fell 16.6 percent and the British Pound fell 8.3 percent. Partly as a result of idiosyncratic, country-specific factors, several emerging market currencies fell markedly in the period with the Argentine Peso down 38.6 percent and the Russian Ruble down 54.1%.

Commodity Price Weakness

Dollar strength during the period coincided with renewed weakness in commodity prices. Most global commodities are priced in US dollars, which means that, all else equal, when the dollar appreciates, commodity prices fall. In addition, slowing demand from China contributed to cyclical commodity weakness, especially when considering that the country’s oil demand—which has been running at a compound annual growth rate of approximately 7 percent for the last decade—experienced close to zero growth during the period, according to analysis provided by Morgan Stanley’s Emerging Market Equities team.

Commodity weakness was broad-based: the Bloomberg Commodity Index fell 9.04 percent with grains down 13.96 percent and precious metals down 10.77 percent, to name a few sub-sectors. The Bloomberg Energy Subindex, a broad measure of energy prices, fell 18.46 percent, which is a boost to US consumers since falling commodity prices act like a tax cut. In particular, lower oil prices—which translate into lower retail prices for gasoline—provide a meaningful boost to consumption: research (at Deutsche Bank as cited in the Wall Street Journal) has shown that every roughly 1-cent drop in gas prices translates into $1 billion in energy spending by US consumers. During the month of November, the average price of gasoline per gallon fell to $2.91, down from a high of $3.70 reached in April, according to the American Automobile Association.

Outlook

At the end of the period, interest rates remain at all-time lows, short term real interest rates in developed countries are negative (or close to zero) and credit spreads are tight, making bonds potentially as risky as equities. We see equities as fully valued around the globe except for a few pockets of deep value. We believe equity returns will hinge on growth, which look best in the US compared to all other developed markets, and in some emerging markets.

Overall, we believe the best investment strategy remains staying near the benchmark, keeping risk low and leaning toward high-quality strategies while avoiding high-risk/low-liquidity strategies. Patience and prudent diversification are the rules of the day.

During the period, the persistently low interest rates, the shift to dollar-denominated assets and falling commodity prices had implications for the Target-Date Fund (“TDF”) portfolios, including Retirement Income.

We began the period underweight duration versus our benchmarks and, at times, took advantage of opportunities to slightly shift our overall duration positioning. We also took advantage of short-term opportunities such as falling breakeven inflation rates and higher Treasury Inflation Protected Securities (“TIPS”) yields. We benefitted by gaining exposure to international equities through a hedged strategy (the PIMCO International StocksPlus Fund), which we added to throughout the period. We maintained our underweight to commodities versus the benchmarks throughout the period.

* The “Target-Date Funds” are the AllianzGI Retirement 2015 Fund, the AllianzGI Retirement 2020 Fund, the AllianzGI Retirement 2025 Fund, the AllianzGI Retirement 2030 Fund, the AllianzGI Retirement 2035 Fund, the AllianzGI Retirement 2040 Fund, the AllianzGI Retirement 2045 Fund, the AllianzGI Retirement 2050 Fund and the AllianzGI Retirement 2055 Fund. The “Target Risk Funds” are the AllianzGI Global Allocation Fund and the AllianzGI Global Growth Allocation Fund and the AllianzGI Retirement Income Fund. As of January 1, 2015, the AllianzGI Global Allocation Fund and the AllianzGI Global Growth Allocation Fund will no longer be referred to as Target Risk Funds. For more information please refer to Note 14-Subsequent Events.

4 November 30, 2014  | Annual Report

Unaudited

AllianzGI Target-Date and Target Risk Funds (cont’d)

We continue to hold high-quality, high-dividend-paying stocks and short-duration high-yield bonds. If and when bond yields rise and equity valuations normalize, investment prospects will improve. We continue to monitor the economic evidence, and when new evidence tells us which path the global economy is on, we will change the portfolios accordingly.

As of the end of the period, the TDFs, including Retirement Income, remain underweight hard duration and remain exposed to fixed-income strategies that may benefit in rising-rate environments. The portfolios remain modestly underweight commodities and real estate. All of the portfolios are within their benchmark-determined risk budgets.

Annual Report |  November 30, 2014 5

Unaudited

AllianzGI Retirement 2015 Fund

For the period of December 1, 2013 through November 30, 2014, as provided by the US Multi-Asset Group.

Fund Insights

For the reporting period ended November 30, 2014, Class A Shares at NAV of the AllianzGI Retirement 2015 Fund (the “Fund”) returned 4.09%, underperforming the Real Return Target 2015 Index (the “benchmark index”), which returned 4.85%.

Portfolio Review

During the twelve-month period ending November 30, 2014, and relative to its benchmark index, the Fund held underweights in inflation hedging asset classes such as commodities, real estate and TIPS, an overweight to global equities and an overweight to global fixed income. Within the global equity component, the Fund held an overweight position in developed ex US large cap equities, developed ex US small cap equities and US small cap equities. Within the fixed income segment, the Fund was positioned with an underweight to duration and an overweight to global credit strategies.

For the period, performance trailed the benchmark in the fixed income portion of the portfolio, mostly due to an underweight in hard duration (given the decrease in nominal yields in the period) and an overweight to credit. Funds used in the portfolio in part as duration hedges, including AllianzGI Short Duration High Income Fund, PIMCO Senior Floating Rate Fund and Wells Fargo Advantage Short-Term High Yield Fund all materially underperformed the Barclays US Aggregate Index for the period. Yields on Treasuries fell during the reporting period, with the yield on the 10 Year Treasury falling from 2.81 percent to 2.18 percent.

The Fund’s underweight allocation to inflation hedging assets had mixed effects on the Fund’s relative return to the benchmark. An underweight allocation to commodities contributed positively to the period’s relative return as the Bloomberg Commodity Index fell over 9% during the period. This price drop was mainly influenced by the sharp decline in oil prices as discussed in the market review and outlook. The benefit of the underweight allocation to commodities was offset by the effects of being underweight real estate as the Dow Jones US Select REIT Index was up over 30% during the reporting period. REITs benefited in part because treasury rates remained low and in part because risk-assets generally outperformed for much of the period. The Fund’s positioning within TIPS also detracted from relative returns as the Fund was positioned at the short end of the US TIPS curve. Prices fell on shorter-maturity TIPS, as inflation remained relatively subdued throughout the past year with the November Consumer Price Index (CPI) reading showing a 1.7 percent rise year-over-year. This remains below the Fed’s stated 2 percent inflation goal.

In global equities, positioning within international equities detracted from the Fund’s relative return as an overweight to developed ex US large cap equities detracted from returns. The Fund, however, benefited from a hedged exposure to international equities through the PIMCO International StocksPLUS^® Fund, added during the period. Slowing growth concerns in Europe contributed to European equities underperforming their US counterparts. In emerging market equities, exposure to the Templeton Frontier Market Fund detracted from relative performance as it underperformed the broader MSCI Emerging Market Index.

In aggregate, the Fund’s underweight to duration within the fixed income component and positioning within inflation hedging asset classes detracted from performance which resulted in the Fund underperforming its benchmark index. The AllianzGI TDFs place a strong emphasis on the Department of Labor’s guidelines for a Qualified Default Investment Alternative (QDIA) which contain language such as “to be diversified as to minimize the risk of large losses.” It is within this framework that the Funds continue to allocate to commodities, real estate, convertible bonds, high yield bonds, emerging market equities, frontier market equities and emerging market bonds within the return-generating segment of the portfolios to help provide diversification benefits to clients’ retirement assets.

Average Annual Total Return for the period ended November 30, 2014

	1 Year		5 Year		Since Inception†
AllianzGI Retirement 2015 Fund Class A		4.09%		5.96%		8.67%
AllianzGI Retirement 2015 Fund Class A (adjusted)		–1.63%		4.76%		7.64%
AllianzGI Retirement 2015 Fund Class C		3.37%		5.16%		7.86%
AllianzGI Retirement 2015 Fund Class C (adjusted)		2.37%		5.16%		7.86%
AllianzGI Retirement 2015 Fund Class D		3.99%		5.87%		8.62%
AllianzGI Retirement 2015 Fund Class R		3.80%		5.63%		8.36%
AllianzGI Retirement 2015 Fund Class P		4.43%		6.23%		8.96%
AllianzGI Retirement 2015 Fund Class R6		4.53%		6.34%		9.07%
AllianzGI Retirement 2015 Fund Administrative Class		4.17%		5.99%		8.73%
Real Return Target 2015 Index*		4.85%		5.75%		7.81%
Lipper Mixed-Asset Target 2015 Funds Average		6.01%		7.89%		10.41%

† The Fund began operations on 12/29/08. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/08.

* The Real Return Target 2015 Index replaced the Dow Jones Real Return 2015 Index as The Fund’s primary benchmark as of July 1, 2014. The Real Return Target 2015 Index is based on the methodology designed and produced by S&P Dow Jones Indices for the Dow Jones Real Return 2015 Index, which was terminated on June 30, 2014, and the performance figures for the two indexes are identical for all periods shown in the table above.

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 initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% 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. See pages 82 and 83 for more information. The Fund’s gross expense ratios are 1.17% for Class A shares, 1.92% for Class C shares, 1.17% for Class D shares, 1.42% for Class R shares, 0.77% for Class P shares, 0.67% for Class R6 shares and 1.02% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/15. The Fund’s expense ratios net of this reduction are 0.97% for Class A shares, 1.72% for Class C shares, 1.07% for Class D shares, 1.32% for Class R shares, 0.67% for Class P shares, 0.57% for Class R6 shares and 0.92% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

6 November 30, 2014  | Annual Report

Unaudited

AllianzGI Retirement 2015 Fund (cont’d)

Cumulative Returns Through November 30, 2014

Fund Allocation (as of November 30, 2014)

PIMCO 1-5 Year US TIPS Index	19.2%
PIMCO Real Return	17.1%
PIMCO Income	14.3%
AllianzGI US Managed Volatility	6.8%
AllianzGI Short Duration High Income	6.5%
PIMCO Mortgage Opportunities	5.0%
PIMCO Senior Floating Rate	3.0%
PIMCO International StocksPLUS® AR Strategy (US Dollar-Hedged)	3.0%
Other	24.4%
Cash & Equivalents — Net	0.7%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,000.50	$997.00	$1,000.00	$999.00	$1,002.00	$1,002.50	$1,000.50
Expenses Paid During Period	$2.11	$5.86	$2.66	$3.86	$0.60	$0.09	$1.86
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,022.96	$1,019.20	$1,022.41	$1,021.21	$1,024.47	$1,024.98	$1,023.21
Expenses Paid During Period	$2.13	$5.92	$2.69	$3.90	$0.61	$0.09	$1.88

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.42% for Class A, 1.17% for Class C, 0.53% for Class D, 0.77% for Class R, 0.12% for Class P, 0.02% for Class R6 and 0.37% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/365. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

Annual Report |  November 30, 2014 7

Unaudited

AllianzGI Retirement 2020 Fund

For the period of December 1, 2013 through November 30, 2014, as provided by the US Multi-Asset Group.

Fund Insights

For the reporting period ended November 30, 2014, Class A Shares at NAV of the AllianzGI Retirement 2020 Fund (the “Fund”) returned 4.11%, underperforming the Real Return Target 2020 Index (the “benchmark index”), which returned 5.07%.

Portfolio Review

During the twelve-month period ending November 30, 2014, and relative to its benchmark index, the Fund held underweights in inflation hedging asset classes such as commodities, real estate and TIPS, an overweight to global equities and an overweight to global fixed income. Within the global equity component, the Fund held an overweight position in developed ex US large cap equities, developed ex US small cap equities and US small cap equities. Within the fixed income segment, the Fund was positioned with an underweight to duration and an overweight to global credit strategies.

For the period, performance trailed the benchmark in the fixed income portion of the portfolio, mostly due to an underweight in hard duration (given the decrease in nominal yields in the period) and an overweight to credit. Funds used in the portfolio in part as duration hedges, including AllianzGI Short Duration High Income Fund, PIMCO Senior Floating Rate Fund and Wells Fargo Advantage Short-Term High Yield Fund all materially underperformed the Barclays US Aggregate Index for the period. Yields on Treasuries fell during the reporting period, with the yield on the 10 Year Treasury falling from 2.81 percent to 2.18 percent.

The Fund’s underweight allocation to inflation hedging assets had mixed effects on the Fund’s relative return to the benchmark. An underweight allocation to commodities contributed positively to the period’s relative return as the Bloomberg Commodity Index fell over 9% during the period. This price drop was mainly influenced by the sharp decline in oil prices as discussed in the market review and outlook. The benefit of the underweight allocation to commodities was offset by the effects of being underweight real estate as the Dow Jones US Select REIT Index was up over 30% during the reporting period. REITs benefited in part because treasury rates remained low and in part because risk-assets generally outperformed for much of the period. The Fund’s positioning within TIPS also detracted from relative returns as the Fund was positioned at the short-end of the US TIPS curve. Prices fell on shorter-maturity TIPS as inflation remained relatively subdued throughout the past year with the November Consumer Price index (CPI) reading showing a 1.7 percent rise year-over-year. This remains below the Fed’s stated 2% inflation goal.

In global equities, positioning within international equities detracted from the Fund’s relative return as an overweight to developed ex US large cap equities detracted from returns. The Fund, however, benefited from a hedged exposure to international equities through the PIMCO International StocksPLUS^® Fund, added during the period. Slowing growth concerns in Europe contributed to European equities underperforming their US counterparts. In emerging market equities, exposure to the Templeton Frontier Market Fund detracted from relative performance as it underperformed the broader MSCI Emerging Market Index.

In aggregate, the Fund’s underweight to duration within the fixed income component and positioning within inflation hedging asset classes detracted from performance which resulted in the Fund underperforming its benchmark index. The AllianzGI TDFs place a strong emphasis on the Department of Labor’s guidelines for a Qualified Default Investment Alternative (QDIA) which contain language such as “to be diversified as to minimize the risk of large losses.” It is within this framework that the Funds continue to allocate to commodities, real estate, convertible bonds, high yield bonds, emerging market equities, frontier market equities, and emerging market bonds within the return-generating segment of the portfolios to help provide diversification benefits to clients’ retirement assets.

Average Annual Total Return for the period ended November 30, 2014

	1 Year		5 Year		Since Inception†
AllianzGI Retirement 2020 Fund Class A		4.11%		6.06%		8.96%
AllianzGI Retirement 2020 Fund Class A (adjusted)		–1.61%		4.86%		7.92%
AllianzGI Retirement 2020 Fund Class C		3.29%		5.23%		8.13%
AllianzGI Retirement 2020 Fund Class C (adjusted)		2.29%		5.23%		8.13%
AllianzGI Retirement 2020 Fund Class D		3.98%		5.97%		8.89%
AllianzGI Retirement 2020 Fund Class R		3.72%		5.71%		8.63%
AllianzGI Retirement 2020 Fund Class P		4.38%		6.33%		9.23%
AllianzGI Retirement 2020 Fund Class R6		4.48%		6.43%		9.34%
AllianzGI Retirement 2020 Fund Administrative Class		4.15%		6.08%		9.00%
Real Return Target 2020 Index*		5.07%		6.02%		8.24%
Lipper Mixed-Asset Target 2020 Funds Average		6.50%		8.30%		10.82%

† The Fund began operations on 12/29/08. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/08.

* The Real Return Target 2020 Index replaced the Dow Jones Real Return 2020 Index as The Fund’s primary benchmark as of July 1, 2014. The Real Return Target 2020 Index is based on the methodology designed and produced by S&P Dow Jones Indices for the Dow Jones Real Return 2020 Index, which was terminated on June 30, 2014, and the performance figures for the two indexes are identical for all periods shown in the table above.

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 initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% 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. See pages 82 and 83 for more information. The Fund’s gross expense ratios are 1.19% for Class A shares, 1.94% for Class C shares, 1.19% for Class D shares, 1.44% for Class R shares, 0.79% for Class P shares, 0.69% for Class R6 shares and 1.04% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/15. The Fund’s expense ratios net of this reduction are 0.99% for Class A shares, 1.74% for Class C shares, 1.09% for Class D shares, 1.34% for Class R shares, 0.69% for Class P shares, 0.59% for Class R6 shares and 0.94% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

8 November 30, 2014  | Annual Report

Unaudited

AllianzGI Retirement 2020 Fund (cont’d)

Cumulative Returns Through November 30, 2014

Fund Allocation (as of November 30, 2014)

PIMCO 1-5 Year U.S. TIPS Index	17.9%
PIMCO Real Return	14.7%
PIMCO Income	14.3%
AllianzGI U.S. Managed Volatility	7.3%
AllianzGI Short Duration High Income	6.6%
PIMCO Mortgage Opportunities	4.5%
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged)	3.6%
PIMCO Senior Floating rate	3.0%
Other	27.7%
Cash & Equivalents — Net	0.4%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$998.00	$993.90	$997.50	$996.00	$999.00	$999.50	$998.00
Expenses Paid During Period	$2.15	$5.95	$2.70	$3.95	$0.70	$0.20	$1.95
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,022.91	$1,019.10	$1,022.36	$1,021.11	$1,024.37	$1,024.87	$1,023.11
Expenses Paid During Period	$2.18	$6.02	$2.74	$4.00	$0.71	$0.20	$1.98

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.43% for Class A, 1.19% for Class C, 0.54% for Class D, 0.79% for Class R, 0.14% for Class P, 0.04% for Class R6 and 0.39% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/365. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

Annual Report |  November 30, 2014 9

Unaudited

AllianzGI Retirement 2025 Fund

For the period of December 1, 2013 through November 30, 2014, as provided by the US Multi-Asset Group.

Fund Insights

For the reporting period ended November 30, 2014, Class A Shares at NAV of the AllianzGI Retirement 2025 Fund (the “Fund”) returned 4.16%, underperforming the Real Return Target 2025 Index (the “benchmark index”), which returned 5.40%.

Portfolio Review

During the twelve-month period ending November 30, 2014, and relative to its benchmark index, the Fund held underweights in inflation hedging asset classes such as commodities, real estate and TIPS, an overweight to global equities and an overweight to global fixed income. Within the global equity component, the Fund held an overweight position in developed ex US large cap equities, developed ex US small cap equities and US small cap equities. Within the fixed income segment, the Fund was positioned with an underweight to duration and an overweight to global credit strategies.

For the period, performance trailed the benchmark in the fixed income portion of the portfolio, mostly due to an underweight in hard duration (given the decrease in nominal yields in the period) and an overweight to credit. Funds used in the portfolio in part as duration hedges, including AllianzGI Short Duration High Income Fund, PIMCO Senior Floating Rate Fund and Wells Fargo Advantage Short-Term High Yield Fund all materially underperformed the Barclays US Aggregate Index for the period. Yields on Treasuries fell during the reporting period, with the yield on the 10 Year Treasury falling from 2.81 percent to 2.18 percent.

The Fund’s underweight allocation to inflation hedging assets had mixed effects on the Fund’s relative return to the benchmark. An underweight allocation to commodities contributed positively to the period’s relative return as the Bloomberg Commodity Index fell over 9% during the period. This price drop was mainly influenced by the sharp decline in oil prices as discussed in the market review and outlook. The benefit of the underweight allocation to commodities was offset by the effects of being underweight real estate as the Dow Jones US Select REIT Index was up over 30% during the reporting period. REITs benefited in part because treasury rates remained low and in part because risk-assets generally outperformed for much of the period. The Fund’s positioning within TIPS also detracted from relative returns as the Fund was positioned at the short-end of the US TIPS curve. Prices fell on shorter-maturity TIPS as inflation remained relatively subdued throughout the past year with the November Consumer Price Index (CPI) reading showing a 1.7% rise year-over-year. This remains below the Fed’s stated 2% inflation goal.

In global equities, positioning within international equities detracted from the Fund’s relative return as an overweight to developed ex US large cap equities detracted from returns. The Fund, however, benefited from a hedged exposure to international equities through the PIMCO International StocksPLUS^® Fund, added during the period. Slowing growth concerns in Europe contributed to European equities underperforming their US counterparts. In emerging market equities, exposure to the Templeton Frontier Market Fund detracted from relative performance as it underperformed the broader MSCI Emerging Market Index.

In aggregate, the Fund’s underweight to duration within the fixed income component and positioning within inflation hedging asset classes detracted from performance which resulted in the Fund underperforming its benchmark index. The AllianzGI TDFs place a strong emphasis on the Department of Labor’s guidelines for a Qualified Default Investment Alternative (QDIA) which contain language such as “to be diversified as to minimize the risk of large losses.” It is within this framework that the Funds continue to allocate to commodities, real estate, convertible bonds, high yield bonds, emerging market equities, frontier market equities, and emerging market bonds within the return-generating segment of the portfolios to help provide diversification benefits to clients’ retirement assets.

Average Annual Total Return for the period ended November 30, 2014

	1 Year		Since Inception†
AllianzGI Retirement 2025 Fund Class A		4.16%		6.91%
AllianzGI Retirement 2025 Fund Class A (adjusted)		–1.57%		4.88%
AllianzGI Retirement 2025 Fund Class R		3.77%		6.53%
AllianzGI Retirement 2025 Fund Class P		4.49%		7.24%
AllianzGI Retirement 2025 Fund Class R6		4.60%		7.34%
AllianzGI Retirement 2025 Fund Administrative Class		4.26%		6.97%
Real Return Target 2025 Index*		5.40%		5.92%
Lipper Mixed-Asset Target 2025 Funds Average		7.49%		11.70%

† The Fund began operations on 12/19/11. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/11.

* The Real Return Target 2025 Index replaced the Dow Jones Real Return 2025 Index as The Fund’s primary benchmark as of July 1, 2014. The Real Return Target 2025 Index is based on the methodology designed and produced by S&P Dow Jones Indices for the Dow Jones Real Return 2025 Index, which was terminated on June 30, 2014, and the performance figures for the two indexes are identical for all periods shown in the table above.

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 initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 82 and 83 for more information. The Fund’s gross expense ratios are 1.21% for Class A shares, 1.46% for Class R shares, 0.81% for Class P shares, 0.71% for Class R6 shares and 1.06% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/15. The Fund’s expense ratios net of this reduction are 1.01% for Class A shares, 1.36% for Class R shares, 0.71% for Class P shares, 0.61% for Class R6 shares and 0.96% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

10 November 30, 2014  | Annual Report

Unaudited

AllianzGI Retirement 2025 Fund (cont’d)

Cumulative Returns Through November 30, 2014

Fund Allocation (as of November 30, 2014)

PIMCO 1-5 Year U.S. TIPS Index	15.0%
PIMCO Income	14.1%
PIMCO Real Return	13.6%
AllianzGI U.S. Managed Volatility	7.1%
AllianzGI Short Duration High Income	6.6%
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged)	4.1%
PIMCO Mortgage Opportunities	4.0%
PIMCO Senior Floating Rate	3.0%
Other	32.1%
Cash & Equivalents — Net	0.4%

Shareholder Expense Example	Actual Performance
	Class A	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$996.50	$994.80	$998.30	$998.90	$997.10
Expenses Paid During Period	$2.10	$3.85	$0.60	$0.10	$1.85
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,022.96	$1,021.21	$1,024.47	$1,024.97	$1,023.21
Expenses Paid During Period	$2.13	$3.90	$0.61	$0.10	$1.88

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.42% for Class A, 0.77% for Class R, 0.12% for Class P, 0.02% for Class R6 and 0.37% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/365. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

Annual Report |  November 30, 2014 11

Unaudited

AllianzGI Retirement 2030 Fund

For the period of December 1, 2013 through November 30, 2014, as provided by the US Multi-Asset Group.

Fund Insights

For the reporting period ended November 30, 2014, Class A Shares at NAV of the AllianzGI Retirement 2030 Fund (the “Fund”) returned 4.21%, underperforming the Real Return Target 2030 Index (the “benchmark index”), which returned 5.82%.

Portfolio Review

During the twelve-month period ending November 30, 2014, and relative to its benchmark index, the Fund held underweights in inflation hedging asset classes such as commodities, real estate and TIPS, an overweight to global equities and an overweight to global fixed income. Within the global equity component, the Fund held an overweight position in developed ex US large cap equities, developed ex US small cap equities and US small cap equities. Within the fixed income segment, the Fund was positioned with an underweight to duration and an overweight to global credit strategies.

For the period, performance trailed the benchmark index in the fixed income portion of the portfolio, mostly due to an underweight in hard duration (given the decrease in nominal yields in the period) and an overweight to credit. Funds used in the portfolio in part as duration hedges, including AllianzGI Short Duration High Income Fund, PIMCO Senior Floating Rate Fund and Wells Fargo Advantage Short-Term High Yield Fund all materially underperformed the Barclays US Aggregate Index for the period. Yields on Treasuries fell during the reporting period, with the yield on the 10 Year Treasury falling from 2.81 percent to 2.18 percent.

The Fund’s underweight allocation to inflation hedging assets had mixed effects on the Fund’s relative return to the benchmark. An underweight allocation to commodities contributed positively to the period’s relative return as the Bloomberg Commodity Index fell over 9% during the period. This price drop was mainly influenced by the sharp decline in oil prices as discussed in the market review and outlook. The benefit of the underweight allocation to commodities was offset by the effects of being underweight real estate as the Dow Jones US Select REIT Index was up over 30% during the reporting period. REITs benefited in part because treasury rates remained low and in part because risk-assets generally outperformed for much of the period. The Fund’s positioning within TIPS also detracted from relative returns as the Fund was positioned at the short-end of the US TIPS curve. Prices fell on shorter-maturity TIPS as inflation remained relatively subdued throughout the past year with the November Consumer Price Index (CPI) reading showing a 1.7% rise year-over-year. This remains below the Fed’s stated 2% inflation goal.

In global equities, positioning within international equities detracted from the Fund’s relative return as an overweight to developed ex US large detracted from returns. The Fund, however, benefited from a hedged exposure to international equities through the PIMCO International StocksPLUS^® Fund, added during the period. Slowing growth concerns in Europe contributed to European equities underperforming their US counterparts. In emerging market equities, exposure to the Templeton Frontier Market Fund detracted from relative performance as it underperformed the broader MSCI Emerging Market Index.

In aggregate, the Fund’s underweight to duration within the fixed income component and positioning within inflation hedging asset classes detracted from performance which resulted in the Fund underperforming its benchmark index. The AllianzGI TDFs place a strong emphasis on the Department of Labor’s guidelines for a Qualified Default Investment Alternative (QDIA) which contain language such as “to be diversified as to minimize the risk of large losses.” It is within this framework that the Funds continue to allocate to commodities, real estate, convertible bonds, high yield bonds, emerging market equities, frontier market equities, and emerging market bonds within the return-generating segment of the portfolios to help provide diversification benefits to clients’ retirement assets.

Average Annual Total Return for the period ended November 30, 2014

	1 Year		5 Year		Since Inception†
AllianzGI Retirement 2030 Fund Class A		4.21%		6.98%		10.53%
AllianzGI Retirement 2030 Fund Class A (adjusted)		–1.52%		5.78%		9.47%
AllianzGI Retirement 2030 Fund Class C		3.48%		6.20%		9.76%
AllianzGI Retirement 2030 Fund Class C (adjusted)		2.48%		6.20%		9.76%
AllianzGI Retirement 2030 Fund Class D		4.17%		6.93%		10.52%
AllianzGI Retirement 2030 Fund Class R		3.90%		6.66%		10.26%
AllianzGI Retirement 2030 Fund Class P		4.58%		7.29%		10.88%
AllianzGI Retirement 2030 Fund Class R6		4.68%		7.38%		10.98%
AllianzGI Retirement 2030 Fund Administrative Class		4.29%		7.04%		10.64%
Real Return Target 2030 Index*		5.82%		6.99%		9.79%
Lipper Mixed-Asset Target 2030 Funds Average		7.70%		9.83%		12.66%

† The Fund began operations on 12/29/08. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/08.

* The Real Return Target 2030 Index replaced the Dow Jones Real Return 2030 Index as The Fund’s primary benchmark as of July 1, 2014. The Real Return Target 2030 Index is based on the methodology designed and produced by S&P Dow Jones Indices for the Dow Jones Real Return 2030 Index, which was terminated on June 30, 2014, and the performance figures for the two indexes are identical for all periods shown in the table above.

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 initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% 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. See pages 82 and 83 for more information. The Fund’s gross expense ratios are 1.28% for Class A shares, 2.03% for Class C shares, 1.28% for Class D shares, 1.53% for Class R shares, 0.88% for Class P shares, 0.78% for Class R6 shares and 1.13% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/15. The Fund’s expense ratios net of this reduction are 1.03% for Class A shares, 1.78% for Class C shares, 1.13% for Class D shares, 1.38% for Class R shares, 0.73% for Class P shares, 0.63% for Class R6 shares and 0.98% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

12 November 30, 2014  | Annual Report

Unaudited

AllianzGI Retirement 2030 Fund (cont’d)

Cumulative Returns Through November 30, 2014

Fund Allocation (as of November 30, 2014)

PIMCO Income	13.0%
PIMCO Real Return	12.1%
PIMCO 1-5 Year U.S. TIPS Index	10.5%
AllianzGI U.S. Managed Volatility	7.1%
AllianzGI Short Duration High Income	6.5%
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged)	5.1%
PIMCO Mortgage Opportunities	4.0%
PIMCO Commodity RealReturn Strategy	3.4%
Other	37.7%
Cash & Equivalents — Net	0.6%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$995.30	$991.40	$994.80	$993.40	$996.70	$997.20	$995.30
Expenses Paid During Period	$2.10	$5.89	$2.65	$3.90	$0.60	$—	$1.90
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,022.96	$1,019.15	$1,022.41	$1,021.16	$1,024.47	$1,025.07	$1,023.16
Expenses Paid During Period	$2.13	$5.97	$2.69	$3.95	$0.61	$—	$1.93

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.42% for Class A, 1.18% for Class C, 0.53% for Class D, 0.78% for Class R, 0.12% for Class P, 0.00% for Class R6 and 0.38% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/365. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

Annual Report |  November 30, 2014 13

Unaudited

AllianzGI Retirement 2035 Fund

For the period of December 1, 2013 through November 30, 2014, as provided by the US Multi-Asset Group.

Fund Insights

For the reporting period ended November 30, 2014, Class A Shares at NAV of the AllianzGI Retirement 2035 Fund (the “Fund”) returned 4.49%, underperforming the Real Return Target 2035 Index (the “benchmark index”), which returned 6.29%.

Portfolio Review

During the twelve-month period ending November 30, 2014, and relative to its benchmark, the Fund held underweights in inflation hedging asset classes such as commodities, real estate and TIPS, an overweight to global equities and an overweight to global fixed income. Within the global equity component, the Fund held an overweight position in developed ex US large cap equities, developed ex US small cap equities and US small cap equities. Within the fixed income segment, the Fund was positioned with an underweight to duration and an overweight to global credit strategies.

For the period, performance trailed the benchmark index in the fixed income portion of the portfolio, mostly due to an underweight in hard duration (given the decrease in nominal yields in the period) and an overweight to credit. Funds used in the portfolio in part as duration hedges, including AllianzGI Short Duration High Income Fund, PIMCO Senior Floating Rate Fund and Wells Fargo Advantage Short-Term High Yield Fund all materially underperformed the Barclays US Aggregate Index for the period. Yields on Treasuries fell during the reporting period, with the yield on the 10 Year Treasury falling from 2.81 percent to 2.18 percent.

The Fund’s underweight allocation to inflation hedging assets had mixed effects on the Fund’s relative return to the benchmark. An underweight allocation to commodities contributed positively to the period’s relative return as the Bloomberg Commodity Index fell over 9% during the period. This price drop was mainly influenced by the sharp decline in oil prices as discussed in the market review and outlook. The benefit of the underweight allocation to commodities was offset by the effects of being underweight real estate as the Dow Jones US Select REIT Index was up over 30% during the reporting period. REITs benefited in part because treasury rates remained low and in part because risk-assets generally outperformed for much of the period. The Fund’s positioning within TIPS also detracted from relative returns as the Fund was positioned at the short-end of the US TIPS curve. Prices fell on shorter-maturity TIPS as inflation remained relatively subdued throughout the past year with the November Consumer Price Index (CPI) reading showing a 1.7% rise year-over-year. This remains below the Fed’s stated 2% inflation goal.

In global equities, positioning within international equities detracted from the Fund’s relative return as an overweight to developed ex US large cap equities detracted from returns. The Fund, however, benefited from a hedged exposure to international equities through the PIMCO International StocksPLUS^® Fund, added during the period. Slowing growth concerns in Europe contributed to European equities underperforming their US counterparts. In emerging market equities, exposure to the Templeton Frontier Market Fund detracted from relative performance as it underperformed the broader MSCI Emerging Market Index.

In aggregate, the Fund’s underweight to duration within the fixed income component and positioning within inflation hedging asset classes detracted from performance which resulted in the Fund underperforming its benchmark index. The AllianzGI TDFs place a strong emphasis on the Department of Labor’s guidelines for a Qualified Default Investment Alternative (QDIA) which contain language such as “to be diversified as to minimize the risk of large losses.” It is within this framework that the Funds continue to allocate to commodities, real estate, convertible bonds, high yield bonds, emerging market equities, frontier market equities, and emerging market bonds within the return-generating segment of the portfolios to help provide diversification benefits to clients’ retirement assets.

Average Annual Total Return for the period ended November 30, 2014

	1 Year		Since Inception†
AllianzGI Retirement 2035 Fund Class A		4.49%		9.61%
AllianzGI Retirement 2035 Fund Class A (adjusted)		–1.25%		7.53%
AllianzGI Retirement 2035 Fund Class R		4.14%		9.25%
AllianzGI Retirement 2035 Fund Class P		4.84%		9.97%
AllianzGI Retirement 2035 Fund Class R6		4.95%		10.05%
AllianzGI Retirement 2035 Fund Administrative Class		4.54%		9.67%
Real Return Target 2035 Index*		6.29%		8.70%
Lipper Mixed-Asset Target 2035 Funds Average		8.28%		13.86%

† The Fund began operations on 12/19/11. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/11.

* The Real Return Target 2035 Index replaced the Dow Jones Real Return 2035 Index as The Fund’s primary benchmark as of July 1, 2014. The Real Return Target 2035 Index is based on the methodology designed and produced by S&P Dow Jones Indices for the Dow Jones Real Return 2035 Index, which was terminated on June 30, 2014, and the performance figures for the two indexes are identical for all periods shown in the table above.

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 initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 82 and 83 for more information. The Fund’s gross expense ratios are 1.31% for Class A shares, 1.56% for Class R shares, 0.91% for Class P shares, 0.81% for Class R6 shares and 1.16% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/15. The Fund’s expense ratios net of this reduction are 1.06% for Class A shares, 1.41% for Class R shares, 0.76% for Class P shares, 0.66% for Class R6 shares and 1.01% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

14 November 30, 2014  | Annual Report

Unaudited

AllianzGI Retirement 2035 Fund (cont’d)

Cumulative Returns Through November 30, 2014

Fund Allocation (as of
November 30, 2014)

PIMCO Income	12.1%
PIMCO Real Return	10.1%
PIMCO 1-5 Year U.S. TIPS Index	8.0%
AllianzGI U.S. Managed Volatility	7.3%
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged)	6.1%
AllianzGI Best Styles Global Equity	5.5%
AllianzGI Short Duration High Income	5.5%
PIMCO Commodity RealReturn Strategy	3.9%
Other	40.9%
Cash & Equivalents — Net	0.6%

Shareholder Expense Example	Actual Performance
	Class A	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$995.20	$993.50	$996.80	$996.80	$995.20
Expenses Paid During Period	$2.10	$3.90	$0.60	$—	$1.90
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,022.96	$1,021.16	$1,024.47	$1,025.07	$1,023.16
Expenses Paid During Period	$2.13	$3.95	$0.61	$—	$1.93

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.42% for Class A, 0.78% for Class R, 0.12% for Class P, 0.00% for Class R6 and 0.38% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/365. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

Annual Report |  November 30, 2014 15

Unaudited

AllianzGI Retirement 2040 Fund

For the period of December 1, 2013 through November 30, 2014, as provided by the US Multi-Asset Group.

Fund Insights

For the reporting period ended November 30, 2014, Class A Shares at NAV of the AllianzGI Retirement 2040 Fund (the “Fund”) returned 4.65%, underperforming the Real Return Target 2040 Index (the “benchmark index”), which returned 6.71%.

Portfolio Review

During the twelve-month period ending November 30, 2014, and relative to its benchmark index, the Fund held underweights in inflation hedging asset classes such as commodities, real estate and TIPS, an overweight to global equities and an overweight to global fixed income. Within the global equity component, the Fund held an overweight position in developed ex US large cap equities, developed ex US small cap equities and US small cap equities. Within the fixed income segment, the Fund was positioned with an underweight to duration and an overweight to global credit strategies.

For the period, performance trailed the benchmark index in the fixed income portion of the portfolio, mostly due to an underweight in hard duration (given the decrease in nominal yields in the period) and an overweight to credit. Funds used in the portfolio in part as duration hedges, including AllianzGI Short Duration High Income Fund, PIMCO Senior Floating Rate Fund and Wells Fargo Advantage Short-Term High Yield Fund all materially underperformed the Barclays US Aggregate Index for the period. Yields on Treasuries fell during the reporting period, with the yield on the 10 Year Treasury falling from 2.81 percent to 2.18 percent.

The Fund’s underweight allocation to inflation hedging assets had mixed effects on the Fund’s relative return to the benchmark index. An underweight allocation to commodities contributed positively to the period’s relative return as the Bloomberg Commodity Index fell over 9% during the period. This price drop was mainly influenced by the sharp decline in oil prices as discussed in the market review and outlook. The benefit of the underweight allocation to commodities was offset by the effects of being underweight real estate as the Dow Jones US Select REIT Index was up over 30% during the reporting period. REITs benefited in part because treasury rates remained low and in part because risk-assets generally outperformed for much of the period. The Fund’s positioning within TIPS also detracted from relative returns as the Fund was positioned at the short-end of the US TIPS curve. Prices fell on shorter-maturity TIPS as inflation remained relatively subdued throughout the past year with the November Consumer Price Index (CPI) reading showing a 1.7% rise year-over-year. This remains below the Fed’s stated 2% inflation goal.

In global equities, positioning within international equities detracted from the Fund’s relative return as an overweight to developed ex US large cap equities detracted from returns. The Fund, however, benefited from a hedged exposure to international equities through the PIMCO International StocksPLUS^® Fund, added during the period. Slowing growth concerns in Europe contributed to European equities underperforming their US counterparts. In emerging market equities, exposure to the Templeton Frontier Market Fund detracted from relative performance as it underperformed the broader MSCI Emerging Market Index.

In aggregate, the Fund’s underweight to duration within the fixed income component and positioning within inflation hedging asset classes detracted from performance which resulted in the Fund underperforming its benchmark index. The AllianzGI TDFs place a strong emphasis on the Department of Labor’s guidelines for a Qualified Default Investment Alternative (QDIA) which contain language such as “to be diversified as to minimize the risk of large losses.” It is within this framework that the Funds continue to allocate to commodities, real estate, convertible bonds, high yield bonds, emerging market equities, frontier market equities, and emerging market bonds within the return-generating segment of the portfolios to help provide diversification benefits to clients’ retirement assets.

Average Annual Total Return for the period ended November 30, 2014

	1 Year		5 Year		Since Inception†
AllianzGI Retirement 2040 Fund Class A		4.65%		8.03%		12.13%
AllianzGI Retirement 2040 Fund Class A (adjusted)		–1.10%		6.82%		11.07%
AllianzGI Retirement 2040 Fund Class C		3.90%		7.22%		11.27%
AllianzGI Retirement 2040 Fund Class C (adjusted)		2.90%		7.22%		11.27%
AllianzGI Retirement 2040 Fund Class D		4.58%		7.94%		12.03%
AllianzGI Retirement 2040 Fund Class R		4.31%		7.70%		11.79%
AllianzGI Retirement 2040 Fund Class P		4.99%		8.32%		12.42%
AllianzGI Retirement 2040 Fund Class R6		5.09%		8.42%		12.52%
AllianzGI Retirement 2040 Fund Administrative Class		4.72%		8.07%		12.18%
Real Return Target 2040 Index*		6.71%		8.13%		11.53%
Lipper Mixed-Asset Target 2040 Funds Average		8.25%		10.65%		13.55%

† The Fund began operations on 12/29/08. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/08.

* The Real Return Target 2040 Index replaced the Dow Jones Real Return 2040 Index as The Fund’s primary benchmark as of July 1, 2014. The Real Return Target 2040 Index is based on the methodology designed and produced by S&P Dow Jones Indices for the Dow Jones Real Return 2040 Index, which was terminated on June 30, 2014, and the performance figures for the two indexes are identical for all periods shown in the table above.

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 initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% 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. See pages 82 and 83 for more information. The Fund’s gross expense ratios are 1.34% for Class A shares, 2.09% for Class C shares, 1.34% for Class D shares, 1.59% for Class R shares, 0.94% for Class P shares, 0.84% for Class R6 shares and 1.19% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/15. The Fund’s expense ratios net of this reduction are 1.09% for Class A shares, 1.84% for Class C shares, 1.19% for Class D shares, 1.44% for Class R shares, 0.79% for Class P shares, 0.69% for Class R6 shares and 1.04% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

16 November 30, 2014  | Annual Report

Unaudited

AllianzGI Retirement 2040 Fund (cont’d)

Cumulative Returns Through November 30, 2014

Fund Allocation (as of November 30, 2014)

PIMCO Income	10.6%
AllianzGI U.S. Managed Volatility	8.6%
AllianzGI Best Styles Global Equity	8.1%
PIMCO Real Return	8.1%
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged)	7.6%
PIMCO 1-5 Year U.S. TIPS Index	5.0%
AllianzGI Short Duration High Income	5.0%
PIMCO Commodity RealReturn Strategy	4.6%
Other	42.0%
Cash & Equivalents — Net	0.4%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$994.30	$990.10	$993.40	$992.40	$995.70	$996.10	$994.30
Expenses Paid During Period	$2.05	$5.84	$2.60	$3.85	$0.55	$—	$1.85
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,023.01	$1,019.20	$1,022.46	$1,021.21	$1,024.52	$1,025.07	$1,023.21
Expenses Paid During Period	$2.08	$5.92	$2.64	$3.90	$0.56	$—	$1.88

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.41% for Class A, 1.17% for Class C, 0.52% for Class D, 0.77% for Class R, 0.11% for Class P, 0.00% for Class R6 and 0.37% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/365. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

Annual Report |  November 30, 2014 17

Unaudited

AllianzGI Retirement 2045 Fund

For the period of December 1, 2013 through November 30, 2014, as provided by the US Multi-Asset Group.

Fund Insights

For the reporting period ended November 30, 2014, Class A Shares at NAV of the AllianzGI Retirement 2045 Fund (the “Fund”) returned 4.89%, underperforming the Real Return Target 2045 Index (the “benchmark index”), which returned 7.01%

Portfolio Review

During the twelve-month period ending November 30, 2014, and relative to its benchmark index, the Fund held underweights in inflation hedging asset classes such as commodities, real estate and TIPS, an overweight to global equities and an overweight to global fixed income. Within the global equity component, the Fund held an overweight position in developed ex US large cap equities, developed ex US small cap equities and US small cap equities. Within the fixed income segment, the Fund was positioned with an underweight to duration and an overweight to global credit strategies.

For the period, performance trailed the benchmark in the fixed income portion of the portfolio, mostly due to an underweight in hard duration (given the decrease in nominal yields in the period) and an overweight to credit. Funds used in the portfolio in part as duration hedges, including AllianzGI Short Duration High Income Fund, PIMCO Senior Floating Rate Fund and Wells Fargo Advantage Short-Term High Yield Fund all materially underperformed the Barclays US Aggregate Index for the period. Yields on Treasuries fell during the reporting period, with the yield on the 10 Year Treasury falling from 2.81 percent to 2.18 percent.

The Fund’s underweight allocation to inflation hedging assets had mixed effects on the Fund’s relative return to the benchmark index. An underweight allocation to commodities contributed positively to the period’s relative return as the Bloomberg Commodity Index fell over 9% during the period. This price drop was mainly influenced by the sharp decline in oil prices as discussed in the market review and outlook. The benefit of the underweight allocation to commodities was offset by the effects of being underweight real estate as the Dow Jones US Select REIT index was up over 30% during the reporting period. REITs benefited in part because treasury rates remained low and in part because risk-assets generally outperformed for much of the period. The Fund’s positioning within TIPS also detracted from relative returns as the Fund was positioned at the short-end of the US TIPS curve. Prices fell on shorter-maturity TIPS as inflation remained relatively subdued throughout the past year with the November Consumer Price Index (CPI) reading showing a 1.7% rise year-over-year. This remains below the Fed’s stated 2% inflation goal.

In global equities, positioning within international equities detracted from the Fund’s relative return as an overweight to developed ex US large cap equities detracted from returns. The Fund, however, benefited from a hedged exposure to international equities through the PIMCO International StocksPLUS^® Fund, added during the period. Slowing growth concerns in Europe contributed to European equities underperforming their US counterparts. In emerging market equities, exposure to the Templeton Frontier Market Fund detracted from relative performance as it underperformed the broader MSCI Emerging Market Index.

In aggregate, the Fund’s underweight to duration within the fixed income component and positioning within inflation hedging asset classes detracted from performance which resulted in the Fund underperforming its benchmark index. The AllianzGI TDFs place a strong emphasis on the Department of Labor’s guidelines for a Qualified Default Investment Alternative (QDIA) which contain language such as “to be diversified as to minimize the risk of large losses.” It is within this framework that the Funds continue to allocate to commodities, real estate, convertible bonds, high yield bonds, emerging market equities, frontier market equities, and emerging market bonds within the return-generating segment of the portfolios to help provide diversification benefits to clients’ retirement assets.

Average Annual Total Return for the period ended November 30, 2014

	1 Year		Since Inception†
AllianzGI Retirement 2045 Fund Class A		4.89%		11.21%
AllianzGI Retirement 2045 Fund Class A (adjusted)		–0.88%		9.09%
AllianzGI Retirement 2045 Fund Class R		4.52%		10.81%
AllianzGI Retirement 2045 Fund Class P		5.26%		11.55%
AllianzGI Retirement 2045 Fund Class R6		5.33%		11.64%
AllianzGI Retirement 2045 Fund Administrative Class		4.95%		11.23%
Real Return Target 2045 Index*		7.01%		11.19%
Lipper Mixed-Asset Target 2045 Funds Average		8.60%		15.11%

† The Fund began operations on 12/19/11. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/11.

* The Real Return Target 2045 Index replaced the Dow Jones Real Return 2045 Index as The Fund’s primary benchmark as of July 1, 2014. The Real Return Target 2045 Index is based on the methodology designed and produced by S&P Dow Jones Indices for the Dow Jones Real Return 2045 Index, which was terminated on June 30, 2014, and the performance figures for the two indexes are identical for all periods shown in the table above.

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 initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 82 and 83 for more information. The Fund’s gross expense ratios are 1.37% for Class A shares, 1.62% for Class R shares, 0.97% for Class P shares, 0.87% for Class R6 shares and 1.22% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/15. The Fund’s expense ratios net of this reduction are 1.10% for Class A shares, 1.45% for Class R shares, 0.80% for Class P shares, 0.70% for Class R6 shares and 1.05% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

18 November 30, 2014  | Annual Report

Unaudited

AllianzGI Retirement 2045 Fund (cont’d)

Cumulative Returns Through November 30, 2014

Fund Allocation (as of November 30, 2014)

AllianzGI U.S. Managed Volatility	9.9%
PIMCO Income	9.6%
AllianzGI Best Styles Global Equity	9.1%
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged)	8.6%
PIMCO Real Return	5.1%
PIMCO Commodity RealReturn Strategy	4.8%
AllianzGI Behavioral Advantage Large Cap	4.5%
AllianzGI Short Duration High Income	4.5%
Other	43.4%
Cash & Equivalents — Net	0.5%

Shareholder Expense Example	Actual Performance
	Class A	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$995.30	$993.20	$996.90	$997.50	$995.40
Expenses Paid During Period	$2.00	$3.80	$0.50	$—	$1.80
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,023.06	$1,021.26	$1,024.57	$1,025.07	$1,023.26
Expenses Paid During Period	$2.03	$3.85	$0.51	$—	$1.83

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.40% for Class A, 0.76% for Class R, 0.10% for Class P, 0.00% for Class R6 and 0.36% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/365. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

Annual Report |  November 30, 2014 19

Unaudited

AllianzGI Retirement 2050 Fund

For the period of December 1, 2013 through November 30, 2014, as provided by the US Multi-Asset Group.

Fund Insights

For the reporting period ended November 30, 2014, Class A Shares at NAV of the AllianzGI Retirement 2050 Fund (the “Fund”) returned 4.85%, underperforming the Real Return Target 2050 Index (the “benchmark index”), which returned 7.22%.

Portfolio Review

During the twelve-month period ending November 30, 2014, and relative to its benchmark index, the Fund held underweights in inflation hedging asset classes such as commodities, real estate and TIPS, an overweight to global equities and an overweight to global fixed income. Within the global equity component, the Fund held an overweight position in developed ex US large cap equities, developed ex US small cap equities and US small cap equities. Within the fixed income segment, the Fund was positioned with an underweight to duration and an overweight to global credit strategies.

For the period, performance trailed the benchmark index in the fixed income portion of the portfolio, mostly due to an underweight in hard duration (given the decrease in nominal yields in the period) and an overweight to credit. Funds used in the portfolio in part as duration hedges, including AllianzGI Short Duration High Income Fund, PIMCO Senior Floating Rate Fund and Wells Fargo Advantage Short-Term High Yield Fund all materially underperformed the Barclays US Aggregate Index for the period. Yields on Treasuries fell during the reporting period, with the yield on the 10 Year Treasury falling from 2.81% to 2.18%.

The Fund’s underweight allocation to inflation hedging assets had mixed effects on the Fund’s relative return to the benchmark index. An underweight allocation to commodities contributed positively to the period’s relative return as the Bloomberg Commodity Index fell over 9% during the period. This price drop was mainly influenced by the sharp decline in oil prices as discussed in the market review and outlook. The benefit of the underweight allocation to commodities was offset by the effects of being underweight real estate as the Dow Jones US Select REIT index was up over 30% during the reporting period. REITs benefited in part because treasury rates remained low and in part because risk-assets generally outperformed for much of the period. The Fund’s positioning within TIPS also detracted from relative returns as the Fund was positioned at the short-end of the US TIPS curve. Prices fell on shorter-maturity TIPS as inflation remained relatively subdued throughout the past year with the November Consumer Price Index (CPI) reading showing a 1.7% rise year-over-year. This remains below the Fed’s stated 2% inflation goal.

In global equities, positioning within international equities detracted from the Fund’s relative return as an overweight to developed ex US large cap equities detracted from returns. The Fund, however, benefited from a hedged exposure to international equities through the PIMCO International StocksPLUS^® Fund, added during the period. Slowing growth concerns in Europe contributed to European equities underperforming their US counterparts. In emerging market equities, exposure to the Templeton Frontier Market Fund detracted from relative performance as it underperformed the broader MSCI Emerging Market Index.

In aggregate, the Fund’s underweight to duration within the fixed income component and positioning within inflation hedging asset classes detracted from performance which resulted in the Fund underperforming its benchmark index. The AllianzGI TDFs place a strong emphasis on the Department of Labor’s guidelines for a Qualified Default Investment Alternative (QDIA) which contain language such as “to be diversified as to minimize the risk of large losses.” It is within this framework that the Funds continue to allocate to commodities, real estate, convertible bonds, high yield bonds, emerging market equities, frontier market equities, and emerging market bonds within the return-generating segment of the portfolios to help provide diversification benefits to clients’ retirement assets.

Average Annual Total Return for the period ended November 30, 2014

	1 Year		5 Year		Since Inception†
AllianzGI Retirement 2050 Fund Class A		4.85%		8.64%		12.65%
AllianzGI Retirement 2050 Fund Class A (adjusted)		–0.92%		7.41%		11.58%
AllianzGI Retirement 2050 Fund Class C		4.03%		7.80%		11.82%
AllianzGI Retirement 2050 Fund Class C (adjusted)		3.03%		7.80%		11.82%
AllianzGI Retirement 2050 Fund Class D		4.68%		8.55%		12.59%
AllianzGI Retirement 2050 Fund Class R		4.46%		8.30%		12.34%
AllianzGI Retirement 2050 Fund Class P		5.13%		8.92%		12.97%
AllianzGI Retirement 2050 Fund Class R6		5.27%		9.02%		13.07%
AllianzGI Retirement 2050 Fund Administrative Class		4.87%		8.69%		12.73%
Real Return Target 2050 Index*		7.22%		8.84%		12.48%
Lipper Mixed-Asset Target 2050+ Funds Average		8.53%		10.88%		13.80%

† The Fund began operations on 12/29/08. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/08.

* The Real Return Target 2050 Index replaced the Dow Jones Real Return 2050 Index as The Fund’s primary benchmark as of July 1, 2014. The Real Return Target 2050 Index is based on the methodology designed and produced by S&P Dow Jones Indices for the Dow Jones Real Return 2050 Index, which was terminated on June 30, 2014, and the performance figures for the two indexes are identical for all periods shown in the table above.

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 initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% 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. See pages 82 and 83 for more information. The Fund’s gross expense ratios are 1.40% for Class A shares, 2.15% for Class C shares, 1.40% for Class D shares, 1.65% for Class R shares, 1.00% for Class P shares, 0.90% for Class R6 shares and 1.25% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/15. The Fund’s expense ratios net of this reduction are 1.10% for Class A shares, 1.85% for Class C shares, 1.20% for Class D shares, 1.45% for Class R shares, 0.80% for Class P shares, 0.70% for Class R6 shares and 1.05% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

20 November 30, 2014  | Annual Report

Unaudited

AllianzGI Retirement 2050 Fund (cont’d)

Cumulative Returns Through November 30, 2014

Fund Allocation (as of November 30, 2014)

AllianzGI U.S. Managed Volatility	10.2%
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged)	10.2%
AllianzGI Best Styles Global Equity	10.1%
PIMCO Income	6.5%
PIMCO Commodity RealReturn Strategy	5.3%
PIMCO Real Return	5.0%
AllianzGI Behavioral Advantage Large Cap	4.5%
AllianzGI Short Duration High Income	4.5%
Other	42.7%
Cash & Equivalents — Net	1.0%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$993.90	$989.80	$993.00	$991.70	$995.30	$995.80	$994.40
Expenses Paid During Period	$1.90	$5.69	$2.50	$3.69	$0.40	$—	$1.70
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,023.16	$1,019.35	$1,022.56	$1,021.36	$1,024.67	$1,025.07	$1,023.36
Expenses Paid During Period	$1.93	$5.77	$2.54	$3.75	$0.41	$—	$1.72

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.38% for Class A, 1.14% for Class C, 0.50% for Class D, 0.74% for Class R, 0.08% for Class P, 0.00% for Class R6 and 0.34% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/365. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

Annual Report |  November 30, 2014 21

Unaudited

AllianzGI Retirement 2055 Fund

For the period of December 1, 2013 through November 30, 2014, as provided by the US Multi-Asset Group.

Fund Insights

For the reporting period ended November 30, 2014, Class A Shares at NAV of the AllianzGI Retirement 2055 Fund (the “Fund”) returned 4.96%, underperforming the Real Return Target 40+ Index (the “benchmark index”), which returned 7.30%.

Portfolio Review

During the twelve-month period ending November 30, 2014, and relative to its benchmark index, the Fund held underweights in inflation hedging asset classes such as commodities, real estate and TIPS, an overweight to global equities and an overweight to global fixed income. Within the global equity component, the Fund held an overweight position in developed ex US large cap equities, developed ex US small cap equities and US small cap equities. Within the fixed income segment, the Fund was positioned with an underweight to duration and an overweight to global credit strategies.

For the period, performance trailed the benchmark index in the fixed income portion of the portfolio mostly due to an underweight in hard duration (given the decrease in nominal yields in the period) and an overweight to credit. Funds used in the portfolio in part as duration hedges, including AllianzGI Short Duration High Income Fund, PIMCO Senior Floating Rate Fund and Wells Fargo Advantage Short-Term High Income Fund all materially underperformed the Barclays US Aggregate Index for the period. Yields on Treasuries fell during the reporting period, with the yield on the 10 Year Treasury falling from 2.81% to 2.18%.

The Fund’s underweight allocation to inflation hedging assets had mixed effects on the Fund’s relative return to the benchmark index. An underweight allocation to commodities contributed positively to the period’s relative return as the Bloomberg Commodity Index fell over 9% during the period. This price drop was mainly influenced by the sharp decline in oil prices as discussed in the market review and outlook. The benefit of the underweight allocation to commodities was offset by the effects of being underweight real estate as the Dow Jones US Select REIT index was up over 30% during the reporting period. REITs benefited in part because treasury rates remained low and in part because risk-assets generally outperformed for much of the period. The Fund’s positioning within TIPS also detracted from relative returns as the Fund was positioned at the short-end of the US TIPS curve. Prices fell on shorter-maturity TIPS as inflation remained relatively subdued throughout the past year with the November Consumer Price Index (CPI) reading showing a 1.7% rise year-over-year. This remains below the Fed’s stated 2% inflation goal.

In global equities, positioning within international equities detracted from the Fund’s relative return as an overweight to developed ex US large cap equities detracted from returns. The Fund, however, benefited from a hedged exposure to international equities through the PIMCO International StocksPLUS^® Fund, added during the period. Slowing growth concerns in Europe contributed to European equities underperforming their US counterparts. In emerging market equities, exposure to the Templeton Frontier Market Fund detracted from relative performance as it underperformed the broader MSCI Emerging Market Index.

In aggregate, the Fund’s underweight to duration within the fixed income component and positioning within inflation hedging asset classes detracted from performance which resulted in the fund underperforming its benchmark index. The AllianzGI TDFs place a strong emphasis on the Department of Labor’s guidelines for a Qualified Default Investment Alternative (QDIA) which contain language such as “to be diversified as to minimize the risk of large losses.” It is within this framework that the Funds continue to allocate to commodities, real estate, convertible bonds, high yield bonds, emerging market equities, frontier market equities, and emerging market bonds within the return-generating segment of the portfolios to help provide diversification benefits to clients’ retirement assets.

Average Annual Total Return for the period ended November 30, 2014

	1 Year		Since Inception†
AllianzGI Retirement 2055 Fund Class A		4.96%		11.65%
AllianzGI Retirement 2055 Fund Class A (adjusted)		–0.82%		9.53%
AllianzGI Retirement 2055 Fund Class R		4.61%		11.29%
AllianzGI Retirement 2055 Fund Class P		5.32%		12.02%
AllianzGI Retirement 2055 Fund Class R6		5.43%		12.12%
AllianzGI Retirement 2055 Fund Administrative Class		5.00%		11.71%
Real Return Target 2040+ Index*		7.30%		12.24%
Lipper Mixed-Asset Target 2055+ Funds Average		8.82%		15.44%

† The Fund began operations on 12/19/11. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/11.

* The Real Return Target 2040+ Index replaced the Dow Jones Real Return 2040+ Index as The Fund’s primary benchmark as of July 1, 2014. The Real Return Target 2040+ Index is based on the methodology designed and produced by S&P Dow Jones Indices for the Dow Jones Real Return 2040+ Index, which was terminated on June 30, 2014, and the performance figures for the two indexes are identical for all periods shown in the table above.

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 initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 82 and 83 for more information. The Fund’s gross expense ratios are 1.40% for Class A shares, 1.65% for Class R shares, 1.00% for Class P shares, 0.90% for Class R6 shares and 1.25% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/15. The Fund’s expense ratios net of this reduction are 1.10% for Class A shares, 1.45% for Class R shares, 0.80% for Class P shares, 0.70% for Class R6 shares and 1.05% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

22 November 30, 2014  | Annual Report

Unaudited

AllianzGI Retirement 2055 Fund (cont’d)

Cumulative Returns Through November 30, 2014

Fund Allocation (as of November 30, 2014)

AllianzGI U.S. Managed Volatility	10.6%
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged)	10.1%
AllianzGI Best Styles Global Equity	10.0%
PIMCO Commodity RealReturn Strategy	5.3%
AllianzGI Behavioral Advantage Large Cap	5.1%
PIMCO Income	5.0%
AllianzGI Global Managed Volatility	4.6%
AllianzGI Short Duration High Income	4.3%
Other	44.1%
Cash & Equivalents — Net	0.9%

Shareholder Expense Example	Actual Performance
	Class A	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$993.70	$992.10	$995.30	$995.80	$993.70
Expenses Paid During Period	$1.90	$3.65	$0.35	$—	$1.70
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,023.16	$1,021.41	$1,024.72	$1,025.07	$1,023.36
Expenses Paid During Period	$1.93	$3.70	$0.36	$—	$1.72

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.38% for Class A, 0.73% for Class R, 0.07% for Class P, 0.00% for Class R6 and 0.34% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/365. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

Annual Report |  November 30, 2014 23

Unaudited

AllianzGI Retirement Income Fund

For the period of December 1, 2013 through November 30, 2014, as provided by the US Multi-Asset Group.

Fund Insights

For the reporting period ended November 30, 2014, Class A Shares at NAV of the AllianzGI Retirement Income Fund (the “Fund”) returned 3.94%, underperforming the Real Return Target Today Index (the “benchmark index”), which returned 4.81%.

Portfolio Review

During the twelve-month period ending November 30, 2014, and relative to its benchmark index, the Fund held underweights in inflation hedging asset classes such as commodities, real estate and TIPS, an overweight to global equities and an overweight to global fixed income. Within the global equity component, the Fund held an overweight position in developed ex US large cap equities, developed ex US small cap equities and US small cap equities. Within the fixed income segment, the Fund was positioned with an underweight to duration and an overweight to global credit strategies.

For the period, performance trailed the benchmark index in the fixed income portion of the portfolio mostly due to an underweight in hard duration (given the decrease in nominal yields in the period) and an overweight to credit. Funds used in the portfolio in part as duration hedges, including AllianzGI Short Duration High Income Fund, PIMCO Senior Floating Rate Fund and Wells Fargo Advantage Short-Term High Yield Fund all materially underperformed the Barclays US Aggregate Index for the period. Yields on Treasuries fell during the reporting period, with the yield on the 10 Year Treasury falling from 2.81% to 2.18%.

The Fund’s underweight allocation to inflation hedging assets had mixed effects on the Fund’s relative return to the benchmark index. An underweight allocation to commodities contributed positively to the period’s relative return as the Bloomberg Commodity Index fell over 9% during the period. This price drop was mainly influenced by the sharp decline in oil prices as discussed in the market review and outlook. The benefit of the underweight allocation to commodities was offset by the effects of being underweight real estate as the Dow Jones US Select REIT Index was up over 30% during the reporting period. REITs benefited in part because treasury rates remained low and in part because risk-assets generally outperformed for much of the period. The Fund’s positioning within TIPS also detracted from relative returns as the Fund was positioned at the short-end of the US TIPS curve. Prices fell on shorter-maturity TIPS as inflation remained relatively subdued throughout the past year with the November Consumer Price Index (CPI) reading showing a 1.7% rise year-over-year. This remains below the Fed’s stated 2% inflation goal.

In global equities, positioning within international equities detracted from the Fund’s relative return as an overweight to developed ex US large cap equities detracted from returns. The Fund, however, benefited from a hedged exposure to international equities through the PIMCO International StocksPLUS^® Fund, added during the period. Slowing growth concerns in Europe contributed to European equities underperforming their US counterparts. In emerging market equities, exposure to the Templeton Frontier Market Fund detracted from relative performance as it underperformed the broader MSCI Emerging Market Index.

In aggregate, the Fund’s underweight to duration within the fixed income component and positioning within inflation hedging asset classes detracted from performance which resulted in the Fund underperforming its benchmark index. The AllianzGI TDFs place a strong emphasis on the Department of Labor’s guidelines for a Qualified Default Investment Alternative (QDIA) which contain language such as “to be diversified as to minimize the risk of large losses.” It is within this framework that the Funds continue to allocate to commodities, real estate, convertible bonds, high yield bonds, emerging market equities, frontier market equities, and emerging market bonds within the return-generating segment of the portfolios to help provide diversification benefits to clients’ retirement assets.

Average Annual Total Return for the period ended November 30, 2014

	1 Year		5 Year		Since Inception†
AllianzGI Retirement Income Fund Class A		3.94%		5.70%		8.37%
AllianzGI Retirement Income Fund Class A (adjusted)		–1.78%		4.51%		7.34%
AllianzGI Retirement Income Fund Class C		3.18%		4.93%		7.57%
AllianzGI Retirement Income Fund Class C (adjusted)		2.18%		4.93%		7.57%
AllianzGI Retirement Income Fund Class D		3.84%		5.64%		8.31%
AllianzGI Retirement Income Fund Class R		3.55%		5.38%		8.05%
AllianzGI Retirement Income Fund Class P		4.23%		6.00%		8.66%
AllianzGI Retirement Income Fund Class R6		4.36%		6.10%		8.77%
AllianzGI Retirement Income Fund Administrative Class		3.97%		5.77%		8.43%
Real Return Target Today Index*		4.81%		5.67%		7.64%
Lipper Mixed-Asset Target Today Funds Average		4.95%		5.92%		7.87%

† The Fund began operations on 12/29/08. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/08.

* The Real Return Target Today Index replaced the Dow Jones Real Return Today Index as The Fund’s primary benchmark as of July 1, 2014. The Real Return Target Today Index is based on the methodology designed and produced by S&P Dow Jones Indices for the Dow Jones Real Return Today Index, which was terminated on June 30, 2014, and the performance figures for the two indexes are identical for all periods shown in the table above.

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 initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% 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. See pages 82 and 83 for more information. The Fund’s gross expense ratios are 1.16% for Class A shares, 1.91% for Class C shares, 1.16% for Class D shares, 1.41% for Class R shares, 0.76% for Class P shares, 0.66% for Class R6 shares and 1.01% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/15. The Fund’s expense ratios net of this reduction are 0.95% for Class A shares, 1.70% for Class C shares, 1.05% for Class D shares, 1.30% for Class R shares, 0.65% for Class P shares, 0.55% for Class R6 shares and 0.90% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

24 November 30, 2014  | Annual Report

Unaudited

AllianzGI Retirement Income Fund (cont’d)

Cumulative Returns Through November 30, 2014

Fund Allocation (as of November 30, 2014)

PIMCO 1-5 Year U.S. TIPS Index	20.6%
PIMCO Real Return	17.0%
PIMCO Income	14.3%
AllianzGI Short Duration High Income	6.5%
AllianzGI U.S. Managed Volatility	6.4%
PIMCO Mortgage Opportunities	5.0%
PIMCO Senior Floating Rate	3.0%
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged)	3.0%
Other	23.5%
Cash & Equivalents — Net	0.7%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,000.80	$996.80	$1,000.40	$999.20	$1,002.40	$1,002.90	$1,001.10
Expenses Paid During Period	$2.11	$5.86	$2.61	$3.86	$0.60	$—	$1.86
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,022.96	$1,019.20	$1,022.46	$1,021.21	$1,024.47	$1,025.07	$1,023.21
Expenses Paid During Period	$2.13	$5.92	$2.64	$3.90	$0.61	$—	$1.88

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.42% for Class A, 1.17% for Class C, 0.52% for Class D, 0.77% for Class R, 0.12% for Class P, 0.00% for Class R6 and 0.37% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/365. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

Annual Report |  November 30, 2014 25

Unaudited

AllianzGI Global Allocation Fund

For the period of December 1, 2013 through November 30, 2014, as provided by the US Multi-Asset Group.

Fund Insights

For the reporting period ended November 30, 2014, Class A Shares at NAV of the AllianzGI Global Allocation Fund (the “Fund”) returned 4.62%, underperforming the custom blended index, comprised of 60% MSCI AC World Index and 40% Barclays US Aggregate Index (the “benchmark index”), which returned 7.01%.

Portfolio Review

During the twelve-month period ending November 30, 2014, and relative to its benchmark index, the Fund placed a strong emphasis on diversification within both return-generating asset classes and defensive asset classes. Within the return-generating component, the Fund held an underweight to global equities in order to provide off-benchmark exposure to commodities, real estate, frontier market equities, developed ex US small cap equities and US small cap equities. Within defensive asset classes, the Fund was positioned with an underweight to duration and off-benchmark exposure to global credit strategies and short-term TIPS.

For the period, performance trailed the benchmark index in the fixed income portion of the portfolio mostly due to an underweight in hard duration (given the decrease in nominal yields in the period) and an overweight to credit. Funds used in the portfolio in part as duration hedges, including AllianzGI Short Duration High Income Fund, PIMCO Senior Floating Rate Fund and Wells Fargo Advantage Short-Term High Income Fund all materially underperformed the Barclays US Aggregate Index for the period. Yields on Treasuries fell during the reporting period, with the yield on the 10 Year Treasury falling from 2.81% to 2.18%.

The Fund’s positioning within global equities detracted from the period’s relative return. The Fund places a strong emphasis on diversification by providing off-benchmark exposure to commodities, real estate, developed ex US small cap, US small cap and frontier market equities. The Fund held an underweight allocation to US large cap equities which was the primary detractor from relative returns as the S&P 500 Index gained over 16% during the reporting period. Exposure to commodities detracted from the period’s relative return as the Bloomberg Commodity Index fell over 9% during the period. This price drop was mainly influenced by the sharp decline in oil prices as discussed in the market review and outlook. The negative impact on the Fund’s commodity allocation was partially offset by the Fund’s exposure to real estate, as the Dow Jones US Select REIT Index was up more than 30% during the reporting period.

In aggregate, the Fund’s underweight to duration within the fixed income component and diversification within return-generating asset classes resulted in the Fund underperforming its benchmark index. The Fund maintains its focus on diversification with continued exposure outside of solely global equities and into other return-generating asset classes such as commodities, real estate, high yield bonds, emerging market bonds, and convertible bonds.

Average Annual Total Return for the period ended November 30, 2014

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI Global Allocation Fund Class A		4.62%		7.82%		5.72%		6.04%
AllianzGI Global Allocation Fund Class A (adjusted)		–1.14%		6.61%		5.12%		5.67%
AllianzGI Global Allocation Fund Class B		3.96%		7.05%		5.16%		5.69%
AllianzGI Global Allocation Fund Class B (adjusted)		–1.04%		6.75%		5.16%		5.69%
AllianzGI Global Allocation Fund Class C		3.96%		7.03%		4.93%		5.25%
AllianzGI Global Allocation Fund Class C (adjusted)		2.96%		7.03%		4.93%		5.25%
AllianzGI Global Allocation Fund Class D		4.68%		7.81%		5.72%		6.04%
AllianzGI Global Allocation Fund Class R		4.57%		7.61%		5.49%		5.80%
AllianzGI Global Allocation Fund Class P		4.87%		8.03%		5.94%		6.26%
AllianzGI Global Allocation Fund Institutional Class		4.93%		8.12%		6.14%		6.50%
AllianzGI Global Allocation Fund Administrative Class		4.68%		7.84%		5.76%		6.09%
MSCI AC World Index		8.04%		10.05%		6.70%		5.90%
60% MSCI AC World Index/40% Barclays US Aggregate Index		7.01%		7.93%		6.29%		6.00%
Barclays US Aggregate Index		5.27%		4.10%		4.79%		5.24%
Lipper Mixed-Asset Target Allocation Moderate Funds Average		7.14%		8.74%		5.68%		5.72%

† The Fund began operations on 9/30/98. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 9/30/98.

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, 5% contingent deferred sales charge (CDSC) on Class B shares and 1% CDSC on Class C shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 82 and 83 for more information. The Fund’s gross expense ratios are 2.09% for Class A shares, 2.91% for Class B shares, 2.83% for Class C shares, 2.12% for Class D shares, 2.27% for Class R shares, 1.86% for Class P shares, 1.84% for Institutional Class shares and 2.21% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/15. The Fund’s expense ratios net of this reduction are 1.13% for Class A shares, 1.84% for Class B shares, 1.86% for Class C shares, 1.13% for Class D shares, 1.29% for Class R shares, 0.89% for Class P shares, 0.89% for Institutional Class shares and 1.14% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

26 November 30, 2014  | Annual Report

Unaudited

AllianzGI Global Allocation Fund (cont’d)

Cumulative Returns Through November 30, 2014

Fund Allocation (as of November 30, 2014)

PIMCO Income	8.2%
AllianzGI U.S. Managed Volatility	8.1%
AllianzGI NFJ Dividend Value	6.0%
AllianzGI NFJ Global Dividend Value	5.6%
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged)	5.1%
AllianzGI NFJ International Value	5.0%
PIMCO Floating Income	5.0%
AllianzGI Short Duration High Income	5.0%
Other	52.0%
Cash & Equivalents — Net	0.0%

Shareholder Expense Example	Actual Performance
	Class A	Class B	Class C	Class D	Class R	Class P	Institutional Class	Administrative Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$999.60	$996.60	$995.90	$999.70	$999.70	$1,000.80	$1,000.80	$999.70
Expenses Paid During Period	$2.01	$5.56	$5.65	$2.01	$2.81	$0.80	$0.80	$2.06
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class B	Class C	Class D	Class R	Class P	Institutional Class	Administrative Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,023.06	$1,019.50	$1,019.40	$1,023.06	$1,022.26	$1,024.27	$1,024.27	$1,023.01
Expenses Paid During Period	$2.03	$5.62	$5.72	$2.03	$2.84	$0.81	$0.81	$2.08

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.40% for Class A, 1.11% for Class B, 1.13% for Class C, 0.40% for Class D, 0.56% for Class R, 0.16% for Class P, 0.16% for Institutional Class and 0.41% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/365. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

Annual Report |  November 30, 2014 27

Unaudited

AllianzGI Global Growth Allocation Fund

For the period of December 1, 2013 through November 30, 2014, as provided by the US Multi-Asset Group.

Fund Insights

For the reporting period ended November 30, 2014, Class A Shares at NAV of the AllianzGI Global Growth Allocation Fund (the “Fund”) returned 3.40%, underperforming the MSCI AC World Index (the “benchmark index”), which returned 8.04%.

Portfolio Review

During the twelve-month period ending November 30, 2014, and relative to its benchmark index, the Fund placed a strong emphasis on diversification with off-benchmark exposure to commodities, real estate, international small cap equities, frontier market equities, US small cap equities, international fixed income and short-term US fixed income. The Fund held an underweight to global equities through an underweight position to US large-cap equities and international large-cap equities. The Fund remains among the most diversified within its Morningstar category.

From an asset class perspective, the Fund’s positioning within global equities detracted from the period’s relative return. Exposure away from US large cap equities into other return-generating asset classes detracted from returns as the S&P 500 Index gained over 16% during the reporting period. Exposure to commodities detracted from the period’s relative return as the Bloomberg Commodity Index fell over 9% during the period. This price drop was mainly influenced by the sharp decline in oil prices as discussed in the market review and outlook. The negative impact on the Fund’s commodity allocation was partially offset by the Fund’s exposure to real estate, as the Dow Jones US Select REIT Index was up over 30% during the reporting period.

Exposure to underlying funds implementing managed-volatility strategies had a mixed effect on relative returns with each of the AllianzGI International Managed Volatility and AllianzGI Global Managed Volatility Funds outperforming its respective benchmark, while the AllianzGI U.S. Managed Volatility underperformed its respective benchmark index. The AllianzGI U.S. Managed Volatility Fund was hindered from the outperformance of higher-volatility equities over their lower-volatility counterparts.

In aggregate, the Fund’s diversification away from global large cap equities into other return-generating asset classes negatively impacted the Fund’s relative return. The Fund maintains its focus on diversification with continued exposure outside of equities and into other return-generating assets such as commodities, real estate, high yield bonds, emerging market bonds, and convertible bonds.

Average Annual Total Return for the period ended November 30, 2014

	1 Year		5 Year		Since Inception†
AllianzGI Global Growth Allocation Fund Class A		3.40%		8.68%		13.36%
AllianzGI Global Growth Allocation Fund Class A (adjusted)		–2.29%		7.45%		12.22%
AllianzGI Global Growth Allocation Fund Class C		2.57%		7.88%		12.53%
AllianzGI Global Growth Allocation Fund Class C (adjusted)		1.69%		7.88%		12.53%
AllianzGI Global Growth Allocation Fund Class D		3.41%		8.69%		13.38%
AllianzGI Global Growth Allocation Fund Class R		3.17%		8.43%		13.11%
AllianzGI Global Growth Allocation Fund Class P		3.57%		8.88%		13.58%
AllianzGI Global Growth Allocation Fund Institutional Class		3.69%		9.00%		13.70%
AllianzGI Global Growth Allocation Fund Administrative Class		3.38%		8.72%		13.41%
MSCI AC World Index		8.04%		10.05%		14.95%
80% MSCI AC World Index 20% Barclays US Agg. Index		7.54%		9.03%		13.09%
Lipper Global Flexible Portfolio Funds Average		5.49%		8.89%		12.00%

† The Fund began operations on 4/27/09. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 4/30/09.

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 initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% 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. See pages 82 and 83 for more information. The Fund’s gross expense ratios are 4.67% for Class A shares, 5.36% for Class C shares, 4.99% for Class D shares, 5.11% for Class R shares, 4.59% for Class P shares, 4.31% for Institutional Class shares and 4.62% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/15. The Fund’s expense ratios net of this reduction are 1.23% for Class A shares, 2.01% for Class C shares, 1.23% for Class D shares, 1.46% for Class R shares, 1.06% for Class P shares, 0.96% for Institutional Class shares and 1.21% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

28 November 30, 2014  | Annual Report

Unaudited

AllianzGI Global Growth Allocation Fund (cont’d)

Cumulative Returns Through November 30, 2014

Fund Allocation (as of November 30, 2014)

AllianzGI Best Styles Global Equity	8.3%
AllianzGI U.S. Managed Volatility	8.2%
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged)	7.2%
PIMCO Short-Term	7.1%
AllianzGI Behavioral Advantage Large Cap	5.2%
AllianzGI International Managed Volatility	5.1%
PIMCO CommoditiesPLUS® Strategy	4.8%
AllianzGI NFJ Mid-Cap Value	4.6%
Other	50.3%
Cash & Equivalents — Net	–0.8%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class R	Class P	Institutional Class	Administrative Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$984.00	$980.10	$983.90	$983.00	$984.90	$985.40	$984.00
Expenses Paid During Period	$1.99	$5.86	$1.99	$3.13	$1.14	$0.65	$1.89
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class R	Class P	Institutional Class	Administrative Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,023.06	$1,019.15	$1,023.06	$1,021.91	$1,023.92	$1,024.42	$1,023.16
Expenses Paid During Period	$2.03	$5.97	$2.03	$3.19	$1.17	$0.66	$1.93

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.40% for Class A, 1.18% for Class C, 0.40% for Class D, 0.63% for Class R, 0.23% for Class P, 0.13% for Institutional Class and 0.38% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/365. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

Annual Report |  November 30, 2014 29

Unaudited

AllianzGI Behavioral Advantage Large Cap Fund

For the period of December 1, 2013 through November 30, 2014, as provided by Raife Giovinazzo, CFA, PhD, Portfolio Manager.

Fund Insights

For the reporting period ended November 30, 2014, Class A Shares at NAV of the AllianzGI Behavioral Advantage Large Cap Fund (the “Fund”) returned 13.43%, underperforming the S&P 500 Index (the “benchmark index”), which returned 16.86%.

On an absolute basis, this was a good year for the stock market and the Fund as the U.S. economy continued to improve and investors continued to move money into the stock market.

Portfolio Review

On a relative basis, we underperformed the benchmark index. Our underperformance relative to the benchmark index was a combination of sector allocation and stock selection. We use a “bottom up” process of selecting stocks, which happened to result in slightly weak sector allocation this period. In general, we aim for a diversified portfolio that is roughly similar to the benchmark index in sector composition. As for stock selection, we were better at picking which stocks to avoid than which stocks to own. Over this period, 44% of the stocks that we over-weighted relative to the benchmark index subsequently out-performed, while 53% of the stocks we under-weighted relative to the benchmark index subsequently under-performed.

We follow a two-step investment process: we begin with a proprietary “Smart Beta” starting index that weights stocks proportional to accounting measures of size, and then we add an overlay based on behavioral finance. For the year ending November 30, 2014, our Smart Beta starting index largely matched the benchmark index. Our behavioral overlay underperformed, primarily due to our under-reaction sub-strategy that selects stocks with good news to which other investors are under-reacting. In the long run, we expect both our proprietary starting index and our behavioral overlay to add alpha relative to the benchmark index.

Our stock selection in Industrials was relatively strong, while our stock selection in Information Technology was relatively weak. During the review period, Apple was one of our largest positions at 1.1% on average of the portfolio. But because Apple is so big—Apple is about 3% of the benchmark index—even with a 1.1% average position in the Fund, we were still underweight Apple. Apple outperformed the benchmark index by almost 40% last year, making it simultaneously both the biggest positive contributor to absolute performance, and our biggest negative contributor to relative performance. Our biggest positive contributor to relative performance was Hewlett Packard, which we owned both because of our Smart Beta index and our behavioral overlay. Since the Fund is built deliberately as a diversified portfolio of 400-500 stocks, there were many minor wins and losses, but no single stock dominated for good or for bad.

While 2014 resulted in strong absolute performance and weak relative performance, our track record since inception is decidedly positive. Looking forward, we see many opportunities, and aim for similar long-term out-performance from our behavioral-finance inspired investment process over the long run.

Average Annual Total Return for the period ended November 30, 2014

	1 Year		Since Inception†
AllianzGI Behavioral Advantage Large Cap Fund Class A		13.43%		22.61%
AllianzGI Behavioral Advantage Large Cap Fund Class A (adjusted)		7.19%		20.48%
AllianzGI Behavioral Advantage Large Cap Fund Class C		12.61%		21.69%
AllianzGI Behavioral Advantage Large Cap Fund Class C (adjusted)		11.61%		21.69%
AllianzGI Behavioral Advantage Large Cap Fund Class D		13.45%		22.61%
AllianzGI Behavioral Advantage Large Cap Fund Class P		13.64%		22.86%
AllianzGI Behavioral Advantage Large Cap Fund Institutional Class		13.79%		23.00%
S&P 500 Index		16.86%		21.39%
Lipper Multi-Cap Core Funds Average		12.80%		18.18%

† The Fund began operations on 9/8/11. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 8/31/11.

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 initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% 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. See pages 82 and 83 for more information. The Fund’s gross expense ratios are 1.25% for Class A shares, 2.08% for Class C shares, 2.08% for Class D shares, 1.20% for Class P shares and 1.05% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/15. The Fund’s expense ratios net of this reduction are 0.81% for Class A shares, 1.57% for Class C shares, 0.81% for Class D shares, 0.65% for Class P shares and 0.55% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

30 November 30, 2014  | Annual Report

Unaudited

AllianzGI Behavioral Advantage Large Cap Fund (cont’d)

Cumulative Returns Through November 30, 2014

Industry Allocation (as of November 30, 2014)

Oil, Gas & Consumable Fuels	7.5%
IT Services	6.4%
Technology Hardware, Storage & Peripherals	5.1%
Health Care Providers & Services	4.8%
Aerospace & Defense	4.8%
Software	4.3%
Specialty Retail	4.2%
Semiconductors & Semiconductor Equipment	4.1%
Other	57.7%
Cash & Equivalents — Net	1.1%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,077.70	$1,073.80	$1,077.80	$1,078.50	$1,079.40
Expenses Paid During Period	$4.22	$8.16	$4.22	$3.39	$2.87
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,021.01	$1,017.20	$1,021.01	$1,021.81	$1,022.31
Expenses Paid During Period	$4.10	$7.94	$4.10	$3.29	$2.79

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.81% for Class A, 1.57% for Class C, 0.81% for Class D, 0.65% for Class P and 0.55% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/365.

Annual Report |  November 30, 2014 31

Unaudited

AllianzGI Best Styles Global Equity Fund

From inception on December 2, 2013 through November 30, 2014, as provided by Dr. Rainer Tafelmayer, Portfolio Manager.

Fund Insights

For the reporting period ended November 30, 2014, Class R6 Shares at NAV of the AllianzGI Best Styles Global Equity Fund (the “Fund”) returned 10.53%, outperforming the MSCI AC World Index (the “benchmark index”), which returned 8.52%.

The Fund implemented a well-diversified blend of the five long-term successful investment styles, emphasizing Value, Momentum, Earnings Change, Growth and Quality, and as such established a well-diversified mix of contrarian and trend-following investment styles.

Portfolio Review

In the first half of the reporting period, until the middle of May 2014, the Fund generated only moderate outperformance over the benchmark index with weaker performance in the area of value and positive contributions from the trend-following investment styles of momentum and earnings revisions. During March and April 2014, the investment style momentum incurred substantial underperformance. The value and small cap exposures of the Fund on the other hand, were able to compensate for the relative losses of momentum, so that the Fund remained slightly ahead of the benchmark index overall, demonstrating the benefits of a well-diversified investment style mix. In May and June, the Fund outperformed the benchmark index by around 1%, with all the major investment styles contributing positively and earnings revisions delivering the strongest outperformance. In October and November, the trend-following investment styles of momentum and earnings revisions as well as quality showed strong outperformance, value being rather flat to the benchmark index, lifting the strategy by another 1.75% over the benchmark index, resulting in an outperformance ahead of expectations over the reporting period.

The Fund’s strategy has only moderate leeway for sector allocation with a maximum deviation of 3% vs. the benchmark index for active sector weightings. The overall contribution from active sector allocation was strictly positive for the Fund’s strategy over the reporting period, with underweight positions in energy and materials as well as overweighting health care adding the most to relative performance, while underweighting consumer staples detracted to some extent.

From a regional point of view, the overall contribution from active weightings was also positive, especially from overweighting US stocks and underweighting Pacific ex Japan. Underweighting Europe ex UK also contributed positively. The contributions from underweighting emerging markets in the Fund’s strategy was also positive during the reporting period.

The Fund holds a broad number of stocks to implement a well-diversified mix of investment styles and assigns a maximum active weighting of 1% to individual stocks. Thus, the performance impact of individual stocks is lower for the Fund as compared to concentrated portfolios. In sum, the performance contributions from stock selection were also strongly positive over the past 12 months.

Cumulative Return for the period ended November 30, 2014

	Since Inception†
AllianzGI Best Styles Global Equity Fund Class A		10.18%
AllianzGI Best Styles Global Equity Fund Class A (adjusted)		4.12%
AllianzGI Best Styles Global Equity Fund Institutional Class		10.45%
AllianzGI Best Styles Global Equity Fund Class R6		10.53%
MSCI AC World Index		8.52%
Lipper Global Multi-Cap Core Funds Average		6.57%

† The Fund began operations on 12/2/2013. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 11/30/2013.

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 initial sales charge of 5.50% on Class A Shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 82 and 83 for more information. The Fund’s gross expense ratios are 1.83% for Class A shares, 1.58% for Institutional Class Shares and 1.54% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/16. The Funds expense ratios net of this reduction are 0.75% for Class A shares, 0.50% for Institutional Class shares and 0.40% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

32 November 30, 2014  | Annual Report

Unaudited

AllianzGI Best Styles Global Equity Fund (cont’d)

Cumulative Returns Through November 30, 2014

Country Allocation (as of November 30, 2014)

United States	48.5%
Japan	9.6%
Canada	5.4%
United Kingdom	4.4%
China	3.0%
France	2.7%
Germany	2.6%
Switzerland	2.0%
Other	16.3%
Cash & Equivalents — Net	5.5%

Shareholder Expense Example	Actual Performance
	Class A	Institutional Class	Class R6
Beginning Account Value*	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,003.60	$1,004.20	$1,035.00
Expenses Paid During Period	$1.83	$1.22	$2.04
	Hypothetical Performance
	(5% return before expenses)
	Class A	Institutional Class	Class R6
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,021.31	$1,022.56	$1,023.06
Expenses Paid During Period	$3.80	$2.54	$2.03

* Class A and Institutional Class commenced operations on September 2, 2014. The Actual expense example for Class A and Institutional Class is based on the period since inception; the Actual expense example for Class R6 and the Hypothetical expense example are based on the period beginning June 1, 2014. If the Hypothetical expense example had been based on the period since inception, the Ending Account Value and Expenses Paid During Period would have been: $1,010.36 and $1.84, respectively, for Class A; and $1,010.97 and $1.23, respectively, for Institutional Class.

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.75% for Class A, 0.50% for Institutional Class and 0.40% for Class R6), multiplied by the average account value over the period, multiplied by 183 (89 for Class A and Institutional Class)/365 for the Actual expense example and 183/365 for the Hypothetical expense example.

Annual Report |  November 30, 2014 33

Unaudited

AllianzGI China Equity Fund

For the period of December 1, 2013 through November 30, 2014, as provided by Christina Chung, Portfolio Manager.

Fund Insights

For the reporting period ended November 30, 2014, the Class A shares at NAV of the AllianzGI China Equity Fund (the “Fund”) returned 3.47%, outperforming the MSCI China Index (the “benchmark index”), which returned 3.07%.

Portfolio Review

The relative outperformance was attributed to both sector allocation and stock selection. Our stock selection in the industrials sector was the largest contributor to relative performance. In contrast, stock selection in information technology was an area of weakness and detracted from performance. One of our stock picks in the industrial sector (an environmental protection company) continues to be the major contributor to outperformance of the Fund as the company recorded strong order flows. On the negative side, the information technology sector detracted from relative performance over the reporting period in part because of our position in an IT services provider. However, we believe that the company is transforming from an IT distribution to an IT services business model, which should increase the company’s profitability. Management’s execution has been very strong while revenue is under pressure; management has made a concerted effort to cut costs and cash flow remains very strong. We believe that the de-rating is overdone and expect to see share price recovery in the medium term.

The equity markets rebounded in February after a sharp sell-off in late January 2014. The ride was bumpy due to the renminbi volatility, continued lackluster macro-economic data and tightened lending policies impacting the property sector. After hitting the bottom in early May, the Chinese equity markets have held up relatively well since then. Economic data for April and May improved, indicating China’s economy was stabilizing. Improvement was broad-based with both domestic orders and external demand sub-indices indicating growth, thanks to the mini-stimulus packages taking effect.

News on State Owned Enterprise (“SOE”) reform, the Shanghai-Hong Kong Mutual Market Access scheme and targeted stimulus measures supported the equity markets in the third quarter. However, the offshore Chinese/Hong Kong equity market suffered a sharp sell-off across the board near the end of the quarter. This was a result of the lackluster macroeconomic data in China, and towards the end of the month, the uncertainty created by the “Occupy Central” protests in Hong Kong. The markets steadied in October and edged higher towards month-end. As “Occupy Central” had largely faded into the background in November, the equity market was initially undermined by the lukewarm response on the Mutual Market Access scheme but was subsequently lifted as a result of the surprise interest rate cut announced by the People’s Bank of China (“PBoC”) on November 21, 2014.

Expectations of further monetary easing, including reserve requirement ratio (“RRR”) cut and relaxation on loan-deposit ratio, should continue to drive the Hong Kong equity market particularly for Chinese stocks. We believe that the current policy easing is unlikely to have a significant impact on economic growth. Hence, we remain cautious on cyclical stocks such as materials, commodities and energy. However, expectations of further interest rate cuts should drive liquidity into the A-share markets and this should have a positive spillover effect into H-shares. As a result, we believe the financial sector will lead the market rally in the short/medium term and hence we would selectively increase exposure to the sector.

Average Annual Total Return for the period ended November 30, 2014

	1 Year		Since Inception†
AllianzGI China Equity Fund Class A		3.47%		7.12%
AllianzGI China Equity Fund Class A (adjusted)		–2.22%		5.78%
AllianzGI China Equity Fund Class C		2.63%		6.35%
AllianzGI China Equity Fund Class C (adjusted)		1.63%		6.35%
AllianzGI China Equity Fund Class D		3.34%		7.14%
AllianzGI China Equity Fund Class P		3.62%		7.42%
AllianzGI China Equity Fund Institutional Class		3.68%		7.51%
MSCI China Index		3.07%		5.85%
Lipper China Region Funds Average		3.22%		6.48%

† The Fund began operations on 6/7/10. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 5/31/2010.

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 initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% 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. See pages 82 and 83 for more information. The Fund’s gross expense ratios are 5.88% for Class A shares, 6.59% for Class C shares, 13.23% for Class D shares, 5.73% for Class P shares and 5.69% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/15. The Fund’s expense ratios net of this reduction are 1.70% for Class A shares, 2.45% for Class C shares, 1.77% for Class D shares, 1.51% for Class P shares and 1.45% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

34 November 30, 2014  | Annual Report

Unaudited

AllianzGI China Equity Fund (cont’d)

Cumulative Returns Through November 30, 2014

Industry Allocation (as of November 30, 2014)

Banks	13.7%
Automobiles	9.1%
Insurance	8.4%
Electronic Equipment, Instruments and Components	7.9%
Machinery	7.6%
Internet Software & Services	6.6%
Oil, Gas & Consumable Fuels	6.0%
Wireless Telecommunication Services	5.2%
Other	42.5%
Cash & Equivalents — Net	–7.0%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,109.10	$1,104.60	$1,108.30	$1,110.10	$1,110.30
Expenses Paid During Period	$8.99	$12.93	$9.35	$7.99	$7.67
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,016.55	$1,012.78	$1,016.19	$1,017.50	$1,017.80
Expenses Paid During Period	$8.59	$12.36	$8.95	$7.64	$7.33

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.70% for Class A, 2.45% for Class C, 1.77% for Class D, 1.51% for Class P and 1.45% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/365.

Annual Report |  November 30, 2014 35

Unaudited

AllianzGI Convertible Fund

For the period of December 1, 2013 through November 30, 2014, as provided by Doug Forsyth, Portfolio Manager.

Fund Insights

For the reporting period ended November 30, 2014, Class A Shares at NAV of the AllianzGI Convertible Fund (the “Fund”) returned 9.56%, underperforming the BofA Merrill Lynch All Convertibles Index (the “benchmark index”), which returned 12.44%.

Portfolio Review

In the reporting period, convertible bonds benefited from higher equity prices and credit spread tightening. The S&P 500 Index reached a new all-time high in November with the majority of corporate earnings meeting or exceeding expectations. Growing optimism on the US economic outlook and ongoing accommodative global central bank policies supported the stock market’s advance.

While credit risk continued to be minimal, external factors provided the largest influence on the market’s direction during the reporting period. These factors included corporate profits, economic data points, geopolitical uncertainty, the Fed outlook and the rapid crude oil sell-off.

Corporate earnings for a majority of companies came in better than expected, which helped support markets throughout the reporting period. In addition, the majority of companies reported revenue above analyst expectations. Finally, the outlooks provided by many companies were encouraging and appeared achievable.

Another factor that influenced the convertible market during the period was economic data trends. Throughout the reporting period, both current and expected statistics generally pointed to a US economy that is slowly grinding higher. While some of the US data released later in the third quarter was weaker; the majority of economic releases during the reporting period were positive. Globally, however, the economic statistics were more mixed, with Europe getting incrementally weaker. While the equity and convertible markets showed more volatility around individual economic releases, the prospects for continued low default rates supported downside protection for convertible bonds.

Across the geopolitical landscape, recent headlines continued to add uncertainty for risk assets in the market. The added day-to-day volatility did not help the equity or convertible markets.

Global central banks continued to be generally accommodative, and the US Fed governors’ comments maintained a dovish stance. However, unlike the investor interpretation in the first half of the year, sentiment in late July and early August shifted to a view that the Fed would begin to tighten more quickly than previously expected. The immediate result, albeit a potentially perverse reaction, was that risk assets immediately sold off. However, we believe the reality is that the Fed will tighten only in response to a more robust economy, and therefore the outlook is for more constructive corporate profits and low defaults.

Finally, declining global oil prices caused volatility in the equity markets. The Organization of the Petroleum Exporting Countries (“OPEC”) decision not to cut oil production accelerated the sell-off in crude oil. This had an immediate negative impact on the energy sector and energy-related stocks globally.

Performance

The Fund rallied with the market in the reporting period. The attribution for the period included several positive single-name performers from a variety of sectors. The majority of the Fund’s issuers exceeded earnings expectations, which helped contribute to absolute performance.

Sector allocations that helped relative performance in the period included industrials, materials and energy. Positive security selection in the industrials sector was beneficial, while an underweight and stronger issue-specific performance within the materials sector had a positive impact on a relative basis. In energy, the portfolio underperformed, but a lower-than-benchmark weight in an underperforming sector more than offset the aforementioned headwind.

In contrast, the Fund’s technology, consumer discretionary and transportation exposure weighed on relative performance during the reporting period. In particular, a slightly overweight and negative security selection within the technology sector detracted. The portfolio’s underperformance in consumer discretionary hindered relative returns, although an overweight helped to minimize the impact. An overweight in transportation was additive, but only partially offset weaker issue-specific performance.

36 November 30, 2014  | Annual Report

Unaudited

AllianzGI Convertible Fund (cont’d)

Average Annual Total Return for the period ended November 30, 2014

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI Convertible Fund Class A		9.56%		13.05%		9.52%		10.60%
AllianzGI Convertible Fund Class A (adjusted)		3.54%		11.78%		8.90%		10.31%
AllianzGI Convertible Fund Class C		8.78%		12.22%		8.71%		9.78%
AllianzGI Convertible Fund Class C (adjusted)		7.78%		12.22%		8.71%		9.78%
AllianzGI Convertible Fund Class D		9.47%		13.01%		9.50%		10.59%
AllianzGI Convertible Fund Class R		9.22%		12.68%		9.21%		10.31%
AllianzGI Convertible Fund Class P		9.80%		13.27%		9.75%		10.84%
AllianzGI Convertible Fund Institutional Class		9.91%		13.39%		9.86%		10.95%
AllianzGI Convertible Fund Administrative Class		9.66%		13.10%		9.55%		10.61%
BofA Merrill Lynch All Convertibles Index		12.44%		12.80%		7.46%		8.59%
Lipper Conv. Securities Funds Average		9.24%		10.48%		6.41%		8.36%

† The Fund began operations on 4/19/93. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 4/30/93.

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 initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% 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. See pages 82 and 83 for more information. The Fund’s expense ratios are 0.96% for Class A shares, 1.70% for Class C shares, 1.02% for Class D shares, 1.51% for Class R shares, 0.75% for Class P shares, 0.65% for Institutional Class shares and 0.90% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

Cumulative Returns Through November 30, 2014

Industry Allocation (as of November 30, 2014)

Semiconductors	10.0%
Pharmaceuticals	8.6%
Biotechnology	7.9%
Software	7.0%
Internet	6.5%
Healthcare-Products	4.7%
Real Estate Investment Trust	4.0%
Computers	3.7%
Other	45.0%
Cash & Equivalents — Net	2.6%

Moody’s Ratings* (as of November 30, 2014)

* As a percentage of total investments. Bond ratings refer to the underlying holdings of the Fund and are categorized from highest to lowest credit quality using ratings provided by Moody’s. Moody’s ratings have been selected for several reasons, including the access to information and materials provided by Moody’s, as well as the Fund’s consideration of industry practice. See “Important Information” for more detail on the selection of Moody’s for the Fund’s ratings presentation. Bonds not rated by Moody’s or bonds that do not have a rating available are designated in the chart as “NR” and “NA”, respectively.

Annual Report |  November 30, 2014 37

Unaudited

AllianzGI Convertible Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class R	Class P	Institutional Class	Administrative Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,023.20	$1,019.60	$1,022.50	$1,021.60	$1,024.40	$1,024.90	$1,023.70
Expenses Paid During Period	$5.07	$8.71	$5.63	$6.79	$3.81	$3.35	$4.57
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class R	Class P	Institutional Class	Administrative Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,020.05	$1,016.44	$1,019.50	$1,018.35	$1,021.31	$1,021.76	$1,020.56
Expenses Paid During Period	$5.06	$8.69	$5.62	$6.78	$3.80	$3.35	$4.56

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.00% for Class A, 1.72% for Class C, 1.11% for Class D, 1.34% for Class R, 0.75% for Class P, 0.66% for Institutional Class and 0.90% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/365.

38 November 30, 2014  | Annual Report

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Annual Report |  November 30, 2014 39

Unaudited

AllianzGI Emerging Markets Debt Fund

From inception on September 15, 2014 through November 30, 2014, as provided by Zeke Diwan, Portfolio Manager.

Fund Insights

For the period from inception on September 15, 2014 through November 30, 2014, Class A Shares at NAV of the AllianzGI Emerging Markets Debt Fund (the “Fund”) returned -0.53%, underperforming the custom blended index, comprised of 40% J.P. Morgan EMBI Global Diversified, 40% J.P. Morgan CEMBI Broad Diversified, 20% J.P. Morgan GBI Global EM Diversified Index (the “benchmark index”), which returned 0.26%.

Portfolio Review

During the reporting period, the emerging market debt universe provided mixed returns on the back of negative risk sentiment in fixed income spread products resulting from a confluence of factors, including significantly lower prices for oil and other major commodities, further ramifications from the Russia/Ukraine conflict, and the strengthening of the US dollar versus all major currencies in both developed markets and emerging markets. Hard currency sovereign and hard currency corporate bonds posted positive performance, while local currency bonds generated negative performance.

Contributing to this underperformance, in our view, was a low yielding environment persisting during 2014. This view was largely impacted by the slide in commodity and most notably oil prices. Our substrategy allocation relied on a 42% corporate selection strategy, roughly 8% income selection and nearly 16% quasi-sovereign selection. These three substrategies were under pressure from October onwards as the front end of the US Treasury curve underperformed in a bear flattening move, impacting short-term assets. Corporate assets, particularly those in commodity producing countries, or oil assets, particularly those in emerging market oil producing nations, remain under increasing pressure. Finally, there was a divergent trend between quasi-sovereign assets and sovereign assets, as valuations began to factor in additional spread premium for banks, and state entities in need of support in the face of falling budgets as a result of lower export income.

As of the beginning of November, a steady rise in liquidity premia began filtering through spreads, when the crisis in Russia accelerated.

In hard currency, the mostly widely followed indices, the J.P. Morgan EMBI Global Diversified Composite and J.P. Morgan Corporate EMBI Broad Diversified Composite, reported returns of +1.26% and +0.47%, respectively, for the period. In local currency, the J.P. Morgan GBI-EM Global Diversified Composite Unhedged USD returned -2.16% for the period. By way of comparison, the return for the widely followed BofA Merrill Lynch US High Yield Constrained Index was -0.57% during the period while the MSCI Emerging Markets Index returned -4.84%.

During the period, we witnessed the end of the third round of quantitative easing and clearer data points that the trajectory of the US economy was an improving trajectory and with that a potentially more hawkish Fed and higher Fed Funds rates in 2015, potentially as early as the first half of the year. In this context, it is not surprising that within emerging market debt, hard currency debt outperformed local currency debt, with the latter tending to underperform the former with greater magnitude during a period of rate normalization.

With this backdrop in mind, paradoxically during the period we saw a significant compression in US Treasury yields as risk sentiment deteriorated in October due to a number of the aforementioned factors with both global stock and credit markets experiencing a correction during the month as investors shifted into safe haven assets from risk assets. The yield on 5-year, 10-year and 30-year US Treasuries declined 31 basis points, 43 basis points and 45 basis points, respectively.

This compression in yields was a boon to hard currency investment grade emerging market sovereign and corporate bonds, which are much more correlated to treasuries than their high yield counterparts in emerging market debt. The differential in performance was stark. Investment grade hard currency sovereign and investment grade hard currency corporate bonds generated returns of +2.28% and +1.23%, respectively, during the period, with investors not surprisingly preferring sovereign bonds to corporate bonds. In contrast, high yield hard currency sovereign and high yield hard currency corporate bonds returned -0.58% and -1.08%, respectively, during the period, with the same preference for government entities over private ones.

As opposed to hard currency emerging market bonds, local currency emerging market bonds had challenging performance, as is expected during a period of negative global risk sentiment as the US dollar tends to outperform all other currencies as investors allocate to the safe haven reserve currencies. During the period, the US Dollar Index (DXY) returned +5.09%. Local bonds, which are approximately twice as liquid as hard currency bonds, took the brunt of the pain as investors liquidated long carry positions.

Hard Currency Sovereign Comments

Hard Currency Sovereign Market Environment

Hard currency sovereign debt returned +1.26% for the period. Over this time horizon, hard currency sovereign spreads widened by 31bps. However, the spread move was more than offset by the tightening in US Treasury yields mentioned above.

On a regional basis, Asia meaningfully outperformed, generating returns of +2.60%, followed by Africa with +1.79%, with Europe, Latin America and the Middle East underperforming with returns of +0.91%, +0.76% and +0.65%, respectively.

At the country level, oil importers delivered small positive returns, mostly from the tightening in US rates and minor spread compression. On the other hand, the oil exporting countries had large negative returns, not just from falling oil prices but idiosyncratic factors as well. Argentina had the largest positive return in EMBI Global Diversified during our reference period, driven by optimism about the expiry of the RUFO clause at year-end and likelihood of a deal with the holdout investors during 2015. Argentina was followed by large importers of oil, such as Egypt, Pakistan, Turkey, Hungary, South Africa, Romania, Morocco, Sri Lanka and Indonesia. Venezuela, Ukraine, Ecuador and Kazakhstan were the worst-performing countries in the EMBI Global Diversified Index.

40 November 30, 2014  | Annual Report

Unaudited

AllianzGI Emerging Markets Debt Fund (cont’d)

In Ukraine, the market has started to price in risk of a debt restructuring in 2015, resulting in a large correction on the country’s bonds. In Venezuela, oil accounts for almost all of the exports of the country and the lack of a major policy adjustment was received negatively by the investor community. Ecuador and Kazakhstan are both large exporters of oil, with low debt/GDP ratios, the market still punished these credits as the oil sell-off gathered momentum in the fourth quarter.

Portfolio Specifics

Our sovereign allocations emphasized oil importing countries, with 73% of the basket concentrated in countries whose fiscal positions benefit from declines in oil prices. We have been overweight countries such as Morocco, Pakistan, Kenya, Chile and Indonesia for that reason. An exception is Venezuela, where we are holding bonds of the 100% state-owned oil company PDVSA that trade near recovery value, and we think that the country has enough resources, even with low oil prices, to avoid default. We are also overweight Kazakhstan as we believe that the country’s sovereign bonds have been over-sold. Kazakhstan is a net international creditor, with debt/GDP of about 15% and international reserves worth 35% of GDP.

Hard Currency Corporate Comments

Hard Currency Corporate Market Environment

During the period, hard currency corporate spreads widened 30 basis points to 317 basis points to yield 5.55% at period end. The decline in US Treasury yields during the period more than offset the widening in spreads, resulting in a net positive return of +0.47%.

On a regional basis, in hard currency corporate bonds in US dollar terms, the Middle East region meaningfully outperformed, generating returns of +1.36%, followed by Asia with +1.13%, with Latin America, Europe and Africa underperforming with returns of +0.06%, -0.77% and -1.36%, respectively.

There were significant headwinds during the period, especially during the month of October when risk sentiment turned negative and with it global credit and equity markets experiencing a meaningful sell-off. Investors’ preference for the safety of higher quality bonds showed during the period, with investment grade EM corporate returning +1.23% versus high yield EM corporate, which returned -1.09%.

A 20% decline in oil prices clearly had an impact on energy-related companies, especially those further down the credit curve in high yield. Heightened geopolitical risk in Russia and Ukraine continued to impact the corporates in these countries. This was especially the case in Russia, where the impact of Western sanctions, restrictions placed on the ability of corporates to access the bond market, and most importantly the reduction of Russian exposure by investors on an increasingly waning appetite had a meaningful impact on all Russian names. In addition to this, some EM corporate names which were widely held by US high yield investors were also sold off in line with the sell-off in that market during the period.

Hard Currency Corporate Portfolio Specifics

During the period, the corporate section of the portfolio underperformed the overall corporate market. The underperformance was the result of a number of factors. The portfolio’s corporate exposure was geographically equally weighted exposure across all three major regions (Asia, CEEMEA and Latin America) and this mix underperformed the market as Asia and the Middle East were the outperformers. In addition to this, there were a couple of negative idiosyncratic credit stories in the portfolio in Brazil and Russia, which resulted in meaningful negative relative performance. These negatives were partially offset by strong performance in select Asian investment grade entities and to a lesser degree the portfolio’s Turkish exposure.

Local Currency

Local Currency Market Environment

Since the beginning of September, the US dollar strength became more pronounced on the back of increased signs of Fed tightening amid strong US economic data. Meanwhile renewed concerns surrounding countries with external imbalances resulted in higher volatility across all emerging markets currencies, with a wholesale sell-off in the area led by Russia, which was the biggest underperformer.

Oil prices fell during October as the global oil supply kept increasing while the demand remained tepid. Negative momentum continued in November following the OPEC decision not to reduce supply, causing significant weakness in commodity exporting currencies and bonds. As the US dollar rally continued, risk sentiment towards emerging market currencies soured further. Meanwhile emerging market local currency bonds rallied across most of the regions, as falling oil prices resulted in lower inflation expectations.

On a regional basis, in local currency bonds in US dollar terms, the Middle East & Africa region meaningfully outperformed, generating returns of +2.42%, followed by Asia with +0.17%, with Europe and Latin America underperforming with returns of -2.43% and -5.60%, respectively.

Local Currency Sovereign Portfolio Specifics

The Fund’s local currency exposure outperformed the overall market. The Fund held local currency bond positions in Mexico, Brazil and South Africa at the time of inception in September. However, the Fund hedged the currency exposures, and was unscathed from the market volatility witnessed in currencies. The Fund’s long duration exposures in Mexico, Brazil and South Africa contributed positively as well to the Fund’s performance. Overall the Fund maintained a significant underweight exposure to the emerging market local currencies, while holding long duration exposures in Mexico, Brazil and South Africa. Following the sell-off in early December, the Fund added exposures to Colombia and Malaysia on a tactical basis as valuation for those markets looks compelling despite negative market sentiment.

Annual Report |  November 30, 2014 41

Unaudited

AllianzGI Emerging Markets Debt Fund (cont’d)

Overall Market Outlook

Approximately 65% of emerging market countries and 68% of emerging market companies are rated investment grade today, which we believe implies that solvency is not an issue for the vast majority of the emerging market debt universe and that default risk going forward remains low with the exception of a few countries and companies.

With that said, it is becoming increasing clear that the appetite of the broker-dealer community in the new paradigm of increased capital requirements and expanded regulatory requirements resulting from recent legislation (Dodd-Frank, EMIR) has resulted in a material near-to medium-term reduction in banks’ ability to hold inventory and in turn provide secondary market liquidity.

As a result, secondary market volumes continue to remain at historically low levels especially relative to massive growth of the asset class. This lack of liquidity is not purely an emerging market debt phenomenon but has also affected all credit markets in both developed as well as emerging regions. We do not believe this trend will revert back to more normalized levels for a number of years and investors need to allocate and manage risk appropriately.

Cumulative Return for the period ended November 30, 2014

	Since Inception†
AllianzGI Emerging Markets Debt Fund Class A		–0.53%
AllianzGI Emerging Markets Debt Fund Class A (adjusted)		–4.26%
AllianzGI Emerging Markets Debt Fund Class C		–0.67%
AllianzGI Emerging Markets Debt Fund Class C (adjusted)		–1.66%
AllianzGI Emerging Markets Debt Fund Class P		–0.53%
AllianzGI Emerging Markets Debt Fund Institutional Class		–0.47%
JPM EMBI Global Diversified USD		1.26%
40% JPM EMBI Global Div, 40% JPM CEMBI Broad Div, 20% JPM GBI Global EM Div		0.26%
Lipper Emerging Markets Hard Currency Debt Funds Average		0.07%

† The Fund began operations on 9/15/14. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 9/30/14.

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 initial sales charge of 3.75% on Class A shares and the contingent deferred sales charge (CDSC) of 1% 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. See pages 82 and 83 for more information. The Fund’s gross expense ratios are 2.37% for Class A shares, 3.12% for Class C shares, 2.22% for Class P shares and 2.12% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 11/30/15. The Fund’s expense ratios net of this reduction are 1.20% for Class A shares, 1.95% for Class C shares, 1.05% for Class P shares and 0.95% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

42 November 30, 2014  | Annual Report

Unaudited

AllianzGI Emerging Markets Debt Fund (cont’d)

Cumulative Returns Through November 30, 2014

Country Allocation (as of November 30, 2014)

Brazil	9.3%
China	8.9%
Mexico	6.5%
Turkey	6.0%
Russian Federation	5.0%
Indonesia	4.8%
Chile	4.6%
India	4.3%
Other	42.1%
Cash & Equivalents — Net	8.5%

Moody’s Ratings* (as of November 30, 2014)

* As a percentage of total investments. Bond ratings refer to the underlying holdings of the Fund and are categorized from highest to lowest credit quality using ratings provided by Moody’s. Moody’s ratings have been selected for several reasons, including the access to information and materials provided by Moody’s, as well as the Fund’s consideration of industry practice. See “Important Information” for more detail on the selection of Moody’s for the Fund’s ratings presentation. Bonds not rated by Moody’s or bonds that do not have a rating available are designated in the chart as “NR” and “NA”, respectively.

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (9/15/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$994.70	$993.30	$994.70	$995.30
Expenses Paid During Period	$2.49	$4.05	$2.18	$1.97
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,019.05	$1,015.29	$1,019.80	$1,020.31
Expenses Paid During Period	$6.07	$9.85	$5.32	$4.81

The Fund commenced operations on September 15, 2014. The Actual expense example is based on the period since inception; the Hypothetical expense example is based on the period beginning June 1, 2014. If the Hypothetical expense example had been based on the period since inception, the Ending Account Value and Expenses Paid During Period would have been: $1,007.91 and $2.51, respectively, for Class A; $1,006.35 and $4.07, respectively, for Class C; $1,008.22 and $2.20, respectively, for Class P; and $1,008.43 and $1.99, respectively, for Institutional Class.

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.20% for Class A, 1.95% for Class C, 1.05% for Class P and 0.95% for Institutional Class), multiplied by the average account value over the period, multiplied by 76/365 for the Actual expense example and 183/365 for the Hypothetical expense example.

Annual Report |  November 30, 2014 43

Unaudited

AllianzGI Global Fundamental Strategy Fund

For the period of December 1, 2013 through November 30, 2014, as provided by Klaus Teleoken, Portfolio Manager.

Fund Insights

For the reporting period ended November 30, 2014, Class A shares at NAV of the AllianzGI Global Fundamental Strategy Fund (the “Fund”) returned 4.45%, outperforming USD Overnight LIBOR, which returned 0.09%.

Portfolio Review

The US economy started the year on a weak note to recover strongly and overall performed well throughout the year reporting solid economic data. The stability in the US economy was a positive catalyst for equity markets, with both the Dow Jones and S&P 500 reaching all-time highs towards the end of the reporting period. US Quantitative Easing ended in 2014 as the Federal Reserve Bank believes that there has been substantial improvement in the labor market and that the US economy is now on a sound footing in terms of price stability.

There is speculation that the European Central Bank (“ECB”) will introduce some sort of Quantitative Easing in Europe in 2015. In November, ECB President Mario Draghi emphasized that the ECB was willing to take unconventional monetary policy measures in order to fight potential deflation tendencies and prop up growth in the euro area. After initial gains emerging markets equities suffered against the background of expected higher US policy rates to end the year almost unchanged. By contrast, emerging markets hard currency bonds registered solid returns and outperformed developed markets for part of the year. India, Indonesia and Turkey are markedly up this year along with China.

The political unrest in the Ukraine and the economic sanctions against Russia have increased pressure on the markets in the second half of 2014 and the full implications of these sanctions still have to be realized. In the euro area, disappointing economic data has depressed the market somewhat and manufacturing Purchasing Managers’ Index (PMI) fell to a 13-month low. GDP was below expectations. Despite these figures, we regard the risk of slipping into deflation as small. Financial markets seem to have called off fears of a backlash towards recession which were prevalent in the first quarter of 2014. We believe all signs are pointing to a global recovery with positive consumer confidence in most regions, the US PMI at 56 and good numbers reported by China. We believe that as long as Federal Reserve Banks stick to accommodative policies economic fundamentals will be supported.

The performance of the Fund was characterized by solid gains interrupted by two set-backs in February 2014 and in October 2014. While the first set-back was particularly related to Emerging Markets, the October correction portended market fears of Federal Reserve Bank tightening. Bond and equity classes were both hit hard during the month of October, but rallied to end in positive territory. Local currencies which had performed very well in the first two quarters were down, but have regained ground since.

During the reporting period, the main contributors to performance were blue chip equities, European periphery bonds and infrastructure debt. Overall, the oil and materials sectors have detracted from the Fund’s performance. At the close of the reporting period, the Fund held approximately 51% of the portfolio in fixed income securities, 40% in equities and the remaining holdings in cash.

We initiated exposure to the German real estate market which has already begun to contribute positively to performance.

We believe that the Fund remains on track to reach its target of LIBOR + 4% annual return over a full economic cycle. In discussions on recent market and geopolitical events, we have a consensus of opinion that we are not heading for deflation, neither in Europe nor in emerging markets, but rather are in a soft patch with intact upward growth. In effect, we appear to be in another mini-cycle and expect the robust figures from the US, in particular the labor market and PMI figures, to give momentum to the global upward growth we perceive. EMU policy-makers are more worried than necessary given the current situation. We expect monetary policy and a weak euro to be helpful in sustaining the Euro recovery.

Despite the exceptionally good run of government bonds in the US and in Europe we remain suspicious of duration. In the light of continuously improving economic data, financial markets, at some point in time, will try to pro-actively be ahead of Federal Reserve Banks. This is likely to hit high-quality high-duration bonds in particular.

44 November 30, 2014  | Annual Report

Unaudited

AllianzGI Global Fundamental Strategy Fund (cont’d)

Cumulative Return for the period ended November 30, 2014

	1 Year		Since Inception†
AllianzGI Global Fundamental Strategy Fund Class A		4.45%		5.30%
AllianzGI Global Fundamental Strategy Fund Class A (adjusted)		–1.29%		1.18%
AllianzGI Global Fundamental Strategy Fund Class C		3.69%		4.51%
AllianzGI Global Fundamental Strategy Fund Class C (adjusted)		2.69%		4.51%
AllianzGI Global Fundamental Strategy Fund Class D		4.45%		5.30%
AllianzGI Global Fundamental Strategy Fund Class P		4.66%		5.49%
AllianzGI Global Fundamental Strategy Fund Institutional Class		4.72%		5.58%
USD Overnight LIBOR		0.09%		0.10%
70% MSCI ACWI/30% Barclays Global Aggregate Index		5.84%		11.29%
USD Overnight LIBOR + 4%		4.22%		4.23%
Lipper Absolute Return Funds Average		2.49%		3.57%

† The Fund began operations on 7/1/13. Benchmark return comparisons began on the fund inception date. 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 initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% 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. See pages 82 and 83 for more information. The Fund’s gross expense ratios are 1.94% for Class A shares, 2.69% for Class C shares, 1.94% for Class D shares, 1.69% for Class P shares and 1.67% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/15. The Fund’s expense ratios net of this reduction are 1.25% for Class A shares, 2.00% for Class C shares, 1.25% for Class D shares, 1.10% for Class P shares and 1.00% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

Cumulative Returns Through November 30, 2014

Country Allocation (as of November 30, 2014)

United States	28.1%
Switzerland	8.4%
Italy	6.4%
United Kingdom	5.2%
Spain	4.8%
Germany	4.8%
Supranational	4.5%
Indonesia	3.5%
Other	23.1%
Cash & Equivalents — Net (including Options Purchased and Written)	11.2%

Annual Report |  November 30, 2014 45

Unaudited

AllianzGI Global Fundamental Strategy Fund (cont’d)

Moody’s Ratings* (as of November 30, 2014)

* As a percentage of total investments. Bond ratings refer to the underlying holdings of the Fund and are categorized from highest to lowest credit quality using ratings provided by Moody’s. Moody’s ratings have been selected for several reasons, including the access to information and materials provided by Moody’s, as well as the Fund’s consideration of industry practice. See “Important Information” for more detail on the selection of Moody’s for the Fund’s ratings presentation. Bonds not rated by Moody’s or bonds that do not have a rating available are designated in the chart “NR” and “NA”, respectively.

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$991.40	$987.60	$991.40	$992.60	$992.60
Expenses Paid During Period	$6.24	$9.97	$6.24	$5.49	$5.00
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,018.80	$1,015.04	$1,018.80	$1,019.55	$1,020.05
Expenses Paid During Period	$6.33	$10.10	$6.33	$5.57	$5.06

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.25% for Class A, 2.00% for Class C, 1.25% for Class D, 1.10% for Class P and 1.00% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/365.

46 November 30, 2014  | Annual Report

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Annual Report |  November 30, 2014 47

Unaudited

AllianzGI Global Managed Volatility Fund

For the period from December 1, 2013 to November 30, 2014, as provided by Steve Tael, Portfolio Manager.

Fund Insights

For the reporting period ended November 30, 2014, Class A Shares at NAV of the AllianzGI Global Managed Volatility Fund (the “Fund”) returned 10.88%, outperforming the MSCI World Index (the “benchmark index”), which returned 8.91%.

Portfolio Review

Market Environment

During the reporting period, the benchmark index was broadly higher advancing in nine out of twelve months. Investors initially focused on improving global growth projections and a benign inflation environment, which led to a string of five positive months from February to June. However, volatility increased with market declines in July and September amid concerns of slowing economic growth and potential for an upcoming US monetary tightening cycle. In addition, energy prices and US dollar strength led to a divergence among countries and sectors.

From a regional standpoint, European stocks were only modestly higher for the period, as positive performance in Switzerland, Belgium and Denmark was offset by double-digit declines in Portugal, Austria and Norway. Larger benchmark weights, including Germany and France, were lower on concerns of slowing export demand. Developed market Asian equities declined slightly as concerns of slowing GDP growth, and the impact from a sales tax increase hurt consumption in Japan which trumped positive performance in Singapore and Hong Kong. The United States, which represents greater than 50% of the benchmark index, was higher on the back of improving employment figures, low inflation and currency strength, as the dollar rallied meaningfully during the second half of the reporting period.

Sector performance was mixed during the annual reporting period. Information technology, health care, utilities and consumer staples each posted double-digit returns, while energy and materials stocks were lower on the back of the strength in the US dollar and declining oil and commodity prices.

Performance Driven by Allocation and Stock Selection

The managed volatility investment process takes advantage of the fact that stocks can have complementary risk characteristics and creates a portfolio with lower expected risk than the benchmark index. The investment team’s expectation is that this lower risk focus will result in outperformance for clients over time due in part to the impact of wealth preservation during more volatile market environments. From a risk standpoint, the Fund achieved its desired lower risk objective, with approximately three-quarters of the risk compared to the benchmark index.

From a country standpoint, selections in Canada and France contributed to performance, as did an underweight to Japan where risk had been increasing throughout the reporting period. Meanwhile, our allocations to China and Norway offset results modestly. Results were more divergent from a sector standpoint, with a relative overweight to the lower risk Utilities sector contributing positively to results. In addition, selections within industrials, financials and energy sectors also added to results during the annual reporting period. Conversely, a relative underweight to higher risk information technology stocks offset results as the sector was the top benchmark performer. Selections within materials and consumer discretionary also detracted modestly.

Our investment team anticipates that the current low volatility environment may potentially ratchet higher due to unforeseen macroeconomic shocks globally, particularly should the period of loose monetary supply come to an end. We suggest our approach of constructing a portfolio with lower forecast risk than the benchmark index, and potential for similar or better returns over time, will prove advantageous for clients.

Average Annual Total Return for the period ended November 30, 2014

	1 Year		Since Inception†
AllianzGI Global Managed Volatility Fund Class A		10.88%		11.78%
AllianzGI Global Managed Volatility Fund Class A (adjusted)		4.78%		9.66%
AllianzGI Global Managed Volatility Fund Class C		10.07%		10.98%
AllianzGI Global Managed Volatility Fund Class C (adjusted)		9.07%		10.98%
AllianzGI Global Managed Volatility Fund Class D		10.87%		11.80%
AllianzGI Global Managed Volatility Fund Class P		11.14%		12.06%
AllianzGI Global Managed Volatility Fund Institutional Class		11.19%		12.15%
MSCI World Index		8.91%		18.05%
MSCI World Minimum Volatility Index		12.35%		14.31%
Lipper Global Multi-Cap Value Funds Average		5.18%		14.10%

† The Fund began operations on 12/19/11. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/11.

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 initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% 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. See pages 82 and 83 for more information. The Fund’s gross expense ratios are 2.63% for Class A shares, 3.26% for Class C shares, 2.84% for Class D shares, 2.38% for Class P shares and 2.32% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/15. The Fund’s expense ratios net of this reduction are 0.94% for Class A shares, 1.62% for Class C shares, 0.94% for Class D shares, 0.69% for Class P shares and 0.60% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

48 November 30, 2014  | Annual Report

Unaudited

AllianzGI Global Managed Volatility Fund (cont’d)

Cumulative Returns Through November 30, 2014

Country Allocation (as of November 30, 2014)

United States	57.8%
Canada	11.4%
Hong Kong	5.1%
United Kingdom	4.9%
Japan	3.7%
Singapore	3.2%
China	2.4%
Israel	2.1%
Other	7.7%
Cash & Equivalents — Net	1.7%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,048.50	$1,045.00	$1,048.50	$1,049.90	$1,049.90
Expenses Paid During Period	$4.83	$8.30	$4.83	$3.55	$3.08
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,020.36	$1,016.95	$1,020.36	$1,021.61	$1,022.06
Expenses Paid During Period	$4.76	$8.19	$4.76	$3.50	$3.04

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.94% for Class A, 1.62% for Class C, 0.94% for Class D, 0.69% for Class P and 0.60% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/365.

Annual Report |  November 30, 2014 49

Unaudited

AllianzGI Global Water Fund

For the period of December 1, 2013 through November 30, 2014, as provided by Andreas Fruschki, Portfolio Manager.

Fund Insights

For the reporting period ended November 30, 2014, Class A shares at NAV of the AllianzGI Global Water Fund (the “Fund”) returned 2.57%, underperforming the S&P Global Water Index (the “benchmark index”), which returned 8.39%.

Portfolio Review

Markets

While the S&P Global Water Index’s absolute performance was positive over the period, the relative performance of the Fund lagged the benchmark index due to an overweight in water industrials.

The best performing stocks in 2014 within the water universe were water utilities, particularly in the UK, US and France. With interest rates at low levels globally and a stable growth outlook based on the infrastructure upgrades necessary, water utilities offered a compelling investment case last year.

On the other hand, both industrial growth and global GDP growth remained low, which especially hurt capital expenditures needed for capacity additions or new greenfield projects. As water technology equipment is also needed in new manufacturing or exploration sites, growth for water industrial technology did not reach expectations.

Industrials selling water technology equipment to customers operating in power generation, oil & gas exploration or the mining sector experienced a decline in their order intake relative to previous years. An improving order intake from municipalities, which after years of deferring water infrastructure upgrades have started to invest again, was only partially able to offset the decline.

Ebara, Sulzer, Spectris, Rotork and Franklin Electric, all leaders in their respective niches, were among the worst-performing stocks.

Positive contributions came from our holdings in US water utilities, such as Aqua America, and Hong Kong’s water utility Guangdong Investment.

Outlook

We expect investments in water infrastructure to continue to accelerate as municipalities stop postponing investments needed to address the further deterioration of the existing networks in the US and Europe. Core holdings of the Fund remain the leading water pump companies and companies with differentiated products needed for water infrastructure operations.

Average Annual Total Return for the period ended November 30, 2014

	1 Year		5 Year		Since Inception†
AllianzGI Global Water Fund Class A		2.57%		10.17%		4.42%
AllianzGI Global Water Fund Class A (adjusted)		–3.07%		8.93%		3.54%
AllianzGI Global Water Fund Class C		1.82%		9.33%		3.64%
AllianzGI Global Water Fund Class C (adjusted)		0.82%		9.33%		3.64%
AllianzGI Global Water Fund Class D		2.42%		10.11%		4.38%
AllianzGI Global Water Fund Class P		2.87%		10.41%		4.66%
AllianzGI Global Water Fund Institutional Class		2.82%		10.51%		4.75%
MSCI AC World Index		8.04%		10.05%		4.68%
S&P Global Water Index		8.39%		12.57%		6.76%
Lipper Global Natural Resources Funds Average		–9.72%		0.39%		–3.86%

† The Fund began operations on 3/31/08. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 3/31/08.

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 initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% 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. See pages 82 and 83 for more information. The Fund’s expense ratios are 1.52% for Class A shares, 2.29% for Class C shares, 1.60% for Class D shares, 1.26% for Class P shares and 1.18% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

50 November 30, 2014  | Annual Report

Unaudited

AllianzGI Global Water Fund (cont’d)

Cumulative Returns Through November 30, 2014

Country Allocation (as of November 30, 2014)

United States	36.9%
United Kingdom	21.0%
Switzerland	8.4%
Netherlands	4.8%
France	4.5%
Germany	4.3%
Austria	3.6%
China	3.4%
Other	7.9%
Cash & Equivalents — Net	5.2%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$960.70	$957.30	$960.50	$962.40	$961.90
Expenses Paid During Period	$7.32	$10.99	$7.86	$6.00	$5.80
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,017.60	$1,013.84	$1,017.05	$1,018.95	$1,019.15
Expenses Paid During Period	$7.54	$11.31	$8.09	$6.17	$5.97

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.49% for Class A, 2.24% for Class C, 1.60% for Class D, 1.22% for Class P and 1.18% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/365.

Annual Report |  November 30, 2014 51

Unaudited

AllianzGI High Yield Bond Fund

For the period of December 1, 2013 through November 30, 2014, as provided by Doug Forsyth, Portfolio Manager.

Fund Insights

For the reporting period ended November 30, 2014, Class A Shares at NAV of the AllianzGI High Yield Bond Fund (the “Fund”) returned 2.39%, underperforming the BofA Merrill Lynch High Yield Master II Index (the “benchmark index”), which returned 4.61%.

Portfolio Review

While credit risk continued to be minimal, external factors exerted the largest influence on the market’s direction during the reporting period. These factors included Treasury rates, technical supply/demand in the market, geopolitical uncertainty and economic data points. Other factors included the Fed outlook and the sell-off in crude oil.

The high-yield market was influenced by treasury yields. After the 10-year Treasury yield fell from 3.03% at the beginning of the year to 2.72% in the first quarter, rates fell yet again to 2.53% in the second quarter. High-yield bonds have a low correlation with treasury bonds on a historical basis. However, as discussed in previous commentaries, BB rated issuers are far more correlated with treasuries today compared with previous cycles. This combination of higher correlation and the interest-rate decline had a positive influence on high-yield prices in the first half of 2014.

During the third quarter, many market observers were partially correct in assessing the supply/demand flow activity as a major driver of the direction of high-yield bond prices. However, the outflow activity had a far greater impact on pricing. There were a variety of data points in mutual fund flows, ETFs and institutional rebalancing cited as pushing prices lower.

In terms of the geopolitical landscape, recent headlines continued to add uncertainty for risk assets in the market. The added day-to-day volatility did not help the equity market or high-yield bond pricing.

Another factor that influenced high-yield markets during the period was the ongoing trend in economic statistics. Both current and expected statistics generally pointed to a US economy that is slowly grinding higher. While some of the data later in the third quarter were more mixed, the majority were positive. These trends helped confirm the prospects for the continued low default rate for high-yield bonds.

Global central banks continued to be generally accommodative, and the US Fed governors’ comments maintained a dovish stance. However, unlike the investor interpretation in the first half of the year, sentiment in late July and early August shifted to a view that the Fed would begin to tighten more quickly than previously expected. The immediate result, albeit a potentially perverse reaction, was that risk assets immediately sold off. However, we believe the reality is that the Fed will tighten only in response to a more robust economy, and therefore the outlook is for more constructive corporate profits and low defaults.

Finally, the high-yield market, which has an approximate weight of 15% in energy-related issuers, was impacted by a sharp sell-off in crude oil that accelerated into the end of the reporting period.

Performance

The Fund’s performance lagged the benchmark index return. There are indicators that show the portfolio did not benefit from its relative positioning in the reporting period. The BB rated issuers benefited from the Treasury market’s performance in the first half of the year, and the portfolio’s underweight to these issuers was a drag on relative performance in 2014. The BB rated group was still the top-performing category in the second half of the year despite its relatively unattractive yields. As a flight-to-quality trade developed, these issues were spared the markdown seen in the B and CCC rated categories. Although the portfolio’s underweight in CCC rated issues did help, it was not enough to offset the broad market sell-off.

Industry allocations that helped relative performance during the period included technology, metals/mining ex steel and printing/publishing. Technology was aided by an overweight and stronger issue-specific performance. An underweight in metals/mining ex steel and an overweight in the printing/publishing industry were beneficial.

Industry allocations that hurt relative performance during the period included energy, automotive & auto parts and banking. The portfolio’s underperformance in energy hindered relative returns although an underweight helped to minimize the impact. The automotive & auto parts industry exhibited weaker-than-benchmark index performance. Minimal exposure to the banking industry, which closed higher, detracted from relative performance.

52 November 30, 2014  | Annual Report

Unaudited

AllianzGI High Yield Bond Fund (cont’d)

Average Annual Total Return for the period ended November 30, 2014

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI High Yield Bond Fund Class A		2.39%		8.99%		7.23%		7.83%
AllianzGI High Yield Bond Fund Class A (adjusted)		–1.44%		8.16%		6.82%		7.61%
AllianzGI High Yield Bond Fund Class C		1.57%		8.20%		6.45%		7.04%
AllianzGI High Yield Bond Fund Class C (adjusted)		0.62%		8.20%		6.45%		7.04%
AllianzGI High Yield Bond Fund Class D		2.17%		8.96%		7.22%		7.82%
AllianzGI High Yield Bond Fund Class R		1.91%		8.68%		6.95%		7.55%
AllianzGI High Yield Bond Fund Class P		2.63%		9.22%		7.43%		8.01%
AllianzGI High Yield Bond Fund Institutional Class		2.59%		9.37%		7.67%		8.30%
AllianzGI High Yield Bond Fund Administrative Class		2.27%		9.01%		7.24%		7.84%
BofA Merrill Lynch US High Yield Master II Index		4.61%		9.88%		7.93%		7.48%
Lipper High Yield Funds Average		3.36%		8.86%		6.66%		6.49%

† The Fund began operations on 7/31/96. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 7/31/96.

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 themaximum initial sales charge of 3.75% on Class A shares and the contingent deferred sales charge (CDSC) of 1% 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. See pages 82 and 83 for more information. The Fund’s expense ratios are 0.91% for Class A shares, 1.70% for Class C shares, 1.02% for Class D shares, 1.32% for Class R shares, 0.71% for Class P shares, 0.62% for Institutional Class shares and 0.90% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

Cumulative Returns Through November 30, 2014

Industry Allocation (as of November 30, 2014)

Oil, Gas & Consumable Fuels	10.9%
Commercial Services	9.7%
Telecommunications	9.4%
Media	8.2%
Diversified Financial Services	4.7%
Healthcare — Services	4.4%
Retail	4.3%
Home Builders	4.1%
Other	41.9%
Cash & Equivalents — Net	2.4%

Moody’s Ratings* (as of November 30, 2014)

* As a percentage of total investments. Bond ratings refer to the underlying holdings of the Fund and are categorized from highest to lowest credit quality using ratings provided by Moody’s. Moody’s ratings have been selected for several reasons, including the access to information and materials provided by Moody’s, as well as the Fund’s consideration of industry practice. See “Important Information” for more detail on the selection of Moody’s for the Fund’s ratings presentation. Bonds not rated by Moody’s or bonds that do not have a rating available are designated in the chart as “NR” and “NA”, respectively.

Annual Report |  November 30, 2014 53

Unaudited

AllianzGI High Yield Bond Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class R	Class P	Institutional Class	Administrative Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$982.10	$978.70	$981.70	$978.30	$984.00	$983.30	$981.20
Expenses Paid During Period	$4.72	$8.18	$4.92	$8.08	$3.38	$3.13	$5.12
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class R	Class P	Institutional Class	Administrative Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,020.31	$1,016.80	$1,020.10	$1,016.90	$1,021.66	$1,021.91	$1,019.90
Expenses Paid During Period	$4.81	$8.34	$5.01	$8.24	$3.45	$3.19	$5.22

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.95% for Class A, 1.65% for Class C, 0.99% for Class D, 1.63% for Class R, 0.68% for Class P, 0.63% for Institutional Class and 1.03% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/365.

54 November 30, 2014  | Annual Report

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Annual Report |  November 30, 2014 55

Unaudited

AllianzGI International Small-Cap Fund

For the period of December 1, 2013 through November 30, 2014, as provided by Andrew Neville, Portfolio Manager.

Fund Insights

For the reporting period ended November 30, 2014, Class A shares at NAV of the AllianzGI International Small-Cap Fund (the “Fund”) returned -5.84% lagging the MSCI World ex USA Small Cap Index (the “benchmark index”), which returned -2.36%.

International smaller companies came under pressure during the second half of the reporting period. While Japanese smaller cap companies only registered slight losses over the course of the reporting period, smaller companies from Europe and the Asia ex Japan region fared worse.

During the early part of the reporting period, markets experienced a setback mainly on the back of unfavorable news from the emerging markets. Emerging market assets lost across the board as leading indicators came in weaker and monetary policy failed to stabilize the currencies of several emerging markets which suffered from political unrest. Later on, concerns about the impact of the Crimean crisis dampened investor sentiment temporarily. However, markets turned back into positive territory as sentiment benefited from the fact that US monetary policy looks set to remain loose for a longer time to come. Investors increasingly believed that US growth would pick up and that the Chinese government would support the country’s economy. In the Euro area, sentiment brightened further. Investors assumed that the European Central Bank would launch new stimulus measures soon. The outcome of the European elections and the elections in Ukraine brought relief at the political level. China’s Purchasing Managers’ Index for April indicated a continued slow and soft recovery for China’s economy. In Japan, the core CPI hit a 23-year high, as the increase in Japan’s national sales tax boosted prices across the board. Going into the third quarter, mixed economic data and rising geopolitical risks led to profit taking. Besides tensions in the Middle East, the EU and the US both announced new sanctions against Russia, targeting the sectors of energy, banking and defence. In Japan, the cabinet approved Prime Minister Shinzo’s revamped “third arrow” of structural reforms, the centerpiece being a corporate tax rate. Later on, disappointing Chinese economic data, first air strikes in Syria, intensified sanctions on Russia and weak Eurozone economic data weighed on equity markets. Strong US economic data, the more expansionary ECB policy, the weakening euro, the Scottish ‘No’ vote and brisk IPO and M&A activity acted as a counterweight. Global equity markets then suffered a turbulent October as euro-zone recession fears, the imminent end of the Fed’s quantitative easing and the first diagnosis of Ebola in the US triggered a sharp correction of equity markets in the first half of the month. However, robust US economic data, a strong start to the US earnings season and the surprising expansion of quantitative easing by the Bank of Japan resulted in a powerful recovery subsequently.

Stock selection was the main driver of the Fund’s relative performance. Geographically, stock selection detracted within all three sleeve portfolios, Europe, Japan and Asia ex Japan. Sector-wise, selection detracted most within information technology, financials and consumer discretionary. Sector structure resulted in a slight positive contribution due to the underweight in energy and materials and an overweight position in information technology.

During the reporting period, the Fund’s largest overweights relative to the benchmark index were in information technology, consumer discretionary and health care while the largest underweights were in financials followed by materials and energy. Geographically the largest overweights were in China, Sweden and Denmark while the largest underweights were in Canada, Australia and the UK.

The strongest stock contributors to performance were the positions in Hikma Pharmaceuticals (UK), Japan Airport Terminal and Yamaha Motor (both Japan) while the positions in Gameloft (France), Yoox (Italy) and Takata Corporation (Japan) were the largest detractors. Hikma is a multinational generic company that focuses on the development, manufacturing, and marketing of branded and non-branded generics with a leading presence in the MENA region, Europe and the US. The stock was supported by results, which surprised positively and confirmed that the strong growth in the MENA region continues. Gameloft is a global publisher of digital and social games for all platforms including smartphones, tablets, smart TVs and mobile phones serving a global market. Due to a delay of introducing new games the stock price suffered. Yoox, which designs and operates Internet trading platforms for fashion and designer products, saw profit taking after disappointing results.

56 November 30, 2014  | Annual Report

Unaudited

AllianzGI International Small-Cap Fund (cont’d)

Average Annual Total Return for the period ended November 30, 2014

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI International Small-Cap Fund Class A		–5.84%		9.25%		9.08%		12.13%
AllianzGI International Small-Cap Fund Class A (adjusted)		–11.01%		8.02%		8.47%		11.76%
AllianzGI International Small-Cap Fund Class C		–6.52%		8.44%		8.27%		11.30%
AllianzGI International Small-Cap Fund Class C (adjusted)		–7.36%		8.44%		8.27%		11.30%
AllianzGI International Small-Cap Fund Class D		–5.83%		9.24%		9.08%		12.13%
AllianzGI International Small-Cap Fund Class R		–6.06%		8.98%		8.81%		11.85%
AllianzGI International Small-Cap Fund Class P		–5.68%		9.48%		9.35%		12.47%
AllianzGI International Small-Cap Fund Institutional Class		–5.61%		9.59%		9.48%		12.56%
MSCI World ex USA Small Cap Index		–2.36%		8.35%		6.44%		7.65%
MSCI EAFE Small Cap Index		–2.19%		8.92%		6.61%		7.61%
Lipper International Small/Mid-Cap Growth Funds Average		–1.99%		9.80%		8.01%		8.88%

† The Fund began operations on 12/31/97. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/97.

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 initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% 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. See pages 82 and 83 for more information. The Fund’s gross expense ratios are 1.83% for Class A shares, 2.43% for Class C shares, 1.73% for Class D shares, 1.96% for Class R shares, 1.52% for Class P shares and 1.44% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/15. The Fund’s expense ratios net of this reduction are 1.45% for Class A shares, 2.19% for Class C shares, 1.45% for Class D shares, 1.70% for Class R shares, 1.28% for Class P shares and 1.21% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

Cumulative Returns Through November 30, 2014

Country Allocation (as of November 30, 2014)

Japan	25.7%
United Kingdom	12.8%
Sweden	7.4%
Germany	7.4%
France	7.1%
Spain	5.0%
Denmark	4.7%
Austria	3.3%
Other	23.1%
Cash & Equivalents — Net	3.5%

Annual Report |  November 30, 2014 57

Unaudited

AllianzGI International Small-Cap Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class R	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$924.90	$921.60	$924.80	$923.70	$925.70	$925.90
Expenses Paid During Period	$7.00	$10.55	$7.00	$8.20	$6.18	$5.84
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class R	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,017.80	$1,014.09	$1,017.80	$1,016.55	$1,018.65	$1,019.00
Expenses Paid During Period	$7.33	$11.06	$7.33	$8.59	$6.48	$6.12

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.45% for Class A, 2.19% for Class C, 1.45% for Class D, 1.70% for Class R, 1.28% for Class P and 1.21% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/365.

58 November 30, 2014  | Annual Report

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Annual Report |  November 30, 2014 59

Unaudited

AllianzGI Micro Cap Fund

For the period of December 1, 2013 through November 30, 2014, as provided by John McCraw, Portfolio Manager.

Fund Insights

For the reporting period ended November 30, 2014, Class A Shares at NAV of the AllianzGI Micro Cap Fund (the “Fund”) returned -1.11%, underperforming the Russell Microcap Growth Index (the “benchmark index”), which returned 1.40%.

Portfolio Review

In general, US stocks closed higher despite episodes of equity market volatility throughout the reporting period.

In December 2013, the Fed announced plans to reduce asset purchases beginning in January 2014, but reinforced expectations for continued accommodative central bank policies. These remarks were construed as bullish and provided a boost to equities. Subsequent to major US indices reaching new all-time highs, a correction ensued. Global economic uncertainty and geopolitical tensions were sources of concern. However, depressed investor sentiment coincided with a near-term stock market bottom and a sharp rally in US equities that lasted through March. During this period, US corporations reported healthy fourth-quarter results.

In the second quarter, strength in large cap, broad-based indices masked pockets of weakness and investor rotation. Select Information Technology and Health Care shares, in particular biotechnology, underperformed as well as high-valuation and momentum-oriented companies. Furthermore, investors rotated out of small cap and growth stocks and into large cap and value-oriented equities. In the latter half of the second quarter, all of these trends largely reversed. Outside of stocks, the 10-year US Treasury yield continued to languish near recent lows, confounding investors in light of improving economic data, equity market strength and steady Fed tapering. Lastly, Iraq- and Ukraine-related headlines garnered attention.

Large caps gained modestly in the months that followed, while selling pressure was more concentrated in smaller companies as speculation around Fed commentary and geopolitical concerns prompted investors to reduce exposure to risk assets. Equities found support in August and rallied into mid-September. Healthy second-quarter earnings, elevated M&A activity and a robust IPO market were sources of strength. A reassuring Fed and stronger-than-expected economic reports were supportive also.

As the end of the reporting period neared, the S&P 500 Index fell nearly 10% on global growth concerns. However, the stock market correction was short-lived. The aforementioned index rebounded sharply in the weeks that followed and recorded a fresh all-time high in November. Slowing global economic momentum and benign inflation readings led to further accommodation by the BoJ, hints of aggressive action by President of the European Central Bank, Mario Draghi, and a surprise rate cut by the PBoC. These policies bolstered US equities as well as US Treasuries and the US dollar. A robust final third-quarter GDP report was met with more moderate economic data and corporate profits were generally better than expected. Lastly, the price of crude oil tumbled on fears supply would continue to outstrip demand, with OPEC deciding against production cuts.

Against this backdrop, the Russell Microcap Index returned 0.79% and underperformed the Russell 2000 Index, which returned 3.99%. Within the microcap universe, growth-oriented stocks outpaced value-oriented stocks.

Specific to the Russell Microcap Growth Index, sector performance was mixed. Health care and telecommunications were the strongest-performing sectors, followed by Financial and Utilities. In contrast, the Energy sector declined the most, followed by materials, consumer staples and information technology.

Performance

The Fund underperformed its benchmark index over the reporting period. From an attribution perspective, security selection and asset allocation both negatively influenced relative performance, asset allocation to a lesser degree. For example, stock picking in the energy, information technology and industrials sectors detracted and negatively influenced relative performance. Conversely, security selection in consumer discretionary, materials and consumer staples had a positive impact on relative returns. Separately, an underweight in health care and an overweight in Industrials hindered performance. However, an underweight in materials was partially offsetting.

Average Annual Total Return for the period ended November 30, 2014

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI Micro Cap Fund Class A		–1.11%		16.59%		8.23%		11.45%
AllianzGI Micro Cap Fund Class A (adjusted)		–6.55%		15.27%		7.62%		11.12%
AllianzGI Micro Cap Fund Class P		–0.98%		16.78%		8.45%		11.68%
AllianzGI Micro Cap Fund Institutional Class		–0.97%		16.90%		8.56%		11.80%
Russell Microcap Growth Index		1.40%		17.20%		6.30%		6.75%
Lipper Small-Cap Growth Funds Average		2.80%		17.08%		8.12%		9.25%

† The Fund began operations on 7/12/95. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 6/30/95.

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 initial sales charge of 5.50% on Class A shares.Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 82 and 83 for more information. The Fund’s gross expense ratios are 2.07% for Class A shares, 1.90% for Class P shares and 2.01% for Institutional Class shares. This ratio does not include an expense reduction, contractually guaranteed through at least 3/31/15. The Fund’s expense ratios net of this reduction are 1.62% for Class A shares, 1.44% for Class P shares and 1.54% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

60 November 30, 2014  | Annual Report

Unaudited

AllianzGI Micro Cap Fund (cont’d)

Cumulative Returns Through November 30, 2014

Industry Allocation (as of November 30, 2014)

Health Care Equipment & Supplies	9.4%
Pharmaceuticals	7.4%
Biotechnology	6.7%
Semiconductors & Semiconductor Equipment	4.9%
Road & Rail	4.8%
Internet Software & Services	4.7%
Banks	4.6%
Auto Components	4.0%
Other	51.8%
Cash & Equivalents — Net	1.7%

Shareholder Expense Example	Actual Performance
	Class A	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$997.40	$998.00	$998.00
Expenses Paid During Period	$8.11	$7.21	$7.71
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,016.95	$1,017.85	$1,017.35
Expenses Paid During Period	$8.19	$7.28	$7.79

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.62% for Class A, 1.44% for Class P and 1.54% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/365.

Annual Report |  November 30, 2014 61

Unaudited

AllianzGI Multi-Asset Real Return Fund

For the period of December 1, 2013 through November 30, 2014, as provided by Michael Stamos, CFA, Ph.D., Portfolio Manager.

Fund Insights

For the reporting period ended November 30, 2014, Class A shares at NAV of the AllianzGI Multi-Asset Real Return Fund (the “Fund”) returned -0.81%, underperforming the Barclays US Government Inflation-Linked Bond Index (the “benchmark index”), which returned 3.90%.

Portfolio Review

Returns on assets deemed highly correlated to inflation had mixed results during the reporting period with global real estate securities and TIPS gaining ground while commodities and real estate posted negative returns. The Fund’s diversification into asset classes outside of TIPS for inflation protection had a mixed effect on the Fund’s relative performance, as exposure to commodities and global resource equities negatively impacted relative performance when these asset classes came under selling pressure from a sharp decline in oil prices. Exposure to global real estate contributed positively to relative performance as this asset class gained ground and outperformed the US TIPS market.

The two underperforming asset classes, commodities and global resource equities, were negatively impacted by the supply/demand dynamics of the oil market, which has experienced a roughly 30% decline over the past year. The Dow Jones UBS Commodity Index, which measures a broad basket of commodities, fell -9.04% during the reporting period and the MSCI World/Energy Index declined -8.03%. The portfolio has reduced exposure to these two asset classes throughout the past year, based on an assessment of the portfolio management team’s proprietary market cycle analysis readings from a combined 57% allocation in November 2013 to a 36% weighting by November 2014. However, continued exposure, albeit reduced, weighed on the Fund’s relative performance. The portfolio had increased exposure to global real estate throughout the reporting period, which contributed positively to relative performance as the MSCI World/Real Estate Index gained 15.19%, outperforming the 3.9% return on the benchmark index. Inflation remained relatively subdued throughout the past year, with the October CPI reading showing a 1.7% rise in prices over the past year. This remains below the Fed’s stated 2% inflation goal but was strong enough to draw demand for TIPS for future inflation protection as the Barclays US Government Inflation-Linked Bond Index gained 3.9%.

The Fund maintains a diversified portfolio allocation to all four asset classes, with a 28% allocation to global real estate, an 18% stake in commodities, a 17% weighting to global resource equities and 14% in TIPS. The Fund has the flexibility to invest in opportunistic asset classes when the portfolio management team believes an investment is warranted, which currently accounts for a 12% allocation (mixed among emerging market bonds, US equities and US investment grade corporate bonds).

We expect the Fed to begin raising interest rates next year. The transition to a rate-hike cycle may coincide with increased volatility as markets recalibrate from monetary support toward corporate and economic fundamentals. While the Fed is shifting towards tightening, policy makers are starting from a point of extreme accommodation: At 0.00-0.25% today’s Fed Funds target range compares to an average level of 5.63% since 1971. It will likely be some time before monetary conditions approximate “normal.” Although substantial gains have been made during the post-crisis recovery, the current environment should continue to offer a positive backdrop for growth-related asset classes, not only in relative terms compared with high-quality government bonds, but also in absolute terms. In a world with diverging economic growth paths, we think that more differentiation among and within asset classes will be warranted. Although in the medium term inflation risks seem to be subdued, historically inflation has come suddenly and unexpectedly, therefore the portfolio maintains exposure to inflation-linked asset classes.

Average Annual Total Return for the period ended November 30, 2014

	1 Year		Since Inception†
AllianzGI Multi-Asset Real Return Fund Class A		–0.81%		0.74%
AllianzGI Multi-Asset Real Return Fund Class A (adjusted)		–6.26%		–2.14%
AllianzGI Multi-Asset Real Return Fund Class C		–1.50%		0.04%
AllianzGI Multi-Asset Real Return Fund Class C (adjusted)		–2.47%		0.04%
AllianzGI Multi-Asset Real Return Fund Class D		–0.79%		0.75%
AllianzGI Multi-Asset Real Return Fund Class P		–0.64%		0.89%
AllianzGI Multi-Asset Real Return Fund Institutional Class		–0.50%		1.00%
Barclays US Government Inflation-Linked Bond Index		3.90%		–2.31%
Custom Real Asset Benchmark		2.13%		0.38%
Lipper Alternative Global Macro Funds Average		3.18%		3.33%

† The Fund began operations on 12/17/12. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/12.

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 initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% 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. See pages 82 and 83 for more information. The Fund’s gross expense ratios are 5.58% for Class A shares, 6.71% for Class C shares, 16.68% for Class D shares, 4.91% for Class P shares and 4.90% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/15. The Fund’s expense ratios net of this reduction are 1.26% for Class A shares, 2.01% for Class C shares, 1.26% for Class D shares, 1.11% for Class P shares and 1.01% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

62 November 30, 2014  | Annual Report

Unaudited

AllianzGI Multi-Asset Real Return Fund (cont’d)

Cumulative Returns Through November 30, 2014

Asset Allocation (as of November 30, 2014)

Mutual Funds	37.7%
Common Stock	26.6%
U.S. Treasury Obligations	14.2%
Exchange-Traded Funds	5.1%
Cash & Equivalents — Net	16.4%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$926.10	$923.00	$926.30	$926.90	$927.60
Expenses Paid During Period	$4.10	$7.71	$4.10	$3.38	$2.90
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,020.81	$1,017.05	$1,020.81	$1,021.56	$1,022.06
Expenses Paid During Period	$4.31	$8.09	$4.31	$3.55	$3.04

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.85% for Class A, 1.60% for Class C, 0.85% for Class D, 0.70% for Class P and 0.60% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/365. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

Annual Report |  November 30, 2014 63

Unaudited

AllianzGI NFJ Emerging Markets Value Fund

For the period of December 1, 2013 through November 30, 2014, as provided by Kris Marca, CFA, Product Specialist Associate, and reviewed by Morley D. Campbell, CFA, Portfolio Manager/Analyst.

Fund Insights

For the reporting period ended November 30, 2014, Class A shares at NAV of the AllianzGI NFJ Emerging Markets Value Fund (the “Fund”) returned 3.01%, outperforming the MSCI Emerging Markets Index (the “benchmark index”), which returned 1.06%.

Portfolio Review

International equities were generally weaker than US equities during the reporting period as the S&P 500 Index returned 16.9%—nearly twice that of the MSCI AC World Index, which covers approximately 85% of global investable equities. Within the international equity space, developed stocks were chiefly flat for the period while emerging countries—as measured by the MSCI Emerging Markets Index—returned 1.4%. Geopolitical turmoil still maintained a significant presence, particularly in several of the larger emerging countries. In Brazil, the Ibovespa Equity Index fell almost 20% in US dollar terms in September alone upon the reelection of incumbent President Rousseff, as well as because of lower commodity prices. Both lower oil prices and sanctions placed on Russia as a result of the conflict in Ukraine have hindered the outlook for its economy. A weakening Russian ruble culminated in a 28% loss in US dollar terms in the MICEX Equity Index. Almost all emerging currencies weakened versus the US dollar during the period.

As the quantitative easing program in the US comes to a close, China and Japan have seen fresh shots of monetary stimulus from their central banks. Over the past quarter, the Chinese government injected approximately 500 billion yuan ($81.4 billion) into the country’s top five banks. Lower global interest rates continued to allow companies to access capital on favorable terms.

For the reporting period, six out of the ten economic sectors within the MSCI Emerging Markets Index recorded a positive return. The reporting period exemplified the importance of diversification as the benchmark index’s overall return was marked by high dispersion among sectors. Divergent market performance over the reporting period was tied, in part, to a sizeable drop in oil prices. At the biannual meeting of OPEC nations on November 27, 2014, cartel members voted against production cuts despite a worsening supply glut and weakening demand. The move sent US crude oil to a five-year low of $66/barrel, down 32% year-to-date. Companies in the MSCI Emerging Markets Index energy sector participated in the sell-off, dipping -20%. Health Care bested all sectors by gaining 25% during the period.

Stock Selection Drove the Fund’s Absolute and Relative Outperformance

The Fund’s absolute and relative outperformance versus the benchmark index was due to strong stock selection, though sector and country allocations also contributed to returns during the reporting period.

In terms of stock selection, the Fund’s holdings in the materials, consumer staples and financials sectors were the largest contributors to performance. The Fund’s holdings in the consumer discretionary, utilities and information technology sectors detracted from results.

From a sector allocation perspective, an overweight in the utilities sector and underweight in the energy sector contributed to the Fund’s relative returns during the reporting period. Conversely, the Fund’s underweight in information technology and materials had a negative impact on performance.

Selection by country was positive, particularly across China, India and Mexico. Holdings in Thailand, Russia and Indonesia muted Fund performance during the reporting period.

Country allocation contributed to results, largely due to the Fund’s underweight positions in South Korea and overweight in Egypt. This was slightly offset by overweight positions in Norway and Hong Kong.

Sector and country weight deviations are a result of NFJ’s bottom-up investment process. On average during the reporting period, the Fund’s largest overweights relative to the benchmark index were in the utilities sector and Hong Kong. In contrast, the largest relative underweights were in the consumer staples sector and South Korea.

Average Annual Total Return for the period ended November 30, 2014

	1 Year		Since Inception†
AllianzGI NFJ Emerging Markets Value Fund Class A		3.01%		3.67%
AllianzGI NFJ Emerging Markets Value Fund Class A (adjusted)		–2.65%		0.70%
AllianzGI NFJ Emerging Markets Value Fund Class C		2.19%		2.86%
AllianzGI NFJ Emerging Markets Value Fund Class C (adjusted)		1.19%		2.86%
AllianzGI NFJ Emerging Markets Value Fund Class D		3.01%		3.65%
AllianzGI NFJ Emerging Markets Value Fund Class P		3.19%		3.82%
AllianzGI NFJ Emerging Markets Value Fund Institutional Class		3.25%		3.91%
MSCI Emerging Markets Index		1.06%		0.41%
Lipper Emerging Markets Fund Average		1.27%		0.86%

† The Fund began operations on 12/18/12. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/12.

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 initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% 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. See pages 82 and 83 for more information. The Fund’s gross expense ratios are 15.72% for Class A shares, 18.06% for Class C shares, 7.13% for Class D shares, 6.37% for Class P shares and 6.43% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/15. The Fund’s expense ratios net of this reduction are 1.55% for Class A shares, 2.30% for Class C shares, 1.55% for Class D shares, 1.39% for Class P shares and 1.30% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

64 November 30, 2014  | Annual Report

Unaudited

AllianzGI NFJ Emerging Markets Value Fund (cont’d)

Cumulative Returns Through November 30, 2014

Country Allocation (as of November 30, 2014)

China	22.5%
Brazil	11.8%
Taiwan	11.1%
Korea (Republic of)	10.8%
India	7.5%
South Africa	6.8%
Russian Federation	4.7%
Turkey	4.2%
Other	19.3%
Cash & Equivalents — Net	1.3%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$990.30	$985.90	$989.60	$991.00	$990.60
Expenses Paid During Period	$7.73	$11.45	$7.73	$6.94	$6.49
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,017.30	$1,013.54	$1,017.30	$1,018.10	$1,018.55
Expenses Paid During Period	$7.84	$11.61	$7.84	$7.03	$6.58

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.55% for Class A, 2.30% for Class C, 1.55% for Class D, 1.39% for Class P and 1.30% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/365.

Annual Report |  November 30, 2014 65

Unaudited

AllianzGI NFJ Global Dividend Value Fund

For the period of December 1, 2013 through November 30, 2014, as provided by Kris Marca, CFA, Product Specialist Associate, and reviewed by R. Burns McKinney, CFA, Portfolio Manager/Analyst.

Fund Insights

For the reporting period ended November 30, 2014, Class A shares at NAV of the AllianzGI NFJ Global Dividend Value Fund (the “Fund”) returned 4.32%, underperforming the MSCI AC World Index (the “benchmark index”), which returned 8.04%.

Portfolio Review

US equities were generally strong during the reporting period as the S&P 500 returned 16.9%—nearly twice that of the MSCI AC World Index, which covers approximately 85% of global investable equities. The US summer rally helped create the separation between the two well recognized benchmarks. In the international equity space, developed stocks were chiefly flat for the period while emerging countries returned 1.4%. After investors yanked billions of dollars out of emerging economies in 2013, some fears have seemingly subsided as the frequency of negative headlines has diminished over the trailing twelve months. In the Eurozone, June marked an attempt by the European Central Bank (“ECB”) to counter low inflation with further stimulus measures, including a record low main lending rate of 0.15%. Furthermore, in the third quarter, ECB President Mario Draghi committed to providing a liquidity backstop for Europe’s banking system while Japan avoided a slide into recession and confirmed its monetary policy stance. As the quantitative easing program in the US comes to its twilight, China and Japan have seen fresh shots of monetary stimulus from their central banks. Over the past quarter, the Chinese government injected approximately 500 billion yuan ($81.4 billion) into the country’s top five banks.

For the reporting period, eight out of the ten economic sectors within the MSCI AC World Index recorded a positive return. The benchmark index’s strong absolute return over the reporting period was marked by high dispersion among sector returns. Divergent market performance over the reporting period was tied, in part, to a sizeable drop in oil prices. At the biannual meeting of OPEC nations on November 27, 2014, cartel members voted against production cuts despite a worsening supply glut and weakening demand. The move sent US crude oil to a five-year low of $66/barrel, down 32% year-to-date. Companies in the MSCI AC World Index energy sector participated in the sell-off, dipping -8.9%. Health care bested all sectors by gaining 23.1% during the period.

From a country perspective, returns in North America trumped most of the larger benchmark index constituents as the US and Canada returned 16.8% and 6%, respectively. Two of Europe’s largest countries by GDP—Germany and France—generated negative returns of approximately -3% during the reporting period. Japan delivered a -1.6% return in US dollar terms as hopes that investment activity will offset lackluster consumption have not materialized.

Stock Selection Drove the Fund’s Relative Underperformance

The Fund’s relative performance versus the benchmark index was due to negative stock selection and, to a lesser extent, to country allocation. Sector allocations were neutral.

In terms of stock selection, the Fund’s holdings in the information technology, industrials and health care sectors were the largest contributors to performance during the reporting period. Selection in the consumer discretionary, consumer staples and materials sectors detracted from Fund returns.

From a sector allocation perspective, an underweight in the consumer discretionary sector and overweight in the information technology sector contributed to the Fund’s relative returns during the reporting period. However, this positive impact was offset by the Fund’s overweight position in energy and underweight position in health care, which hampered performance.

Selection by region was marginally negative as positive selection in the United Kingdom and Europe ex UK was overwhelmed by holdings across emerging markets and Japan.

Region allocation detracted from results, largely due to the Fund’s overweight in the emerging markets and underweight in North America. An underweight to Asia/Pacific ex Japan contributed to results over the trailing twelve-month period.

Sector weight deviations are a result of the Fund’s bottom-up investment process. On average during the reporting period, the Fund’s largest overweights relative to the benchmark index were in the energy and telecommunications services sectors, whereas the largest relative underweights were in the consumer staples and consumer discretionary sectors.

Average Annual Total Return for the period ended November 30, 2014

	1 Year		5 Year		Since Inception†
AllianzGI NFJ Global Dividend Value Fund Class A		4.32%		8.66%		11.85%
AllianzGI NFJ Global Dividend Value Fund Class A (adjusted)		–1.42%		7.44%		10.69%
AllianzGI NFJ Global Dividend Value Fund Class C		3.52%		7.84%		10.99%
AllianzGI NFJ Global Dividend Value Fund Class C (adjusted)		2.56%		7.84%		10.99%
AllianzGI NFJ Global Dividend Value Fund Class D		4.25%		8.61%		11.80%
AllianzGI NFJ Global Dividend Value Fund Class P		4.48%		8.86%		12.05%
AllianzGI NFJ Global Dividend Value Fund Institutional Class		4.58%		8.97%		12.16%
MSCI AC World Index		8.04%		10.05%		13.09%
Lipper Global Equity Income Funds Average		6.47%		9.56%		12.43%

† The Fund began operations on 6/26/09. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 6/30/09.

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 initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% 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. See pages 82 and 83 for more information. The Fund’s gross expense ratios are 1.51% for Class A shares, 2.27% for Class C shares, 1.55% for Class D shares, 1.32% for Class P shares and 1.21% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/15. The Fund’s expense ratios net of this reduction are 1.20% for Class A shares, 1.99% for Class C shares, 1.28% for Class D shares, 1.04% for Class P shares and 0.95% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

66 November 30, 2014  | Annual Report

Unaudited

AllianzGI NFJ Global Dividend Value Fund (cont’d)

Cumulative Returns Through November 30, 2014

Country Allocation (as of November 30, 2014)

United States	42.8%
United Kingdom	12.2%
China	6.1%
Japan	5.7%
Spain	4.1%
Israel	3.8%
France	3.8%
Russian Federation	3.4%
Other	16.9%
Cash & Equivalents — Net	1.2%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$998.50	$994.70	$998.50	$999.30	$999.60
Expenses Paid During Period	$6.01	$9.95	$6.41	$5.21	$4.76
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,019.05	$1,015.09	$1,018.65	$1,019.85	$1,020.31
Expenses Paid During Period	$6.07	$10.05	$6.48	$5.27	$4.81

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.20% for Class A, 1.99% for Class C, 1.28% for Class D, 1.04% for Class P and 0.95% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/365.

Annual Report |  November 30, 2014 67

Unaudited

AllianzGI NFJ International Small-Cap Value Fund

For the period of December 1, 2013 through November 30, 2014, as provided by Kris Marca, CFA, Product Specialist Associate, and reviewed by L. Baxter Hines, CFA, Portfolio Manager/Analyst.

Fund Insights

For the reporting period ended November 30, 2014, Class A shares at NAV of the AllianzGI NFJ International Small-Cap Value Fund (the “Fund”) returned 4.98%, outperforming the MSCI World ex USA Small Cap Index (the “benchmark index”), which returned -2.36%.

Portfolio Review

International equities were generally weaker than US equities during the reporting period as the S&P 500 Index returned 16.9%—nearly twice that of the MSCI AC World Index, which covers approximately 85% of global investable equities. International small caps, as measured by the benchmark index, retreated below levels achieved during the fantastic run last year during the same period. Within the international equity space, developed stocks—as measured by the MSCI EAFE Index—were chiefly flat for the period while emerging countries returned 1.4%. After investors yanked billions of dollars out of emerging economies in 2013, some fears have seemingly subsided as the frequency of negative headlines has diminished over the trailing twelve months. In the Eurozone, June marked an attempt by the European Central Bank (“ECB”) to counter low inflation with further stimulus measures, including a record low main lending rate of 0.15%. Furthermore, in the third quarter, ECB President Mario Draghi committed to providing a liquidity backstop for Europe’s banking system while Japan avoided a slide into recession and confirmed its monetary policy stance. As the quantitative easing program in the US comes to its twilight, China and Japan have seen fresh shots of monetary stimulus from their central banks. Over the past quarter, the Chinese government injected approximately 500 billion yuan ($81.4 billion) into the country’s top five banks.

For the reporting period, six out of the ten economic sectors within the MSCI World ex USA Small Cap Index recorded a positive return. The benchmark index’s negative overall return during the reporting period was marked by high dispersion among sector returns. Divergent market performance over the reporting period was tied, in part, to a sizeable drop in oil prices. At the biannual meeting of OPEC nations on November 27, 2014, cartel members voted against production cuts despite a worsening supply glut and weakening demand. The move sent US crude oil to a five-year low of $66/barrel, down 32% year-to-date. Companies in the MSCI World ex-US Small Cap Index energy sector participated in the sell-off, dipping -27%. Utilities bested all sectors by gaining 9.7% during the period.

Strong Stock Selection Drove the Fund’s Relative Outperformance Although All Three Segments Including Allocation and Region Were Additive.

The Fund’s notable outperformance versus the benchmark index was largely due to stock selection and, to a lesser extent, to region and sector allocations.

In terms of stock selection, the Fund’s holdings in the industrials, information technology and health care sectors were the largest contributors to performance during the reporting period. The Fund’s holdings in the consumer discretionary and utilities sectors detracted to a minor degree.

From a sector allocation perspective, an underweight in the financial sector and an overweight in the utility sector contributed to the Fund’s relative returns during the reporting period. Conversely, an underweight position in the consumer staples sector was the lone detractor from allocation results.

Selection by region was positive, particularly across Europe ex UK and Asia/Pacific ex Japan. However, the Fund’s holdings in North America somewhat muted fund selection during the reporting period.

Region allocation was positive, largely due to the Fund’s overweight in emerging markets and underweight in North America. This was slightly offset by underweight positions in Japan and Europe ex UK, which hindered relative results.

Sector and country weight deviations are a result of the Fund’s bottom-up investment process. On average during the reporting period, the Fund’s largest overweights relative to the benchmark index were in the health care sector and emerging region. By contrast, the largest relative underweights were in the materials sector and the Europe ex UK region.

Average Annual Total Return for the period ended November 30, 2014

	1 Year		Since Inception†
AllianzGI NFJ International Small-Cap Value Fund Class A		4.98%		17.89%
AllianzGI NFJ International Small-Cap Value Fund Class A (adjusted)		–0.79%		15.26%
AllianzGI NFJ International Small-Cap Value Fund Class C		4.24%		17.07%
AllianzGI NFJ International Small-Cap Value Fund Class C (adjusted)		3.24%		17.07%
AllianzGI NFJ International Small-Cap Value Fund Class D		4.98%		17.91%
AllianzGI NFJ International Small-Cap Value Fund Class P		5.17%		18.08%
AllianzGI NFJ International Small-Cap Value Fund Institutional Class		5.27%		18.20%
MSCI World ex USA Small Cap Index		–2.36%		15.67%
Lipper International Small/Mid-Cap Value Fund Average		0.66%		17.50%

† The Fund began operations on 6/1/12. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 5/31/12.

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 initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% 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. See pages 82 and 83 for more information. The Fund’s gross expense ratios are 4.06% for Class A shares, 4.91% for Class C shares, 5.81% for Class D shares, 3.88% for Class P shares and 3.91% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/15. The Fund’s expense ratios net of this reduction are 1.45% for Class A shares, 2.20% for Class C shares, 1.45% for Class D shares, 1.30% for Class P shares and 1.20% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

68 November 30, 2014  | Annual Report

Unaudited

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

Cumulative Returns Through November 30, 2014

Country Allocation (as of November 30, 2014)

United Kingdom	18.5%
Japan	15.5%
China	7.4%
Canada	7.1%
Australia	6.6%
Germany	5.3%
Hong Kong	5.0%
France	4.5%
Other	29.1%
Cash & Equivalents — Net	1.0%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$960.10	$956.50	$959.80	$960.70	$961.30
Expenses Paid During Period	$7.12	$10.79	$7.12	$6.39	$5.90
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,017.80	$1,014.04	$1,017.80	$1,018.55	$1,019.05
Expenses Paid During Period	$7.33	$11.11	$7.33	$6.58	$6.07

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.45% for Class A, 2.20% for Class C, 1.45% for Class D, 1.30% for Class P and 1.20% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/365.

Annual Report |  November 30, 2014 69

Unaudited

AllianzGI NFJ International Value II Fund

For the period of December 1, 2013 through November 30, 2014, as provided by Kris Marca, CFA, Product Specialist Associate, and reviewed by L. Baxter Hines, CFA, Portfolio Manager/Analyst.

Fund Insights

For the reporting period ended November 30, 2014, Class A shares at NAV of the AllianzGI NFJ International Value II Fund (the “Fund”) returned 0.25%, outperforming the MSCI EAFE Index (the “benchmark index”), which returned -0.02%.

Portfolio Review

International equities were generally weaker than US equities during the reporting period as the S&P 500 returned 16.9%—nearly twice that of the MSCI AC World Index, which covers approximately 85% of global investable equities. Within the international equity space, developed stocks—as measured by the MSCI EAFE Index—were chiefly flat for the period while emerging countries returned 1.4%. After investors yanked billions of dollars out of emerging economies in 2013, some fears have seemingly subsided as the frequency of negative headlines has diminished over the trailing twelve months. In the Eurozone, June marked an attempt by the European Central Bank (ECB) to counter low inflation with further stimulus measures, including a record low main lending rate of 0.15%. Furthermore, in the third quarter, ECB President Mario Draghi committed to providing a liquidity backstop for Europe’s banking system while Japan avoided a slide into recession and confirmed its monetary policy stance. As the quantitative easing program in the US comes to its twilight, China and Japan have seen fresh shots of monetary stimulus from their central banks. Over the past quarter, the Chinese government injected approximately 500 billion yuan ($81.4 billion) into the country’s top five banks.

For the reporting period, five out of the ten economic sectors within the MSCI EAFE Index recorded a positive return. The benchmark index’s flat return over the reporting period was marked by high dispersion among sector returns. Divergent market performance over the period was tied, in part, to a sizeable drop in oil prices. At the biannual meeting of OPEC nations on November 27, 2014, cartel members voted against production cuts despite a worsening supply glut and weakening demand. The move sent US crude oil to a five-year low of $66/barrel, down 32% year-to-date. Companies in the MSCI EAFE Index energy sector participated in the sell-off, dipping -12%. Health care bested all sectors by gaining 13.6% during the period.

Stock Selection Drove the Fund’s Relative Outperformance

The Fund’s absolute returns were positive and outperformed the benchmark index on a relative basis. Stock selection was the primary driver of the outperformance while allocation somewhat muted active relative returns.

In terms of stock selection, the Fund’s holdings in the consumer discretionary, information technology and industrials sectors were positive and outpaced benchmark index shares. Selection across the energy, utilities and consumer staples sectors detracted from results during the reporting period.

From a sector allocation perspective, an overweight in the energy sector and an underweight in the health care sector were primary performance detractors. This was partially offset by positive results from the Fund’s overweight in the consumer discretionary sector and underweight in the industrials sector over the trailing twelve-month period.

Selection by region was positive, particularly United Kingdom and Japan. However, the Fund’s holdings in Europe ex UK and Asia/Pacific ex Japan hindered relative results.

Region allocation was marginally negative due to the Fund’s overweight positions in emerging markets and underweight positions in Europe ex UK. This was offset by an overweight in North America, which improved relative results.

Sector and country weight deviations are a result of the Fund’s bottom-up investment process. On average during the reporting period, the Fund’s largest overweights relative to the benchmark index were in the energy sector and emerging markets region. By contrast, the largest relative underweights were in the industrials sector and Europe ex UK region.

Average Annual Total Return for the period ended November 30, 2014

	1 Year		Since Inception†
AllianzGI NFJ International Value II Fund Class A		0.25%		9.78%
AllianzGI NFJ International Value II Fund Class A (adjusted)		–5.26%		7.73%
AllianzGI NFJ International Value II Fund Class C		–0.53%		8.95%
AllianzGI NFJ International Value II Fund Class C (adjusted)		–1.47%		8.95%
AllianzGI NFJ International Value II Fund Class D		0.20%		9.76%
AllianzGI NFJ International Value II Fund Class P		0.40%		9.99%
AllianzGI NFJ International Value II Fund Institutional Class		0.45%		10.08%
MSCI EAFE Index		–0.02%		11.91%
Lipper International Multi-Cap Value Average		–1.35%		10.24%

† The Fund began operations on 12/1/11. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 11/30/11.

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 initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% 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. See pages 82 and 83 for more information. The Fund’s gross expense ratios are 7.16% for Class A shares, 8.26% for Class C shares, 7.04% for Class D shares, 6.87% for Class P shares and 6.77% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/15. The Fund’s expense ratios net of this reduction are 1.20% for Class A shares, 1.95% for Class C shares, 1.20% for Class D shares, 1.00% for Class P shares and 0.95% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

70 November 30, 2014  | Annual Report

Unaudited

AllianzGI NFJ International Value II Fund (cont’d)

Cumulative Returns Through November 30, 2014

Country Allocation (as of November 30, 2014)

United Kingdom	22.4%
Japan	11.7%
Canada	10.0%
France	7.5%
Hong Kong	7.4%
China	5.1%
Germany	4.9%
Norway	4.1%
Other	25.1%
Cash & Equivalents — Net	1.8%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$945.50	$941.90	$945.30	$946.10	$946.30
Expenses Paid During Period	$5.85	$9.49	$5.85	$4.88	$4.64
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,019.05	$1,015.29	$1,019.05	$1,020.05	$1,020.31
Expenses Paid During Period	$6.07	$9.85	$6.07	$5.06	$4.81

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.20% for Class A, 1.95% for Class C, 1.20% for Class D, 1.00% for Class P and 0.95% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/365.

Annual Report |  November 30, 2014 71

Unaudited

AllianzGI Short Duration High Income Fund

For the period of December 1, 2013 through November 30, 2014, as provided by Doug Forsyth, Portfolio Manager.

Fund Insights

For the reporting period ended November 30, 2014, Class A Shares at NAV of the AllianzGI Short Duration High Income Fund (the “Fund”) returned 2.60%, outperforming the BofA Merrill Lynch 1-3 Year BB US Cash Pay High Yield Index (the “benchmark index”), which returned 2.44%.

Portfolio Review

While credit risk continued to be minimal, external factors exerted the largest influence on the market’s direction during the reporting period. These factors included Treasury rates, technical supply/demand in the market, geopolitical uncertainty and economic data points. Other factors included the Fed outlook and the sell-off in crude oil.

The high yield market was influenced by Treasury yields. After the 10-year Treasury yield fell from 3.03% at the beginning of the year to 2.72% in the first quarter, rates fell yet again to 2.53% in the second quarter. High yield bonds have a low correlation with Treasury bonds on a historical basis. However, as discussed in previous commentaries, BB-rated issuers are far more correlated with Treasuries today compared with previous cycles. This combination of higher correlation and the interest-rate decline had a positive influence on high yield prices in the first half of 2014.

During the third quarter, many market observers were partially correct in assessing the supply/demand flow activity as a major driver of the direction of high yield bond prices. However, the outflow activity had a far greater impact on pricing. There were a variety of data points in mutual fund flows, ETFs and institutional rebalancing cited as pushing prices lower.

In terms of the geopolitical landscape, recent headlines continued to add uncertainty for risk assets in the market. The added day-to-day volatility did not help the equity market or high yield bond pricing.

Another factor that influenced high yield markets during the period was the ongoing trend in economic statistics. Both current and expected statistics generally pointed to a US economy that is slowly grinding higher. While some of the data later in the third quarter were more mixed, the majority were positive. These trends helped confirm the prospects for the continued low default rate for high yield bonds.

Global central banks continued to be generally accommodative, and the US Fed governors’ comments maintained a dovish stance. However, unlike the investor interpretation in the first half of the year, sentiment in late July and early August shifted to a view that the Fed would begin to tighten more quickly than previously expected. The immediate result, albeit a potentially perverse reaction, was that risk assets immediately sold off. However, we believe the reality is that the Fed will tighten only in response to a more robust economy, and therefore the outlook is for more constructive corporate profits and low defaults.

Finally, the high yield market, which has an approximate weight of 15% in energy-related issuers, was impacted by a sharp sell-off in crude oil that accelerated into the end of the reporting period. Specific to the Fund, new high yield issuance and market prices over the year provided select opportunities to add attractive risk-adjusted issues from a number of industries to the portfolio.

Performance

The Fund gained with the market in the reporting period. The period included several positive single-name performers from a variety of industries. The majority of the Fund’s issuers met or exceeded earnings expectations, which helped contribute to absolute performance. Credit quality in the Fund remained relatively high. Building materials, cable & satellite TV and healthcare industries contributed to performance. In contrast, gaming, metals/mining and hotels were industries that detracted from the Fund’s relative performance.

For the reporting period, the Fund had bonds both tendered at a premium and securities called with proceeds used to provide cash liquidity to the Fund, or to reinvest in the market at attractive risk-adjusted expected returns. Bank loan weightings were reduced in favor of bonds.

Average Annual Total Return for the period ended November 30, 2014

	1 Year		Since Inception†
AllianzGI Short Duration High Income Fund Class A		2.60%		5.85%
AllianzGI Short Duration High Income Fund Class A (adjusted)		0.29%		5.09%
AllianzGI Short Duration High Income Fund Class C		2.38%		5.45%
AllianzGI Short Duration High Income Fund Class C (adjusted)		1.40%		5.45%
AllianzGI Short Duration High Income Fund Class D		2.62%		5.85%
AllianzGI Short Duration High Income Fund Class P		2.74%		6.01%
AllianzGI Short Duration High Income Fund Institutional Class		2.81%		6.12%
BofA Merrill Lynch 1-3 Year BB US Cash Pay High Yield Index		2.44%		6.93%

† The Fund began operations on 10/3/11. Benchmark return 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 initial sales charge of 2.25% on Class A shares and the contingent deferred sales charge (CDSC) of 1% 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. See pages 82 and 83 for more information. The Fund’s gross expense ratios are 0.90% for Class A shares, 1.16% for Class C shares, 1.08% for Class D shares, 0.71% for Class P shares and 0.61% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/15. The Fund’s expense ratios net of this reduction are 0.85% for Class A shares, 1.10% for Class C shares, 0.85% for Class D shares, 0.70% for Class P shares and 0.61% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

72 November 30, 2014  | Annual Report

Unaudited

AllianzGI Short Duration High Income Fund (cont’d)

Cumulative Returns Through November 30, 2014

Industry Allocation (as of November 30, 2014)

Telecommunications	9.0%
Containers & Packaging	6.8%
Home Builders	6.7%
Retail	5.5%
Oil, Gas & Consumable Fuels	5.3%
Pipelines	4.8%
Building Materials	4.7%
Pharmaceuticals	4.6%
Other	49.4%
Cash & Equivalents — Net	3.2%

Moody’s Ratings* (as of November 30, 2014)

* As a percentage of total investments. Bond ratings refer to the underlying holdings of the Fund and are categorized from highest to lowest credit quality using ratings provided by Moody’s. Moody’s ratings have been selected for several reasons, including the access to information and materials provided by Moody’s, as well as the Fund’s consideration of industry practice. See “Important Information” for more detail on the selection of Moody’s for the Fund’s ratings presentation. Bonds not rated by Moody’s or bonds that do not have a rating available are designated in the chart as “NR” and “NA”, respectively.

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,002.00	$1,000.90	$1,002.10	$1,002.40	$1,002.60
Expenses Paid During Period	$4.27	$5.52	$4.27	$3.51	$3.01
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,020.81	$1,019.55	$1,020.81	$1,021.56	$1,022.06
Expenses Paid During Period	$4.31	$5.57	$4.31	$3.55	$3.04

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.85% for Class A, 1.10% for Class C, 0.85% for Class D, 0.70% for Class P and 0.60% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/365.

Annual Report |  November 30, 2014 73

Unaudited

AllianzGI Structured Return Fund (formerly AllianzGI Structured Alpha Fund)

For the period of December 1, 2013 through November 30, 2014, as provided by Greg Tournant, Portfolio Manager.

Fund Insights

For the reporting period ended November 30, 2014, Class A shares at NAV of the AllianzGI Structured Return Fund (the “Fund”) returned 3.46%, outperforming the BofA Merrill Lynch 3-Month US Treasury Bill Index (the “benchmark index”), which returned 0.05%.

Portfolio Review

As equity markets continued their climb amid increasing economic and geopolitical uncertainty, the Fund was able to deliver consistent, positive performance for the one-year period ended November 30, 2014.

Early in the year, market conditions were challenging as fears of emerging-markets weakness led to an equity pullback that then sharply reversed itself. While the magnitude of the market’s moves was quite typical, the speed of the rebound made it difficult for the portfolio to fully capitalize on opportunities to generate stronger returns. Elevated option prices normally enable us to build safer and more lucrative positions as they rotate over several months. With the implied volatility round-tripping over just a two-week period from late January to early February, there was not enough time for the benefit to take hold. Still, our premium collection positions delivered steady gains, with minimal portfolio restructuring necessary. The Fund returned 0.20% for the quarter.

The Fund was able to generate stronger gains in the second quarter, despite rising markets and low volatility—which are terrific for equity investors, but for option investors can be challenging. The S&P 500 Index appreciated for the sixth consecutive quarter, returning 5.2%. Implied volatility declined to levels not observed since 2007. The Fund is designed to benefit from higher levels of market volatility, yet, importantly, still be able to perform when volatility is low. In keeping with the latter, the Fund gained 1.71% for the quarter. Even as increasing uncertainty crept into equity and fixed income markets at the end of the third quarter, the Fund continued to deliver positive performance. Despite several equity-market fluctuations, we were able to hold all our option positions to expiration with no restructuring, as is the objective. In July, the S&P 500 Index declined 1.38%, its first monthly decline since January. The portfolio was well positioned to endure this equity market move and posted only a modest decline. In August, as favorable economic data drove investor optimism, the S&P 500 Index climbed 4%. The Fund was also positive, up 1.17% as the expiration of option positions that had been marked down in July enabled the portfolio to recoup their realized gains. In September, the S&P 500 Index fell 1.4%. The Fund declined just 0.13% for the month.

As equity markets continued to post gains in October and November, the Fund’s A share delivered positive performance, bringing its calendar year-to-date performance to 3.50%.

As a reminder, the Structured Return Fund underwent a strategy and name change in July 2014. The Fund is now a more streamlined implementation of our previous portfolio, with the same investment team pursuing the same risk-return profile but with fewer option positions.

Average Annual Total Return for the period ended November 30, 2014

	1 Year		Since Inception†
AllianzGI Structured Return Fund Class A		3.46%		4.67%
AllianzGI Structured Return Fund Class A (adjusted)		–2.23%		1.74%
AllianzGI Structured Return Fund Class C		2.69%		3.86%
AllianzGI Structured Return Fund Class C (adjusted)		1.72%		3.86%
AllianzGI Structured Return Fund Class D		3.45%		4.74%
AllianzGI Structured Return Fund Class P		3.65%		4.84%
AllianzGI Structured Return Fund Institutional Class		3.78%		4.94%
BofA Merrill Lynch 3-Month US Treasury Bill Index		0.05%		0.06%
Lipper Absolute Return Funds Average		2.49%		3.49%

† The Fund began operations on 12/3/12. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 11/30/12.

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 initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% 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. See pages 82 and 83 for more information. The Fund’s gross expense ratios are 5.43% for Class A shares, 5.00% for Class C shares, 4.38% for Class D shares, 4.06% for Class P shares and 3.73% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 7/31/15. The Fund’s expense ratios net of this reduction are 1.24% for Class A shares, 1.99% for Class C shares, 1.24% for Class D shares, 1.09% for Class P shares and 0.99% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

74 November 30, 2014  | Annual Report

Unaudited

AllianzGI Structured Return Fund (formerly AllianzGI Structured Alpha Fund) (cont’d)

Cumulative Returns Through November 30, 2014

Asset Allocation (as of November 30, 2014)

Exchange-Traded Funds	91.3%
Cash & Equivalents — Net (including Options Purchased and Written)	8.7%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,020.20	$1,016.50	$1,020.20	$1,021.50	$1,021.40
Expenses Paid During Period	$6.43	$10.16	$6.18	$5.93	$5.17
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,018.70	$1,014.99	$1,018.95	$1,019.20	$1,019.95
Expenses Paid During Period	$6.43	$10.15	$6.17	$5.92	$5.16

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.27% for Class A, 2.01% for Class C, 1.22% for Class D, 1.17% for Class P and 1.02% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/365. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

Annual Report |  November 30, 2014 75

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AllianzGI Ultra Micro Cap Fund

For the period of December 1, 2013 through November 30, 2014, as provided by John McCraw, Portfolio Manager.

Fund Insights

For the reporting period ended November 30, 2014, Class A Shares at NAV of the AllianzGI Ultra Micro Cap Fund (the “Fund”) returned -1.98%, underperforming the Russell Microcap Growth Index (the “benchmark index”), which returned 1.40%.

Portfolio Review

In general, US stocks closed higher despite episodes of equity market volatility throughout the reporting period.

In December 2013, the Fed announced plans to reduce asset purchases beginning in January 2014, but reinforced expectations for continued accommodative central bank policies. These remarks were construed as bullish and provided a boost to equities. Subsequent to major US indices reaching new all-time highs, a correction ensued. Global economic uncertainty and geopolitical tensions were sources of concern. However, depressed investor sentiment coincided with a near-term stock market bottom and a sharp rally in US equities that lasted through March. During this period, US corporations reported healthy fourth-quarter results.

In the second quarter, strength in large cap, broad-based indices masked pockets of weakness and investor rotation. Select Information technology and health care shares, in particular biotechnology, underperformed as well as high-valuation and momentum-oriented companies. Furthermore, investors rotated out of small cap and growth stocks and into large cap and value-oriented equities. In the latter half of the second quarter, all of these trends largely reversed. Outside of stocks, the 10-year US Treasury yield continued to languish near recent lows, confounding investors in light of improving economic data, equity market strength and steady Fed tapering. Lastly, Iraq- and Ukraine-related headlines garnered attention.

Large caps gained modestly in the months that followed, while selling pressure was more concentrated in smaller companies as speculation around Fed commentary and geopolitical concerns prompted investors to reduce exposure to risk assets. Equities found support in August and rallied into mid-September. Healthy second-quarter earnings, elevated M&A activity and a robust IPO market were sources of strength. A reassuring Fed and stronger-than-expected economic reports were supportive also.

As the end of the reporting period neared, the S&P 500 Index fell nearly 10% on global growth concerns. However, the stock market correction was short-lived. The aforementioned index rebounded sharply in the weeks that followed and recorded a fresh all-time high in November. Slowing global economic momentum and benign inflation readings led to further accommodation by the BoJ, hints of aggressive action by European Central Bank President, Mario Draghi, and a surprise rate cut by the PBoC. These policies bolstered US equities as well as US Treasuries and the US dollar. A robust final third-quarter GDP report was met with more moderate economic data and corporate profits were generally better than expected. Lastly, the price of crude oil tumbled on fears supply would continue to outstrip demand, with OPEC deciding against production cuts.

Against this backdrop, the Russell Microcap Index returned 0.79% and underperformed the Russell 2000 Index, which returned 3.99%. Within the microcap universe, growth-oriented stocks outpaced value-oriented stocks.

Specific to the Russell Microcap Growth Index, sector performance was mixed. Health care and telecommunications were the strongest-performing sectors followed by financial and utilities. In contrast, the energy sector declined the most, followed by materials, consumer staples and information technology.

Performance

The Fund underperformed its benchmark index over the reporting period. From an attribution perspective, security selection and asset allocation both negatively influenced relative performance, asset allocation to a lesser degree. For example, stock picking in the energy, information technology and health care sectors detracted and negatively influenced relative performance. Conversely, security selection in consumer discretionary, materials and consumer staples had a positive impact on relative returns. Separately, an underweight in health care and an overweight in industrials hindered performance. However, an underweight in materials was partially offsetting.

Average Annual Total Return for the period ended November 30, 2014

	1 Year		5 Year		Since Inception†
AllianzGI Ultra Micro Cap Fund Class A		–1.98%		23.34%		14.54%
AllianzGI Ultra Micro Cap Fund Class A (adjusted)		–7.37%		21.95%		13.60%
AllianzGI Ultra Micro Cap Fund Class P		–1.77%		23.61%		14.81%
AllianzGI Ultra Micro Cap Fund Institutional Class		–1.84%		23.71%		14.91%
Russell Microcap Growth Index		1.40%		17.20%		8.83%
Lipper Small-Cap Growth Funds Average		2.80%		17.08%		9.05%

† The Fund began operations on 1/28/08. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 1/31/08.

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 initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 82 and 83 for more information. The Fund’s expense ratios are 2.30% for Class A shares, 2.07% for Class P shares and 2.00% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

76 November 30, 2014  | Annual Report

Unaudited

AllianzGI Ultra Micro Cap Fund (cont’d)

Cumulative Returns Through November 30, 2014

Industry Allocation (as of November 30, 2014)

Health Care Equipment & Supplies	10.5%
Semiconductors & Semiconductor Equipment	6.4%
Road & Rail	5.2%
Internet Software & Services	4.8%
Machinery	4.8%
Health Care Providers & Services	4.7%
Software	4.1%
Pharmaceuticals	4.1%
Other	53.9%
Cash & Equivalents — Net	1.5%

Shareholder Expense Example	Actual Performance
	Class A	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$998.60	$1,000.30	$999.90
Expenses Paid During Period	$11.07	$9.68	$10.03
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,013.99	$1,015.39	$1,015.04
Expenses Paid During Period	$11.16	$9.75	$10.10

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (2.21% for Class A, 1.93% for Class P and 2.00% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/365.

Annual Report |  November 30, 2014 77

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AllianzGI U.S. Equity Hedged Fund

For the period of December 1, 2013 through November 30, 2014, as provided by Robert Marren, Portfolio Manager.

Fund Insights

For the reporting period ended November 30, 2014, Class A shares at NAV of the AllianzGI U.S. Equity Hedged Fund (the “Fund”) returned 9.63%, underperforming the S&P 500 Index (the “benchmark index”), which returned 16.86%.

Portfolio Review

The Fund appreciated for the one-year period ended November 30, 2014, smoothing out the volatility of the broad equity market but lagging on a relative basis.

As a reminder, the Fund seeks to provide protection against downside equity-market moves while asymmetrically preserving the upside potential of the underlying equity portfolio. This strategy seeks its objective by buying laddered, long-duration index put options at, and selling short-duration index calls at, varying strike distances. By resetting our call strikes every few weeks, we aim to stay out of the way of a rising equity market.

Compared with equities, the Fund held up better during January’s 3.46% S&P 500 Index decline, but could not keep pace due to the rate of ascent of February’s 4.57% index rebound. Given the low volatility environment in the first quarter, our near-term short call positions had generally been written around 3% to 4% out-of-the-money. So while our option positions added value in January, our short call strikes were unable to avoid truncating the benchmark index’s rapid February run-up.

US equity markets climbed to all-time highs in the second quarter, with the S&P 500 Index posting its sixth consecutive quarter of gains. The Fund performed in line with expectations, largely keeping pace with the S&P 500 Index despite the market’s continued rally.

Following a brief pullback in early April, the S&P 500 Index climbed 4.5% in May and June, driven by strength in energy and utility shares. However, the market’s advance was gradual enough for us to meaningfully capture the equity appreciation. Equally important, the portfolio was hedged at all times for a market correction or crash.

With equity markets mixed in the third quarter, the Fund performed in line with expectations. In July, the S&P 500 Index returned -1.38%, its first negative month since the start of the year. In August, the S&P 500 Index went on to gain 4.00%, then decline 1.40% in September. The portfolio’s long put positions cushioned the market declines in July and September, but the Fund was unable to keep pace with August’s equity market ascent. In October and November, the Fund largely kept pace with the gradual rising equity market. Year-to-date, the Fund is up 7.31%.

Average Annual Total Return for the period ended November 30, 2014

	1 Year		Since Inception†
AllianzGI U.S. Equity Hedged Fund Class A		9.63%		12.34%
AllianzGI U.S. Equity Hedged Fund Class A (adjusted)		3.60%		9.19%
AllianzGI U.S. Equity Hedged Fund Class C		8.85%		11.54%
AllianzGI U.S. Equity Hedged Fund Class C (adjusted)		7.85%		11.54%
AllianzGI U.S. Equity Hedged Fund Class D		9.59%		12.35%
AllianzGI U.S. Equity Hedged Fund Class P		9.77%		12.54%
AllianzGI U.S. Equity Hedged Fund Institutional Class		9.93%		12.66%
S&P 500 Index		16.86%		23.82%
Lipper Alternative Long/Short Equity Funds Average		4.65%		9.42%

† The Fund began operations on 12/3/12. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 11/30/12.

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 initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% 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. See pages 82 and 83 for more information. The Fund’s gross expense ratios are 7.57% for Class A shares, 8.86% for Class C shares, 7.53% for Class D shares, 6.47% for Class P shares and 6.58% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 11/30/15. The Fund’s expense ratios net of this reduction are 1.34% for Class A shares, 2.09% for Class C shares, 1.34% for Class D shares, 1.19% for Class P shares and 1.09% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

78 November 30, 2014  | Annual Report

Unaudited

AllianzGI U.S. Equity Hedged Fund (cont’d)

Cumulative Returns Through November 30, 2014

Industry Allocation (as of November 30, 2014)

Oil, Gas & Consumable Fuels	6.3%
Pharmaceuticals	5.9%
Banks	5.4%
Technology Hardware, Storage & Peripherals	4.7%
Software	3.5%
Media	3.3%
IT Services	3.0%
Internet Software & Services	3.0%
Other	61.1%
Cash & Equivalents — Net (including Options Purchased and Written)	3.8%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,050.00	$1,045.90	$1,049.70	$1,050.70	$1,051.40
Expenses Paid During Period	$6.42	$10.26	$6.42	$5.65	$5.14
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,018.80	$1,015.04	$1,018.80	$1,019.55	$1,020.05
Expenses Paid During Period	$6.33	$10.10	$6.33	$5.57	$5.06

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.25% for Class A, 2.00% for Class C, 1.25% for Class D, 1.10% for Class P and 1.00% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/365. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

Annual Report |  November 30, 2014 79

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AllianzGI U.S. Small-Cap Growth Fund (formerly AllianzGl U.S. Emerging Growth Fund)

For the period of December 1, 2013 through November 30, 2014, as provided by John McCraw, Portfolio Manager.

Fund Insights

For the reporting period ended November 30, 2014, Class A Shares at NAV of the AllianzGI U.S. Small-Cap Growth Fund (the “Fund”) returned 1.31%, underperforming the Russell 2000 Growth Index (the “benchmark index”), which returned 4.66%.

Portfolio Review

In general, US stocks closed higher despite episodes of equity market volatility throughout the reporting period.

In December 2013, the Fed announced plans to reduce asset purchases beginning in January 2014, but reinforced expectations for continued accommodative central bank policies. These remarks were construed as bullish and provided a boost to equities. Subsequent to major US indices reaching new all-time highs, a correction ensued. Global economic uncertainty and geopolitical tensions were sources of concern. However, depressed investor sentiment coincided with a near-term stock market bottom and a sharp rally in US equities that lasted through March. During this period, US corporations reported healthy fourth-quarter results.

In the second quarter, strength in large cap, broad-based indices masked pockets of weakness and investor rotation. Select Information Technology and Health Care shares, in particular biotechnology, underperformed as well as high-valuation and momentum-oriented companies. Furthermore, investors rotated out of small cap and growth stocks and into large cap and value-oriented equities. In the latter half of the second quarter, all of these trends largely reversed. Outside of stocks, the 10-year US Treasury yield continued to languish near recent lows, confounding investors in light of improving economic data, equity market strength and steady Fed tapering. Lastly, Iraq- and Ukraine-related headlines garnered attention.

Large caps gained modestly in the months that followed, while selling pressure was more concentrated in smaller companies as speculation around Fed commentary and geopolitical concerns prompted investors to reduce exposure to risk assets. Equities found support in August and rallied into mid-September. Healthy second-quarter earnings, elevated M&A activity and a robust IPO market were sources of strength. A reassuring Fed and stronger-than-expected economic reports were supportive also.

As the end of the reporting period neared, the S&P 500 Index fell nearly 10% on global growth concerns. However, the stock market correction was short-lived. The aforementioned index rebounded sharply in the weeks that followed and recorded a fresh all-time high in November. Slowing global economic momentum and benign inflation readings led to further accommodation by the BoJ, hints of aggressive action by Mario Draghi and a surprise rate cut by the PBoC. These policies bolstered US equities as well as US Treasuries and the US dollar. A robust final third-quarter GDP report was met with more moderate economic data and corporate profits were generally better than expected. Lastly, the price of crude oil tumbled on fears supply would continue to outstrip demand, with OPEC deciding against production cuts.

Against this backdrop, the Russell 2000 Index returned 3.99% and underperformed the Russell 1000 Index, which returned 16.56%. Within the small cap universe, growth-oriented stocks outperformed value-oriented stocks.

Specific to the Russell 2000 Growth Index, sector performance was mixed. Health Care and consumer staples were the strongest-performing sectors, followed by information technology and financials. In contrast, the energy sector declined the most, followed by utilities, materials and consumer discretionary.

Performance

The Fund underperformed its benchmark index over the reporting period. From an attribution perspective, security selection and asset allocation both negatively influenced relative performance, security selection to a lesser degree. In particular, stock picking in the industrials, consumer discretionary and materials sectors had a positive impact on relative returns. Conversely, security selection within the information technology, financials, energy and consumer staples sectors detracted and negatively influenced relative performance. Separately, an underweight in health care and consumer staples and an overweight in Industrials hindered performance.

Average Annual Total Return for the period ended November 30, 2014

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI U.S. Small-Cap Growth Fund Class A		1.31%		16.25%		9.22%		7.81%
AllianzGI U.S. Small-Cap Growth Fund Class A (adjusted)		–4.27%		14.94%		8.61%		7.52%
AllianzGI U.S. Small-Cap Growth Fund Class C		0.53%		15.40%		8.42%		7.01%
AllianzGI U.S. Small-Cap Growth Fund Class C (adjusted)		–0.38%		15.40%		8.42%		7.01%
AllianzGI U.S. Small-Cap Growth Fund Class D		1.31%		16.27%		9.23%		7.81%
AllianzGI U.S. Small-Cap Growth Fund Class R		1.03%		15.99%		8.97%		7.55%
AllianzGI U.S. Small-Cap Growth Fund Class P		1.47%		16.53%		9.49%		8.08%
AllianzGI U.S. Small-Cap Growth Fund Institutional Class		1.57%		16.64%		9.60%		8.18%
Russell 2000 Growth Index		4.66%		18.04%		8.61%		7.24%
Lipper Small-Cap Growth Funds Average		2.80%		17.08%		8.12%		9.27%

† The Fund began operations on 10/1/93. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 9/30/93.

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 initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% 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. See pages 82 and 83 for more information. The Fund’s gross expense ratios are 1.91% for Class A shares, 2.73% for Class C shares, 2.00% for Class D shares, 2.16% for Class R shares, 1.74% for Class P shares and 1.69% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/15. The Fund’s expense ratios net of this reduction are 1.40% for Class A shares, 2.20% for Class C shares, 1.42% for Class D shares, 1.65% for Class R shares, 1.25% for Class P shares and 1.16% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2014, as supplemented to date.

80 November 30, 2014  | Annual Report

Unaudited

AllianzGI U.S. Small-Cap Growth Fund (formerly AllianzGI U.S. Emerging Growth Fund) (cont’d)

Cumulative Returns Through November 30, 2014

Industry Allocation (as of November 30, 2014)

Software	8.8%
Banks	5.9%
Semiconductors & Semiconductor Equipment	5.9%
Pharmaceuticals	5.5%
Hotels, Restaurants & Leisure	5.2%
Health Care Providers & Services	4.9%
Road & Rail	3.9%
Biotechnology	3.7%
Other	53.3%
Cash & Equivalents — Net	2.9%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class R	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,021.20	$1,017.10	$1,021.20	$1,019.70	$1,022.20	$1,022.10
Expenses Paid During Period	$7.09	$11.12	$7.19	$8.35	$6.34	$5.88
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class R	Class P	Institutional Class
Beginning Account Value (6/1/14)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (11/30/14)	$1,018.05	$1,014.04	$1,017.95	$1,016.80	$1,018.80	$1,019.25
Expenses Paid During Period	$7.08	$11.11	$7.18	$8.34	$6.33	$5.87

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.40% for Class A, 2.20% for Class C, 1.42% for Class D, 1.65% for Class R, 1.25% for Class P and 1.16% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/365.

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Important Information

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 for AllianzGI Global Water Fund are A, C, D and P, and the Institutional Class shares were first offered in 7/08. The AllianzGI Global Allocation Fund reorganized on May 4, 2009 when its predecessor merged into the Trust. The Global Allocation Fund’s shares were first offered in 9/98. On April 12, 2010, the following funds reorganized when their predecessors merged into series of the Trust (including fund’s inception date): AllianzGI Convertible Fund (4/93), AllianzGI High Yield Bond Fund (7/96), AllianzGI International Small-Cap Fund (12/97), AllianzGI U.S. Small-Cap Growth Fund (10/93), AllianzGI Micro Cap Fund (7/95), AllianzGI Ultra Micro Cap Fund (1/08). For each of the reorganized funds, Institutional Class is the oldest share class, except that for AllianzGI International Small-Cap Fund, the oldest share class of the predecessor fund merged into Class P.

The Target-Date Funds are designed to offer individual investors comprehensive asset allocation strategies tailored to the approximate date when they expect to begin withdrawing assets. The target date included in the Fund’s name does not necessarily represent the specific year an investor will begin withdrawing assets. It is intended only as a general guide. Each Fund follows a target asset allocation schedule that changes over time to help reduce portfolio risk, increasing its exposure to conservative investments as the target date approaches. The principal value of a Fund is not guaranteed at any time, including the target date. A Fund’s shareholders may experiences losses, including losses near, at or after the target year indicated in the Fund’s name.

Returns measure performance from the inception of the oldest share class to the present, so some returns predate the inception of the actual share class. Those returns are calculated by adjusting the returns of the oldest share class to reflect the indicated share class’s different operating expenses. Total return performance assumes that all dividend and capital gain distributions were reinvested on the payable date.

Class A shares are subject to an initial sales charge. Class C shares are subject to a 1% contingent deferred sales charge (“CDSC”) for shares redeemed in the first year. Class D shares are continuously offered through financial service firms, such as broker-dealers or registered investment advisers. Class R shares are generally available only to 401(k) plans, 457 plans, employer sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans, non-qualified deferred compensation plans and healthcare benefit funding plans. Class P shares are offered primarily through certain asset allocation, wrap fee and other similar programs offered by broker-dealers and other intermediaries. Institutional Class shares are offered primarily for direct investment by investors such as pension and profit sharing plans, employee benefit trusts, endowments, foundations, corporations and high net worth individuals. Administrative Class shares are offered primarily through employee benefit plan alliances, broker-dealers and other intermediaries. Class R6 shares are offered primarily for 401(k) plans, 457 plans, employer sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans, non-qualified deferred

compensation plans, healthcare benefit funding plans and other specified benefit plans and accounts whereby the plan or the plan’s broker, dealer or other financial Intermediary has an agreement with the Distributor or the Investment Manager to utilize Class R6 shares In certain Investment products or programs.

Class B shares of Allianz Multi-Strategy Funds are not available for purchase, except through exchanges and dividend reinvestments for any Funds with Class B shares outstanding (currently only AllianzGI Global Allocation Fund).

The Lipper Averages are calculated by Lipper, Inc. 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 Cumulative Returns 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 dividends and capital gain distributions were reinvested. They do not take into account the effect of taxes. The benchmark cumulative return began on the last day of the month of the respective Fund’s inception date.

Proxy Voting

The Funds’ Investment Manager and Sub-Advisers have 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 Allianz Funds Multi-Strategy Trust (the “Trust”) as the policies and procedures that the Sub-Advisers will use when voting proxies on behalf of the Funds. Copies of the written Proxy Policy and the factors that the Sub-Advisers 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 available without charge, upon request, by calling 1-800-988-8380 (retail classes: A, B, C & R) or 1-800-498-5413 (Class P, R6, D, Institutional & Administrative classes), on the Allianz Global Investors Distributors website at us.allianzgi.com, and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Form N-Q

The Trust files complete schedules of each Fund’s portfolio holdings with the SEC on Form N-Q for the first and third quarters of each fiscal year, which are available on the SEC’s website at http://www.sec.gov. A copy of the Trust’s Form N-Q is available without charge, upon request, by calling 1-800-988-8380 (retail classes: A, B, C & R) or 1-800-498-5413 (Class P, R6, D, Institutional & Administrative classes). In addition, the Trust’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

82 November 30, 2014  | Annual Report

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

Shareholders of a Fund incur two types of costs: (1) transaction costs; and (2) ongoing costs, including investment management fees; distribution and/or service (12b-1) fees and other Fund expenses. The Shareholder Expense Example is intended to help shareholders understand ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Shareholder Expense Example is based on an investment of $1,000.00 invested at the beginning of the period, as indicated, and held for the entire period through November 30, 2014.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical Performance (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not 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 a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of 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. 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 would have been higher.

Shareholders may be subject to an annual fee of $15 for any accounts, including fiduciary accounts, with balances that fall below $1,000. This fee is not included in the shareholder expense example. If you are subject to the fee, keep it in mind when you are estimating the ongoing expenses of investing in the Funds and when comparing the expenses of these Funds with other funds.

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 Moody’s Investors Service, Inc. (“Moody’s”). Presentations of credit ratings information in this report use ratings provided by Moody’s for this purpose, among other reasons, because of the access to background information and other materials provided by Moody’s, as well as the Funds’ considerations of industry practice. Bonds not rated by Moody’s or bonds that do not have a rating available from Moody’s are designated as “NR” and “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 Moody’s 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, Allianz Global Investors US LLC, the sub-adviser to the applicable Funds, 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 the information on the Fund Summary pages, including Fund Insights, Average Annual Total/Cumulative Return Tables, Cumulative Return Charts, Shareholder Expense Examples and Allocation/Credit Rating Summaries, is unaudited.

Allianz Global Investors Distributors LLC, 1633 Broadway, New York, NY, 10019, us.allianzgi.com, 1-800-988-8380 (retail classes: A, B, C & R) or 1-800-498-5413 (Class P, R6, D, Institutional & 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
Barclays Global Aggregate Index	The Barclays Global Aggregate Index provides a broad-based measure of the global investment grade fixed-rate debt markets. It is comprised of the US Aggregate, Pan-European Aggregate, and the Asian-Pacific Aggregate Indexes. It also includes a wide range of standard and customized sub-indices by liquidity constraint, sector, quality and maturity.
Barclays Global High Yield Index	The Barclays Global High Yield Index is an unmanaged index considered representative of fixed rate, non-investment grade debt of companies in the US, developed markets and emerging markets.
Barclays US Aggregate Index	The Barclays US Aggregate Index is composed of securities from the Barclays Government/Credit Bond Index, Mortgage-Backed Securities Index, and Asset-Backed Securities Index. It is generally considered to be representative of the domestic, investment grade, fixed rate, taxable bond market.
Barclays US Credit Index	The 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, securities must be rated investment grade (Baa3 or better) by Moody’s.
Barclays US Government Bond Index	The Barclays US Government Bond Index is composed of all publicly issued, nonconvertible, domestic debt of the US Government or any agency thereof, quasi-federal corporations or corporate debt guaranteed by the US Government.
Barclays US Government Inflation-Linked Bond Index	Barclays US Government Inflation-Linked Bond Index measures the performance of the US Treasury Inflation Protected Securities (“TIPS”) market. The index includes TIPS with one or more years remaining maturity with total outstanding issue size of $500 million or more.
Bloomberg Commodity Index	Bloomberg Commodity Index (BCOM) is calculated on an excess return basis and reflects commodity futures price movements. The index rebalances annually weighted 2/3 by trading volume and 1/3 by world production and weight-caps are applied at the commodity, sector and group level for diversification. Roll period typically occurs from 6th-10th business day based on the roll schedule.
BofA Merrill Lynch 1-3 Year BB US Cash Pay High Yield Index	The BofA Merrill Lynch 1-3 Year BB US Cash Pay High Yield Index is a subset of the BofA Merrill Lynch US Cash Pay High Yield Index, including all securities with a remaining term to final maturity less than 3 years and rated BB1 through BB3, inclusive. The BofA Merrill Lynch US Cash Pay High Yield Index tracks the performance of US dollar-denominated below investment grade corporate debt, currently in a coupon paying period, that is publicly issued in the US domestic market.
BofA Merrill Lynch 3-Month US Treasury Bill Index	The BofA Merrill Lynch 3-Month US Treasury Bill Index tracks the performance of the 3-month US Treasury markets.
BofA Merrill Lynch All Convertibles Index	The BofA Merrill Lynch All Convertibles Index is a widely used, unmanaged index that measures the performance of US dollar-denominated convertible securities not currently in bankruptcy with a total market value greater than $50 million at issuance.
BofA Merrill Lynch High Yield Master II Index	The 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.
BofA Merrill Lynch US High Yield Constrained Index	The BofA Merrill Lynch US High Yield Constrained Index is a modified market capitalization-weighted index of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market.
Consumer Price Index	The Consumer Price Index (CPI) is an unmanaged index representing the rate of inflation of the U.S. consumer prices as determined by the U.S. Department of Labor Statistics. There can be no guarantee that the CPI or other indexes will reflect the exact level of inflation at any given time.

84 November 30, 2014  | Annual Report

Index	Description
Dow Jones UBS Commodity Index	The Dow Jones UBS Commodity Index is composed of futures contracts on 19 physical commodities.
Dow Jones US Select REIT Index	The Dow Jones US Select REIT Index is comprised of companies whose charters are the equity ownership and operation of commercial real estate and which operate under the REIT Act of 1960.
Ibovespa Equity Index	The Ibovespa Index is a gross total return index weighted by traded volume & is comprised of the most liquid stocks traded on the Sao Paulo Stock Exchange.
JP Morgan Corporate Emerging Markets Bond Index (CEMBI)	The JP Morgan Corporate Emerging Markets Bond Index (CEMBI) tracks total returns of US dollar-denominated debt instruments issued by corporate entities in emerging market countries. Two variations are available: CEMBI Broad and CEMBI. The CEMBI Broad is the most comprehensive corporate benchmark followed by the CEMBI, which consists of an investable universe of corporate bonds. Both indices are also available in Diversified versions.
JP Morgan Emerging Markets Bond Index Global Diversified (EMBI Global Diversified)	The JP Morgan Emerging Markets Bond Index Global Diversified (EMBI Global Diversified) is a uniquely-weighted version of the EMBI Global. It limits the weights of those index countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding. The countries covered in the EMBI Global Diversified are identical to those covered by the EMBI Global.
JP Morgan Government Bond Index-Emerging Markets (GBI-EM)	The JP Morgan Government Bond Index-Emerging Markets (GBI-EM) is the first comprehensive, global local emerging markets index, and consists of regularly traded, liquid fixed-rate, domestic currency government bonds to which international investors can gain exposure. Variations of the index are available to allow investors to select the most appropriate benchmark for their objectives.
MICEX Equity Index	MICEX Index is cap-weighted composite index calculated based on prices of the 50 most liquid Russian stocks of the largest and dynamically developing Russian issuers presented on the Moscow Exchange.
MSCI All Country World Index (Also known as: MSCI AC World Index and MSCI ACWI)	The MSCI All Country World Index (MSCI ACWI) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 45 country indices comprising 24 developed and 21 emerging market country indices.
MSCI China Index	The MSCI China Index is a free float-adjusted market capitalization-weighted index of Chinese equities that includes China-affiliated corporations (“Red-chips” or “P-chips”) and China-incorporated corporations listed as “H-shares” on the Hong Kong Exchange or listed as “B-shares” on the Shanghai and Shenzhen exchanges.
MSCI EAFE Index	The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US and Canada.
MSCI EAFE Small Cap Index	The MSCI EAFE Small Cap Index is an equity index which captures small cap representation across Developed Markets countries* around the world, excluding the US and Canada.
MSCI Emerging Markets Index	The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in emerging markets.
MSCI World Energy Index	The MSCI World Energy Indexis designed to capture the large and mid-cap segments across 23 Developed Markets (DM) countries*. All securities in the index are classified in the Energy sector as per the Global Industry Classification Standard (GICS®).
MSCI World ex USA Small Cap Index	The MSCI World ex USA Small Cap Index captures small cap representation across 23 of 24 of developed market countries (excluding the United States).
MSCI World Index	The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.
MSCI World Minimum Volatility Index	MSCI World Minimum Volatility Index aims to reflect the performance characteristics of a minimum variance strategy applied to the MSCI large and mid cap equity universe across 24 developed market countries. The index is calculated by optimizing the MSCI World Index, its parent index, for the lowest absolute risk (within a given set of constraints). Historically, the index has shown lower beta and volatility characteristics relative to the MSCI World Index.

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Benchmark Descriptions (cont’d)

Index	Description
MSCI World Real Estate Index	The MSCI World Real Estate Index is a free float-adjusted market capitalization index that consists of large and mid-cap equity REITs across 23 Developed Markets (DM) countries*, which generate a majority of their revenue and income from real estate rental and leasing operations. With 103 constituents, it represents about 85% of the REIT universe in each country and all securities are classified in the REIT sector according to the Global Industry Classification Standard (GICS®).
Purchasing Managers Index	An indicator of the economic health of the manufacturing sector. The PMI index is based on five major indicators: new orders, inventory levels, production, supplier deliveries and the employment environment.
Real Return Target Date Index; RR Target 2015 Index; RR Target 2020 Index; RR Target 2025 Index; RR Target 2030 Index; RR Target 2035 Index; RR Target 2040 Index; RR Target 2045 Index; RR Target 2050 Index; RR Target 2040+ Index; RR Today Index	Each of the Real Return Target 2015, Real Return Target 2020, Real Return Target 2025, Real Return Target 2030, Real Return Target 2035, Real Return Target 2040, Real Return Target 2045, Real Return Target 2050, Real Return Target 40+ and Real Return Target Today Indices (for purposes of this paragraph, the “New Primary Indices”) is a composite of other indexes. The sub-indexes represent traditional stocks and bonds in addition to real return assets such as inflation-linked bonds, commodities and real estate securities that are considered to potentially counterbalance inflation. The component asset classes are weighted within each index to reflect a targeted level of risk at the beginning and end of the investment horizon. Over time, the weights are adjusted based on predetermined formulas to systematically reduce the level of potential risk as the index’s maturity date approaches. It is not possible to invest directly in an index. Each of the New Primary Indices is calculated using the methodology of, and is maintained by, S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC). The New Primary Indices are not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the New Primary Indices. “Calculated by S&P Dow Jones Indices” and the related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by Allianz Global Investors GmbH.
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 2000 Growth Index	The Russell 2000 Growth Index is an unmanaged index composed of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted 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 Index is a subset of the Russell 3000 Index and represents approximately 10% of total market capitalization of that index.
Russell Microcap Growth Index	The Russell Microcap Growth Index measures the performance of the microcap growth segment of the US equity market. It includes those Russell Microcap Index companies with higher price-to-book ratios and higher forecasted growth values.
Russell Microcap Index	The Russell Microcap Index measures the performance of the microcap segment of the U.S. equity market. It makes up less than 3% of the U.S. equity market.
S&P 500 Index	The Standard & Poor’s 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The Index focuses on the large cap segment of the US equities market.
S&P Global Water Index	The Standard & Poor’s Global Water Index is comprised of 50 of the largest publicly traded companies in water-related businesses that meet specific investability requirements. This index is designed to provide liquid exposure to the leading publicly-listed companies in the global water industry, from both developed markets and emerging markets.
US Dollar Index (DXY)	The USD Index measures the performance of the US Dollar against a basket of currencies: EUR, JPY, GBP, CAD, CHF and SEK. It includes 9 chart types, 1 up to 1,000periods and a vast range of customizable technical indicators.
USD Overnight LIBOR	USD Overnight LIBOR (London Interbank Offered Rate) is the average interest rate at which leading banks in London borrow US dollar funds from one another with a maturity of one day (overnight).

86 November 30, 2014  | Annual Report

Schedule of Investments

November 30, 2014

AllianzGI Retirement 2015 Fund

	Shares		Value
Mutual Funds—78.3%
AllianzGI Behavioral Advantage Large Cap (a)(b)		28,367		$732,722
AllianzGI Best Styles Global Equity (a)(e)(g)		50,420		835,957
AllianzGI Emerging Markets Opportunities (a)(b)		12,804		344,434
AllianzGI Global Managed Volatility (a)(b)		18,318		345,294
AllianzGI Global Natural Resources (a)(b)		26,314		449,184
AllianzGI Income & Growth (a)(b)		53,512		687,634
AllianzGI International Managed Volatility (a)(b)		23,642		342,803
AllianzGI NFJ Dividend Value (a)(b)		29,277		509,118
AllianzGI NFJ International Value (a)(b)		22,844		510,111
AllianzGI NFJ Mid-Cap Value (a)(b)		12,384		338,834
AllianzGI Short Duration High Income (a)(b)		143,124		2,232,732
AllianzGI U.S. Managed Volatility (a)(b)		140,243		2,319,627
AllianzGI U.S. Small-Cap Growth (a)(b)		19,114		338,511
PIMCO Commodity RealReturn Strategy (a)(b)		179,604		890,836
PIMCO Income (a)(b)		386,223		4,893,441
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged) (a)(b)		125,437		1,031,092
PIMCO Mortgage Opportunities (a)(b)		154,105		1,719,811
PIMCO Real Return (a)(b)		512,750		5,850,474
PIMCO Senior Floating Rate (a)(b)		101,838		1,032,636
Templeton Frontier Markets (d)		24,124		401,666
Voya Global Real Estate (c)		25,341		517,709
Wells Fargo Advantage Short-Term High Yield Bond (f)		63,498		516,240
Total Mutual Funds (cost—$25,688,913)				26,840,866
Exchange-Traded Funds—21.0%
iShares Core S&P 500		1,752		365,432
iShares MSCI Spain Capped		6,785		261,969
PIMCO 1-5 Year U.S. TIPS Index (a)		125,450		6,584,871
Total Exchange-Traded Funds (cost—$7,236,943)				7,212,272

	Principal Amount (000s)		Value
Repurchase Agreements—0.7%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $243,000; collateralized by U.S. Treasury Notes, 2.25%, due 3/31/21, valued at $251,738 including accrued interest
(cost—$243,000)		$243	$	243,000
Total Investments (cost—$33,168,856)—100.0%				34,296,138
Liabilities in excess of other assets—(0.0)%				(16,824	)
Net Assets—100.0%				$34,279,314

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class I share.

(d) Advisor Class share.

(e) Non-income producing.

(f) Administrator Class share.

(g) Class R6 share.

Glossary:

MSCI—Morgan Stanley Capital International

TIPS—Treasury Inflation Protected Securities

AllianzGI Retirement 2020 Fund

	Shares		Value
Mutual Funds—79.5%
AllianzGI Behavioral Advantage Large Cap (a)(b)		52,411		$1,353,780
AllianzGI Best Styles Global Equity (a)(e)(g)		95,338		1,580,708
AllianzGI Emerging Markets Opportunities (a)(b)		23,674		636,829
AllianzGI Global Managed Volatility (a)(b)		33,456		630,637
AllianzGI Global Natural Resources (a)(b)		51,709		882,672
AllianzGI Income & Growth (a)(b)		108,794		1,397,999
AllianzGI International Managed Volatility (a)(b)		43,143		625,578
AllianzGI NFJ Dividend Value (a)(b)		53,749		934,687
AllianzGI NFJ International Value (a)(b)		47,902		1,069,648
AllianzGI NFJ Mid-Cap Value (a)(b)		31,826		870,755
AllianzGI Short Duration High Income (a)(b)		262,704		4,098,179
AllianzGI U.S. Managed Volatility (a)(b)		274,986		4,548,262
AllianzGI U.S. Small-Cap Growth (a)(b)		45,947		813,714
PIMCO CommoditiesPLUS® Strategy (a)(b)		66,408		589,706
PIMCO Commodity RealReturn Strategy (a)(b)		338,812		1,680,506
PIMCO Income (a)(b)		707,292		8,961,393
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged) (a)(b)		272,694		2,241,544
PIMCO Mortgage Opportunities (a)(b)		252,986		2,823,319
PIMCO Real Return (a)(b)		805,799		9,194,165
PIMCO Senior Floating Rate (a)(b)		185,782		1,883,833
Templeton Frontier Markets (d)		62,292		1,037,166
Voya Global Real Estate (c)		46,647		953,005
Wells Fargo Advantage Short-Term High Yield Bond (f)		115,859		941,934
Total Mutual Funds (cost—$48,212,474)				49,750,019
Exchange-Traded Funds—20.1%
iShares Core S&P 500		3,180		663,284
iShares MSCI Spain Capped		18,352		708,571
PIMCO 1-5 Year U.S. TIPS Index (a)		213,367		11,199,634
Total Exchange-Traded Funds (cost—$12,626,093)				12,571,489

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 87

Schedule of Investments

November 30, 2014

	Principal Amount (000s)		Value
Repurchase Agreements—0.5%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $323,000; collateralized by U.S. Treasury Notes, 2.00%, due 9/30/20, valued at $330,688 including accrued interest
(cost—$323,000)		$323	$	323,000
Total Investments (cost—$61,161,567)—100.1%				62,644,508
Liabilities in excess of other assets—(0.1)%				(57,645	)
Net Assets—100.0%				$62,586,863

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class I share.

(d) Advisor Class share.

(e) Non-income producing.

(f) Administrator Class share.

(g) Class R6 share.

Glossary:

MSCI—Morgan Stanley Capital International

TIPS—Treasury Inflation Protected Securities

AllianzGI Retirement 2025 Fund

	Shares		Value
Mutual Funds—82.2%
AllianzGI Behavioral Advantage Large Cap (a)(b)		69,677		$1,799,756
AllianzGI Best Styles Global Equity (a)(e)(g)		99,123		1,643,457
AllianzGI Emerging Markets Opportunities (a)(b)		24,436		657,324
AllianzGI Global Managed Volatility (a)(b)		45,413		856,028
AllianzGI Global Natural Resources (a)(b)		71,274		1,216,646
AllianzGI Income & Growth (a)(b)		127,854		1,642,920
AllianzGI International Managed Volatility (a)(b)		45,085		653,739
AllianzGI International Small-Cap (a)(b)		26,379		967,565
AllianzGI NFJ Dividend Value (a)(b)		55,952		972,997
AllianzGI NFJ International Small-Cap Value (a)(b)		15,167		327,456
AllianzGI NFJ International Value (a)(b)		58,163		1,298,789
AllianzGI NFJ Mid-Cap Value (a)(b)		35,500		971,280
AllianzGI Short Duration High Income (a)(b)		273,283		4,263,208
AllianzGI U.S. Managed Volatility (a)(b)		278,419		4,605,053
AllianzGI U.S. Small-Cap Growth (a)(b)		55,370		980,604
PIMCO CommoditiesPLUS® Strategy (a)(b)		68,845		611,342
PIMCO Commodity RealReturn Strategy (a)(b)		391,058		1,939,647
PIMCO Income (a)(b)		726,827		9,208,903
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged) (a)(b)		320,506		2,634,560
PIMCO Mortgage Opportunities (a)(b)		235,339		2,626,379
PIMCO Real Return (a)(b)		776,967		8,865,189
PIMCO Senior Floating Rate (a)(b)		194,217		1,969,358
Templeton Frontier Markets (d)		68,836		1,146,120
Voya Global Real Estate (c)		48,512		991,101
Wells Fargo Advantage Short-Term High Yield Bond (f)		80,732		656,350
Total Mutual Funds (cost—$51,846,819)				53,505,771
Exchange-Traded Funds—17.4%
iShares Core S&P 500		3,341		696,866
iShares MSCI Spain Capped		22,788		879,845
PIMCO 1-5 Year U.S. TIPS Index (a)		186,740		9,801,982
Total Exchange-Traded Funds (cost—$11,381,892)				11,378,693

	Principal Amount (000s)		Value
Repurchase Agreements—0.4%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $235,000; collateralized by U.S. Treasury Notes, 2.25%, due 3/31/21, valued at $241,463 including accrued interest
(cost—$235,000)		$235	$	235,000
Total Investments (cost—$63,463,711)—100.0%				65,119,464
Liabilities in excess of other assets—(0.0)%				(11,929	)
Net Assets—100.0%				$65,107,535

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class I share.

(d) Advisor Class share.

(e) Non-income producing.

(f) Administrator Class share.

(g) Class R6 share.

Glossary:

MSCI—Morgan Stanley Capital International

TIPS—Treasury Inflation Protected Securities

88 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Schedule of Investments

November 30, 2014

AllianzGI Retirement 2030 Fund

	Shares		Value
Mutual Funds—86.4%
AllianzGI Behavioral Advantage Large Cap (a)(b)		75,923		$1,961,100
AllianzGI Best Styles Global Equity (a)(e)(g)		119,723		1,984,999
AllianzGI Emerging Markets Opportunities (a)(b)		24,079		647,721
AllianzGI Global Managed Volatility (a)(b)		52,978		998,630
AllianzGI Global Natural Resources (a)(b)		71,398		1,218,767
AllianzGI Income & Growth (a)(b)		136,368		1,752,327
AllianzGI International Managed Volatility (a)(b)		110,452		1,601,557
AllianzGI International Small-Cap (a)(b)		26,502		972,106
AllianzGI NFJ Dividend Value (a)(b)		55,841		971,079
AllianzGI NFJ International Small-Cap Value (a)(b)		15,105		326,118
AllianzGI NFJ International Value (a)(b)		57,875		1,292,347
AllianzGI NFJ Mid-Cap Value (a)(b)		42,205		1,154,731
AllianzGI Short Duration High Income (a)(b)		267,096		4,166,696
AllianzGI Ultra Micro Cap (a)(b)		13,436		321,522
AllianzGI U.S. Managed Volatility (a)(b)		274,787		4,544,976
AllianzGI U.S. Small-Cap Growth (a)(b)		65,708		1,163,697
PIMCO CommoditiesPLUS® Strategy (a)(b)		135,791		1,205,828
PIMCO Commodity RealReturn Strategy (a)(b)		435,830		2,161,718
PIMCO Income (a)(b)		662,382		8,392,384
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged) (a)(b)		400,754		3,294,195
PIMCO Mortgage Opportunities (a)(b)		230,612		2,573,626
PIMCO Real Return (a)(b)		679,226		7,749,971
PIMCO Senior Floating Rate (a)(b)		190,866		1,935,383
Templeton Frontier Markets (d)		73,936		1,231,039
Voya Global Real Estate (c)		64,313		1,313,920
Wells Fargo Advantage Short-Term High Yield Bond (f)		78,981		642,118
Total Mutual Funds (cost—$53,086,926)				55,578,555
Exchange-Traded Funds—13.0%
iShares Core S&P 500		3,112		649,101
iShares MSCI Spain Capped		25,676		991,350
PIMCO 1-5 Year U.S. TIPS Index (a)		128,034		6,720,505
Total Exchange-Traded Funds (cost—$8,339,463)				8,360,956

	Principal Amount (000s)		Value
Repurchase Agreements—0.6%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $378,000; collateralized by U.S. Treasury Notes, 2.00%, due 9/30/20, valued at $386,650 including accrued interest
(cost—$378,000)		$378	$	378,000
Total Investments (cost—$61,804,389)—100.0%				64,317,511
Liabilities in excess of other assets—(0.0)%				(12,051	)
Net Assets—100.0%				$64,305,460

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class I share.

(d) Advisor Class share.

(e) Non-income producing.

(f) Administrator Class share.

(g) Class R6 share.

Glossary:

MSCI—Morgan Stanley Capital International

TIPS—Treasury Inflation Protected Securities

AllianzGI Retirement 2035 Fund

	Shares		Value
Mutual Funds—88.4%
AllianzGI Behavioral Advantage Large Cap (a)(b)		69,317		$1,790,460
AllianzGI Best Styles Global Equity (a)(e)(f)		179,421		2,974,801
AllianzGI Emerging Markets Opportunities (a)(b)		30,157		811,230
AllianzGI Global Managed Volatility (a)(b)		71,853		1,354,429
AllianzGI Global Natural Resources (a)(b)		58,639		1,000,972
AllianzGI Income & Growth (a)(b)		126,233		1,622,088
AllianzGI International Managed Volatility (a)(b)		111,283		1,613,605
AllianzGI International Small-Cap (a)(b)		23,115		847,848
AllianzGI NFJ Dividend Value (a)(b)		61,380		1,067,393
AllianzGI NFJ International Small-Cap Value (a)(b)		12,479		269,426
AllianzGI NFJ International Value (a)(b)		47,855		1,068,596
AllianzGI NFJ Mid-Cap Value (a)(b)		38,944		1,065,519
AllianzGI Short Duration High Income (a)(b)		190,255		2,967,976
AllianzGI Ultra Micro Cap (a)(b)		29,536		706,801
AllianzGI U.S. Managed Volatility (a)(b)		235,611		3,897,002
AllianzGI U.S. Small-Cap Growth (a)(b)		69,860		1,237,220
PIMCO CommoditiesPLUS® Strategy (a)(b)		113,280		1,005,925
PIMCO Commodity RealReturn Strategy (a)(b)		425,521		2,110,582
PIMCO Income (a)(b)		512,610		6,494,774
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged) (a)(b)		395,557		3,251,478
PIMCO Mortgage Opportunities (a)(b)		96,832		1,080,640
PIMCO Real Return (a)(b)		473,553		5,403,242
PIMCO Senior Floating Rate (a)(b)		159,786		1,620,231
Templeton Frontier Markets (d)		66,074		1,100,127
Voya Global Real Estate (c)		53,219		1,087,267
Total Mutual Funds (cost—$45,492,013)				47,449,632
Exchange-Traded Funds—11.0%
iShares Core S&P 500		2,560		533,965
iShares MSCI Spain Capped		27,221		1,051,003
PIMCO 1-5 Year U.S. TIPS Index (a)		81,943		4,301,188
Total Exchange-Traded Funds (cost—$5,855,703)				5,886,156

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 89

Schedule of Investments

November 30, 2014

	Principal Amount (000s)		Value
Repurchase Agreements—0.6%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $327,000; collateralized by U.S. Treasury Notes, 2.25%, due 4/30/21, valued at $338,250 including accrued interest
(cost—$327,000)		$327	$	327,000
Total Investments (cost—$51,674,716)—100.0%				53,662,788
Other assets less liabilities—0.0%				19,256
Net Assets—100.0%				$53,682,044

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class I share.

(d) Advisor Class share.

(e) Non-income producing.

(f) Class R6 share.

Glossary:

MSCI—Morgan Stanley Capital International

TIPS—Treasury Inflation Protected Securities

AllianzGI Retirement 2040 Fund

	Shares		Value
Mutual Funds—91.5%
AllianzGI Behavioral Advantage Large Cap (a)(b)		59,596		$1,539,363
AllianzGI Best Styles Global Equity (a)(e)(f)		212,012		3,515,152
AllianzGI Emerging Markets Opportunities (a)(b)		24,800		667,120
AllianzGI Global Managed Volatility (a)(b)		81,812		1,542,148
AllianzGI Global Natural Resources (a)(b)		48,606		829,708
AllianzGI Income & Growth (a)(b)		113,073		1,452,990
AllianzGI International Managed Volatility (a)(b)		90,328		1,309,757
AllianzGI International Small-Cap (a)(b)		23,754		871,302
AllianzGI NFJ Dividend Value (a)(b)		62,410		1,085,310
AllianzGI NFJ International Small-Cap Value (a)(b)		12,356		266,756
AllianzGI NFJ International Value (a)(b)		49,044		1,095,142
AllianzGI NFJ Mid-Cap Value (a)(b)		31,958		874,373
AllianzGI Short Duration High Income (a)(b)		139,590		2,177,612
AllianzGI Ultra Micro Cap (a)(b)		27,561		659,528
AllianzGI U.S. Managed Volatility (a)(b)		225,813		3,734,952
AllianzGI U.S. Small-Cap Growth (a)(b)		62,049		1,098,885
PIMCO CommoditiesPLUS® Strategy (a)(b)		97,083		862,101
PIMCO Commodity RealReturn Strategy (a)(b)		406,832		2,017,889
PIMCO Income (a)(b)		362,913		4,598,106
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged) (a)(b)		403,135		3,313,772
PIMCO Real Return (a)(b)		307,455		3,508,059
PIMCO Senior Floating Rate (a)(b)		86,291		874,988
Templeton Frontier Markets (d)		62,475		1,040,213
Voya Global Real Estate (c)		43,308		884,787
Total Mutual Funds (cost—$37,392,185)				39,820,013
Exchange-Traded Funds—8.1%
iShares Core S&P 500		2,183		455,330
iShares MSCI Spain Capped		22,945		885,906
PIMCO 1-5 Year U.S. TIPS Index (a)		41,497		2,178,178
Total Exchange-Traded Funds (cost—$3,473,034)				3,519,414

	Principal Amount (000s)		Value
Repurchase Agreements—0.5%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $237,000; collateralized by U.S. Treasury Notes, 2.00%, due 9/30/20, valued at $244,200 including accrued interest
(cost—$237,000)		$237	$	237,000
Total Investments (cost—$41,102,219)—100.1%				43,576,427
Liabilities in excess of other assets—(0.1)%				(33,210	)
Net Assets—100.0%				$43,543,217

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class I share.

(d) Advisor Class share.

(e) Non-income producing.

(f) Class R6 share.

Glossary:

MSCI—Morgan Stanley Capital International

TIPS—Treasury Inflation Protected Securities

90 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Schedule of Investments

November 30, 2014

AllianzGI Retirement 2045 Fund

	Shares		Value
Mutual Funds—94.5%
AllianzGI Behavioral Advantage Large Cap (a)(b)		46,689		$1,205,983
AllianzGI Best Styles Global Equity (a)(e)(f)		145,489		2,412,208
AllianzGI Emerging Markets Opportunities (a)(b)		19,925		535,994
AllianzGI Global Managed Volatility (a)(b)		56,969		1,073,867
AllianzGI Global Natural Resources (a)(b)		29,057		496,005
AllianzGI Income & Growth (a)(b)		72,979		937,779
AllianzGI International Managed Volatility (a)(b)		60,659		879,557
AllianzGI International Small-Cap (a)(b)		20,141		738,767
AllianzGI NFJ Dividend Value (a)(b)		38,019		661,157
AllianzGI NFJ International Small-Cap Value (a)(b)		11,131		240,308
AllianzGI NFJ International Value (a)(b)		35,571		794,296
AllianzGI NFJ Mid-Cap Value (a)(b)		25,088		686,407
AllianzGI Short Duration High Income (a)(b)		77,138		1,203,345
AllianzGI Ultra Micro Cap (a)(b)		16,889		404,148
AllianzGI U.S. Managed Volatility (a)(b)		158,912		2,628,396
AllianzGI U.S. Small-Cap Growth (a)(b)		42,145		746,389
PIMCO CommoditiesPLUS® Strategy (a)(b)		61,742		548,268
PIMCO Commodity RealReturn Strategy (a)(b)		257,130		1,275,364
PIMCO Income (a)(b)		201,087		2,547,779
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged) (a)(b)		277,681		2,282,537
PIMCO Real Return (a)(b)		118,378		1,350,693
PIMCO Senior Floating Rate (a)(b)		26,393		267,621
Templeton Frontier Markets (d)		38,976		648,956
Voya Global Real Estate (c)		26,372		538,782
Total Mutual Funds (cost—$23,712,086)				25,104,606
Exchange-Traded Funds—5.0%
iShares Core S&P 500		1,284		267,817
iShares MSCI Spain Capped		13,599		525,057
PIMCO 1-5 Year U.S. TIPS Index (a)		9,928		521,121
Total Exchange-Traded Funds (cost—$1,273,087)				1,313,995

	Principal Amount (000s)		Value
Repurchase Agreements—0.6%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $166,000; collateralized by U.S. Treasury Notes, 2.25%, due 3/31/21, valued at $169,538 including accrued interest
(cost—$166,000)		$166	$	166,000
Total Investments (cost—$25,151,173)—100.1%				26,584,601
Liabilities in excess of other assets—(0.1)%				(22,247	)
Net Assets—100.0%				$26,562,354

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class I share.

(d) Advisor Class share.

(e) Non-income producing.

(f) Class R6 share.

Glossary:

MSCI—Morgan Stanley Capital International

TIPS—Treasury Inflation Protected Securities

AllianzGI Retirement 2050 Fund

	Shares		Value
Mutual Funds—96.0%
AllianzGI Behavioral Advantage Large Cap (a)(b)		37,817		$976,820
AllianzGI Best Styles Global Equity (a)(e)(f)		130,676		2,166,603
AllianzGI Emerging Markets Opportunities (a)(b)		17,783		478,354
AllianzGI Global Managed Volatility (a)(b)		45,644		860,382
AllianzGI Global Natural Resources (a)(b)		29,673		506,521
AllianzGI Income & Growth (a)(b)		56,967		732,025
AllianzGI International Managed Volatility (a)(b)		48,587		704,518
AllianzGI International Small-Cap (a)(b)		17,626		646,511
AllianzGI NFJ Dividend Value (a)(b)		37,051		644,311
AllianzGI NFJ International Small-Cap Value (a)(b)		10,042		216,817
AllianzGI NFJ International Value (a)(b)		28,776		642,574
AllianzGI NFJ Mid-Cap Value (a)(b)		21,842		597,590
AllianzGI Short Duration High Income (a)(b)		61,431		958,321
AllianzGI Ultra Micro Cap (a)(b)		16,137		386,149
AllianzGI U.S. Managed Volatility (a)(b)		133,126		2,201,900
AllianzGI U.S. Small-Cap Growth (a)(b)		36,378		644,262
PIMCO CommoditiesPLUS® Strategy (a)(b)		54,194		481,242
PIMCO Commodity RealReturn Strategy (a)(b)		227,596		1,128,875
PIMCO Income (a)(b)		110,220		1,396,484
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged) (a)(b)		267,023		2,194,928
PIMCO Real Return (a)(b)		93,972		1,072,223
Templeton Frontier Markets (d)		32,981		549,135
Voya Global Real Estate (c)		21,177		432,637
Total Mutual Funds (cost—$18,911,396)				20,619,182
Exchange-Traded Funds—3.0%
iShares Core S&P 500		1,042		217,340
iShares MSCI Spain Capped		11,124		429,498
Total Exchange-Traded Funds (cost—$610,651)				646,838

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 91

Schedule of Investments

November 30, 2014

	Principal Amount (000s)		Value
Repurchase Agreements—1.1%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $245,000; collateralized by U.S. Treasury Notes, 2.25%, due 3/31/21, valued at $251,738 including accrued interest
(cost—$245,000)		$245	$	245,000
Total Investments (cost—$19,767,047)—100.1%				21,511,020
Liabilities in excess of other assets—(0.1)%				(23,092	)
Net Assets—100.0%				$21,487,928

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class I share.

(d) Advisor Class share.

(e) Non-income producing.

(f) Class R6 share.

Glossary:

MSCI—Morgan Stanley Capital International

AllianzGI Retirement 2055 Fund

	Shares		Value
Mutual Funds—96.3%
AllianzGI Behavioral Advantage Large Cap (a)(b)		15,549		$401,624
AllianzGI Best Styles Global Equity (a)(e)(f)		47,737		791,484
AllianzGI Emerging Markets Opportunities (a)(b)		6,499		174,816
AllianzGI Global Managed Volatility (a)(b)		19,017		358,473
AllianzGI Global Natural Resources (a)(b)		10,839		185,017
AllianzGI Income & Growth (a)(b)		18,518		237,959
AllianzGI International Managed Volatility (a)(b)		19,635		284,711
AllianzGI International Small-Cap (a)(b)		6,671		244,683
AllianzGI NFJ Dividend Value (a)(b)		15,759		274,044
AllianzGI NFJ International Small-Cap Value (a)(b)		3,627		78,301
AllianzGI NFJ International Value (a)(b)		12,297		274,601
AllianzGI NFJ Mid-Cap Value (a)(b)		8,571		234,506
AllianzGI Short Duration High Income (a)(b)		21,844		340,760
AllianzGI Ultra Micro Cap (a)(b)		6,604		158,028
AllianzGI U.S. Managed Volatility (a)(b)		50,705		838,657
AllianzGI U.S. Small-Cap Growth (a)(b)		13,241		234,490
PIMCO CommoditiesPLUS® Strategy (a)(b)		20,932		185,873
PIMCO Commodity RealReturn Strategy (a)(b)		84,410		418,671
PIMCO Income (a)(b)		31,371		397,475
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged) (a)(b)		96,463		792,926
PIMCO Real Return (a)(b)		27,835		317,595
Templeton Frontier Markets (d)		12,521		208,469
Voya Global Real Estate (c)		7,795		159,250
Total Mutual Funds (cost—$7,006,755)				7,592,413
Exchange-Traded Funds—2.8%
iShares Core S&P 500		352		73,420
iShares MSCI Spain Capped		3,890		150,193
Total Exchange-Traded Funds (cost—$212,073)				223,613
Total Investments (cost—$7,218,828)—99.1%				7,816,026
Other assets less liabilities—0.9%				69,703
Net Assets—100.0%				$7,885,729

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class I share.

(d) Advisor Class share.

(e) Non-income producing.

(f) Class R6 share.

Glossary:

MSCI—Morgan Stanley Capital International

92 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Schedule of Investments

November 30, 2014

AllianzGI Retirement Income Fund

	Shares		Value
Mutual Funds—76.8%
AllianzGI Behavioral Advantage Large Cap (a)(b)		23,788		$614,440
AllianzGI Best Styles Global Equity (a)(e)(g)		35,851		594,407
AllianzGI Emerging Markets Opportunities (a)(b)		10,965		294,966
AllianzGI Global Managed Volatility (a)(b)		15,681		295,593
AllianzGI Global Natural Resources (a)(b)		19,506		332,962
AllianzGI Income & Growth (a)(b)		45,824		588,835
AllianzGI International Managed Volatility (a)(b)		20,231		293,357
AllianzGI NFJ Dividend Value (a)(b)		25,185		437,961
AllianzGI NFJ International Value (a)(b)		19,546		436,458
AllianzGI NFJ Mid-Cap Value (a)(b)		10,617		290,478
AllianzGI Short Duration High Income (a)(b)		122,502		1,911,038
AllianzGI U.S. Managed Volatility (a)(b)		112,937		1,867,974
AllianzGI U.S. Small-Cap Growth (a)(b)		16,380		290,097
PIMCO Commodity RealReturn Strategy (a)(b)		141,989		704,264
PIMCO Income (a)(b)		330,784		4,191,035
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged) (a)(b)		107,371		882,592
PIMCO Mortgage Opportunities (a)(b)		132,071		1,473,910
PIMCO Real Return (a)(b)		439,058		5,009,648
PIMCO Senior Floating Rate (a)(b)		87,281		885,030
Templeton Frontier Markets (d)		17,346		288,811
Voya Global Real Estate (c)		21,694		443,216
Wells Fargo Advantage Short-Term High Yield Bond (f)		54,422		442,447
Total Mutual Funds (cost—$21,304,867)				22,569,519
Exchange-Traded Funds—22.5%
iShares Core S&P 500		1,571		327,679
iShares MSCI Spain Capped		5,934		229,112
PIMCO 1-5 Year U.S. TIPS Index (a)		115,327		6,053,514
Total Exchange-Traded Funds (cost—$6,623,441)				6,610,305

	Principal Amount (000s)		Value
Repurchase Agreements—0.7%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $207,000; collateralized by U.S. Treasury Notes, 2.25%, due 3/31/21, valued at $215,775 including accrued interest
(cost—$207,000)		$207	$	207,000
Total Investments (cost—$28,135,308)—100.0%				29,386,824
Liabilities in excess of other assets—(0.0)%				(6,231	)
Net Assets—100.0%				$29,380,593

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class I share.

(d) Advisor Class share.

(e) Non-income producing.

(f) Administrator Class share.

(g) Class R6 share.

Glossary:

MSCI—Morgan Stanley Capital International

TIPS—Treasury Inflation Protected Securities

AllianzGI Global Allocation Fund

	Shares		Value
Mutual Funds—96.8%
AllianzGI Behavioral Advantage Large Cap (a)(b)		318,306		$8,221,846
AllianzGI Best Styles Global Equity (a)(e)(g)		512,550		8,498,079
AllianzGI Emerging Markets Opportunities (a)(b)		158,182		4,255,106
AllianzGI Global Managed Volatility (a)(b)		338,482		6,380,384
AllianzGI Global Natural Resources (a)(b)		230,372		3,932,452
AllianzGI Income & Growth (a)(b)		327,672		4,210,588
AllianzGI International Managed Volatility (a)(b)		575,864		8,350,024
AllianzGI International Small-Cap (a)(b)		90,326		3,313,156
AllianzGI NFJ Dividend Value (a)(b)		719,411		12,510,549
AllianzGI NFJ Global Dividend Value (a)(b)		546,108		11,632,095
AllianzGI NFJ International Small-Cap Value (a)(b)		97,117		2,096,762
AllianzGI NFJ International Value (a)(b)		468,993		10,472,618
AllianzGI NFJ Mid-Cap Value (a)(b)		221,487		6,059,886
AllianzGI Short Duration High Income (a)(b)		667,453		10,412,267
AllianzGI U.S. Managed Volatility (a)(b)		1,026,364		16,976,055
PIMCO Commodities PLUS® Strategy (a)(b)		666,145		5,915,364
PIMCO Emerging Markets Bond (a)(b)		772,839		8,369,850
PIMCO Floating Income (a)(b)		1,226,608		10,450,702
PIMCO Foreign Bond (U.S. Dollar-Hedged) (a)(b)		281,356		3,179,318
PIMCO Income (a)(b)		1,360,311		17,235,145
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged) (a)(b)		1,296,148		10,654,336
PIMCO Mortgage Opportunities (a)(b)		375,437		4,189,877
PIMCO Senior Floating Rate (a)(b)		722,064		7,321,724
PIMCO Short-Term (a)(b)		843,596		8,334,726
Templeton Frontier Markets (d)		59,775		995,251
Voya Global Real Estate (c)		103,533		2,115,177
Wells Fargo Advantage Short-Term High Yield Bond (f)		770,860		6,267,091
Total Mutual Funds (cost—$179,369,058)				202,350,428
Exchange-Traded Funds—3.2%
iShares Core S&P 500		11,238		2,344,022
iShares MSCI Spain Capped		79,247		3,059,727
Market Vectors Russia		62,471		1,221,308
Total Exchange-Traded Funds (cost—$6,539,711)				6,625,057

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 93

Schedule of Investments

November 30, 2014

	Principal Amount (000s)		Value
Repurchase Agreements—0.2%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $510,000; collateralized by U.S. Treasury Notes, 2.00%, due 9/30/20, valued at $524,013 including accrued interest
(cost—$510,000)		$510	$	510,000
Total Investments (cost—$186,418,769) —100.2%				209,485,485
Liabilities in excess of other assets—(0.2)%				(501,045	)
Net Assets—100.0%				$208,984,440

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class I share.

(d) Advisor Class share.

(e) Non-income producing.

(f) Administrator Class share.

(g) Class R6 share.

Glossary:

MSCI—Morgan Stanley Capital International

AllianzGI Global Growth Allocation Fund

	Shares		Value
Mutual Funds—95.3%
AllianzGI Behavioral Advantage Large Cap (a)(b)		12,298		$317,663
AllianzGI Best Styles Global Equity (a)(e)(f)		30,659		508,334
AllianzGI Emerging Markets Opportunities (a)(b)		3,559		95,731
AllianzGI Global Managed Volatility (a)(b)		13,370		252,019
AllianzGI Global Natural Resources (a)(b)		8,552		145,991
AllianzGI Income & Growth (a)(b)		12,302		158,086
AllianzGI International Managed Volatility (a)(b)		21,507		311,847
AllianzGI International Small-Cap (a)(b)		4,230		155,170
AllianzGI NFJ Dividend Value (a)(b)		14,639		254,570
AllianzGI NFJ Emerging Markets Value (a)(b)		3,153		49,089
AllianzGI NFJ Global Dividend Value (a)(b)		11,804		251,415
AllianzGI NFJ International Small-Cap Value (a)(b)		7,228		156,054
AllianzGI NFJ International Value (a)(b)		9,736		217,398
AllianzGI NFJ Mid-Cap Value (a)(b)		10,276		281,142
AllianzGI Short Duration High Income (a)(b)		11,992		187,083
AllianzGI Ultra Micro Cap (a)(b)		6,473		154,900
AllianzGI U.S. Managed Volatility (a)(b)		30,567		505,573
PIMCO CommoditiesPLUS® Strategy (a)(b)		33,106		293,978
PIMCO Commodity RealReturn Strategy (a)(b)		30,177		149,678
PIMCO Income (a)(b)		17,372		220,099
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged) (a)(b)		54,117		444,843
PIMCO Mortgage Opportunities (a)(b)		11,274		125,821
PIMCO Short-Term (a)(b)		44,234		437,032
Templeton Frontier Markets (d)		6,926		115,317
Voya Global Real Estate (c)		3,061		62,543
Total Mutual Funds (cost—$5,063,412)				5,851,376
Exchange-Traded Funds—5.5%
iShares Core S&P 500		326		67,997
Market Vectors Gold Miners		11,664		213,801
Market Vectors Russia		2,780		54,349
Total Exchange-Traded Funds (cost—$379,859)				336,147
Total Investments (cost—$5,443,271)—100.8%				6,187,523
Liabilities in excess of other assets—(0.8)%				(47,889	)
Net Assets—100.0%				$6,139,634

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class I share.

(d) Advisor Class share.

(e) Non-income producing.

(f) Class R6 share.

94 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Schedule of Investments

November 30, 2014

AllianzGI Behavioral Advantage Large Cap Fund

	Shares		Value
Common Stock—98.9%
Aerospace & Defense—4.8%
Boeing Co.		8,600		$1,155,496
General Dynamics Corp.		4,100		595,976
Honeywell International, Inc.		1,400		138,698
Huntington Ingalls Industries, Inc.		600		65,382
L-3 Communications Holdings, Inc.		850		105,910
Lockheed Martin Corp.		4,650		890,754
Northrop Grumman Corp.		3,650		514,394
Raytheon Co.		2,600		277,420
Textron, Inc.		1,000		43,320
United Technologies Corp.		2,600		286,208
				4,073,558
Air Freight & Logistics—1.7%
Expeditors International of Washington, Inc.		2,000		93,640
FedEx Corp.		4,000		712,720
United Parcel Service, Inc., Class B		6,200		681,504
				1,487,864
Airlines—2.1%
Alaska Air Group, Inc.		900		53,127
Delta Air Lines, Inc.		16,750		781,722
JetBlue Airways Corp. (a)		3,800		55,594
Southwest Airlines Co.		14,100		589,662
Spirit Airlines, Inc. (a)		1,100		90,959
United Continental Holdings, Inc. (a)		3,900		238,797
				1,809,861
Auto Components—0.4%
Delphi Automotive PLC		2,900		211,555
Lear Corp.		600		57,546
Visteon Corp. (a)		700		68,600
				337,701
Automobiles—0.3%
Harley-Davidson, Inc.		600		41,808
Tesla Motors, Inc. (a)		800		195,616
				237,424
Banks—1.7%
JPMorgan Chase & Co.		6,400		385,024
SVB Financial Group (a)		500		52,575
Wells Fargo & Co.		18,000		980,640
Zions Bancorporation		1,700		47,702
				1,465,941
Beverages—1.7%
Brown-Forman Corp., Class B		800		77,640
Coca-Cola Co.		2,700		121,041
Coca-Cola Enterprises, Inc.		1,200		52,728
Dr. Pepper Snapple Group, Inc.		2,000		148,000
Molson Coors Brewing Co., Class B		2,600		201,110
Monster Beverage Corp. (a)		3,400		381,310
PepsiCo, Inc.		5,050		505,505
				1,487,334
Biotechnology—3.0%
Alexion Pharmaceuticals, Inc. (a)		1,100		214,390
Amgen, Inc.		1,450		239,699
Biogen Idec, Inc. (a)		1,900		584,611
Celgene Corp. (a)		1,600		181,904
Gilead Sciences, Inc. (a)		9,300		932,976
Intercept Pharmaceuticals, Inc. (a)		400		57,492

	Shares		Value
Medivation, Inc. (a)		700	$	81,123
Puma Biotechnology, Inc. (a)		300		68,106
Regeneron Pharmaceuticals, Inc. (a)		400		166,444
United Therapeutics Corp. (a)		400		53,028
				2,579,773
Capital Markets—0.6%
Ameriprise Financial, Inc.		550		72,473
Bank of New York Mellon Corp.		4,500		180,135
Charles Schwab Corp.		1,500		42,480
Raymond James Financial, Inc.		2,500		140,750
SEI Investments Co.		1,050		41,612
				477,450
Chemicals—3.0%
Cabot Corp.		600		25,848
Celanese Corp., Ser. A		900		54,063
CF Industries Holdings, Inc.		400		107,260
Dow Chemical Co.		9,200		447,764
EI du Pont de Nemours & Co.		5,300		378,420
International Flavors & Fragrances, Inc.		500		50,585
LyondellBasell Industries NV, Class A		7,000		552,020
NewMarket Corp.		200		78,744
PolyOne Corp.		700		26,110
PPG Industries, Inc.		1,183		258,864
Praxair, Inc.		1,050		134,799
Sherwin-Williams Co.		1,000		244,860
Sigma-Aldrich Corp.		800		109,280
Valspar Corp.		300		25,173
Westlake Chemical Corp.		1,100		69,960
				2,563,750
Commercial Services & Supplies—0.3%
Cintas Corp.		1,000		73,150
Pitney Bowes, Inc.		3,700		91,094
Rollins, Inc.		1,500		48,795
Waste Management, Inc.		1,200		58,476
				271,515
Communications Equipment—2.9%
ARRIS Group, Inc. (a)		2,100		62,517
Aruba Networks, Inc. (a)		2,500		46,775
Brocade Communications Systems, Inc.		4,600		52,026
Cisco Systems, Inc.		34,900		964,636
CommScope Holding Co., Inc. (a)		1,500		33,300
F5 Networks, Inc. (a)		1,100		142,109
Harris Corp.		1,100		78,837
Juniper Networks, Inc.		6,000		132,960
Motorola Solutions, Inc.		2,700		177,444
Palo Alto Networks, Inc. (a)		1,000		123,000
Polycom, Inc. (a)		2,800		36,876
QUALCOMM, Inc.		8,600		626,940
				2,477,420
Construction & Engineering—0.1%
Fluor Corp.		1,900		117,781
Consumer Finance—0.1%
Ally Financial, Inc. (a)		2,100		49,938
Containers & Packaging—0.3%
Avery Dennison Corp.		1,000		49,510
Ball Corp.		2,100		140,847
MeadWestvaco Corp.		600		26,880
				217,237
Distributors—0.1%
Genuine Parts Co.		750		77,085

	Shares		Value
Diversified Consumer Services—0.5%
Apollo Education Group, Inc., Class A (a)		3,200	$	99,904
Graham Holdings Co., Class B		200		177,498
H&R Block, Inc.		4,400		148,016
				425,418
Diversified Financial Services—1.1%
Berkshire Hathaway, Inc., Class B (a)		700		104,083
CBOE Holdings, Inc.		1,300		77,883
McGraw Hill Financial, Inc.		4,000		373,840
Moody’s Corp.		3,650		368,687
Voya Financial, Inc.		1,200		50,256
				974,749
Diversified Telecommunication Services—1.4%
AT&T, Inc.		10,350		366,183
CenturyLink, Inc.		5,000		203,850
Verizon Communications, Inc.		11,800		596,962
				1,166,995
Electric Utilities—0.1%
American Electric Power Co., Inc.		900		51,795
Entergy Corp.		600		50,340
				102,135
Electrical Equipment—0.2%
Eaton Corp. PLC		1,000		67,830
Hubbell, Inc., Class B		300		32,040
Rockwell Automation, Inc.		600		69,246
				169,116
Electronic Equipment, Instruments & Components—0.6%
Amphenol Corp., Class A		900		48,267
CDW Corp.		2,200		77,176
Cognex Corp. (a)		700		28,497
Corning, Inc.		6,900		145,038
Keysight Technologies, Inc. (a)		1,350		47,520
Sanmina Corp. (a)		1,100		27,060
TE Connectivity Ltd.		1,100		70,620
Trimble Navigation Ltd. (a)		900		25,313
Zebra Technologies Corp., Class A (a)		300		21,945
				491,436
Energy Equipment & Services—1.2%
Cameron International Corp. (a)		2,500		128,200
FMC Technologies, Inc. (a)		1,100		52,547
Halliburton Co.		3,500		147,700
Helmerich & Payne, Inc.		500		34,775
Nabors Industries Ltd.		2,700		35,424
National Oilwell Varco, Inc.		600		40,224
Oil States International, Inc. (a)		1,900		94,715
Patterson-UTI Energy, Inc.		1,700		30,073
Schlumberger Ltd.		4,700		403,965
Superior Energy Services, Inc.		1,600		30,896
Unit Corp. (a)		400		15,288
				1,013,807
Food & Staples Retailing—2.9%
Costco Wholesale Corp.		2,000		284,240
CVS Health Corp.		3,300		301,488
Kroger Co.		4,600		275,264
Rite Aid Corp. (a)		12,000		65,760
SUPERVALU, Inc. (a)		7,500		70,200
Sysco Corp.		3,200		128,832
Wal-Mart Stores, Inc.		15,800		1,383,132
				2,508,916

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 95

Schedule of Investments

November 30, 2014

	Shares		Value
Food Products—2.3%
Archer-Daniels-Midland Co.		10,700	$	563,676
Bunge Ltd.		4,300		390,311
Campbell Soup Co.		1,300		58,864
General Mills, Inc.		1,700		89,675
Hershey Co.		400		40,112
Hormel Foods Corp.		1,250		66,350
Ingredion, Inc.		700		58,261
Kellogg Co.		400		26,500
Keurig Green Mountain, Inc.		700		99,498
McCormick & Co., Inc.		400		29,732
Mead Johnson Nutrition Co.		2,450		254,408
Mondelez International, Inc., Class A		3,300		129,360
Pilgrim’s Pride Corp. (a)		4,200		135,660
				1,942,407
Gas Utilities—0.0%
UGI Corp.		750		28,283
Health Care Equipment & Supplies—2.2%
Abbott Laboratories		12,150		540,796
Align Technology, Inc. (a)		700		39,830
Baxter International, Inc.		900		65,700
Becton Dickinson and Co.		1,100		154,363
CR Bard, Inc.		1,100		184,085
Edwards Lifesciences Corp. (a)		2,100		272,328
Halyard Health, Inc. (a)		343		13,449
IDEXX Laboratories, Inc. (a)		400		59,740
Intuitive Surgical, Inc. (a)		400		207,108
Medtronic, Inc.		1,900		140,353
Stryker Corp.		950		88,265
Varian Medical Systems, Inc. (a)		300		26,553
Zimmer Holdings, Inc.		600		67,374
				1,859,944
Health Care Providers & Services—4.8%
Aetna, Inc.		1,600		139,584
AmerisourceBergen Corp.		2,400		218,520
Anthem, Inc.		4,800		613,968
Cardinal Health, Inc.		3,900		320,541
Centene Corp. (a)		700		69,139
Cigna Corp.		2,800		288,092
DaVita HealthCare Partners, Inc. (a)		700		53,571
Express Scripts Holding Co. (a)		6,000		498,900
HCA Holdings, Inc. (a)		5,150		358,903
Health Net, Inc. (a)		2,000		102,760
Humana, Inc.		1,600		220,752
McKesson Corp.		1,200		252,912
Omnicare, Inc.		600		42,192
UnitedHealth Group, Inc.		8,800		867,944
Universal Health Services, Inc., Class B		1,000		104,620
				4,152,398
Health Care Technology—0.1%
Cerner Corp. (a)		1,500		96,600
Hotels, Restaurants & Leisure—2.0%
Burger King Worldwide, Inc.		1,800		65,412
Chipotle Mexican Grill, Inc. (a)		500		331,810
Choice Hotels International, Inc.		1,300		72,033
Darden Restaurants, Inc.		1,200		68,388
Domino’s Pizza, Inc.		1,150		107,928
Las Vegas Sands Corp.		800		50,952
Marriott International, Inc., Class A		5,250		413,647
Marriott Vacations Worldwide Corp.		500		36,755
McDonald’s Corp.		1,090		105,523
Royal Caribbean Cruises Ltd.		1,400		103,236
Starwood Hotels & Resorts Worldwide, Inc.		600		47,400
Wyndham Worldwide Corp.		1,300		108,368
Yum! Brands, Inc.		2,500		193,125
				1,704,577

	Shares		Value
Household Durables—0.2%
Harman International Industries, Inc.		400	$	43,412
Newell Rubbermaid, Inc.		2,800		101,668
NVR, Inc. (a)		50		62,934
				208,014
Household Products—1.4%
Church & Dwight Co., Inc.		800		61,368
Clorox Co.		500		50,810
Colgate-Palmolive Co.		6,800		473,212
Energizer Holdings, Inc.		300		39,006
Harbinger Group, Inc. (a)		2,500		34,300
Kimberly-Clark Corp.		2,750		320,623
Procter & Gamble Co.		2,300		207,989
				1,187,308
Industrial Conglomerates—1.6%
3M Co.		5,500		880,495
Danaher Corp.		1,500		125,340
General Electric Co.		9,750		258,278
Roper Industries, Inc.		400		63,128
				1,327,241
Insurance—3.4%
ACE Ltd.		700		80,038
Aflac, Inc.		3,300		197,109
Allstate Corp.		5,350		364,602
American Financial Group, Inc.		1,400		84,546
American International Group, Inc.		3,000		164,400
Assurant, Inc.		1,700		114,903
Chubb Corp.		700		72,135
Everest Re Group Ltd.		300		52,617
Markel Corp. (a)		100		69,678
Marsh & McLennan Cos., Inc.		1,950		110,351
MBIA, Inc. (a)		5,500		56,760
MetLife, Inc.		4,800		266,928
PartnerRe Ltd.		600		69,906
Principal Financial Group, Inc.		1,700		90,559
Progressive Corp.		3,850		104,874
Prudential Financial, Inc.		3,600		305,928
Reinsurance Group of America, Inc.		500		42,860
RenaissanceRe Holdings Ltd.		600		58,752
StanCorp Financial Group, Inc.		400		26,440
Symetra Financial Corp.		1,500		33,990
Torchmark Corp.		1,200		64,500
Travelers Cos., Inc.		3,550		370,797
Unum Group		1,300		43,186
WR Berkley Corp.		1,200		62,688
				2,908,547
Internet & Catalog Retail—0.7%
Expedia, Inc.		3,400		296,174
Liberty Interactive Corp., Class A (a)		1,300		37,895
Liberty Ventures, Ser. A (a)		1,084		39,718
Priceline Group, Inc. (a)		225		261,043
				634,830
Internet Software & Services—2.1%
eBay, Inc. (a)		4,300		235,984
Facebook, Inc., Class A (a)		10,300		800,310
Google, Inc., Class A (a)		665		365,138
Google, Inc., Class C (a)		665		360,317
VeriSign, Inc. (a)		1,300		78,130
				1,839,879
IT Services—6.4%
Accenture PLC, Class A		8,100		699,273
Amdocs Ltd.		1,250		60,931
Automatic Data Processing, Inc.		2,100		179,844
Broadridge Financial Solutions, Inc.		900		40,761

	Shares		Value
Cognizant Technology Solutions Corp., Class A (a)		2,400	$	129,576
Computer Sciences Corp.		1,400		88,732
DST Systems, Inc.		800		79,400
Fiserv, Inc. (a)		2,100		150,129
FleetCor Technologies, Inc. (a)		200		30,378
Gartner, Inc. (a)		1,900		162,412
International Business Machines Corp.		6,100		989,237
Jack Henry & Associates, Inc.		800		49,168
Leidos Holdings, Inc.		1,175		47,482
Mastercard, Inc., Class A		13,050		1,139,134
Paychex, Inc.		3,350		158,824
Syntel, Inc. (a)		1,200		53,400
Visa, Inc., Class A		4,400		1,136,036
Western Union Co.		3,400		63,172
Xerox Corp.		15,700		219,172
				5,477,061
Leisure Equipment & Products—0.1%
Polaris Industries, Inc.		800		125,368
Life Sciences Tools & Services—0.7%
Agilent Technologies, Inc.		2,700		115,398
Bio-Rad Laboratories, Inc., Class A (a)		300		35,637
Illumina, Inc. (a)		1,300		248,157
Mettler-Toledo International, Inc. (a)		250		73,315
PAREXEL International Corp. (a)		700		40,957
Quintiles Transnational Holdings, Inc. (a)		1,500		86,730
Waters Corp. (a)		300		34,770
				634,964
Machinery—1.9%
Allison Transmission Holdings, Inc.		1,500		49,335
Caterpillar, Inc.		3,900		392,340
Donaldson Co., Inc.		700		27,300
Flowserve Corp.		800		47,096
Hillenbrand, Inc.		900		28,944
IDEX Corp.		600		46,086
Illinois Tool Works, Inc.		3,000		284,790
Ingersoll-Rand PLC		3,850		242,781
ITT Corp.		800		33,120
Lincoln Electric Holdings, Inc.		700		50,428
PACCAR, Inc.		400		26,808
Pall Corp.		350		33,639
Parker Hannifin Corp.		500		64,515
Snap-on, Inc.		300		40,599
SPX Corp.		600		53,814
Toro Co.		800		52,544
WABCO Holdings, Inc. (a)		700		71,834
Wabtec Corp.		500		44,245
Woodward, Inc.		500		25,840
				1,616,058
Marine—0.1%
Kirby Corp. (a)		600		57,684
Media—2.1%
CBS Corp., Class B		1,000		54,880
Comcast Corp., Class A		4,200		239,568
DISH Network Corp., Class A (a)		2,700		214,407
Interpublic Group of Cos., Inc.		5,300		107,537
John Wiley & Sons, Inc., Class A		400		23,888
Omnicom Group, Inc.		1,900		146,813
Scripps Networks Interactive, Inc., Class A		800		62,536
Starz, Class A (a)		1,100		36,289
Time Warner, Inc.		600		51,072
Walt Disney Co.		9,350		864,968
				1,801,958

96 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Schedule of Investments

November 30, 2014

	Shares		Value
Metals & Mining—0.2%
Southern Copper Corp.		4,600	$	137,770
Multi-line Retail—0.9%
Big Lots, Inc.		900		45,720
Burlington Stores, Inc. (a)		3,800		169,746
Dillard’s, Inc., Class A		500		58,940
Kohl’s Corp.		2,800		166,936
Macy’s, Inc.		3,900		253,149
Nordstrom, Inc.		1,200		91,632
				786,123
Multi-Utilities—0.0%
Public Service Enterprise Group, Inc.		1,000		41,780
Oil, Gas & Consumable Fuels—7.5%
Apache Corp.		6,900		442,221
Chesapeake Energy Corp.		2,200		44,572
Chevron Corp.		7,630		830,678
Cimarex Energy Co.		200		20,990
ConocoPhillips		11,890		785,572
Continental Resources, Inc. (a)		600		24,588
EOG Resources, Inc.		500		43,360
Exxon Mobil Corp.		18,070		1,636,058
Hess Corp.		4,500		328,185
Marathon Oil Corp.		2,900		83,868
Marathon Petroleum Corp.		4,300		387,387
Murphy Oil Corp.		700		33,894
Newfield Exploration Co. (a)		1,100		29,953
Occidental Petroleum Corp.		5,300		422,781
ONEOK, Inc.		900		48,744
Phillips 66		9,500		693,690
Tesoro Corp.		2,000		153,240
Valero Energy Corp.		7,500		364,575
Western Refining, Inc.		800		32,888
Whiting Petroleum Corp. (a)		600		25,062
				6,432,306
Paper & Forest Products—0.3%
International Paper Co.		4,600		247,572
Personal Products—0.2%
Estee Lauder Cos., Inc., Class A		2,000		148,280
Pharmaceuticals—3.8%
AbbVie, Inc.		9,600		664,320
Bristol-Myers Squibb Co.		1,250		73,812
Eli Lilly & Co.		7,000		476,840
Johnson & Johnson		9,628		1,042,231
Merck & Co., Inc.		5,200		314,080
Pfizer, Inc.		20,900		651,035
				3,222,318
Professional Services—0.3%
Dun & Bradstreet Corp.		800		101,560
Equifax, Inc.		400		31,820
IHS, Inc., Class A (a)		200		24,492
Robert Half International, Inc.		1,500		85,185
Verisk Analytics, Inc., Class A (a)		700		43,386
				286,443
Real Estate Investment Trust—0.0%
Public Storage		100		18,763
Road & Rail—1.3%
AMERCO		100		27,820
Avis Budget Group, Inc. (a)		1,100		66,165
CSX Corp.		4,600		167,854
Norfolk Southern Corp.		900		100,476
Old Dominion Freight Line, Inc. (a)		700		56,728
Union Pacific Corp.		6,000		700,620
				1,119,663

	Shares		Value
Semiconductors & Semiconductor Equipment—4.1%
Analog Devices, Inc.		500	$	27,320
Applied Materials, Inc.		5,600		134,680
Broadcom Corp., Class A		3,400		146,642
Intel Corp.		38,300		1,426,675
KLA-Tencor Corp.		1,500		104,160
Lam Research Corp.		1,400		115,696
Linear Technology Corp.		5,400		248,562
Maxim Integrated Products, Inc.		1,000		29,570
Micron Technology, Inc. (a)		10,400		373,880
Monolithic Power Systems, Inc.		600		28,878
NVIDIA Corp.		6,800		142,596
RF Micro Devices, Inc. (a)		4,300		62,823
Skyworks Solutions, Inc.		3,000		202,410
Texas Instruments, Inc.		8,600		468,012
				3,511,904
Software—4.3%
Activision Blizzard, Inc.		2,600		56,290
Adobe Systems, Inc. (a)		1,650		121,572
Autodesk, Inc. (a)		1,200		74,400
CDK Global, Inc.		700		26,649
Electronic Arts, Inc. (a)		4,400		193,292
Intuit, Inc.		3,300		309,771
Manhattan Associates, Inc. (a)		1,700		67,252
Microsoft Corp.		29,300		1,400,833
Netscout Systems, Inc. (a)		600		22,890
Oracle Corp.		22,700		962,707
PTC, Inc. (a)		800		31,256
Red Hat, Inc. (a)		1,900		118,085
Rovi Corp. (a)		1,900		42,332
Salesforce.com, Inc. (a)		700		41,909
Symantec Corp.		1,600		41,744
Synopsys, Inc. (a)		600		26,034
Take-Two Interactive Software, Inc. (a)		4,200		116,172
				3,653,188
Specialty Retail—4.2%
Advance Auto Parts, Inc.		500		73,540
AutoZone, Inc. (a)		475		274,412
Bed Bath & Beyond, Inc. (a)		1,700		124,729
Best Buy Co., Inc.		1,000		39,410
Foot Locker, Inc.		1,800		103,122
Gap, Inc.		5,700		225,720
Home Depot, Inc.		9,700		964,180
L Brands, Inc.		700		56,630
Lowe’s Cos., Inc.		7,700		491,491
Murphy USA, Inc. (a)		575		36,639
O’Reilly Automotive, Inc. (a)		950		173,603
PetSmart, Inc.		1,000		78,760
Ross Stores, Inc.		2,200		201,256
Staples, Inc.		3,000		42,180
TJX Cos., Inc.		8,700		575,592
Urban Outfitters, Inc. (a)		1,400		45,248
Williams-Sonoma, Inc.		800		59,648
				3,566,160
Technology Hardware, Storage & Peripherals—5.1%
Apple, Inc.		14,950		1,778,003
EMC Corp.		19,500		591,825
Hewlett-Packard Co.		34,100		1,331,946
NetApp, Inc.		800		34,040
SanDisk Corp.		1,100		113,806
Seagate Technology PLC		4,500		297,495
Western Digital Corp.		2,350		242,685
				4,389,800
Textiles, Apparel & Luxury Goods—1.3%
Hanesbrands, Inc.		700		81,004
Iconix Brand Group, Inc. (a)		700		28,287
Michael Kors Holdings Ltd. (a)		900		69,039
NIKE, Inc., Class B		6,700		665,243

	Shares		Value
Under Armour, Inc., Class A (a)		1,600	$	115,984
V.F. Corp.		2,600		195,442
				1,154,999
Tobacco—2.1%
Altria Group, Inc.		15,000		753,900
Philip Morris International, Inc.		9,470		823,227
Reynolds American, Inc.		3,300		217,503
				1,794,630
Trading Companies & Distributors—0.1%
United Rentals, Inc. (a)		700		79,317
Total Common Stock (cost—$71,810,088)				84,778,341
	Principal Amount (000s)
Repurchase Agreements—0.9%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $733,000; collateralized by U.S. Treasury Notes, 2.25%, due 3/31/21, valued at $750,075 including accrued interest
(cost—$733,000)		$733		733,000
Total Investments (cost—$72,543,088)—99.8%				85,511,341
Other assets less liabilities—0.2%				148,113
Net Assets—100.0%				$85,659,454

Notes to Schedule of Investments:

(a) Non-income producing.

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 97

Schedule of Investments

November 30, 2014

AllianzGI Best Styles Global Equity Fund

	Shares		Value
Common Stock—93.9%
Australia—1.3%
Australia & New Zealand Banking Group Ltd.		3,157		$85,632
Bank of Queensland Ltd.		5,083		53,167
Bendigo and Adelaide Bank Ltd.		4,583		49,726
Challenger Ltd.		2,560		13,811
Dexus Property Group REIT		1,907		11,523
Downer EDI Ltd.		5,623		20,540
Echo Entertainment Group Ltd.		6,379		19,887
Federation Centres REIT		4,785		11,259
Macquarie Group Ltd.		672		33,336
Westpac Banking Corp.		4,496		124,420
				423,301
Austria—0.2%
OMV AG		949		27,453
UNIQA Insurance Group AG		1,657		17,354
Voestalpine AG		752		31,230
				76,037
Belgium—0.2%
Befimmo S.A. REIT		260		19,896
Delhaize Group S.A.		603		44,061
				63,957
Bermuda—0.8%
Aspen Insurance Holdings Ltd.		2,865		126,719
Endurance Specialty Holdings Ltd.		780		46,005
Everest Re Group Ltd.		333		58,405
Maiden Holdings Ltd.		1,323		17,278
Montpelier Re Holdings Ltd. (c)		579		19,715
				268,122
Brazil—1.0%
Banco Bradesco S.A.		2,900		42,996
Banco do Brasil S.A.		5,100		58,752
Cia Brasileira de Distribuicao ADR		754		31,751
Cia Energetica de Minas Gerais ADR		8,997		49,663
Cielo S.A.		2,400		40,982
Embraer S.A.		1,100		10,103
Estacio Participacoes S.A.		2,900		31,425
JBS S.A.		7,100		33,103
Petroleo Brasileiro S.A. ADR		3,229		31,386
Porto Seguro S.A.		900		10,879
				341,040
Canada—5.4%
Artis Real Estate Investment Trust REIT		2,041		28,344
Bank of Montreal		1,760		129,072
Bank of Nova Scotia		1,051		64,797
BCE, Inc.		1,031		48,092
Canadian Imperial Bank of Commerce		1,030		95,920
Canadian National Railway Co.		1,750		124,313
Canadian Natural Resources Ltd.		2,715		90,128
Canadian Tire Corp. Ltd., Class A		431		48,362
Canfor Corp. (d)		641		15,404
Canfor Pulp Products, Inc.		837		9,845
Celestica, Inc. (d)		1,323		14,208
Cogeco Cable, Inc.		716		40,687
Corus Entertainment, Inc., Class B		476		9,033
Genworth MI Canada, Inc.		904		32,642
George Weston Ltd.		463		40,793
Linamar Corp.		1,040		61,154
Loblaw Cos. Ltd.		1,446		77,782
Magna International, Inc.		2,081		222,568
Metro, Inc.		643		50,220
National Bank of Canada		1,546		71,831
Pacific Rubiales Energy Corp.		1,058		10,224
Royal Bank of Canada		2,159		157,011

	Shares		Value
Shaw Communications, Inc., Class B		2,797	$	75,508
Stantec, Inc.		574		16,665
Suncor Energy, Inc.		2,519		79,546
Toronto-Dominion Bank		2,805		141,342
Transcontinental, Inc., Class A		2,816		37,801
				1,793,292
Cayman Islands—0.1%
Home Loan Servicing Solutions Ltd. (c)		2,151		42,031
China—3.0%
Agricultural Bank of China Ltd., Class H		53,000		25,018
Bank of China Ltd., Class H		87,000		44,677
China Citic Bank Corp., Ltd., Class H		119,000		87,925
China Construction Bank Corp., Class H		43,000		32,469
China Lumena New Materials Corp. (b)(d)		62,000		9,993
China Merchants Bank Co., Ltd., Class H		17,500		36,160
China Minsheng Banking Corp. Ltd., Class H		18,000		19,674
China Mobile Ltd.		6,000		74,026
China Oilfield Services Ltd., Class H		10,000		17,540
China Petroleum & Chemical Corp., Class H		78,000		63,140
China Railway Construction Corp., Ltd., Class H		13,000		14,910
China Resources Cement Holdings Ltd.		18,000		12,367
China Resources Power Holdings Co., Ltd.		20,000		58,329
Chongqing Rural Commercial Bank Co., Ltd., Class H		25,000		14,161
CNOOC Ltd.		3,000		4,335
Dongfeng Motor Group Co., Ltd., Class H		20,000		30,460
Guangdong Investment Ltd.		26,000		35,831
Huadian Power International Corp. Ltd., Class H		78,000		63,407
Huaneng Power International, Inc., Class H		26,000		30,552
Hydoo International Holding Ltd.		160,000		38,168
Industrial & Commercial Bank of China Ltd., Class H		102,000		68,810
Kaisa Group Holdings Ltd.		48,000		18,589
KWG Property Holding Ltd.		17,000		13,253
Lijun International Pharmaceutical Holding Co., Ltd.		28,000		12,917
PetroChina Co., Ltd. ADR		464		49,657
Ping An Insurance Group Co. of China Ltd., Class H		3,000		25,056
Shimao Property Holdings Ltd.		14,500		34,606
Sinopharm Group Co., Ltd., Class H		8,000		29,765
Wasion Group Holdings Ltd.		14,000		14,911
WuXi PharmaTech Cayman, Inc. ADR (d)		457		15,680
Yuexiu Transport Infrastructure Ltd.		10,000		6,486
				1,002,872
Colombia—0.1%
Copa Holdings S.A., Class A		238		26,635
Denmark—0.7%
AP Moeller—Maersk A/S, Class B		25		52,145
Bakkafrost P/F		2,430		59,941

	Shares		Value
Pandora A/S		393	$	34,877
Royal UNIBREW (d)		172		29,636
TDC A/S		5,885		47,595
				224,194
Finland—0.3%
Elisa Oyj		1,622		46,974
Kesko Oyj, Class B		586		22,777
Stora Enso Oyj, Class R		3,118		27,606
				97,357
France—2.7%
AtoS		216		15,340
BNP Paribas S.A.		187		12,001
Cap Gemini S.A.		1,053		77,185
Cie Generale des Etablissements Michelin		361		33,191
Credit Agricole S.A.		4,336		60,963
Lagardere SCA		1,345		38,122
Natixis S.A.		2,454		17,351
Orange S.A.		3,303		58,207
Plastic Omnium S.A.		652		17,032
Rallye S.A.		708		27,573
Safran S.A.		415		26,840
Sanofi		416		40,177
Societe Generale S.A.		1,236		61,343
Sopra Group S.A.		146		11,284
Technicolor S.A. (d)		6,460		38,575
Teleperformance		678		47,338
Thales S.A.		842		44,674
Total S.A.		2,699		150,610
UBISOFT Entertainment (d)		1,309		22,872
Valeo S.A.		775		95,349
				896,027
Germany—2.6%
Aareal Bank AG (c)		843		36,768
Bayerische Motoren Werke AG		941		107,496
Bechtle AG (c)		205		15,843
Continental AG		188		39,534
Daimler AG		1,196		100,821
Deutsche Lufthansa AG		2,561		45,613
Deutsche Post AG		2,292		75,993
Freenet AG (c)		1,589		46,886
Fresenius SE & Co. KGaA		1,158		62,736
Hannover Rueck SE		873		77,881
Indus Holding AG		346		17,000
Jenoptik AG (c)		728		8,274
Merck KGaA		813		80,830
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		471		96,922
Sixt SE		390		15,672
Stada Arzneimittel AG		420		15,121
Talanx AG		1,266		39,447
				882,837
Hong Kong—0.6%
Chaowei Power Holdings Ltd.		17,000		8,429
Cheung Kong Holdings Ltd.		1,000		18,353
China Overseas Land & Investment Ltd.		12,000		35,894
China Power International Development Ltd.		83,000		41,258
Country Garden Holdings Co., Ltd.		81,000		33,800
Man Wah Holdings Ltd.		6,800		12,518
Noble Group Ltd.		21,000		19,715
PCCW Ltd.		35,000		23,300
Truly International Holdings Ltd.		32,000		14,383
				207,650
India—0.2%
Tata Motors Ltd. ADR		1,759		80,316

98 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Schedule of Investments

November 30, 2014

	Shares		Value
Indonesia—0.5%
Adaro Energy Tbk PT		197,200	$	17,422
Bank Negara Indonesia Persero Tbk PT		176,700		87,254
Bank Rakyat Indonesia Persero Tbk PT		42,300		40,055
Indofood Sukses Makmur Tbk PT		20,400		11,205
				155,936
Ireland—0.5%
Greencore Group PLC		8,338		38,262
Smurfit Kappa Group PLC		5,030		116,503
				154,765
Italy—0.9%
Brembo SpA		482		16,665
Enel SpA		25,564		123,319
Iren SpA		12,267		14,626
Recordati SpA		1,934		33,790
Snam SpA		7,441		39,453
Unipol Gruppo Finanziario SpA		8,864		45,473
Vittoria Assicurazioni SpA		2,083		22,520
				295,846
Japan—9.6%
Aeon Co., Ltd.		8,600		85,760
Aisin Seiki Co., Ltd.		900		32,181
Alfresa Holdings Corp.		2,000		23,016
Bank of Yokohama Ltd.		6,000		33,799
Bridgestone Corp.		1,700		58,458
Central Japan Railway Co.		1,000		145,247
CKD Corp.		1,300		10,873
COMSYS Holdings Corp.		3,200		47,592
Daihen Corp.		2,000		8,536
Exedy Corp.		1,300		32,206
Fuji Heavy Industries Ltd.		5,200		189,943
Fuji Oil Co., Ltd.		900		12,771
FUJIFILM Holdings Corp.		2,400		79,346
Haseko Corp.		2,900		24,105
Idemitsu Kosan Co., Ltd.		1,000		17,069
ITOCHU Corp.		9,800		112,665
Japan Airlines Co., Ltd.		1,300		38,155
Japan Petroleum Exploration Co. Ltd.		200		6,153
JFE Holdings, Inc.		3,700		78,822
JTEKT Corp.		3,500		58,076
K’s Holdings Corp.		600		14,564
Kaneka Corp.		2,000		10,597
Kawasaki Kisen Kaisha Ltd.		9,000		23,607
KDDI Corp.		2,100		134,482
Kewpie Corp.		1,200		19,602
Kinden Corp.		1,000		9,561
Kyowa Exeo Corp.		2,200		24,946
Marubeni Corp.		7,200		45,374
Mitsubishi Electric Corp.		6,000		72,110
Mitsubishi Materials Corp.		11,000		34,525
Mitsubishi UFJ Financial Group, Inc.		44,100		253,986
Mitsui & Co., Ltd.		3,600		49,649
Mizuho Financial Group, Inc.		54,400		93,788
Nichirei Corp.		8,000		34,721
Nippon Telegraph & Telephone Corp.		1,500		80,211
Nippon Yusen KK		12,000		33,876
Nissan Motor Co., Ltd.		9,500		88,635
ORIX Corp.		4,400		58,156
Osaka Gas Co., Ltd.		16,000		61,125
Resona Holdings, Inc.		10,900		58,886
Ricoh Co., Ltd.		4,500		48,794
Sanwa Holdings Corp.		4,000		28,239
Seiko Epson Corp.		1,500		72,616
Seino Holdings Co., Ltd.		2,000		18,825
Sekisui House Ltd.		5,100		68,254
Senko Co., Ltd.		2,000		9,259
Seven & I Holdings Co., Ltd.		1,200		44,715

	Shares		Value
Sumitomo Forestry Co., Ltd.		1,500	$	15,425
Sumitomo Mitsui Financial Group, Inc.		2,700		101,372
Sumitomo Osaka Cement Co., Ltd.		5,000		14,112
Sumitomo Rubber Industries Ltd.		4,700		71,622
Suzuki Motor Corp.		1,600		50,421
Tokai Rika Co., Ltd.		2,200		44,343
Tosoh Corp.		7,000		32,204
Toyota Motor Corp.		3,400		209,030
Tsubakimoto Chain Co.		1,000		8,275
Yokohama Rubber Co., Ltd.		7,000		64,394
				3,199,074
Korea (Republic of)—0.9%
Hyundai Marine & Fire Insurance Co., Ltd.		462		11,096
Korea Electric Power Corp.		469		19,441
Korea Gas Corp. (d)		329		17,048
LG Display Co., Ltd. (d)		1,279		39,247
LG Electronics, Inc.		585		33,555
POSCO		108		29,493
Samsung Electronics Co., Ltd. GDR		87		50,112
SK Hynix, Inc. (d)		786		34,115
SK Telecom Co., Ltd.		266		67,744
				301,851
Malaysia—0.2%
Tenaga Nasional Bhd.		17,500		73,779
Mexico—0.2%
Gruma S.A.B. de C.V. ADR		490		21,530
Grupo Aeroportuario del Pacifico SAB De C.V. ADR		132		9,049
Industrias Bachoco S.A.B. de C.V. ADR		522		29,535
Mexico Real Estate Management S.A. De C.V. REIT		8,500		14,967
				75,081
Netherlands—0.7%
Aegon NV		3,049		23,923
AerCap Holdings NV (d)		939		41,607
ASM International NV		991		41,535
BE Semiconductor Industries NV		1,540		33,253
BinckBank NV		970		9,008
Boskalis Westminster NV		299		16,778
Reed Elsevier NV		837		20,578
Royal Dutch Shell PLC, Class A		1,524		50,720
				237,402
New Zealand—0.0%
Air New Zealand Ltd.		6,290		11,988
Norway—1.0%
DNB ASA		11,914		197,784
Kongsberg Automotive ASA (d)		12,352		11,375
Leroy Seafood Group ASA		852		29,545
Salmar ASA		1,178		20,227
SpareBank 1 SMN		7,970		66,242
				325,173
Philippines—0.2%
Universal Robina Corp.		17,410		75,517
Poland—0.1%
Energa S.A.		4,331		30,287
Tauron Polska Energia S.A.		9,583		14,753
				45,040
Portugal—0.1%
Sonae SGPS S.A.		22,385		30,524
Russian Federation—0.3%
Gazprom Neft OAO ADR		558		9,088
Lukoil OAO ADR		889		40,672
Sberbank of Russia ADR		2,975		18,266

	Shares		Value
Surgutneftegas OAO ADR		4,947	$	28,940
				96,966
Singapore—0.5%
AIMS AMP Capital Industrial REIT		8,000		8,895
DBS Group Holdings Ltd.		5,000		75,985
Ezion Holdings Ltd.		13,200		13,407
Fortune REIT		22,000		21,885
Oversea-Chinese Banking Corp. Ltd.		5,000		40,143
Yangzijiang Shipbuilding Holdings Ltd.		24,000		22,558
				182,873
South Africa—0.5%
FirstRand Ltd.		7,673		34,320
Liberty Holdings Ltd.		1,156		13,682
Sasol Ltd.		1,362		56,729
Sibanye Gold Ltd. ADR		1,829		12,565
Telkom S.A. SOC Ltd. (d)		5,598		34,767
				152,063
Spain—0.7%
Banco de Sabadell S.A.		19,118		54,190
Banco Santander S.A.		13,468		121,204
Gas Natural SDG S.A.		1,911		54,134
Mapfre S.A.		4,531		16,624
				246,152
Sweden—1.0%
Bilia AB, Class A		238		7,277
Holmen AB, Class B		501		16,891
Loomis AB, Class B		666		19,234
NCC AB, Class B		482		14,944
Nordea Bank AB		4,783		59,731
Skandinaviska Enskilda Banken AB, Class A		9,244		122,014
Swedbank AB, Class A		3,226		84,555
				324,646
Switzerland—2.0%
ACE Ltd.		883		100,962
Bucher Industries AG		149		36,983
Georg Fischer AG (d)		49		30,006
Givaudan S.A. (d)		44		78,380
Novartis AG		2,700		261,097
Swiss Life Holding AG (d)		166		38,002
Swiss Re AG (d)		793		67,741
TE Connectivity Ltd.		727		46,673
				659,844
Taiwan—1.3%
Asustek Computer, Inc.		3,000		32,678
Hon Hai Precision Industry Co., Ltd.		11,200		35,103
Inventec Corp.		38,000		25,276
Mega Financial Holding Co., Ltd.		66,000		53,621
Pegatron Corp.		20,000		46,369
Taishin Financial Holding Co., Ltd.		109,933		50,913
Taiwan Semiconductor Manufacturing Co., Ltd.		34,000		156,448
Vanguard International Semiconductor Corp.		26,000		40,032
				440,440
Thailand—0.4%
Kasikornbank PCL		9,700		72,905
Krung Thai Bank PCL (b)		17,500		12,733
PTT Global Chemical PCL (b)		3,400		6,656
PTT PCL (b)		2,100		24,476
Thai Union Frozen Products PCL		5,300		13,398
				130,168
Turkey—0.2%
Eregli Demir ve Celik Fabrikalari TAS		19,782		40,137
TAV Havalimanlari Holding AS		1,559		13,306

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 99

Schedule of Investments

November 30, 2014

	Shares		Value
Tekfen Holding AS (d)		4,363	$	11,853
Turk Telekomunikasyon AS		3,429		10,961
				76,257
United Kingdom—4.4%
Aviva PLC		7,507		59,705
Barratt Developments PLC		3,723		26,698
Beazley PLC		4,079		17,273
Bellway PLC		769		22,579
Berendsen PLC		601		9,636
Berkeley Group Holdings PLC		816		32,659
Bovis Homes Group PLC		2,303		30,890
BP PLC		7,211		47,214
Britvic PLC		2,511		25,972
DCC PLC		286		15,877
Delphi Automotive PLC		573		41,800
easyJet PLC		4,040		104,112
Galliford Try PLC		635		11,966
Home Retail Group PLC		8,702		27,191
Interserve PLC		1,950		17,672
Ithaca Energy, Inc. (d)		7,824		7,595
ITV PLC		10,963		36,534
Keller Group PLC		1,251		16,533
Legal & General Group PLC		18,806		72,356
Lloyds Banking Group PLC (d)		49,221		61,767
Lookers PLC		3,923		8,456
Mondi PLC		6,166		105,242
National Express Group PLC		5,446		22,516
Next PLC		553		58,465
Pace PLC		2,436		13,654
Paragon Group of Cos. PLC		2,229		14,571
Persimmon PLC (d)		1,097		26,194
Royal Dutch Shell PLC, Class B		6,776		235,025
RPC Group PLC		1,236		11,339
Shire PLC		1,959		139,636
Taylor Wimpey PLC		12,903		26,992
Trinity Mirror PLC (d)		3,984		9,070
TUI Travel PLC		4,549		31,570
WH Smith PLC		4,379		86,127
				1,474,886
United States—48.5%
A Schulman, Inc.		487		18,633
ABM Industries, Inc.		580		15,712
Actavis PLC (d)		664		179,685
Activision Blizzard, Inc.		4,473		96,840
Aetna, Inc.		1,492		130,162
AG Mortgage Investment Trust, Inc. REIT		1,528		30,178
AGL Resources, Inc.		931		48,701
Air Lease Corp.		920		34,988
Alaska Air Group, Inc.		1,723		101,709
Allergan, Inc.		254		54,328
Alliance Data Systems Corp. (d)		373		106,630
Allstate Corp.		1,329		90,571
Altria Group, Inc.		906		45,536
Amdocs Ltd.		669		32,610
Ameren Corp.		1,886		81,305
American Airlines Group, Inc.		897		43,531
American Capital Mortgage Investment Corp. REIT		1,135		22,779
American Electric Power Co., Inc.		1,387		79,822
American Financial Group, Inc.		612		36,959
American Railcar Industries, Inc.		308		18,166
AmerisourceBergen Corp.		665		60,548
Amgen, Inc.		1,651		272,927
Amtrust Financial Services, Inc.		439		22,530
Andersons, Inc. (c)		229		12,375
Annaly Capital Management, Inc. REIT		2,864		32,993
Anthem, Inc.		688		88,002
Apollo Commercial Real Estate Finance, Inc. REIT		749		12,493
Apollo Education Group, Inc., Class A (d)		778		24,289

	Shares		Value
Apollo Investment Corp.		2,509	$	20,674
Apple, Inc.		5,853		696,097
Aramark		1,170		35,568
Archer-Daniels-Midland Co.		1,956		103,042
Arlington Asset Investment Corp., Class A		460		12,811
ARRIS Group, Inc. (d)		594		17,683
Arrow Electronics, Inc. (d)		199		11,630
Associated Banc-Corp		1,177		21,751
AT&T, Inc.		7,190		254,382
Avery Dennison Corp.		720		35,647
Avista Corp.		1,277		43,993
Avnet, Inc.		779		34,112
Becton Dickinson and Co.		687		96,407
Belden, Inc.		342		24,976
Benchmark Electronics, Inc. (d)		708		16,836
Boston Private Financial Holdings, Inc.		1,279		16,320
Broadcom Corp., Class A		627		27,043
Brocade Communications Systems, Inc.		3,148		35,604
Brown Shoe Co., Inc.		549		17,985
Capital One Financial Corp.		937		77,958
Capstead Mortgage Corp. REIT		2,972		38,666
Centene Corp. (d)		189		18,668
CenturyLink, Inc.		1,540		62,786
Chemed Corp.		249		27,417
Chesapeake Utilities Corp.		420		18,871
Chevron Corp.		3,142		342,070
Cigna Corp.		915		94,144
Cisco Systems, Inc.		8,208		226,869
CMS Energy Corp.		2,924		96,784
CNA Financial Corp.		675		26,136
Comcast Corp., Class A		5,140		292,619
Community Health Systems, Inc. (d)		279		13,135
Computer Sciences Corp.		1,185		75,105
CONMED Corp.		1,035		43,915
ConocoPhillips		3,954		261,241
Consolidated Edison, Inc.		739		46,668
Convergys Corp.		1,816		37,864
Cooper Cos., Inc.		589		99,482
Crane Co.		448		26,445
CVS Health Corp.		2,337		213,508
Cytec Industries, Inc.		430		20,683
Deluxe Corp.		1,005		58,742
DeVry Education Group, Inc.		444		21,694
Dillard’s, Inc., Class A		504		59,412
Discover Financial Services		2,138		140,146
Dr. Pepper Snapple Group, Inc.		879		65,046
DST Systems, Inc.		301		29,874
Duke Energy Corp.		1,320		106,788
Eastman Chemical Co.		927		76,867
Edison International		1,597		101,505
EMC Corp.		2,047		62,126
Entergy Corp.		1,132		94,975
Enterprise Financial Services Corp.		629		11,951
Euronet Worldwide, Inc. (d)		230		13,356
EverBank Financial Corp.		1,104		20,799
Exelon Corp.		2,455		88,797
Expedia, Inc.		200		17,422
Exxon Mobil Corp.		1,790		162,067
Fidelity National Information Services, Inc.		644		39,406
First Interstate Bancsystem, Inc., Class A		542		15,241
First Merchants Corp.		499		10,704
Foot Locker, Inc.		1,118		64,050
GameStop Corp., Class A		913		34,521
GATX Corp.		1,142		70,736
General Electric Co.		4,005		106,092
Gilead Sciences, Inc. (d)		1,700		170,544
Global Cash Access Holdings, Inc. (d)		1,093		7,760
Global Payments, Inc.		206		17,790

	Shares		Value
Google, Inc., Class A (d)		117	$	64,242
Google, Inc., Class C (d)		120		65,020
Great Plains Energy, Inc.		1,185		31,011
Green Plains, Inc.		299		8,973
Halyard Health, Inc. (d)		209		8,195
Hanesbrands, Inc.		716		82,856
Hanover Insurance Group, Inc.		527		37,565
HCC Insurance Holdings, Inc.		755		40,068
Health Net, Inc. (d)		663		34,065
Heartland Payment Systems, Inc.		308		16,792
Helmerich & Payne, Inc.		1,059		73,653
Hewlett-Packard Co.		5,254		205,221
Humana, Inc.		458		63,190
Huntsman Corp.		708		18,068
Iconix Brand Group, Inc. (d)		548		22,145
Ingram Micro, Inc., Class A (d)		1,630		44,711
Intel Corp.		7,627		284,106
International Business Machines Corp.		1,299		210,659
Intersil Corp., Class A		1,619		21,225
j2 Global, Inc. (c)		343		19,393
Jack in the Box, Inc.		176		13,112
Jarden Corp. (d)		813		35,894
Johnson & Johnson		4,244		459,413
JPMorgan Chase & Co.		3,993		240,219
Kaiser Aluminum Corp.		149		10,844
KeyCorp		1,770		23,895
Kimberly-Clark Corp.		873		101,783
Kohl’s Corp.		793		47,279
Kroger Co.		4,282		256,235
Lam Research Corp.		1,310		108,258
Lear Corp.		724		69,439
Lincoln National Corp.		2,174		123,114
Littelfuse, Inc.		246		23,648
LyondellBasell Industries NV, Class A		1,001		78,939
Macy’s, Inc.		1,331		86,395
MainSource Financial Group, Inc.		731		13,026
Mallinckrodt PLC (d)		1,132		104,393
Manpowergroup, Inc.		701		46,869
Marriott Vacations Worldwide Corp.		247		18,157
McKesson Corp.		720		151,747
Medtronic, Inc.		2,293		169,384
Mentor Graphics Corp. (c)		1,801		40,000
MetLife, Inc.		2,078		115,558
Micron Technology, Inc. (d)		2,599		93,434
Microsoft Corp.		5,143		245,887
Molson Coors Brewing Co., Class B		1,199		92,743
Morgan Stanley		2,357		82,919
Mylan, Inc. (d)		1,966		115,227
Nabors Industries Ltd.		843		11,060
Natus Medical, Inc. (d)		386		13,213
Norfolk Southern Corp.		827		92,326
Northrop Grumman Corp.		1,308		184,336
O’Reilly Automotive, Inc. (d)		197		36,000
Olin Corp. (c)		608		15,297
Omega Healthcare Investors, Inc. REIT		1,206		46,093
Omnicare, Inc.		958		67,367
ON Semiconductor Corp. (d)		6,031		54,460
Oracle Corp.		1,988		84,311
Packaging Corp. of America		453		33,649
PartnerRe Ltd.		764		89,014
Penske Automotive Group, Inc.		746		35,323
PG&E Corp.		1,003		50,652
PharMerica Corp. (d)		3,536		77,120
Pinnacle Foods, Inc.		928		31,580
PNC Financial Services Group, Inc.		1,161		101,553
Popular, Inc. (d)		502		16,385
Providence Service Corp. (d)		299		11,700
Prudential Financial, Inc.		1,113		94,583
PTC, Inc. (d)		854		33,366
Public Service Enterprise Group, Inc.		1,196		49,969
QUALCOMM, Inc.		2,983		217,461
Quest Diagnostics, Inc.		1,139		74,388

100 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Schedule of Investments

November 30, 2014

	Shares		Value
Red Robin Gourmet Burgers, Inc. (d)		269	$	18,117
Reinsurance Group of America, Inc.		393		33,688
Reynolds American, Inc.		1,291		85,090
RF Micro Devices, Inc. (d)		877		12,813
Royal Caribbean Cruises Ltd.		1,193		87,972
Ryder System, Inc.		356		34,005
Salix Pharmaceuticals Ltd. (d)		257		26,391
Sanderson Farms, Inc. (c)		387		33,596
SanDisk Corp.		1,293		133,774
Sanmina Corp. (d)		1,771		43,567
SCANA Corp.		588		33,534
Select Medical Holdings Corp. (c)		1,240		17,893
Skyworks Solutions, Inc.		769		51,884
Snap-on, Inc.		92		12,450
SS&C Technologies Holdings, Inc.		283		14,306
St. Jude Medical, Inc.		948		64,426
SunTrust Banks, Inc.		1,132		44,476
Symetra Financial Corp.		1,066		24,156
SYNNEX Corp.		338		24,147
Syntel, Inc. (d)		342		15,219
Teleflex, Inc.		140		16,681
Thermo Fisher Scientific, Inc.		1,354		175,059
Time Warner Cable, Inc.		326		48,665
Tower International, Inc. (d)		537		13,710
Travelers Cos., Inc.		1,284		134,114
Trinity Industries, Inc.		1,604		51,424
Tutor Perini Corp. (d)		578		14,595
Tyson Foods, Inc., Class A		2,057		87,093
Umpqua Holdings Corp.		1,086		18,451
Union Pacific Corp.		2,407		281,065
United Continental Holdings, Inc. (d)		669		40,963
United Therapeutics Corp. (d)		325		43,085
UnitedHealth Group, Inc.		1,509		148,833
Unum Group		1,370		45,511
USANA Health Sciences, Inc. (d)		107		11,411
Valero Energy Corp.		547		26,590
Verint Systems, Inc. (d)		566		34,068
Verizon Communications, Inc.		5,663		286,491
Viacom, Inc., Class B		164		12,403
Vishay Intertechnology, Inc.		1,587		22,012
Walt Disney Co.		2,603		240,804
Webster Financial Corp.		594		18,693
Wells Fargo & Co.		5,469		297,951
WesBanco, Inc.		1,020		33,874
West Corp.		412		12,871
Westar Energy, Inc.		1,621		63,365
Western Digital Corp.		890		91,910
Whirlpool Corp.		261		48,590
Wintrust Financial Corp.		455		20,334
WSFS Financial Corp.		144		10,814
Zimmer Holdings, Inc.		646		72,539
				16,222,656
Total Common Stock (cost—$29,145,367)				31,414,595
Preferred Stock—0.6%
Brazil—0.4%
Braskem S.A., Class A		1,500		11,219
Cia Energetica de Sao Paulo, Class B		4,300		43,220
Itau Unibanco Holding S.A.		3,750		56,240
Vale S.A.		4,800		37,299
				147,978

	Shares		Value
Korea (Republic of)—0.2%
Hyundai Motor Co.		430	$	49,711
Total Preferred Stock (cost—$231,682)				197,689
	Principal Amount (000s)
Repurchase Agreements—4.7%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $1,572,000; collateralized by U.S. Treasury Notes, 2.25%, due 3/31/21, valued at $1,608,038 including accrued interest
(cost—$1,572,000)		$1,572		1,572,000
Total Investments (cost—$30,949,049) (a)—99.2%				33,184,284
Other assets less liabilities—0.8%				257,856
Net Assets—100.0%				$33,442,140

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $11,906,498, representing 35.6% 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 $53,858, representing 0.2% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c) Affiliated security.

(d) Non-income producing.

Glossary:

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

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	13.0%
Insurance	5.8%
Oil, Gas & Consumable Fuels	5.6%
Technology Hardware, Storage & Peripherals	4.6%
Pharmaceuticals	4.5%
Health Care Providers & Services	3.7%
Semiconductors & Semiconductor Equipment	3.0%
Diversified Telecommunication Services	2.8%
Food & Staples Retailing	2.8%
Auto Components	2.8%
Automobiles	2.8%
Electric Utilities	2.7%
Media	2.4%
Road & Rail	2.3%
IT Services	2.1%
Food Products	2.1%
Health Care Equipment & Supplies	1.7%
Software	1.7%
Communications Equipment	1.6%
Biotechnology	1.4%
Household Durables	1.3%
Electronic Equipment, Instruments & Components	1.2%
Multi-Utilities	1.2%
Airlines	1.1%
Trading Companies & Distributors	1.1%
Chemicals	1.0%
Multi-line Retail	1.0%
Wireless Telecommunication Services	0.9%
Specialty Retail	0.9%
Machinery	0.9%
Real Estate Investment Trust	0.8%
Aerospace & Defense	0.8%
Hotels, Restaurants & Leisure	0.8%
Metals & Mining	0.7%
Gas Utilities	0.7%
Independent Power and Renewable Electricity Producers	0.7%
Beverages	0.7%
Consumer Finance	0.6%
Containers & Packaging	0.6%
Real Estate Management & Development	0.6%
Life Sciences Tools & Services	0.6%
Paper & Forest Products	0.6%
Construction & Engineering	0.5%
Commercial Services & Supplies	0.5%
Internet Software & Services	0.5%
Capital Markets	0.4%
Thrifts & Mortgage Finance	0.4%
Textiles, Apparel & Luxury Goods	0.4%
Industrial Conglomerates	0.4%
Tobacco	0.4%
Marine	0.4%
Energy Equipment & Services	0.3%
Professional Services	0.3%
Diversified Financial Services	0.3%
Household Products	0.3%
Diversified Consumer Services	0.3%
Electrical Equipment	0.2%
Air Freight & Logistics	0.2%
Internet & Catalog Retail	0.2%

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 101

Schedule of Investments

November 30, 2014

Water Utilities	0.1%
Transportation Infrastructure	0.1%
Building Products	0.1%
Construction Materials	0.0%
Personal Products	0.0%
Repurchase Agreements	4.7%
Other assets less liabilities	0.8%
	100.0%

AllianzGI China Equity Fund

	Shares		Value
Common Stock—107.0%
China—88.5%
Bank of China Ltd., Class H		343,500		$176,397
Beijing Enterprises Holdings Ltd.		17,500		139,431
China Automation Group Ltd. (d)		289,000		53,580
China Everbright International Ltd.		144,000		220,262
China Life Insurance Co., Ltd., Class H		53,000		186,500
China Machinery Engineering Corp., Class H		84,000		61,426
China Minsheng Banking Corp. Ltd., Class H		232,400		254,007
China Mobile Ltd.		21,000		259,091
China Telecom Corp. Ltd., Class H		360,000		217,052
CNOOC Ltd.		79,000		114,154
Comba Telecom Systems Holdings Ltd. (c)		306,610		119,408
CSR Corp. Ltd., Class H (b)(c)		315,000		320,473
Digital China Holdings Ltd. (c)		272,000		252,956
Dongfeng Motor Group Co., Ltd., Class H		98,000		149,252
Haitong Securities Co., Ltd., Class H		37,600		79,780
Industrial & Commercial Bank of China Ltd., Class H		363,335		245,108
PetroChina Co., Ltd., Class H		170,000		182,019
Ping An Insurance Group Co. of China Ltd., Class H		27,500		229,676
Qihoo 360 Technology Co., Ltd. ADR (d)		714		53,208
Qingling Motors Co., Ltd., Class H (c)		902,000		300,075
Tencent Holdings Ltd.		17,000		272,738
Tiangong International Co., Ltd.		812,000		173,393
Want Want China Holdings Ltd.		55,000		72,127
Yuexiu Transport Infrastructure Ltd.		180,000		116,747
Zhongsheng Group Holdings Ltd.		59,500		60,681
ZTE Corp., Class H		27,600		66,106
				4,375,647
Hong Kong—18.5%
Aeon Stores Hong Kong Co., Ltd.		104,000		127,264
COSCO International Holdings Ltd.		160,000		67,806
Goldpac Group Ltd.		199,000		162,656
Hong Kong Exchanges and Clearing Ltd.		8,300		180,489
Le Saunda Holdings Ltd.		256,000		121,522
Man Yue Technology Holdings Ltd.		700,000		137,304
Natural Beauty Bio-Technology Ltd.		1,210,000		120,280
				917,321
Total Common Stock (cost—$5,136,377)				5,292,968

	Principal Amount (000s)		Value
Repurchase Agreements—3.4%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $169,000; collateralized by U.S. Treasury Notes, 2.25%, due 3/31/21, valued at $174,675 including accrued interest
(cost—$169,000)		$169	$	169,000
Total Investments (cost—$5,305,377) (a)—110.4%				5,461,968
Liabilities in excess of other assets—(10.4)%				(514,646	)
Net Assets—100.0%				$4,947,322

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $4,375,201, representing 88.4% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(b) Fair-Valued—Security with a value of $320,473, representing 6.5% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c) Affiliated security.

(d) Non-income producing.

Glossary:

ADR—American Depositary Receipt

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

Banks	13.7%
Automobiles	9.1%
Insurance	8.4%
Electronic Equipment, Instruments & Components	7.9%
Machinery	7.6%
Internet Software & Services	6.6%
Oil, Gas & Consumable Fuels	6.0%
Wireless Telecommunication Services	5.2%
Commercial Services & Supplies	4.5%
Diversified Telecommunication Services	4.4%
Transportation Infrastructure	3.8%
Communications Equipment	3.7%
Diversified Financial Services	3.6%
Metals & Mining	3.5%
Technology Hardware, Storage & Peripherals	3.3%
Industrial Conglomerates	2.8%
Multi-line Retail	2.6%
Textiles, Apparel & Luxury Goods	2.4%
Personal Products	2.4%
Capital Markets	1.6%
Food Products	1.5%
Construction & Engineering	1.2%
Specialty Retail	1.2%
Repurchase Agreements	3.4%
Liabilities in excess of other assets	(10.4)%
	100.0%

102 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Schedule of Investments

November 30, 2014

AllianzGI Convertible Fund

	Principal Amount (000s)		Value
Convertible Bonds—85.0%
Airlines—0.5%
United Airlines, Inc.,
4.50%, 1/15/15		$4,520		$14,656,100
Apparel & Textiles—0.9%
Iconix Brand Group, Inc.,
1.50%, 3/15/18		17,240		23,467,950
Auto Components—0.7%
Meritor, Inc.,
7.875%, 3/1/26		11,965		19,301,041
Auto Manufacturers—3.6%
Navistar International Corp. (a)(b),
4.75%, 4/15/19		25,855		25,919,637
Tesla Motors, Inc.,
0.25%, 3/1/19		42,285		40,937,166
1.25%, 3/1/21		14,595		13,965,591
Wabash National Corp.,
3.375%, 5/1/18		13,640		15,847,975
				96,670,369
Biotechnology—7.9%
BioMarin Pharmaceutical, Inc.,
0.75%, 10/15/18		11,525		13,700,344
1.50%, 10/15/20		8,970		11,044,312
Cubist Pharmaceuticals, Inc.,
1.125%, 9/1/18		14,850		17,318,812
1.875%, 9/1/20		7,895		9,533,213
Emergent Biosolutions, Inc. (a)(b),
2.875%, 1/15/21		18,960		20,382,000
Gilead Sciences, Inc.,
1.625%, 5/1/16		9,120		40,196,446
Illumina, Inc.,
zero coupon, 6/15/19 (a)(b)		35,495		39,554,741
0.25%, 3/15/16		4,525		10,353,788
0.50%, 6/15/21 (a)(b)		4,235		4,867,603
Incyte Corp.,
0.375%, 11/15/18		13,350		20,792,625
1.25%, 11/15/20		3,270		5,232,000
Ligand Pharmaceuticals, Inc. (a)(b),
0.75%, 8/15/19		19,280		19,304,100
				212,279,984
Chemicals—0.9%
RPM International, Inc.,
2.25%, 12/15/20		20,390		23,193,625
Commercial Services—3.2%
Ascent Capital Group, Inc.,
4.00%, 7/15/20		7,395		6,160,959
Euronet Worldwide, Inc. (a)(b),
1.50%, 10/1/44		18,855		19,797,750
Live Nation Entertainment, Inc. (a)(b),
2.50%, 5/15/19		28,650		30,691,313
Macquarie Infrastructure Co. LLC,
2.875%, 7/15/19		26,235		29,596,359
				86,246,381
Computers—3.7%
Electronics For Imaging, Inc. (a)(b),
0.75%, 9/1/19		21,515		22,429,387
SanDisk Corp.,
0.50%, 10/15/20		42,725		53,406,250
1.50%, 8/15/17		4,900		9,962,313
Spansion LLC,
2.00%, 9/1/20		8,335		14,805,044
				100,602,994

	Principal Amount (000s)		Value
Distribution/Wholesale—0.8%
WESCO International, Inc.,
6.00%, 9/15/29	$	7,375	$	21,498,125
Diversified Financial Services—3.2%
Air Lease Corp.,
3.875%, 12/1/18		18,005		26,456,097
Cowen Group, Inc. (a)(b),
3.00%, 3/15/19		13,870		14,372,649
Encore Capital Group, Inc.,
3.00%, 7/1/20		18,360		20,459,925
PRA Group, Inc.,
3.00%, 8/1/20		22,955		26,211,740
				87,500,411
Electric Utilities—1.0%
NRG Yield, Inc. (a)(b),
3.50%, 2/1/19		25,305		28,436,494
Electrical Equipment—0.8%
SunPower Corp. (a)(b),
0.875%, 6/1/21		23,330		21,959,362
Energy-Alternate Sources—0.4%
SolarCity Corp. (a)(b),
1.625%, 11/1/19		12,985		12,067,934
Healthcare-Products—4.7%
Cepheid (a)(b),
1.25%, 2/1/21		20,340		22,768,088
Hologic, Inc.,
2.00%, 12/15/37		22,465		28,376,103
NuVasive, Inc.,
2.75%, 7/1/17		23,035		28,304,256
Teleflex, Inc.,
3.875%, 8/1/17		13,605		26,580,769
Wright Medical Group, Inc.,
2.00%, 8/15/17		16,710		21,514,125
				127,543,341
Healthcare-Services—2.7%
Molina Healthcare, Inc.,
1.125%, 1/15/20		14,065		18,926,216
1.625%, 8/15/44		11,735		12,761,813
WellPoint, Inc.,
2.75%, 10/15/42		23,620		41,585,962
				73,273,991
Home Builders—1.3%
Lennar Corp. (a)(b),
3.25%, 11/15/21		16,920		34,548,525
Home Furnishings—0.6%
TiVo, Inc. (a)(b),
2.00%, 10/1/21		16,470		15,790,612
Household Products/Wares—1.5%
Jarden Corp.,
1.125%, 3/15/34 (a)(b)		24,265		25,811,894
1.875%, 9/15/18		9,890		14,612,475
				40,424,369
Insurance—3.0%
AmTrust Financial Services, Inc.,
5.50%, 12/15/21		13,195		26,101,359
Fidelity National Financial, Inc.,
4.25%, 8/15/18		16,425		28,692,422
Radian Group, Inc.,
2.25%, 3/1/19		16,385		26,984,047
				81,777,828
Internet—6.5%
AOL, Inc. (a)(b),
0.75%, 9/1/19		25,510		27,088,431

	Principal Amount (000s)		Value
Dealertrack Technologies, Inc.,
1.50%, 3/15/17	$	8,850	$	12,141,094
LinkedIn Corp. (a)(b),
0.50%, 11/1/19		12,920		13,493,390
Priceline Group, Inc.,
0.35%, 6/15/20		6,690		7,513,706
1.00%, 3/15/18		12,715		17,204,984
Twitter, Inc. (a)(b),
0.25%, 9/15/19		26,940		24,683,775
VeriSign, Inc.,
4.086%, 8/15/37		16,670		30,078,931
WebMD Health Corp.,
1.50%, 12/1/20		12,915		12,495,263
Yahoo!, Inc. (a)(b),
zero coupon, 12/1/18		26,835		30,877,022
				175,576,596
Iron/Steel—0.6%
U.S. Steel Corp.,
2.75%, 4/1/19		10,865		15,924,016
Lodging—0.3%
MGM Resorts International,
4.25%, 4/15/15		6,740		8,479,763
Media—1.0%
Liberty Media Corp. (a)(b),
1.375%, 10/15/23		26,210		26,341,050
Mining—0.6%
Kaiser Aluminum Corp.,
4.50%, 4/1/15		10,915		16,656,290
Oil, Gas & Consumable Fuels—1.2%
Goodrich Petroleum Corp.,
5.00%, 10/1/32		15,760		10,677,400
Helix Energy Solutions Group, Inc.,
3.25%, 3/15/32		18,370		21,653,637
				32,331,037
Pharmaceuticals—8.6%
Akorn, Inc.,
3.50%, 6/1/16		3,950		18,044,094
Depomed, Inc.,
2.50%, 9/1/21		23,710		25,443,794
Endo Health Solutions, Inc.,
1.75%, 4/15/15		8,100		20,260,125
Jazz Investments I Ltd. (a)(b),
1.875%, 8/15/21		17,730		20,899,238
Medivation, Inc.,
2.625%, 4/1/17		12,125		27,470,703
Mylan, Inc.,
3.75%, 9/15/15		7,030		30,958,362
Omnicare, Inc.,
3.50%, 2/15/44		37,390		44,073,462
Pacira Pharmaceuticals, Inc.,
3.25%, 2/1/19		5,155		19,547,116
Salix Pharmaceuticals Ltd.,
1.50%, 3/15/19		14,965		24,926,078
				231,622,972
Real Estate Investment Trust—2.8%
Host Hotels & Resorts L.P. (a)(b),
2.50%, 10/15/29		15,765		28,258,762
iStar Financial, Inc.,
1.50%, 11/15/16 (a)(b)		3,405		3,541,541
3.00%, 11/15/16		17,085		22,295,925
Starwood Property Trust, Inc.,
4.55%, 3/1/18		19,355		21,193,725
				75,289,953

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 103

Schedule of Investments

November 30, 2014

	Principal Amount (000s)		Value
Real Estate Management & Development—1.0%
Brookdale Senior Living, Inc.,
2.75%, 6/15/18	$	19,260	$	25,796,362
Retail—1.1%
Restoration Hardware Holdings, Inc. (a)(b),
zero coupon, 6/15/19		30,000		29,606,250
Semiconductors—10.0%
Intel Corp.,
3.25%, 8/1/39		33,500		60,237,355
Lam Research Corp.,
1.25%, 5/15/18		30,290		44,147,675
Microchip Technology, Inc.,
2.125%, 12/15/37		4,770		8,547,244
Micron Technology, Inc.,
2.375%, 5/1/32		1,795		6,697,594
3.00%, 11/15/43		48,430		65,319,962
Novellus Systems, Inc.,
2.625%, 5/15/41		4,835		11,516,366
NXP Semiconductor NV (a)(b)(c),
1.00%, 12/1/19		20,315		20,860,966
SunEdison, Inc. (a)(b),
0.25%, 1/15/20		36,005		37,535,212
2.00%, 10/1/18		9,820		15,816,337
				270,678,711
Software—7.0%
Akamai Technologies, Inc. (a)(b),
zero coupon, 2/15/19		32,970		34,000,477
Citrix Systems, Inc. (a)(b),
0.50%, 4/15/19		14,310		15,025,500
Salesforce.com, Inc.,
0.25%, 4/1/18		41,560		47,560,225
Synchronoss Technologies, Inc.,
0.75%, 8/15/19		16,670		17,909,831
Take-Two Interactive Software, Inc.,
1.00%, 7/1/18		15,285		21,370,341
Verint Systems, Inc.,
1.50%, 6/1/21		28,845		32,865,272
Workday, Inc.,
0.75%, 7/15/18		15,695		19,501,038
				188,232,684
Telecommunications—2.2%
Level 3 Communications, Inc.,
7.00%, 3/15/15		14,140		25,991,087
Palo Alto Networks, Inc. (a)(b),
zero coupon, 7/1/19		25,455		32,821,041
				58,812,128
Transportation—0.7%
Greenbrier Cos., Inc.,
3.50%, 4/1/18		12,480		19,718,400
Total Convertible Bonds (cost—$1,980,276,609)				2,296,305,648
	Shares
Convertible Preferred Stock—12.0%
Banks—1.9%
Bank of America Corp., Ser. L (d),
7.25%		21,775		25,877,410
Wells Fargo & Co., Ser. L (d),
7.50%		20,735		25,301,884
				51,179,294
Electric Utilities—1.1%
Exelon Corp.,
6.50%, 6/1/17		572,060		29,855,811

	Shares		Value
Food Products—1.3%
Tyson Foods, Inc.,
4.75%, 7/15/17		661,480	$	34,727,700
Health Care Providers & Services—0.7%
Amsurg Corp., Ser. A-1,
5.25%, 7/1/17		184,095		19,989,956
Independent Power Producers & Energy Traders—0.7%
Dynegy, Inc., Ser. A,
5.375%, 11/1/17		181,315		19,498,615
Machinery—1.3%
Stanley Black & Decker, Inc.,
4.75%, 11/17/15		238,785		32,773,241
6.25%, 11/17/16, UNIT		25,400		2,930,906
				35,704,147
Metals & Mining—1.0%
Alcoa, Inc., Ser. 1,
5.375%, 10/1/17		513,275		27,357,557
Oil, Gas & Consumable Fuels—2.1%
Chesapeake Energy Corp. (a)(b)(d),
5.75%		38,675		41,720,656
Sanchez Energy Corp., Ser. B (d),
6.50%		322,125		13,573,703
				55,294,359
Real Estate Investment Trust—1.2%
American Tower Corp., Ser. A,
5.25%, 5/15/17		275,435		31,468,449
Transportation—0.7%
Genesee & Wyoming, Inc.,
5.00%, 10/1/15		155,875		19,824,183
Total Convertible Preferred Stock (cost—$308,602,298)				324,900,071
Common Stock—0.4%
Airlines—0.4%
United Continental Holdings, Inc. (e) (cost—$4,325,711)		145,603		8,915,272
	Principal Amount (000s)
Repurchase Agreements—2.7%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $73,011,000; collateralized by U.S. Treasury Notes, 2.25%, due 3/31/21, valued at $74,473,200 including accrued interest
(cost—$73,011,000)		$73,011		73,011,000
Total Investments (cost—$2,366,215,618)—100.1%				2,703,131,991
Liabilities in excess of other assets—(0.1)%				(1,504,443	)
Net Assets—100.0%				$2,701,627,548

Notes to Schedule of Investments:

(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $761,271,737, representing 28.2% 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. Unless otherwise indicated, these securities are not considered to be illiquid.

(c) When-issued or delayed-delivery. To be settled/delivered after November 30, 2014.

(d) Perpetual maturity. The date shown, if any, is the next call date. For Corporate Bonds & Notes the interest rate is fixed until the first call date and variable thereafter.

(e) Non-income producing.

Glossary:

UNIT—More than one class of securities traded together.

104 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Schedule of Investments

November 30, 2014

AllianzGI Emerging Markets Debt Fund

	Principal Amount (000s)		Value
Corporate Bonds & Notes—71.5%
Brazil—7.2%
Banco ABC Brasil S.A. (a)(b),
7.875%, 4/8/20		$200		$212,000
Banco do Brasil S.A.,
3.875%, 1/23/17		200		206,500
9.00%, 6/18/24 (a)(b)(d)		220		216,700
Caixa Economica Federal,
2.375%, 11/6/17 (a)(b)		300		292,800
7.25%, 7/23/24 (f)		201		202,005
CIMPOR Financial Operations BV (a)(b),
5.75%, 7/17/24		226		211,592
Minerva Luxembourg S.A. (a)(b),
7.75%, 1/31/23		210		217,392
OAS Finance Ltd. (a)(b),
8.00%, 7/2/21		206		95,790
Petrobras International Finance Co. S.A.,
3.50%, 2/6/17		300		298,602
Tupy Overseas S.A. (a)(b),
6.625%, 7/17/24		213		214,065
				2,167,446
Chile—4.0%
Banco del Estado de Chile,
3.875%, 2/8/22		257		262,118
Banco Santander Chile (a)(b),
3.875%, 9/20/22		220		222,230
Corp. Nacional del Cobre de Chile,
4.25%, 7/17/42		205		189,705
Embotelladora Andina S.A. (a)(b),
5.00%, 10/1/23		207		218,860
Empresa Electrica Angamos S.A. (a)(b),
4.875%, 5/25/29		300		300,000
				1,192,913
China—8.9%
Bank of Communications Co., Ltd. (f),
4.50%, 10/3/24		200		203,020
Big Will Investments Ltd.,
10.875%, 4/29/16		200		209,500
CRCC Yupeng Ltd. (d),
3.95%, 8/1/19		202		204,131
Kaisa Group Holdings Ltd.,
10.25%, 1/8/20		200		211,000
KWG Property Holding Ltd.,
8.975%, 1/14/19		200		201,500
MCC Holding Hong Kong Corp. Ltd.,
2.625%, 6/16/17		200		200,382
Mega Advance Investments Ltd.,
6.375%, 5/12/41		205		254,319
Poly Real Estate Finance Ltd.,
4.50%, 8/6/18		200		204,622
Sinochem Overseas Capital Co., Ltd.,
6.30%, 11/12/40		171		217,796
Sinopec Group Overseas Development Ltd.,
5.375%, 10/17/43		253		295,797
State Grid Overseas Investment Ltd.,
4.85%, 5/7/44		221		244,216
Sunac China Holdings Ltd.,
12.50%, 10/16/17		200		222,000
				2,668,283
Colombia—0.7%
Ecopetrol S.A.,
5.875%, 5/28/45		212		210,940
Croatia—0.8%
Hrvatska Elektroprivreda,
6.00%, 11/9/17		214		225,717

	Principal Amount (000s)		Value
El Salvador—1.4%
AES El Salvador Trust II (a)(b),
6.75%, 3/28/23	$	210	$	203,700
Telemovil Finance Co., Ltd. (a)(b),
8.00%, 10/1/17		200		208,500
				412,200
Guatemala—0.7%
Comcel Trust (a)(b),
6.875%, 2/6/24		203		216,703
Hong Kong—3.5%
CLP Power HK Finance Ltd. (d),
4.25%, 11/7/19		206		207,751
FPT Finance Ltd.,
6.375%, 9/28/20		200		218,050
MCE Finance Ltd.,
5.00%, 2/15/21		200		194,000
PCCW Capital No 4 Ltd.,
5.75%, 4/17/22		200		217,586
Texhong Textile Group Ltd.,
7.625%, 1/19/16		200		205,750
				1,043,137
India—4.3%
Bank of Baroda,
4.875%, 7/23/19		204		219,673
Export-Import Bank of India,
4.00%, 1/14/23		209		213,654
GCX Ltd.,
7.00%, 8/1/19		205		214,689
Indian Oil Corp. Ltd.,
5.625%, 8/2/21		204		224,927
Rolta Americas LLC,
8.875%, 7/24/19		203		199,448
State Bank of India,
4.125%, 8/1/17		200		210,014
				1,282,405
Indonesia—4.8%
Indo Energy Finance II BV,
6.375%, 1/24/23		256		193,280
Jababeka International BV,
7.50%, 9/24/19		200		203,086
Majapahit Holding BV,
7.875%, 6/29/37		236		290,280
Pacific Emerald Pte Ltd.,
9.75%, 7/25/18		200		217,000
Pertamina Persero PT,
4.875%, 5/3/22		304		313,880
Perusahaan Gas Negara Persero Tbk PT,
5.125%, 5/16/24		206		215,013
				1,432,539
Israel—1.2%
Delek & Avner Tamar Bond Ltd. (a)(b),
2.803%, 12/30/16		150		150,337
4.435%, 12/30/20		200		204,474
				354,811
Kazakhstan—3.8%
Kazakhstan Temir Zholy Finance BV,
7.00%, 5/11/16		200		211,540
KazMunayGas National Co. JSC (a)(b),
4.875%, 5/7/25		300		298,880
5.75%, 4/30/43		450		422,994
6.00%, 11/7/44		200		188,500
				1,121,914
Malaysia—0.7%
RHB Bank Bhd.,
3.088%, 10/3/19		200		203,048

	Principal Amount (000s)		Value
Mexico—6.5%
Alfa SAB De C.V. (a)(b),
6.875%, 3/25/44	$	211	$	235,265
Axtel SAB De C.V. (a)(b)(e),
8.00%, 1/31/20		220		220,825
BBVA Bancomer S.A.,
7.25%, 4/22/20		192		217,190
Coca-Cola Femsa SAB De C.V.,
3.875%, 11/26/23		194		204,059
Comision Federal de Electricidad,
4.875%, 1/15/24		221		235,365
Gruma SAB De C.V. (a)(b)(c),
4.875%, 12/1/24		200		205,000
Petroleos Mexicanos,
5.50%, 6/27/44		304		314,640
Sixsigma Networks Mexico S.A. De C.V. (a)(b),
8.25%, 11/7/21		300		311,250
				1,943,594
Nigeria—2.3%
FBN Finance Co. BV, (converts to FRN on 7/23/19) (a)(b),
8.00%, 7/23/21		251		238,500
GTB Finance BV (a)(b),
6.00%, 11/8/18		201		195,473
Zenith Bank PLC (a)(b),
6.25%, 4/22/19		250		244,687
				678,660
Panama—0.7%
Global Bank Corp. (a)(b),
5.125%, 10/30/19		200		203,375
Peru—1.5%
Abengoa Transmision Sur S.A.,
6.875%, 4/30/43		206		229,175
Corp. Financiera de Desarrollo S.A.,
4.75%, 2/8/22		207		217,867
				447,042
Philippines—0.5%
Power Sector Assets & Liabilities Management Corp.,
7.39%, 12/2/24		117		153,270
Qatar—1.0%
Ras Laffan Liquefied Natural Gas Co., Ltd. III (a)(b),
6.332%, 9/30/27		250		293,083
Republic of Korea—0.7%
Woori Bank Co., Ltd.,
4.75%, 4/30/24		204		214,883
Russian Federation—4.3%
Alfa Bank OJSC Via Alfa Bond Issuance PLC (a)(b),
7.50%, 9/26/19		200		187,375
Gazprom Neft OAO Via GPN Capital S.A. (a)(b),
6.00%, 11/27/23		203		185,459
Gazprom OAO Via Gaz Capital S.A. (a)(b),
4.30%, 11/12/15		200		198,625
Lukoil International Finance BV (a)(b),
6.656%, 6/7/22		385		375,375
Sberbank of Russia Via SB Capital S.A. (a)(b),
5.25%, 5/23/23		224		181,440
TMK OAO Via TMK Capital S.A. (a)(b),
6.75%, 4/3/20		203		166,460
				1,294,734
Singapore—0.7%
Oversea-Chinese Banking Corp. Ltd. (f),
4.00%, 10/15/24		200		206,629
South Africa—2.0%
Gold Fields Orogen Holding BVI Ltd. (a)(b),
4.875%, 10/7/20		200		177,000

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 105

Schedule of Investments

November 30, 2014

	Principal Amount (000s)		Value
MTN Mauritius Investments Ltd. (a)(b),
4.755%, 11/11/24	$	200	$	201,750
Myriad International Holdings BV (a)(b),
6.00%, 7/18/20		200		221,040
				599,790
Thailand—0.7%
PTT Exploration & Production PCL,
4.875%, 6/18/19		203		207,314
Turkey—4.0%
Akbank TAS (a)(b),
3.875%, 10/24/17		250		256,028
Global Liman Isletmeleri (a)(b),
8.125%, 11/14/21		300		290,328
Turk Telekomunikasyon AS (a)(b),
4.875%, 6/19/24		202		205,822
Turkiye Garanti Bankasi AS (a)(b),
6.25%, 4/20/21		201		223,351
Yasar Holdings A.S. (a)(b),
8.875%, 5/6/20		200		208,000
				1,183,529
United Arab Emirates—1.8%
ADCB Finance Cayman Ltd.,
4.50%, 3/6/23		202		208,565
Dolphin Energy Ltd. (a)(b),
5.888%, 6/15/19		124		135,850
Mubadala GE Capital Ltd. (a)(b),
3.00%, 11/10/19		200		201,760
				546,175
United Kingdom—0.6%
Genel Energy Finance PLC,
7.50%, 5/14/19		200		193,000
Uruguay—0.7%
Navios South American Logistics, Inc. (a)(b),
7.25%, 5/1/22		213		218,858
Venezuela—1.5%
Petroleos de Venezuela S.A.,
5.25%, 4/12/17		274		170,291
6.00%, 5/16/24		609		274,659
				444,950
Total Corporate Bonds & Notes (cost—$21,612,762)				21,360,942
Sovereign Debt Obligations—20.0%
Brazil—2.1%
Banco Nacional de Desenvolvimento Economico e Social,
5.75%, 9/26/23		200		213,000
Brazil Minas SPE via State of Minas Gerais,
5.333%, 2/15/28		201		204,015
Brazilian Government International Bond,
5.00%, 1/27/45		206		204,970
				621,985
Chile—0.6%
Chile Government International Bond,
2.25%, 10/30/22		186		180,188
Colombia—1.8%
Colombia Government International Bond,
2.625%, 3/15/23		316		297,988
5.625%, 2/26/44		207		235,980
				533,968
Croatia—1.0%
Croatia Government International Bond,
5.50%, 4/4/23		276		291,423

		Principal Amount (000s)		Value
El Salvador—0.7%
El Salvador Government International Bond,
5.875%, 1/30/25	$		210	$	212,362
Hungary—1.4%
Hungary Government International Bond,
5.375%, 2/21/23			196		214,177
6.25%, 1/29/20			185		210,034
					424,211
Kenya—0.9%
Kenya Government International Bond,
6.875%, 6/24/24			241		258,533
Morocco—1.1%
Morocco Government International Bond,
5.50%, 12/11/42			304		318,060
Pakistan—0.8%
Pakistan Government International Bond,
8.25%, 4/15/24			218		230,579
Panama—0.7%
Panama Government International Bond,
7.125%, 1/29/26			163		209,047
Paraguay—0.7%
Republic of Paraguay,
6.10%, 8/11/44			207		221,490
Peru—1.0%
Peruvian Government International Bond,
5.70%, 8/12/24 (a)(b)	PEN		400		137,677
8.75%, 11/21/33	$		95		148,675
					286,352
Philippines—0.8%
Philippine Government International Bond,
5.50%, 3/30/26			205		243,950
Romania—0.4%
Romanian Government International Bond,
4.375%, 8/22/23			116		122,525
Russian Federation—0.7%
Russian Federation Bond,
7.50%, 3/31/30			195		213,502
Senegal—0.7%
Senegal Government International Bond,
6.25%, 7/30/24			203		203,507
Serbia—1.0%
Republic of Serbia,
5.875%, 12/3/18			292		310,741
Turkey—2.0%
Export Credit Bank of Turkey (a)(b),
5.00%, 9/23/21			200		207,218
Turkey Government International Bond,
5.75%, 3/22/24			352		397,408
					604,626
United Arab Emirates—0.9%
IPIC GMTN Ltd. (a)(b),
5.00%, 11/15/20			253		284,562
Uruguay—0.7%
Uruguay Government International Bond,
4.50%, 8/14/24			197		209,312
Total Sovereign Debt Obligations (cost—$5,886,680)					5,980,923

	Principal Amount (000s)		Value
Repurchase Agreements—5.7%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $1,699,000; collateralized by U.S. Treasury Notes, 2.25%, due 3/31/21, valued at $1,736,475 including accrued interest
(cost—$1,699,000)	$	1,699	$	1,699,000
Total Investments (cost—$29,198,442)—97.2%				29,040,865
Other assets less liabilities—2.8%				845,159
Net Assets—100.0%				$29,886,024

Notes to Schedule of Investments:

(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $10,506,953, representing 35.2% 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. Unless otherwise indicated, these securities are not considered to be illiquid.

(c) When-issued or delayed-delivery. To be settled/delivered after November 30, 2014.

(d) Perpetual maturity. The date shown, if any, is the next call date. For Corporate Bonds & Notes the interest rate is fixed until the first call date and variable thereafter.

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

(f) Variable or Floating Rate Security—Securities with an interest rate that changes periodically. The interest rate disclosed reflects the rate in effect on November 30, 2014.

Glossary:

FRN—Floating Rate Note

MTN—Medium Term Note

PEN—Peruvian Nuevo Sol

106 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Schedule of Investments

November 30, 2014

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

Sovereign Debt Obligations	20.0%
Oil, Gas & Consumable Fuels	18.2%
Banking	17.6%
Electric Utilities	6.6%
Telecommunications	5.9%
Food & Beverage	3.5%
Real Estate	3.5%
Diversified Financial Services	3.3%
Holding Companies-Diversified	2.2%
Transportation	1.4%
Metal Fabricate/Hardware	1.3%
Mining	1.2%
Engineering & Construction	1.0%
Commercial Services	1.0%
Media	0.7%
Retail	0.7%
Iron/Steel	0.7%
Apparel & Textiles	0.7%
Software	0.7%
Lodging	0.7%
Coal	0.6%
Repurchase Agreements	5.7%
Other assets less liabilities	2.8%
	100.0%

AllianzGI Global Fundamental Strategy Fund

	Shares		Value
Common Stock—39.4%
Belgium—1.0%
bpost S.A.		8,500		$220,476
Germany—4.8%
BASF SE		2,100		190,315
Deutsche Annington Immobilien SE		11,300		364,215
Deutsche Wohnen AG		4,500		107,921
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,000		205,779
SAP SE		1,600		112,775
TLG Immobilien AG (f)(g)		6,282		85,144
				1,066,149
Greece—0.1%
Piraeus Bank S.A. (g)		22,000		33,462
Hong Kong—2.5%
HKT Trust		241,000		301,397
Power Assets Holdings Ltd.		26,000		248,035
				549,432
Indonesia—1.7%
Bank Negara Indonesia Persero Tbk PT		130,000		64,194
Indocement Tunggal Prakarsa Tbk PT		30,000		60,910
Telekomunikasi Indonesia Persero Tbk PT		1,062,500		246,321
				371,425
Italy—0.9%
Eni SpA		9,900		197,096
New Zealand—1.2%
Spark New Zealand Ltd.		115,000		275,852
Norway—1.9%
Telenor ASA		10,300		217,510
Yara International ASA		4,900		207,890
				425,400
Switzerland—2.2%
Nestle S.A.		3,400		255,049
Roche Holdings AG		800		239,392
				494,441
Turkey—1.3%
Tupras Turkiye Petrol Rafinerileri AS		12,500		281,686
United Arab Emirates—0.8%
Dragon Oil PLC		22,500		175,901
United Kingdom—5.2%
BHP Billiton PLC		7,500		176,682
BP PLC		28,000		183,330
Centrica PLC		38,100		169,249
GlaxoSmithKline PLC		8,000		185,594
Reckitt Benckiser Group PLC		2,900		237,556
Royal Dutch Shell PLC, Class A		6,400		212,960
				1,165,371
United States—15.8%
Amazon.com, Inc. (g)		700		237,048
Apple, Inc.		2,800		333,004
Cisco Systems, Inc. (e)		9,200		254,288
Eli Lilly & Co.		4,200		286,104
General Electric Co. (e)		9,100		241,059
Intel Corp. (e)		9,000		335,250
Johnson & Johnson		2,500		270,625

			Shares		Value
Maxim Integrated Products, Inc.				8,685	$	256,816
Merck & Co., Inc.				4,500		271,800
Microchip Technology, Inc. (e)				5,800		261,870
Microsoft Corp.				6,400		305,984
Pfizer, Inc.				7,400		230,510
Verizon Communications, Inc.				4,300		217,537
						3,501,895
Total Common Stock (cost—$7,882,869)						8,758,586
			Principal Amount (000s)
Corporate Bonds & Notes—28.6%
Brazil—0.9%
Petrobras International Finance Co.,
5.375%, 1/27/21		$		200		200,136
Israel—1.0%
Israel Electric Corp., Ltd. (a)(b),
7.25%, 1/15/19				200		227,400
Mexico—1.0%
Controladora Mabe S.A. de C.V. (a)(b),
7.875%, 10/28/19				200		225,000
Spain—2.7%
AyT Cedulas Cajas X Fondo de Titulizacion de Activos,
3.75%, 6/30/25	€			200		291,193
Cedulas TDA 6 Fondo de Titulizacion de Activos,
4.25%, 4/10/31				200		305,371
						596,564
Supranational—4.5%
Inter-American Development Bank,
0.625%, 9/12/16		$		1,000		1,001,609
Switzerland—6.2%
Credit Suisse,
5.30%, 8/13/19				500		567,560
EUROFIMA,
4.50%, 3/6/15				800		809,030
						1,376,590
United States—12.3%
AT&T, Inc.,
5.80%, 2/15/19				500		573,439
Daimler Finance North America LLC (a)(b),
1.25%, 1/11/16				250		251,338
EI du Pont de Nemours & Co.,
3.25%, 1/15/15				200		200,659
HSBC USA, Inc.,
1.625%, 1/16/18				500		501,970
Morgan Stanley,
4.00%, 7/24/15				500		511,006
Oracle Corp.,
5.75%, 4/15/18				600		682,657
						2,721,069
Total Corporate Bonds & Notes (cost—$6,139,367)						6,348,368
Sovereign Debt Obligations—18.8%
Brazil—2.2%
Brazil Notas do Tesouro Nacional, Ser. F,
10.00%, 1/1/18		BRL		1,300		482,643

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 107

Schedule of Investments

November 30, 2014

			Principal Amount (000s)		Value
Indonesia—1.8%
Indonesia Treasury Bond,
7.375%, 9/15/16		IDR		4,900,000	$	402,680
Italy—5.5%
Italy Buoni Poliennali Del Tesoro (d),
1.65%, 4/23/20	€			439		564,076
3.10%, 9/15/26				446		665,209
						1,229,285
Mexico—2.3%
Mexican Bonos, Ser. M,
6.50%, 6/9/22		MXN		6,600		502,028
Poland—2.1%
Poland Government Bond,
3.75%, 4/25/18		PLN		1,500		473,119
Russian Federation—0.9%
Russian Federation Bond (a)(b),
4.50%, 4/4/22		$		200		190,790
South Africa—1.9%
South Africa Government Bond,
8.00%, 12/21/18		ZAR		4,500		424,951
Spain—2.1%
Spain Government Bond (b)(d),
1.80%, 11/30/24	€			351		478,638
Total Sovereign Debt Obligations (cost—$4,286,297)						4,184,134
			Shares
Exchange-Traded Funds—2.0%
iShares MSCI Emerging Markets Index (cost—$436,510)				10,400		431,600
			Principal Amount (000s)
Repurchase Agreements—10.2%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $2,266,000; collateralized by U.S. Treasury Notes, 2.25%, due 3/31/21, valued at $2,311,875 including accrued interest
(cost—$2,266,000)				$2,266		2,266,000
			Contracts
Options Purchased (g)(h)—0.0%
Put Options—0.0%
E-mini S&P 500 Index, strike price $1,925.00, expires 12/19/14 (cost—$55,048)				20		2,700
Total Investments, before options written (cost—$21,066,091) (c)—99.0%						21,991,388
Options Written (g)(h)—(0.1)%
Call Options—(0.0)%
Apple, Inc., strike price $120.00, expires 12/20/14				25		(5,312	)

	Contracts		Value
Put Options—(0.1)%
Euro Stoxx 600 Index, strike price €300.00, expires 12/19/14		20	$	(13,927	)
Total Options Written (premiums received—$15,646)				(19,239	)
Total Investments, net of options written (cost—$21,050,445)—98.9%				21,972,149
Other assets less other liabilities—1.1%				234,814
Net Assets—100.0%				$22,206,963

Notes to Schedule of Investments:

(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $894,528, representing 4.0% 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. Unless otherwise indicated, these securities are not considered to be illiquid.

(c) Securities with an aggregate value of $4,775,170, representing 21.5% 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.

(d) Inflationary Bonds—Principal amount of security is adjusted for inflation/deflation.

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

(f) Affiliated security.

(g) Non-income producing.

(h) Exchange traded-Chicago Board Options Exchange.

Glossary:

BRL—Brazilian Real

€—Euro

IDR—Indonesian Rupiah

MSCI—Morgan Stanley Capital International

MXN—Mexican Peso

PLN—Polish Zloty

ZAR—South African Rand

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

Sovereign Debt Obligations	18.8%
Banking	15.3%
Pharmaceuticals	6.6%
Diversified Telecommunication Services	5.7%
Oil, Gas & Consumable Fuels	5.6%
Software	5.0%
Semiconductors & Semiconductor Equipment	3.9%
Chemicals	2.7%
Diversified Financial Services	2.7%
Telecommunications	2.6%
Real Estate Management & Development	2.5%
Electric Utilities	2.1%
Exchange-Traded Funds	2.0%
Technology Hardware, Storage & Peripherals	1.5%
Food Products	1.1%
Communications Equipment	1.1%
Auto Manufacturers	1.1%
Industrial Conglomerates	1.1%
Household Products	1.1%
Internet & Catalog Retail	1.1%
Household Products/Wares	1.0%
Air Freight & Logistics	1.0%
Insurance	0.9%
Metals & Mining	0.8%
Multi-Utilities	0.8%
Banks	0.4%
Construction Materials	0.3%
Repurchase Agreements	10.2%
Options Purchased	0.0%
Options Written	(0.1)%
Other assets less other liabilities	1.1%
	100.0%

108 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Schedule of Investments

November 30, 2014

AllianzGI Global Managed Volatility Fund

	Shares		Value
Common Stock—98.3%
Australia—1.6%
Amcor Ltd.		8,354		$86,301
Newcrest Mining Ltd. (b)		14,396		124,867
Sonic Healthcare Ltd.		3,794		56,285
				267,453
Canada—11.4%
Alimentation Couche-Tard, Inc., Class B		2,659		94,175
BCE, Inc.		10,213		476,398
Canadian Apartment Properties REIT		3,069		69,566
Dollarama, Inc.		2,264		106,082
Empire Co., Ltd.		794		57,750
Fairfax Financial Holdings Ltd.		433		220,003
Fortis, Inc.		5,234		185,879
Intact Financial Corp.		3,466		240,604
Manitoba Telecom Services, Inc.		3,572		90,089
Metro, Inc.		1,436		112,155
Open Text Corp.		986		58,375
TELUS Corp.		4,067		153,931
Transcontinental, Inc., Class A		3,349		44,956
				1,909,963
China—2.4%
Bank of Communications Co., Ltd., Class H		105,000		86,862
China Mobile Ltd.		6,700		82,663
China Petroleum & Chemical Corp., Class H		100,000		80,948
Datang International Power Generation Co., Ltd., Class H		96,000		53,836
PetroChina Co., Ltd., Class H		88,000		94,222
				398,531
France—1.7%
Dassault Systemes		685		44,739
Eutelsat Communications S.A.		1,656		54,763
SES S.A.		5,060		188,331
				287,833
Germany—2.1%
Fresenius Medical Care AG & Co. KGaA		2,383		175,883
MAN SE		1,497		170,525
				346,408
Hong Kong—5.1%
AIA Group Ltd.		7,400		42,667
CLP Holdings Ltd.		49,100		426,553
Esprit Holdings Ltd.		40,500		52,659
Hong Kong Exchanges and Clearing Ltd.		4,400		95,681
Power Assets Holdings Ltd.		9,200		87,767
Yue Yuen Industrial Holdings Ltd.		38,500		138,009
				843,336
Israel—2.1%
Bank Hapoalim BM		8,280		41,355
Bank Leumi Le-Israel BM (b)		12,469		44,047
Bezeq The Israeli Telecommunication Corp., Ltd.		53,125		94,002
Israel Chemicals Ltd.		7,980		54,428
Mizrahi Tefahot Bank Ltd. (b)		4,490		47,644
Teva Pharmaceutical Industries Ltd.		1,145		65,196
				346,672
Japan—3.7%
ABC-Mart, Inc.		1,200		60,081
Benesse Holdings, Inc.		2,000		60,754

	Shares		Value
Capcom Co., Ltd.		4,100		$60,929
Eisai Co., Ltd.		1,100		39,449
FamilyMart Co., Ltd.		3,500		129,012
McDonald’s Holdings Co. Japan Ltd.		2,300		52,499
Oriental Land Co., Ltd.		300		65,226
Otsuka Corp.		1,200		41,355
Square Enix Holdings Co., Ltd.		3,400		66,316
Sumitomo Heavy Industries Ltd.		8,000		44,017
				619,638
Netherlands—0.8%
Gemalto NV		510		43,362
Koninklijke DSM NV		1,436		94,405
				137,767
Norway—0.3%
Telenor ASA		2,622		55,370
Singapore—3.2%
CapitaMall Trust REIT		45,000		68,308
ComfortDelGro Corp., Ltd.		40,000		79,717
DBS Group Holdings Ltd.		2,000		30,394
Hutchison Port Holdings Trust UNIT		90,000		61,561
Singapore Airlines Ltd.		22,000		181,478
Singapore Post Ltd.		33,000		48,737
Singapore Press Holdings Ltd.		21,000		69,049
				539,244
Sweden—0.4%
Swedish Match AB		1,891		65,304
Switzerland—0.8%
Nestle S.A.		865		64,888
Novartis AG		769		74,364
				139,252
United Kingdom—4.9%
BP PLC		29,388		192,418
Next PLC		676		71,469
Randgold Resources Ltd.		5,875		384,102
RSA Insurance Group PLC (b)		17,369		126,831
WM Morrison Supermarkets PLC		17,041		47,431
				822,251
United States—57.8%
Alleghany Corp. (b)		190		86,743
American Capital Agency Corp. REIT		21,790		502,804
American Homes 4 Rent REIT		2,400		41,280
Annaly Capital Management, Inc. REIT		37,855		436,090
Apple, Inc.		1,935		230,130
Ares Capital Corp.		20,935		344,381
AT&T, Inc.		1,580		55,900
AutoZone, Inc. (b)		200		115,542
Bunge Ltd.		750		68,078
CACI International, Inc., Class A (b)		900		80,271
Capitol Federal Financial, Inc.		19,460		243,639
Capstead Mortgage Corp. REIT		10,800		140,508
Chevron Corp.		465		50,625
Chimera Investment Corp. REIT		22,715		76,777
Clorox Co.		2,670		271,325
CME Group, Inc.		655		55,439
Coach, Inc.		1,920		71,270
Coca-Cola Co.		4,600		206,218
ConAgra Foods, Inc.		4,425		161,601
Consolidated Edison, Inc.		5,520		348,588
Costco Wholesale Corp.		830		117,960
Deere & Co.		400		34,648
Dollar General Corp. (b)		695		46,384
Dollar Tree, Inc. (b)		1,035		70,753
DSW, Inc., Class A		1,255		44,527
Duke Energy Corp.		5,801		469,301
Equity Commonwealth REIT		3,760		95,617
Express Scripts Holding Co. (b)		4,890		406,603

	Shares		Value
General Mills, Inc.		1,040		$54,860
Hatteras Financial Corp. REIT		11,785		225,801
Integra LifeSciences Holdings Corp. (b)		1,410		69,428
International Business Machines Corp.		670		108,654
Juniper Networks, Inc.		2,705		59,943
Kellogg Co.		940		62,275
M&T Bank Corp.		1,665		209,823
McDonald’s Corp.		4,270		413,379
Merck & Co., Inc.		1,440		86,976
Michael Kors Holdings Ltd. (b)		500		38,355
Morningstar, Inc.		1,595		106,450
Motorola Solutions, Inc.		1,100		72,292
PartnerRe Ltd.		465		54,177
PepsiCo, Inc.		3,195		319,819
PPL Corp.		1,735		61,645
Procter & Gamble Co.		4,610		416,882
RenaissanceRe Holdings Ltd.		465		45,533
Republic Services, Inc.		1,900		75,259
Sally Beauty Holdings, Inc. (b)		2,900		91,785
SBA Communications Corp., Class A (b)		375		45,626
Southern Co.		10,235		485,446
Southwestern Energy Co. (b)		2,620		84,312
Starwood Property Trust, Inc. REIT		1,700		40,902
Stericycle, Inc. (b)		2,395		308,763
Target Corp.		615		45,510
TransDigm Group, Inc.		365		72,193
Twitter, Inc. (b)		1,000		41,740
Two Harbors Investment Corp. REIT		4,000		42,040
Ulta Salon Cosmetics & Fragrance, Inc. (b)		300		37,947
Urban Outfitters, Inc. (b)		1,400		45,248
Validus Holdings Ltd.		1,810		75,115
Vector Group Ltd.		2,212		48,111
Verizon Communications, Inc.		1,800		91,062
Wal-Mart Stores, Inc.		6,270		548,876
Whole Foods Market, Inc.		1,600		78,448
Zoetis, Inc.		3,280		147,370
				9,685,047
Total Common Stock (cost—$15,146,607)				16,464,069
	Principal Amount (000s)
Repurchase Agreements—0.8%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $140,000; collateralized by U.S. Treasury Notes, 2.25%, due 3/31/21, valued at $143,850 including accrued interest
(cost—$140,000)		$140		140,000
Total Investments (cost—$15,286,607) (a)—99.1%				16,604,069
Other assets less liabilities—0.9%				154,191
Net Assets—100.0%				$16,758,260

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 109

Schedule of Investments

November 30, 2014

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $4,814,296, representing 28.7% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(b) Non-income producing.

Glossary:

REIT—Real Estate Investment Trust

UNIT—More than one class of securities traded together.

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

Real Estate Investment Trust	10.3%
Electric Utilities	10.3%
Food & Staples Retailing	7.3%
Diversified Telecommunication Services	5.9%
Insurance	5.4%
Household Products	4.1%
Health Care Providers & Services	3.8%
Hotels, Restaurants & Leisure	3.2%
Beverages	3.1%
Metals & Mining	3.1%
Oil, Gas & Consumable Fuels	3.0%
Banks	2.8%
Specialty Retail	2.6%
Commercial Services & Supplies	2.6%
Food Products	2.5%
Media	2.4%
Pharmaceuticals	2.4%
Multi-Utilities	2.1%
Capital Markets	2.1%
Multi-line Retail	2.0%
Software	1.7%
Machinery	1.5%
Thrifts & Mortgage Finance	1.5%
Textiles, Apparel & Luxury Goods	1.4%
Technology Hardware, Storage & Peripherals	1.4%
IT Services	1.3%
Airlines	1.1%
Diversified Financial Services	0.9%
Chemicals	0.9%
Communications Equipment	0.8%
Wireless Telecommunication Services	0.8%
Tobacco	0.7%
Containers & Packaging	0.5%
Road & Rail	0.5%
Aerospace & Defense	0.4%
Health Care Equipment & Supplies	0.4%
Diversified Consumer Services	0.4%
Transportation Infrastructure	0.3%
Independent Power Producers & Energy Traders	0.3%
Air Freight & Logistics	0.3%
Internet Software & Services	0.2%
Repurchase Agreements	0.8%
Other assets less liabilities	0.9%
	100.0%

AllianzGI Global Water Fund

	Shares		Value
Common Stock—94.8%
Austria—3.6%
Andritz AG		232,834		$12,548,847
China—3.4%
China Everbright International Ltd.		2,363,000		3,614,437
Guangdong Investment Ltd.		5,944,000		8,191,494
				11,805,931
France—4.5%
Suez Environnement Co.		881,383		15,634,315
Germany—4.3%
CENTROTEC Sustainable AG		239,389		4,003,296
GEA Group AG		96,153		4,584,271
Norma Group SE (b)		131,124		6,347,615
				14,935,182
Hong Kong—2.8%
Beijing Enterprises Water Group Ltd.		14,390,000		9,854,223
Japan—2.7%
Ebara Corp.		2,189,000		9,341,332
Netherlands—4.8%
Aalberts Industries NV		260,489		7,309,140
Arcadis NV		296,558		9,260,495
				16,569,635
Sweden—2.4%
Alfa Laval AB		413,696		8,233,479
Switzerland—8.4%
Belimo Holding AG		1,417		3,487,277
Geberit AG		37,378		13,006,294
Georg Fischer AG (c)		3,844		2,353,900
Sulzer AG		93,320		10,432,408
				29,279,879
United Kingdom—21.0%
Halma PLC		1,070,998		11,191,753
Intertek Group PLC		52,500		1,912,779
Pennon Group PLC		300,731		4,195,861
Pentair PLC		226,485		14,655,844
Rotork PLC		249,698		8,571,420
Severn Trent PLC		416,339		13,276,911
Spectris PLC (b)		109,963		3,235,788
United Utilities Group PLC		1,110,358		15,669,950
				72,710,306
United States—36.9%
American Water Works Co., Inc.		430,706		22,848,953
Aqua America, Inc.		529,475		14,073,446
Danaher Corp.		313,247		26,174,919
Franklin Electric Co., Inc.		248,871		9,347,595
IDEX Corp.		195,947		15,050,689
Mueller Water Products, Inc., Class A		776,371		7,367,761
Roper Industries, Inc.		38,011		5,998,896
Watts Water Technologies, Inc., Class A		125,102		7,563,667
Xylem, Inc.		510,395		19,568,544
				127,994,470
Total Common Stock (cost—$295,626,999)				328,907,599

	Principal Amount (000s)		Value
Repurchase Agreements—5.2%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $18,090,000; collateralized by U.S. Treasury Notes, 2.25%, due 3/31/21, valued at $18,453,900 including accrued interest
(cost—$18,090,000)		$18,090	$	18,090,000
Total Investments (cost—$313,716,999) (a)—100.0%				346,997,599
Liabilities in excess of other assets—(0.0)%				(120,708	)
Net Assets—100.0%				$346,876,891

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $186,257,285, representing 53.7% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(b) Affiliated security.

(c) Non-income producing.

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

Machinery	38.5%
Water Utilities	25.4%
Industrial Conglomerates	9.3%
Building Products	5.9%
Multi-Utilities	4.5%
Electronic Equipment, Instruments & Components	4.2%
Electrical Equipment	2.7%
Construction & Engineering	2.7%
Commercial Services & Supplies	1.0%
Professional Services	0.6%
Repurchase Agreements	5.2%
Liabilities in excess of other assets	(0.0)%
	100.0%

110 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Schedule of Investments

November 30, 2014

AllianzGI High Yield Bond Fund

	Principal Amount (000s)		Value
Corporate Bonds & Notes—97.6%
Advertising—0.4%
Affinion Group, Inc.,
7.875%, 12/15/18		$2,150		$1,639,375
Aerospace & Defense—2.5%
AAR Corp.,
7.25%, 1/15/22		4,010		4,360,875
Erickson, Inc.,
8.25%, 5/1/20		2,941		2,779,245
KLX, Inc. (a)(b)(c),
5.875%, 12/1/22		570		581,400
Kratos Defense & Security Solutions, Inc.,
7.00%, 5/15/19		1,322		1,169,970
TransDigm, Inc.,
7.50%, 7/15/21		500		538,750
				9,430,240
Airlines—0.3%
United Continental Holdings, Inc.,
6.00%, 7/15/28		1,300		1,235,000
Auto Components—1.9%
American Axle & Manufacturing, Inc.,
6.625%, 10/15/22		1,430		1,547,975
Commercial Vehicle Group, Inc.,
7.875%, 4/15/19		2,955		3,080,587
Goodyear Tire & Rubber Co.,
8.25%, 8/15/20		2,605		2,806,888
				7,435,450
Auto Manufacturers—1.6%
Chrysler Group LLC,
8.25%, 6/15/21		2,845		3,186,400
Navistar International Corp.,
8.25%, 11/1/21		2,790		2,884,163
				6,070,563
Banking—0.7%
Ally Financial, Inc.,
8.00%, 3/15/20		2,355		2,796,563
Building Materials—0.9%
Louisiana-Pacific Corp.,
7.50%, 6/1/20		3,045		3,288,600
Chemicals—0.6%
OMNOVA Solutions, Inc.,
7.875%, 11/1/18		2,220		2,269,950
Coal—0.6%
Arch Coal, Inc.,
9.875%, 6/15/19		2,995		1,332,775
CONSOL Energy, Inc. (a)(b),
5.875%, 4/15/22		1,145		1,146,431
				2,479,206
Commercial Services—9.7%
Avis Budget Car Rental LLC,
9.75%, 3/15/20		430		473,000
Cambium Learning Group, Inc.,
9.75%, 2/15/17		1,045		1,034,550
Cardtronics, Inc. (a)(b),
5.125%, 8/1/22		870		856,950
Cenveo Corp.,
8.50%, 9/15/22 (a)(b)		865		726,600
11.50%, 5/15/17		3,105		2,934,225
Deluxe Corp.,
7.00%, 3/15/19		1,420		1,496,325
ExamWorks Group, Inc.,
9.00%, 7/15/19		3,180		3,402,600
Harland Clarke Holdings Corp. (a)(b),
9.25%, 3/1/21		3,020		3,031,325
9.75%, 8/1/18		3,050		3,274,937

	Principal Amount (000s)		Value
Hertz Corp.,
6.75%, 4/15/19	$	1,985	$	2,059,438
Monitronics International, Inc.,
9.125%, 4/1/20		2,950		2,935,250
RR Donnelley & Sons Co.,
6.00%, 4/1/24		2,415		2,433,113
7.00%, 2/15/22		3,845		4,142,987
SFX Entertainment, Inc. (a)(b),
9.625%, 2/1/19		2,761		2,519,413
United Rentals North America, Inc.,
8.25%, 2/1/21		2,565		2,802,262
8.375%, 9/15/20		3,105		3,353,400
				37,476,375
Computers—0.5%
Unisys Corp.,
6.25%, 8/15/17		1,850		1,951,750
Containers & Packaging—1.0%
Owens-Brockway Glass Container, Inc. (a)(b)(c),
5.00%, 1/15/22		660		669,075
5.375%, 1/15/25		395		400,431
Reynolds Group Issuer, Inc.,
9.875%, 8/15/19		2,680		2,901,100
				3,970,606
Distribution/Wholesale—2.4%
H&E Equipment Services, Inc.,
7.00%, 9/1/22		4,195		4,478,162
HD Supply, Inc.,
11.00%, 4/15/20		3,975		4,571,250
				9,049,412
Diversified Financial Services—4.7%
Affinion Investments LLC (a)(b),
13.50%, 8/15/18		2,098		1,699,299
Community Choice Financial, Inc.,
10.75%, 5/1/19		2,815		1,998,650
International Lease Finance Corp.,
8.25%, 12/15/20		3,350		4,070,250
Nationstar Mortgage LLC,
7.875%, 10/1/20		1,950		1,886,625
Navient Corp.,
8.45%, 6/15/18		2,365		2,678,362
Springleaf Finance Corp.,
6.90%, 12/15/17		1,215		1,330,425
8.25%, 10/1/23		3,945		4,517,025
				18,180,636
Electric Utilities—0.5%
NRG Energy, Inc. (a)(b),
6.25%, 5/1/24		2,001		2,056,028
Electrical Equipment—1.2%
Anixter, Inc.,
5.125%, 10/1/21		970		986,975
WireCo WorldGroup, Inc.,
9.50%, 5/15/17		3,440		3,517,400
				4,504,375
Electronics—2.1%
Kemet Corp.,
10.50%, 5/1/18		4,659		4,822,065
Viasystems, Inc. (a)(b),
7.875%, 5/1/19		3,080		3,264,800
				8,086,865
Engineering & Construction—1.4%
AECOM Technology Corp. (a)(b),
5.875%, 10/15/24		3,305		3,503,300

	Principal Amount (000s)		Value
Dycom Investments, Inc.,
7.125%, 1/15/21	$	1,870	$	1,963,500
				5,466,800
Entertainment—1.5%
AMC Entertainment, Inc.,
9.75%, 12/1/20		2,495		2,775,687
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp. (a)(b),
5.375%, 6/1/24		3,145		3,141,069
				5,916,756
Food & Beverage—0.5%
SUPERVALU, Inc.,
8.00%, 5/1/16		1,880		2,053,900
Healthcare-Products—1.8%
Kinetic Concepts, Inc.,
10.50%, 11/1/18		2,570		2,852,700
Teleflex, Inc. (a)(b),
5.25%, 6/15/24		3,855		3,883,913
				6,736,613
Healthcare-Services—4.4%
Community Health Systems, Inc.,
7.125%, 7/15/20		1,150		1,217,562
8.00%, 11/15/19		3,220		3,453,450
Envision Healthcare Corp. (a)(b),
5.125%, 7/1/22		1,980		2,004,750
HCA, Inc.,
7.50%, 2/15/22		2,440		2,799,900
Kindred Healthcare, Inc. (a)(b),
6.375%, 4/15/22		3,123		3,029,310
Tenet Healthcare Corp.,
8.125%, 4/1/22		3,820		4,278,400
				16,783,372
Home Builders—4.1%
Beazer Homes USA, Inc.,
7.25%, 2/1/23		3,010		3,002,475
9.125%, 5/15/19		1,125		1,178,438
Brookfield Residential Properties, Inc. (a)(b),
6.50%, 12/15/20		2,960		3,152,400
KB Home,
8.00%, 3/15/20		3,105		3,473,719
Standard Pacific Corp.,
5.875%, 11/15/24		615		621,150
8.375%, 5/15/18		3,110		3,557,062
William Lyon Homes, Inc.,
8.50%, 11/15/20		585		640,575
				15,625,819
Household Products/Wares—0.2%
Jarden Corp.,
7.50%, 5/1/17		800		882,000
Internet—2.0%
j2 Global, Inc.,
8.00%, 8/1/20		3,780		4,101,300
Mood Media Corp. (a)(b),
9.25%, 10/15/20		1,085		916,825
Zayo Group LLC,
8.125%, 1/1/20		2,585		2,769,181
				7,787,306
Iron/Steel—1.8%
AK Steel Corp.,
7.625%, 5/15/20		650		620,750
8.375%, 4/1/22		1,550		1,495,750
8.75%, 12/1/18		770		822,937
ArcelorMittal,
10.35%, 6/1/19		2,565		3,132,506

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 111

Schedule of Investments

November 30, 2014

	Principal Amount (000s)		Value
Steel Dynamics, Inc. (a)(b),
5.50%, 10/1/24	$	635	$	668,338
				6,740,281
Leisure—0.6%
NCL Corp. Ltd. (a)(b),
5.25%, 11/15/19		2,195		2,222,438
Machinery-Construction & Mining—0.7%
BlueLine Rental Finance Corp. (a)(b),
7.00%, 2/1/19		2,735		2,844,400
Machinery-Diversified—0.7%
Zebra Technologies Corp. (a)(b),
7.25%, 10/15/22		2,565		2,747,756
Media—8.2%
American Media, Inc.,
11.50%, 12/15/17		3,065		3,133,963
Cablevision Systems Corp.,
8.625%, 9/15/17		2,545		2,888,575
CCOH Safari LLC,
5.75%, 12/1/24		3,070		3,096,863
Clear Channel Worldwide Holdings, Inc.,
6.50%, 11/15/22		3,710		3,886,225
DISH DBS Corp.,
5.875%, 7/15/22		1,275		1,321,378
Gray Television, Inc.,
7.50%, 10/1/20		3,045		3,166,800
McClatchy Co.,
9.00%, 12/15/22		3,440		3,831,300
McGraw-Hill Global Education Holdings LLC,
9.75%, 4/1/21		3,615		4,075,912
Media General Financing Sub, Inc. (a)(b),
5.875%, 11/15/22		1,930		1,944,475
Nexstar Broadcasting, Inc.,
6.875%, 11/15/20		2,390		2,497,550
Sinclair Television Group, Inc.,
6.375%, 11/1/21		1,670		1,732,625
				31,575,666
Mining—1.4%
Alcoa, Inc.,
5.90%, 2/1/27		1,115		1,218,614
HudBay Minerals, Inc.,
9.50%, 10/1/20		1,795		1,866,800
Thompson Creek Metals Co., Inc.,
7.375%, 6/1/18		2,350		2,156,125
				5,241,539
Miscellaneous Manufacturing—1.6%
Bombardier, Inc. (a)(b),
6.00%, 10/15/22		1,990		2,025,223
Gates Global LLC (a)(b),
6.00%, 7/15/22		720		703,800
Park-Ohio Industries, Inc.,
8.125%, 4/1/21		3,165		3,418,200
				6,147,223
Oil, Gas & Consumable Fuels—10.9%
BreitBurn Energy Partners L.P.,
8.625%, 10/15/20		3,220		3,155,600
Calumet Specialty Products Partners L.P. (a)(b),
6.50%, 4/15/21		3,565		3,386,750
Carrizo Oil & Gas, Inc.,
8.625%, 10/15/18		2,680		2,787,200
Chesapeake Energy Corp.,
6.625%, 8/15/20		3,615		4,003,612
Concho Resources, Inc.,
7.00%, 1/15/21		1,930		2,002,375
CVR Refining LLC,
6.50%, 11/1/22		4,045		4,055,112

	Principal Amount (000s)		Value
Energy XXI Gulf Coast, Inc.,
6.875%, 3/15/24 (a)(b)	$	1,675	$	1,260,438
9.25%, 12/15/17		2,285		2,056,500
EP Energy LLC,
9.375%, 5/1/20		2,860		3,138,850
Hercules Offshore, Inc. (a)(b),
6.75%, 4/1/22		1,290		657,900
8.75%, 7/15/21		1,970		916,050
Laredo Petroleum, Inc.,
7.375%, 5/1/22		880		893,200
Linn Energy LLC,
6.50%, 9/15/21		1,415		1,231,050
Northern Oil and Gas, Inc.,
8.00%, 6/1/20		1,355		1,205,950
Pioneer Energy Services Corp.,
6.125%, 3/15/22		1,390		1,139,800
Rice Energy, Inc. (a)(b),
6.25%, 5/1/22		2,710		2,615,150
Sanchez Energy Corp. (a)(b),
6.125%, 1/15/23		2,625		2,369,063
Ultra Petroleum Corp. (a)(b),
6.125%, 10/1/24		610		558,150
United Refining Co.,
10.50%, 2/28/18		1,434		1,534,380
Vanguard Natural Resources LLC,
7.875%, 4/1/20		3,025		2,904,000
				41,871,130
Paper & Forest Products—0.1%
Mercer International, Inc. (a)(b),
7.75%, 12/1/22		520		530,400
Pharmaceuticals—1.9%
Endo Finance LLC & Endo Finco, Inc. (a)(b),
5.375%, 1/15/23		1,825		1,787,350
7.00%, 12/15/20		3,745		3,936,931
Omnicare, Inc.,
5.00%, 12/1/24		500		512,500
Salix Pharmaceuticals Ltd. (a)(b),
6.00%, 1/15/21		1,215		1,242,338
				7,479,119
Pipelines—1.2%
Energy Transfer Equity L.P.,
5.875%, 1/15/24		1,755		1,869,075
Sabine Pass Liquefaction LLC,
5.75%, 5/15/24		1,349		1,374,361
Tesoro Logistics L.P.,
6.125%, 10/15/21		765		784,125
6.25%, 10/15/22 (a)(b)		745		763,625
				4,791,186
Real Estate—0.6%
Kennedy-Wilson, Inc.,
5.875%, 4/1/24		2,481		2,493,405
Real Estate Investment Trust—0.2%
iStar Financial, Inc.,
7.125%, 2/15/18		720		766,800
Retail—4.3%
Brown Shoe Co., Inc.,
7.125%, 5/15/19		3,890		4,074,775
Claire’s Stores, Inc. (a)(b),
9.00%, 3/15/19		2,675		2,721,812
Conn’s, Inc. (a)(b),
7.25%, 7/15/22		2,275		1,984,938
Neiman Marcus Group Ltd. LLC (a)(b),
8.00%, 10/15/21		3,465		3,707,550
Sonic Automotive, Inc.,
7.00%, 7/15/22		3,665		3,967,362
				16,456,437

	Principal Amount (000s)		Value
Semiconductors—3.6%
Advanced Micro Devices, Inc.,
6.75%, 3/1/19	$	1,860	$	1,729,800
7.50%, 8/15/22		885		796,500
Amkor Technology, Inc.,
6.375%, 10/1/22		2,500		2,475,000
Freescale Semiconductor, Inc. (a)(b),
6.00%, 1/15/22		3,306		3,421,710
Micron Technology, Inc. (a)(b),
5.875%, 2/15/22		2,900		3,074,000
Sensata Technologies BV (a)(b),
5.625%, 11/1/24		2,285		2,429,241
				13,926,251
Shipbuilding—0.5%
Huntington Ingalls Industries, Inc. (a)(b)(c),
5.00%, 12/15/21		1,715		1,745,013
Software—1.2%
First Data Corp.,
10.625%, 6/15/21		1,848		2,115,960
12.625%, 1/15/21		1,410		1,681,425
MSCI, Inc. (a)(b),
5.25%, 11/15/24		700		728,000
				4,525,385
Telecommunications—9.4%
Consolidated Communications, Inc.,
6.50%, 10/1/22 (a)(b)		1,745		1,766,813
10.875%, 6/1/20		2,580		2,937,975
EarthLink Holdings Corp.,
7.375%, 6/1/20		1,550		1,619,750
8.875%, 5/15/19		1,532		1,568,385
Hughes Satellite Systems Corp.,
7.625%, 6/15/21		3,665		4,086,475
Intelsat Jackson Holdings S.A.,
5.50%, 8/1/23		1,500		1,483,125
7.25%, 4/1/19		3,180		3,339,000
Level 3 Financing, Inc.,
8.625%, 7/15/20		2,290		2,501,825
Sprint Communications, Inc.,
6.00%, 11/15/22		1,065		1,029,056
11.50%, 11/15/21		3,515		4,384,962
Sprint Corp.,
7.125%, 6/15/24		1,290		1,281,938
T-Mobile USA, Inc.,
6.625%, 11/15/20		1,935		2,009,981
6.625%, 4/1/23		1,160		1,209,300
6.836%, 4/28/23		2,885		3,011,219
West Corp. (a)(b),
5.375%, 7/15/22		2,075		1,986,812
Windstream Corp.,
7.50%, 6/1/22		1,720		1,773,750
				35,990,366
Transportation—1.2%
Quality Distribution LLC,
9.875%, 11/1/18		1,554		1,643,355
XPO Logistics, Inc. (a)(b),
7.875%, 9/1/19		2,620		2,796,850
				4,440,205
Total Corporate Bonds & Notes (cost—$373,759,298)				375,708,560

112 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Schedule of Investments

November 30, 2014

	Principal Amount (000s)		Value
Repurchase Agreements—1.7%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $6,468,000; collateralized by U.S. Treasury Notes, 2.25%, due 3/31/21, valued at $6,601,688 including accrued interest
(cost—$6,468,000)	$	6,468	$	6,468,000
Total Investments (cost—$380,227,298)—99.3%				382,176,560
Other assets less liabilities—0.7%				2,822,461
Net Assets—100.0%				$384,999,021

Notes to Schedule of Investments:

(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $99,401,570, representing 25.8% 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. Unless otherwise indicated, these securities are not considered to be illiquid.

(c) When-issued or delayed-delivery. To be settled/delivered after November 30, 2014.

Glossary:

MSCI—Morgan Stanley Capital International

AllianzGI International Small-Cap Fund

	Shares		Value
Common Stock—96.5%
Australia—1.8%
BlueScope Steel Ltd. (d)		111,087		$466,881
Dick Smith Holdings Ltd.		199,000		378,219
Spotless Group Holdings Ltd. (d)		418,490		691,268
Vocation Ltd.		232,265		98,783
				1,635,151
Austria—3.3%
AMS AG (c)		53,210		1,970,177
Schoeller-Bleckmann Oilfield Equipment AG (c)		13,795		1,093,104
				3,063,281
Belgium—1.4%
Ontex Group NV (d)		49,489		1,297,510
China—1.7%
China Everbright International Ltd.		592,000		905,521
Sunny Optical Technology Group Co., Ltd.		388,000		685,238
				1,590,759
Denmark—4.7%
Christian Hansen Holding A/S		22,699		959,630
SimCorp A/S (c)		51,399		1,407,495
Topdanmark A/S (d)		59,462		1,919,546
				4,286,671
Finland—1.3%
Amer Sports Oyj		56,558		1,152,704
France—7.1%
GameLoft SE (c)(d)		165,335		768,891
Korian-Medica		49,756		1,818,333
Sartorius Stedim Biotech		12,844		2,395,583
Virbac S.A.		6,726		1,505,838
				6,488,645
Germany—7.4%
Aareal Bank AG (c)		46,171		2,013,786
Bechtle AG (c)		18,443		1,425,359
Bertrandt AG (c)		4,137		549,674
CANCOM SE (c)		32,555		1,376,429
Gerry Weber International AG (c)		22,345		878,846
Wirecard AG		11,629		492,499
				6,736,593
Hong Kong—2.6%
Ju Teng International Holdings Ltd. (c)		1,390,000		724,037
Nexteer Automotive Group Ltd.		1,186,000		962,015
Techtronic Industries Co., Ltd.		176,000		561,857
Xinyi Glass Holdings Ltd.		216,000		116,006
				2,363,915
Ireland—1.6%
Glanbia PLC		93,938		1,448,409
Italy—3.1%
Banca Popolare di Milano Scarl (d)		2,494,022		1,822,375
De’ Longhi		53,485		1,058,073
				2,880,448
Japan—25.7%
Aica Kogyo Co., Ltd.		54,700		1,118,583
Aozora Bank Ltd.		367,000		1,192,855
Bandai Namco Holdings, Inc.		44,500		965,859
Coca-Cola East Japan Co., Ltd.		38,300		609,675
Disco Corp.		14,300		1,136,941

	Shares		Value
Don Quijote Holdings Co., Ltd.		19,000	$	1,185,512
Fukushima Industries Corp.		39,400		684,379
Hoshizaki Electric Co., Ltd.		26,600		1,366,241
Inaba Denki Sangyo Co., Ltd.		28,200		950,687
Japan Airport Terminal Co., Ltd.		38,500		1,518,826
Kakaku.com, Inc.		56,600		863,740
Kusuri No Aoki Co., Ltd.		23,400		1,150,758
Maeda Road Construction Co., Ltd.		61,000		863,482
Obayashi Corp.		132,000		822,601
Sanwa Holdings Corp.		190,000		1,341,346
Seiko Holdings Corp.		167,000		954,117
Shinmaywa Industries Ltd.		59,000		545,773
Takuma Co., Ltd.		70,000		494,859
Teijin Ltd.		549,000		1,486,770
THK Co., Ltd.		40,000		968,693
Tokyo Tatemono Co., Ltd.		41,000		327,236
Tsukui Corp.		86,600		676,287
United Arrows Ltd.		24,800		684,237
Yamaha Motor Co., Ltd.		78,400		1,670,754
				23,580,211
Korea (Republic of)—0.8%
Grand Korea Leisure Co., Ltd.		20,670		704,004
Luxembourg—1.8%
GAGFAH S.A. (d)		88,053		1,696,805
New Zealand—0.3%
Metlifecare Ltd.		76,436		258,970
Norway—0.3%
ProSafe SE		73,448		241,516
Philippines—0.6%
Cosco Capital, Inc.		2,910,000		539,699
Spain—5.0%
Bolsas y Mercados Espanoles S.A.		39,015		1,605,661
Gamesa Corp. Tecnologica S.A. (d)		162,718		1,661,768
Melia Hotels International S.A.		129,448		1,319,773
				4,587,202
Sweden—7.4%
Axis Communications AB		46,323		1,201,261
Betsson AB (d)		50,576		1,806,402
JM AB		31,811		1,012,461
Net Entertainment NE AB, Class B (c)(d)		47,188		1,505,836
Nibe Industrier AB, Class B		45,438		1,211,228
				6,737,188
Switzerland—2.3%
Burckhardt Compression Holding AG (c)		2,375		958,931
Interroll Holding AG (c)(d)		1,988		1,172,740
				2,131,671
Taiwan—2.6%
AIC, Inc.		128,000		530,133
Epistar Corp.		359,000		673,565
Hermes Microvision, Inc.		11,000		521,285
Primax Electronics Ltd. (c)		548,000		691,691
				2,416,674
Thailand—0.9%
AP Thailand PCL (b)		4,069,120		816,875
United Kingdom—12.8%
Booker Group PLC		435,438		962,643
DS Smith PLC		300,530		1,348,768

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 113

Schedule of Investments

November 30, 2014

	Shares		Value
Elementis PLC		300,905	$	1,196,832
Hikma Pharmaceuticals PLC		82,608		2,529,082
Restaurant Group PLC		184,148		1,866,994
Rotork PLC		38,818		1,332,511
Senior PLC		137,805		594,969
Spirax-Sarco Engineering PLC (c)		43,063		1,915,720
				11,747,519
Total Common Stock (cost—$79,029,637)				88,402,420
	Principal Amount (000s)
Repurchase Agreements—3.3%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $3,029,000; collateralized by U.S. Treasury Notes, 2.25%, due 3/31/21, valued at $3,092,775 including accrued interest
(cost—$3,029,000)		$3,029		3,029,000
Total Investments (cost—$82,058,637) (a)—99.8%				91,431,420
Other assets less liabilities—0.2%				144,294
Net Assets—100.0%				$91,575,714

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $79,573,824, representing 86.9% 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.

(b) Fair-Valued—Security with a value of $816,875, representing 0.9% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c) Affiliated security.

(d) Non-income producing.

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

Machinery	10.4%
Hotels, Restaurants & Leisure	6.2%
Semiconductors & Semiconductor Equipment	4.6%
Pharmaceuticals	4.5%
Building Products	4.0%
Chemicals	4.0%
IT Services	3.6%
Electronic Equipment, Instruments & Components	3.4%
Banks	3.3%
Real Estate Management & Development	3.1%
Health Care Providers & Services	3.0%
Food & Staples Retailing	2.9%
Household Durables	2.8%
Health Care Equipment & Supplies	2.6%
Internet Software & Services	2.6%
Leisure Equipment & Products	2.4%
Software	2.3%
Thrifts & Mortgage Finance	2.2%
Insurance	2.1%
Textiles, Apparel & Luxury Goods	2.0%
Construction & Engineering	1.8%
Automobiles	1.8%
Electrical Equipment	1.8%
Diversified Financial Services	1.8%
Commercial Services & Supplies	1.8%
Transportation Infrastructure	1.7%
Food Products	1.6%
Containers & Packaging	1.5%
Energy Equipment & Services	1.5%
Personal Products	1.4%
Multi-line Retail	1.3%
Auto Components	1.2%
Specialty Retail	1.1%
Trading Companies & Distributors	1.0%
Technology Hardware, Storage & Peripherals	0.7%
Beverages	0.7%
Aerospace & Defense	0.6%
Professional Services	0.6%
Metals & Mining	0.5%
Diversified Consumer Services	0.1%
Repurchase Agreements	3.3%
Other assets less liabilities	0.2%
	100.0%

AllianzGI Micro Cap Fund

	Shares		Value
Common Stock—98.3%
Aerospace & Defense—1.3%
Astronics Corp. (b)		6,593		$323,189
Kratos Defense & Security Solutions, Inc. (b)		37,822		194,405
				517,594
Air Freight & Logistics—0.7%
Park-Ohio Holdings Corp.		5,127		287,984
Auto Components—4.0%
Cooper-Standard Holding, Inc. (b)		3,651		196,278
Motorcar Parts of America, Inc. (b)		21,032		709,830
Strattec Security Corp.		2,900		300,904
Tower International, Inc. (b)		15,034		383,818
				1,590,830
Banks—4.6%
Ameris Bancorp		11,200		281,680
Banner Corp.		9,838		405,227
Eagle Bancorp, Inc. (b)		11,491		394,371
First Merchants Corp.		16,837		361,154
First NBC Bank Holding Co. (b)		10,409		378,888
				1,821,320
Biotechnology—6.7%
Anacor Pharmaceuticals, Inc. (b)		8,291		285,874
Arrowhead Research Corp. (b)		14,800		86,136
Esperion Therapeutics, Inc. (b)		4,300		136,009
Insmed, Inc. (b)		10,820		152,670
Insys Therapeutics, Inc. (b)		7,403		286,718
Ligand Pharmaceuticals, Inc., Class B (b)		9,818		528,699
Orexigen Therapeutics, Inc. (b)		27,893		161,501
Raptor Pharmaceutical Corp. (b)		14,967		143,983
Repligen Corp. (b)		28,853		659,868
Sangamo Biosciences, Inc. (b)		18,354		221,716
				2,663,174
Building Products—2.9%
American Woodmark Corp. (b)		6,900		274,827
Builders FirstSource, Inc. (b)		43,405		267,375
Patrick Industries, Inc. (b)		13,614		607,048
				1,149,250
Capital Markets—0.8%
Cowen Group, Inc., Class A (b)		79,154		335,613
Commercial Services & Supplies—1.5%
ARC Document Solutions, Inc. (b)		38,300		368,829
Ceco Environmental Corp.		16,939		239,856
				608,685
Communications Equipment—3.0%
Applied Optoelectronics, Inc. (b)		14,027		152,193
CalAmp Corp. (b)		16,442		307,301
Mitel Networks Corp. (b)		35,165		373,452
ShoreTel, Inc. (b)		49,069		367,036
				1,199,982
Construction Materials—0.8%
U.S. Concrete, Inc. (b)		11,400		321,708
Consumer Finance—0.3%
JG Wentworth Co. (b)		10,642		101,418
Diversified Consumer Services—0.7%
Carriage Services, Inc.		14,910		286,421
Diversified Telecommunication Services—1.4%
8x8, Inc. (b)		31,487		244,969
inContact, Inc. (b)		38,746		320,042
				565,011

114 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Schedule of Investments

November 30, 2014

	Shares		Value
Electrical Equipment—0.8%
Enphase Energy, Inc. (b)		31,700	$	333,167
Electronic Equipment, Instruments & Components—2.0%
Control4 Corp. (b)		17,437		262,950
Methode Electronics, Inc.		7,067		273,846
Planar Systems, Inc. (b)		32,200		240,534
				777,330
Energy Equipment & Services—0.5%
Matrix Service Co. (b)		8,654		182,773
Health Care Equipment & Supplies—9.4%
Anika Therapeutics, Inc. (b)		15,846		647,943
AtriCure, Inc. (b)		17,412		326,127
Cardiovascular Systems, Inc. (b)		12,577		385,611
Cynosure, Inc., Class A (b)		11,765		324,361
Inogen, Inc. (b)		15,864		385,336
OraSure Technologies, Inc. (b)		31,000		279,310
Spectranetics Corp. (b)		12,299		403,776
Staar Surgical Co. (b)		23,938		220,469
SurModics, Inc. (b)		11,664		245,061
Trinity Biotech PLC ADR		15,462		265,328
Vascular Solutions, Inc. (b)		9,200		236,624
				3,719,946
Health Care Providers & Services—4.0%
BioTelemetry, Inc. (b)		33,838		333,981
Capital Senior Living Corp. (b)		15,314		389,741
Cross Country Healthcare, Inc. (b)		31,151		332,381
Providence Service Corp. (b)		6,706		262,406
RadNet, Inc. (b)		30,900		260,178
				1,578,687
Health Care Technology—1.2%
Omnicell, Inc. (b)		14,403		463,777
Hotels, Restaurants & Leisure—1.0%
Popeyes Louisiana Kitchen, Inc. (b)		7,506		414,631
Household Durables—2.1%
LGI Homes, Inc. (b)		15,768		251,973
Libbey, Inc. (b)		11,564		347,498
M/I Homes, Inc. (b)		9,505		217,855
				817,326
Insurance—1.5%
HCI Group, Inc.		8,567		346,364
United Insurance Holdings Corp.		13,736		257,550
				603,914
Internet & Catalog Retail—0.9%
Nutrisystem, Inc.		18,921		358,931
Internet Software & Services—4.7%
Actua Corp. (b)		22,010		371,089
Autobytel, Inc. (b)		24,745		263,039
Internap Network Services Corp. (b)		35,703		283,125
IntraLinks Holdings, Inc. (b)		29,888		325,181
Points International Ltd. (b)		11,765		156,239
SPS Commerce, Inc. (b)		4,463		260,104
TechTarget, Inc. (b)		19,000		192,280
				1,851,057
IT Services—1.3%
Virtusa Corp. (b)		13,219		529,685
Leisure Equipment & Products—1.1%
Nautilus, Inc. (b)		33,066		424,237
Life Sciences Tools & Services—3.4%
Albany Molecular Research, Inc. (b)		25,201		410,020
Cambrex Corp. (b)		19,725		448,744
Enzo Biochem, Inc. (b)		51,500		233,810

	Shares		Value
NeoGenomics, Inc. (b)		58,900	$	249,736
				1,342,310
Machinery—3.4%
FreightCar America, Inc.		3,600		104,148
Kadant, Inc.		7,400		295,260
Lydall, Inc. (b)		11,221		298,142
Manitex International, Inc. (b)		20,590		226,696
NN, Inc.		12,431		263,164
Wabash National Corp. (b)		13,851		149,452
				1,336,862
Media—2.0%
Carmike Cinemas, Inc. (b)		16,455		487,726
Entravision Communications Corp., Class A		50,208		324,344
				812,070
Oil, Gas & Consumable Fuels—2.3%
Abraxas Petroleum Corp. (b)		45,464		151,168
Emerald Oil, Inc. (b)		13,007		24,973
Gastar Exploration, Inc. (b)		45,316		133,682
Penn Virginia Corp. (b)		24,697		126,696
PetroQuest Energy, Inc. (b)		52,698		196,037
StealthGas, Inc. (b)		6,790		49,295
Synergy Resources Corp. (b)		20,155		197,721
Vertex Energy, Inc. (b)		14,576		53,348
				932,920
Paper & Forest Products—1.0%
Neenah Paper, Inc. (a)		7,216		413,044
Personal Products—1.9%
IGI Laboratories, Inc. (b)		72,356		757,567
Pharmaceuticals—7.4%
ANI Pharmaceuticals, Inc. (b)		5,900		319,249
AVANIR Pharmaceuticals, Inc., Class A (b)		43,514		649,229
Depomed, Inc. (b)		34,760		538,433
Horizon Pharma PLC (b)		37,503		479,288
Omeros Corp. (b)		14,994		334,816
Pernix Therapeutics Holdings, Inc. (b)		34,147		354,104
Supernus Pharmaceuticals, Inc. (b)		10,544		93,420
Tetraphase Pharmaceuticals, Inc. (b)		6,400		168,960
				2,937,499
Professional Services—1.2%
Barrett Business Services, Inc.		6,501		141,852
GP Strategies Corp. (b)		11,461		347,497
				489,349
Road & Rail—4.8%
ArcBest Corp.		7,992		347,013
Celadon Group, Inc.		12,978		286,035
Covenant Transportation Group, Inc., Class A (b)		6,200		162,936
Quality Distribution, Inc. (b)		20,248		244,393
Roadrunner Transportation Systems, Inc. (b)		7,384		166,214
Saia, Inc. (b)		12,469		691,655
				1,898,246
Semiconductors & Semiconductor Equipment—4.9%
Ambarella, Inc. (b)		11,405		627,275
FormFactor, Inc. (b)		45,886		368,923
PDF Solutions, Inc. (b)		19,427		257,408
Pixelworks, Inc. (b)		39,200		188,944
Tower Semiconductor Ltd. (b)		40,153		516,368
				1,958,918
Software—2.0%
Callidus Software, Inc. (b)		29,585		472,472

	Shares		Value
ePlus, Inc. (b)		4,609	$	317,284
				789,756
Specialty Retail—1.5%
Citi Trends, Inc. (b)		11,300		267,358
Kirkland’s, Inc. (b)		14,478		314,462
				581,820
Thrifts & Mortgage Finance—1.9%
Meridian Bancorp, Inc. (b)		24,100		264,136
Tree.com, Inc. (b)		11,128		503,653
				767,789
Trading Companies & Distributors—1.4%
Aceto Corp.		17,684		371,364
Stock Building Supply Holdings, Inc. (b)		11,417		182,786
				554,150
Total Common Stock (cost—$28,021,664)				39,076,751
	Principal Amount (000s)
Repurchase Agreements—1.8%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $697,000; collateralized by U.S. Treasury Notes, 2.25%, due 3/31/21, valued at $714,113 including accrued interest
(cost—$697,000)		$697		697,000
Total Investments (cost—$28,718,664)—100.1%				39,773,751
Liabilities in excess of other assets—(0.1)%				(26,464	)
Net Assets—100.0%				$39,747,287

Notes to Schedule of Investments:

(a) Affiliated security.

(b) Non-income producing.

Glossary:

ADR—American Depositary Receipt

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 115

Schedule of Investments

November 30, 2014

AllianzGI Multi-Asset Real Return Fund

	Shares		Value
Mutual Funds (d)(f)—37.7%
AllianzGI Global Natural Resources		55,854		$953,434
PIMCO Commodity RealReturn Strategy		227,588		1,128,836
PIMCO Emerging Markets Bond		27,670		299,666
Total Mutual Funds (cost—$2,500,558)				2,381,936
Common Stock—26.6%
Australia—2.1%
Dexus Property Group REIT		1,615		9,758
Federation Centres REIT		2,930		6,894
Goodman Group REIT		2,778		12,864
GPT Group REIT		3,240		11,406
Lend Lease Group		1,120		14,591
Mirvac Group REIT		5,641		8,412
Novion Property Group REIT		4,280		7,748
Scentre Group REIT (g)		8,879		26,153
Stockland REIT		3,686		12,899
Westfield Corp. REIT		3,419		24,077
				134,802
Austria—0.1%
BUWOG AG (g)		101		1,906
IMMOFINANZ AG (g)		2,020		6,041
				7,947
Canada—0.9%
Brookfield Asset Management, Inc., Class A		848		42,634
First Capital Realty, Inc.		157		2,570
H&R REIT		220		4,373
RioCan REIT		320		7,640
				57,217
France—1.0%
Fonciere Des Regions REIT		60		5,726
Gecina S.A. REIT		50		6,765
ICADE REIT		60		4,799
Klepierre REIT		164		7,358
Unibail-Rodamco SE REIT		154		40,707
				65,355
Germany—0.4%
Deutsche Wohnen AG		1,000		23,982
Hong Kong—3.4%
Cheung Kong Holdings Ltd.		2,296		42,138
Hang Lung Properties Ltd.		3,871		11,615
Henderson Land Development Co., Ltd.		2,371		15,851
Hysan Development Co., Ltd.		1,450		6,709
Kerry Properties Ltd.		1,052		3,771
Link REIT		3,821		24,202
New World Development Co., Ltd.		10,440		12,448
Sino Land Co., Ltd.		5,271		8,602
Sun Hung Kai Properties Ltd.		2,827		41,262
Swire Pacific Ltd., Class A		1,100		15,093
Swire Properties Ltd.		1,993		6,179
Wharf Holdings Ltd.		2,649		19,064
Wheelock & Co., Ltd.		1,556		7,838
				214,772
Japan—2.8%
Aeon Mall Co., Ltd.		130		2,218
Daito Trust Construction Co., Ltd.		110		12,453
Daiwa House Industry Co., Ltd.		836		15,973
Hulic Co., Ltd.		325		3,364
Japan Prime Realty Investment Corp. REIT		1		3,632

	Shares		Value
Japan Real Estate Investment Corp. REIT		2	$	9,868
Japan Retail Fund Investment Corp. REIT		3		6,245
Mitsubishi Estate Co., Ltd.		1,721		38,774
Mitsui Fudosan Co., Ltd.		1,156		33,443
Nippon Building Fund, Inc. REIT		2		10,088
Nomura Real Estate Holdings, Inc.		200		3,676
Nomura Real Estate Office Fund, Inc. REIT		1		4,175
NTT Urban Development Corp.		200		2,055
Sumitomo Realty & Development Co., Ltd.		490		16,945
Tokyo Tatemono Co., Ltd.		562		4,485
Tokyu Fudosan Holdings Corp.		600		4,294
United Urban Investment Corp. REIT		4		6,435
				178,123
Netherlands—0.1%
Corio NV REIT		150		7,591
Singapore—0.9%
Ascendas Real Estate Investment Trust REIT		4,520		8,108
CapitaCommercial Trust REIT		3,940		5,087
CapitaLand Ltd.		4,675		11,898
CapitaMall Trust REIT		5,170		7,848
City Developments Ltd.		651		5,020
Global Logistic Properties Ltd.		4,700		9,439
Keppel Land Ltd.		1,600		4,134
UOL Group Ltd.		1,110		5,723
				57,257
Switzerland—0.2%
Swiss Prime Site AG (g)		110		8,480
United Kingdom—1.0%
British Land Co. PLC REIT		1,494		17,897
Hammerson PLC REIT		1,081		10,499
Intu Properties PLC REIT		1,220		6,785
Land Securities Group PLC REIT		1,241		22,989
Segro PLC REIT		1,150		7,038
				65,208
United States—13.7%
American Capital Agency Corp. REIT		750		17,306
American Realty Capital Properties, Inc. REIT		1,500		14,100
American Tower Corp. REIT		672		70,567
Annaly Capital Management, Inc. REIT		1,723		19,849
AvalonBay Communities, Inc. REIT		195		31,354
Boston Properties, Inc. REIT		246		31,891
Brookfield Property Partners L.P.		328		7,687
Camden Property Trust REIT		131		10,045
CBRE Group, Inc., Class A (g)		429		14,474
Crown Castle International Corp. REIT		600		49,854
Digital Realty Trust, Inc. REIT		210		14,757
Duke Realty Corp. REIT		519		10,089
Equity Residential REIT		539		38,183
Essex Property Trust, Inc. REIT		100		20,241
Federal Realty Investment Trust REIT		107		14,195
General Growth Properties, Inc. REIT		747		19,990
HCP, Inc. REIT		760		34,048
Health Care REIT, Inc. REIT		463		34,105
Host Hotels & Resorts, Inc. REIT		1,111		25,820
Kimco Realty Corp. REIT		638		16,237
Liberty Property Trust REIT		250		8,845
Macerich Co. REIT		215		17,002
Plum Creek Timber Co., Inc. REIT		257		10,712
Prologis, Inc. REIT		807		34,120
Public Storage REIT		229		42,967
Rayonier Advanced Materials, Inc. (e)		65		1,602

	Shares		Value
Rayonier, Inc. REIT		197	$	5,374
Realogy Holdings Corp. (g)		178		8,192
Realty Income Corp. REIT		300		13,938
Regency Centers Corp. REIT		142		8,730
Simon Property Group, Inc. REIT		506		91,485
SL Green Realty Corp. REIT		137		15,911
UDR, Inc. REIT		379		11,666
Ventas, Inc. REIT		477		34,129
Vornado Realty Trust REIT		251		28,001
Washington Prime Group, Inc. REIT		253		4,359
Weyerhaeuser Co. REIT		860		30,367
				862,192
Total Common Stock (cost—$1,506,466)				1,682,926
	Principal Amount (000s)
U.S. Treasury Obligations (b)—14.2%
U.S. Treasury Inflation Indexed Bonds,
2.125%, 2/15/40		$55		70,829
2.375%, 1/15/25		124		147,310
3.875%, 4/15/29		87		125,533
U.S. Treasury Inflation Indexed Notes,
0.625%, 7/15/21		431		444,619
2.375%, 1/15/17 (c)		104		110,488
Total U.S. Treasury Obligations (cost-$954,711)				898,779
	Shares
Exchange-Traded Funds—5.1%
iShares iBoxx $ Investment Grade Corporate Bond		1,000		120,090
Market Vectors Gold Miners		9,000		164,970
Schwab U.S. TIPS		100		5,473
SPDR Barclays Short Term High Yield Bond		1,000		29,510
Total Exchange-Traded Funds (cost—$370,293)				320,043
	Principal Amount (000s)
Repurchase Agreements—10.7%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $677,000; collateralized by U.S. Treasury Notes, 2.00%, due 2/28/21, valued at $695,004 including accrued interest
(cost—$677,000)		$677		677,000
Total Investments (cost—$6,009,028) (a)—94.3%				5,960,684
Other assets less liabilities—5.7%				362,912
Net Assets—100.0%				$6,323,596

116 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Schedule of Investments

November 30, 2014

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $758,718, representing 12.0% 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) Inflationary Bonds—Principal amount of security is adjusted for inflation/deflation.

(c) All or partial amount segregated for the benefit of the counterparty as collateral for futures.

(d) Affiliated fund.

(e) Affiliated security.

(f) Institutional Class share.

(g) Non-income producing.

Glossary:

REIT—Real Estate Investment Trust

TIPS—Treasury Inflation Protected Securities

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

Mutual Funds	37.7%
Real Estate Investment Trust	18.8%
U.S. Treasury Obligations	14.2%
Real Estate Management & Development	7.8%
Exchange-Traded Funds	5.1%
Chemicals	0.0%
Repurchase Agreements	10.7%
Other assets less liabilities	5.7%
	100.0%

AllianzGI NFJ Emerging Markets Value Fund

	Shares		Value
Common Stock—93.5%
Brazil—7.7%
Banco do Brasil S.A.		6,100		$70,272
Cia de Saneamento de Minas Gerais		6,500		61,621
Cia Energetica de Minas Gerais		7,224		41,399
Cia Paranaense de Energia		6,800		63,804
EDP - Energias do Brasil S.A.		16,500		64,749
Grupo BTG Pactual UNIT		5,100		59,247
JBS S.A.		15,000		69,936
Light S.A.		7,200		57,599
Multiplus S.A.		4,700		63,365
Porto Seguro S.A.		5,200		62,853
Sul America S.A. UNIT		12,400		61,186
Transmissora Alianca de Energia Eletrica S.A. UNIT		7,900		59,853
				735,884
Chile—1.2%
Administrada de Fondos de Pensiones Habitat S.A.		36,695		54,880
Inversiones La Construccion S.A.		4,590		60,304
				115,184
China—22.5%
Agricultural Bank of China Ltd., Class H		142,000		67,029
Anhui Expressway Co., Ltd., Class H		101,000		69,024
Asia Cement China Holdings Corp.		109,500		62,118
Bank of China Ltd., Class H		143,000		73,435
Bank of Communications Co., Ltd., Class H		92,000		76,108
China Construction Bank Corp., Class H		88,000		66,449
China Lilang Ltd.		91,000		66,170
China Merchants Bank Co., Ltd., Class H		35,600		73,560
China Mobile Ltd.		5,700		70,325
China Petroleum & Chemical Corp., Class H		74,000		59,902
China Shineway Pharmaceutical Group Ltd.		35,000		59,430
China South City Holdings Ltd.		136,000		69,530
CNOOC Ltd.		38,000		54,909
Guangdong Electric Power Development Co., Ltd., Class B		107,500		74,298
Huabao International Holdings Ltd.		82,000		72,426
Industrial & Commercial Bank of China Ltd., Class H		100,000		67,461
Jiangling Motors Corp. Ltd., Class B		17,400		67,803
Jiangnan Group Ltd.		326,000		57,589
Jintian Pharmaceutical Group Ltd.		149,000		59,688
Kingboard Laminates Holdings Ltd.		165,500		67,325
Luthai Textile Co., Ltd., Class B		48,100		64,069
Peak Sport Products Co., Ltd.		236,000		66,872
PetroChina Co., Ltd., Class H		52,000		55,677
Qinhuangdao Port Co., Ltd., Class H		125,000		61,732
Shenzhen Expressway Co., Ltd., Class H		92,000		63,444
Shenzhen International Holdings Ltd.		43,500		65,321
Sichuan Expressway Co., Ltd., Class H		160,000		61,572
Springland International Holdings Ltd.		157,000		59,853
TCC International Holdings Ltd.		162,000		64,965
Travelsky Technology Ltd., Class H		53,000		59,684
Wasion Group Holdings Ltd.		68,000		72,426

	Shares		Value
Xinhua Winshare Publishing and Media Co., Ltd., Class H		76,000	$	61,056
Yuexiu Transport Infrastructure Ltd.		98,000		63,562
				2,154,812
Czech Republic—0.6%
Philip Morris CR AS		132		61,226
Egypt—0.7%
Eastern Tobacco		2,818		68,971
Greece—0.7%
Metka S.A.		5,968		66,759
Hong Kong—2.1%
CITIC Telecom International Holdings Ltd.		165,000		68,016
NagaCorp Ltd.		78,000		62,332
SITC International Holdings Co., Ltd.		125,000		69,224
				199,572
India—7.0%
Cairn India Ltd.		13,805		57,806
Hindustan Zinc Ltd.		24,534		64,455
Indiabulls Housing Finance Ltd.		9,531		69,170
McLeod Russel India Ltd.		14,196		56,067
MOIL Ltd.		14,030		71,802
Mphasis Ltd.		2,206		14,375
Muthoot Finance Ltd.		21,668		68,473
Power Finance Corp. Ltd.		14,546		72,362
Rural Electrification Corp. Ltd.		12,829		69,273
Tata Motors Ltd. ADR		1,500		68,490
Zensar Technologies Ltd.		6,400		60,937
				673,210
Indonesia—1.3%
Bank Pembangunan Daerah Jawa Timur Tbk PT		1,715,000		63,827
Indo Tambangraya Megah Tbk PT		35,800		55,741
				119,568
Korea (Republic of)—10.8%
Dongbu Insurance Co., Ltd.		1,196		59,971
Hankook Tire Co., Ltd.		1,238		61,182
Hyundai Marine & Fire Insurance Co., Ltd.		2,500		60,043
Hyundai Mobis Co., Ltd.		275		61,087
Hyundai Motor Co.		389		62,495
Industrial Bank of Korea		4,324		58,542
Kia Motors Corp.		1,265		63,280
Korea Electric Power Corp.		1,526		63,255
Korean Reinsurance Co.		5,955		61,531
KT&G Corp.		712		62,376
LIG Insurance Co., Ltd.		2,430		57,252
Meritz Fire & Marine Insurance Co., Ltd.		5,210		57,106
Samsung Electronics Co., Ltd.		57		66,039
Seah Besteel Corp.		2,060		61,667
SeAH Steel Corp.		725		56,668
Sungwoo Hitech Co., Ltd.		4,630		59,423
Tongyang Life Insurance		5,800		60,192
				1,032,109
Malaysia—3.2%
Scientex Bhd.		29,600		66,046
Star Publications Malaysia Bhd.		86,300		58,681
Supermax Corp. Bhd.		90,700		56,324
UOA Development Bhd.		98,100		61,485
YTL Corp. Bhd.		125,500		58,622
				301,158

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 117

Schedule of Investments

November 30, 2014

	Shares		Value
Mexico—2.6%
Credito Real S.A.B. de C.V.		25,300	$	65,462
Industrias Bachoco S.A.B. de C.V., Ser. B		13,100		61,199
Mexico Real Estate Management S.A. De C.V. REIT		35,700		62,863
PLA Administradora Industrial S de RL de C.V. REIT		28,100		60,488
				250,012
Norway—0.5%
BW LPG Ltd. (a)		6,933		50,284
Peru—0.6%
Intercorp Financial Services, Inc.		2,000		59,900
Poland—1.4%
Asseco Poland S.A.		4,441		71,019
Energa S.A.		9,500		66,435
				137,454
Russian Federation—4.1%
Acron JSC (c)		2,044		61,115
Gazprom Neft OAO ADR		3,413		55,586
Gazprom OAO (c)		17,820		51,500
Lukoil OAO (c)		1,296		60,005
MMC Norilsk Nickel OJSC ADR		3,529		62,675
Rosneft OAO (c)		10,485		49,489
Tatneft OAO (c)		10,854		54,487
				394,857
Singapore—0.6%
Lippo Malls Indonesia Retail Trust REIT		207,000		58,728
South Africa—6.8%
Barclays Africa Group Ltd.		4,121		66,256
DataTec Ltd.		13,214		63,309
Fountainhead Property Trust REIT		95,398		70,635
Imperial Holdings Ltd.		3,778		68,280
Liberty Holdings Ltd.		5,719		67,687
Reunert Ltd.		10,974		60,350
S.A. Corporate Real Estate Fund Nominees Pty Ltd. REIT		164,262		68,079
Sasol Ltd.		1,262		52,564
Sibanye Gold Ltd.		33,614		59,466
Vukile Property Fund Ltd. REIT		43,121		70,752
				647,378
Taiwan—11.1%
Chimei Materials Technology Corp.		59,700		59,802
Coretronic Corp.		41,000		57,617
Elitegroup Computer Systems Co., Ltd.		72,553		60,643
Formosan Rubber Group, Inc.		65,000		68,106
Gigabyte Technology Co., Ltd.		50,000		57,102
Hon Hai Precision Industry Co., Ltd. GDR		11,276		71,039
King Yuan Electronics Co., Ltd.		76,000		61,342
King’s Town Bank Co., Ltd.		65,000		68,858
Lite-On Technology Corp.		43,334		52,429
Micro-Star International Co., Ltd.		50,000		54,255
Phison Electronics Corp.		10,000		66,859
Sercomm Corp.		30,000		62,182
Siliconware Precision Industries Co. Ltd.		48,000		70,786
Taiwan PCB Techvest Co., Ltd.		42,000		62,681
Tripod Technology Corp.		32,000		63,306
Wistron NeWeb Corp.		28,500		55,324
Yageo Corp.		43,000		71,446
				1,063,777
Thailand—3.8%
Bangkok Expressway PCL NVDR		56,000		66,941

	Shares		Value
CPN Retail Growth Leasehold Property Fund UNIT		124,000	$	61,934
PTT Exploration & Production PCL (c)		10,700		44,148
PTT Exploration & Production PCL NVDR		1,900		7,839
PTT PCL NVDR		5,200		60,607
Thai Vegetable Oil PCL NVDR		92,300		62,405
Thanachart Capital PCL (c)		48,100		49,062
Thanachart Capital PCL NVDR		10,400		10,608
				363,544
Turkey—4.2%
Aksa Akrilik Kimya Sanayii AS		19,195		64,565
Aygaz AS		15,376		68,511
Cimsa Cimento Sanayi VE Ticaret AS		8,992		63,746
Selcuk Ecza Deposu Ticaret ve Sanayi AS		65,018		60,248
Soda Sanayii AS		36,549		74,383
Turk Telekomunikasyon AS		23,104		73,858
				405,311
Total Common Stock (cost—$8,986,813)				8,959,698
Preferred Stock—4.7%
Brazil—4.1%
AES Tiete S.A.		8,400		62,531
Banco ABC Brasil S.A.		11,633		63,051
Banco Daycoval S.A.		16,700		59,694
Cia Energetica de Minas Gerais		3,791		20,739
Itausa - Investimentos Itau S.A.		16,546		67,372
Petroleo Brasileiro S.A.		10,900		54,208
Telefonica Brasil S.A.		3,100		63,245
				390,840
Russian Federation—0.6%
Surgutneftegas OAO (c)		87,165		60,144
Total Preferred Stock (cost—$486,108)				450,984
Equity-Linked Security—0.5%
India—0.5%
CLSA Financial Products, Ltd.,Mphasis Ltd., expires 8/13/18 (cost—$44,956)		6,983		45,390
	Principal Amount (000s)
Repurchase Agreements—1.8%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $170,000; collateralized by U.S. Treasury Notes, 2.25%, due 3/31/21, valued at $174,675 including accrued interest
(cost—$170,000)		$170		170,000
Total Investments (cost—$9,687,877) (b)—100.5%				9,626,072
Liabilities in excess of other assets—(0.5)%				(50,613	)
Net Assets—100.0%				$9,575,459

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. Unless otherwise indicated, these securities are not considered to be illiquid.

(b) Securities with an aggregate value of $5,761,923, representing 60.2% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c) Fair-Valued—Securities with an aggregate value of $429,950, representing 4.5% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

Glossary:

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

NVDR—Non-Voting Depository Receipt

REIT—Real Estate Investment Trust

UNIT—More than one class of securities traded together.

118 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Schedule of Investments

November 30, 2014

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

Banks	11.1%
Oil, Gas & Consumable Fuels	9.3%
Electronic Equipment, Instruments & Components	6.2%
Insurance	5.6%
Real Estate Investment Trust	4.7%
Transportation Infrastructure	4.7%
Electric Utilities	4.6%
Metals & Mining	4.0%
Chemicals	3.6%
Technology Hardware, Storage & Peripherals	3.1%
Automobiles	2.8%
Textiles, Apparel & Luxury Goods	2.8%
Food Products	2.6%
Diversified Telecommunication Services	2.2%
Diversified Financial Services	2.1%
Semiconductors & Semiconductor Equipment	2.0%
Tobacco	2.0%
Construction Materials	2.0%
Auto Components	1.8%
Independent Power Producers & Energy Traders	1.4%
Consumer Finance	1.4%
Real Estate Management & Development	1.4%
Software	1.3%
Distributors	1.3%
Media	1.3%
IT Services	1.3%
Communications Equipment	1.3%
Health Care Providers & Services	1.2%
Capital Markets	1.2%
Wireless Telecommunication Services	0.7%
Marine	0.7%
Thrifts & Mortgage Finance	0.7%
Gas Utilities	0.7%
Machinery	0.7%
Water Utilities	0.7%
Hotels, Restaurants & Leisure	0.6%
Industrial Conglomerates	0.6%
Multi-line Retail	0.6%
Pharmaceuticals	0.6%
Multi-Utilities	0.6%
Electrical Equipment	0.6%
Health Care Equipment & Supplies	0.6%
Repurchase Agreements	1.8%
Liabilities in excess of other assets	(0.5)%
	100.0%

AllianzGI NFJ Global Dividend Value Fund

	Shares		Value
Common Stock—98.8%
Brazil—3.1%
Cia Energetica de Minas Gerais ADR		182,389		$1,006,787
Vale S.A. ADR		115,200		1,037,952
				2,044,739
China—6.1%
China Construction Bank Corp., Class H		1,824,000		1,377,304
China Mobile Ltd.		110,400		1,362,080
China Petroleum & Chemical Corp., Class H		1,622,000		1,312,980
				4,052,364
France—3.8%
Total S.A.		45,099		2,516,625
Germany—2.1%
Siemens AG		11,600		1,371,087
Indonesia—2.0%
Bank Rakyat Indonesia Persero Tbk PT ADR		73,105		1,361,581
Israel—3.8%
Israel Chemicals Ltd.		181,200		1,235,894
Teva Pharmaceutical Industries Ltd. ADR		23,000		1,310,540
				2,546,434
Japan—5.7%
Daihatsu Motor Co., Ltd.		95,300		1,305,075
ITOCHU Corp.		116,000		1,333,585
Mizuho Financial Group, Inc.		657,500		1,133,556
				3,772,216
Korea (Republic of)—2.0%
SK Telecom Co., Ltd.		5,139		1,308,775
Norway—1.9%
Marine Harvest ASA		87,007		1,233,873
Russian Federation—3.4%
Lukoil OAO ADR		26,600		1,216,950
Mobile Telesystems OJSC ADR		83,679		1,022,557
				2,239,507
South Africa—1.8%
Sasol Ltd. ADR		28,221		1,186,693
Spain—4.1%
Banco Santander S.A.		153,929		1,385,273
Enagas S.A.		39,300		1,313,924
				2,699,197
Switzerland—2.0%
Swiss Re AG (b)		15,603		1,332,872
Taiwan—2.0%
Siliconware Precision Industries Co., Ltd. ADR		180,600		1,338,246
United Kingdom—12.2%
BAE Systems PLC		187,600		1,405,892
GlaxoSmithKline PLC		57,068		1,323,935
Greene King PLC		110,300		1,325,444
Imperial Tobacco Group PLC		29,100		1,343,333
Marks & Spencer Group PLC		176,400		1,342,372
Persimmon PLC (b)		56,604		1,351,570
				8,092,546
United States—42.8%
Axis Capital Holdings Ltd.		27,900		1,396,395
Baxter International, Inc.		18,200		1,328,600

	Shares		Value
CA, Inc.		45,900	$	1,429,785
Cisco Systems, Inc.		99,500		2,750,180
ConocoPhillips		19,100		1,261,937
Deere & Co.		15,600		1,351,272
Ford Motor Co.		85,400		1,343,342
Intel Corp.		38,200		1,422,950
JPMorgan Chase & Co.		21,800		1,311,488
MetLife, Inc.		24,100		1,340,201
Navient Corp.		63,800		1,337,248
Norfolk Southern Corp.		11,500		1,283,860
Northrop Grumman Corp.		9,600		1,352,928
Pfizer, Inc.		43,400		1,351,910
PNC Financial Services Group, Inc.		15,200		1,329,544
Seagate Technology PLC		20,600		1,361,866
Symantec Corp.		52,013		1,357,019
Verizon Communications, Inc.		26,100		1,320,399
Wal-Mart Stores, Inc.		15,500		1,356,870
Xerox Corp.		97,900		1,366,684
				28,354,478
Total Common Stock (cost—$60,096,196)				65,451,233
	Principal Amount (000s)
Repurchase Agreements—0.5%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $345,000; collateralized by U.S. Treasury Notes, 2.25%, due 3/31/21, valued at $354,488 including accrued interest
(cost—$345,000)		$345		345,000
Total Investments (cost—$60,441,196) (a)—99.3%				65,796,233
Other assets less liabilities—0.7%				477,433
Net Assets—100.0%				$66,273,666

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $27,615,449, representing 41.7% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(b) Non-income producing.

Glossary:

ADR—American Depositary Receipt

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 119

Schedule of Investments

November 30, 2014

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

Banks	11.9%
Oil, Gas & Consumable Fuels	11.3%
Insurance	6.1%
Pharmaceuticals	6.0%
Wireless Telecommunication Services	5.6%
Software	4.2%
Semiconductors & Semiconductor Equipment	4.2%
Aerospace & Defense	4.2%
Communications Equipment	4.2%
Automobiles	4.0%
Industrial Conglomerates	2.1%
IT Services	2.1%
Technology Hardware, Storage & Peripherals	2.1%
Food & Staples Retailing	2.0%
Household Durables	2.0%
Machinery	2.0%
Tobacco	2.0%
Multi-line Retail	2.0%
Consumer Finance	2.0%
Trading Companies & Distributors	2.0%
Health Care Equipment & Supplies	2.0%
Hotels, Restaurants & Leisure	2.0%
Diversified Telecommunication Services	2.0%
Gas Utilities	2.0%
Road & Rail	1.9%
Chemicals	1.9%
Food Products	1.9%
Metals & Mining	1.6%
Electric Utilities	1.5%
Repurchase Agreements	0.5%
Other assets less liabilities	0.7%
	100.0%

AllianzGI NFJ International Small-Cap Value Fund

	Shares		Value
Common Stock—97.3%
Australia—6.6%
Abacus Property Group REIT		78,310		$191,031
Beach Energy Ltd.		144,748		125,795
Bendigo and Adelaide Bank Ltd.		12,128		131,591
Cabcharge Australia Ltd.		41,585		168,549
Charter Hall Retail REIT		37,106		130,903
Genworth Mortgage Insurance Australia Ltd.		62,253		182,837
Pact Group Holdings Ltd.		45,800		161,520
Primary Health Care Ltd.		48,256		192,623
				1,284,849
Austria—1.8%
RHI AG		7,547		176,941
UNIQA Insurance Group AG		17,093		179,018
				355,959
Belgium—1.0%
Befimmo S.A. REIT		2,462		188,397
Brazil—0.7%
Cia Paranaense de Energia, Class P ADR		10,300		142,964
Canada—7.1%
Cogeco, Inc.		3,745		199,089
Linamar Corp.		2,859		168,115
Magellan Aerospace Corp.		13,052		155,460
Martinrea International, Inc.		12,834		113,020
Methanex Corp.		2,400		123,984
ShawCor Ltd.		3,746		154,295
Total Energy Services, Inc.		8,085		125,712
Transcontinental, Inc., Class A		13,015		174,709
Uni-Select, Inc.		6,400		162,197
				1,376,581
China—7.4%
Guangdong Investment Ltd.		176,300		242,961
Huabao International Holdings Ltd.		241,000		212,862
Lonking Holdings Ltd.		598,000		117,776
Perfect World Co., Ltd. ADR		7,700		140,525
Springland International Holdings Ltd.		421,100		160,535
Travelsky Technology Ltd., Class H		159,000		179,051
Wasion Group Holdings Ltd.		202,400		215,574
Zhejiang Expressway Co., Ltd., Class H		146,900		164,417
				1,433,701
Denmark—0.9%
Schouw & Co.		3,451		166,729
Finland—0.6%
Lassila & Tikanoja Oyj		6,855		124,278
France—4.5%
Alten S.A.		4,649		205,196
Coface S.A. (c)(d)		16,070		205,388
Euronext NV (a)(d)		8,207		234,715
Ipsen S.A.		4,373		230,937
				876,236
Germany—4.6%
CAT Oil AG		10,156		167,652
CompuGroup Medical AG		7,123		188,390
Freenet AG (c)		6,692		197,458
Takkt AG		9,465		152,246
Wacker Neuson SE		9,426		198,959
				904,705

	Shares		Value
Hong Kong—5.0%
Dah Sing Financial Holdings Ltd.		30,800	$	190,235
First Pacific Co., Ltd.		204,000		214,167
Luk Fook Holdings International Ltd.		60,000		196,726
PCCW Ltd.		323,000		215,031
Television Broadcasts Ltd.		26,800		151,404
				967,563
Israel—0.8%
Gazit-Globe Ltd.		13,000		152,025
Italy—2.8%
Anima Holding SpA (d)		38,507		197,389
Credito Emiliano SpA		21,100		166,324
Recordati SpA		10,302		179,993
				543,706
Japan—15.5%
Aida Engineering Ltd.		20,900		187,699
Dynam Japan Holdings Co., Ltd.		73,900		164,022
Enplas Corp.		3,700		123,558
Heiwado Co., Ltd.		9,800		180,391
Japan Aviation Electronics Industry Ltd.		7,700		171,705
Kaken Pharmaceutical Co., Ltd.		8,700		184,293
Kato Sangyo Co., Ltd.		8,300		158,722
Nihon Nohyaku Co., Ltd.		15,200		166,317
Nippo Corp.		10,000		158,438
Nippon Synthetic Chemical Industry Co., Ltd.		18,100		114,827
Nitto Kogyo Corp.		9,500		179,782
Paramount Bed Holdings Co., Ltd.		5,700		162,913
Round One Corp.		22,700		130,351
Sankyu, Inc.		38,000		148,370
Showa Corp.		18,800		185,717
Sumitomo Osaka Cement Co., Ltd.		36,000		101,608
T-Gaia Corp.		18,700		181,567
Tosoh Corp.		37,800		173,899
Towa Pharmaceutical Co., Ltd.		3,300		148,132
				3,022,311
Netherlands—1.0%
Aalberts Industries NV		6,803		190,887
New Zealand—2.7%
Air New Zealand Ltd.		113,116		215,588
Goodman Property Trust REIT		173,079		151,340
Sky Network Television Ltd.		32,230		163,697
				530,625
Norway—3.8%
Avance Gas Holding Ltd. (a)		8,184		130,910
BW Offshore Ltd.		152,143		158,866
Ekornes ASA		13,607		167,262
Leroy Seafood Group ASA		2,872		99,593
SpareBank 1 SMN		22,475		186,797
				743,428
Panama—1.0%
Banco Latinoamericano de Comercio Exterior S.A.		5,900		189,921
Singapore—0.8%
Lippo Malls Indonesia Retail Trust REIT		564,900		160,268
South Africa—1.9%
Investec Ltd.		20,114		187,053
JSE Ltd.		19,929		193,140
				380,193

120 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Schedule of Investments

November 30, 2014

	Shares		Value
Spain—0.8%
Grupo Catalana Occidente S.A.		5,028	$	158,206
Sweden—2.0%
B&B Tools AB, Class B		9,047		194,128
Dios Fastigheter AB		25,439		187,401
				381,529
Switzerland—3.7%
BKW AG		5,324		163,646
Cembra Money Bank AG		3,494		205,294
GAM Holding AG (d)		10,057		177,711
Siegfried Holding AG (d)		1,084		177,399
				724,050
Taiwan—1.8%
King Yuan Electronics Co., Ltd.		211,200		170,466
King’s Town Bank Co., Ltd.		174,000		184,329
				354,795
United Kingdom—18.5%
Bank of Georgia Holdings PLC		4,437		149,947
Beazley PLC		43,650		184,839
Berendsen PLC		11,046		177,104
Bodycote PLC		14,889		149,118
Catlin Group Ltd.		19,819		170,562
Close Brothers Group PLC		8,345		197,302
Countrywide PLC		19,424		129,852
Crest Nicholson Holdings PLC		33,623		188,451
Go-Ahead Group PLC		4,732		192,144
Inchcape PLC		18,268		204,690
Interserve PLC		20,016		181,395
Kcom Group PLC		102,053		135,496
Marston’s PLC		81,741		184,752
Micro Focus International PLC		11,119		198,167
Mondi PLC		10,057		171,653
Morgan Advanced Materials PLC		38,849		177,070
Pace PLC		37,489		210,134
Premier Oil PLC		26,621		77,647
RPC Group PLC		17,156		157,392
Savills PLC		17,460		180,135
Synthomer PLC		53,768		187,120
				3,604,970
Total Common Stock (cost—$18,360,162)				18,958,876
Preferred Stock—1.7%
Brazil—1.0%
Banco ABC Brasil S.A.		34,993		189,662
Germany—0.7%
Hornbach Holding AG		1,676		139,470
Total Preferred Stock (cost—$300,182)				329,132
Total Investments (cost—$18,660,344) (b)—99.0%				19,288,008
Other assets less liabilities—1.0%				194,274
Net Assets—100.0%				$19,482,282

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. Unless otherwise indicated, these securities are not considered to be illiquid.

(b) Securities with an aggregate value of $14,397,295, representing 73.9% 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) Affiliated security.

(d) Non-income producing.

Glossary:

ADR—American Depositary Receipt

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	7.3%
Machinery	5.3%
Chemicals	5.1%
Diversified Financial Services	4.4%
Real Estate Investment Trust	4.3%
Capital Markets	3.8%
Pharmaceuticals	3.8%
Insurance	3.5%
Real Estate Management & Development	3.4%
Commercial Services & Supplies	3.3%
Energy Equipment & Services	3.1%
Specialty Retail	2.6%
Media	2.6%
Electronic Equipment, Instruments & Components	2.6%
Auto Components	2.5%
Hotels, Restaurants & Leisure	2.4%
IT Services	1.9%
Distributors	1.8%
Household Durables	1.8%
Diversified Telecommunication Services	1.8%
Road & Rail	1.8%
Construction & Engineering	1.7%
Food & Staples Retailing	1.7%
Software	1.7%
Oil, Gas & Consumable Fuels	1.7%
Containers & Packaging	1.6%
Electric Utilities	1.5%
Construction Materials	1.4%
Food Products	1.4%
Water Utilities	1.3%
Airlines	1.1%
Communications Equipment	1.1%
Consumer Finance	1.1%
Wireless Telecommunication Services	1.0%
Trading Companies & Distributors	1.0%
Health Care Providers & Services	1.0%
Health Care Technology	1.0%
Thrifts & Mortgage Finance	0.9%
Electrical Equipment	0.9%
Life Sciences Tools & Services	0.9%
Paper & Forest Products	0.9%
Semiconductors & Semiconductor Equipment	0.9%
Transportation Infrastructure	0.9%
Health Care Equipment & Supplies	0.8%
Multi-line Retail	0.8%
Aerospace & Defense	0.8%
Internet & Catalog Retail	0.8%
Other assets less liabilities	1.0%
	100.0%

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 121

Schedule of Investments

November 30, 2014

AllianzGI NFJ International Value II Fund

	Shares		Value
Common Stock—96.8%
Australia—0.6%
Beach Energy Ltd.		264,874		$230,191
Austria—0.6%
OMV AG		8,158		235,999
Belgium—0.8%
bpost S.A.		12,400		321,636
Brazil—2.2%
Cia de Saneamento Basico do Estado de Sao Paulo ADR		65,000		481,000
Vale S.A. ADR		43,900		395,539
				876,539
Canada—10.0%
Atco Ltd., Class I		9,400		392,112
Canadian Imperial Bank of Commerce		4,400		409,756
Cogeco Cable, Inc.		5,500		312,540
Magna International, Inc.		3,600		387,540
Manulife Financial Corp.		21,000		418,164
Methanex Corp.		7,600		392,616
Open Text Corp.		7,400		437,488
Power Financial Corp.		13,000		406,428
Shaw Communications, Inc., Class B		16,700		452,236
Suncor Energy, Inc.		10,700		338,013
				3,946,893
China—5.1%
China Construction Bank Corp., Class H		553,200		417,722
China Mobile Ltd.		33,300		410,845
China Petroleum & Chemical Corp., Class H		427,000		345,649
CNOOC Ltd.		212,300		306,770
Guangdong Investment Ltd.		386,400		532,502
				2,013,488
Denmark—0.9%
Carlsberg A/S, Class B		4,100		364,809
France—7.5%
AXA S.A.		17,200		415,433
Christian Dior S.A.		2,300		440,621
Cie Generale des Etablissements Michelin		3,300		303,406
CNP Assurances		20,900		387,100
Euronext NV (a)		15,600		446,150
Sanofi		5,900		569,820
Technip S.A.		6,111		397,223
				2,959,753
Germany—3.5%
Aareal Bank AG (d)		9,000		392,542
Deutsche Boerse AG		4,300		313,934
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,500		308,669
Talanx AG		11,700		364,559
				1,379,704
Hong Kong—7.4%
BOC Hong Kong Holdings Ltd.		130,300		460,470
Cheung Kong Holdings Ltd.		22,000		403,758
First Pacific Co., Ltd.		446,100		468,333
Jardine Strategic Holdings Ltd.		11,000		402,436
PCCW Ltd.		646,000		430,061
Television Broadcasts Ltd.		64,700		365,516
Yue Yuen Industrial Holdings Ltd.		105,300		377,464
				2,908,038

	Shares		Value
India—1.9%
Sesa Sterlite Ltd. ADR		21,900	$	322,806
Tata Motors Ltd. ADR		9,300		424,638
				747,444
Ireland—1.1%
Smurfit Kappa Group PLC		19,051		441,250
Israel—2.3%
Israel Chemicals Ltd. ADR (c)		53,200		363,356
Teva Pharmaceutical Industries Ltd. ADR		9,600		547,008
				910,364
Japan—11.7%
Central Japan Railway Co.		3,000		435,741
Isuzu Motors Ltd.		28,800		376,528
Japan Airlines Co., Ltd.		11,000		322,851
Kaken Pharmaceutical Co., Ltd.		12,500		264,788
Mitsui & Co., Ltd.		36,900		508,903
Mizuho Financial Group, Inc.		273,500		471,525
Nippo Corp.		21,000		332,719
Nippon Telegraph & Telephone Corp.		9,600		513,351
Nissan Motor Co., Ltd.		32,100		299,491
Nitori Holdings Co., Ltd.		7,600		421,694
Osaka Gas Co., Ltd.		98,000		374,390
Otsuka Holdings Co., Ltd.		8,900		280,952
				4,602,933
Mexico—1.1%
America Movil S.A.B. de C.V., Ser. L ADR		17,700		419,667
Netherlands—1.2%
Wolters Kluwer NV		15,600		457,010
Norway—4.1%
Leroy Seafood Group ASA		5,200		180,322
SpareBank 1 SR Bank ASA		44,851		345,231
Statoil ASA		22,400		424,045
Telenor ASA		13,600		287,198
Yara International ASA		8,500		360,625
				1,597,421
Russian Federation—2.3%
Gazprom OAO ADR		56,100		324,819
Lukoil OAO ADR		7,100		324,825
Mobile Telesystems OJSC ADR		22,200		271,284
				920,928
Singapore—4.0%
DBS Group Holdings Ltd.		37,136		564,356
Golden Agri-Resources Ltd.		991,943		349,739
Mapletree Industrial Trust REIT		281,000		324,317
Sembcorp Industries Ltd.		99,300		348,001
				1,586,413
South Africa—0.8%
Sasol Ltd. ADR		7,100		298,555
Spain—1.0%
Mapfre S.A.		107,400		394,047
Switzerland—2.1%
GAM Holding AG (e)		16,600		293,329
Roche Holdings AG		1,800		538,632
				831,961
Taiwan—1.0%
Advanced Semiconductor Engineering, Inc. ADR		65,900		407,262
Turkey—1.2%
KOC Holding AS ADR		17,300		486,130

	Shares		Value
United Kingdom—22.4%
BAE Systems PLC		57,000	$	427,163
BP PLC		50,100		328,030
BT Group PLC		84,000		537,774
Centrica PLC		59,600		264,758
Crest Nicholson Holdings PLC		92,478		518,323
GlaxoSmithKline PLC		24,800		575,341
Greene King PLC		30,600		367,712
HSBC Holdings PLC		53,077		528,154
Imperial Tobacco Group PLC		12,000		553,952
Inchcape PLC		28,400		318,217
Kingfisher PLC		83,500		407,381
Marks & Spencer Group PLC		58,000		441,369
Micro Focus International PLC		27,669		493,128
Mondi PLC		24,600		419,874
Old Mutual PLC		127,800		399,170
Persimmon PLC (e)		18,705		446,631
Rio Tinto PLC		9,100		422,992
Royal Dutch Shell PLC, Class A		15,600		519,089
Sage Group PLC		63,000		400,160
Sky PLC		29,371		427,018
				8,796,236
Total Common Stock (cost—$38,593,334)				38,134,671
Preferred Stock—1.4%
Germany—1.4%
Volkswagen AG (cost—$605,244)		2,378		547,746
	Principal Amount (000s)
Repurchase Agreements—1.5%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $574,000; collateralized by U.S. Treasury Notes, 2.25%, due 3/31/21, valued at $585,675 including accrued interest
(cost—$574,000)		$574		574,000
Total Investments (cost—$39,772,578) (b)—99.7%				39,256,417
Other assets less liabilities—0.3%				104,471
Net Assets—100.0%				$39,360,888

122 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Schedule of Investments

November 30, 2014

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. Unless otherwise indicated, these securities are not considered to be illiquid.

(b) Securities with an aggregate value of $28,062,490, representing 71.3% 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.

(c) Fair-Valued—Security with a value of $363,356, representing 0.9% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(d) Affiliated security.

(e) Non-income producing.

Glossary:

ADR—American Depositary Receipt

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:

Oil, Gas & Consumable Fuels	9.4%
Banks	8.2%
Insurance	7.9%
Pharmaceuticals	7.1%
Media	5.1%
Diversified Telecommunication Services	4.5%
Automobiles	4.3%
Software	3.4%
Industrial Conglomerates	3.1%
Diversified Financial Services	3.1%
Metals & Mining	2.9%
Chemicals	2.8%
Wireless Telecommunication Services	2.8%
Water Utilities	2.5%
Household Durables	2.4%
Specialty Retail	2.1%
Textiles, Apparel & Luxury Goods	2.1%
Auto Components	1.8%
Multi-Utilities	1.7%
Tobacco	1.4%
Food Products	1.4%
Trading Companies & Distributors	1.3%
Multi-line Retail	1.1%
Containers & Packaging	1.1%
Road & Rail	1.1%
Aerospace & Defense	1.1%
Paper & Forest Products	1.1%
Semiconductors & Semiconductor Equipment	1.0%
Real Estate Management & Development	1.0%
Energy Equipment & Services	1.0%
Thrifts & Mortgage Finance	1.0%
Gas Utilities	0.9%
Hotels, Restaurants & Leisure	0.9%
Beverages	0.9%
Construction & Engineering	0.8%
Real Estate Investment Trust	0.8%
Airlines	0.8%
Air Freight & Logistics	0.8%
Distributors	0.8%
Capital Markets	0.7%
Repurchase Agreements	1.5%
Other assets less liabilities	0.3%
	100.0%

AllianzGI Short Duration High Income Fund

	Principal Amount (000s)		Value
Corporate Bonds & Notes—84.9%
Advertising—3.2%
Alliance Data Systems Corp. (a)(c),
5.25%, 12/1/17		$23,441		$24,378,640
Apparel & Textiles—0.2%
Levi Strauss & Co.,
7.625%, 5/15/20		1,500		1,597,500
Auto Manufacturers—1.2%
Chrysler Group LLC,
8.25%, 6/15/21		8,000		8,960,000
Banking—1.2%
Ally Financial, Inc.,
3.50%, 7/18/16		3,000		3,056,250
4.75%, 9/10/18		930		964,875
5.50%, 2/15/17		1,695		1,786,106
CIT Group, Inc.,
5.00%, 5/15/17		3,367		3,518,515
				9,325,746
Building Materials—4.7%
Ainsworth Lumber Co., Ltd. (a)(c),
7.50%, 12/15/17		22,570		23,472,800
Louisiana-Pacific Corp.,
7.50%, 6/1/20		11,220		12,117,600
				35,590,400
Chemicals—1.1%
Ashland, Inc.,
3.00%, 3/15/16		3,025		3,059,031
3.875%, 4/15/18		5,240		5,305,500
				8,364,531
Coal—0.5%
Cloud Peak Energy Resources LLC,
8.50%, 12/15/19		3,750		3,894,375
Commercial Services—4.4%
ADT Corp.,
4.125%, 4/15/19		20,650		20,621,606
Hertz Corp.,
4.25%, 4/1/18		85		84,575
7.50%, 10/15/18		12,624		13,128,960
				33,835,141
Computers—0.1%
Seagate HDD Cayman (a)(c),
3.75%, 11/15/18		1,000		1,032,500
Containers & Packaging—6.8%
Beverage Packaging Holdings Luxembourg II S.A. (a)(c),
5.625%, 12/15/16		250		251,250
Novelis, Inc.,
8.375%, 12/15/17		22,965		23,969,719
Reynolds Group Issuer, Inc.,
7.125%, 4/15/19		13,800		14,326,125
8.50%, 5/15/18		12,900		13,351,500
				51,898,594
Distribution/Wholesale—3.1%
Brightstar Corp. (a)(c),
7.25%, 8/1/18		11,430		12,372,975
9.50%, 12/1/16		3,450		3,639,336
HD Supply, Inc.,
8.125%, 4/15/19		6,952		7,570,728
				23,583,039

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 123

Schedule of Investments

November 30, 2014

	Principal Amount (000s)		Value
Diversified Financial Services—2.6%
Aircastle Ltd.,
6.75%, 4/15/17	$	8,936	$	9,628,540
Ford Motor Credit Co. LLC,
3.875%, 1/15/15		1,300		1,305,069
General Motors Financial Co., Inc.,
3.25%, 5/15/18		250		254,688
3.50%, 7/10/19		2,500		2,558,175
4.75%, 8/15/17		1,980		2,100,780
6.75%, 6/1/18		1,725		1,951,406
International Lease Finance Corp.,
4.875%, 4/1/15		1,900		1,921,375
Navient Corp.,
5.00%, 4/15/15		175		177,406
				19,897,439
Electric Utilities—3.5%
AES Corp.,
7.75%, 10/15/15		165		173,662
Ipalco Enterprises, Inc. (a)(c),
7.25%, 4/1/16		2,300		2,455,250
NRG Energy, Inc.,
7.625%, 1/15/18		21,748		24,140,280
				26,769,192
Engineering & Construction—0.5%
SBA Communications Corp.,
5.625%, 10/1/19		3,745		3,894,800
Entertainment—2.6%
Scientific Games Corp.,
8.125%, 9/15/18		20,255		17,621,850
Speedway Motorsports, Inc.,
6.75%, 2/1/19		2,300		2,403,500
				20,025,350
Food & Beverage—2.0%
Delhaize Group S.A.,
6.50%, 6/15/17		760		848,349
U.S. Foods, Inc.,
8.50%, 6/30/19		13,845		14,724,158
				15,572,507
Healthcare-Services—0.2%
DaVita HealthCare Partners, Inc.,
6.625%, 11/1/20		1,350		1,418,344
Holding Companies-Diversified—0.1%
Leucadia National Corp.,
8.125%, 9/15/15		860		908,160
Home Builders—6.7%
Meritage Homes Corp.,
4.50%, 3/1/18		11,850		11,968,500
TRI Pointe Holdings, Inc. (a)(c),
4.375%, 6/15/19		17,000		16,893,750
William Lyon Homes, Inc.,
5.75%, 4/15/19		3,700		3,727,750
8.50%, 11/15/20		16,600		18,177,000
				50,767,000
Household Products/Wares—0.2%
Jarden Corp.,
7.50%, 5/1/17		1,095		1,207,238
Internet—0.7%
IAC,
4.875%, 11/30/18		5,060		5,224,450
Iron/Steel—0.3%
Commercial Metals Co.,
6.50%, 7/15/17		1,775		1,912,563
Leisure—1.6%
NCL Corp. Ltd. (a)(c),
5.25%, 11/15/19		10,000		10,125,000

	Principal Amount (000s)		Value
NCL Corp., Ltd.,
5.00%, 2/15/18	$	2,050	$	2,065,375
				12,190,375
Lodging—0.4%
Felcor Lodging L.P.,
6.75%, 6/1/19		2,990		3,124,550
Machinery-Diversified—1.0%
Case New Holland Industrial, Inc.,
7.875%, 12/1/17		1,250		1,406,250
CNH Industrial Capital LLC,
3.625%, 4/15/18		3,370		3,370,000
3.875%, 11/1/15		2,620		2,652,750
				7,429,000
Media—3.6%
Cablevision Systems Corp.,
7.75%, 4/15/18		12,128		13,507,560
CCO Holdings LLC,
7.25%, 10/30/17		1,000		1,042,500
Numericable Group S.A. (a)(c),
4.875%, 5/15/19		13,050		12,952,125
				27,502,185
Mining—3.0%
Alcoa, Inc.,
6.75%, 7/15/18		8,900		10,104,099
FMG Resources August 206 Pty Ltd. (a)(c),
6.875%, 2/1/18		8,336		7,856,261
8.25%, 11/1/19		5,000		4,643,750
				22,604,110
Oil, Gas & Consumable Fuels—5.3%
Carrizo Oil & Gas, Inc.,
8.625%, 10/15/18		4,350		4,524,000
Light Tower Rentals, Inc. (a)(c),
8.125%, 8/1/19		10,000		9,150,000
NGL Energy Partners L.P. (a)(c),
5.125%, 7/15/19		3,300		3,205,125
Sabine Pass LNG L.P.,
7.50%, 11/30/16		21,930		23,410,275
				40,289,400
Pharmaceuticals—4.6%
Valeant Pharmaceuticals International (a)(c),
6.875%, 12/1/18		33,637		34,982,480
Pipelines—4.8%
Crestwood Midstream Partners L.P.,
7.75%, 4/1/19		7,026		7,324,605
Regency Energy Partners L.P.,
6.875%, 12/1/18		5,500		5,695,937
8.375%, 6/1/19 (a)(c)		18,800		19,787,000
SemGroup Corp.,
7.50%, 6/15/21		3,830		4,098,100
				36,905,642
Retail—5.5%
GameStop Corp. (a)(c),
5.50%, 10/1/19		17,407		17,581,070
Tops Holding Corp.,
8.875%, 12/15/17		23,851		24,685,785
				42,266,855
Telecommunications—9.0%
Intelsat Jackson Holdings S.A.,
7.25%, 4/1/19		17,810		18,700,500
Intelsat Luxembourg S.A.,
6.75%, 6/1/18		1,730		1,781,900
SBA Telecommunications, Inc.,
5.75%, 7/15/20		2,330		2,411,550
Sprint Capital Corp.,
6.90%, 5/1/19		13,950		14,473,125

	Principal Amount (000s)		Value
Sprint Communications, Inc.,
8.375%, 8/15/17	$	1,537	$	1,702,227
T-Mobile USA, Inc.,
6.464%, 4/28/19		28,296		29,427,840
				68,497,142
Transportation—0.2%
AWAS Aviation Capital Ltd. (a)(c),
7.00%, 10/17/16		1,281		1,313,312
Total Corporate Bonds & Notes (cost—$655,095,567)				647,162,560
Senior Loans (a)(b)—11.9%
Commercial Services & Supplies—4.0%
Asurion LLC,
5.00%, 5/24/19, Term B1		9,635		9,609,922
8.50%, 3/3/21		21,000		21,203,448
				30,813,370
Communications Equipment—0.4%
Blue Coat Systems, Inc.,
4.00%, 5/31/19		2,963		2,923,624
Diversified Telecommunication Services—0.7%
Level 3 Financing, Inc., Term B,
4.00%, 1/15/20		5,000		5,004,165
Financial Services—2.0%
Delos Finance Sarl, Term B,
3.50%, 3/6/21		15,000		15,009,375
Food & Beverage—1.0%
Stater Bros. Markets, Term B,
4.75%, 5/12/21		7,980		7,999,950
Food & Staples Retailing—1.3%
Sprouts Farmers Markets Holdings LLC,
4.00%, 4/23/20		10,030		10,046,564
Health Care Providers & Services—0.5%
Community Health Systems, Inc., Term B,
3.25%, 1/25/17		2,978		2,977,268
DaVita HealthCare Partners, Inc., Term B,
3.50%, 6/24/21		998		993,670
				3,970,938
Real Estate Investment Trust—1.2%
Capital Automotive L.P.,
4.00%, 4/10/19, Term B		2,558		2,558,104
6.00%, 4/29/20		6,187		6,264,439
				8,822,543
Specialty Retail—0.8%
J Crew Group, Inc., Term B, 4.00%, 3/5/21		6,485		6,181,319
Total Senior Loans (cost—$91,151,780)				90,771,848
Repurchase Agreements—1.7%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $13,085,000; collateralized by U.S. Treasury Notes, 2.25%, due 3/31/21, valued at $13,347,225 including accrued interest
(cost—$13,085,000)		13,085		13,085,000
Total Investments (cost—$759,332,347)—98.5%				751,019,408
Other assets less liabilities—1.5%				11,660,683
Net Assets—100.0%				$762,680,091

124 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Schedule of Investments

November 30, 2014

Notes to Schedule of Investments:

(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $296,864,472, representing 38.9% of net assets.

(b) These securities generally pay interest at rates which are periodically pre-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the “LIBOR” or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. These securities are generally considered to be restricted as the Fund is ordinarily contractually obligated to receive approval from the Agent bank and/or borrower prior to disposition. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional payments by the borrower. Such prepayments cannot be predicted with certainty. The interest rate disclosed reflects the rate in effect on November 30, 2014.

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

AllianzGI Structured Return Fund

	Shares		Value
Exchange-Traded Funds—91.3%
SPDR S&P 500 (a) (cost—$21,017,680)		104,000		$21,548,800
	Principal Amount (000s)
Repurchase Agreements—15.1%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $3,555,000; collateralized by U.S. Treasury Notes, 2.00%, due 2/28/21, valued at $3,627,213 including accrued interest
(cost—$3,555,000)		$3,555		3,555,000
	Contracts
Options Purchased (b)(c)—1.0%
Call Options—0.8%
S&P 500 Index,
strike price $2,125.00, expires 12/5/14		11		468
strike price $2,150.00, expires 12/5/14		6		105
strike price $2,200.00, expires 12/5/14		5		63
strike price $1,990.00, expires 12/12/14		8		63,680
strike price $2,005.00, expires 12/12/14		8		52,560
strike price $2,085.00, expires 12/12/14		20		15,100
strike price $2,175.00, expires 12/12/14		26		845
strike price $2,200.00, expires 12/12/14		26		585
strike price $2,250.00, expires 12/12/14		10		150
strike price $2,060.00, expires 12/20/14		10		25,500
strike price $2,070.00, expires 12/20/14		7		13,615
strike price $2,100.00, expires 12/20/14		1		695
strike price $2,220.00, expires 12/20/14		10		325
strike price $2,250.00, expires 12/20/14		49		1,102
strike price $2,250.00, expires 12/26/14		20		650
strike price $2,110.00, expires 12/31/14		10		7,850
strike price $2,250.00, expires 12/31/14		10		425
strike price $2,300.00, expires 12/31/14		10		225
strike price $2,350.00, expires 12/31/14		12		240
strike price $2,350.00, expires 1/9/15		6		135
				184,318
Put Options—0.2%
S&P 500 Index,
strike price $1,100.00, expires 12/5/14		10		225
strike price $1,200.00, expires 12/5/14		12		180
strike price $1,250.00, expires 12/5/14		15		150

	Contracts		Value
strike price $1,300.00, expires 12/5/14		7	$	78
strike price $1,400.00, expires 12/5/14		13		98
strike price $1,650.00, expires 12/5/14		175		1,312
strike price $1,700.00, expires 12/5/14		48		600
strike price $1,750.00, expires 12/5/14		18		380
strike price $1,940.00, expires 12/5/14		7		577
strike price $1,150.00, expires 12/12/14		12		120
strike price $1,200.00, expires 12/12/14		19		190
strike price $1,250.00, expires 12/12/14		15		225
strike price $1,300.00, expires 12/12/14		15		262
strike price $1,400.00, expires 12/12/14		13		98
strike price $1,930.00, expires 12/12/14		15		2,437
strike price $1,990.00, expires 12/12/14		7		2,415
strike price $1,250.00, expires 12/20/14		15		112
strike price $1,300.00, expires 12/20/14		62		465
strike price $1,375.00, expires 12/20/14		26		195
strike price $1,960.00, expires 12/20/14		12		4,740
strike price $1,990.00, expires 12/20/14		7		4,165
strike price $1,100.00, expires 12/26/14		12		180
strike price $1,200.00, expires 12/26/14		30		675
strike price $1,250.00, expires 12/26/14		13		98
strike price $1,300.00, expires 12/26/14		15		112
strike price $1,375.00, expires 12/26/14		26		325
strike price $1,950.00, expires 12/26/14		13		6,045
strike price $1,150.00, expires 12/31/14		15		113
strike price $1,200.00, expires 12/31/14		15		113
strike price $1,250.00, expires 12/31/14		12		90
strike price $1,300.00, expires 12/31/14		15		300
strike price $1,375.00, expires 12/31/14		26		455
strike price $1,600.00, expires 12/31/14		12		570
strike price $1,880.00, expires 12/31/14		6		1,890
strike price $2,010.00, expires 12/31/14		15		18,675
strike price $2,030.00, expires 12/31/14		5		7,941
strike price $1,200.00, expires 1/2/15		60		600
strike price $1,250.00, expires 1/2/15		18		450
strike price $1,250.00, expires 1/9/15		30		825

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 125

Schedule of Investments

November 30, 2014

	Contracts		Value
strike price $1,275.00, expires 1/9/15		20	$	350
strike price $1,250.00, expires 1/17/15		13		227
				59,058
Total Options Purchased (cost—$268,761)				243,376
Total Investments, before options written (cost—$24,841,441)— 107.4%				25,347,176
Options Written (b)(c)—(6.8)%
Call Options—(6.1)%
S&P 500 Index,
strike price $1,875.00, expires 12/5/14		11		(211,530	)
strike price $1,940.00, expires 12/5/14		6		(76,680	)
strike price $1,935.00, expires 12/12/14		18		(239,220	)
strike price $1,970.00, expires 12/12/14		9		(88,920	)
strike price $2,040.00, expires 12/12/14		16		(56,320	)
strike price $2,050.00, expires 12/12/14		6		(16,500	)
strike price $2,080.00, expires 12/12/14		20		(18,900	)
strike price $1,960.00, expires 12/20/14		12		(132,240	)
strike price $1,965.00, expires 12/20/14		10		(105,500	)
strike price $2,090.00, expires 12/20/14		20		(20,100	)
strike price $2,140.00, expires 12/20/14		30		(4,575	)
strike price $1,925.00, expires 12/26/14		7		(101,010	)
strike price $1,950.00, expires 12/26/14		13		(156,520	)
strike price $1,925.00, expires 12/31/14		6		(87,180	)
strike price $1,990.00, expires 12/31/14		6		(51,180	)
strike price $2,125.00, expires 12/31/14		10		(4,750	)
strike price $2,150.00, expires 12/31/14		20		(4,350	)
strike price $1,980.00, expires 1/9/15		6		(58,200	)
				(1,433,675	)
Put Options—(0.7)%
S&P 500 Index,
strike price $1,760.00, expires 12/5/14		12		(210	)
strike price $1,840.00, expires 12/5/14		10		(275	)
strike price $1,890.00, expires 12/5/14		14		(665	)
strike price $1,900.00, expires 12/5/14		8		(420	)
strike price $1,750.00, expires 12/12/14		12		(390	)
strike price $1,770.00, expires 12/12/14		12		(510	)
strike price $1,800.00, expires 12/12/14		10		(525	)
strike price $1,815.00, expires 12/12/14		10		(575	)
strike price $1,875.00, expires 12/12/14		14		(1,365	)

	Contracts		Value
strike price $1,880.00, expires 12/12/14		16	$	(1,640	)
strike price $1,890.00, expires 12/12/14		8		(900	)
strike price $1,945.00, expires 12/12/14		14		(2,625	)
strike price $1,775.00, expires 12/20/14		10		(825	)
strike price $1,800.00, expires 12/20/14		15		(1,462	)
strike price $1,825.00, expires 12/20/14		10		(1,175	)
strike price $1,860.00, expires 12/20/14		8		(1,220	)
strike price $1,870.00, expires 12/20/14		8		(1,300	)
strike price $1,875.00, expires 12/20/14		10		(1,675	)
strike price $1,910.00, expires 12/20/14		24		(5,580	)
strike price $1,940.00, expires 12/20/14		14		(4,410	)
strike price $1,720.00, expires 12/26/14		12		(930	)
strike price $1,810.00, expires 12/26/14		10		(1,425	)
strike price $1,815.00, expires 12/26/14		8		(1,180	)
strike price $1,850.00, expires 12/26/14		18		(3,375	)
strike price $1,865.00, expires 12/26/14		15		(3,188	)
strike price $1,875.00, expires 12/26/14		10		(2,275	)
strike price $1,890.00, expires 12/26/14		26		(6,695	)
strike price $1,925.00, expires 12/26/14		7		(2,485	)
strike price $1,690.00, expires 12/31/14		8		(660	)
strike price $1,790.00, expires 12/31/14		10		(1,625	)
strike price $1,800.00, expires 12/31/14		12		(2,070	)
strike price $1,815.00, expires 12/31/14		8		(1,540	)
strike price $1,825.00, expires 12/31/14		10		(2,075	)
strike price $1,840.00, expires 12/31/14		8		(1,820	)
strike price $1,850.00, expires 12/31/14		15		(3,713	)
strike price $1,885.00, expires 12/31/14		10		(3,250	)
strike price $1,925.00, expires 12/31/14		6		(2,790	)
strike price $1,950.00, expires 12/31/14		36		(21,420	)
strike price $1,960.00, expires 12/31/14		6		(4,050	)
strike price $1,975.00, expires 12/31/14		10		(7,950	)
strike price $1,865.00, expires 1/2/15		10		(3,050	)
strike price $1,870.00, expires 1/2/15		10		(3,150	)
strike price $1,875.00, expires 1/2/15		10		(3,250	)
strike price $1,880.00, expires 1/2/15		10		(3,350	)
strike price $1,910.00, expires 1/2/15		12		(5,220	)
strike price $1,855.00, expires 1/9/15		10		(3,850	)

	Contracts		Value
strike price $1,860.00, expires 1/9/15		8	$	(3,160	)
strike price $1,910.00, expires 1/9/15		15		(9,075	)
strike price $1,925.00, expires 1/9/15		12		(8,340	)
strike price $1,910.00, expires 1/17/15		22		(17,050	)
strike price $1,920.00, expires 1/17/15		15		(12,675	)
				(174,433	)
Total Options Written (premiums received—$1,537,991)				(1,608,108	)
Total Investments, net of options written (cost—$23,303,450)— 100.6%				23,739,068
Other liabilities in excess of other assets—(0.6)%				(136,504	)
Net Assets—100.0%				$23,602,564

Notes to Schedule of Investments:

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

(b) Non-income producing.

(c) Exchange traded-Chicago Board Options Exchange.

126 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Schedule of Investments

November 30, 2014

AllianzGI Ultra Micro Cap Fund

	Shares		Value
Common Stock—98.5%
Aerospace & Defense—2.3%
Astronics Corp. (a)		32,699		$1,602,905
Sparton Corp. (a)		39,140		973,803
				2,576,708
Air Freight & Logistics—1.6%
Park-Ohio Holdings Corp.		32,151		1,805,922
Auto Components—3.4%
Motorcar Parts of America, Inc. (a)		68,656		2,317,140
Strattec Security Corp.		14,714		1,526,725
				3,843,865
Banks—1.8%
Park Sterling Corp.		121,891		870,302
Southwest Bancorp, Inc.		68,688		1,160,827
				2,031,129
Biotechnology—2.7%
Ardelyx, Inc. (a)		22,600		605,002
BioSpecifics Technologies Corp. (a)		12,100		458,832
Repligen Corp. (a)		85,363		1,952,252
				3,016,086
Building Products—1.6%
Norcraft Cos., Inc. (a)		6,050		109,323
Patrick Industries, Inc. (a)		39,449		1,759,031
				1,868,354
Commercial Services & Supplies—0.9%
Ceco Environmental Corp.		73,282		1,037,673
Communications Equipment—2.9%
Bel Fuse, Inc., Class B		47,385		1,254,755
CalAmp Corp. (a)		54,536		1,019,278
ShoreTel, Inc. (a)		140,902		1,053,947
				3,327,980
Construction Materials—0.9%
U.S. Concrete, Inc. (a)		35,400		998,988
Diversified Consumer Services—2.0%
Carriage Services, Inc.		74,027		1,422,059
Liberty Tax, Inc. (a)		21,781		829,965
				2,252,024
Diversified Telecommunication Services—2.0%
8x8, Inc. (a)		102,926		800,764
inContact, Inc. (a)		180,942		1,494,581
				2,295,345
Electrical Equipment—0.3%
Magnetek, Inc. (a)		9,600		401,184
Electronic Equipment, Instruments & Components—2.0%
CUI Global, Inc. (a)		125,103		927,013
Planar Systems, Inc. (a)		186,600		1,393,902
				2,320,915
Energy Equipment & Services—0.6%
RigNet, Inc. (a)		16,087		658,763
Food Products—2.6%
Inventure Foods, Inc. (a)		96,439		1,331,822
John B Sanfilippo & Son, Inc. (a)		37,584		1,571,763
				2,903,585
Health Care Equipment & Supplies—10.5%
Anika Therapeutics, Inc. (a)		47,163		1,928,495
AtriCure, Inc. (a)		53,189		996,230

	Shares		Value
Cardiovascular Systems, Inc. (a)		51,028	$	1,564,519
Cynosure, Inc., Class A (a)		36,584		1,008,621
Inogen, Inc. (a)		46,100		1,119,769
Rockwell Medical, Inc. (a)		83,298		745,517
RTI Surgical, Inc. (a)		100,000		490,000
Staar Surgical Co. (a)		75,171		692,325
SurModics, Inc. (a)		41,529		872,524
Trinity Biotech PLC ADR		63,799		1,094,791
Vascular Solutions, Inc. (a)		53,714		1,381,524
				11,894,315
Health Care Providers & Services—4.7%
BioTelemetry, Inc. (a)		108,399		1,069,898
Capital Senior Living Corp. (a)		43,900		1,117,255
Cross Country Healthcare, Inc. (a)		107,300		1,144,891
Providence Service Corp. (a)		28,812		1,127,414
RadNet, Inc. (a)		100,200		843,684
				5,303,142
Health Care Technology—1.0%
Icad, Inc. (a)		110,654		1,109,860
Household Durables—0.8%
LGI Homes, Inc. (a)		54,567		871,981
Household Products—0.8%
Orchids Paper Products Co.		33,666		914,368
Insurance—3.1%
Federated National Holding Co.		62,300		1,573,698
HCI Group, Inc.		28,367		1,146,878
United Insurance Holdings Corp.		42,874		803,887
				3,524,463
Internet Software & Services—4.8%
Autobytel, Inc. (a)		95,611		1,016,345
GTT Communications, Inc. (a)		87,341		1,234,128
Internap Network Services Corp. (a)		116,460		923,528
Points International Ltd. (a)		69,842		927,502
TechTarget, Inc. (a)		128,915		1,304,620
				5,406,123
IT Services—1.3%
Hackett Group, Inc.		50,833		451,905
Information Services Group, Inc. (a)		246,179		974,869
				1,426,774
Leisure Equipment & Products—2.3%
Nautilus, Inc. (a)		157,119		2,015,836
Summer Infant, Inc. (a)		227,482		634,675
				2,650,511
Life Sciences Tools & Services—3.1%
Albany Molecular Research, Inc. (a)		97,815		1,591,450
Enzo Biochem, Inc. (a)		244,878		1,111,746
NeoGenomics, Inc. (a)		196,800		834,432
				3,537,628
Machinery—4.8%
Accuride Corp. (a)		208,603		976,262
ARC Group Worldwide, Inc. (a)		46,100		550,895
Commercial Vehicle Group, Inc. (a)		97,976		641,743
Manitex International, Inc. (a)		85,000		935,850
NN, Inc.		51,086		1,081,491
Xerium Technologies, Inc. (a)		84,896		1,207,221
				5,393,462
Media—2.5%
Carmike Cinemas, Inc. (a)		48,211		1,428,974

	Shares		Value
Entravision Communications Corp., Class A		215,795	$	1,394,036
				2,823,010
Oil, Gas & Consumable Fuels—2.2%
Abraxas Petroleum Corp. (a)		154,926		515,129
Emerald Oil, Inc. (a)		54,151		103,970
Gastar Exploration, Inc. (a)		169,228		499,222
PetroQuest Energy, Inc. (a)		159,015		591,536
Ring Energy, Inc. (a)		44,351		423,995
StealthGas, Inc. (a)		20,837		151,277
Vertex Energy, Inc. (a)		43,839		160,451
				2,445,580
Personal Products—2.1%
IGI Laboratories, Inc. (a)		228,299		2,390,290
Pharmaceuticals—4.1%
ANI Pharmaceuticals, Inc. (a)		12,800		692,608
Cempra, Inc. (a)		39,197		564,045
Horizon Pharma PLC (a)		108,631		1,388,304
Pernix Therapeutics Holdings, Inc. (a)		135,616		1,406,338
Supernus Pharmaceuticals, Inc. (a)		61,130		541,612
				4,592,907
Professional Services—2.6%
Barrett Business Services, Inc.		23,258		507,489
CTPartners Executive Search, Inc. (a)		48,800		1,034,560
GP Strategies Corp. (a)		46,505		1,410,032
				2,952,081
Road & Rail—5.2%
Celadon Group, Inc.		36,802		811,116
Covenant Transportation Group, Inc., Class A (a)		50,429		1,325,274
PAM Transportation Services, Inc. (a)		26,940		1,224,154
Quality Distribution, Inc. (a)		69,688		841,134
Saia, Inc. (a)		30,634		1,699,268
				5,900,946
Semiconductors & Semiconductor Equipment—6.4%
Amtech Systems, Inc. (a)		102,438		908,625
Cascade Microtech, Inc. (a)		72,331		1,001,784
FormFactor, Inc. (a)		144,869		1,164,747
MaxLinear, Inc., Class A (a)		131,918		963,001
PDF Solutions, Inc. (a)		64,623		856,255
Pixelworks, Inc. (a)		151,811		731,729
Tower Semiconductor Ltd. (a)		130,864		1,682,911
				7,309,052
Software—4.1%
Attunity Ltd. (a)		94,589		897,650
ePlus, Inc. (a)		17,797		1,225,145
Mavenir Systems, Inc. (a)		59,209		749,586
Park City Group, Inc. (a)		107,912		988,474
Telenav, Inc. (a)		110,700		767,151
				4,628,006
Specialty Retail—0.9%
Kirkland’s, Inc. (a)		48,964		1,063,498
Technology Hardware, Storage & Peripherals—0.8%
Quantum Corp. (a)		555,300		877,374
Thrifts & Mortgage Finance—1.8%
Tree.com, Inc. (a)		45,637		2,065,531

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 127

Schedule of Investments

November 30, 2014

	Shares		Value
Trading Companies & Distributors—1.0%
Aceto Corp.		56,423	$	1,184,883
Total Common Stock (cost—$85,995,368)				111,604,306
	Principal Amount (000s)
Repurchase Agreements—1.9%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $2,157,000; collateralized by U.S. Treasury Notes, 2.25%, due 3/31/21, valued at $2,203,988 including accrued interest
(cost—$2,157,000)		$2,157		2,157,000
Total Investments (cost—$88,152,368)—100.4%				113,761,306
Liabilities in excess of other assets—(0.4)%				(483,501	)
Net Assets—100.0%				$113,277,805

Notes to Schedule of Investments:

(a) Non-income producing.

Glossary:

ADR—American Depositary Receipt

AllianzGI U.S. Equity Hedged Fund

	Shares		Value
Common Stock—92.2%
Aerospace & Defense—2.5%
Boeing Co. (a)		524		$70,405
General Dynamics Corp. (a)		249		36,195
Honeywell International, Inc. (a)		611		60,532
L-3 Communications Holdings, Inc. (a)		67		8,348
Lockheed Martin Corp. (a)		210		40,227
Northrop Grumman Corp. (a)		163		22,971
Precision Castparts Corp. (a)		113		26,883
Raytheon Co. (a)		243		25,928
Rockwell Collins, Inc. (a)		105		8,981
Textron, Inc. (a)		218		9,444
United Technologies Corp. (a)		664		73,093
				383,007
Air Freight & Logistics—0.7%
C.H. Robinson Worldwide, Inc. (a)		115		8,480
Expeditors International of Washington, Inc. (a)		153		7,164
FedEx Corp. (a)		208		37,061
United Parcel Service, Inc., Class B (a)		550		60,456
				113,161
Airlines—0.3%
Delta Air Lines, Inc. (a)		659		30,756
Southwest Airlines Co. (a)		536		22,415
				53,171
Auto Components—0.4%
BorgWarner, Inc. (a)		178		10,068
Delphi Automotive PLC (a)		233		16,997
Goodyear Tire & Rubber Co. (a)		215		5,893
Johnson Controls, Inc. (a)		519		25,950
				58,908
Automobiles—0.6%
Ford Motor Co. (a)		3,028		47,630
General Motors Co. (a)		1,052		35,168
Harley-Davidson, Inc. (a)		170		11,846
				94,644
Banks—5.4%
Bank of America Corp. (a)		8,214		139,967
BB&T Corp. (a)		561		21,088
Citigroup, Inc. (a)		2,365		127,639
Comerica, Inc. (a)		142		6,619
Fifth Third Bancorp (a)		652		13,118
Huntington Bancshares, Inc. (a)		640		6,470
JPMorgan Chase & Co. (a)		2,937		176,690
KeyCorp (a)		685		9,248
M&T Bank Corp. (a)		103		12,980
PNC Financial Services Group, Inc. (a)		421		36,825
Regions Financial Corp. (a)		1,075		10,825
SunTrust Banks, Inc. (a)		415		16,305
U.S. Bancorp (a)		1,406		62,145
Wells Fargo & Co. (a)		3,706		201,903
Zions Bancorporation (a)		158		4,433
				846,255
Beverages—2.1%
Brown-Forman Corp., Class B (a)		124		12,034
Coca-Cola Co. (a)		3,079		138,032
Coca-Cola Enterprises, Inc. (a)		177		7,777
Constellation Brands, Inc., Class A (a)(b)		131		12,628
Dr. Pepper Snapple Group, Inc. (a)		153		11,322
Molson Coors Brewing Co., Class B (a)		124		9,591
Monster Beverage Corp. (a)(b)		112		12,561
PepsiCo, Inc. (a)		1,176		117,718
				321,663

	Shares		Value
Biotechnology—2.7%
Alexion Pharmaceuticals, Inc. (a)(b)		154	$	30,014
Amgen, Inc. (a)		593		98,029
Biogen Idec, Inc. (a)(b)		185		56,923
Celgene Corp. (a)(b)		625		71,056
Gilead Sciences, Inc. (a)(b)		1,181		118,478
Regeneron Pharmaceuticals, Inc. (a)(b)		58		24,134
Vertex Pharmaceuticals, Inc. (a)(b)		186		21,926
				420,560
Building Products—0.1%
Allegion PLC (a)		75		4,039
Masco Corp. (a)		278		6,727
				10,766
Capital Markets—2.1%
Affiliated Managers Group, Inc. (a)(b)		43		8,754
Ameriprise Financial, Inc. (a)		147		19,370
Bank of New York Mellon Corp. (a)		884		35,387
BlackRock, Inc. (a)		98		35,190
Charles Schwab Corp. (a)		897		25,403
E*TRADE Financial Corp. (a)(b)		225		5,132
Franklin Resources, Inc. (a)		308		17,513
Goldman Sachs Group, Inc. (a)		321		60,480
Invesco Ltd. (a)		337		13,601
Legg Mason, Inc. (a)		80		4,540
Morgan Stanley (a)		1,195		42,040
Northern Trust Corp. (a)		173		11,717
State Street Corp. (a)		331		25,398
T Rowe Price Group, Inc. (a)		205		17,111
				321,636
Chemicals—2.2%
Air Products & Chemicals, Inc. (a)		150		21,574
Airgas, Inc. (a)		52		6,013
CF Industries Holdings, Inc. (a)		39		10,458
Dow Chemical Co. (a)		876		42,635
Eastman Chemical Co. (a)		117		9,702
Ecolab, Inc. (a)		211		22,988
EI du Pont de Nemours & Co. (a)		715		51,051
FMC Corp. (a)		104		5,657
International Flavors & Fragrances, Inc. (a)		63		6,374
LyondellBasell Industries NV, Class A (a)		331		26,103
Monsanto Co. (a)		378		45,326
Mosaic Co. (a)		249		11,397
PPG Industries, Inc. (a)		108		23,632
Praxair, Inc. (a)		228		29,271
Sherwin-Williams Co. (a)		65		15,916
Sigma-Aldrich Corp. (a)		92		12,567
				340,664
Commercial Services & Supplies—0.4%
ADT Corp. (a)		136		4,752
Cintas Corp. (a)		76		5,559
Pitney Bowes, Inc. (a)		158		3,890
Republic Services, Inc. (a)		198		7,843
Stericycle, Inc. (a)(b)		66		8,509
Tyco International PLC (a)		347		14,886
Waste Management, Inc. (a)		338		16,471
				61,910
Communications Equipment—1.5%
Cisco Systems, Inc. (a)		3,979		109,980
F5 Networks, Inc. (a)(b)		58		7,493
Harris Corp. (a)		82		5,877
Juniper Networks, Inc. (a)		314		6,958
Motorola Solutions, Inc. (a)		173		11,370
QUALCOMM, Inc. (a)		1,308		95,353
				237,031

128 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Schedule of Investments

November 30, 2014

	Shares		Value
Construction & Engineering—0.1%
Fluor Corp. (a)		123	$	7,625
Jacobs Engineering Group, Inc. (a)(b)		103		4,784
Quanta Services, Inc. (a)(b)		170		5,185
				17,594
Construction Materials—0.1%
Martin Marietta Materials, Inc. (a)		48		5,762
Vulcan Materials Co. (a)		102		6,742
				12,504
Consumer Finance—0.9%
American Express Co. (a)		704		65,064
Capital One Financial Corp. (a)		438		36,442
Discover Financial Services (a)		361		23,663
Navient Corp. (a)		329		6,896
				132,065
Containers & Packaging—0.2%
Avery Dennison Corp. (a)		74		3,664
Ball Corp. (a)		109		7,311
Bemis Co., Inc. (a)		78		3,115
MeadWestvaco Corp. (a)		131		5,869
Owens-Illinois, Inc. (a)(b)		129		3,308
Sealed Air Corp. (a)		165		6,522
				29,789
Distributors—0.1%
Genuine Parts Co. (a)		120		12,334
Diversified Consumer Services—0.0%
H&R Block, Inc. (a)		214		7,199
Diversified Financial Services—1.9%
Berkshire Hathaway, Inc., Class B (a)(b)		1,423		211,586
CME Group, Inc. (a)		246		20,821
IntercontinentalExchange Group, Inc. (a)		89		20,113
Leucadia National Corp. (a)		247		5,713
McGraw Hill Financial, Inc. (a)		212		19,814
Moody’s Corp. (a)		146		14,747
NASDAQ OMX Group, Inc. (a)		92		4,132
				296,926
Diversified Telecommunication Services—2.2%
AT&T, Inc. (a)		4,046		143,147
CenturyLink, Inc. (a)		445		18,143
Frontier Communications Corp. (a)		783		5,520
Level 3 Communications, Inc. (a)(b)		216		10,800
Verizon Communications, Inc. (a)		3,235		163,659
Windstream Holdings, Inc. (a)		471		4,762
				346,031
Electric Utilities—1.6%
American Electric Power Co., Inc. (a)		381		21,926
Duke Energy Corp. (a)		552		44,657
Edison International (a)		254		16,144
Entergy Corp. (a)		140		11,746
Exelon Corp. (a)		670		24,234
FirstEnergy Corp. (a)		328		12,097
NextEra Energy, Inc. (a)		340		35,493
Northeast Utilities (a)		247		12,508
Pepco Holdings, Inc. (a)		196		5,390
Pinnacle West Capital Corp. (a)		86		5,438
PPL Corp. (a)		518		18,404
Southern Co. (a)		699		33,154
Xcel Energy, Inc. (a)		393		13,338
				254,529
Electrical Equipment—0.5%
AMETEK, Inc. (a)		192		9,784
Eaton Corp. PLC (a)		372		25,233
Emerson Electric Co. (a)		545		34,744

	Shares		Value
Rockwell Automation, Inc. (a)		108	$	12,464
				82,225
Electronic Equipment, Instruments & Components—0.4%
Amphenol Corp., Class A (a)		244		13,086
Corning, Inc. (a)		1,008		21,188
FLIR Systems, Inc. (a)		110		3,490
TE Connectivity Ltd. (a)		319		20,480
				58,244
Energy Equipment & Services—1.3%
Baker Hughes, Inc. (a)		340		19,380
Cameron International Corp. (a)(b)		159		8,153
Diamond Offshore Drilling, Inc. (a)		53		1,557
Ensco PLC, Class A (a)		182		6,152
FMC Technologies, Inc. (a)(b)		183		8,742
Halliburton Co. (a)		663		27,979
Helmerich & Payne, Inc. (a)		84		5,842
Nabors Industries Ltd. (a)		226		2,965
National Oilwell Varco, Inc. (a)		335		22,458
Noble Corp. PLC (a)		198		3,562
Schlumberger Ltd. (a)		1,012		86,981
Transocean Ltd. (a)		266		5,589
				199,360
Food & Staples Retailing—2.2%
Costco Wholesale Corp. (a)		342		48,605
CVS Health Corp. (a)		904		82,589
Kroger Co. (a)		382		22,859
Safeway, Inc. (a)		179		6,236
Sysco Corp. (a)		457		18,399
Wal-Mart Stores, Inc. (a)		1,233		107,937
Walgreen Co. (a)		686		47,067
Whole Foods Market, Inc. (a)		282		13,826
				347,518
Food Products—1.5%
Archer-Daniels-Midland Co. (a)		504		26,551
Campbell Soup Co. (a)		139		6,294
ConAgra Foods, Inc. (a)		330		12,052
General Mills, Inc. (a)		478		25,215
Hershey Co. (a)		116		11,632
Hormel Foods Corp. (a)		105		5,573
JM Smucker Co. (a)		80		8,206
Kellogg Co. (a)		199		13,184
Keurig Green Mountain, Inc. (a)		96		13,645
Kraft Foods Group, Inc. (a)		464		27,919
McCormick & Co., Inc. (a)		101		7,507
Mead Johnson Nutrition Co. (a)		157		16,303
Mondelez International, Inc., Class A (a)		1,316		51,587
Tyson Foods, Inc., Class A (a)		229		9,696
				235,364
Gas Utilities—0.0%
AGL Resources, Inc. (a)		93		4,865
Health Care Equipment & Supplies—2.0%
Abbott Laboratories (a)		1,173		52,210
Baxter International, Inc. (a)		423		30,879
Becton Dickinson and Co. (a)		150		21,049
Boston Scientific Corp. (a)(b)		1,035		13,320
CareFusion Corp. (a)(b)		159		9,408
Covidien PLC (a)		352		35,552
CR Bard, Inc. (a)		59		9,874
DENTSPLY International, Inc. (a)		110		6,048
Edwards Lifesciences Corp. (a)(b)		82		10,634
Intuitive Surgical, Inc. (a)(b)		28		14,498
Medtronic, Inc. (a)		764		56,437
St. Jude Medical, Inc. (a)		222		15,087
Stryker Corp. (a)		233		21,648
Varian Medical Systems, Inc. (a)(b)		81		7,169
Zimmer Holdings, Inc. (a)		131		14,710
				318,523

	Shares		Value
Health Care Providers & Services—2.1%
Aetna, Inc. (a)		277	$	24,166
AmerisourceBergen Corp. (a)		167		15,205
Anthem, Inc.		214		27,373
Cardinal Health, Inc. (a)		263		21,616
Cigna Corp. (a)		206		21,195
DaVita HealthCare Partners, Inc. (a)(b)		135		10,332
Express Scripts Holding Co. (a)(b)		582		48,393
Humana, Inc. (a)		120		16,556
Laboratory Corp. of America Holdings (a)(b)		66		6,906
McKesson Corp. (a)		180		37,937
Patterson Cos., Inc. (a)		67		3,228
Quest Diagnostics, Inc. (a)		112		7,315
Tenet Healthcare Corp. (a)(b)		76		3,652
UnitedHealth Group, Inc. (a)		759		74,860
Universal Health Services, Inc., Class B (a)		72		7,533
				326,267
Health Care Technology—0.1%
Cerner Corp. (a)(b)		237		15,263
Hotels, Restaurants & Leisure—1.5%
Carnival Corp. (a)		351		15,500
Chipotle Mexican Grill, Inc. (a)(b)		24		15,927
Darden Restaurants, Inc. (a)		103		5,870
Marriott International, Inc., Class A (a)		171		13,473
McDonald’s Corp. (a)		767		74,253
Starbucks Corp. (a)		587		47,670
Starwood Hotels & Resorts Worldwide, Inc. (a)		149		11,771
Wyndham Worldwide Corp. (a)		98		8,169
Wynn Resorts Ltd. (a)		63		11,253
Yum! Brands, Inc. (a)		344		26,574
				230,460
Household Durables—0.4%
DR Horton, Inc. (a)		258		6,577
Garmin Ltd. (a)		95		5,444
Harman International Industries, Inc. (a)		53		5,752
Leggett & Platt, Inc. (a)		108		4,546
Lennar Corp., Class A (a)		138		6,519
Mohawk Industries, Inc. (a)(b)		48		7,372
Newell Rubbermaid, Inc. (a)		214		7,770
PulteGroup, Inc. (a)		264		5,710
Whirlpool Corp. (a)		60		11,170
				60,860
Household Products—1.8%
Clorox Co. (a)		100		10,162
Colgate-Palmolive Co. (a)		670		46,625
Kimberly-Clark Corp. (a)		292		34,044
Procter & Gamble Co. (a)		2,113		191,079
				281,910
Independent Power Producers & Energy Traders—0.1%
AES Corp. (a)		519		7,199
NRG Energy, Inc. (a)		263		8,221
				15,420
Industrial Conglomerates—2.2%
3M Co. (a)		505		80,845
Danaher Corp. (a)		475		39,691
General Electric Co. (a)		7,830		207,417
Roper Industries, Inc. (a)		78		12,310
				340,263
Insurance—2.6%
ACE Ltd. (a)		262		29,957
Aflac, Inc. (a)		354		21,144
Allstate Corp. (a)		338		23,035

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 129

Schedule of Investments

November 30, 2014

	Shares		Value
American International Group, Inc. (a)		1,114	$	61,047
Aon PLC (a)		227		20,995
Assurant, Inc. (a)		55		3,717
Chubb Corp. (a)		188		19,373
Cincinnati Financial Corp. (a)		115		5,859
Genworth Financial, Inc., Class A (a)(b)		388		3,527
Hartford Financial Services Group, Inc. (a)		350		14,455
Lincoln National Corp. (a)		204		11,553
Loews Corp. (a)		238		9,910
Marsh & McLennan Cos., Inc. (a)		425		24,051
MetLife, Inc. (a)		878		48,826
Principal Financial Group, Inc. (a)		213		11,347
Progressive Corp. (a)		421		11,468
Prudential Financial, Inc. (a)		360		30,593
Torchmark Corp. (a)		102		5,483
Travelers Cos., Inc. (a)		265		27,679
Unum Group (a)		199		6,611
XL Group PLC (a)		208		7,388
				398,018
Internet & Catalog Retail—1.1%
Amazon.com, Inc. (a)(b)		295		99,899
Expedia, Inc. (a)		78		6,794
Netflix, Inc. (a)(b)		46		15,943
Priceline Group, Inc. (a)(b)		40		46,408
TripAdvisor, Inc. (a)(b)		86		6,334
				175,378
Internet Software & Services—3.0%
Akamai Technologies, Inc. (a)(b)		139		8,981
eBay, Inc. (a)(b)		882		48,404
Facebook, Inc., Class A (a)(b)		1,622		126,029
Google, Inc., Class A (a)(b)		221		121,347
Google, Inc., Class C (a)(b)		221		119,744
VeriSign, Inc. (a)(b)		88		5,289
Yahoo!, Inc. (a)(b)		723		37,408
				467,202
IT Services—3.0%
Accenture PLC, Class A (a)		493		42,561
Alliance Data Systems Corp. (a)(b)		43		12,293
Automatic Data Processing, Inc. (a)		376		32,201
Cognizant Technology Solutions Corp., Class A (a)(b)		475		25,645
Computer Sciences Corp. (a)		113		7,162
Fidelity National Information Services, Inc. (a)		223		13,645
Fiserv, Inc. (a)(b)		194		13,869
International Business Machines Corp. (a)		724		117,411
Mastercard, Inc., Class A (a)		768		67,039
Paychex, Inc. (a)		254		12,042
Teradata Corp. (a)(b)		122		5,507
Total System Services, Inc. (a)		129		4,256
Visa, Inc., Class A (a)		385		99,403
Western Union Co. (a)		414		7,692
Xerox Corp. (a)		846		11,810
				472,536
Leisure Equipment & Products—0.1%
Hasbro, Inc. (a)		90		5,328
Mattel, Inc. (a)		264		8,329
				13,657
Life Sciences Tools & Services—0.4%
Agilent Technologies, Inc. (a)		260		11,113
PerkinElmer, Inc. (a)		88		4,001
Thermo Fisher Scientific, Inc. (a)		311		40,209
Waters Corp. (a)(b)		66		7,649
				62,972
Machinery—1.5%
Caterpillar, Inc. (a)		489		49,193

	Shares		Value
Cummins, Inc. (a)		133	$	19,367
Deere & Co. (a)		280		24,254
Dover Corp. (a)		130		10,009
Flowserve Corp. (a)		107		6,299
Illinois Tool Works, Inc. (a)		285		27,055
Ingersoll-Rand PLC (a)		208		13,116
Joy Global, Inc. (a)		77		3,776
PACCAR, Inc. (a)		277		18,565
Pall Corp. (a)		84		8,073
Parker Hannifin Corp. (a)		116		14,968
Pentair PLC (a)		151		9,771
Snap-on, Inc. (a)		45		6,090
Stanley Black & Decker, Inc. (a)		121		11,427
Xylem, Inc. (a)		143		5,483
				227,446
Media—3.3%
Cablevision Systems Corp., Class A (a)		169		3,434
CBS Corp., Class B (a)		379		20,800
Comcast Corp., Class A (a)		2,022		115,335
DIRECTV (a)(b)		391		34,295
Discovery Communications, Inc. (a)(b)		213		7,244
Discovery Communications, Inc., Class A (a)(b)		116		4,048
Gannett Co., Inc. (a)		176		5,729
Interpublic Group of Cos., Inc. (a)		329		6,675
News Corp., Class A (a)(b)		389		6,037
Omnicom Group, Inc. (a)		196		15,145
Scripps Networks Interactive, Inc., Class A (a)		81		6,332
Time Warner Cable, Inc. (a)		217		32,394
Time Warner, Inc. (a)		668		56,860
Twenty-First Century Fox, Inc. (a)		1,473		54,206
Viacom, Inc., Class B (a)		298		22,538
Walt Disney Co. (a)		1,234		114,157
				505,229
Metals & Mining—0.4%
Alcoa, Inc. (a)		918		15,872
Allegheny Technologies, Inc. (a)		84		2,830
Freeport-McMoRan, Inc. (a)		812		21,802
Newmont Mining Corp. (a)		390		7,176
Nucor Corp. (a)		249		13,354
				61,034
Multi-line Retail—0.7%
Dollar General Corp. (a)(b)		237		15,817
Dollar Tree, Inc. (a)(b)		161		11,006
Family Dollar Stores, Inc. (a)		74		5,850
Kohl’s Corp. (a)		159		9,480
Macy’s, Inc. (a)		276		17,915
Nordstrom, Inc. (a)		111		8,476
Target Corp. (a)		495		36,630
				105,174
Multi-Utilities—1.1%
Ameren Corp. (a)		189		8,148
CenterPoint Energy, Inc. (a)		336		8,044
CMS Energy Corp. (a)		214		7,083
Consolidated Edison, Inc. (a)		228		14,398
Dominion Resources, Inc. (a)		454		32,938
DTE Energy Co. (a)		138		11,242
Integrys Energy Group, Inc. (a)		62		4,516
NiSource, Inc. (a)		246		10,293
PG&E Corp. (a)		367		18,534
Public Service Enterprise Group, Inc. (a)		395		16,503
SCANA Corp. (a)		110		6,273
Sempra Energy (a)		180		20,111
TECO Energy, Inc. (a)		182		3,609
Wisconsin Energy Corp. (a)		176		8,694
				170,386

	Shares		Value
Oil, Gas & Consumable Fuels—6.3%
Anadarko Petroleum Corp. (a)		395	$	31,264
Apache Corp. (a)		299		19,163
Cabot Oil & Gas Corp. (a)		326		10,771
Chesapeake Energy Corp. (a)		405		8,205
Chevron Corp. (a)		1,482		161,345
Cimarex Energy Co. (a)		67		7,032
ConocoPhillips (a)		959		63,361
CONSOL Energy, Inc. (a)		179		7,004
Denbury Resources, Inc. (a)		275		2,271
Devon Energy Corp. (a)		300		17,691
EOG Resources, Inc. (a)		427		37,029
EQT Corp. (a)		118		10,736
Exxon Mobil Corp. (a)		3,330		301,498
Hess Corp. (a)		205		14,951
Kinder Morgan, Inc. (a)		513		21,213
Marathon Oil Corp. (a)		527		15,241
Marathon Petroleum Corp. (a)		222		20,000
Murphy Oil Corp. (a)		131		6,343
Newfield Exploration Co. (a)(b)		106		2,886
Noble Energy, Inc. (a)		281		13,820
Occidental Petroleum Corp. (a)		609		48,580
ONEOK, Inc. (a)		162		8,774
Phillips 66 (a)		437		31,910
Pioneer Natural Resources Co. (a)		111		15,899
QEP Resources, Inc. (a)		130		2,657
Range Resources Corp. (a)		131		8,600
Southwestern Energy Co. (a)(b)		276		8,882
Spectra Energy Corp. (a)		524		19,849
Tesoro Corp. (a)		100		7,662
Valero Energy Corp. (a)		412		20,027
Williams Cos., Inc. (a)		525		27,169
				971,833
Paper & Forest Products—0.1%
International Paper Co. (a)		334		17,976
Personal Products—0.1%
Avon Products, Inc. (a)		339		3,315
Estee Lauder Cos., Inc., Class A (a)		176		13,049
				16,364
Pharmaceuticals—5.9%
AbbVie, Inc. (a)		1,243		86,016
Actavis PLC (a)(b)		207		56,016
Allergan, Inc. (a)		232		49,622
Bristol-Myers Squibb Co. (a)		1,295		76,470
Eli Lilly & Co. (a)		767		52,248
Hospira, Inc. (a)(b)		131		7,813
Johnson & Johnson (a)		2,202		238,366
Mallinckrodt PLC (a)(b)		89		8,208
Merck & Co., Inc. (a)		2,253		136,081
Mylan, Inc. (a)(b)		292		17,114
Perrigo Co. PLC (a)		104		16,660
Pfizer, Inc. (a)		4,948		154,130
Zoetis, Inc. (a)		391		17,568
				916,312
Professional Services—0.2%
Dun & Bradstreet Corp. (a)		28		3,555
Equifax, Inc. (a)		95		7,557
Nielsen NV (a)		237		9,899
Robert Half International, Inc. (a)		107		6,077
				27,088
Real Estate Investment Trust—2.2%
American Tower Corp. (a)		309		32,448
Apartment Investment & Management Co., Class A (a)		114		4,247
AvalonBay Communities, Inc. (a)		102		16,401
Boston Properties, Inc. (a)		119		15,427
Crown Castle International Corp. (a)		261		21,686
Equity Residential (a)		282		19,977
Essex Property Trust, Inc. (a)		49		9,918
General Growth Properties, Inc. (a)		489		13,086

130 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Schedule of Investments

November 30, 2014

	Shares		Value
HCP, Inc. (a)		358	$	16,038
Health Care REIT, Inc. (a)		252		18,562
Host Hotels & Resorts, Inc. (a)		591		13,735
Iron Mountain, Inc. (a)		147		5,587
Kimco Realty Corp. (a)		320		8,144
Macerich Co. (a)		109		8,620
Plum Creek Timber Co., Inc. (a)		138		5,752
Prologis, Inc. (a)		390		16,489
Public Storage (a)		113		21,202
Simon Property Group, Inc. (a)		243		43,934
Ventas, Inc. (a)		230		16,457
Vornado Realty Trust (a)		136		15,172
Weyerhaeuser Co. (a)		412		14,548
				337,430
Real Estate Management & Development—0.0%
CBRE Group, Inc., Class A (a)(b)		218		7,355
Road & Rail—1.0%
CSX Corp. (a)		780		28,462
Kansas City Southern (a)		86		10,229
Norfolk Southern Corp. (a)		241		26,905
Ryder System, Inc. (a)		41		3,916
Union Pacific Corp. (a)		701		81,856
				151,368
Semiconductors & Semiconductor Equipment—2.3%
Altera Corp. (a)		241		9,066
Analog Devices, Inc. (a)		245		13,387
Applied Materials, Inc. (a)		951		22,872
Avago Technologies Ltd. (a)		196		18,306
Broadcom Corp., Class A (a)		420		18,115
First Solar, Inc. (a)(b)		58		2,830
Intel Corp. (a)		3,860		143,785
KLA-Tencor Corp. (a)		129		8,958
Lam Research Corp. (a)		126		10,413
Linear Technology Corp. (a)		185		8,516
Microchip Technology, Inc. (a)		156		7,043
Micron Technology, Inc. (a)(b)		837		30,090
NVIDIA Corp. (a)		403		8,451
Texas Instruments, Inc. (a)		834		45,386
Xilinx, Inc. (a)		209		9,497
				356,715
Software—3.5%
Adobe Systems, Inc. (a)(b)		368		27,114
Autodesk, Inc. (a)(b)		178		11,036
CA, Inc. (a)		250		7,787
Citrix Systems, Inc. (a)(b)		128		8,488
Electronic Arts, Inc. (a)(b)		245		10,763
Intuit, Inc. (a)		222		20,839
Microsoft Corp. (a)		6,434		307,610
Oracle Corp. (a)		2,539		107,679
Red Hat, Inc. (a)(b)		147		9,136
Salesforce.com, Inc. (a)(b)		449		26,882
Symantec Corp. (a)		539		14,062
				551,396
Specialty Retail—2.1%
AutoNation, Inc. (a)(b)		61		3,626
AutoZone, Inc. (a)(b)		25		14,443
Bed Bath & Beyond, Inc. (a)(b)		145		10,639
Best Buy Co., Inc. (a)		226		8,907
CarMax, Inc. (a)(b)		172		9,801
GameStop Corp., Class A (a)		88		3,327
Gap, Inc. (a)		213		8,435
Home Depot, Inc. (a)		1,051		104,469
L Brands, Inc. (a)		191		15,452
Lowe’s Cos., Inc. (a)		771		49,213
O’Reilly Automotive, Inc. (a)(b)		81		14,802
PetSmart, Inc. (a)		77		6,064
Ross Stores, Inc. (a)		164		15,003
Staples, Inc. (a)		503		7,072
Tiffany & Co. (a)		87		9,389
TJX Cos., Inc. (a)		541		35,793

	Shares		Value
Tractor Supply Co. (a)		108	$	8,308
Urban Outfitters, Inc. (a)(b)		79		2,553
				327,296
Technology Hardware, Storage & Peripherals—4.7%
Apple, Inc. (a)		4,673		555,760
EMC Corp. (a)		1,584		48,074
Hewlett-Packard Co. (a)		1,456		56,871
NetApp, Inc. (a)		250		10,638
SanDisk Corp. (a)		175		18,106
Seagate Technology PLC (a)		254		16,792
Western Digital Corp. (a)		171		17,659
				723,900
Textiles, Apparel & Luxury Goods—0.8%
Coach, Inc. (a)		214		7,944
Fossil Group, Inc. (a)(b)		37		4,134
Michael Kors Holdings Ltd. (a)(b)		160		12,273
NIKE, Inc., Class B (a)		549		54,510
PVH Corp. (a)		64		8,137
Ralph Lauren Corp. (a)		47		8,690
Under Armour, Inc., Class A (a)(b)		129		9,351
V.F. Corp. (a)		269		20,221
				125,260
Thrifts & Mortgage Finance—0.0%
Hudson City Bancorp, Inc. (a)		376		3,681
People’s United Financial, Inc. (a)		242		3,577
				7,258
Tobacco—1.4%
Altria Group, Inc. (a)		1,549		77,853
Lorillard, Inc. (a)		282		17,805
Philip Morris International, Inc. (a)		1,220		106,055
Reynolds American, Inc. (a)		241		15,884
				217,597
Trading Companies & Distributors—0.2%
Fastenal Co. (a)		213		9,628
United Rentals, Inc. (a)(b)		74		8,385
WW Grainger, Inc. (a)		47		11,547
				29,560
Total Common Stock (cost—$11,917,364)				14,332,629
Exchange-Traded Funds—4.0%
SPDR S&P 500 (cost—$622,830)		3,000		621,600
	Principal Amount (000s)
Repurchase Agreements—6.1%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $956,000; collateralized by U.S. Treasury Notes, 2.00%, due 2/28/21, valued at $979,094 including accrued interest
(cost—$956,000)		$956		956,000
	Contracts
Options Purchased (b)(c)—1.7%
Put Options—1.7%
S&P 500 Index, strike price $1,825.00, expires 12/31/14		13		2,698

	Contracts		Value
strike price $1,825.00, expires 1/30/15		11	$	6,765
strike price $1,875.00, expires 3/31/15		12		27,480
strike price $1,875.00, expires 6/30/15		13		58,760
strike price $1,800.00, expires 9/30/15		10		51,000
strike price $1,900.00, expires 12/19/15		13		116,220
Total Options Purchased (cost—$468,099)				262,923
Total Investments, before options written (cost—$13,964,293)—104.0%				16,173,152
Options Written (b)(c)—(0.3)%
Call Options—(0.3)%
S&P 500 Index, strike price $2,120.00, expires 12/31/14 (premiums received—$42,942)		72		(40,680	)
Total Investments, net of options written (cost—$13,921,351)—103.7%				16,132,472
Other liabilities in excess of other assets—(3.7)%				(579,566	)
Net Assets—100.0%				$15,552,906

Notes to Schedule of Investments:

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

(b) Non-income producing.

(c) Exchange traded-Chicago Board Options Exchange.

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 131

Schedule of Investments

November 30, 2014

AllianzGI U.S. Small-Cap Growth Fund

	Shares		Value
Common Stock—97.1%
Aerospace & Defense—1.7%
Astronics Corp. (b)		4,800		$235,296
Curtiss-Wright Corp.		5,745		407,320
				642,616
Air Freight & Logistics—1.9%
Forward Air Corp.		5,893		288,521
XPO Logistics, Inc. (b)		11,154		431,437
				719,958
Airlines—1.1%
Spirit Airlines, Inc. (b)		4,894		404,685
Auto Components—2.2%
Gentherm, Inc. (b)		6,147		231,681
Motorcar Parts of America, Inc. (b)		11,381		384,109
Tower International, Inc. (b)		8,897		227,140
				842,930
Banks—5.9%
Bank of the Ozarks, Inc.		8,901		322,216
Cathay General Bancorp		12,162		308,672
PrivateBancorp, Inc.		12,853		404,227
South State Corp.		4,509		279,242
Texas Capital Bancshares, Inc. (b)		4,378		241,359
Umpqua Holdings Corp.		16,371		278,143
Western Alliance Bancorp (b)		15,137		400,071
				2,233,930
Biotechnology—3.7%
Cubist Pharmaceuticals, Inc. (b)		3,381		256,314
Insys Therapeutics, Inc. (b)		6,386		247,330
Keryx Biopharmaceuticals, Inc. (b)		15,545		247,165
Ligand Pharmaceuticals, Inc., Class B (b)		5,067		272,858
NPS Pharmaceuticals, Inc. (b)		7,112		235,976
Puma Biotechnology, Inc. (b)		626		142,115
				1,401,758
Capital Markets—0.7%
HFF, Inc., Class A		7,158		246,808
Chemicals—1.6%
Chemtura Corp. (b)		8,067		187,961
PolyOne Corp.		10,685		398,551
				586,512
Communications Equipment—2.9%
ARRIS Group, Inc. (b)		9,130		271,800
Aruba Networks, Inc. (b)		12,103		226,447
EchoStar Corp., Class A (b)		6,198		333,948
Polycom, Inc. (b)		20,594		271,223
				1,103,418
Construction & Engineering—1.8%
Primoris Services Corp.		12,711		332,393
Tutor Perini Corp. (b)		14,310		361,327
				693,720
Construction Materials—0.5%
Eagle Materials, Inc.		2,353		193,864
Consumer Finance—0.8%
PRA Group, Inc. (b)		5,309		310,683
Distributors—1.4%
Core-Mark Holding Co., Inc.		8,555		514,241
Diversified Telecommunication Services—1.0%
8x8, Inc. (b)		19,025		148,014
Vonage Holdings Corp. (b)		69,270		236,211
				384,225

	Shares		Value
Electronic Equipment, Instruments & Components—1.7%
Control4 Corp. (b)		15,500	$	233,740
Methode Electronics, Inc.		4,855		188,131
Newport Corp. (b)		12,602		221,921
				643,792
Food & Staples Retailing—0.8%
United Natural Foods, Inc. (b)		3,943		296,474
Food Products—0.4%
B&G Foods, Inc.		5,172		148,023
Health Care Equipment & Supplies—2.8%
Anika Therapeutics, Inc. (b)		6,559		268,198
Cynosure, Inc., Class A (b)		9,560		263,569
Globus Medical, Inc., Class A (b)		11,952		275,374
LDR Holding Corp. (b)		7,662		250,011
				1,057,152
Health Care Providers & Services—4.9%
Acadia Healthcare Co., Inc. (b)		7,712		478,221
Centene Corp. (b)		3,641		359,622
ExamWorks Group, Inc. (b)		7,861		309,330
MWI Veterinary Supply, Inc. (b)		1,846		301,673
Team Health Holdings, Inc. (b)		6,997		399,949
				1,848,795
Health Care Technology—0.7%
Omnicell, Inc. (b)		7,887		253,961
Hotels, Restaurants & Leisure—5.2%
Cheesecake Factory, Inc.		6,423		311,066
Diamond Resorts International, Inc. (b)		12,416		300,219
La Quinta Holdings, Inc. (b)		14,185		312,354
Marriott Vacations Worldwide Corp.		5,631		413,935
Six Flags Entertainment Corp.		5,484		222,924
Sonic Corp.		13,797		375,140
				1,935,638
Household Durables—0.5%
William Lyon Homes, Class A (b)		8,451		173,922
Insurance—1.5%
Hanover Insurance Group, Inc.		4,367		311,280
Hilltop Holdings, Inc. (b)		11,598		236,367
				547,647
Internet & Catalog Retail—0.9%
Lands’ End, Inc. (b)		7,095		337,580
Internet Software & Services—1.6%
Actua Corp. (b)		15,769		265,865
Constant Contact, Inc. (b)		10,056		328,630
				594,495
IT Services—2.8%
Convergys Corp.		13,832		288,397
MAXIMUS, Inc.		7,546		395,335
WEX, Inc. (b)		3,215		363,552
				1,047,284
Life Sciences Tools & Services—2.2%
Albany Molecular Research, Inc. (b)		17,458		284,042
ICON PLC (b)		5,968		331,463
PAREXEL International Corp. (b)		3,716		217,423
				832,928
Machinery—1.6%
Meritor, Inc. (b)		17,011		239,515
Middleby Corp. (b)		2,250		215,190
Wabash National Corp. (b)		12,390		133,688
				588,393

	Shares		Value
Metals & Mining—2.1%
Century Aluminum Co. (b)		8,200	$	226,730
Kaiser Aluminum Corp.		3,947		287,262
Worthington Industries, Inc.		7,770		293,007
				806,999
Multi-line Retail—1.0%
Burlington Stores, Inc. (b)		8,242		368,170
Oil, Gas & Consumable Fuels—3.2%
Abraxas Petroleum Corp. (b)		42,358		140,840
Bonanza Creek Energy, Inc. (b)		4,249		115,658
Carrizo Oil & Gas, Inc. (b)		5,223		206,100
Diamondback Energy, Inc. (b)		3,962		223,457
Matador Resources Co. (b)		12,388		217,905
Sanchez Energy Corp. (b)		10,250		115,722
Synergy Resources Corp. (b)		17,146		168,202
				1,187,884
Paper & Forest Products—1.7%
Boise Cascade Co. (b)		9,544		340,625
KapStone Paper and Packaging Corp. (b)		10,366		309,633
				650,258
Pharmaceuticals—5.5%
ANI Pharmaceuticals, Inc. (b)		4,845		262,163
AVANIR Pharmaceuticals, Inc., Class A (b)		21,747		324,465
Horizon Pharma PLC (b)		16,728		213,784
Nektar Therapeutics (b)		20,841		347,420
Pacira Pharmaceuticals, Inc. (b)		5,223		490,596
Phibro Animal Health Corp., Class A		14,029		428,726
				2,067,154
Professional Services—1.7%
Huron Consulting Group, Inc. (b)		5,293		366,064
TriNet Group, Inc. (b)		9,239		292,507
				658,571
Real Estate Management & Development—0.8%
Kennedy-Wilson Holdings, Inc.		11,050		287,189
Road & Rail—3.9%
ArcBest Corp.		6,542		284,054
Roadrunner Transportation Systems, Inc. (b)		7,098		159,776
Ryder System, Inc.		3,257		311,109
Saia, Inc. (b)		6,763		375,143
Swift Transportation Co. (b)		10,925		317,590
				1,447,672
Semiconductors & Semiconductor Equipment—5.9%
Canadian Solar, Inc. (b)		8,812		214,044
Kulicke & Soffa Industries, Inc. (b)		19,484		272,386
Mellanox Technologies Ltd. (b)		6,535		278,718
RF Micro Devices, Inc. (b)		22,034		321,917
Spansion, Inc., Class A (b)		6,360		148,633
SunEdison, Inc. (b)		11,449		247,871
Synaptics, Inc. (b)		3,055		192,434
Tower Semiconductor Ltd. (b)		26,667		342,938
Xcerra Corp. (b)		26,321		210,831
				2,229,772
Software—8.8%
ACI Worldwide, Inc. (b)		15,894		309,138
Aspen Technology, Inc. (b)		9,522		359,360
Cadence Design Systems, Inc. (b)		17,119		323,036
Guidewire Software, Inc. (b)		6,091		307,413
Mentor Graphics Corp. (a)		17,232		382,723
PTC, Inc. (b)		9,014		352,177
Synchronoss Technologies, Inc. (b)		5,697		244,002

132 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Schedule of Investments

November 30, 2014

	Shares		Value
Take-Two Interactive Software, Inc. (b)		10,591	$	292,947
Ultimate Software Group, Inc. (b)		2,137		314,652
Verint Systems, Inc. (b)		6,666		401,227
				3,286,675
Specialty Retail—0.4%
American Eagle Outfitters, Inc.		11,405		160,810
Technology Hardware, Storage & Peripherals—2.0%
Electronics for Imaging, Inc. (b)		8,337		370,580
Super Micro Computer, Inc. (b)		11,141		370,772
				741,352
Textiles, Apparel & Luxury Goods—0.8%
Deckers Outdoor Corp. (b)		3,121		301,863
Thrifts & Mortgage Finance—0.8%
EverBank Financial Corp.		16,956		319,451
Trading Companies & Distributors—2.6%
Air Lease Corp.		9,240		351,397
Aircastle Ltd.		17,232		356,703
H&E Equipment Services, Inc.		7,547		264,145
				972,245
Transportation Infrastructure—1.1%
Macquarie Infrastructure Co. LLC		5,631		395,859
Total Common Stock (cost—$26,933,267)				36,467,356
	Principal Amount (000s)
Repurchase Agreements—3.6%
State Street Bank and Trust Co., dated 11/28/14, 0.00%, due 12/1/14, proceeds $1,334,000; collateralized by U.S. Treasury Notes, 2.25%, due 3/31/21, valued at $1,361,438 including accrued interest
(cost—$1,334,000)		$1,334		1,334,000
Total Investments (cost—$28,267,267)—100.7%				37,801,356
Liabilities in excess of other assets—(0.7)%				(272,575	)
Net Assets—100.0%				$37,528,781

Notes to Schedule of Investments:

(a) Affiliated security.

(b) Non-income producing.

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 133

Statements of Assets and Liabilities

November 30, 2014

	AllianzGI Retirement 2015		AllianzGI Retirement 2020			AllianzGI Retirement 2025			AllianzGI Retirement 2030		AllianzGI Retirement 2035
Assets:
Investments, at value	$	2,063,016	$	4,303,960		$	4,370,282		$	4,827,528	$	3,772,362
Investments in Affiliates, at value		31,990,122		58,017,548			60,514,182			59,111,983		49,563,426
Repurchase agreements, at value		243,000		323,000			235,000			378,000		327,000
Cash		604		612			319			616		40
Dividends receivable from Affiliates		27,890		51,717			52,756			49,819		36,664
Receivable for Fund shares sold		2,951		3,889			2,482			7,137		33,573
Dividends receivable		1,306		2,444			1,710			1,694		—
Receivable from Investment Manager		—		—			—			—		—
Prepaid expenses and other assets		—		—			—			—		—
Total Assets		34,328,889		62,703,170			65,176,731			64,376,777		53,733,065
Liabilities:
Payable for investments purchased		1,306		2,444			1,710			1,694		—
Payable for investments in Affiliates purchased		27,890		51,717			52,756			49,819		36,664
Payable for Fund shares redeemed		11,479		41,286			—			1,293		—
Administration fees payable		4,195		11,001			6,165			9,965		7,688
Servicing fees payable		2,401		7,014			5,978			5,396		3,712
Distribution fees payable		1,475		2,182			2,587			2,735		2,502
Investment Advisory fees payable		829		663			—			415		455
Accrued expenses		—		—			—			—		—
Total Liabilities		49,575		116,307			69,196			71,317		51,021
Net Assets	$	34,279,314	$	62,586,863		$	65,107,535		$	64,305,460	$	53,682,044
Net Assets Consist of:
Paid-in-capital	$	32,330,727	$	60,103,528		$	62,679,716		$	60,125,156	$	50,387,215
Undistributed net investment income		627,193		1,061,834			1,154,172			1,202,112		928,003
Accumulated net realized gain (loss)		194,112		(61,440	)		(382,106	)		465,070		378,754
Net unrealized appreciation		1,127,282		1,482,941			1,655,753			2,513,122		1,988,072
Net Assets	$	34,279,314	$	62,586,863		$	65,107,535		$	64,305,460	$	53,682,044
Cost of Investments	$	1,949,360	$	4,193,320		$	4,219,505		$	4,609,874	$	3,616,573
Cost of Investments in Affiliates	$	30,976,496	$	56,645,247		$	59,009,206		$	56,816,515	$	47,731,143
Cost of Repurchase Agreements	$	243,000	$	323,000		$	235,000		$	378,000	$	327,000

134 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

AllianzGI Retirement 2040		AllianzGI Retirement 2045		AllianzGI Retirement 2050		AllianzGI Retirement 2055		AllianzGI Retirement Income		AllianzGI Global Allocation		AllianzGI Global Growth Allocation
$	3,266,236	$	1,980,612	$	1,628,610	$	591,332	$	1,731,265	$	16,002,576	$	514,007
	40,073,191		24,437,989		19,637,410		7,224,694		27,448,559		192,972,909		5,673,516
	237,000		166,000		245,000		—		207,000		510,000		—
	325		110		967		69,970		667		658		29,464
	24,662		12,053		6,296		1,749		24,790		190,555		1,537
	3,757		4,753		1,979		685		512		2,082		945
	—		—		—		—		1,156		16,543		—
	—		—		—		—		—		2,164		15,406
	—		—		—		—		—		12,342		3,480
	43,605,171		26,601,517		21,520,262		7,888,430		29,413,949		209,709,829		6,238,355
	—		—		—		—		1,156		16,543		—
	24,662		12,053		6,296		1,749		24,790		190,555		1,537
	29,241		23,265		23,872		—		401		291,231		33,948
	2,892		1,396		406		568		1,995		—		—
	3,536		1,937		1,099		202		2,086		25,302		518
	1,623		512		661		182		2,928		37,044		1,035
	—		—		—		—		—		—		—
	—		—		—		—		—		164,714		61,683
	61,954		39,163		32,334		2,701		33,356		725,389		98,721
$	43,543,217	$	26,562,354	$	21,487,928	$	7,885,729	$	29,380,593	$	208,984,440	$	6,139,634
$	39,416,787	$	24,337,026	$	18,897,027	$	6,956,911	$	27,363,515	$	183,552,174	$	4,785,288
	768,584		432,237		353,260		130,574		198,304		1,481,521		81,738
	883,638		359,663		493,668		201,046		567,258		884,029		528,356
	2,474,208		1,433,428		1,743,973		597,198		1,251,516		23,066,716		744,252
$	43,543,217	$	26,562,354	$	21,487,928	$	7,885,729	$	29,380,593	$	208,984,440	$	6,139,634
$	3,124,168	$	1,906,030	$	1,542,247	$	559,688	$	1,578,076	$	15,208,051	$	539,989
$	37,741,051	$	23,079,143	$	17,979,800	$	6,659,140	$	26,350,232	$	170,700,718	$	4,903,282
$	237,000	$	166,000	$	245,000	$	—	$	207,000	$	510,000	$	—

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 135

Statements of Assets and Liabilities (cont’d)

November 30, 2014

	AllianzGI Retirement 2015		AllianzGI Retirement 2020		AllianzGI Retirement 2025		AllianzGI Retirement 2030		AllianzGI Retirement 2035
Net Assets:
Class A	$	12,397,916	$	34,623,695	$	31,358,191	$	25,486,886	$	20,351,187
Class B		—		—		—		—		—
Class C		1,096,322		468,296		—		679,728		—
Class D		91,857		274,420		—		639,468		—
Class R		206,037		1,007,731		1,003,625		1,419,538		1,088,729
Class P		3,719,794		12,664,496		13,865,775		17,741,253		14,104,757
Institutional Class		—		—		—		—		—
Class R6		13,577,195		5,573,726		6,745,373		8,752,162		6,587,324
Administrative Class		3,190,193		7,974,499		12,134,571		9,586,425		11,550,047
Shares Issued and Outstanding:
Class A		621,560		1,755,758		1,813,110		1,210,991		1,100,371
Class B		—		—		—		—		—
Class C		55,712		23,890		—		32,629		—
Class D		4,576		13,859		—		30,225		—
Class R		10,277		51,155		58,331		67,369		59,060
Class P		184,406		633,960		795,467		830,227		756,255
Institutional Class		—		—		—		—		—
Class R6		672,049		278,526		386,548		408,543		352,594
Administrative Class		158,745		401,946		698,619		450,585		621,779
Net Asset Value and Redemption Price Per Share:*
Class A	$	19.95	$	19.72	$	17.30	$	21.05	$	18.49
Class B		—		—		—		—		—
Class C		19.68		19.60		—		20.83		—
Class D		20.07		19.80		—		21.16		—
Class R		20.05		19.70		17.21		21.07		18.43
Class P		20.17		19.98		17.43		21.37		18.65
Institutional Class		—		—		—		—		—
Class R6		20.20		20.01		17.45		21.42		18.68
Administrative Class		20.10		19.84		17.37		21.28		18.58

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

136 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

AllianzGI Retirement 2040		AllianzGI Retirement 2045		AllianzGI Retirement 2050		AllianzGI Retirement 2055		AllianzGI Retirement Income		AllianzGI Global Allocation		AllianzGI Global Growth Allocation
$	16,631,555	$	10,079,934	$	4,772,597	$	1,089,390	$	6,324,218	$	65,498,705	$	1,041,495
	—		—		—		—		—		1,823,031		—
	268,626		—		137,788		—		3,983,953		62,275,480		1,345,576
	217,488		—		287,775		—		1,011,673		2,241,386		137,207
	1,342,770		449,551		583,965		143,693		215,316		17,439		145,383
	11,733,879		8,793,106		5,233,574		1,361,977		6,348,708		2,138,601		42,889
	—		—		—		—		—		74,956,781		3,401,332
	8,070,512		5,476,952		9,227,104		4,933,663		9,496,156		—		—
	5,278,387		1,762,811		1,245,125		357,006		2,000,569		33,017		25,752
	759,134		527,988		218,228		58,253		326,764		5,375,615		47,500
	—		—		—		—		—		146,581		—
	12,389		—		6,374		—		208,130		5,050,345		62,531
	9,916		—		13,132		—		52,008		184,766		6,298
	61,594		23,644		26,781		7,713		10,791		1,438		6,673
	529,786		457,063		236,392		72,258		323,756		175,508		1,955
	—		—		—		—		—		6,212,690		154,622
	363,639		284,106		415,686		261,101		493,807		—		—
	239,717		92,061		56,530		19,031		102,258		2,647		1,176
$	21.91	$	19.09	$	21.87	$	18.70	$	19.35	$	12.18	$	21.93
	—		—		—		—		—		12.44		—
	21.68		—		21.62		—		19.14		12.33		21.52
	21.93		—		21.91		—		19.45		12.13		21.79
	21.80		19.01		21.80		18.63		19.95		12.13		21.79
	22.15		19.24		22.14		18.85		19.61		12.19		21.94
	—		—		—		—		—		12.07		22.00
	22.19		19.28		22.20		18.90		19.23		—		—
	22.02		19.15		22.03		18.76		19.56		12.47		21.90

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 137

Statements of Assets and Liabilities (cont’d)

November 30, 2014

	AllianzGI Behavioral Advantage Large Cap		AllianzGI Best Styles Global Equity		AllianzGI China Equity		AllianzGI Convertible		AllianzGI Emerging Markets Debt
Assets:
Investments, at value	$	84,778,341	$	31,304,213	$	4,300,056	$	2,630,120,991	$	27,341,865
Investments in Affiliates, at value		—		308,071		992,912		—		—
Repurchase agreements, at value		733,000		1,572,000		169,000		73,011,000		1,699,000
Cash		866		805		563		957		289,184
Foreign currency, at value		—		7,934		—		—		—
Unrealized appreciation of forward foreign currency contracts		—		—		—		—		51,632
Dividends and interest receivable (net of foreign taxes)		210,528		76,333		—		9,745,547		355,172
Receivable for investments sold		—		—		51,645		25,679,447		1,298,513
Deposits with brokers for derivatives collateral		—		149,859		—		—		—
Receivable for Fund shares sold		26,948		—		100		2,588,469		—
Receivable from Investment Manager		—		35,859		21,094		—		37,686
Deferred offering costs		—		467		—		—		140,070
Tax reclaims receivable		—		10,178		—		—		—
Dividends receivable from Affiliates		—		731		—		—		—
Receivable for variation margin on futures contracts		—		20,947		—		—		—
Prepaid expenses and other assets		5,323		33,479		32,213		41,346		68
Total Assets		85,755,006		33,520,876		5,567,583		2,741,187,757		31,213,190
Liabilities:
Payable for investments purchased		—		—		157,429		35,723,266		1,081,221
Payable for investments in Affiliates purchased		—		—		—		—		—
Payable for Fund shares redeemed		19,439		1,044		402,557		1,602,641		—
Payable to custodian for foreign currency overdraft		—		—		—		—		—
Payable for variation margin on futures contracts		—		—		—		—		—
Options written, at value		—		—		—		—		—
Investment management fees payable		12,137		—		—		1,167,015		—
Distribution fees payable		273		—		15		74,938		6
Servicing fees payable		2,143		2		145		131,063		4
Unrealized depreciation of forward foreign currency contracts		—		—		—		—		27,068
Due to Investment Manager		—		467		—		—		140,070
Accrued expenses and other liabilities		61,560		77,223		60,115		861,286		78,797
Total Liabilities		95,552		78,736		620,261		39,560,209		1,327,166
Net Assets	$	85,659,454	$	33,442,140	$	4,947,322	$	2,701,627,548	$	29,886,024

138 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

AllianzGI Global Fundamental Strategy		AllianzGI Global Managed Volatility		AllianzGI Global Water		AllianzGI High Yield Bond		AllianzGI International Small-Cap		AllianzGI Micro Cap		AllianzGI Multi-Asset Real Return
$	19,640,244	$	16,464,069	$	319,324,196	$	375,708,560	$	69,949,704	$	38,663,707	$	2,900,146
	85,144		—		9,583,403		—		18,452,716		413,044		2,383,538
	2,266,000		140,000		18,090,000		6,468,000		3,029,000		697,000		677,000
	112		804		751		647		706		401		422
	—		104,833		6		—		290,265		—		938
	7,349		—		—		—		—		—		—
	184,807		39,276		367,210		6,842,243		91,062		4,866		6,650
	—		—		—		580,377		—		148,558		341,581
	131,138		—		—		—		—		—		116,355
	—		15,000		262,995		286,494		18,187		19,521		—
	7,184		35,063		—		—		—		—		10,890
	—		—		—		—		—		—		—
	5,453		7,161		236,933		—		63,161		—		23
	—		—		—		—		—		1,948		219
	—		—		—		—		—		—		166
	3,412		26,936		7,738		10,351		5,135		12,436		28,410
	22,330,843		16,833,142		347,873,232		389,896,672		91,899,936		39,961,481		6,466,338
	—		—		—		3,358,500		—		67,489		60,930
	—		—		—		—		—		—		219
	302		1,852		345,986		1,109,374		27,897		34,491		20,016
	12,022		—		—		—		—		—		—
	28,744		—		—		—		—		—		—
	19,239		—		—		—		—		—		—
	—		—		252,552		142,853		52,686		35,203		—
	6		147		44,290		20,598		669		—		66
	16		116		45,863		26,913		1,524		894		54
	3,475		—		—		—		—		—		—
	—		—		—		—		—		—		—
	60,076		72,767		307,650		239,413		241,446		76,117		61,457
	123,880		74,882		996,341		4,897,651		324,222		214,194		142,742
$	22,206,963	$	16,758,260	$	346,876,891	$	384,999,021	$	91,575,714	$	39,747,287	$	6,323,596

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 139

Statements of Assets and Liabilities (cont’d)

November 30, 2014

	AllianzGI Behavioral Advantage Large Cap		AllianzGI Best Styles Global Equity		AllianzGI China Equity		AllianzGI Convertible		AllianzGI Emerging Markets Debt
Net Assets Consist of:
Paid-in-capital	$	65,702,024	$	29,559,734	$	4,588,690	$	2,189,562,701	$	30,032,974
Undistributed (dividends in excess of) net investment income		951,417		771,361		94,771		12,633,367		179,457
Accumulated net realized gain (loss)		6,037,760		858,158		107,296		162,515,107		(179,425	)
Net unrealized appreciation (depreciation)		12,968,253		2,252,887		156,565		336,916,373		(146,982	)
Net Assets	$	85,659,454	$	33,442,140	$	4,947,322	$	2,701,627,548	$	29,886,024
Cost of Investments	$	71,810,088	$	29,068,071	$	4,160,105	$	2,293,204,618	$	27,499,442
Cost of Investments in Affiliates	$	—	$	308,978	$	976,272	$	—	$	—
Cost of Repurchase Agreements	$	733,000	$	1,572,000	$	169,000	$	73,011,000	$	1,699,000
Cost of Foreign Currency	$	—	$	7,996	$	—	$	—	$	—
Cost of Foreign Currency Overdraft due to Custodian	$	—	$	—	$	—	$	—	$	—
Premiums Received for Options Written	$	—	$	—	$	—	$	—	$	—
Net Assets:
Class A	$	10,022,765	$	10,034	$	367,496	$	483,862,852	$	9,946
Class C		450,203		—		26,553		127,201,366		9,930
Class D		1,025,193		—		289,341		79,288,160		—
Class R		—		—		—		1,439,894		—
Class P		116,574		—		38,276		224,859,890		9,949
Institutional Class		74,044,719		10,040		4,225,656		1,781,192,356		29,856,199
Class R6		—		33,422,066		—		—		—
Administrative Class		—		—		—		3,783,030		—
Shares Issued and Outstanding:
Class A		390,401		606		21,230		13,243,680		667
Class C		17,888		—		1,542		3,479,798		667
Class D		39,993		—		16,647		2,171,755		—
Class R		—		—		—		39,499		—
Class P		4,512		—		2,177		6,165,903		667
Institutional Class		2,866,781		606		244,225		48,900,337		2,000,201
Class R6		—		2,015,316		—		—		—
Administrative Class		—		—		—		103,540		—
Net Asset Value and Redemption Price Per Share:*
Class A	$	25.67	$	16.57	$	17.31	$	36.54	$	14.92
Class C		25.17		—		17.22		36.55		14.90
Class D		25.63		—		17.38		36.51		—
Class R		—		—		—		36.45		—
Class P		25.84		—		17.58		36.47		14.92
Institutional Class		25.83		16.58		17.30		36.42		14.93
Class R6		—		16.58		—		—		—
Administrative Class		—		—		—		36.54		—

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

140 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

AllianzGI Global Fundamental Strategy			AllianzGI Global Managed Volatility		AllianzGI Global Water			AllianzGI High Yield Bond			AllianzGI International Small-Cap		AllianzGI Micro Cap			AllianzGI Multi-Asset Real Return
$	20,816,356		$	13,608,626	$	320,686,339		$	390,148,887		$	73,099,024	$	30,407,783		$	6,411,345
	619,357			405,697		1,031,226			(1,910,964	)		228,162		(482,297	)		64,932
	(119,794	)		1,433,754		(8,096,578	)		(5,188,164	)		8,894,826		(1,233,286	)		(100,870	)
	891,044			1,310,183		33,255,904			1,949,262			9,353,702		11,055,087			(51,811	)
$	22,206,963		$	16,758,260	$	346,876,891		$	384,999,021		$	91,575,714	$	39,747,287		$	6,323,596
$	18,714,542		$	15,146,607	$	285,952,297		$	373,759,298		$	61,614,677	$	27,908,040		$	2,828,955
$	85,549		$	—	$	9,674,702		$	—		$	17,414,960	$	113,624		$	2,503,073
$	2,266,000		$	140,000	$	18,090,000		$	6,468,000		$	3,029,000	$	697,000		$	677,000
$	—		$	106,300	$	6		$	—		$	297,772	$	—		$	939
$	12,053		$	—	$	—		$	—		$	—	$	—		$	—
$	15,646		$	—	$	—		$	—		$	—	$	—		$	—
$	16,238		$	197,426	$	138,218,721		$	76,274,085		$	5,290,222	$	4,684,372		$	143,067
	10,646			258,127		77,081,595			23,248,911			1,134,712		—			113,646
	54,391			220,074		23,055,713			36,986,959			1,452,719		—			22,953
	—			—		—			2,822,912			73,436		—			—
	10,784			13,991		84,835,477			47,384,649			27,881,568		1,549,995			10,175
	22,114,904			16,068,642		23,685,385			163,567,426			55,743,057		33,512,920			6,033,755
	—			—		—			—			—		—			—
	—			—		—			34,714,079			—		—			—
	1,018			10,541		10,881,999			7,746,072			147,884		314,755			9,595
	672			14,134		6,253,839			2,365,313			32,120		—			7,711
	3,410			11,757		1,821,854			3,871,354			40,181		—			1,536
	—			—		—			296,261			2,080		—			—
	675			742		6,629,755			4,973,449			782,074		103,894			680
	1,382,862			852,301		1,877,916			17,122,560			1,519,689		2,236,429			403,121
	—			—		—			—			—		—			—
	—			—		—			3,649,418			—		—			—
$	15.95		$	18.73	$	12.70		$	9.85		$	35.77	$	14.88		$	14.91
	15.84			18.26		12.33			9.83			35.33		—			14.74
	15.95			18.72		12.66			9.55			36.15		—			14.94
	—			—		—			9.53			35.30		—			—
	15.98			18.86		12.80			9.53			35.65		14.92			14.96
	15.99			18.85		12.61			9.55			36.68		14.99			14.97
	—			—		—			—			—		—			—
	—			—		—			9.51			—		—			—

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 141

Statements of Assets and Liabilities (cont’d)

November 30, 2014

	AllianzGI NFJ Emerging Markets Value			AllianzGI NFJ Global Dividend Value		AllianzGI NFJ International Small-Cap Value		AllianzGI NFJ International Value II			AllianzGI Short Duration High Income
Assets:
Investments, at value	$	9,456,072		$	65,451,233	$	18,885,162	$	38,289,875		$	737,934,408
Investments in Affiliates, at value		—			—		402,846		392,542			—
Repurchase agreements, at value		170,000			345,000		—		574,000			13,085,000
Cash		779			686		—		1,667			535,873
Foreign currency, at value		703			209,480		120,384		22,153			—
Dividends and interest receivable (net of foreign taxes)		10,161			260,457		43,854		112,591			14,101,521
Receivable for investments sold		—			—		118,691		—			—
Deposits with brokers for derivatives collateral		—			—		—		—			—
Receivable for Fund shares sold		4,550			112,367		1,694		—			457,433
Receivable from Investment Manager		10,727			—		13,125		16,955			—
Tax reclaims receivable		—			8,521		13,064		10,842			—
Dividends receivable from Affiliates		—			—		—		—			—
Prepaid expenses and other assets		23,184			4,771		33,931		20,278			14,770
Total Assets		9,676,176			66,392,515		19,632,751		39,440,903			766,129,005
Liabilities:
Payable for investments purchased		—			—		—		—			1,372,513
Payable for Fund shares redeemed		7,461			15,183		3,923		—			1,470,352
Payable to custodian for cash overdraft		—			—		74,317		—			—
Options written, at value		—			—		—		—			—
Investment management fees payable		—			22,348		—		—			209,186
Distribution fees payable		41			3,190		769		46			17,235
Servicing fees payable		320			4,026		1,038		50			55,995
Accrued expenses and other liabilities		92,895			74,102		70,422		79,919			323,633
Total Liabilities		100,717			118,849		150,469		80,015			3,448,914
Net Assets	$	9,575,459		$	66,273,666	$	19,482,282	$	39,360,888		$	762,680,091
Net Assets Consist of:
Paid-in-capital	$	9,335,076		$	56,327,316	$	17,042,833	$	39,546,405		$	778,568,013
Undistributed (dividends in excess of) net investment income		168,872			876,625		425,244		184,108			(2,799,819	)
Accumulated net realized gain (loss)		138,432			3,721,727		1,397,420		150,901			(4,775,164	)
Net unrealized appreciation (depreciation)		(66,921	)		5,347,998		616,785		(520,526	)		(8,312,939	)
Net Assets	$	9,575,459		$	66,273,666	$	19,482,282	$	39,360,888		$	762,680,091
Cost of Investments	$	9,517,877		$	60,096,196	$	18,258,612	$	38,805,272		$	746,247,347
Cost of Investments in Affiliates	$	—		$	—	$	401,732	$	393,306		$	—
Cost of Repurchase Agreements	$	170,000		$	345,000	$	—	$	574,000		$	13,085,000
Cost of Foreign Currency	$	578		$	210,707	$	127,651	$	22,486		$	—
Premiums Received for Options Written	$	—		$	—	$	—	$	—		$	—

142 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

AllianzGI Structured Return		AllianzGI Ultra Micro Cap			AllianzGI U.S. Equity Hedged			AllianzGI U.S. Small-Cap Growth
$	21,792,176	$	111,604,306		$	15,217,152		$	36,084,633
	—		—			—			382,723
	3,555,000		2,157,000			956,000			1,334,000
	470		246			724			193
	—		—			—			—
	8,523		21,096			31,726			12,555
	199,309		355,298			42,942			74,507
	62,476		—			103,540			—
	100		4,193			—			17,237
	91,435		—			18,136			—
	—		—			40			—
	—		—			—			747
	25,534		13,767			24,002			25,134
	25,735,023		114,155,906			16,394,262			37,931,729
	423,153		436,854			737,277			317,091
	3,830		179,556			—			12,819
	—		—			—			—
	1,608,108		—			40,680			—
	—		137,370			—			11,141
	79		—			104			399
	1,429		10,316			407			784
	95,860		114,005			62,888			60,714
	2,132,459		878,101			841,356			402,948
$	23,602,564	$	113,277,805		$	15,552,906		$	37,528,781
$	22,931,138	$	90,496,362		$	14,576,883		$	25,453,027
	—		(2,167,107	)		91,204			(410,511	)
	235,808		(660,388	)		(1,325,746	)		2,952,176
	435,618		25,608,938			2,210,565			9,534,089
$	23,602,564	$	113,277,805		$	15,552,906		$	37,528,781
$	21,286,441	$	85,995,368		$	13,008,293		$	26,734,033
$	—	$	—		$	—		$	199,234
$	3,555,000	$	2,157,000		$	956,000		$	1,334,000
$	—	$	—		$	—		$	—
$	1,537,991	$	—		$	42,942		$	—

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 143

Statements of Assets and Liabilities (cont’d)

November 30, 2014

	AllianzGI NFJ Emerging Markets Value		AllianzGI NFJ Global Dividend Value		AllianzGI NFJ International Small-Cap Value		AllianzGI NFJ International Value II		AllianzGI Short Duration High Income
Net Assets:
Class A	$	110,541	$	11,998,952	$	2,736,209	$	167,155	$	163,070,155
Class C		72,864		5,586,739		1,339,667		79,480		89,800,531
Class D		1,491,817		3,895,526		1,387,816		13,727		35,820,889
Class R		—		—		—		—		—
Class P		10,757		1,811,159		39,421		118,120		248,345,994
Institutional Class		7,889,480		42,981,290		13,979,169		38,982,406		225,642,522
Shares Issued and Outstanding:
Class A		7,157		560,605		128,013		9,293		10,459,031
Class C		4,730		264,408		63,474		4,461		5,772,059
Class D		95,915		180,278		64,720		762		2,298,201
Class R		—		—		—		—		—
Class P		691		84,116		1,817		6,565		15,939,976
Institutional Class		506,665		2,017,637		647,409		2,161,687		14,460,816
Net Asset Value and Redemption Price Per Share:*
Class A	$	15.45	$	21.40	$	21.37	$	17.99	$	15.59
Class C		15.40		21.13		21.11		17.82		15.56
Class D		15.55		21.61		21.44		18.01		15.59
Class R		—		—		—		—		—
Class P		15.56		21.53		21.70		17.99		15.58
Institutional Class		15.57		21.30		21.59		18.03		15.60

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

144 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

AllianzGI Structured Return		AllianzGI Ultra Micro Cap		AllianzGI U.S. Equity Hedged		AllianzGI U.S. Small-Cap Growth
$	2,551,357	$	53,191,657	$	1,490,719	$	3,276,601
	137,784		—		180,386		661,067
	5,734,799		—		1,190,554		116,880
	—		—		—		28,884
	36,938		10,561,273		12,652		213,760
	15,141,686		49,524,875		12,678,595		33,231,589
	163,114		2,239,303		84,019		187,795
	8,952		—		10,338		39,115
	366,189		—		66,768		6,690
	—		—		—		1,670
	2,355		442,606		707		12,118
	963,218		2,069,424		708,766		1,876,208
$	15.64	$	23.75	$	17.74	$	17.45
	15.39		—		17.45		16.90
	15.66		—		17.83		17.47
	—		—		—		17.29
	15.69		23.86		17.90		17.64
	15.72		23.93		17.89		17.71

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 145

Statements of Operations

Year ended November 30, 2014

	AllianzGI Retirement 2015			AllianzGI Retirement 2020			AllianzGI Retirement 2025			AllianzGI Retirement 2030			AllianzGI Retirement 2035
Investment Income:
Dividends from investments in Affiliates	$	712,852		$	1,245,311		$	1,353,685		$	1,448,417		$	1,132,651
Dividends		56,977			93,793			101,097			106,454			79,226
Contribution from Investment Manager (see Note 6)		—			—			—			977			736
Miscellaneous		—			—			—			—			—
Total Investment Income		769,829			1,339,104			1,454,782			1,555,848			1,212,613
Expenses:
Investment management		15,157			26,492			28,582			29,323			23,366
Administration		52,259			112,893			118,825			114,417			86,967
Distribution — Class B		—			—			—			—			—
Distribution — Class C		9,885			3,318			—			5,507			—
Distribution — Class R		497			2,578			2,697			3,292			2,570
Administrative servicing — Class P		—			—			—			—			—
Servicing — Class A		24,933			62,856			64,503			53,607			37,808
Servicing — Class B		—			—			—			—			—
Servicing — Class C		3,295			1,106			—			1,836			—
Servicing — Class D		343			786			—			1,635			—
Servicing — Class R		497			2,578			2,697			3,292			2,570
Distribution and/or servicing — Administrative Class		8,921			18,262			27,941			22,090			27,301
Sub-transfer agent — Class A		—			—			—			—			—
Sub-transfer agent — Class B		—			—			—			—			—
Sub-transfer agent — Class C		—			—			—			—			—
Sub-transfer agent — Class D		—			—			—			—			—
Sub-transfer agent — Class R		—			—			—			—			—
Sub-transfer agent — Institutional Class		—			—			—			—			—
Excise tax		—			—			—			—			—
Trustees		—			—			—			—			—
Custodian and accounting agent		—			—			—			—			—
Shareholder communications		—			—			—			—			—
Transfer agent		—			—			—			—			—
Legal		—			—			—			—			—
Insurance		—			—			—			—			—
Audit and tax services		—			—			—			—			—
Registration		—			—			—			—			—
Miscellaneous		—			—			—			—			—
Total Expenses		115,787			230,869			245,245			234,999			180,582
Less: Fee Waiver/Reimbursement from Investment Manager		(38,573	)		(67,973	)		(77,249	)		(85,711	)		(65,793	)
Net Expenses		77,214			162,896			167,996			149,288			114,789
Net Investment Income		692,615			1,176,208			1,286,786			1,406,560			1,097,824

146 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

AllianzGI Retirement 2040			AllianzGI Retirement 2045			AllianzGI Retirement 2050			AllianzGI Retirement 2055			AllianzGI Retirement Income			AllianzGI Global Allocation			AllianzGI Global Growth Allocation
$	985,437		$	526,669		$	430,172		$	148,383		$	712,605		$	5,719,084		$	140,834
	61,483			34,200			29,860			10,373			58,386			446,675			11,611
	1,827			1,608			4,494			2,331			3			—			—
	—			—			—			—			—			1,023			30
	1,048,747			562,477			464,526			161,087			770,994			6,166,782			152,475
	20,311			11,598			9,581			3,293			15,106			1,820,046			55,421
	75,782			42,714			26,521			6,302			52,033			—			—
	—			—			—			—			—			16,724			—
	2,458			—			983			—			31,397			491,341			10,458
	3,245			1,008			1,399			259			466			43			367
	—			—			—			—			—			2,018			44
	35,298			21,120			8,778			1,549			14,239			172,516			3,121
	—			—			—			—			—			5,575			—
	819			—			327			—			10,465			163,780			3,486
	524			—			766			—			2,595			4,245			612
	3,245			1,008			1,399			259			466			43			367
	12,947			4,162			3,010			715			5,226			72			51
	—			—			—			—			—			47,317			156
	—			—			—			—			—			1,691			—
	—			—			—			—			—			36,968			297
	—			—			—			—			—			1,559			287
	—			—			—			—			—			—			261
	—			—			—			—			—			61,428			13
	—			—			—			—			1,281			—			—
	—			—			—			—			—			19,875			698
	—			—			—			—			—			52,323			61,884
	—			—			—			—			—			31,348			16,321
	—			—			—			—			—			68,640			11,763
	—			—			—			—			—			28,718			10,893
	—			—			—			—			—			10,694			5,660
	—			—			—			—			—			38,325			28,590
	—			—			—			—			—			114,769			82,768
	—			—			—			—			—			4,115			5,607
	154,629			81,610			52,764			12,377			133,274			3,194,173			299,125
	(61,367	)		(36,995	)		(27,892	)		(8,169	)		(40,089	)		(2,025,316	)		(271,148	)
	93,262			44,615			24,872			4,208			93,185			1,168,857			27,977
	955,485			517,862			439,654			156,879			677,809			4,997,925			124,498

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 147

Statements of Operations (cont’d)

Year ended November 30, 2014

	AllianzGI Retirement 2015			AllianzGI Retirement 2020		AllianzGI Retirement 2025		AllianzGI Retirement 2030			AllianzGI Retirement 2035
Realized and Change in Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	22,284		$	14,815	$	14,294	$	(12,915	)	$	(7,711	)
Investments in Affiliates		561,660			387,200		73,364		742,048			489,915
Net capital gain distributions received from underlying Affiliated funds		152,981			269,694		343,217		465,354			425,733
Net capital gain distributions received from underlying funds		2,889			4,248		3,864		4,581			3,032
Net change in unrealized appreciation/depreciation of:
Investments		42,390			35,467		78,660		88,176			69,086
Investments in Affiliates		(236,797	)		58,494		544,324		(174,604	)		110,505
Net Realized and Change in Unrealized Gain		545,407			769,918		1,057,723		1,112,640			1,090,560
Net Increase in Net Assets Resulting from Investment Operations	$	1,238,022		$	1,946,126	$	2,344,509	$	2,519,200		$	2,188,384

148 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

AllianzGI Retirement 2040			AllianzGI Retirement 2045		AllianzGI Retirement 2050			AllianzGI Retirement 2055			AllianzGI Retirement Income			AllianzGI Global Allocation			AllianzGI Global Growth Allocation
$	24,551		$	871	$	826		$	6,936		$	39,045		$	346,002		$	53,647
	826,550			264,110		507,478			154,303			651,735			8,931,963			474,115
	432,200			259,838		236,534			83,579			160,835			2,289,877			80,082
	2,606			1,267		1,614			610			3,475			22,692			1,598
	32,849			19,858		10,412			(7,094	)		53,622			(125,239	)		(83,629	)
	(245,880	)		167,683		(194,098	)		(77,248	)		(311,286	)		(6,918,998	)		(432,163	)
	1,072,876			713,627		562,766			161,086			597,426			4,546,297			93,650
$	2,028,361		$	1,231,489	$	1,002,420		$	317,965		$	1,275,235		$	9,544,222		$	218,148

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 149

Statements of Operations (cont’d)

Year ended November 30, 2014

	AllianzGI Behavioral Advantage Large Cap			AllianzGI Best Styles Global Equity (1)			AllianzGI China Equity			AllianzGI Convertible		AllianzGI Emerging Markets Debt (2)
Investment Income:
Interest, net of foreign withholding taxes*	$	—		$	—		$	—		$	36,589,078	$	302,516
Dividends, net of foreign withholding taxes*		1,440,683			907,931			122,201			17,182,928		—
Dividends from investments in Affiliates		—			8,262			21,726			—		—
Miscellaneous		19			—			—			2,154		—
Total Investment Income		1,440,702			916,193			143,927			53,774,160		302,516
Expenses:
Investment management		312,514			97,935			56,165			14,885,740		46,657
Distribution — Class C		2,810			—			307			986,280		15
Distribution — Class R		—			—			—			3,000		—
Administrative servicing — Class P		17			—			457			233,549		—
Servicing — Class A		23,385			6			668			1,108,376		5
Servicing — Class C		936			—			103			328,760		5
Servicing — Class D		845			—			862			282,711		—
Servicing — Class R		—			—			—			3,000		—
Distribution and/or servicing — Administrative Class		—			—			—			18,317		—
Sub-transfer agent — Class A		936			—			102			345,757		—
Sub-transfer agent — Class C		230			—			19			84,029		—
Sub-transfer agent — Class D		10,836			—			10,951			156,856		—
Sub-transfer agent — Class R		—			—			—			1,902		—
Sub-transfer agent — Institutional Class		246			—			31			199,633		—
Sub-transfer agent — Administrative Class		—			—			—			334		—
Legal		13,730			61,094			6,275			299,392		22,070
Trustees		8,557			3,599			544			293,857		692
Audit and tax services		26,660			32,589			26,246			79,394		48,409
Registration		87,751			13,883			67,768			337,100		1,228
Custodian and accounting agent		100,648			230,046			105,545			270,531		25,545
Shareholder communications		21,915			35,615			16,187			296,789		7,279
Transfer agent		12,855			4,230			6,651			149,290		1,362
Organizational		—			18,513			—			—		85,310
Offering		—			84,751			—			—		36,835
Excise tax		—			579			—			—		—
Recoupment expense		—			—			—			4,802		—
Insurance		6,931			2,064			5,344			53,250		—
Miscellaneous		4,627			3,438			3,652			22,098		1,366
Total Expenses		636,429			588,342			307,877			20,444,747		276,778
Less: Fee Waiver/Reimbursement from Investment Manager		(177,064	)		(457,171	)		(231,354	)		—		(217,381	)
Net Expenses		459,365			131,171			76,523			20,444,747		59,397
Net Investment Income (Loss)		981,337			785,022			67,404			33,329,413		243,119

(1) Commencement of operations, December 2, 2013.

(2) Commencement of operations, September 15, 2014.

150 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

AllianzGI Global Fundamental Strategy			AllianzGI Global Managed Volatility			AllianzGI Global Water		AllianzGI High Yield Bond			AllianzGI International Small-Cap			AllianzGI Micro Cap			AllianzGI Multi-Asset Real Return
$	371,413		$	—		$	—	$	30,426,210		$	—		$	—		$	29,987
	274,453			505,740			6,075,035		—			1,468,426			114,445			65,575
	—			—			148,973		—			314,066			8,035			17,272
	—			—			—		73,683			—			—			—
	645,866			505,740			6,224,008		30,499,893			1,782,492			122,480			112,834
	166,063			63,468			3,004,660		2,120,363			1,031,018			526,462			46,514
	79			1,479			516,302		191,510			7,442			—			763
	—			—			—		7,389			156			—			—
	—			9			64,041		73,565			30,704			1,982			—
	30			333			348,785		177,279			12,298			8,821			251
	26			493			172,101		63,837			2,481			—			254
	928			247			53,164		173,824			2,962			—			67
	—			—			—		7,389			156			—			—
	—			—			—		86,752			—			—			—
	—			112			136,259		64,066			3,426			3,870			52
	—			40			70,659		15,747			26			—			35
	1,634			40			27,660		110,565			17			—			14,969
	—			—			—		10,060			93			—			—
	156			15			8,650		39,535			15,151			30,353			175
	—			—			—		39,578			—			—			—
	11,653			4,995			34,439		51,681			18,798			6,545			17,334
	2,336			1,753			34,767		43,232			12,178			4,543			713
	33,570			32,660			49,918		49,020			36,407			33,287			29,616
	61,430			63,297			86,445		147,839			86,654			43,114			64,053
	85,058			145,442			179,284		103,689			243,299			71,778			85,194
	7,243			21,734			70,350		72,389			20,185			17,301			17,349
	6,714			7,564			36,263		49,866			21,807			11,470			6,351
	—			—			—		—			—			—			—
	90,988			—			—		—			—			—			—
	—			—			—		23,136			—			—			—
	—			—			31,440		2,471			90			—			—
	5,571			5,758			11,372		15,994			8,263			6,528			5,430
	5,048			5,069			6,158		7,905			6,210			3,641			4,553
	478,527			354,508			4,942,717		3,748,681			1,559,821			769,695			293,673
	(255,965	)		(256,403	)		—		(508	)		(263,862	)		(117,388	)		(255,119	)
	222,562			98,105			4,942,717		3,748,173			1,295,959			652,307			38,554
	423,304			407,635			1,281,291		26,751,720			486,533			(529,827	)		74,280

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 151

Statements of Operations (cont’d)

Year ended November 30, 2014

	AllianzGI Behavioral Advantage Large Cap		AllianzGI Best Styles Global Equity (1)			AllianzGI China Equity			AllianzGI Convertible		AllianzGI Emerging Markets Debt (2)
Realized and Change in Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	6,048,044	$	698,462		$	199,886		$	174,113,667	$	(218,092	)
Investments in Affiliates		—		(2,185	)		203,232			—		—
Futures contracts		—		165,060			—			—		—
Options written		—		—			—			—		—
Foreign currency transactions		—		(17,714	)		(350	)		—		(25,021	)
Net capital gain distributions received from underlying Affiliated funds		—		—			—			—		—
Payments from Affiliates (See Note 13)		—		—			—			475,282		—
Net change in unrealized appreciation/ depreciation of:
Investments		3,453,370		2,236,142			(244,093	)		29,600,080		(157,577	)
Investments in Affiliates		—		(907	)		(141,277	)		—		—
Futures contracts		—		20,947			—			—		—
Options written		—		—			—			—		—
Foreign currency transactions		—		(3,000	)		(26	)		—		10,595
Net Realized and Change in Unrealized Gain (Loss)		9,501,414		3,096,805			17,372			204,189,029		(390,095	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations	$	10,482,751	$	3,881,827		$	84,776		$	237,518,442	$	(146,976	)
* Foreign withholding taxes	$	295	$	52,126		$	11,215		$	—	$	—

(1) Commencement of operations, December 2, 2013.

(2) Commencement of operations, September 15, 2014.

152 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

AllianzGI Global Fundamental Strategy			AllianzGI Global Managed Volatility			AllianzGI Global Water			AllianzGI High Yield Bond			AllianzGI International Small-Cap			AllianzGI Micro Cap			AllianzGI Multi-Asset Real Return
$	9,017		$	1,467,327		$	11,107,484		$	(2,768,963	)	$	5,218,090		$	5,155,768		$	(45,912	)
	—			—			1,096,095			—			3,804,137			162,297			(21,877	)
	(88,273	)		—			—			—			—			—			(3,191	)
	43,534			—			—			—			—			—			—
	222,111			(7,345	)		(132,498	)		—			(92,449	)		—			(1,145	)
	—			—			—			—			—			—			18,182
	575			—			—			174,513			—			—			—
	438,228			(82,006	)		(6,786,408	)		(13,254,415	)		(9,839,722	)		(5,095,316	)		183,196
	(405	)		—			(2,241,288	)		—			(5,093,725	)		92,125			(285,646	)
	(23,005	)		—			—			—			—			—			(13,595	)
	8,723			—			—			—			—			—			—
	(2,187	)		(1,902	)		(38,420	)		—			(17,988	)		—			(823	)
	608,318			1,376,074			3,004,965			(15,848,865	)		(6,021,657	)		314,874			(170,811	)
$	1,031,622		$	1,783,709		$	4,286,256		$	10,902,855		$	(5,535,124	)	$	(214,953	)	$	(96,531	)
$	27,168		$	21,274		$	407,340		$	—		$	162,955		$	816		$	2,436

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 153

Statements of Operations (cont’d)

Year ended November 30, 2014

	AllianzGI NFJ Emerging Markets Value			AllianzGI NFJ Global Dividend Value			AllianzGI NFJ International Small-Cap Value			AllianzGI NFJ International Value II			AllianzGI Short Duration High Income
Investment Income:
Interest	$	—		$	5		$	—		$	—		$	33,291,901
Dividends, net of foreign withholding taxes*		395,412			2,980,630			691,475			1,135,522			—
Dividends from investments in Affiliates		—			—			1,619			—			—
Miscellaneous		845			—			—			—			773,322
Total Investment Income		396,257			2,980,635			693,094			1,135,522			34,065,223
Expenses:
Investment management		93,128			592,745			203,641			227,175			3,354,905
Distribution — Class C		344			44,084			8,756			422			200,931
Distribution — Class R		—			—			—			—			—
Administrative servicing — Class P		—			1,886			7			39			183,884
Servicing — Class A		122			28,703			6,701			323			453,369
Servicing — Class C		115			14,695			2,919			141			200,931
Servicing — Class D		3,566			2,967			2,897			34			78,737
Servicing — Class R		—			—			—			—			—
Sub-transfer agent — Class A		1			4,205			1,598			94			96,325
Sub-transfer agent — Class C		—			2,693			977			39			40,651
Sub-transfer agent — Class D		12,657			22			10,256			—			45,159
Sub-transfer agent — Class R		—			—			—			—			—
Sub-transfer agent — Institutional Class		1,794			3,721			995			110			32,750
Legal		3,975			11,175			6,928			2,284			73,729
Trustees		1,086			8,331			2,396			3,050			76,878
Audit and tax services		38,348			32,880			28,066			35,191			37,658
Registration		59,391			65,771			70,542			50,767			186,896
Custodian and accounting agent		199,763			105,875			146,018			152,171			113,418
Shareholder communications		16,868			22,945			18,673			18,128			91,234
Transfer agent		6,454			17,269			8,882			7,122			82,169
Excise tax		65			—			—			—			—
Recoupment expense		—			—			—			—			49,351
Insurance		5,497			7,376			5,734			5,694			18,274
Miscellaneous		5,037			4,882			4,653			4,085			5,556
Total Expenses		448,211			972,225			530,639			506,869			5,422,805
Less: Fee Waiver/Reimbursement from Investment Manager		(322,923	)		(172,847	)		(251,942	)		(236,156	)		(113,125	)
Net Expenses		125,288			799,378			278,697			270,713			5,309,680
Net Investment Income (Loss)		270,969			2,181,257			414,397			864,809			28,755,543

154 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

AllianzGI Structured Return			AllianzGI Ultra Micro Cap			AllianzGI U.S. Equity Hedged			AllianzGI U.S. Small-Cap Growth
$	3,255		$	—		$	—		$	—
	119,663			459,978			195,299			136,363
	—			—			—			6,425
	—			—			—			14
	122,918			459,978			195,299			142,802
	152,615			1,996,782			68,580			325,448
	887			—			1,301			4,848
	—			—			—			63
	88			4,372			2			163
	5,156			172,817			3,731			12,329
	296			—			434			1,616
	4,681			—			778			245
	—			—			—			63
	6,375			86,634			868			639
	122			—			171			365
	15,283			—			14,517			22
	—			—			—			18
	1,372			29,020			301			6,948
	117,877			14,144			10,179			12,417
	1,814			15,777			1,121			4,062
	33,571			33,687			27,870			27,790
	50,369			62,177			44,995			80,957
	214,889			79,062			120,993			86,892
	21,482			43,517			15,412			24,989
	7,360			23,972			6,512			16,266
	—			—			—			—
	—			197,535			—			—
	5,628			7,606			5,430			6,390
	5,497			3,596			4,018			5,729
	645,362			2,770,698			327,213			618,259
	(423,380	)		—			(222,985	)		(177,919	)
	221,982			2,770,698			104,228			440,340
	(99,064	)		(2,310,720	)		91,071			(297,538	)

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 155

Statements of Operations (cont’d)

Year ended November 30, 2014

	AllianzGI NFJ Emerging Markets Value			AllianzGI NFJ Global Dividend Value			AllianzGI NFJ International Small-Cap Value			AllianzGI NFJ International Value II			AllianzGI Short Duration High Income
Realized and Change in Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	336,639		$	4,071,476		$	1,454,668		$	159,203		$	2,167,612
Investments in Affiliates		—			—			20,892			—			—
Options written		—			—			—			—			—
Foreign currency transactions		(11,373	)		(27,830	)		(14,452	)		(1,098	)		—
Payments from Affiliates (See Note 13)		—			—			—			—			—
Net change in unrealized appreciation/depreciation of:
Investments		(248,755	)		(2,879,455	)		(989,863	)		(1,273,525	)		(14,120,813	)
Investments in Affiliates		—			—			(34,162	)		(764	)		—
Options written		—			—			—			—			—
Foreign currency transactions		775			(7,972	)		(9,851	)		(4,460	)		—
Net Realized and Change in Unrealized Gain (Loss)		77,286			1,156,219			427,232			(1,120,644	)		(11,953,201	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations	$	348,255		$	3,337,476		$	841,629		$	(255,835	)	$	16,802,342
* Foreign withholding taxes	$	43,797		$	170,162		$	57,405		$	85,941		$	—

156 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

AllianzGI Structured Return			AllianzGI Ultra Micro Cap			AllianzGI U.S. Equity Hedged			AllianzGI U.S. Small-Cap Growth
$	(947,399	)	$	(290,346	)	$	(448,601	)	$	2,997,309
	—			—			—			6,738
	1,426,050			—			23,271			—
	—			—			—			—
	—			—			317			—
	533,138			(1,655,282	)		1,329,004			(2,235,162	)
	—			—			—			109,573
	(184,579	)		—			1,640			—
	—			—			—			—
	827,210			(1,945,628	)		905,631			878,458
$	728,146		$	(4,256,348	)	$	996,702		$	580,920
$	12		$	—		$	44		$	125

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 157

Statements of Changes in Net Assets

	AllianzGI Retirement 2015						AllianzGI Retirement 2020
	Year ended November 30, 2014			Year ended November 30, 2013			Year ended November 30, 2014			Year ended November 30, 2013
Increase in Net Assets from:
Investment Operations:
Net investment income	$	692,615		$	550,150		$	1,176,208		$	741,668
Net realized gain (loss)		739,814			(35,747	)		675,957			(330,343	)
Net change in unrealized appreciation/depreciation		(194,407	)		71,953			93,961			542,205
Net increase in net assets resulting from investment operations		1,238,022			586,356			1,946,126			953,530
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(202,351	)		(151,229	)		(376,596	)		(216,157	)
Class C		(14,041	)		(38,226	)		(4,276	)		(2,686	)
Class D		(2,326	)		(36,338	)		(5,007	)		(6,077	)
Class R		(1,465	)		(13,152	)		(14,740	)		(22,640	)
Class P		(84,782	)		(110,299	)		(154,714	)		(124,213	)
Class R6		(178,596	)		(219,816	)		(160,647	)		(176,616	)
Administrative Class		(73,602	)		(397	)		(138,300	)		(3,255	)
Net realized capital gains:
Class A		—			—			—			(20,593	)
Class C		—			—			—			(926	)
Class D		—			—			—			(647	)
Class R		—			—			—			(2,281	)
Class P		—			—			—			(12,116	)
Class R6		—			—			—			(16,558	)
Administrative Class		—			—			—			(1,258	)
Total Dividends and Distributions to Shareholders		(557,163	)		(569,457	)		(854,280	)		(606,023	)
Fund Share Transactions:
Net proceeds from the sale of shares		29,495,264			14,415,003			39,564,146			27,968,920
Issued in reinvestment of dividends and distributions		556,499			563,101			854,232			606,023
Cost of shares redeemed		(18,462,269	)		(10,695,386	)		(12,114,831	)		(11,330,116	)
Net increase from Fund share transactions		11,589,494			4,282,718			28,303,547			17,244,827
Total Increase in Net Assets		12,270,353			4,299,617			29,395,393			17,592,334
Net Assets:
Beginning of year		22,008,961			17,709,344			33,191,470			15,599,136
End of year*	$	34,279,314		$	22,008,961		$	62,586,863		$	33,191,470
* Including undistributed net investment income of:	$	627,193		$	208,894		$	1,061,834		$	600,120

158 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

AllianzGI Retirement 2025						AllianzGI Retirement 2030						AllianzGI Retirement 2035
Year ended November 30, 2014			Year ended November 30, 2013			Year ended November 30, 2014			Year ended November 30, 2013			Year ended November 30, 2014			Year ended November 30, 2013
$	1,286,786		$	665,521		$	1,406,560		$	870,675		$	1,097,824		$	535,740
	434,739			(416,905	)		1,199,068			(136,941	)		910,969			(178,620	)
	622,984			786,392			(86,428	)		1,586,487			179,591			1,557,091
	2,344,509			1,035,008			2,519,200			2,320,221			2,188,384			1,914,211
	(426,739	)		(236,114	)		(428,196	)		(221,948	)		(300,338	)		(101,742	)
	—			—			(10,033	)		(10,874	)		—			—
	—			—			(13,222	)		(10,072	)		—			—
	(18,248	)		(21,077	)		(21,599	)		(29,886	)		(16,445	)		(19,990	)
	(80,183	)		(92,938	)		(184,881	)		(144,236	)		(113,126	)		(102,453	)
	(108,975	)		(106,062	)		(258,616	)		(263,982	)		(137,282	)		(127,515	)
	(200,811	)		(233	)		(200,325	)		(420	)		(224,389	)		(260	)
	—			(24,277	)		—			(16,870	)		—			(13,242	)
	—			—			—			(1,227	)		—			—
	—			—			—			(845	)		—			—
	—			(2,419	)		—			(2,202	)		—			(2,812	)
	—			(9,853	)		—			(10,688	)		—			(13,606	)
	—			(11,103	)		—			(19,278	)		—			(16,780	)
	—			(904	)		—			(562	)		—			(1,181	)
	(834,956	)		(504,980	)		(1,116,872	)		(733,090	)		(791,580	)		(399,581	)
	41,120,713			28,907,362			38,677,395			27,480,286			29,581,674			20,515,998
	829,680			496,764			1,113,004			730,493			788,966			396,954
	(12,163,443	)		(7,000,861	)		(17,086,760	)		(16,818,734	)		(7,595,095	)		(3,148,704	)
	29,786,950			22,403,265			22,703,639			11,392,045			22,775,545			17,764,248
	31,296,503			22,933,293			24,105,967			12,979,176			24,172,349			19,278,878
	33,811,032			10,877,739			40,199,493			27,220,317			29,509,695			10,230,817
$	65,107,535		$	33,811,032		$	64,305,460		$	40,199,493		$	53,682,044		$	29,509,695
$	1,154,172		$	529,970		$	1,202,112		$	691,744		$	928,003		$	434,101

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 159

Statements of Changes in Net Assets (cont’d)

	AllianzGI Retirement 2040						AllianzGI Retirement 2045
	Year ended November 30, 2014			Year ended November 30, 2013			Year ended November 30, 2014			Year ended November 30, 2013
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income	$	955,485		$	547,945		$	517,862		$	261,082
Net realized gain		1,285,907			90,776			526,086			74,538
Net change in unrealized appreciation/depreciation		(213,031	)		1,818,068			187,541			952,639
Net increase in net assets resulting from investment operations		2,028,361			2,456,789			1,231,489			1,288,259
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(299,358	)		(100,875	)		(181,709	)		(62,334	)
Class C		(4,849	)		(4,540	)		—			—
Class D		(4,271	)		(5,385	)		—			—
Class R		(22,265	)		(22,878	)		(6,954	)		(7,644	)
Class P		(113,845	)		(64,785	)		(56,921	)		(43,843	)
Class R6		(262,190	)		(214,057	)		(115,794	)		(101,568	)
Administrative Class		(116,327	)		(654	)		(36,633	)		(308	)
Net realized capital gains:
Class A		(10,167	)		(7,682	)		(14,940	)		(12,389	)
Class C		(190	)		(439	)		—			—
Class D		(119	)		(476	)		—			—
Class R		(827	)		(1,677	)		(658	)		(1,606	)
Class P		(7,225	)		(4,871	)		(13,700	)		(8,687	)
Class R6		(4,534	)		(15,947	)		(8,805	)		(19,921	)
Administrative Class		(3,144	)		(212	)		(2,638	)		(343	)
Return of Capital:
Class A		—			—			—			—
Class C		—			—			—			—
Class D		—			—			—			—
Class R		—			—			—			—
Class P		—			—			—			—
Class R6		—			—			—			—
Administrative Class		—			—			—			—
Total Dividends and Distributions to Shareholders		(849,311	)		(444,478	)		(438,752	)		(258,643	)
Fund Share Transactions:
Net proceeds from the sale of shares		27,176,932			16,759,032			15,099,268			7,291,721
Issued in reinvestment of dividends and distributions		847,385			441,636			438,561			258,522
Cost of shares redeemed		(12,583,051	)		(5,635,221	)		(2,852,267	)		(1,178,869	)
Net increase (decrease) from Fund share transactions		15,441,266			11,565,447			12,685,562			6,371,374
Total Increase (Decrease) in Net Assets		16,620,316			13,577,758			13,478,299			7,400,990
Net Assets:
Beginning of year		26,922,901			13,345,143			13,084,055			5,683,065
End of year*	$	43,543,217		$	26,922,901		$	26,562,354		$	13,084,055
* Including undistributed net investment income of:	$	768,584		$	444,281		$	432,237		$	200,139

160 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

AllianzGI Retirement 2050						AllianzGI Retirement 2055						AllianzGI Retirement Income
Year ended November 30, 2014			Year ended November 30, 2013			Year ended November 30, 2014			Year ended November 30, 2013			Year ended November 30, 2014			Year ended November 30, 2013
$	439,654		$	274,886		$	156,879		$	114,335		$	677,809		$	744,927
	746,452			168,103			245,428			96,730			855,090			311,964
	(183,686	)		1,054,220			(84,342	)		383,798			(257,664	)		(278,951	)
	1,002,420			1,497,209			317,965			594,863			1,275,235			777,940
	(68,062	)		(16,717	)		(13,942	)		(842	)		(99,066	)		(179,152	)
	(2,510	)		(1,272	)		—			—			(45,087	)		(167,944	)
	(8,335	)		(5,883	)		—			—			(16,960	)		(52,448	)
	(10,670	)		(11,240	)		(1,668	)		(1,333	)		(2,510	)		(3,837	)
	(37,456	)		(24,444	)		(6,547	)		(2,203	)		(151,273	)		(208,689	)
	(245,688	)		(208,847	)		(118,426	)		(124,983	)		(215,784	)		(402,626	)
	(30,843	)		(511	)		(5,836	)		(386	)		(37,092	)		(27,354	)
	(25,014	)		(1,929	)		(7,419	)		(448	)		—			(23,086	)
	(823	)		(214	)		—			—			—			(28,517	)
	(1,745	)		(724	)		—			—			—			(7,188	)
	(3,662	)		(1,290	)		(1,123	)		(698	)		—			(554	)
	(33,116	)		(2,680	)		(9,316	)		(1,113	)		—			(24,955	)
	(51,300	)		(22,716	)		(51,679	)		(59,925	)		—			(46,558	)
	(6,978	)		(118	)		(3,149	)		(249	)		—			(1,013	)
	—			—			—			—			—			(7,402	)
	—			—			—			—			—			(8,593	)
	—			—			—			—			—			(2,420	)
	—			—			—			—			—			(205	)
	—			—			—			—			—			(9,769	)
	—			—			—			—			—			(15,564	)
	—			—			—			—			—			(2,004	)
	(526,202	)		(298,585	)		(219,105	)		(192,180	)		(567,772	)		(1,219,878	)
	12,294,801			5,500,024			2,861,581			908,455			13,555,798			10,247,332
	525,997			298,585			219,099			192,180			567,659			1,202,902
	(5,298,045	)		(2,709,799	)		(349,327	)		(77,253	)		(11,773,274	)		(14,307,606	)
	7,522,753			3,088,810			2,731,353			1,023,382			2,350,183			(2,857,372	)
	7,998,971			4,287,434			2,830,213			1,426,065			3,057,646			(3,299,310	)
	13,488,957			9,201,523			5,055,516			3,629,451			26,322,947			29,622,257
$	21,487,928		$	13,488,957		$	7,885,729		$	5,055,516		$	29,380,593		$	26,322,947
$	353,260		$	214,739		$	130,574		$	84,932		$	198,304		$	1,784

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 161

Statements of Changes in Net Assets (cont’d)

	AllianzGI Global Allocation						AllianzGI Global Growth Allocation
	Year ended November 30, 2014			Year ended November 30, 2013			Year ended November 30, 2014			Year ended November 30, 2013
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income	$	4,997,925		$	5,183,796		$	124,498		$	170,061
Net realized gain (loss)		11,590,534			10,540,301			609,442			832,100
Net change in unrealized appreciation/depreciation		(7,044,237	)		7,007,440			(515,792	)		176,941
Net increase in net assets resulting from investment operations		9,544,222			22,731,537			218,148			1,179,102
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(1,515,468	)		(2,664,819	)		(36,024	)		(23,226	)
Class B		(31,583	)		(115,538	)		—			—
Class C		(941,983	)		(2,114,389	)		(26,791	)		(28,575	)
Class D		(34,957	)		(13,156	)		(10,657	)		(3,362	)
Class R		(351	)		(563	)		(3,112	)		(517	)
Class P		(48,927	)		(55,750	)		(1,171	)		(513	)
Institutional Class		(1,801,068	)		(2,475,717	)		(92,056	)		(156,839	)
Administrative Class		(588	)		(54,859	)		(523	)		(487	)
Net realized capital gains:
Class A		—			—			(155,116	)		(8,641	)
Class C		—			—			(163,735	)		(13,353	)
Class D		—			—			(44,224	)		(1,183	)
Class R		—			—			(13,397	)		(236	)
Class P		—			—			(4,798	)		(179	)
Institutional Class		—			—			(378,173	)		(50,786	)
Administrative Class		—			—			(2,270	)		(171	)
Total Dividends and Distributions to Shareholders		(4,374,925	)		(7,494,791	)		(932,047	)		(288,068	)
Fund Share Transactions:
Net proceeds from the sale of shares		27,705,749			30,248,337			898,223			1,723,271
Issued in reinvestment of dividends and distributions		3,945,498			6,677,559			930,946			288,068
Cost of shares redeemed		(40,895,649	)		(45,728,016	)		(1,655,346	)		(3,525,932	)
Net increase (decrease) from Fund share transactions		(9,244,402	)		(8,802,120	)		173,823			(1,514,593	)
Total Increase (Decrease) in Net Assets		(4,075,105	)		6,434,626			(540,076	)		(623,559	)
Net Assets:
Beginning of period		213,059,545			206,624,919			6,679,710			7,303,269
End of period*	$	208,984,440		$	213,059,545		$	6,139,634		$	6,679,710
* Including undistributed net investment income of:	$	1,481,521		$	—		$	81,738		$	94,812

** Commencement of operations.

162 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

AllianzGI Behavioral Advantage Large Cap						AllianzGI Best Styles Global Equity			AllianzGI China Equity
Year ended November 30, 2014			Year ended November 30, 2013			Period from December 2, 2013** through November 30, 2014			Year ended November 30, 2014			Year ended November 30, 2013
$	981,337		$	513,865		$	785,022		$	67,404		$	50,999
	6,048,044			2,100,176			843,623			402,768			(23,662	)
	3,453,370			7,931,802			2,253,182			(385,396	)		599,575
	10,482,751			10,545,843			3,881,827			84,776			626,912
	(90,468	)		(538	)		—			(1,192	)		(2,022	)
	—			—			—			—			—
	(1,785	)		(753	)		—			(2	)		(1	)
	(454	)		(3,323	)		—			(1,635	)		(11,196	)
	—			—			—			—			—
	(111	)		(187	)		—			(45	)		(226	)
	(412,898	)		(298,276	)		—			(31,446	)		(76,243	)
	—			—			—			—			—
	(306,379	)		(2,833	)		—			—			—
	(8,829	)		(3,716	)		—			—			—
	(6,517	)		(3,966	)		—			—			—
	—			—			—			—			—
	(603	)		(733	)		—			—			—
	(1,759,764	)		(1,029,278	)		—			—			—
	—			—			—			—			—
	(2,587,808	)		(1,343,603	)		—			(34,320	)		(89,688	)
	49,243,234			34,306,842			36,454,373			4,723,503			896,237
	2,233,422			1,342,737			—			34,320			89,688
	(31,003,981	)		(4,876,491	)		(11,914,060	)		(4,358,814	)		(1,094,747	)
	20,472,675			30,773,088			24,540,313			399,009			(108,822	)
	28,367,618			39,975,328			28,422,140			449,465			428,402
	57,291,836			17,316,508			5,020,000			4,497,857			4,069,455
$	85,659,454		$	57,291,836		$	33,442,140		$	4,947,322		$	4,497,857
$	951,417		$	451,168		$	771,361		$	94,771		$	19,845

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 163

Statements of Changes in Net Assets (cont’d)

	AllianzGI Convertible						AllianzGI Emerging Markets Debt
	Year ended November 30, 2014			Year ended November 30, 2013			Period from September 15, 2014** through November 30, 2014
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income	$	33,329,413		$	29,827,103		$	243,119
Net realized gain (loss)		174,588,949			106,379,772			(243,113	)
Net change in unrealized appreciation/depreciation		29,600,080			213,706,272			(146,982	)
Net increase (decrease) in net assets resulting from investment operations		237,518,442			349,913,147			(146,976	)
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(8,036,190	)		(2,361,786	)		—
Class C		(1,651,959	)		(461,374	)		—
Class D		(2,363,380	)		(829,104	)		—
Class R		(16,226	)		(2,662	)		—
Class P		(5,514,465	)		(1,432,561	)		—
Institutional Class		(39,138,558	)		(19,878,839	)		—
Administrative Class		(209,464	)		(106,752	)		—
Net realized capital gains:
Class A		(9,748,925	)		—			—
Class C		(2,953,239	)		—			—
Class D		(2,652,574	)		—			—
Class R		(19,171	)		—			—
Class P		(5,628,426	)		—			—
Institutional Class		(38,746,943	)		—			—
Administrative Class		(203,909	)		—			—
Total Dividends and Distributions to Shareholders		(116,883,429	)		(25,073,078	)		—
Fund Share Transactions:
Net proceeds from the sale of shares		1,084,404,115			1,660,827,670			3,000
Issued in reinvestment of dividends and distributions		76,423,408			15,664,611			—
Cost of shares redeemed		(983,620,998	)		(625,119,587	)		—
Net increase (decrease) from Fund share transactions		177,206,525			1,051,372,694			3,000
Total Increase (Decrease) in Net Assets		297,841,538			1,376,212,763			(143,976	)
Net Assets:
Beginning of period		2,403,786,010			1,027,573,247			30,030,000
End of period*	$	2,701,627,548		$	2,403,786,010		$	29,886,024
* Including undistributed net investment income of:	$	12,633,367		$	28,561,711		$	179,457

** Commencement of operations.

164 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

AllianzGI Global Fundamental Strategy					AllianzGI Global Managed Volatility						AllianzGI Global Water
Year ended November 30, 2014			Period from July 1, 2013** through November 30, 2013		Year ended November 30, 2014			Year ended November 30, 2013			Year ended November 30, 2014			Year ended November 30, 2013
$	423,304		$	104,947	$	407,635		$	444,751		$	1,281,291		$	838,937
	186,964			51,753		1,459,982			619,199			12,071,081			3,254,498
	421,354			469,690		(83,908	)		762,994			(9,066,116	)		30,353,142
	1,031,622			626,390		1,783,709			1,826,944			4,286,256			34,446,577
	(78	)		—		(3,296	)		(1,861	)		(269,464	)		(679,198	)
	(40	)		—		(4,877	)		(2,023	)		(44	)		(121,278	)
	(78	)		—		(1,358	)		(1,690	)		(27,063	)		(75,427	)
	—			—		—			—			—			—
	(86	)		—		(368	)		(392	)		(164,700	)		(186,883	)
	(183,029	)		—		(466,258	)		(556,130	)		(175,053	)		(56,569	)
	—			—		—			—			—			—
	(42	)		—		(4,082	)		(493	)		—			—
	(42	)		—		(6,056	)		(468	)		—			—
	(45	)		—		(2,421	)		(385	)		—			—
	—			—		—			—			—			—
	(42	)		—		(397	)		(100	)		—			—
	(83,961	)		—		(470,054	)		(133,935	)		—			—
	—			—		—			—			—			—
	(267,443	)		—		(959,167	)		(697,477	)		(636,324	)		(1,119,355	)
	2,628,459			56,000		6,745,131			3,589,444			183,509,079			139,501,638
	267,443			—		958,921			697,477			446,287			655,954
	(2,175,508	)		—		(6,297,535	)		(5,585,663	)		(85,247,989	)		(40,240,156	)
	720,394			56,000		1,406,517			(1,298,742	)		98,707,377			99,917,436
	1,484,573			682,390		2,231,059			(169,275	)		102,357,309			133,244,658
	20,722,390			20,040,000		14,527,201			14,696,476			244,519,582			111,274,924
$	22,206,963		$	20,722,390	$	16,758,260		$	14,527,201		$	346,876,891		$	244,519,582
$	619,357		$	70,669	$	405,697		$	501,866		$	1,031,226		$	518,757

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 165

Statements of Changes in Net Assets (cont’d)

	AllianzGI High Yield Bond						AllianzGI International  Small-Cap
	Year ended November 30, 2014			Year ended November 30, 2013			Year ended November 30, 2014			Year ended November 30, 2013
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income (loss)	$	26,751,720		$	25,667,127		$	486,533		$	485,853
Net realized gain (loss)		(2,594,450	)		4,650,471			8,929,778			22,157,689
Net change in unrealized appreciation/depreciation		(13,254,415	)		3,318,437			(14,951,435	)		9,127,239
Net increase (decrease) in net assets resulting from investment operations		10,902,855			33,636,035			(5,535,124	)		31,770,781
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(4,652,555	)		(6,143,161	)		(76,677	)		(5	)
Class C		(1,492,477	)		(1,688,305	)		(7,882	)		(323	)
Class D		(4,685,232	)		(4,839,632	)		(24,442	)		(11	)
Class R		(186,866	)		(159,730	)		(1,445	)		(153	)
Class P		(5,226,144	)		(2,457,369	)		(413,514	)		(314,004	)
Institutional Class		(11,638,201	)		(9,203,696	)		(712,548	)		(835,561	)
Administrative Class***		(2,355,230	)		(2,036,554	)		(143	)		(1	)
Net realized capital gains:
Class A		(619,224	)		(145,971	)		(401,037	)		—
Class C		(228,112	)		(37,627	)		(67,871	)		—
Class D		(937,624	)		(105,921	)		(43,636	)		—
Class R		(24,919	)		(3,114	)		(3,246	)		—
Class P		(667,219	)		(18,364	)		(2,839,970	)		—
Institutional Class		(1,221,439	)		(175,436	)		(5,781,334	)		—
Administrative Class***		(287,135	)		(41,582	)		(1,090	)		—
Total Dividends and Distributions to Shareholders		(34,222,377	)		(27,056,462	)		(10,374,835	)		(1,150,058	)
Fund Share Transactions:
Net proceeds from the sale of shares		261,023,783			365,187,121			31,565,843			38,103,115
Issued in reinvestment of dividends and distributions		28,415,730			20,848,984			9,979,963			1,138,431
Cost of shares redeemed		(343,171,573	)		(285,089,695	)		(45,162,105	)		(79,496,990	)
Net increase (decrease) from Fund share transactions		(53,732,060	)		100,946,410			(3,616,299	)		(40,255,444	)
Total Increase (Decrease) in Net Assets		(77,051,582	)		107,525,983			(19,526,258	)		(9,634,721	)
Net Assets:
Beginning of period		462,050,603			354,524,620			111,101,972			120,736,693
End of period*	$	384,999,021		$	462,050,603		$	91,575,714		$	111,101,972
* Including undistributed (dividends in excess of) net investment income of:	$	(1,910,964	)	$	(902,748	)	$	228,162		$	1,070,728

** Commencement of operations.

*** The Administrative Class of AllianzGI International Small-Cap liquidated on May 21, 2014.

166 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

AllianzGI Micro Cap						AllianzGI Multi-Asset Real Return						AllianzGI NFJ Emerging Markets Value
Year ended November 30, 2014			Year ended November 30, 2013			Year ended November 30, 2014			Period from December 17, 2012** through November 30, 2013			Year ended November 30, 2014			Period from December 18, 2012** through November 30, 2013
$	(529,827	)	$	(393,228	)	$	74,280		$	59,725		$	270,969		$	149,989
	5,318,065			5,183,506			(53,943	)		1,210			325,266			(158,705	)
	(5,003,191	)		9,903,699			(116,868	)		67,838			(247,980	)		181,059
	(214,953	)		14,693,977			(96,531	)		128,773			348,255			172,343
	—			—			(677	)		—			(1,302	)		(258	)
	—			—			(1,050	)		—			(619	)		(99	)
	—			—			(136	)		—			(27,988	)		(4,846	)
	—			—			—			—			—			—
	—			—			(152	)		—			(251	)		(122	)
	—			—			(88,246	)		—			(171,834	)		(73,371	)
	—			—			—			—			—			—
	(99,298	)		(13,432	)		(350	)		—			—			—
	—			—			(473	)		—			—			—
	—			—			(111	)		—			—			—
	—			—			—			—			—			—
	(121,008	)		(31,638	)		(53	)		—			—			—
	(2,458,693	)		(2,184,800	)		(29,343	)		—			—			—
	—			—			—			—			—			—
	(2,678,999	)		(2,229,870	)		(120,591	)		—			(201,994	)		(78,696	)
	16,002,865			13,526,507			1,227,771			137,728			2,873,339			5,003,054
	2,674,893			2,215,649			120,591			—			201,994			78,696
	(21,006,118	)		(11,046,819	)		(108,911	)		(5,234	)		(1,256,884	)		(604,648	)
	(2,328,360	)		4,695,337			1,239,451			132,494			1,818,449			4,477,102
	(5,222,312	)		17,159,444			1,022,329			261,267			1,964,710			4,570,749
	44,969,599			27,810,155			5,301,267			5,040,000			7,610,749			3,040,000
$	39,747,287		$	44,969,599		$	6,323,596		$	5,301,267		$	9,575,459		$	7,610,749
$	(482,297	)	$	(416,240	)		64,932		$	62,144		$	168,872		$	72,786

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 167

Statements of Changes in Net Assets (cont’d)

	AllianzGI NFJ Global Dividend Value						AllianzGI NFJ International Small-Cap Value
	Year ended November 30, 2014			Year ended November 30, 2013			Year ended November 30, 2014			Year ended November 30, 2013
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income (loss)	$	2,181,257		$	1,899,401		$	414,397		$	184,098
Net realized gain (loss)		4,043,646			3,737,570			1,461,108			417,518
Net change in unrealized appreciation/depreciation		(2,887,427	)		8,506,884			(1,033,876	)		1,265,550
Net increase (decrease) in net assets resulting from investment operations		3,337,476			14,143,855			841,629			1,867,166
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(289,279	)		(198,998	)		(28,563	)		(20,797	)
Class C		(106,170	)		(60,674	)		(13,235	)		(1,215	)
Class D		(22,598	)		(11,466	)		(8,011	)		(5,602	)
Class P		(50,720	)		(29,012	)		(134	)		(128	)
Institutional Class		(1,494,313	)		(1,218,754	)		(198,102	)		(45,319	)
Net realized capital gains:
Class A		(524,358	)		(15,289	)		(49,292	)		(5,301	)
Class C		(278,781	)		(8,154	)		(14,329	)		(57	)
Class D		(37,086	)		(958	)		(20,783	)		(607	)
Class P		(87,797	)		(2,174	)		(325	)		(57	)
Institutional Class		(2,562,825	)		(86,720	)		(277,871	)		(17,772	)
Total Dividends and Distributions to Shareholders		(5,453,927	)		(1,632,199	)		(610,645	)		(96,855	)
Fund Share Transactions:
Net proceeds from the sale of shares		23,212,818			22,951,780			11,637,433			11,135,989
Issued in reinvestment of dividends and distributions		4,954,544			1,512,963			609,584			96,234
Cost of shares redeemed		(29,958,637	)		(18,882,275	)		(8,626,539	)		(2,078,411	)
Net increase (decrease) from Fund share transactions		(1,791,275	)		5,582,468			3,620,478			9,153,812
Total Increase (Decrease) in Net Assets		(3,907,726	)		18,094,124			3,851,462			10,924,123
Net Assets:
Beginning of period		70,181,392			52,087,268			15,630,820			4,706,697
End of period*	$	66,273,666		$	70,181,392		$	19,482,282		$	15,630,820
* Including undistributed (dividends in excess of) net investment income of:	$	876,625		$	689,680		$	425,244		$	195,568

** Commencement of operations.

168 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

AllianzGI NFJ International Value II						AllianzGI Short Duration High Income						AllianzGI Structured Return
Year ended November 30, 2014			Year ended November 30, 2013			Year ended November 30, 2014			Year ended November 30, 2013			Year ended November 30, 2014			Period from December 3, 2012** through November 30, 2013
$	864,809		$	85,369		$	28,755,543		$	15,626,920		$	(99,064	)	$	(126,988	)
	158,105			191,143			2,167,612			(1,886,608	)		478,651			508,983
	(1,278,749	)		468,866			(14,120,813	)		3,327,579			348,559			87,059
	(255,835	)		745,378			16,802,342			17,067,891			728,146			469,054
	(2,980	)		(668	)		(8,370,337	)		(6,075,369	)		—			—
	(1,279	)		(115	)		(3,564,709	)		(2,115,400	)		—			—
	(410	)		(136	)		(1,473,888	)		(739,149	)		—			—
	(1,094	)		(143	)		(9,035,739	)		(4,408,587	)		—			—
	(735,960	)		(57,743	)		(10,905,778	)		(5,527,917	)		—			—
	(2,574	)		(70	)		—			(27,576	)		(37,417	)		—
	(1,615	)		(16	)		—			(9,938	)		(5,488	)		—
	(448	)		(16	)		—			(3,477	)		(69,417	)		—
	(452	)		(16	)		—			(18,635	)		(2,794	)		—
	(154,322	)		(6,282	)		—			(13,278	)		(410,919	)		—
	(901,134	)		(65,205	)		(33,350,451	)		(18,939,326	)		(526,035	)		—
	39,704,993			341,684			559,371,784			501,029,596			16,098,848			4,819,307
	901,134			65,204			27,490,449			15,566,518			526,035			—
	(4,406,491	)		(1,246,435	)		(360,175,213	)		(172,942,850	)		(3,270,567	)		(1,282,224	)
	36,199,636			(839,547	)		226,687,020			343,653,264			13,354,316			3,537,083
	35,042,667			(159,374	)		210,138,911			341,781,829			13,556,427			4,006,137
	4,318,221			4,477,595			552,541,180			210,759,351			10,046,137			6,040,000
$	39,360,888		$	4,318,221		$	762,680,091		$	552,541,180		$	23,602,564		$	10,046,137
$	184,108		$	55,965		$	(2,799,819	)	$	(2,186,043	)	$	—		$	—

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 169

Statements of Changes in Net Assets (cont’d)

	AllianzGI Ultra Micro Cap						AllianzGI U.S. Equity Hedged
	Year ended November 30, 2014			Year ended November 30, 2013			Year ended November 30, 2014			Period from December 3, 2012** through November 30, 2013
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income (loss)	$	(2,310,720	)	$	(716,570	)	$	91,071		$	47,172
Net realized gain (loss)		(290,346	)		263,637			(425,013	)		(228,900	)
Net change in unrealized appreciation/depreciation		(1,655,282	)		24,719,725			1,330,644			880,477
Net increase (decrease) in net assets resulting from investment operations		(4,256,348	)		24,266,792			996,702			698,749
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		—			—			(13,056	)		—
Class C		—			—			(1,801	)		—
Class D		—			—			(1,167	)		—
Class P		—			—			(47	)		—
Institutional Class		—			—			(36,196	)		—
Net realized capital gains:
Class A		(280,502	)		(16,345	)		(80,061	)		—
Class C		—			—			(9,450	)		—
Class D		—			—			(15,115	)		—
Class R		—			—			—			—
Class P		(11,847	)		(314	)		(638	)		—
Institutional Class		(259,818	)		(22,004	)		(562,186	)		—
Total Dividends and Distributions to Shareholders		(552,167	)		(38,663	)		(719,717	)		—
Fund Share Transactions:
Net proceeds from the sale of shares		74,836,748			114,937,995			8,217,176			3,572,078
Issued in reinvestment of dividends and distributions		543,201			36,319			719,717			—
Cost of shares redeemed		(82,317,148	)		(30,589,080	)		(871,008	)		(100,791	)
Net increase (decrease) from Fund share transactions		(6,937,199	)		84,385,234			8,065,885			3,471,287
Total Increase (Decrease) in Net Assets		(11,745,714	)		108,613,363			8,342,870			4,170,036
Net Assets:
Beginning of period		125,023,519			16,410,156			7,210,036			3,040,000
End of period*	$	113,277,805		$	125,023,519		$	15,552,906		$	7,210,036
* Including undistributed (dividends in excess of) net investment income of:	$	(2,167,107	)	$	(752,280	)	$	91,204		$	47,678

** Commencement of operations.

170 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

AllianzGI U.S. Small-Cap Growth
Year ended November 30, 2014			Year ended November 30, 2013
$	(297,538	)	$	(161,572	)
	3,004,047			3,685,227
	(2,125,589	)		8,171,710
	580,920			11,695,365
	—			—
	—			—
	—			—
	—			—
	—			—
	(497,317	)		(31,876	)
	(62,072	)		(4,670	)
	(7,759	)		(1,186	)
	(2,639	)		(232	)
	(12,307	)		(477	)
	(2,798,232	)		(440,662	)
	(3,380,326	)		(479,103	)
	16,713,796			16,516,133
	2,978,885			451,442
	(14,261,233	)		(15,100,256	)
	5,431,448			1,867,319
	2,632,042			13,083,581
	34,896,739			21,813,158
$	37,528,781		$	34,896,739
$	(410,511	)	$	(112,973	)

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 171

Financial Highlights

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 Retirement 2015:
Class A
11/30/2014	$	19.56	$	0.42	$	0.37		$	0.79	$	(0.40	)	$	—
11/30/2013		19.52		0.49		0.10			0.59		(0.55	)		—
11/30/2012		18.86		0.48		1.27			1.75		(0.70	)		(0.39	)
11/30/2011		19.28		0.38		0.23			0.61		(0.74	)		(0.29	)
11/30/2010		18.38		0.48		1.22			1.70		(0.68	)		(0.12	)
Class C
11/30/2014	$	19.23	$	0.28	$	0.36		$	0.64	$	(0.19	)	$	—
11/30/2013		19.15		0.38		0.05			0.43		(0.35	)		—
11/30/2012		18.53		0.35		1.24			1.59		(0.58	)		(0.39	)
11/30/2011		19.09		0.31		0.14			0.45		(0.72	)		(0.29	)
11/30/2010		18.25		0.36		1.19			1.55		(0.59	)		(0.12	)
Class D
11/30/2014	$	19.54	$	0.41	$	0.36		$	0.77	$	(0.24	)	$	—
11/30/2013		19.52		0.88		(0.32	)		0.56		(0.54	)		—
11/30/2012		18.87		0.41		1.34			1.75		(0.71	)		(0.39	)
11/30/2011		19.30		0.58		—			0.58		(0.72	)		(0.29	)
11/30/2010		18.40		0.52		1.18			1.70		(0.68	)		(0.12	)
Class R
11/30/2014	$	19.48	$	0.36	$	0.36		$	0.72	$	(0.15	)	$	—
11/30/2013		19.50		0.46		0.05			0.51		(0.53	)		—
11/30/2012		18.85		0.19		1.51			1.70		(0.66	)		(0.39	)
11/30/2011		19.27		0.55		—			0.55		(0.68	)		(0.29	)
11/30/2010		18.35		0.53		1.13			1.66		(0.62	)		(0.12	)
Class P
11/30/2014	$	19.74	$	0.48	$	0.38		$	0.86	$	(0.43	)	$	—
11/30/2013		19.66		0.51		0.14			0.65		(0.57	)		—
11/30/2012		18.97		0.34		1.49			1.83		(0.75	)		(0.39	)
11/30/2011		19.37		0.65		(0.01	)		0.64		(0.75	)		(0.29	)
11/30/2010		18.43		0.61		1.13			1.74		(0.68	)		(0.12	)
Class R6
11/30/2014	$	19.77	$	0.50	$	0.38		$	0.88	$	(0.45	)	$	—
11/30/2013		19.68		0.54		0.12			0.66		(0.57	)		—
11/30/2012		18.99		0.54		1.31			1.85		(0.77	)		(0.39	)
11/30/2011		19.39		0.66		—			0.66		(0.77	)		(0.29	)
11/30/2010		18.45		0.61		1.14			1.75		(0.69	)		(0.12	)
Administrative Class
11/30/2014	$	19.68	$	0.44	$	0.38		$	0.82	$	(0.40	)	$	—
11/30/2013		19.60		0.22		0.37			0.59		(0.51	)		—
11/30/2012		18.94		0.48		1.29			1.77		(0.72	)		(0.39	)
11/30/2011		19.34		0.61		—			0.61		(0.72	)		(0.29	)
11/30/2010		18.40		0.58		1.14			1.72		(0.66	)		(0.12	)

(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.

172 Annual Report |  November 30, 2014  | 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 (c)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c)			Ratio of Net Investment Income to Average Net Assets (c)			Portfolio Turnover Rate
$	(0.40	)	$	19.95		4.14	%	$	12,398		0.41	%		0.60	%		2.15	%		114	%
	(0.55	)		19.56		3.10			4,900		0.40			0.60			2.55			94
	(1.09	)		19.52		9.88			1,798		0.40			0.60			2.57			70
	(1.03	)		18.86		3.27			1,564		0.47			2.06			2.03			108
	(0.80	)		19.28		9.67			229		0.50			5.47			2.62			24
$	(0.19	)	$	19.68		3.37	%	$	1,096		1.16	%		1.35	%		1.43	%		114	%
	(0.35	)		19.23		2.29			1,445		1.15			1.35			2.01			94
	(0.97	)		19.15		9.08			2,049		1.15			1.35			1.91			70
	(1.01	)		18.53		2.44			2,347		1.22			2.66			1.65			108
	(0.71	)		19.09		8.88			305		1.25			7.23			1.99			24
$	(0.24	)	$	20.07		3.99	%	$	92		0.51	%		0.60	%		2.09	%		114	%
	(0.54	)		19.54		2.95			191		0.50			0.60			4.52			94
	(1.10	)		19.52		9.82			1,290		0.50			0.60			2.19			70
	(1.01	)		18.87		3.20			251		0.50			2.22			3.07			108
	(0.80	)		19.30		9.62			204		0.50			5.74			2.84			24
$	(0.15	)	$	20.05		3.75	%	$	206		0.76	%		0.85	%		1.79	%		114	%
	(0.53	)		19.48		2.71			227		0.75			0.85			2.39			94
	(1.05	)		19.50		9.50			469		0.75			0.85			1.01			70
	(0.97	)		18.85		2.94			14		0.75			2.46			2.91			108
	(0.74	)		19.27		9.43			13		0.75			5.77			2.87			24
$	(0.43	)	$	20.17		4.43	%	$	3,720		0.11	%		0.20	%		2.43	%		114	%
	(0.57	)		19.74		3.39			3,925		0.10			0.20			2.65			94
	(1.14	)		19.66		10.27			3,845		0.10			0.20			1.78			70
	(1.04	)		18.97		3.44			14		0.25			2.00			3.41			108
	(0.80	)		19.37		9.88			14		0.30			5.38			3.32			24
$	(0.45	)	$	20.20		4.53	%	$	13,577		0.01	%		0.10	%		2.49	%		114	%
	(0.57	)		19.77		3.52			7,675		—			0.12			2.77			94
	(1.16	)		19.68		10.31			8,243		—			0.15			2.84			70
	(1.06	)		18.99		3.53			5,885		0.15			1.90			3.48			108
	(0.81	)		19.39		10.02			5,553		0.20			5.26			3.32			24
$	(0.40	)	$	20.10		4.23	%	$	3,190		0.36	%		0.45	%		2.21	%		114	%
	(0.51	)		19.68		3.08			3,646		0.35			0.45			1.13			94
	(1.11	)		19.60		9.97			15		0.35			0.45			2.57			70
	(1.01	)		18.94		3.23			14		0.42			2.17			3.23			108
	(0.78	)		19.34		9.75			13		0.45			5.54			3.17			24

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 173

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 Retirement 2020:
Class A
11/30/2014	$	19.32	$	0.41	$	0.37		$	0.78	$	(0.38	)	$	—
11/30/2013		19.15		0.49		0.21			0.70		(0.48	)		(0.05	)
11/30/2012		18.82		0.44		1.34			1.78		(0.70	)		(0.75	)
11/30/2011		19.43		0.49		0.04			0.53		(0.83	)		(0.31	)
11/30/2010		18.58		0.52		1.18			1.70		(0.66	)		(0.19	)
Class C
11/30/2014	$	19.16	$	0.27	$	0.35		$	0.62	$	(0.18	)	$	—
11/30/2013		18.78		0.31		0.26			0.57		(0.14	)		(0.05	)
11/30/2012		18.53		0.37		1.23			1.60		(0.60	)		(0.75	)
11/30/2011		19.21		0.30		0.09			0.39		(0.76	)		(0.31	)
11/30/2010		18.46		0.32		1.22			1.54		(0.60	)		(0.19	)
Class D
11/30/2014	$	19.37	$	0.40	$	0.36		$	0.76	$	(0.33	)	$	—
11/30/2013		19.16		0.49		0.20			0.69		(0.43	)		(0.05	)
11/30/2012		18.84		0.39		1.36			1.75		(0.68	)		(0.75	)
11/30/2011		19.43		0.72		(0.19	)		0.53		(0.81	)		(0.31	)
11/30/2010		18.59		0.52		1.17			1.69		(0.66	)		(0.19	)
Class R
11/30/2014	$	19.27	$	0.35	$	0.36		$	0.71	$	(0.28	)	$	—
11/30/2013		19.14		0.43		0.21			0.64		(0.46	)		(0.05	)
11/30/2012		18.81		0.18		1.54			1.72		(0.64	)		(0.75	)
11/30/2011		19.40		0.53		(0.05	)		0.48		(0.76	)		(0.31	)
11/30/2010		18.55		0.55		1.09			1.64		(0.60	)		(0.19	)
Class P
11/30/2014	$	19.53	$	0.47	$	0.38		$	0.85	$	(0.40	)	$	—
11/30/2013		19.30		0.47		0.30			0.77		(0.49	)		(0.05	)
11/30/2012		18.94		0.37		1.47			1.84		(0.73	)		(0.75	)
11/30/2011		19.51		0.42		0.16			0.58		(0.84	)		(0.31	)
11/30/2010		18.62		0.64		1.10			1.74		(0.66	)		(0.19	)
Class R6
11/30/2014	$	19.57	$	0.51	$	0.35		$	0.86	$	(0.42	)	$	—
11/30/2013		19.32		0.58		0.21			0.79		(0.49	)		(0.05	)
11/30/2012		18.96		0.55		1.31			1.86		(0.75	)		(0.75	)
11/30/2011		19.53		0.64		(0.04	)		0.60		(0.86	)		(0.31	)
11/30/2010		18.64		0.64		1.12			1.76		(0.68	)		(0.19	)
Administrative Class
11/30/2014	$	19.42	$	0.43	$	0.36		$	0.79	$	(0.37	)	$	—
11/30/2013		19.25		0.24		0.47			0.71		(0.49	)		(0.05	)
11/30/2012		18.90		0.51		1.28			1.79		(0.69	)		(0.75	)
11/30/2011		19.48		0.59		(0.05	)		0.54		(0.81	)		(0.31	)
11/30/2010		18.60		0.61		1.10			1.71		(0.64	)		(0.19	)

(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) See Note 6 in the Notes to Financial Statements.

174 Annual Report |  November 30, 2014  | 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 (c)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c)			Ratio of Net Investment Income to Average Net Assets (c)			Portfolio Turnover Rate
$	(0.38	)	$	19.72		4.11	%	$	34,624		0.42	%		0.60	%		2.08	%		89	%
	(0.53	)		19.32		3.75			9,102		0.40			0.60			2.60			86
	(1.45	)		19.15		10.23			985		0.38			0.60			2.40			55
	(1.14	)		18.82		2.82			351		0.48			2.71			2.56			56
	(0.85	)		19.43		9.60			154		0.53			6.52			2.79			23
$	(0.18	)	$	19.60		3.29	%	$	468		1.17	%		1.35	%		1.39	%		89	%
	(0.19	)		19.16		3.02			438		1.15			1.35			1.64			86
	(1.35	)		18.78		9.29			364		1.13			1.35			2.07			55
	(1.07	)		18.53		2.07			669		1.23			3.40			1.61			56
	(0.79	)		19.21		8.72			204		1.28			8.05			1.72			23
$	(0.33	)	$	19.80		3.98	%	$	274		0.52	%		0.60	%		2.06	%		89	%
	(0.48	)		19.37		3.67			319		0.50			0.60			2.58			86
	(1.43	)		19.16		10.02			266		0.48			0.60			2.12			55
	(1.12	)		18.84		2.85			115		0.52			2.91			3.80			56
	(0.85	)		19.43		9.54			187		0.53			5.95			2.80			23
$	(0.28	)	$	19.70		3.72	%	$	1,008		0.77	%		0.85	%		1.81	%		89	%
	(0.51	)		19.27		3.40			1,022		0.75			0.85			2.26			86
	(1.39	)		19.14		9.84			938		0.73			0.85			0.97			55
	(1.07	)		18.81		2.57			14		0.77			3.09			2.77			56
	(0.79	)		19.40		9.25			13		0.78			6.30			2.99			23
$	(0.40	)	$	19.98		4.43	%	$	12,665		0.12	%		0.20	%		2.38	%		89	%
	(0.54	)		19.53		4.06			7,643		0.10			0.20			2.44			86
	(1.48	)		19.30		10.55			5,323		0.08			0.20			1.95			55
	(1.15	)		18.94		3.07			42		0.17			1.39			2.24			56
	(0.85	)		19.51		9.81			14		0.33			5.93			3.44			23
$	(0.42	)	$	20.01		4.48	%	$	5,574		0.02	%		0.10	%		2.59	%		89	%
	(0.54	)		19.57		4.19			7,457		—			0.12			3.00			86
	(1.50	)		19.32		10.62			7,708		—	(d)		0.15			2.98			55
	(1.17	)		18.96		3.16			5,157		0.17			2.51			3.34			56
	(0.87	)		19.53		9.90			4,834		0.23			5.80			3.44			23
$	(0.37	)	$	19.84		4.15	%	$	7,974		0.37	%		0.45	%		2.19	%		89	%
	(0.54	)		19.42		3.79			7,210		0.35			0.45			1.27			86
	(1.44	)		19.25		10.20			15		0.33			0.45			2.73			55
	(1.12	)		18.90		2.87			14		0.44			2.78			3.09			56
	(0.83	)		19.48		9.63			14		0.48			6.08			3.29			23

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 175

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		Total from Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Retirement 2025:
Class A
11/30/2014	$	16.92	$	0.37	$	0.33	$	0.70	$	(0.32	)	$	—
11/30/2013		16.63		0.41		0.32		0.73		(0.40	)		(0.04	)
12/19/2011* - 11/30/2012		15.00		0.34		1.43		1.77		(0.14	)		—
Class R
11/30/2014	$	16.84	$	0.32	$	0.32	$	0.64	$	(0.27	)	$	—
11/30/2013		16.57		0.48		0.19		0.67		(0.36	)		(0.04	)
12/19/2011* - 11/30/2012		15.00		0.18		1.53		1.71		(0.14	)		—
Class P
11/30/2014	$	17.02	$	0.40	$	0.35	$	0.75	$	(0.34	)	$	—
11/30/2013		16.67		0.48		0.31		0.79		(0.40	)		(0.04	)
12/19/2011* - 11/30/2012		15.00		0.38		1.44		1.82		(0.15	)		—
Class R6
11/30/2014	$	17.04	$	0.44	$	0.33	$	0.77	$	(0.36	)	$	—
11/30/2013		16.68		0.50		0.30		0.80		(0.40	)		(0.04	)
12/19/2011* - 11/30/2012		15.00		0.45		1.38		1.83		(0.15	)		—
Administrative Class
11/30/2014	$	16.98	$	0.38	$	0.33	$	0.71	$	(0.32	)	$	—
11/30/2013		16.62		0.20		0.55		0.75		(0.35	)		(0.04	)
12/19/2011* - 11/30/2012		15.00		0.41		1.35		1.76		(0.14	)		—

* 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) Annualized.

(e) See Note 6 in the Notes to Financial Statements.

176 Annual Report |  November 30, 2014  | 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 (c)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c)			Ratio of Net Investment Income to Average Net Assets (c)			Portfolio Turnover Rate
$	(0.32	)	$	17.30		4.22	%	$	31,358		0.41	%		0.60	%		2.16	%		93	%
	(0.44	)		16.92		4.54			13,058		0.40			0.60			2.48			76
	(0.14	)		16.63		11.86			335		0.38	(d)		0.60	(d)		2.22	(d)		55
$	(0.27	)	$	17.21		3.83	%	$	1,004		0.76	%		0.85	%		1.89	%		93	%
	(0.40	)		16.84		4.16			753		0.75			0.85			2.88			76
	(0.14	)		16.57		11.51			1,284		0.73	(d)		0.85	(d)		1.19	(d)		55
$	(0.34	)	$	17.43		4.49	%	$	13,866		0.11	%		0.20	%		2.32	%		93	%
	(0.44	)		17.02		4.84			4,336		0.10			0.20			2.88			76
	(0.15	)		16.67		12.21			3,873		0.08	(d)		0.20	(d)		2.47	(d)		55
$	(0.36	)	$	17.45		4.60	%	$	6,745		0.01	%		0.10	%		2.54	%		93	%
	(0.44	)		17.04		4.93			5,058		—			0.12			3.02			76
	(0.15	)		16.68		12.28			5,375		—	(d)(e)		0.15	(d)		2.94	(d)		55
$	(0.32	)	$	17.37		4.26	%	$	12,135		0.36	%		0.45	%		2.23	%		93	%
	(0.39	)		16.98		4.60			10,606		0.35			0.45			1.23			76
	(0.14	)		16.62		11.86			11		0.33	(d)		0.45	(d)		2.72	(d)		55

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 177

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 Retirement 2030:
Class A
11/30/2014	$	20.66	$	0.48	$	0.38		$	0.86	$	(0.47	)	$	—
11/30/2013		19.80		0.52		0.92			1.44		(0.54	)		(0.04	)
11/30/2012		19.77		0.29		1.61			1.90		(0.70	)		(1.17	)
11/30/2011		20.78		0.50		(0.10	)		0.40		(0.85	)		(0.56	)
11/30/2010		19.36		0.50		1.59			2.09		(0.51	)		(0.16	)
Class C
11/30/2014	$	20.42	$	0.33	$	0.36		$	0.69	$	(0.28	)	$	—
11/30/2013		19.53		0.35		0.93			1.28		(0.35	)		(0.04	)
11/30/2012		19.51		0.43		1.30			1.73		(0.54	)		(1.17	)
11/30/2011		20.59		0.37		(0.09	)		0.28		(0.80	)		(0.56	)
11/30/2010		19.28		0.26		1.66			1.92		(0.45	)		(0.16	)
Class D
11/30/2014	$	20.74	$	0.47	$	0.38		$	0.85	$	(0.43	)	$	—
11/30/2013		19.84		0.52		0.90			1.42		(0.48	)		(0.04	)
11/30/2012		19.82		0.52		1.36			1.88		(0.69	)		(1.17	)
11/30/2011		20.82		0.53		(0.12	)		0.41		(0.85	)		(0.56	)
11/30/2010		19.40		0.47		1.62			2.09		(0.51	)		(0.16	)
Class R
11/30/2014	$	20.65	$	0.41	$	0.37		$	0.78	$	(0.36	)	$	—
11/30/2013		19.85		0.46		0.91			1.37		(0.53	)		(0.04	)
11/30/2012		19.81		0.18		1.67			1.85		(0.64	)		(1.17	)
11/30/2011		20.80		0.52		(0.15	)		0.37		(0.80	)		(0.56	)
11/30/2010		19.37		0.49		1.54			2.03		(0.44	)		(0.16	)
Class P
11/30/2014	$	20.93	$	0.51	$	0.43		$	0.94	$	(0.50	)	$	—
11/30/2013		20.02		0.51		1.00			1.51		(0.56	)		(0.04	)
11/30/2012		19.95		0.41		1.57			1.98		(0.74	)		(1.17	)
11/30/2011		20.92		0.58		(0.12	)		0.46		(0.87	)		(0.56	)
11/30/2010		19.45		0.58		1.56			2.14		(0.51	)		(0.16	)
Class R6
11/30/2014	$	20.98	$	0.59	$	0.36		$	0.95	$	(0.51	)	$	—
11/30/2013		20.04		0.62		0.92			1.54		(0.56	)		(0.04	)
11/30/2012		19.97		0.61		1.38			1.99		(0.75	)		(1.17	)
11/30/2011		20.94		0.62		(0.14	)		0.48		(0.89	)		(0.56	)
11/30/2010		19.47		0.59		1.56			2.15		(0.52	)		(0.16	)
Administrative Class
11/30/2014	$	20.87	$	0.50	$	0.38		$	0.88	$	(0.47	)	$	—
11/30/2013		19.96		0.26		1.21			1.47		(0.52	)		(0.04	)
11/30/2012		19.91		0.57		1.35			1.92		(0.70	)		(1.17	)
11/30/2011		20.88		0.58		(0.14	)		0.44		(0.85	)		(0.56	)
11/30/2010		19.43		0.55		1.54			2.09		(0.48	)		(0.16	)

(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) See Note 6 in the Notes to Financial Statements.

178 Annual Report |  November 30, 2014  | 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 (c)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c)			Ratio of Net Investment Income to Average Net Assets (c)			Portfolio Turnover Rate
$	(0.47	)	$	21.05		4.26	%	$	25,487		0.39	%		0.60	%		2.28	%		93	%
	(0.58	)		20.66		7.48			10,080		0.35			0.60			2.58			79
	(1.87	)		19.80		10.68			10,692		0.29			0.60			1.48			47
	(1.41	)		19.77		1.76			460		0.45			2.50			2.43			52
	(0.67	)		20.78		11.07			286		0.63			5.46			2.57			33
$	(0.28	)	$	20.83		3.43	%	$	680		1.14	%		1.35	%		1.59	%		93	%
	(0.39	)		20.42		6.63			736		1.10			1.35			1.77			79
	(1.71	)		19.53		9.80			605		1.04			1.35			2.26			47
	(1.36	)		19.51		1.20			654		1.21			3.34			1.84			52
	(0.61	)		20.59		10.17			542		1.38			7.39			1.32			33
$	(0.43	)	$	21.16		4.17	%	$	639		0.49	%		0.60	%		2.22	%		93	%
	(0.52	)		20.74		7.34			643		0.45			0.60			2.60			79
	(1.86	)		19.84		10.48			519		0.39			0.60			2.69			47
	(1.41	)		19.82		1.89			377		0.48			2.51			2.59			52
	(0.67	)		20.82		11.04			295		0.63			5.63			2.41			33
$	(0.36	)	$	21.07		3.85	%	$	1,420		0.74	%		0.85	%		1.94	%		93	%
	(0.57	)		20.65		7.09			1,199		0.70			0.85			2.28			79
	(1.81	)		19.85		10.23			1,103		0.64			0.85			0.95			47
	(1.36	)		19.81		1.66			14		0.74			2.82			2.54			52
	(0.60	)		20.80		10.73			14		0.88			5.79			2.53			33
$	(0.50	)	$	21.37		4.58	%	$	17,741		0.09	%		0.20	%		2.42	%		93	%
	(0.60	)		20.93		7.77			7,748		0.05			0.20			2.54			79
	(1.91	)		20.02		10.97			5,103		—	(d)		0.20			2.06			47
	(1.43	)		19.95		2.13			19		0.22			2.27			2.84			52
	(0.67	)		20.92		11.27			14		0.43			5.41			2.97			33
$	(0.51	)	$	21.42		4.63	%	$	8,752		—	%(d)		0.10	%		2.79	%		93	%
	(0.60	)		20.98		7.87			10,854		—	(d)		0.12			3.05			79
	(1.92	)		20.04		11.07			9,182		—	(d)		0.15			3.14			47
	(1.45	)		19.97		2.23			5,813		0.13			2.24			3.04			52
	(0.68	)		20.94		11.35			5,145		0.33			5.29			3.02			33
$	(0.47	)	$	21.28		4.29	%	$	9,586		0.34	%		0.45	%		2.37	%		93	%
	(0.56	)		20.87		7.55			8,939		0.30			0.45			1.29			79
	(1.87	)		19.96		10.60			16		0.24			0.45			2.95			47
	(1.41	)		19.91		1.99			15		0.41			2.52			2.85			52
	(0.64	)		20.88		11.04			14		0.58			5.55			2.82			33

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 179

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		Total from Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Retirement 2035:
Class A
11/30/2014	$	18.09	$	0.41	$	0.39	$	0.80	$	(0.40	)	$	—
11/30/2013		16.94		0.43		1.20		1.63		(0.42	)		(0.06	)
12/19/2011* - 11/30/2012		15.00		0.37		1.74		2.11		(0.17	)		—
Class R
11/30/2014	$	18.00	$	0.35	$	0.38	$	0.73	$	(0.30	)	$	—
11/30/2013		16.89		0.41		1.15		1.56		(0.39	)		(0.06	)
12/19/2011* - 11/30/2012		15.00		0.16		1.90		2.06		(0.17	)		—
Class P
11/30/2014	$	18.20	$	0.43	$	0.43	$	0.86	$	(0.41	)	$	—
11/30/2013		16.99		0.49		1.20		1.69		(0.42	)		(0.06	)
12/19/2011* - 11/30/2012		15.00		0.38		1.79		2.17		(0.18	)		—
Class R6
11/30/2014	$	18.23	$	0.49	$	0.38	$	0.87	$	(0.42	)	$	—
11/30/2013		17.00		0.54		1.17		1.71		(0.42	)		(0.06	)
12/19/2011* - 11/30/2012		15.00		0.46		1.72		2.18		(0.18	)		—
Administrative Class
11/30/2014	$	18.15	$	0.43	$	0.39	$	0.82	$	(0.39	)	$	—
11/30/2013		16.94		0.22		1.43		1.65		(0.38	)		(0.06	)
12/19/2011* - 11/30/2012		15.00		0.42		1.69		2.11		(0.17	)		—

* 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) Annualized.

(e) See Note 6 in the Notes to Financial Statements.

180 Annual Report |  November 30, 2014  | 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 (c)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c)			Ratio of Net Investment Income to Average Net Assets (c)			Portfolio Turnover Rate
$	(0.40	)	$	18.49		4.49	%	$	20,351		0.39	%		0.60	%		2.27	%		90	%
	(0.48	)		18.09		9.83			6,939		0.35			0.60			2.48			67
	(0.17	)		16.94		14.23			104		0.30	(d)		0.60	(d)		2.36	(d)		38
$	(0.30	)	$	18.43		4.14	%	$	1,089		0.74	%		0.85	%		1.93	%		90	%
	(0.45	)		18.00		9.46			961		0.70			0.85			2.38			67
	(0.17	)		16.89		13.88			893		0.65	(d)		0.85	(d)		1.04	(d)		38
$	(0.41	)	$	18.65		4.84	%	$	14,105		0.09	%		0.20	%		2.32	%		90	%
	(0.48	)		18.20		10.19			5,333		0.05			0.20			2.83			67
	(0.18	)		16.99		14.58			4,090		—	(d)		0.20	(d)		2.43	(d)		38
$	(0.42	)	$	18.68		4.89	%	$	6,587		—	%(e)		0.10	%		2.66	%		90	%
	(0.48	)		18.23		10.24			5,850		—	(e)		0.12			3.10			67
	(0.18	)		17.00		14.65			5,132		—	(d)(e)		0.15	(d)		3.00	(d)		38
$	(0.39	)	$	18.58		4.60	%	$	11,550		0.34	%		0.45	%		2.33	%		90	%
	(0.44	)		18.15		9.95			10,427		0.30			0.45			1.29			67
	(0.17	)		16.94		14.23			12		0.25	(d)		0.45	(d)		2.76	(d)		38

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 181

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 Retirement 2040:
Class A
11/30/2014	$	21.45	$	0.48	$	0.50		$	0.98	$	(0.51	)	$	(0.01	)
11/30/2013		19.71		0.49		1.82			2.31		(0.53	)		(0.04	)
11/30/2012		20.22		0.29		1.61			1.90		(0.69	)		(1.72	)
11/30/2011		21.88		0.52		(0.27	)		0.25		(0.97	)		(0.94	)
11/30/2010		20.08		0.73		1.71			2.44		(0.49	)		(0.15	)
Class C
11/30/2014	$	21.21	$	0.33	$	0.48		$	0.81	$	(0.33	)	$	(0.01	)
11/30/2013		19.53		0.34		1.80			2.14		(0.42	)		(0.04	)
11/30/2012		20.07		0.31		1.43			1.74		(0.56	)		(1.72	)
11/30/2011		21.65		0.27		(0.18	)		0.09		(0.73	)		(0.94	)
11/30/2010		19.92		0.57		1.69			2.26		(0.38	)		(0.15	)
Class D
11/30/2014	$	21.42	$	0.47	$	0.48		$	0.95	$	(0.43	)	$	(0.01	)
11/30/2013		19.61		0.56		1.74			2.30		(0.45	)		(0.04	)
11/30/2012		20.16		0.41		1.44			1.85		(0.68	)		(1.72	)
11/30/2011		21.88		0.76		(0.51	)		0.25		(1.03	)		(0.94	)
11/30/2010		20.05		0.52		1.92			2.44		(0.46	)		(0.15	)
Class R
11/30/2014	$	21.31	$	0.41	$	0.49		$	0.90	$	(0.40	)	$	(0.01	)
11/30/2013		19.63		0.44		1.80			2.24		(0.52	)		(0.04	)
11/30/2012		20.16		0.16		1.66			1.82		(0.63	)		(1.72	)
11/30/2011		21.85		0.56		(0.36	)		0.20		(0.95	)		(0.94	)
11/30/2010		20.03		0.59		1.80			2.39		(0.42	)		(0.15	)
Class P
11/30/2014	$	21.63	$	0.50	$	0.56		$	1.06	$	(0.53	)	$	(0.01	)
11/30/2013		19.82		0.49		1.90			2.39		(0.54	)		(0.04	)
11/30/2012		20.31		0.39		1.57			1.96		(0.73	)		(1.72	)
11/30/2011		21.97		0.67		(0.36	)		0.31		(1.03	)		(0.94	)
11/30/2010		20.12		0.68		1.80			2.48		(0.48	)		(0.15	)
Class R6
11/30/2014	$	21.66	$	0.61	$	0.47		$	1.08	$	(0.54	)	$	(0.01	)
11/30/2013		19.83		0.60		1.81			2.41		(0.54	)		(0.04	)
11/30/2012		20.33		0.56		1.41			1.97		(0.75	)		(1.72	)
11/30/2011		22.00		0.68		(0.36	)		0.32		(1.05	)		(0.94	)
11/30/2010		20.13		0.70		1.82			2.52		(0.50	)		(0.15	)
Administrative Class
11/30/2014	$	21.53	$	0.50	$	0.49		$	0.99	$	(0.49	)	$	(0.01	)
11/30/2013		19.75		0.26		2.07			2.33		(0.51	)		(0.04	)
11/30/2012		20.26		0.52		1.38			1.90		(0.69	)		(1.72	)
11/30/2011		21.93		0.63		(0.36	)		0.27		(1.00	)		(0.94	)
11/30/2010		20.09		0.65		1.80			2.45		(0.46	)		(0.15	)

(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) See Note 6 in the Notes to Financial Statements.

182 Annual Report |  November 30, 2014  | 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 (c)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c)			Ratio of Net Investment Income to Average Net Assets (c)			Portfolio Turnover Rate
$	(0.52	)	$	21.91		4.65	%	$	16,631		0.38	%		0.60	%		2.22	%		84	%
	(0.57	)		21.45		12.11			5,513		0.35			0.60			2.40			61
	(2.41	)		19.71		10.61			1,915		0.28			0.60			1.52			45
	(1.91	)		20.22		0.81			151		0.42			2.96			2.42			53
	(0.64	)		21.88		12.48			79		0.56			5.99			3.57			44
$	(0.34	)	$	21.68		3.90	%	$	269		1.13	%		1.35	%		1.51	%		84	%
	(0.46	)		21.21		11.20			317		1.10			1.35			1.66			61
	(2.28	)		19.53		9.80			195		1.03			1.35			1.66			45
	(1.67	)		20.07		0.07			87		1.15			3.56			1.30			53
	(0.53	)		21.65		11.61			22		1.31			6.66			2.82			44
$	(0.44	)	$	21.93		4.53	%	$	217		0.48	%		0.60	%		2.15	%		84	%
	(0.49	)		21.42		11.94			229		0.45			0.60			2.76			61
	(2.40	)		19.61		10.42			245		0.38			0.60			2.16			45
	(1.97	)		20.16		0.77			187		0.46			3.00			3.57			53
	(0.61	)		21.88		12.49			177		0.56			6.58			2.51			44
$	(0.41	)	$	21.80		4.31	%	$	1,343		0.73	%		0.85	%		1.88	%		84	%
	(0.56	)		21.31		11.70			1,167		0.70			0.85			2.15			61
	(2.35	)		19.63		10.24			848		0.63			0.85			0.87			45
	(1.89	)		20.16		0.54			15		0.70			3.22			2.63			53
	(0.57	)		21.85		12.19			15		0.81			6.50			2.90			44
$	(0.54	)	$	22.15		4.99	%	$	11,734		0.08	%		0.20	%		2.27	%		84	%
	(0.58	)		21.63		12.42			4,704		0.05			0.20			2.37			61
	(2.45	)		19.82		10.99			2,343		—	(d)		0.20			2.00			45
	(1.97	)		20.31		1.06			15		0.21			2.75			3.11			53
	(0.63	)		21.97		12.64			15		0.36			6.10			3.35			44
$	(0.55	)	$	22.19		5.09	%	$	8,071		—	%(d)		0.10	%		2.78	%		84	%
	(0.58	)		21.66		12.51			9,939		—	(d)		0.12			2.93			61
	(2.47	)		19.83		11.04			7,782		—	(d)		0.15			2.95			45
	(1.99	)		20.33		1.11			5,315		0.10			2.65			3.15			53
	(0.65	)		22.00		12.83			4,769		0.26			5.98			3.43			44
$	(0.50	)	$	22.02		4.72	%	$	5,278		0.33	%		0.45	%		2.31	%		84	%
	(0.55	)		21.53		12.13			5,054		0.30			0.45			1.27			61
	(2.41	)		19.75		10.67			17		0.23			0.45			2.72			45
	(1.94	)		20.26		0.87			15		0.38			2.93			2.94			53
	(0.61	)		21.93		12.48			15		0.51			6.24			3.20			44

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 183

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		Total from Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Retirement 2045:
Class A
11/30/2014	$	18.67	$	0.41	$	0.49	$	0.90	$	(0.45	)	$	(0.03	)
11/30/2013		17.02		0.41		1.79		2.20		(0.46	)		(0.09	)
12/19/2011* - 11/30/2012		15.00		0.32		1.92		2.24		(0.22	)		—
Class R
11/30/2014	$	18.57	$	0.34	$	0.49	$	0.83	$	(0.36	)	$	(0.03	)
11/30/2013		16.96		0.38		1.75		2.13		(0.43	)		(0.09	)
12/19/2011* - 11/30/2012		15.00		0.16		2.02		2.18		(0.22	)		—
Class P
11/30/2014	$	18.77	$	0.40	$	0.57	$	0.97	$	(0.47	)	$	(0.03	)
11/30/2013		17.06		0.47		1.79		2.26		(0.46	)		(0.09	)
12/19/2011* - 11/30/2012		15.00		0.39		1.89		2.28		(0.22	)		—
Class R6
11/30/2014	$	18.80	$	0.49	$	0.49	$	0.98	$	(0.47	)	$	(0.03	)
11/30/2013		17.07		0.52		1.76		2.28		(0.46	)		(0.09	)
12/19/2011* - 11/30/2012		15.00		0.50		1.79		2.29		(0.22	)		—
Administrative Class
11/30/2014	$	18.71	$	0.42	$	0.49	$	0.91	$	(0.44	)	$	(0.03	)
11/30/2013		17.01		0.22		1.99		2.21		(0.42	)		(0.09	)
12/19/2011* - 11/30/2012		15.00		0.44		1.79		2.23		(0.22	)		—

* 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) Annualized.

(e) See Note 6 in the Notes to Financial Statements.

184 Annual Report |  November 30, 2014  | 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 (c)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c)			Ratio of Net Investment Income to Average Net Assets (c)			Portfolio Turnover Rate
$	(0.48	)	$	19.09		4.89	%	$	10,080		0.37	%		0.60	%		2.17	%		69	%
	(0.55	)		18.67		13.33			4,313		0.33			0.60			2.31			51
	(0.22	)		17.02		15.09			61		0.29	(d)		0.60	(d)		2.08	(d)		38
$	(0.39	)	$	19.01		4.52	%	$	449		0.72	%		0.85	%		1.82	%		69	%
	(0.52	)		18.57		12.94			356		0.68			0.85			2.17			51
	(0.22	)		16.96		14.67			293		0.64	(d)		0.85	(d)		1.07	(d)		38
$	(0.50	)	$	19.24		5.26	%	$	8,793		0.07	%		0.20	%		2.10	%		69	%
	(0.55	)		18.77		13.68			2,286		0.03			0.20			2.63			51
	(0.22	)		17.06		15.37			1,584		—	(d)(e)		0.20	(d)		2.46	(d)		38
$	(0.50	)	$	19.28		5.33	%	$	5,477		—	%(e)		0.10	%		2.55	%		69	%
	(0.55	)		18.80		13.80			4,587		—	(e)		0.12			2.91			51
	(0.22	)		17.07		15.44			3,733		—	(d)(e)		0.15	(d)		3.23	(d)		38
$	(0.47	)	$	19.15		4.95	%	$	1,763		0.32	%		0.45	%		2.24	%		69	%
	(0.51	)		18.71		13.40			1,542		0.28			0.45			1.23			51
	(0.22	)		17.01		15.02			12		0.24	(d)		0.45	(d)		2.84	(d)		38

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 185

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 Retirement 2050:
Class A
11/30/2014	$	21.55	$	0.44	$	0.58		$	1.02	$	(0.57	)	$	(0.13	)
11/30/2013		19.48		0.42		2.32			2.74		(0.60	)		(0.07	)
11/30/2012		20.16		0.28		1.59			1.87		(0.76	)		(1.79	)
11/30/2011		22.00		0.61		(0.34	)		0.27		(1.09	)		(1.02	)
11/30/2010		20.07		0.62		1.93			2.55		(0.43	)		(0.19	)
Class C
11/30/2014	$	21.34	$	0.30	$	0.55		$	0.85	$	(0.44	)	$	(0.13	)
11/30/2013		19.25		0.30		2.27			2.57		(0.41	)		(0.07	)
11/30/2012		19.92		0.27		1.44			1.71		(0.59	)		(1.79	)
11/30/2011		21.85		0.44		(0.34	)		0.10		(1.01	)		(1.02	)
11/30/2010		19.96		0.43		1.96			2.39		(0.31	)		(0.19	)
Class D
11/30/2014	$	21.58	$	0.46	$	0.52		$	0.98	$	(0.52	)	$	(0.13	)
11/30/2013		19.48		0.45		2.28			2.73		(0.56	)		(0.07	)
11/30/2012		20.15		0.48		1.37			1.85		(0.73	)		(1.79	)
11/30/2011		22.01		0.59		(0.34	)		0.25		(1.09	)		(1.02	)
11/30/2010		20.09		0.62		1.93			2.55		(0.44	)		(0.19	)
Class R
11/30/2014	$	21.46	$	0.39	$	0.53		$	0.92	$	(0.45	)	$	(0.13	)
11/30/2013		19.47		0.37		2.29			2.66		(0.60	)		(0.07	)
11/30/2012		20.12		0.18		1.64			1.82		(0.68	)		(1.79	)
11/30/2011		21.97		0.58		(0.37	)		0.21		(1.04	)		(1.02	)
11/30/2010		20.06		0.61		1.88			2.49		(0.39	)		(0.19	)
Class P
11/30/2014	$	21.77	$	0.45	$	0.64		$	1.09	$	(0.59	)	$	(0.13	)
11/30/2013		19.64		0.48		2.35			2.83		(0.63	)		(0.07	)
11/30/2012		20.27		0.38		1.56			1.94		(0.78	)		(1.79	)
11/30/2011		22.10		0.69		(0.39	)		0.30		(1.11	)		(1.02	)
11/30/2010		20.14		0.71		1.89			2.60		(0.45	)		(0.19	)
Class R6
11/30/2014	$	21.80	$	0.57	$	0.55		$	1.12	$	(0.59	)	$	(0.13	)
11/30/2013		19.66		0.55		2.29			2.84		(0.63	)		(0.07	)
11/30/2012		20.30		0.58		1.38			1.96		(0.81	)		(1.79	)
11/30/2011		22.12		0.69		(0.35	)		0.34		(1.14	)		(1.02	)
11/30/2010		20.16		0.73		1.89			2.62		(0.47	)		(0.19	)
Administrative Class
11/30/2014	$	21.69	$	0.49	$	0.54		$	1.03	$	(0.56	)	$	(0.13	)
11/30/2013		19.58		0.22		2.55			2.77		(0.59	)		(0.07	)
11/30/2012		20.23		0.53		1.36			1.89		(0.75	)		(1.79	)
11/30/2011		22.06		0.65		(0.38	)		0.27		(1.08	)		(1.02	)
11/30/2010		20.11		0.68		1.89			2.57		(0.43	)		(0.19	)

(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) See Note 6 in the Notes to Financial Statements.

186 Annual Report |  November 30, 2014  | 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 (c)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c)			Ratio of Net Investment Income to Average Net Assets (c)			Portfolio Turnover Rate
$	(0.70	)	$	21.87		4.85	%	$	4,772		0.35	%		0.60	%		2.02	%		78	%
	(0.67	)		21.55		14.50			1,014		0.30			0.60			2.08			54
	(2.55	)		19.48		10.64			1,371		0.26			0.60			1.45			47
	(2.11	)		20.16		0.80			71		0.41			2.92			2.85			51
	(0.62	)		22.00		13.02			57		0.56			6.28			3.05			37
$	(0.57	)	$	21.62		4.08	%	$	138		1.10	%		1.35	%		1.38	%		78	%
	(0.48	)		21.34		13.64			119		1.05			1.35			1.48			54
	(2.38	)		19.25		9.78			60		1.01			1.35			1.44			47
	(2.03	)		19.92		(0.01	)		48		1.17			3.70			2.09			51
	(0.50	)		21.85		12.21			35		1.31			7.37			2.11			37
$	(0.65	)	$	21.91		4.68	%	$	288		0.45	%		0.60	%		2.13	%		78	%
	(0.63	)		21.58		14.42			333		0.40			0.60			2.21			54
	(2.52	)		19.48		10.51			202		0.36			0.60			2.55			47
	(2.11	)		20.15		0.75			189		0.44			3.02			2.74			51
	(0.63	)		22.01		12.99			166		0.56			6.36			3.04			37
$	(0.58	)	$	21.80		4.41	%	$	584		0.70	%		0.85	%		1.79	%		78	%
	(0.67	)		21.46		14.11			497		0.65			0.85			1.85			54
	(2.47	)		19.47		10.30			359		0.61			0.85			0.96			47
	(2.06	)		20.12		0.51			17		0.69			3.21			2.71			51
	(0.58	)		21.97		12.75			17		0.81			6.49			2.98			37
$	(0.72	)	$	22.14		5.13	%	$	5,234		0.05	%		0.20	%		2.06	%		78	%
	(0.70	)		21.77		14.90			1,397		—			0.20			2.34			54
	(2.57	)		19.64		11.00			762		—	(d)		0.20			1.98			47
	(2.13	)		20.27		0.96			15		0.19			2.75			3.21			51
	(0.64	)		22.10		13.26			15		0.36			6.08			3.48			37
$	(0.72	)	$	22.20		5.27	%	$	9,227		—	%(d)		0.10	%		2.58	%		78	%
	(0.70	)		21.80		14.94			8,935		—	(d)		0.12			2.68			54
	(2.60	)		19.66		11.06			6,431		—	(d)		0.15			3.03			47
	(2.16	)		20.30		1.11			5,149		0.09			2.65			3.22			51
	(0.66	)		22.12		13.34			4,619		0.26			5.97			3.56			37
$	(0.69	)	$	22.03		4.87	%	$	1,245		0.30	%		0.45	%		2.25	%		78	%
	(0.66	)		21.69		14.66			1,194		0.25			0.45			1.07			54
	(2.54	)		19.58		10.62			17		0.21			0.45			2.77			47
	(2.10	)		20.23		0.82			15		0.37			2.93			3.04			51
	(0.62	)		22.06		13.09			15		0.51			6.23			3.32			37

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 187

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		Total from Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Retirement 2055:
Class A
11/30/2014	$	18.51	$	0.39	$	0.50	$	0.89	$	(0.49	)	$	(0.21	)
11/30/2013		17.02		0.26		2.11		2.37		(0.59	)		(0.29	)
12/19/2011* - 11/30/2012		15.00		0.44		1.80		2.24		(0.22	)		—
Class R
11/30/2014	$	18.42	$	0.30	$	0.53	$	0.83	$	(0.41	)	$	(0.21	)
11/30/2013		16.97		0.30		2.00		2.30		(0.56	)		(0.29	)
12/19/2011* - 11/30/2012		15.00		0.31		1.88		2.19		(0.22	)		—
Class P
11/30/2014	$	18.61	$	0.38	$	0.57	$	0.95	$	(0.50	)	$	(0.21	)
11/30/2013		17.08		0.34		2.09		2.43		(0.61	)		(0.29	)
12/19/2011* - 11/30/2012		15.00		0.43		1.87		2.30		(0.22	)		—
Class R6
11/30/2014	$	18.64	$	0.47	$	0.50	$	0.97	$	(0.50	)	$	(0.21	)
11/30/2013		17.09		0.49		1.96		2.45		(0.61	)		(0.29	)
12/19/2011* - 11/30/2012		15.00		0.50		1.81		2.31		(0.22	)		—
Administrative Class
11/30/2014	$	18.55	$	0.38	$	0.52	$	0.90	$	(0.48	)	$	(0.21	)
11/30/2013		17.03		0.22		2.16		2.38		(0.57	)		(0.29	)
12/19/2011* - 11/30/2012		15.00		0.44		1.81		2.25		(0.22	)		—

* 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) Annualized.

(e) See Note 6 in the Notes to Financial Statements.

188 Annual Report |  November 30, 2014  | 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 (c)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c)			Ratio of Net Investment Income to Average Net Assets (c)			Portfolio Turnover Rate
$	(0.70	)	$	18.70		4.96	%	$	1,089		0.35	%		0.60	%		2.11	%		74	%
	(0.88	)		18.51		14.59			135		0.30			0.60			1.52			41
	(0.22	)		17.02		15.10			11		0.27	(d)		0.60	(d)		2.82	(d)		31
$	(0.62	)	$	18.63		4.61	%	$	144		0.70	%		0.85	%		1.61	%		74	%
	(0.85	)		18.42		14.22			72		0.65			0.85			1.75			41
	(0.22	)		16.97		14.75			39		0.62	(d)		0.85	(d)		1.99	(d)		31
$	(0.71	)	$	18.85		5.27	%	$	1,362		0.05	%		0.20	%		2.04	%		74	%
	(0.90	)		18.61		14.88			240		—			0.20			1.96			41
	(0.22	)		17.08		15.52			59		—	(d)(e)		0.20	(d)		2.77	(d)		31
$	(0.71	)	$	18.90		5.37	%	$	4,934		—	%(e)		0.10	%		2.52	%		74	%
	(0.90	)		18.64		15.06			4,388		—	(e)		0.12			2.77			41
	(0.22	)		17.09		15.52			3,509		—	(d)(e)		0.15	(d)		3.21	(d)		31
$	(0.69	)	$	18.76		5.00	%	$	357		0.30	%		0.45	%		2.06	%		74	%
	(0.86	)		18.55		14.67			221		0.25			0.45			1.22			41
	(0.22	)		17.03		15.17			11		0.22	(d)		0.46	(d)		2.87	(d)		31

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 189

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		Total from Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Retirement Income:
Class A
11/30/2014	$	18.96	$	0.42	$	0.31	$	0.73	$	(0.34	)	$	—
11/30/2013		19.20		0.50		0.03		0.53		(0.66	)		(0.08	)
11/30/2012		18.27		0.48		1.23		1.71		(0.58	)		(0.20	)
11/30/2011		18.52		0.37		0.25		0.62		(0.67	)		(0.20	)
11/30/2010		17.81		0.47		1.05		1.52		(0.61	)		(0.20	)
Class C
11/30/2014	$	18.76	$	0.27	$	0.31	$	0.58	$	(0.20	)	$	—
11/30/2013		18.99		0.37		0.01		0.38		(0.50	)		(0.08	)
11/30/2012		18.09		0.31		1.24		1.55		(0.45	)		(0.20	)
11/30/2011		18.36		0.27		0.21		0.48		(0.55	)		(0.20	)
11/30/2010		17.83		0.28		1.11		1.39		(0.66	)		(0.20	)
Class D
11/30/2014	$	19.05	$	0.40	$	0.32	$	0.72	$	(0.32	)	$	—
11/30/2013		19.29		0.45		0.05		0.50		(0.63	)		(0.08	)
11/30/2012		18.36		0.30		1.41		1.71		(0.58	)		(0.20	)
11/30/2011		18.60		0.49		0.13		0.62		(0.66	)		(0.20	)
11/30/2010		17.83		0.49		1.04		1.53		(0.56	)		(0.20	)
Class R
11/30/2014	$	19.53	$	0.36	$	0.33	$	0.69	$	(0.27	)	$	—
11/30/2013		19.74		0.46		0.01		0.47		(0.57	)		(0.08	)
11/30/2012		18.77		0.24		1.45		1.69		(0.52	)		(0.20	)
11/30/2011		18.73		0.53		0.05		0.58		(0.34	)		(0.20	)
11/30/2010		17.86		0.49		1.01		1.50		(0.43	)		(0.20	)
Class P
11/30/2014	$	19.20	$	0.47	$	0.34	$	0.81	$	(0.40	)	$	—
11/30/2013		19.44		0.46		0.13		0.59		(0.72	)		(0.08	)
11/30/2012		18.49		0.32		1.48		1.80		(0.65	)		(0.20	)
11/30/2011		18.41		0.63		0.03		0.66		(0.38	)		(0.20	)
11/30/2010		17.85		0.57		0.99		1.56		(0.80	)		(0.20	)
Class R6
11/30/2014	$	18.83	$	0.49	$	0.33	$	0.82	$	(0.42	)	$	—
11/30/2013		19.08		0.56		0.03		0.59		(0.73	)		(0.08	)
11/30/2012		18.16		0.49		1.28		1.77		(0.65	)		(0.20	)
11/30/2011		18.40		0.65		0.02		0.67		(0.71	)		(0.20	)
11/30/2010		17.85		0.57		1.01		1.58		(0.83	)		(0.20	)
Administrative Class
11/30/2014	$	19.15	$	0.43	$	0.33	$	0.76	$	(0.35	)	$	—
11/30/2013		19.41		0.22		0.32		0.54		(0.69	)		(0.08	)
11/30/2012		18.46		0.49		1.26		1.75		(0.60	)		(0.20	)
11/30/2011		18.40		0.59		0.03		0.62		(0.36	)		(0.20	)
11/30/2010		17.83		0.54		0.99		1.53		(0.76	)		(0.20	)

(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) See Note 6 in the Notes to Financial Statements.

(e) Less than 0.01%.

190 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Distributions from Return of Capital			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 (c)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c)			Ratio of Net Investment Income to Average Net Assets (c)			Portfolio Turnover Rate
$	—		$	(0.34	)	$	19.35		3.88	%	$	6,324		0.40	%		0.60	%		2.18	%		101	%
	(0.03	)		(0.77	)		18.96		2.78			4,326		0.39			0.60			2.64			81
	—			(0.78	)		19.20		9.68			4,891		0.40			0.60			2.57			51
	—			(0.87	)		18.27		3.45			4,427		0.46			1.60			2.01			74
	—			(0.81	)		18.52		8.86			595		0.52			5.29			2.65			22
$	—		$	(0.20	)	$	19.14		3.12	%	$	3,984		1.15	%		1.35	%		1.42	%		101	%
	(0.03	)		(0.61	)		18.76		2.03			4,359		1.14			1.35			1.99			81
	—			(0.65	)		18.99		8.84			6,935		1.15			1.35			1.70			51
	—			(0.75	)		18.09		2.71			5,820		1.22			2.48			1.50			74
	—			(0.86	)		18.36		8.09			1,398		1.27			6.16			1.56			22
$	—		$	(0.32	)	$	19.45		3.79	%	$	1,012		0.50	%		0.60	%		2.07	%		101	%
	(0.03	)		(0.74	)		19.05		2.70			1,111		0.49			0.60			2.37			81
	—			(0.78	)		19.29		9.53			1,553		0.50			0.60			1.59			51
	—			(0.86	)		18.36		3.42			326		0.51			2.21			2.65			74
	—			(0.76	)		18.60		8.89			179		0.52			5.75			2.75			22
$	—		$	(0.27	)	$	19.95		3.55	%	$	215		0.75	%		0.85	%		1.80	%		101	%
	(0.03	)		(0.68	)		19.53		2.46			152		0.74			0.85			2.36			81
	—			(0.72	)		19.74		9.28			183		0.75			0.85			1.29			51
	—			(0.54	)		18.77		3.18			17		0.76			4.59			2.82			74
	—			(0.63	)		18.73		8.61			15		0.77			5.62			2.70			22
$	—		$	(0.40	)	$	19.61		4.23	%	$	6,349		0.11	%		0.21	%		2.39	%		101	%
	(0.03	)		(0.83	)		19.20		3.12			4,427		0.09			0.20			2.42			81
	—			(0.85	)		19.44		10.05			4,751		0.10			0.20			1.71			51
	—			(0.58	)		18.49		3.69			14		0.26			4.47			3.38			74
	—			(1.00	)		18.41		9.13			13		0.32			5.13			3.20			22
$	—		$	(0.42	)	$	19.23		4.36	%	$	9,496		—	%(d)(e)		0.10	%		2.56	%		101	%
	(0.03	)		(0.84	)		18.83		3.23			9,487		—	(d)		0.12			2.96			81
	—			(0.85	)		19.08		10.11			11,294		—			0.15			2.64			51
	—			(0.91	)		18.16		3.77			4,904		0.16			1.81			3.53			74
	—			(1.03	)		18.40		9.24			4,803		0.22			5.04			3.22			22
$	—		$	(0.35	)	$	19.56		3.97	%	$	2,001		0.35	%		0.45	%		2.20	%		101	%
	(0.03	)		(0.80	)		19.15		2.92			2,461		0.34			0.45			1.16			81
	—			(0.80	)		19.41		9.71			15		0.35			0.45			2.59			51
	—			(0.56	)		18.46		3.49			14		0.44			4.65			3.21			74
	—			(0.96	)		18.40		8.94			13		0.47			5.28			3.05			22

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 191

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			Net Asset Value, End of Year
AllianzGI Global Allocation:
Class A
11/30/2014	$	11.90	$	0.30	$	0.25		$	0.55	$	(0.27	)	$	12.18
11/30/2013		11.07		0.31		0.95			1.26		(0.43	)		11.90
11/30/2012		10.30		0.25		0.84			1.09		(0.32	)		11.07
11/30/2011		10.58		0.25		(0.14	)		0.11		(0.39	)		10.30
11/30/2010		9.84		0.26		0.85			1.11		(0.37	)		10.58
Class B
11/30/2014	$	12.13	$	0.23	$	0.25		$	0.48	$	(0.17	)	$	12.44
11/30/2013		11.27		0.26		0.94			1.20		(0.34	)		12.13
11/30/2012		10.48		0.21		0.81			1.02		(0.23	)		11.27
11/30/2011		10.74		0.22		(0.20	)		0.02		(0.28	)		10.48
11/30/2010		9.92		0.22		0.83			1.05		(0.23	)		10.74
Class C
11/30/2014	$	12.04	$	0.22	$	0.24		$	0.46	$	(0.17	)	$	12.33
11/30/2013		11.19		0.23		0.96			1.19		(0.34	)		12.04
11/30/2012		10.41		0.17		0.85			1.02		(0.24	)		11.19
11/30/2011		10.69		0.18		(0.16	)		0.02		(0.30	)		10.41
11/30/2010		9.89		0.19		0.85			1.04		(0.24	)		10.69
Class D
11/30/2014	$	11.85	$	0.28	$	0.27		$	0.55	$	(0.27	)	$	12.13
11/30/2013		11.03		0.23		1.03			1.26		(0.44	)		11.85
11/30/2012		10.27		0.24		0.84			1.08		(0.32	)		11.03
11/30/2011		10.56		0.17		(0.06	)		0.11		(0.40	)		10.27
11/30/2010		9.83		0.23		0.87			1.10		(0.37	)		10.56
Class R
11/30/2014	$	11.84	$	0.28	$	0.26		$	0.54	$	(0.25	)	$	12.13
11/30/2013		11.02		0.28		0.95			1.23		(0.41	)		11.84
11/30/2012		10.26		0.21		0.84			1.05		(0.29	)		11.02
11/30/2011		10.54		0.23		(0.15	)		0.08		(0.36	)		10.26
11/30/2010		9.81		0.24		0.84			1.08		(0.35	)		10.54
Class P
11/30/2014	$	11.90	$	0.32	$	0.26		$	0.58	$	(0.29	)	$	12.19
11/30/2013		11.07		0.32		0.96			1.28		(0.45	)		11.90
11/30/2012		10.28		0.29		0.81			1.10		(0.31	)		11.07
11/30/2011		10.56		0.27		(0.14	)		0.13		(0.41	)		10.28
11/30/2010		9.84		0.26		0.86			1.12		(0.40	)		10.56

(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 U.S. GAAP.

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

192 Annual Report |  November 30, 2014  | 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 (c)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c)			Ratio of Net Investment Income to Average Net Assets (c)			Portfolio Turnover Rate
	4.62	%	$	65,499		0.40	%		1.34	%		2.48	%		48	%
	11.79			69,565		0.41			1.36			2.68			45
	10.64			70,312		0.43			1.38			2.32			57
	0.95			73,816		0.47			1.35			2.32			64
	11.56			72,415		0.51			1.42			2.58			46
	3.96	%	$	1,823		1.11	%		2.10	%		1.88	%		48	%
	10.84			2,874		1.14			2.18			2.25			45
	9.90			4,307		1.19			2.09			1.96			57
	0.15			9,467		1.22			2.10			1.95			64
	10.86			18,030		1.26			2.19			2.13			46
	3.88	%	$	62,275		1.13	%		2.08	%		1.78	%		48	%
	10.81			68,756		1.14			2.10			1.98			45
	9.90			71,375		1.18			2.11			1.59			57
	0.15			78,367		1.22			2.09			1.64			64
	10.65			87,546		1.26			2.16			1.93			46
	4.68	%	$	2,241		0.39	%		1.37	%		2.31	%		48	%
	11.70			1,189		0.37			1.39			1.99			45
	10.68			266		0.46			1.33			2.25			57
	0.95			197		0.45			1.38			1.56			64
	11.48			34		0.51			1.41			2.28			46
	4.57	%	$	17		0.56	%		1.53	%		2.32	%		48	%
	11.44			17		0.59			1.54			2.42			45
	10.44			15		0.67			1.56			2.02			57
	0.73			14		0.72			1.59			2.11			64
	11.30			13		0.76			1.64			2.38			46
	4.96	%	$	2,139		0.16	%		1.12	%		2.68	%		48	%
	11.92			1,960		0.19			1.13			2.81			45
	10.91			1,340		0.25			1.37			2.75			57
	1.13			1,996		0.27			1.22			2.52			64
	11.77			6,433		0.31			1.39			2.54			46

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 193

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			Net Asset Value, End of Year
AllianzGI Global Allocation (cont’d)
Institutional Class
11/30/2014	$	11.78	$	0.32	$	0.27		$	0.59	$	(0.30	)	$	12.07
11/30/2013		10.97		0.32		0.95			1.27		(0.46	)		11.78
11/30/2012		10.21		0.26		0.84			1.10		(0.34	)		10.97
11/30/2011		10.48		0.27		(0.13	)		0.14		(0.41	)		10.21
11/30/2010		9.77		0.29		0.83			1.12		(0.41	)		10.48
Administrative Class
11/30/2014	$	12.17	$	0.30	$	0.27		$	0.57	$	(0.27	)	$	12.47
11/30/2013		11.30		0.43		0.85			1.28		(0.41	)		12.17
11/30/2012		10.51		0.26		0.84			1.10		(0.31	)		11.30
11/30/2011		10.78		0.13		(0.01	)		0.12		(0.39	)		10.51
11/30/2010		9.83		0.27		0.86			1.13		(0.18	)		10.78

(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 U.S. GAAP.

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

194 Annual Report |  November 30, 2014  | 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 (c)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c)			Ratio of Net Investment Income to Average Net Assets (c)			Portfolio Turnover Rate
	5.01	%	$	74,957		0.16	%		1.11	%		2.69	%		48	%
	11.90			68,675		0.16			1.11			2.81			45
	11.01			57,357		0.15			1.14			2.47			57
	1.31			47,916		0.16			1.12			2.50			64
	11.88			37,093		0.21			1.15			2.91			46
	4.68	%	$	33		0.41	%		1.27	%		2.45	%		48	%
	11.59			24		0.41			1.48			3.73			45
	10.70			1,653		0.40			1.42			2.35			57
	1.05			1,649		0.41			1.36			1.19			64
	11.62			14		0.46			1.37			2.68			46

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 195

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 Global Growth Allocation:
Class A
11/30/2014	$	24.70	$	0.44	$	0.31		$	0.75		$	(0.66	)	$	(2.86	)
11/30/2013		22.04		0.42		3.07			3.49			(0.61	)		(0.22	)
11/30/2012		20.72		0.51		1.71			2.22			(0.59	)		(0.31	)
11/30/2011		22.03		0.45		(0.33	)		0.12			(0.91	)		(0.52	)
11/30/2010		19.96		0.47		2.09			2.56			(0.35	)		(0.14	)
Class C
11/30/2014	$	24.28	$	0.25	$	0.32		$	0.57		$	(0.47	)	$	(2.86	)
11/30/2013		21.71		0.30		2.97			3.27			(0.48	)		(0.22	)
11/30/2012		20.49		0.30		1.74			2.04			(0.51	)		(0.31	)
11/30/2011		21.81		0.24		(0.28	)		(0.04	)		(0.76	)		(0.52	)
11/30/2010		19.87		0.44		1.96			2.40			(0.32	)		(0.14	)
Class D
11/30/2014	$	24.58	$	0.50	$	0.25		$	0.75		$	(0.68	)	$	(2.86	)
11/30/2013		22.00		0.31		3.16			3.47			(0.67	)		(0.22	)
11/30/2012		20.78		0.37		1.85			2.22			(0.69	)		(0.31	)
11/30/2011		22.06		0.48		(0.36	)		0.12			(0.88	)		(0.52	)
11/30/2010		19.96		0.63		1.94			2.57			(0.33	)		(0.14	)
Class R
11/30/2014	$	24.62	$	0.40	$	0.30		$	0.70		$	(0.67	)	$	(2.86	)
11/30/2013		21.90		0.23		3.20			3.43			(0.49	)		(0.22	)
11/30/2012		20.73		0.39		1.77			2.16			(0.68	)		(0.31	)
11/30/2011		22.01		0.40		(0.34	)		0.06			(0.82	)		(0.52	)
11/30/2010		19.93		0.62		1.91			2.53			(0.31	)		(0.14	)
Class P
11/30/2014	$	24.71	$	0.46	$	0.33		$	0.79		$	(0.70	)	$	(2.86	)
11/30/2013		22.08		0.38		3.14			3.52			(0.67	)		(0.22	)
11/30/2012		20.85		0.49		1.77			2.26			(0.72	)		(0.31	)
11/30/2011		22.12		0.63		(0.48	)		0.15			(0.90	)		(0.52	)
11/30/2010		19.99		0.71		1.91			2.62			(0.35	)		(0.14	)
Institutional Class
11/30/2014	$	24.74	$	0.48	$	0.34		$	0.82		$	(0.70	)	$	(2.86	)
11/30/2013		22.10		0.56		2.99			3.55			(0.69	)		(0.22	)
11/30/2012		20.87		0.51		1.78			2.29			(0.75	)		(0.31	)
11/30/2011		22.14		0.65		(0.48	)		0.17			(0.92	)		(0.52	)
11/30/2010		20.00		0.73		1.91			2.64			(0.36	)		(0.14	)
Administrative Class
11/30/2014	$	24.67	$	0.42	$	0.33		$	0.75		$	(0.66	)	$	(2.86	)
11/30/2013		22.04		0.48		3.01			3.49			(0.64	)		(0.22	)
11/30/2012		20.81		0.46		1.77			2.23			(0.69	)		(0.31	)
11/30/2011		22.08		0.59		(0.47	)		0.12			(0.87	)		(0.52	)
11/30/2010		19.97		0.68		1.90			2.58			(0.33	)		(0.14	)

(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.

196 Annual Report |  November 30, 2014  | 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 (c)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c)			Ratio of Net Investment Income to Average Net Assets (c)			Portfolio Turnover Rate
$	(3.52	)	$	21.93		3.40	%	$	1,042		0.40	%		4.53	%		2.00	%		62	%
	(0.83	)		24.70		16.42			1,344		0.40			3.84			1.82			101
	(0.90	)		22.04		11.17			841		0.41			4.12			2.40			51
	(1.43	)		20.72		0.17			1,283		0.47			3.23			2.02			85
	(0.49	)		22.03		13.08			815		0.54			5.64			2.29			66
$	(3.33	)	$	21.52		2.57	%	$	1,346		1.18	%		5.31	%		1.16	%		62	%
	(0.70	)		24.28		15.52			1,455		1.18			4.53			1.33			101
	(0.82	)		21.71		10.34			1,277		1.18			4.65			1.44			51
	(1.28	)		20.49		(0.53	)		1,241		1.20			4.46			1.13			85
	(0.46	)		21.81		12.34			497		1.29			6.28			2.18			66
$	(3.54	)	$	21.79		3.41	%	$	137		0.40	%		4.51	%		2.29	%		62	%
	(0.89	)		24.58		16.43			413		0.40			4.16			1.36			101
	(1.00	)		22.00		11.13			105		0.41			3.95			1.73			51
	(1.40	)		20.78		0.19			37		0.45			3.60			2.20			85
	(0.47	)		22.06		13.15			22		0.54			5.48			3.05			66
$	(3.53	)	$	21.79		3.17	%	$	145		0.63	%		4.99	%		1.79	%		62	%
	(0.71	)		24.62		16.13			111		0.63			4.28			1.00			101
	(0.99	)		21.90		10.89			38		0.65			4.16			1.87			51
	(1.34	)		20.73		(0.08	)		36		0.71			3.90			1.84			85
	(0.45	)		22.01		12.91			15		0.79			5.61			3.04			66
$	(3.56	)	$	21.94		3.57	%	$	43		0.23	%		4.40	%		2.06	%		62	%
	(0.89	)		24.71		16.62			41		0.23			3.76			1.65			101
	(1.03	)		22.08		11.35			17		0.23			3.67			2.32			51
	(1.42	)		20.85		0.34			15		0.27			3.26			2.84			85
	(0.49	)		22.12		13.38			15		0.34			5.21			3.48			66
$	(3.56	)	$	22.00		3.69	%	$	3,401		0.13	%		4.30	%		2.16	%		62	%
	(0.91	)		24.74		16.71			3,296		0.13			3.48			2.43			101
	(1.06	)		22.10		11.51			5,008		0.13			3.84			2.42			51
	(1.44	)		20.87		0.43			4,483		0.17			3.16			2.95			85
	(0.50	)		22.14		13.49			4,484		0.24			5.11			3.58			66
$	(3.52	)	$	21.90		3.38	%	$	26		0.38	%		4.55	%		1.90	%		62	%
	(0.86	)		24.67		16.48			20		0.38			3.79			2.09			101
	(1.00	)		22.04		11.20			17		0.38			3.82			2.17			51
	(1.39	)		20.81		0.20			15		0.42			3.41			2.69			85
	(0.47	)		22.08		13.20			15		0.49			5.36			3.33			66

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 197

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		Total from Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Behavioral Advantage Large Cap:
Class A
11/30/2014	$	23.72	$	0.24	$	2.79	$	3.03	$	(0.24	)	$	(0.84	)
11/30/2013		19.04		0.24		5.73		5.97		(0.20	)		(1.09	)
11/30/2012		16.05		0.29		2.76		3.05		(0.06	)		—
9/8/2011* - 11/30/2011		15.00		0.04		1.01		1.05		—			—
Class C
11/30/2014	$	23.34	$	0.07	$	2.74	$	2.81	$	(0.14	)	$	(0.84	)
11/30/2013		18.90		0.09		5.65		5.74		(0.21	)		(1.09	)
11/30/2012		16.02		0.16		2.74		2.90		(0.02	)		—
9/8/2011* - 11/30/2011		15.00		0.01		1.01		1.02		—			—
Class D
11/30/2014	$	23.50	$	0.28	$	2.75	$	3.03	$	(0.06	)	$	(0.84	)
11/30/2013		19.04		0.23		5.68		5.91		(0.36	)		(1.09	)
11/30/2012		16.05		0.28		2.77		3.05		(0.06	)		—
9/8/2011* - 11/30/2011		15.00		0.04		1.01		1.05		—			—
Class P
11/30/2014	$	23.74	$	0.31	$	2.78	$	3.09	$	(0.15	)	$	(0.84	)
11/30/2013		19.09		0.29		5.71		6.00		(0.26	)		(1.09	)
11/30/2012		16.05		0.32		2.79		3.11		(0.07	)		—
9/8/2011* - 11/30/2011		15.00		0.05		1.00		1.05		—			—
Institutional Class
11/30/2014	$	23.74	$	0.31	$	2.81	$	3.12	$	(0.19	)	$	(0.84	)
11/30/2013		19.10		0.30		5.73		6.03		(0.30	)		(1.09	)
11/30/2012		16.06		0.34		2.77		3.11		(0.07	)		—
9/8/2011* - 11/30/2011		15.00		0.05		1.01		1.06		—			—
AllianzGI Best Styles Global Equity:
Class A
9/2/2014* - 11/30/2014	$	16.51	$	0.05	$	0.01	$	0.06	$	—		$	—
Institutional Class
9/2/2014* - 11/30/2014	$	16.51	$	0.06	$	0.01	$	0.07	$	—		$	—
Class R6
12/2/2013* - 11/30/2014	$	15.00	$	0.38	$	1.20	$	1.58	$	—		$	—

* 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.

(d) Less than 1%.

198 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	(1.08	)	$	25.67		13.43	%	$	10,023		0.82	%		1.02	%		1.02	%		89	%
	(1.29	)		23.72		33.61			8,607		0.83			1.25			1.09			64
	(0.06	)		19.04		19.07			49		0.90			2.76			1.59			76
	—			16.05		7.00			11		0.90	(c)		2.84	(c)		1.14	(c)		—	(d)
$	(0.98	)	$	25.17		12.61	%	$	450		1.57	%		1.83	%		0.29	%		89	%
	(1.30	)		23.34		32.60			204		1.59			2.08			0.44			64
	(0.02	)		18.90		18.15			64		1.65			3.62			0.89			76
	—			16.02		6.80			10		1.65	(c)		3.59	(c)		0.38	(c)		—	(d)
$	(0.90	)	$	25.63		13.45	%	$	1,025		0.81	%		4.22	%		1.19	%		89	%
	(1.45	)		23.50		33.57			183		0.85			2.08			1.15			64
	(0.06	)		19.04		19.07			19		0.90			2.61			1.55			76
	—			16.05		7.00			11		0.90	(c)		2.84	(c)		1.14	(c)		—	(d)
$	(0.99	)	$	25.84		13.64	%	$	117		0.65	%		0.81	%		1.29	%		89	%
	(1.35	)		23.74		33.83			17		0.65			1.20			1.42			64
	(0.07	)		19.09		19.43			13		0.65			2.38			1.76			76
	—			16.05		7.00			11		0.65	(c)		2.70	(c)		1.39	(c)		—	(d)
$	(1.03	)	$	25.83		13.79	%	$	74,044		0.55	%		0.76	%		1.29	%		89	%
	(1.39	)		23.74		34.02			48,281		0.55			1.05			1.44			64
	(0.07	)		19.10		19.46			17,172		0.55			2.32			1.88			76
	—			16.06		7.07			10,705		0.55	(c)		2.58	(c)		1.48	(c)		—	(d)
$	—		$	16.57		0.36	%	$	10		0.75	%(c)		2.53	%(c)		1.31	%(c)		76	%
$	—		$	16.58		0.42	%	$	10		0.50	%(c)		2.27	%(c)		1.56	%(c)		76	%
$	—		$	16.58		10.53	%	$	33,422		0.40	%(c)		1.80	%(c)		2.40	%(c)		76	%

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 199

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 China Equity:
Class A
11/30/2014	$	16.85	$	0.20		$	0.38		$	0.58		$	(0.12	)	$	—
11/30/2013		14.78		0.15			2.13			2.28			(0.21	)		—
11/30/2012		15.01		0.16			0.91			1.07			(0.10	)		(1.20	)
11/30/2011		19.81		0.60			(4.58	)		(3.98	)		—	(d)		(0.82	)
6/7/2010* - 11/30/2010		15.00		(0.09	)		4.90			4.81			—			—
Class C
11/30/2014	$	16.78	$	(0.02	)	$	0.46		$	0.44		$	—	(d)	$	—
11/30/2013		14.63		(0.03	)		2.18			2.15			—	(d)		—
11/30/2012		14.88		0.06			0.89			0.95			—	(d)		(1.20	)
11/30/2011		19.78		(0.10	)		(3.98	)		(4.08	)		—	(d)		(0.82	)
6/7/2010* - 11/30/2010		15.00		(0.17	)		4.95			4.78			—			—
Class D
11/30/2014	$	16.86	$	0.23		$	0.34		$	0.57		$	(0.05	)	$	—
11/30/2013		14.91		0.07			2.23			2.30			(0.35	)		—
11/30/2012		15.04		0.16			0.91			1.07			—	(d)		(1.20	)
11/30/2011		19.84		0.02			(3.99	)		(3.97	)		(0.01	)		(0.82	)
6/7/2010* - 11/30/2010		15.00		(0.08	)		4.92			4.84			—			—
Class P
11/30/2014	$	16.99	$	0.19		$	0.43		$	0.62		$	(0.03	)	$	—
11/30/2013		14.78		0.23			2.11			2.34			(0.13	)		—
11/30/2012		15.10		0.01			1.08			1.09			(0.21	)		(1.20	)
11/30/2011		19.87		0.12			(4.06	)		(3.94	)		(0.01	)		(0.82	)
6/7/2010* - 11/30/2010		15.00		(0.02	)		4.89			4.87			—			—
Institutional Class
11/30/2014	$	16.82	$	0.22		$	0.39		$	0.61		$	(0.13	)	$	—
11/30/2013		14.81		0.20			2.13			2.33			(0.32	)		—
11/30/2012		15.12		0.20			0.90			1.10			(0.21	)		(1.20	)
11/30/2011		19.88		0.18			(4.10	)		(3.92	)		(0.02	)		(0.82	)
6/7/2010* - 11/30/2010		15.00		(0.01	)		4.89			4.88			—			—

* 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) Payments from Affiliates increased the net asset value and the total return by $0.12 and 0.82%, respectively.

(d) Less than $(0.01) per share.

(e) Annualized.

200 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period			Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
$	(0.12	)	$	17.31			3.47	%	$	367		1.70	%		5.73	%		1.21	%		123	%
	(0.21	)		16.85	(c)		15.58	(c)		137		1.73			5.88			0.96			36
	(1.30	)		14.78			8.35			137		1.72			6.54			1.15			36
	(0.82	)		15.01			(20.45	)		191		1.73			5.29			3.25			132
	—			19.81			32.07			239		1.90	(e)		8.21	(e)		(0.99	)(e)		21
$	—	(d)	$	17.22			2.63	%	$	27		2.50	%		6.92	%		(0.10	)%		123	%
	—	(d)		16.78	(c)		14.70	(c)		52		2.56			6.59			(0.20	)		36
	(1.20	)		14.63			7.49			55		2.52			8.46			0.43			36
	(0.82	)		14.88			(21.02	)		108		2.56			6.74			(0.56	)		132
	—			19.78			31.87			387		2.65	(e)		8.88	(e)		(1.88	)(e)		21
$	(0.05	)	$	17.38			3.40	%	$	289		1.77	%		9.06	%		1.34	%		123	%
	(0.35	)		16.86	(c)		15.64	(c)		220		1.77			13.23			0.42			36
	(1.20	)		14.91			8.26			362		1.74			15.31			1.14			36
	(0.83	)		15.04			(20.40	)		232		1.77			6.76			0.14			132
	—			19.84			32.27			386		1.90	(e)		8.10	(e)		(0.91	)(e)		21
$	(0.03	)	$	17.58			3.62	%	$	38		1.51	%		4.74	%		1.07	%		123	%
	(0.13	)		16.99	(c)		15.93	(c)		13		1.51			5.73			1.53			36
	(1.41	)		14.78			8.51			25		1.50			5.74			0.08			36
	(0.83	)		15.10			(20.18	)		124		1.51			8.18			0.79			132
	—			19.87			32.47			13		1.65	(e)		8.13	(e)		(0.19	)(e)		21
$	(0.13	)	$	17.30			3.68	%	$	4,226		1.45	%		5.93	%		1.37	%		123	%
	(0.32	)		16.82	(c)		15.99	(c)		4,076		1.45			5.69			1.31			36
	(1.41	)		14.81			8.64			3,490		1.43			6.19			1.41			36
	(0.84	)		15.12			(20.11	)		3,216		1.45			5.96			1.04			132
	—			19.88			32.53			3,923		1.55	(e)		8.01	(e)		(0.08	)(e)		21

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 201

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		Total from Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Convertible:
Class A
11/30/2014	$	34.91	$	0.39	$	2.81	$	3.20	$	(0.73	)	$	(0.84	)
11/30/2013		28.27		0.54		6.59		7.13		(0.49	)		—
11/30/2012		28.11		0.53		1.95		2.48		(0.75	)		(1.57	)
11/30/2011		28.21		0.55		0.01		0.56		(0.66	)		—
4/12/2010* - 11/30/2010		26.22		0.38		1.82		2.20		(0.21	)		—
Class C
11/30/2014	$	34.93	$	0.13	$	2.80	$	2.93	$	(0.47	)	$	(0.84	)
11/30/2013		28.30		0.30		6.60		6.90		(0.27	)		—
11/30/2012		28.15		0.32		1.96		2.28		(0.56	)		(1.57	)
11/30/2011		28.30		0.34		0.03		0.37		(0.52	)		—
4/12/2010* - 11/30/2010		26.22		0.24		1.84		2.08		—	(d)		—
Class D
11/30/2014	$	34.86	$	0.38	$	2.79	$	3.17	$	(0.68	)	$	(0.84	)
11/30/2013		28.22		0.52		6.57		7.09		(0.45	)		—
11/30/2012		28.08		0.51		1.95		2.46		(0.75	)		(1.57	)
11/30/2011		28.16		0.54		0.03		0.57		(0.65	)		—
4/12/2010* - 11/30/2010		26.22		0.40		1.79		2.19		(0.25	)		—
Class R
11/30/2014	$	34.87	$	0.26	$	2.81	$	3.07	$	(0.65	)	$	(0.84	)
11/30/2013		28.20		0.34		6.61		6.95		(0.28	)		—
11/30/2012		28.08		0.43		1.95		2.38		(0.69	)		(1.57	)
11/30/2011		28.17		0.48		0.02		0.50		(0.59	)		—
4/12/2010* - 11/30/2010		26.22		0.33		1.82		2.15		(0.20	)		—
Class P
11/30/2014	$	34.84	$	0.47	$	2.80	$	3.27	$	(0.80	)	$	(0.84	)
11/30/2013		28.20		0.63		6.55		7.18		(0.54	)		—
11/30/2012		28.04		0.58		1.94		2.52		(0.79	)		(1.57	)
11/30/2011		28.12		0.60		0.01		0.61		(0.69	)		—
6/7/2010* - 11/30/2010		24.02		0.27		4.11		4.38		(0.28	)		—
Institutional Class
11/30/2014	$	34.80	$	0.50	$	2.79	$	3.29	$	(0.83	)	$	(0.84	)
11/30/2013		28.16		0.61		6.59		7.20		(0.56	)		—
11/30/2012		28.00		0.62		1.94		2.56		(0.83	)		(1.57	)
11/30/2011		28.08		0.63		0.01		0.64		(0.72	)		—
11/30/2010		23.92		0.62		4.20		4.82		(0.66	)		—
Administrative Class
11/30/2014	$	34.84	$	0.43	$	2.79	$	3.22	$	(0.68	)	$	(0.84	)
11/30/2013		28.20		0.53		6.59		7.12		(0.48	)		—
11/30/2012		28.04		0.55		1.94		2.49		(0.76	)		(1.57	)
11/30/2011		28.14		0.55		0.01		0.56		(0.66	)		—
4/12/2010* - 11/30/2010		26.22		0.37		1.83		2.20		(0.28	)		—

* 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.

(d) Less than $(0.01) per share.

(e) Payments from Affiliates increased net asset value and total return by less than $0.01 and 0.01%, respectively.

202 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period			Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	(1.57	)	$	36.54	(e)		9.47	%(e)	$	483,863		0.97	%		0.97	%		1.09	%		94	%
	(0.49	)		34.91			25.49			319,778		0.96			0.96			1.67			81
	(2.32	)		28.27			9.64			94,347		1.01			1.01			1.91			108
	(0.66	)		28.11			1.95			64,857		0.97			0.97			1.89			129
	(0.21	)		28.21			8.46			10,500		0.96	(c)		0.97	(c)		2.25	(c)		116
$	(1.31	)	$	36.55	(e)		8.66	%(e)	$	127,201		1.70	%		1.70	%		0.36	%		94	%
	(0.27	)		34.93			24.55			113,799		1.70			1.70			0.94			81
	(2.13	)		28.30			8.81			36,917		1.76			1.76			1.16			108
	(0.52	)		28.15			1.26			27,465		1.74			1.74			1.17			129
	—	(d)		28.30			7.94			227		1.77	(c)		1.77	(c)		1.40	(c)		116
$	(1.52	)	$	36.51	(e)		9.41	%(e)	$	79,288		1.02	%		1.02	%		1.05	%		94	%
	(0.45	)		34.86			25.41			121,663		1.02			1.02			1.60			81
	(2.32	)		28.22			9.57			35,886		1.06			1.06			1.85			108
	(0.65	)		28.08			1.99			30,176		0.98			0.98			1.83			129
	(0.25	)		28.16			8.46			2,180		0.93	(c)		0.94	(c)		2.31	(c)		116
$	(1.49	)	$	36.45	(e)		9.10	%(e)	$	1,440		1.30	%		1.30	%		0.74	%		94	%
	(0.28	)		34.87			24.86			394		1.51			1.51			1.06			81
	(2.26	)		28.20			9.25			210		1.36			1.36			1.58			108
	(0.59	)		28.08			1.76			37		1.22			1.22			1.67			129
	(0.20	)		28.17			8.29			11		1.25	(c)		1.26	(c)		1.97	(c)		116
$	(1.64	)	$	36.47	(e)		9.71	%(e)	$	224,860		0.74	%		0.74	%		1.32	%		94	%
	(0.54	)		34.84			25.76			251,377		0.75			0.75			1.96			81
	(2.36	)		28.20			9.84			53,368		0.80			0.86			2.12			108
	(0.69	)		28.04			2.14			37,551		0.80			0.83			2.07			129
	(0.28	)		28.12			18.34			21,417		0.84	(c)		0.87	(c)		2.35	(c)		116
$	(1.67	)	$	36.42	(e)		9.79	%(e)	$	1,781,193		0.65	%		0.65	%		1.41	%		94	%
	(0.56	)		34.80			25.88			1,583,824		0.65			0.65			1.93			81
	(2.40	)		28.16			10.00			804,646		0.67			0.67			2.26			108
	(0.72	)		28.00			2.24			521,854		0.70			0.70			2.16			129
	(0.66	)		28.08			20.46			471,226		0.77			0.80			2.42			116
$	(1.52	)	$	36.54	(e)		9.57	%(e)	$	3,783		0.89	%		0.89	%		1.22	%		94	%
	(0.48	)		34.84			25.55			12,951		0.90			0.90			1.65			81
	(2.33	)		28.20			9.70			2,199		0.92			0.92			2.00			108
	(0.66	)		28.04			2.00			1,352		0.97			0.97			1.90			129
	(0.28	)		28.14			8.45			11		0.98	(c)		0.99	(c)		2.23	(c)		116

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 203

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 Emerging Markets Debt:
Class A
9/15/2014* - 11/30/2014	$	15.00	$	0.11	$	(0.19	)	$	(0.08	)	$	—		$	—
Class C
9/15/2014* - 11/30/2014	$	15.00	$	0.09	$	(0.19	)	$	(0.10	)	$	—		$	—
Class P
9/15/2014* - 11/30/2014	$	15.00	$	0.12	$	(0.20	)	$	(0.08	)	$	—		$	—
Institutional Class
9/15/2014* - 11/30/2014	$	15.00	$	0.12	$	(0.19	)	$	(0.07	)	$	—		$	—
AllianzGI Global Fundamental Strategy:
Class A
11/30/2014	$	15.45	$	0.26	$	0.42		$	0.68		$	(0.12	)	$	(0.06	)
7/1/2013* - 11/30/2013		15.00		0.06		0.39			0.45			—			—
Class C
11/30/2014	$	15.40	$	0.14	$	0.42		$	0.56		$	(0.06	)	$	(0.06	)
7/1/2013* - 11/30/2013		15.00		0.01		0.39			0.40			—			—
Class D
11/30/2014	$	15.45	$	0.43	$	0.25		$	0.68		$	(0.12	)	$	(0.06	)
7/1/2013* - 11/30/2013		15.00		0.06		0.39			0.45			—			—
Class P
11/30/2014	$	15.46	$	0.28	$	0.43		$	0.71		$	(0.13	)	$	(0.06	)
7/1/2013* - 11/30/2013		15.00		0.07		0.39			0.46			—			—
Institutional Class
11/30/2014	$	15.47	$	0.30	$	0.42		$	0.72		$	(0.14	)	$	(0.06	)
7/1/2013* - 11/30/2013		15.00		0.08		0.39			0.47			—			—
AllianzGI Global Managed Volatility:
Class A
11/30/2014	$	17.96	$	0.40	$	1.42		$	1.82		$	(0.49	)	$	(0.56	)
11/30/2013		16.68		0.39		1.63			2.02			(0.59	)		(0.15	)
12/19/2011* - 11/30/2012		15.00		0.39		1.29			1.68			—			—
Class C
11/30/2014	$	17.62	$	0.26	$	1.40		$	1.66		$	(0.46	)	$	(0.56	)
11/30/2013		16.56		0.24		1.64			1.88			(0.67	)		(0.15	)
12/19/2011* - 11/30/2012		15.00		0.33		1.23			1.56			—			—
Class D
11/30/2014	$	17.88	$	0.39	$	1.43		$	1.82		$	(0.42	)	$	(0.56	)
11/30/2013		16.68		0.45		1.58			2.03			(0.68	)		(0.15	)
12/19/2011* - 11/30/2012		15.00		0.39		1.29			1.68			—			—
Class P
11/30/2014	$	18.06	$	0.43	$	1.45		$	1.88		$	(0.52	)	$	(0.56	)
11/30/2013		16.71		0.48		1.61			2.09			(0.59	)		(0.15	)
12/19/2011* - 11/30/2012		15.00		0.48		1.23			1.71			—			—
Institutional Class
11/30/2014	$	18.06	$	0.46	$	1.42		$	1.88		$	(0.53	)	$	(0.56	)
11/30/2013		16.73		0.50		1.60			2.10			(0.62	)		(0.15	)
12/19/2011* - 11/30/2012		15.00		0.49		1.24			1.73			—			—

* 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.

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

204 Annual Report |  November 30, 2014  | 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
$	—		$	14.92			(0.53	)%	$	10		1.20	%(c)		2.51	%(c)		3.65	%(c)		27	%
$	—		$	14.90			(0.67	)%	$	10		1.95	%(c)		3.25	%(c)		2.90	%(c)		27	%
$	—		$	14.92			(0.53	)%	$	10		1.05	%(c)		2.25	%(c)		3.80	%(c)		27	%
$	—		$	14.93			(0.47	)%	$	29,856		0.95	%(c)		2.28	%(c)		3.91	%(c)		27	%
$	(0.18	)	$	15.95	(d)		4.45	%(d)	$	16		1.25	%		2.36	%		1.62	%		28	%
	—			15.45			3.00			10		1.25	(c)		2.41	(c)		0.96	(c)		2
$	(0.12	)	$	15.84	(d)		3.69	%(d)	$	11		2.00	%		3.14	%		0.88	%		28	%
	—			15.40			2.67			10		2.00	(c)		3.16	(c)		0.21	(c)		2
$	(0.18	)	$	15.95	(d)		4.45	%(d)	$	54		1.25	%		2.95	%		2.75	%		28	%
	—			15.45			3.00			10		1.25	(c)		2.41	(c)		0.97	(c)		2
$	(0.19	)	$	15.98	(d)		4.66	%(d)	$	11		1.10	%		2.14	%		1.79	%		28	%
	—			15.46			3.07			10		1.10	(c)		2.16	(c)		1.12	(c)		2
$	(0.20	)	$	15.99	(d)		4.72	%(d)	$	22,115		1.00	%		2.15	%		1.90	%		28	%
	—			15.47			3.13			20,682		1.00	(c)		2.14	(c)		1.23	(c)		2
$	(1.05	)	$	18.73			10.88	%	$	197		0.94	%		2.59	%		2.25	%		118	%
	(0.74	)		17.96			12.66			117		0.95			2.63			2.28			92
	—			16.68			11.20			50		0.95	(c)		3.24	(c)		2.56	(c)		92
$	(1.02	)	$	18.26			10.07	%	$	258		1.62	%		3.30	%		1.49	%		118	%
	(0.82	)		17.62			11.90			184		1.64			3.26			1.40			92
	—			16.56			10.40			12		1.70	(c)		4.02	(c)		2.18	(c)		92
$	(0.98	)	$	18.72			10.87	%	$	220		0.93	%		2.70	%		2.23	%		118	%
	(0.83	)		17.88			12.74			57		0.90			2.84			2.61			92
	—			16.68			11.20			38		0.95	(c)		3.37	(c)		2.63	(c)		92
$	(1.08	)	$	18.86			11.14	%	$	14		0.69	%		2.29	%		2.45	%		118	%
	(0.74	)		18.06			13.03			13		0.70			2.38			2.78			92
	—			16.71			11.40			11		0.70	(c)		3.11	(c)		3.19	(c)		92
$	(1.09	)	$	18.85			11.19	%	$	16,069		0.60	%		2.21	%		2.59	%		118	%
	(0.77	)		18.06			13.09			14,156		0.60			2.32			2.92			92
	—			16.73			11.53			14,585		0.60	(c)		2.98	(c)		3.22	(c)		92

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 205

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		Total from Investment Operations		Dividends from Net Investment Income			Net Asset Value, End of Year
AllianzGI Global Water:
Class A
11/30/2014	$	12.41	$	0.07		$	0.25	$	0.32	$	(0.03	)	$	12.70
11/30/2013		10.26		0.07			2.20		2.27		(0.12	)		12.41
11/30/2012		8.89		0.12			1.30		1.42		(0.05	)		10.26
11/30/2011		8.75		0.06			0.08		0.14		—	(c)		8.89
11/30/2010		7.99		0.03			0.74		0.77		(0.01	)		8.75
Class C
11/30/2014	$	12.11	$	(0.03	)	$	0.25	$	0.22	$	—	(c)	$	12.33
11/30/2013		10.02		(0.02	)		2.16		2.14		(0.05	)		12.11
11/30/2012		8.70		0.05			1.27		1.32		—	(c)		10.02
11/30/2011		8.62		(0.01	)		0.09		0.08		—	(c)		8.70
11/30/2010		7.93		(0.03	)		0.72		0.69		—	(c)		8.62
Class D
11/30/2014	$	12.38	$	0.05		$	0.25	$	0.30	$	(0.02	)	$	12.66
11/30/2013		10.25		0.07			2.19		2.26		(0.13	)		12.38
11/30/2012		8.87		0.10			1.32		1.42		(0.04	)		10.25
11/30/2011		8.73		0.04			0.10		0.14		—	(c)		8.87
11/30/2010		7.98		0.03			0.73		0.76		(0.01	)		8.73
Class P
11/30/2014	$	12.49	$	0.09		$	0.27	$	0.36	$	(0.05	)	$	12.80
11/30/2013		10.30		0.09			2.21		2.30		(0.11	)		12.49
11/30/2012		8.93		0.14			1.30		1.44		(0.07	)		10.30
11/30/2011		8.77		0.07			0.09		0.16		—	(c)		8.93
11/30/2010		7.99		0.05			0.74		0.79		(0.01	)		8.77
Institutional Class
11/30/2014	$	12.37	$	0.11		$	0.24	$	0.35	$	(0.11	)	$	12.61
11/30/2013		10.25		0.09			2.21		2.30		(0.18	)		12.37
11/30/2012		8.88		0.12			1.32		1.44		(0.07	)		10.25
11/30/2011		8.71		0.08			0.09		0.17		—	(c)		8.88
11/30/2010		7.94		0.05			0.74		0.79		(0.02	)		8.71

(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) Less than $(0.01) per share.

206 Annual Report |  November 30, 2014  | 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
	2.57	%	$	138,219		1.46	%		1.46	%		0.55	%		28	%
	22.31			118,252		1.54			1.54			0.63			28
	16.12			59,611		1.57			1.60			1.27			73
	1.62			27,101		1.68			1.68			0.60			73
	9.63			22,774		1.80			1.80			0.41			40
	1.82	%	$	77,082		2.23	%		2.23	%		(0.26	)%		28	%
	21.41			51,767		2.33			2.33			(0.18	)		28
	15.17			25,870		2.33			2.41			0.48			73
	0.93			20,842		2.44			2.44			(0.15	)		73
	8.70			22,225		2.56			2.60			(0.37	)		40
	2.42	%	$	23,056		1.60	%		1.60	%		0.37	%		28	%
	22.30			17,624		1.60			1.60			0.62			28
	16.09			5,869		1.64			2.25			1.02			73
	1.60			5,214		1.72			2.00			0.47			73
	9.70			1,157		1.84			2.74			0.34			40
	2.87	%	$	84,835		1.21	%		1.21	%		0.67	%		28	%
	22.58			42,448		1.34			1.34			0.81			28
	16.22			16,820		1.41			1.47			1.49			73
	1.85			16,118		1.49			1.52			0.79			73
	9.95			10,432		1.56			1.64			0.62			40
	2.82	%	$	23,685		1.15	%		1.15	%		0.84	%		28	%
	22.77			14,429		1.19			1.19			0.77			28
	16.44			3,105		1.29			1.29			1.28			73
	1.99			1,267		1.37			1.39			0.91			73
	9.96			1,378		1.46			1.48			0.61			40

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 207

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 High Yield Bond:
Class A
11/30/2014	$	10.36	$	0.61	$	(0.36	)	$	0.25	$	(0.67	)	$	(0.09	)
11/30/2013		10.16		0.67		0.22			0.89		(0.68	)		(0.01	)
11/30/2012		9.69		0.72		0.61			1.33		(0.73	)		(0.13	)
11/30/2011		10.03		0.72		(0.28	)		0.44		(0.78	)		—
4/12/2010* - 11/30/2010		9.65		0.49		0.19			0.68		(0.30	)		—
Class C
11/30/2014	$	10.35	$	0.54	$	(0.37	)	$	0.17	$	(0.60	)	$	(0.09	)
11/30/2013		10.15		0.59		0.22			0.81		(0.60	)		(0.01	)
11/30/2012		9.68		0.64		0.62			1.26		(0.66	)		(0.13	)
11/30/2011		10.02		0.65		(0.29	)		0.36		(0.70	)		—
4/12/2010* - 11/30/2010		9.65		0.45		0.19			0.64		(0.27	)		—
Class D
11/30/2014	$	10.08	$	0.59	$	(0.37	)	$	0.22	$	(0.66	)	$	(0.09	)
11/30/2013		9.91		0.64		0.22			0.86		(0.68	)		(0.01	)
11/30/2012		9.47		0.70		0.60			1.30		(0.73	)		(0.13	)
11/30/2011		9.79		0.72		(0.28	)		0.44		(0.76	)		—
4/12/2010* - 11/30/2010		9.65		0.48		0.18			0.66		(0.52	)		—
Class R
11/30/2014	$	10.05	$	0.54	$	(0.34	)	$	0.20	$	(0.63	)	$	(0.09	)
11/30/2013		9.88		0.63		0.21			0.84		(0.66	)		(0.01	)
11/30/2012		9.45		0.67		0.60			1.27		(0.71	)		(0.13	)
11/30/2011		9.80		0.68		(0.28	)		0.40		(0.75	)		—
4/12/2010* - 11/30/2010		9.65		0.47		0.18			0.65		(0.50	)		—
Class P
11/30/2014	$	10.05	$	0.62	$	(0.35	)	$	0.27	$	(0.70	)	$	(0.09	)
11/30/2013		9.87		0.66		0.23			0.89		(0.70	)		(0.01	)
11/30/2012		9.44		0.72		0.58			1.30		(0.74	)		(0.13	)
11/30/2011		9.78		0.72		(0.27	)		0.45		(0.79	)		—
4/12/2010* - 11/30/2010		9.65		0.50		0.17			0.67		(0.54	)		—
Institutional Class
11/30/2014	$	10.08	$	0.62	$	(0.35	)	$	0.27	$	(0.71	)	$	(0.09	)
11/30/2013		9.90		0.68		0.22			0.90		(0.71	)		(0.01	)
11/30/2012		9.46		0.73		0.60			1.33		(0.76	)		(0.13	)
11/30/2011		9.80		0.76		(0.30	)		0.46		(0.80	)		—
11/30/2010		9.17		0.83		0.61			1.44		(0.81	)		—
Administrative Class
11/30/2014	$	10.04	$	0.59	$	(0.36	)	$	0.23	$	(0.67	)	$	(0.09	)
11/30/2013		9.87		0.65		0.22			0.87		(0.69	)		(0.01	)
11/30/2012		9.43		0.70		0.61			1.31		(0.74	)		(0.13	)
11/30/2011		9.78		0.72		(0.30	)		0.42		(0.77	)		—
4/12/2010* - 11/30/2010		9.65		0.49		0.17			0.66		(0.53	)		—

* 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.

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

208 Annual Report |  November 30, 2014  | 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
$	(0.76	)	$	9.85	(d)		2.39	%(d)	$	76,274		0.94	%		0.94	%		5.93	%		66	%
	(0.69	)		10.36			8.98			73,920		0.91			0.91			6.49			67
	(0.86	)		10.16			14.34			109,668		0.89			0.90			7.21			86
	(0.78	)		9.69			4.29			61,339		1.05			1.05			7.19			168
	(0.30	)		10.03			7.07			1,296		1.11	(c)		1.47	(c)		7.70	(c)		144
$	(0.69	)	$	9.83	(d)		1.57	%(d)	$	23,249		1.68	%		1.68	%		5.23	%		66	%
	(0.61	)		10.35			8.14			27,525		1.70			1.70			5.68			67
	(0.79	)		10.15			13.54			30,692		1.68			1.68			6.43			86
	(0.70	)		9.68			3.53			12,443		1.82			1.87			6.56			168
	(0.27	)		10.02			6.73			311		1.87	(c)		2.21	(c)		7.12	(c)		144
$	(0.75	)	$	9.55	(d)		2.17	%(d)	$	36,987		1.01	%		1.01	%		5.90	%		66	%
	(0.69	)		10.08			8.92			108,011		1.00			1.02			6.40			67
	(0.86	)		9.91			14.33			43,921		0.96			1.07			7.14			86
	(0.76	)		9.47			4.42			20,378		1.07			1.12			7.36			168
	(0.52	)		9.79			7.09			169		1.11	(c)		1.47	(c)		7.84	(c)		144
$	(0.72	)	$	9.53	(d)		1.91	%(d)	$	2,823		1.43	%		1.45	%		5.48	%		66	%
	(0.67	)		10.05			8.72			2,851		1.15			1.32			6.24			67
	(0.84	)		9.88			14.05			2,111		1.15			1.25			6.95			86
	(0.75	)		9.45			4.02			342		1.33			1.37			7.23			168
	(0.50	)		9.80			6.97			11		1.36	(c)		1.63	(c)		7.74	(c)		144
$	(0.79	)	$	9.53	(d)		2.63	%(d)	$	47,385		0.71	%		0.71	%		6.21	%		66	%
	(0.71	)		10.05			9.27			77,649		0.74			0.74			6.64			67
	(0.87	)		9.87			14.48			19,497		0.74			0.79			7.39			86
	(0.79	)		9.44			4.57			11,096		0.88			0.88			7.49			168
	(0.54	)		9.78			7.22			11		0.97	(c)		1.14	(c)		8.13	(c)		144
$	(0.80	)	$	9.55	(d)		2.59	%(d)	$	163,567		0.64	%		0.64	%		6.27	%		66	%
	(0.72	)		10.08			9.35			139,306		0.62			0.62			6.76			67
	(0.89	)		9.90			14.68			121,362		0.63			0.63			7.47			86
	(0.80	)		9.46			4.66			70,174		0.61			0.77			7.65			168
	(0.81	)		9.80			16.23			93,782		0.63			0.93			8.65			144
$	(0.76	)	$	9.51	(d)		2.27	%(d)	$	34,714		0.97	%		0.97	%		5.93	%		66	%
	(0.70	)		10.04			9.02			32,789		0.90			0.91			6.49			67
	(0.87	)		9.87			14.54			27,274		0.90			1.14			8.92			86
	(0.77	)		9.43			4.27			11		1.03			1.03			7.25			168
	(0.53	)		9.78			7.12			11		1.12	(c)		1.28	(c)		7.98	(c)		144

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 209

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 International Small-Cap:
Class A
11/30/2014	$	42.30	$	0.09		$	(2.41	)	$	(2.32	)	$	(0.64	)	$	(3.57	)
11/30/2013		31.89		0.09			10.32			10.41			—	(c)		—
11/30/2012		28.31		0.16			4.06			4.22			(0.64	)		—
11/30/2011		31.36		0.12			(2.56	)		(2.44	)		(0.61	)		—
4/12/2010* - 11/30/2010		28.30		(0.01	)		3.07			3.06			—			—
Class C
11/30/2014	$	41.78	$	(0.18	)	$	(2.39	)	$	(2.57	)	$	(0.31	)	$	(3.57	)
11/30/2013		31.75		(0.17	)		10.22			10.05			(0.02	)		—
11/30/2012		28.01		(0.07	)		4.04			3.97			(0.23	)		—
11/30/2011		31.22		0.06			(2.72	)		(2.66	)		(0.55	)		—
4/12/2010* - 11/30/2010		28.30		(0.24	)		3.16			2.92			—			—
Class D
11/30/2014	$	43.24	$	0.16		$	(2.52	)	$	(2.36	)	$	(1.16	)	$	(3.57	)
11/30/2013		32.60		0.05			10.59			10.64			—	(c)		—
11/30/2012		28.33		0.24			4.03			4.27			—	(c)		—
11/30/2011		31.37		0.07			(2.53	)		(2.46	)		(0.58	)		—
4/12/2010* - 11/30/2010		28.30		0.04			3.03			3.07			—			—
Class R
11/30/2014	$	42.23	$	0.07		$	(2.47	)	$	(2.40	)	$	(0.96	)	$	(3.57	)
11/30/2013		32.25		0.02			10.32			10.34			(0.36	)		—
11/30/2012		28.27		0.08			4.10			4.18			(0.20	)		—
11/30/2011		31.32		0.16			(2.70	)		(2.54	)		(0.51	)		—
4/12/2010* - 11/30/2010		28.30		0.05			2.97			3.02			—			—
Class P
11/30/2014	$	41.97	$	0.16		$	(2.41	)	$	(2.25	)	$	(0.50	)	$	(3.57	)
11/30/2013		31.92		0.16			10.24			10.40			(0.35	)		—
11/30/2012		27.86		0.20			4.05			4.25			(0.19	)		—
11/30/2011		30.35		0.30			(2.67	)		(2.37	)		(0.12	)		—
11/30/2010		25.86		0.20			4.45			4.65			(0.16	)		—
Institutional Class
11/30/2014	$	42.94	$	0.21		$	(2.49	)	$	(2.28	)	$	(0.41	)	$	(3.57	)
11/30/2013		32.60		0.17			10.48			10.65			(0.31	)		—
11/30/2012		28.58		0.24			4.15			4.39			(0.37	)		—
11/30/2011		31.45		0.37			(2.74	)		(2.37	)		(0.50	)		—
11/30/2010		26.91		0.24			4.94			5.18			(0.64	)		—

(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) Less than $(0.01) per share.

(d) Annualized.

210 Annual Report |  November 30, 2014  | 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
$	(4.21	)	$	35.77		(5.84	)%	$	5,290		1.45	%		1.76	%		0.23	%		77	%
	—	(c)		42.30		32.64			4,569		1.45			1.83			0.23			92
	(0.64	)		31.89		15.13			2,773		1.50			1.76			0.53			117
	(0.61	)		28.31		(8.03	)		4,103		1.60			1.83			0.40			66
	—			31.36		10.81			97		1.66	(d)		1.70	(d)		(0.07	)(d)		57
$	(3.88	)	$	35.33		(6.52	)%	$	1,135		2.19	%		2.45	%		(0.47	)%		77	%
	(0.02	)		41.78		31.67			702		2.20			2.43			(0.46	)		92
	(0.23	)		31.75		14.26			531		2.26			2.37			(0.24	)		117
	(0.55	)		28.01		(8.75	)		455		2.34			2.86			0.19			66
	—			31.22		10.32			176		2.44	(d)		2.48	(d)		(1.23	)(d)		57
$	(4.73	)	$	36.15		(5.83	)%	$	1,453		1.45	%		1.71	%		0.41	%		77	%
	—	(c)		43.24		32.65			339		1.45			1.73			0.13			92
	—	(c)		32.60		15.07			112		1.56			5.66			0.77			117
	(0.58	)		28.33		(8.08	)		1,440		1.61			2.83			0.22			66
	—			31.37		10.85			38		1.66	(d)		1.83	(d)		0.22	(d)		57
$	(4.53	)	$	35.30		(6.06	)%	$	73		1.70	%		2.10	%		0.19	%		77	%
	(0.36	)		42.23		32.29			27		1.70			1.96			0.05			92
	(0.20	)		32.25		14.86			12		1.74			1.90			0.26			117
	(0.51	)		28.27		(8.32	)		10		1.82			1.84			0.51			66
	—			31.32		10.67			11		1.91	(d)		2.35	(d)		0.27	(d)		57
$	(4.07	)	$	35.65		(5.68	)%	$	27,882		1.29	%		1.54	%		0.41	%		77	%
	(0.35	)		41.97		32.86			33,574		1.30			1.52			0.45			92
	(0.19	)		31.92		15.32			28,996		1.31			1.52			0.68			117
	(0.12	)		27.86		(7.86	)		34,772		1.32			1.47			0.95			66
	(0.16	)		30.35		18.12			46,636		1.37			1.77			0.74			57
$	(3.98	)	$	36.68		(5.61	)%	$	55,743		1.21	%		1.46	%		0.53	%		77	%
	(0.31	)		42.94		32.96			71,875		1.21			1.44			0.46			92
	(0.37	)		32.60		15.50			88,301		1.20			1.38			0.80			117
	(0.50	)		28.58		(7.74	)		84,026		1.20			1.34			1.14			66
	(0.64	)		31.45		18.22			89,186		1.23			1.70			0.86			57

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 211

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 Micro Cap:
Class A
11/30/2014	$	16.06	$	(0.21	)	$	—	(c)	$	(0.21	)	$	—		$	(0.97	)
11/30/2013		11.62		(0.20	)		5.57			5.37			—			(0.93	)
12/19/2011* - 11/30/2012		9.84		(0.07	)		1.85			1.78			—			—
Class P
11/30/2014	$	16.08	$	(0.19	)	$	—	(c)	$	(0.19	)	$	—		$	(0.97	)
11/30/2013		11.61		(0.17	)		5.57			5.40			—			(0.93	)
11/30/2012		12.20		(0.10	)		1.47			1.37			—			(1.96	)
12/27/2010* - 11/30/2011		14.20		(0.15	)		(1.64	)		(1.79	)		—			(0.21	)
Institutional Class
11/30/2014	$	16.15	$	(0.19	)	$	—	(c)	$	(0.19	)	$	—		$	(0.97	)
11/30/2013		11.65		(0.15	)		5.58			5.43			—			(0.93	)
11/30/2012		12.22		(0.10	)		1.49			1.39			—			(1.96	)
11/30/2011		13.80		(0.17	)		(0.16	)		(0.33	)		—			(1.25	)
11/30/2010		10.44		(0.15	)		3.51			3.36			—			—
AllianzGI Multi-Asset Real Return:
Class A
11/30/2014	$	15.34	$	0.14		$	(0.26	)	$	(0.12	)	$	(0.23	)	$	(0.08	)
12/17/2012* - 11/30/2013		15.00		0.12			0.22			0.34			—			—
Class C
11/30/2014	$	15.24	$	0.03		$	(0.25	)	$	(0.22	)	$	(0.20	)	$	(0.08	)
12/17/2012* - 11/30/2013		15.00		(0.03	)		0.27			0.24			—			—
Class D
11/30/2014	$	15.34	$	0.14		$	(0.25	)	$	(0.11	)	$	(0.21	)	$	(0.08	)
12/17/2012* - 11/30/2013		15.00		0.14			0.20			0.34			—			—
Class P
11/30/2014	$	15.36	$	0.18		$	(0.27	)	$	(0.09	)	$	(0.23	)	$	(0.08	)
12/17/2012* - 11/30/2013		15.00		0.16			0.20			0.36			—			—
Institutional Class
11/30/2014	$	15.37	$	0.19		$	(0.26	)	$	(0.07	)	$	(0.25	)	$	(0.08	)
12/17/2012* - 11/30/2013		15.00		0.18			0.19			0.37			—			—

* 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) Less than $0.01 per share.

(d) Annualized.

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

212 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
$	(0.97	)	$	14.88		(1.11	)%	$	4,684		1.66	%		2.10	%		(1.40	)%		48	%
	(0.93	)		16.06		50.11			1,065		1.80			2.07			(1.45	)		63
	—			11.62		18.09			135		1.82	(d)		2.18	(d)		(0.62	)(d)		62
$	(0.97	)	$	14.92		(0.98	)%	$	1,550		1.52	%		1.81	%		(1.21	)%		48	%
	(0.93	)		16.08		50.42			2,192		1.63			1.90			(1.25	)		63
	(1.96	)		11.61		13.90			332		1.65			1.99			(0.85	)		62
	(0.21	)		12.20		(12.43	)		426		1.65	(d)		1.85	(d)		(1.35	)(d)		74
$	(0.97	)	$	14.99		(0.97	)%	$	33,513		1.54	%		1.80	%		(1.25	)%		48	%
	(0.93	)		16.15		50.51			41,713		1.54			2.01			(1.10	)		63
	(1.96	)		11.65		14.09			27,343		1.54			1.84			(0.90	)		62
	(1.25	)		12.22		(2.88	)		46,514		1.54			1.65			(1.24	)		74
	—			13.80		32.18			57,591		1.57			1.64			(1.25	)		112
$	(0.31	)	$	14.91		(0.81	)%	$	143		0.85	%(e)		4.61	%(e)		0.90	%(e)		41	%
	—			15.34		2.27			45		0.86	(d)(e)		8.42	(d)(e)		0.83	(d)(e)		46
$	(0.28	)	$	14.74		(1.50	)%	$	114		1.60	%(e)		5.46	%(e)		0.21	%(e)		41	%
	—			15.24		1.60			81		1.60	(d)(e)		9.55	(d)(e)		(0.17	)(d)(e)		46
$	(0.29	)	$	14.94		(0.79	)%	$	23		0.85	%(e)		60.76	%(e)		0.88	%(e)		41	%
	—			15.34		2.27			10		0.86	(d)(e)		19.52	(d)(e)		0.96	(d)(e)		46
$	(0.31	)	$	14.96		(0.64	)%	$	10		0.70	%(e)		4.50	%(e)		1.14	%(e)		41	%
	—			15.36		2.40			10		0.71	(d)(e)		7.75	(d)(e)		1.11	(d)(e)		46
$	(0.33	)	$	14.97		(0.50	)%	$	6,034		0.60	%(e)		4.48	%(e)		1.22	%(e)		41	%
	—			15.37		2.47			5,155		0.61	(d)(e)		7.74	(d)(e)		1.21	(d)(e)		46

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 213

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
AllianzGI NFJ Emerging Markets Value:
Class A
11/30/2014	$	15.42	$	0.37	$	0.08	$	0.45	$	(0.42	)
12/18/2012* - 11/30/2013		15.00		0.35		0.27		0.62		(0.20	)
Class C
11/30/2014	$	15.35	$	0.28	$	0.05	$	0.33	$	(0.28	)
12/18/2012* - 11/30/2013		15.00		0.14		0.36		0.50		(0.15	)
Class D
11/30/2014	$	15.45	$	0.42	$	0.03	$	0.45	$	(0.35	)
12/18/2012* - 11/30/2013		15.00		0.25		0.36		0.61		(0.16	)
Class P
11/30/2014	$	15.45	$	0.43	$	0.05	$	0.48	$	(0.37	)
12/18/2012* - 11/30/2013		15.00		0.36		0.27		0.63		(0.18	)
Institutional Class
11/30/2014	$	15.46	$	0.46	$	0.03	$	0.49	$	(0.38	)
12/18/2012* - 11/30/2013		15.00		0.39		0.26		0.65		(0.19	)

* 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.

214 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

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
$	15.45		2.94	%	$	110		1.55	%		4.86	%		2.33	%		85	%
	15.42		4.14			19		1.55	(c)		17.07	(c)		2.41	(c)		67
$	15.40		2.19	%	$	73		2.30	%		5.60	%		1.82	%		85	%
	15.35		3.40			25		2.30	(c)		19.41	(c)		1.00	(c)		67
$	15.55		2.95	%	$	1,492		1.55	%		5.76	%		2.68	%		85	%
	15.45		4.10			1,086		1.55	(c)		8.48	(c)		1.75	(c)		67
$	15.56		3.13	%	$	11		1.39	%		4.64	%		2.77	%		85	%
	15.45		4.25			11		1.41	(c)		7.72	(c)		2.49	(c)		67
$	15.57		3.18	%	$	7,889		1.30	%		4.63	%		2.96	%		85	%
	15.46		4.38			6,470		1.30	(c)		7.78	(c)		2.70	(c)		67

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 215

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 Global Dividend Value:
Class A
11/30/2014	$	22.08	$	0.61	$	0.30		$	0.91	$	(0.55	)	$	(1.04	)
11/30/2013		18.27		0.54		3.75			4.29		(0.44	)		(0.04	)
11/30/2012		17.35		0.56		1.10			1.66		(0.40	)		(0.34	)
11/30/2011		17.91		0.55		(0.19	)		0.36		(0.64	)		(0.28	)
11/30/2010		18.16		0.43		0.38			0.81		(0.71	)		(0.35	)
Class C
11/30/2014	$	21.82	$	0.43	$	0.31		$	0.74	$	(0.39	)	$	(1.04	)
11/30/2013		18.05		0.37		3.72			4.09		(0.28	)		(0.04	)
11/30/2012		17.19		0.42		1.07			1.49		(0.29	)		(0.34	)
11/30/2011		17.76		0.43		(0.20	)		0.23		(0.52	)		(0.28	)
11/30/2010		18.12		0.28		0.41			0.69		(0.70	)		(0.35	)
Class D
11/30/2014	$	22.30	$	0.55	$	0.36		$	0.91	$	(0.56	)	$	(1.04	)
11/30/2013		18.44		0.52		3.80			4.32		(0.42	)		(0.04	)
11/30/2012		17.38		0.60		1.05			1.65		(0.25	)		(0.34	)
11/30/2011		17.86		0.61		(0.23	)		0.38		(0.58	)		(0.28	)
11/30/2010		18.17		0.43		0.37			0.80		(0.76	)		(0.35	)
Class P
11/30/2014	$	22.21	$	0.65	$	0.30		$	0.95	$	(0.59	)	$	(1.04	)
11/30/2013		18.36		0.57		3.78			4.35		(0.46	)		(0.04	)
11/30/2012		17.45		0.60		1.10			1.70		(0.45	)		(0.34	)
11/30/2011		17.82		0.42		(0.02	)		0.40		(0.49	)		(0.28	)
11/30/2010		18.17		0.46		0.38			0.84		(0.84	)		(0.35	)
Institutional Class
11/30/2014	$	21.98	$	0.66	$	0.30		$	0.96	$	(0.60	)	$	(1.04	)
11/30/2013		18.18		0.60		3.73			4.33		(0.49	)		(0.04	)
11/30/2012		17.29		0.60		1.09			1.69		(0.46	)		(0.34	)
11/30/2011		17.83		0.64		(0.21	)		0.43		(0.69	)		(0.28	)
11/30/2010		18.17		0.41		0.46			0.87		(0.86	)		(0.35	)

(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. 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.

216 Annual Report |  November 30, 2014  | 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
$	(1.59	)	$	21.40		4.32	%	$	11,999		1.20	%		1.46	%		2.82	%		49	%
	(0.48	)		22.08		23.80			10,705		1.21			1.51			2.68			43
	(0.74	)		18.27		9.98			7,355		1.32			1.71			3.13			41
	(0.92	)		17.35		1.85			6,821		1.50			1.92			3.01			66
	(1.06	)		17.91		4.71			1,469		1.50			4.55			2.41			40
$	(1.43	)	$	21.13		3.52	%	$	5,587		1.99	%		2.22	%		2.03	%		49	%
	(0.32	)		21.82		22.88			5,720		2.00			2.27			1.83			43
	(0.63	)		18.05		9.03			3,948		2.07			2.46			2.34			41
	(0.80	)		17.19		1.12			3,020		2.25			2.71			2.39			66
	(1.05	)		17.76		3.99			1,210		2.25			5.11			1.57			40
$	(1.60	)	$	21.61		4.25	%	$	3,896		1.28	%		1.47	%		2.55	%		49	%
	(0.46	)		22.30		23.72			753		1.31			1.55			2.53			43
	(0.59	)		18.44		9.83			480		1.38			3.04			3.31			41
	(0.86	)		17.38		1.91			558		1.50			3.74			3.27			66
	(1.11	)		17.86		4.68			203		1.50			4.53			2.44			40
$	(1.63	)	$	21.53		4.48	%	$	1,811		1.04	%		1.28	%		2.99	%		49	%
	(0.50	)		22.21		24.06			1,685		1.05			1.32			2.77			43
	(0.79	)		18.36		10.11			1,089		1.12			1.51			3.32			41
	(0.77	)		17.45		2.13			718		1.30			1.99			2.41			66
	(1.19	)		17.82		4.90			13		1.30			4.45			2.63			40
$	(1.64	)	$	21.30		4.58	%	$	42,981		0.95	%		1.18	%		3.08	%		49	%
	(0.53	)		21.98		24.16			51,318		0.96			1.21			2.96			43
	(0.80	)		18.18		10.19			39,215		1.02			1.40			3.38			41
	(0.97	)		17.29		2.21			20,556		1.20			1.68			3.51			66
	(1.21	)		17.83		5.07			15,211		1.20			3.40			2.32			40

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 217

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 International Small-Cap Value:
Class A
11/30/2014	$	21.06	$	0.39	$	0.62	$	1.01	$	(0.26	)	$	(0.44	)
11/30/2013		17.10		0.35		4.03		4.38		(0.33	)		(0.09	)
6/1/2012* - 11/30/2012*		15.00		0.07		2.03		2.10		—			—
Class C
11/30/2014	$	21.04	$	0.23	$	0.63	$	0.86	$	(0.35	)	$	(0.44	)
11/30/2013		17.04		0.16		4.09		4.25		(0.16	)		(0.09	)
6/1/2012* - 11/30/2012*		15.00		0.09		1.95		2.04		—			—
Class D
11/30/2014	$	21.04	$	0.38	$	0.63	$	1.01	$	(0.17	)	$	(0.44	)
11/30/2013		17.11		0.42		3.95		4.37		(0.35	)		(0.09	)
6/1/2012* - 11/30/2012*		15.00		0.13		1.98		2.11		—			—
Class P
11/30/2014	$	21.27	$	0.44	$	0.62	$	1.06	$	(0.19	)	$	(0.44	)
11/30/2013		17.11		0.39		4.05		4.44		(0.19	)		(0.09	)
6/1/2012* - 11/30/2012*		15.00		0.16		1.95		2.11		—			—
Institutional Class
11/30/2014	$	21.28	$	0.45	$	0.63	$	1.08	$	(0.33	)	$	(0.44	)
11/30/2013		17.12		0.43		4.03		4.46		(0.21	)		(0.09	)
6/1/2012* - 11/30/2012*		15.00		0.17		1.95		2.12		—			—

* 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.

218 Annual Report |  November 30, 2014  | 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
$	(0.70	)	$	21.37		4.98	%	$	2,736		1.45	%		2.64	%		1.80	%		76	%
	(0.42	)		21.06		26.08			2,272		1.45			4.81			1.81			50
	—			17.10		14.00			1,049		1.45	(c)		4.22	(c)		0.82	(c)		19
$	(0.79	)	$	21.11		4.24	%	$	1,340		2.20	%		3.40	%		1.07	%		76	%
	(0.25	)		21.04		25.20			521		2.20			5.66			0.80			50
	—			17.04		13.60			11		2.20	(c)		9.92	(c)		1.08	(c)		19
$	(0.61	)	$	21.44		4.98	%	$	1,388		1.45	%		3.47	%		1.74	%		76	%
	(0.44	)		21.04		26.03			951		1.45			6.56			2.17			50
	—			17.11		14.07			84		1.45	(c)		7.85	(c)		1.59	(c)		19
$	(0.63	)	$	21.70		5.17	%	$	39		1.30	%		2.39	%		1.98	%		76	%
	(0.28	)		21.27		26.28			14		1.31			4.63			2.04			50
	—			17.11		14.07			12		1.30	(c)		8.92	(c)		1.98	(c)		19
$	(0.77	)	$	21.59		5.27	%	$	13,979		1.20	%		2.31	%		2.03	%		76	%
	(0.30	)		21.28		26.40			11,873		1.21			4.66			2.22			50
	—			17.12		14.13			3,551		1.20	(c)		8.90	(c)		2.08	(c)		19

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 219

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 International Value II:
Class A
11/30/2014	$	19.17	$	0.47	$	(0.44	)	$	0.03		$	(0.56	)	$	(0.65	)
11/30/2013		16.36		0.34		2.71			3.05			(0.22	)		(0.02	)
12/1/2011* - 11/30/2012		15.00		0.29		1.33			1.62			(0.26	)		—
Class C
11/30/2014	$	19.04	$	0.32	$	(0.43	)	$	(0.11	)	$	(0.46	)	$	(0.65	)
11/30/2013		16.32		0.18		2.73			2.91			(0.17	)		(0.02	)
12/1/2011* - 11/30/2012		15.00		0.22		1.28			1.50			(0.18	)		—
Class D
11/30/2014	$	19.20	$	0.51	$	(0.49	)	$	0.02		$	(0.56	)	$	(0.65	)
11/30/2013		16.36		0.33		2.73			3.06			(0.20	)		(0.02	)
12/1/2011* - 11/30/2012		15.00		0.34		1.28			1.62			(0.26	)		—
Class P
11/30/2014	$	19.24	$	0.38	$	(0.32	)	$	0.06		$	(0.66	)	$	(0.65	)
11/30/2013		16.38		0.36		2.73			3.09			(0.21	)		(0.02	)
12/1/2011* - 11/30/2012		15.00		0.38		1.28			1.66			(0.28	)		—
Institutional Class
11/30/2014	$	19.26	$	0.57	$	(0.50	)	$	0.07		$	(0.65	)	$	(0.65	)
11/30/2013		16.38		0.36		2.76			3.12			(0.22	)		(0.02	)
12/1/2011* - 11/30/2012		15.00		0.39		1.29			1.68			(0.30	)		—
AllianzGI Short Duration High Income:
Class A
11/30/2014	$	15.92	$	0.64	$	(0.23	)	$	0.41		$	(0.74	)	$	—
11/30/2013		15.97		0.63		0.09			0.72			(0.76	)		(0.01	)
11/30/2012		15.32		0.64		0.68			1.32			(0.67	)		—
10/3/2011* - 11/30/2011		15.00		0.12		0.25			0.37			(0.05	)		—
Class C
11/30/2014	$	15.89	$	0.60	$	(0.23	)	$	0.37		$	(0.70	)	$	—
11/30/2013		15.94		0.59		0.09			0.68			(0.72	)		(0.01	)
11/30/2012		15.31		0.58		0.64			1.22			(0.59	)		—
10/3/2011* - 11/30/2011		15.00		0.10		0.25			0.35			(0.04	)		—
Class D
11/30/2014	$	15.92	$	0.64	$	(0.23	)	$	0.41		$	(0.74	)	$	—
11/30/2013		15.97		0.63		0.09			0.72			(0.76	)		(0.01	)
11/30/2012		15.32		0.65		0.67			1.32			(0.67	)		—
10/3/2011* - 11/30/2011		15.00		0.12		0.25			0.37			(0.05	)		—
Class P
11/30/2014	$	15.92	$	0.66	$	(0.23	)	$	0.43		$	(0.77	)	$	—
11/30/2013		15.96		0.66		0.10			0.76			(0.79	)		(0.01	)
11/30/2012		15.32		0.66		0.68			1.34			(0.70	)		—
10/3/2011* - 11/30/2011		15.00		0.10		0.28			0.38			(0.06	)		—
Institutional Class
11/30/2014	$	15.94	$	0.68	$	(0.24	)	$	0.44		$	(0.78	)	$	—
11/30/2013		15.99		0.67		0.09			0.76			(0.80	)		(0.01	)
11/30/2012		15.32		0.70		0.67			1.37			(0.70	)		—
10/3/2011* - 11/30/2011		15.00		0.11		0.27			0.38			(0.06	)		—

* 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.

220 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	(1.21	)	$	17.99		0.25	%	$	167		1.20	%		2.46	%		2.53	%		34	%
	(0.24	)		19.17		18.89			75		1.23			7.16			1.93			20
	(0.26	)		16.36		10.99			49		1.30	(c)		10.98	(c)		1.89	(c)		22
$	(1.11	)	$	17.82		(0.53	)%	$	79		1.95	%		3.23	%		1.76	%		34	%
	(0.19	)		19.04		18.02			47		1.97			8.26			1.02			20
	(0.18	)		16.32		10.17			11		2.05	(c)		10.82	(c)		1.45	(c)		22
$	(1.21	)	$	18.01		0.20	%	$	14		1.20	%		2.45	%		2.72	%		34	%
	(0.22	)		19.20		18.93			13		1.23			7.04			1.87			20
	(0.26	)		16.36		10.97			11		1.30	(c)		10.07	(c)		2.20	(c)		22
$	(1.31	)	$	17.99		0.40	%	$	118		1.01	%		2.11	%		2.08	%		34	%
	(0.23	)		19.24		19.10			13		1.05			6.87			2.05			20
	(0.28	)		16.38		11.28			11		1.05	(c)		9.92	(c)		2.45	(c)		22
$	(1.30	)	$	18.03		0.45	%	$	38,983		0.95	%		1.78	%		3.05	%		34	%
	(0.24	)		19.26		19.25			4,170		0.95			6.77			2.06			20
	(0.30	)		16.38		11.36			4,396		0.95	(c)		9.93	(c)		2.50	(c)		22
$	(0.74	)	$	15.59		2.60	%	$	163,070		0.85	%		0.88	%		4.01	%		94	%
	(0.77	)		15.92		4.60			168,536		0.85			0.90			3.98			63
	(0.67	)		15.97		8.78			80,995		0.89			1.09			4.09			51
	(0.05	)		15.32		2.50			532		0.95	(c)		2.99	(c)		4.97	(c)		10
$	(0.70	)	$	15.56		2.38	%	$	89,801		1.10	%		1.13	%		3.78	%		94	%
	(0.73	)		15.89		4.36			63,680		1.10			1.16			3.74			63
	(0.59	)		15.94		8.18			28,567		1.29			1.50			3.73			51
	(0.04	)		15.31		2.36			1,245		1.70	(c)		3.72	(c)		4.26	(c)		10
$	(0.74	)	$	15.59		2.62	%	$	35,821		0.85	%		0.97	%		4.05	%		94	%
	(0.77	)		15.92		4.61			18,902		0.85			1.08			3.99			63
	(0.67	)		15.97		8.78			10,018		0.90			1.18			4.16			51
	(0.05	)		15.32		2.50			65		0.95	(c)		2.88	(c)		4.95	(c)		10
$	(0.77	)	$	15.58		2.74	%	$	248,345		0.70	%		0.70	%		4.20	%		94	%
	(0.80	)		15.92		4.83			121,747		0.70			0.71			4.14			63
	(0.70	)		15.96		8.91			52,932		0.70			0.92			4.24			51
	(0.06	)		15.32		2.50			10		0.70	(c)		2.84	(c)		4.22	(c)		10
$	(0.78	)	$	15.60		2.81	%	$	225,643		0.60	%		0.60	%		4.28	%		94	%
	(0.81	)		15.94		4.87			179,676		0.61			0.61			4.23			63
	(0.70	)		15.99		9.13			38,247		0.60			0.89			4.48			51
	(0.06	)		15.32		2.52			8,055		0.60	(c)		2.72	(c)		4.58	(c)		10

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 221

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 Structured Return:
Class A
11/30/2014	$	15.87	$	(0.12	)	$	0.65		$	0.53		$	—	$	(0.76	)
12/3/2012* - 11/30/2013		15.00		(0.28	)		1.15			0.87			—		—
Class C
11/30/2014	$	15.73	$	(0.25	)	$	0.67		$	0.42		$	—	$	(0.76	)
12/3/2012* - 11/30/2013		15.00		(0.39	)		1.12			0.73			—		—
Class D
11/30/2014	$	15.89	$	(0.11	)	$	0.64		$	0.53		$	—	$	(0.76	)
12/3/2012* - 11/30/2013		15.00		(0.28	)		1.17			0.89			—		—
Class P
11/30/2014	$	15.89	$	(0.15	)	$	0.71		$	0.56		$	—	$	(0.76	)
12/3/2012* - 11/30/2013		15.00		(0.26	)		1.15			0.89			—		—
Institutional Class
11/30/2014	$	15.90	$	(0.08	)	$	0.66		$	0.58		$	—	$	(0.76	)
12/3/2012* - 11/30/2013		15.00		(0.24	)		1.14			0.90			—		—
AllianzGI Ultra Micro Cap:
Class A
11/30/2014	$	24.34	$	(0.44	)	$	(0.04	)	$	(0.48	)	$	—	$	(0.11	)
11/30/2013		15.53		(0.29	)		9.11			8.82			—		(0.01	)
12/19/2011* - 11/30/2012		12.82		(0.14	)		2.85			2.71			—		—
Class P
11/30/2014	$	24.40	$	(0.39	)	$	(0.04	)	$	(0.43	)	$	—	$	(0.11	)
11/30/2013		15.54		(0.24	)		9.11			8.87			—		(0.01	)
11/30/2012		13.26		(0.20	)		2.71			2.51			—		(0.23	)
12/27/2010* - 11/30/2011		13.80		(0.29	)		(0.22	)		(0.51	)		—		(0.03	)
Institutional Class
11/30/2014	$	24.49	$	(0.40	)	$	(0.05	)	$	(0.45	)	$	—	$	(0.11	)
11/30/2013		15.59		(0.26	)		9.17			8.91			—		(0.01	)
11/30/2012		13.29		(0.19	)		2.72			2.53			—		(0.23	)
11/30/2011		13.25		(0.29	)		1.08			0.79			—		(0.75	)
11/30/2010		8.93		(0.22	)		4.54			4.32			—		—

* 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.

222 Annual Report |  November 30, 2014  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
$	(0.76	)	$	15.64		3.52	%	$	2,551		1.52	%		4.22	%		(0.75	)%		229	%
	—			15.87		5.80			517		1.90	(c)		7.34	(c)		(1.86	)(c)		N/A
$	(0.76	)	$	15.39		2.82	%	$	138		2.31	%		4.74	%		(1.64	)%		229	%
	—			15.73		4.87			74		2.65	(c)		6.91	(c)		(2.60	)(c)		N/A
$	(0.76	)	$	15.66		3.52	%	$	5,735		1.45	%		5.05	%		(0.72	)%		229	%
	—			15.89		5.93			1,416		1.90	(c)		6.29	(c)		(1.85	)(c)		N/A
$	(0.76	)	$	15.69		3.72	%	$	37		1.50	%		3.73	%		(1.00	)%		229	%
	—			15.89		5.93			61		1.75	(c)		5.97	(c)		(1.69	)(c)		N/A
$	(0.76	)	$	15.72		3.84	%	$	15,142		1.28	%		3.65	%		(0.54	)%		229	%
	—			15.90		6.00			7,978		1.65	(c)		5.64	(c)		(1.60	)(c)		N/A
$	(0.11	)	$	23.75		(1.98	)%	$	53,192		2.16	%		2.16	%		(1.81	)%		66	%
	(0.01	)		24.34		56.82			61,525		2.20			2.30			(1.41	)		59
	—			15.53		21.14			6,862		2.36	(c)		3.36	(c)		(0.96	)(c)		114
$	(0.11	)	$	23.86		(1.77	)%	$	10,561		1.94	%		1.94	%		(1.67	)%		66	%
	(0.01	)		24.40		57.10			858		2.01			2.07			(1.19	)		59
	(0.23	)		15.54		19.26			252		2.18			3.08			(1.38	)		114
	(0.03	)		13.26		(3.64	)		230		2.41	(c)		3.48	(c)		(2.23	)(c)		101
$	(0.11	)	$	23.93		(1.84	)%	$	49,525		2.00	%		2.00	%		(1.65	)%		66	%
	(0.01	)		24.49		57.18			62,641		2.00			2.00			(1.24	)		59
	(0.23	)		15.59		19.37			9,296		2.08			3.15			(1.32	)		114
	(0.75	)		13.29		6.04			9,757		2.24			3.53			(2.06	)		101
	—			13.25		48.38			4,629		2.29			5.40			(1.99	)		123

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 223

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 U.S. Equity Hedged:
Class A
11/30/2014	$	17.26	$	0.12		$	1.45	$	1.57	$	(0.15	)	$	(0.94	)
12/3/2012* - 11/30/2013		15.00		0.12			2.14		2.26		—			—
Class C
11/30/2014	$	17.14	$	(0.01	)	$	1.44	$	1.43	$	(0.18	)	$	(0.94	)
12/3/2012* - 11/30/2013		15.00		—	(d)		2.14		2.14		—			—
Class D
11/30/2014	$	17.26	$	0.12		$	1.47	$	1.59	$	(0.08	)	$	(0.94	)
12/3/2012* - 11/30/2013		15.00		0.12			2.14		2.26		—			—
Class P
11/30/2014	$	17.29	$	0.15		$	1.47	$	1.62	$	(0.07	)	$	(0.94	)
12/3/2012* - 11/30/2013		15.00		0.15			2.14		2.29		—			—
Institutional Class
11/30/2014	$	17.31	$	0.17		$	1.46	$	1.63	$	(0.11	)	$	(0.94	)
12/3/2012* - 11/30/2013		15.00		0.17			2.14		2.31		—			—

* 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.

(d) Less than $(0.01) per share.

(e) Payments from Affiliates increased net asset value and total return by less than $0.01 and 0.01%, respectively.

224 Annual Report |  November 30, 2014  | 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
$	(1.09	)	$	17.74	(e)		9.57	%(e)	$	1,491		1.25	%		3.70	%		0.70	%		5	%
	—			17.26			15.07			1,416		1.25	(c)		9.81	(c)		0.74	(c)		6
$	(1.12	)	$	17.45	(e)		8.78	%(e)	$	180		2.00	%		4.48	%		(0.05	)%		5	%
	—			17.14			14.27			122		2.00	(c)		11.10	(c)		(0.01	)(c)		6
$	(1.02	)	$	17.83	(e)		9.59	%(e)	$	1,191		1.25	%		8.43	%		0.72	%		5	%
	—			17.26			15.07			265		1.25	(c)		9.77	(c)		0.76	(c)		6
$	(1.01	)	$	17.90	(e)		9.77	%(e)	$	13		1.10	%		3.38	%		0.85	%		5	%
	—			17.29			15.27			12		1.11	(c)		8.71	(c)		0.96	(c)		6
$	(1.05	)	$	17.89	(e)		9.87	%(e)	$	12,678		1.00	%		3.04	%		1.00	%		5	%
	—			17.31			15.40			5,395		1.00	(c)		8.82	(c)		1.05	(c)		6

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 225

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Loss (a)			Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period
AllianzGI U.S. Small-Cap Growth:
Class A
11/30/2014	$	19.09	$	(0.19	)	$	0.36		$	0.17		$	(1.81	)	$	17.45
11/30/2013		13.25		(0.15	)		6.27			6.12			(0.28	)		19.09
11/30/2012		13.34		(0.08	)		0.98			0.90			(0.99	)		13.25
12/20/2010* - 11/30/2011		13.77		(0.11	)		(0.32	)		(0.43	)		—			13.34
Class C
11/30/2014	$	18.68	$	(0.31	)	$	0.34		$	0.03		$	(1.81	)	$	16.90
11/30/2013		13.07		(0.25	)		6.14			5.89			(0.28	)		18.68
11/30/2012		13.25		(0.18	)		0.99			0.81			(0.99	)		13.07
12/20/2010* - 11/30/2011		13.77		(0.22	)		(0.30	)		(0.52	)		—			13.25
Class D
11/30/2014	$	19.11	$	(0.18	)	$	0.35		$	0.17		$	(1.81	)	$	17.47
11/30/2013		13.25		(0.11	)		6.25			6.14			(0.28	)		19.11
11/30/2012		13.34		(0.09	)		0.99			0.90			(0.99	)		13.25
12/20/2010* - 11/30/2011		13.77		(0.11	)		(0.32	)		(0.43	)		—			13.34
Class R
11/30/2014	$	18.98	$	(0.22	)	$	0.34		$	0.12		$	(1.81	)	$	17.29
11/30/2013		13.19		(0.17	)		6.24			6.07			(0.28	)		18.98
11/30/2012		13.31		(0.11	)		0.98			0.87			(0.99	)		13.19
12/20/2010* - 11/30/2011		13.77		(0.15	)		(0.31	)		(0.46	)		—			13.31
Class P
11/30/2014	$	19.25	$	(0.15	)	$	0.35		$	0.20		$	(1.81	)	$	17.64
11/30/2013		13.32		(0.11	)		6.32			6.21			(0.28	)		19.25
11/30/2012		13.37		(0.04	)		0.98			0.94			(0.99	)		13.32
12/20/2010* - 11/30/2011		13.77		(0.09	)		(0.31	)		(0.40	)		—			13.37
Institutional Class
11/30/2014	$	19.30	$	(0.14	)	$	0.36		$	0.22		$	(1.81	)	$	17.71
11/30/2013		13.35		(0.08	)		6.31			6.23			(0.28	)		19.30
11/30/2012		13.39		(0.04	)		0.99			0.95			(0.99	)		13.35
11/30/2011		12.84		(0.07	)		0.62			0.55			—			13.39
11/30/2010		10.05		(0.06	)		2.85			2.79			—			12.84

* 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.

226 Annual Report |  November 30, 2014  | 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 Loss to Average Net Assets			Portfolio Turnover Rate
	1.31	%	$	3,277		1.44	%		1.89	%		(1.05	)%		69	%
	47.16			4,971		1.50			1.91			(0.90	)		81
	7.67			1,359		1.50			2.45			(0.59	)		92
	(3.12	)		837		1.50	(c)		2.70	(c)		(0.92	)(c)		111
	0.53	%	$	661		2.20	%		2.69	%		(1.81	)%		69	%
	46.03			606		2.21			2.73			(1.57	)		81
	6.99			228		2.22			3.16			(1.35	)		92
	(3.78	)		134		2.25	(c)		3.04	(c)		(1.60	)(c)		111
	1.31	%	$	117		1.42	%		1.92	%		(1.01	)%		69	%
	47.32			68		1.44			2.00			(0.71	)		81
	7.67			57		1.49			2.36			(0.65	)		92
	(3.12	)		27		1.50	(c)		2.31	(c)		(0.86	)(c)		111
	1.03	%	$	29		1.66	%		2.20	%		(1.26	)%		69	%
	46.99			26		1.67			2.16			(1.03	)		81
	7.44			10		1.70			2.60			(0.84	)		92
	(3.34	)		10		1.75	(c)		2.50	(c)		(1.14	)(c)		111
	1.47	%	$	214		1.25	%		1.76	%		(0.84	)%		69	%
	47.60			110		1.25			1.74			(0.69	)		81
	7.97			19		1.25			2.25			(0.27	)		92
	(2.90	)		15		1.25	(c)		2.13	(c)		(0.65	)(c)		111
	1.57	%	$	33,231		1.16	%		1.66	%		(0.76	)%		69	%
	47.64			29,116		1.16			1.69			(0.48	)		81
	8.05			20,140		1.15			2.09			(0.29	)		92
	4.28			20,862		1.15			1.99			(0.53	)		111
	27.76			20,079		1.19			1.71			(0.57	)		168

See accompanying Notes to Financial Statements |  November 30, 2014  | Annual Report 227

Notes to Financial Statements

November 30, 2014

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Allianz Funds Multi-Strategy Trust (the “Trust”) was organized on January 10, 2008, as an open-end registered investment management 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 Standard Codification Topic 946 Financial Services — Investment Companies. As of November 30, 2014, the Trust consisted of thirty-three separate investment series (each a “Fund” and collectively the “Funds”). Allianz Global Investors Fund Management LLC (“AGIFM” or the “Investment Manager”) serves as the Funds’ investment manager and Allianz Global Investors U.S. LLC (“AllianzGI U.S.”) and NFJ Investment Group LLC (“NFJ”), each an affiliate of the Investment Manager, and Fuller & Thaler Asset Management, Inc. (“Fuller & Thaler”) (collectively the “Sub-Advisers”) serve as the Funds’ sub-advisers. The Investment Manager, AllianzGI U.S. and NFJ are indirect, wholly-owned subsidiaries 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 eight classes of shares: A, C, D, R, P, Institutional, R6 and Administrative. As of November 1, 2009, Class B shares were no longer available for purchase, except through exchanges and dividend reinvestments.

The following Funds (except for AllianzGI Best Styles Global Equity, AllianzGI Emerging Markets Debt and AllianzGI Global Fundamental Strategy) sold and issued shares of beneficial interest to AAM during the years ended November 30, 2014 and November 30, 2013. AllianzGI Best Styles Global Equity, AllianzGI Emerging Markets Debt and AllianzGI Global Fundamental Strategy sold and issued shares of beneficial interest to Allianz Fund Investments, Inc. (“AFI”).

AllianzGI Best Styles Global Equity
Class	Date		Shares		Amount
A		9/2/14		606	$	10,000
Institutional		9/2/14		606		10,000
Class R6		12/2/13		333,333		5,000,000
				334,545	$	5,020,000
AllianzGI Emerging Markets Debt
Class	Date		Shares		Amount
A		9/15/14		667	$	10,000
C		9/15/14		666		10,000
P		9/15/14		667		10,000
Institutional		9/15/14		2,000,000		30,000,000
				2,002,000	$	30,030,000
AllianzGI Global Fundamental Strategy
Class	Date		Shares		Amount
A		7/1/13		667	$	10,000
C		7/1/13		667		10,000
D		7/1/13		666		10,000
P		7/1/13		667		10,000
Institutional		7/1/13		1,333,333		20,000,000
				1,336,000	$	20,040,000

AllianzGI Multi-Asset Real Return
Class	Date		Shares		Amount
A		12/17/12		666	$	10,000
C		12/17/12		667		10,000
D		12/17/12		667		10,000
P		12/17/12		667		10,000
Institutional		12/17/12		333,333		5,000,000
				336,000	$	5,040,000
AllianzGI NFJ Emerging Markets Value
Class	Date		Shares		Amount
A		12/18/12		667	$	10,000
C		12/18/12		667		10,000
D		12/18/12		666		10,000
P		12/18/12		667		10,000
Institutional		12/18/12		200,000		3,000,000
				202,667	$	3,040,000
AllianzGI Structured Return
Class	Date		Shares		Amount
A		12/3/12		667	$	10,000
C		12/3/12		667		10,000
D		12/3/12		666		10,000
P		12/3/12		667		10,000
Institutional		12/3/12		400,000		6,000,000
				402,667	$	6,040,000
AllianzGI U.S. Equity Hedged
Class	Date		Shares		Amount
A		12/3/12		667	$	10,000
C		12/3/12		667		10,000
D		12/3/12		666		10,000
P		12/3/12		667		10,000
Institutional		12/3/12		200,000		3,000,000
				202,667	$	3,040,000

On March 1, 2013, AAM transferred all shares of beneficial interest it held in the Funds to AFI, an indirect, wholly-owned subsidiary of Allianz SE.

The investment objective of each of AllianzGI Retirement 2015, AllianzGI Retirement 2020, AllianzGI Retirement 2025, AllianzGI Retirement 2030, AllianzGI Retirement 2035, AllianzGI Retirement 2040, AllianzGI Retirement 2045, AllianzGI Retirement 2050 and AllianzGI Retirement 2055 is to seek capital growth and preservation consistent with its asset allocation as the target date in the Fund name approaches, and thereafter current income, and secondarily, capital appreciation. AllianzGI Retirement Income’s investment objective is to seek current income and secondarily, capital appreciation. AllianzGI Global Allocation’s investment objective is to seek after-inflation capital appreciation and current income. The investment objective of AllianzGI Global Growth Allocation is to seek after-inflation capital

228 November 30, 2014  | Annual Report

appreciation and, secondarily, current income. AllianzGI Convertible’s investment objective is to seek maximum total return, consisting of capital appreciation and current income. The investment objective of AllianzGI Behavioral Advantage Large Cap, AllianzGI Best Styles Global Equity, AllianzGI China Equity, AllianzGI Global Managed Volatility, AllianzGI Global Water, AllianzGI NFJ Emerging Markets Value, AllianzGI NFJ International Small-Cap Value, AllianzGI NFJ International Value II and AllianzGI Structured Return is to seek long-term capital appreciation. AllianzGI Emerging Markets Debt’s investment objective is to seek long-term capital appreciation and current income. AllianzGI Global Fundamental Strategy’s investment objective is to seek to generate positive real absolute returns through a complete market cycle (rolling 3-year period) by investing in a broad range of global asset classes. AllianzGI High Yield Bond’s investment objective is to seek a high level of current income and capital growth. The investment objective of AllianzGI Short Duration High Income is to seek a high level of current income. The investment objective of AllianzGI International Small-Cap, AllianzGI Micro Cap, AllianzGI Ultra Micro Cap and AllianzGI U.S. Small-Cap Growth is to seek maximum long-term capital appreciation. AllianzGI NFJ Global Dividend Value’s investment objective is to seek long-term growth of capital and income. The investment objective of AllianzGI Multi-Asset Real Return is to seek long-term capital appreciation emphasizing inflation-adjusted returns. The investment objective of AllianzGI U.S. Equity Hedged is to seek capital appreciation, with added emphasis on the protection of capital during unfavorable market conditions. 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.

In the normal course of business, the Funds enter into contracts that contain a variety of representations that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred.

In June 2014, the FASB issued an Accounting Standards Update (“ASU”) that expands secured borrowing accounting for certain repurchase agreements. The ASU also sets forth additional disclosure requirements for certain transactions accounted for as sales, in order to provide financial statement users with information to compare to similar transactions accounted for as secured borrowings. The ASU is effective prospectively during interim or annual periods beginning after December 15, 2014. At this time, management is evaluating the implications of these changes on the Funds’ financial statements.

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 stated

at market value. Market value is generally determined on the basis of official closing prices, last reported sales prices, or if no sales or closing prices are reported, on the basis of quotes obtained from a quotation reporting system, established market makers, or independent pricing services. Investments in underlying funds are valued at the closing net asset value per share (“NAV”) of each underlying fund as reported on each business day. 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. Exchange traded futures are valued at the price determined by the relevant exchange. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily until settlement at the forward settlement date.

The Board of Trustees (the “Board”) has adopted procedures for valuing portfolio securities and other financial instruments in circumstances where market quotations are not readily available, and has delegated primary responsibility for applying the valuation methods to the Investment Manager and the Sub-Advisers. 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 by the Board. Each Sub-Adviser monitors the continued appropriateness of methods applied and determines if adjustments should be made in light of market changes, events affecting the issuer or other factors. If a Sub-Adviser determines that a valuation method may no longer be appropriate, another valuation method may be selected or the Valuation Committee will be convened to consider the matter and take any appropriate action in accordance with procedures set forth by the Board. The Board shall review and ratify the appropriateness of the valuation methods and these methods may be amended or supplemented from time to time by the Valuation Committee.

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

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the 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.

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

Annual Report |  November 30, 2014 229

Notes to Financial Statements (cont’d)

November 30, 2014

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.

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. When fair-valuing the securities, 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. The Funds have retained a statistical research service to assist in determining the fair value of foreign securities. This service utilizes statistics and programs based on historical performance of markets and other economic data to assist in making fair value estimates. Fair value estimates used by the Funds for foreign securities may differ from the value realized from the sale of those securities and the difference could be material to the financial statements. Fair value pricing may require subjective determinations about the value of a security or other assets, and fair values used to determine the NAV of each share class of a Fund may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities or other assets held by a Fund.

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

n Level 1—quoted prices in active markets for identical investments that the Funds have the ability to access

n 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

n Level 3—valuations based on significant unobservable inputs (including the Sub-Advisers’ or 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 November 30, 2014 were intended to maximize the use of observable inputs and to minimize the use of unobservable inputs.

The Funds’ policy is to recognize transfers between levels at the end of the reporting period. An investment asset’s or liability’s level within the fair value hierarchy is based on the lowest level input, individually or in aggregate, that is significant to 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. Investments categorized as Level 1 or 2 as of period end may have been transferred between Levels 1 and 2 since the prior period due to changes in the valuation method utilized in valuing the investments.

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.

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

U.S. Treasury Obligations—U.S. Treasury obligations are valued by independent pricing services based on pricing models that evaluate the mean between the most recently quoted bid and ask price. The models also take into consideration data received from active market makers and broker-dealers, yield curves, and the spread over comparable U.S. Treasury issues. The spreads change daily in response to market conditions and are generally obtained from the new issue market and broker-dealer sources. To the extent that these inputs are observable, the values of U.S. Treasury obligations are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Sovereign Debt Obligations—Sovereign debt obligations are valued by independent pricing services based on discounted cash flow models that incorporate option adjusted spreads along with benchmark curves and credit spreads. In addition, international bond markets are monitored regularly for information pertaining to the issuer and/or the specific issue. To the extent that these inputs are observable, the values of sovereign debt obligations are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Corporate Bonds & Notes—Corporate bonds & notes are generally comprised of two main categories: investment grade bonds and high yield bonds. Investment grade bonds are valued by independent pricing services using various inputs and techniques, which include 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

230 November 30, 2014  | Annual Report

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—Convertible bonds 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 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.

Senior Loans—Senior Loans are valued by independent pricing services based on the average of quoted prices received from multiple dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. These quoted prices are based on interest rates, yield curves, option adjusted spreads and credit spreads. To the extent that these inputs are observable, the values of Senior Loans 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 November 30, 2014 in valuing each Fund’s assets and liabilities is listed below (refer to the Schedules of Investments and Notes 7(a), 7(b) and 7(c) for more detailed information on Investments in Securities and Other Financial Instruments):

AllianzGI Retirement 2015:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Mutual Funds	$	26,840,866		—		—	$	26,840,866
Exchange-Traded Funds		7,212,272		—		—		7,212,272
Repurchase Agreements		—	$	243,000		—		243,000
Totals	$	34,053,138	$	243,000		—	$	34,296,138
AllianzGI Retirement 2020:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Mutual Funds	$	49,750,019		—		—	$	49,750,019
Exchange-Traded Funds		12,571,489		—		—		12,571,489
Repurchase Agreements		—	$	323,000		—		323,000
Totals	$	62,321,508	$	323,000		—	$	62,644,508
AllianzGI Retirement 2025:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Mutual Funds	$	53,505,771		—		—	$	53,505,771
Exchange-Traded Funds		11,378,693		—		—		11,378,693
Repurchase Agreements		—	$	235,000		—		235,000
Totals	$	64,884,464	$	235,000		—	$	65,119,464

Annual Report |  November 30, 2014 231

Notes to Financial Statements (cont’d)

November 30, 2014

AllianzGI Retirement 2030:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Mutual Funds	$	55,578,555		—		—	$	55,578,555
Exchange-Traded Funds		8,360,956		—		—		8,360,956
Repurchase Agreements		—	$	378,000		—		378,000
Totals	$	63,939,511	$	378,000		—	$	64,317,511
AllianzGI Retirement 2035:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Mutual Funds	$	47,449,632		—		—	$	47,449,632
Exchange-Traded Funds		5,886,156		—		—		5,886,156
Repurchase Agreements		—	$	327,000		—		327,000
Totals	$	53,335,788	$	327,000		—	$	53,662,788
AllianzGI Retirement 2040:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Mutual Funds	$	39,820,013		—		—	$	39,820,013
Exchange-Traded Funds		3,519,414		—		—		3,519,414
Repurchase Agreements		—	$	237,000		—		237,000
Totals	$	43,339,427	$	237,000		—	$	43,576,427
AllianzGI Retirement 2045:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Mutual Funds	$	25,104,606		—		—	$	25,104,606
Exchange-Traded Funds		1,313,995		—		—		1,313,995
Repurchase Agreements		—	$	166,000		—		166,000
Totals	$	26,418,601	$	166,000		—	$	26,584,601
AllianzGI Retirement 2050:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Mutual Funds	$	20,619,182		—		—	$	20,619,182
Exchange-Traded Funds		646,838		—		—		646,838
Repurchase Agreements		—	$	245,000		—		245,000
Totals	$	21,266,020	$	245,000		—	$	21,511,020
AllianzGI Retirement 2055:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Mutual Funds	$	7,592,413		—		—	$	7,592,413
Exchange-Traded Funds		223,613		—		—		223,613
Totals	$	7,816,026		—		—	$	7,816,026

232 November 30, 2014  | Annual Report

AllianzGI Retirement Income:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Mutual Funds	$	22,569,519		—		—	$	22,569,519
Exchange-Traded Funds		6,610,305		—		—		6,610,305
Repurchase Agreements		—	$	207,000		—		207,000
Totals	$	29,179,824	$	207,000		—	$	29,386,824
AllianzGI Global Allocation:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Mutual Funds	$	202,350,428		—		—	$	202,350,428
Exchange-Traded Funds		6,625,057		—		—		6,625,057
Repurchase Agreements		—	$	510,000		—		510,000
Totals	$	208,975,485	$	510,000		—	$	209,485,485
AllianzGI Global Growth Allocation:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Mutual Funds	$	5,851,376		—		—	$	5,851,376
Exchange-Traded Funds		336,147		—		—		336,147
Totals	$	6,187,523		—		—	$	6,187,523
AllianzGI Behavioral Advantage Large Cap:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Common Stock	$	84,778,341		—		—	$	84,778,341
Repurchase Agreements		—	$	733,000		—		733,000
Totals	$	84,778,341	$	733,000		—	$	85,511,341
AllianzGI Best Styles Global Equity:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Common Stock:
Australia		—	$	423,301		—	$	423,301
Austria		—		76,037		—		76,037
Belgium	$	19,896		44,061		—		63,957
China		109,991		882,888	$	9,993		1,002,872
Denmark		—		224,194		—		224,194
Finland		—		97,357		—		97,357
France		47,338		848,689		—		896,027
Germany		—		882,837		—		882,837
Hong Kong		—		207,650		—		207,650
Indonesia		—		155,936		—		155,936
Ireland		—		154,765		—		154,765
Italy		39,453		256,393		—		295,846
Japan		—		3,199,074		—		3,199,074
Korea (Republic of)		50,112		251,739		—		301,851
Malaysia		—		73,779		—		73,779

Annual Report |  November 30, 2014 233

Notes to Financial Statements (cont’d)

November 30, 2014

AllianzGI Best Styles Global Equity (cont’d)
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Netherlands	$	41,607	$	195,795		—	$	237,402
New Zealand		—		11,988		—		11,988
Norway		—		325,173		—		325,173
Philippines		—		75,517		—		75,517
Poland		—		45,040		—		45,040
Portugal		—		30,524		—		30,524
Singapore		8,895		173,978		—		182,873
South Africa		12,565		139,498		—		152,063
Spain		—		246,152		—		246,152
Sweden		—		324,646		—		324,646
Switzerland		147,635		512,209		—		659,844
Taiwan		—		440,440		—		440,440
Thailand		13,398		72,905	$	43,865		130,168
Turkey		—		76,257		—		76,257
United Kingdom		66,921		1,407,965		—		1,474,886
All Other		18,946,139		—		—		18,946,139
Preferred Stock:
Brazil		147,978		—		—		147,978
Korea (Republic of)		—		49,711		—		49,711
Repurchase Agreements		—		1,572,000		—		1,572,000
		19,651,928		13,478,498		53,858		33,184,284
Other Financial Instruments* – Assets
Market Price		20,947		—		—		20,947
Totals	$	19,672,875	$	13,478,498	$	53,858	$	33,205,231
AllianzGI China Equity:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Common Stock:
China	$	470,030	$	3,585,144	$	320,473	$	4,375,647
Hong Kong		127,264		790,057		—		917,321
Repurchase Agreements		—		169,000		—		169,000
Totals	$	597,294	$	4,544,201	$	320,473	$	5,461,968
AllianzGI Convertible:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Convertible Bonds		—	$	2,296,305,648		—	$	2,296,305,648
Convertible Preferred Stock:
Banks	$	25,877,410		25,301,884		—		51,179,294
Machinery		2,930,906		32,773,241		—		35,704,147
Oil, Gas & Consumable Fuels		—		55,294,359		—		55,294,359
Real Estate Investment Trust		—		31,468,449		—		31,468,449
Transportation		—		19,824,183		—		19,824,183
All Other		131,429,639		—		—		131,429,639
Common Stock		8,915,272		—		—		8,915,272
Repurchase Agreements		—		73,011,000		—		73,011,000
Totals	$	169,153,227	$	2,533,978,764		—	$	2,703,131,991

234 November 30, 2014  | Annual Report

AllianzGI Emerging Markets Debt:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 11/30/14
Corporate Bonds & Notes		—		$	21,360,942			—	$	21,360,942
Sovereign Debt Obligations		—			5,980,923			—		5,980,923
Repurchase Agreements		—			1,699,000			—		1,699,000
		—			29,040,865			—		29,040,865
Other Financial Instruments* – Assets
Foreign Exchange Contracts		—			51,632			—		51,632
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		—			(27,068	)		—		(27,068	)
Totals		—		$	29,065,429			—	$	29,065,429
AllianzGI Global Fundamental Strategy:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 11/30/14
Common Stock:
Germany	$	85,144		$	981,005			—	$	1,066,149
Greece		—			33,462			—		33,462
Hong Kong		—			549,432			—		549,432
Indonesia		—			371,425			—		371,425
Italy		—			197,096			—		197,096
New Zealand		—			275,852			—		275,852
Norway		—			425,400			—		425,400
Switzerland		—			494,441			—		494,441
Turkey		—			281,686			—		281,686
United Kingdom		—			1,165,371			—		1,165,371
All Other		3,898,272			—			—		3,898,272
Corporate Bonds & Notes		—			6,348,368			—		6,348,368
Sovereign Debt Obligations		—			4,184,134			—		4,184,134
Exchange-Traded Funds		431,600			—			—		431,600
Repurchase Agreements		—			2,266,000			—		2,266,000
Options Purchased:
Market Price		2,700			—			—		2,700
		4,417,716			17,573,672			—		21,991,388
Investment in Securities – Liabilities
Options Written, at value:
Market Price		(19,239	)		—			—		(19,239	)
Other Financial Instruments* – Assets
Foreign Exchange Contracts		—			7,349			—		7,349
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		—			(3,475	)		—		(3,475	)
Interest Rate Contracts		(8,424	)		—			—		(8,424	)
Market Price		(20,320	)		—			—		(20,320	)
		(28,744	)		(3,475	)		—		(32,219	)
Totals	$	4,369,733		$	17,577,546			—	$	21,947,279

Annual Report |  November 30, 2014 235

Notes to Financial Statements (cont’d)

November 30, 2014

AllianzGI Global Managed Volatility:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Common Stock:
Australia		—	$	267,453		—	$	267,453
China		—		398,531		—		398,531
France	$	54,763		233,070		—		287,833
Germany		—		346,408		—		346,408
Hong Kong		—		843,336		—		843,336
Israel		—		346,672		—		346,672
Japan		—		619,638		—		619,638
Netherlands		—		137,767		—		137,767
Norway		—		55,370		—		55,370
Singapore		—		539,244		—		539,244
Sweden		—		65,304		—		65,304
Switzerland		—		139,252		—		139,252
United Kingdom		—		822,251		—		822,251
All Other		11,595,010		—		—		11,595,010
Repurchase Agreements		—		140,000		—		140,000
Totals	$	11,649,773	$	4,954,296		—	$	16,604,069
AllianzGI Global Water:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Common Stock:
United Kingdom	$	14,655,844	$	58,054,462		—	$	72,710,306
United States		127,994,470		—		—		127,994,470
All Other		—		128,202,823		—		128,202,823
Repurchase Agreements		—		18,090,000		—		18,090,000
Totals	$	142,650,314	$	204,347,285		—	$	346,997,599
AllianzGI High Yield Bond:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Corporate Bonds & Notes		—	$	375,708,560		—	$	375,708,560
Repurchase Agreements		—		6,468,000		—		6,468,000
Totals		—	$	382,176,560		—	$	382,176,560
AllianzGI International Small-Cap:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Common Stock:
Belgium	$	1,297,510		—		—	$	1,297,510
France		4,093,062	$	2,395,583		—		6,488,645
Ireland		1,448,409		—		—		1,448,409
Switzerland		1,172,740		958,931		—		2,131,671
Thailand		—		—	$	816,875		816,875
All Other		—		76,219,310		—		76,219,310
Repurchase Agreements		—		3,029,000		—		3,029,000
Totals	$	8,011,721	$	82,602,824	$	816,875	$	91,431,420

236 November 30, 2014  | Annual Report

AllianzGI Micro Cap:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Common Stock	$	39,076,751			—		—	$	39,076,751
Repurchase Agreements		—		$	697,000		—		697,000
Totals	$	39,076,751		$	697,000		—	$	39,773,751
AllianzGI Multi-Asset Real Return:
Investments in Securities – Assets	L evel 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Mutual Funds	$	2,381,936			—		—	$	2,381,936
Common Stock:
Australia		—		$	134,802		—		134,802
Austria		—			7,947		—		7,947
France		4,799			60,556		—		65,355
Germany		—			23,982		—		23,982
Hong Kong		—			214,772		—		214,772
Japan		—			178,123		—		178,123
Netherlands		—			7,591		—		7,591
Singapore		—			57,257		—		57,257
Switzerland		—			8,480		—		8,480
United Kingdom		—			65,208		—		65,208
All Other		919,409			—		—		919,409
U.S. Treasury Obligations		—			898,779		—		898,779
Exchange-Traded Funds		320,043			—		—		320,043
Repurchase Agreements		—			677,000		—		677,000
		3,626,187			2,334,497		—		5,960,684
Other Financial Instruments* – Assets
Market Price		21,711			—		—		21,711
Other Financial Instruments* – Liabilities
Interest Rate Contracts		(9,529	)		—		—		(9,529	)
Market Price		(12,016	)		—		—		(12,016	)
		(21,545	)		—		—		(21,545	)
Totals	$	3,626,353		$	2,334,497		—	$	5,960,850
AllianzGI NFJ Emerging Markets Value:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Common Stock:
China	$	523,042		$	1,631,770		—	$	2,154,812
Greece		—			66,759		—		66,759
Hong Kong		—			199,572		—		199,572
India		136,963			536,247		—		673,210
Indonesia		—			119,568		—		119,568
Korea (Republic of)		56,668			975,441		—		1,032,109
Malaysia		178,788			122,370		—		301,158
Norway		—			50,284		—		50,284
Poland		—			137,454		—		137,454
Russian Federation		118,261			—	$	276,596		394,857
South Africa		202,023			445,355		—		647,378

Annual Report |  November 30, 2014 237

Notes to Financial Statements (cont’d)

November 30, 2014

AllianzGI NFJ Emerging Markets Value (cont’d)
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Taiwan	$	71,039	$	992,738		—	$	1,063,777
Thailand		191,280		79,054	$	93,210		363,544
Turkey		—		405,311		—		405,311
All Other		1,349,905		—		—		1,349,905
Preferred Stock:
Brazil		390,840		—		—		390,840
Russian Federation		—		—		60,144		60,144
Equity-Linked Security		—		45,390		—		45,390
Repurchase Agreements		—		170,000		—		170,000
Totals	$	3,218,809	$	5,977,313	$	429,950	$	9,626,072
AllianzGI NFJ Global Dividend Value:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Common Stock:
China		—	$	4,052,364		—	$	4,052,364
France		—		2,516,625		—		2,516,625
Germany		—		1,371,087		—		1,371,087
Israel	$	1,310,540		1,235,894		—		2,546,434
Japan		—		3,772,216		—		3,772,216
Korea (Republic of)		—		1,308,775		—		1,308,775
Norway		—		1,233,873		—		1,233,873
Spain		—		2,699,197		—		2,699,197
Switzerland		—		1,332,872		—		1,332,872
United Kingdom		—		8,092,546		—		8,092,546
All Other		36,525,244		—		—		36,525,244
Repurchase Agreements		—		345,000		—		345,000
Totals	$	37,835,784	$	27,960,449		—	$	65,796,233
AllianzGI NFJ International Small-Cap Value:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Common Stock:
Austria	$	176,941	$	179,018		—	$	355,959
Belgium		188,397		—		—		188,397
Brazil		142,964		—		—		142,964
Canada		1,376,581		—		—		1,376,581
China		304,942		1,128,759		—		1,433,701
Finland		124,278		—		—		124,278
France		234,715		641,521		—		876,236
Germany		188,390		716,315		—		904,705
Panama		189,921		—		—		189,921
Singapore		160,268		—		—		160,268
South Africa		193,140		187,053		—		380,193
Sweden		194,128		187,401		—		381,529
Switzerland		163,646		560,404		—		724,050

238 November 30, 2014  | Annual Report

AllianzGI NFJ International Small-Cap Value (cont’d)
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
United Kingdom	$	1,062,740		$	2,542,230		—	$	3,604,970
All Other		—			8,115,124		—		8,115,124
Preferred Stock:
Brazil		189,662			—		—		189,662
Germany		—			139,470		—		139,470
Totals	$	4,890,713		$	14,397,295		—	$	19,288,008
AllianzGI NFJ International Value II:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Common Stock:
Belgium	$	321,636			—		—	$	321,636
Brazil		876,539			—		—		876,539
Canada		3,946,893			—		—		3,946,893
France		446,150		$	2,513,603		—		2,959,753
India		747,444			—		—		747,444
Israel		547,008			—	$	363,356		910,364
Mexico		419,667			—		—		419,667
Norway		345,231			1,252,190		—		1,597,421
Russian Federation		920,928			—		—		920,928
South Africa		298,555			—		—		298,555
Taiwan		407,262			—		—		407,262
Turkey		486,130			—		—		486,130
United Kingdom		493,128			8,303,108		—		8,796,236
All Other		—			15,445,843		—		15,445,843
Preferred Stock		—			547,746		—		547,746
Repurchase Agreements		—			574,000		—		574,000
Totals	$	10,256,571		$	28,636,490	$	363,356	$	39,256,417
AllianzGI Short Duration High Income:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Corporate Bonds & Notes		—		$	647,162,560		—	$	647,162,560
Senior Loans:
Real Estate Investment Trust		—			2,558,104	$	6,264,439		8,822,543
All Other		—			81,949,305		—		81,949,305
Repurchase Agreements		—			13,085,000		—		13,085,000
Totals		—		$	744,754,969	$	6,264,439	$	751,019,408
AllianzGI Structured Return:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Exchange-Traded Funds	$	21,548,800			—		—	$	21,548,800
Repurchase Agreements		—		$	3,555,000		—		3,555,000
Options Purchased:
Market Price		243,376			—		—		243,376
		21,792,176			3,555,000		—		25,347,176
Investment in Securities – Liabilities
Options Written, at value:
Market Price		(1,608,108	)		—		—		(1,608,108	)
Totals	$	20,184,068		$	3,555,000		—	$	23,739,068

Annual Report |  November 30, 2014 239

Notes to Financial Statements (cont’d)

November 30, 2014

AllianzGI Ultra Micro Cap:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Common Stock	$	111,604,306			—		—	$	111,604,306
Repurchase Agreements		—		$	2,157,000		—		2,157,000
Totals	$	111,604,306		$	2,157,000		—	$	113,761,306
AllianzGI U.S. Equity Hedged:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Common Stock	$	14,332,629			—		—	$	14,332,629
Exchange-Traded Funds		621,600			—		—		621,600
Repurchase Agreements		—		$	956,000		—		956,000
Options Purchased:
Market Price		262,923			—		—		262,923
		15,217,152			956,000		—		16,173,152
Investment in Securities – Liabilities
Options Written, at value:
Market Price		(40,680	)		—		—		(40,680	)
Totals	$	15,176,472		$	956,000		—	$	16,132,472
AllianzGI U.S. Small-Cap Growth:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/14
Common Stock	$	36,467,356			—		—	$	36,467,356
Repurchase Agreements		—		$	1,334,000		—		1,334,000
Totals	$	36,467,356		$	1,334,000		—	$	37,801,356

At November 30, 2014, the following Funds had transfers between Levels 1 and 2:

	Transfers
	Level 1 to Level 2			Level 2 to Level 1
AllianzGI China Equity	$	120,280	(a)	$	416,822	(b)
AllianzGI Convertible		32,773,241	(c)		—
AllianzGI Global Fundamental Strategy		—			175,901	(b)
AllianzGI Global Water		12,747,772	(a)		—
AllianzGI International Small-Cap		3,596,844	(a)		—
AllianzGI Multi-Asset Real Return		4,294	(a)		4,799	(b)
AllianzGI NFJ Emerging Markets Value		248,049	(a)		384,272	(b)
AllianzGI NFJ International Small-Cap Value		467,267	(a)		1,349,710	(b)
AllianzGI NFJ International Value II		235,999	(a)		—

(a) This transfer was a result of securities trading outside the U.S. whose values were not adjusted by the application of a modeling tool at November 30, 2013, which was applied on November 30, 2014.

(b) This transfer was a result of securities trading outside the U.S. whose values were adjusted by the application of a modeling tool at November 30, 2013, which was not applied on November 30, 2014.

(c) This transfer was a result of securities with an exchange-traded closing price at November 30, 2013, which was not available on November 30, 2014.

240 November 30, 2014  | Annual Report

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the period or year ended November 30, 2014, was as follows:

AllianzGI Best Styles Global Equity:
Investments in Securities – Assets	Beginning Balance 12/2/13**		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 11/30/14
Common Stock:
China		—	$	13,107		—			—		—		$	(3,114	)		—		—		$	9,993
Thailand		—		57,002	$	(14,838	)		—	$	(3,030	)		4,731			—		—			43,865
Totals		—	$	70,109	$	(14,838	)		—	$	(3,030	)	$	1,617			—		—		$	53,858
AllianzGI China Equity:
Investments in Securities – Assets	Beginning Balance 11/30/13		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 11/30/14
Common Stock:
China		—		—		—			—		—			—		$	320,473		—		$	320,473
AllianzGI Global Water:
Investments in Securities – Assets	Beginning Balance 11/30/13		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 11/30/14
Common Stock:
Hong Kong	$	41,766		—	$	(63,609	)		—	$	(286,541	)	$	308,384			—		—			—
AllianzGI International Small-Cap:
Investments in Securities – Assets	Beginning Balance 11/30/13		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 11/30/14
Common Stock:
Australia	$	35,913	$	766,322	$	(546,603	)		—	$	140,373		$	(297,222	)		—	$	(98,783	)		—
Thailand		—		881,652		(68,458	)		—		3,484			197			—		—		$	816,875
Totals	$	35,913	$	1,647,974	$	(615,061	)		—	$	143,857		$	(297,025	)		—	$	(98,783	)	$	816,875
AllianzGI Multi-Asset Real Return:
Investments in Securities – Assets	Beginning Balance 11/30/13		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 11/30/14
Common Stock:
Hong Kong	$	550	$	760	$	(852	)		—	$	92		$	(550	)		—		—			—

Annual Report |  November 30, 2014 241

Notes to Financial Statements (cont’d)

November 30, 2014

AllianzGI NFJ Emerging Markets Value:
Investments in Securities – Assets	Beginning Balance 11/30/13		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 11/30/14
Common Stock:
Russian Federation	$	426,579	$	247,504	$	(251,307	)		—	$	(58,273	)	$	(87,907	)		—		—	$	276,596
Thailand		360,118		53,866		(297,856	)		—		(28,948	)		6,030			—		—		93,210
Preferred Stock:
Russian Federation		48,596		68,473		(50,071	)		—		(7,462	)		608			—		—		60,144
Totals	$	835,293	$	369,843	$	(599,234	)		—	$	(94,683	)	$	(81,269	)		—		—	$	429,950
AllianzGI NFJ International Value II:
Investments in Securities – Assets	Beginning Balance 11/30/13		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 11/30/14
Common Stock:
Israel		—		—		—			—		—			—		$	363,356		—	$	363,356
AllianzGI Short Duration High Income:
Investments in Securities – Assets	Beginning Balance 11/30/13		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 11/30/14
Senior Loans:
Energy Equipment & Services	$	675,000		—	$	(675,000	)	$	6	$	3,538		$	(3,544	)		—		—		—
Real Estate Investment Trust		—	$	6,290,842		—			111		—			(26,514	)		—		—	$	6,264,439
Totals	$	675,000	$	6,290,842	$	(675,000	)	$	117	$	3,538		$	(30,058	)		—		—	$	6,264,439

The following tables present additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at November 30, 2014:

AllianzGI Best Styles Global Equity:
Investments in Securities – Assets	Ending Balance at 11/30/14		Valuation Technique Used	Unobservable Inputs	Input Values
Common Stock	$	43,865	Value of Foreign Security Traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange		THB  23.89-382.70
	$	9,993	Last Exchange-Traded Closing Price	Trading Volume		HKD  1.25
AllianzGI China Equity:
Investments in Securities – Assets	Ending Balance at 11/30/14		Valuation Technique Used	Unobservable Inputs	Input Values
Common Stock	$	320,473	Last Exchange-Traded Closing Price	Trading Volume		HKD  7.89
AllianzGI International Small-Cap:
Investments in Securities – Assets	Ending Balance at 11/30/14		Valuation Technique Used	Unobservable Inputs	Input Values
Common Stock	$	816,875	Value of Foreign Security Traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange		THB  6.59

242 November 30, 2014  | Annual Report

AllianzGI NFJ Emerging Markets Value:
Investments in Securities – Assets	Ending Balance at 11/30/14		Valuation Technique Used	Unobservable Inputs	Input Values
Common Stock	$	276,596	Value of Foreign Security Traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange	$	2.89-$46.30
	$	93,210	Value of Foreign Security Traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange		THB  33.49-135.48
Preferred Stock	$	60,144	Value of Foreign Security Traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange	$	0.69
AllianzGI NFJ International Value II:
Investments in Securities – Assets	Ending Balance at 11/30/14		Valuation Technique Used	Unobservable Inputs	Input Values
Common Stock	$	363,356	Value of Foreign Security Traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange	$	6.83
Short Duration High Income:
Investment in Securities – Assets	Ending Balance at 11/30/14		Valuation Technique Used	Unobservable Inputs	Input Values
Senior Loans	$	6,264,439	Third-Party Pricing Vendor	Single broker Quote	$	101.25

HKD – Hong Kong Dollar

THB – Thai Baht

* Other financial instruments are derivatives, such as futures contracts and forward foreign currency contracts, which are valued at the unrealized appreciation (depreciation) of the instrument.

** Commencement of operations.

*** Transferred out of Level 1 into Level 3 for AllianzGI NFJ International Value II and out of Level 2 into Level 3 for AllianzGI China Equity because an exchange-traded closing price was not available at November 30, 2014.

**** Transferred out of Level 3 into Level 2 because the security began trading on an exchange and the value of the security trading outside the U.S. was adjusted by the application of a modeling tool at November 30, 2014.

The net change in unrealized appreciation/depreciation of Level 3 investments which AllianzGI Best Styles Global Equity, AllianzGI China Equity, AllianzGI International Small-Cap, AllianzGI NFJ Emerging Markets Value, AllianzGI NFJ International Value II and AllianzGI Short Duration High Income held at November 30, 2014, was $1,617, $53,372, $197, $(80,858), $(97,063) and $26,514, respectively.

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 a month or more after the trade date. Realized gains and losses on investments are determined on an identified cost basis. Interest income adjusted for the accretion of discount 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. 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. Facility fees and other fees (such as origination fees) received on settlement date are amortized as income over the expected term of the senior loan. Facility fees and other fees received after settlement date relating to senior loans and 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,

Annual Report |  November 30, 2014 243

Notes to Financial Statements (cont’d)

November 30, 2014

the Investment Manager has reviewed the Funds’ tax positions for all open tax years. As of November 30, 2014, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken. The Funds’ 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.  The Funds (except AllianzGI Retirement Income, AllianzGI Global Allocation, AllianzGI Convertible, AllianzGI Emerging Markets Debt, AllianzGI High Yield Bond, AllianzGI NFJ Emerging Markets Value, AllianzGI NFJ Global Dividend Value, AllianzGI NFJ International Value II and AllianzGI Short Duration High Income) declare dividends and distributions from net investment income and net realized capital gains, if any, annually. AllianzGI Retirement Income, AllianzGI Global Allocation, AllianzGI Convertible, AllianzGI Emerging Markets Debt, AllianzGI NFJ Emerging Markets Value, AllianzGI NFJ Global Dividend Value and AllianzGI NFJ International Value II declare dividends from net investment income quarterly and distributions from net realized capital gains, if any, annually. AllianzGI High Yield Bond and AllianzGI Short Duration High Income declare dividends from net investment income monthly and distributions from net realized capital gains, if any, 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 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 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 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 Trust 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, administrative servicing, distribution, recoupment, servicing and sub-transfer agent 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 maintain provisions for initiation, 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 to resell such securities at an agreed upon price and date (“repurchase agreements”). 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. Collateral pledged (the securities received), 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 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. The value of the related collateral exceeded the value of the repurchase agreements at November 30, 2014.

(i) Equity-Linked Securities.  Certain Funds purchase equity-linked securities, also known as participation notes. Participatory notes are used to gain exposure to issuers in certain countries with a costly or lengthy registration process. They are generally traded over-the-counter and constitute general unsecured contractual obligations of the banks or broker-dealers that issue them. Generally, banks and broker-dealers associated with non-U.S.-based brokerage firms buy securities listed on certain foreign exchanges and then issue participation notes which are designed to replicate the performance of certain issuers and markets. To the extent that the Funds invest in equity-linked securities whose return corresponds to the performance of a foreign securities index or one or more foreign stocks, investing in equity-linked securities will involve risks similar to the risks of investing in foreign securities. In addition, the Funds bear the risk that the issuer of an equity-linked security may default on its obligation under the terms of the arrangement with the counterparty.

(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.

244 November 30, 2014  | Annual Report

Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the 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) Senior Loans.  The Funds may purchase assignments of, and participations in, Senior Loans originated, negotiated and structured by a U.S. or foreign commercial bank, insurance company, finance company or other financial institution (the “Agent”) for a lending syndicate of financial institutions (the “Lender”). When purchasing an assignment, the Funds succeed to all the rights and obligations under the loan agreement with the same rights and obligations as the assigning Lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential

assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than, those held by the assigning Lender.

(m) U.S. Government Agencies or Government-Sponsored Enterprises.  Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA” or “Ginnie Mae”), a wholly-owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors not backed by the full faith and credit of the U.S. Government include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

(n) When-Issued/Delayed-Delivery Transactions.  When-issued or delayed-delivery transactions involve a commitment to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Funds will set aside and maintain until the settlement date in a designated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations; consequently, such fluctuations are taken into account when determining the NAV. The Funds may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a realized gain or loss. When a security is sold on a delayed-delivery basis, the Funds do not participate in future gains and losses with respect to the security.

(o) Organizational and Offering Costs.  Organizational costs are expensed at the inception of the Fund. Offering costs are amortized over a twelve-month period from the inception of the Fund.

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.

Annual Report |  November 30, 2014 245

Notes to Financial Statements (cont’d)

November 30, 2014

Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Funds are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is used primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e. yield) movements. Interest rate changes can be sudden and unpredictable, and the Funds may lose money as a result of movements in interest rates. 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.

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 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.

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 Sub-Advisers seek 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 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 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

246 November 30, 2014  | Annual Report

things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

The counterparty risk associated with certain contracts may be reduced by master netting arrangements to the extent that if an event of default occurs, all amounts with the counterparty are terminated and settled on a net basis. The Funds’ overall exposure to counterparty risk with respect to transactions subject to master netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

3. UNDERLYING FUNDS AND OTHER ACQUIRED FUNDS RISK

AllianzGI Retirement 2015, AllianzGI Retirement 2020, AllianzGI Retirement 2025, AllianzGI Retirement 2030, AllianzGI Retirement 2035, AllianzGI Retirement 2040, AllianzGI Retirement 2045, AllianzGI Retirement 2050, AllianzGI Retirement 2055 and AllianzGI Retirement Income (collectively the “Target Date Funds”) and AllianzGI Global Allocation and AllianzGI Global Growth Allocation invest their assets primarily in series of Allianz Funds, Allianz Funds Multi-Strategy Trust, PIMCO Equity Series, PIMCO Funds and PIMCO sponsored exchange-traded Funds (“ETFs”) (together, “Underlying Funds”). AllianzGI Global Fundamental Strategy , AllianzGl Emerging Markets Debt, and AllianzGI Multi-Asset Real Return may invest their assets partially, significantly or primarily in Underlying Funds. The Funds may also invest a portion of their assets in unaffiliated ETFs and mutual funds and pooled vehicles (together, “Other Acquired Funds”). AllianzGI Structured Return and AllianzGI U.S. Equity Hedged expect to achieve their exposure to equity securities by investing in Other Acquired Funds. Accordingly, the investment performance of the Funds depends upon a favorable allocation among the Underlying Funds and Other Acquired Funds as well as the ability of the Underlying Funds and Other Acquired Funds to achieve their objectives. There can be no assurance that the investment objective of any Underlying Fund or Other Acquired Fund will be achieved. The risks associated with investing in each Fund are closely related to the risks associated with the securities and other investments held by the Underlying Funds and Other Acquired Funds.

Investing in the Underlying Funds and Other Acquired Funds involves certain additional expenses and tax results that would not be present in a direct investment in the Underlying Funds or Other Acquired Funds. Each Fund’s net asset value will fluctuate in response to changes in the net asset values of the Underlying Funds and Other Acquired Funds in which it invests. The extent to which the investment performance and risks associated with each Fund correlate to those of a particular Underlying Fund or Other Acquired Fund will depend upon the extent to which each Fund’s assets are allocated from time to time for investment in the Underlying Fund or Other Acquired Fund, which will vary. Each Fund’s investment in a particular Underlying Fund may exceed 25% of its assets. To the extent that a Fund invests a significant portion of its assets in an Underlying Fund, it will be particularly sensitive to the risks associated with that Underlying Fund.

4. 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.

During the year ended November 30, 2014, each of AllianzGI Retirement 2015, AllianzGI Retirement 2020, AllianzGI Retirement 2025, AllianzGI Retirement 2030, AllianzGI Retirement Income, AllianzGI Emerging Markets Debt, AllianzGI Global Fundamental Strategy and AllianzGI Multi-Asset Real Return were subject to regulation as a commodity pool under the Commodity Exchange Act pursuant to recent rule changes by the Commodity Futures Trading Commission (the “CFTC”). The Investment Manager has registered with the CFTC as a Commodity Pool Operator, AllianzGI U.S. has registered with the CFTC as a Commodity Trading Adviser, and both entities are members of the National Futures Association. As a result, additional CFTC-mandated disclosure, reporting and recordkeeping obligations applied with respect to AllianzGI Retirement 2015, AllianzGI Retirement 2020, AllianzGI Retirement 2025, AllianzGI Retirement 2030, AllianzGI Retirement Income, AllianzGI Emerging Markets Debt, AllianzGI Global Fundamental Strategy and AllianzGI Multi-Asset Real Return. Compliance with the CFTC’s regulatory requirements could increase these Funds’ expenses, adversely affecting their total returns. As of November 30, 2014, only AllianzGI Emerging Markets Debt and AllianzGI Global Fundamental Strategy are subject to regulation as a commodity pool under the Commodity Exchange Act pursuant to recent rule changes by the CFTC.

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

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Notes to Financial Statements (cont’d)

November 30, 2014

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.

Futures Contracts.  The Funds use futures contracts to manage their exposure to the securities markets or the movements in interest rates and currency values. A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into such a contract, the Funds are required to pledge to the broker an amount of cash or securities equal to the minimum “initial margin” requirements of the exchange. Pursuant to the contracts, the Funds agree to receive from or pay to the broker an amount of cash or securities equal to the daily fluctuation in the value of the contracts. Such receipts or payments are known as “variation margin” and are recorded by the Funds as unrealized appreciation or depreciation. When the contracts are closed, the Funds record a realized gain or loss equal to the difference between the value of the contracts at the time they were opened and the value at the time they were closed. Any unrealized appreciation or depreciation recorded is simultaneously reversed. The use of futures transactions involves various risks, including the risk of an imperfect correlation in the movements in the price of futures contracts, interest rates and underlying hedging assets, and possible inability or unwillingness of counterparties to meet the terms of their contracts.

Forward Foreign Currency Contracts.  A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. The Funds enter into

forward foreign currency contracts for the purpose of hedging against foreign currency risk arising from the investment or anticipated investment in securities denominated in foreign currencies. The Funds also enter into these contracts for purposes of increasing exposure to a foreign currency or shifting exposure to foreign currency fluctuations from one country to another. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. All commitments are marked to market daily at the applicable exchange rates and any resulting unrealized appreciation or depreciation is recorded. Realized gains or losses are recorded at the time the forward contract matures or by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In addition, these contracts may involve market risk in excess of the unrealized appreciation (depreciation) reflected in the Funds’ Statements of Assets and Liabilities.

The following is a summary of the Funds’ derivatives categorized by risk exposure.

The effect of derivatives on the Statements of Assets and Liabilities at November 30, 2014:

AllianzGI Best Styles Global Equity:
Location	Market Price
Asset derivatives:
Receivable for variation margin on futures contracts*	$	20,947

* Included in net unrealized appreciation of $20,947 on futures contracts as reported in Note 7(b).

AllianzGI Emerging Markets Debt:
Location	Foreign Exchange Contracts
Asset derivatives:
Unrealized appreciation of forward foreign currency contracts	$	51,632
Liability derivatives:
Unrealized depreciation of forward foreign currency contracts	$	(27,068	)

AllianzGI Global Fundamental Strategy:
Location	Market Price			Interest Rate Contracts			Foreign Exchange Contracts			Total
Asset derivatives:
Investments, at value (options purchased)	$	2,700			—			—		$	2,700
Unrealized appreciation of forward foreign currency contracts		—			—		$	7,349			7,349
Total asset derivatives	$	2,700			—		$	7,349		$	10,049
Liability derivatives:
Options written, at value	$	(19,239	)		—			—		$	(19,239	)
Payable for variation margin on futures contracts*		(20,320	)	$	(8,424	)		—			(28,744	)
Unrealized depreciation of forward foreign currency contracts		—			—		$	(3,475	)		(3,475	)
Total liability derivatives	$	(39,559	)	$	(8,424	)	$	(3,475	)	$	(51,458	)

* Included in net unrealized depreciation of $28,744 on futures contracts as reported in Note 7(b).

248 November 30, 2014  | Annual Report

The effect of derivatives on the Statements of Assets and Liabilities at November 30, 2014:

AllianzGI Multi-Asset Real Return:
Location	Market Price		Interest Rate Contracts			Total
Asset derivatives:
Receivable for variation margin on futures contracts*	$	9,695	$	(9,529	)	$	166

* Included in net unrealized appreciation of $166 on futures contracts as reported in Note 7(b).

AllianzGI Structured Return:
Location	Market Price
Asset derivatives:
Investments, at value (options purchased)	$	243,376
Liability derivatives:
Options written, at value	$	(1,608,108	)

AllianzGI U.S. Equity Hedged:
Location	Market Price
Asset derivatives:
Investments, at value (options purchased)	$	262,923
Liability derivatives:
Options written, at value	$	(40,680	)

The effect of derivatives on the Statements of Operations for the period or year ended November 30, 2014:

AllianzGI Best Styles Global Equity:
Location	Market Price		Foreign Exchange Contracts		Total
Net realized gain on:
Futures contracts	$	165,060		—	$	165,060
Foreign currency transactions (forward foreign currency contracts)		—	$	96		96
Total net realized gain	$	165,060	$	96	$	165,156
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	20,947		—	$	20,947

AllianzGI China Equity:
Location	Foreign Exchange Contracts
Net realized gain on:
Foreign currency transactions (forward foreign currency contracts)	$	16

AllianzGI Emerging Markets Debt:
Location	Foreign Exchange Contracts
Net realized gain on:
Foreign currency transactions (forward foreign currency contracts)	$	356
Net change in unrealized appreciation/depreciation of:
Foreign currency transactions (forward foreign currency contracts)	$	24,564

AllianzGI Global Fundamental Strategy:
Location	Market Price			Interest Rate Contracts			Foreign Exchange Contracts		Total
Net realized gain (loss) on:
Investments (options purchased)	$	(1,931	)		—			—	$	(1,931	)
Futures contracts		(61,021	)	$	(27,252	)		—		(88,273	)
Options written		43,534			—			—		43,534
Foreign currency transactions (forward foreign currency contracts)		—			—		$	223,682		223,682
Total net realized gain (loss)	$	(19,418	)	$	(27,252	)	$	223,682	$	177,012

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Notes to Financial Statements (cont’d)

November 30, 2014

AllianzGI Global Fundamental Strategy (cont’d)
Location	Market Price			Interest Rate Contracts			Foreign Exchange Contracts		Total
Net change in unrealized appreciation/depreciation of:
Investments (options purchased)	$	(54,666	)		—			—	$	(54,666	)
Futures contracts		(20,320	)	$	(2,685	)		—		(23,005	)
Options written		8,723			—			—		8,723
Foreign currency transactions (forward foreign currency contracts)		—			—		$	2,951		2,951
Total net change in unrealized appreciation/depreciation	$	(66,263	)	$	(2,685	)	$	2,951	$	(65,997	)

AllianzGI Global Water:
Location	Foreign Exchange Contracts
Net realized loss on:
Foreign currency transactions (forward foreign currency contracts)	$	(92,994	)

AllianzGI International Small-Cap:
Location	Foreign Exchange Contracts
Net realized loss on:
Foreign currency transactions (forward foreign currency contracts)	$	(32	)

AllianzGI Multi-Asset Real Return:
Location	Market Price			Interest Rate Contracts			Total
Net realized gain (loss) on:
Futures contracts	$	1,878		$	(5,069	)	$	(3,191	)
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	(4,025	)	$	(9,570	)	$	(13,595	)

AllianzGI NFJ Emerging Markets Value:
Location	Foreign Exchange Contracts
Net realized gain on:
Foreign currency transactions (forward foreign currency contracts)	$	52

AllianzGI NFJ International Small-Cap Value:
Location	Foreign Exchange Contracts
Net realized loss on:
Foreign currency transactions (forward foreign currency contracts)	$	(39	)

AllianzGI Structured Return:
Location	Market Price
Net realized gain (loss) on:
Investments (options purchased)	$	(1,676,556	)
Options written		1,426,050
Total net realized loss	$	(250,506	)
Net change in unrealized appreciation/depreciation of:
Investments (options purchased)	$	2,640
Options written		(184,579	)
Total net change in unrealized appreciation/depreciation	$	(181,939	)

250 November 30, 2014  | Annual Report

The effect of derivatives on the Statements of Operations for the year ended November 30, 2014:

AllianzGI U.S. Equity Hedged:
Location	Market Price
Net realized gain (loss) on:
Investments (options purchased)	$	(553,058	)
Options written		23,271
Total net realized loss	$	(529,787	)
Net change in unrealized appreciation/depreciation of:
Investments (options purchased)	$	(2,900	)
Options written		1,640
Total net change in unrealized appreciation/depreciation	$	(1,260	)

The average volume (based on the open positions at each fiscal quarter-end) of derivative activity for the period or year ended November 30, 2014:

	Options Purchased Contracts(1)		Options Written Contracts(1)		Forward Foreign Currency Contracts(2)				Futures Contracts(1)
					Purchased		Sold		Long		Short
AllianzGI Best Styles Global Equity		—		—		—		—		25		—
AllianzGI Emerging Markets Debt		—		—	$	769,479	$	1,259,900		—		—
AllianzGI Global Water		—		—		—		181,219		—		—
AllianzGI Global Fundamental Strategy		22		78		597,568		2,648,847		2		15
AllianzGI Multi-Asset Real Return		—		—		—		—		8		10
AllianzGI Structured Return		955		863		—		—		—		—
AllianzGI U.S. Equity Hedged		54		54		—		—		—		—

(1) Number of contracts

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

The following tables present by counterparty, the Funds’ derivative assets and liabilities net of related collateral held by the Funds at November 30, 2014 which has not been offset in the Statements of Assets and Liabilities, but would be available for offset to the extent of a default by the counterparty to the transaction.

Financial Assets and Derivative Assets, and Collateral Received at November 30, 2014:

AllianzGI Emerging Markets Debt:
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in Statement of Assets and Liabilities		Financial Instrument/ Derivative Offset			Cash Collateral Received		Net Amount
Foreign Currency Exchange Contracts
State Street Bank	$	51,632	$	(27,068	)		—	$	24,564

AllianzGI Global Fundamental Strategy:
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in Statement of Assets and Liabilities		Financial Instrument/ Derivative Offset			Cash Collateral Received		Net Amount
Foreign Currency Exchange Contracts
State Street Bank	$	7,349	$	(3,475	)		—	$	3,874

Annual Report |  November 30, 2014 251

Notes to Financial Statements (cont’d)

November 30, 2014

Financial Liabilities and Derivative Liabilities, and Collateral Received at November 30, 2014:

AllianzGI Emerging Markets Debt:
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in Statement of Assets and Liabilities		Financial Instrument/ Derivative Offset			Cash Collateral Received (Pledged)		Net Amount
Foreign Currency Exchange Contracts
State Street Bank	$	27,068	$	(27,068	)		—		—

AllianzGI Global Fundamental Strategy:
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in Statement of Assets and Liabilities		Financial Instrument/ Derivative Offset			Cash Collateral Received (Pledged)		Net Amount
Foreign Currency Exchange Contracts
State Street Bank	$	3,475	$	(3,475	)		—		—

5. INVESTMENT MANAGER/ADMINISTRATOR/DISTRIBUTOR

Investment Management Fee.  Each Fund has an Investment Management Agreement (collectively the “Agreements”) with the Investment Manager. Subject to the supervision of the Trust’s Board, the Investment Manager is responsible for managing, either directly or through others selected by it, each Fund’s investment activities, business affairs and administrative matters. Pursuant to the Agreements, the Investment Manager receives an annual fee, payable monthly (net of any fee waivers, reimbursements and recoupment), at an annual rate of each Fund’s average daily net assets (the “Investment Management Fee”).

“Due to Investment Manager” on the Statements of Assets and Liabilities represents the remaining payable for the Funds’ offering costs that were paid by the Investment Manager.

The Investment Manager has retained the Sub-Advisers to manage the Funds’ investments. Subject to the supervision of the Investment Manager, the Sub-Advisers are responsible for making all of the investment decisions for the Funds for which they serve as sub-adviser. The Investment Manager, not the Funds, pays a portion of the fees it receives as Investment Manager to the Sub-Advisers in return for their services.

Sub-Adviser(s)	Funds
AllianzGI U.S.	AllianzGI Retirement 2015, AllianzGI Retirement 2020, AllianzGI Retirement 2025, AllianzGI Retirement 2030, AllianzGI Retirement 2035, AllianzGI Retirement 2040, AllianzGI Retirement 2045, AllianzGI Retirement 2050, AllianzGI Retirement 2055, AllianzGI Retirement Income, AllianzGI Global Allocation, AllianzGI Global Growth Allocation, AllianzGI Best Styles Global Equity, AllianzGI China Equity, AllianzGI Convertible, AllianzGI Emerging Markets Debt, AllianzGI Global Fundamental Strategy, AllianzGI Global Managed Volatility, AllianzGI Global Water, AllianzGI High Yield Bond, AllianzGI International Small-Cap, AllianzGI Micro Cap, AllianzGI Multi-Asset Real Return, AllianzGI Short Duration High Income, AllianzGI Structured Return, AllianzGI Ultra Micro Cap, AllianzGI U.S. Equity Hedged, AllianzGI U.S. Small-Cap Growth
Fuller & Thaler	AllianzGI Behavioral Advantage Large Cap
NFJ	NFJ Emerging Markets Value, NFJ Global Dividend Value, NFJ International Small-Cap Value, NFJ International Value II

Administration Fee.  The Investment Manager provides administrative services to the Target Date Funds and also bears the cost of most third-party administrative services required by the Target Date Funds, and in return it receives from each share class of each Target Date Fund a monthly administration fee based on each share class’ average daily net assets (the “Administration Fee”).

The Investment Management Fee and Administration Fee for all classes are charged at an annual rate as indicated in the following table:

	All Classes						Class A,C,D and R			Class P and Administrative			Class R6 and Institutional
	Management Fee			Effective Management Fee						Administration Fee
AllianzGI Retirement 2015		0.05	%		0.05	%		0.30	%		0.15	%		0.05	%
AllianzGI Retirement 2020		0.05			0.05			0.30			0.15			0.05
AllianzGI Retirement 2025		0.05			0.05			0.30			0.15			0.05
AllianzGI Retirement 2030		0.05			0.05			0.30			0.15			0.05
AllianzGI Retirement 2035		0.05			0.05			0.30			0.15			0.05
AllianzGI Retirement 2040		0.05			0.05			0.30			0.15			0.05

252 November 30, 2014  | Annual Report

	All Classes						Class A,C,D and R			Class P and Administrative			Class R6 and Institutional
	Management Fee			Effective Management Fee						Administration Fee
AllianzGI Retirement 2045		0.05	%		0.05	%		0.30	%		0.15	%		0.05	%
AllianzGI Retirement 2050		0.05			0.05			0.30			0.15			0.05
AllianzGI Retirement 2055		0.05			0.05			0.30			0.15			0.05
AllianzGI Retirement Income		0.05			0.05			0.30			0.15			0.05
AllianzGI Global Allocation		0.85			0.15			N/A			N/A			N/A
AllianzGI Global Growth Allocation		0.85			0.15			N/A			N/A			N/A
AllianzGI Behavioral Advantage Large Cap		0.40			0.40			N/A			N/A			N/A
AllianzGI Best Styles Global Equity		0.30			0.30			N/A			N/A			N/A
AllianzGI China Equity		1.10			1.10			N/A			N/A			N/A
AllianzGI Convertible		0.57			0.57			N/A			N/A			N/A
AllianzGI Emerging Markets Debt		0.75			0.75			N/A			N/A			N/A
AllianzGI Global Fundamental Strategy		0.75			0.75			N/A			N/A			N/A
AllianzGI Global Managed Volatility		0.40			0.40			N/A			N/A			N/A
AllianzGI Global Water		0.95			0.95			N/A			N/A			N/A
AllianzGI High Yield Bond		0.48			0.48			N/A			N/A			N/A
AllianzGI International Small-Cap		1.00			1.00			N/A			N/A			N/A
AllianzGI Micro Cap		1.25			1.25			N/A			N/A			N/A
AllianzGI Multi-Asset Real Return		0.75			0.75			N/A			N/A			N/A
AllianzGI NFJ Emerging Markets Value		1.00			1.00			N/A			N/A			N/A
AllianzGI NFJ Global Dividend Value		0.80			0.80			N/A			N/A			N/A
AllianzGI NFJ International Small-Cap Value		0.95			0.95			N/A			N/A			N/A
AllianzGI NFJ International Value II		0.80			0.80			N/A			N/A			N/A
AllianzGI Short Duration High Income		0.48			0.48			N/A			N/A			N/A
AllianzGI Structured Return		0.60	*		0.92			N/A			N/A			N/A
AllianzGI Ultra Micro Cap		1.50			1.50			N/A			N/A			N/A
AllianzGI U.S. Equity Hedged		0.70			0.70			N/A			N/A			N/A
AllianzGI U.S. Small-Cap Growth		0.90			0.90			N/A			N/A			N/A

* Effective July 1, 2014, the management fee rate was decreased from 1.25% to 0.60%.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (the “Distributor”), an affiliate of AAM, the Investment Manager and the Sub-Advisers (with the exception of Fuller & Thaler), serves as the distributor of the Funds’ shares pursuant to separate Distribution Servicing Plans for Class A, B, C, D and R. The Distributor, for each of the Funds, receives (i) servicing fees of 0.25% of the average daily net assets of each of Class A, B, C, D and R in connection with services rendered to shareholders of each class and the maintenance of shareholder accounts, and (ii) distribution fees of 0.75% of the average daily net assets of each of Class B and C (with the exception of Class C for AllianzGI Short Duration High Income which is 0.25%) and 0.25% of average daily net assets of Class R in connection with the distribution of Class B, C and R shares.

Pursuant to the Distribution and Servicing Plans adopted by the A, B, C, D and R classes, the Funds compensate the Distributor for services provided and expenses incurred in connection with assistance rendered in the sale of shares and services rendered to shareholders and for maintenance of shareholder accounts.

Pursuant to the Distribution Plan for the Administrative Class shares, the Funds are permitted to reimburse the Distributor 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 net assets of the Administrative Class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration 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 no more than 0.25% of the average daily net assets attributable to the Administrative Class may be expensed.

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, B and C shares. For the year ended November 30, 2014, the Distributor received $406,882, representing commissions (sales charges) and CDSC.

Annual Report |  November 30, 2014 253

Notes to Financial Statements (cont’d)

November 30, 2014

6. EXPENSE LIMITATION

The Trust and the Investment Manager have entered into Expense Limitation and Management Fee Waiver Agreements as indicated below:

			Expense Limitation
	Management Fee Waiver %(1)		Class A			Class B			Class C			Class D			Class R			Class P			Institutional Class			Class R6			Administrative Class
AllianzGI Retirement 2015(2)		N/A		0.97	%		N/A			1.72	%		1.07	%		1.32	%		0.67	%		N/A			0.57	%		0.92	%
AllianzGI Retirement 2020(2)		N/A		0.99			N/A			1.74			1.09			1.34			0.69			N/A			0.59			0.94
AllianzGI Retirement 2025(2)		N/A		1.01			N/A			N/A			N/A			1.36			0.71			N/A			0.61			0.96
AllianzGI Retirement 2030(2)		N/A		1.03			N/A			1.78			1.13			1.38			0.73			N/A			0.63	*		0.98
AllianzGI Retirement 2035(2)		N/A		1.06			N/A			N/A			N/A			1.41			0.76			N/A			0.66	*		1.01
AllianzGI Retirement 2040(2)		N/A		1.09			N/A			1.84			1.19			1.44			0.79			N/A			0.69	*		1.04
AllianzGI Retirement 2045(2)		N/A		1.10			N/A			N/A			N/A			1.45			0.80			N/A			0.70	*		1.05
AllianzGI Retirement 2050(2)		N/A		1.10			N/A			1.85			1.20			1.45			0.80			N/A			0.70	*		1.05
AllianzGI Retirement 2055(2)		N/A		1.10			N/A			N/A			N/A			1.45			0.80			N/A			0.70	*		1.05
AllianzGI Retirement Income(2)		N/A		0.95			N/A			1.70			1.05			1.30			0.65			N/A			0.55	*		0.90
AllianzGI Global Allocation(3)		0.70		0.40			1.11	%		1.13			0.40			0.56			0.16			0.16	%		N/A			0.41
AllianzGI Global Growth Allocation(3)		0.70		0.40			N/A			1.18			0.40			0.63			0.23			0.13			N/A			0.38
AllianzGI Behavioral Advantage Large Cap(4)		N/A		0.81			N/A			1.57			0.81			N/A			0.65			0.55			N/A			N/A
AllianzGI Best Styles Global Equity(6)		N/A		0.75			N/A			N/A			N/A			N/A			N/A			0.50			0.40			N/A
AllianzGI China Equity(4)		N/A		1.70			N/A			2.45			1.77			N/A			1.51			1.45			N/A			N/A
AllianzGI Convertible		N/A		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A
AllianzGI Emerging Markets Debt(9)		N/A		1.20			N/A			1.95			N/A			N/A			1.05			0.95			N/A			N/A
AllianzGI Global Fundamental Strategy(4)		N/A		1.25			N/A			2.00			1.25			N/A			1.10			1.00			N/A			N/A
AllianzGI Global Managed Volatility(4)		N/A		0.94			N/A			1.62			0.94			N/A			0.69			0.60			N/A			N/A
AllianzGI Global Water		N/A		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A
AllianzGI High Yield Bond		N/A		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A
AllianzGI International Small-Cap(4)		N/A		1.45			N/A			2.19			1.45			1.70			1.28			1.21			N/A			N/A
AllianzGI Micro Cap(4)		N/A		1.62			N/A			N/A			N/A			N/A			1.44			1.54			N/A			N/A
AllianzGI Multi-Asset Real Return(7)		N/A		0.85			N/A			1.60			0.85			N/A			0.70			0.60			N/A			N/A
AllianzGI NFJ Emerging Markets Value(4)		N/A		1.55			N/A			2.30			1.55			N/A			1.39			1.30			N/A			N/A
AllianzGI NFJ Global Dividend Value(4)		N/A		1.20			N/A			1.99			1.28			N/A			1.04			0.95			N/A			N/A
AllianzGI NFJ International Small-Cap Value(4)		N/A		1.45			N/A			2.20			1.45			N/A			1.30			1.20			N/A			N/A
AllianzGI NFJ International Value II(4)		N/A		1.20			N/A			1.95			1.20			N/A			1.00			0.95			N/A			N/A
AllianzGI Short Duration High Income(4)		N/A		0.85			N/A			1.10			0.85			N/A			0.70			0.61			N/A			N/A
AllianzGI Structured Return(5)		N/A		1.15			N/A			1.90			1.15			N/A			1.00			0.90			N/A			N/A
AllianzGI Ultra Micro Cap		N/A		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A
AllianzGI U.S. Equity Hedged(8)		N/A		1.25			N/A			2.00			1.25			N/A			1.10			1.00			N/A			N/A
AllianzGI U.S. Small-Cap Growth(4)		N/A		1.40			N/A			2.20			1.42			1.65			1.25			1.16			N/A			N/A

(1) The Investment Manager has contractually agreed to irrevocably waive a portion of its management fee with respect to the noted Funds. The waiver is calculated on the average daily net assets of each applicable Fund that are attributable to investments in either Underlying Funds or Other Acquired Funds based on the rates disclosed in the above table. This waiver with respect to investments in Underlying Funds and Other Acquired Funds for which the Investment Manager or an affiliated person thereof serves as investment adviser is terminable only by the Board of Trustees of the Trust, and the waiver with respect to investments in unaffiliated Other Acquired Funds will continue through at least March 31, 2015. This waiver does not apply to net assets of the Fund not invested in shares of Underlying Funds or Other Acquired Funds (e.g., direct investments in other securities and instruments).

(2) The Investment Manager has contractually agreed, until March 31, 2015, to irrevocably waive its management and administrative fees and reimburse any additional other expenses or acquired fund fees and expenses, to the extent that Total Annual Fund Operating Expenses after Expense Reductions, excluding, interest, taxes, and extraordinary expenses, exceed the rates noted in the table above based on the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties.

254 November 30, 2014  | Annual Report

(3) Effective April 1, 2014, the Investment Manager has contractually agreed, until March 31, 2015, to irrevocably waive its management fee and/or reimburse the Fund, to the extent that, after the application of the fee waiver described in footnote (1) above, Total Annual Fund Operating Expenses, excluding interest, taxes, and extraordinary expenses, acquired fund expenses and certain credits and other expenses, exceed the rates noted in the table above based on the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties.

(4) Effective April 1, 2014, the Investment Manager has contractually agreed, until March 31, 2015, to irrevocably waive its management fee and/or reimburse the Fund, to the extent that, Total Annual Fund Operating Expenses, excluding interest, taxes, and extraordinary expenses, and certain credits and other expenses, exceed the rates noted in the table above based upon the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties.

(5) Effective July 1, 2014, the Investment Manager had contractually agreed, until July 31, 2015, to irrevocably waive its management fee and/or reimburse the Fund, to the extent that, Total Annual Fund Operating Expenses, excluding interest, taxes, and extraordinary expenses, acquired fund expenses and certain credits and other expenses, exceed the rates noted in the table above based upon the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties.

(6) The Investment Manager has contractually agreed, until March 31, 2016, to irrevocably waive its management fee and/or reimburse the Fund, to the extent that, Total Annual Fund Operating Expenses, including payment of organizational expenses, but excluding interest, taxes, and extraordinary expenses, and certain credits and other expenses, exceed the rates noted in the table above based upon the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties.

(7) The Investment Manager has contractually agreed, until March 31, 2015, to irrevocably waive its management fee and/or reimburse the Fund, to the extent that, Total Annual Fund Operating Expenses, excluding interest, taxes, and extraordinary expenses, acquired fund expenses, and certain credits and other expenses, exceed the rates noted in the table above based upon the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties.

(8) The Investment Manager has contractually agreed, until November 30, 2015, to irrevocably waive its management fee and/or reimburse the Fund, to the extent that, Total Annual Fund Operating Expenses, excluding interest, taxes, and extraordinary expenses, acquired fund expenses, and certain credits and other expenses, exceed the rates noted in the table above based upon the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties.

(9) The Investment Manager has contractually agreed, until November 30, 2015, to irrevocably waive its management fee and/or reimburse the Fund, to the extent that, Total Annual Fund Operating Expenses, excluding interest, taxes, and extraordinary expenses, and certain credits and other expenses, exceed the rates noted in the table above based upon the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties.

* As a result of reimbursing expenses inclusive of acquired fund expenses, the Investment Manager reimbursed amounts in excess of the respective share class’ operating expenses. The aggregate excess reimbursement is accounted for as “Contribution from Investment Manager” on the Statements of Operations.

The Investment Manager, as per expense limitation agreements, may recoup waived/reimbursed amounts for a period of up to three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. During the year ended November 30, 2014, the Investment Manager recouped a total of $285,689 from the Funds as disclosed on the Statements of Operations. The following represents the amounts that still can be recouped by the Investment Manager as of November 30, 2014.

	Unrecouped Expenses Waived/Reimbursed through Year ended November 30,
	2012		2013		2014		Total
AllianzGI Retirement 2015	$	18,532	$	30,313	$	38,573	$	87,418
AllianzGI Retirement 2020		14,067		41,366		67,973		123,406
AllianzGI Retirement 2025		7,439		40,739		77,249		125,427
AllianzGI Retirement 2030		30,870		64,152		86,688		181,710
AllianzGI Retirement 2035		10,573		39,569		66,529		116,671
AllianzGI Retirement 2040		20,733		40,074		63,194		124,001
AllianzGI Retirement 2045		9,262		21,258		38,603		69,123
AllianzGI Retirement 2050		19,237		24,243		32,386		75,866
AllianzGI Retirement 2055		8,988		9,226		10,500		28,714
AllianzGI Retirement Income		35,421		45,280		40,092		120,793
AllianzGI Global Allocation		529,000		529,090		527,620		1,585,710
AllianzGI Global Growth Allocation		211,891		215,351		225,735		652,977
AllianzGI Behavioral Advantage Large Cap		235,009		179,849		177,064		591,922
AllianzGI Best Styles Global Equity		—		—		457,171		457,171
AllianzGI China Equity		217,554		198,512		231,354		647,420
AllianzGI Convertible		—		—		—		—

Annual Report |  November 30, 2014 255

Notes to Financial Statements (cont’d)

November 30, 2014

	Unrecouped Expenses Waived/Reimbursed through Year ended November 30,
	2012		2013		2014		Total
AllianzGI Emerging Markets Debt		—		—	$	217,381	$	217,381
AllianzGI Global Fundamental Strategy		—	$	172,001		255,965		427,966
AllianzGI Global Managed Volatility	$	286,597		263,268		256,403		806,268
AllianzGI Global Water		939		—		—		939
AllianzGI High Yield Bond		32,159		18,610		508		51,277
AllianzGI International Small-Cap		266,568		259,712		263,862		790,142
AllianzGI Micro Cap		131,890		162,476		117,388		411,754
AllianzGI Multi-Asset Real Return		—		366,103		255,119		621,222
AllianzGI NFJ Emerging Markets Value		—		385,249		322,923		708,172
AllianzGI NFJ Global Dividend Value		171,065		175,973		172,847		519,885
AllianzGI NFJ International Small-Cap Value		175,822		311,827		251,942		739,591
AllianzGI NFJ International Value II		302,633		242,764		236,156		781,553
AllianzGI Short Duration High Income		145,854		137,195		113,125		396,174
AllianzGI Structured Return		—		317,508		423,380		740,888
AllianzGI Ultra Micro Cap		71,089		—		—		71,089
AllianzGI U.S. Equity Hedged		—		375,759		222,985		598,744
AllianzGI U.S. Small-Cap Growth		197,501		158,039		177,919		533,459

7. INVESTMENTS IN SECURITIES

For the period or year ended November 30, 2014, purchases and sales of investments, other than short-term securities and U.S. government obligations were:

	Purchases		Sales
AllianzGI Retirement 2015	$	46,050,609	$	34,221,817
AllianzGI Retirement 2020		75,209,410		46,249,782
AllianzGI Retirement 2025		82,440,557		51,822,697
AllianzGI Retirement 2030		76,702,563		53,315,724
AllianzGI Retirement 2035		64,571,401		41,188,792
AllianzGI Retirement 2040		49,497,319		33,602,115
AllianzGI Retirement 2045		28,568,175		15,624,570
AllianzGI Retirement 2050		22,307,574		14,716,029
AllianzGI Retirement 2055		7,565,775		4,835,094
AllianzGI Retirement Income		32,426,140		29,865,982
AllianzGI Global Allocation		102,164,372		109,287,406
AllianzGI Global Growth Allocation		4,021,510		4,481,479
AllianzGI Behavioral Advantage Large Cap		87,554,148		69,370,442
AllianzGI Best Styles Global Equity		53,088,816		24,428,788
AllianzGI China Equity		6,947,765		6,121,911
AllianzGI Convertible		2,481,099,733		2,353,349,104
AllianzGI Emerging Markets Debt		35,217,134		7,481,459
AllianzGI Global Fundamental Strategy		5,944,354		5,690,388
AllianzGI Global Managed Volatility		19,417,752		18,463,616
AllianzGI Global Water		180,116,227		83,745,819

	Purchases		Sales
AllianzGI High Yield Bond	$	277,002,692	$	324,453,817
AllianzGI International Small-Cap		78,181,962		93,094,588
AllianzGI Micro Cap		19,951,483		24,885,473
AllianzGI Multi-Asset Real Return		2,573,870		2,358,108
AllianzGI NFJ Emerging Markets Value		9,715,107		7,613,869
AllianzGI NFJ Global Dividend Value		35,318,347		40,186,918
AllianzGI NFJ International Small-Cap Value		19,262,406		15,655,793
AllianzGI NFJ International Value II		44,904,478		9,403,170
AllianzGI Short Duration High Income		864,358,011		633,542,656
AllianzGI Structured Return		39,410,346		19,122,373
AllianzGI Ultra Micro Cap		85,419,317		91,242,470
AllianzGI U.S. Equity Hedged		7,441,166		444,577
AllianzGI U.S. Small-Cap Growth		26,597,345		24,590,714

Purchases and sales in U.S. government obligations for AllianzGI Multi-Asset Real Return were $216,732 and $396,301, respectively.

(a) Transactions in options written for the year ended November 30, 2014:

	AllianzGI Global Fundamental Strategy:
	Contracts			Premiums
Options outstanding, November 30, 2013		244		$	16,203
Options written		709			122,327
Options terminated in closing transactions		(504	)		(94,193	)
Options expired		(404	)		(28,691	)
Options outstanding, November 30, 2014		45		$	15,646

256 November 30, 2014  | Annual Report

	AllianzGI Structured Return:
	Contracts			Premiums
Options outstanding, November 30, 2013		876		$	295,248
Options written		8,967			8,901,884
Options terminated in closing transactions		(3,285	)		(4,940,332	)
Options expired		(5,681	)		(2,714,533	)
Options exercised		(33	)		(4,276	)
Options outstanding, November 30, 2014		844		$	1,537,991

	AllianzGI U.S. Equity Hedged:
	Contracts			Premiums
Options outstanding, November 30, 2013		36		$	17,842
Options written		644			405,056
Options terminated in closing transactions		(183	)		(112,915	)
Options expired		(425	)		(267,041	)
Options outstanding, November 30, 2014		72		$	42,942

(b) Futures contracts outstanding at November 30, 2014:

AllianzGI Best Styles Global Equity:
Type	Contracts			Market Value (000s)			Expiration Date		Unrealized Appreciation
Long:  E-mini S&P 500 Index		9		$	930			12/19/14	$	11,476
Euro STOXX 50 Index		4			161			12/19/14		6,359
FTSE 100 Index		1			105			12/19/14		763
Mini MSCI Emerging Markets Index		3			150			12/19/14		1,640
TOPIX Index		1			119			12/11/14		709
									$	20,947
AllianzGI Global Fundamental Strategy:
Type	Contracts			Market Value (000s)			Expiration Date		Unrealized Depreciation
Short:  10-Year U.S. Treasury Note Futures		(5	)	$	(635	)		3/20/15	$	(5,791	)
E-mini S&P 500 Index		(5	)		(517	)		12/19/14		(18,437	)
Euro STOXX 50 Index		(10	)		(403	)		12/19/14		(1,883	)
U.S. Treasury 5-Year Note		(4	)		(478	)		3/31/15		(2,633	)
									$	(28,744	)
AllianzGI Multi-Asset Real Return:
Type	Contracts			Market Value (000s)			Expiration Date		Unrealized Appreciation (Depreciation)
Long:  Dow Jones U.S. Real Estate Index		4		$	120			12/19/14	$	8,986
E-mini Materials		4			207			12/19/14		(4,970	)
E-mini S&P 500 Index		2			206			12/19/14		12,725
Mini MSCI Emerging Markets Index		2			100			12/19/14		(7,046	)
Short:  10-Year U.S. Treasury Note Futures		(7	)		(889	)		3/20/15		(9,529	)
									$	166

(c) Forward foreign currency contracts outstanding at November 30, 2014:

AllianzGI Emerging Markets Debt:
	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value November 30, 2014		Unrealized Appreciation (Depreciation)
Purchased:
700,000 Malaysian Ringgit settling 12/5/14		State Street Bank	$	208,582	$	206,899	$	(1,683	)
10,500,000 Russian Ruble settling 12/5/14		State Street Bank		234,847		210,618		(24,229	)
3,600,000 South African Rand settling 12/5/14		State Street Bank		326,050		324,894		(1,156	)

Annual Report |  November 30, 2014 257

Notes to Financial Statements (cont’d)

November 30, 2014

AllianzGI Emerging Markets Debt (cont’d)
	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value November 30, 2014		Unrealized Appreciation (Depreciation)
Sold:
1,200,000 Brazilian Real settling 12/5/14		State Street Bank	$	478,469	$	465,857	$	12,612
700,000 Malaysian Ringgit settling 12/5/14		State Street Bank		209,049		206,899		2,150
10,500,000 Russian Ruble settling 12/5/14		State Street Bank		242,887		210,618		32,269
3,600,000 South African Rand settling 12/5/14		State Street Bank		329,495		324,894		4,601
							$	24,564
AllianzGI Global Fundamental Strategy:
	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value November 30, 2014		Unrealized Appreciation (Depreciation)
Purchased:
400,000 Euro settling 2/27/15		State Street Bank	$	497,700	$	497,696	$	(4	)
28,000,000 Indian Rupee settling 4/6/15		State Street Bank		433,996		439,921		5,925
7,000,000 Indian Rupee settling 4/6/15		State Street Bank		111,732		109,980		(1,752	)
Sold:
250,000 British Pound settling 2/27/15		State Street Bank		391,679		390,255		1,424
1,850,000 Euro settling 2/27/15		State Street Bank		2,300,467		2,301,842		(1,375	)
480,730 Swiss Franc settling 2/27/15		State Street Bank		497,700		498,044		(344	)
							$	3,874

At November 30, 2014, AllianzGI Best Styles Global Equity, AllianzGI Global Fundamental Strategy, AllianzGI Multi-Asset Real Return, AllianzGI Structured Return and AllianzGI U.S. Equity Hedged pledged $149,859, $131,138, $116,355, $62,476 and $103,540, respectively, in cash as collateral for derivatives.

Glossary:

FTSE—Financial Times Stock Exchange

MSCI—Morgan Stanley Capital International

TOPIX—Tokyo Stock Price Index

8. INCOME TAX INFORMATION

The tax character of dividends and distributions paid was:

	Period or Year ended November 30, 2014						Period or Year ended November 30, 2013
	Ordinary Income(1)		15% Long-Term Capital Gain		25% Long-Term Capital Gain		Ordinary Income(1)		15% Long-Term Capital Gain		Return of Capital
AllianzGI Retirement 2015	$	557,163		—		—	$	569,457		—		—
AllianzGI Retirement 2020		854,280		—		—		551,653	$	54,370		—
AllianzGI Retirement 2025		834,956		—		—		502,164		2,816		—
AllianzGI Retirement 2030		1,116,872		—		—		681,422		51,668		—
AllianzGI Retirement 2035		791,580		—		—		396,441		3,140		—
AllianzGI Retirement 2040		823,105	$	26,206		—		413,174		31,304		—
AllianzGI Retirement 2045		398,011		40,741		—		256,343		2,300		—
AllianzGI Retirement 2050		403,564		122,638		—		268,914		29,671		—
AllianzGI Retirement 2055		153,467		65,638		—		190,157		2,023		—
AllianzGI Retirement Income		567,772		—		—		1,042,050		131,871	$	45,957
AllianzGI Global Allocation		4,374,925		—		—		7,494,791		—		—
AllianzGI Global Growth Allocation		256,253		675,794		—		213,519		74,549		—
AllianzGI Behavioral Advantage Large Cap		1,436,043		1,151,765		—		1,342,175		1,428		—
AllianzGI China Equity		34,320		—		—		89,688		—		—
AllianzGI Convertible		56,930,242		59,953,187		—		25,073,078		—		—

258 November 30, 2014  | Annual Report

	Period or Year ended November 30, 2014						Period or Year ended November 30, 2013
	Ordinary Income(1)		15% Long-Term Capital Gain		25% Long -Term Capital Gain		Ordinary Income(1)		15% Long-Term Capital Gain		Return of Capital
AllianzGI Global Fundamental Strategy	$	266,052	$	1,391		—		—		—		—
AllianzGI Global Managed Volatility		659,576		299,591		—	$	687,260	$	10,217		—
AllianzGI Global Water		636,324		—		—		1,119,355		—		—
AllianzGI High Yield Bond		33,030,938		1,191,439		—		27,056,462		—		—
AllianzGI International Small- Cap		3,053,996		7,320,839		—		1,150,058		—		—
AllianzGI Micro Cap		—		2,678,999		—		—		2,229,870		—
AllianzGI Multi- Asset Real Return		111,905		7,560	$	1,126		—		—		—
AllianzGI NFJ Emerging Markets Value		201,994		—		—		78,696		—		—
AllianzGI NFJ Global Dividend Value		3,125,190		2,328,737		—		1,518,904		113,295		—
AllianzGI NFJ International Small- Cap Value		470,540		140,105		—		96,855		—		—
AllianzGI NFJ International Value II		748,287		152,847		—		65,205		—		—
AllianzGI Short Duration High Income		33,350,451		—		—		18,939,326		—		—
AllianzGI Structured Return		160,577		365,458		—		—		—		—
AllianzGI Ultra Micro Cap		—		552,167		—		—		38,663		—
AllianzGI U.S. Equity Hedged		719,717		—		—		—		—		—
AllianzGI U.S. Small- Cap Growth		621,466		2,758,860		—		—		479,103		—

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

At November 30, 2014, the components of distributable earnings were:

	Ordinary Income		Long-Term Capital Gains		Capital Loss Carryforwards(2)		Late Year Ordinary Loss(3)		Post-October Capital Loss (Gain  )(4)
									Short-Term		Long-Term
AllianzGI Retirement 2015	$	626,023	$	413,412		—		—	$	4,482		—
AllianzGI Retirement 2020		1,060,896		275,242		—		—		4,008		—
AllianzGI Retirement 2025		1,154,056		45,832		—		—		22,525		—
AllianzGI Retirement 2030		1,439,795		633,993		—		—		20,397		—
AllianzGI Retirement 2035		1,024,006		508,278		—		—		—		—
AllianzGI Retirement 2040		1,106,868		846,854		—		—		—		—
AllianzGI Retirement 2045		586,085		316,983		—		—		—		—
AllianzGI Retirement 2050		498,951		526,675		—		—		—		—
AllianzGI Retirement 2055		153,474		207,827		—		—		—		—
AllianzGI Retirement Income		400,801		503,540		—		—		—		—
AllianzGI Global Allocation		1,481,522		2,430,465		—		—		—		—
AllianzGI Global Growth Allocation		143,022		516,667		—		—		—		—
AllianzGI Behavioral Advantage Large Cap		3,646,807		3,643,596		—		—		219,845		—
AllianzGI Best Styles Global Equity		1,555,663		109,159		—	$	2,554		—		—
AllianzGI China Equity		126,724		131,769		—		—		—		—
AllianzGI Convertible		51,692,599		135,361,673		—		—		6,281,848	$	(5,610,163	)
AllianzGI Emerging Markets Debt		229,623		—	$	103,115		—		76,380		—
AllianzGI Global Fundamental Strategy		767,309		—		128,037		—		25,382		38,073
AllianzGI Global Managed Volatility		955,692		941,123		—		27		—		—
AllianzGI Global Water		1,031,496		—		7,751,355		270		—		—
AllianzGI High Yield Bond		116,584		—		4,106,201		—		125,194		903,755
AllianzGI International Small-Cap		232,378		9,181,115		—		4,215		51,383		182,900
AllianzGI Micro Cap		—		3,308,201		4,127,633		482,297		288,601		41,799
AllianzGI Multi-Asset Real Return		72,673		—		76,309		749		10,017		(2,413	)
AllianzGI NFJ Emerging Markets Value		299,404		77,836		—		7,845		21,971		(9,873	)
AllianzGI NFJ Global Dividend Value		1,010,869		3,821,387		—		7,840		—		—
AllianzGI NFJ International Small-Cap Value		686,355		1,270,383		—		5,849		90,914		—
AllianzGI NFJ International Value II		210,673		152,693		—		528		—		—

Annual Report |  November 30, 2014 259

Notes to Financial Statements (cont’d)

November 30, 2014

	Ordinary Income		Long-Term Capital Gains		Capital Loss Carryforwards(2)		Late Year Ordinary Loss(3)		Post-October Capital Loss (Gain)(4)
									Short-Term			Long-Term
AllianzGI Short Duration High Income	$	2,934,186		—	$	4,316,977		—	$	440,057		$	6,988
AllianzGI Structured Return		281,096	$	641,229		—		—		(650,164	)		901,063
AllianzGI Ultra Micro Cap		—		975,818		—	$	2,167,108		503,055			637,442
AllianzGI U.S. Equity Hedged		976,022		—		—		—		—			—
AllianzGI U.S. Small-Cap Growth		—		3,214,768		—		265,708		185,236			(18,440	)

(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, 2014 through November 30, 2014, and/or other ordinary losses realized during the period January 1, 2014 through November 30, 2014, which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

(4) Net capital losses realized during the period November 1, 2014 through November 30, 2014 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 will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010, for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, 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 November 30, 2014, capital loss carryforward amounts were:

									No Expiration(5)
	2017			2018			2019		Short-Term		Long-Term
AllianzGI Emerging Markets Debt		—			—			—	$	103,115		—
AllianzGI Global Water	$	722,349	*	$	5,991,388	*	$	1,037,618		—		—
AllianzGI Global Fundamental Strategy		—			—			—		—	$	128,037
AllianzGI High Yield Bond		—			—			—		2,044,529		2,061,672
AllianzGI Micro Cap		4,127,633	*		—			—		—		—
AllianzGI Multi-Asset Real Return		—			—			—		76,309		—
AllianzGI Short Duration High Income		—			—			—		4,278,230		38,747

* Subject to limitations under IRC Sections 381-384

(5) Carryforward amounts are subject to the provision of the Regulated Investment Company Modernization Act of 2010.

For the year ended November 30, 2014, the Funds had capital loss carryforwards which were utilized as follows:

			Post-Enactment Utilized
	Pre-Enactment Utilized		Short-Term		Long-Term
AllianzGI Retirement 2015		—	$	206,845		—
AllianzGI Retirement 2020		—		318,630		—
AllianzGI Retirement 2025		—		411,578		—
AllianzGI Retirement 2030		—		215,981		—
AllianzGI Retirement 2035		—		275,054		—
AllianzGI Global Allocation	$	8,521,102		—		—
AllianzGI China Equity		—		—	$	208,784
AllianzGI Global Water		11,772,719		—		—
AllianzGI Micro Cap		2,326,943		—		—
AllianzGI NFJ Emerging Markets Value		—		158,305		—

260 November 30, 2014  | Annual Report

For the period or year ended November 30, 2014, permanent “book-tax” adjustments were:

	Undistributed (Dividends in Excess of) Net Investment Income			Accumulated Net Realized Gain(Loss)			Paid-in Capital			Unrealized Appreciation (Depreciation)
AllianzGI Retirement 2015(g)	$	79,898		$	(79,898	)		—			—
AllianzGI Retirement 2020(g)		139,786			(139,786	)		—			—
AllianzGI Retirement 2025(g)		172,372			(172,372	)		—			—
AllianzGI Retirement 2030(g)		220,680			(220,680	)		—			—
AllianzGI Retirement 2035(g)		187,658			(187,658	)		—			—
AllianzGI Retirement 2040(g)		191,923			(191,923	)		—			—
AllianzGI Retirement 2045(g)		112,247			(112,247	)		—			—
AllianzGI Retirement 2050(g)		102,431			(102,431	)		—			—
AllianzGI Retirement 2055(g)		35,182			(35,182	)		—			—
AllianzGI Retirement Income(e)(g)		86,483			(85,202	)	$	(1,281	)		—
AllianzGI Global Allocation(g)		858,521			(858,521	)
AllianzGI Global Growth Allocation(g)		32,762			(32,762	)		—			—
AllianzGI Behavioral Advantage Large Cap(a)		24,628			(24,628	)		—			—
AllianzGI Best Styles Global Equity(b)(e)(f)(h)		(13,661	)		14,535			(579	)	$	(295	)
AllianzGI China Equity(b)(f)		41,842			(41,842	)		—			—
AllianzGI Convertible(j)(k)		7,672,485			(7,672,485	)		—			—
AllianzGI Emerging Markets Debt(e)(f)		(63,662	)		63,688			(26	)		—
AllianzGI Global Fundamental Strategy(a)(c)(f)		308,695			(308,695	)		—			—
AllianzGI Global Managed Volatility(b)(f)(h)		(27,647	)		29,902			—			(2,255	)
AllianzGI Global Water(f)		(132,498	)		132,498			—			—
AllianzGI High Yield Bond(a)(c)(e)(i)		2,476,769			(2,453,633	)		(23,136	)		—
AllianzGI International Small-Cap(f)		(92,448	)		92,448			—			—
AllianzGI Micro Cap(d)		463,770			—			(463,770	)		—
AllianzGI Multi-Asset Real Return(a)(b)(f)(g)(h)		18,769			(17,809	)		—			(960	)
AllianzGI NFJ Emerging Markets Value(b)(e)(f)		27,111			(27,046	)		(65	)		—
AllianzGI NFJ Global Dividend Value(f)		(31,232	)		31,232			—			—
AllianzGI NFJ International Small-Cap Value(b)(f)		63,324			(63,324	)		—			—
AllianzGI NFJ International Value II(a)(b)(f)		5,057			(5,057	)		—			—
AllianzGI Short Duration High Income(c)(e)(i)		3,981,132			(3,931,781	)		(49,351	)		—
AllianzGI Structured Return(d)(h)		99,064			(99,064	)		—			—
AllianzGI Ultra Micro Cap(d)		895,893			—			(895,893	)		—
AllianzGI U.S. Equity Hedged(a)(h)		4,722			(4,383	)		—			(339	)

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

(a) Reclassification of dividends/distributions

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

(c) Treatment of bond premium amortization

(d) Net operating losses

(e) Reclassification of non-deductible expenses

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

(g) Reclassification of short-term capital gain dividends from underlying funds

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

(i) Reclassification of consent fees

(j) Reclassification of gains from sale of contingent debt

(k) Section 305 sales adjustment

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

Annual Report |  November 30, 2014 261

Notes to Financial Statements (cont’d)

November 30, 2014

At November 30, 2014, the aggregate cost basis and the net unrealized appreciation (depreciation) of investments (before options written) for federal income tax purposes were:

	Federal Tax Cost Basis(6)		Unrealized Appreciation		Unrealized Deprecation		Net Unrealized Appreciation (Depreciation)
AllianzGI Retirement 2015	$	33,382,504	$	1,170,034	$	256,400	$	913,634
AllianzGI Retirement 2020		61,493,304		1,848,122		696,918		1,151,204
AllianzGI Retirement 2025		63,869,009		1,926,650		676,195		1,250,455
AllianzGI Retirement 2030		62,190,598		2,899,931		773,018		2,126,913
AllianzGI Retirement 2035		51,900,245		2,405,229		642,686		1,762,543
AllianzGI Retirement 2040		41,403,718		2,745,661		572,952		2,172,709
AllianzGI Retirement 2045		25,262,341		1,655,499		333,239		1,322,260
AllianzGI Retirement 2050		19,945,744		1,831,702		266,426		1,565,276
AllianzGI Retirement 2055		7,248,512		663,970		96,456		567,514
AllianzGI Retirement Income		28,274,086		1,329,974		217,236		1,112,738
AllianzGI Global Allocation		187,965,201		23,807,457		2,287,173		21,520,284
AllianzGI Global Growth Allocation		5,492,866		805,558		110,901		694,657
AllianzGI Behavioral Advantage Large Cap		72,624,469		14,557,467		1,670,595		12,886,872
AllianzGI Best Styles Global Equity		30,961,560		3,178,807		956,083		2,222,724
AllianzGI China Equity		5,361,803		390,668		290,503		100,165
AllianzGI Convertible		2,377,423,909		361,437,192		35,729,110		325,708,082
AllianzGI Emerging Markets Debt		29,224,441		295,072		478,648		(183,576	)
AllianzGI Global Fundamental Strategy		21,153,021		1,453,367		615,000		838,367
AllianzGI Global Managed Volatility		15,343,944		1,569,973		309,848		1,260,125
AllianzGI Global Water		314,062,222		48,272,648		15,337,271		32,935,377
AllianzGI High Yield Bond		382,307,861		10,923,444		11,054,745		(131,301	)
AllianzGI International Small-Cap		82,110,643		14,915,223		5,594,446		9,320,777
AllianzGI Micro Cap		28,802,119		12,887,530		1,915,898		10,971,632
AllianzGI Multi-Asset Real Return		6,028,474		266,376		334,166		(67,790	)
AllianzGI NFJ Emerging Markets Value		9,737,869		710,896		822,693		(111,797	)
AllianzGI NFJ Global Dividend Value		60,667,259		9,690,189		4,561,215		5,128,974
AllianzGI NFJ International Small-Cap Value		18,697,657		1,741,132		1,150,781		590,351
AllianzGI NFJ International Value II		39,800,407		2,388,257		2,932,247		(543,990	)
AllianzGI Short Duration High Income		765,077,494		832,580		14,890,666		(14,058,086	)
AllianzGI Structured Return		25,347,176		—		—		—
AllianzGI Ultra Micro Cap		88,648,077		29,934,560		4,821,331		25,113,229
AllianzGI U.S. Equity Hedged		16,173,152		—		—		—
AllianzGI U.S. Small-Cap Growth		28,507,866		10,167,159		873,669		9,293,490

(6) Differences, if any, between book and tax cost basis are primarily attributable to wash sale loss deferrals, return of capital distributions from underlying funds, PFIC mark-to-market, differing treatment of bond premium amortization, basis adjustments from convertible preferred stock, mixed straddle adjustments, and mark-to-market on options contracts purchased.

262 November 30, 2014  | Annual Report

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Annual Report |  November 30, 2014 263

Notes to Financial Statements (cont’d)

November 30, 2014

9. 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 Retirement 2015												AllianzGI Retirement 2020
	Year ended November 30, 2014						Year ended November 30, 2013						Year ended November 30, 2014						Year ended November 30, 2013
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		565,795		$	11,168,574			339,353		$	6,590,045			1,433,411		$	28,178,631			603,165		$	11,502,340
Class C		15,337			298,797			9,440			180,334			4,810			94,427			14,893			283,810
Class D		17			332			5,336			103,137			2,880			56,444			4,872			91,607
Class R		1,134			22,530			2,422			46,614			5,007			97,615			5,741			108,954
Class P		171,764			3,325,289			72,831			1,426,157			333,605			6,405,645			309,334			5,912,317
Class R6		715,197			14,343,900			72,899			1,421,553			159,121			3,113,834			62,648			1,201,673
Administrative Class		16,965			335,842			236,281			4,647,163			82,204			1,617,550			457,658			8,868,219
Issued in reinvestment of dividends and distributions:
Class A		10,510			201,688			7,679			146,212			19,810			376,585			12,660			236,750
Class C		736			14,041			1,957			36,887			225			4,276			194			3,612
Class D		120			2,326			1,909			36,338			262			5,007			358			6,724
Class R		76			1,464			691			13,152			772			14,703			1,332			24,921
Class P		4,379			84,782			5,757			110,299			8,058			154,714			7,232			136,329
Class R6		9,220			178,596			11,467			219,816			8,358			160,647			10,236			193,174
Administrative Class		3,808			73,602			21			397			7,237			138,300			240			4,513
Cost of shares redeemed:
Class A		(205,257	)		(4,032,346	)		(188,595	)		(3,639,746	)		(168,555	)		(3,278,677	)		(196,186	)		(3,738,689	)
Class C		(35,474	)		(694,946	)		(43,276	)		(822,629	)		(4,003	)		(78,690	)		(11,623	)		(219,671	)
Class D		(5,313	)		(104,936	)		(63,597	)		(1,225,620	)		(5,733	)		(113,637	)		(2,636	)		(50,334	)
Class R		(2,592	)		(50,484	)		(15,487	)		(301,376	)		(7,690	)		(150,766	)		(3,012	)		(56,238	)
Class P		(190,596	)		(3,761,904	)		(75,304	)		(1,455,480	)		(99,035	)		(1,960,444	)		(201,003	)		(3,841,134	)
Class R6		(440,624	)		(8,878,990	)		(115,021	)		(2,243,140	)		(270,027	)		(5,377,317	)		(90,749	)		(1,746,394	)
Administrative Class		(47,231	)		(938,663	)		(51,879	)		(1,007,395	)		(58,748	)		(1,155,300	)		(87,446	)		(1,677,656	)
Net increase resulting from Fund share transactions		587,971		$	11,589,494			214,884		$	4,282,718			1,451,969		$	28,303,547			897,908		$	17,244,827

264 November 30, 2014  | Annual Report

AllianzGI Retirement 2025												AllianzGI Retirement 2030												AllianzGI Retirement 2035
Year ended November 30, 2014						Year ended November 30, 2013						Year ended November 30, 2014						Year ended November 30, 2013						Year ended November 30, 2014						Year ended November 30, 2013
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	1,335,068		$	22,916,623			869,581		$	14,411,889			928,027		$	19,420,259			436,817		$	8,660,866			816,929		$	14,941,272			411,160		$	7,045,369
	—			—			—			—			6,650			138,830			14,764			291,091			—			—			—			—
	—			—			—			—			2,113			43,399			18,337			367,695			—			—			—			—
	35,394			595,164			16,658			275,121			18,581			388,307			28,801			576,076			9,352			170,961			8,199			141,502
	703,711			11,746,860			131,727			2,202,601			541,841			11,072,179			223,730			4,460,149			572,738			10,179,074			107,100			1,859,117
	225,478			3,834,014			39,346			655,355			268,513			5,654,075			149,676			3,028,841			155,191			2,843,057			29,687			516,675
	117,954			2,028,052			672,665			11,362,396			92,910			1,960,346			495,163			10,095,568			78,765			1,447,310			624,137			10,953,335
	25,283			421,464			15,518			252,174			21,054			427,836			12,325			238,512			16,679			297,724			6,767			112,357
	—			—			—			—			495			10,033			604			11,625			—			—			—			—
	—			—			—			—			637			13,023			549			10,676			—			—			—			—
	1,097			18,248			1,448			23,496			896			18,290			1,572			30,514			922			16,445			1,376			22,802
	4,784			80,182			6,306			102,792			8,988			184,881			7,920			154,924			6,302			113,126			6,969			116,059
	6,502			108,975			7,183			117,165			12,548			258,616			14,466			283,260			7,644			137,282			8,659			144,295
	11,996			200,811			69			1,137			9,758			200,325			50			982			12,521			224,389			83			1,441
	(318,923	)		(5,466,861	)		(133,589	)		(2,215,838	)		(225,966	)		(4,705,694	)		(501,231	)		(9,937,403	)		(116,775	)		(2,135,925	)		(40,516	)		(704,143	)
	—			—			—			—			(10,583	)		(219,126	)		(10,256	)		(203,117	)		—			—			—			—
	—			—			—			—			(3,534	)		(74,687	)		(14,044	)		(282,332	)		—			—			—			—
	(22,892	)		(383,869	)		(50,850	)		(843,426	)		(10,198	)		(211,997	)		(27,867	)		(559,660	)		(4,604	)		(85,076	)		(9,070	)		(155,978	)
	(167,809	)		(2,872,130	)		(115,589	)		(1,929,703	)		(90,735	)		(1,921,242	)		(116,414	)		(2,350,577	)		(115,777	)		(2,127,542	)		(61,753	)		(1,071,313	)
	(142,236	)		(2,478,415	)		(71,932	)		(1,201,089	)		(389,999	)		(8,258,015	)		(104,884	)		(2,119,284	)		(131,228	)		(2,440,381	)		(19,236	)		(334,449	)
	(55,774	)		(962,168	)		(48,964	)		(810,805	)		(80,462	)		(1,695,999	)		(67,647	)		(1,366,361	)		(43,975	)		(806,171	)		(50,437	)		(882,821	)
	1,759,633		$	29,786,950			1,339,577		$	22,403,265			1,101,534		$	22,703,639			562,431		$	11,392,045			1,264,684		$	22,775,545			1,023,125		$	17,764,248

Annual Report |  November 30, 2014 265

Notes to Financial Statements (cont’d)

November 30, 2014

	AllianzGI Retirement 2040												AllianzGI Retirement 2045
	Year ended November 30, 2014						Year ended November 30, 2013						Year ended November 30, 2014						Year ended November 30, 2013
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		602,125		$	13,046,627			265,931		$	5,292,401			351,881		$	6,635,440			242,384		$	4,226,932
Class C		3,035			65,077			5,701			115,381			—			—			—			—
Class D		1,915			41,790			2,510			50,598			—			—			—			—
Class R		13,129			283,949			13,107			265,360			5,261			99,251			4,475			78,591
Class P		396,823			8,391,622			153,985			3,118,212			374,167			6,834,798			58,550			1,030,558
Class R6		207,481			4,538,383			117,735			2,407,465			55,303			1,043,172			22,228			394,677
Administrative Class		37,217			809,484			268,154			5,509,615			25,662			486,607			88,050			1,560,963
Issued in reinvestment of dividends and distributions:
Class A		14,621			309,393			5,559			107,358			10,650			196,475			4,486			74,602
Class C		239			5,039			258			4,979			—			—			—			—
Class D		203			4,300			298			5,762			—			—			—			—
Class R		1,013			21,388			1,195			23,011			412			7,597			557			9,250
Class P		5,671			121,070			3,587			69,656			3,796			70,620			3,149			52,530
Class R6		12,498			266,724			11,830			230,004			6,710			124,598			7,280			121,489
Administrative Class		5,623			119,471			44			866			2,123			39,271			38			651
Cost of shares redeemed:
Class A		(114,672	)		(2,480,516	)		(111,633	)		(2,233,984	)		(65,555	)		(1,241,169	)		(19,411	)		(352,039	)
Class C		(5,844	)		(125,784	)		(1,010	)		(20,868	)		—			—			—			—
Class D		(2,906	)		(62,937	)		(4,608	)		(92,574	)		—			—			—			—
Class R		(7,288	)		(158,731	)		(2,746	)		(55,701	)		(1,225	)		(23,327	)		(3,130	)		(55,001	)
Class P		(90,176	)		(1,975,572	)		(58,310	)		(1,208,528	)		(42,668	)		(819,648	)		(32,773	)		(581,041	)
Class R6		(315,133	)		(6,958,416	)		(63,127	)		(1,309,076	)		(21,916	)		(422,785	)		(4,148	)		(75,514	)
Administrative Class		(37,880	)		(821,095	)		(34,293	)		(714,490	)		(18,161	)		(345,338	)		(6,376	)		(115,274	)
Net increase (decrease) resulting from Fund share transactions		727,694		$	15,441,266			574,167		$	11,565,447			686,440		$	12,685,562			365,359		$	6,371,374

266 November 30, 2014  | Annual Report

AllianzGI Retirement 2050												AllianzGI Retirement 2055												AllianzGI Retirement Income
Year ended November 30, 2014						Year ended November 30, 2013						Year ended November 30, 2014						Year ended November 30, 2013						Year ended November 30, 2014						Year ended November 30, 2013
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	184,392		$	4,003,253			30,447		$	610,616			62,661		$	1,165,536			7,089		$	123,004			277,751		$	5,324,689			76,446		$	1,456,041
	848			18,153			2,441			50,382			—			—			—			—			29,059			554,674			30,550			575,686
	1,934			41,897			6,501			131,630			—			—			—			—			4,586			89,080			31,610			606,234
	5,260			114,561			7,563			151,084			4,091			75,584			1,870			32,596			3,714			73,267			1,521			29,649
	218,872			4,652,264			36,217			734,226			61,933			1,143,776			10,234			178,050			259,938			4,960,657			168,171			3,226,547
	142,748			3,131,628			128,943			2,638,528			17,208			327,478			20,476			363,504			121,093			2,307,728			85,636			1,611,604
	15,235			333,045			57,615			1,183,558			7,983			149,207			11,999			211,301			12,601			245,703			141,253			2,741,571
	4,363			93,070			980			18,646			1,172			21,356			79			1,290			5,138			98,989			10,998			207,020
	157			3,333			79			1,486			—			—			—			—			2,353			45,087			10,949			204,425
	472			10,080			347			6,607			—			—			—			—			872			16,924			3,276			61,972
	663			14,134			660			12,530			153			2,791			124			2,031			126			2,510			237			4,597
	3,259			70,571			1,415			27,124			859			15,862			202			3,316			7,746			151,273			12,790			243,413
	13,791			296,988			12,077			231,563			9,281			170,105			11,280			184,908			11,265			215,784			24,141			451,103
	1,765			37,821			33			629			492			8,985			39			635			1,903			37,092			1,624			30,372
	(17,588	)		(384,126	)		(54,766	)		(1,068,408	)		(12,856	)		(234,967	)		(569	)		(10,028	)		(184,344	)		(3,547,224	)		(113,932	)		(2,155,720	)
	(214	)		(4,743	)		(40	)		(797	)		—			—			—			—			(55,702	)		(1,055,914	)		(174,179	)		(3,264,397	)
	(4,712	)		(102,260	)		(1,779	)		(35,285	)		—			—			—			—			(11,788	)		(227,211	)		(57,101	)		(1,074,324	)
	(2,304	)		(49,752	)		(3,520	)		(71,730	)		(465	)		(8,626	)		(343	)		(6,079	)		(828	)		(16,175	)		(3,238	)		(63,934	)
	(49,914	)		(1,093,827	)		(12,223	)		(247,808	)		(3,433	)		(64,844	)		(992	)		(17,648	)		(174,487	)		(3,404,901	)		(194,801	)		(3,706,715	)
	(150,620	)		(3,320,055	)		(58,360	)		(1,213,335	)		(815	)		(15,132	)		(1,691	)		(29,665	)		(142,315	)		(2,735,083	)		(197,843	)		(3,758,560	)
	(15,510	)		(343,282	)		(3,472	)		(72,436	)		(1,368	)		(25,758	)		(790	)		(13,833	)		(40,737	)		(786,766	)		(15,164	)		(283,956	)
	352,897		$	7,522,753			151,158		$	3,088,810			146,896		$	2,731,353			59,007		$	1,023,382			127,944		$	2,350,183			(157,056	)	$	(2,857,372	)

Annual Report |  November 30, 2014 267

Notes to Financial Statements (cont’d)

November 30, 2014

	AllianzGI Global Allocation												AllianzGI Global Growth Allocation
	Year ended November 30, 2014						Year ended November 30, 2013						Year ended November 30, 2014						Year ended November 30, 2013
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		488,819		$	5,873,282			650,172		$	7,485,478			13,404		$	292,209			29,219		$	677,830
Class B		2,464			30,262			6,790			80,274			—			—			—			—
Class C		213,160			2,598,606			306,134			3,563,605			4,738			101,602			8,519			191,618
Class D		113,628			1,360,961			84,238			964,066			4,698			104,018			13,390			311,015
Class R		—			—			—			—			6,213			141,517			3,818			88,855
Class P		90,351			1,093,598			140,168			1,610,906			237			5,393			879			20,000
Institutional Class		1,399,068			16,736,242			1,462,202			16,475,092			10,994			247,967			19,000			433,953
Class R6		—			—			—			—			—			—			—			—
Administrative Class		1,043			12,798			5,944			68,916			252			5,517			—			—
Issued in reinvestment of dividends and distributions:
Class A		107,244			1,295,082			202,512			2,264,319			8,921			191,140			1,479			31,867
Class B		2,373			29,152			9,534			108,471			—			—			—			—
Class C		64,439			786,340			156,805			1,773,598			8,945			189,428			1,968			41,928
Class D		2,898			34,933			1,173			13,150			2,579			54,881			212			4,545
Class R		29			351			51			563			774			16,508			35			753
Class P		978			11,777			1,957			21,872			279			5,969			32			692
Institutional Class		149,348			1,787,276			220,253			2,440,727			21,933			470,228			9,653			207,625
Administrative Class		47			587			4,830			54,859			131			2,792			31			658
Cost of shares redeemed:
Class A		(1,067,994	)		(12,901,939	)		(1,358,968	)		(15,588,863	)		(29,245	)		(638,957	)		(14,440	)		(330,565	)
Class B		(95,177	)		(1,166,655	)		(161,681	)		(1,874,028	)		—			—			—			—
Class C		(940,056	)		(11,488,956	)		(1,129,703	)		(13,058,303	)		(11,062	)		(244,700	)		(9,425	)		(213,799	)
Class D		(32,083	)		(386,436	)		(9,214	)		(105,094	)		(17,776	)		(391,639	)		(1,572	)		(36,382	)
Class R		—			—			—			—			(4,815	)		(110,410	)		(1,097	)		(24,512	)
Class P		(80,551	)		(982,880	)		(98,504	)		(1,120,655	)		(237	)		(5,266	)		—			—
Institutional Class		(1,163,787	)		(13,963,585	)		(1,084,456	)		(12,213,671	)		(11,524	)		(264,374	)		(122,046	)		(2,920,674	)
Class R6		—			—			—			—			—			—			—			—
Administrative Class		(432	)		(5,198	)		(155,060	)		(1,767,402	)		—			—			—			—
Net increase (decrease) resulting from Fund share transactions		(744,191	)	$	(9,244,402	)		(744,823	)	$	(8,802,120	)		9,439		$	173,823			(60,345	)	$	(1,514,593	)

* Actual amount rounds to less than 1 share.

** Commencement of operations.

268 November 30, 2014  | Annual Report

AllianzGI Behavioral Advantage Large Cap												AllianzGI Best Styles Global Equity						AllianzGI China Equity
Year ended November 30, 2014						Year ended November 30, 2013						Period from December 2, 2013** through November 30, 2014						Year ended November 30, 2014						Year ended November 30, 2013
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	162,296		$	3,827,973			381,505		$	8,441,306			—			—			47,977		$	836,508			2,710		$	41,971
	—			—			—			—			—			—			—			—			—			—
	12,353			284,894			5,241			111,787			—			—			333			5,524			2,030			32,377
	33,945			821,450			25,397			475,978			—			—			97,121			1,696,266			46,920			725,761
	—			—			—			—			—			—			—			—			—			—
	3,788			92,492			—			—			—			—			118,589			2,120,128			—			—
	1,871,574			44,216,425			1,247,607			25,277,771			—			—			4,105			65,077			6,213			96,128
	—			—			—			—			2,418,239		$	36,454,373			—			—			—			—
	—			—			—			—			—			—			—			—			—			—
	1,899			42,711			139			2,505			—			—			72			1,192			133			2,022
	—			—			—			—			—			—			—			—			—			—
	468			10,364			250			4,469			—			—			—	*		2			—	*		1
	313			6,971			406			7,289			—			—			96			1,635			733			11,196
	—			—			—			—			—			—			—			—			—			—
	32			714			51			920			—			—			3			45			15			226
	96,471			2,172,662			73,598			1,327,554			—			—			1,934			31,446			5,019			76,243
	—			—			—			—			—			—			—			—			—			—
	(136,703	)		(3,281,256	)		(21,301	)		(478,932	)		—			—			(34,924	)		(587,180	)		(4,000	)		(62,748	)
	—			—			—			—			—			—			—			—			—			—
	(3,656	)		(89,007	)		(162	)		(3,571	)		—			—			(1,878	)		(29,652	)		(2,705	)		(40,672	)
	(2,052	)		(49,299	)		(19,009	)		(388,643	)		—			—			(93,591	)		(1,640,283	)		(58,913	)		(908,783	)
	—			—			—			—			—			—			—			—			—			—
	(28	)		(684	)		—			—			—			—			(117,198	)		(2,030,207	)		(955	)		(15,129	)
	(1,134,784	)		(27,583,735	)		(186,572	)		(4,005,345	)		—			—			(4,222	)		(71,492	)		(4,470	)		(67,415	)
	—			—			—			—			(736,256	)		(11,914,060	)		—			—			—			—
	—			—			—			—			—			—			—			—			—			—
	905,916		$	20,472,675			1,507,150		$	30,773,088			1,681,983		$	24,540,313			18,417		$	399,009			(7,270	)	$	(108,822	)

Annual Report |  November 30, 2014 269

Notes to Financial Statements (cont’d)

November 30, 2014

	AllianzGI Convertible												AllianzGI Emerging Markets Debt
	Year ended November 30, 2014						Year ended November 30, 2013						Period from September 15, 2014** through November 30, 2014
	Shares			Amount			Shares			Amount			Shares		Amount
Shares sold:
Class A		9,378,536		$	333,949,448			8,591,634		$	280,372,826			—		—
Class C		783,892			27,624,284			2,204,183			72,452,081			—		—
Class D		1,531,177			54,245,530			5,516,035			178,731,349			—		—
Class R		36,759			1,298,733			9,446			291,603			—		—
Class P		2,654,621			94,076,352			6,525,498			215,786,524			—		—
Institutional Class		16,075,929			572,163,253			28,046,811			896,431,887			201	$	3,000
Administrative Class		29,719			1,046,515			512,078			16,761,400			—		—
Issued in reinvestment of dividends and distributions:
Class A		480,991			16,815,149			65,158			2,055,284			—		—
Class C		83,150			2,880,924			8,104			254,332			—		—
Class D		144,620			5,010,224			26,167			828,429			—		—
Class R		866			30,474			36			1,142			—		—
Class P		206,303			7,175,753			30,015			942,805			—		—
Institutional Class		1,272,195			44,097,511			369,146			11,475,867			—		—
Administrative Class		12,056			413,373			3,411			106,752			—		—
Cost of shares redeemed:
Class A		(5,777,035	)		(206,419,460	)		(2,833,097	)		(90,812,118	)		—		—
Class C		(645,134	)		(23,108,475	)		(258,945	)		(8,315,914	)		—		—
Class D		(2,993,607	)		(106,473,571	)		(3,324,374	)		(105,812,204	)		—		—
Class R		(9,438	)		(340,913	)		(5,624	)		(175,584	)		—		—
Class P		(3,911,003	)		(139,870,968	)		(1,231,953	)		(39,106,476	)		—		—
Institutional Class		(13,963,182	)		(496,357,887	)		(11,470,946	)		(373,729,722	)		—		—
Administrative Class		(309,931	)		(11,049,724	)		(221,785	)		(7,167,569	)		—		—
Net increase (decrease) resulting from Fund share transactions		5,081,484		$	177,206,525			32,560,998		$	1,051,372,694			201	$	3,000

** Commencement of operations.

270 November 30, 2014  | Annual Report

AllianzGI Global Fundamental Strategy										AllianzGI Global Managed Volatility												AllianzGI Global Water
Year ended November 30, 2014						Period from July 1, 2013** through November 30, 2013				Year ended November 30, 2014						Year ended November 30, 2013						Year ended November 30, 2014						Year ended November 30, 2013
Shares			Amount			Shares		Amount		Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	343		$	5,500			—		—		7,703		$	139,507			4,688		$	84,338			5,054,690		$	65,144,593			5,512,444		$	62,211,861
	—			—			—		—		4,210			72,759			9,622			161,779			2,639,550			33,090,769			2,018,617			22,399,195
	132,894			2,108,226			—		—		10,278			185,119			5,587			96,532			1,045,385			13,370,723			1,334,896			14,821,546
	—			—			—		—		—			—			—			—			—			—			—			—
	—			—			—		—		—			—			—			—			4,361,682			56,618,924			2,464,550			27,959,201
	32,885			514,733			3,670	$	56,000		355,169			6,347,746			187,391			3,246,795			1,221,512			15,284,070			1,071,185			12,109,835
	—			—			—		—		—			—			—			—			—			—			—			—
	8			121			—		—		433			7,378			145			2,354			16,616			206,530			40,634			423,408
	5			82			—		—		640			10,688			155			2,491			2			24			5,991			61,406
	8			123			—		—		221			3,779			128			2,075			2,130			26,435			7,190			74,782
	—			—			—		—		—			—			—			—			—			—			—			—
	8			127			—		—		45			765			30			492			3,092			38,644			3,988			41,753
	17,551			266,990			—		—		54,920			936,311			42,843			690,065			14,188			174,654			5,276			54,605
	—			—			—		—		—			—			—			—			—			—			—			—
	—			—			—		—		(4,131	)		(74,348	)		(1,278	)		(22,099	)		(3,715,316	)		(47,547,688	)		(1,838,617	)		(20,625,299	)
	—			—			—		—		(1,169	)		(20,156	)		(79	)		(1,301	)		(659,979	)		(8,184,199	)		(332,044	)		(3,662,680	)
	(130,158	)		(2,102,958	)		—		—		(1,907	)		(32,956	)		(4,834	)		(83,610	)		(649,666	)		(8,288,640	)		(490,851	)		(5,488,667	)
	—			—			—		—		—			—			—			—			—			—			—			—
	—			—			—		—		—			—			—			—			(1,132,432	)		(14,452,539	)		(704,028	)		(8,054,166	)
	(4,577	)		(72,550	)		—		—		(341,676	)		(6,170,075	)		(318,308	)		(5,478,653	)		(524,519	)		(6,774,923	)		(212,810	)		(2,409,344	)
	—			—			—		—		—			—			—			—			—			—			—			—
	48,967		$	720,394			3,670	$	56,000		84,736		$	1,406,517			(73,910	)	$	(1,298,742	)		7,676,935		$	98,707,377			8,886,421		$	99,917,436

Annual Report |  November 30, 2014 271

Notes to Financial Statements (cont’d)

November 30, 2014

	AllianzGI High Yield Bond												AllianzGI International Small-Cap
	Year ended November 30, 2014						Year ended November 30, 2013						Year ended November 30, 2014						Year ended November 30, 2013
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		6,399,597		$	65,986,882			9,935,430		$	102,263,468			73,277		$	2,791,007			103,722		$	4,131,418
Class C		364,999			3,734,373			589,098			6,095,119			16,672			631,732			2,889			106,966
Class D		5,266,270			52,650,764			10,223,893			103,127,026			37,572			1,458,900			6,102			248,611
Class R		85,466			850,770			165,963			1,667,040			1,648			65,427			281			11,046
Class P		4,704,306			46,908,733			7,088,977			71,077,404			62,438			2,371,208			250,454			8,238,161
Institutional Class		8,139,958			81,218,091			7,108,742			71,681,301			617,404			24,247,569			691,638			25,366,913
Administrative Class		975,031			9,674,170			922,461			9,275,763			—			—			—			—
Issued in reinvestment of dividends and distributions:
Class A		478,710			4,882,230			301,981			3,119,863			3,662			139,022			—	*		5
Class C		132,332			1,350,402			124,329			1,283,135			1,882			70,221			9			309
Class D		559,184			5,567,301			485,325			4,881,638			1,781			67,541			—	*		11
Class R		14,407			142,605			9,516			95,433			126			4,691			4			153
Class P		164,872			1,616,090			51,149			513,053			84,995			3,203,373			9,018			302,391
Institutional Class		1,231,774			12,214,737			882,805			8,877,726			167,967			6,493,882			25,211			835,561
Administrative Class***		267,511			2,642,365			207,370			2,078,136			32			1,233			—	*		1
Cost of shares redeemed:
Class A		(6,267,650	)		(64,238,196	)		(13,899,036	)		(143,273,425	)		(37,081	)		(1,424,052	)		(82,662	)		(3,357,604	)
Class C		(792,200	)		(8,123,429	)		(1,078,374	)		(11,147,242	)		(3,235	)		(121,551	)		(2,842	)		(100,112	)
Class D		(12,671,964	)		(125,729,678	)		(4,425,118	)		(44,596,498	)		(7,002	)		(270,483	)		(1,704	)		(66,604	)
Class R		(87,196	)		(864,515	)		(105,584	)		(1,059,461	)		(338	)		(12,555	)		(4	)		(132	)
Class P		(7,622,734	)		(75,348,847	)		(1,388,602	)		(13,947,242	)		(165,391	)		(6,340,580	)		(367,738	)		(12,280,239	)
Institutional Class		(6,073,414	)		(60,369,062	)		(6,427,655	)		(64,748,671	)		(939,731	)		(36,977,150	)		(1,751,653	)		(63,692,299	)
Administrative Class***		(859,602	)		(8,497,846	)		(627,488	)		(6,317,156	)		(395	)		(15,734	)		—			—
Net increase (decrease) resulting from Fund share transactions		(5,590,343	)	$	(53,732,060	)		10,145,182		$	100,946,410			(83,717	)	$	(3,616,299	)		(1,117,275	)	$	(40,255,444	)

* Actual amount rounds to less than 1 share.

** Commencement of operations.

*** The Administrative Class of AllianzGI International Small-Cap liquidated on May 21, 2014.

272 November 30, 2014  | Annual Report

AllianzGI Micro Cap												AllianzGI Multi-Asset Real Return												AllianzGI NFJ Emerging Markets Value
Year ended November 30, 2014						Year ended November 30, 2013						Year ended November 30, 2014						Period from December 17, 2012** through November 30, 2013						Year ended November 30, 2014						Period from December 18, 2012** through November 30, 2013
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	399,661		$	6,160,930			74,399		$	1,015,030			8,570		$	136,109			2,254		$	34,886			6,386		$	104,381			659		$	10,519
	—			—			—			—			2,305			36,791			4,638			67,431			4,960			77,501			967			14,000
	—			—			—			—			2,801			45,392			—			—			32,709			498,303			89,929			1,341,066
	—			—			—			—			—			—			—			—			—			—			—			—
	114,922			1,727,101			198,960			2,717,307			—			—			—			—			—			—			—			—
	523,355			8,114,834			740,624			9,794,170			63,174			1,009,479			2,314			35,411			145,860			2,193,154			231,737			3,637,469
	—			—			—			—			—			—			—			—			—			—			—			—
	6,704			96,626			1,001			11,489			67			1,027			—			—			82			1,302			18			258
	—			—			—			—			101			1,522			—			—			40			619			7			99
	—			—			—			—			16			247			—			—			1,798			27,988			340			4,846
	—			—			—			—			—			—			—			—			—			—			—			—
	8,303			121,008			2,806			31,638			13			206			—			—			16			251			8			122
	168,032			2,457,259			199,097			2,172,522			7,729			117,589			—			—			11,041			171,834			5,130			73,371
	—			—			—			—			—			—			—			—			—			—			—			—
	(157,911	)		(2,360,756	)		(20,683	)		(284,391	)		(1,962	)		(30,566	)		—			—			(555	)		(8,452	)		(100	)		(1,553	)
	—			—			—			—			—			—			—			—			(1,911	)		(30,191	)		—			—
	—			—			—			—			(1,948	)		(31,022	)		—			—			(8,879	)		(138,625	)		(20,648	)		(323,055	)
	—			—			—			—			—			—			—			—			—			—			—			—
	(155,672	)		(2,371,249	)		(94,040	)		(1,282,966	)		—			—			—			—			—			—			—			—
	(1,038,064	)		(16,274,113	)		(703,397	)		(9,479,462	)		(3,081	)		(47,323	)		(348	)		(5,234	)		(68,819	)		(1,079,616	)		(18,284	)		(280,040	)
	—			—			—			—			—			—			—			—			—			—			—			—
	(130,670	)	$	(2,328,360	)		398,767		$	4,695,337			77,785		$	1,239,451			8,858		$	132,494			122,728		$	1,818,449			289,763		$	4,477,102

Annual Report |  November 30, 2014 273

Notes to Financial Statements (cont’d)

November 30, 2014

	AllianzGI NFJ Global Dividend Value												AllianzGI NFJ International Small-Cap Value
	Year ended November 30, 2014						Year ended November 30, 2013						Year ended November 30, 2014						Year ended November 30, 2013
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		162,083		$	3,477,503			156,809		$	3,135,257			48,712		$	1,066,486			47,080		$	949,567
Class C		39,372			842,560			79,235			1,580,908			40,730			871,407			24,826			475,897
Class D		153,952			3,252,570			12,092			249,792			29,335			652,498			122,827			2,408,829
Class P		33,279			725,436			26,705			544,157			1,118			23,872			—			—
Institutional Class		694,994			14,914,749			889,070			17,441,666			410,371			9,023,170			364,978			7,301,696
Issued in reinvestment of dividends and distributions:
Class A		17,710			379,306			5,523			108,140			3,742			76,805			1,443			25,477
Class C		17,882			378,057			3,519			67,729			1,339			27,556			66			1,272
Class D		2,747			59,528			627			12,397			1,400			28,792			340			6,209
Class P		5,717			123,263			1,542			30,424			22			458			10			185
Institutional Class		188,251			4,014,390			66,335			1,294,273			22,916			475,973			3,582			63,091
Cost of shares redeemed:
Class A		(103,941	)		(2,256,133	)		(80,230	)		(1,662,770	)		(32,328	)		(702,239	)		(1,985	)		(39,719	)
Class C		(54,948	)		(1,154,599	)		(39,317	)		(767,938	)		(3,342	)		(68,903	)		(812	)		(15,461	)
Class D		(10,177	)		(219,368	)		(4,979	)		(98,694	)		(11,231	)		(243,022	)		(82,841	)		(1,655,878	)
Class P		(30,781	)		(649,884	)		(11,673	)		(229,909	)		—			—			—			—
Institutional Class		(1,200,205	)		(25,678,653	)		(777,516	)		(16,122,964	)		(343,755	)		(7,612,375	)		(18,106	)		(367,353	)
Net increase (decrease) resulting from Fund share transactions		(84,065	)	$	(1,791,275	)		327,742		$	5,582,468			169,029		$	3,620,478			461,408		$	9,153,812

** Commencement of operations.

274 November 30, 2014  | Annual Report

AllianzGI NFJ International Value II												AllianzGI Short Duration High Income												AllianzGI Structured Return
Year ended November 30, 2014						Year ended November 30, 2013						Year ended November 30, 2014						Year ended November 30, 2013						Year ended November 30, 2014						Period from December 3, 2012** through November 30, 2013
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	8,104		$	151,790			918		$	16,009			8,802,328		$	139,766,217			9,245,767		$	147,457,855			189,741		$	2,890,355			34,359		$	543,218
	1,926			37,144			9,102			160,912			2,765,867			43,795,323			2,632,258			41,876,500			5,533			85,059			4,265			67,043
	26			500			2			32			1,731,511			27,518,112			1,053,388			16,780,609			349,214			5,418,511			136,002			2,095,760
	5,818			111,255			—			—			14,537,631			230,330,859			8,229,104			131,186,076			—			—			3,150			50,000
	2,121,556			39,404,304			9,647			164,731			7,422,378			117,961,273			10,250,970			163,728,556			505,005			7,704,923			134,593			2,063,286
	305			5,554			44			738			452,185			7,148,746			344,340			5,467,728			2,455			37,417			—			—
	161			2,894			8			131			176,297			2,778,106			104,122			1,650,508			365			5,488			—			—
	47			858			9			152			92,995			1,467,256			46,673			741,285			4,562			69,417			—			—
	83			1,546			10			159			354,585			5,582,863			138,088			2,191,585			184			2,794			—			—
	47,479			890,282			3,813			64,024			665,136			10,513,478			347,265			5,515,412			26,958			410,919			—			—
	(3,021	)		(54,207	)		(60	)		(1,050	)		(9,381,755	)		(148,623,880	)		(4,076,260	)		(64,767,196	)		(61,661	)		(949,899	)		(2,447	)		(38,784	)
	(110	)		(2,017	)		(7,301	)		(129,878	)		(1,177,178	)		(18,572,287	)		(521,072	)		(8,275,135	)		(1,683	)		(25,011	)		(195	)		(3,030	)
	—			—			—			—			(713,830	)		(11,264,468	)		(539,985	)		(8,594,224	)		(76,704	)		(1,180,937	)		(47,551	)		(726,334	)
	(25	)		(473	)		—			—			(6,601,562	)		(104,185,257	)		(4,033,691	)		(64,067,265	)		(1,646	)		(25,650	)		—			—
	(223,854	)		(4,349,794	)		(65,288	)		(1,115,507	)		(4,901,969	)		(77,529,321	)		(1,715,578	)		(27,239,030	)		(70,361	)		(1,089,070	)		(32,977	)		(514,076	)
	1,958,495		$	36,199,636			(49,096	)	$	(839,547	)		14,224,619		$	226,687,020			21,505,389		$	343,653,264			871,962		$	13,354,316			229,199		$	3,537,083

Annual Report |  November 30, 2014 275

Notes to Financial Statements (cont’d)

November 30, 2014

	AllianzGI Ultra Micro Cap												AllianzGI U.S. Equity Hedged
	Year ended November 30, 2014						Year ended November 30, 2013						Year ended November 30, 2014						Period from December 3, 2012** through November 30, 2013
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		1,370,175		$	33,698,669			2,454,435		$	51,344,593			5,702		$	98,134			81,379		$	1,326,639
Class C		—			—			—			—			2,695			46,001			6,465			108,500
Class D		—			—			—			—			56,879			1,009,584			15,315			239,042
Class R		—			—			—			—			—			—			—			—
Class P		534,674			12,662,933			27,501			572,135			—			—			—			—
Institutional Class		1,150,490			28,475,146			3,066,770			63,021,267			396,021			7,063,457			117,315			1,897,897
Issued in reinvestment of dividends and distributions:
Class A		12,155			280,120			752			16,333			5,505			93,117			—			—
Class C		—			—			—			—			673			11,251			—			—
Class D		—			—			—			—			958			16,282			—			—
Class R		—			—			—			—			—			—			—			—
Class P		517			11,847			14			314			40			685			—			—
Institutional Class		10,825			251,234			901			19,672			35,110			598,382			—			—
Cost of shares redeemed:
Class A		(1,670,308	)		(39,729,663	)		(369,804	)		(7,746,956	)		(9,234	)		(161,102	)		—			—
Class C		—			—			—			—			(162	)		(2,818	)		—			—
Class D		—			—			—			—			(6,414	)		(114,397	)		(636	)		(10,361	)
Class R		—			—			—			—			—			—			—			—
Class P		(127,739	)		(2,926,317	)		(8,555	)		(172,955	)		—			—			—			—
Institutional Class		(1,650,136	)		(39,661,168	)		(1,105,860	)		(22,669,169	)		(34,082	)		(592,691	)		(5,598	)		(90,430	)
Net increase (decrease) resulting from Fund share transactions		(369,347	)	$	(6,937,199	)		4,066,154		$	84,385,234			453,691		$	8,065,885			214,240		$	3,471,287

** Commencement of operations.

276 November 30, 2014  | Annual Report

AllianzGI U.S. Small-Cap Growth
Year ended November 30, 2014						Year ended November 30, 2013
Shares			Amount			Shares			Amount
	116,635		$	2,074,433			197,402		$	3,210,872
	13,014			221,431			19,720			317,722
	4,249			75,185			1,225			20,872
	1,768			31,487			927			15,557
	60,907			1,091,044			4,343			72,862
	735,980			13,220,216			822,774			12,878,248
	5,794			99,232			347			4,676
	3,724			61,995			357			4,669
	436			7,436			90			1,186
	155			2,639			18			232
	716			12,307			35			477
	161,597			2,795,276			33,018			440,202
	(195,058	)		(3,411,792	)		(39,901	)		(660,566	)
	(10,068	)		(173,417	)		(5,072	)		(77,126	)
	(1,565	)		(27,694	)		(2,079	)		(34,319	)
	(1,645	)		(29,492	)		(340	)		(5,967	)
	(55,190	)		(995,922	)		(106	)		(1,527	)
	(529,922	)		(9,622,916	)		(856,009	)		(14,320,751	)
	311,527		$	5,431,448			176,749		$	1,867,319

Annual Report |  November 30, 2014 277

Notes to Financial Statements (cont’d)

November 30, 2014

10. SIGNIFICANT ACCOUNT HOLDERS

From time to time, a Fund may have a concentration of shareholders, which may include the Investment Manager or affiliates of the Investment Manager, holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact to a Fund.

At November 30, 2014, the significant account-holders, owners of 5% or greater of each respective Fund’s outstanding shares were as follows:

	Unaffiliated					Affiliated Approximate Ownership
	Number of Account Holders		Approximate Ownership			AFI			AllianzGI Global Allocation			AllianzGI 2025			AllianzGI 2030			AllianzGI 2035			AllianzGI 2040			AllianzGI 2045			AllianzGI 2050
AllianzGI Retirement 2015		7		82	%		—			—			—			—			—			—			—			—
AllianzGI Retirement 2020		6		86	%		—			—			—			—			—			—			—			—
AllianzGI Retirement 2025		7		89	%		—			—			—			—			—			—			—			—
AllianzGI Retirement 2030		5		80	%		—			—			—			—			—			—			—			—
AllianzGI Retirement 2035		5		75	%		6	%		—			—			—			—			—			—			—
AllianzGI Retirement 2040		6		85	%		—			—			—			—			—			—			—			—
AllianzGI Retirement 2045		4		63	%		15	%		—			—			—			—			—			—			—
AllianzGI Retirement 2050		2		57	%		18	%		—			—			—			—			—			—			—
AllianzGI Retirement 2055		2		26	%		54	%		—			—			—			—			—			—			—
AllianzGI Retirement Income		6		66	%		8	%		—			—			—			—			—			—			—
AllianzGI Global Allocation		7		77	%		—			—			—			—			—			—			—			—
AllianzGI Global Growth Allocation		1		9	%		53	%		—			—			—			—			—			—			—
AllianzGI Behavioral Advantage Large Cap		4		43	%		23	%		10	%		—			—			—			—			—			—
AllianzGI Best Styles Global Equity		—		—			17	%		25	%		—			6	%		9	%		11	%		7	%		6	%
AllianzGI China Equity		1		5	%		84	%		—			—			—			—			—			—			—
AllianzGI Convertible		5		60	%		—			—			—			—			—			—			—			—
AllianzGI Emerging Markets Debt		—		—			100	%		—			—			—			—			—			—			—
AllianzGI Global Fundamental Strategy		—		—			97	%		—			—			—			—			—			—			—
AllianzGI Global Managed Volatility		—		—			6	%		38	%		5	%		6	%		8	%		9	%		6	%		5	%
AllianzGI Global Water		7		79	%		—			—			—			—			—			—			—			—
AllianzGI High Yield Bond		5		71	%		—			—			—			—			—			—			—			—
AllianzGI International Small-Cap		3		62	%		—			—			—			—			—			—			—			—
AllianzGI Micro Cap		5		83	%		—			—			—			—			—			—			—			—
AllianzGI Multi-Asset Real Return		1		15	%		81	%		—			—			—			—			—			—			—
AllianzGI NFJ Emerging Markets Value		1		57	%		34	%		—			—			—			—			—			—			—
AllianzGI NFJ Global Dividend Value		5		62	%		—			18	%		—			—			—			—			—			—
AllianzGI NFJ International Small-Cap Value		6		48	%		24	%		11	%		—			—			—			—			—			—
AllianzGI NFJ International Value II		1		98	%		—			—			—			—			—			—			—			—
AllianzGI Short Duration High Income		7		71	%		—			—			—			—			—			—			—			—
AllianzGI Structured Return		3		67	%		28	%		—			—			—			—			—			—			—
AllianzGI Ultra Micro Cap		6		82	%		—			—			—			—			—			—			—			—
AllianzGI U.S. Equity Hedged		4		74	%		25	%		—			—			—			—			—			—			—
AllianzGI U.S. Small-Cap Growth		3		69	%		—			—			—			—			—			—			—			—

278 November 30, 2014  | Annual Report

11. AFFILIATED TRANSACTIONS

An affiliate includes any company in which a Sub-Adviser’s advised accounts owns 5% or more of a company’s outstanding voting securities at any point during the fiscal year. The table below represents transactions in and earnings from these affiliated issuers during the period or year ended November 30, 2014.

AllianzGI Best Styles Global Equity
	Market Value 12/2/2013*		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2014		Dividend Income		Net Realized Gain (Loss)
Aareal Bank AG		—	$	38,954		—	$	(2,186	)	$	36,768		—		—
Andersons, Inc.		—		13,411	$	28		(1,007	)		12,375	$	101	$	(1	)
Bechtle AG		—		16,149		—		(306	)		15,843		—		—
First Interstate Bancsystem, Inc.†		—		15,277		—		(36	)		15,241		260		—
Freenet AG		—		49,350		—		(2,464	)		46,886		3,159		—
Group 1 Automotive, Inc.†		—		6,079		5,720		—			—		15		(359	)
Home Loan Servicing Solutions Ltd.		—		46,951		—		(4,920	)		42,031		2,308		—
Jenoptik AG		—		11,435		—		(3,161	)		8,274		197		—
Ju Teng International Holdings Ltd.†		—		5,462		5,536		—			—		—		74
Mentor Graphics Corp.		—		39,565		—		435			40,000		237		—
Montpelier Re Holdings Ltd.		—		28,586		13,494		3,064			19,715		428		1,559
Olin Corp.		—		16,490		—		(1,193	)		15,297		486		—
Sanderson Farms, Inc.		—		27,557		—		6,039			33,596		482		—
Select Medical Holdings Corp.		—		16,927		—		966			17,893		124		—
TAL International Group, Inc.†		—		22,648		18,602		—			—		—		(4,046	)
Trelleborg AB†		—		12,636		13,677		—			—		—		1,041
Universal Corp.†		—		5,440		5,994		—			—		55		554
Westjet Airlines†		—		5,242		4,235		—			—		34		(1,007	)
j2 Global, Inc.		—		15,567		—		3,826			19,393		376		—
Totals		—	$	393,726	$	67,286	$	(943	)	$	323,312	$	8,262	$	(2,185	)

AllianzGI China Equity
	Market Value 11/30/2013		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2014		Dividend Income		Net Realized Gain (Loss)
Beijing Jingneng Clean Energy Co., Ltd.†,††	$	47,043	$	22,316	$	62,265		—			—	$	887	$	492
China Everbright International Ltd.†		276,691		217,576		366,767	$	67,181		$	220,262		2,051		201,332
China Suntien Green Energy Corp. Ltd.†		46,433		20,502		50,785		—			—		1,127		(13,488	)
Comba Telecom Systems Holdings Ltd.††		27,718		143,753		127,696		5,899			119,408		838		20,854
CSR Corp. Ltd.††		92,083		319,674		137,048		53,372			320,473		—		10,895
Digital China Holdings Ltd.		99,099		187,114		—		(71,723	)		252,956		2,411		—
Qingling Motors Co., Ltd.		159,528		119,864		—		29,093			300,075		10,069		—
Tiangong International Co., Ltd.†		140,329		160,917		86,952		(14,490	)		173,393		4,343		(16,853	)
Totals	$	888,924	$	1,191,716	$	831,513	$	69,332		$	1,386,567	$	21,726	$	203,232

AllianzGI Global Fundamental Strategy
	Market Value 11/30/2013		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2014		Dividend Income		Net Realized Gain (Loss)
TLG Immobilien AG††		—	$	85,549		—	$	(405	)	$	85,144		—		—

Annual Report |  November 30, 2014 279

Notes to Financial Statements (cont’d)

November 30, 2014

AllianzGI Global Water
	Market Value 11/30/2013		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2014		Dividend Income		Net Realized Gain
China Everbright International Ltd.†	$	3,393,922	$	1,656,932	$	2,693,201	$	1,585,425		$	3,614,437	$	34,863	$	1,096,095
Norma Group SE		—		6,156,687		—		190,928			6,347,615		43,020		—
Spectris PLC		3,645,186		598,083		—		(282,227	)		3,235,788		71,090		—
Totals	$	7,039,108	$	8,411,702	$	2,693,201	$	1,494,126		$	13,197,840	$	148,973	$	1,096,095

AllianzGI International Small-Cap
	Market Value 11/30/2013		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2014		Dividend Income		Net Realized Gain (Loss)
AMS AG		—	$	1,717,761	$	82,040	$	330,197		$	1,970,177	$	11,826	$	4,259
Aareal Bank AG	$	1,576,887		298,250		133,066		934,287			2,013,786		30,922		35,522
Aveva Group PLC†		1,174,443		38,595		1,143,195		—			—		12,719		97,066
Bechtle AG		—		1,698,865		197,045		(83,230	)		1,425,359		22,846		6,769
Bertrandt AG		—		666,706		29,985		(87,065	)		549,674		—		18
Burckhardt Compression Holding AG		1,593,121		1,286,610		1,923,372		(262,371	)		958,931		—		584,671
CANCOM SE		—		1,637,758		121,614		(142,299	)		1,376,429		13,636		2,584
China Everbright International Ltd.†		1,371,180		117,593		952,679		585,417			905,521		7,450		547,330
GameLoft SE		—		1,678,793		63,854		(833,518	)		768,891		—		(12,530	)
Gerry Weber International AG		—		1,169,509		51,183		(237,647	)		878,846		—		(1,833	)
Interroll Holding AG		—		1,139,924		—		32,816			1,172,740		—		—
Ju Teng International Holdings Ltd.		1,103,899		118,519		325,256		142,303			724,037		29,877		67,754
Net Entertainment NE AB††		—		1,168,667		—		337,169			1,505,836		—		—
Primax Electronics Ltd.††		—		783,097		—		(91,406	)		691,691		8,956		—
Schoeller-Bleckmann Oilfield Equipment AG		1,721,478		63,343		372,074		(74,226	)		1,093,104		24,342		24,399
SimCorp A/S		2,325,489		—		534,227		580,263			1,407,495		33,824		101,196
Spectris PLC†		1,026,442		34,637		1,021,172		—			—		—		57,968
Spirax-Sarco Engineering PLC		2,314,457		80,729		327,254		492,482			1,915,720		45,460		2,066
Tiangong International Co., Ltd.†		411,665		—		336,973		—			—		—		(29,885	)
Trelleborg AB†		1,458,571		103,848		1,703,397		—			—		31,260		263,651
Unit 4 NV†		1,347,794		—		1,375,398		—			—		—		1,075,025
Vacon PLC†		2,220,157		75,619		2,498,398		—			—		40,948		978,107
Totals	$	19,645,583	$	13,878,823	$	13,192,182	$	1,623,172		$	19,358,237	$	314,066	$	3,804,137

AllianzGI Micro Cap
	Market Value 11/30/2013		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation		Market Value 11/30/2014		Dividend Income		Net Realized Gain
Arctic Cat, Inc.†,††	$	315,112	$	5,890	$	239,433		—		—	$	500	$	141,024
Neenah Paper, Inc.		344,318		18,013		62,686	$	299,420	$	413,044		7,535		21,273
Totals	$	659,430	$	23,903	$	302,119	$	299,420	$	413,044	$	8,035	$	162,297

AllianzGI NFJ International Small-Cap Value
	Market Value 11/30/2013		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2014		Dividend Income		Net Realized Gain (Loss)
Coface S.A.		—	$	268,979	$	34,288	$	(25,762	)	$	205,388		—	$	(3,541	)
Freenet AG		—		191,179		22,921		26,876			197,458		—		2,324
Norma Group SE†	$	70,666		59,418		116,917		—			—	$	1,619		22,109
Totals	$	70,666	$	519,576	$	174,126	$	1,114		$	402,846	$	1,619	$	20,892

280 November 30, 2014  | Annual Report

AllianzGI NFJ International Value II
	Market Value 11/30/2013		Purchases at Cost		Proceeds from Sales		Unrealized Depreciation			Market Value 11/30/2014		Dividend Income		Net Realized Gain (Loss)
Aareal Bank AG		—	$	393,306		—	$	(764	)	$	392,542		—		—

AllianzGI U.S. Small-Cap Growth
	Market Value 11/30/2013		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation		Market Value 11/30/2014		Dividend Income		Net Realized Gain (Loss)
Arctic Cat, Inc.†,††	$	191,318	$	18,952	$	155,799		—		—	$	375	$	7,240
Curtiss-Wright Corp.†		258,573		104,287		50,223	$	165,846	$	407,320		2,876		2,753
Mentor Graphics Corp.		328,865		107,025		47,388		183,489		382,723		3,174		(3,255	)
Totals	$	778,756	$	230,264	$	253,410	$	349,335	$	790,043	$	6,425	$	6,738

† Not affiliated at November 30, 2014.

†† Not affiliated at November 30, 2013.

* Commencement of operations

Certain additional purchases of existing portfolio holdings that were not considered affiliated in prior years, resulted in the Funds owning in excess of 5% of the outstanding shares of certain issues at November 30, 2014. The percentages and market values of the affiliated transactions presented below include both acquisitions of new investments and prior year holdings that became affiliated during the fiscal year.

AllianzGI Best Styles Global Equity:
Issuer Name	Sub-Adviser’s % Holding			Market Value		Market Value as a % of Fund’s Net Assets
Aareal Bank AG		8.17	%	$	36,768		0.11	%
Andersons, Inc.		7.44	%		12,375		0.04	%
Bechtle AG		7.83	%		15,843		0.05	%
Freenet AG		5.11	%		46,886		0.14	%
Home Loan Servicing Solutions Ltd.		7.50	%		42,031		0.13	%
j2 Global, Inc.		5.25	%		19,393		0.06	%
Jenoptik AG		4.94	%		8,274		0.02	%
Mentor Graphics Corp.		5.14	%		40,000		0.12	%
Montpelier Re Holdings Ltd.		5.37	%		19,715		0.06	%
Olin Corp.		5.27	%		15,297		0.05	%
Sanderson Farms, Inc.		6.60	%		33,596		0.10	%
Select Medical Holdings Corp.		9.50	%		17,893		0.05	%
Totals				$	308,071		0.93	%

AllianzGI China Equity:
Issuer Name	Sub-Adviser’s % Holding			Market Value		Market Value as a % of Fund’s Net Assets
Comba Telecom Systems Holdings Ltd.		6.07	%	$	119,408		2.41	%
CSR Corp. Ltd.		5.52	%		320,473		6.48	%
Digital China Holdings Ltd.		8.47	%		252,956		5.11	%
Qingling Motors Co., Ltd.		8.92	%		300,075		6.07	%
Totals				$	992,912		20.07	%

AllianzGI Global Fundamental Strategy:
Issuer Name	Sub-Adviser’s % Holding			Market Value		Market Value as a % of Fund’s Net Assets
TLG Immobilien AG		6.39	%	$	85,144		0.38	%

Annual Report |  November 30, 2014 281

Notes to Financial Statements (cont’d)

November 30, 2014

AllianzGI Global Water:
Issuer Name	Sub-Adviser’s % Holding			Market Value		Market Value as a % of Fund’s Net Assets
Norma Group SE		6.67	%	$	6,347,615		1.83	%
Spectris PLC		5.59	%		3,235,788		0.93	%
Totals				$	9,583,403		2.76	%

AllianzGI International Small-Cap:
Issuer Name	Sub-Adviser’s % Holding			Market Value		Market Value as a % of Fund’s Net Assets
AMS AG		5.02	%	$	1,970,177		2.15	%
Aareal Bank AG		8.17	%		2,013,786		2.20	%
Bechtle AG		7.83	%		1,425,359		1.56	%
Bertrandt AG		5.07	%		549,674		0.60	%
Burckhardt Compression Holding AG		7.17	%		958,931		1.05	%
CANCOM SE		15.57	%		1,376,429		1.50	%
GameLoft SE		10.67	%		768,891		0.84	%
Gerry Weber International AG		5.61	%		878,846		0.96	%
Interroll Holding AG		10.10	%		1,172,740		1.28	%
Ju Teng International Holdings Ltd.		7.44	%		724,037		0.79	%
Net Entertainment NE AB		7.33	%		1,505,836		1.64	%
Primax Electronics Ltd.		9.92	%		691,691		0.76	%
Schoeller-Bleckmann Oilfield Equipment AG		5.99	%		1,093,104		1.19	%
SimCorp A/S		13.81	%		1,407,495		1.54	%
Spirax-Sarco Engineering PLC		5.25	%		1,915,720		2.09	%
Totals				$	18,452,716		20.15	%

AllianzGI Micro Cap:
Issuer Name	Sub-Adviser’s % Holding			Market Value		Market Value as a % of Fund’s Net Assets
Neenah Paper, Inc.		6.12	%	$	413,044		1.04	%

AllianzGI Multi-Asset Real Return:
Issuer Name	Sub-Adviser’s % Holding			Market Value		Market Value as a % of Fund’s Net Assets
Rayonier Advanced Materials, Inc.		5.74	%	$	1,602		0.03	%

AllianzGI NFJ International Small-Cap Value:
Issuer Name	Sub-Adviser’s % Holding			Market Value		Market Value as a % of Fund’s Net Assets
Coface S.A.		5.80	%	$	205,388		1.05	%
Freenet AG		5.11	%		197,458		1.01	%
Totals				$	402,846		2.06	%

AllianzGI NFJ International Value II:
Issuer Name	Sub-Adviser’s % Holding			Market Value		Market Value as a % of Fund’s Net Assets
Aareal Bank AG		8.17	%	$	392,542		1.00	%

282 November 30, 2014  | Annual Report

AllianzGI U.S. Small-Cap Growth:
Issuer Name	Sub-Adviser’s % Holding			Market Value		Market Value as a % of Fund’s Net Assets
Mentor Graphics Corp.		5.14	%	$	382,723		1.02	%

The tables below show the transactions in and earnings from affiliates for the year ended November 30, 2014:

AllianzGI Retirement 2015
	Market Value 11/30/2013		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2014		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Behavioral Advantage Large Cap	$	336,451	$	1,554,359	$	1,245,163	$	110,264		$	732,722	$	3,306	$	14,378		$	14,206
AllianzGI Best Styles Global Equity		—		1,655,691		943,412		91,963			835,957		—		31,715			—
AllianzGI Emerging Markets Opportunities		392,169		507,816		523,938		(66	)		344,434		8,351		(2,271	)		—
AllianzGI Global Managed Volatility		220,240		231,754		123,854		53,060			345,294		9,353		(668	)		7,695
AllianzGI Global Natural Resources		280,678		506,829		313,061		21,151			449,184		2,446		19,139			—
AllianzGI Income & Growth		889,009		507,548		707,590		110,310			687,634		16,951		25,659			45,133
AllianzGI International Managed Volatility		—		433,296		107,685		15,252			342,803		—		1,940			—
AllianzGI International Small-Cap		292,230		284,895		540,351		—			—		2,908		20,699			24,000
AllianzGI NFJ Dividend Value		776,229		1,415,302		1,751,607		142,969			509,118		17,191		163,971			—
AllianzGI NFJ Global Dividend Value		329,686		665,264		968,179		—			—		14,700		54,777			17,533
AllianzGI NFJ International Small-Cap Value		110,071		284,142		399,241		—			—		2,198		5,804			3,412
AllianzGI NFJ International Value		554,557		575,153		615,324		41,744			510,111		15,149		10,831			—
AllianzGI NFJ Mid-Cap Value		204,907		960,139		887,317		(1,270	)		338,834		6,649		117,750			—
AllianzGI NFJ Small-Cap Value		258,530		—		254,041		—			—		—		89,876			—
AllianzGI Short Duration High Income		658,875		2,363,706		746,279		(29,707	)		2,232,732		83,466		(7,797	)		—
AllianzGI U.S. Managed Volatility		329,212		2,329,116		488,521		177,711			2,319,627		5,830		3,166			5,859
AllianzGI U.S. Small-Cap Growth		—		338,162		—		349			338,511		—		—			—
PIMCO 1-5 Year U.S. TIPS Index		2,743,671		6,531,924		2,596,932		(76,026	)		6,584,871		31,196		(12,645	)		—
PIMCO CommoditiesPLUS® Strategy		440,214		460,160		845,403		—			—		8,946		(61,990	)		528
PIMCO Commodity RealReturn Strategy		—		1,117,380		106,550		(113,331	)		890,836		2,038		(6,663	)		—
PIMCO Floating Income		983,990		1,473,142		2,425,894		—			—		60,959		(45,519	)		—
PIMCO Foreign Bond (U.S. Dollar-Hedged)		879,035		759,980		1,686,152		—			—		19,381		73,431			10,258
PIMCO Income		1,974,076		4,387,687		1,555,979		190,867			4,893,441		166,153		7,807			2,819
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged)		552,298		929,720		473,011		50,640			1,031,092		66,285		(8,209	)		1,586
PIMCO Mortgage Opportunities		1,427,913		1,837,861		1,568,416		15,257			1,719,811		49,934		3,295			1,697
PIMCO Real Return		2,529,844		7,357,496		4,142,645		220,230			5,850,474		48,102		41,519			11,727
PIMCO Senior Floating Rate		—		2,439,399		1,386,328		(7,741	)		1,032,636		49,850		(12,694	)		5,104
PIMCO Short-Term		2,628,314		2,315,552		4,947,539		—			—		21,510		34,359			1,424
Totals	$	19,792,199	$	44,223,473	$	32,350,412	$	1,013,626		$	31,990,122	$	712,852	$	561,660		$	152,981

Annual Report |  November 30, 2014 283

Notes to Financial Statements (cont’d)

November 30, 2014

AllianzGI Retirement 2020
	Market Value 11/30/2013		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2014		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Behavioral Advantage Large Cap	$	629,058	$	2,791,323	$	2,249,746	$	221,423		$	1,353,780	$	7,085	$	41,617		$	30,442
AllianzGI Best Styles Global Equity		—		2,662,913		1,316,012		186,980			1,580,708		—		46,827			—
AllianzGI Emerging Markets Opportunities		669,346		983,848		961,583		(759	)		636,829		14,905		(1,481	)		—
AllianzGI Global Managed Volatility		492,989		428,224		329,657		82,322			630,637		22,538		9,619			16,831
AllianzGI Global Natural Resources		494,549		815,883		368,990		(1,161	)		882,672		4,534		27,703			—
AllianzGI Income & Growth		1,327,442		658,984		583,452		120,055			1,397,999		28,933		20,686			83,148
AllianzGI International Managed Volatility		—		647,764		50,094		26,284			625,578		—		1,624			—
AllianzGI International Small-Cap		497,566		592,779		1,028,132		—			—		4,710		31,055			38,933
AllianzGI NFJ Dividend Value		1,157,014		2,397,987		2,745,517		233,774			934,687		29,956		171,819			—
AllianzGI NFJ Global Dividend Value		664,056		973,555		1,600,660		—			—		29,624		98,511			36,695
AllianzGI NFJ International Small-Cap Value		199,886		442,140		653,217		—			—		4,212		12,601			6,424
AllianzGI NFJ International Value		894,487		915,765		729,231		31,143			1,069,648		28,439		18,227			—
AllianzGI NFJ Mid-Cap Value		651,547		1,024,751		915,822		178,702			870,755		12,159		81,916			—
AllianzGI NFJ Small-Cap Value		144,102		—		141,600		—			—		—		58,016			—
AllianzGI Short Duration High Income		1,157,753		3,466,113		442,299		(70,173	)		4,098,179		149,010		(8,251	)		—
AllianzGI U.S. Managed Volatility		659,392		3,741,409		146,436		355,067			4,548,262		12,487		265			12,549
AllianzGI U.S. Small-Cap Growth		—		808,020		5,673		11,351			813,714		—		16			—
PIMCO 1-5 Year U.S. TIPS Index		4,121,751		11,080,681		3,834,688		(140,122	)		11,199,634		52,877		(20,752	)		—
PIMCO CommoditiesPLUS® Strategy		988,915		1,125,600		1,351,390		(93,887	)		589,706		22,500		(98,459	)		1,186
PIMCO Commodity RealReturn Strategy		—		2,027,159		62,367		(274,671	)		1,680,506		5,348		(9,615	)		—
PIMCO Floating Income		1,823,422		1,901,019		3,663,147		—			—		111,166		(91,949	)		—
PIMCO Foreign Bond (U.S. Dollar-Hedged)		729,928		1,439,794		2,257,671		—			—		29,498		109,558			8,518
PIMCO Income		2,986,303		7,309,502		1,453,950		190,760			8,961,393		274,035		(10,290	)		4,265
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged)		827,471		1,941,036		570,923		84,864			2,241,544		131,476		(9,816	)		2,376
PIMCO Mortgage Opportunities		1,990,319		3,344,499		2,539,170		23,313			2,823,319		74,387		(3,431	)		2,330
PIMCO Real Return		3,632,445		11,187,328		5,790,352		223,334			9,194,165		83,617		(97,745	)		16,781
PIMCO Senior Floating Rate		—		3,657,742		1,737,003		(16,298	)		1,883,833		87,195		(20,608	)		7,710
PIMCO Short-Term		2,977,911		3,113,104		6,095,933		—			—		24,620		29,537			1,506
Totals	$	29,717,652	$	71,478,922	$	43,624,715	$	1,372,301		$	58,017,548	$	1,245,311	$	387,200		$	269,694
AllianzGI Retirement 2025
	Market Value 11/30/2013		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2014		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Behavioral Advantage Large Cap	$	1,178,110	$	3,482,780	$	3,086,573	$	326,512		$	1,799,756	$	12,424	$	63,055		$	53,374
AllianzGI Best Styles Global Equity		—		3,062,462		1,696,519		194,906			1,643,457		—		82,608			—
AllianzGI Emerging Markets Opportunities		856,660		1,081,758		1,217,967		2,841			657,324		18,676		(34,585	)		—
AllianzGI Global Managed Volatility		736,362		712,084		659,850		107,620			856,028		33,138		11,497			24,252

284 November 30, 2014  | Annual Report

AllianzGI Retirement 2025 (cont’d)
	Market Value 11/30/2013		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2014		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Global Natural Resources	$	663,264	$	1,120,441	$	479,132	$	(10,523	)	$	1,216,646	$	6,062	$	14,978			—
AllianzGI Income & Growth		1,356,132		852,677		558,059		84,866			1,642,920		32,600		3,527		$	95,485
AllianzGI International Managed Volatility		—		695,076		73,091		31,899			653,739		—		(145	)		—
AllianzGI International Small-Cap		684,996		1,211,695		829,937		28,771			967,565		7,213		(8,493	)		59,817
AllianzGI NFJ Dividend Value		1,189,139		2,663,864		3,024,830		237,993			972,997		32,705		136,410			—
AllianzGI NFJ Global Dividend Value		744,836		1,074,626		1,789,179		—			—		35,365		112,434			41,993
AllianzGI NFJ International Small-Cap Value		271,283		772,026		717,526		11,056			327,456		5,700		(7,471	)		9,043
AllianzGI NFJ International Value		1,015,517		1,152,030		863,540		49,316			1,298,789		34,105		26,649			—
AllianzGI NFJ Mid-Cap Value		780,199		1,033,195		971,868		202,326			971,280		11,661		110,509			—
AllianzGI Short Duration High Income		1,522,853		3,516,553		689,863		(70,830	)		4,263,208		159,469		(14,276	)		—
AllianzGI U.S. Managed Volatility		670,782		4,000,729		425,890		409,090			4,605,053		12,519		5,324			12,581
AllianzGI U.S. Small-Cap Growth		—		994,820		25,781		11,519			980,604		—		46			—
PIMCO 1-5 Year U.S. TIPS Index		3,031,318		10,928,419		4,012,598		(117,320	)		9,801,982		40,393		(22,645	)		—
PIMCO CommoditiesPLUS® Strategy		1,180,814		1,243,286		1,636,526		(83,674	)		611,342		25,967		(108,839	)		1,390
PIMCO Commodity RealReturn Strategy		—		2,415,897		155,436		(293,730	)		1,939,647		5,919		(27,084	)		—
PIMCO Floating Income		1,865,790		2,168,636		3,976,477		—			—		120,473		(86,951	)		—
PIMCO Foreign Bond (U.S. Dollar-Hedged)		845,846		1,472,800		2,409,251		—			—		31,729		86,689			9,870
PIMCO Income		2,703,734		8,097,525		1,714,979		135,731			9,208,903		283,475		(17,990	)		3,861
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged)		1,016,487		2,255,867		695,744		106,943			2,634,560		163,530		(16,759	)		2,919
PIMCO Mortgage Opportunities		2,027,310		3,151,485		2,579,595		21,475			2,626,379		79,105		(8,961	)		2,373
PIMCO Real Return		3,712,884		11,752,348		6,782,805		134,734			8,865,189		83,074		(224,010	)		17,092
PIMCO Senior Floating Rate		—		3,883,914		1,875,672		(16,545	)		1,969,358		94,519		(22,339	)		7,852
PIMCO Short-Term		2,359,331		3,163,793		5,529,250		—			—		23,864		20,186			1,315
Totals	$	30,413,647	$	77,960,786	$	48,477,938	$	1,504,976		$	60,514,182	$	1,353,685	$	73,364		$	343,217
AllianzGI Retirement 2030
	Market Value 11/30/2013		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2014		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Behavioral Advantage Large Cap	$	1,384,263	$	2,950,115	$	2,603,143	$	387,525		$	1,961,100	$	13,953	$	52,271		$	59,941
AllianzGI Best Styles Global Equity		—		3,558,110		1,907,678		233,309			1,984,999		—		101,258			—
AllianzGI Emerging Markets Opportunities		1,421,222		622,020		1,348,725		144,937			647,721		29,356		(42,506	)		—
AllianzGI Global Managed Volatility		878,025		744,155		695,600		139,142			998,630		42,335		14,314			30,024
AllianzGI Global Natural Resources		800,062		1,077,155		577,830		46,647			1,218,767		6,804		19,729			—
AllianzGI Income & Growth		1,811,917		1,321,985		1,364,995		147,996			1,752,327		40,974		5,201			111,596
AllianzGI International Managed Volatility		521,775		1,436,336		403,044		87,329			1,601,557		19,136		(5,292	)		—
AllianzGI International Small-Cap		1,011,338		1,134,142		1,046,250		99,942			972,106		10,305		16,159			84,732

Annual Report |  November 30, 2014 285

Notes to Financial Statements (cont’d)

November 30, 2014

AllianzGI Retirement 2030 (cont’d)
	Market Value 11/30/2013		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2014		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI NFJ Dividend Value	$	1,604,348	$	2,724,966	$	3,531,876	$	329,727		$	971,079	$	37,887	$	202,213			—
AllianzGI NFJ Global Dividend Value		1,007,783		1,119,230		2,081,513		—			—		44,781		155,183		$	52,243
AllianzGI NFJ International Small-Cap Value		404,702		813,345		904,973		10,861			326,118		7,904		5,034			12,050
AllianzGI NFJ International Value		1,808,711		1,133,141		1,631,078		85,483			1,292,347		42,521		70,514			—
AllianzGI NFJ Mid-Cap Value		972,250		1,551,907		1,552,715		255,254			1,154,731		19,414		165,380			—
AllianzGI NFJ Small-Cap Value		314,934		—		309,466		—			—		—		128,715			—
AllianzGI Short Duration High Income		2,006,727		2,904,538		658,330		(66,441	)		4,166,696		163,387		(12,631	)		—
AllianzGI Ultra Micro Cap		—		320,447		—		1,075			321,522		—		—			—
AllianzGI U.S. Managed Volatility		1,400,074		3,644,163		856,685		451,450			4,544,976		24,599		6,174			24,721
AllianzGI U.S. Small-Cap Growth		326,438		1,011,037		154,652		135,661			1,163,697		—		(7,926	)		46,187
PIMCO 1-5 Year U.S. TIPS Index		2,006,566		7,854,928		3,033,826		(89,700	)		6,720,505		28,244		(11,968	)		—
PIMCO CommoditiesPLUS® Strategy		1,599,811		1,621,614		1,776,029		(167,642	)		1,205,828		29,971		(101,327	)		1,919
PIMCO Commodity RealReturn Strategy		200,547		2,675,439		356,879		(343,249	)		2,161,718		6,464		(33,691	)		3,276
PIMCO Floating Income		2,212,295		2,100,836		4,262,028		—			—		128,605		(81,738	)		—
PIMCO Foreign Bond (U.S. Dollar-Hedged)		1,006,020		949,381		2,032,997		—			—		28,951		103,368			11,739
PIMCO Income		3,220,368		6,564,260		1,520,193		182,783			8,392,384		288,349		(11,281	)		4,599
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged)		1,405,555		2,282,586		447,737		102,004			3,294,195		200,215		(11,238	)		4,036
PIMCO Mortgage Opportunities		2,414,740		3,088,240		2,958,561		22,878			2,573,626		76,634		(4,003	)		2,809
PIMCO Real Return		1,598,057		10,301,934		4,251,139		114,707			7,749,971		40,243		21,035			4,504
PIMCO Senior Floating Rate		—		3,860,358		1,888,656		(16,210	)		1,935,383		94,717		(20,109	)		9,293
PIMCO Short-Term		2,810,234		3,214,116		6,028,110		—			—		22,668		19,210			1,685
Totals	$	36,148,762	$	72,580,484	$	50,184,708	$	2,295,468		$	59,111,983	$	1,448,417	$	742,048		$	465,354
AllianzGI Retirement 2035
	Market Value 11/30/2013		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2014		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Behavioral Advantage Large Cap	$	1,288,627	$	2,767,963	$	2,463,602	$	350,540		$	1,790,460	$	12,705	$	39,123		$	54,582
AllianzGI Best Styles Global Equity		—		4,501,468		1,892,329		263,301			2,974,801		—		102,361			—
AllianzGI Disciplined Equity		147,300		—		145,604		—			—		—		37,820			—
AllianzGI Emerging Markets Opportunities		1,132,234		788,333		1,073,659		64,046			811,230		23,631		(50,039	)		—
AllianzGI Global Managed Volatility		732,104		1,099,226		542,185		103,467			1,354,429		31,350		4,013			22,744
AllianzGI Global Natural Resources		587,046		1,009,343		535,041		(3,921	)		1,000,972		5,045		23,378			—
AllianzGI Income & Growth		1,388,609		1,079,040		836,823		77,028			1,622,088		33,348		1,889			95,834
AllianzGI International Managed Volatility		589,014		1,219,965		247,455		86,867			1,613,605		21,827		(773	)		—
AllianzGI International Small-Cap		1,068,568		1,199,894		1,300,814		58,202			847,848		9,847		23,056			80,849
AllianzGI NFJ Dividend Value		1,471,493		2,197,640		2,784,437		303,933			1,067,393		37,595		136,699			—
AllianzGI NFJ Global Dividend Value		1,183,158		1,653,590		2,804,454		—			—		65,097		164,301			74,203
AllianzGI NFJ International Small-Cap Value		356,346		727,354		833,325		9,221			269,426		7,032		12,341			10,719
AllianzGI NFJ International Value		1,533,641		1,027,426		1,477,338		78,935			1,068,596		35,807		50,409			—
AllianzGI NFJ Mid-Cap Value		1,180,593		950,848		1,235,713		256,339			1,065,519		16,884		167,760			—
AllianzGI Short Duration High Income		1,472,460		2,080,492		523,799		(48,623	)		2,967,976		119,603		(11,561	)		—
AllianzGI Ultra Micro Cap		—		715,245		27,006		18,070			706,801		—		492			—

286 November 30, 2014  | Annual Report

AllianzGI Retirement 2035 (cont’d)
	Market Value 11/30/2013		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2014		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI U.S. Managed Volatility	$	1,115,379	$	3,279,328	$	831,429	$	402,760		$	3,897,002	$	19,801	$	2,543		$	19,900
AllianzGI U.S. Small-Cap Growth		359,343		1,078,422		171,088		90,534			1,237,220		—		(5,662	)		49,308
PIMCO 1-5 Year U.S. TIPS Index		1,470,225		5,278,342		2,379,616		(56,229	)		4,301,188		16,795		(8,068	)		—
PIMCO CommoditiesPLUS® Strategy		1,320,616		1,383,501		1,483,127		(137,823	)		1,005,925		27,079		(94,960	)		1,584
PIMCO Commodity RealReturn Strategy		294,307		2,386,961		259,562		(305,530	)		2,110,582		5,825		(36,785	)		4,807
PIMCO Floating Income		1,623,246		2,016,803		3,602,811		—			—		99,786		(56,600	)		—
PIMCO Income		2,215,217		5,542,178		1,347,173		94,603			6,494,774		198,224		(18,351	)		3,164
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged)		1,178,659		2,613,282		586,187		95,242			3,251,478		194,021		(21,235	)		3,385
PIMCO Mortgage Opportunities		1,476,133		2,016,074		2,429,843		12,657			1,080,640		52,313		(4,548	)		1,639
PIMCO Real Return		—		7,419,286		2,081,762		32,602			5,403,242		21,550		33,116			—
PIMCO Senior Floating Rate		—		2,871,514		1,227,096		(13,938	)		1,620,231		69,633		(10,249	)		2,259
PIMCO Short-Term		1,325,591		1,791,347		3,118,487		—			—		7,853		9,445			756
Totals	$	26,509,909	$	60,694,865	$	38,241,765	$	1,832,283		$	49,563,426	$	1,132,651	$	489,915		$	425,733
AllianzGI Retirement 2040
	Market Value 11/30/2013		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2014		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Behavioral Advantage Large Cap	$	1,215,745	$	2,533,685	$	2,405,508	$	329,828		$	1,539,363	$	13,473	$	57,656		$	51,639
AllianzGI Best Styles Global Equity		—		4,051,222		893,139		328,111			3,515,152		—		28,958			—
AllianzGI Disciplined Equity		404,320		78,796		478,690		—			—		—		182,364			—
AllianzGI Emerging Markets Opportunities		1,172,234		459,941		932,949		159,599			667,120		26,030		(38,721	)		—
AllianzGI Global Managed Volatility		669,848		1,152,053		338,873		116,853			1,542,148		30,670		3,490			21,172
AllianzGI Global Natural Resources		537,124		831,643		493,777		43,398			829,708		4,886		21,692			—
AllianzGI Income & Growth		1,486,763		593,135		626,105		155,340			1,452,990		33,712		12,917			95,260
AllianzGI International Managed Volatility		808,387		1,085,199		625,398		105,075			1,309,757		31,805		(2,254	)		—
AllianzGI International Small-Cap		1,140,050		1,135,253		1,265,476		121,096			871,302		12,289		27,910			93,982
AllianzGI NFJ Dividend Value		1,481,021		2,307,158		2,873,273		391,387			1,085,310		36,985		146,245			—
AllianzGI NFJ Global Dividend Value		1,217,841		1,212,881		2,393,321		—			—		63,172		186,777			70,332
AllianzGI NFJ International Small-Cap Value		407,559		702,490		876,501		10,638			266,756		8,402		25,448			11,843
AllianzGI NFJ International Value		1,538,181		1,018,034		1,459,618		71,408			1,095,142		38,991		73,170			—
AllianzGI NFJ Mid-Cap Value		889,721		1,212,508		1,404,255		243,439			874,373		18,719		142,185			—
AllianzGI NFJ Small-Cap Value		352,490		—		346,370		—			—		—		150,431			—
AllianzGI Short Duration High Income		1,347,229		1,301,360		421,341		(38,748	)		2,177,612		101,368		(5,559	)		—
AllianzGI Ultra Micro Cap		—		658,488		8,010		9,067			659,528		—		(17	)		501
AllianzGI U.S. Managed Volatility		1,074,220		2,962,115		605,007		421,833			3,734,952		20,335		1,075			18,934
AllianzGI U.S. Small-Cap Growth		356,150		1,033,296		269,149		135,418			1,098,885		—		466			48,545
PIMCO 1-5 Year U.S. TIPS Index		790,511		2,632,650		1,212,143		(29,640	)		2,178,178		10,468		1,284			—
PIMCO CommoditiesPLUS® Strategy		1,208,304		1,306,969		1,462,915		(120,627	)		862,101		27,300		(86,224	)		1,449

Annual Report |  November 30, 2014 287

Notes to Financial Statements (cont’d)

November 30, 2014

AllianzGI Retirement 2040 (cont’d)
	Market Value 11/30/2013		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2014		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
PIMCO Commodity RealReturn Strategy	$	538,554	$	2,261,424	$	483,310	$	(279,327	)	$	2,017,889	$	5,949	$	(62,949	)	$	8,796
PIMCO Floating Income		1,350,158		1,572,876		2,890,650		—			—		86,389		(49,359	)		—
PIMCO Income		1,756,671		3,701,881		909,550		71,189			4,598,106		141,456		(13,633	)		2,509
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged)		1,267,157		2,556,564		563,330		103,198			3,313,772		196,765		(15,333	)		3,639
PIMCO Mortgage Opportunities		1,367,448		1,206,968		2,581,513		—			—		26,793		5,507			1,513
PIMCO Real Return		—		4,922,361		1,443,099		(8,504	)		3,508,059		9,330		37,301			—
PIMCO Senior Floating Rate		—		1,427,427		538,972		(7,891	)		874,988		38,109		(5,576	)		2,086
PIMCO Short-Term		—		794,281		795,580		—			—		2,041		1,299			—
Totals	$	24,377,686	$	46,712,658	$	31,597,822	$	2,332,140		$	40,073,191	$	985,437	$	826,550		$	432,200
AllianzGI Retirement 2045
	Market Value 11/30/2013		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2014		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Behavioral Advantage Large Cap	$	739,855	$	1,552,907	$	1,218,716	$	215,639		$	1,205,983	$	7,381	$	30,804		$	31,712
AllianzGI Best Styles Global Equity		—		2,681,069		502,733		213,370			2,412,208		—		20,502			—
AllianzGI Disciplined Equity		196,454		—		194,192		—			—		—		50,441			—
AllianzGI Emerging Markets Opportunities		593,536		423,593		470,070		50,841			535,994		12,711		(19,615	)		—
AllianzGI Global Managed Volatility		390,406		897,292		260,241		74,811			1,073,867		17,085		5,470			13,165
AllianzGI Global Natural Resources		271,611		545,955		301,468		6,455			496,005		2,406		16,904			—
AllianzGI Income & Growth		723,553		493,848		276,507		50,655			937,779		19,042		1,517			56,217
AllianzGI International Managed Volatility		444,175		737,136		326,444		71,200			879,557		16,850		(3,463	)		—
AllianzGI International Small-Cap		660,718		843,852		663,305		54,324			738,767		7,351		(8,581	)		61,069
AllianzGI NFJ Dividend Value		783,861		1,138,152		1,379,720		206,328			661,157		23,515		76,014			—
AllianzGI NFJ Global Dividend Value		630,515		794,960		1,409,065		—			—		36,758		107,363			39,614
AllianzGI NFJ International Small-Cap Value		198,194		535,060		499,969		8,816			240,308		4,057		(393	)		6,515
AllianzGI NFJ International Value		785,510		664,146		660,240		65,520			794,296		24,516		36,279			—
AllianzGI NFJ Mid-Cap Value		591,983		637,685		657,744		202,600			686,407		8,626		68,266			—
AllianzGI Short Duration High Income		654,841		912,916		335,246		(21,059	)		1,203,345		56,993		(5,771	)		—
AllianzGI Ultra Micro Cap		—		421,144		26,281		9,441			404,148		—		(156	)		300
AllianzGI U.S. Managed Volatility		589,065		2,223,695		388,252		252,747			2,628,396		10,649		869			10,702
AllianzGI U.S. Small-Cap Growth		199,596		672,031		108,711		57,654			746,389		—		(2,161	)		31,115
PIMCO 1-5 Year U.S. TIPS Index		—		523,305		—		(2,184	)		521,121		—		—			—
PIMCO CommoditiesPLUS® Strategy		612,280		920,296		863,266		(76,751	)		548,268		16,244		(51,164	)		734
PIMCO Commodity RealReturn Strategy		262,705		1,420,879		223,710		(177,052	)		1,275,364		3,551		(31,445	)		4,291
PIMCO Floating Income		656,517		1,047,544		1,682,961		—			—		47,135		(18,927	)		—
PIMCO Income		656,430		2,140,874		270,006		30,256			2,547,779		64,321		(4,229	)		937
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged)		627,849		1,794,572		180,955		61,497			2,282,537		123,943		(3,980	)		1,803
PIMCO Mortgage Opportunities		590,404		192,681		785,558		—			—		6,951		896			646

288 November 30, 2014  | Annual Report

AllianzGI Retirement 2045 (cont’d)
	Market Value 11/30/2013		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2014		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
PIMCO Real Return		—	$	1,381,076	$	36,950	$	6,085		$	1,350,693	$	2,268	$	482			—
PIMCO Senior Floating Rate		—		557,080		284,662		(2,347	)		267,621		13,417		(2,450	)	$	1,018
PIMCO Short-Term		—		387,694		388,332		—			—		899		638			—
Totals	$	11,860,058	$	26,541,442	$	14,395,304	$	1,358,846		$	24,437,989	$	526,669	$	264,110		$	259,838
AllianzGI Retirement 2050
	Market Value 11/30/2013		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2014		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Behavioral Advantage Large Cap	$	741,199	$	1,164,067	$	1,036,861	$	201,510		$	976,820	$	6,930	$	26,233		$	29,234
AllianzGI Best Styles Global Equity		—		2,304,687		340,855		193,512			2,166,603		—		9,259			—
AllianzGI Disciplined Equity		268,357		—		265,267		—			—		—		126,740			—
AllianzGI Emerging Markets Opportunities		664,343		384,388		558,890		141,383			478,354		12,960		(15,976	)		—
AllianzGI Global Managed Volatility		399,350		666,065		238,692		71,534			860,382		15,969		7,025			11,568
AllianzGI Global Natural Resources		293,556		510,719		262,728		34,257			506,521		2,304		5,842			—
AllianzGI Income & Growth		810,190		350,106		425,856		124,251			732,025		17,614		5,295			50,029
AllianzGI International Managed Volatility		467,639		531,580		312,704		60,962			704,518		15,820		(370	)		—
AllianzGI International Small-Cap		681,498		681,402		618,399		126,925			646,511		6,874		1,556			54,092
AllianzGI NFJ Dividend Value		875,740		1,111,588		1,442,465		277,142			644,311		21,112		79,413			—
AllianzGI NFJ Global Dividend Value		671,616		614,760		1,265,801		—			—		32,553		119,248			35,869
AllianzGI NFJ International Small-Cap Value		228,596		424,321		440,279		6,925			216,817		4,213		(1,129	)		6,361
AllianzGI NFJ International Value		800,521		482,094		642,296		48,026			642,574		20,592		40,877			—
AllianzGI NFJ Mid-Cap Value		293,815		820,261		618,784		132,441			597,590		8,763		49,879			—
AllianzGI NFJ Small-Cap Value		383,686		—		377,024		—			—		—		164,018			—
AllianzGI Short Duration High Income		321,682		1,080,104		420,625		(14,033	)		958,321		41,246		(5,565	)		—
AllianzGI Ultra Micro Cap		—		402,224		23,517		8,096			386,149		—		(654	)		242
AllianzGI U.S. Managed Volatility		669,891		1,830,964		470,108		256,475			2,201,900		11,010		2,401			10,963
AllianzGI U.S. Small-Cap Growth		249,068		548,329		136,308		108,423			644,262		—		(1,004	)		29,820
PIMCO CommoditiesPLUS® Strategy		634,402		693,888		746,844		(62,396	)		481,242		13,649		(45,516	)		761
PIMCO Commodity RealReturn Strategy		270,807		1,241,073		226,619		(147,506	)		1,128,875		3,003		(33,640	)		4,423
PIMCO Floating Income		604,739		835,792		1,422,497		—			—		36,431		(20,544	)		—
PIMCO Income		536,357		1,120,204		280,710		34,022			1,396,484		38,530		(1,569	)		766
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged)		671,855		1,652,589		158,433		51,566			2,194,928		114,345		(5,086	)		1,929
PIMCO Mortgage Opportunities		536,645		88,549		626,543		—			—		4,366		448			477
PIMCO Real Return		—		1,125,526		57,495		4,095			1,072,223		1,722		97			—
PIMCO Short-Term		—		200,686		200,886		—			—		166		200			—
Totals	$	12,075,552	$	20,865,966	$	13,617,486	$	1,657,610		$	19,637,410	$	430,172	$	507,478		$	236,534

Annual Report |  November 30, 2014 289

Notes to Financial Statements (cont’d)

November 30, 2014

AllianzGI Retirement 2055
	Market Value 11/30/2013		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2014		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Behavioral Advantage Large Cap	$	282,983	$	419,311	$	339,290	$	76,551		$	401,624	$	2,519	$	7,317		$	10,444
AllianzGI Best Styles Global Equity		—		808,618		84,947		66,898			791,484		—		915			—
AllianzGI Disciplined Equity		100,885		—		99,724		—			—		—		25,903			—
AllianzGI Emerging Markets Opportunities		256,180		140,177		216,286		26,371			174,816		4,680		(1,135	)		—
AllianzGI Global Managed Volatility		150,382		271,583		73,917		28,179			358,473		5,765		2,237			4,110
AllianzGI Global Natural Resources		108,828		169,174		78,581		2,516			185,017		830		1,867			—
AllianzGI Income & Growth		303,141		114,839		178,498		25,425			237,959		6,134		3,659			16,331
AllianzGI International Managed Volatility		177,042		188,383		84,374		27,617			284,711		5,716		1,901			—
AllianzGI International Small-Cap		255,363		284,481		260,002		33,044			244,683		2,480		4,004			19,316
AllianzGI NFJ Dividend Value		328,553		415,295		502,000		91,699			274,044		7,690		31,509			—
AllianzGI NFJ Global Dividend Value		251,212		253,730		494,230		—			—		11,993		55,154			13,392
AllianzGI NFJ International Small-Cap Value		85,549		144,810		152,481		2,161			78,301		1,518		(1,134	)		2,259
AllianzGI NFJ International Value		303,979		151,728		175,467		44,098			274,601		7,893		8,416			—
AllianzGI NFJ Mid-Cap Value		252,539		140,038		191,395		74,897			234,506		3,164		42,265			—
AllianzGI Short Duration High Income		125,175		309,311		87,682		(3,492	)		340,760		12,057		(899	)		—
AllianzGI Ultra Micro Cap		—		161,318		5,986		2,873			158,028		—		(177	)		85
AllianzGI U.S. Managed Volatility		250,525		664,793		135,054		84,447			838,657		3,975		511			3,917
AllianzGI U.S. Small-Cap Growth		91,381		180,070		30,382		29,378			234,490		—		(540	)		10,608
PIMCO CommoditiesPLUS® Strategy		235,179		260,427		271,602		(23,098	)		185,873		4,750		(16,590	)		282
PIMCO Commodity RealReturn Strategy		101,072		447,578		73,891		(53,612	)		418,671		1,067		(11,564	)		1,651
PIMCO Floating Income		223,945		269,312		486,508		—			—		12,442		1,455			—
PIMCO Income		200,218		289,743		99,238		12,452			397,475		11,809		245			286
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged)		250,886		567,172		33,359		15,738			792,926		39,849		(1,012	)		720
PIMCO Mortgage Opportunities		200,039		21,022		221,464		—			—		1,492		(159	)		178
PIMCO Real Return		—		331,264		15,169		1,412			317,595		504		88			—
PIMCO Short-Term		—		67,471		67,538		—			—		56		67			—
Totals	$	4,535,056	$	7,071,648	$	4,459,065	$	565,554		$	7,224,694	$	148,383	$	154,303		$	83,579
AllianzGI Retirement Income
	Market Value 11/30/2013		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2014		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Behavioral Advantage Large Cap	$	227,996	$	1,281,571	$	975,834	$	100,699		$	614,440	$	2,330	$	9,523		$	10,013
AllianzGI Best Styles Global Equity		—		1,107,235		625,409		70,701			594,407		—		41,880			—
AllianzGI Emerging Markets Opportunities		479,291		393,221		544,357		1,293			294,966		8,808		9,301			—
AllianzGI Global Managed Volatility		262,909		107,469		92,350		56,042			295,593		9,870		3,544			7,613
AllianzGI Global Natural Resources		261,957		327,769		247,575		21,944			332,962		1,985		37,896			—
AllianzGI Income & Growth		1,056,647		273,857		744,352		107,399			588,835		17,080		45,094			44,949
AllianzGI International Managed Volatility		—		355,768		84,798		18,388			293,357		—		3,999			—
AllianzGI International Small-Cap		261,105		224,466		451,929		—			—		2,959		21,328			24,243
AllianzGI NFJ Dividend Value		791,049		1,010,294		1,421,999		134,172			437,961		15,112		189,159			—

290 November 30, 2014  | Annual Report

AllianzGI Retirement Income (cont’d)
	Market Value 11/30/2013		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2014		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI NFJ Global Dividend Value	$	397,723	$	448,453	$	828,779		—			—	$	14,179	$	84,422		$	15,752
AllianzGI NFJ International Small-Cap Value		132,242		201,180		340,709		—			—		2,290		8,220			3,404
AllianzGI NFJ International Value		556,351		260,536		375,848	$	49,169		$	436,458		13,999		8,572			—
AllianzGI NFJ Mid-Cap Value		99,450		747,466		608,495		(980	)		290,478		5,363		76,785			—
AllianzGI NFJ Small-Cap Value		322,438		—		316,840		—			—		—		100,659			—
AllianzGI Short Duration High Income		790,527		1,621,186		462,285		(23,204	)		1,911,038		80,194		(4,976	)		—
AllianzGI U.S. Managed Volatility		395,076		1,610,668		260,820		159,665			1,867,974		6,153		3,714			6,183
AllianzGI U.S. Small-Cap Growth		—		289,617		—		480			290,097		—		—			—
PIMCO 1-5 Year U.S. TIPS Index		3,298,666		5,084,142		2,238,730		(69,989	)		6,053,514		33,168		(13,023	)		—
PIMCO CommoditiesPLUS® Strategy		525,669		207,188		692,452		—			—		8,723		(50,932	)		613
PIMCO Commodity RealReturn Strategy		—		858,942		47,356		(101,647	)		704,264		1,811		(5,675	)		—
PIMCO Floating Income		661,020		1,340,486		1,972,244		—			—		54,132		(34,845	)		—
PIMCO Foreign Bond (U.S. Dollar-Hedged)		1,452,209		556,578		2,054,374		—			—		23,185		67,225			16,700
PIMCO Income		2,642,952		2,588,918		1,135,425		271,934			4,191,035		169,842		7,684			3,712
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged)		660,803		549,830		349,263		52,282			882,592		62,507		(5,831	)		1,897
PIMCO Mortgage Opportunities		1,846,421		1,133,996		1,528,644		11,400			1,473,910		53,917		3,655			2,190
PIMCO Real Return		3,274,921		5,454,473		3,825,259		246,231			5,009,648		48,755		8,220			15,336
PIMCO Senior Floating Rate		—		1,902,701		997,755		(7,652	)		885,030		49,735		(12,264	)		6,039
PIMCO Short-Term		3,426,639		1,603,058		5,033,140		—			—		26,508		48,401			2,191
Totals	$	23,824,061	$	31,541,068	$	28,257,021	$	1,098,327		$	27,448,559	$	712,605	$	651,735		$	160,835
AllianzGI Global Allocation
	Market Value 11/30/2013		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2014		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Behavioral Advantage Large Cap	$	7,449,347	$	3,266,303	$	3,268,558	$	1,887,809		$	8,221,846	$	60,680	$	113,763		$	255,529
AllianzGI Best Styles Global Equity		—		9,107,491		1,588,338		923,006			8,498,079		—		55,920			—
AllianzGI Emerging Markets Opportunities		9,669,974		1,513,084		6,744,807		1,586,394			4,255,106		164,858		913,630			—
AllianzGI Global Managed Volatility		6,378,835		639,341		930,098		1,248,998			6,380,384		221,906		67,595			168,872
AllianzGI Global Natural Resources		4,203,259		888,008		793,608		854,248			3,932,452		29,618		36,736			—
AllianzGI Income & Growth		6,445,359		531,105		2,716,796		924,815			4,210,588		90,514		472,862			260,279
AllianzGI International Managed Volatility		6,440,234		3,001,612		1,255,654		1,597,578			8,350,024		192,695		36,985			—
AllianzGI International Small-Cap		10,755,532		4,419,911		11,029,205		1,387,582			3,313,156		83,028		1,201,147			659,484
AllianzGI NFJ Dividend Value		8,044,540		5,799,862		2,365,917		3,428,586			12,510,549		203,003		80,317			—
AllianzGI NFJ Global Dividend Value		11,764,227		2,433,796		2,255,429		2,492,480			11,632,095		403,860		52,120			476,431
AllianzGI NFJ International Small-Cap Value		2,142,374		242,983		327,420		47,782			2,096,762		33,459		6,145			43,969
AllianzGI NFJ International Value		18,146,083		2,061,623		9,068,412		1,109,828			10,472,618		351,467		488,418			—
AllianzGI NFJ Mid-Cap Value		100		9,148,631		3,851,187		647,109			6,059,886		98,258		115,289			—
AllianzGI NFJ Small-Cap Value		8,629,862		—		8,531,466		—			—		—		3,975,885			—

Annual Report |  November 30, 2014 291

Notes to Financial Statements (cont’d)

November 30, 2014

AllianzGI Global Allocation (cont’d)
	Market Value 11/30/2013		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2014		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Short Duration High Income	$	7,489,831	$	4,506,423	$	1,346,207	$	(127,422	)	$	10,412,267	$	484,546	$	(15,540	)		—
AllianzGI U.S. Managed Volatility		6,608,615		11,246,004		2,324,744		2,535,872			16,976,055		95,138		31,841		$	95,610
AllianzGI U.S. Small-Cap Growth		2,110,027		594,359		2,623,435		—			—		—		979,529			135,743
PIMCO CommoditiesPLUS® Strategy		6,409,958		2,113,455		1,552,340		(1,152,341	)		5,915,364		122,670		(239,423	)		7,490
PIMCO Emerging Markets Bond		—		9,063,426		483,888		(202,847	)		8,369,850		127,452		(6,841	)		—
PIMCO Floating Income		10,727,175		1,423,145		1,405,574		(334,204	)		10,450,702		496,462		(24,249	)		—
PIMCO Foreign Bond (U.S. Dollar-Hedged)		6,417,119		931,068		4,386,190		580,893			3,179,318		110,209		306,250			74,060
PIMCO Income		21,427,275		3,582,685		8,264,962		1,979,401			17,235,145		918,106		196,406			24,244
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged)		10,746,258		2,790,949		3,074,730		775,760			10,654,336		811,065		27,193			30,847
PIMCO Mortgage Opportunities		10,720,198		1,541,758		8,171,164		50,321			4,189,877		253,670		11,914			14,877
PIMCO Senior Floating Rate		—		8,292,992		872,223		(87,845	)		7,321,724		233,723		(11,200	)		32,860
PIMCO Short-Term		14,906,740		2,974,040		9,554,680		118,388			8,334,726		132,697		59,271			9,582
Totals	$	197,632,922	$	92,114,054	$	98,787,032	$	22,272,191		$	192,972,909	$	5,719,084	$	8,931,963		$	2,289,877

AllianzGI Global Growth Allocation
	Market Value 11/30/2013		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2014		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Behavioral Advantage Large Cap	$	435,813	$	176,949	$	317,983	$	71,666		$	317,663	$	3,436	$	28,804		$	14,760
AllianzGI Best Styles Global Equity		—		567,335		109,626		48,092			508,334		—		2,533			—
AllianzGI Emerging Markets Opportunities		336,314		76,656		310,993		40,348			95,731		5,650		88,234			—
AllianzGI Global Managed Volatility		264,473		43,807		67,628		49,334			252,019		9,119		3,933			6,887
AllianzGI Global Natural Resources		198,196		73,316		109,011		46,564			145,991		1,374		10,177			—
AllianzGI Income & Growth		167,161		30,078		37,689		40,453			158,086		3,488		1,582			9,856
AllianzGI International Managed Volatility		267,100		110,387		64,623		32,539			311,847		7,942		946			—
AllianzGI International Small-Cap		270,124		155,481		230,671		78,604			155,170		2,764		36,983			22,705
AllianzGI NFJ Dividend Value		134,361		145,740		41,031		72,558			254,570		3,252		7,013			—
AllianzGI NFJ Emerging Markets Value		270,162		23,322		238,841		3,902			49,089		4,465		(8,153	)		—
AllianzGI NFJ Global Dividend Value		267,056		50,588		58,932		56,126			251,415		8,955		2,678			10,625
AllianzGI NFJ International Small-Cap Value		267,351		68,685		188,385		19,438			156,054		4,107		18,281			5,468
AllianzGI NFJ International Value		403,684		74,123		249,848		42,579			217,398		9,475		19,590			—
AllianzGI NFJ Large Cap Value		134,688		2,227		138,301		—			—		749		8,185			—
AllianzGI NFJ Mid-Cap Value		1,926		336,321		91,022		30,312			281,142		3,530		3,922			—
AllianzGI NFJ Small-Cap Value		540,579		—		534,415		—			—		—		236,340			—
AllianzGI Short Duration High Income		198,922		43,804		51,361		(808	)		187,083		9,610		(231	)		—
AllianzGI Ultra Micro Cap		240,816		129,264		212,981		16,895			154,900		—		12,077			1,024
AllianzGI U.S. Managed Volatility		399,184		175,857		115,216		118,361			505,573		5,684		2,798			5,712
PIMCO CommoditiesPLUS® Strategy		199,450		191,417		48,057		(46,943	)		293,978		3,999		(78	)		233
PIMCO Commodity RealReturn Strategy		66,612		130,528		35,569		(10,944	)		149,678		266		(1,994	)		1,071
PIMCO Income		186,227		91,162		63,561		24,362			220,099		11,618		978			264
PIMCO International StocksPLUS® AR Strategy (U.S. Dollar-Hedged)		399,319		160,428		120,189		33,913			444,843		32,094		(725	)		1,155

292 November 30, 2014  | Annual Report

AllianzGI Global Growth Allocation (cont’d)
	Market Value 11/30/2013		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2014		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
PIMCO Mortgage Opportunities	$	132,607	$	30,899	$	39,375	$	1,342		$	125,821	$	4,785	$	51		$	185
PIMCO Short-Term		204,666		390,127		158,420		1,541			437,032		4,472		191			137
Totals	$	5,986,791	$	3,278,501	$	3,633,728	$	770,234		$	5,673,516	$	140,834	$	474,115		$	80,082
AllianzGI Multi-Asset Real Return
	Market Value 11/30/2013		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2014		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Global Natural Resources	$	1,579,890	$	210,980	$	720,000	$	35,762		$	953,434	$	10,980	$	27,628			—
PIMCO Commodity RealReturn Strategy		1,113,208		654,251		450,000		(153,831	)		1,128,836		6,068		(49,507	)	$	18,182
PIMCO Emerging Markets Bond		—		300,219		—		(553	)		299,666		219		—			—
Rayonier Advanced Materials, Inc.††		—		2,541		28		(913	)		1,602		5		2			—
Totals	$	2,693,098	$	1,167,991	$	1,170,028	$	(119,535	)	$	2,383,538	$	17,272	$	(21,877	)	$	18,182

†† Not affiliated at November 30, 2013.

12. FUND EVENTS

(a) New Funds

On December 2, 2013, AllianzGI Best Styles Global Equity Fund commenced operations as a series of the Trust, offering Class R6 shares. On September 2, 2014, AllianzGI Best Styles Global Equity began offering Class A and Institutional Class shares.

On September 15, 2014, AllianzGI Emerging Markets Debt Fund commenced operations as a series of the Trust, offering Class A, Class C, Class P and Institutional Class shares.

(b) Fund Closing

Effective January 16, 2014, shares of AllianzGI Convertible and shares of AllianzGI Ultra Micro Cap are no longer available for purchase by any new investor, and shareholders of other series of the Trust or series of Allianz Funds are no longer permitted to exchange any of their shares for shares of AllianzGI Convertible or AllianzGI Ultra Micro Cap, with certain exceptions.

(c) Name Changes

Effective April 1, 2014, AllianzGI U.S. Emerging Growth Fund changed its name to AllianzGI U.S. Small-Cap Growth Fund. In connection with this change, changes to the Fund’s investment policies also took effect. Effective April 1, 2014, the Fund seeks to achieve its investment objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in equity securities of U.S. companies with smaller market capitalizations.

Effective July 1, 2014, AllianzGI Structured Alpha Fund changed its name to AllianzGI Structured Return Fund. In connection with this change, changes to the Fund’s investment objective, principal investment strategies, management fee, operating expenses and

expense limitations also took effect. The Fund seeks long-term capital appreciation. In pursuing its investment objective of long-term capital appreciation, the Fund combines long equity exposure with an in the-money short call overlay strategy.

(d) Policy Change

Effective April 1, 2014, the investment policy for AllianzGI International Value II was revised as follows: The Fund seeks to achieve its investment objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in non-U.S. equity securities with market capitalizations greater than $1 billion.

(e) Liquidations

On May 16, 2014, AllianzGI Disciplined Equity Fund and AllianzGI Dynamic Emerging Multi-Asset Fund liquidated as series of the Trust.

On May 21, 2014, AllianzGI International Small-Cap Fund liquidated its Administrative Class shares.

On May 29, 2014, AllianzGI Redwood Fund liquidated as a series of the Trust.

13. PAYMENTS FROM AFFILIATES

During the year ended November 30, 2014, AllianzGI U.S. reimbursed AllianzGI Convertible, AllianzGI Global Fundamental Strategy, AllianzGI High Yield and AllianzGI U.S. Equity Hedged $475,282, $575, $174,513 and $317, respectively for realized losses resulting from trading errors.

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.

Annual Report |  November 30, 2014 293

Notes to Financial Statements (cont’d)

November 30, 2014

On December 1, 2014, AllianzGI Emerging Markets Consumer Fund and AllianzGI Emerging Markets Small-Cap Fund commenced operations as series of the Trust, offering Class A and Institutional Class shares. The investment objective of these Funds is to seek long-term capital appreciation.

On December 1, 2014, AllianzGI Best Styles U.S. Equity Fund commenced operations as a series of the Trust, offering Class P, Institutional Class, and Class R6 shares. The investment objective of the Fund is to seek long-term capital appreciation.

On December 9, 2014, AllianzGI Best Styles Emerging Markets Equity Fund and AllianzGI Best Styles International Equity Fund commenced operations as series of the Trust, offering Class P, Institutional Class and Class R6 shares. The investment objective of these Funds is to seek long-term capital appreciation.

On December 9, 2014, AllianzGI Global Sustainability Fund commenced operations as a series of the Trust, offering Class A, Class P, and Institutional Class shares. The investment objective of the Fund is to seek long-term capital appreciation.

On December 11, 2014, the following Funds declared per-share capital gain distributions to shareholders, payable December 11, 2014 to shareholders of record on December 10, 2014:

	Short-Term Capital Gains		Long-Term Capital Gains
AllianzGI Behavioral Advantage Large Cap	$	0.85430	$	1.02311
AllianzGI Best Styles Global Equity		0.35725		0.04621
AllianzGI China Equity		NA		0.12912
AllianzGI Convertible		0.42259		1.86895
AllianzGI Global Managed Volatility		0.57912		0.96796
AllianzGI International Small-Cap		NA		3.59908
AllianzGI Micro Cap		NA		1.26076
AllianzGI NFJ Emerging Markets Value		0.12578		0.12643
AllianzGI NFJ Global Dividend Value		0.01287		0.80360
AllianzGI NFJ International Small-Cap Value		0.26573		1.42086
AllianzGI NFJ International Value II		NA		0.04529
AllianzGI Structured Return		0.18669		0.41988
AllianzGI Ultra Micro Cap		NA		0.20823
AllianzGI U.S. Equity Hedged		0.66390		NA
AllianzGI U.S. Small-Cap Growth		NA		1.51164

On December 18, 2014, the following Funds declared per-share net investment income dividends to shareholders, payable December 18, 2014 to shareholders of record on December 17, 2014:

	Class A		Class C		Class D		Class R		Class P		Institutional Class		Class R6		Administrative Class
AllianzGI Behavioral Advantage Large Cap	$	0.25751	$	0.20640	$	0.36853		NA	$	0.36690	$	0.30590		NA		NA
AllianzGI Best Styles Emerging Markets Equity		NA		NA		NA		NA		0.00303		0.00393	$	0.00485		NA
AllianzGI Best Styles Global Equity		0.42628		NA		NA		NA		NA		0.43923		0.38094		NA
AllianzGI Best Styles International Equity		NA		NA		NA		NA		0.01005		0.01090		0.01179		NA
AllianzGI Best Styles U.S. Equity		NA		NA		NA		NA		0.02070		0.02190		0.02316		NA
AllianzGI China Equity		0.41456		0.02780		0.25673		NA		0.00108		0.39607		NA		NA
AllianzGI Convertible		0.25481		0.18733		0.23808	$	0.21705		0.27074		0.27816		NA	$	0.26006
AllianzGI Emerging Markets Debt		0.15028		0.11772		NA		NA		0.15679		0.16117		NA		NA
AllianzGI Emerging Markets Small-Cap		0.00108		NA		NA		NA		NA		0.00384		NA		NA
AllianzGI High Yield Bond		0.05136		0.04637		0.05166		0.05032		0.05464		0.05500		NA		0.05301
AllianzGI Global Fundamental Strategy		0.55979		0.39720		0.00025		NA		0.53739		0.55418		NA		NA
AllianzGI Global Managed Volatility		0.45634		0.35710		0.49266		NA		0.45329		0.46704		NA		NA
AllianzGI Global Water		0.02963		0.00001		0.03194		NA		0.09292		0.07376		NA		NA
AllianzGI International Small-Cap		0.08404		0.00002		0.06179		0.03608		0.06989		0.06466		NA		NA
AllianzGI NFJ Emerging Markets Value		0.34504		0.31447		0.34557		NA		0.35135		0.35463		NA		NA
AllianzGI NFJ Global Dividend Value		0.30528		0.26416		0.31429		NA		0.31391		0.31158		NA		NA
AllianzGI NFJ International Small-Cap		0.57009		0.47649		0.62183		NA		0.69996		0.52221		NA		NA
AllianzGI NFJ International Value II		0.08773		0.05549		0.08819		NA		0.09937		0.10122		NA		NA
AllianzGI Short Duration High Income		0.11906		0.11574		0.11724		NA		0.12091		0.12253		NA		NA
AllianzGI Structured Return		0.00001		0.00021		0.11061		NA		0.00023		0.03383		NA		NA
AllianzGI U.S. Equity Hedged		0.02000		0.00008		0.16159		NA		0.05267		0.11967		NA		NA

On December 22, 2014, AllianzGI Best Styles Global Equity Fund began offering Class P shares.

294 November 30, 2014  | Annual Report

On December 29, 2014, the following Funds declared per-share net investment income dividends and/or capital gain distributions to shareholders, payable December 29, 2014 to shareholders of record on December 26, 2014:

	Class A		Class B		Class C		Class D		Class R		Class P		Institutional Class		Class R6		Administrative Class		Short- Term Capital Gains		Long- Term Capital Gains
AllianzGI Retirement 2015	$	0.54702		NA	$	0.33799	$	0.44362	$	0.45874	$	0.59806		NA	$	0.61420	$	0.53493		NA	$	0.22013
AllianzGI Retirement 2020		0.55823		NA		0.39471		0.49886		0.47590		0.60296		NA		0.61720		0.55057		NA		0.06091
AllianzGI Retirement 2025		0.50324		NA		NA		NA		0.42343		0.54930		NA		0.56117		0.50481		NA		NA
AllianzGI Retirement 2030		0.68742		NA		0.49886		0.65118		0.60733		0.74172		NA		0.75940		0.69231	$	0.07778		0.16191
AllianzGI Retirement 2035		0.62572		NA		NA		NA		0.55317		0.66879		NA		0.68214		0.62182		0.02506		0.13263
AllianzGI Retirement 2040		0.83448		NA		0.59477		0.79718		0.75006		0.89021		NA		0.90807		0.83523		0.16937		0.35280
AllianzGI Retirement 2045		0.72058		NA		NA		NA		0.65853		0.77019		NA		0.78164		0.72351		0.09905		0.14421
AllianzGI Retirement 2050		0.86907		NA		0.70285		0.79579		0.78163		0.92006		NA		0.92858		0.86214		0.15008		0.43452
AllianzGI Retirement 2055		0.77325		NA		NA		NA		0.71473		0.80487		NA		0.81386		0.76799		0.05281		0.36313
AllianzGI Retirement Income		0.34653		NA		0.30762		0.34008		0.32748		0.35823		NA		0.36447		0.34752		0.13808		0.32418
AllianzGI Global Allocation		0.25398	$	0.22891		0.23124		0.25444		0.24947		0.26130	$	0.26152		NA		0.25065		NA		0.13381
AllianzGI Global Growth Allocation		0.80610		NA		0.64800		0.75492		0.77497		0.85987		0.88167		NA		0.84309		0.22366		1.85683
AllianzGI Multi-Asset Real Return		0.18088		NA		0.08212		0.13890		NA		0.16621		NA		NA		0.18679		NA		NA

Effective January 1, 2015, AllianzGI Global Allocation revised its principal investment strategies, principal risks fees and expenses. The Fund seeks to achieve its investment objective through a combination of active allocation between asset classes and actively managed strategies within those asset classes. The Fund targets a long-term average strategic asset allocation of 60% to global equity exposure and 40% to fixed income exposure. Depending on market conditions, the equity component of the portfolio may range between approximately 50% and 70% of the Fund’s assets and the fixed income component of the portfolio may range between approximately 30% and 50% of the Fund’s assets. The Fund’s principal risks were revised to correspond with the changes to the Fund’s principal investment strategies. The acquired fund fees and expenses are 0.45% for each share class of the Fund, which led to a decrease in total annual operating expenses.

Effective January 1, 2015, AllianzGI Global Growth Allocation revised its principal investment strategies, principal risks, benchmarks and fees and expenses. The Fund seeks to achieve its investment objective through a combination of active allocation between asset classes and actively managed strategies within those asset classes. The Fund targets a long-term average strategic asset allocation of 60% to global equity exposure and 40% to fixed income exposure. Depending on market conditions, the equity component of the portfolio may range between approximately 20% and 80% of the Fund’s assets and the fixed income component of the portfolio may range between approximately 20% and 80% of the Fund’s assets. The Fund’s principal risks were revised to correspond with the changes to the Fund’s principal investment strategies. The Fund added the Barclays U.S. Aggregate Bond Index and a custom blended index comprised of 60% MSCI ACWI and 40% Barclays U.S. Aggregate Bond Index as benchmarks. The acquired fund fees and expenses are 0.34% for each share class of the Fund, which led to a decrease in total annual operating expenses.

It is expected that on or about February 2, 2015, AllianzGI Global Growth Allocation will change its name to AllianzGI Global Dynamic Allocation Fund.

It is expected that on or around February 2, 2015 that the AllianzGI Europe Equity Dividend Fund will commence operations as a series of the Trust, offering Class A, Class C, Class P and Institutional Class shares. The Fund will seek long-term capital appreciation. The Fund will seek to achieve its investment objective by creating a diversified portfolio of high-yielding equity securities issued by European companies that the portfolio managers consider to have high-quality business fundamentals. The Fund will normally invest at least 80% of its net assets (plus borrowings made for

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Notes to Financial Statements (cont’d)

November 30, 2014

investment purposes) in equity securities and equity-related instruments. The Fund will also normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in securities of European issuers or in cash equivalents or fixed income securities denominated in euros or other European currencies.

It is expected that on or around February 2, 2015 that the AllianzGI Global Megatrends Fund will commence operations as a series of the Trust, offering Class A, Class P and Institutional Class shares. The Fund seeks long-term capital appreciation. The Fund will seek to achieve its investment objective by investing under normal circumstances in certain affiliated mutual funds sponsored and managed by the Investment Manager and/or its affiliates (the “Underlying Funds”). While the portfolio manager retains flexibility to invest in a wide range of Underlying Funds and direct positions in securities, at inception the Fund intends to invest 20% of its assets in each of the following five Underlying Funds: AllianzGI Emerging Markets Consumer Fund, the AllianzGI Global Natural Resources Fund, the AllianzGI Global Water Fund, the AllianzGI Technology Fund and the AllianzGI Health Sciences Fund. Each of these Underlying Funds invests primarily in U.S. and foreign equity securities that the Fund’s portfolio manager believes will permit the Fund to benefit from long-term secular trends as they unfold over a multi-year period. The portfolio manager will rebalance the Fund’s investments in these five Underlying Funds periodically and may select additional or different Underlying Funds or other securities for investment (without approval by or notice to shareholders).

It is expected that on or around February 2, 2015 that the AllianzGI International Growth Fund will commence operations as a series of the Trust, offering Class A and Institutional Class shares. The Fund seeks long-term capital appreciation. The Fund seeks to achieve its investment objective by creating a diversified portfolio of non-U.S. stocks exhibiting long-term growth and quality characteristics. The portfolio managers will attempt to include in the Fund’s portfolio securities that exhibit the greatest combination of earnings growth potential, quality (as reflected in consistent business fundamentals) and attractive valuation. The Fund will normally invest primarily in non-U.S. securities. The portfolio managers will follow a disciplined, bottom-up approach to stock selection that is based on fundamental, company-specific analysis. The Fund will target investments in companies primarily based on analysis of three criteria: structural growth, quality and valuation.

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

296 November 30, 2014  | Annual Report

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of Allianz Funds Multi-Strategy Trust

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of AllianzGI Retirement 2015 Fund, AllianzGI Retirement 2020 Fund, AllianzGI Retirement 2025 Fund, AllianzGI Retirement 2030 Fund, AllianzGI Retirement 2035 Fund, AllianzGI Retirement 2040 Fund, AllianzGI Retirement 2045 Fund, AllianzGI Retirement 2050 Fund, AllianzGI Retirement 2055 Fund, AllianzGI Retirement Income Fund, AllianzGI Global Allocation Fund, AllianzGI Global Growth Allocation Fund, AllianzGI Behavioral Advantage Large Cap Fund, AllianzGI Best Styles Global Equity Fund, AllianzGI China Equity Fund, AllianzGI Convertible Fund, AllianzGI Emerging Markets Debt Fund, AllianzGI Global Fundamental Strategy Fund, AllianzGI Global Managed Volatility Fund, AllianzGI Global Water Fund, AllianzGI High Yield Bond Fund, AllianzGI International Small-Cap Fund, AllianzGI Micro Cap Fund, AllianzGI Multi-Asset Real Return Fund, AllianzGI NFJ Emerging Markets Value Fund, AllianzGI NFJ Global Dividend Value Fund, AllianzGI NFJ International Small-Cap Value Fund, AllianzGI NFJ International Value II Fund, AllianzGI Short Duration High Income Fund, AllianzGI Structured Return Fund (formerly AllianzGI Structured Alpha Fund), AllianzGI Ultra Micro Cap Fund, AllianzGI U.S. Equity Hedged Fund and AllianzGI U.S. Small-Cap Growth Fund (formerly AllianzGI U.S. Emerging Growth Fund), each a fund of the Allianz Funds Multi-Strategy Trust (hereafter referred to as the “Funds”) at November 30, 2014, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at November 30, 2014 by correspondence with the custodian, agent banks, brokers and transfer agents of the underlying funds, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

January 26, 2015

Annual Report |  November 30, 2014 297

Unaudited

Shareholder Meeting Results

The Trust held a special shareholder meeting on December 18, 2014 for the election of Trustees to the Board.

Shareholders of the Trust voted as indicated below:

	Affirmative		Withholding Authority
Election of Deborah A. DeCotis		169,787,171		3,064,959
Re-election of Bradford K. Gallagher		169,677,709		3,174,421
Re-election of James A. Jacobson		169,735,425		3,116,705
Re-election of Hans W. Kertess		169,675,709		3,176,421
Re-election of William B. Ogden, IV		169,655,209		3,196,921
Re-election of Alan Rappaport		169,446,660		3,405,470
Election of F. Ford Drummond		169,904,261		2,947,869
Election of Susan M. King*		169,523,449		3,328,681
Election of James S. MacLeod		169,879,451		2,972,679
Election of Davey S. Scoon		169,833,621		3,018,509
Election of Julian Sluyters*		169,609,020		3,243,110

* Interested Trustee

298 November 30, 2014  | Annual Report

Unaudited

Matters Relating to the Trustees’ Consideration of the Investment Management and Sub-Advisory Agreements

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, initially approve the investment management agreement and sub-advisory agreement for a new fund.

The new agreements approved during the period covered by this report relate to the organization of AllianzGI Emerging Markets Debt Fund (the “Emerging Markets Debt Fund” or “New Fund”), a new series of the Trust, which commenced operations on September 15, 2014. At an in-person meeting held on June 23-24, 2014, the Board and the Independent Trustees unanimously approved, for an initial 2-year term, the Trust’s Amended and Restated Investment Management Agreement (the “Investment Management Agreement”) on behalf of the New Fund with Allianz Global Investors Fund Management LLC (the “Investment Manager”) and the Amended and Restated Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between the Investment Manager and Allianz Global Investors U.S. LLC (“AllianzGI U.S.” or the “Sub-Adviser”) with respect to the New Fund. The Investment Management Agreement and the Sub-Advisory Agreement are collectively referred to herein as the “Agreements”.

The material factors and conclusions that formed the basis of these approvals for the New Fund are discussed below.

The Independent Trustees were assisted in their evaluation of the Agreements and the factors that they deemed to be material, including those factors described below, by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Fund management during their contract review meeting.

In connection with their deliberations regarding the Agreements, the Trustees, including 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. The Trustees considered the nature, quality, and extent of the various investment management, administrative and other services to be performed with respect to the New Fund by the Investment Manager and the Sub-Adviser under the Agreements.

In connection with their deliberations, the Trustees received and relied upon materials provided by the Investment Manager which included, among other items: (i) information compiled from Morningstar Direct (“Morningstar”), an independent third party, on the investment performance for various time periods, including annualized return performance information for certain time periods, of a group of funds with investment classifications and/or objectives comparable to those proposed for the New Fund, (ii) information on the New Fund’s management fees and other anticipated expenses and information compiled from Morningstar on the management fees and other expenses of comparable funds, (iii) an estimate of the profitability to

the Investment Manager from its relationship with the New Fund during its first year, (iv) descriptions of various functions to be performed by the Investment Manager and the Sub-Adviser for the New Fund, such as portfolio management, compliance monitoring and portfolio trading practices, and (v) information regarding the overall organization of the Investment Manager and the Sub-Adviser, including information regarding senior management, portfolio managers and other personnel proposed to provide investment management, administrative and other services to the New Fund.

The Trustees’ conclusions as to the approval of the Agreements were based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in their deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. The Trustees also took into account that the Investment Manager had proposed to observe certain management fee waivers and/or expense limitations for the New Fund. The Trustees also considered the risk profile of the New Fund.

As part of their review, the Trustees examined the ability of the Investment Manager and the Sub-Adviser to provide high quality investment management and other services to the New Fund. Among other information, they considered the investment philosophy and research and decision-making processes of AllianzGI U.S.; the experience of key advisory personnel of AllianzGI U.S. or its affiliates who would be responsible for portfolio management of the New Fund; the ability of the Investment Manager and the Sub-Adviser to attract and retain capable personnel; and the capability of the senior management and staff of the Investment Manager and the Sub-Adviser. In addition, the Trustees reviewed the quality of the Investment Manager’s and the Sub-Adviser’s expected services with respect to regulatory compliance and ability to comply with the investment and compliance policies and procedures of the New Fund; the nature, extent and quality of certain administrative services the Investment Manager would be responsible for providing to the New Fund; and conditions that might affect the Investment Manager’s or the Sub-Adviser’s ability to provide high quality services to the New Fund in the future under the Agreements, including each organization’s respective financial condition and operational stability. Based on the foregoing, the Trustees concluded that AllianzGI U.S.’s investment processes, research capabilities and philosophy were well suited to the New Fund, given its investment objectives and policies, and that the Investment Manager and the Sub-Adviser would be able to meet any reasonably foreseeable obligations under the Agreements.

In assessing the reasonableness of the New Fund’s proposed fees under the Agreements, the Trustees considered, among other information, the New Fund’s proposed management fee and its expected net expense ratio as a percentage of anticipated average daily net assets, taking into account the management fee waiver

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Matters Relating to the Trustees’ Consideration of the Investment Management and Sub-Advisory Agreements (cont’d)

and/or expense limitation arrangements that the Investment Manager would observe, and the advisory fees and net expense ratios of a peer group of funds based on information compiled from Morningstar.

The Trustees considered how the net expense ratio of the New Fund was expected to compare to its Morningstar peers, and considered comparisons of the New Fund’s proposed management fee with the advisory fees of the peer funds identified by Morningstar. The Trustees took into account that a comparison of the New Fund’s proposed management fee to the advisory fee of peer funds is complicated because the New Fund’s proposed management fee includes a component for administrative services while peer funds may have separate advisory and administration agreements with separate fees. The Trustees therefore placed significant emphasis on the estimated net expense ratio of the New Fund compared to the net expense ratios of the Morningstar peer funds, recognizing that the fees for investment advisory, administrative services and fund operating expenses would be subsumed within the net expense ratio of all funds.

The Independent Trustees considered the proposed allocation of the management fee between the Investment Manager and the Sub-Adviser, and the services to be provided by the Investment Manager, on the one hand, and the Sub-Adviser, on the other hand. They noted that the Investment Manager (and not the New Fund) would pay the sub-advisory fees.

The Trustees noted that the Investment Manager, the Sub-Adviser and their affiliates do not offer other funds or accounts with-similar investment objective(s) and policies to those of the New Fund.

The Trustees also considered the estimated profitability to the Investment Manager from its relationship with the New Fund and noted that such profitability was expected to be negative for the New Fund’s first year of operation.

The Trustees considered the extent to which the Investment Manager and the Sub-Adviser may realize economies of scale or other efficiencies in managing and supporting the New Fund. The Trustees also took into account that, as an open-end investment company, the New Fund intends to continuously raise assets, so as the assets of the New Fund increase over time, certain economies of scale and other efficiencies may be realized through spreading certain fixed costs over a larger asset base or across a variety of products and services. In this regard, they also took into account the management fee waiver and/or expense limitation arrangements proposed to be observed by the Investment Manager for the New Fund.

Additionally, the Trustees considered so-called “fall-out benefits” to the Investment Manager, the Sub-Adviser and their affiliates, such as reputational value derived from serving as investment manager and sub-adviser to the New Fund.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the Agreements, that the proposed fees payable under each of the Agreements represent reasonable compensation in light of the nature,

extent and quality of the services to be provided by the Investment Manager or the Sub-Adviser, as the case may be, and should be approved for an initial two-year period. Based on their evaluation of factors they deemed to be material, including those factors described above, the Trustees, including the Independent Trustees, unanimously concluded that the initial approval of the Agreements was in the interests of the New Fund and its shareholders and should be approved.

300 November 30, 2014  | Annual Report

Unaudited

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 November 30, 2014, 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 Retirement 2040	$	26,206		—
AllianzGI Retirement 2045		40,741		—
AllianzGI Retirement 2050		122,638		—
AllianzGI Retirement 2055		65,638		—
AllianzGI Global Growth Allocation		675,794		—
AllianzGI Behavioral Advantage Large Cap		1,151,765		—
AllianzGI Convertible		59,953,187		—
AllianzGI Global Fundamental Strategy		1,391		—
AllianzGI Global Managed Volatility		299,591		—
AllianzGI High Yield Bond		1,191,439		—
AllianzGI International Small-Cap		7,320,839		—
AllianzGI Micro Cap		2,678,999		—
AllianzGI Multi-Asset Real Return		7,560	$	1,126
AllianzGI NFJ Global Dividend Value		2,328,737		—
AllianzGI NFJ International Small-Cap Value		140,105		—
AllianzGI NFJ International Value II		152,847		—
AllianzGI Structured Return		365,458		—
AllianzGI Ultra Micro Cap		552,167		—
AllianzGI U.S. Small-Cap Growth		2,758,860		—

Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentages of ordinary dividends paid during the fiscal year ended November 30, 2014, are designated as “qualified dividend income”:

AllianzGI Retirement 2015	15	%
AllianzGI Retirement 2020	16	%
AllianzGI Retirement 2025	16	%
AllianzGI Retirement 2030	16	%
AllianzGI Retirement 2035	21	%
AllianzGI Retirement 2040	20	%
AllianzGI Retirement 2045	24	%
AllianzGI Retirement 2050	23	%
AllianzGI Retirement 2055	26	%
AllianzGI Retirement Income	10	%
AllianzGI Global Allocation	30	%
AllianzGI Global Growth Allocation	26	%
AllianzGI Behavioral Advantage Large Cap	38	%
AllianzGI Best Styles Global Equity	53	%
AllianzGI China Equity	91	%
AllianzGI Convertible	19	%
AllianzGI Emerging Markets Debt	0	%

AllianzGI Global Fundamental Strategy	37	%
AllianzGI Global Managed Volatility	41	%
AllianzGI Global Water	100	%
AllianzGI High Yield Bond	0	%
AllianzGI International Small-Cap	100	%
AllianzGI Micro Cap	0	%
AllianzGI Multi-Asset Real Return	40	%
AllianzGI NFJ Emerging Markets Value	60	%
AllianzGI NFJ Global Dividend Value	100	%
AllianzGI NFJ International Small-Cap Value	70	%
AllianzGI NFJ International Value II	100	%
AllianzGI Short Duration High Income	0	%
AllianzGI Structured Return	35	%
AllianzGI Ultra Micro Cap	0	%
AllianzGI U.S. Equity Hedged	14	%
AllianzGI U.S. Small-Cap Growth	35	%

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 November 30, 2014, that qualify for the corporate dividend received deduction is set forth below:

AllianzGI Retirement 2015	9	%
AllianzGI Retirement 2020	7	%
AllianzGI Retirement 2025	7	%
AllianzGI Retirement 2030	9	%
AllianzGI Retirement 2035	11	%
AllianzGI Retirement 2040	10	%
AllianzGI Retirement 2045	13	%
AllianzGI Retirement 2050	13	%
AllianzGI Retirement 2055	14	%
AllianzGI Retirement Income	7	%
AllianzGI Global Allocation	14	%
AllianzGI Global Growth Allocation	12	%
AllianzGI Behavioral Advantage Large Cap	37	%
AllianzGI Best Styles Global Equity	22	%
AllianzGI China Equity	0	%
AllianzGI Convertible	19	%
AllianzGI Emerging Markets Debt	0	%
AllianzGI Global Fundamental Strategy	12	%
AllianzGI Global Managed Volatility	24	%
AllianzGI Global Water	100	%
AllianzGI High Yield Bond	0	%
AllianzGI International Small-Cap	0	%
AllianzGI Micro Cap	0	%
AllianzGI Multi-Asset Real Return	0	%
AllianzGI NFJ Emerging Markets Value	0	%
AllianzGI NFJ Global Dividend Value	29	%
AllianzGI NFJ International Small-Cap Value	1	%
AllianzGI NFJ International Value II	0	%

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Unaudited

Tax Information (cont’d)

AllianzGI Short Duration High Income	0	%
AllianzGI Structured Return	31	%
AllianzGI Ultra Micro Cap	0	%

AllianzGI U.S. Equity Hedged	14	%
AllianzGI U.S. Small-Cap Growth	35	%

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 November 30, 2014 are as follows:

	Gross Foreign Dividends		Gross Foreign Dividends Per Share		Foreign Tax		Foreign Tax Per Share
AllianzGI China Equity	$	155,142	$	0.501297	$	11,215	$	0.036237
AllianzGI Global Fundamental Strategy		205,506		0.146756		21,403		0.015284
AllianzGI Global Water		5,169,714		0.208342		407,340		0.016416
AllianzGI International Small-Cap		1,945,951		0.732487		160,139		0.060279
AllianzGI NFJ Emerging Markets Value		438,367		0.737800		42,658		0.071796
AllianzGI NFJ Global Dividend Value		2,376,706		0.689350		170,162		0.049355
AllianzGI NFJ International Small-Cap Value		747,248		0.763099		55,021		0.056188
AllianzGI NFJ International Value II		1,097,994		0.721714		84,441		0.055503

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 November 30, 2013 are as follows:

	Gross Foreign Dividends		Gross Foreign Dividends Per Share		Foreign Tax		Foreign Tax Per Share
AllianzGI China Equity	$	121,357	$	0.439355	$	7,710	$	0.027913
AllianzGI Global Fundamental Strategy		40,314		0.030318		3,252		0.002445
AllianzGI Global Water		3,158,308		0.208075		251,685		0.016581
AllianzGI International Small-Cap		2,014,580		0.680386		154,789		0.052277
AllianzGI NFJ Emerging Markets Value		257,259		0.648534		24,897		0.062764
AllianzGI NFJ Global Dividend Value		1,980,856		0.597494		160,144		0.048305
AllianzGI NFJ International Small-Cap Value		314,058		0.695357		21,448		0.047489
AllianzGI NFJ International Value II		137,072		0.580602		11,634		0.049278

Since the Funds’ tax year is not the calendar year, another notification will be sent with respect to calendar year 2014. In January 2015, shareholders will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received during calendar year 2014. The amount that will be reported will be the amount to use on the shareholder’s 2014 federal income tax return and may differ from the amount which must be reported in connection with the Funds’ tax year ended November 30, 2014. 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.

302 November 30, 2014  | Annual Report

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Privacy Policy

Our Commitment to You

We consider customer privacy to be a fundamental aspect of our relationship with shareholders and are committed to maintaining the confidentiality, integrity and security of our current, prospective and former shareholders’ personal information. To ensure our shareholders’ privacy, we have developed policies that are designed to protect this confidentiality, while allowing shareholders’ needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, we may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on our internet websites.

Respecting Your Privacy

As a matter of policy, we do not disclose any personal or account information provided by shareholders or gathered by us to non-affiliated third parties, except as required for our everyday business purposes, such as to process transactions or service a shareholder’s account, or as otherwise permitted by law. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, and gathering shareholder proxies. We may also retain non-affiliated financial services providers, such as broker-dealers, to market our shares or products and we may enter into joint-marketing arrangements with them and other financial companies. We may also retain marketing and research service firms to conduct research on shareholder satisfaction. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. We may also provide a shareholder’s personal and account information to their respective brokerage or financial advisory firm, Custodian, and/or to their financial advisor or consultant.

Sharing Information with Third Parties

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, to protect our rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, we may disclose information about a shareholder or shareholder’s accounts to a non-affiliated third party only if we receive a shareholder’s written request or consent.

Sharing Information with Affiliates

We may share shareholder information with our affiliates in connection with our affiliates’ everyday business purposes, such as servicing a shareholder’s account, but our affiliates may not use this information to market products and services to you except in conformance with applicable laws or regulations. The information we share includes information about our experiences and transactions with a shareholder and may include, for example, a shareholder’s participation in one of the Funds or in other investment programs, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s transactions or accounts. Our affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

We take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, we have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In addition, we have physical, electronic and procedural safeguards in place to guard a shareholder’s non-public personal information.

Disposal of Confidential Records

We will dispose of records, if any, that are knowingly derived from data received from a consumer reporting agency regarding a shareholder that is an individual in a manner that ensures the confidentiality of the data is maintained. Such records include, among other things, copies of consumer reports and notes of conversations with individuals at consumer reporting agencies.

Annual Report |  November 30, 2014 303

Unaudited

Allianz Funds Multi-Strategy Trust—Board of Trustees

Name, Year of Birth, Position(s) Held with Trust, Length of Service, Other Trusteeships/Directorships Held by Trustee; Number of Funds in Fund Complex/Outside Fund Complexes Currently Overseen by Trustee	Principal Occupation(s) During Past 5 Years:
The address of each trustee is 1633 Broadway, New York, NY 10019.
Deborah A. DeCotis Year of Birth: 1952 Trustee since: 2011 Trustee/Director of 89 funds in Fund Complex Trustee/Director of no funds outside of Fund Complex	Advisory Director, Morgan Stanley & Co., Inc. (since 1996); Co-Chair Special Projects Committee, Memorial Sloan Kettering (since 2005); Member, Circle Financial Group (since 2010); Trustee, Stanford University (since 2010); and Member, Council on Foreign Relations (since 2013). Formerly, Director, Helena Rubenstein Foundation (1997-2012).
F. Ford Drummond Year of Birth: 1962 Trustee since: 2014 Trustee/Director of 60 funds in Fund Complex Trustee/Director of no funds outside of Fund Complex Director, BancFirst Corporation	Owner/Operator, Drummond Ranch. Formerly, Director, The Cleveland Bank; and General Counsel, BMI-Health Plans (benefits administration).
Bradford K. Gallagher Year of Birth:1944 Trustee since: 2010 Trustee/Director of 89 funds in Fund Complex Trustee/Director of no funds outside of Fund Complex Formerly, Chairman and Trustee of Grail Advisors ETF Trust (2009-2010) and Trustee of Nicholas-Applegate Institutional Funds (2007-2010)	Retired. Chairman and Trustee, Atlantic Maritime Heritage Foundation (since 2007); Founder, Spyglass Investments LLC, a private investment vehicle (since 2001); and Founder, President and CEO, Cypress Holding Company and Cypress Tree Investment Management Company (since 1995). Formerly, Partner, New Technology Ventures Capital Management LLC, a venture capital fund (2011-2013); and Chairman and Trustee, Commonfund (2005-2014).
James A. Jacobson Year of Birth: 1945 Trustee since: 2009 Trustee/Director of 89 funds in Fund Complex Trustee, Alpine Mutual Funds Complex consisting of 18 funds	Retired. Formerly, Vice Chairman and Managing Director, Spear, Leeds & Kellogg Specialists, LLC, a specialist firm on the New York Stock Exchange.
Hans W. Kertess Year of Birth: 1939 Trustee since: 2008 Trustee/Director of 89 funds in Fund Complex Trustee/Director of no funds outside the Fund Complex	President, H. Kertess & Co., a financial advisory company. Formerly, Managing Director, Royal Bank of Canada Capital Markets.
Susan M. King† Year of Birth: 1963 Trustee since: 2014 Trustee/Director of 64 funds in Fund Complex Trustee/Director of no funds outside the Fund Complex	Chief Marketing Officer, Allianz Global Investors U.S. LLC (since 2013). Formerly, Global Head of Marketing for Morgan Stanley Investment Management (2011-2013). Formerly, Consultant (self-employed) (2009-2011). Formerly, Head of US Distribution Marketing for Legg Mason (2005-2009).
James S. MacLeod Year of Birth: 1947 Trustee since: 2014 Trustee/Director of 60 funds in Fund Complex Trustee/Director of no funds outside the Fund Complex Director, Sykes Enterprises, Inc.	Director, Chairman and Chief Executive Officer, CoastalSouth Bancshares, Inc.; Director and President, CoastalStates Bank; and Director, Homeowners Mortgage. Formerly, Executive Vice President, Mortgage Guaranty Insurance Corporation. Formerly, Chief Executive Officer of Homeowners Mortgage
William B. Ogden, IV Year of Birth: 1945 Trustee since: 2008 Trustee/Director of 89 funds in Fund Complex; Trustee/Director of no funds outside of Fund Complex	Asset Management Industry Consultant. Formerly, Managing Director, Investment Banking Division of Citigroup Global Markets Inc.
Alan Rappaport Year of Birth: 1953 Trustee since: 2010 Trustee/Director of 89 funds in Fund Complex Trustee/Director of no funds outside of Fund Complex	Advisory Director (formerly Vice Chairman) (since 2009), Roundtable Investment Partners; Chairman (formerly President), Private Bank of Bank of America; Vice Chairman, US Trust (2001-2008); Adjunct Professor, New York University Stern School of Business (since 2011); Lecturer, Stanford University Graduate School of Business (since 2013); Trustee, American Museum of Natural History (since 2005) and Trustee, NYU Langone Medical Center (since 2007); Director, Victory Capital Holdings, Inc., an asset management firm (since 2013).

304 November 30, 2014  | Annual Report

Unaudited

Allianz Funds Multi-Strategy Trust—Board of Trustees (cont’d)

Name, Year of Birth, Position(s) Held with Trust, Length of Service, Other Trusteeships/Directorships Held by Trustee; Number of Funds in Fund Complex/Outside Fund Complexes Currently Overseen by Trustee	Principal Occupation(s) During Past 5 Years:
Davey S. Scoon Year of Birth: 1946 Trustee since: 2014 Trustee/Director of 60 funds in Fund Complex Trustee/Director of no funds outside the Fund Complex Chairman, Tufts Health Plan; Director, AMAG Pharmaceuticals, Inc.; Director, Orthofix International N.V. and Director, Biodel Inc. Formerly, Director, CardioKine Inc. and Director, NitroMed, Inc.	Adjunct Assistant Professor, Tufts University School of Medicine and Adjunct Professor, University of Wisconsin-Madison. Formerly, Chief Administrative and Financial Officer, Tom’s of Maine (personal care products manufacturing); and Chief Administrative and Financial Officer, SunLife Financial- U.S. (financial services).
Julian Sluyters† Year of Birth: 1960 Trustee since: 2014 Trustee/Director of 64 funds in Fund Complex Trustee/Director of no funds outside the Fund Complex	Chairman of the Management Board of Allianz Global Investors Fund Management LLC (since 2013); Chief Operating Officer, Managing Director and member of the Executive Committee of Allianz Global Investors U.S. Holdings LLC (since 2012); President and Chief Executive Officer of 58 funds in the Fund Complex; Trustee of 18 funds in the Fund Complex. Formerly, President and Chief Executive Officer, Old Mutual Capital Inc. (2008-2012).

† “interested person” of the Trust, as defined in Section 2(a)(19) of the 1940 Act, due to his or her positions, set forth in the table above, among others with the Funds’ Investment Manager and various affiliated entities.

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

Annual Report |  November 30, 2014 305

Unaudited

Allianz Funds Multi-Strategy Trust—Officers

Name, Year of Birth, Position(s) Held with Trust.	Principal Occupation(s) During Past 5 Years:
Julian Sluyters Year of Birth: 1960 President & Chief Executive Officer since: 2008	Chairman of the Management Board of Allianz Global Investors Fund Management LLC (since 2013); Chief Operating Officer, Managing Director and member of the Executive Committee of Allianz Global Investors U.S. Holdings LLC (since 2012); President and Chief Executive Officer of 64 funds in the Fund Complex; Trustee of 18 funds in the Fund Complex. Formerly, President and Chief Executive Officer, Old Mutual Capital Inc. (2008-2012).
Lawrence G. Altadonna Year of Birth: 1966 Treasurer, Principal Financial and Accounting Officer since: 2011	Director, Director of Fund Administration of Allianz Global Investors Fund Management LLC; Treasurer, Principal Financial and Accounting Officer of 64 funds in the Fund Complex and of The Korea Fund, Inc. Formerly, Assistant Treasurer of numerous funds in the Fund Complex (2005-2010).
Thomas J. Fuccillo Year of Birth: 1968 Vice President, Secretary & Chief Legal Officer since: 2008	Managing Director, Chief Legal Officer and Secretary of Allianz Global Investors Fund Management LLC and Allianz Global Investors Distributors LLC; Managing Director and Chief Regulatory Counsel of Allianz Global Investors U.S. Holdings LLC; Vice President, Secretary and Chief Legal Officer of 64 funds in the Fund Complex; and Secretary and Chief Legal Officer of The Korea Fund, Inc.
Thomas L. Harter, CFA Year of Birth: 1975 Chief Compliance Officer since: 2013	Director of Allianz Global Investors U.S. Holdings LLC; Chief Compliance Officer of 64 funds in the Fund Complex and of The Korea Fund, Inc. Formerly, Vice President and Compliance Manager (2005-2012).
Scott Whisten Year of Birth: 1971 Assistant Treasurer since: 2008	Director of Allianz Global Investors Fund Management LLC; and Assistant Treasurer of 64 funds in the Fund Complex.
Richard J. Cochran Year of Birth: 1961 Assistant Treasurer since: 2008	Vice President of Allianz Global Investors Fund Management LLC; Assistant Treasurer of 64 funds in the Fund Complex and of The Korea Fund, Inc.
Orhan Dzemaili Year of Birth: 1974 Assistant Treasurer since: 2011	Director of Allianz Global Investors Fund Management LLC; and Assistant Treasurer of 64 funds in the Fund Complex.
Lagan Srivastava Year of Birth: 1977 Assistant Secretary since: 2008	Vice President of Allianz Global Investors U.S. Holdings LLC; Assistant Secretary of 64 funds in the Fund Complex.
Richard H. Kirk Year of Birth: 1961 Assistant Secretary since: 2008	Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC; Director and Senior Counsel of Allianz Global Investors Distributors LLC. Assistant Secretary of 59 funds in the Fund Complex.
Paul Koo Year of Birth: 1964 Assistant Secretary since: 2013	Director and Chief Compliance Officer of Allianz Global Investors U.S. LLC; and Assistant Secretary of 59 funds in the Fund Complex. Formerly, Associate Chief Compliance Officer, Dodge & Cox (2010-2011).
Morley D. Campbell Year of Birth: 1981 Assistant Secretary since: 2013	Portfolio Manager and Managing Director of NFJ Investment Group LLC. Assistant Secretary of 39 funds in the Fund Complex.
Thomas W. Oliver Year of Birth: 1971 Assistant Secretary since: 2013	Portfolio Manager and Managing Director of NFJ Investment Group LLC. Assistant Secretary of 39 funds in the Fund Complex.

Officers hold office at the pleasure of the Board and until their successors are appointed and qualified or until their earlier resignation or removal.

306 November 30, 2014  | Annual Report

Allianz Multi-Strategy Funds

Trustees

Davey S. Scoon

Chairman of the Board of Trustees

Deborah A. DeCotis

F. Ford Drummond

Bradford K. Gallagher

James A. Jacobson

Hans W. Kertess

Susan M. King

James S. MacLeod

William B. Ogden, IV

Alan Rappaport

Julian Sluyters

Officers

Julian Sluyters

President & Chief Executive Officer

Lawrence G. Altadonna

Treasurer, Principal Financial & Accounting Officer

Thomas J. Fuccillo

Vice President, Secretary & Chief Legal Officer

Scott Whisten

Assistant Treasurer

Richard J. Cochran

Assistant Treasurer

Orhan Dzemaili

Assistant Treasurer

Thomas L. Harter

Chief Compliance Officer

Lagan Srivastava

Assistant Secretary

Richard H. Kirk

Assistant Secretary

Paul Koo

Assistant Secretary

Morley D. Campbell

Assistant Secretary

Thomas W. Oliver

Assistant Secretary

Investment Manager

Allianz Global Investors Fund Management LLC

1633 Broadway

New York, NY 10019

Sub-Advisers

Allianz Global Investors U.S. LLC

1633 Broadway

New York, NY 10019

Fuller & Thaler Asset Management, Inc.⁽¹⁾

411 Borel Avenue, Suite 300

San Mateo, CA 94402

NFJ Investment Group LLC

2100 Ross Avenue, Suite 700

Dallas, TX 75201

Distributor

Allianz Global Investors Distributors LLC

1633 Broadway

New York, NY 10019

Custodian & Accounting Agent

State Street Bank & Trust Co.

801 Pennsylvania Avenue

Kansas City, MO 64105

Shareholder Servicing and Transfer Agents

Boston Financial Data Services, Inc.

(Class A, Class B, Class C, Class D and Class R shares)

P.O. Box 8050

Boston, MA 02266-8050

(Class P, Class R6, Institutional Class and Administrative Class shares)

330 West 9^th Street, 5^th Floor

Kansas City, MO 64105

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

300 Madison Avenue

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, you can also call (800) 988-8380 for Class A, B, C and R shares or (800) 498-5413 for Class D, 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.

(1) Fuller & Thaler Asset Management, Inc. is an independently owned investment firm.

About Allianz Global Investors

Understand. Act. This two-word philosophy is at the core of what we do. To stand out as the investment partner our clients trust, we listen closely to understand their needs, then act decisively to deliver solutions. We are a diversified active investment manager with a strong parent company, a culture of risk management and $488 billion in assets under management.* With 23 offices in 17 countries and over 500 investment professionals, we provide global investment and research capabilities with consultative local delivery.

For more information about any of our investment solutions or client services, call your financial advisor or visit us.allianzgi.com.

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 Fund’s 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, B, C & R) or 1-800-498-5413 (Class P, Class R6, D Institutional & Administrative classes). Please read the prospectus carefully before you invest or send money.

* Combined worldwide AUM as of November 30, 2014

Allianz Global Investors Fund Management 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. © 2014. 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

AZ750AR_113014

AGI-2014-12-01-11067

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 registrant’s Board has determined that Mr. James A. Jacobson, a member of the Board’s Audit Oversight Committee is an “audit committee financial expert,” and that he is “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 $696,750 in 2013 and $707,655 in 2014.

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 2013 and $0 in 2014.

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 $390,740 in 2013 and $417,120 in 2014. These services consisted of review or preparation of U.S. federal, state, local and excise tax returns and calculations of excise tax distributions.

d) All Other Fees. There were no other Fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant.

e) 1. Audit Committee Pre-Approval Policies and Procedures. The Registrant’s Audit 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 Multi-Strategy Trust (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, as required by law. 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 AUDIT AND NON-AUDIT SERVICES TO BE PROVIDED TO THE TRUST

On an annual basis, the Committee of the Trust will review and pre-approve the scope of the audits of the Trust and proposed audit fees, and permitted non-audit (including audit under related) services that may be performed by the Trust’s independent accountants. At least annually, the Committee will receive a report of all audit and non-audit services that were rendered in the previous calendar year 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 fund with also require the separate written pre-approval of the President of the Trust, who will confirm, independently 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

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

Trust 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 $250,000 any such pre-approval 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

Trust 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 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 $250,000 any such pre-approval shall be reported to the full Committee at its next regularly scheduled meeting.

PROSCRIBED 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

The Committee will pre-approve annually any permitted non-audit services to be provided to Allianz Global Investors Fund Management LLC or any other investment manager to the Trust (but not including any sub-adviser whose role is primarily portfolio management and is sub-contracted by the investment manager) (the “Investment Manager”) and any entity controlling, controlled by, or under common control with the Investment Manager that provides ongoing services to the Trust (including affiliated sub-advisers to the Trust), provided, in each case, that the engagement relates directly to the operations and financial reporting of the Trust (such entities, including the Investment Manager, shall be referred to herein as the “Accounting Affiliates”). Individual projects that are not presented to the Committee as part of the annual pre-approval process, may be pre-approved, if deemed consistent with the accounting firm’s independence, by the Committee Chairman (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 $250,000. Any such pre-approval shall be reported to the full Committee at its next regularly scheduled meeting.

Although the Committee will not pre-approve all services provided to the Investment Manager and its affiliates, the Committee will receive an annual report from the Trust’s independent accounting firm showing the aggregate fees for all services provided to the Investment Manager and its 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 amount of all such permitted non-audit services provided constitutes no more than (i) with respect to such services provided to the Trust, five percent (5%) of the total amount of revenues paid by the Trust to its independent

accountant during the fiscal year in which the services are provided, and (ii) with respect to such services provided to Accounting Affiliates, five percent (5%) of the total amount of revenues paid to the Trust’s independent accountant by the Fund and the Accounting Affiliates during the fiscal year in which the services are provided;

(2) Such services were not recognized by the Trust at the time of the engagement for such services to be non-audit services; and

(3) Such services are promptly brought to the attention of the Committee and approved prior to the completion of the audit by the Committee or by the Committee Chairman (or any other Committee member who is a disinterested trustee under the Investment Company Act to whom this Committee Chairman or other delegate shall be reported to the full Committee at its next regularly scheduled meeting.

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 2013 Reporting Period was $4,297,514 and the 2014 Reporting Period was $4,359,567.

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 REGISTRANT

Disclosure not required for open-end management investment companies.

ITEM 6. INVESTMENTS

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES 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 COMPANIES.

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 last provided disclosure in response to this item.

ITEM 11.  CONTROLS AND PROCEDURES

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

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

ITEM 12.  EXHIBITS

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

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

(a)(3) Not applicable

(b) Exhibit 99.906 CERT. – Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Signatures

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

(Registrant) Allianz Funds Multi-Strategy Trust
By:	/s/ Julian Sluyters
	Julian Sluyters,
	President & Chief Executive Officer
Date:	February 3, 2015
By:	/s/ Lawrence G. Altadonna
	Lawrence G. Altadonna
	Treasurer, Principal Financial &
	Accounting Officer
Date:	February 3, 2015

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/ Julian Sluyters
	Julian Sluyters,
	President & Chief Executive Officer
Date:	February 3, 2015
By:	/s/ Lawrence G. Altadonna
	Lawrence G. Altadonna,
	Treasurer, Principal Financial &
	Accounting Officer
Date:	February 3, 2015